CONSOLIDATED FINANCIAL REPORT（Japanese GAAP）
NINE-MONTH PERIOD OF THE FISCAL YEAR ENDINGFEBRUARY 28, 2015
(March 1, 2014 to November 30, 2014)
January 7, 2015
YONDOSHI HOLDINGS INC. is listed on the First Section of the Tokyo Stock Exchange under the securities code
number 8008.
Representative:
Inquiries:

Hidenori Suzuki, President and Representative Director
Masahiko Nishimura, Director in charge of operations
Tel: +81-3-5719-3429
URL: http://www.yondoshi.co.jp/
Quarterly Securities Report filing date (planned): January 14, 2015
Supplemental materials prepared for quarterly financial results: No
Holding of quarterly financial results meeting: No
Dividend payment commencement date (planned): —(Millions of yen rounded down)

1. Consolidated Operating Results for Nine-Month Period of Fiscal 2014
(March 1, 2014 to November 30, 2014)(1) Consolidated Operating Results (Cumulative)(Percentage figures are the increase / (decrease) for the corresponding period of the previous fiscal year.)
Operating Revenues
Operating Income
Ordinary Income
Net Income％Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen

FY201435,9104.2
3,304
10.63,810
8.1
2,288
14.2
Nine-Month Period
FY201335,459
0.3
2,987
5.3
3,525
9.3
2,004
36.9
Nine-Month Period
Note: Comprehensive income 3Q FY2014: 2,712 million yen (8.7%) 3Q FY2013: 2,494 million yen (78.9%)
Net Incomeper ShareFY2014Nine-Month Period
FY2013Nine-Month Period

Net Income per
Share after Dilution
Yen

Yen

84.39

84.24

73.33

73.23

(2) Consolidated Financial Position
Net Assets to Total
AssetsNet Assets per Share%Yen

44,01573.7

1,655.73

58,47844,136
February 28, 2014
(Reference)
Shareholders’ equity: November 30, 2014: 43,981 million yen
February 28, 2014: 44,116 million yen

75.4

1,609.45

Total Assets

Net Assets

Millions of yen

November 30, 2014

Millions of yen

59,666

2. Dividends
Dividends per Share
(Record Date)
Fiscal 2014
Fiscal 2015
Fiscal 2015
(Forecast)End of 1Q

End of 2Q

End of 3Q

AnnualYear-end

Yen

Yen

Yen

Yen

Yen

—
—

12.50
16.00

—
—

17.50

30.00

16.00

32.00

Note: Revision to dividend forecast for the second quarter of the fiscal year ending February 28, 2015: No-1-3. Forecasts of Consolidated Operating Results for the Fiscal Year Ending February 28, 2015
(March 1, 2014 to February 28, 2015)(% figures for the full fiscal year represent year-on-year increase or decrease)
Net Income
Operating Income
Ordinary Income
Net Incomeper ShareNet Sales
Millions of yen

