fy2020

annual results
JUNE 2020

honma golf (6858.hk)
one of the most prestigious andiconic brands in the golf industry

You must read the terms, conditions, limitations, notifications, restrictions, acknowledgments and representations in the following (the “Terms”) before reading or
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These materials, and any further information made available to you during this presentation, are fully based on information that has already been in public domain.
Honma Golf Limited (the “Company”) will not be discussing or providing any information or materials which are not already in the public domain. This presentation,
the materials contained herein, and any further information made available to you, may not be copied, reproduced or redistributed to any other person in any manneror published, in whole or in part, for any purpose, at any time, without the prior written consent of the Company. You will return to the Company all materials provided
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Disclaimer

construed as constituting or forming part of, any regulatory, valuation, legal, tax, accounting, investment, or other advice. Nothing in this presentation constitutes orforms part of, or should be construed as constituting or forming part of, any recommendation, solicitation, offer or commitment to purchase, sell, subscribe for orunderwrite any securities by any party, or to extend any credit or provide any assurance to you or to enter into any transaction. You should consult with such advisers
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The information contained in these materials also contains certain forward-looking statements, which are based on various assumptions and subject to risks anduncertainties. In light of these assumptions, risks, and uncertainties, the future facts, events and circumstances described in these materials may not occur andactual results could differ materially and adversely from those anticipated or implied in the forward looking statements. The forward-looking statements are not aguarantee of future performance. Each of the Company, its subsidiaries, affiliates, controlling persons, directors, officers, employees, agents, representatives oradvisers of any of the foregoing assumes no obligation to (1) provide access to any additional information, (2) correct any inaccuracies in this presentation, or (3)update or otherwise revise this presentation, for any reason whatsoever, including without limitation to reflect new information, events or circumstances that arise,occur or become known after the date of this presentation. This presentation is for information purposes only and does not constitute an offer or invitation for thesale or purchase of any security. Any such offer or invitation will be made solely through a prospectus or offering circular in compliance with applicable laws and any
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ANNUAL REPORT 202001

1 results

highlight
2 business overview
3 financial results
4 company outlook
5 appendix

ANNUAL REPORT 202002

#1 Premium golf brand founded in 1959
Decades of dedications towards Quality and Craftsmanship

AS WE STANDTODAY

Key Statistics as of
31 march 2020
• 256 skilled craftsmen
and R&D personnel• products sold in

approximately 50
countries worldwide• 79 HONMA branded

Listed on the HKEx since

Market cap as of 12 June 2020

Oct 2016

HKD 2.0 Billion

fy2020 Revenue Mix – JPY 23,787 Million / USD 218 Million
By Product%

By Region
%

5.3

5.2

By Channel
%

5.2

6.2

22.2

8.9

9.3

45.7

11.6
79.2

23.5

77.8

self-operated stores• 3,911 doors via third
party retailers &wholesellers

ANNUAL REPORT 2020

Golf Clubs
Golf Balls
Golf Bags & Other Accessories
Apparels

Japan
Korea
China (Including Hong Kong and Macau)
Rest of the World
North America
EuropeDistributors
Self-Operated Stores

03

full year ended 31 mar 2020

YoY Change (JPY Base)

JPY 23,787.2 Million / USD 217.5 Million (1)-14.3%

Gross Profit Margin

50.9%-6.9 percentage points

Operating Profit (2)JPY 405.1 Million / USD 3.7 Million (1)-92.4%(JPY 1.2) / (HKD 0.09 ) (1)-117.4%

JPY 558.7 Million / USD 5.1 Million (1)-78.6%Net Sales

Reported Earnings Per Sharekeyfinancials

Net Operating Cash flow
Net Cash Position

JPY 1,872.8 Million / USD 17.1 Million (1)Special Dividend: JPY 8.21 / share(distributed in Sep 2019)

Proposed DividendInterim: JPY 1.64 / share(distributed in Dec 2019)

Total dividend payout ratio:
49.4% of the Group’s distributable profit
as at 31 March 2020

Final: JPY 1.50 / shareNote(1) Exchange rate: 1USD = 109.36 JPY; 1HKD = 13.9 JPY(2) Operating profit is derived from profit before tax by (i) subtracting other income and gains, (ii) adding other expenses, (iii) adding listing expenses and (iv) adding RSU expenses

