SENSHUKAI CO.,LTD.

(Tokyo Stock Exchange, First Section: 8165)

Fiscal 2015 Earnings Presentation
February 4, 2016

Copyright SENSHUKAI Co.,Ltd. All Rights Reserved.

Contents

1.

Consolidated Results of Operations for Fiscal 20152.

Overview by Segment

3.

Consolidated Earnings Outlook for Fiscal 2016

4.

Revisions to the Medium- to Long-term Management Plan

5.

Others6.

Reference: About Senshukai

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2

1. Consolidated Results of Operations
for Fiscal 2015

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Fiscal 2015 Consolidated Statement of Income (YoY Comparison)(Millions of yen)

2014

YoY change

2015% to netsales% to net
sales

Difference

Change in% to netsales

Net sales

142,526

Cost of sales

75,03852.6%

73,44254.7%-1,5962.1%

Gross profit

67,48847.4%

60,87945.3%-6,609-2.1%

SG&A expenses

64,39945.2%

64,316

47.9%

-83

2.7%

Operating income

3,088

2.2%

-3,437-2.6%-6,525-4.8%

Ordinary income

3,549

2.5%

-2,540-1.9%-6,089-4.4%

Net income

1,798

1.3%

-5,307-4.0%-7,105-5.3%

134,321-8,205Net sales decreased due to the continued drop in sales in the mail-order business after the April 2014 consumption tax
hike, unusual temperatures (unseasonable weather), and a change in marketing measures (shift from coupon
distribution to point offer structure).
The operating loss was caused by a lower earnings as sales decreased, the yen’s weakness and a decrease in gross profit
margin resulting from an increase in clearance sales to slash inventory to adequate levels.
The net loss was the result of impairment loss, special retirement expenses and the reversal of deferred tax assets.
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4

Fiscal 2015 Consolidated Balance Sheet (YoY Comparison)(Millions of yen)Dec. 31, 2014 Dec. 31, 2015

Difference

Remarks

Assets Cash and deposits:+¥6.3bn• Current assets

53,55451,947-1,606

 Notes and accounts receivable-trade: -¥2.5bn• Non-current assets

47,23153,4046,173

 Property, plant and equipment: +¥2.8bn
 Investment securities:+¥3.7bn

100,785

105,352

4,567• Current liabilities

33,47031,410-2,060• Non-current liabilities

14,15347,624

20,236
51,647

6,082
4,022

Total assets

 Merchandise and finished goods: -¥3.5bn
 Forward exchange contracts:-¥2.3bn

Liabilities

Total liabilities Electronically recorded
obligations-operating: Income taxes payable:-¥1.0bn-¥0.7bn

 Long-term loans payable:+¥5.6bn Capital stock: Capital surplus:
 Retained earnings:
 Treasury shares:+¥1.9bn+¥2.8bn-¥6.0bn+¥2.7bn

Net assets• Shareholders’ equity• Accumulated othercomprehensive income• Minority interests
Total net assets
Total liabilities and net assets
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55,707-2,54657,159-3,481

1,451
-934

‐

27

27

53,16053,705544

100,785

105,3524,567

 Valuation difference on
available-for-sale securities:
 Deferred gains or losses
on hedges:+¥0.4bn-¥1.4bn

5

Fiscal 2015 Consolidated Statement of Cash Flows(YoY Comparison)(Millions of yen)

2014
Net cash provided by(used in) operating
activities
Net cash provided by(used in) investing
activities

2,722-1,540

2015

3,400

-8,053Difference

678-6,5132015 highlights
 Loss before income taxes and minority
interests:-¥3.8bn Depreciation:+¥2.9bn Decrease in inventories:+¥3.5bn Purchase of property, plant andequipment:-¥4.9bn Purchase of investment securities: -2.6bn

 Proceeds from long-term loans payable:+¥7.8bn

Net cash provided by(used in) financing
activities-91

11,060

11,152

 Proceeds from issuance of commonshares:+¥3.8bn Proceeds from disposal of treasury
shares:+¥3.6bn Repayments of long-term loans payable:-¥2.6bn

Cash and cash
equivalents at end of
periodCopyright SENSHUKAI Co.,Ltd. All Rights Reserved.

