Septeni Business Report 2014
For the year ended September 30, 2014

SEPTENI HOLDINGS CO., LTD.

INTERVIEW WITH THE PRESIDENTWith our focus on growth areas
proving effective,
we set a record high income
for the third consecutive year.
We will seek to create businesses
that will become a new
operational pillar going forward.
―― What is your view on the recent businessenvironment?

We achieved growth by optimizing
the business structure ahead of changes
in the Internet usage environment.
In the Internet industry, high growth is continuing
in various areas, and smartphones in particular haveentered a period of mass adoption. With the numberof domestic contracts totaling 62.48 million at the endof September 2014, making up 50.3% of the total
number of mobile phone contracts*1, smartphones havecome to be used not only by advanced users, but also
in more general usage scenes. It has become common
place to see many passengers intently operating theirsmartphones on the commuter trains in the morning.
There is almost no doubt that all existing media,
including television, newspapers and magazines, areshifting toward smartphones. In these days, multiple
news applications have acquired millions of users,
implying the trend that newspaper content, which
was once read on paper in the past, is now read on
smartphones. In the field of entertainment, users who
enjoy games on their smartphones are increasing, andmega titles are flourishing, with tens of millions of users
downloading them. The usage scene of smartphone isalso steadily spreading into various other services.
SEPTENI HOLDINGS CO.,LTD.
President and Representative Director

Koki SatoSepteni Business Report 201402

The Septeni Group has achieved significant growth

In the Mobile domain, high growth continues as

due to its response ahead of this mobile shift in the

products become more diversified in smartphone

Internet usage environment and the synergy of “Social”

advertising, along with demand expansion. Sales ofand “Global” domains which the Group has beensmartphone advertising for the full year stood at about

focusing on in recent years.

23.0 billion yen, growing to approximately 2.1 times
the year ended September 2013, and its business―― What were the initiatives you took andcomposition ratio rose to about 48%. We take pride inbusiness results you recorded in FY9/14 under

the fact that this is the result of our prompt response toreview?

smartphones ahead of the market environment.
In the Social Media Business, sales increased by a factor

We achieved both the expansionof about 2.9 from the year ended September 2013 as aof operations and improvement inresult of the expansion of business centered on Facebook-profitability in our mainstay Internet

related services. In the year ended September 2014, we

Marketing Business.

were able to receive two authorizations, namely the

In the year ended September 2014, the Group recorded

Twitter “Ads API Partner” and the “Mobile Measurement

net sales of 54.3 billion yen and operating income ofPartner.” As in Facebook, Twitter advertising billings also

2.25 billion yen on a consolidated basis, both of which

increased rapidly as we have established an advertisingmarked a record high for the third consecutive year.

sales model in the form of added value; that is, improved

In the mainstay Internet Marketing Business, sales

operational efficiency using a system developed in house.

increased 22.3% year on year, and income rose

Meanwhile, as we also actively promoted overseas

35.9%, achieving both an expansion of operations anddevelopment, we established a new base in two

improvement in profitability. Growth in sales accelerated

locations, in London and Seoul, and made an Internet

further from the year ended September 2013 due to theadvertising company in South Korea, which has strength

expansion of the Internet advertising market centeredin Facebook advertising, our subsidiary*2. At existingon performance-based advertising, at which the Groupbases, operations expanded mainly in North America,

excels, and our focus on growth areas. To survive in theand overseas sales significantly increased by a factor of

rapidly changing Internet advertising market, the Group

about 7.5 from the year ended September 2013. As a

is focusing on the three areas of “Mobile,” “Social” andresult, the “Mobile,” “Social” and “Global” domains“Global” where particularly high growth is expected.

grew, and the Group’s results expanded.

Net Sales

Operating Income

Dividend per share(units: ¥mn)(units: ¥mn)(units: yen)Up18.2％

54,34545,982

2013/9Up41.8％

2,259

1,593

2014/92013/9Up28.6％
7

2014/99※

2013/92014/9*The Company implemented a 200-for-1 stock split for
its common stock on October 1, 2013. The figures
here reflect the impact of this stock split.

