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

Summary of Consolidated Financial Statements
for the Year Ended June 30, 2013 [Japan GAAP]
August 8, 2013

Listed Company:
Stock Exchange:
Code Number:
URL:
Representative:
Contact:
Tel.:
Scheduled date of ordinary general meeting of shareholder:
Scheduled date of the start of dividend payments:
Scheduled reporting date of annual security report:
Supplemental materials for financial results:
Presentation of financial results:

MACROMILL, INC.
Tokyo Stock Exchange3730
http://www.macromill.com/
Tetsuya Sugimoto, Chairman and President
Naoya Sugiyama, Director+81-3-6716-0700
September 25, 2013
September 26, 2013
September 26, 2013
Yes
Yes (for securities analysts and institutional investors)(Amounts of less than one million yen are rounded off.)

1. Consolidated Financial Results for the Year Ended June 30, 2013 (July 1, 2012 to June 30, 2013)(1) Consolidated Business Performance
Net sales

Operating income

Million yen%

Million yen%

Year ended June 30, 201317,120

20.3

3,838

Year ended June 30, 2012
(Note) Comprehensive income

14,22916.5
3,082
Year ended June 30, 2013
Year ended June 30, 2012

Yen

Year ended June 30, 2013

%

3,951

18.4
2,975
2,834 million yen
1,418 million yen

Million yen

2,508

64.4

18.0

1,525

30.3

99.9%
26.8%

%

37.57

%

32.8

Ratio of ordinary
income to total assets

Return on equity

Yen

44.14

Net income

Million yen

24.5

Diluted net income
per share

Net income per share(Percentages calculated on year-on-year basis.)

Ordinary income

Ratio of operating
income to net sales

%

16.7

%

19.6

22.4

Year ended June 30, 2012
26.33
22.66
14.9
18.2
21.7
(Reference) Equity in (earnings) losses of affiliates
Year ended June 30, 2013
-1 million yen
Year ended June 30, 2012-184 million yen(Note) On July 1, 2013, MACROMILL conducted a two-for-one stock split. The net income per share above is calculated as if the stock split had been
conducted at the beginning of the previous fiscal year.

(2) Consolidated Financial Position
Total assets
As of June 30, 2013

Net assets

Shareholders' equity ratio

Million yen

Million yen

20,17315,363

Net assets per share
%

Yen

74.4

237.88

As of June 30, 2012
(Reference) Shareholders’ equity

18,7709,899
51.4
171.96
As of June 30, 2013
15,000 million yen
As of June 30, 2012
9,640 million yen(Note) On July 1, 2013, MACROMILL conducted a two-for-one stock split. The net assets per share above is calculated as if the stock split had been
conducted at the beginning of the previous fiscal year.

(3) Consolidated Cash Flow Statements
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Year-end cash and cash
equivalents

Million yen

Million yen

Million yen

Million yen

Year ended June 30, 2013

1,879

(704)

(756)

8,068

Year ended June 30, 2012

2,062

(2,877)

2,185

7,601

2. Dividends
Dividend per share
Record date

End of 1stquarter

End of 2ndquarter

Yen

Year ended June 30, 2012
Year ended June 30, 2013

End of 3rdquarter

Yen

–
–

10.00
12.00

Year end

Yen

AnnualYen––

Total amount ofannual cash
dividends

13.00
13.00

Yen

Dividend payout
Ratio(Consolidated)

Million yen

23.00
25.00

Dividend to net
assets(Consolidated)

%

654
744

43.7
28.3

%

6.6
6.1

Year ending June 30, 2014
–
6.50
–
7.00
13.50
50.1
(forecast)(Note) On July 1, 2013, MACROMILL conducted a two-for-one stock split. The annual dividend for the year ending June 30, 2014 (forecast) takes thestock split into account.

3. Forecast of Consolidated Financial Results for the Year Ending June 2014 (July 1, 2013 to June 30, 2014)(Percentages calculated on year-on-year basis.)

Net sales
Million yen

First half

9,400

Operating income%

12.4

Million yen

1,700

Ordinary income
%

(8.1)

Million yen

1,500

Net income%(22.4)

Million yen

900

Net income per share%(28.7)

Yen

14.27

Full year
19,10011.6
3,400(11.4)
3,000(24.1)
1,700(32.2)
26.96(Note) On July 1, 2013, MACROMILL conducted a two-for-one stock split. The above forecasted net income per share is calculated taking the stock split
into account.

* Notes(1) Important changes in subsidiaries during the fiscal year under review (changes in specific subsidiaries accompanied by a change in the scopeof consolidation):
Yes
New:
–
Name of company:
Exception: 1
Name of company: M-WARP, INC.
On April 1, 2013, the Company merged with M-WARP, INC., which was a consolidated subsidiary of the Company. M-WARP ceased to exist as aseparate business entity after the merger.