7,910

14,303

6,393
6

Fiscal 2015 Consolidated Sales by Business Segment(YoY Comparison)(Millions of yen)
2014
2014年度

2015
2015年度-9.0%
125,296

113,976

19.9%
15,281
12,750

6.8%
3,944

4,214

58.5%
534

Mail-order
通販business

Bridalbusiness
ブライダル

Corporates
法人business

848
Othersその他* “Others” represents services business primarily offering insurance and credit card services, and childcare business
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Fiscal 2015 Consolidated Operating Income by Business Segment(YoY Comparison)(Millions of yen)
2014年度
2014
1,921-18.2%
834

682

20.9%
304

367

2015
2015年度

272.4%
26

97-4,597Mail-order
通販business

Bridalbusiness
ブライダル

Corporates
法人business

Othersその他* “Others” represents services business primarily offering insurance and credit card services, and childcare business
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2. Overview by Segment

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Overview of the Mail-order Business (YoY Comparison)

2014

2015

Difference

125,296

113,976-11,320

Operating income(Millions of yen)

1,921

-4,597-6,518Annual number of active
customers (10,000 members)

383.9

363.1

-20.8

85.1

80.5

-4.6

10,616

10,336

-280

2.92

2.84

-0.08

Net sales(Millions of yen)

Annual number of new members(10,000 members)
Average sales per order (Yen)Annual order frequency per
customer (Times)
Catalog circulation(10,000 volume)

6,375

6,568

193

Main factors

 Decrease in thenumber of current andnew members mainly
due to a decrease in
TV commercials
 Decrease in thenumber of current
customers with a highaverage sale per orderand order frequency
 Larger number ofcatalog circulation but
decrease in pages* All figures other than net sales and operating income are non-consolidated data for the mail-order business(excluding the Hanpukai business)
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10Factors Behind Decrease in Sales and Income
Net Sales
External factors

Internal factors

Operating Income
External factors

Internal factors

Continued drop in sales after the April 2014 consumption tax hike
Unseasonable weather (warm winters, etc.)
Change in marketing measures (shift from coupon distribution
to point offer structure)
Smaller sales area caused by a big reduction in catalog pages
Slow response to the shift to smartphone purchases
Decrease in the cross-media promotions(TV commercials were distributed in spring and autumn for 2014,
but only autumn for 2015)

Rising raw materials and other prices due to weaker yen
Decrease in earnings due to lower sales
Increase in the percentage of sales from discounted merchandise
Increase in cost-of-sales ratio resulting from an increase in clearance sales
to slash inventory to adequate levels
Increase in sales promotion expenses due to additional marketing measures

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11

Mail-order Business –Monthly Sales (YoY Comparison)
Mail-order Business –Monthly Sales
January to December: 91.0％
100.6%

YoY
100％

99.0%

96.3%

99.4%

91.4%

94.7%

92.1%
86.1%

93.1%
89.6%
86.2%

Lower sales due tochange in marketingmeasures

Weak sales of winter apparel andinterior goods because of unusuallywarm weather

71.3%

Drop in sales following
the April 2014
consumption tax hike

Jan.
1月

Feb.
2月

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Mar.
3月

Apr.
4月

May
5月

Jun. 7月
Jul.
6月

Aug.
Oct. 11月
Nov. Dec.
8月 Sep.
9月 10月
12月
12Mail-order Business –Sales by Product Category (YoY Comparison)(Millions of yen)
2014年度
2014-9.9%

2015年度
2015

56,46850,867-8.9%
31,262

28,469-11.1%
13,739-9.7%
16,725 15,108

12,214

3.1%
2.6%
5,638 5,816
1,461 1,499

Apparel
衣料品

Fashion
服飾雑貨
accessories

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Interior
インテリア
goods

Household
生活雑貨
goods

Foods
食品

Othersその他
13

Mail-order Business –Differences in Cost-of-sales Ratio and SG&A Expenses(YoY Comparison)
Cost-of-sales Ratio