In the Media Content Business,
we made upfront investments actively.
In the Media Content Business, our active upfront
investments resulted in an increase in operating loss.
In the Mobile Game Business, sales declined as new
titles were limited to only one browser game, although

we promoted the development of businesses centeredon the platform business of matching recruitment andthe platform business of social contribution. As a result,
losses related to upfront investments in new businesses
centered on the Manga content business increased to
310 million yen, about twice as much as losses in theyear ended September 2013.

sales remained firm for existing titles including our
first native application game “Traitorous Ciel Ark.”―― What are the Midterm Business Policies

Meanwhile, in step with changes in the market such as astarting from the year ended September 2014

shift toward smartphones, we proactively promoted theand your initiatives after the year ended

development of native application games and engaged

September 2015?

in collaborative projects with major publishers.
In the Manga content business, which we began in
the year ended September 2013 as a new business,
we started GANMA!, an online distribution service
for new serial Manga, in December 2013. We madeWe seek to “Double profits” by creatinga new mainstay business while raising
the composition ratio of profitablebusinesses.

upfront investments actively in both cultivating Manga

The concept of the Midterm Business Policies is toartists and expanding the distribution service for future“Double profits.” There is no change in our medium-monetization. As for a new business other than Manga,

to long-term business policy, and we will continue toincrease the ratio of profitable businesses and aim tobuild a new operational pillar second to advertising.
We are also working to review the business portfolio
as necessary and have decided to transfer the DM
business in the year ended September 2014*3. We willcontinue to promote the shift toward more profitablebusinesses.
In the year ended September 2015, we will seek toboost the competitiveness of the Internet Marketing
Business, our mainstay operations, and increase sales
and profits of the entire Group through the sustainablegrowth of the Internet Marketing Business.
In the Internet Marketing Business, we will strive
to expand our market share and raise profitability byfocusing on the growth areas of “Mobile,” “Social”
and “Global.”In the Mobile Game Business in the Media Content
Business, we will seek to increase revenues by creating
hit titles mainly in native application games, as the device

Septeni Business Report 201404

shift is being completed in the year ended September
2014. In the Manga content business, we will continue
to make active upfront investments to expand theplatform size.
To materialize these efforts, we want to make theyear ended September 2015 the period when we will
give momentum to the growth of employees, witheach of them having a sense of ownership in company
management under our corporate slogan “Invigorate theworld with the entrepreneurship of each employee.”

Midterm Business Policies■ Concept“Double profits”
Increase the share of highly
profitable businesses
Create a mainstay business second
to advertising

The Septeni Group was ranked eighth in the 2014
Great Place to Work*4, indicating that our efforts for■ Business Focus

the “growth of individuals” are highly valued. We willcontinue to develop the environment for our employees
to grow further and maximize their abilities throughour efforts for the flattening of the organization andMobilediversity, among other initiatives.

―― F inally, what is your message forshareholders?

SocialGlobalDividends were increased for the second
consecutive year in the year ended
September 2014. We seek sustainable
and dramatic growth through proactive
investments in growth areas.

current condition and the future potential of the Internet

With respect to profit distribution to shareholders, we

industry surrounding us. We will seek sustainable andhave set roughly 15% of the consolidated net income

dramatic growth by attaining the goal of “Doubling

as a benchmark. For the year ended September 2014,

profits” first in the Midterm Business Policies andas a result of steady growth in net income, we increased

making proactive investments in growth areas at thedividends for the second consecutive year. Our basic

same time. We look forward to your continued support

policy continues to be appropriate profit distribution

for the Septeni Group.

according to the expansion of business performance,
while paying attention to the continuation of stabledividends at the same time.
Although we achieved a record high income in theyear ended September 2014 as in the year ended
September 2013, I believe that there is still a plenty ofroom to accelerate the speed of our growth, given the*1: Based on a survey by MM Research Institute, Ltd.
*2: Consolidated on September 30, 2014.
*3: Transferred on October 1, 2014.
*4:	2014 Great Place to Work (Japanese version) by the Great Place to Work®
Institute Japan.
	In the category of companies with 100 to 999 employees, the Septeni Group(nine companies covered) was ranked eighth.

Profile of the Group
Sustainable growth[Primary source of revenue]

The Septeni Group is always making
progress and evolving by investing in theMedia Content Business, which is in theprocess of growing, and fostering new
businesses, with the Internet Marketing
Business as the primary source of revenue.

Internet Marketing
Business
Providing marketing support
services primarily throughour Internet advertisingbusiness with the advantageof the top ranking
in JapanInvestments

Investments

Media Content
Business

New businessdevelopment

Providing of mobile content
centering on games
Development and productionof Manga artists
Operation of Manga
distribution service

Young employees aredeveloping various new
businesses in the in-house
venture called“Hineran (Rack Our Brain)
department”

Growth process [Upfront investment]

Planting seeds for growth
Seeking to develop new businesses

New businesses created
one after another

A Platform of matchingrecruitment© AXEL MARKA support platform forsocial contribution byusers and companies© SEGA Networks/© AXEL MARK© COMICSMART INC.

