Financial results briefing for the term
ending September 30, 2014
Themes：Returned to 20% profit growth, pursue continuous
growth in the next 10 years

November 5, 2014

GMO Payment Gateway, Inc.
(3769: Tokyo Stock Exchange section-1)

h t t p : / / c o r p . g m o - p g . c o m /A Cautionary Note About
the Contents of this Document

The contents of this document are based on generally
recognized economic and social conditions, as well as
premises judged to be reasonable by GMO Payment
Gateway as of November 5th , 2014.
However, please note that they are subject to change
without prior notice in the event of changes in thebusiness environment or other unforeseen occurrences.

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

2

Agenda1. Summary
2. Financial highlights
3. Future growth strategy
4. Results forecast for the term ending September 2015

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

3

1. Summary

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

4

1.1

Initial forecasts and actual results①

Return to 20% growth, increased dividend per share from theinitial forecast, ROE24.4％■ Actual results for the term ending September 2014 (October 2013 to September 2014, consolidated)(Million yen)

FY2014FY2013% Change

FY2013(Forecast)%
Change

Sales

：

7,205

5,764

+ 25.0％

6,934

+3.9％

Operating income

：

2,476

2,048

+ 20.9％

2,475

+0.1％

Ordinary income

：

2,527

2,047

+ 23.5％

2,460

+2.8％

Net income

：

1,515

1,217

+ 24.5％

1,421

+6.7％

Ordinary income
ratio

：

35.1％

35.5％

ROE

：

24.4％

23.0％

Net income
per share(Yen)

：

30.0

24.5

+5.5

28.5

+1.5

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

5

1.2

Initial forecasts and actual results②

Operation income was in line with initial plans, while Ordinary income
and Net income were above estimates• Business partners’ shares listed. By selling apart of the shares, posted an extraordinary
108%
income12,000 Million yen

10,000• Payment business is robust with supportand expansion of fields less affected byeconomic conditions (service commerce,
digital contents, and public money)• “Online Advertising Service“ expanding

8,000

103.9%

106.7%106%• Temporaly non-operating income：Earnings on investment in
partnership・Commissions
received・Exchange earnings, etc• Achieved growth as planned byaccomplishing investment forcontinuous high growth

6,000

102.8%
102%

100.1%

4,000

104%

100%

2,000

98%

0

96%

Sales

Operating income
2014/9（E）

Ordinary income

2014/9（A）

Net income

Achievement rate

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

6

1.3

Review on the announced plan

Returned to the 20% profit growth trend as promised

Returned

Financial results briefing for the term ending September 30, 2012
（Nov 7, 2012）

FY2012FY2013

20％ income growth line

FY2014
Ordinary income

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

7

（reference）

Economic impact of the consumption tax hikeEC Market growth has leveled off after consumption tax hikeAmount of processed online
payments（Index,2008/1=1）

Private consumption
integrated estimates

2.5

120

Consumption tax hikeAmount of processed online payment (Index)
Private consumption integrated estimates

115

2

110
1.5
105
1
100

0.5

Lehman ShockThe Great EasternJapan Earthquake

0

95

90

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

8

1.4

High Lights and Low Lights

Realization of fruits from prior investment and further actions
toward the next 10 years
High Lights
・BtoB（VISA Business Pay） service started
・Growth of CtoC-EC market
・“GMO Payment Later service”
overachieved the initial sales target
・“Online Advertising Service“ expanding・“Transaction lending service” started

Low Lights
Processing
service・Negative impact of the consumption
tax hike（Narrow definition EC
market）

Valueadded
service・Launch of an overseas service in Southeast
Asia, establishment of a paymentspecialized fund・Yielded substantial results fromcollaboration-type business (Business
partners expanded operations and theirshares listed)
・COC achieve profitability

Oversea・
Investment

・Data center unification completed

Businessfoundation

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

9

1.5

Unification of data center completed

30% cost decrease and 5 times increase in process ability
New Data Center
Old Data Center

