February 4, 2016
To whom it may concern,
Company Coca-Cola West Co., Ltd.
Representative, Representative Director & President, Tamio Yoshimatsu(Code number: 2579 in TSE 1, FSE)
Inquiry, Junko Kubo, Mgr, Planning Dep
Tel．(092)641-8774
Notice on the development of “2016-2018 3-year management plan”
Please be announced that Coca-Cola West Co., Ltd. (headquarters in Fukuoka City, to be referred to as CCW
hereafter) formulated 3-year management plan for 2016-2018 period as a second step towards reaching “Longterm Management Concept 2020”.
1. Long-term Management Concept 2020
CCW has worked on achieving 2020 growth targets with “Growth” “Efficiency” and “Structural” strategies as
the pillars, by raising “Long-term Management Concept 2020” for the period of 2011-2020 to be theguiding principle in fulfilling the sustainable growth.
To express CCW’s 2020 to-be model more specifically, West Vision is changed from “To be the most respectedcompany by all key shareholders, encompassing consumers, customers, employees and the community!!“to“To become a company supported by consumers, understood by shareholders, cherished by local communities
and proud by employees!!”.
■ New West Vision12. “3 years to broaden dreams- Build foundation to realize dreams” in 2016-2018 3-year management plan
By positioning the period from 2016 to 2018 as “3 years to broaden dreams- Build foundation to realize dreams”
in the second step for reaching “Long-term Management Concept 2020”, the mid-term plan was developed forthe dream to fulfill by incorporating investment and HR development plans that lead to future growth.
■ Positioning in Long-term Management Concept 2020

■ 2018 growth targets (consolidated)
CCW strives to attain revenue of 500 billion JPY, operating profits of 21 billion JPY, operating profits on salesof 4.2% and ROE of 5.0% or higher.

2

(Unit: 100MM JPY)

2018

2015
actualRevenue
Coca-Cola Business
Healthcare & Skincare Business
Operating profits
Coca-Cola Business
Healthcare & Skincare BusinessCurrent net profits(belong to our shareholders)

Plan

Variance vs. 2015 Variance (%)

4,404

5,000

+595

+13.5

4,076

4,440

+363

+8.9

328

560

+231

+70.5

142

210

+68

+47.2

112

150

+38

+33.8

30

60

+30

+96.6

99

130

+30

+30.4

Operating profits on
sales

（％）

3.2

4.2

+1.0

-

ROE

（％）

3.9

5.0 or more

+1.1 or more

-

ROA

（％）

3.8

5.0 or more

+1.2 or more

-

DOE

（％）

1.7

1.9

+0.2

-

■ Basic strategies
CCW aims to deliver 2018 growth targets through solid executions of strategies based on the 3 pillars of“Growth”, “Efficiency” and “Structural”.

Please refer to the attachment for details.
Thank you,3

Coca-Cola West Group“2016-2018”
3-year Management Plan
February 4, 2016
Coca-Cola West Company, Limited (2579)

Contents
 Long-term Management Vision 2020•

Overview of “Long-term Management Vision 2020” (from 2011 to 2020)

3•

Corporate philosophy

4•

Our principle

5•

Basic management stance

6•

West Vision

7•

Positioning of “2016-2018” 3-year Management Plan

8

 “2016-2018” 3-year Management Plan•

Scenario for growth

10《Coca-Cola Business》•

Basic strategies

11•

Growth strategy 1. Enhance profitability by ensured reinforcing existing business

12•

Growth strategy 1‐① -Reinforce the existing fields

13•

Growth strategy 1‐② -Challenge new markets with customer-centric perspective

14•

Growth strategy 1‐③ -Expand & advance RGM

15•

Growth strategy 1‐④ -Transform VM business model

16•

Efficiency 4‐①②③⑤ -Enable high quality & low-cost operating structure

18•

Structural strategies

19《Healthcare & skincare business》•

Basic strategies

20•

Growth scenario

21•

Growth strategy 1 & 2

22•

New initiative for future growth

23《Consolidated management targets》•

Consolidated management targets (2018)24•

CAPEX plans (2018)25•

Scenario to attain 2018 operating profits (v. 2015)26

1

Long-termManagement
Vision 2020
長期経営構想2020

Overview of “Long-term Management Vision 2020” (from 2011 to 2020)

Corporate message

Long-term Management Vision 2020
Corporate philosophy

West Vision
Become a company supported by consumers, understood byshareholders, cherished by local communities and proud by
employees!!