© COMICSMART INC.

Septeni Business Report 201406

The Septeni Group’s Growth Cycle
Human resources with a good sense of ownership and a strong entrepreneurial spirit are the Group’s
biggest asset.
We realize sustaining growth by aggressively investing in entrepreneurial human resources.

ネットマーケティング事業

バイク便事業

メディアコンテンツ事業
Cultivate human

テレマーケティング事業

Invest in humanresources

DM 事業

resources

Invest in entrepreneurial
human resources and theenvironment for developing
人材採用コンサルティング事業
human resources

1990

Chiefly cultivate entrepreneurs
and business managers(called Akindo) with original
expertise and systems

2000

2013

Operatebusiness

Recoupinvestment
Increase corporate
revenues from businesses
and services

Akindo and other wellcultivated human resources
develop and foster
businesses and services

History of Change and Growth
The Septeni Group has transformed its primary business several times since its foundation in 1990.
Net sales increased approx. 11 times and operating income grew approx. 13 times in the 14 years since
2000, when the Internet marketing business was started.

■Net Sales

Operating Income

Internet Marketing BusinessMedia Content Business

Motorcycle
DeliveryBusiness
Telemarketing Business2000/9Net sales:¥4,911mn
Operating income:¥175 mn

Direct Marketing Business*
Recruitment Consulting Business*We transferred all our shareholdings and withdrew from the Direct Marketing Business as of October 1, 2014.

2014/9Net sales:¥54,345 mn
Operating income:¥2,259 mn

Se g m en t I n f o r m a t i o n
Internet Marketing Business
Points for understanding business performance

Operations were expanded and profitability was increased
Main content of business
General all-embracing marketing support services
using the Internet● SummarySales growth accelerated, and profitability improved
compared with the previous fiscal year as a resultof the expansion of the Internet advertising market

Net Sales

Operating Income

particularly in performance-based advertising and(units: ¥mn)(units: ¥mn)

our focus on growth areas.
● Mobile

48,271

2,740

Sales of smartphone advertising increased around
2.1 times the year-ago level, and its business

39,458composition ratio rose to about 48% due to demand
2,016

expansion and more diversified products.
● Social

Sales in the Social Media Business increased by afactor of around 2.9 from the previous fiscal year
due to the expansion of Facebook-related services
and rapid growth in Twitter advertising.
● Global

Operations were expanded, mainly at our North
2013/92014/92013/92014/9American base, and sales increased significantly,
approx. 7.5 times year on year.
Overseas expansion was promoted aggressively, withthe establishment of new bases in two locations(London and Seoul) and the acquisition of aninternet ad agency in South Korea as a subsidiary.

Advertising
Sales

Internet Marketing Business
Advertising Agency Sales

Advertising
Purchases

Internet Media

Advertising
Distribution,
Display●●●ShopUsers

Web Solutions

Clients

Solution
Provision●Website creation, operations●Creative●SEO●Social media creation,

operations

Campaign Implementation,
Operation, Effectiveness Measurementetc

In-House Services

Service
Provision●Cloud based CRM Systems●Advertising platforms●Effectiveness measurement●Internet media

etc

Information Dispatch

Septeni Business Report 2014

FOCUS

08

Overseas expansion

The global development of the Septeni Group began■ Overseas sales Trendwith the establishment of a business base in Singapore
in March 2012. Two and a half years later, the global

5,697*Sales in yen equivalent in 1Q
2013/9 = 100

5,191

operation of the Group has now grown to include a

4,117
3,427

total of six bases, with five business bases and one
development base, which supports the growth of theGroup. These business bases have built a cross-border

1,282

transaction system of Internet advertising with Japanand provide Internet marketing support services tolocal companies. The development base works on the

100
1Q

340
2Q

726

3Q
2013/9

4Q

1Q

2Q
3Q
2014/94Q

development of our own services including “PYXIS,”
an optimization tool for social media advertising
operations.

●N umber of bases :6 (five countries)●S ales growth in ’14/9 :Approx.7.5 times YonY.

