Summary of Financial Results for the Fiscal Year 2015 (Ended December 31, 2015)[Japanese GAAP]
February 4, 2016
Company name: SENSHUKAI CO.,LTD.
Stock exchange: Tokyo Stock Exchange, First Section
Stock code:
8165
URL: http://www.senshukai.co.jp
Representative:
Mr. Hiroyuki Hoshino, President and Representative Director
Inquiries:
Mr. Takeshi Naito, Executive Officer, General Manager of the Corporate Development Division
Tel: +81-6-6881-3220
Scheduled date of annual general meeting of shareholders: March 30, 2016
Scheduled date of payment of dividend: March 31, 2016
Scheduled date of filing of Annual Security Report: March 31, 2016
Preparation of supplementary materials for financial results: Yes
Holding of financial results meeting: Yes(All amounts are rounded down to the nearest millions of yen)

1. Consolidated Financial Results for the Fiscal Year 2015 (January 1, 2015 – December 31, 2015)(1) Consolidated operating results(Percentages represent changes from the same period of the previous fiscal year)
Operating income
Ordinary income
Net income

Net sales
Millions of yen%

Millions of yen%

Millions of yen

Fiscal Year 2015
134,321(5.8)(3,437)
Fiscal Year 2014
142,5260.7
3,088 (23.2)
Note: Comprehensive income (millions of yen) Fiscal Year 2015: (6,316) (-%)
Net income per
share

Diluted net income
per share

Yen

Yen

%

%

Ordinary income to Operating income
total assets
to net sales

Return on equity%(108.03)
Fiscal Year 2015
41.52
37.52
Fiscal Year 2014
Reference: Equity in earnings (losses) of affiliates (millions of yen)

Millions of yen(2,540)(5,307)3,549 (23.4)
1,798 (55.6)
Fiscal Year 2014: 3,870 (down 39.4%)

(9.9)
3.5
Fiscal Year 2015: 881

%

%

(2.5)
3.6
Fiscal Year 2014: 44

(2.6)
2.2

(2) Consolidated financial position
Total assets

Net assets

Millions of yen

Equity ratio

Millions of yen

Net assets per share%

Fiscal Year 2015
105,352
53,705
Fiscal Year 2014
100,785
53,160
Reference: Shareholders’ equity (millions of yen)
Fiscal Year 2015: 53,678

Yen

51.0
52.7
Fiscal Year 2014: 53,160

1,028.17
1,227.52(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

3,400
2,722

(8,053)(1,540)11,060(91)

14,303
7,910

Fiscal Year 2015
Fiscal Year 2014

2. Dividends
1Q-endFiscal Year 2014
Fiscal Year 2015
Fiscal Year 2016
(forecasts)

Dividend per share
2Q-end 3Q-end Year-end

Total

Total dividends(total)Payout ratio Dividend on equity(consolidated)(consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

-

12.00
4.00

-

12.00
4.00

24.00
8.00

1,039
417

57.8
-

2.0
0.7

-

4.00

-

4.00

8.00

29.8

3. Consolidated Outlook for Fiscal Year 2016 (January 1, 2016 – December 31, 2016)
Net sales
Millions of yen

2Q 2016 (cumulative)
Full Year 2016

72,800144,000%
6.8
7.2(Percentages represent changes from the same period of the previous fiscal year)
Profit attributable to Net income
Operating income
Ordinary income
owners of parent
per share
Millions of yen% Millions of yen% Millions of yen
%
Yen
100
650
450
8.62
1,600
2,200
1,400
26.82

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes inscope of consolidation): None
Newly added: -Excluded: -(2) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting-based estimates: None
4) Restatements: None

(3) Number of shares outstanding (common shares)
1) Number of shares outstanding at the end of the period (including treasury shares)
Fiscal Year 2015:

52,230,393 sharesFiscal Year 2014:

47,630,393 sharesFiscal Year 2014:

4,322,649 sharesFiscal Year 2014:

43,308,206 shares

2) Number of treasury shares at the end of the period
Fiscal Year 2015:

23,256 shares

3) Average number of shares outstanding during the period
Fiscal Year 2015:

49,135,108 shares(Reference) Summary of Non-consolidated Financial Results
Non-consolidated Financial Results for Fiscal Year 2015 (January 1, 2015 – December 31, 2015)(1) Non-consolidated operating results(Percentages represent changes from the same period of the previous fiscal year)
Net income
Operating income
Ordinary income

Net sales
Fiscal Year 2015
Fiscal Year 2014

Fiscal Year 2015
Fiscal Year 2014

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

110,052
121,851

(9.7)
(3.7)

(4,627)1,856(37.6)(4,360)2,496(31.3)(5,701)
1,376(57.2)Net income per share

Diluted net income per share

Yen

Yen

(116.05)
31.80

28.74

(2) Non-consolidated financial position
Total assets
Millions of yen

Net assets
Millions of yen

Fiscal Year 2015
93,56051,431
Fiscal Year 2014
92,81751,284
Reference: Shareholders’ equity (millions of yen) Fiscal Year 2015: 51,431

Equity ratio

Net assets per share
%

55.0
55.3
Fiscal Year 2014: 51,284

Yen

985.15
1,184.19* Disclosure regarding the implementation of audit proceduresThis financial report is not subject to the audit procedures based on the Financial Instruments and Exchange Act. Thus, at thetime of its disclosure, the financial statement audit procedures based on the Financial Instruments and Exchange Act have notbeen completed.
* Cautionary statement with respect to forward-looking statements
The above projections are based on information available at the time of release of this report. Actual results could differ
significantly from these projections due to a variety of factors. For further details regarding the projections, please refer to page4.

SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

Contents of Attachments
1. Analysis of Operating Results and Financial Position

2(1) Analysis of Operating Results

2(2) Analysis of Financial Position

3(3) Basic Policy Regarding Distribution of Earnings and Dividends in the Current and Next Fiscal Years

4(4) Outlook for Fiscal Year 2016

4

2. Group Organization

5

3. Management Policies

6(1) Basic Management Policy

6(2) Key Performance Indicators

6(3) Medium- to Long-term Corporate Management Strategy and Issues

6(4) Other Important Business Matters

7

4. Basic Approach for the Selection of Accounting Standards

7

5. Consolidated Financial Statements

8(1) Consolidated Balance Sheet

8(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income

10

Consolidated Statement of Income

10

Consolidated Statement of Comprehensive Income11(3) Consolidated Statement of Changes in Equity

12(4) Consolidated Statement of Cash Flows

14(5) Notes to Consolidated Financial Statements

15

Going Concern Assumption

15

Notes to Consolidated Statement of Income

15

Segment and Other Information

17

Per Share Information

18

Subsequent Events18

6. Other19(1) Changes in Members of Board of Directors

19(2) Production, Orders and Sales

20

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SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

1. Analysis of Operating Results and Financial Position(1) Analysis of Operating Results
Overview
In the fiscal year under review, the Japanese economy continued to recover at a moderate pace against the
backdrop of the government’s economic policies and the Bank of Japan’s monetary policies. However, theeconomic outlook remains unclear because of concerns over an overseas economic downturn, particularly in
China. In the retail industry, consumers continue to adopt a highly defensive stance about spending because of
price increases for daily necessities and other merchandise associated with the consumption tax hike and a weakeryen. A series of unseasonable weather and a warm winter are also affecting consumer sentiment, making
consumers more budget-minded and selective about consumption. As a result, the operating environment
remained challenging.
Net sales in the current fiscal year decreased 5.8% year-over-year to 134,321 million yen because consumers tooka defensive stance and became more selective about spending as the consumption tax hike and a weaker yen
pushed up consumer prices, which led to lower sales in mail-order business.
There was an operating loss of 3,437 million yen compared with operating income of 3,088 million yen in theprevious fiscal year. Gross profit margin decreased because sluggish sales in the mail-order business led to anincrease in the percentage of sales from discounted merchandise and we optimized inventory levels. Ordinary loss
was 2,540 million yen compared with ordinary income of 3,549 million yen in the previous fiscal year. Affected inpart by impairment losses, net loss was 5,307 million yen compared with net income of 1,798 million yen in theprevious fiscal year.
Overview by segment(Mail-order Business)
Consolidated sales in the mail-order business, centered on the catalog and the Internet businesses, decreased 9.0%
year-over-year to 113,976 million yen in the current fiscal year. This was attributed to extremely sluggish sales of
medium-price items, the volume zone for Senshukai, because of prolonged weak consumer sentiment after the
consumer tax hike. Unsuccessful sales promotion strategies directed at premium customers was also a factor in
driving down sales.
There was an operating loss of 4,597 million yen compared with operating income of 1,921 million yen in theprevious fiscal year. Sluggish sales caused the percentage of sales from discounted merchandise to increase. The
gross profit margin was also affected by clearance sales to slash inventory to adequate levels.
(Bridal Business)
Consolidated sales in the bridal business, centered on the house wedding business, increased 19.9%
year-over-year to 15,281 million yen. Sales increased as new facilities were opened and PLANETWORK
CO.,LTD. was converted into a subsidiary. However, operating income was weighed down by up-front expenses
for openings of new facilities and a decrease in sales per wedding. As a result, operating income in the bridal
business decreased 18.2% year-over-year to 682 million yen.
(Corporates Business)
Consolidated sales in the corporates business, which provides products and services to corporations, increased
6.8% year-over-year to 4,214 million yen, and operating income increased 20.9% year-over-year to 367 million
yen.
(Others)
Consolidated sales in other businesses, which provides services business (primarily insurance and credit card
services) and childcare business, increased 58.5% year-over-year to 848 million yen in the current fiscal year, as
two nursery school were opened in the childcare business. Operating income increased 272.4% to 97 million yen.
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SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

(2) Analysis of Financial Position(Balance sheet position)
Assets totaled 105,352 million yen at the end of the current fiscal year, an increase of 4,567 million yen from theend of the previous fiscal year.
Current assets decreased 1,606 million yen to 51,947 million yen. The main factors were decreases of 3,565
million yen in merchandise and finished goods, 2,576 million yen in notes and accounts receivable-trade and2,356 million yen in forward exchange contracts, while there was an increase of 6,393 million yen in cash anddeposits. Non-current assets increased 6,173 million yen to 53,404 million yen. The main factors were increases
of 2,894 million yen in property, plant and equipment, and 3,563 million yen in investments and other assets,
while there was a decrease of 283 million yen in intangible assets.
Current liabilities decreased 2,060 million yen to 31,410 million yen. The main factors were decreases of 1,039
million yen in electronically recorded obligations-operating, 794 million yen in income taxes payable, 635 million
yen in short-term loans payable and 611 million yen in other, while there was an increase of 1,253 million yen inaccounts payable-other. Non-current liabilities increased 6,082 million yen to 20,236 million yen. The main
factors were increases of 5,671 million yen in long-term loans payable and 876 million yen in deferred tax
liabilities, while there was a decrease of 450 million yen in bonds payable.
Net assets increased 544 million yen to 53,705 million yen. The main factor were increases of 1,945 million yen
in capital stock and 2,821 million yen in capital surplus, and a decrease of 2,762 million yen in treasury shares asa result of the issuance of new shares and the disposal of treasury shares through the third-party allotment to
J.FRONT RETAILING Co.,Ltd. in May 2015. In addition, there was an increase of 495 million yen in valuationdifference on available-for-sale securities, while there were decreases of 6,077 million yen in retained earnings
and 1,497 million yen in deferred gains or losses on hedges. Consequently, the equity ratio was 51.0%.
(Cash flow position)
The balance of cash and cash equivalents at the end of the current fiscal year was 14,303 million yen, an increaseof 6,393 million yen from the end of the previous fiscal year.
Operating activities provided net cash of 3,400 million yen (net cash provided of 2,722 million yen in the previous
fiscal year). The main cash inflows include a decrease in inventories of 3,559 million yen, depreciation of 2,921
million yen and a decrease in notes and accounts receivable-trade of 2,556 million yen. The main cash outflows
were a loss before income taxes and minority interests of 3,834 million yen and income taxes paid of 1,398
million yen.
Investing activities used net cash of 8,053 million yen (net cash used of 1,540 million yen in the previous fiscal
year). The main cash inflows were the proceeds from withdrawal of time deposits of 1,300 million yen and theproceeds from redemption of investment securities of 300 million yen. The main cash outflows were 4,925
million yen for the purchase of property, plant and equipment, 2,643 million yen for the purchase of investment
securities, 1,000 million yen for the payments into time deposits, and 828 million yen for the purchase ofintangible assets.
Financing activities provided net cash of 11,060 million yen (net cash used of 91 million yen in the previous fiscal
year). The main cash inflows were the proceeds from long-term loans payable of 7,800 million yen, proceeds fromissuance of common shares of 3,868 million yen, and proceeds from disposal of treasury shares of 3,637 million
yen. The main cash outflows were 2,693 million yen for the repayments of long-term loans payable and 730
million yen for cash dividends paid.