Fiscal year
endingFebruary 28,
2015

51,500%

5.1

Millions of yen

%

5,400

10.1

Millions of yen

6,300%

11.6

Millions of yen

3,750%

Yen

17.8

138.29Note: Revisions to consolidated operating forecasts for the second quarter of the fiscal year ending February 28,
2015: NoNotes(1) Changes in Important Subsidiaries during the Period:(Changes in specified subsidiaries that caused changes in the scope of consolidation): No(2) Application of Special Accounting Practices in the Preparation of the Quarterly Consolidated
Financial Statements: No(3) Changes in Accounting Policies, Changes in Accounting Estimates, and Restatements
1) Changes of accounting principles in line with revisions to accounting and other standards: No
2) Changes of accounting principles other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Number of Shares Issued and Outstanding (Common Stock)
1. Total number of shares issued and outstanding (including treasury stock) as of theperiod-end:
November 30, 2014: 29,331,356 sharesFeb. 28, 2014: 29,331,356 shares
2. Total number of treasury stock as of the period-end:
November 30, 2014: 2,767,973 sharesFeb. 28, 2014: 1,920,288 shares
3. Average number of shares for the period (Cumulative total for the quarterly consolidatedperiod)
FY2014 Nine-Month Period: 27,116,636 shares
FY2013 Nine-Month Period: 27,337,307 shares
Note: The number of recorded treasury stock is inclusive of 121,600 of the Company’s shares
held by the YONDOSHI HOLDINGS Employees’ Shareholding Association Trust Account asof the end of the quarterly period.
Regarding the Status of Quarterly Review Procedure Implementation
This financial report for the nine-month period of fiscal 2014 is not subject to the quarterly review
procedures stipulated in the Financial Instruments and Exchange Act of Japan. As of the date of disclosureof this report, the review procedures for the quarterly financial statements under the Financial Instruments
and Exchange Act had not been completed.
Explanation concerning the Proper Use of Operating Results Forecasts and Other Relevant Specific Items
The forecasts of operating results and other items concerning the future contained in this document are
based on management’s assumptions and beliefs that are determined to be reasonable in light of currently
available information, YONDOSHI HOLDINGS INC. cautions readers that due to a variety of factors
actual results may differ materially from forecasts. For the assumptions that underpin operating results
forecasts as well as cautionary notes on the use of operating results forecasts, please refer to “Explanationof Consolidated Results Forecasts and Other Future Predictions” on page 5.

-2-Contents
1.

2.

Qualitative Information Regarding Consolidated Quarterly Business Results

4(1)Explanation of Business Results4(2)Explanation of Financial Condition

4(3)Explanation of Consolidated Results Forecasts and Other Future Predictions

5

Summary Information (Notes)

5(1)Changes in Important Subsidiaries During the Period5(2)Application of Special Accounting Practices in the Preparation of the Quarterly

5

Consolidated Financial Statements(3)
3.

Changes in Accounting Policies, Changes in Accounting Estimates, and Restatements

5Consolidated Quarterly Financial Statements

6(1)Consolidated Quarterly Balance Sheets

6(2)Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements of8

Comprehensive Income
Consolidated Quarterly Statements of Income

Third Quarter Cumulative

Consolidated Quarterly Statements of Comprehensive Income(3)

Third Quarter Cumulative

89Notes to Consolidated Quarterly Financial Statements(Notes Regarding Going Concern Assumptions)10(Notes Regarding Substantial Changes in Shareholders’ Equity)10(Segment Information)

