Member of the Financial Accounting Standards Foundation(Note) This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

Summary of Consolidated Financial Statements for the Year Ended June 30, 2012
[Japan GAAP]
August 8, 2012
Listed Company:
Stock Exchange:
Code Number:
URL:
Representative:
Contact:
Tel.:
Scheduled date of ordinary general meeting of shareholder:
Scheduled date of the start of dividend payments:
Scheduled reporting date of annual security report:
Supplemental materials for financial results:
Presentation of financial results:

MACROMILL, INC.
Tokyo Stock Exchange3730
http://www.macromill.com/
Tetsuya Sugimoto, Chairman and President
Yasuhiro Kihara, Senior Executive Officer and Chief Financial Officer+81-3-6716-0700
September 26, 2012
September 27, 2012
September 27, 2012
Yes
Yes (for securities analysts and institutional investors)(Figures are rounded down to the nearest million yen.)

1. Consolidated Financial Results for the Year Ended June 30, 2012 (July 1, 2011 to June 30, 2012)(1) Consolidated Business Performance(Percentages calculated on year-on-year basis.)

Net sales

Operating income

Million yen

Year ended June 30, 2012
Year ended June 30, 2011
(Note) Comprehensive income%

Million yen

14,229

16.5

3,082

12,210

66.1

2,604

Year ended June 30, 2012
Year ended June 30, 2011%

Net income

Million yen%

Million yen

%

18.4

2,975

18.0

1,525

30.3

22.3

2,522

18.1

1,171

(7.5)

1,418 million yen
1,118 million yen

Diluted net income
per share

Net income per share

Ordinary income

26.8%-16.4%

Ratio of ordinary
income to total assets

Return on equity

Ratio of operating
income to net sales

Yen

Yen

%

%

%

Year ended June 30, 2012

52.66

45.31

14.9

18.2

21.7

Year ended June 30, 2011

38.50

38.14

12.6

21.7

21.3

(Reference) Equity in (earnings) losses of affiliates Year ended June 30, 2012-184 million yen
Year ended June 30, 2011-157 million yen(Note) The Company carried out a 200-for-1 stock split for its common shares, effective on January 1, 2011.
The amount of net income per share and the amount of diluted net income per share in the previous fiscal year are calculated on the assumption that the stock option
took place at the beginning of the previous fiscal year.

(2) Consolidated Financial Position
Total assets
Year ended June 30, 2012
Year ended June 30, 2011

Net assets

Net assets per share

Million yen%

Yen

18,770

9,899

51.4

343.92

11,161

78.2

356.6813,931(Reference) Shareholders’ equity

Shareholders' equity ratio

Million yen

Year ended June 2012
Year ended June 2011

9,640 million yen
10,893 million yen(3) Consolidated Cash Flow Statements
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Year-end cash and cash
equivalents

Million yen

Million yen

Million yen

Million yen

Year ended June 30, 2012

2,062

(2,877)

2,185

7,601

Year ended June 30, 2011

2,228

(1,503)(1,012)6,243

2. Dividends
Dividend per share
End of 1stquarter

Record date

End of 2ndquarter

End of 3rdquarter

Yen

Yen

Yen

Year end

AnnualYen

Yen

Year ended June 30, 2011
Year ended June 30, 2012

–
–

10.00
10.00

–
–

9.00
13.00

19.00
23.00

Year ending June 30, 2013
(forecast)

–

12.00

–

13.00

25.00

(Note)

Total amount ofannual cash
dividends

Dividend payout
Ratio(Consolidated)

Dividend to net
assets(Consolidated)

Million yen

%

%

581
654

49.4
43.7

5.9
6.6

33.4

The Company carried out a 200-for-1 stock split for its common shares, effective on January 1, 2011. The figures above are calculated based on the number ofshares after the stock split.

3. Forecast of Consolidated Financial Results for the Year Ending June 2013 (July 1, 2012 to June 30, 2013)(Percentages calculated on year-on-year basis.)

Net sales

Operating income

Ordinary income

Net income

Net income per share

Million yen%

Million yen%

Million yen%

Million yen%

Yen

First half

8,200

20.5

1,930

24.7

1,930

22.4

1,000

25.0

35.67

Full year

16,800

18.1

3,900

26.5

3,900

31.1

2,100

37.6

74.91

* Notes(1) Important changes in subsidiaries during the fiscal year under review (changes in specific subsidiaries accompanied by a change in the scope of
consolidation):
Yes
New:
1
(Name of company: EMBRAIN CO., LTD.)
Exception:–(Note) Any changes in specific subsidiaries accompanied by a change in the scope of consolidation during the fiscal year under review(2) Changes in accounting policies and changes or restatement of accounting assumptions(i) Changes in accounting policies associated with the revision of accounting standards, etc.:(ii) Changes in accounting policies other than (i):(iii) Changes in accounting assumptions:(iv) Restatement:

Yes
No
No
No

(Note) For more details, please see “Consolidated Financial Statements, (6) Changes to Accounting Policies” on page 14 of the accompanying materials.