ANNUAL REPORT 202004

jan 2020

MainlandChina

C0VID-19
IMPACT

Rest of Asia
Markets• COVID-19 outbreak• Close down of suppliers’ plants• Minimum foot traffic in retails

feb 2020• New cases surged• Nationwide lockdown• Spread of virus controlled• Economic activities resumed• Suppliers’ plant reopened andgradually back to full capacity• COVID-19 cases surged inJapan and South Korea• Retail affected despite nonationwide lockdown imposed

Europe andNorth America

mar 2020• South Korea saw recovery• Japan closed retail stores

following the government
imposed restrictive measures• COVID-19 cases started to surge• Nationwide lockdown policies
imposed by most countries• TR20 launch paused in the US
and Europe

ANNUAL REPORT 2020

onwards• Consumer sentiment restored• Golf courses reopened with fullbooking• Sales grew significantly MoM
and YoY• South Korea saw recovery• Japan remained challenging• Lockdown / social distancing
continued• Golf courses remained closed• Major tournaments delayed /cancelled

05

The Company continued delivering strong results in 2HFY20 until COVID-19 struck its supply base disruption in China, and then key markets in
Asia, North America and Europe due to government imposed lockdown.

Despite unprecedented challenge, during FY2020 HONMA still managed to achieve:
15.2%

22.5%

13.6%

0.7%

Tour World sales growth
51.6%

fy2020business
highlights

Solid revenue growth in Korea andEurope of 13.6% and 15.2%
respectively• 6th consecutive YoY growth inballs, +22.5%• 1st full year growth in appeal,
+0.7%

73.3%

• Club portfolio optimization anchored by the launch / update of all three clubs series:

Beres07, TR20 and XP-1, forming a strong portfolio focusing on super-premium andpremium performance segments• Tour World family sales grew by 51.6% and 73.3% in the US and Europe respectively

golf.com• Net addition of 188 POSs globally• 68 new doors in both the US and Europe

Relaunched e-commerce platforms in major markets including China, Japan and North
America, which was indispensable to sales recovery in China and Japan as the wholeindustry pulls through the pandemic

Note
The growth rate shown on this page are calculated on a constant currency basis

ANNUAL REPORT 202006

1

results highlight

2 businessoverview
3 financial results
4 company outlook
5 appendix

ANNUAL REPORT 2020

07

Product• Focus on super premium and premium performance club family• Nurture complimentary non-club categories in Asia home markets• Stay up with latest market trend with leading R&D capabilities• Sakata studio + North America product development hub

HONMA Core Brand Valuehonma
growthstrategy• Japanese craftsmanship• Premium performance

Channel• Self-operated retail channels

Matchrefined consumer focus••• Brand experience store• On-course hubs and mobile vansThird-party• Premier shop-in-shops in North America and Europe• Extensive POS with third party retailers and wholesalers
E-commerce capabilities in key markets including Japan, China andNorth America

sales
revenue
growth• Super premium - affluent golfer• Premium performance - avid
golferConsumer Awareness & Loyalty• Upgrade online / offline retail experience• Strengthen digital and social media presence• Create a streamlined tour team with local pros and influencers• Create / revamp CRM system to track consumer behavior andexecute loyalty program

ANNUAL REPORT 2020

08

to

from

super premium

A.

CLUB PRODUCTPORTFOLIO
optimized
tO FOCUS ON SUPERPREMIUM AND PREMIUMPERFORMANCE CONSUMERS
SEGMENTS

Affluent Consumers
Affluent Consumers

premium performance
avid golfers

beginners

ANNUAL REPORT 2020

TOUR RELEASEPERFORMANCE
enhancement

Better & Serious golfers
Handicap 0-12

Game Improvement golfers
Handicap 8-20

09

overall club sales down by 15.8%

A.

Beres (focus)

Tour World (focus)

Be Zeal (defocus)

product
launch••TR20 launched in Jan 2020•

Repositioned hence no longer
one of the focus products•

XP-1 launched in Sep 2019

sales
performance

•
•
•

•
•
•
•

FY20 sales down by 16.8%••

FY20 sales dropped by 64%

CLUB PRODUCTPORTFOLIO
optimized
tO FOCUS ON SUPERPREMIUM AND PREMIUMPERFORMANCE CONSUMERS
SEGMENTS

Beres 07 launched in Dec 2019

FY20 sales up by 9.3%
2HFY20 sales up by 42.3%
51.9% of club sales(cont’d)

Activation disrupted due to COVID-19

Sales in the US up by 51.6%

3.8% of club sales

Sales in Europe up by 73.3%
25.3% of club sales

Note
The growth rate shown on this page are calculated on a constant currency basis