Our principle

Growth Target

Long-term strategy
GrowthBasic management stanceRevenue:510 billion JPY
Operating Profit : 35 billion JPY
Consumer satisfaction: 80%
Corporate love:80%Employee satisfaction: 80%

Expand KO businessChallenge new areas

Efficiency
 Enhance efficiency
and productivity

ＴＣＣＣ
2020
ＶＩＳＩＯＮPROFIT•Expand revenue &profitPEOPLE
TheEmployee•Raisesatisfaction
Coca-Cola
PORTFOLIO
Company•Product lineup
2020 Vision
PARTNERS*ザ•Customers
カ・コーラカンパニーが策定した全世界で推進するビジョン

PLANET•Environment,
local community

PRODUCTIVITY
Structural

Contribute to local community,
environment and raise
employee satisfaction
Establish solid businessfoundation•Productivity,
Efficiency*The global vision developed the
Coca-Cola Company to promoteworldwide.

3

Corporate philosophy

We will contribute to the happy lifestyle of
all our stakeholders and contribute to thedevelopment of a sustainable society byproviding value and refreshment throughour beverage portfolio.

4Our principle

Everything we do starts from the consumer.

sprit
Top of mind

Have
their
perspective

Celebratesatisfaction
Consumer

Reflect

Speed
to market

5Basic management stance

Basic management stanceProvide all stakeholders with “Happy”•Consumer driven actions•Profit return to shareholders•Community contribution•Employee satisfaction

Higher sense of accountability to meet our target

6

West Vision

West Vision
Become a company supported by consumers, understood byshareholders, cherished by local communities and proud by employees!!

(1)" Supported byconsumers“ means
to allow consumers to spend the corresponding price supporting our
product values and services for us to be the company with continual
growth.

(2)"understood by shareholders“ means
to be the company expanding corporate values by growing together
with shareholders as our good advocates(3)"cherished by local communities“ means
to be the company trusted and appreciated by locals by keeping our
local social contribution activities and environmental protections.

(4)"proud by employees“ means
to be the company confidently proud by all employees never ceaseto take on challenges towards reaching goals aligned with thecompany vision with strong trust relationship.
7

Positioning of “2016-2018” 3-year Management Plan
Long-term Management Vision 2020

West Vision
Become a company supported by consumers, understood byshareholders, cherished by local communities and proud by
employees!!

Growth targets
Revenue ： 510 billion JPY
Operating profit： 35 billion JPY

Step 3(2019-2020)
2 years to enjoy tangible growth and realize
dreamsStep 2(2016-2018)
3 years to broaden dreams- Build foundation to realize dreams
Step 1(2011-2013)
3 years to transform &grow

8

2nd Step of “Long-term Management Vision 2020”“2016-2018” 3-year Management Plan
“3 years to broaden dreams”

Scenario for growth■ KO business and Healthcare & Skincare business each deliver growth.
■ Through collaborations of both businesses, generate new growth opportunities.

Enhance corporate value
Support for
consumer &customer needs

Return toshareholders

Revenue & profit growth

Beverage
KO businessContribute to local
communities &environment

HealthEnhance job
satisfaction

Other

Healthcare & Skincare
businesscollaboration
Support10

Coca-Cola business

Basic strategies

GrowthEfficiency

1. Enhance profitability by ensured reinforcing existing
business① Reinforce the existing fields②Challenge new markets with customer-centric perspective③Expand & advance RGM④Transform VM business model⑤Maximize use of KO system’s K&I and reinforce marketing
according to regional characteristics⑥Strengthen marketing strategies through alliance and M&A⑦Establish competitive advantage in the areas of growth

2. Build new growth businesses

3. Advance value chain processes① Advance supply process behind growth and implement
new technologies

4. Enable high-quality, low-cost operation structure① Re-allocate production and logistic sites according to changes
in demand.
② Restructure logistic system based on distribution structurechanges.
③ Advance high-quality, low-cost operations④ Enable less-burden and labor saving operation models.
⑤ Expand global procurement

5. Invest right capital (people, goods, cash)① Appropriately allocate business resources based on
research & analysis.
② Allocate staff appropriately

Structural
6. Drive CSV

7. Reinforce organizational capabilities &business foundation① Enable eco-friendly operations.
② Continue local contribution andenvironmental activities① Improve asset efficiency② Develop & execute capital strategies③ Transform operation processes
leveraging IT.
④ Revisit group organizational structure

