株式会社ＳＡＮＫＹＯ
2019年3⽉期決算説明会
代表取締役社⻑ 筒井公久
2019年5⽉10⽇
Presentation on May 10, 2019 at Bellesalle Yaesu
Business Results of FY 3/2019
1st Sec. of the TSE #6417
(April 1, 2018 to March 31, 2019)
Current Price: Y 4,460 (May 7, 2019)
Kimihisa Tsutsui Shares Outstanding: 89.5 million
President & Chief Operating Officer Market Cap: Y 399,604 million
銘柄コード 6417
⽬次
Contents
2 2019年3⽉期 総括 Overview of FY 3/2019 2
3 決算ハイライト Financial Highlights 3
4 連結損益計算書 Consolidated Statements of Income 4
5 連結売上⾼ Net Sales 5
6 パチンコ機関連事業 Pachinko Machines Business 6
7 パチスロ機関連事業 Pachislot Machines Business 7
8 連結営業利益 Operating Income 8
9 連結貸借対照表 Consolidated Balance Sheets 9
10 連結キャッシュフロー Consolidated Statements of Cash Flows 10
11 パチンコ機 販売シェア（台数ベース） Pachinko Machines Market Share (unit basis) 11
12 パチスロ機 販売シェア（台数ベース） Pachislot Machines Market Share (unit basis) 12
13 粗利率・営業利益率の推移 Gross profit margin and OP margin 13
14 研究開発費の推移 R&D expenditure 14
15 市場の⾒通しと当社の取り組み Market Forecasts and SANKYOʼs Initiatives 15
16 パチンコ市場 Pachinko Machine Market 16
17 パチスロ市場 Pachislot Machine Market 17
18 パチンコ機遊技機規則等 Regulations governing pachinko machines 18
19 パチンコ・パチスロ市場における取り組み Initiatives in Pachinko and Pachislot Machine Markets 19
20 旧規則機の取扱いについて Treatment of machines compliant with the former regulations 20
21 最近の業界環境について① Recent environment of the industry (1) 21
22 最近の業界環境について② Recent environment of the industry (2) 22
23 2020年3⽉期予想 Forecast of FY 3/2020 23
24 業績予想ハイライト Highlight of Financial Results Forecast 24
25 連結売上⾼ Net Sales 25
26 パチンコ機関連事業 Pachinko Machines Business 26
27 パチスロ機関連事業 Pachislot Machines Business 27
28 連結営業利益 Operating Income 28
29 販売予定タイトル Number of Pachinko/Pachislot Titles to be Released 29
30 株主還元⽅針 Policy on Return of Profits to Shareholders 30
31 株価と株主還元の実績 Share Price and Return of Profits to Shareholders (Results) 31
32 付属資料 Appendix 32
33 2019年3⽉期 実績 Business Results of FY 3/2019 33
34 パチンコ・パチスロ販売実績 Pachinko and Pachislot Machines Sales Results 34
35 2020年3⽉期 予想 Forecast for FY3/2020 35
36 主⼒２事業 The Two Mainstay Businesses 36
37 ROE Return on Equity 37
38 パチンコ／パチスロ市場 Pachinko/Pachislot Machine Market 38
39 その他 Others 39
-1-
2019年3⽉期総括
Overview of FY 3/2019
決算ハイライト
Financial Highlights
売上⾼ パチンコ市場前年⽐約７％マイナス、パチスロ市場
Net Sales
88,558 million yen は約20％マイナス
Pachinko market and pachislot market shrank about 7% and
YoY 2.7% 20%, respectively, year on year.
営業利益
Operating Income
21,286 million yen 当社グループは、パチンコ機関連事業は新規則機等
YoY 109.1% で他社に先⾏し、２期連続で販売シェアを伸ばす
Regarding the pachinko machines business, the Group was
ahead of competitors in introducing pachinko machines
EPS 164.88 yen
compliant with the new regulations, resulting in a higher
market share for the second consecutive year.
Earnings per share
YoY 141.2%
パチスロ機関連事業は厳しい市場環境を背景に⾚字
を計上
The pachislot machines business recorded a loss against the
backdrop of a challenging market environment.
パチンコ販売台数
Pachinko machines
196,007 unit 投資有価証券評価損等の特別損失はあったものの、
YoY 14.0% パチンコ機関連事業の伸⻑、従来から取り組んでい
たコスト削減策も奏功し、⼤幅増益を果たす
パチスロ販売台数
Pachislot machines
17,435 unit Substantial increase in profit thanks to the growth of the
pachinko machines business and the cost reduction
YoY ‐40.8% measures that the Group has been implementing for some
time, despite recording of extraordinary losses including loss
on evaluation of investment securities
-3-
連結損益計算書
Consolidated Statements of Income
million yen
FY 3/2018 FY 3/2019 YoY
売上⾼ 86,220 88,558 +2,338 +2.7%
Net Sales 100.0% 100.0%
売上原価 42,506 38,771 ‐3,735 ‐8.8%
Cost of Sales 49.3% 43.8% ‐5.5pt
売上総利益 43,714 49,786 +6,072 +13.9%
Gross Profit 50.7% 56.2% +5.5pt
販管費 33,533 28,500 ‐5,033 ‐15.0%
SG & A Expenses 38.9% 32.2% ‐6.7pt
営業利益 10,181 21,286 +11,105 +109.1%
Operating Income 11.8% 24.0% +12.2pt
経常利益 11,319 22,300 +10,981 +97.0%
Recurring Income 13.1% 25.2% +12.1pt
親会社株主に帰属する 当期純利益 5,550 13,384 +7,834 +141.2%
Net Income attributable to owners of parent 6.4% 15.1% +8.7pt
EPS
Earnings per share
Y68.37 Y164.88
-4-
連結売上⾼
Net Sales
FY 3/2018 FY 3/2018 FY 3/2019 YoY
(Apr 2017 ‐ Mar 2018) 86,220 million yen
売上⾼
86,220 88,558 +2,338
Net Sales
パチンコ機関連事業
Pachinko Machines Business +8,521 パチンコ機関連事業
67,271 75,792 +8,521
Pachinko Machines Business
パチスロ機関連事業
パチスロ機関連事業 11,172 5,979 ‐5,193
Pachislot Machines Business ‐5,193 Pachislot Machines Business
補給機器関連事業
7,246 6,214 ‐1,032
Ball Bearing Supply Business
補給機器関連事業
Ball Bearing Supply Business ‐1,032 その他の事業
530 571 +41
Other Businesses
その他の事業
Other Businesses +41
FY 3/2019
(Apr 2018 ‐ Mar 2019) 88,558 +2,338
million yen
-5-
パチンコ機関連事業
Pachinko Machines Business
FY 3/2018 FY 3/2018 FY 3/2019 YoY
(Apr 2017 ‐ Mar 2018) 67,271 million yen
売上⾼
67,271 75,792 +8,521
SANKYO+JBパチンコ機の数量増加 Net Sales
Sales volume of SANKYO‐brand and JB‐brand +19,423 営業利益 14,570 26,861
pachinko machines increases. +12,291
Operating Income 21.7% 35.4%
SANKYO+JBパチンコ機の価格下落
Unit price of SANKYO‐brand and JB‐brand ‐410 販売台数
pachinko machines decreases. 171,919 196,007 +24,088
Unit Sales of Pachinko Machines
Bistyパチンコ機の数量減少 SANKYO+JB 108,128 161,884 +53,756
Sales volume of Bisty‐brand ‐11,015 Frame 49,005 72,922 +23,917
pachinko machines decreases.