(3) Number of shares outstanding (common stock)(i) Number of shares issued (including
treasury stock) at the end of the term:(ii) Number of shares of treasury stock at
the end of the term:(iii) Average number of shares during theperiodJune 30, 2012

30,868,400 shares

June 30, 2011

32,315,600 shares

June 30, 2012

2,835,700 shares

June 30, 2011

1,774,200 sharesYear ended June 2012

28,971,185 sharesYear ended June 2011

30,420,600 shares(Reference) Non-Consolidated Results
1. Non-Consolidated Financial Results for the Year Ended June 30, 2012 (July 1, 2011 to June 30, 2012)(1) Non-Consolidated Business Performance(Percentages calculated on year-on-year basis.)

Net sales

Operating income

Ordinary income

Net income

Million yen%

Million yen%

Million yen%

Million yen%

Year ended June 30, 2012

13,847

13.4

3,648

27.7

3,642

25.0

2,016

41.5

Year ended June 30, 201112,212

70.3

2,858

32.6

2,912

32.1

1,424

22.0

Diluted net income
per share

Net income per share
Yen

Yen

Year ended June 30, 2012

69.60

59.89

Year ended June 30, 2011

46.84

46.41

(2) Non-Consolidated Financial Position
Total assets
Year ended June 30, 2012
Year ended June 30, 2011
(Reference) Shareholders’ equity

Net assets

Shareholders' equity ratio

Net assets per share

Million yen

Million yen%

Yen

18,75810,51455.9

373.95

11,25080.4

367.06

13,949Year ended June 2012
Year ended June 2011

10,482 million yen
11,210 million yen* Presentation of the status of audit proceduresThis summary of consolidated financial statements is not subject to audit procedures under the Financial Instruments and Exchange Act. At the time ofthe disclosure of this report, procedures for an audit of these financial statements were in process.
* Note regarding proper use of results forecasts and other special comments(Note regarding forward-looking statements)
The forward-looking statements, such as results forecasts, included in this document are based on information available to management as of the date ofthe document and certain assumptions that management considers reasonable. Actual results may differ significantly due to a range of factors.

Accompanying Materials ― Contents
1. Results of Operations ..................................................................................................................................................... 2(1) Analysis on results of operations....................................................................................................................... 2(2) Analysis on financial position ........................................................................................................................... 4
2. Management Policy ....................................................................................................................................................... 5(1) Macromill’s basic management policy.............................................................................................................. 5
3. Consolidated Financial Statements ................................................................................................................................ 6(1) Consolidated balance sheet ............................................................................................................................... 6(2) Consolidated statements of income and consolidated statements of comprehensive income ........................... 8
Consolidated statements of income .................................................................................................................. 8
Consolidated statements of comprehensive income ......................................................................................... 9(3) Consolidated statements of changes in net assets............................................................................................ 10(4) Consolidated statement of cash flow............................................................................................................... 12(5) Notes regarding the premise of a going concern ............................................................................................. 14(6) Changes to accounting policies ....................................................................................................................... 14(7) Matters to note
(Segment information, etc.) ............................................................................................................................ 15(Per share information)................................................................................................................................... 15(Significant subsequent events) ...................................................................................................................... 17
4. Other ............................................................................................................................................................................ 17(1) Change of board members............................................................................................................................... 18