8. Improve employee
satisfaction① Setup attractive HR system② Enable diverse ways to work/HR
activating full capacity③ More female advancement④ Improve FTE capabilities/selffulfillment

11Coca-Cola business

Growth strategy 1. Enhance profitability by ensured reinforcing existing business[Basic ideas in each channel]
Expand & advance RGM・ Capture demands by identifying growth opportunities ・・・ Share gain
・ Optimize pricing & trade terms
・・・ Per-case revenue increase

Chain store

Vending

Transform Vending business model・ Fundamentally revisit the business model ・・・ Profitability growth・ Offer values through vending innovations ・・・ Share gain

Retail & foodservice・ Expand a new channel (online)
・ Re- strengthen the fountain business

・・・ Volume growth[Channel-based volume plans](unit: K c/s, %)2015
actual2018 Plan

CAGR

Chain store

94

107

＋4.4

Vending

68

69

＋0.3

Retail & Food Service

37

38

＋1.4

Others

16

16

-0.7

CCW Total （excl. Shikoku）

215

230

＋2.3

CCW + Shikoku total

226

250

＋3.5

12

Coca-Cola business

Growth strategy 1‐① -Reinforce the existing fields

2018 existing fields
Vs. 2015 ＋6.6% CAGR ＋2.1%
Vs. 2015

CAGR

Sparkling・ Revitalize Coca-Cola
・ Take approaches for non-sparkling users
・ Reinforce Sparkling for adults＋13.2%＋4.2%

Coffee・ Step up marketing to diversified consumers

＋2.0%

＋0.7%

＋11.2%

＋3.6%

＋9.3%

＋3.0%

・ Focus on “Green Tea market” with Ayataka
・ Pay more attention on “Blend Tea market” with
Non sugar tea
Sokenbicha
・ Strengthen “FOSHU market” with Karadasukoyakacha W
・ Bolster Aquarius brand as the number of sports players
Sport & water increases
・ Enhance brand values mainly with I Lohas natural water

Sales boost leveraging the assets of worldwide sponsorship (Tokyo Olympic
Games & FIFA World Cup)13

Coca-Cola business

Growth strategy 1‐② -Challenge new markets with customer-centric perspective■ Generate new growth opportunities by entering into low share markets and reinforcing
Coffee category.

Gain incremental
sales in low sharemarketReinforce categories
where we have low
share, while themarket is large

Capture potential
at white space

Collaboration
with Q’sai

Boost sales ofbrewed coffee

New productdevelopment
connecting thestrengths of KO andQ’sai

・Develop products
according to customer
needs and create a recipe.

lactic100% juice

・Propose new way tooffer (counter-top
coffee etc.)×

New products & packages(such as bottle coffee)
14

Coca-Cola business

Growth strategy 1‐③ -Expand & advance RGM[Capture demands by identifying growth opportunities]■ Ensure to identify growth opportunities and to executive effective OBPPC* strategies.
[Optimization of prices & trade terms]■ Ensure to execute appropriate price strategies and effective promotional spends.

ＯＢＰＰＣ・ Drive category management
・ Reinforce sales of key products→ Expand customers with category
captaincy

Price & Trade terms
・ Advance price guideline & guardrail→ Implement the right price strategies
according to Area, scale of customer &Product feature
Area×Customer×・ Challenge new markets→ Capture new sales opportunities througheffective deployment of new products

・ Appropriate package strategies→ Offer with optimum volumes (small & midi)→ Launch highly value-added packages

Product
featureRaise competitiveness & profitability
・ Spend promo costs that generate value→ Shift investment to drive shopper purchase& address customer issues.

*Abbreviation of Occasion, Brand, Package, Price and Channel which is a method to differentiate products offered so that more consumer needs are met.

15

Coca-Cola business

Growth strategy 1‐④ -Transform VM business model[Fundamentally revisit the business model]■ Transform the business model to deliver profits even in the matured market and establish
competitive advantage.
[Challenges faced with Vending]
Shrinking market

Intensifiedcompetitions

Worsened
profitability (rising
fixed costs)

Securing operation
staff

Fundamentally revisit the overall business
Operations

Products
Packages

New vendingmodel
HR system

IT
technologies

RTM

Productivity
enhancement &cost reductions

Revenue growth

Fleet,
sites

Sales

16

Coca-Cola business

Growth strategy 1‐④ -Transform VM business model[Offer values through vending innovations]■ Boost sales by executing the right marketing strategies according to the vending locations
while strategically making investments on vending machines according to customer needs.