Gauge 59,123 88,962 +29,839
Bistyパチンコ機の価格上昇 Bisty 63,791 34,123 ‐29,668
Unit price of Bisty‐brand pachinko +399 Frame 53,148 27,938 ‐25,210
machines increases.
Gauge 10,643 6,185 ‐4,458
その他
Other factors +123
FY 3/2019
(Apr 2018 ‐ Mar 2019)
75,792 +8,521
million yen
-6-
パチスロ機関連事業
Pachislot Machines Business
FY 3/2018 FY 3/2018 FY 3/2019 YoY
(Apr 2017 ‐ Mar 2018)
11,172 million yen
売上⾼
11,172 5,979 ‐5,193
Net Sales
SANKYOパチスロ機の数量減少 ‐5,736 営業利益 130 (942)
Sales volume of SANKYO‐brand pachislot machines decreases. ‐1,072
Operating Income 1.2% (15.8%)
SANKYOパチスロ機の価格下落
Unit price of SANKYO‐brand ‐218 販売台数
pachislot machines decreases. 29,431 17,435 ‐11,996
Unit Sales of Pachislot Machines
SANKYO 17,996 4,226 ‐13,770
Bistyパチスロ機の数量増加 +511
Sales volume of Bisty‐brand pachislot machines increases.
Bisty 11,435 13,209 +1,774
Bistyパチスロ機の価格上昇 +321
Unit price of Bisty‐brand pachislot
machines increases.
その他 ‐71
Other factors
FY 3/2019 ‐5,193
(Apr 2018 ‐ Mar 2019)
5,979
million yen
-7-
連結営業利益
Operating Income
FY 3/2018 FY 3/2018 FY 3/2019 YoY
(Apr 2017 ‐ Mar 2018) 10,181 million yen
売上⾼
86,220 88,558 +2,338
Net Sales
パチンコ機売上総利益の増加 +8,444 売上原価
The gross profit of the pachinko machine sales increases. 42,506 38,771 ‐3,735
Cost of Sales
売上総利益
パチスロ機売上総利益の減少 43,714 49,786 +6,072
The gross profit of the pachislot ‐2,724 Gross Profit
machine sales decreases. 販管費
33,533 28,500 ‐5,033
広告宣伝費の減少 SG & A Expenses
Advertising expenses decreases. +751 広告宣伝費
1,931 1,180 ‐751
Advertising Expenses
販売⼿数料
4,308 2,824 ‐1,484
販売⼿数料の減少 Sales Commission
Sales commission decreases. +1,484 研究開発費
17,482 14,631 ‐2,851
R&D Expenses
営業利益
研究開発費の減少 10,181 21,286 +11,105
Operating Income
R&D expenses decreases. +2,851
その他
Other factors +298
FY 3/2019 +11,105
(Apr 2018 ‐ Mar 2019) 21,286
million yen
-8-
連結貸借対照表
Consolidated Balance Sheets
As of As of
Change
million yen 31‐Mar‐18 31‐Mar‐19
当座資産 売上債権の増加等
314,056 320,473 +6,417
Quick assets Increase in notes and accounts receivable ‐ trade
流動資産
322,660 332,115 +9,455
Total current assets
投資有価証券 特定投資株式の時価評価、投資有価証券の評価損
25,015 19,233 ‐5,782
Investment securities Fair value evaluation of specific investment equities and loss on
固定資産 valuation of investment securities
73,631 67,470 ‐6,161
Total fixed assets
資産合計
396,291 399,585 +3,294
Total assets
流動負債
30,599 33,763 +3,164
Total current liabilities
新株予約権付社債
20,046 20,026 ‐20
Bonds with subscription rights to shares
固定負債
28,449 28,444 ‐5
Total long‐term liabilities
負債合計
59,048 62,208 +3,160
Total liabilities
純資産合計 配当金の支払いを減算、当期純利益を加算
337,242 337,377 +135
Total net assets Decrease due to cash dividends paid and increase due to profit
負債純資産合計
396,291 399,585 +3,294
Total liabilities and total net assets
-9-
連結キャッシュフロー
Consolidated Statements of Cash Flows
現⾦及び現⾦同等物の期⾸残⾼
Cash and cash equivalents at beginning of the period
274,017
税⾦等調整前当期純利益
Income before income taxes and minority interests
+18,340
売上債権の増加
Increase in notes and accounts receivable ‐ trade
‐4,138
営業活動によるキャッシュフロー たな卸資産の増加
‐714
Cash flows from operating activities Increase in inventories
仕⼊債務の増加
Increase in notes and accounts payable ‐ trade +798
その他
Other factors +2,542
投資活動によるキャッシュフロー
Cash flows from investing activities
‐4,367
配当⾦の⽀払額
‐12,176
財務活動によるキャッシュフロー Cash dividends paid
Cash flows from financing activities
その他
Other factors ‐7
現⾦及び現⾦同等物の期末残⾼
Cash and cash equivalents at end of the period 274,295 +278
million yen
-10-
パチンコ機 販売シェア（台数ベース）
Pachinko Machines Market Share (unit basis)
25%
Sanyo
20%
SANKYO
15%
Sansei R&D
10%
Sammy
Heiwa
5%
Kyoraku
0%
CY2014 2015 2016 2017 2018
Source: Yano Research Institute -11-
パチスロ機 販売シェア（台数ベース）
Pachislot Machines Market Share (unit basis)
30%
25%
20% Kitac
Daito
15%
Sammy
10%
Universal
Yamasa
5% SANKYO
0%
CY2014 2015 2016 2017 2018
Source: Yano Research Institute -12-
粗利率・営業利益率の推移
Gross profit margin and OP margin
粗利率は50％前後をキープ
60%
56.2%
Gross profit margin of around 50% has been maintained.
