TSE securities code : 7999

67 (Fiscal Year 2015)
thFinancial Report

April 1, 2015 to March 31, 2016

MUTOH HOLDINGS CO., LTD.

M e s s a ge to Sha re hold er s
We would like to express our sincerest gratitude
to all of the shareholders who have continued tosupport us.
We hereby present our 67th (Fiscal Year 2015)
Financial Report, covering the MUTOH Group’s

Basic Policy
With constant innovationand challenging
ourselves,business performance and activities.

we contribute to society
President

Nobumasa Hayakawa

B u s i n ess Situation a n d Ou t c o m es
Economic situations varied widely by regions in FY2015. Emerging countries in Asia including China revealed economic
doldrums and remained flat. Meanwhile, the continuous improvement of employment condition and the recoveries ofmanufacturing industries brought US a good corporative business sentiment. In Europe, the geopolitical risk factors hit
economic activities directly and economic development slowed down even personal spending showed solid growth.
One of our core business is Large Format Inkjet Printer. In the first half of FY2015, we launched “VJ-405GT” and“VJ-404GT”, our new garment printers with inks directly printable on T-shirt, tote bag, even on sporting apparels like polo
shirts. Furthermore, we significantly expanded our product line of “X” models in the “ValueJet Series” with MUTOH’s
unique “Drop Master Technology”, an innovative print automation technique which eliminates the need for cumbersome
and time consuming media dependent printer adjustments.
In the second half of FY2015, we announced the launch of “PG-1000”. It is a chart drafting machine for ultra-highprecision profile grinders long awaited by our longtime customers. We moved forward with our sales promotions andproduct performances.
In 2015 SGIA Expo, the world largest exhibition of Signs & Displays, our “VJ-2638X” and “VJ-1617H” won “Product of
the Year Awards”. It was a remarkable accomplishment for our “ValueJet series” to win the awards for 4 consecutive
years. Also we won “Best of Award 2015 Indoor Air Comfort Certificate” at Viscom Dusseldorf 2015. Ecologicallyminded Europeans highly evaluated “MUTOH” brand and our environment friendly products. We will enhance our brandwith high valued products to increase profits.
In our 3D Printer business, we launched “Value Arc MA5000-S1” with metal arc welding and the “Value 3D Resinoid
MR-5000” a large scale resin based FFF (Fused Filament Fabrication) using unique resinoid formulation (engineering
plastic) with durable heads for ultrahigh temperature in the first half of FY2015. We launched the 3D printer “ML-48”
with stereolithography and high speed 3D scanner, “3D PhotoScan System MS-2000N/PX” for full body scan in thesecond half of FY2015. Regarding to our 3D printing services, we started providing the replicas of body organs/parts withhaving highly realistic textures using a special plaster.
In consolidated FY2015, the net sales dropped to ¥23,449 million (down 0.1% year on year) due to the negative influenceof the exchange rate in Europe. Since the prices of the parts risen and which pushed up the cost rate, which also
negatively affected to the operating income and it decreased to ¥689 million (down 47.2% year on year). And theordinary income decreased to ¥622 million (down 54.1% year on year). The amount of profit attributable to owners of
the parent of FY2015 was ¥148 million (down 94.5% year on year).
However, the year-end dividend to be maintained at the same level as FY2014, ¥7 per share to show our appreciation forthe constant support by our shareholders. Your continued support would be greatly appreciated.

1

Consolidated Financial Highlights
Net sales
67th (FY2015) period:

64th (FY2012) period:

17,982million¥23,449 million

65th (FY2013) period:

23,115million

Business Segment
Net Sales (Millions of yen)

66th (FY2014) period:

Imaging & Information Equipment Business

23,475million

Information Service Business
Real-Estate Leasing Business and Other Business

Operating income¥689 million

67th (FY2015) period:

64th (FY2012) period:

140million

65th (FY2013) period:

1,630million

Ordinary income

715million

65th (FY2013) period:

2,014million

Profit attributable to owners of parent

261million

65th (FY2013) period:

2,399million

67th (FY2015) period:

27,363million

32,953million

67th (FY2015) period:

19,170million

19,09666th (FY2014) period:

1,354million● 66th (FY2014) period:

66th (FY2014) period:¥23,475 million

2,684million¥31,701 million

65th (FY2013) period:

Total net assets
64th (FY2012) period:

2,163 2,188

2,282 1,990

Total assets
64th (FY2012) period:

1,306million¥148 million

67th (FY2015) period:

64th (FY2012) period:¥23,449 million

66th (FY2014) period:¥622 million

67th (FY2015) period:

64th (FY2012) period:● 67th (FY2015) period:

66th (FY2014) period:

32,027million

19,202¥23,917 million

65th (FY2012) period:

21,446million● 65th (FY2013) period:

66th (FY2014) period:

25,061million¥23,115 million
2,154 2,098

18,862

Forecast of 68th (FY2016)(Millions of yen)

Forecast of consolidated
business results

Net sales

OperatingincomeOrdinary
income24,000800

800Profit attributable toowners of parent
400

Figures announced
on May 13, 2016.