Raise sales even in the matured market by generating values through innovations.
Investment
strategies
Invest for・・・

×

９０,０００ VM

・ Promotions leveraging IT

Marketingstrategies(products, prices and promotions)V. The recent 3 years(3 years total)＋25%

・ More highly valueadded products

・ Eco-friendly appeal (HFC-free)・ Systematic renewal
CAN & PET Vending
machines

Cup Vending machines(brewed coffee)

17

Coca-Cola business

Efficiency 4‐①②③⑤ -Enable high quality & low-cost operating structure■ Aim to deliver impacts (cost saving) of 2.5 billion JPY in SCM and 1.5 billion JPY through joint
procurement of indirect materials.
Initiatives

2018 impact(vs. 2015)

・ Reduce material usage→ Light-weight packages & cardboards

Manufacturing

・ Manufacture with the right ratio of internal
manufacturing
・ Enhance productivity of the lines＋1.5

billionJPY→ Upgrade production lines

・ Stabilize and streamline logistic network

Logistics→ Optimum logistic structure according to
production sites

・ Restructure full-service delivery routes→ Southern Kyushu & Shikoku areas

Procurement ・ Seek for a merit of scale through bottler joint(indirect
procurement
materials)→ Scale beginning with strategic items＋1billionJPY＋1.5billion
JPY
18

Coca-Cola business

Structural strategies■ Reinforce business foundation in order to offer values to all stakeholders.

Offer high quality &highly value-added
products & services

Raise capital efficiencies(ROE, ROA)

Consumers

Actively return dividends
Share-holders (dividend increase)

Happy

Employee
Set up labor conditions& attractive HR system

Local
communities
Address social issues &our growth at the same time19

Healthcare & skincare business Basic strategies

Growth
1. Raise profitability by reinforcing existing
businesses① Capture new customer brackets② Strategically renew existing products③ Develop marketing strategies for long-lasting
relationship2. Raise revenue by expanding areas ofbusiness① Enter into new areas of market expected for
growth② Collaborate with CCW

Efficiency
3. Transform to enable high quality & low cost operations① Revisit production processes to reduce COGS
② Establish the optimum Call Center structure③ Reinforce WEB recruitment to reduce COGS
④ Transform logistic structure to be relevant
4. Allocate investments for growth① Allocate management resources appropriately basedon research & analysis② Ensure solid investments that would lead to future
growthStructural
5. Reinforce governance and risk preventive structure
6. Transform corporate culture by building new HR system & reinforcing HR development
7. Set up IT system for developing sales strategies

20

Healthcare & skincare business

Growth scenario■ Work on widening fields of business and reinforcing the existing businesses to grow in
expanding markets.
(Unit: 000 MM PY)

60

Growthstrategy

New productdevelopment＋20

Widen fieldsof business30

New market
cultivation
Collaboration with
CCW

40
(＋10)

2015
ActualKey initiatives

Reinforcement of
the existing
businesses

 Reinforce productdevelopment structure Gain foothold in overseas
markets
 Cultivate new channels
 M&A
 Investigate new materials
 Build a joint development
structure Cultivate new customers
 Strategically renew the existing products Develop marketing strategies to keep a longterm relationship

2018
Plan
21

Healthcare & skincare business

Growth strategy 1 & 2■Raise revenue by reinforcing the existing businesses and widening fields of business as pillars.

Reinforce- ・Cultivate new customers→ Execute media strategies for expanding targets (website, SNS)ment of theexisting
・ Strategically renew existing products→ Product strategies according to the system for functionally-labeled foods
businesses
New products
New markets

Widen
fieldsofbusiness

・ Reinforce product development structure

・ Gain foothold in overseas markets→ Strengthen information gathering, market research & analysis (use of
external resources, M&A)
Low share market (scale: large, share: low)
Untapped market (scale: small, share: high)→ Fully enter into the U.S. market (Q’sai USA)
→ Reinforce materials suitable for overseas (Nippon Supplement)

・ Cultivate new channels→Drive self-service sales to E&D outlets
22

Coca-Cola business× Healthcare & skincare business

New initiative for future growth■ Launch a full-scale collaborations between Coca-Cola business and Healthcare &skincare business.
→Strategically leverage external resources through CVC.