52.8%
Gross profit margin 51.8%
50% 営業利益率は改善傾向
50.7%
OP margin is improving.
44.8%
40%
2020年３⽉期は、販売増・シェアアップのため
の適切な投資・費⽤投⼊を図る
30%
24.0%
In FY 3/2020 the Group will invest appropriately to boost
sales and increase its market share.
OP margin
20% 16.1%
13.7%
10% 11.8%
6.2%
0%
2016.3 2017.3 2018.3 2019.3 2020.3
-13-
研究開発費の推移
R&D expenditure
million yen
25,000
開発期間の短縮、タイトル毎のコスト管理の徹底
21,959
により、研究開発費の抑制が進む
19,411
Shorter development time and thorough cost control for
20,000
each title spurred curtailment of R&D expenditure.
17,482
2020年３⽉期は、新規則機の適合の積み重ねを
17,091
14,631
想定し、前期⽐増を⾒込む
15,000
A year‐on‐year increase is expected for FY 3/2020, assuming
that the format inspection pass rate of machines compliant
with the new regulations increases.
10,000
5,000
0
2016.3 2017.3 2018.3 2019.3 2020.3
-14-
市場の⾒通しと当社の取り組み
Market Forecasts and SANKYO’s Initiatives
パチンコ市場
Pachinko Machine Market
総販売台数予測 販売単価 横ばい
Sales volume forecast
1,200 Thousand units Unit price Flat
2018年度の実績︓約1,300千台
Approx. 1,300,000 units were sold in FY2018.
多品種少ロット化 Trend toward wide‐variety small‐lot
5万台以上販売は4タイトル（2018年4⽉〜2019年3⽉）
4 titles sold 50,000 units or more. (from April 2018 to March 2019)
新規則機への移⾏は低調に推移 Transition to machines compliant with the new regulations has been slow.
新規則機への移⾏は最⼤2021年１⽉末まで猶予があることから、パーラーにおいて積極的に購⼊するまでには⾄らず
Pachinko parlor operators have yet to actively purchase machines compliant with the new regulations because the final deadline for transitioning to pachinko machines
compliant with the new regulations is January 31, 2021.
-16-
パチスロ市場
Pachislot Machine Market
総販売台数予測 販売単価 横ばい
Sales volume forecast
450 Thousand units Unit price Flat
2018年度の実績︓約480千台
Approx. 480,000 units were sold in FY2018.
多品種少ロット化 Trend toward wide‐variety small‐lot
2万台以上販売は2タイトル（2018年4⽉〜2019年3⽉）
2 titles sold 20,000 units or more. (from April 2018 to March 2019)
６号機の販売タイトルが少なく、市場は盛り上がりに⽋ける
The market has been sluggish because only a few #6 model titles have been introduced.
６号機の適合状況が低調に推移
The format inspection pass rate of #6 models has been low.
-17-
パチンコ機遊技機規則等
Regulations governing pachinko machines
2018 2019
Feb Feb May
2⽉ 2⽉ 5⽉
遊技機規則改正
最⼤出⽟の⾒直し
パチンコにも設定を許可
出⽟率試験の⾒直し
「管理遊技機」に関わる規格を制定 設置可能
Amendment of Pachinko and Pachislot Machines Possible to install
Regulations
Revision of the maximum payout
Enabling “setting” for pachinko machines
Revision of payout ratio testing
Formulation of standards concerning “controlled
game machines”
新内規 多種多様な商品開発が可能
Possible to develop a rich variety of products
Nikkoso’s new internal regulations
2018/11/12
確率変動継続率65％上限撤廃 申請開始 設置可能
Removal of the upper limit (65%) of the Start of filing of Possible to install
probability change continuation rate applications
通常時のベース30以上撤廃 申請・設置可能
スタート、電チューなどの賞球数の制限撤廃 Possible to file applications and install
Removal of the “base 30” requirement (The minimum return
during a normal mode must be 30 %.)
Removal of the limit on the number of prize balls per rotation, per
electric tulip, etc.
