BEENOS (3328) Q4 2024 earnings summary

Executive summary

• FY2024 GMV reached 115.9 billion JPY, up 15.1% year-over-year, surpassing 100 billion JPY even after excluding the Value Cycle business.

• Operating income was 2.4 billion JPY, down 46.7% year-over-year due to reduced investment sales and Value Cycle divestment, but up 62.2% excluding one-time items.

• Core E-Commerce services Buyee and tenso.com supported over 6,000 companies, maintaining a leading market position.

• Value Cycle business was divested and excluded from consolidated results starting Q3.

Financial highlights

• Net sales for FY2024 were 25.4 billion JPY, down 21.8% year-over-year due to Value Cycle exclusion, but up 19.8% excluding Value Cycle and Incubation.

• E-Commerce segment operating income rose 47.8% year-over-year to 4.39 billion JPY, driven by Global Commerce.

• Entertainment segment achieved record GMV and turned profitable, with Groobee reaching its first profitability.

• Incubation business book value at 3.3 billion JPY and market value at 7.6 billion JPY as of September 2024.

• Special profit of 910 million JPY recorded from Value Cycle divestment.

Outlook and guidance

• FY2025 forecast: GMV of 115.0 billion JPY (down 0.8%), net sales of 18.39 billion JPY (down 27.7%), operating income of 2.84 billion JPY (up 18.3%), and net profit of 1.85 billion JPY (up 36.9%).

• Midterm goal to achieve 5 billion JPY in consolidated operating income by FY2028, targeting ROE of 20%.

• E-Commerce segment aims for profit growth in all sub-segments, with Global Commerce targeting 100 billion JPY GMV.