LondonSan Francisco
Seoul (2 Bases)●R atio of overseas employees :Hanoi (Development base)

Approx.10%

A cross-border trading system

Japan

Singapore

Asia

UnitedStates andEuropeSe g m en t I n f o r m a t i o nMedia Content Business
Points for understanding business performance

Operating loss continued due to upfront investments
Main content of business
Provision of digital content centering on games for
smartphones, the cultivation and production ofManga artists for the purpose of planning anddeveloping our own intellectual property (IP) and theoperation of the Manga distribution service, etc.
Net Sales

Operating Income(units: ¥mn)(units: ¥mn)

● Mobile Game Business

Existing titles remained firm but a browser gamewas the only new title that was released. This
resulted in a decline in net sales.
Meanwhile, Efforts were focused on a native
application game planned to be released in theyear ended September 2015.
● Manga Content Business

GANMA!, an online distribution service for new
3,714

serial Manga, was launched and full scale operation

3,458

has started. Upfront investments were actively madein both cultivation of artists and Manga distribution
services for future profits.
● New Businesses

As a result of promoting the development of multiple
new businesses other than the Manga content

△219
△277
2013/92014/92013/92014/9business, losses related to upfront investments
in new businesses (including the Manga content
business) increased to 313 million yen, about twice
as much as losses in the previous fiscal year.

561

471

Copyright Owner
408

534
486
475

Sourcing

423

466
Media Content Business
413

Content
Business

Mobile GameBusiness●Music●E-Books●Streaming●Social Games●NativeVideo●FortuneTellingetc

Provision

SNS
Application
MarketCommunications Distribution
Carriers

Applications

12/2Q 12/3Q 12/4Q 13/1Q 13/2Q 13/3Q 13/4Q 14/1Q 14/2Q

Manga Artists

Cultivation

Manga Content Business
Managementof Manga
Artists

Providing
Works

Manga
Distribution
Service

Distribution

UsersSepteni Business Report 2014

FOCUS

10

Manga Content Business

The Manga content business, which we fully launched as a core new business in the year ended September
2014, operates the cultivation and production of Manga artists and the Manga distribution service, with theaim of planning and developing our own IP centering on Manga content. We will continue to make proactive
upfront investments in cultivating Manga artists and expanding the platform to create excellent Manga works
born from the Internet and monetize them as a business.

A program to support
new Manga Artists

A service to distributenew serial Manga works online

Providing Manga artists with full support for their

Developing systems for readers to directly encourage

creative activities, including access to a dedicatedand contribute to Manga artists’ growth, such as astudio in Septeni’s office, support from editors andranking system based on reader reviews and a systemmonthly financial support in fixed amounts

for posting illustrations. The app downloads haveexceeded 850,000 and a total of 40 serialized works
are distributed as of Nov. 30, 2014.
serialize

Dedicated studio in
the office

Route M study meeting

Turning popular Manga series into independent books.
We turned popular Manga series
that appear serially on GANMA!
into independent books in October
2014 and began selling them inseries at an electronic bookstore.

© COMICSMART INC.

© COMICSMART INC.

© COMICSMART INC.

© COMICSMART INC.

© COMICSMART INC.

Co n s o l i d a t e d F i n a n ci a l I n f o r m a t i o n
Consolidated Income Statement Overview (units: ¥mn)
2013/9Item

2014/9Rate of change

Net sales

45,982

54,345+18.2%

Operating Income

1,593

2,259

+41.8%

Ordinary Income

1,752

2,362

+34.8%Net Income

1,207

1,549

+28.3%●T he buoyant Internet Marketing Business offset an operating loss in the Media Content Business due toupfront investments and became a driving force for the consolidated results.
●N et sales and all incomes reached record highs for the third consecutive year and operating margin
improved.

Operating Income (units: ¥mn)
Operating margin (units: %)Net Sales (units: ¥mn)■

54,345

Operating Income
Operating margin

Net Income (units: ¥mn)
Net margin margin (units: %)
■

2,259

Net Income
Net margin margin

1,549

45,982
41,358
1,527

34,632

1,593

1,207

4.2
928

3.7

3.5

677

2.7
429

2.6

2.9

1.6

1.2

ʼ11/9

ʼ12/9

ʼ13/9

■ EPS

60

47.90

40

30

5.0

26.91

5.0

12

9.0

7.0

ʼ11/9

ʼ12/9

ʼ13/9

■ Assets ■ Net assets

61.22■ dividend per share

50

ʼ14/9

6

21,625

ʼ11/9

ʼ12/9

16,02315

14,362
12,182
10,203
8,380

ʼ14/9

18.5
17.2

15,00010,000ʼ13/9

20

20,000

10

8

ʼ14/9

10.9

10
7.4

12

Septeni Business Report 2014

Overview of Consolidated Balance Sheets (units: ¥mn)
AssetsLiabilities

Previous Term

Current Term

Previous Term

Current Term(EndedSeptember 30,
2013)(EndedSeptember 30,
2014)(EndedSeptember 30,
2013)(EndedSeptember 30,
2014)

