67 (Fiscal Year 2015)th1st Half Financial Report
April 1 to September 30, 2015

MUTOH HOLDINGS CO., LTD.

TSE securities code : 7999

M e s s a ge to Sha re hold er s

Basic Policy

We would like to express our sincerest gratitude to all of the shareholders
who have continued to support us.
We hereby present our 67th (Fiscal Year 2015) 1st Half Financial Report,

With constant innovation

covering the MUTOH Group's business performance and activities.

and challenging
ourselves,
we contribute to society

B u s i n ess Situation a n d Ou t c o m es
In the first half of the current consolidated fiscal year, although there were some uncertainties in Europe and North
America such as the debt problem in Greece and issues related to refugees, a gradual economic recovery continued
overall, led by the US. Meanwhile, in China and other emerging countries in Asia, the slowdown in the economy
accelerated as a result of a continued contraction in capital investments. The above factors have resulted in instability of
the global economy, as reflected in low stock prices on a global level.
Against this background, the Group strengthened management foundations and product development with the aim ofcontinuing to improve profitability in the future.
In our core large-format inkjet printer business, although there was a partial delay in the release of new products
scheduled for the first half of the year due to parts defects, we launched sales of six “X” models in the “ValueJet Series”
equips “Drop Master Technology”, MUTOH’s unique and innovative automated printing technology that reduces theadjustment work required for each form of media.
In the 3D printer business, sales of the “Value Arc MA5000-S1” arc-welding metal 3D printer were commenced in July.
Also large scale “Value 3D Resinoid MR-5000” resin-based FFF (Fused Filament Fabrication) 3D printer was released in
September, this model supports engineering plastic output and is equipped with a newly developed “Tough Head” thatcan withstand high temperatures of 300 degrees Celsius. In addition, the “MUTOH 3D PhotoScan System MS2000N” 3D
scanner for full body photography that enable high-quality 3D measurements in a short period of time was released inOctober. The MUTOH Group will continue offering new products, strengthen its brand power as a pioneering domestic
3D printer manufacturer, and actively work to expand business by exploiting new needs and markets.
As a result of the above, net sales stood at ¥11,375 million (down 0.8% year on year), operating income came to ¥264
million (down 69.9% year on year) and ordinary income came to ¥237 million (down 74.4% year on year) for the first halfof the current consolidated fiscal year. Profit attributable to owners of parent was ¥0 million (compared to net income of¥2,443 million during the same period of the previous fiscal year).
Going forward, the MUTOH Group will deploy aggressive business strategies aimed at further improving its businessperformance.
We greatly appreciate your support and ask for your continued assistance and cooperation.

1

Consolidated Financial Highlights
Consolidated net sales
67th (FY2015) 1st Half period:

64th (FY2012) period:
1st Half

17,982million
8,690million¥11,375 million
65th (FY2013) period:

23,115million
10,813million

1st Half results
Business Segment

66th (FY2014) period:

Net Sales (Millions of yen)

23,475million
11,467million

Imaging & Information Equipment BusinessInformation Service Business
Real-Estate Leasing Business and Other Business

Consolidated operating income¥264 million

67th (FY2015) 1st Half period:

64th (FY2012) period:
1st Half

140million
34million

65th (FY2013) period:

1,630million
655million

Consolidated ordinary income (loss)
67th (FY2015) 1st Half period:

64th (FY2012) period:
1st Half

715million(187)million● 67th (FY2015) period:¥11,375 million

66th (FY2014) period:

1,306million
876million

1,068 986

¥237 million

65th (FY2013) period:

2,014million
901million

9,321

66th (FY2014) period:

1,354million
928million● 66th (FY2014) period:

Consolidated profit attributable to owners of parent
67th (FY2015) 1st Half period:

64th (FY2012) period:
1st Half

261million(317)million

Consolidated gross assets
67th (FY2015) 1st Half period:

64th (FY2012) period:

27,363million

65th (FY2013) period:¥0 million¥11,467 million

66th (FY2014) period:

2,684million
2,443million

1,077 915

¥31,780 million

9,474

2,399million
591million

65th (FY2013) period:

32,953million

66th (FY2014) period:

32,027million● 65th (FY2013) period:

Consolidated net assets
67th (FY2015) 1st Half period:

64th (FY2012) period:

19,170million¥10,813 million¥24,723 million
65th (FY2013) period:

21,446million

66th (FY2014) period:

977 976

25,061million

8,860

Forecast of results
for the full fiscal year
(Millions of yen)

Forecast of consolidated
business results

Net sales

OperatingincomeOrdinary
income26,000

1,300

1,350

Profit attributable toowners of parent
850

Figures announced
on May 15, 2015.

