Yakult Honsha (2267) Q4 2024 earnings summary

Executive summary

• FY2024 net sales rose 4.1% to ¥503,079m; operating profit fell 4.0% to ¥63,399m, while ordinary profit rose 1.7% to ¥79,300m and parent-attributable profit rose 0.7% to ¥51,006m.

• Growth in Japan and the Americas was partly offset by weaker Asia and Oceania results, including lower bottle sales in China and higher raw material costs.

Financial highlights

• Gross profit rose to ¥299,913m from ¥288,477m; SG&A increased to ¥236,513m from ¥222,409m.

• Comprehensive income increased to ¥109,335m from ¥94,015m, including ¥35,250m of foreign-currency translation adjustments.

• Yen depreciation contributed ¥16.9bn to sales and ¥3.7bn to operating profit; ordinary profit benefited by ¥4.9bn.

• Total assets rose to ¥833,286m from ¥749,419m, and net assets reached ¥605,946m.

Outlook and guidance

• FY2025 forecast: net sales ¥533,500m, operating profit ¥68,500m, ordinary profit ¥86,500m and parent-attributable profit ¥55,500m.

• FY2025 basic EPS is forecast at ¥183.08; annual dividend is planned at ¥64/share, up ¥8.5 from FY2024.

• Forecast growth across Japan and overseas food and beverage operations is supported by high-value-added products, higher bottle volumes and yen depreciation; forecast FX contribution is ¥14.2bn to sales and ¥2.6bn to operating profit.

• Japan priorities include marketing Yakult 1000 and Y1000, strengthening home delivery and growing health drinks; overseas plans emphasize growth and profitability in key markets.

• Forecasts are subject to risks and assumptions that could cause actual results to differ considerably.