-18-
パチンコ・パチスロ市場における取り組み
Initiatives in Pachinko and Pachislot Machine Markets
業界環境 対応 成果
Environment of the industry Correspondence Achievement
フィーバーヴァルヴレイヴW
遊技機規則改正・内規改定 改正規則等の特徴を活かした商品開発
Product development taking advantage of the characteristics of
Fever Valvravethe Liberator W
Amendment of Pachinko and Pachislot
Machines Regulations and revision of
revised regulations
ヱヴァンゲリヲン超暴⾛
Nikkoso’s internal regulations
バラエティに富んだ商品の市場投⼊ Evangelion Super berserk
新規則機の普及・定着 Introduction of a rich variety of products
ヱヴァンゲリヲン超覚醒
Diffusion and entrenchment of machines ⼤型タイトルの市場投⼊ Evangelion Super awakening
compliant with the new regulations
Introduction of major titles
開発競争に伴う⾼コスト化 開発期間の短縮
Cost increase due to development competition Shorter development time 利益率の向上
Improvement of profitability
多品種少ロット化 商品ごとの損益管理の徹底
Initiatives to sell a wide variety of machines Thorough profit/loss management for each product
and smaller lots
-19-
旧規則機の取扱いについて
Treatment of machines compliant with the former regulations
2019 2019
Apr Dec
4⽉ 12⽉
遊技機規則改正前（2018年2⽉）に
検定・認定の有効期間が満了した遊技機
Machines whose certification of inspection expired before
the amendment of the Pachinko and Pachislot Machines
Regulations (February 2018)
⽐較的射幸性の低い遊技機 2019年12⽉末までに撤去
To be removed by December 31, 2019
Machines with relatively low gambling property
上記以外の遊技機
Machines other than those mentioned above × 速やかに撤去
To be removed immediately
遊技機規則改正後（2018年2⽉）
に検定・認定の有効期間が満了す
る遊技機
Machines whose certification of inspection has
expired/will expire after the amendment of the
Pachinko and Pachislot Machines Regulations
(February 2018)
すでに有効期間が満了した遊技機
Machines whose certification of inspection has
already expired
× 速やかに撤去
To be removed immediately
今後、有効期間が満了する遊技機 有効期間が満了するまでに撤去（原則2021年1⽉31⽇まで）
Machines whose certification of inspection will expire To be removed by the expiration of the validity (in principle, by January 31, 2021)
-20-
最近の業界環境について①
Recent environment of the industry (1)
ギャンブル等依存症対策基本法案 Bill for Basic Law Concerning Countermeasures for Gambling Addiction
ギャンブル等依存症対策推進基本計画で⽰されたぱちんこにおける取組
第1 ぱちんこにおける広告・宣伝の在り⽅
第2 ぱちんこにおけるアクセス制限
第3 ぱちんこにおける施設内の取組
第4 ぱちんこにおける相談・治療につなげる取組
第5 ぱちんこにおける依存症対策の体制整備
Initiatives concerning pachinko indicated in the Japanese government’s basic plan for promotion of countermeasures for gambling addiction
1. Advertising and sales promotion concerning pachinko
2. Access restriction concerning pachinko
3. Initiatives within amusement business facilities concerning pachinko
4. Initiatives facilitating consultation and medical treatment concerning pachinko
5. Establishment of a framework for countermeasures for becoming overly immersed in playing pachinko
消費税増税について About consumption tax increase
パーラーにおいては、設備投資が必要となる可能性も
2014年 消費税5％から8％への増税時におけるパーラーの主な対応⽅法
・税込遊技料⾦の据え置き（遊技料⾦の変更なし）
・個（枚）数の調整
Parlors may need capital investment.
Principal responses by parlors at the time of the increase of the consumption tax rate from 5% to 8% in 2014
・Keeping of the fee for playing including tax unchanged (No change to the fee for playing)
・Adjustment of the number of balls (tokens)
-21-
最近の業界環境について②
Recent environment of the industry (2)
健康増進法の⼀部を改正する法律（いわゆる受動喫煙対策法）
Act for Partial Amendment of the Health Promotion Act (so-called Act on Passive Smoking Countermeasures)
求められるパーラーの対応
・原則屋内禁煙（喫煙専⽤室の設置により対応が可能）
・喫煙専⽤室等の設備投資
・加熱式タバコにおいては、専⽤エリア内であれば遊技しながらの喫煙が可能
Responses required for parlors
・Indoor smoking is banned, in principle. (Smoking is permitted in a designated smoking room.)
・Capital investment for designated smoking rooms
・Smoking of heat‐not‐burn tobacco products is permitted while playing in a designated area.
禁煙化によるファン離れ等の影響は想定せず
・飲⾷店、商業施設などの禁煙化の流れはすでに進んでいる
・喫煙によるタバコの煙を理由に、遊技を敬遠しているファンも存在
The smoking ban is not expected to have an adverse impact, such as drifting away of players.
・The trend toward non‐smoking is already underway at restaurants and commercial facilities, etc.
・There are players who avoid playing pachinko/pachislot because of second‐hand tobacco smoke.