ANNUAL REPORT 202010

Golf ball sales continued mid double digit growtH

B.
ACCELERATINGGROWTH IN BALL
AND RELAUNCHINGAPPARELin home markets•

FY20 sales grew by 22.5% (6th consecutive year of growth)golf ball sales•

Japan and Korea delivered 43.7% and 123.1% of sales
growth respectively

JPY MM

•

51
+
:
R
G
CA

Beefed up product marketing resources•

Launched product with own patent

2,206
1,805

Dedicated sales force and go-to-market strategy in Japan,
Korea and China

•

.5%

1,148
736
420

2016

2017

2018

2019

2020

Note
The growth rate shown on this page are calculated on a constant currency basis

ANNUAL REPORT 202011

black label

Apparel sales more than doubled in multiple
markets despite challenging environmentB.
ACCELERATINGGROWTH IN BALL
AND RELAUNCHINGAPPARELin home markets(cont’d)•

FY20 sales grew by 0.7%•

Sales in Japan and South Korea grew by 19.0% and 125.7%
respectively•

China was negatively impacted by COVID-19 in Q4FY20,
which is normally the high season for Fall / Wintercollection•

Premium
Aesthetic
Designred label
Performance
High-tech
Functionality

Strategic partnership with Itochu to leverage on Itochu’s
upstream capabilities

New HONMA apparel collection consisting of
3 distinctive product lines resonating the target
segment of the club families

white label
ModernActiveFashionNote
The growth rate shown on this page are calculated on a constant currency basis

ANNUAL REPORT 2020

12

USMobile Van

Self-owned stores
to upgrade as brand experience hubs across all
markets•• 25 new stores opened, of which 14 in Mainland
China, 2 in Japan, 3 in the US, 6 in rest of Asiac.

360 degree
brandexperience

Total number of stores increased by 11 to 79

South Korea, Sejong
opened in Apr 2020•

Japan, Tokyo
opened in Jun 2019

Launched unique mobile vans in the US• 9 vans by year end• Bring HONMA fitting experience to consumer’shome course
US, Carlsbad
opened in Oct 2019

through omni channels

Third-party retailers and wholesalers
continued to drive penetration and gain mind share•••

Number of POS increased by 177 to 3,911
65 new POS in the US, including 41 shop-in-shops
68 new POS in Europe
China, Beijing
opened in Aug 2019

ANNUAL REPORT 2020

Europe, Paris
opened in Nov 201913

continuously enhancing e-commercecapabilitiesc.

360 degree
brandexperiencethrough omni channels(cont’d)•E-commerce platforms strengthened / added in
major markets• China: Tmall, JD, WeChat Mini Program (new), VIP
mall (new)• US: self-operated E-commerce site (new)•Creating / Revamping CRM system• Strengthen direct-to-consumer distribution
model• Create an end-to-end digital ecosystem aroundthe re-defined brand and golfers• Significant increase in site visits and sales
driven by offline retail channel closedown due to
COVID-19

ANNUAL REPORT 202014

Active digital communication throughRelaunched Global Website and Social
Media Accounts

D.
Re-defining HONMA•

Dynamic,
Modern,Global• To convey consistent brand image and enhancebrand awareness across all markets• To connect digital platform with retail activities• To own the entire consumer experience andrelevant data•

ANNUAL REPORT 2020

Frequent updates on the relaunched global website
and mainstream social media platforms

Global site enjoyed 566,664 site visits during
reporting period15customer events helped driving brandawareness across all markets, esp. us

D.

Customer events

Re-defining HONMA•

During FY2020, HONMA hosted 4,329 customer days
across its main markets•

The activities were mainly held on golf courses withdedicated fitters•

Integrated brand experience and retail activities•

A most recent consumer survey in the US shows that
aided awareness of the HONMA brand has increased to63%, up from single digit a year ago

Dynamic,
Modern,Global(cont’d)

ANNUAL REPORT 202016

Robust growth across hero product categories
Overall sales dropped due to club portfolio
optimisation%e.