As we enter the third quarter of the current consolidated fiscal year, although the sales of new products will go intofull swing, there are many uncertainties that could have an impact on business performance as the outlook of theglobal economy remains uncertain, as reflected in the acceleration of the slowdown in the economy in China andother countries in Asia. As a result, it is difficult to make reasonable performance estimates at this time.
Therefore, although the full-year forecasts released on May 15, 2015 will be maintained for the time being, shouldchanges be required for the forecasts as these factors become clear in the future, we will make prompt disclosures
as required.

2

Overview of Business Segments

81.9%
Imaging &Information
Equipment
Business

Net Sales¥9,321million

9.4%
Information
ServiceBusiness

Real-Estate
Leasing
Business andOtherBusinesses

3

In Asia, while sales of large-format inkjet printers have been strong,
due to intensified price competition for personal 3D printers and anincrease in development investments, net sales and segment loss stoodat ¥4,008 million (down 2.9% year on year) and ¥34 million (comparedto a profit of ¥421 million in the same period of the previous fiscalyear), respectively.
In North America, due to factors such as strong sales which is a resultof aggressive sales activities, the recovery of the US economy, and theeffect of yen depreciations, net sales and operating income stood at¥2,164 million (up 20.9% year on year) and ¥206 million (up 51.2%year on year), respectively.
In Europe, sales declined due to factors such as the effect of yen
appreciation and political instability in Eastern Europe including
Turkey, and as a result net sales and segment profit stood at ¥3,148
million (down 11.5% year on year) and ¥162 million (down 54.5% yearon year), respectively.

In the Information Service Business, although sales in existing
businesses (the CAD business and systems solutions service business)were mostly flat from the previous year and only decreased slightly, asa result of factors including an increase in costs related to the launchof the 3D solutions business last year, net sales and segment profit
stood at ¥1,068 million (down 0.9% year on year) and ¥18 million(down 65.2% year on year), respectively.

Net Sales¥1,068million

8.7%Net Sales¥986million

In the Real Estate Leasing Business, while sales decreased due to aswitchover to internal Group use for some real estate, as a result of animprovement in the utilization rate, net sales and segment income
stood at ¥127 million (down 3.9% year on year) and ¥99 million (up38.4% year on year), respectively.
In Other Business, despite proactive sales activities, net sales stood at¥858 million (up 9.6% year on year) and a segment loss of ¥44 million(compared to a segment loss of ¥12 in the same period of last fiscalyear) was recorded, because of the strong impact from the increase inpurchase prices caused by yen depreciation.

Release of the personal 3D printer “MF-2200D”
equipped with high-speed dual headdeveloped in-house
The structure and driving system have been revolutionized for the “MF-2200D” together
with the mounting of a high-speed dual head that was developed in-house by MUTOH.
We hope you experience first-hand the broadly expanding world of 3D printing that
includes engineering, technology and art education, character modeling, product design,presentations and more.
Dual-carriage method the allows separate control of
two heads developed in-house by MUTOH
Myriad of 3D representation made possible withtwo-color modeling across a broad modeling area
(Materials used: ABS/PLA/SB/PVA)
Software supports Japanese interface as standard
Secure support through the customer center dedicatedfor MF Series“MF-2200D”
Personal 3D printer

3D entertainment“Value 3D Figure World”
MUTOH FIGURE WORLD INC. has begun recruiting
franchisee store for its 3D dress-up figure printservice.
The service provide scanning your face in about 5
seconds. And you enjoy “Yourself” by combining
more than 100 types of costumes and hairstyles.
In addition to flagship store on the 4F of the Tobu
Department Store at Tokyo Skytree, special events
are held across Japan. Please check the following
website for information of stores and events.