-22-
2020年3⽉期予想
Forecast of FY 3/2020
業績予想ハイライト
Highlight of Financial Results Forecast
売上⾼ パチンコ販売台数
Net Sales
99,000 million yen Unit Sales of Pachinko Machines
200,000 Units
YoY +11.8% YoY +2.0%
販売シェア
営業利益 16,000 million yen Market share
16‐17 ％
Operating Income
YoY ‐24.8%
パチスロ販売台数
EPS 135.51 yen Unit Sales of Pachislot Machines
58,000 Units
Earnings per share
YoY ‐17.8% YoY +232.7%
販売シェア
Market share
12‐13 ％
DPS 150.00 yen
Dividents per share
Unchanged
-24-
連結売上⾼
Net Sales
FY 3/2019 Results FY 3/2019 FY 3/2020 YoY
(Apr 2018 ‐ Mar 2019) 88,558 million yen
売上⾼
88,558 99,000 +10,442
パチンコ機関連事業 Net Sales
Pachinko Machines Business ‐3,792 パチンコ機関連事業
75,792 72,000 ‐3,792
Pachinko Machines Business
パチスロ機関連事業 パチスロ機関連事業
Pachislot Machines Business
5,979 20,400 +14,421
+14,421 Pachislot Machines Business
補給機器関連事業
6,214 6,100 ‐114
補給機器関連事業 Ball Bearing Supply Business
Ball Bearing Supply Business ‐114 その他の事業
571 500 ‐71
Other Businesses
その他の事業
Other Businesses ‐71
FY 3/2020 Forecast
(Apr 2019 ‐ Mar 2020) 99,000 +10,442
million yen
-25-
パチンコ機関連事業
Net Sales
FY 3/2019 Results FY 3/2019 FY 3/2020 YoY
(Apr 2018 ‐ Mar 2019) 75,792 million yen
売上⾼
75,792 72,000 ‐3,792
SANKYO+JBパチンコ機の数量減少 Net Sales
Sales volume of SANKYO‐brand and JB‐brand ‐4,981 営業利益 26,861 15,300
pachinko machines decreases. ‐11,561
Operating Income 35.4% 21.3%
SANKYO+JBパチンコ機の価格下落
Unit price of SANKYO‐brand and JB‐brand ‐3,376 販売台数
pachinko machines decreases. 196,007 200,000 +3,993
Unit Sales of Pachinko Machines
BIstyパチンコ機の数量増加 SANKYO+JB 161,884 148,000 ‐13,884
+6,847
Sales volume of Bisty‐brand pachinko machines increases. Frame 72,922 83,100 +10,178
Gauge 88,962 64,900 ‐24,062
BIstyパチンコ機の価格下落 ‐917 Bisty 34,123 52,000 +17,877
Unit price of Bisty‐brand pachinko machines decreases. Frame 27,938 48,000 +20,062
Gauge 6,185 4,000 ‐2,185
その他 ‐1,364
Other factors
FY 3/2020 Forecast 72,000 ‐3,792
(Apr 2019 ‐ Mar 2020)
million yen
-26-
パチスロ機関連事業
Pachislot Machines Business
FY 3/2019 Results FY 3/2019 FY 3/2020 YoY
5,979 (Apr 2018 ‐ Mar 2019) million yen
売上⾼
5,979 20,400 +14,421
Net Sales
SANKYOパチスロ機の数量増加 +8,679 営業利益 (942) 6,000
Sales volume of SANKYO‐brand pachislot machines increases. +6,942
Operating Income (15.8%) 29.4%
SANKYOパチスロ機の価格上昇 +818 販売台数
Unit price of SANKYO‐brand pachislot machines increases.
17,435 58,000 +40,565
Unit Sales of Pachislot Machines
SANKYO 4,226 28,000 +23,774
BIstyパチスロ機の数量増加 +5,247 Bisty 13,209 30,000 +16,791
Sales volume of Bisty‐brand pachislot machines increases.
BIstyパチスロ機の価格下落 ‐375
Unit price of Bisty‐brand pachislot machines decreases.
その他 +52
Other factors
FY 3/2020 Forecast 20,400 +14,421
(Apr 2019 ‐ Mar 2020)
million yen
-27-
連結営業利益
Operating Income
FY 3/2019 Results 21,286 FY 3/2019 FY 3/2020 YoY
(Apr 2018 ‐ Mar 2019) million yen
売上⾼
88,558 99,000 +10,442
パチンコ機売上総利益の減少 Net Sales
The gross profit of the pachinko ‐5,507 売上原価
machine sales decreases. 38,771 47,700 +8,929
Cost of Sales
パチスロ機売上総利益の増加 売上総利益
+7,409 49,786 51,300 +1,514
The gross profit of the pachislot Gross Profit
machine sales increases.
販管費
28,500 35,300 +6,800
広告宣伝費の増加 SG & A Expenses
Advertising expenses increases. ‐1,764 広告宣伝費
1,180 2,944 +1,764
Advertising Expenses
販売⼿数料
2,824 4,138 +1,314
販売⼿数料の増加 Sales Commission
Sales commission increases. ‐1,314 研究開発費
14,631 17,091 +2,460
R&D Expenses
営業利益
研究開発費の増加 21,286 16,000 ‐5,286
Operating Income
R&D expenses increases. ‐2,460
その他
Other factors ‐1,649
FY 3/2020 Forecast
(Apr 2019 ‐ Mar 2020) 16,000 ‐5,286
million yen
-28-
販売予定タイトル
Number of Pachinko/Pachislot Titles to be Released
Q1 Apr‐Jun From Q2 onward
Q2以降
フィーバースーパー戦隊
Pachinko Fever Super Sentai x 6
リユースを除く
フィーバーマクロスフロンティア3 LM ver.
Excluding Fever MacrossFrontier 3 LM ver.
x 3
Reused Models
11 titles
フィ-バ-⾰命機ヴァルヴレイヴYR
Reused Models Fever Valvrave the Liberator YR
パチンコリユース
ドラムゴルゴ13 sY
Drum Golgo13 sY
フィーバーバイオハザードリベレーションズ sY
Fever BIOHAZARD REVELATIONS sY
ボンバーパワフル3V
Pachislot Bomber Powerful 3V x 2
x 2
5 titles
販売予定タイトルにつきましては現時点における計画であり、変更になる可能性もあります。
Introduction of titles is in line with the current plan to date, but may be subject to changes.
