CONSOLIDATED FINANCIAL REPORT（Japanese GAAP）
FIRST HALF OF THE FISCAL YEAR ENDINGFEBRUARY 28, 2019
(March 1, 2018 to August 31, 2018)
October 9, 2018
YONDOSHI HOLDINGS INC. is listed on the First Section of the Tokyo Stock Exchange under the securities code
number 8008.
Representative:
Inquiries:

Saishi Kimura, Chairman and Representative Director, CEO
Masahiko Nishimura, Director and Executive Officer responsible for Finance
Tel: +81-3-5719-3429
URL: http://www.yondoshi.co.jp/
Quarterly Securities Report filing date (planned): October 12, 2018
Supplemental materials prepared for quarterly financial results: Yes
Holding of quarterly financial results meeting: Yes
Dividend payment commencement date (planned): November 9, 2018
(Millions of yen rounded down)

1. Consolidated Operating Results for the First Half of Fiscal 2018
(March 1, 2018 to August 31, 2018)(1) Consolidated Operating Results (Cumulative)(Percentage figures are the increase / (decrease) for the corresponding period of the previous fiscal year.)
Profit attributable to
Net sales
Operating Income
Ordinary Income
owners of parent％

Millions of yen

Millions of yen％

Millions of yen％

Millions of yen％

FY2018 First Half

22,094

(1.5)

1,994

(17.2)

2,578(15.4)

1,817(16.0)FY2017 First Half

22,427

(2.2)

2,408

(10.9)

3,046

(6.9)

2,164

4.0

Note: Comprehensive income FY2018 First Half: 1,459 million yen (-37.8%)
FY2017 First Half: 2,346 million yen (14.3%)
Net Income
per Share

Net Income per
Share after Dilution
Yen

Yen

FY2018 First Half

70.78

70.74

FY2017 First Half

84.86

84.74

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

54,08881.0

2,100.86

66,32153,399February 28, 2018
(Reference)
Shareholders’ equity: August 31, 2018: 53,997 million yen
February 28, 2018: 53,299 million yen

80.4

2,077.02

Total Assets

Net Assets

Millions of yen

August 31, 2018

Millions of yen

66,702

2. Dividends
Dividends per Share
(Record Date)
Fiscal 2017
Fiscal 2018
Fiscal 2019
(Forecast)End of 1Q

End of 2Q

End of 3Q

AnnualYear-end

Yen

Yen

Yen

Yen

Yen

—
—

32.50
37.50

—

32.50

65.00

—

37.50

75.00

Note: Revision to the most recently announced cash dividend forecast: No-1-

Note: Plans are in place for the interim dividend (cash dividend as of the end of the second quarter of the fiscal
year under review) of ¥37.50 per share to be formally determined in accordance with the dividend
resolution following approval of the Company’s provisional financial statement on October 29, 2018.

3. Forecasts of Consolidated Operating Results for the Fiscal Year Ending February 28, 2019
(March 1, 2018 to February 28, 2019)(% figures for the full fiscal year represent year-on-year increase or decrease)
Profit attributable to
Net Income
Operating Income
Ordinary Income
owners of parent
per Share

Net Sales
Millions of yen

Fiscal year
endingFebruary 28,
201948,000%(0.1)

Millions of yen%

Millions of yen

5,300 (13.2)

6,850

%

Millions of yen

(9.4)

5,000

%

Yen

(5.5)

194.71

Note: Revision to the most recently announced operating results forecast: Yes

Notes(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:
August 31, 2018: 29,331,356 sharesFeb. 28, 2018: 29,331,356 shares
2. Total number of treasury stock as of the period-end:
August 31, 2018: 3,628,752 sharesFeb. 28, 2018: 3,669,847 shares
3. Average number of shares for the period (Cumulative total for the quarterly consolidated
period)FY2018 First Half: 25,679,174 shares
FY2017 First Half: 25,511,393 shares
The number of recorded treasury stock is inclusive of 79,800 of the Company’s shares held by
the YONDOSHI HOLDINGS Group Employees’ Shareholding Association Trust Account as ofthe end of the quarterly fiscal period.
This financial report for the second quarter of fiscal 2018 is not subject to the review procedures.
Explanation concerning the Proper Use of Operating Results Forecasts and Other Relevant Specific Items
1. 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 ofcurrently 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, pleaserefer to “1. Qualitative Information on Business and Financial Results (3) Explanation of Consolidated
Results Forecasts and Other Future Predictions” on page 5.
2.

