Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending September 30, 2018
(FY9/18) (Six Months Ended March 31, 2018) [IFRS]
May 15, 2018

Stock Exchange Listing: TSE

Company name: Evolable Asia Corp.
Stock code:
Representative:
Contact:

6191 (URL: http://www.evolableasia.com/)
Hideki Yoshimura, CEO
Yusuke Shibata, Director and CFO
TEL: +81-(0)3-3431-6191
Scheduled date of filing of Quarterly Report:
Scheduled date of payment of dividend:
Preparation of supplementary materials for quarterly financial results:
Holding of quarterly financial results briefing:

May 15, 2018
–Yes
Yes (for institutional investors and securities
analysts)(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Second Quarter (October 1, 2017 to March 31, 2018) of FY9/18(1) Consolidated results of operations(Percentages represent year-on-year changes)
Operatingincome

Net sales

Six months ended Mar. 31, 2018
Six months ended Mar. 31, 2017

Profit before
income taxes

Profitattributable toowners ofparentProfit

Total
comprehensiv
e income

Millions of yen%

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

3,458
2,498

38.4
–

808
322

150.6
–

811
325

149.4
–

599
249

140.0–

522
212

145.5
–

Profit per share
Yen
30.25
12.74

Six months ended Mar. 31, 2018
Six months ended Mar. 31, 2017

Millions ofyen%

571 111.7
269–

Fully diluted profit per share
Yen
29.13
12.06

(2) Consolidated financial position
Total assets

As of Mar. 31, 2018
As of Sep. 30, 2017

Total equity

Equity attributableto owners ofparent

Ratio of equity
attributable toowners of parent

Equity attributableto owners ofparent per share

Millions of yen

Millions of yen

Millions of yen%

Millions of yen

12,750
7,913

4,631
3,523

4,278
3,123

33.5
39.4

246.72152.98

2. Dividends
1Q-endYen––

Fiscal year ended Sep. 30, 2017
Fiscal year ending Sep. 30, 2018
Fiscal year ending Sep. 30, 2018 (Estimated)
Note: Revision to the most recently announced dividend forecast: None

Dividend per share
2Q-end3Q-endYear-end
Yen
Yen
Yen
0.00
–
7.00
0.00
–
10.00

Total
Yen

7.00
10.00

3. Consolidated Forecast for FY9/18 (October 1, 2017 to September 30, 2018)
Net sales

Operating income

Millions ofMillions of%%yenyenFull year
7,050–
1,500–
Note: Revision to the most recently announced consolidated forecast: None

(Percentages represent year-on-year changes)
Profit attributable toProfit per shareowners of parent
Millions of%
Yenyen881–
52.09

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes in scopeof consolidation): None
Newly included:– companies– companies

Excluded:(2) Changes in accounting policies and accounting-based estimates, and restatements
1) Change of the accounting policy required under IFRS: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting-based estimates: None

(3) Number of outstanding shares (common stock)1) Number of shares outstanding as of the end of the period (including treasury shares)

As of Mar. 31, 2018:

17,341,800 shares

As of Sep. 30, 2017:

16,919,100 shares

As of Sep. 30, 2017:– shares

2) Number of treasury shares as of the end of the period– shares

As of Mar. 31, 2018:3) Average number of shares issued during the period
Six months ended March 31, 2018:17,263,134 shares

Six months ended March 31, 2017:

16,683,562 shares* The quarterly financial report is exempt from the quarterly review procedures undertaken by the audit corporation.
* Explanation of appropriate use of earnings forecasts, and other special items
The outlook for operating results and other forward-looking statements stated in this report are based on the information currently
available to the Company and certain assumptions judged to be reasonable. The actual operating results, etc. may differ
significantly from those statements, etc. due to various factors.
The Company will begin to apply IFRS in the settlement of accounts for the full-year consolidated financial results for the fiscal
year ending September 30, 2018. This report is disclosed for reference purposes only, and thus the XBRL data are not attached.