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SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

Cash flow indicesFiscal Year 2013
(As of Dec. 31, 2013)

Fiscal Year 2014
(As of Dec. 31, 2014)

Fiscal Year 2015
(As of Dec. 31, 2015)

Equity ratio (%)

51.0

52.7

51.0

Equity ratio based on fair value (%)

38.6

36.0

39.6

Ratio of interest-bearing debt to cash flows (years)

6.7

5.8

5.9

Interest coverage ratio (times)

9.8

13.8

17.1

Notes:

1. Cash flow indices are calculated, using consolidated financial figures, as follows:
The equity ratio is shareholders’ equity divided by total assets.
The equity ratio based on fair value is market capitalization divided by total assets.
The ratio of interest-bearing debt to cash flows is interest-bearing debt divided by the quantity of operating cash
flows.
The interest coverage ratio is operating cash flows divided by interest payments.
2. Market capitalization is calculated by multiplying the closing share price at the end of the period by the number ofshares issued and outstanding at the end of the period, excluding treasury shares.
3. Interest-bearing debt includes short-term loans payable, current portion of bonds, bonds payable, bonds with
subscription rights to shares, long-term loans payable, and lease obligations shown on the consolidated balance
sheet.
4. Operating cash flows and interest payments represent net cash provided by (used in) operating activities andinterest expenses paid, respectively, on the consolidated statement of cash flows.

(3) Basic Policy Regarding Distribution of Earnings and Dividends in the Current and Next Fiscal Years
The Group’s basic policy is to strengthen the business foundation while maintaining stable dividends, taking into
consideration the payout ratio, and ensuring a fair distribution of earnings to shareholders that reflects its businessperformance.
Specifically, the Group’s policy regarding the distribution of earnings to shareholders is to strive continuously fora payout ratio of 30% on a consolidated basis. The Group will use internal reserves to invest in the developmentof new businesses for the medium to long term, to promote the efficiency of existing businesses, to conduct
mergers and acquisitions for expanding the Group businesses, to improve the soundness of its financials, and to
generally further strengthen its competitiveness and operations. Based on the aforementioned policies, the Groupplans to pay a year-end dividend of 4 yen per share for Fiscal Year 2015 in line with initial plan. Together with aninterim dividend of 4 yen per share, total annual dividend of 8 yen per share is to be paid.
Regarding dividends in Fiscal Year 2016, we plan to pay a total annual dividend of 8 yen per share comprised of
an interim dividend of 4 yen per share and a year-end dividend of 4 yen per share, based on the earnings outlook.
(4) Outlook for Fiscal Year 2016
In Fiscal Year 2016, operating environment will be severe as a sense of uncertainty about consumer spending is
expected to continue.
In response, Senshukai revised its medium- to long-term management plan, now in its third year, to factor inprogress achieved so far and changes in the operating environment. The revised plan calls for strengthening
product competitiveness and sales capabilities in the core mail-order business while focusing on the bridal
business.
Based on this outlook, our earnings forecasts for Fiscal Year 2016 are as follows.
Consolidated(Millions of yen)
Net sales

Operating income

Ordinary income

Net income

Fiscal Year 2016 (forecast)

144,000

1,600

2,200

1,400

Fiscal Year 2015 (results)

134,321(3,437)(2,540)(5,307)

7.2

-

-

-

Change (%)* The above projections are based on information available at the time of release of this report. Actual results could differ fromprojections due to a variety of factors.

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SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

2. Group Organization
The Senshukai Group comprises the parent company, 16 subsidiaries, 9 affiliates, and 1 other affiliated company.
Mail-order Business is the mainstay business, and we also operate the Bridal Business, Corporates Business andothers.
The following describes the position of each major business activity in the Group’s operations and business segments.
Segment
Mail-order
Business

Major business activity
Mail orderCompany
Senshukai Co.,Ltd., Belle Neige Direct Co.,Ltd.,
Mobakore Co.,Ltd., Shanghai Senshu Merchant and CommerceCo., Ltd., and 13 other companies
Senshukai Call Center Co., Ltd.
Belle Maison Logisco Co., Ltd., Senshu Logisco Co., Ltd.
Dears Brain Inc., and 2 other companies
Senshukai Co.,Ltd.
Senshukai Child Care Co.,Ltd., Senshukai General Services
Co., Ltd., and 1 other company

Telemarketing
Logistics system
Bridal BusinessCorporates Business
OthersSchematic of businesses

Subsidiary accounted for by the equity method
Affiliate accounted for by the equity method
Affiliate not accounted for by the equity method

Other affiliated company
Consolidated subsidiaryNon-consolidated subsidiary

Mail-order
Business

BridalBusiness

Corporates
Business

OthersBelle Maison LogiscoCo., Ltd.