The outlook of world economy remains still uncertain even the U.S. shows a modest recovery, since the geopoliticalrisk factors spreading widely in Europe and economic growth among emerging countries in Asia are still low level.
Under these circumstances, MUTOH Group will enhance its business structures aggressively. We will keep launching
new products of printers and genuine inks of large format inkjet printers to increase the net sales expanding our
product line. And we will strengthen the sales of high profit models of our own 3D printers. Our continuous effort
to cut the cost will be maintained, still it is envisioned that the cost rate will be increasing due to material prices. We
will continue to proactively make R&D investments with long term vision.

2

Overview of Business Segments

81.5%
Imaging &Information
Equipment
Business

Net Sales¥19,096million

9.2%
Information
ServiceBusiness

Real-Estate
Leasing
Business and
Other
Businesses

3

Drop down of the sales prices of China and other emerging countries
in Asia, and a combination of the price reductions and slowdown of
the sales of 3D printers, net sales and segment profit stood at ¥8,171
million (down 3.0% year on year) and ¥98 million (down 80.8% year
on year).
In North America, thanks to the US economic recovery and the effectof a weak yen, in addition to strong sales as a result of aggressive
sales activities, net sales and segment profit respectively stood at¥4,346 million (up 15.4% year on year) and ¥456 million (up 30.8%
year on year).
In Europe, sales prices fell due to the effect of yen appreciation andintensified competition and sales decreased as a result of the impactof geopolitical risks, and as a result net sales and segment profit
respectively stood at ¥6,578 million (down 6.2% year on year) and¥195 million (down 52.6% year on year).

In the Information Service Business, although sales in existing
businesses (the CAD business and systems solutions service business)were mostly flat YoY and only decreased slightly, as a result of factors
including an increase in costs related to the future-focused 3D
solutions business, net sales and segment profit respectively stood at¥2,163 million (down 5.2% year on year) and ¥56 million (down 50.8%
year on year).

Net Sales¥2,163million

9.3%
Net Sales¥2,188million

In the Real Estate Leasing Business, while sales decreased due to aswitchover to internal Group use for some properties, as a result of an
improvement in the utilization rate, net sales and segment profit
respectively stood at ¥259 million (up 3.3% year on year) and ¥204
million (up 9.9% year on year).
In Other Business, despite strong sales from proactive sales activities,
because of the strong impact from the increase in purchase prices
caused by yen depreciation, net sales stood at ¥1,929 million (up10.9% year on year) and a segment loss of ¥22 million (compared to asegment profit of ¥3 million in FY2014) was recorded.

The “VJ-1638UH” hybrid LED-UV inkjet printer,a high-productivity model equipped with double head and double LED-UV lamp
The “VJ-1638UH” offers a maximum image creation speed of 22.7m2/h (during
banner-2 mode) through a zigzag arrangement of two optimal print heads and
LED-UV lamps positioned to the left and right, achieving high productivity 2.4
times that of the existing “VJ-1626UH” model (MUTOH comparison).
Equipped with an automatic adjustable mechanism for head height that
supports rigid media (aluminum composite panel, cardboard, etc.) with awidth of up to 1,625 mm, thickness of 15 mm, and weight of 15 kg
Also flexibly supports roll media (PVC, transparent film, etc.)
Equipped with white ink, making it possible to print on transparent media
and colored materials
In addition to a 220 ml cartridge type (C/M/Y/K + white and varnish), a
large-capacity 800 ml pack (C/M/Y/K/varnish) and 500 ml pack (white) are alsoavailable
With the ValueJet Layer Editor, it is possible to individually receive color,white, and varnish data created with RIP, set an order for up to three layers,
and send and create images all at once

“VJ-1638UH” Hybrid LED-UV inkjet printerDeployment of 3D printing service
that makes it possible to create a model homewith a 3D printer!!

Get a feeling of your dream home with this new 3D service!

Description of the service

Housing model type

Receipt of drawing data
(CAD or paper drawings)

Creation of a 3D model

Model completedwith a 3D printer!

Perfect for getting an idea of your completed home
before starting construction or as a commemorative item
or interior decoration after completion.