(2) Changes in accounting policies and changes or restatement of accounting assumptions(i) Changes in accounting policies associated with the revision of accounting standards, etc.:(ii) Changes in accounting policies other than (i):(iii) Changes in accounting assumptions:(iv) Restatement:

Yes
No
Yes
No

(Note) For details, please refer to 3. Consolidated Financial Statements, (6) Changes to accounting policies, and (7) Changes in accounting
assumptions, on page 14 of the Accompanying Materials.

(3) Number of shares outstanding (common stock)(i) Number of shares issued (including
treasury stock) at the end of the term:(ii) Number of shares of treasury stock at
the end of the term:(iii) Average number of shares during theperiodJune 30, 2013

63,159,350 shares

June 30, 2013

102,074 sharesYear ended June 2013

56,830,638 shares

June 30, 2012 61,736,800 shares
June 30, 2012

5,671,400 sharesYear ended June 2012 57,942,370 shares(Note) On July 1, 2013, MACROMILL conducted a two-for-one stock split. The number of shares is calculated as if the stock split had been
conducted at the beginning of the fiscal year under review.

(Reference) Non-Consolidated Results
1. Non-Consolidated Financial Results for the Year Ended June 30, 2013 (July 1, 2012 to June 30, 2013)(1) Non-Consolidated Business Performance(Percentages calculated on year-on-year basis.)

Net sales

Operating income

Million yen%

Ordinary income

Million yen%

Net income

Million yen%

Million yen%

Year ended June 30, 201315,269

10.3

3,960

8.5

4,065

11.6

2,101

4.2

Year ended June 30, 2012

13,847

13.4

3,648

27.7

3,642

25.0

2,016

41.5

Diluted net income
per share

Net income per share
Yen

Year ended June 30, 2013

Yen

36.98

31.48

Year ended June 30, 2012
34.80
29.95
(Note) On July 1, 2013, MACROMILL conducted a two-for-one stock split. The net income per share above is calculated as if the stock split had been
conducted at the beginning of the previous fiscal year.

(2) Non-Consolidated Financial Position
Total assets
As of June 30, 2013

Net assets

Shareholders' equity ratio

Million yen

Million yen

19,347

15,285

Net assets per share
%

78.9

Yen

242.05

As of June 30, 2012
(Reference) Shareholders’ equity

18,75810,51455.9
186.98
As of June 30, 201315,263 million yen
As of June 30, 2012
10,482 million yen(Note) On July 1, 2013, MACROMILL conducted a two-for-one stock split. The net assets per share above is calculated as if the stock split had been
conducted at the beginning of the previous fiscal year.

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

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

1

1. Results of Operations(1) Analysis on results of operations
In the consolidated fiscal year under review (from July 1, 2012 to June 30, 2013), the Japanese economy was affected by concerns in
the global economy, including declining business confidence in China and slowing growth in emerging countries. There were,
however, positive signs of recovery in the domestic economy, reflecting steady growth in the US economy as well as the weaker yen
and higher stock prices due to the effect of the Bank of Japan’s monetary easing policy following the commencement of the newadministration in December of last year.
According to the 38th Marketing Research Business Status Survey, published by the Japan Marketing Research Association, Japan’s
marketing research industry grew 5.1% year on year, to 181.9 billion yen, in fiscal year 2012 (April 2012 to March 2013). We expect
the marketing research market to continue to grow steadily, albeit moderately. The online research market, which is the
MACROMILL Group’s key market, grew 13.9% year on year, to 52.3 billion. This indicates an increase in demand for online
research and a continuing shift away from traditional research methods to online research.
In this environment, MACROMILL, INC. (“the Company”) and its consolidated subsidiaries (together, the “Group”) strategicallyplanted business seeds while assessing market trends, and considered the timing of expanding its business areas and domains andadvancing to the next stage in its marketing business. The Group believes that the most important thing is to strengthen thefoundation of its marketing research business while developing sources of revenue other than its existing principal businesses. Basedon this belief, the Group concentrated on developing new businesses in which it can make the most of its management resources,
analyzing and examining M&A projects in Japan and overseas, and seeking business alliances.
In its existing businesses in Japan, the Group expanded its wide range of services to appropriately and promptly meet the diversifying
needs of its customers, and strove to enhance its product capabilities and ability to make proposals. Meanwhile, the Group steadily
promoted structural reform, establishing new bases in Sendai and Shinjuku to flexibly respond to the increasing number of projects.
Overseas, the Group continued to establish business bases in Asia. Sales rose steadily at MACROMILL EMBRAIN CO., LTD.
(“EMBRAIN”) in South Korea, as it met the needs of local corporate customers. MACROMILL China, Inc. expanded its services
while assessing trends in the Chinese market.
In new business domains, the Group released an Android version of misecolle, a promotional application for smartphones, in April
2013. In the fall, the Group plans to launch an iPhone version and a Web version. The Group aims to increase the number of stores,
restaurants, and companies connected with the application as well as the number of users. At the same time, the Group will seek toprovide high-value-added content to promote the use of the application. Meanwhile, the Group is developing a DIY Research service,
to be launched in October 2013. The service will enable corporate customers to easily create survey forms on their own at low costand distribute and collect questionnaires for their customers.
The Group will continue to aggressively and efficiently invest profits from its existing domestic businesses into new businesses andfocus on creating innovative services.
As part of its capital policy, the Company conducted a two-for-one common stock split on July 1, 2013, to improve its stock liquidity
and expand its shareholder base. The Company will continue to consider ways to enhance its enterprise value, taking business results,financial conditions and stock markets, among other factors, into account.
The Company has redefined the management philosophy it has had since its founding, as well as its corporate identity. Under its new
tagline, “Innovation or Nothing,” adopted in April 2013, the Group plans to make a concerted effort to create new markets andinnovative services. The Company aims to become the undisputed leader in the industry, taking the lead in innovations in society bycontinuing to provide advanced marketing services.
As a result of the above initiatives, in the consolidated fiscal year under review, the Company recorded net sales of 17,120 million
yen (an increase of 20.3 % year on year), operating income of 3,838 million yen (a rise of 24.5%), ordinary income of 3,951 million
yen (up 32.8%), and net income of 2,508 million yen (a rise of 64.4%).
The following are net sales by service category. As disclosure classifications have changed since the first quarter of the fiscal year
under review, the year-on-year changes in each service segment were calculated by adjusting the results for the previous fiscal year
based on the revised service segments.
(i) Automatic Research Service
The automatic research service is the market research service using the Automatic Internet Research system (hereinafter “AIRs”)
uniquely developed by the Company. This is the core service of the Group. Demand for research from almost all general business2