-29-
株主還元⽅針
Policy on Return of Profits to Shareholders
配当⽅針 ⾃⼰株式取得に関する考え⽅
Dividend Policy Views on purchase of treasury stock
安定配当 以下の要素を勘案し機動的に判断
公約配当性向25％ Flexible decision‐making, considering the following factors
1991年の上場以来減配がない
株価
Stable dividend 株主・投資家の意⾒
Commitment to 25% payout ratio
No dividend cut since the listing
業績の⾒通し
当社の経営環境など
Stock price
Opinions of shareholders and investors
Forecast of business results
2020年3⽉期 SANKYO’s management environment and others
FY 3/2020
１株当配当⾦
DPS 150中間配当を含む
yen
Including interim dividend
-30-
株価と株主還元の実績
Share Price and Return of Profits to Shareholders (Results)
8,000
⾃⼰株式取得 683.7%
Repurchase of Own Shares
1.0Mil shares
7,000 1.0%
7.3bn yen
6,000
8.0Mil shares 4.4Mil shares
8.6% 5.2%
2.8Mil shares 36.6bn yen 19.9bn yen
5,000 3.0%
12.1bn yen 239.5% 219.3%
4,000
Retirement of
treasury stock
3,000 8.0Mil shares
158.8%
110.7%
124.1%
2,000
連結配当性向
91.0%
Consolidated Payout Ratio
69.5%
1,000 62.6%
51.9%
39.9% 41.2%
0
Apr‐2008 Apr‐2009 Apr‐2010 Apr‐2011 Apr‐2012 Apr‐2013 Apr‐2014 Apr‐2015 Apr‐2016 Apr‐2017 Apr‐2018 Apr‐2019
-31-
付属資料
Appendix
2019年３⽉期 実績
Business Results of FY 3/2019
FY 3/2018 FY 3/2019 Forecast FY 3/2018 FY 3/2019
連結：百万円 Consolidated: million yen Full Year Full Year YoY (3‐Apr) Change Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
売上高 Net Sales 86,220 88,558 +2,338 88,000 +558 11,108 10,115 24,974 40,023 14,521 15,249 25,571 33,217
パチンコ Pachinko 67,271 75,792 +8,521 0 +75,792 5,600 4,073 22,444 35,154 12,700 13,021 22,388 27,683
パチスロ Pachislot 11,172 5,979 ‐5,193 0 +5,979 3,906 3,736 179 3,351 334 1,214 166 4,265
補給機器 Ball Bearing Supply 7,246 6,214 ‐1,032 0 +6,214 1,479 2,165 2,203 1,399 1,342 876 2,858 1,138
その他事業 Other Business 530 571 +41 0 +571 122 141 147 120 144 137 160 130
売上原価 Cost of Sales 42,506 38,771 ‐3,735 N.A N.A 5,376 5,038 13,019 19,073 6,361 6,168 11,064 15,178
売上総利益 Gross Profit 43,714 49,786 +6,072 N.A N.A 5,732 5,077 11,954 20,951 8,160 9,081 14,507 18,038
販管費 SG & A Expenses 33,533 28,500 ‐5,033 N.A N.A 8,072 8,313 9,291 7,857 6,784 7,208 6,806 7,702
営業利益 Operating Income 10,181 21,286 +11,105 21,000 +286 (2,340) (3,236) 2,663 13,094 1,375 1,874 7,700 10,337
パチンコ Pachinko 14,570 26,861 +12,291 0 +26,861 (1,970) (2,351) 5,165 13,726 3,254 3,941 9,624 10,042
パチスロ Pachislot 130 (942) ‐1,072 0 ‐942 814 443 (1,666) 539 (819) (428) (1,077) 1,382
補給機器 Ball Bearing Supply 453 400 ‐53 0 +400 66 146 167 74 37 44 272 47
その他事業 Other Business (489) (318) +171 0 ‐318 (165) (119) (75) (130) (92) (125) (42) (59)
消去又は全社 Elimination/Corporate (4,483) (4,715) ‐232 0 ‐4,715 (1,085) (1,355) (928) (1,115) (1,004) (1,558) (1,078) (1,075)
経常利益 Recurring Income 11,319 22,300 +10,981 22,000 +300 (1,818) (3,151) 3,102 13,186 1,827 1,959 8,060 10,454
特別利益 Extraordinary Gains 2 1 ‐1 0 +1 2 0 0 0 0 0 1 0
特別損失 Extraordinary Losses 3,266 3,961 +695 0 +3,961 45 10 3 3,208 0 2 15 3,944
当期純利益 Net Income 5,550 13,384 +7,834 13,000 +384 (1,167) (2,242) 2,127 6,832 1,460 1,444 5,908 4,572
EPS: 円 EPS: yen 68.37 164.88 +96.51 160.15 +4.73
販売台数：台 Machines sales: units
パチンコ Pachinko 171,919 196,007 +24,088 196,000 +7 14,936 9,512 56,202 91,269 33,456 36,373 56,295 69,883
SANKYO+JB SANKYO+JB 108,128 161,884 +53,756 0 +161,884 8,146 8,784 17,662 73,536 32,737 30,564 54,544 44,039
Bisty Bisty 63,791 34,123 ‐29,668 0 +34,123 6,790 728 38,540 17,733 719 5,809 1,751 25,844
パチスロ Pachislot 29,431 17,435 ‐11,996 17,000 +435 9,263 8,491 420 11,257 817 3,163 250 13,205
SANKYO SANKYO 17,996 4,226 ‐13,770 0 +4,226 8,868 8,491 0 637 817 3,163 0 246
Bisty Bisty 11,435 13,209 +1,774 0 +13,209 395 0 420 10,620 0 0 250 12,959
-33-
パチンコ・パチスロ販売実績
Pachinko and Pachislot Machines Sales Results
Series name No. of models Sales: units
FY 3/2019 フィーバー戦姫絶唱シンフォギア Fever Symphogear SANKYO (Jul‐17) 1 21,600
Pachinko Q1 フィーバーR-18 Fever R‐18 SANKYO (Apr‐18) 1 5,400
フィーバーLADY GAGA G Fever LADY GAGA G SANKYO (Apr‐18) 1 ‐‐
フィーバー機動戦⼠Zガンダム Y Fever Mobile Suit Zeta GUNDAM Y SANKYO (Jun‐18) 2 9,200
Q2 フィーバーアクエリオンＷ Fever Aquarion w SANKYO (Aug‐18) 1 14,200