Business
Reviewby Market
HOME MARKET

Japan

5.2

5.2

8.9
45.7

11.6

23.5

Japan
Korea
China (Incl. HK and Macau)
North America
EuropeRest of the World

market••

2nd largest golf equipment market in the world•

2,290 golf facilities, representing half of thetotal facilities in Asia (2)•Around 12 million golf population (3)Total equipment market size in 2018
approximates to USD 1.2 billion by forecast (1)Full year review on a constant currency basis•

Effective non-club growth strategy• Golf ball sales surged by 43.7%• Apparel sales up by 19.0%

net sales•

JPY MMClub sales dropped by 31.4%• Struck by COVID-19 on the launch windowof its Beres and Tour World products

14,37010,862-24.4%

2019

2020

Note
(1) Source : Golf Around the World 2017, the R&A(2) 2018 Yano’s White Paper on Golf Industry, Japan(3) Frost & Sullivan

ANNUAL REPORT 202017

Continued double digit growth into
the 7th consecutive year
%

e.

5.2

HOME MARKET

korea

•
•

Fast growing and under-penetrated market•

6.3 million of golf population, close to 15% of
total population in Korea (1)

5.2

8.9

Business
Reviewby Market

market

45.7

11.6

23.5

Japan
Korea
China (Incl. HK and Macau)
North America
EuropeRest of the World

Full year review on a constant currency basis•

Golf club sales up by 11.7% thanks tocontinued partnership with Kolon for clubs• Beres sales increased by 121.5%•

net sales
JPY MM

4,920

5,589

2019

2020

Growing ball and apparel business with thecreation of an internal non-club sales team
• Golf ball sales up by 123.1%• Apparel sales up by 125.7%+13.6%

ANNUAL REPORT 2020

3rd largest golf equipment market in the world
with USD 600 million equipment sales in 2018
by forecast (1)Note(1) Source : KGPA, Korea Golf Association 201718

Apparel sales boomed after Apparelline relaunch and POS expansion%e.

Business
Reviewby Market
HOME MARKET

china(incl. HK & Macau)

5.2

market

•
•
•

5.2

8.9
Japan
Korea
China (Incl. HK and Macau)
North America
EuropeRest of the World

45.7

11.6

23.5

net sales Mainland china

net sales HONG KONG

JPY MM

JPY MM

3,247
2,465-24.1%
729-60.8%

New and developing golf market
496 golf courses, around 1 million golf
population (1)Solid and growing demand in active wear andfashion-athletic apparel

Full year review on a constant currency basis•

Retail activities standstill in Q4 since COVID-19
outbreak in January•

Q1 FY2021 saw strong sales recovery following
consumption sentiment rebounce and golfcourses re-opening•

Strengthened online strategy: creation of
WeChat MiniProgram e-commerce page that
integrated with HONMA WeChat service
account-30.8%

286
2019

ANNUAL REPORT 2020

2020

2019

2020

Note
(1) Source : Forward Golf White Paper Report 201719

building a unique direct-to-customer
distribution model to capture super premiumand premium performance segment
%
5.2

e.

new MARKET

North
America

45.7

11.6

23.5

net sales
JPY MM

1,363•

Largest golf market in the world with 53% of the
global golf retail sales (1)•2018 golf equipment sales approximates to USD
4.3 billion by forecast (1)•Around 24 million golf participants (1)

5.2

8.9

Business
Review byMarketmarketJapan
Korea
China (Incl. HK and Macau)
North America
EuropeRest of the World

Full year review on a constant currency basis••

Improved 2nd half FY2020•

TW family sales up by 51.6% full year, despite delay
in launch of TR20 due to pandemic•

Direct-to-Customer (DTC) model:

1,239
-9.1%

2019

Beres sales down by 21.4% full year, but up by
17.9% in 2H•

HONMA House opened in Oct 2019 in Carlsbad,
California•

43 shop-in-shops by Mar 2020•

9 mobile vans hit the road starting Jan 2020•

E-commerce portal connected to company
website2020
Note(1) Source : Golf DataTech’s 2018 research report

ANNUAL REPORT 202020

building a unique direct-to-customer
distribution model to capture super premiumand premium performance segmente.

Business
Review byMarketby fy2021• 360 degree consumer experience built into an omni distribution strategy
brand headquarterand gallery

1 honma house
Digital Platform

new MARKET

North
America(cont’d)

50 premier
shop-in-shop

DTC
Distribution
Model

Digital Platform

14 mobile vans

Digital Platform• Well underpinned marketing plan to• Build brand awareness, loyalty and repurchase frequency• Drive traffic to HONMA house, hubs and shop in shops for the complete HONMA experience• Create, optimize and leverage digital channels as a day to day point of brand engagement with CRM mindset

ANNUAL REPORT 202021

Effective awareness elevation andcontinued POS increase
%

e.