SG&A Expenses

2.8%
53.3%

2014
2014年度

56.1%

2015
2015年度
2014

Increase in the percentage of sales from discounted
merchandise
Increase in the cost-of-sales ratio due to the weaker yen(For merchandise purchased from trading companies andmanufacturers and direct purchases)
Higher merchandise write-downs due to inventory disposals
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(Millions of yen)

-1,881
57,40955,52820142014年度

2015
2015年度Distribution costs:
Decrease in packing expenses due to lower sales
Decrease in shipping charges
Sales promotion expenses:
Decrease in production and printing costs due to a
reduction in catalog pages

14

Mail-order Business –Internet-related Indicators(Millions of yen)Internet Sales(including mobile sales)
Sales via catalog:

74.5%

83,121

20142014年度

10,817

77,479
7,782(Millions of yen)

72,3042015
2015年度

69,69
7

4,799

26,436

 Share of sales(Internet-only sales)

69,648

77.7%

Amount and Share of Smartphone Sales
 Net sales

13,459

3.2%

Customer uses Internet to enter
catalog product number

Internet-only sales: All Internet sales other than sales via
catalog

83,107

Ratio of Internet-based Orders

31,234

8.5%

31.8％

40.3％

2014年度
20142015年度
2015

Share of Website Visits by Smartphone Users(number of sessions)2013
2013年度

2014
2014年度

2015
2015年度Lower sales due to a decrease in the numberof customers
Lower sales due to a slow response to theshift to smartphone purchases
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46.7%
2014
2014年度

9.9%

56.6%

2015
2015年度15

Overview of the Bridal Business (YoY Comparison)

Net sales(Millions of yen)
• New facilities(including PLANETWORK facilities)

2014

2015

12,75015,281-

Difference

2,531

2,951

2,951

• Existing facilities

12,75012,330-420

Operating income(Millions of yen)

834

682

-152

Guesthouses

18

22

4

3,260

3,974

714

Weddings (Couples)
Average sales per wedding(10,000 yen)

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381.7

374.0

Main factors-7.7

 Opening of new facilities in
Niigata and Nara
 Two PLANETWORK facilities

 Decrease in the number ofguests More discounted sales due
to intense competition

16

Overview of the Corporates Business (YoY Comparison)(Millions of yen)

Net sales• Contracting services

2014

2015

3,944

4,214

2,857

2,978

Difference

270

121

 Increase in sales tocurrent clients at
outsourced logistics andcall center Increase in sales toexisting clients andlarger number of newclients• Sampling

801

950

149

• Novelties

225

246

21

• Others

61

40

-21

304

367

63

Operating income
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Main factors

17

3. Consolidated Earnings Outlook for
Fiscal 2016

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Fiscal 2016 Consolidated Earnings Outlook (YoY Comparison)(Millions of yen)2015 (Results)

2016 (Forecasts)% to netsales% to netsales

YoY change
Difference

Change in% to netsales

Net sales

134,321

Cost of sales

73,44254.7%

75,407

52.4%

1,965

-2.3%

Gross profit

60,87945.3%

68,592

47.6%

7,713

2.3%

SG&A expenses

64,31647.9%

66,992

46.5%

2,676

-1.4%

Operating income-3,437

-2.6%

1,600

1.1%

5,037

3.7%

Ordinary income-2,540

-1.9%

2,200

1.5%

4,740

3.4%

Net income-5,307

-4.0%

1,400

1.0%

6,707

5.0%

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144,000

9,679

19

Fiscal 2016 Consolidated Sales Outlook by Business Segment(YoY Comparison)(Millions of yen)2015 results
2015年度実績