1

1. Results of Operations(1) Analysis on results of operations
In the consolidated fiscal year under review (from July 1, 2011 to June 30, 2012), the Japanese economy experienced a modest
recovery, reflecting the demand for reconstruction projects after the Great East Japan Earthquake and an improvement in companies’
production activities, consumer spending, and employment conditions. However, due to weak overseas economies and the prolonged
strength of the yen associated with the debt crisis in Europe and concerns about the stability of the power supply in Japan, the outlook
for the future remained unclear.
According to the 37th Marketing Research Business Status Survey, published by the Japan Marketing Research Association, Japan’s
marketing research industry grew 1.9% year on year, to 173.1 billion yen in the fiscal year 2011 (April 2011 to March 2012). The
market showed only slight year-on-year growth, due to the effect of the worldwide economic recession triggered by the situation in
Europe, the aftermath of the collapse of Lehman Brothers, and the effect of the Great East Japan Earthquake. Meanwhile, the online
research market, which is Macromill’s key market, grew 6.7%, to 45.9 billion yen, indicating steady progress in the shift away fromtraditional research methods to online research.
In this environment, Macromill, Inc. (the “Company”) and its consolidated subsidiaries (together, the “Group”) completed theintegration of management and strengthened the domestic online research business. The Group also actively promoted its growthstrategies for global operations and the creation of new businesses in line with the Medium-Term Management Plan announced inAugust 2011, combined with mergers and acquisitions and business alliances. As a result of the above, the Group posted all-time
record results in the consolidated fiscal year under review, with net sales, operating income, ordinary income, and net income
growing strongly from the previous fiscal year.
The status of specific domestic and overseas businesses and new businesses is as follows:First, the domestic online research business, which accounts for most of the Company’s net sales, saw an increase in sales in almost
all industries, including advertising agencies, consumer goods manufacturers, the information and telecommunications industry, andthe service industry, partly attributable to the effect of the earthquake in the previous fiscal year. The increase in sales generated byconsolidating the Dentsu Group’s marketing research into Dentsu Macromill, Inc., a new company established in April 2012 as a
joint venture between the Company and Dentsu Marketing Insight, Inc., also contributed to the Company’s operating results.
The domestic database business, the Company’s next pillar after the domestic online research business which is the Company’s main
business, also achieved strong growth, with net sales increasing 81.9% year on year, primarily because the consumer purchasedatabase service QPR substantially increased the number of companies with a yearly contract, centering on consumer-goods
manufacturers.
Regarding the overseas business, EMBRAIN CO., LTD. (hereinafter “EMBRAIN”), which became a consolidated subsidiary in
February 2012, posted net sales of 281 million yen in the fourth quarter in South Korea, where the online research market is expected
to grow, and contributed to consolidated net sales. With the aim of expanding its business further, EMBRAIN merged with
MACROMILL Korea, INC., an equity method affiliate of the Company, through a business transfer in August 2012, and changed its
name to MACROMILL EMBRAIN CO., LTD. The Company will establish an important business base in Asia by concentrating
various management resources through the merger of both companies.
With respect to new businesses, the Company established M-PROMO, INC. as a consolidated subsidiary in February 2012 inresponse to increasing customer needs for marketing support in the areas of advertisement and promotion. To expand its sales, income,and business further, the Company will start a new marketing support business by combining its services, such as advertising andsales promotion, with the expertise the Group has cultivated in online research and peripheral businesses.
As a result of the above initiatives, in the consolidated fiscal year under review, Macromill recorded net sales of 14,229 million yen(an increase of 16.5 % year on year), operating income of 3,082 million yen (a rise of 18.4%), ordinary income of 2,975 million yen(up 18.0%), and net income of 1,525 million yen (a rise of 30.3%).
Net sales by service segment are as follows:(i) Automatic Research Service
The automatic research service is the market research service using the Automatic Internet Research system (hereinafter “AIRs”)
uniquely developed by the Company. This is the core service of the Macromill Group. In the consolidated fiscal year under review,
demand for research remained strong in a wide range of industries centering around advertising agencies, consumer-goods
manufacturers, research companies, and consulting firms, among others. As a result, total net sales in this service segment came to7,349 million yen (up 8.0% year on year).

2

(ii) Tabulation Service
Tabulation Service is a service where, after data collection via AIRs, specialist employees produce specific tables and graphs
matching the purpose of the relevant research. Given the increasing need for an integrated service from fieldwork to data collection,
to tabulation and analysis, the increase in projects requiring tabulation ancillary to fieldwork and an improved ability tosystematically handle projects proved effective, and boosted total net sales in this service segment by 18.1% year on year, to 878
million yen.
(iii) Analysis Service
Analysis Service covers designing survey forms and questionnaire as well as producing a range of reports after collecting researchdata. To respond to the increasing need for analysis services associated with increasingly sophisticated customer marketing issues, theCompany has been working to strategically improve its ability to propose and design projects and analyze data. Reflecting orders
associated with the increase in transactions with general business companies and strong orders from advertising agencies, total net
sales in this service segment increased 17.9% year on year, to 1,384 million yen.
(iv) Qualitative Research Service (Group Interview, etc.)
Qualitative Research Service carries out group or one-on-one interviews for in-depth insights into the psychology of respondents. As
research projects implementing both quantitative and qualitative research are increasing to better identify the diversified interests andpreferences of consumers, especially orders from advertising agencies, the information and telecommunications industry, and thefood industry increased. As a result, total net sales in this service segment rose 20.6% year on year, to 1,200 million yen.
(v) Customized Research Service
Customized Research Service prepares tailor-made survey forms and collects research data for more individualized research projects
beyond the scope manageable by AIRs. Although enhancements to the functionality of AIRs have extended the scope of research thatcan be covered by automatic research service, projects requiring the preparation of complex research screens increased due to a rise inresearch using special analytical methods. As a result, total net sales in this service segment increased 11.2% year on year, to 1,356
million yen.
(vi) Global Research Service
This service includes research into overseas markets for domestic companies as well as marketing research for overseas companies.
Orders from advertising agencies, research companies, consulting firms, etc. remained solid. Particularly, orders from the informationand telecommunications industry increased markedly. As a result, total net sales in this service segment were up 11.8% year on year,
to 477 million yen.
(vii) Mobile Research Service
Mobile Research Service collects data using mobile phones. Mobile phones are used in the research scenes to understand consumer
psychology immediately after purchase. As demand for research specialized for feature phone declined due to the increased
dissemination of smartphones, total net sales in this service segment decreased 8.6% year on year, to 75 million yen.
(viii) Other Services
Other Services consist of sales of consolidated subsidiaries, QPR, the consumer purchase database service, AIRsMEMBERS(SaaS-type customer management services), a service that combines the functionality of AIRs with customer management systems,
and Brand Data Bank (bdb), a database subscription service that provides consumer profiles based on surveys of 30,000 panel
members into possessions, interests, and brand preferences. With regard to QPR, since July 2011 the number of panel members has
increased to 30,000, and the ability to analyze more of our customers’ products resulted in solid orders and contributed greatly tosales growth. In addition, data sales by M-Cube and Associates, Inc., a consolidated subsidiary that constructs QPR panels andcollects data, increased substantially. As demand for AIRsMEMBERS and Brand Data Bank (bdb) remained firm, and strong sales in
EMBRAIN as a new overseas consolidated subsidiary were incorporated into the operating results of the Group in the fourth quarter,
net sales in Other Services increased 97.6% year on year, to 1,505 million yen.
Outlook for the fiscal year ending June 30, 2013
Although the domestic marketing research market is stable, as demand will remain as long as companies have needs for research andproduct development, it is growing very slowly. In this environment, as the online research market continues to grow steadily,3reflecting the solid demand to replace conventional research, we expect that demand will maintain an upward trend for some time to
come.
Meanwhile, although the decelerating global economy is a concern, overseas the Company expects the marketing research market togrow strongly, particularly in Asia, North America, and Europe, as the size of the market is growing steadily.
In this environment, the Macromill Group will continue to combine its efforts as an organization to firmly increase sales and income
to achieve the “2012–2014 Macromill, Inc. Medium-Term Management Plan” announced in August 2011, focusing on the “Domestic
Marketing Research Business,” “Global Expansion,” and the “Creation of New Businesses” by pursuing business growth tailored tochanges in global dynamics and the market environment, and actively utilizing M&A.
For the fiscal year ending June 30, 2013, Macromill forecasts consolidated net sales of 16,800 million yen (up 18.1% year on year),consolidated operating income of 3,900 million yen (an increase of 26.5%), consolidated ordinary income of 3,900 million yen (anincrease of 31.1%), and consolidated net income of 2,100 million yen (up 37.6%).