Mobakore Co.,Ltd.

Senshu Logisco Co.,Ltd.

Outsources buying products

SENTENs Co., Ltd.

J.FRONT RETAILING Co.,Ltd.

3 consolidated
subsidiaries

Outsources productinspection

Outsources
buyingproducts

Purchases products

Senshukai Co.,Ltd.
Purchases products

Purchase products

Shanghai Senshu
Merchant andCommerce Co., Ltd.

Watabe Wedding
Corporation

Capital and businessalliance

K.Sense Co., Ltd.

1 consolidated
subsidiary

Other
outsourcing
services

Outsources order processing

Senshukai Iihana
Co., Ltd.

Dears Brain Inc.

Outsources
product packing
and packaging

Belle Neige Direct
Co.,Ltd.

Senshukai Hong
Kong Ltd.

Luckwin GF China
Co., Ltd.
5 non-equity-method
affiliates

Suppliers-5-

Provides services

Senshukai Call
Center Co., Ltd.

Provides solution and promotional services

Provides services

Orderprocessing

Sell products

Sell products

Sell products

Customers
Customers

Senshukai Child
Care Co.,Ltd.
Senshukai General
Services Co., Ltd.
1 non-consolidated
subsidiary

SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

3. Management Policies(1) Basic Management Policy
The Senshukai Group’s corporate philosophy is to “contribute to society by providing customers with outstanding
products and services.”
Senshukai works together with its shareholders, customers, business partners, employees, and all otherstakeholders to enhance corporate value and mutual prosperity.
(2) Key Performance Indicators
Under the slogan “Innovate for Smiles 2018” of our medium-to long-term management plan (Fiscal Year 2014
through Fiscal Year 2018), the entire Group committed to build a solid and distinct position in the mail-ordermarket and to develop new businesses appropriate to our corporate vision “Women's Smiles Company.”
However, we failed to achieve sales and earnings targets because of the severe external environment characterized
by a long drawn-out period of sluggish consumer spending and heightening competition in the e-commerce sector.
While following the basic policy, we have partly reviewed our strategy and revised management goals in responseto changes in the Group structure and internal environment as we entered into capital and business alliances with
J.FRONT RETAILING Co.,Ltd. and Watabe Wedding Corporation and acquired all outstanding shares of
PLANETWORK CO.,LTD.
Specifically, our new target for Fiscal Year 2018 are consolidated net sales of 165 billion yen, operating income of
5 billion yen, and a return on equity of 7%. (Previous targets are 187 billion yen, 10 billion yen, and 10%,respectively)
Going forward, we aim to enhance corporate value by striving for more unified group management, boosting
growth, and constructing a solid earnings foundation.
(3) Medium- to Long-term Corporate Management Strategy and Issues
The Group formulated a five-year medium- to long-term management plan “Innovate for Smiles 2018” to enhance
its corporate value. As explained above, we reviewed the medium- to long-term management plan as it entered thethird year and lowered targets to reflect the progress we have achieved so far and the changes in the operating
environment.
Progress in the Medium- to Long-term Management Plan
1) Mail-order BusinessWe continue to focus on following activities: offering private brands that precisely target the requirements ofspecific customer segments; implementing merchandise planning that allows each private brand to succeed inevery sales channel (e-commerce, catalogs, stores and others); developing an SPA (specialty store retailer ofPrivate-label Apparel) business structure that encompasses each step from planning and manufacture to sales;
and improving each sales channel with the goal of establishing an omni-channel framework.
In September 2015, we launched “BELLE MAISON DAYS.” This new core brand features a merchandise focus
that starts with our commitment to selecting original products one by one with extreme care. We continue todifferentiate our products by creating original designs that offer customers added value.
Moreover, we are engaged in joint sales and development of private brand items with J.FRONT RETAILING
Co.,Ltd. As a part of the project, we conducted test marketing last year. Starting this year, we plan to open
private-brand stores in J.FRONT RETAILING group department stores. We will continue to focus on
strengthening a competitive edge of our private brand items and expanding marketing channels.
In addition to these strategic initiatives, we will reinforce our fulfillment capabilities so that our customers canuse our mail-order business services with even greater confidence. The Minokamo Distribution Center,
developed with a goal of strengthening our distribution service and improving efficiency of our distribution
operations, started operations at the end of 2015.
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SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

2) Bridal BusinessTo solidify our position as a leading company in the bridal business we converted PLANETWORK CO.,LTD,
into a subsidiary in March 2015 and together with our subsidiary Dears Brain Inc. entered into a capital andbusiness alliance with Watabe Wedding Corporation in July 2015. Our goal is to realize synergies between thethree companies to enhance management efficiency and continue increasing sales and profits by renovating
locations and opening new ones to offer an atmosphere that combines urban and suburban features.
3) Corporates BusinessTo take advantage of the growth of the mail-order business, we plan to step up activities to offer outsourced
distribution services for companies that want to start a B-to-C business. Based on the capital and businessalliance with J.FRONT RETAILING Co.,Ltd. we will focus on obtaining outsourced distribution service fromthe J.FRONT RETAILING group.
4) New Businesses
We are actively expanding the childcare business for preschool age children that we started in Fiscal Year 2014.
Two childcare facilities were opened in Ota-ku, Tokyo in April 2015 and we plan to open one childcare facility
each in Bunkyo-ku, Tokyo and Funabashi City, Chiba, in April 2016. We will continue to grow and expand thechildcare business while prioritizing the quality of childcare service we provide.
(4) Other Important Business Matters
Not applicable.
4. Basic Approach for the Selection of Accounting Standards
The Senshukai Group has a policy of preparing its consolidated financial statements using Japanese GAAP for thetime being to facilitate comparisons with prior-year performance and the performance of other companies in Japan.
We will take suitable actions with regard to the application of the International Financial Reporting Standards(IFRS) by taking into account trends in our industry peers in Japan and associated factors in Japan and othercountries.