4F of Tobu Department Store at Tokyo Skytree
MUTOH FIGURE WORLD flagship store
Operating hours: 10:00 to 21:00

http://www.mutoh-figureworld.co.jp/event/index.html

Flat screen drip proof specifications
Release of the large, outdoor LED sign“MSB Series”
The “MSB Series” consists of LED light-guiding plate signs that support freesizes from A2 to large sizes exceeding BO (1,284 x 1,984 mm), withorder-made features including frame colors and LED color temperature.
Thinness 30 mm: Mounting possible
While keeping the power source built-in without
protrusions,achieve a top-in-the-industry thinness of 30 mm
Homogeneity of luminescence: 80% or above
With gradation printing using patent technology,
surface illumination of 3,000 lx achieved
Easy maintenance: Total cost reductions are possible by replacement ofparts with a fixed term
In addition to media, parts such as power sources and LED can also
be easily replaced

Station hallway
mounting image

Information sign for
a commercial facility

Advertising sign within a station

Advertising sign within a stadium

4Topics
Expand a lineup of “X” models in the“ValueJet Series” of large-format inkjet printerswith the launch of 6 new models
The lineup of “X” models in the primary product line “ValueJet Series” of large-format inkjet printers has been greatly
expanded with the sales launch of 6 new models.
Major features of these models equip Drop Master Technology that makes automatic adjustments for the inkshooting target position depending on the thickness of the media, as well as the addition of a new print mode andimprovements in the print adjustment tool function, which significantly improves cost performance compared toformer models.

“VJ-1624X”[Major features]◆Equipped with Drop Master Technology
Drop Master Technology is MUTOH’s innovative automatedprinting technology that reduces the cumbersome adjustment
work depending on media.

“VJ-1938WX”[New “X” model products: 6 models]Eco-solvent(low-solvent)inkjet printers
VJ-628X

630mm width

VJ-1324X

1,300mm widthtime needed for printing adjustment while improving image

VJ-1624X

1,600mm widthdefinition and smoothness.

VJ-2638X

2,600mm width, double heads

The automatic adjustment function for the ink discharge timing
based on paper thickness for bi-directional printing reduces the◆Addition of a new print mode
Addition of a 360 x 1,080 dpi / 3 path (custom) mode that
achieves both high-speed printing and the quantity of ink

Sublimation transfer inkjet printersrequired for coloring◆Improvements in the print adjustment tool function‌S i g n i f i c a n t i m p r o v e m e n t s i n w o r k e ff i c i e n c y d u r i n gadjustments through changes to bi-directional printing
adjustment and paper-sending adjustment patterns‌Status monitor (VSM) supports the following functions
Printing history view / Statistics information / cost information
Supports heat control function (VJ-1624X)
Addition of control mode with overall control of each heater(pre / platen / after), media flapping control and reduction of
the image creation start time5VJ-1624WX 1,600mm width
VJ-1938WX 1,900mm width, double heads

Release large scale “Value 3D Resinoid MR-5000”
resin-based FFF 3D printerthat supports engineering plastic output
Large scale resin-based FFF 3D printer that supports engineering plastic output was released in
September. A newly developed “Tough Head” has been designed for continuous operation at
300 degrees Celsius.
“Value 3D Resinoid MR-5000” supports large modeling up to 500 mm, which relies on a servo
motor controlling technique to achieve a very impressive precision, while 3D printing at the very
high speed.
In addition, the use of dual heads allows two kinds of engineering plastic to be combined withBi-Matrix structuring.
This will enable the creation of new materials with physical features not achievable in the past.

“Bi-Matrix structuring”
creates new composite materials“Bi-Matrix structuring” that was developed in-house by MUTOH is a
3D printing method that enable the creation of composite materials
with the characteristics of both the main-matrix resin and the submatrix resin by separately discharging multiple resin materials.

ABS + elastomer structure

PC + epoxy structure

Nylon + elastomer structure

Nylon + epoxy structure

MR-5000

6

Consolidated 1st Half Financial Statements■ Consolidated Balance Sheets
PeriodAccount(Millions of yen)

Year ended
September 30, 2015 September 30, 2014 March 31, 2015

AssetsCurrent assets

Cash and bank deposits

21,432

20,563

8,619

9,862

8,597

3,759

4,295

Inventories

5,923

5,923

5,533

Others

1,268

1,887

2,137

12,238

11,626

11,463

Tangible fixed assets

9,023

8,398

8,395

Intangible fixed assets

316

174

197

Investment securities

OthersTotal assets

719,542

3,729

Investments andother assets

PeriodAccount

1st Half period ended 1st Half period ended

Year ended
September 30, 2015 September 30, 2014 March 31, 2015

Liabilities

Notes and accounts
receivable

Fixed assets(Millions of yen)