10-3-1. Qualitative Information on Business and Financial Results(1) Explanation of Business Results
During the third quarter cumulative period of the fiscal year ending February 28, 2015 (March 1 toNovember 30, 2014), the Japanese economy was boosted by steady rises in share prices, and improved
earnings among certain companies due to the weaker yen, but the slowdown in consumer spending has
been prolonged in the face of such factors as a decline in real wages and rising prices, and the economic
outlook remains unclear.
In the retail industry, business conditions remained harsh. Although there was a surge in demandahead of the consumption tax rate hike from April, consumer spending declined afterward as a result of a
growing trend toward frugality, inclement weather conditions, and other factors.
Under such conditions, in fiscal 2014, the final year of the third medium-term management plan, theYONDOSHI HOLDINGS Group took steps to enhance its corporate value by practicing CSR-based
management to establish a highly trusted corporate group, strengthening internal controls, providing
returns to shareholders, and making longer term investments linked to earnings growth.
As a result, for the subject third quarter cumulative period, operating revenues amounted to ¥35,910
million (up 4.2% from the same period of the previous fiscal year), with operating income of ¥3,304
million (up 10.6%), ordinary income of ¥3,810 million (up 8.1%), and net income of ¥2,288 million (up14.2%).
Of note, operating income, ordinary income, and net income all reached record highs for the third
quarter cumulative period.
Note: Operating revenues are the sum total of net sales and other operating revenues.
Operating results by business segment were as follows.
The F.D.C. Products GroupThe F.D.C. Products Group posted record high figures for both sales and operating income, due mainly tostrong sales at mainstay 4ºC brand stores and canal 4ºC stores, along with proactive efforts to expand
openings of 4ºC BRIDAL and canal 4ºC locations.
As a result, segment operating revenues amounted to ¥19,080 million (up 11.0% from the same
period of the previous fiscal year), with operating income of ¥3,005 million (up 14.6%).
The AS’TY GroupThe AS’TY Group took steps to strengthen its project planning capabilities in the apparel manufacturingbusiness, but sales and operating income were both down from the same period of the previous fiscal year,
due mainly to difficult conditions at subsidiaries.
As a result, segment operating revenues amounted to ¥6,873 million (down 4.4% from the same
period of the previous fiscal year), with segment operating income of ¥398 million (down 19.7%).
MISUZUMISUZU Co., Ltd. posted lower sales as a result of such factors as the consumption tax hike, inclement
weather conditions, and scaling back of unprofitable locations, but managed to improve earnings throughreinvigoration of existing locations, and cost reductions.
As a result, segment operating revenues amounted to ¥3,872 million (down 10.4% from the same
period of the previous fiscal year), with the company posting an operating loss of ¥31 million (comparedto an operating loss of ¥69 million in the same period of the previous fiscal year).
age
age Co., Ltd. achieved a year-on-year increase in sales as a result of expanded store openings for themainstay PALETTE brand everyday fashion business. Operating income, however, declined as theRAPPORT brand retail membership sale business struggled under the effects of the consumption tax rate
hike.
As a result, segment operating revenues amounted to ¥6,083 million (up 5.6% from the same periodof the previous fiscal year), with operating income of ¥40 million (down 65.5%).
(2) Explanation of Financial Condition
Total assets at the end of the subject third quarter cumulative period (November 30, 2014) amounted to¥59,666 million, an increase of ¥1,187 million from the end of the previous fiscal year (February 28,2014). This was due mainly to increases of ¥2,137 million in merchandise and finished goods; and ¥1,773
million in notes and accounts receivable―trade; against a decrease of ¥4,050 million in short-term
investment securities. Total liabilities amounted to ¥15,650 million, an increase of ¥1,308 million fromthe end of the previous fiscal year. This was due mainly to an increase of ¥1,110 million in notes andaccounts payable—trade. Total net assets at the end of the subject period amounted to ¥44,015 million, adecrease of ¥120 million from the end of the previous fiscal year.
-4-(3) Explanation of Consolidated Results Forecasts and Other Future Predictions
Earnings forecasts are unchanged from those announced on April 14, 2014.
2. Summary Information (Notes)(1) Changes in Important Subsidiaries during the Period
Not applicable(2) Application of Special Accounting Practices in the Preparation of the Quarterly Consolidated
Financial Statements
Not applicable(3) Changes in Accounting Policies, Changes in Accounting Estimates, and Restatements
Not applicable-5-3. Consolidated Quarterly Financial Statements(1) Consolidated Quarterly Balance Sheets(Thousands of yen)
End of the Fiscal Year Ended

End of the Third Quarter ofFebruary 28, 2014

the Fiscal Year Ending(As of February 28, 2014)

February 28, 2015
(As of November 30, 2014)ASSETS
Current assets:
Cash and deposits
Notes and accounts receivable ― trade643,415

696,547

2,952,219

4,725,239

Short-term investment securities

4,850,000

800,000

Merchandise and finished goods

6,819,273

8,956,884

Work in process

728,965

504,868

Raw materials and supplies

678,745

671,509

Other current assets

950,047

983,855

Allowance for doubtful accounts(4,233)(3,127)

17,618,434

17,335,776

Total current assets
Noncurrent assets:
Property, plant and equipment:
Buildings and structures, net

5,485,560

5,725,210

Land

5,549,208

5,541,605

Other, net
Total property, plant and equipment

759,536

1,339,745

11,794,305

12,606,561

6,206,310

5,833,932

Intangible assets:
Goodwill
Other intangible assets

660,815605,320

Total intangible assets

6,867,126

6,439,252
18,350,203

Investments and other assets:
Investment securities

15,623,836

Prepaid pension cost

2,077,497

610,251

Other

5,078,118

4,440,255

Allowance for doubtful accounts(580,756)(115,989)