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SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

5. Consolidated Financial Statements(1) Consolidated Balance Sheet(Millions of yen)
Fiscal Year 2015
(As of Dec. 31, 2015)

Fiscal Year 2014
(As of Dec. 31, 2014)
AssetsCurrent assets
Cash and deposits

7,910

14,303

Notes and accounts receivable-trade

6,622

4,046

Merchandise and finished goods

21,591

18,025139

146

Raw materials and supplies
Deferred tax assets
Accounts receivable-other

57

230

9,511

9,781

Forward exchange contracts

4,317

1,961

Other

3,715

3,675

Allowance for doubtful accounts

(311)

(222)

53,55451,94737,36240,782

Accumulated depreciation(23,398)(24,730)

Buildings and structures, net

13,963

16,052

Machinery, equipment and vehicles

8,403

9,013

(7,889)(8,032)514

981

Tools, furniture and fixtures

2,527

2,948

Accumulated depreciation(1,717)(1,990)

809

957

Land

12,311

12,091

Leased assets

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures

Accumulated depreciation
Machinery, equipment and vehicles, net

Tools, furniture and fixtures, net

1,405

883

Accumulated depreciation

(350)

(402)

Leased assets, net

1,055

481

Construction in progress

422

1,406

29,07531,970Goodwill

2,225

2,243

Other

3,154

2,853

Total intangible assets

5,380

5,097

Investment securities

6,155

9,877

Long-term loans receivable

1,083

1,026

Lease and guarantee deposits

1,644

1,901

162

131

3,994

3,666

Total property, plant and equipment
Intangible assets

Investments and other assets

Deferred tax assets
Other
Allowance for doubtful accounts

(265)

(265)

Total investments and other assets

12,774

16,33747,23153,404

100,785

105,352

Total non-current assets
Total assets-8-

SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

(Millions of yen)
Fiscal Year 2015
(As of Dec. 31, 2015)

Fiscal Year 2014
(As of Dec. 31, 2014)
Liabilities
Current liabilities
Electronically recorded obligations-operating

12,124

11,084

Accounts payable-trade

5,397

5,346

Short-term loans payable

2,747

2,111

Current portion of bonds

700

450

Lease obligations

129

117

Accounts payable-other

6,100

7,353

Accrued expenses

2,130

2,477

Income taxes payable

915

121

Accrued consumption taxes

776

325

Provision for sales promotion expenses

219

402

Other

2,230

1,618

Total current liabilities

33,47031,410450-

Bonds with subscription rights to shares

7,000

7,000

Long-term loans payable

3,510

9,181

Lease obligations

Non-current liabilities
Bonds payable

1,239

1,122

Deferred tax liabilities

651

1,527

Deferred tax liabilities for land revaluation

629

535

Net defined benefit liability

84

93

Asset retirement obligations

455

586

Other

133

189

14,153

20,23647,62451,647

Capital stock

20,35922,304

Capital surplus

21,03823,860Retained earnings

17,086

11,009Treasury shares(2,776)(15)

Total shareholders’ equity

55,707

57,159

1,261

1,756

Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

2,780

1,282

Revaluation reserve for land

(6,724)(6,629)Foreign currency translation adjustment

135

110

Remeasurements of defined benefit plans-(1)(2,546)(3,481)

Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets

-9-

-

27

53,16053,705

100,785

105,352

SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income(Consolidated Statement of Income)Fiscal Year 2014
(Jan. 1, 2014 – Dec. 31, 2014)
142,526

Net sales
Cost of sales*1

Gross profit

75,038(Millions of yen)
Fiscal Year 2015
(Jan. 1, 2015 – Dec. 31, 2015)
134,321*1

67,48873,44260,879Selling, general and administrative expenses
Freightage and packing expenses

8,048

7,486

Promotion expenses

18,254

18,078Provision for allowance for sales promotion expenses

219

402

Provision of allowance for doubtful accounts

212

135

Directors’ compensations

529

555

Salaries and allowances

11,35011,187

Bonuses

1,676

1,545

Depreciation

2,646

2,880

Other

21,462

22,044

Total selling, general and administrative expenses*2

Operating income (loss)

64,399*2

3,088

64,316(3,437)

Non-operating income
Interest income

69

90

Dividend income

120

100

Share of profit of entities accounted for using equity method

44

881

Gain on adjustment of account payable

214

264

Miscellaneous income

329

197

Total non-operating income

778

1,534

Non-operating expenses
Interest expenses

190

188

Commission fee

2308

Miscellaneous loss

125

140

Total non-operating expenses

317

638

3,549

(2,540)Ordinary income (loss)
Extraordinary income
Gain on sales of non-current assets*3Gain on sales of investment securities

4

*3

18

84

23

Subsidy income-

150

Gain on transfer of business-

149

Total extraordinary income

89

341

Extraordinary losses
Loss on sales and retirement of non-current assets

*4

77

*5

222

Loss on reduction of non-current assets*4-

Impairment loss
Special retirement expenses
Other
Total extraordinary losses

55
148

*5

993

-

414

347

22

646

1,634

Income (loss) before income taxes and minority interests

2,992(3,834)

Income taxes-current

1,107

163

Income taxes-deferred

85

1,343

Total income taxes

1,193

1,507

Income (loss) before minority interests

1,798(5,341)

Minority interests in income (loss)
Net income (loss)- 10 -

0

(33)

1,798

(5,307)SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

(Consolidated Statement of Comprehensive Income)Fiscal Year 2014
(Jan. 1, 2014 – Dec. 31, 2014)(Millions of yen)
Fiscal Year 2015
(Jan. 1, 2015 – Dec. 31, 2015)

1,798(5,341)

Income (loss) before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities

486

497

1,501

(1,501)

Revaluation reserve for land-

53

Foreign currency translation adjustment
Share of other comprehensive income of entities accounted
for using equity method

46

(17)

36

(6)

2,071

(975)

3,870

(6,316)Comprehensive income attributable to owners of parent

3,869(6,283)Comprehensive income attributable to minority interests

0

(33)