M&A

New
products

Coca-Cola businessNew business(diversification)

Collaboration

New
products

Healthcare & skincare
business

Univ.

Consulting
companies

Other

Information

Fund

Research
institution

Fund

Info, alignFinancial
institution

CVC(Corporate Venture Capital)

23

Consolidated management targets (2018)■ Aim to attain consolidated revenue of 500 billion JPY and operating profit of 21 billion JPY.
(Unit: 100MM JPY)

2018

2015
actualRevenue
Coca-Cola Business
Healthcare & Skincare Business
Operating profits
Coca-Cola Business
Healthcare & Skincare BusinessCurrent net profits(belong to our shareholders)

Plan

Variance vs. 2015 Variance (%)

4,404

5,000

+595

+13.5

4,076

4,440

+363

+8.9

328

560

+231

+70.5

142

210

+68

+47.2

112

150

+38

+33.8

30

60

+30

+96.6

99

130

+30

+30.4

Operating profits on
sales

（％）

3.2

4.2

+1.0

-

ROE

（％）

3.9

5.0 or more

+1.1 or more

-

ROA

（％）

3.8

5.0 or more

+1.2 or more

-

DOE

（％）

1.7

1.9

+0.2

-

24

CAPEX plans (2018)■ Change service life of sales equipment from the current setting (5-6) to 9 years.
→ Revisit the service life to reflect the actual usage status as more and more sales
equipment are used longer.
→ The change allows us to meet the Coca-Cola global standard.
■ Aim to deliver stable operating profit growth in the future and reinforce the businessfoundation by ensuring to make necessary investments in the 3 years when the
depreciation costs become less along with the change in service life of sales equipment.
(Unit: 100MM JPY)

2015

2016-2018 Plan

actual3-year total

Yearly average

Variance vs. 2015

Land

0

94

31

＋31

Buildings and structures

6

169

56

＋50

Machinery and equipment

28

284

95

＋67

Sales equipment

108

469

156

＋48

Other

18

134

45

＋27

Total

161

1,152

384

＋223
25

Scenario to attain 2018 operating profits (v. 2015)
Aim to deliver consolidated operating profit of 21 billion JPY, up by 6.8 b JPY v. 2015.
 Growth strategy +4.1 billion JPY: Grow by raising profits in each channel
 Efficiency strategy +4 billion JPY: Project cost saving through joint procurement of indirectmaterials in addition to SCM impact generations
 Structural strategy -0.4 billion JPY: Leverage the capitals gained from changing the service life
for investments to the future growth.
+3 billion JPY: Project profit increase by expanding new products & channels.
Procurement cost
reduction
SCM impacts

Sales related

＋15

Less
(Raw)
Investments
for growth depreciation material prices
costs of sales(effects ofHealthcare &(costs)equipment exchange rate)skincare-27

business

＋23

-39

＋25

(Unit: 000 MM JPY)

＋41

＋30

210
(＋68)

142

Growth＋41

Efficiency＋40

Structural
-4

Other
-39

Coca-Cola business full-year (＋38)
2015 Actual2018 Plan

26

[References]27

Coca-Cola System in Japan – Capital Relationship(As of Jan 1, 2016)

Investments with figures indicate %; ( ) in total by CCW+ Shikoku⑤

Joint companies of TCCC/CCJC
and bottlers
Coca-Cola
Integrated
Business Systems
Co., Ltd. (CCIBS)

21.1%(26.1%)⑥
The
Coca-Cola
Company (TCCC)②

Coca-Cola Business
Sourcing Co., Ltd.
(CCBSC)

100%

100%

⑦

Coca-Cola
Tokyo Research& Development
Co., Ltd(CCTR&D) ④

Coca-Cola(Japan)Co., Ltd(CCJC)

Coca-Cola
CustomerMarketingCompany(CCCMC) ⑧③

Coca-ColaWest Co.,
Ltd. (CCW) ①

3.7%

100%

22.7%
(27.4%)

Shikoku CCBC

23.7%
(26.2%)FV Corporation
(FVC)

⑨

5 Coca-Cola BottlingCompanies(CCBC)

25.9%(28.6%)

28

Coca-Cola related companies and their roles① Coca-Cola West Co., Ltd. (CCW)⑤ Coca-Cola bottlers (CCBCs)

Coca-Cola West Japan (CCWJ) was established in 1999 by
merging Kitakyushu CCBC and Sanyo CCBC. CCWJ acquired
ownership of Mikasa CCBC in 2001. In 2006, CCWJ and Kinki
CCBC merged the management of both companies, and in 2009
Coca-Cola West Co., Ltd. was established. CCW acquired 100%
ownership of Minami Kyushu CCBC in 2013 and merged in 2014.
CCW acquired 100% ownership of Shikoku CCBC on May 18 2015.