Total investments and other assets

22,198,696

23,284,720

40,860,128

42,330,534

58,478,562

59,666,311

Total noncurrent assets
Total assets-6-５．（要約）四半期連結財務諸表(Thousands of yen)
End of the Fiscal Year Ended

End of the Third Quarter ofFebruary 28, 2014

the Fiscal Year Ending(As of February 28, 2014)

February 28, 2015
(As of November 30, 2014)

LIABILITIESCurrent liabilities:
Notes and accounts payable ― trade
Short-term loans payable

4,515,6385,625,912―

100,030

Income taxes payable

1,366,588

496,280

Provision for bonuses

425,726

451,577

Provision for directors' bonuses

44,25047,532Other

3,508,120

4,347,697

Total current liabilities

9,860,324

11,069,029

Noncurrent liabilities:
Long-term loans payable

150,930―

Provision for retirement benefits

537,167

559,944

Provision for directors' retirement benefits

339,728

372,619

Asset retirement obligations

942,180

1,008,102

2,511,944

2,640,663

Other
Total noncurrent liabilities
Total liabilities

4,481,9504,581,329

14,342,274

15,650,358

NET ASSETS
Shareholders’ equity:
Capital stock

2,486,520

2,486,520

Capital surplus

18,322,104

18,226,906

Retained earnings

24,364,402

25,695,637

Treasury stock(1,504,089)(3,298,952)

Total shareholders’ equity

43,668,937

43,110,111

Valuation difference on available-for-sale securities

648,9811,008,027

Deferred gains or losses on hedges(10,415)

44,268

Revaluation reserve for land

(233,476)(233,476)

Other accumulated comprehensive income:

Foreign currency translation adjustments

42,83852,756

Total other accumulated comprehensive income

447,928

871,576

Subscription rights to shares
Total net assets
Total liabilities and net assets-7-19,421

34,264

44,136,288

44,015,952

58,478,562

59,666,311

(2) Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements ofComprehensive Income
Consolidated Quarterly Statements of Income
Third Quarter Cumulative(Thousands of yen)
Nine-Month Period of theNine-Month Period of the

Fiscal Year Ended

Fiscal Year Ending

February 28, 2014

February 28, 2015

(March 1, 2013 to(March 1, 2014 toNovember 30, 2013)

November 30, 2014)

Net sales

33,812,711

35,268,002

Cost of Sales

15,220,378

15,672,387

Gross profit

18,592,332

19,595,615

646,989

642,757

Other operating revenue
Operating gross profit

19,239,322

20,238,372

Selling, general and administrative expenses

16,252,305

16,934,108

Operating income

2,987,016

3,304,264

Non-operating income
Interest income

6,564

9,956

Dividends received
Equity in earnings of affiliates

45,89147,511

371,168

329,918

Rent of real estate for investment

73,75276,455

Foreign exchange gains

14,312

17,751

Other

39,462

69,957

Total non-operating income

551,152

551,549

Interest expenses

2,492

674

Loss on insurance cancellation

1,925

―

Depreciation of real estate for investment

4,576

4,476

Management cost for real estate for investment

1,551

1,534

―

35,364Non-operating expenses

Commission for purchase of treasury stock
Other

2,588

3,654

Total non-operating expenses

13,13545,705

3,525,033

3,810,109

Gain on sales of noncurrent assets

12,16347,797

Gain on sales of investments in real estates

21,974Gain on sales of golf club membership

1,500

―
―

Ordinary income
Extraordinary income――

104,118

35,638

152,665

Impairment loss

96,808103,642

Loss on closing of stores

1,762

20,147

Gain on liquidation of stocks of subsidiaries and affiliates
Other
Total extraordinary income