[Resin type]
Molding is conducted with an FDM(Fused Deposition
Modeling) method 3D printer.
Possible to mold sturdy models at a reasonable price.

[Plaster type]

If the STL format can be provided,
molding at a low cost is also possible.

Beautiful molding with a high level of accuracy ispossible. Full-color molding is also possible if thecustomer provides the 3D model in the VRML/OBJ
format.

Finoa “Shapering” makes it easy to train
anytime, anywhere
The “Shapering” is a ring-shaped piece of fitness equipment that you use“Shapering”(70cm)3types

together with your body. It maintains constant tension because there are no ties
or knots, it can be extended up to three times its length, and it is highly durable(60cm)1typebecause it uses latex (natural rubber). It can help you improve your motor
coordination and athletic ability, and it also helps you get into better shape.
*Comes with training guide from the fitness instructor Katsumi Koba
Size

Product nameColor(width × circumference)

Shapering Challenge
Shapering Fitness
Shapering Standard
Shapering Athlete

Lime
Pink
PurpleBlue

10×60cm
10×70cm
10×70cm
10×70cmStrength/main applications
Weak/Improving the athletic ability of young and petite women
Weak/Locomotion improvement, rehabilitation, getting into better shape
Medium / Exercising trunk and core strength
Strong / Exercising further trunk strength4Topics
Launch of the “PG-1000” chart drafting machine that achieves
ultra-high precision through the adoption of the linear scale method
The “PG-1000” is a drafting machine for the creation of chart
diagrams for profile grinders that require particularly highaccuracy and drawing for inspections with a projector.
It retains the ultra-high precision pen plotter technology
from the former “PG-820” model that already has a strong
reputation. In addition, through the adoption of the highly

Head section

reliable linear scale method, the cutting plotter achieves a
positioning accuracy of +/-0.02 mm by constantly detecting
the position of the XY axis.
The cutter uses ultra-hard double-edged blades and cutter
direction control through θ axis control to faithfully
reproduce CAD data and achieve a precise, high-quality cut.
The interface features the current mainstream wired LAN as
standard equipment, while also retaining the previous RS232C.
Media suction equipment using a vacuum pump is also
installed within the body as standard, while reliability as“PG-1000”
Drafting machine for the creation of chart
diagrams for profile grinders

inspection drawings for ultra-high-precision processing has
been improved through the combined use of a magnet sheet
and drafting plate.

Media setting method

Suction hole

5

Attach to the magnet sheet withthe drafting plate

Vacuum pump
(Standard equipment)

Sales release of the “3D PhotoScan System MS-2000N/PX”
rapid 3D scanner for full-body photography
The “MS-2000N/PX” is a 3D photo scanner for full-body photography that uses
four high-definition digital single-lens reflex cameras and a revolving table,with camera operation controlled by a unique shutter unit.
◆ Rapid scanning
While photos are taken from a stationary state over a period of about 10 to
15 minutes with a general handy scanner, this product enables photos to betaken from a stationary state of 30 seconds while positioned on the revolving
table.
◆ High-quality/high-resolution
Achieves high-quality, high-resolution 3D photography compared to systems“3D PhotoScan System
MS-2000N/PX”

using Kinect sensors.
◆ Space-saving
While expansive space is required for large-scale photography systems, thiscompact system allows photography in a space of only 2 × 1 m.

Sales release of the “ML-48” high-definition and compact
desktop optical mold 3D printerThe “ML-48” is a compact optical mold 3D printer that uses the DLP (Digital Light
Processing) method. It is applicable in various fields that require high precision, such as
design verification, prototype creation, and figures.

Desktop-size body
(W×L×H)
260×230×480mm

Maximum molding size
(W×L×H)
48×27×80mm

Minimum lamination
0.025mm

Low-odor resin
Use depending on application•Resin for design verification•Resin for precision molding•Transparent resin

Full-support service

Suspension method formolded objects
High-precision molding
Reduction of resin
consumption volume“ML-48”Compact opticalmold 3D printer6

Consolidated Financial Statements■ Consolidated Balance Sheets
PeriodAccount(Millions of yen)

Year ended

Year ended

March 31,2016

March 31,2015

AssetsCurrent assets

Cash and bank deposits(Millions of yen)

PeriodYear ended

Year ended

March 31,2016

March 31,2015

5,438

5,179

Notes and accounts payable

3,253

3,036

Others

2,185

2,142

2,345

1,787

1,925

1,277

Others419

509

Total liabilities

7,783

6,966

Shareholders’ equity

25,03025,206

Capital stock

10,19910,199

Capital surplus

4,182

4,182

Retained earnings

12,993

13,165

Treasury stock(2,344)(2,340)Total other cumulative
comprehensive income(1,912)(1,036)

