Aucnet (3964) Q4 2024 earnings summary

Executive summary

• FY2024 net sales rose 29.1% YoY to ¥55,910m; operating profit increased 5.1% to ¥7,005m and net income rose 2.7% to ¥4,485m.

• Growth reflected stronger activity across digital products, fashion resale, automobiles and motorcycles, alongside consolidation of Defactostandard and JOYLAB.

Financial highlights

• FY2024 ordinary profit rose 6.7% to ¥7,208m; basic EPS was ¥188.44.

• Gross profit increased to ¥22,285m from ¥18,079m; EBITDA rose 5.8% to ¥7,879m.

• Q4 net sales were ¥15,467m (+39.8% YoY), operating profit ¥1,394m (+12.5%), ordinary profit ¥1,506m (+22.1%), and net income ¥890m (+4.0%).

• Operating, investing and financing cash flows were ¥4,853m, -¥3,474m and -¥4,066m; year-end cash and equivalents were ¥16,980m.

Outlook and guidance

• FY2025 forecast: net sales ¥59,000m (+5.5%), operating profit ¥6,000m (-14.3%), ordinary profit ¥6,020m (-16.5%) and net income ¥3,700m (-17.5%).

• Forecast includes ~¥1.2bn of transitory costs for fashion integration and restructuring, systems and automation investment, higher depreciation, wage increases and other group expenses.

• Blue Print 2027 targets EBITDA of ¥10bn, ROE of 15–20%, a payout ratio of at least 40% and long-term Gross Circulation Value of ¥1tn.