Evolable Asia Corp. (6191) Financial Results for the Second Quarter of FY9/18

Contents of Attachments
1. Summary Consolidated Financial Statements ······························································· 2(1) Summary Consolidated Statements of Financial Position ·············································· 2(2) Summary Consolidated Statement of Income ···························································· 3(3) Summary Consolidated Statement of Comprehensive Income ········································· 4(4) Summary Consolidated Statement of Cash Flows ······················································· 52. Notes to Quarterly Consolidated Financial Statements ···················································· 6Notes on going concern assumptions ········································································· 6Segment information, etc. ······················································································· 6-1-

Evolable Asia Corp. (6191) Financial Results for the Second Quarter of FY9/18

1. Summary Consolidated Financial Statements(1) Summary Consolidated Statements of Financial Position
Date of change ofaccounting standards(October 1, 2016)
AssetsCurrent assets
Cash and cash equivalents
Notes and accounts receivable - trade andother receivables
Other financial assets
Inventories
Income taxes receivable
Other current assets

FY9/17(As of Sep. 30, 2017)(Millions of yen)
Second Quarter ofFY9/18(March 31, 2018)

2,356

1,953

3,051

1,104

1,631

2,053

–
274–
225

1,588
45–
260

2,947
39
110
533

3,959

5,478

8,735

40
202
102
463
5
35

366
609
757
585
24
89

394
879
1,977
667
31
65

850

2,434

4,014

4,810

7,913

12,750

1,604

2,045

2,580

240
0
134
275

777
156
195
373

2,449
228
25
384

Total current liabilities
Non-current liabilities
Interest-bearing debt
Other financial liabilities
ProvisionsDeferred tax liabilities
Other non-current liabilities

2,255

3,548

5,668

87
102
3––

622
81
3
113
19

2,086
17
3323
19

Total non-current liabilities

193

841

2,450

2,448

4,389

8,119

1,019
824
360
61

1,031
845
1,047
199

1,040
1,663
1,387
187

Total equity attributable to owners of parent
Non-controlling interests

2,266
94

3,123
400

4,278
352

Total equity

2,361

3,523

4,631

4,810

7,913

12,750Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Goodwill
Other financial assets
Other non-current assets
Deferred tax assets
Total non-current assets
Total assets
Liabilities and equity
Liabilities
Current liabilities
Operating payable and other operating
payableInterest-bearing debt
Other financial liabilities
Accrued income taxes
Other current liabilities

Total liabilities
EquityCapital stock
Share premium
Retained earnings
Other items of equity

Total liabilities and equity-2-Evolable Asia Corp. (6191) Financial Results for the Second Quarter of FY9/18(2) Summary Consolidated Statement of Income
For the Six-month PeriodNet sales
Cost of sales

Six months ended March 31, 2017
(Oct. 1, 2016 – Mar. 31, 2017)
2,498
396

Gross profit
Selling, general and administrative expense
Share of loss (profit) of entities
Other income
Other expenses(Millions of yen)Six months ended March 31, 2018
(Oct. 1, 2017 – Mar. 31, 2018)
3,458
1,220

2,101
1,743
–
1
36

2,238
2,393
968
15

Operating income
Finance income
Finance costs

322
1412808
1412Profit before income taxes
Corporate income tax expenses

32575811
211

Profit249599

Profit attributable toowners of parent
Non-controlling interests

2123752277

Profit249599Profit per share
Profit per share
Fully diluted profit per share

12.74
12.06

30.25
29.13-3-Evolable Asia Corp. (6191) Financial Results for the Second Quarter of FY9/18(3) Summary Consolidated Statement of Comprehensive Income
For the Six-month Period

ProfitOther comprehensive income
Items that may be reclassified as profit or loss
Translation adjustments of foreign operations
Cash flow hedge

Six months ended March 31, 2017
(Oct. 1, 2016 – Mar. 31, 2017)249416(Millions of yen)Six months ended March 31, 2018
(Oct. 1, 2017 – Mar. 31, 2018)
599

(26)
(1)

Total other comprehensive income

20(28)