About 30％
decrease

Process
ability:5

Process
ability:1※Change of the data center parallel operation running costs (with exception of infrastructure costs)
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

10

1.6

Recent Topics
TopicsApple Pay・LINE Pay（Sep）

Rakuten acquired US online retailer（Sep）
Softbank invested 30% for Indian
online retailer（Oct）

Expected changes

Diversifying payment methods
Growing consumer demand

Intense competition between
firms in the global EC market

Ministry of Economy, Trade, andIndustry eyes the possibility ofrevision of the Installment Sales Act（Sep）

Increased disparity
between the companies

GMO-PG start bitcoin payment
services（Nov）

Structural change topayment-related businesswill be brought about bydestructive innovation

Impact on our business performance
Prevalence of new convenient
payment means revitalizes the EC
market. Although this is basically
positive, enhancement ofrelationships with partners become
more important
Although currently no influence isseen, we recognize promotion ofoverseas strategies as urgent inview of 10 years later
Major companies that can respondhave advantage, and the survivalof the fittest becomes more vivid
in this business sector
Although immediate influence issmall, we expect upside future
potential

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

11

2. Financial highlights

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

12

2.1

Summary of the consolidated results

Sales cost ratio increasing due to the product sales mix
Cost of sales ratio deteriorated due to increase sales of both “Online
Advertising Service“ and of large-scale development items

FY2014FY2013Results

Sales
composition

ResultSales
composition

Sales

7,205

100％

5,764

100％

Cost of sales

1,436

19.9％

1,030

17.9%

Gross income

5,769

80.1％

4,733

82.1％

SG&A

3,292

45.7％

2,684

46.6%

Operating income

2,476

34.4％

2,048

35.5％

Ordinary income

2,527

35.1％

2,047

35.5％

Net income

1,515

21.0％

1,217

21.1％

Net income
per share(Yen)

43.92

70.76

-

（Million yen）※

※In October 1, 2014, our company executed a 2-1 stock split.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

13

2.2

Summary of the consolidated balance sheets

Change in increasing pace of deposit due to diversificationof closing/payment cycles（Million yen）

FY2014FY2013

Change（Million yen）

FY2014FY2013

ChangeCurrent assets

22,476

19,6702,805

Current liabilities

17,624

15,537

2,087

Cash and deposits

20,386

18,393

1,992

Deposits

15,58914,337

1,252

Advance payments

585

379

205

2,034

1,199

835

Other current assets

1,560

923

637

Other current
liabilities

Allowance for
doubtful accounts

△56

△25

△30

Fixed assets

2,137

1,627

509

231

262

△30

Tangible fixed assets
Intangible fixed
assets

764

668

95

Software

661

455

206

1,140

695

444

11

11

0

24,613

21,2983,314

Investments andother assets
Bonds of affiliates
Total assets

Deposits from merchants under the“Merchant acquiring service agreement”

Non-current liabilities

173

127

45

Shareholders’ equity

6,727

5,609

1,117

Total Accumulated
other comprehensive
income81

1367

Subscription rights
to shares

3

10

△6

6,815

5,633

1,181

24,613

21,2983,314

Total net assets
Total of liabilities and net
assetsCopyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

14

2.3

Sales/ Ordinary income (Quarterly changes)

4Q sales and ordinary income both marked over 20% growth
Compared to last FY +21.0％■SalesSales of special（1,000yen） system development
40 million yen