(2) Analysis on financial position(i) Assets, Liabilities and Net Assets
Assets totaled 18,770 million yen at the end of the fiscal year under review, an increase of 4,839 million yen from the end of theprevious fiscal year. Major factors include an increase in cash and deposits of 1,677 million yen, a rise in investment securities of
1,337 million yen, an increase in notes and accounts receivables of 619 million yen, and an increase in goodwill of 539 million yen.
Liabilities amounted to 8,870 million yen, increasing 6,101 million yen from the end of the previous fiscal year, primarily attributable
to an increase of 5,000 million yen due to the issuance of bonds with subscription rights to shares, an increase in income taxes
payable of 380 million yen, and a rise in allowance for panelists-points of 241 million yen.
Net assets were 9,899 million yen, a decrease of 1,261 million yen. This is mainly due to a decrease of 2,333 million yen in thepurchase of treasury stock.
(ii) Cash flows
Cash and cash equivalents (hereinafter “cash”) at the end of the fiscal year under review increased 1,357 million yen from the end of
the previous fiscal year, to 7,601 million yen.
Cash flows for the fiscal year under review and primary factors behind the reported results are as follows:(Cash flows from operating activities)
Net cash provided by operating activities stood at 2,062 million yen (down 7.5% year on year).
Cash outflows, including income taxes paid of 1,213 million yen and an increase in notes and accounts receivable-trade of 446
million yen, were more than offset by cash inflows, including income before income taxes and minority interests of 3,014 million yen
and depreciation and amortization of 394 million yen.
(Cash flows from investing activities)
Net cash used in investing activities was 2,877 million yen. (up 91.4% year on year)
The result is mainly attributable to the purchase of investment securities of 1,649 million yen and payments of loans receivable of
1,319 million yen, which were larger than inflows such as collection of loans receivable of 550 million yen.
(Cash flows from financing activities)
Net cash provided by financing activities was 2,185 million yen (compared with net cash used in financing activities of 1,012 million
yen in the same period of the previous year).
The result is mainly attributable to proceeds from the issuance of bonds with subscription rights to shares of 4,993 million yen despite
outflows such as the purchase of treasury stock of 2,354 million yen.

4

(Reference) Cash Flow-Related Indicators

Shareholders’ equity ratio (%)

Previous consolidated fiscal year
(from July 1, 2010 to June 30, 2011)
Amount78.2

Current consolidated fiscal year
(from July 1, 2011 to June 30, 2012)
Amount
51.4

192.2

139.1

–

10.5

–

443.7

Shareholders’ equity ratio on market value
basis (%)
Ratio of interest-bearing liabilities to cash
flow (%)
Interest coverage ratio (x)Shareholders’ equity ratio = shareholders’ equity/total assets

Shareholders’ equity ratio on market value basis = total market value of shares/total assets
Ratio of interest-bearing liabilities to cash flow = interest bearing liabilities/cash flow
Interest coverage ratio = cash flow/interest paid
Note 1: All figures are calculated based on consolidated financial values.
Note 2: The total market value of shares is calculated based on the number of issued shares minus treasury stock.
Note 3: Cash flow is represented by operating cash flow.
Note 4: Interest-bearing liabilities include all liabilities accounted for on the consolidated balance sheet for which interest is paid.