companies, especially research companies, consulting firms, and companies in the IT industry, remained firm. The resulting total net
sales in this service segment came to 7,948 million yen (up 8.1% year on year).
(ii) Tabulation Service
Tabulation Service is a service where, after data collection via AIRs, specialist employees produce specific tables and graphs
matching the purpose of the relevant research. With the growing ongoing need for an integrated service covering everything fromfieldwork to data collection, tabulation, and analysis, and given the improvements in the Company’s operational structure and ability
to handle projects, total net sales in this service segment rose 10.0% year on year, to 966 million yen.
(iii) Analysis Service
Analysis Service covers designing survey forms and questionnaire as well as producing a range of reports after collecting researchdata. To meet the rising demand for analysis services associated with the increasingly complicated marketing issues customers face
and the need for advanced skills, the Company has enhanced its researchers’ ability to make proposals. As a result, orders from
customers in a wide range of industries, especially the food industry, were strong, and total net sales in this service segment rose
18.5% year on year, to 1,640 million yen.
(iv) Qualitative Research Service (Group Interview, etc.)
Qualitative Research Service carries out group or one-on-one interviews for in-depth insights into the psychology of respondents.
Thanks to improvements in the organizational structure associated with the establishment of an office in Shinjuku as well as a more
efficient operational flow, orders from the service industry and food industry were strong. Total net sales in this service segment
increased 14.2% year on year, to 1,371 million yen.
(v) Customized Research Service
Customized Research Service prepares tailor-made survey sheets and collects research data for more individualized research projects
beyond the scope manageable by AIRs. Although there is demand for research that requires special methods and a unique design, thescope of research that can be handled by automatic research services has expanded as a result of enhancements to the functionality ofAIRs, and research needs have diversified. As a result, total net sales in this service segment fell 4.7% year on year, to 1,293 million
yen.
(vi) Global Research Service
This service includes research into overseas markets for domestic companies as well as marketing research for overseas companies.
Demand for research into overseas markets increased, as well as the number of projects. As a result, total net sales in this service
segment rose 41.8% year on year, to 677 million yen.
(vii) QPR Service
QPR Service carries out research services that offer the data of consumers’ daily purchasing trends that are collected through thespecial portable bar code scanner. This service comprises QPR-TRACE, a system that creates reports in a regular format regarding
time-series purchasing trends; QPRMill, an Internet research service that uses QPR panelist surveys; QPR-ANALYZE, a system thatoffers on-the-spot analysis of purchasing trends and can also handle sophisticated tabulation and analysis according to individual
issues; and QPR-SCAPE, a system that provides a profile of purchases by lifestyle and values. The Group focused on improving data
quality, developing systems, and enhancing the value of the service as an effective marketing tool, and total net sales in this service
segment rose 20.7% year on year, to 1,015 million yen.
(viii) Overseas business domain
Overseas business domain comprises sales of consolidated subsidiaries in China and South Korea. Our subsidiary in China isaccumulating knowledge and expertise while studying market and consumer trends. Our subsidiary in South Korea is improving its
sales force and ability to respond to service requests, and is promoting structural reform, including cost cutting, to solidly takeadvantage of research demand. Total net sales in this service segment surged 448.8% year on year, to 1,654 million yen.
(ix) Other Services
Other Services chiefly consist of AIRsMEMBERS (SaaS-type CRM businesses), a service that combines the functionality of AIRs
with customer management (CRM) systems, Brand Data Bank (bdb), a database subscription service that provides consumer profiles
based on surveys of 30,000 panel members into possessions, interests, and brand preferences, Mobile Research Service, a service that3