6.4%
113,976

2016 forecasts
2016年度予想

121,290

13.5%
15,281

17,3502.3%
4,214

通販 business
Mail-order

ブライダル
Bridalbusiness

4,310

法人 businessCorporates

23.8%
848

1,050

その他
OthersIncrease in cross-media promotions (Increased from one to two TV commercials in each year)
Sales growth resulting from full-scale start of “BELLE MAISON DAYS”
More activities to increase sales via smartphones
Larger sales area by increasing number of catalogs and pages
Increase in Bridal business sales* “Others” represents services business primarily offering insurance and credit card services, and childcare business
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20

Fiscal 2016 Consolidated Operating Income Outlook
by Business Segment (YoY Comparison)(Millions of yen)2015 results
2015年度実績

21.6%
260

682

830

6.0%
368

390

2016
forecasts
2016年度予想

23.7%
97

120

-4,597Mail-order
通販 business

Bridalbusiness
ブライダル

Corporates
法人 business

Others
その他

Lower cost-of-sales ratio due to rise in sales of “BELLE MAISON DAYS”
Lower cost-of-sales ratio due to a decrease in bargain and clearance sales because of the 2015 cut inslow-moving inventories
Reduction in logistics expenses resulting from start of operations at the Minokamo Distribution Center
Higher earnings in the bridal business due to larger scale of operations resulting from the businessalliance with Watabe Wedding Corporation* “Others” represents services business primarily offering insurance and credit card services, and childcare business
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Trend and Plan for Capital Expenditures and Depreciation Expenses
Capital Expenditures(Millions of yen)

Property,plant
有形固定資産and equipment

assets

2,618

2,675

2013

2014

799
884

5,365

2,590
613

3,428
2,161

2012

2,921

4,227
3,045

3,720

3,232
2,733

935

882

(Millions of yen)

Intangible
無形固定資産

6,300

4,602

Depreciation Expenses

2013

2014

1,977
2015

2016 (fct.)

2012

2015

2016 (fct.)

Property, plant and equipment increased significantly in 2015 due to the establishment of
Minokamo Distribution Center and opening of new facilities at Dears Brain Inc.
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22

4. Revisions to the Medium- to Long-termManagement Plan
(Fiscal 2014 to Fiscal 2018)

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Medium- to Long-term Management Plan
“Innovate for Smiles 2018”2018 Initial Targets

2018 Revised Targets

Sales target
Operating income
Net income
ROE¥187.0 billion¥10.0 billion¥6.5 billion
About 10 %¥165.0 billion¥5.0 billion¥4.0 billion
About 7 %Sales target
Operating income¥158.5 billion¥7.4 billion¥140.0 billion¥2.6 billion

BridalBusiness

Sales target
Operating income¥18.0 billion¥1.8 billion¥18.0 billion¥1.6 billion

Corporates
Business

Sales target
Operating income¥6.0 billion¥0.7 billion¥5.7 billion¥0.6 billion

Others(New
Businesses)

Sales target
Operating income¥4.5 billion¥0.1 billion¥1.3 billion¥0.2 billion

SenshukaiGroup

Mail-order
Business

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24

Medium- to Long-term Management Plan
“Innovate for Smiles 2018”
Mail-order
Business

Ongoing core strategy initiatives and specific actions

Customer Strategy

Key Measure 1

Make brands stronger
Key Measure 2

Reinforce e-commerce
sales

Merchandising Strategy
Key Measure 3

Expand sales channels

Sales Channel Strategy

Fulfillment Strategy

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Key Measure 4

Target the senior age
segment
Continue improving the quality ofservices for logistics and points ofcustomer contact25

Medium- to Long-term Management Plan
“Innovate for Smiles 2018”
Mail-order
Business(Sales channels)

Key measures: “Make brands stronger” “Reinforce e-commerce sales”“Expand sales channels” “Target the senior age segment”
Upgrade overall sales capabilities by supplying clear forms of value andincrease sales areas
Use private brands to expand sales channels

Channels ofother companies(e-commerce,real)Make brands
stronger

Femalepopulationin 2018

EC販売力強化
NBの活用

Belle M aison Net

Reinforce e-commerce sales
Age segment range in 2013

CatalogCatalog reorganization

30s

40s

50s

Use current channels
to target seniors
60s(Age segments)