Deferred gains or losses on hedges

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to- 11 -SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

(3) Consolidated Statement of Changes in Equity
Fiscal Year 2014 (Jan. 1, 2014 – Dec. 31, 2014)(Millions of yen)
Shareholders’ equity
Capital stock
Balance at beginning of current
periodCapital surplus Retained earnings Treasury shares

20,35921,03816,353

Total shareholders’equity(2,776)54,975

Changes of items during period
Dividend of surplus(1,039)(1,039)Net income

1,798

1,798

Purchase of treasury shares

(0)

(0)

Reversal of revaluation reserve
for land3

3

Change of scope of consolidation

(28)

(28)

Net changes of items other thanshareholders’ equity
Total changes of items during
periodBalance at end of current period

-

-

733

(0)

732

20,35921,03817,086(2,776)55,707(Millions of yen)

Accumulated other comprehensive income

Balance at beginning of current
periodValuationdifference on
available-for-salesecurities

Deferred
gains orlosses onhedges774

1,278

Foreign Total accumulated
Total net
Revaluation
currency
otherassetsreserve for land translation
comprehensive
adjustment
income(6,720)52(4,615)50,359Changes of items during period
Dividend of surplus(1,039)Net income

1,798

Purchase of treasury shares(0)

Reversal of revaluation reserve
for land

3

Change of scope of consolidation(28)

Net changes of items other thanshareholders’ equity
Total changes of items during
periodBalance at end of current period

486

1,501

(3)

83

2,068

2,068

486

1,501

(3)

83

2,068

2,801

1,261

2,780

(6,724)135(2,546)53,160- 12 -SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

Fiscal Year 2015 (Jan. 1, 2015 – Dec. 31, 2015)(Millions of yen)

Balance at beginning of current
periodChanges of items during period
Issuance of new shares

Capital stock

Capital surplus

20,35921,038

1,945

1,945

Shareholders’ equity
Retained
Treasury sharesearnings
17,086

Total shareholders’equity(2,776)55,707

3,891

Dividend of surplus(728)

Net loss(728)(5,307)(5,307)Purchase of treasury shares
Disposal of treasury shares
Reversal of revaluation reserve
for landNet changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at end of current period

875

(0)

(0)

2,762

3,637

(40)

(40)

1,945

2,821

(6,077)

2,761

1,451

22,30423,86011,009(15)

57,159(Millions of yen)

Accumulated other comprehensive income
Valuation
Total
Foreign
Deferred
Revaluationdifference on
Remeasurements accumulated Minority Total net
currency
gains orinterests
assetsreserve for
otheravailable-forof defined benefit
translation
losses on
land
-sale
plans
comprehensive
adjustment
hedgessecurities
incomeBalance at
beginning ofcurrent period
Changes of items
during period
Issuance of newsharesDividend of
surplus
Net loss
Purchase oftreasury shares
Disposal oftreasury shares
Reversal ofrevaluation
reserve for land
Net changes of
items other thanshareholders’equityTotal changes of
items during period
Balance at end ofcurrent period

1,261

2,780

(6,724)135-(2,546)-53,1603,891(728)(5,307)
(0)
3,637
(40)

495

(1,497)

94

(24)

(1)

(934)

27

(907)

495

(1,497)

94

(24)

(1)

(934)

27

544

1,756

1,282

(6,629)110(1)(3,481)27

53,705- 13 -SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

(4) Consolidated Statement of Cash Flows(Millions of yen)
Fiscal Year 2014
Fiscal Year 2015
(Jan. 1, 2014 – Dec. 31, 2014) (Jan. 1, 2015 – Dec. 31, 2015)
Cash flows from operating activities
Income (loss) before income taxes and minority interests
Depreciation
Impairment loss
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for sales promotion expenses
Interest and dividend income
Interest expenses
Share of (profit) loss of entities accounted for using equity method
Loss (gain) on sales of investment securities
Loss (gain) on sales and retirement of non-current assets
Loss on reduction of non-current assets
Subsidy income
Loss (gain) on transfer of business
Extra retirement payment
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in notes and accounts payable-trade
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Proceeds from subsidy income
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of investment securities
Proceeds from sales of investment securities
Proceeds from redemption of investment securities
Purchase of shares of subsidiaries
Other, net
Net cash provided by (used in) investing activities
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 share issuance to minority shareholders
Proceeds from issuance of bonds with subscription rights to shares
Redemption of bonds
Proceeds from issuance of common shares
Proceeds from disposal of treasury shares
Cash dividends paid
Other, net
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
Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents from newly consolidated
subsidiary
Cash and cash equivalents at end of period- 14 -

2,992
2,675
222
(75)
(368)
(190)
190
(44)
226
72
(126)
(9)
523
4,510
(8,229)
976
3,346
184
(197)
(611)
2,722

(3,834)
2,921
993
(88)
183
(191)
188
(881)
(23)
37
148
(150)
(149)
414
2,556
3,559
1,150
(1,246)
(298)
(485)
4,805
193
(199)
(1,398)3,400(1,718)
11
(746)
100
(25)
993
750
(125)
(778)
(1,540)(4,925)
209
(828)
150
(1,000)1,300(2,643)
152
300
(612)
(153)
(8,053)(4,110)1,500(2,587)6,980(700)(1,041)
(132)
(91)
33
1,124
6,495

(70)
7,800
(2,693)
80
(700)
3,868
3,637
(730)
(130)
11,060
(15)
6,393
7,910

290

-

7,910

14,303SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015(5) Notes to Consolidated Financial Statements
Going Concern Assumption
Not applicable.
Notes to Consolidated Statement of Income*1. The ending inventory is the amount written down to reflect the effect of lower profit margins. The following loss on
valuation of inventories is included in cost of sales.
(Millions of yen)
Fiscal Year 2014
Fiscal Year 2015
(Jan. 1, 2014 – Dec. 31, 2014)(Jan. 1, 2015 – Dec. 31, 2015)
433
361*2. R&D expenses included in general and administrative expenses
Fiscal Year 2014
(Jan. 1, 2014 – Dec. 31, 2014)
179(Millions of yen)
Fiscal Year 2015
(Jan. 1, 2015 – Dec. 31, 2015)
161*3. Gain on sales of non-current assets
Fiscal Year 2014
(Jan. 1, 2014 – Dec. 31, 2014)
Machinery, equipment and vehicles
Other