collects data by using mobile phones, and sales of domestic consolidated subsidiaries. Partly because the Company allocated sales
resources to Automatic Research Service, Qualitative Research Service and other services on a priority basis, sales of Other Servicesrose 26.0% year on year, to 552 million yen.
Outlook for the fiscal year ending June 30, 2014
Although the domestic marketing research market is stable, since demand will continue as long as companies have a need for researchand development for products, the growth curve is becoming shallower. Meanwhile, demand for online research, which is replacing
conventional research, continues to enjoy solid growth, and we expect the online research market to maintain an upward trend forsome time to come.
In this environment, the Group believes that to accelerate growth, it is essential to consolidate its existing businesses while creating
new major sources of revenue. Considering that drastic changes in the business environment due to the growing penetration rates ofsmart devices have given the Group crucial business opportunities, the Group has discussed and considered business initiatives tocreate new value. Overseas, the size of the marketing research market is growing relatively steadily. Against this backdrop, theCompany has established bases in South Korea and China and is seeking to enter markets in North America and Europe throughM&A.
While enhancing collaboration within the Group, the Company will aggressively invest in new businesses and overseas operations, as
the business environment is changing over the medium to long term, and plans to rapidly build strong business bases.
For the fiscal year ending June 30, 2014, Macromill forecasts consolidated net sales of 19,100 million yen (up 11.6% year on year),consolidated operating income of 3,400 million yen (down 11.4%), consolidated ordinary income of 3,000 million yen (down 24.1%),
and consolidated net income of 1,700 million yen (down 32.2%).

(2) Analysis on financial position(i) Assets, Liabilities and Net Assets
Assets totaled 20,173 million yen at the end of the fiscal year under review, an increase of 1,402 million yen from the end of theprevious fiscal year. This was primarily due to an increase in short-term investment securities of 1,156 million yen, an increase innotes and accounts receivable-trade of 617 million yen, and an increase in cash and deposits of 247 million yen.
Liabilities amounted to 4,809 million yen, decreasing 4,061 million yen from the end of the previous fiscal year, principally reflecting
a decrease in bonds with subscription rights to shares of 3,340 million yen.
Net assets were 15,363 million yen, an increase of 5,463 million yen. This was mainly the result of a decrease of 2,187 million intreasury stock and an increase in retained earnings of 1,809 million yen.
(ii) Cash flows
Cash and cash equivalents (hereinafter “cash”) at the end of the fiscal year under review increased 467 million yen from the end of
the previous fiscal year, to 8,068 million yen.
Cash flows for the fiscal year under review and primary factors behind the reported results are as follows:(Cash flows from operating activities)
Net cash provided by operating activities stood at 1,879 million yen (down 8.9% year on year).
Cash outflows, including income taxes paid of 1,802 million yen and an increase in notes and accounts receivable-trade of 549
million yen, were more than offset by cash inflows, including income before income taxes and minority interests of 3,762 million yen,and depreciation and amortization of 427 million yen.
(Cash flows from investing activities)
Net cash used in investing activities was 704 million yen (down 75.5% year on year).
This result is mainly attributable to the purchase of software of 541 million yen and payments for sales of investments in subsidiaries
resulting in a change in the scope of consolidation of 494 million yen.
(Cash flows from financing activities)
Net cash used in financing activities was 756 million yen (compared with net cash provided by financing activities of 2,185 million
yen in the same period of the previous year).
This result is mainly attributable to cash dividends paid of 697 million yen and a 162 million yen purchase of treasury stock.

4

(Reference) Cash Flow-Related Indicators

Shareholders’ equity ratio (%)

Previous consolidated fiscal year
(from July 1, 2011 to June 30, 2012)
Amount51.4

Current consolidated fiscal year
(from July 1, 2012 to June 30, 2013)
Amount
74.4

139.1

183.8

Shareholders’ equity ratio on market value basis (%)
Ratio of interest-bearing liabilities to cash flow (%)

10.5

12.8

Interest coverage ratio (x)

443.7

180.1

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

2. Management Policy
The “Management Policy” has been omitted, as there were no significant changes from the matters disclosed in the summary offinancial statements for the year ended June 30, 2012 (released on August 8, 2012).
The aforementioned information is available on the following Web sites:
Macromill Web site:
http://www.macromill.com/ir/
Tokyo Stock Exchange Group, Inc. Web site (listed company search page):
http://www/tse.or.jp/listing/compsearch/index.html

5

3. Consolidated Financial Statements(1) Consolidated balance sheets(Unit: thousand yen)
As of June 30, 2012
AmountAs of June 30, 2013
Amount8,420,393
2,978,743–
16,011
793
3,155
573,521382,265(65,212)8,668,258
3,596,640
1,156,200
16,065–3,045
432,026
257,460(34,624)