5.2

new MARKET

Europe

45.7

11.6

23.5

Japan
Korea
China (Incl. HK and Macau)
North America
EuropeRest of the World

Mature but fragmented golf market
England, Austria, Germany, France and Sweden in
total accounts for around 12% of the world’ golf
equipment sales, which approximates to USD 1
billion (1)Full year review on a constant currency basis•

Golf club sales increased by 20.0%•

Beres family sales up by 11.7%•

Tour World family sales was significantly up
by 73.3%, despite delay of TR20 launch due tothe pandemic•

Elevated awareness and exposure througheffective marketing activities

net sales
JPY MM

1,070

1,231
+15.1%

2019

ANNUAL REPORT 2020

•
•

5.2

8.9

Business
Reviewby Market

market2020•

POS number net increased by 22 to 540 by Mar 31,
2020

Note
(1) Source : KGPA, Korea Golf Association 201722

1results highlight

2 business overview

3 financial

results
4 company outlook
5 appendix

ANNUAL REPORT 202023

revenue

Operating Profit (1)JPY MM

JPY MM

26,296

27,771

6,242
23,7875,309

405
FY2018

Revenue
declinedue to covid-19 impact

FY2019FY2020FY2018FY2019Gross Profit

Net operating Profit (2)JPY MM

JPY MM

15,977

4,707

16,057

3,929

12,11860.8%

FY2020

17.9%

57.8%
50.9%

14.1%
0.14%
33

FY2018Gross Profit

FY2019FY2020Gross Margin

FY2018Net Operating Profit

FY2019FY2020Net Operating Profit Margin

Note(1) Operating profit is derived from profit before tax by (i) subtracting other income and gains, (ii) adding other expenses, (iii) adding listing expenses and (iv) adding RSU expenses.
(2) Net operating profit is derived from net profit by (i) subtracting other income and gains, (ii) adding other expenses and (iii) adding RSU expenses (iv) adding impact on tax.

ANNUAL REPORT 202024

ahead-ofthe-curve
investment in
distribution
foot print
to fuel growth in key
markets and productcategories

SG&A Expenses

SG&A Expenses Breakdown

JPY MM

AS % OF SALES

3.5%

11,733
10,866

1.8%

37.8%

9,932

5.3%

5.1%

49.3%
37.8%

FY2018
Total SG&A

ANNUAL REPORT 2020

49.3%

8.6%
4.4%

5.3%

9.2%

6.5%
12.1%

39.1%

FY2019

5.8%

39.1%

FY2020
SG&A as % to sales

9.5%

11.4%

12.1%

11.5%

FY2018FY2019FY2020A&P Expenses
Rental Fees

Administrative Expenses
Depreciation of right-of-use assets

Employee Benefits
Other Selling Expenses

14.1%

25

Net Operating Cash Flow

cash on hand

JPY MM

JPY MM

14,147.3

2,609.1

14,674.1
10,472.8

1,934.8strongoperatingcash flow
and robust
capitalstructure

558.7
FY2018FY2020FY2018FY2019FY2020Interest-bearing Liabilities

Interest-bearing Liabilities / Total Equity

JPY MM%

8,600.02,500.0

FY2018ANNUAL REPORT 2020

FY201940.4%

3,800.0
8.9%
FY2019FY2020FY201813.0%

FY2019FY202026

Receivables Turnover Days (1)Payables Turnover Days (2)Inventory Turnover Days (2)JPY MM

JPY MM

JPY MM+17 days

139+24 days

63

122Continued
Improvementin Working
CapitalEfficiency+44 days
232

268

224

96
172

39

138

118

30

30

FY2019FY2020FY2018FY2019FY202025

8271

FY2018FY2019FY2020

Raw MaterialWork in Process

Finished Goods

64

FY201824

Note(1) Turnover days are calculated using the average of the opening, mid year and closing balance of the relevant periods(2) Turnover days are calculated using the average of the opening and closing balance of the relevant periods.