2. Management Policy(1) Macromill’s basic management policy
The “Management Policy” has been omitted, as there were no significant changes from the matters disclosed in the summary offinancial statements for the year ended June 30, 2011 (released on August 3, 2011).
The aforementioned information is available on the following Web sites:
Macromill Web site:
http://www.macromill.com/ir/
Tokyo Stock Exchange Group, Inc. Web site (listed company search page):
http://www/tse.or.jp/listing/compsearch/index.html

5

3. Consolidated Financial Statements(1) Consolidated balance sheets(Unit: thousand yen)
As of June 30, 2011
AmountAs of June 30, 2012
Amount

6,743,362
2,359,373
200,081
10,496
4,793
2,019
518,001
162,972(942)

8,420,393
2,978,743–
16,011
793
3,155
573,521382,265(65,212)

10,000,157

12,309,672

267,517
253,551445
533–

256,977
198,561445
44,1584,500

522,047504,643

259,352
482,770433,634

505,876
1,022,094
513,222

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable–trade
Short-term investment securities
Work in process
Preproduction
Supplies
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures, net
Tools, furniture and fixtures, net
LandConstruction in progress
Other
Total property, plant and equipment
Intangible assets
Software
Goodwill
Other

1,175,757

2,041,192

Investments and other assets
Investment securities
Long-term loans receivable
Other
Allowance for doubtful accounts

Total intangible assets

1,195,877
82,077956,157(871)

2,533,594
753,000
629,910(1,250)Total investments and other assets

2,233,240

3,915,254

3,931,046

6,461,090

13,931,204

18,770,763

Total noncurrent assets
Total assets

6

(Unit: thousand yen)
As of June 30, 2011
AmountAs of June 30, 2012
Amount––747,254
658,166
45,026
848,436
369,321

207,7762,293
803,018
1,039,015
141,0311,090,330
351,420

2,668,205

3,634,885––––
99,4542,018

5,000,000
6,497
76,97537,841
111,785
2,813

101,472

5,235,912

Total liabilities

2,769,678

8,870,798

Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock

1,597,858
4,865,040
5,583,316(1,106,674)

1,644,095
4,885,021
5,427,119(2,228,326)

Liabilities
Current liabilities
Short-term loans payable
Current portion of long-term loans payable
Accounts payable–other
Income taxes payable
Reserve for bonuses
Allowance for panelists–points
Other
Total current liabilities
Long-term liabilities
Bonds with subscription rights to shares
Long-term loans payable
Provision for retirement benefits
Provision for directors' retirement benefits
Asset retirement obligations
Other
Total long-term liabilities

10,939,539

9,727,909

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment

Total shareholders' equity(43,785)(2,197)(48,444)(38,494)

Total of accumulated other comprehensive income(45,982)(86,939)

40,127
227,841

31,980227,014

11,161,526

9,899,965

13,931,204

18,770,763

Subscription rights to shares
Minority interests
Total net assets
Total liabilities and net assets

7

(2) Consolidated statements of income and consolidated statements of comprehensive income(Consolidated statements of income)(Unit: thousand yen)

Net sales
Cost of sales

Previous consolidated fiscal year
(from July 1, 2010 to June 30, 2011)
Amount12,210,392
6,183,963

Current consolidated fiscal year
(from July 1, 2011 to June 30, 2012)
Amount
14,229,768
7,143,864

Gross profit

6,026,429

7,085,904

Selling, general and administrative expenses

3,422,309

4,002,947

Operating income

2,604,119

3,082,956

50,7073,160
2,267
36,276

68,102
1,777
190
47,912

92,411

117,982–
3,785
157,237
640
–
2,913
6,022
3,375

4,648
3,827
184,997
1,283
6,358
–
21,157
3,063

Non-operating income
Interest income
Dividends income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on transfer of accounts receivable
Equity in losses of affiliates
Stock issuance cost
Bond issuance cost
Deferred organization expenses
Commission for purchase of treasury stock
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Gain on sales of subsidiaries and affiliates' stocks
Gain on reversal of subscription rights to shares
Total extraordinary income
Extraordinary loss
Loss on retirement of noncurrent assets
Loss on sales of investment securities
Loss on adjustment for changes of accounting
standard for asset retirement obligations
Integration-related expenses

173,974

225,3362,522,556

2,975,602

–
9,957
–

45,956
–
1,525

9,957

47,481

150,510
–

8,338
19

24,323–84,487–259,321

8,357

Income before income taxes and minority interests

2,273,192

3,014,726

Income taxes–current
Income taxes–deferred

1,092,742
44,856

1,593,161(42,069)