Non-controlling interests

800

890

Total net assets

23,91725,061

Total liabilities and net assets

31,701

32,027

Account

Liabilities
19,645

20,563

8,775

8,597

Notes and accounts receivable

4,570

4,295

Inventories

4,948

5,533

Current liabilities

Non current liabilities
Debt for retirement benefits

Others

1,352

2,137

Fixed assets

12,055

11,463

Net assets

Tangible fixed assets

8,867

8,395

Intangible fixed assets

299

197

Investments and other assets

Investment securities

2,889

2,150

2,870

2,328

Others739

541

Total assets

31,701

32,027■ Consolidated statement of change in net assets FY2015 (April 1,2015 – March 31,2016)

(Millions of yen)

Total other cumulative
NonShareholders’ equity
Total netcomprehensive controlling
assetsCapital stock Capital surplus Retained earnings Treasury stock Total shareholders’ equity
incomeinterests
Outstanding as of April 1, 2015

10,1994,182

13,165(2,340)25,206(1,036)890

25,061

Change in value for consolidated
accounting year
Dividend of surplus

(321)

(321)

(321)

Profit attributable to owners of parent

148

148

148

(4)

(4)

(4)

0

0

0

Acquired treasury stock
Disposed treasury stock0

Change in value for consolidated accounting
year for items other than capital stock (net)

7

(876)

(90)

(967)

Total change in value for consolidated
accounting year

—

0

(172)

(3)

(176)

(876)

(90)

(1,143)

Outstanding as of March 31, 2016

10,1994,182

12,993(2,344)25,030(1,912)800

23,917

■ Consolidated statements of income
PeriodAccount(Millions of yen)

Year ended
March 31, 2016

Year ended
March 31, 2015

23,44923,475Net sales
Operating income

689

1,306

Ordinary income

622

1,354

Income before income taxes
and other adjustments

736

4,119

Profit attributable to owners of parent

148

2,684

Trends of net sales (Millions of yen)The 65th
period23,115

The 66th
period23,475

The 67th
period(FY2015)

23,4490

5,000

10,00015,000Period(Millions of yen)

Year ended
March 31, 2016

Year ended
March 31, 2015

Net cash from operating activities

2,042

(487)

Net cash from investing activities(1,599)(477)

Net cash from financing activities

(392)

(120)

Account

25,000Trends of operating income (Millions of yen)The 65th
period■ Consolidated statements of cash flows

20,0001,630

The 66th
period

1,306

The 67th
period(FY2015)

689
0

500

1,000

1,500

2,000

Trends of ordinary income (Millions of yen)

Net increase (decrease) in cash and cash
equivalents(77)(1,133)

Cash and cash equivalents at beginning of
period

8,597

9,730

Cash and cash equivalents at end of period

8,519

8,597

The 65th
period2,014

The 66th
period1,354

The 67th
period(FY2015)622
0■ Consolidated subsidiaries in each business segment
Business segment

Imaging & Information
Equipment BusinessCompany names

MUTOH INDUSTRIES LTD., MUTOH Belgium nv,
MUTOH North Europe S.A., MUTOH Deutschland GmbH,
MUTOH AMERICA INC., MUTOH HONG KONG LIMITED,MUTOH SINGAPORE PTE. LTD.,
MUTOH AUSTRALIA PTY. LTD.,
MUTOH ENGINEERING INC.

Information Service
Business

MUTOH ITEX Co., Ltd., MUTOH ENGINEERING INC.,
MUTOH FIGURE WORLD INC.

Real-Estate Leasing
Business

MUTOH HOLDINGS CO., LTD., MUTOH ENGINEERING INC.,
MUTOH ENTERPRISES LTD.

Other Business

MUTOH ENGINEERING INC.,
MUTOH ENTERPRISES LTD.

500

1,000

1,500

2,000

2,500

Trends of profit attributableto owners of parent (Millions of yen)The 65th
period2,399

The 66th
period2,684

The 67th
period(FY2015)

148
0

500

1,000

1,500

2,000

2,500

3,000

8

Company Profile (As of June 29, 2016)
Name:

MUTOH HOLDINGS CO., LTD.

Established:

March 5, 1952

Head office:154-8560
TEL: +81-3-6758-7100(founded: December 1942)
Capital stock:

1-3, Ikejiri 3-chome, Setagaya-ku, Tokyo

Main business:

10,199 million yen

Management of group operations andgroup assets

Website address:

http://www.mutoh-hd.co.jp

MUTOH group companies

MUTOH HOLDINGS CO., LTD.