1,892,030
1,842,793

1,825,574

Compared to last FY +28.8％■ Ordinary income（1,000yen）

684,886

700,000

1,800,000

641,092
1,645,144
1,563,063

1,600,000
1,420,034
1,400,000

1,469,820

1,311,166
1,162,012

465,565

560,812475,402465,943

433,440
1,047,704

952,847

480,414500,000

1,176,791

1,061,787
1,000,000

540,382
1,307,506

1,200,000

600,113

601,701

600,000

396,884

400,000

400,593389,917969,793
333,673

895,971

300,240

300,000

800,000

600,000
200,000
400,000
100,000

200,000

00

1Q
FY 20112Q
FY 2012

3Q

4Q

FY 2013

FY 2014

1Q

2Q

FY 2011

FY 2012

3Q

4Q

FY 2013

FY 2014

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

15

2.4

Sales results for each segment（FY 2014）

Over 20% sales growth in all segments（1,000yen）

7,000,000※％:y-o-yExpansion of the EC
market6,000,000+26.7％
5,000,000+ 27.6％4,000,000“GMO Payment Later
service” expanding+ 28.4％+22.8％+ 36.4％3,000,000“Online AdvertisingService“ expanding+ 17.3％+ 40.3％+ 14.8％+25.9％
2,000,000+95.0％+155.5％1,000,000+45.4％+44.4％+14.2％+4.1％+41.4％ +15.4％ +6.4％
listed on
the TSE0+1.9％+24.9％+ 16.6％+88.4％+46.9％+9.9％+ 24.6％+ 18.1％+ 22.4％Large-scale systemdevelopment, SSL+ 21.8％+15.6％ + 19.4％+166.1％ -22.2％ +6.6％ +24.6％ +10.6％ + 11.5％+ 7.1％
2011/9+ 20.0％ + 12.6％

2005/92006/92007/92008/92009/92010/9Merchant acquiring service revenue

38,364

98,011

191,126

360,138

529,138

666,209934,441 1,274,419 1,636,774 2,089,254 2,647,458

Transaction processing revenue

327,409

476,041

687,235

784,799

816,868

897,658 1,060,123 1,235,737 1,418,822 1,663,741 2,042,710(28.4)

Monthly revenue

344,083

486,490561,253

597,193608,236

702,946

839,522 1,022,263 1,251,675 1,559,914 1,948,574(27.0)

Initial revenue

91,920244,613

190,336

202,880

252,828

279,735

311,813400,823

2013/9451,175

2014/9（composition ratio per sales：％）

2004/9333,895

2012/9+25.6％

566,799(36.7)(7.9)

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

16

2.5

Sales-cost ratio/SG&A to sales ratio(FY2014)

Sales-cost ratio rose, curtailment of SG&A expenses（1,000yen）
60%

7,205,542
7,000,000
52.0%

50.8%

50.6%

49.0%

47.7%

6,000,000

49.0%

48.1%

47.7%

5,764,085

44.7%

45.7%

46.6%

5,000,000

40%

4,708,097

4,000,000

3,866,316

30.5%

3,292,851

3,145,901
3,000,000

24.0%

2,684,406

2,546,550
2,207,071
17.1%

17.1%
2,000,000
1,629,951

1,945,011
16.4%

14.6%

1,305,157
1,000,000

801,778
416,874

827,385

984,5892,245,771

1,053,821

1,247,407

584,130
397,698

192,223

279,287

318,497

376,997372,853

1,894,257

14.7%
1,513,031

19.9% 20%

17.9%

15.0%
1,436,281

13.7%
1,030,813

463,175

530,843

708,56600%
2004/92005/9listed on
the TSE

2006/9Sales

2007/92008/9
Sales-cost

2009/9SG&A

2010/92011/9
Sales-cost ratio

2012/92013/92014/9

Sales-SG&A ratio

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

17

2.6

Transition of the major factors (Quarterly changes)

The number of operating stores increased as planned, andthe number of processed payments grew immensely
Number of operating stores 49,725 / Amount of processed payments 350 billion yen / Number of processed payments 178 million
Number ofoperatingstores4,000

Amount ofprocessed payments（100 million yen）

Number of processed
payments(10,000 trx)

Payments occurring only once a year like automobile taxes and other Public moneys tend to concentrate in April/May

20,000Effects of merchants’ internal operation

50,00018,0003,000

40,00016,0002,000

Share of the merchantacquiring service
revenuein the settlement
amount: 20%(Sept 2011)

1,000
30,00014,00012,000Share of the merchantacquiring service revenue
in the settlement
amount: 30%

020,00010,000

8,000

6,000

4,000

10,000

2,000

0

0
.