There are 8 bottlers in Japan, which are responsible for selling
Coca-Cola products in the respective territories.

② The Coca-Cola Company (TCCC)
Established 1919 in Atlanta, Georgia. Carries the rights to grant alicense to manufacture and sell Coca-Cola products to thebottlers. TCCC (or its subsidiary) makes franchise agreementswith the bottlers.
③ Coca-Cola (Japan) Co., Ltd. (CCJC)

Established 1957 in Tokyo, as “Nihon Inryo Kogyo K.K.,” a whollyowned subsidiary of The Coca-Cola Company. The company
name was changed in 1958 to Coca-Cola (Japan) Company,
Limited. CCJC is responsible for marketing planning as well as
manufacturing and distribution of concentrate in Japan.
④ Coca-Cola Tokyo Research & Development Co., Ltd.

(CCTR&D)
Established in January 1993 as a wholly-owned subsidiary of The
Coca-Cola Company. Since January 1995, carries out productdevelopment and technical support to respond to the needs of
the Asian region.

⑥Coca-Cola Integrated Business Systems Co., Ltd. （ＣＣＩＢＳ）
It is charged with providing business consulting services to the
Coca-Cola system in Japan, as well as developing and generally
maintaining the information systems to support such work.

⑦Coca-Cola Business Sourcing Company, Limited（ＣＣＢＳＣ）
It assumes overall operations to procure (raw) materials,
equipment as well as indirect materials in Japanese Coca-Colasystem.

⑧Coca-Cola Customer Marketing Company (CCCMC)
Established through joint investment by Coca-Cola (Japan) Co., Ltd.
and all of its bottling partners in Japan, and the company began
operations on January 1, 2007. It is charged with holding businessnegotiations with major retailer outlets, such as nationwide
convenience stores and supermarket chains, as well as developing
proposals for sales promotions and storefront activities.

⑨ FV Corporation Co., Ltd. (FVC)
Jointly established in May 2001 by CCBCs and CCJC. FVC carries out
sales negotiations with national chain vending operators, and deals
29with non-KO products as well as KO products.

Glossary
Term
Channel (Business unit)
Vending
Chain store
Convenience Store (CVS)
RetailFood Service
Vending
Regular vending machine
Full service vending machine
Out-market vendhing machine
In-market vending machine
VPM
VPPM
Chain store
National chain
Regional chain
Local chain
Other
Trade marketing
OBPPC
PicOS
HORECA

Explanation
Retail sale business to distribute products through vending machines to consumers
Wholesale business for supermarket chain
Wholesale business for convenience store chains
Wholesale business for grocery stores, liquor shops, and other over-the-counter outlets
Syrup sale business for restaurants, movie theaters, sports areas and theme parks
A vending machine offered free of charge to a customer who supervises its operation and uses it tosell products purchased from us
A vending machine installed and managed directly by us
An outdoor machine whose users are relatively unspecific
An indoor machine whose users are relatively specificVolume Per Machine
Volume and Profit Per Machine
National chain supermarket that CCCMC are responsible for negotiating
Chain supermarket that owns its stores in the two or more bottlers' territories
Chain supermarket that owns its stores in the single bottler's territory
Trade marketing is a specific function that uses shopper and retail knowledge to develop in-store
strategies that ultimately result in higher brand equity and an increase in the quantity and value of
shopper purchases
Occasion, Brand, Package, Price, Channel
Picture Of SuccessHotel, Restaurant, Café, etc

30

Forward-looking statement

The plans, performance forecasts, and strategies appearing
in this material are based on the judgment of the managementin view of data obtained as of the date this material was released.
Please note that these forecasts may differ materially from actual
performance due to risks and uncertain factors such as thoselisted below.
- Intensification of market price competition- Change in economic trends affecting business climate- Major fluctuations in capital markets- Uncertain factors other than those above31