Total

Total

21,625

21,625
Cash and deposits

9,293

Total

16,023

Cash and deposits
Notes and accounts
receivable-trade

208 Operating margin7,572

Intangible assets

897

3,510

2,520
45,982

8,380

assetsNetNetIncomeNet margin margin

10,203

1,593

1,527

Non-current
liabilities

Shareholders’equity9,000

996 1,549

757

2,405

11,069Minority interests

Minority interests

Investments
and other assets

41,358■

Net assets

Intangible assets

Non-current assets

Non-current assets

2,259

Current liabilities

352

7,643

Property, plant
Shareholders’
and■ equipment
Operating Incomeequity

54,345Investments
and other assets

11,422

52

257
677

Liabilities

Liabilities

Non-current
liabilities

13,502

Property, plantand equipment

7,590

18,115Current
assets

6,370

1,585

8,199

Current
assets

6,670

Total

16,023

Notes and accounts
receivable-trade
Current liabilities

1,207

34,632●A ssets:
Increased ¥5,602 million from the end of the previous term, due to increases in cash and deposits andnotes and accounts receivable-trade, etc.
●L iabilities: Increased ¥3,779 million from the end of the previous4.2term, due to increases in accounts payabletrade and unpaid taxes, etc.

3.7

928

3.5

2.9

677

2.6
●N et assets: Increased ¥1,822 million from theearnings
2.7end of the previous term due to an increase in retained

associated with the posting of net income, etc.

429

1.6

1.2

EPS (units: ¥)dividend
per share(units: ¥)
ʼ11/9
ʼ12/9
ʼ13/9
ʼ14/9
■ EPS

60

50

47.90

40

12

9.0

5.0

26.91

6

5.0

21,625

0

20

ʼ14/9

18.5

16,02315

14,362
12,182
10,203

10,000
6,342

7,246

10.9

10
7.4

8,380

5

5,000
10

ʼ13/9

17.2

15,000

4

17.06

ROE
(units: %)
ʼ11/9
ʼ12/9

ʼ14/9

20,000

10

8

7.0

30

20

■ Assets ■ Net assets

61.22■ dividend per share

Assets (units: ¥mn)Net
assets(units: ¥mn)
ʼ11/9
ʼ12/9
ʼ13/9

2

ʼ11/9

ʼ12/9

ʼ13/9

ʼ14/9

0

*The Company implemented a 200-for-1 stock split for its
common stock on October 1, 2013. The figures here arecalculated on the assumption that the stock split was
implemented at the beginning of 2011/9.

0

ʼ11/9

ʼ12/9

ʼ13/9

ʼ14/9

0

ʼ11/9

ʼ12/9

ʼ13/9

ʼ14/9

M ai n G r o u p C o m p an i e s
Holding Company

The holding company for a group of companies conducting
primarily Internet-related and other businesses

Internet Marketing Business
Domestic

Overseas

SEPTENI CO.,LTD.

Septeni Asia Pacific Pte. Ltd.

Internet ad agency/Providing assistancefor overall promotions on internet

Internet ad agency in Asia and Pacific Ocean
regionMANGO Inc.

Septeni America, Inc.

SEM operation business

Internet marketing business for North
America region

Vasara Inc.
Internet ad agency

HighScore,Inc.

Septeni Europe Co., Ltd.
Internet marketing business for Europe
regionSocial media marketing support businessJNJ INTERACTIVE INC.
Internet ad agency in South Korea

EAGLE i Co.,Ltd.
Advertising network business

SEPTENI TECHNOLOGY CO., LTD.
Web service development

Septeni Original,Inc.
Plannnig and development of in-houseservice

Media Content Business
SEPTENI CROSSGATE CO.,LTD.
Ad network and platform business

AXEL MARK INC.
ASP CO.,LTD.

Mobile content businesse-marketing solutions

COMICSMART,Inc.
Tricorn Corporation

Manga content business

CRM service business

ViViVit,Inc.