フィーバー⾰命機ヴァルヴレイヴ W Fever Valvrave the Liberator W SANKYO (Aug‐18) 1 5,400
ヱヴァンゲリヲン ドラムVER. Evangelion drum ver. Bisty (Aug‐18) 1 5,000
Ｊ－ＲＵＳＨ４ J‐RUSH4 JB (Sep‐18) 2 6,700
フィーバーR-18 Y Fever R‐18 Y SANKYO (Sep‐18) 1 ‐‐
コードギアス エンペラーロード Y CODE GEASS “Emperor Road” Y Bisty (Sep‐18) 1 ‐‐
Q3 フィーバードラムゴルゴ13 Fever drum Golgo13 SANKYO (Oct‐18) 1 5,600
フィーバーバイオハザード リベレーションズ Fever BIOHAZARD REVELATIONS SANKYO (Nov‐18) 1 24,200
フィーバー戦姫絶唱シンフォギア LIGHT VER Fever Symphogear light ver SANKYO (Nov‐18) 1 14,500
フィーバーエルドラ Fever EL.DORADO SANKYO (Dec‐18) 1 8,600
Q4 ヱヴァンゲリヲン ドラムVER. YR Evangelion drum ver. YR Bisty (Jan‐19) 1 ‐‐
フィーバーゴルゴ13 Fever Golgo13 SANKYO (Jan‐19) 1 6,500
フィーバー蒼穹のファフナー2 Fever Fafner Dead Aggressor 2 SANKYO (Feb‐19) 1 7,300
フィーバーアクエリオンＷ Z Fever Aquarion w z SANKYO (Mar‐19) 1 8,700
フィーバーマクロスフロンティア3 Fever Macross Frontier 3 SANKYO (Mar‐19) 1 21,100
ヱヴァンゲリヲン 超覚醒・超暴⾛ Evangelion Super awakening ・ Super berserk Bisty (Mar‐19) 2 24,900
Total 196,007
Series name Sales: units
FY 3/2019
Pachislot 楽シーサー 30
Q1 Tanoshisa 30 SANKYO (May‐18) ‐‐
Q2 トータル・イクリプス Total Eclipse SANKYO (Jul‐18) ‐‐
Q4 フィーバークィーンⅡ Fever Queen II SANKYO (Jan‐19) ‐‐
ヱヴァンゲリヲンAT777F Evangelion AT 777F Bisty (Feb‐19) 13,100
新世紀エヴァンゲリオン 暴⾛400 Neon Genesis Evangelion ‐ berserk 400 Bisty (Mar‐19) ‐‐
Total 17,435
販売台数5,000台未満につきましては、開示しておりません。
Number of pachinko machines sold: Any model with sales of less than 5,000 units is not included. -34-
2020年3⽉期 予想
Forecast for FY3/2020
連結：百万円 Consolidated: million yen FY 3/2019 FY 3/2020 YoY
売上高 Net Sales 88,558 99,000 +10,442 販売費及び
パチンコ Pachinko 75,792 72,000 ‐3,792
⼀般管理費
パチスロ Pachislot 5,979 20,400 +14,421
補給機器 Ball Bearing Supply 6,214 6,100 ‐114
その他事業 Other Business 571 500 ‐71
SG & A
売上原価 Cost of Sales 38,771 47,700 +8,929
売上総利益 Gross Profit 49,786 51,300 +1,514
Expenses
販管費 SG & A Expenses 28,500 35,300 +6,800
営業利益 Operating Income 21,286 16,000 ‐5,286 連結：百万円 Consolidated: million yen FY 3/2019 FY 3/2020 YoY
パチンコ Pachinko 26,861 15,300 ‐11,561 販売手数料 Sales Commission 2,824 4,138 +1,314
パチスロ Pachislot (942) 6,000 +6,942 広告宣伝費 Advertising Expenses 1,180 2,944 +1,764
補給機器 Ball Bearing Supply 400 300 ‐100 研究開発費 R&D Expenses 14,631 17,091 +2,460
その他事業 Other Business (318) (300) +18 給与手当 Salaries & Wages 3,125 3,233 +108
消去又は全社 Elimination/Corporate (4,715) (5,300) ‐585 その他 Others 6,740 7,894 +1,154
経常利益 Recurring Income 22,300 17,000 ‐5,300
特別利益 Extraordinary Gains 1 0 ‐1 連結：百万円 Consolidated: million yen
特別損失 Extraordinary Losses 3,961 0 ‐3,961 設備投資額 Capital Expenditure 2,485 3,526 +1,041
当期純利益 Net Income 13,384 11,000 ‐2,384 減価償却費 Depreciation & Amortizati 3,057 3,415 +358
EPS: 円 EPS: yen 164.88 135.51 ‐29.37
連結 Consolidated
従業員数 No. of Employees 982 1,004 +22
連結 Consolidated FY 3/2019 FY 3/2020 YoY 開発人員数 No. of R&D Staff 294 300 +6
売上総利益率 Gross Margin 56.2% 51.8% ‐4.4pt
営業利益率 Operating Margin 24.0% 16.2% ‐7.9pt 間接販売比率（累計） Indirect Sales Ratio
SANKYO+JB Pachinko 28.6% 28.6% +0.0pt
SANKYO Pachislot 38.0% 40.4% +2.4pt
-35-
主⼒２事業
The Two Mainstay Businesses
パチンコ機 パチスロ機
関連事業 関連事業
Pachinko Pachislot
Machines Machines
Business Business
連結：百万円 Consolidated: million yen FY 3/2019 FY 3/2020 YoY 連結：百万円 Consolidated: million yen FY 3/2019 FY 3/2020 YoY
売上高 Net Sales 75,792 72,000 ‐3,792 売上高 Net Sales 5,979 20,400 +14,421
営業利益 Operating Income 26,861 15,300 ‐11,561 営業利益 Operating Income (942) 6,000 +6,942
営業利益率 Percentage 35.4% 21.3% ‐14.2pt 営業利益率 Percentage (15.8%) 29.4% +45.2pt
販売台数：台 Machines sales: units 販売台数：台 Machines sales: units
パチンコ合計 Pachinko 196,007 200,000 +3,993 パチスロ合計 Pachislot 17,435 58,000 +40,565
SANKYO+JB SANKYO+JB 161,884 148,000 ‐13,884 SANKYO SANKYO 4,226 28,000 +23,774
枠付き Frame 72,922 83,100 +10,178 Bisty Bisty 13,209 30,000 +16,791
ゲージ盤 Gauge 88,962 64,900 ‐24,062
Bisty Bisty 34,123 52,000 +17,877 販売タイトル数 Number of the released titles
枠付き Frame 27,938 48,000 +20,062 パチスロ合計 Pachislot 5 5 +0
ゲージ盤 Gauge 6,185 4,000 ‐2,185 SANKYO SANKYO 3 3 +0
Bisty Bisty 2 2 +0
販売タイトル数 Number of the released titles
パチンコ合計 Pachinko 12 11 ‐1
SANKYO+JB SANKYO+JB 10 8 ‐2