The Company plans to hold a results briefing on October 9, 2018, for institutional investors andanalysts. The presentation materials used that day, will be made available on the Company’s website
promptly after the meeting.

-2-

Contents
1.

2.

Qualitative Information on Business and Financial Results

4(1)

Explanation of Business Results

4(2)

Explanation of Financial Condition

4(3)

Explanation of Consolidated Results Forecasts and Other Future Predictions

5

Consolidated Quarterly Financial Statements

6(1)

Consolidated Quarterly Balance Sheets

6(2)

Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements of

8Comprehensive Income
Consolidated Quarterly Statements of Income

Second Quarter Cumulative

Consolidated Quarterly Statements of Comprehensive Income

Second Quarter Cumulative

8
9

(3)

Consolidated Quarterly Statements of Cash Flows

10

(4)

Notes to Consolidated Quarterly Financial Statements

12(Notes Regarding Going Concern Assumptions)

12(Notes Regarding Substantial Changes in Shareholders’ Equity)

12(Additional Information)

12(Segment Information)

12

-3-

1. Qualitative Information on Business and Financial Results(1) Explanation of Business Results
During the first half (March 1, 2018 to August 31, 2018) of fiscal 2018, the fiscal year ending February
28, 2019 (March 1, 2018 to February 28, 2019), the Japanese economy recovered at a moderate paceowing to improvement in corporate earnings and employment conditions, while the outlook remained
unclear as a result of many matters of concern, including the impact that movements in trade issues will
have on the global economy.
In the retail industry, business conditions remained severe amid persistent budget-consciousness
arising from uncertainty about the future, despite glimmers of improved personal consumption together
with strength in consumption among inbound travelers.
Under these circumstances, during the fiscal year ending February 2019, the first year of the fifth
medium-term management plan, the YONDOSHI HOLDINGS Group continued to cultivate humanresources, bolster product capabilities, and assess market trends, with the aim of becoming a century-old
company and brand. Further, we practiced CSR-based management to establish a highly trusted
corporate group, and worked to enhance enterprise value by strengthening internal controls, providing
shareholder returns, and making medium to long-term investments linked to earnings growth.
As a result, net sales for the first half of the period under review amounted to ¥22,094 million (down
1.5% YoY), with operating income of ¥1,994 million (down 17.2% YoY), ordinary income of ¥2,578
million (down 15.4% YoY), and profit attributable to owners of parent of ¥1,817 million (down 16.0%
YoY).
Operating results by business segment were as follows.

Jewelry Business
The F.D.C. Products Group posted a net sales decline year on year due to the length of time being
required for the recovery in bridal jewelry.
As a result, net sales in the Jewelry Business segment amounted to ¥13,108 million (down 6.1%
YoY), with operating income of ¥1,731 million (down 21.1% YoY).
Apparel Business
The AS’TY Group achieved positive returns through its successful efforts to strengthen measures withmajor clients utilizing its planning capabilities and production framework. Retailer age Co., Ltd.
achieved solid returns from expanded openings of new locations for its mainstay everyday fashion
brand PALETTE, and measures to strengthen sales promotions.
As a result, net sales in the Apparel Business segment amounted to ¥8,985 million (up 6.1% YoY)
and operating income reached ¥351 million (up 26.3% YoY).
(2) Explanation of Financial Condition
Assets, Liabilities, and Net Assets
Total assets at the end of the second quarter (August 31, 2018) of the fiscal year ending February 28,
2019 stood at ¥66,702 million, an increase of ¥381 million compared with the end of the previous fiscal
year (February 28, 2018). This was due mainly to an increase of ¥615 million in investment securities,
and an increase of ¥363 million in notes and accounts receivable. Total liabilities amounted to ¥12,614
million, a decrease of ¥307 million compared with the end of the previous fiscal year. This was due
mainly to a decrease of ¥56 million in notes and accounts payable, and a decrease of ¥57 million in
long-term debts. Total net assets as of the end of the period under review came to ¥54,088 million, an
increase of ¥689 million compared with the end of the previous fiscal year.
Cash Flows
Cash and cash equivalents as of the end of the period under review stood at ¥5,266 million, a decreaseof ¥759 million compared with the end of the previous fiscal year.
(Cash Flows from Operating Activities)
Net cash provided by operating activities amounted to ¥1,230 million compared with ¥1,621 million forthe corresponding period of the previous fiscal year. The major cash inflow came from income before
income taxes of ¥2,639 million. This was partially offset by the principal cash outflow arising from-4-