Initiatives for 2018

In the past, Senshukai concentrated on creating many private brands to heighten its profile in the mailorder market. Starting in 2016, we will further refine these brands and aim for sales growth by using
these brands in our own catalogs and e-commerce operations as well as in external sales channels.
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Medium- to Long-term Management Plan
“Innovate for Smiles 2018”
Mail-order
Business

Delivering smiles to all customers in a multitude of ways

Key measure 1

Make brands stronger

Senshukai has created many special private brands, including the core BELLE MAISON DAYS
brand. Now, while creating brands that match the needs of a variety of customers, we willcontinue upgrading designs and quality and increase our focus on branding.
We will also focus on SPA product development and procurement to speed up measures to cut
costs and offer more added value.
Key measure 2

Reinforce e-commerce sales

We will build a stronger e-commerce sales framework centered on smartphones as the useof these phones for e-commerce grows. As the purchasing environment changes rapidly,
we will alter sales areas with flexibility and create systems that offer greater convenience.
We also plan to sell a wider selection of carefully selected national brand merchandise to
make sales areas more appealing.
Key measure 3

Expand sales channels

Use stronger brands (see Key measure 1) to enable private brands to be used to enlarge
sales channels. Aggressively seek new sales channels, both other companies’ channels aswell as sales channels in other countries.
Key measure 4

Target the senior age segment

Use core strengths of highly appealing catalogs and solid relationships with women to leverage existingcustomer assets in order to attract more senior customers.
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Medium- to Long-term Management Plan
“Innovate for Smiles 2018”
Unify the strengths and expertise of all bridal business companies

BridalBusiness

Constantly create new forms of value as the leader in Japan’s wedding market
FY12/15 Net Sales¥

Use group synergies toimprove efficiency andcreate new value

FY3/15 Net Sales¥

12.8 bn

2.5 bnFY3/15 Net Sales¥

44.2 bn

Total Net Sales¥*Acquired in March 2015

New openings in 2016

59.6

Openedin
January

The 33 Sense of Wedding

Located in BREEZE BREEZE (Kita-ku, Osaka)

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* Established a capital andbusiness alliance in July 2015bn

To be opened
in March

THE SURF OCEAN TERRACE

Located in Inage Kaihin-koen (Mihama-ku, Chiba)

28Medium- to Long-term Management Plan
“Innovate for Smiles 2018”
Corporates
business

Increase Senshukai’s presence in support for mail-order businessSupply services that make Senshukai a strategic partner in the mail-order businessBusiness
consulting

Marketinganalysis

Advertising/marketingsupportOne-stop services centered on
fulfillment that contributes to powerfulcustomer relationship management

Call center
support

Logistics
supportRetail BPO*

Channeldevelopment
supportIT system
development
support*BPO: Business Process Outsourcing

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29

Medium- to Long-term Management Plan
“Innovate for Smiles 2018”
New
Businesses

A childcare business with priority on safety, confidence andthe highest possible quality
Consistently increase the number of locations to help end the shortage of child day
care and nursery school facilities in Japan

New openings in 2016

To be opened
in April

Egao no Mori Nursery School Sengoku(Bunkyo-ku, Tokyo)

To be opened
in April

Egao no Mori Nursery School Nishifunabashi(Funabashi City, Chiba)

Senshukai is dedicated tolaunching new businesses
appropriately as a “Women’s
Smiles Company.”

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30

Medium- to Long-term Management Plan
“Innovate for Smiles 2018”
Capital &Business
Alliancewith JFR

Goal is maximizing value for customers by leveraging the strengthsof Senshukai and J.FRONT RETAILING
Aiming for rapid progress by using to the greatest extent the assets andexpertise of the two companies

Daimaru Matsuzakaya
Online Shopping

Daimaru Matsuzakaya
Click & Collect

Shop

Net

MobileCatalog

Belle Maison Net

Continue creating a broad array of value that is distributed byusing the private brands of the two companies and jointly
developed brands in their respective channels
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31

5. Others

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Senshukai's CSR Activities in Fiscal 2015
Smile Forest donations from customers surpass ¥95 million
The Smile Forest project started in 2013 with the slogan “together with our customers, making
everyone smile.” With the strong support from customers, donations totaled ¥95,367,257 as ofJanuary 4, 2016.
To position Senshukai as a “Women’s Smiles Company,” these funds were used for three
activities: Tohoku reconstraction support, the Pink Ribbon Campaign, and environmental
activities.