09/3

09/6

09/9 09/12 10/3

Recurring payment

10/6

10/9 10/12 11/3

Online payment

11/6

11/9 11/12 12/3

12/6

Number of operating stores

12/9 12/12 13/3

13/6

13/9 13/12 14/3

14/6

14/9

Amount of processed payments(The number of operating stores is calculated at the end of the quarter, the amount/number of processed payments are the results for each quarter)

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

18

3. Future growth strategy

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

19

3.1

External environment

Our opportunities and threats
Opportunities

Threats

・Expanding CtoC-EC

S・Unclear economic climate after tax hike in
Japan

S

・Credit card payments of BtoB-EC
startedM・New competitors

M・Rise of emerging markets,particularly in South-east Asia

M・Limited scope for growth in Japan’s domestic
marketL・Credit card payments of Taxes

M・Price competition（Stripe-like new services）

L・Improvement of Japan’s EC ratio

L・Destructive innovation, Bitcoin etc.

L※

S:Short-term, M:Mid-term, L:Long-term

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

20

3.2

PolicyBalanced growth in all segments
Value-added business modelBusiness model

InitialLarge-sizedStockenterprises

Fee

System development
Services for large-size
enterprises

InitialMedium-sized companies

Fee

SpreadBtoB

TL service

Fee

Stock

GMO Payment after delivery

SpreadStock
Online Ad Service

Small businesses(Long-tail)SpreadFee
Small BtoC・CtoC

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

21

3.3

Management strategy

Sustaining more than 20% income growth is our mission
Past decade
The largest in Japan
Processing company
OP: 0.2⇒2.5 billion yen

Next decade
The largest in Asia
Invention partner
OP: 2.5⇒25 billion yen

Strategy③Long-Term “Business area”
Asian market
Innovation

Strategy②
Mid-Term ” Product strategy”
TL, GMO Payment Later service, etc.

20％ growth line

Strategy①
Short-Term “Market targeting”
Broad definition EC market

Growth rate of narrow definition EC
10～15％
Now
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

22

3.3

Strategy①Short-Term “Market targeting”

Challenging larger market
BtoB market
BtoB market¥1,000 Trillion

Non face-to-face
EC

Goods

（
）

Other than
goods

Next page

BtoC market

Narrowdefinition
BtoC-EC
marketService commerce
Public funds, taxes

CtoC Market
Dawn of the
CtoC EC
marketFlea markets app

Crowd-funding

Face to face

Rental car reservation
Lunch box
reservation, delivery
Beauty salon
reservation

Manufacturer

Flea markets※Reference：METI, [Market report in regard to EC 2013]

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

23

3.3

Strategy①Short-Term “Market targeting”

BtoB：Development of the untapped mega market
Marketing areas, 2015～

Large-scaled

Marketing areas, 2014
Leadingretailers(Large-scale)

Material
manufacturer（Large-scale）

Wholesalers(Largescale)

Retailers(Small-scale)

Small-scaled
Our merchants（BtoC）

Manufacturers(Large-scale)

Wholesalers(Small-scale)Parts suppliers(Small-scale)Commercial distribution of B2B

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

24

3.3

Strategy②Mid-Term ” Product strategy”

GMO Payment Later service: Increasing ARPU of merchants
Sales activities of GMO-PG

PG Multi-Payment
Service

Sales activities of GMO-PS

Share of payment
method in EC market

GMO Payment
after delivery

Carrier
payment
Electronicmoney

After the introduction of GMO
Payment later, large merchants’
ARPU increased 50% in averagemonthly payment

Credit card

Cash ondelivery

Convenience

PG Multi-Payment Service＋
GMO Payment after delivery

store

The synergistic effects
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

25

3.3

Strategy②Mid-Term ” Product strategy”