12,309,672

14,095,071

256,977
198,561445

313,699
276,990
445

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

44,158

－

4,500

4,079

504,643595,214505,876
1,022,094
513,222795,335
1,188,317
558,751

2,041,192

2,542,403

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

2,533,594
753,000
629,910(1,250)2,221,330–
735,481(16,091)

Total investments and other assets

3,915,254

2,940,720

6,461,090

6,078,339

18,770,763

20,173,410

Total noncurrent assets
Total assets

6

(Unit: thousand yen)
As of June 30, 2012
AmountAs of June 30, 2013
Amount207,7762,293
803,018
1,039,015
141,0311,090,330
351,420

240,741–
1,044,812
309,63150,264
961,793309,8033,634,885

2,917,048

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

1,660,000–
49,07654,696
128,975–

5,235,912

1,892,747

Total liabilities

8,870,798

4,809,796

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

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

1,953,008
5,711,895
7,236,609(40,404)

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

9,727,909

14,861,110

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

Total shareholders' equity(48,444)(38,494)87
139,171

Total of accumulated other comprehensive income(86,939)

139,259

31,980227,01430,615
332,629

9,899,965

15,363,614

18,770,763

20,173,410

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

7

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

Net sales
Cost of sales

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

Current consolidated fiscal year
(from July 1, 2012 to June 30, 2013)
Amount17,120,363
8,797,744

Gross profit

7,085,904

8,322,619

Selling, general and administrative expenses

4,002,947

4,484,191

Operating income

3,082,956

3,838,427

68,102
1,777
190
47,912

48,67675,543–24,373

117,982

148,593

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

10,438
1,637
1,380
2,127
–
2,074
3,578
14,151Non-operating income
Interest income
Dividends income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on transfer of accounts receivable
Equity in losses of affiliates
Stock issuance cost
Bond issuance cost
Commission for purchase of treasury stock
Foreign exchange losses
Other
Total non-operating expenses

225,336

35,3892,975,602

3,951,631

45,956–
1,525

22,4632,545
968

47,481

25,977

8,338
19
–
–
–
–

22,652
5,265
63,442
68,715
12,236
42,6228,357

214,934

Income before income taxes and minority interests

3,014,726

3,762,674

Income taxes–current
Income taxes–deferred

1,593,161(42,069)

1,067,869
113,872

Ordinary income
Extraordinary income
Gain on sales of investment securities
Gain on sales of subsidiaries and affiliates' stocks
Gain on reversal of subscription rights to shares
Total extraordinary income
Extraordinary loss
Loss on retirement of noncurrent assets
Loss on sales of investment securities
Loss on valuation of investment securities
Loss on sales of stocks of subsidiaries and affiliates
Provision of allowance for doubtful accounts
Advisory expenses
Total extraordinary losses

Total income taxes

1,551,091

1,181,742

Income before minority interests

1,463,635

2,580,932

Minority interests in income (loss)
Net income

8(62,096)

72,627

1,525,731

2,508,304

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

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

Previous consolidated fiscal year
(from July 1, 2011 to June 30, 2012)
Amount
1,463,635(4,658)(40,674)

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

9

Current consolidated fiscal year
(from July 1, 2012 to June 30, 2013)
Amount2,580,932
48,532205,200(45,333)

253,732

1,418,302

2,834,664

1,484,775

2,734,503(66,473)

100,161(3) Consolidated statements of changes in net assets
Previous consolidated fiscal year
(from July 1, 2011 to June 30, 2012)
AmountShareholders' equity
Capital stock
Balance at the beginning of current period
Changes of items during the period
Issuance of new shares
Conversion of convertible bond-type bonds with
subscription rights to shares
Total changes of items during the period
Balance at the end of current period
Capital surplus
Balance at the beginning of current period
Changes of items during the period
Issuance of new shares
Conversion of convertible bond-type bonds with
subscription rights to shares
Retirement of treasury stock
Disposal of treasury stock
Total changes of items during the period
Balance at the end of current period
Retained earnings
Balance at the beginning of current period
Changes of items during the period
Dividends from surplus
Net income
Retirement of treasury stock
Disposal of treasury stock
Total changes of items during the period
Balance at the end of current period
Treasury stock
Balance at the beginning of current period
Changes of items during the period
Purchase of treasury stock
Retirement of treasury stock
Disposal of treasury stock
Total changes of items during the period
Balance at the end of current period
Total shareholders' equity
Balance at the beginning of current period
Changes of items during the period
Issuance of new shares
Conversion of convertible bond-type bonds with
subscription rights to shares
Dividends from surplus
Net income
Purchase of treasury stock
Disposal of treasury stock
Total changes of items during the period
Balance at the end of current period

10(Unit: thousand yen)
Current consolidated fiscal year
(from July 1, 2012 to June 30, 2013)
Amount