•MUTOH Belgium nv•MUTOH Deutschland GmbH•MUTOH North Europe S.A.

•MUTOH HONG KONG LIMITED•MUTOH SINGAPORE PTE.LTD.
•MUTOH AUSTRALIA PTY.LTD.

•MUTOH INDUSTRIES LTD.
•MUTOH ENGINEERING INC.
•MUTOH ENTERPRISES LTD.
•MUTOH ITEX Co., Ltd.
•MUTOH FIGURE WORLD INC.

•MUTOH AMERICA INC.

Directors (As of June 29, 2016)

9

Chairman of the Board

Masanori Takayama

Director
Audit and Supervisory Committee Member

Hajime Tatsuzawa

President

Nobumasa Hayakawa

Director
Audit and Supervisory Committee Member

Kazuhiro Yamada

Director

Masanobu Takeda

Director
Audit and Supervisory Committee Member

Hiroshi Tobita

Director

Toshihiro Sakamoto

Director

Kazuyuki Kamoi

Director

Yusuke Kobayashi

Director

Yoshiyuki Takayama

Stock information (As of March 31, 2016)■ Number of shares issuable

170,000,000■ Number of shares issued

54,818,180■ Number of shares per unit

1,000

■ Number of shareholders

7,216■ Major Shareholders
Number of
Ratio of
Shares Held Shareholding(Shares)(%)

Name
TCS Holdings Co., Ltd.

13,220,000

28.81Mizuho Bank, Ltd.

2,071,399

4.51

Eiji Mutoh

1,580,586

3.44

Sumitomo Mitsui Trust Bank, Limited

1,457,000

3.18

Unisystem Co., Ltd.

923,000

2.01

The Master Trust Bank of Japan, Ltd. (Trust Account)

781,000

1.70

NTT System Development Co., Ltd.

712,000

1.55

Keiichi Hori

591,000

1.29

High-Tech System Co., Ltd.

541,000

1.18

Sigmatron Co., Ltd.

444,000

0.97(Notes) 1. ‌The Company holds 8,935,892 shares of treasury stock, which is
excluded from the major shareholders listed above.
2. The ratio of shareholding is calculated after excluding treasury stock.

Breakdown of shareholders
Securities companies
0.32%
21

Breakdown by the number of shares held
Foreign companies
1.74%
58

5 or more
5.12%
475

1 or more
12.84%
4,931

Less than 1
0.59%
1,365

10 or more
11.27%
379

Financial
institutions
12.27%
27

Other companies
51.43%
219

50 or more
3.30%
28
Individuals and others
34.24%
6,891

100 or more
11.97%
29

500 or more
5.17%
41,000 or more
49.74%
5

10

Shareholder Information
Business year :From April 1 to March 31 of the following year

Ordinary General Meeting of Shareholders :In June each year

Year-end Dividend Record Date :March 31 each year

Interim Dividend Record Date :September 30 each year

Public Notices :Public notices shall be made on the Company’s website (http://www.mutoh-hd.co.jp).
* In case the public notices are not available on the Company’s website due to unavoidable
circumstances, such notices shall be made in the Nihon Keizai Shimbun

Administrator of Shareholder Register :Sumitomo Mitsui Trust Bank, Limited
4-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-8233

Mailing address and Telephone number :8-4, Izumi 2-chome, Suginami-ku, Tokyo 168-0063
TEL: +81-120-782-031 (toll-free)
Stock Transfer Agency Department
Sumitomo Mitsui Trust Bank, Limited
Stock transfer agent services are provided at branch offices in Japan of Sumitomo Mitsui Trust
Bank, Limited.

Notes :
1. Requests for change of address, purchasing of shares constituting less than one unit, and selling of shares to constitute one unit
Please make all requests to the securities company where shareholders maintain their account.
‌For those shareholders who do not have an account at a securities company but who have opened a special account, please make all requests
to Sumitomo Mitsui Trust Bank, Limited, an account management institution of special accounts.
2. Payment of accrued dividends
Please make all requests to Sumitomo Mitsui Trust Bank, Limited, which is the administrator of the shareholder register.
3. Dividend Statement‌The Dividend Statement that is delivered upon dividend payment also serves as a Payment Notice in accordance with the stipulations of the
Act on Special Measures Concerning Taxation.
‌This document can be used as an attachment when filing your income tax return. We ask that shareholders who will file an income tax return
carefully store this document.
‌For shareholders that have selected the stock pro rata system, your stock brokerage will calculate the amount of withholding tax.
‌Please confirm with your stock brokerage the materials to be submitted when filing your income tax return.