Bisty Bisty 2 3 +1
-36-
ROE
Return on Equity
million yen 3/2013 3/2014 3/2015 3/2016 3/2017 3/2018 3/2019 3/2020E
売上⾼ Net Sales 104,150 158,453 146,579 137,130 81,455 86,220 88,558 99,000
営業利益 Operating Income 7,023 28,023 13,233 18,826 5,059 10,181 21,286 16,000
経常利益 Recurring Income 9,488 30,144 14,870 19,965 3,832 11,319 22,300 17,000
当期純利益 Net Income 5,853 22,400 8,728 10,485 1,777 5,550 13,384 11,000
総資産 Total Assets 464,259 451,149 434,648 414,183 390,585 396,291 399,585
純資産 Total Net Assets 402,918 413,096 371,670 348,941 340,287 337,242 337,377
年間配当⾦（円） DPS (Yen) 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00
ROE Return on Equity 1.4% 5.5% 2.2% 2.9% 0.5% 1.6% 4.0%
ROE 5期平均
Average ROE of five
6.2% 5.8% 4.5% 3.4% 2.5% 2.6% 2.3%
consecutive fiscal years
当期純利益率 Net Income Ratio 5.6% 14.1% 6.0% 7.6% 2.2% 6.4% 15.1%
総資産回転率 Total Asset Turnover 0.22 0.35 0.33 0.32 0.20 0.22 0.22
財務レバレッジ Financial Leverage 1.17 1.12 1.13 1.18 1.17 1.16 1.18
-37-
パチンコ／パチスロ市場
Pachinko/Pachislot Machine Market
thou. units
全⽇遊連加盟パーラーの状況
3,500
Situation of Parlors that Are Members of Zennichiyuren
3,000
2,954 2,918
2,833
2,749 2,477 2,470 2,460 2,453 2,449 2,443 2,430 2,423
2,500 2,637 2,423 2,427 2,420 2,413
9,531 9,496 9,454 9,421
9,393 9,362 9,303
9,264 9,237 9,219 9,187
9,153
2,019
2,000 1,886
1,643 1,661 1,691 1,687 1,665 パチンコ設置台数
1,547 1,552 1,549 1,548 1,547 1,545 1,538 1,534 1,534 1,540 1,536 1,535 No. of installed
1,567 Pachinko Machines
1,500 1,408
パチンコ販売台数
1,300
1,200 No. of Shipped
1,233 Pachinko Machines
1,000 パチスロ設置台数
968 No. of installed
887 Pachislot Machines
パチスロ販売台数
500 604 No. of Shipped
480 Pachislot Machines
450
営業中の店舗数
No. of outlets
currently in operation
0
CY2014 2015 2016 2017 2018 2019E A‐2018 M‐2018 J‐2018 J‐2018 A‐2018 S‐2018 O‐2018 N‐2018 D‐2018 J‐2019 F‐2019 M‐2019
Source: National Police Agency, Yano Research Institute, Zennichiyuren -38-
その他
Others
販売タイトル数推移（全メーカー） 型式試験適合状況
Number of Titles Sold (All Manufacturers) Compliance with Format Inspection
パチンコ機 Pachinko Machines パチンコ機 Pachinko Machines
CY2014 19,481 108 2014 2015 2016 2017 2018 2019J‐M
受付 Appl i ca nt 613 731 864 875 711 228
2015 18,694 １タイトル当たり販売台数（左） 108
Sales per title (Left) 適合 Pa s s 505 519 396 361 336 89
2016 17,462 86 不適合 Fa i l 97 172 458 463 333 172
2017 14,226 97 SANKYO+JB 40 38 39 34 30 6
Bi s ty 10 8 8 6 9 7
2018 12,621 103
SANKYO Group Tota l 50 46 47 40 39 13
2019J‐M 35
アレンジ、じゃん球を含む
including Arrange Ball,Jong‐Kyu
0 20 40 60 80 100 120
パチスロ機 Pachislot Machines パチスロ機 Pachislot Machines
CY2014 15,466 76 2014 2015 2016 2017 2018 2019J‐M
受付 Appl i ca nt 526 650 736 913 596 230
2015 16,223 １タイトル当たり販売台数（左） 86
Sales per title (Left) 適合 Pa s s 203 250 300 326 203 39
2016 11,255 87 不適合 Fa i l 342 328 444 494 444 188
2017 4,800 125 SANKYO 9 21 7 15 6 2
Bi s ty 0 11 8 3 3 0
2018 5,454 88
SANKYO Group Tota l 9 32 15 18 9 2
2019J‐M 22
パロットを含む
including Palot
0 20 40 60 80 100 120
Source: Security Electronics and Communications Technology Association,
Yano Research Institute, Pachinko Gyokai Johokan Members
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経営企画部 ＩＲ室 【⾒通しに関する注意事項】
本資料に記載されている、当期ならびに将来の業績に関する予
想、計画、⾒通し等は、現在⼊⼿可能な情報に基づき当社の経
営者が合理的と判断したものです。実際の業績は、様々な要因
の変化により、記載の予想、計画、⾒通しとは⼤きく異なるこ
03‐5778‐7773 とがあり得ます。そのような要因としては、主たる事業領域で
ありますパチンコ・パチスロ市場の経済状況および製品需要の
変動、国内外の各種規制ならびに会計基準・慣⾏等の変更など
が含まれます。
ir‐desk@sankyo‐fever.co.jp
The Company's plans, strategies and forecasts, except
historical facts, contained in this document may be subject
to change due to factors of risk and uncertainty. Therefore,
the Company does not guarantee their attainability
explicitly or implicitly.
The Company assumes that the ‘factors of potential risk
and uncertainty’ may include the economic climate,
especially concerning the pachinko and pachislot markets
which constitute the Company’s main business field,
competition in the market and competitiveness of the
Company’s products, and also include other unpredictable
factors.
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