1,597,858

1,644,095

46,237

58,913–250,000

46,237

308,913

1,644,095

1,953,008

4,865,040

4,885,021

46,237

58,913–250,000(26,256)––
517,961

19,980826,874

4,885,021

5,711,895

5,583,316

5,427,119(564,545)
1,525,731(1,107,560)(9,822)(698,814)
2,508,304––(156,196)

1,809,490

5,427,119

7,236,609(1,106,674)(2,228,326)(2,333,144)
1,133,816
77,675(159,946)–
2,347,868(1,121,651)

2,187,922(2,228,326)(40,404)

10,939,539

9,727,909

92,474

117,826–

500,000(564,545)
1,525,731(2,333,144)
67,853(698,814)
2,508,304(159,946)
2,865,829(1,211,630)

5,133,200

9,727,909

14,861,110

Previous consolidated fiscal year
(from July 1, 2011 to June 30, 2012)
AmountAccumulated other comprehensive income
Valuation difference on available-for-sale securities
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders'equityTotal changes of items during the period
Balance at the end of current period
Foreign currency translation adjustment
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders'equityTotal changes of items during the period
Balance at the end of current period
Total of accumulated other comprehensive income
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders'equityTotal changes of items during the period
Balance at the end of current period
Subscription rights to shares
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders'equityTotal changes of items during the period
Balance at the end of current period
Minority interests
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders'equityTotal changes of items during the period
Balance at the end of current period
Total net assets
Balance at the beginning of current period
Changes of items during the period
Issuance of new shares
Conversion of convertible bond-type bonds with
subscription rights to shares
Dividends from surplus
Net income
Purchase of treasury stock
Disposal of treasury stock
Net changes of items other than shareholders'equityTotal changes of items during the period
Balance at the end of current period

11(Unit: thousand yen)
Current consolidated fiscal year
(from July 1, 2012 to June 30, 2013)
Amount(43,785)(48,444)(4,658)48,532(4,658)48,532(48,444)87(2,197)(38,494)(36,297)

177,666(36,297)

177,666(38,494)

139,171(45,982)(86,939)(40,956)

226,198(40,956)

226,198(86,939)

139,259

40,12731,980(8,147)(1,364)(8,147)(1,364)

31,98030,615

227,841

227,014(827)

105,615(827)

105,615

227,014332,629

11,161,526

9,899,965

92,474

117,826–

500,000(564,545)
1,525,731(2,333,144)
67,853(698,814)
2,508,304(159,946)
2,865,829(49,930)

330,449(1,261,560)

5,463,649

9,899,965

15,363,614

(4) Consolidated statement of cash flow
(Unit: thousand yen)Previous consolidated fiscal year
Current consolidated fiscal year
(from July 1, 2011 to June 30, 2012) (from July 1, 2012 to June 30, 2013)
AmountAmountNet cash provided by (used in) operating activities
Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for retirement benefits
Increase (decrease) in provision for directors'
retirement benefits
Increase (decrease) in allowance for panelists–points
Increase (decrease) in reserve for bonuses
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Equity in (earnings) losses of affiliates
Loss (gain) on sales of investment securities
Loss (gain) on valuation of investment securities
Loss (gain) on sales of stocks of subsidiaries andaffiliates
Loss on retirement of noncurrent assets
Gain on reversal of subscription rights to shares
Decrease (increase) in notes and accounts
receivable–trade
Decrease (increase) in inventories
Increase (decrease) in accounts payable–other
Increase (decrease) in consumption taxes payable
Other, net

3,014,726
394,715
96,368(5,313)(7,179)3,762,674
427,940
110,020(27,151)(53,258)

19,832

6,672

102,989
95,992(69,879)
4,648
228
184,997(45,956)–(196,852)(91,089)
124,220
10,438609
1,380(17,197)
63,442–

66,1698,338(1,525)22,652(968)(446,933)(549,711)

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

2,282
121,971(22,898)
67,715

Subtotal

3,228,405

3,580,622

Interest and dividend income received
Interest expenses paid
Income taxes paid

52,220(4,648)(1,213,442)

111,848(10,438)(1,802,063)

Net cash provided by (used in) operating activities(2,062,535)

1,879,969

12

(Unit: thousand yen)Previous consolidated fiscal year
Current consolidated fiscal year
(from July 1, 2011 to June 30, 2012) (from July 1, 2012 to June 30, 2013)
AmountAmountNet cash provided by (used in) investing activities
Payments into time deposits
Proceeds from maturity of time deposits
Purchase of short-term investment securities
Proceeds from redemption of securities
Purchase of investments in subsidiaries
Proceeds from sales of investments in subsidiaries
Purchase of property, plant and equipment
Purchase of software
Purchase of investment securities
Proceeds from sales of investment securities
Proceeds from collection of lease and guarantee
deposits
Payments for lease and guarantee deposits
Purchase of investments in subsidiaries resulting inchange in scope of consolidation
Payments for sales of investments in subsidiaries
resulting in change in scope of consolidation
Payments of loans receivableCollection of loans receivable
Proceeds from collection of other investments
Other, net
Net cash provided by (used in) investing activities(300,000)–(31,840)
231,840(57,500)–(152,203)(375,989)(1,649,410)
358,206(139,617)
378,953(86,200)––
8,000(280,795)(541,282)(137,605)
518,485

