Shiseido Co Ltd (TSE:4911)

円 4969 -49 (-0.98%) Market Cap: 1.99 Til Enterprise Value: 2.21 Til PE Ratio: 202.98 PB Ratio: 3.16 GF Score: 67/100

Q1 2020 Shiseido Co Ltd Earnings Call Transcript

May 12, 2020 / NTS GMT

Release Date Price: 円6621 (+1.81%)

Transcript

Michael Coombs

Shiseido Company, Limited - Corporate Officer & CFO

This is Michael Coombs, and I'd like to explain our financial results for the first quarter of fiscal 2020.

Please see Page 3 of the deck. Our net sales fell 16% to JPY 226.9 billion on a like-for-like FX-neutral basis, with all of our regions significantly impacted by COVID-19. Operating profit decreased by 83% to JPY 6.5 billion. While striving to adjust our cost base to protect profits, we were unable to make up for the full impact of the decline in gross profit.

Net profit attributable to owners of parent decreased by 95.8% to JPY 1.4 billion. This is mainly due to a decrease in operating profit and an increase in the effective tax rate, which I will describe in the following slide. Our EBITDA was JPY 24 billion, and the margin was 10.6%, maintaining double digit.

Slide 4 is a table summary of our P&L, and I'll move on to Slide 5 to explain the rise in our tax rate. On Slide 5, we explain the imbalance in tax rates between 9.9% in fiscal 2019 and 64% this year. In 2019, there was a positive tax effect

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