1st Half period ended 1st Half period ended

2,899

2,389

509

31,780

3,053

2,484

568

33,0592,870

Current liabilities

5,295

6,246

5,179

Notes and accounts
payable

3,156

4,038

3,036

Others

2,139

2,207

2,142

Non current liabilities

1,761

2,131

1,787

Debt for retirement
benefits

1,272

1,608

1,277

Others

489

522

509

Total liabilities

7,057

8,377

6,966

Shareholders’ equity

24,883

24,97025,206

Capital stock

10,19910,19910,199

Capital surplus

4,182

4,182

4,182

Retained earnings

12,845

12,925

13,165

Treasury stock(2,342)(2,336)(2,340)Total other cumulative
comprehensive income(986)(1,183)(1,036)

Non-controllinginterests

825

895

890

Total net assets

24,723

24,68225,061

Total liabilities and net assets

31,78033,05932,027

Net assets

2,328

541

32,027

■ Consolidated statements of incomePeriod
Account

Net sales
Operating income(Millions of yen)

10,813

The 66th
period11,467

1,306

The 67th
period(FY2015)

11,46723,475

264

876

237

928

1,354

Income before income taxes
and other adjustments

336

3,696

4,119

0

2,443

2,684

23,11523,475
11,37505,000Period

1st Half period ended
September 30, 2015

Account(Millions of yen)

1st Half period ended

Year ended
September 30, 2014 March 31, 2015

Net cash from operating activities

1,386

377

(487)

Net cash from investing activities(1,297)

(157)

(477)

Net cash from financing activities

(382)

(106)

(120)

Net increase (decrease) in cash andcash equivalents

(247)

132

(1,133)

Cash and cash equivalents at
beginning of period

8,597

9,730

9,730

Cash and cash equivalents at end ofperiod

8,349

8,597

Business segment

Imaging & Information
Equipment BusinessInformation ServiceBusiness

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.

25,0001st half year

1,630
876

The 66th
period

1,306

The 67th
period 264(FY2015)
0500

1,000

1,500

2,000

Trends of ordinary income (Millions of yen)
Full fiscal year

The 65thperiod901

The 66thperiod928

1st half year

2,014

1,354

period(FY2015)

237
500

1,500

1,000

2,000

2,500

Trends of profit attributableto owners of parent (Millions of yen)
Full fiscal year

Company 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.

20,0006550■ Consolidated subsidiaries in each business segment

15,000

Full fiscal year

The 67th

9,862

10,000Trends of operating income (Millions of yen)The 65th
period■ Consolidated statements of cash flows

1st half year

Full fiscal year

The 65th
period11,375

Ordinary income

Profit attributable to owners ofparent

Trends of net sales (Millions of yen)

1st Half period ended 1st Half period ended
Year ended
September 30, 2015 September 30, 2014 March 31, 2015The 65thperiod

1st half year

591
2,399
2,443
2,684

The 66thperiod

The 67thperiod 0(FY2015)
0500

1,000

1,500

2,000

2,500

3,0008

Company Profile (As of September 30, 2015)
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 September 30, 2015)

9

Chairman of the Board

Masanori Takayama

Director
Audit and Supervisory Committee Member

Hajime Tatsuzawa

President

Nobumasa Hayakawa

Director
Audit and Supervisory Committee Member

Kazuyuki Kamoi

Managing Director

Yoichi AbeDirector
Audit and Supervisory Committee Member

Hiroshi Tobita

Managing Director

Hisayoshi Aoki

Director

Masanobu Takeda

Director

Toshihiro Sakamoto

Director

Yoshiyuki Takayama

Director

Yoshihiko Baba

Stock information (As of September 30, 2015)■ Number of shares issuable

170,000,000■ Number of shares issued

54,818,180■ Number of shares per unit

1,000

■ Number of shareholders

6,372■ Major Shareholders
Number ofRatio ofShares 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

3.44Sumitomo Mitsui Trust Bank, Limited

1,457,000

3.18

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

1,073,000

2.34

Unisystem Co., Ltd.

923,000

2.01

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 8,929,150 shares of treasury stock, which isexcluded from the major shareholders listed above.
2. The ratio of shareholding is calculated after excluding treasury stock.

Breakdown of shareholders
Securities companies
0.82%31Breakdown by the number of shares held
Foreign companies
2.60%
67

5 or more
5.30%
483

1 or more
11.45%
4,072

Less than 1
0.61%
1,399

10 or more
10.63%
347

Financialinstitutions
13.32%
29
Other companies
51.42%
211

50 or more
3.56%
31

Individuals and others
31.84%
6,034

100 or more
13.02%
31

500 or more
3.75%
31,000 or more
51.68%
610

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 TrustBank, 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.