7,840

70,488(26,526)(126,534)(475,769)––(494,776)(1,319,544)
550,000
544,031(180,987)(30,135)
155,380–809(2,877,853)(704,830)–(41,820)(1,161)

272,968(294,446)(10,093)

4,993,641–

Net cash provided by (used in) financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of bonds with subscription
rights to shares
Proceeds from issuance of subscription rights tosharesProceeds from issuance of common stock
Purchase of treasury stock
Proceeds from sale of treasury stock
Proceeds from disposal of treasury stock
Cash dividends paid
Proceeds from stock issuance to minority shareholders

–

3,775

85,320(2,354,301)
67,532–(565,848)
2,000

105,624(162,020)–
25,707(697,685)–

Net cash provided by (used in) financing activities

2,185,362(756,170)(12,250)

48,134

Net increase (decrease) in cash and cash equivalents

1,357,794

467,102

Cash and cash equivalents at beginning of period

6,243,362

7,601,156

Cash and cash equivalents at end of period

7,601,156

8,068,258

Effect of exchange rate change on cash and cash
equivalents13(5) Notes regarding the premise of a going concern
None applicable(6) Changes to accounting policies
Change in depreciation method
Given the revision of the Corporation Tax Act, from the fiscal year under review, the Group is depreciating the property, plant andequipment that were acquired on or after July 1, 2012 under the revised Corporation Tax Act.
The effect of this change in depreciation method is minor.

(7) Changes in accounting assumptions
The Company is posting an allowance for panelists’ points, the estimated expenses for point rewards as an incentive for panelists.
With the creation of a data-processing system to aggregate the points used by panelists, the Company can now calculate its estimates
more accurately and has changed its estimate for the fiscal year under review.
With this change, operating income, ordinary income, and income before income taxes and minority interests each rose 251,968,000
yen.

14

(8) Matters to note
(Segment information, etc.)
a. Segment information
1. Overview of reportable segments
A reportable segment of the Group is a unit for which separate financial information is available and that the Board of
Directors regularly examines to determine the allocation of its management resources and to evaluate its results.
The major business of the Group is online research using AIRs. As the economic characteristics of its business services and themarkets where they are sold are almost identical, the Group has only one reportable segment.
2. Method for calculating sales, profit or loss, assets, liabilities, and other items by reportable segment
None applicable
3. Sales, profit or loss, assets, liabilities, and other items by reportable segment
Previous consolidated fiscal year (from July 1, 2011 to June 30, 2012)
None applicable
Current consolidated fiscal year (from July 1, 2012 to June 30, 2013)
None applicableb. Related information
Previous consolidated fiscal year (from July 1, 2011 to June 30, 2012)
1. Information by product and service(Unit: thousand yen)

Sales toexternalcustomers

Automatic
Research

Tabulation

7,349,613

878,953

Analysis

Qualitative Customized
ResearchResearch

1,384,392

1,200,982

1,356,982

GlobalResearch
477,850

QPR

841,043

Overseasbusiness
301,516

Other

Total

438,434 14,229,768

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

15

Current consolidated fiscal year (from July 1, 2012 to June 30, 2013)
1. Information by product and service(Unit: thousand yen)

Sales toexternalcustomers

Automatic
Research

Tabulation

7,948,065

966,739

Analysis1,640,759

Qualitative Customized
ResearchResearch
1,371,460

GlobalResearch

1,293,626

677,478

QPR

Overseasbusiness

Other

1,015,147

1,654,614

552,472 17,120,363

Total

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

c. Information on loss on impairment of fixed assets by reportable segment
Previous consolidated fiscal year (from July 1, 2011 to June 30, 2012)
None applicable
Current consolidated fiscal year (from July 1, 2012 to June 30, 2013)
None applicabled. Information on amortization of goodwill and unamortized balance by reportable segment
Previous consolidated fiscal year (from July 1, 2011 to June 30, 2012)
Information on amortization of goodwill and unamortized balance by reportable segments is omitted, since the Company only
has one reportable segment.
Current consolidated fiscal year (from July 1, 2012 to June 30, 2013)
Information on amortization of goodwill and unamortized balance by reportable segments is omitted, since the Company only
has one reportable segment.
e. Information on gains on negative goodwill by reportable segment
Previous consolidated fiscal year (from July 1, 2011 to June 30, 2012)
None applicable
Current consolidated fiscal year (from July 1, 2012 to June 30, 2013)
None applicable16(Per share information)
Previous consolidated fiscal year
(from July 1, 2011 to June 30, 2012)

