Financial Highlights
1. CONSOLIDATED FINANCIAL RESULTS OF EPS GROUP FOR THE SECOND QUARTER
ENDED MARCH 31, 2015(2014.10.1-2015.3.31)(UNAUDITED)(1) CONSOLIDATED OPERATING RESULTS( UNIT:JPY MILLION )Net sales
Mar-15Mar-1422,052 (19,852 (11.1% )8.9% )Net Income per Share
(yen)
26.89
25.27

Mar-15Mar-14

Operating Income

Ordinary Income

Net Income

2,439 (
1,923 (

2,508 (
1,978 (984 (
896 (26.8% )10.5% )

26.8% )
20.7% )

9.8% )
33.4% )Net Income per Share,
diluted (yen)－－Note : 1 Comprehensive income
Mar-15
1,545 Million yen( 26.7% )Mar-14
1,220 Million yen( ᇞ 19.0% )2 Percentages for net sales, operating income, ordinary income, net income and comprehensive income indicate
growth ratio to previous year.
3 As each share of common stock has been split into 100 shares as of 1st April 2014, above net income per share shows
the amount based on as if share split were considered to be effective on 1st October 2013 retroactively.

(2) CONSOLIDATED FINANCIAL INFORMATION
Total Assets
36,76034,689Mar-15
Sep-14Notes :( UNIT:JPY MILLION )Shareholders'Equity ratio (%)
59.8%
54.5%

Net assets
22,37921,230Total shareholders' equity, valuation and translation adjustments as of :Mar-1521,966 Million yen
Sep-14

18,917

Million yen(3) CONSOLIDATED SUBSIDIARIES
Consolidated subsidiaries :Affiliated companies by equity accounting method :374

companies
companies

2.OVERALL SITUATION OF DIVIDEND DISTRIBUTION( UNIT:JPY )Interim Dividend

Cash Dividends per share
Year end Dividend

Annual

Sep-14(Result)

800.00

10.00－Sep-15(Result)(Projection)

8.00－－10.00－Note :

As each share of common stock has been split into 100 shares as of 1st April 2014, above year end dividend of FY2014
shows the amount after this split, in spite that interim dividend remains before split.
For reference purpose only, if such share split becomes effective as at 1st October 2013 retroactively, dividend
distribution for FY2014 may become as follows,
Sep-14 (Result)
Annual: 18.00 (Interim Dividend: 8.00, Year end Dividend: 10.00)

3. INFORMATION OF CONSOLIDATED BUDGET 2015.09 (2014.10.1-2015.9.30)
Sep-15Net sales
44,120 (5.6% )Budgeted net income per share :Ordinary Income
4,327 (2.0% )Operating Income
4,625 (3.0% )Sep-15( UNIT:JPY MILLION )Net Income
1,937 (6.0% )50.93 yen

Notes :1 Above figures may differ from actual results as uncertain various factors may affect future earnings.
2 Percentages for net sales, operating income, ordinary income, and net income indicate growth ratio
to previous year.

4. OTHER INFORMATION(1) Total number of shares issued and outstanding as of :Mar-1538,426,113

sharesSep-14 36,160,000

sharesSep-14shares(2) Common stock for treasury as of :Mar-15

666,452

shares699,900(3) Average number of shares outstanding during the period as of :Mar-1536,612,716

sharesMar-14 35,476,883

sharesCONSOLIDATED BALANCE SHEETSMarch 31, 2015 and September 30, 2014
(UNAUDITED)(IN MILLIONS, JPY)ASSETS
CURRENT ASSETS
Cash and time deposits
Notes and accounts receivable
Investment securities
Inventories
Works in progress
OthersAllowance for doubtful accounts
Total current assets

March 31.2015

September 30.2014

11,9259,472
240
1,003
686
3,385
ᇞ 27
26,687

10,680
8,613
1,067
813
695
2,702
ᇞ 25
24,547

FIXED ASSETS
Tangible Assets
Intangible Assets
Investments and other assets ;Investment securities
Deposits
OthersAllowance for doubtful accounts
Total investments and other assets

2,927
1,852

2,771
2,205

2,060
1,522
2,164
ᇞ 454
5,292

1,938
1,504
2,025
ᇞ 303
5,165

Total fixed assets

10,072

10,142

36,76034,689LIABILITIESCURRENT LIABILITIES
Accounts payable
Short-term debt
Current portion of long-term debtIncome taxes payable
Provision for bonuses
Provision for loss on order received
OthersTotal current liabilities