Transaction lending（TL） Service
TL Service
・Transaction analysis
・Lending money to support growth of
our merchants

Early payment service
・Shorten the payment cycle
・Cash flow improvement

Transaction lending（TL）
Representative merchant contract
・Contract is concluded as a packagewith several payment companies
・Reasonable price

Early payment service

The representative merchant contract

Now

Phase 1

Phase 2Phase 3Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

26

3.3

Strategy③Long-Term “Business area”

Global strategy：Economic area (SEA+East Asia)
GMO-PG Global Payment

GMO Global Payment Fund
GMO-PG×GMO-VP

Hong Kong+Taiwan
75⇒115Trillion Yen
Thailand+Mekong
50⇒75Trillion Yen

Kinokuniya (Taiwan)
Hong Kong

ThailandTaiwanVietnam+Philippines
50⇒75Trillion Yen

Singapore＋Malaysia
70⇒110Trillion Yen
Malaysia
Singapore
Cosmetics

Our oversea entities

Indonesia
90⇒135Trillion Yen
Economic area
GDP⇒GDP of 2022, our forecasts

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

27

3.3

Strategy③Long-Term “Business area”

Responding to technological advances：Bitcoin
Accept Bitcoin, which is gaining acceptance in advanced countries in payment
solutions, and accumulate knowledge on advanced technologies.
Our existence value lies in consolidating many payment means into one to provide
it as a secure safe payment means.

The reasons for the selection: bitFlyer, Inc. as strategic partners
Technological capabilities（planning abilities, Operational strengths）
Capital（Funding capabilities）
Management Capability
Good relationship with government officials
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

28

4. Results forecast for the term ending
September 2015

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

29

4.1

Results forecast for FY 2015

Operating income increase 20%■ Result forecast for the period ending September 30, 2015
(Million Yen)

[Sales]Full year (Forecast)

8,656
4,033

Cumulative consolidated
financial statements for the six
months ending March 31, 2015

（Million yen）

FY2013[Operating income][Ordinary income](20.1％)

2,974(20.1％)

2,985(18.1％)(15.6％)

1,471(18.7％)

1,473(18.5％)

Temporaly nonoperating income or
expenses ※+51 million yen

FY2014+20.9％

2,476

2,047

[Net income]
1,797(18.6％)

887 (23.3％)

FY2015(E)2,985+20.9％
2,527+18.1％

2,974+20.1％+23.5％

2,048

Operating income（％ Year-on-year change）

Ordinary income

Operating income Ordinary income

Operating income

Ordinary income※Temporaly non-operating income or expenses：Earnings on investment in partnership・Commissions received・Exchange earnings, etc

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

30

4.2

Management strategy and action plans

Strategy to sustaining more than 20% income growth■Action plans
Strategy①Short-Term “Market targeting”
Broad definition EC market
BtoB, CtoC, Face-to-face area, O2O, Service commerce, Utilities, Taxes
Stragety②Mid-Term ” Product strategy”
TL service
GMO Payment Later service, etc
Stragety③Long-Term “Business area”
Asian market
Innovation (Bitcoin)

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

31

4.3

Summary of the consolidated results (Forecast)Investment continues though the Operating income growth over 20%（Million yen）
9,000,000

8,656,000

8,000,000
7,205,542
7,000,000¥18.006,000,000

5,764,085

5,000,000

4,708,097
3,866,316

4,000,000¥15.00¥12.25¥9.75

3,145,901

2,974,000¥7.75

3,000,000

2,476,408
2,985,000

2,546,550¥5.88
2,048,865
2,207,071
2,527,793 1,797,000¥5.25
1,753,759
1,945,011
2,000,000
1,441,214¥4.38
1,629,951
2,047,552
1,515,788
1,305,157
1,169,694¥3.75
926,288
1,764,325¥3.13
1,431,391
776,253
927,535 1,147,552
960,761
1,000,000
763,774
641,925
1,217,025
523,277
323,328524,259 585,206
756,506
535,350
645,909295,828
30,173
304,302 377,212
440,08002005/9listed on
the TSE