Current consolidated fiscal year
(from July 1, 2012 to June 30, 2013)

Net assets per share

171.96 yen

237.88 yen

Basic net income per share

26.33 yen

44.14 yen

Diluted net income per share

22.66 yen

37.57 yen

(Note) 1. The Company conducted a two-for-one stock split on July 1, 2013, according to a resolution at the Board of Directors
meeting held on May 31, 2013. The net assets per share, basic net income per share, and diluted net income per share above
are calculated as if the stock split had been conducted at the beginning of the previous fiscal year.
2. The basis for calculating the amount of net income per share and the amount of diluted net income per share is as follows:
Previous consolidated fiscal year
Current consolidated fiscal year
(from July 1, 2011 to June 30, 2012) (from July 1, 2012 to June 30, 2013)
Basic net income per share
Net income (thousand yen)

1,525,731

2,508,304––

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

1,525,731

2,508,304

Average number of common stock (shares)

57,942,370

56,830,638––

Number of common stock increased (shares)

9,398,694

9,937,933

Subscription rights to shares (shares)（487,994）（627,045）（8,910,700）（9,310,889）

Diluted net income per share
Net income adjustments

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

Summary of latent shares not included in thecalculation of diluted net income per share due to lackof dilution effect17────────(Significant subsequent events)
1. Stock split
According to a resolution at the Board of Directors meeting held on May 31, 2013, the Company conducted a stock split on July
1, 2013.
(1) Purpose of the stock split
The Company aims to increase its liquidity and expand its shareholder base by reducing its investment unit.
(2) Outline of the stock split(i)

Method of the stock split
Each common share held by a shareholder as recorded in the final version of the register of shareholders as of June

(ii)

(3)
(4)

30, 2013, will be divided into two.
Increase in the number of shares after the stock split
Number of shares issued before the stock split:
Increase in the number of shares after the stock split:

31,579,675 shares
31,579,675 shares

Number of shares issued after the stock split:
Number of authorized shares before the stock split:

63,159,350 shares
83,712,000 shares

Number of authorized shares after the stock split:
Effective date of the stock split

167,424,000 shares

July 1, 2013
Effect on per share information
The figures (in the per share information) are calculated as if the stock split had been conducted at the beginning of theprevious fiscal year.

2. Additional investment in a consolidated subsidiary
At a meeting of the Board of Directors held on August 8, 2013, the Company resolved to make an additional investment in
misecolle, Inc., a consolidated subsidiary of the Company.
(1) Purpose
The Group considers the rapidly growing penetration rate of smart devices to be a business opportunity. To achieve its
next innovation, the Group has endeavored to create a low-cost marketing service in the promotion field that anyone caneasily use.
The Group has decided that it needs to increase the amount of its investment in misecolle so it can enhance the service as a
new core business and quickly expand the number of restaurants, stores, and companies involved as well as the number ofusers.
(2) Outline of additional investment
(i)
(ii)

Amount of additional investment
Number of shares issued

270 million yen
5,400 shares

(iii)
(iv)

Number of shares issued after capital increase
Allotment

12,000 shares
The Company, 100%(v)
Date of capital increase(3) Outline of the subsidiary

August 30, 2013 (scheduled)

(i)
(ii)

Name
Head office address

misecolle, Inc.
2-16-1 Konan, Minato-ku, Tokyo

(iii)
(iv)

Title and name of representative
Business

CEO, Tetsuya Sugimoto
The development and operation of misecolle, a smartphone(v)

Capitalapplication to promote stores and restaurants
Before the capital increase: 165 million yen(vi)

Established

After the capital increase: 300 million yen
April 1, 2013

(vii)

Major shareholder and its shareholding ratio

MACROMILL, INC., 100%18

3. Borrowing
At a meeting of the Board of Directors held on August 8, 2013, the Company resolved to conclude an agreement on a term loan
with a commitment period and credit line of 5 billion yen.
Outline of the term loan with commitment period(1) Agreement dateAugust 8, 2013
(2) Lender

Mizuho Bank, Ltd.

4. Stock buybacks
At a meeting of the Board of Directors held on August 8, 2013, the Company resolved to buy back its stock according to Article
156 of the Companies Act, as applied by a reading of the terms under Article 165, Paragraph 3 of the same act.
(1) Reason for stock buybacks
The Company has decided to repurchase its stock to enhance its shareholder return and capital efficiency and to execute
flexible capital policies in response to changes in the business environment.
(2) Details of stock buyback(i)Type of stock to be repurchased

Common stock of the Company(ii)

Number of shares to be repurchased

8,000,000 shares (maximum)(Percentage of the number of shares outstanding: 12.7%)

(iii)
(iv)

Repurchase price
Period of repurchase

5 billion yen (maximum)
September 1, 2013 to August 31, 2014(v)

Method of repurchaseMarket transaction on the Tokyo Stock Exchange

19