DDHD Research Memo (7): Eliminates excess debt by implementing capital policy. Strengthen business base through management rationalization measures
■ Main activity results
1. Progress of management rationalization measures (initiatives to eliminate excess debt)
DD Holdings <3073> has been promoting management rationaleing measures since February 2021, in order to respond to the environmental change due to the corona and early recovery from business deterioration, and to achieve sustainable growth. In the fiscal year ending February 2022, we were able to achieve some of the following results, while working to eliminate the excess of debt.
(1) Review of group companies
Following the fiscal year ending of February 2021, when five of the food and beverage segments (Golden Magic, Sampling, Commercial Arts, THE SAILING) were merged into diamond dining, the bugs of the 크레이지슬롯 amusement segments were also reorganized to diamond dining. Was done. The purpose is to further improve the efficiency of group management and consider tax saving effects in the future *. In addition, the sale of overseas subsidiaries has withdrawn from overseas businesses.
* By incorporating high -profitable bugs into the diamond dining room, tax benefits can be expected in the future due to carry -on loss.
(2) Compression of group costs
Review of all costs, including reducing labor costs, such as reducing labor costs, reducing the headquarters, reducing equipment and services necessary for business, negotiating the cost of rent, abolishing call centers, and suppressing advertising expenses. Reduction measures were implemented. As a result, sales pipe costs were reduced by 45.5%(19.7%decreased compared to the previous term) compared to the Corona, and drastic reforms were performed.
(3) Exit of unprofitable stores
Following the fiscal year ending February 2021, when 54 stores were set to 10%of all directly managed stores, 26 stores were also withdrawn in the fiscal year ending February 2022. By narrowing down to high -profit stores, such as downtown stations and roads, and making a selection for changes in the environment, we changed to a muscular business base.
(4) Implementation of capital policy
In addition to maintaining good relationships with major trading banks, promoting the exercise of the 6th Stock Acquisition Right * 1 (financing 874 million yen) and issuance of Type A priority stock * 2 (5,000 million yen financing ) And enhanced the capital (eliminating the excess of debt).
* 1 The 6th new stock acquisition rights issued in October 2020 were all exercised by October 20, 2021 (of which 17,249 were exercised in the fiscal year ended February 2022, 874 million yen. Realized funds). The 7th new stock acquisition rights of 10,000 have not been exercised at this time.
* 2) A third -party allotment system with the “DBJ Food and Drinking and Accommodation Support Fund Investment Business Limited Liability Association” composed by Japan Bank of Japan. Type A priority stock is an indefinite voting and prospective shares, and there is no decrease in existing shares because there is no claim or acquisition clause for ordinary shares.
2. Movement to recover the core business
(1) Response to delivery demand, etc.
In addition to the reduction of banquet demand by promoting remote work, etc., as a measure in anticipation of withcorona and aftercorona, we have developed new products and promote the introduction of delivery agents such as zuber sweets to incorporate delivery demand. 。 In addition, in order to respond to the increase in demand at lunchtime, we have been working on various business measures, such as opening a lunchtime limited business format such as “Steak Goro” at existing stores. In the future, the company plans to flexibly respond as a service that complements the core business while striving to grasp customer needs.
(2) Franchia (FC member)
Taking advantage of the company’s strengths, we are considering FC membership in business format, which is expected to benefit purchasing in fast food etc. It can be expected to reduce the time and costs (risks) related to in -house development and have the advantage of giving mobility and flexibility in future business development, but it does not seem to be intended to be a matter of business development. In December 2021, as part of this, we will expand the popular sushi izakaya “Sushi Sake Sauce Sugitama” with FOOD & LIFE Innovations Co., Ltd. did. The aim is to add a thin seafood system to the brand portfolio and enjoy the benefits of purchasing, etc. through FC membership.
3. Creating a new service market
(1) Launch of purchasing platforms
In collaboration with Toreta, which develops and sells the reservation for restaurants and the customer ledger service “Toreta®”, the company is working on the development of a purchase platform business that utilizes the purchasing power of the company. For small and medium -sized private restaurants in Ichimoku and three prefectures (Tokyo, Kanagawa, Chiba, Saitama), 600 600 items such as glossary, alcohol and drinks, focusing on fruits and vegetables directly in the production area. It is a mechanism to ship it daily. For restaurants facing a strict business environment, the company’s group’s motorcycle power (purchasing power) can be used to enjoy the advantage of cost reduction, and for Toreta, it will also acquire the enclosure and commission income of the customers who are customers. Can do. In addition, for suppliers, participating restaurants will be new wholesale destinations, which can lead to expanding sales channels, and for the company’s group, we will further expand the amount of procurement by bundling participating restaurants, and will rebate from the supplier. Because it can be secured, it can be said that it is a platform business that has its own merit for the four parties of participating restaurants, traeta, suppliers, and groups. The full -fledged operation seems to be in the future, but it seems that there are already about 100 registration.
(2) Start of amusement poker business format
In order to break away from the provision of services, which is struck by “eating and drinking”, we also entered the amusement poker business * in the form of alliance, taking advantage of the characteristics of the excellent location of directly managed stores. On December 3, 2021, the CASINO THE CLASS Shinagawa store was opened in cooperation with Kasinoro Wiring Co., Ltd.
* Amusement poker is a restaurant where you can enjoy a full -fledged casino without betting on money. Customers can buy chips as much as they want to play, and enjoy poker games in a real atmosphere.
(Writing: FISCO Visit Analyst Ikuo Shibata)
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