2006/92007/9Sales

2008/92009/92010/9Operating income

2011/92012/9Ordinary income

2013/92014/92015/9E

Net income※％ yoySales+20.1％

Operating income +20.1％
Ordinary income+18.1％Net income+18.6％

Dividend

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

32

4.4

Sales for each segment (Forecast)

Action plans to realize the balanced growth in all segments（Million yen）※％y-o-y9,000,000

Cultivating large-scale
merchants

8,000,000

7,000,000+ 26.7％+ 29％

6,000,000+ 27.6％“GMO payment later”
expantion

5,000,000+ 28.4％+ 22.8％ + 22％

4,000,000+ 36.4％Conservative sales
plan of “Online
Advertising Service“+ 17.3％3,000,000+ 40.3％+25.9％

2,000,000+88.4％+155.5％1,000,000

0listed on
the TSE+45.4％+41.4％+95.0％+46.9％+14.2％ +4.1％+44.4％+15.4％ +6.4％+166.1％ -22.2％ +6.6％+9.9％+ 14.8％+ 16.6％+ 24.9％+ 18.1％+1.9％ +15.6％ + 19.4％+ 10％+ 24.6％+ 22.4％+ 21.8％+24.6％ +10.6％ + 11.5％ + 7.1％ + 20.0％ + 12.6％
2011/92012/92013/9+ 25.6％

2014/9+ 7％

2004/92005/92006/92007/92008/92009/92010/9Merchant acquiring service revenue

38,364

98,011

191,126

360,138

529,138

666,209934,441

Transaction processing revenue

327,409

476,041

687,235

784,799

816,868

897,658

1,060,123 1,235,737 1,418,822 1,663,741 2,042,710 2,497,452

Monthly revenue

344,083

486,490561,253

597,193608,236

702,946

839,522

1,022,263 1,251,675 1,559,914 1,948,574 2,148,710

Initial revenue

91,920244,613

190,336

202,880

252,828

279,735

311,813333,895

System development
Services for largesized enterprises

2015/9E

1,274,419 1,636,774 2,089,254 2,647,458 3,405,164

400,823

451,175

566,799

605,195

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

33

4.5

Cost of sales ratio and SG&A ratio (Forecast)

Find balance between cost of sales ratio and SG&A ratio（1,000yen）
9,000,000

8,656,000

60%

SG&A
• Curtailment of
SG&A expenses

8,000,000
52.0%

50.8%

7,000,000

7,205,542

50.6%

49.0%

47.7%

49.0%

48.1%

40%

4,708,097
30.5%

4,000,000

3,866,316

24.0%

17.1% 1,945,011

2,000,000

2,546,550
2,207,071
17.1%

1,305,157
801,778

584,130
397,698

416,874
192,223

827,385
279,287

1,894,257

14.6%

1,629,951

2004/93,292,851

3,145,901
16.4%

0

45.7%

5,764,085

5,000,000

1,000,000

46.6%

44.7%

6,000,000

3,000,000

47.7%

984,589

1,053,821

318,497

376,99714.7%
1,247,407 1,513,031

372,853

463,175

13.7%

2,684,406
19.9%
2,245,771
17.9%

Cost of sales• Prior investment• Sales growth of“Online AdvertisingService“ and “GMO
payment later”• Incleasing agents’commissions
20%

1,436,281

15.0%
1,030,813

530,843

708,5660%
2005/9listed on
the TSE

2006/9Sales

2007/92008/9
Sales-cost

2009/92010/9SG&A

2011/92012/9

Sales-cost ratio

2013/92014/92015/9E

Sales-SG&A ratio

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

34

Thank you very much!

GMO Payment Gateway Inc.
(TSE:3769)
URL http://corp.gmo-pg.com/

For more information, please contact the Company Value Creation Planning Office
IR/PR Group TEL:03-3464-0182