ANNUAL REPORT 202027

1

results highlight

2 business overview
3 financial results

4 company

outlook
5 appendix

ANNUAL REPORT 2020

0228

Q1FY2021 has seen business in someparts of Asia including Mainland China,
Taiwan and South Korea strongly
recovering to the level before COVID-19

Sales from e-commerce channels
showed steep growth trajectory and is
indispensable to sales recovery in China
and Japan

As seen across consumer goods
industries, demand in premium segment
is more resilient during difficult economy
environment

We are positive about resuming the
expansion plans in Europe and North
America as the golf courses and retail
activities open up, and achieve our goals
in mid- to long-term

Q1FY2021
Indicators

ANNUAL REPORT 202029

• Given the uncertainty of the COVID-19 resurgence in Fall 2021, we will not be able to provide guidance for FY2021.
• Nevertheless, we believe that FY2021 will be a crucial year to maintain sound financial condition while executing

strategies to foster a solid foundation for the mid- and long-term development with respect to our brand, products,
distribution channel, employees and supply chain. These includes:a

FY2021
Outlook

Improve and transform HONMA brand value into customer loyaltybcPivoting growth in North America based on the updated product and distribution strategyde

ANNUAL REPORT 2020

Further increase the Group’s market share in home markets by maintaining its leading position in the
super-premium segment while making solid inroads into the fast-growing premium-performance segment

Nurturing complementary non-club product lines to provide customers with a complete golf
lifestyle experience

Continue product innovation and development to cater for latest market trends

30

1

results highlight

2 business overview
3 financial results
4 company outlook

5 appendix

ANNUAL REPORT 202031For the twelve months ended 31 March
2020.3.31
JPY

2019.3.31
%

JPY

%

Year-on-Year Change%(In thousands, except for percentages and per share data)
Consolidated Statement of Profit or Loss
Revenue

23,787,214

100.0

27,770,704

100.0

-14.3

Cost of sales-11,669,597-49.1-11,713,928

-42.2

-0.4

Gross profit

12,117,617

50.9

16,056,776

57.8

-24.5

67,9080.3

422,207

1.5

-83.9

Selling and distribution expenses-9,546,408-40.1-9,060,498

-32.6

5.4

Administrative expenses-2,186,825-9.2-1,805,750

-6.5

21.1

Other (expenses)/income, net-831,289-3.5-96,841

-0.3

758.4

Finance costs-69,191-0.3-15,056

-0.1

359.6

Finance income

90,5090.4

103,383

0.4

-12.5

Profit before tax-357,679-1.5

5,604,221

20.2-106.4

Income tax expense-374,734-1.6-1,395,382

-5.0

-73.1

Net profit-732,413-3.1

4,208,839

15.2-117.4

Other income and gains

Consolidated
P&L

Earnings per share attributable to ordinary equity holders of the parent:
Basic and diluted- For profit for the year (JPY)

-1.20

6.91

-117.4

Non-IFRS Financial Measures
Operating profit (1)405,095

1.7

5,309,429

19.1

-92.4

Net operating profit (2)33,4900.1

3,928,898

14.1

-99.1

Note
(1) Operating profit is derived from profit before tax by (i) subtracting other income and gains, (ii) adding other expenses, (iii) adding listing expenses and (iv) adding RSU expenses.
(2) Net operating profit is derived from net profit by (i) subtracting other income and gains, (ii) adding other expenses, (iii) adding listing expenses, (iv) adding RSU expenses and (v) adding impact on tax. The Group referred to such measure as
adjusted net profit in the Group’s Interim Results Announcement for the Six Months Ended 30 September 2019 dated 29 November 2019

ANNUAL REPORT 202032

Financial Position as at
2020.3.31

2019.3.31
JPY

JPY(In thousands, except for percentages and per share data)
Consolidated Statement of Financial Position
AssetsConsolidated
Balance Sheet

ANNUAL REPORT 2020

Non-current assets

9,184,866

6,124,873

Current assets

29,712,451

32,962,725

Total Assets

38,897,317

39,087,598

Non-current Liabilities

2,373,707

1,754,481

Current Liabilities

15,259,813

8,140,390

Total Liabilities

17,633,520

9,894,871

Net current assets

14,452,638

24,822,335

Total assets less current liabilities

23,637,504

30,947,208

Net Assets

21,263,797

29,192,727

Total Equity

21,263,797

29,192,727

Liabilities

33

For the twelve months ended 31 March
2020.3.31

2019.3.31
JPY

Consolidated
cash flows

ANNUAL REPORT 2020

JPY

(In thousands, except for percentages and per share data)
Cash and cash equivalents at the beginning of year

14,674,123

14,147,319

Net cash flows generated from operating activities

558,652

2,609,070

Net cash flows generated used in investing activities-1,177,546-669,397

Net cash flows used in financing activities-3,324,269-1,755,452

Net increase/(decrease) in cash and cash equivalents-3,943,163

184,221

Cash and cash equivalents at the end of year

10,472,793

14,674,12334

For more inquires, please contact

ir@honma.hk