Tohoku reconstraction support – Fourth year of support in
Ishinomaki, parent-child yoga event was held

As part of an earthquake recovery program to give smiles to mothers and their childrenin Tohoku, Senshukai has donated more than 20,000 blankets for babies in the four
prefectures of the Tohoku region.
In Ishinomaki, which we have supported since the March 2011 disaster, Senshukai andthe local NPO Baby Smile Ishinomaki held a parent-child yoga event in October.

Pink Ribbon Campaign－70% of customers support the Pink Ribbon
Campaign, now in its 8th year
All brassieres sold by Senshukai help fund this campaign, which includes the distribution of freebreast cancer screening coupons. According to a fiscal 2015 customer survey, 70.6% ofcustomers believe this campaign is consistent with the public’s perception of Senshukai.
(Distributed 3,400 coupons in 2015)

Environmental activities－Green Power Classes reach the 11th
school as phase 2 starts
These classes, which Senshukai holds at elementary schools, make children think
about the importance of renewable energy and ways to deal with problems involving
energy and the environment.
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33

Dividend Forecast and Earnings Announcements Scheduled in Fiscal 2016
Dividend Forecast
Senshukai’s policy regarding dividends is to appropriately return profits to shareholders thatreflects its business performance by maintaining stable dividends that take into account apayout ratio while at the same time strengthening the business foundation with retained
earnings.
Based on this policy and in light of Fiscal 2015 consolidated results, Senshukai plans to pay a
year-end dividend of 4 yen per share, which has been initially planned, and together with aninterim dividend of 4 yen, this will result in a total annual dividend of 8 yen per share.
For Fiscal 2016, Senshukai plans an annual dividend of 8 yen per share (4 yen each at interim
and year-end), based on the earnings forecast.

Schedule for Earnings Announcements

April 28, 2016 (Thursday) Announcement of financial results for the first quarter of Fiscal 2016

July 28, 2016 (Thursday) Announcement of financial results for the second quarter of Fiscal 2016

July 29, 2016 (Friday)

October 28, 2016 (Friday) Announcement of financial results for the third quarter of Fiscal 2016

Earnings presentation for the second quarter of Fiscal 2016 (Tokyo)

The forward-looking statements contained in this earnings presentation are based on informationthat was available at the time of the release of this presentation. Actual results could differ
significantly from these projections due to a variety of factors.
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34

6. Reference: About Senshukai

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Corporate Profile
Women's Smiles Company

To become the “one and only” choice
for women
Senshukai wants to remain a company, that is the “one and only”
choice for women. We accomplish this by offering original and oneof-a-kind products that women want along with safe, convenient
and thorough services that customers can use with confidence.
Gender Composition of Customers

Age Composition of Customers
Under 20s

Annual active customers

Over 50s

3.63 million

22％

10％

Pct. of women customers

92%

40s

35％

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30s

33％

36

Business Profile
As a “Women's Smiles Company,” Senshukai provides awide range of merchandise and services that cover avariety of activities and stages of women's lives.

Mail-order
Business

Senshukai’s core business• Catalog• E-commerce• Hanpukai

BridalBusiness

House wedding business• 22 wedding halls inJapan

Corporates
Business

Others(New
Businesses)

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A variety of services tosupport the operationsof client companies

Childcare businessInsurance service
Credit card service

37Consolidated Net Sales and Operating Income (Recent Five Years)
Net Sales(Millions of yen)
145,750

137,261

141,552 142,526

Operating Income(Millions of yen)

4,019

134,321

3,107

3,088
2,109

-3,437
2011

2012

2013

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2014

2015

2011

2012

2013

2014

2015

38