Total extraordinary losses

Total income taxes

1,137,598

1,551,091

Income before minority interests

1,135,594

1,463,635

Minority interests in income (loss)
Net income

8(35,457)(62,096)

1,171,052

1,525,731

(Consolidated statements of comprehensive income)(Unit: thousand yen)

Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment

Previous consolidated fiscal year
(from July 1, 2010 to June 30, 2011)
Amount1,135,594(14,781)(2,441)

Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)Comprehensive income attributable to owners of theparentComprehensive income attributable to minority
interests

9

Current consolidated fiscal year
(from July 1, 2011 to June 30, 2012)
Amount
1,463,635(4,658)(40,674)(17,222)(45,333)

1,118,371

1,418,302

1,154,073

1,484,775(35,701)(66,473)

(3) Consolidated statements of changes in net assets
Previous consolidated fiscal year
(from July 1, 2010 to June 30, 2011)
Amount(Unit: thousand yen)
Current consolidated fiscal year
(from July 1, 2011 to June 30, 2012)
Amount

1,597,858

1,597,858–

46,237

Shareholders' equity
Capital stock
Balance at the beginning of current period
Changes of items during the period
Issuance of new shares
Total changes of items during the period
Balance at the end of current period
Capital surplus
Balance at the beginning of current period
Changes of items during the period
Issuance of new shares
Increase by corporate division
Retirement of treasury stock
Disposal of treasury stock
Total changes of items during the period
Balance at the end of current period
Retained earnings
Balance at the beginning of current period
Changes of items during the period
Dividends from surplus
Net income
Retirement of treasury stock
Disposal of treasury stock
Total changes of items during the period
Balance at the end of current period
Treasury stock
Balance at the beginning of current period
Changes of items during the period
Purchase of treasury stock
Retirement of treasury stock
Disposal of treasury stock
Total changes of items during the period
Balance at the end of current period
Total shareholders' equity
Balance at the beginning of current period
Changes of items during the period
Issuance of new shares
Increase by corporate division
Dividends from surplus
Net income
Purchase of treasury stock
Retirement of treasury stock
Disposal of treasury stock
Total changes of items during the period
Balance at the end of current period

10–

46,237

1,597,858

1,644,095

1,631,399

4,865,040–
3,207,384–
26,256

46,237–(26,256)–

3,233,640

19,9804,865,040

4,885,021

4,959,382

5,583,316(547,118)
1,171,052––(564,545)
1,525,731(1,107,560)(9,822)623,934(156,196)

5,583,316

5,427,119(447,796)(1,106,674)(749,129)(2,333,144)－

1,133,816

90,25077,675(658,878)(1,121,651)(1,106,674)(2,228,326)

7,740,843

10,939,539–
3,207,384(547,118)
1,171,052(749,129)

92,474–(564,545)
1,525,731(2,333,144)－–

116,50767,853

3,198,696(1,211,630)

10,939,539

9,727,909

Previous consolidated fiscal year
(from July 1, 2010 to June 30, 2011)
AmountAccumulated other comprehensive income
Valuation difference on available-for-sale securities
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders'equityTotal changes of items during the period
Balance at the end of current period
Foreign currency translation adjustment
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders'equityTotal changes of items during the period
Balance at the end of current period
Total of accumulated other comprehensive income
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders'equityTotal changes of items during the period
Balance at the end of current period
Subscription rights to shares
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders'equityTotal changes of items during the period
Balance at the end of current period
Minority interests
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders'equityTotal changes of items during the period
Balance at the end of current period
Total net assets
Balance at the beginning of current period
Changes of items during the period
Issuance of new shares
Increase by corporate division
Dividends from surplus
Net income
Purchase of treasury stock

Retirement of treasury stock
Disposal of treasury stock
Net changes of items other than shareholders'equityTotal changes of items during the period
Balance at the end of current period

11(Unit: thousand yen)
Current consolidated fiscal year
(from July 1, 2011 to June 30, 2012)
Amount(29,004)(43,785)(14,781)(4,658)(14,781)(4,658)(43,785)(48,444)–(2,197)(2,197)(36,297)(2,197)(36,297)(2,197)(38,494)(29,004)(45,982)(16,978)(40,956)(16,978)(40,956)(45,982)(86,939)

22,47940,127

17,648(8,147)

17,648(8,147)

40,12731,980–227,841

227,841(827)

227,841(827)

227,841

227,014

7,734,319

11,161,526–
3,207,384(547,118)
1,171,052(749,129)

92,474–(564,545)
1,525,731(2,333,144)––

116,50767,853

228,510(49,930)

3,427,206(1,261,560)