750

Extraordinary loss

―

8,880

Total extraordinary losses

98,571

132,671

Net income before income taxes

3,462,100

3,830,104

Income taxes ― current

1,062,532

1,273,308

Income taxes ― deferred

394,868

268,391

Total income taxes

1,457,401

1,541,700

Income before minority interests2,004,699

2,288,403

OtherMinority interests in income (loss)
Net income-8-(0)―2,004,700

2,288,403

Consolidated Quarterly Statements of Comprehensive Income
Third Quarter Cumulative(Thousands of yen)

Income before minority interests

Nine-Month Period of theNine-Month Period of the

Fiscal Year Ended

Fiscal Year Ending

February 28, 2014

February 28, 2015

(March 1, 2013 to(March 1, 2014 toNovember 30, 2013)

November 30, 2014)

2,004,699

2,288,403

Other valuation difference on available-for-sale securities

381,903230,748

Deferred gains or losses on hedges
Foreign currency translation adjustments(2,369)54,566

38,5999,918

71,843

128,414489,977
2,494,676

423,647
2,712,051

2,494,677

2,712,051(0)―

Other comprehensive income

Share of other comprehensive income of associates accounted
for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests-9-(3) Notes to Quarterly Consolidated Financial Statements(Notes Regarding Going Concern Assumptions)Not applicable(Notes Regarding Substantial Changes in Shareholders’ Equity)
Not applicable(Segment Information)
Ⅰ The nine-month period of the fiscal year ended February 28, 2014
(March 1, 2013 to November 30, 2013)
1. Information Regarding Sales and Income or Loss by Reporting Segment(Thousands of yen)

Adjustment
amount(Note 1)

Amountrecorded on
consolidated
quarterlystatementsof income(Note 2)

34,459,700―

34,459,700

155,980

1,289,113(1,289,113)―

4,338,640

5,919,474

35,748,813(1,289,113)

34,459,700(69,535)

116,529

3,165,287(178,270)

2,987,016

Reporting Segments
F.D.C.
Products
group

AS’TY
group

MISUZUage

Total

17,187,935

7,187,167

4,321,103

5,763,493

28,927

1,086,667

17,536

17,216,863

8,273,835

2,622,456

495,836

Operating revenues
Operating revenues tooutside customers
Intrasegment operating
revenues and transfers
Total
Segment income or loss

Notes:
1. The adjustment amount of minus ¥178,270 thousand for segment income or loss mainly includes corporate expenses
that are not allocated to individual reporting segments. Corporate expenses are primarily general administrativeexpenses not attributable to reporting segments.
2. Segment income or loss figures have been adjusted to operating income on the consolidated quarterly incomestatements.

2. Information Regarding Impairment Loss of Fixed Assets, Goodwill and Related Items by
Reporting Segment
There was no major impairment loss recorded during the period under review.
ⅡThe nine-month period of the fiscal year ending February 28, 2015
(March 1, 2014 to November 30, 2014)
1. Information Regarding Sales and Income or Loss by Reporting Segment(Thousands of yen)

Adjustment
amount(Note 1)

Amountrecorded onconsolidated
quarterlystatements
of income(Note 2)35,910,760―

35,910,760

181,851

1,945,029(1,495,029)―

3,885,918

6,265,704

37,405,789(1,495,029)

35,910,760(31,158)

40,206

3,412,404(108,139)

3,304,264

Reporting Segments
F.D.C.
Products
group

AS’TY
group

MISUZUage

Total

19,080,406

6,873,946

3,872,554

6,083,852

34,2171,265,595

13,364

19,114,624

8,139,542

3,005,069

398,287

Operating revenues
Operating revenues tooutside customers
Intrasegment operating
revenues and transfers
Total
Segment income or loss

- 10 -Notes:
1. The adjustment amount of minus ¥108,139 thousand for segment income or loss mainly includes corporate expenses
that are not allocated to individual reporting segments. Corporate expenses are primarily general administrative
expenses not attributable to reporting segments.
2. Segment income or loss figures have been adjusted to operating income on the consolidated quarterly incomestatements.

2. Information Regarding Impairment Loss of Fixed Assets, Goodwill and Related Items byReporting Segment
There was no major impairment loss recorded during the period under review.

- 11 -