New Business Development

Platform business of matchingrecruitment

gooddo Inc.
SEPTENI VENTURES Co., Ltd.
Incubation support

Platform business of social
contribution

Corporate Profile / Stock Information

Headquarters

Sumitomo Fudosan Shinjuku Grand Tower,
8-17-1 Nishishinjuku, Shinjuku-ku, TokyoTel+81-03-6863-5623

Fax+81-03-6863-5624

Foundation
CapitalNo.of
Employees

October 1990
2,053 million yen
809 permanent staff
955 employees

14

Septeni Business Report 2014

Ownership Structure updated on September 30, 2014
Number of shares authorized

74,016,000units

Number of shares issued
Number of shareholders
Major Stockholders

27,147,000units
5,979
Share
Numberof shares holding

Major shareholders
Village seven Co.,Ltd.

3,543,800

13.97%

Mamoru Nanamura

2,933,200

11.57%

Japan Trustee Services Bank, Ltd.
(Trust account)

2,647,900

10.44%

Yahoo Japan Corporation

1,400,000

5.52%

Trust & Custody Services Bank, Ltd.
(Securities Investment Trust Account)

1,393,000

5.49%

 he Nomura Trust and Banking Co., Ltd.
T
(Investment Trust Account)

613,700

2.42%

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

555,100

2.19%

GOLDMAN SACHS INTERNATIONAL

553,724

2.18%

Hiroshi Shimizu

454,000

1.79%

JP MORGAN CHASE BANK 385181

446,600

1.76%

Officers As of December 19, 2014
The President and Representative Director Koki Sato (center)
Senior Managing Director Isamu Ueno (third from right)
Managing Director Kazumi Shimizu (far right)(Note) Excluding our major stockholders above, our company reserve1,784,600 unitsof stock in our treasury. The above shareholding ratios exclude treasury stock.

Director Tadahiro Matsuda (second from right)
Director Shintaro Karaki (second from left)
Director Kana Setoguchi (third from left)
External Director Tatsuya Kimura (far left)
Internal Auditor Katsuhisa Yanagi
Internal Auditor Muneyoshi Nomura

Breakdown by the Number of Holdings Shares
Individuals·
Other

Treasury Stock
6.57%

33.21%

ForeignInvestors

17.58%

External Auditor Yoshihide Hirowatari
External Auditor Reiji Otaki*Mamoru Nanamura, the founder of the Company, retired from the position of
Director (the Chairman of the Board and Representative Director) as of theclosing of the 24th regular general meeting of shareholders held on December
19, 2014. He became Honorary Chairman on the same day to perform his duty
symbolizing the Group.

Domestic
Corporations

18.46%

Financial Institutions
22.33%

Securities Firms
1.85%

10株未満
10,045株 7.44%
10株以上100株未満
16,005株 11.85%
100株以上1,000株未満
14,320株 10.60%

1,000株以上
94,686株 70.11%

Our Creed“Hinerankai” in Kansai dialect means, “Rack your brain and be creative”

Our 7 Commitments for Success (The Septeni Way)

Speed
As a united team, we are dedicated to serving and responding to ourcustomers needs with no delay and being quick in decision-making
without jeopardizing the end results. Our training will assist us in taking
full advantage of business opportunities surrounding us while providing
our customers with satisfying services and support.

StretchWe always pursue a higher goal. Since we can not reach the goal we areaiming for by doing the same thing as in the past, we have been achieving
growth through continuous innovation and changes.

PartnershipAll employees perform their duties with managerial responsibilities
regardless of management or employee.

Fair&OpenOur company creates an environment where employees are fairly rewarded
for their contributions based on a system of full disclosure.

Originality
What does it take to be passionate in our work? What does it take for us
to become and maintain ourselves as pioneers in what we do? What does
it take to be fruitful? We believe it’s all about being original.

PassionOur company has the strong will and passion to win the race and contributeto the team’s growth and productivity, no matter how tough the challengeis.

Free&Rule
In order to become a strong and great company, one needs both solid rules
and the freedom to act under those rules. Our company has made freedom
within rules a part of our corporate culture.

SEPTENI HOLDINGS CO., LTD.
http://www.septeni-holdings.co.jp/en/■ R esults forecasts and other forward-looking statements containedin this report were prepared based on information available at thetime of the report was prepared, and actual results may differ fromprojected figures due to various factors in the future.
■ T he company names and service names in this report are theirtrademark or registered trademark.