11,161,526

9,899,965

(4) Consolidated statement of cash flow
(Unit: thousand yen)Previous consolidated fiscal year
Current consolidated fiscal year
(from July 1, 2010 to June 30, 2011) (from July 1, 2011 to June 30, 2012)
AmountAmountNet cash provided by (used in) operating activities
Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for retirement benefits
Increase (decrease) in provision for directors'
retirement benefits
Increase (decrease) in allowance for panelists–points
Increase (decrease) in reserve for bonuses
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Equity in (earnings) losses of affiliates
Loss (gain) on sales of investment securities
Loss on retirement of noncurrent assets
Loss on adjustment for changes of accounting
standard for asset retirement obligations
Integration-related expenses
Loss (gain) on sales of stocks of subsidiaries andaffiliates
Gain on reversal of subscription rights to shares
Decrease (increase) in notes and accounts
receivable–trade
Decrease (increase) in inventories
Increase (decrease) in accounts payable–other
Increase (decrease) in consumption taxes payable
Other, net

2,273,192
419,177
42,792(85)–

3,014,726
394,715
96,368(5,313)(7,179)–19,832(19,341)
21,063(53,867)–(1,759)157,237–
150,510

102,989
95,992(69,879)
4,648
228
184,997(45,956)
8,338

24,323–84,487–(9,957)––(1,525)(91,403)(446,933)

47,425
104,439
114,891(30,216)

5,152(25,067)(74,194)(23,535)

Subtotal

3,232,910

3,228,405

Interest and dividend income received
Management integration-related expenses paid
Interest expenses paid
Income taxes paid

45,245(84,487)–(965,095)

52,220–(4,648)(1,213,442)

Net cash provided by (used in) operating activities

2,228,573

2,062,535

12

(Unit: thousand yen)Previous consolidated fiscal year
Current consolidated fiscal year
(from July 1, 2010 to June 30, 2011) (from July 1, 2011 to June 30, 2012)
AmountAmountNet cash provided by (used in) investing activities
Payments into time deposits(500,000)(300,000)

Proceeds from withdrawal of time deposits

300,000－

Purchase of short-term investment securities
Proceeds from redemption of securities(350,940)
450,500(31,840)
231,840－(57,500)(468,307)(156,888)(399,402)(152,203)(375,989)(1,649,410)－

358,206

Purchase of investments in subsidiaries
Purchase of property, plant and equipment
Purchase of software
Purchase of investment securities

Proceeds from sales of investment securities
Proceeds from collection of lease and guarantee
deposits
Payments for lease and guarantee deposits
Purchase of investments in subsidiaries resulting inchange in scope of consolidation

272,294

7,840(171,056)(26,526)－(475,769)

Proceeds from sales of investments in subsidiaries

97,500－－(1,319,544)－

550,000(500,000)－

Payments of loans receivableCollection of loans receivable
Decrease (increase) in other investments－

544,031(77,255)(180,987)(1,503,555)(2,877,853)

Decrease in short-term loans payable－(41,820)

Repayment of long-term loans payable－(1,161)

Proceeds from collection of other investments
Other, net
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities

Proceeds from issuance of bonds with subscription
rights to shares

4,993,641

Proceeds from issuance of common stock－

85,320

Payments for issuance of common stock(1,841)－(755,152)
116,409(547,828)
176,000(2,354,301)
67,532(565,848)
2,000(1,012,413)

2,185,362(437)(12,250)

Purchase of treasury stock
Proceeds from sale of treasury stock
Cash dividends paid
Proceeds from stock issuance to minority shareholders
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents(287,832)

1,357,794

Cash and cash equivalents at beginning of period
Increase (decrease) in cash and cash equivalents resulting
from integration of absorption-type split

4,909,063

6,243,362

1,622,131－

Cash and cash equivalents at end of period

6,243,362

7,601,15613

(5) Notes regarding the premise of a going concern
None applicable(6) Changes to accounting policies
Current consolidated fiscal year
(from July 1, 2011 to June 30, 2012)(Changes to accounting policies)
Beginning in the consolidated fiscal year under review, the Accounting Standard for Earnings Per Share (the AccountingStandards Board of Japan (ASBJ) statement No. 2, issued on June 30, 2010) and the Guidance on Accounting Standard for
Earnings Per Share (ASBJ Guidance No. 4, issued on June 30, 2010) were applied.
For stock options where the right is fixed after a certain period of employment, the method of calculating diluted net income pershare has changed to that in which the fair value of the stock option for the service to be provided to the Company in the future isincluded in the amount to be paid upon the exercise of the right.
The impact of this change is included in the note to per share information.