Comprehensive income

269

571

Comprehensive income attributable toOwners of parent
Non-controlling interests

224
44507
64

Comprehensive income

269

571

-4-Evolable Asia Corp. (6191) Financial Results for the Second Quarter of FY9/18(4) [Summary Consolidated Statement of Cash Flows]
Six months ended March 31,2017(Oct. 1, 2016 – Mar. 31, 2017)
Cash flows from operating activities
Profit before income taxes
Depreciation and amortisation expense
Interest and dividend income
Interest expenses
Listing expenses
Decrease (increase) in notes and accounts receivable-tradeand other receivables
Decrease (increase) in inventories
Decrease (increase) in investment securities for sale
Increase (decrease) in notes and accounts payable-trade
Decrease (increase) in other assets
Increase (decrease) in other liabilities
Other(Millions of yen)Six months ended March 31,2018(Oct. 1, 2017 – Mar. 31, 2018)

325
44
(3)
521

811
114
(2)
12–

227

(538)

210
(74)
(118)
(99)
50
47

5(1,259)
275
(111)
(20)
(11)

SubtotalInterest income received
Interest expenses paid
Income taxes paid

636
3(5)
(71)

(725)
2
(14)
(175)

Net cash provided by (used in) operating activities

564

(912)

(49)
(131)

–(57)

－46

Purchase of intangible assets
Payments for lease deposits
Collection of lease deposits
Proceeds from withdrawal of time deposits
Payments into time deposits
Purchase of shares of subsidiaries resulting in change in scopeof consolidation
Other

(180)
(75)
13
110
–

(318)
(48)
21–
(29)

–

(355)

(2)

1

Net cash provided by (used in) investing activities

(315)

(740)

Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuing shares
Cash dividends paid
Other

7–
(9)
––
1

906
2,100(96)18(117)(4)

Net cash provided by (used in) financing activities

(0)

2,807

Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period

4252
2,225(14)1,1392,078

Cash and cash equivalents at end of period

2,477

3,218

Cash flows from investing activities
Purchase of investment securities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment-5-Evolable Asia Corp. (6191) Financial Results for the Second Quarter of FY9/18

2. Notes to Quarterly Consolidated Financial Statements(Notes on going concern assumptions)
Notes on going concern assumptions(Segment information, etc.)(1) Information related to segment revenues and financial results
Six months ended March 31, 2017 (Oct. 1, 2016 – Mar. 31, 2017)(Millions of yen)
Reportable segment
Online Travel
AgencyBusinessNet sales
Segment profits(losses)

IT OffshoreDevelopment
Business

Total

Other(Note 1)

Adjustment(Note 2)

Total

Total on aconsolidated
basis

1,871

695

2,566

0

2,567

(49)

2,517

524

59

583

(0)

583(260)

322

Notes: 1. The category “Other” includes advertising revenue and other business.
2. The category “Adjustment” mainly includes the corporate expenses and intersegment transactions that are not attributable to thereportable segments.
3. The segment profit or loss has been adjusted to the operating income stated in the quarterly consolidated statement of income.

Six months ended March 31, 2018 (Oct. 1, 2017 – Mar. 31, 2018)(Millions of yen)
Reportable segment
OnlineTravelAgencyBusinessNet sales
Segment profits(losses)

IT Offshore
Develop- Investment
mentBusinessBusiness

TotalOther(Note 1)

Total

Total on a
Adjustment
consolidated(Note 2)
basis

2,303

1,133

101

3,538

0

3,538

(80)

3,458

1591

951

1,058

34

1,093(284)808

Notes: 1. The category “Other” includes advertising revenue and other business.
2. The category “Adjustment” mainly includes the corporate expenses and intersegment transactions that are not attributable to thereportable segments.
3. The segment profit or loss has been adjusted to the operating income stated in the quarterly consolidated statement of income.

(2) Matters regarding change of reportable segments
The Company launched the Investment business in the previous consolidated fiscal year, and the reportable segments
were changed from the Online Travel Agency Business, the IT Offshore Development Business, and Other Businesses
to the Online Travel Agency Business, the IT Offshore Development Business, and the Investment Business.
Because of the lack of importance of the Investment Business in the first six months of the previous fiscal year, noreclassification was carried out.

-6-