1,377
1,745
444
1,339
1,225
11
4,087
10,229

1,040
715
444
1,757
1,130
41
4,009
9,137

LONG-TERM LIABILITIESLong-term debt
Provision for directors' retirement benefits
Net defined benefit liability
Asset retirement obligations
OthersTotal long-term liabilities

2,488
215
797
381
268
4,151

2,746
241
761
352
218
4,320

14,381

13,458

1,875
3,593
15,297
ᇞ 616
20,148

1,875
1,826
14,670ᇞ 653
17,718

ᇞ 280

ᇞ 262

2,089
91,461
11,818

1,199

Minority interests
TOTAL NET ASSETS

412
22,3792,312
21,230TOTAL LIABILITIES AND NET ASSETS

36,76034,689TOTAL ASSETSTOTAL LIABILITIESNET ASSETS
Shareholders' equity
Common stock
Additional paid-in capital
Retained earnings
Common stock for treasury
Total shareholders' equity
Accumulated other comprehensive income (or △loss)
Unrealized gain (or △loss) on
available-for-sale securities
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensiveincome (or △loss)

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
For the Second quarter ended March 31 2015 and 2014
(UNAUDITED)(IN MILLIONS, JPY)
Second quarter ended
March 31.2015

Second quarter ended
March 31.2014

NET SALESCOST OF SALES
Gross profit

22,052
15,695
6,356

19,852
14,1705,681

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Operating income

3,917
2,439

3,757
1,923

Provision for allowance for doubtful accounts
Foreign exchange gain or loss (△loss)
Gain or loss of equity in associated companies (△ loss)
Impairment loss on investment securities
Impairment loss
Others- net
Other income (△expenses)-net
Income before income taxes and minority interests48
ᇞ 16111
ᇞ 151
ᇞ 44
ᇞ 66
ᇞ6
ᇞ 294
188
ᇞ 232
2,207

24
ᇞ 16－－
ᇞ 11
ᇞ9－
－
85
70
1,994

INCOME TAXES
Current
Deferred
Total
Income before minority interests
MINORITY INTERESTSNET INCOME

1,306
ᇞ7
1,298
908
ᇞ 76
984

987
ᇞ9
978
1,016
119
896

Income before minority interests

908

1,016

ᇞ 18571
8

ᇞ 76
300
－75

ᇞ 19

637
1,545

203
1,2201,603
ᇞ 57

1,084
135

OTHER INCOME (△EXPENSES)Interest income
Interest expenses
Gain on comsumption tax filing

OTHER COMPREHENSIVE INCOME
Unrealized gain (or △loss) on available-for-sale securities
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Share of other comprehensive income of associates inequity method
Total
COMPREHENSIVE INCOME
Comprehensive income attributable to :Parent shareholders
Minority interests

CONSOLIDATED STATEMENTS OF CASH FLOWSFor the Second quarter ended March 31 2015 and 2014
(UNAUDITED)(IN MILLIONS, JPY)

OPERATING ACTIVITIES:
Income before income taxes and minority interests
Adjustments to reconcile income before income taxes and minority
interests to net cash provided by operating activities:
Depreciation and amortization
Increase (△Decrease) in provision for bonuses
Increase (△Decrease) in net defined benefit liability
Increase (△Decrease) in allowance for retirement benefits for directors
Interest and dividends income
Interest expense
Impairment loss on investment securities
Impairment loss
Changes in operating assets and liabilities:
Decrease (△Increase) in accounts receivable-trade
Decrease (△Increase) in inventories
Increase (△Decrease) in accounts payable -trade
Increase (△Decrease) in other current liabilities
Others , Net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
INVESTING ACTIVITIES:Payments for time deposits
Proceeds from maturity of time deposits
Payments for purchases of tangible fixed assets
Payments for purchases of intangible fixed assets
Payments for purchases of investments securities
Payments for deposit for rent office and others
Others , Net
Net cash provided by (used in) investing activitiesFINANCING ACTIVITIES:
Proceeds from borrowing of short-term debt
Disbursements for repayment of short-term debt
Disbursements for repayment of long-term debt
Payments for acquistion of common stock for treasury
Proceeds from sale of common stock for treasury
Dividends paid
Dividends paid for minority shareholders
Others , Net
Net cash provided by (used in) financing activities
EFFECT OF EXCHANGE DIFFERENCE ON CASH & CASH EQUIVALENTS
NET INCREASE IN CASH AND CASH EQUIVALENTS
BEGINNING OF BALANCE,CASH AND CASH EQUIVALENTS
ENDING OF BALANCE,CASH AND CASH EQUIVALENTS