14

(7) Matters to note
(Segment information, etc.)
a. Segment information
Current consolidated fiscal year (from July 1, 2011 to June 30, 2012)
The major business of the Company and its consolidated subsidiaries is online research using the AIRs online researchsystem. Its economic characteristics and markets where the services are sold are almost similar. Consequently, the segments
reported by the Company are limited solely to the online research business segment. Accordingly, segment information isomitted,b. Related information
Previous consolidated fiscal year (from July 1, 2010 to June 30, 2011)
1. Information by product and service(Unit: thousand yen)

Sales ofexternalcustomers

Automatic
Tabulation
Research

Analysis6,802,933

1,174,657

744,386

Qualitative Customized Global
ResearchResearchResearch
995,667

1,220,700

427,586

MobileResearch
82,695

Other

Total

761,765

12,210,392

2. Information by region(1) Sales
Sales by region are omitted, since sales to external customers in Japan account for more than 90% of sales stated in
the consolidated statement of income.
(2) Property, plant and equipment
Property, plant and equipment by region is omitted, since the amount of property, plant and equipment located inJapan accounts for more than 90% of the amount of property, plant and equipment stated in the consolidated
statement of income.
3. Information by major customer
Sales to specific customers are omitted because all such sales account for less than 10% of the sales stated in the
consolidated statement of income.
Current consolidated fiscal year (from July 1, 2011 to June 30, 2012)
1. Information by product and service(Unit: thousand yen)

Sales ofexternalcustomers

Automatic
Tabulation
Research

Analysis

Qualitative Customized Global
ResearchResearchResearch

7,349,613

1,384,392

1,200,982

878,953

1,356,982

477,850

MobileResearch
75,602

Other

Total

1,505,391

14,229,768

2. Information by region(1) Sales
Sales by region are omitted, since sales to external customers in Japan account for more than 90% of sales stated in
the consolidated statement of income.
(2) Property, plant and equipment
Property, plant and equipment by region is omitted, since the amount of property, plant and equipment located inJapan accounts for more than 90% of the amount of property, plant and equipment stated in the consolidated
statement of income.
3. Information by major customer
Sales to specific customers are omitted because all such sales account for less than 10% of the sales stated in the
consolidated statement of income.

15

c. Information on loss on impairment of fixed assets by reportable segment
Previous consolidated fiscal year (from July 1, 2010 to June 30, 2011)
None applicable
Current consolidated fiscal year (from July 1, 2011 to June 30, 2012)
None applicabled. Information on amortization of goodwill and unamortized balance by reportable segment
Previous consolidated fiscal year (from July 1, 2010 to June 30, 2011)
Information on amortization of goodwill and unamortized balance by reportable segments omitted, since the Company only
has one reportable segment.
Current consolidated fiscal year (from July 1, 2011 to June 30, 2012)
Information on amortization of goodwill and unamortized balance by reportable segments omitted, since the Company only
has one reportable segment.
e. Information on gains on negative goodwill by reportable segment
Previous consolidated fiscal year (from July 1, 2010 to June 30, 2011)
None applicable
Current consolidated fiscal year (from July 1, 2011 to June 30, 2012)
None applicable16(Per share information)
Previous consolidated fiscal year

Current consolidated fiscal year

(from July 1, 2010 to June 30, 2011)(from July 1, 2011 to June 30, 2012)

Net assets per share

356.68 yen

343.92 yen

Basic net income per share

38.50 yen

52.66 yen

Diluted net income per share

38.14 yen

45.31 yen

(Note) The basis for calculating the amount of net income per share and the amount of diluted net income per share is as follows:
Previous consolidated fiscal year
(from July 1, 2010 to June 30, 2011)

Current consolidated fiscal year
(from July 1, 2011 to June 30, 2012)

Basic net income per share
Net income (thousand yen)

1,171,052

1,525,731－－

Amount not attributed to common stock (thousandyen)
Net income on common stock (thousand yen)

1,171,052

1,525,731

Average number of common stock (shares)

30,420,600

28,971,185－－

Number of common stock increased (shares)

286,800

4,699,347

Subscription rights to shares (shares)(286,800)(243,997)

Diluted net income per share
Net income adjustments－

Bonds with subscription rights to shares (shares)────────

Summary of latent shares not included in the(4,455,350）────────

calculation of diluted net income per share due to lackof dilution effect(Note) The Company carried out a 200-for-1 common share stock split, effective January 1, 2011.
The amount of net income per share and the amount of diluted net income per share in the previous fiscal year are calculatedon the assumption that the stock option took place at the beginning of the previous fiscal year.
(Changes to accounting policies)
Beginning in the consolidated fiscal year under review, the Accounting Standard for Earnings Per Share (the Accounting Standards
Board of Japan (ASBJ) statement No. 2, issued on June 30, 2010) and the Guidance on Accounting Standard for Earnings Per Share(ASBJ Guidance No. 4, issued on June 30, 2010) were applied.
For stock options where the right is fixed after a certain period of employment, the method of calculating diluted net income per share
has changed to that in which the fair value of the stock option for the service to be provided to the Company in the future is includedin the amount to be paid upon the exercise of the right.
If these accounting policies were not applied, the amount of diluted net income per share in the previous fiscal year would be 38.14
yen.
(Significant subsequent events)
None applicable174. Other(1) Change of board members(i) Change of representative
Not applicable(ii) Change of other board members- Retiring director:
Executive Vice President Yasunori Fukuha
Director Masanobu Takeda- Candidate for director:
Director Naoya Sugiyama (currently Senior Executive Officer)(iii) Change date
September 26, 201218