0
3

Total

4

(Millions of yen)
Fiscal Year 2015
(Jan. 1, 2015 – Dec. 31, 2015)
Machinery, equipment and vehicles
1
Tools, furniture and fixtures
1
Land
15
Total
18

*4. Loss on sales and retirement of non-current assets
Fiscal Year 2014
(Jan. 1, 2014 – Dec. 31, 2014)
Loss on retirement of buildings and structures
Loss on retirement of machinery, equipment andvehiclesLoss on retirement of tools, furniture and fixtures
Loss on sales of land
Loss on retirement of intangible assets
Other
Total

(Millions of yen)
Fiscal Year 2015
(Jan. 1, 2015 – Dec. 31, 2015)7
Loss on retirement of buildings and structures
19
Loss on sales of buildings and structures
Loss on retirement of machinery, equipment and4vehicles2
Loss on retirement of tools, furniture and fixtures
0
Loss on sales of tools, furniture and fixtures
20
Loss on retirement of intangible assets
55
Total

2
23
4
21
21
3
77

- 15 -SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

*5. Impairment loss
The Senshukai Group posted impairment loss on the following asset groups.
Fiscal Year 2014 (Jan. 1, 2014 – Dec. 31, 2014)(Millions of yen)
Location

Primary use

Type

Assets for the mail-order
Buildings and structures,
businessand others
Assets for the bridal
Tomiya-machi, Miyagi
Buildings and structures
business
In principle, business assets are based on categories of management accounting.
Nishi-ku, Osaka City, and others

Impairment loss
81
141

Of the above asset groups, the Company marked down the book value of business assets to the recoverable amount reflecting
weak prospects for improved short-term performance due to worsening operating profitability. These markdowns werebooked as an impairment loss.
The impairment loss on buildings and strucures, tools, furniture and fixtures, and intangible assets were 178 million yen, 14
million yen, and 29 million yen, respectively.
The recoverable amount of these assets was measured at its value in use and calculated by the discounting future cash flows
using a discount rate of 3.1%.
Fiscal Year 2015 (Jan. 1, 2015 – Dec. 31, 2015)(Millions of yen)
Location

Primary use

Type

Impairment loss

Senshukai Co.,Ltd.
Assets for the mail-order
Buildings and structures,
61
Misato City, Saitama, and others
businessand others
Senshukai Co.,Ltd.
Buildings and structures,
Other business assets
21
Chiyoda-ku, Tokyoand others
Belle Neige Direct Co.,Ltd.
Assets for the mail-order
Intangible assets, and50
Chiyoda-ku, Tokyo, and others
businessothersDears Brain Inc.
Assets for the bridal
Leased assets, and others
757
Chuo-ku, Fukuoka, and others
business
Senshukai Co.,Ltd.
Assets to be soldLand
102
Fujimino City, Saitama, and others
In principle, business assets are based on categories of management accounting. Assets to be sold are accounted
independently.
Of the above asset groups, the Company marked down the book value of business assets to the recoverable amount reflecting
weak prospects for improved short-term performance due to worsening operating profitability, and it marked down the bookvalue of assets to be sold to the recoverable amount because of a decline in the assets’ market value. These markdowns werebooked as an impairment loss.
The impairment loss on buildings and strucures, tools, furniture and fixtures, leased assets, and intangible assets were 390
million yen, 14 million yen, 446 million yen, and 38 million yen, respectively. The impairment loss on assets to be sold was
102 million yen in land.
The recoverable amount of theese business assets was measured at its value in use and calculated by the discounting future
cash flows using a discount rate of 2.3%. The recoverable amount of assets to be sold was calculated based on the projectedsales value.

- 16 -SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

Segment and Other Information
1. Overview of reportable segment
Segments used for financial reporting are the Company’s constituent units for which separate financial
information is available and for which the Board of Directors performs periodic studies for the purposes ofdetermining the allocation of resources and evaluating performance.
The Senshukai Group primarily operates the mail-order business, bridal business, and corporates business, andthe Company and its group companies manage each of these businesses according to these classifications.
Therefore the Group, comprised of these different business segments, has three reportable segments: themail-order business, bridal business, and corporates business.
The mail-order business is engaged in mail-order sales via a variety of media centered on catalogs and theInternet. The bridal business provides mostly house wedding services. The corporates business uses theCompany’s infrastructure to provide solutions services and promotional services targeting mail-order companies
and e-commerce businesses.
2. Calculation methods for net sales, profit/loss, assets, and other items for each reportable segment
The accounting methods for reportable segments are the same as those used for preparing the consolidated
financial statements.
Profits for reportable segments are generally operating income figures.
Inter-segment sales are based on market prices.
3. Information related to sales and profit or loss, assets, and other items for each reportable segment
Fiscal Year 2014 (Jan. 1, 2014 – Dec. 31, 2014)
Reportable segment(Millions of yen)Amounts shown on
Adjustment
consolidated(Note 2) financial statements(Note 3)Mail-orderbusiness

Bridalbusiness

Corporates
business

Sub-total

Others(Note 1)

Sales to customers

125,296

12,7503,944

141,991534

142,526-

142,526

Inter-segment sales

881

-

118

1,000

0

1,000

(1,000)-126,177

12,750

4,063

142,992535

143,527(1,000)142,526

Total

Net sales

Total
Segment profit

1,921

834

304

3,060

26

3,086

2

3,088

Segment assets

90,013

13,650606

104,270574

104,845(4,060)100,785

Other items
Depreciation
1,959
681
26
2,667
7
2,675
2,675
Amortization of
21
149
170
170
170
goodwill
Investment inequity-method
659
659
659
659
affiliates
Increase in property,
plant and equipment
1,225
1,655
25
2,905
140
3,045
3,045
and intangible assets
Notes: 1. Others represent the businesses which are not included in any of the three reportable segments and consist mainly of theservices business primarily offering insurance and credit card services, and childcare business.
2. Adjustments are as follows.
(1) The 2 million yen adjustment to segment profit comprises elimination for inter-segment transactions.
(2) The (4,060) million yen adjustment to segment assets comprises elimination for inter-segment transactions.
3. Segment profit is adjusted to be consistent with operating income shown on the consolidated statement of income.