Second quarter ended
March 31.2015

Second quarter ended
March 31.2014

2,207

1,994

400
92
48
ᇞ 26
ᇞ 53
166294

344
29－
ᇞ 25
ᇞ 28
16－－

ᇞ 838
ᇞ 95
256
107
ᇞ 199
2,217
53
ᇞ 16
ᇞ 1,686
567

ᇞ 50
ᇞ 265
308
498
428
3,249
28
ᇞ 17
ᇞ 752
2,509

ᇞ 3960
ᇞ 196
ᇞ 80
ᇞ3
ᇞ 112
ᇞ 347
ᇞ 718

ᇞ 51
18
ᇞ 236
ᇞ 262
ᇞ 860
ᇞ 138
ᇞ 734
ᇞ 2,2672,520
ᇞ 1,490
ᇞ 258
ᇞ145
ᇞ 358
ᇞ 64
ᇞ 29
362
221
433
11,692
12,126

2,000
ᇞ 655
ᇞ 249
ᇞ 399
30
ᇞ 357
ᇞ 48396716
136
1,093
10,62911,723

STATEMENT OF ORDER ENTRY AND SALES BY ITEMSFor the Second quarter ended March 31 2015
(UNAUDITED)(1) RESULT OF ORDER ENTRY
2015.03<2014.10.1-2015.3.31>
DIVISIONAMOUNT OF ORDER ENTRY(IN MILLIONS, JPY )Domestic CRO
Monitoring
Data Management
CRO others
TOTAL OF CRO
Domestic SMO
Domestic CSO
Global Research Business
China Business
Others
TOTAL

year-to-yearcomparison
(%)

9,495
5,218
1,213
15,927
3,743
2,981
2,766
1,979
471
27,870ORDER BACKLOG(IN MILLIONS, JPY )year-to-yearcomparison(%)

20,74615,3001,894
37,942
8,668
4,381
5,521
28
128
56,67096.5%
139.6%
87.6%
106.4%
116.2%
108.7%
258.3%
111.9%
72.8%
114.1%

99.7%
119.6%
77.6%
105.3%
112.5%
108.6%
176.9%
9.9%
81.5%
110.3%* These figures are expressed by sales price.
* These above figures do not include the consumption tax.

(2) RESULT OF SALES
2015.03<2014.10.1-2015.3.31>

DIVISIONAMOUNT OF SALES(IN MILLIONS, JPY )Domestic CRO
Monitoring
Data Management
CRO others
TOTAL OF CRO
Domestic SMO
Domestic CSOGlobal Research Business
China Business
Others
TOTAL

year-to-year comparison (%)

6,584
4,187
1,149
11,921
3,116
3,363
1,171
2,002
477
22,052102.9%
111.7%
108.8%
106.4%
114.0%
119.7%
123.7%
129.9%
77.4%
111.1%* These above figures do not include the consumption tax.

INDUSTRY SEGMENT INFORMATION
For the Second quarter ended March 31 2015 and 2014
(UNAUDITED)FY 2015 (2014.10.1-2015.3.31)(IN MILLIONS, JPY)

DomesticCRO

Domestic
SMO

Domestic
CSO

11,921494
12,415
2,862

3,116
11
3,127
317

3,363
93,372208SALES
Sales to customers
Intersegment sales
Total
Operating income

GlobalResearchBusiness
1,171
25
1,197
(149)

ChinaBusiness

2,002
10
2,013(122)

Others477
604
1,081(117)

Total

22,052
1,155
23,2072,998

Eliminations/Corporate

Consolidation－(1,155)(1,155)(559)

22,052－
22,052
2,439* As we have become Holding Company as from 1 Jan, 2015, non-attributable corporate expenses related to the company are not distributed to each segment.
In this regard, operating income of △559 million yen under "Eliminations/ Corporate" consists of elimination of inter-segment and above non-attributable expenses.
* These above figures under "Others" consist of the figures of "BPO" and "Other business".

FY 2014 (2013.10.1-2014.3.31)

SALES
Sales to customers
Intersegment sales
Total
Operating income(IN MILLIONS, JPY)

DomesticCRO

Domestic
SMO

Domestic
CSO

11,201
438
11,640
1,681

2,734
432
3,166
475

2,810
48
2,859
120

GlobalResearchBusiness
947
123
1,070
(158)

ChinaBusiness

1,541
36
1,577(172)Others616
408
1,025(35)

Total

19,852
1,487
21,3401,911* Operating income of 12 million yen under "Eliminations/ Corporate" consists of elimination of inter-segment and other transactions.
* These above figures under "Others" consist of the figures of "BPO" and "Other business".

Eliminations/Corporate

Consolidation－(1,487)(1,487)
12

19,852－
19,852
1,923