- 17 -SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

Fiscal Year 2015 (Jan. 1, 2015 – Dec. 31, 2015)(Millions of yen)Amounts shown on
consolidated
Adjustment(Note 2) financial statements(Note 3)

Reportable segment
Mail-orderbusiness

Bridalbusiness

Corporates
business

Sub-total

Others(Note 1)

Sales to customers

113,976

15,281

4,214

133,473848

134,321-

134,321

Inter-segment sales

874

0

128

1,002

0

1,003

(1,003)-

114,850

15,281

4,343

134,475848

135,324(1,003)

134,321Total

Net sales

Total
Segment profit (loss)(4,597)682

367(3,547)97(3,449)12(3,437)

Segment assets

87,833

20,786712

109,332

592

109,924(4,571)

105,352

Other items
Depreciation
1,947
925
27
2,901
20
2,921
2,921
Amortization of
52
207
260
260
260
goodwill
Investment inequity-method
778
3,219
3,998
3,998
3,998
affiliates
Increase in property,
plant and equipment
3,098
3,152
12
6,263
37
6,300
6,300
and intangible assets
Notes: 1. Others represent the businesses which are not included in any of the three reportable segments and consist mainly of theservices business primarily offering insurance and credit card services, and childcare business.
2. Adjustments are as follows.
(1) The 12 million yen adjustment to segment profit (loss) comprises elimination for inter-segment transactions.
(2) The (4,571) million yen adjustment to segment assets comprises elimination for inter-segment transactions.
3. Segment profit (loss) is adjusted to be consistent with operating loss shown on the consolidated statement of income.

Per Share Information
Fiscal Year 2014
(Jan. 1, 2014 – Dec. 31, 2014)(Yen)
Fiscal Year 2015
(Jan. 1, 2015 – Dec. 31, 2015)

1,227.52

1,028.17

Net income (loss) per share

41.52(108.03)

Diluted net income per share

37.52

-

Net assets per share

Notes: 1. Diluted net income per share in Fiscal Year 2015 is not presented since the Company has outstanding dilutive securities,
though posted a net loss
2. Basis for calculation of net income (loss) per share and diluted net income per share are as follows.
(Millions of yen)
Fiscal Year 2014
Fiscal Year 2015
(Jan. 1, 2014 – Dec. 31, 2014)(Jan. 1, 2015 – Dec. 31, 2015)
Net income (loss) per share
Net income (loss)

1,798

Amounts unavailable to common shareholders(5,307)--

Net income (loss) related to common stock

1,798(5,307)

Average number of shares outstanding during the period(thousand shares)

43,30849,135

Diluted net income per share
Adjustment to net income--

Increase in number of common stock (thousand shares)

4,611

-

[Including: subscription rights to shares (thousand shares)](4,611)---

Number of residual securities with no dilution excluded
from calculation of diluted net income per share

Subsequent Events
Not applicable.

- 18 -SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015

6. Other(1) Changes in Members of Board of Directors
1) Change in Representative Director
The change in representative director was already disclosed on December 4, 2015 (available only in Japanese.)
2) Changes in Other Directors and Executive Officers (as of March 30, 2016)
 Candidate for Director
Director and Executive Officer:

Takeshi Naito (current Executive Officer, General Manager of the
Corporate Development Division)

Outside Director:

Takahiro Imazu (current Executive Officer, General Manager ofManagement Strategy Unit, J.FRONT RETAILING Co.,Ltd.) Retiring Directors
Information about retiring directors was already disclosed on December 4, 2015.
Mr. Michio Tanabe and Mr. Shohachi Sawamoto will be appointed Advisors, and Mr. Mamoru Asada will be
appointed Special Advisor.
 Retiring Auditor(Full-time) Auditor: Yoshihiro Nakabayashi- 19 -SENSHUKAI CO.,LTD. (8165) Financial Results for Fiscal Year 2015(2) Production, Orders and Sales
1) Production
There were no production activities.
2) Orders
There were no production activities in response to orders received.
3) SalesSales by business segment(Millions of yen)

Mail-order businessBusiness segments andmain items

Fiscal Year 2014
(Jan. 1, 2014 – Dec. 31, 2014)
AmountFiscal Year 2015
(Jan. 1, 2015 – Dec. 31, 2015)

Share (%)

AmountChangeChange (%)

Share (%)

Apparel

56,46839.6

50,86737.9(5,600)(9.9)

Interior goods

31,262

21.9

28,46921.2(2,792)(8.9)

Household goods

16,725

11.7

15,10811.3(1,616)(9.7)

Fashion accessories

13,7399.7

12,2149.1(1,525)(11.1)

Foods

5,638

4.0

5,816

4.3

177

3.1

Others

1,461

1.0

1,499

1.1

38

2.6

125,29687.9

113,976

84.9(11,319)(9.0)

Bridal business

Subtotal

12,7508.9

15,281

11.4

2,531

19.9

Corporates business

3,944

2.8

4,214

3.1

269

6.8

Others
Total

534

0.4

848

0.6

313

58.5

142,526100.0

134,321100.0(8,205)(5.8)

Note: The figures above are stated exclusive of consumption taxes.

* This financial report is solely a translation of summary of “Kessan Tanshin” (in Japanese, including attachments), which has
been prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience ofreaders who prefer an English translation.

- 20 -