income taxes paid of ¥710 million.
(Cash Flows from Investing Activities)
Net cash used in investing activities totaled ¥1,020 million compared with ¥659 million for thecorresponding period of the previous fiscal year. The primary cash outflow was for the purchase ofinvestment securities of ¥2,510 million.
(Cash Flows from Financing Activities)
Net cash used in financing activities came to ¥967 million, up from ¥743 million for the corresponding
period of the previous fiscal year. This largely reflected payment of dividends of ¥859 million.
(3) Explanation of Consolidated Results Forecasts and Other Future Predictions
As a result of taking the operating results during the first half of the period under review and the future
outlook into consideration, we are revising the forecasted operating results for the fiscal year ending
February 28, 2019 that were announced on April 9, 2018.
Net Sales

Operating
IncomeOrdinary
Income(Millions of yen, %)ProfitNet Income per
attributable to
Share (Yen)owners of parent

Previous Forecast (A)49,000

6,150

7,650

5,350

208.44

Revised Forecast (B)48,000

5,300

6,850

5,000

194.71Net Change (B – A)

(1,000)

(850)

(800)

(350)

―

Percentage Change(2.0)(13.8)(10.5)(6.5)―

48,060

6,102

7,562

5,293

207.09(Reference) Results of theprevious fiscal year ended
February 2018-5-

3. Consolidated Quarterly Financial Statements(1) Consolidated Quarterly Balance Sheets(Thousands of yen)
End of the Fiscal Year Ended

End of the Second Quarter ofFebruary 28, 2018

the Fiscal Year Ending(As of February 28, 2018)

February 28, 2019
(As of August 31, 2018)ASSETS
Current assets:
Cash and deposits

2,076,174

2,316,831

Notes and accounts receivable ― trade

3,061,207

3,424,938

Short-term investment securities

3,950,000

2,950,000

Merchandise and finished goods

8,332,336

8,425,033

Work in process

507,681

723,330

Raw materials and supplies

633,136884,664

Other current assets

988,864

965,986

Allowance for doubtful accounts(2,686)(4,621)

19,546,714

19,686,163

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

5,918,332

5,723,483

Land

5,492,215

5,492,215

806,838

744,828

12,217,387

11,960,527

4,220,291

3,972,039

Other, net
Total property, plant and equipment
Intangible assets:
Goodwill
Other intangible assets

122,038

235,837

Total intangible assets

4,342,329

4,207,876

25,768,779

26,383,879

Investments and other assets:
Investment securities
Net defined benefit asset
Other656,629

678,307

3,896,453

3,885,023

Allowance for doubtful accounts(107,030)(98,992)

Total investments and other assets

30,214,831

30,848,217

Total noncurrent assets
Total assets-6-

46,774,548

47,016,622

66,321,262

66,702,785

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

End of the Second Quarter ofFebruary 28, 2018

the Fiscal Year Ending(As of February 28, 2018)

February 28, 2019
(As of August 31, 2018)

LIABILITIESCurrent liabilities:
Notes and accounts payable ― trade

4,077,362

4,020,623

Income taxes payable

856,205

860,366

Provision for bonuses

251,351

245,149

Provision for directors' bonuses

13,30029,035

Asset retirement obligations

34,406

7,827

Other

2,806,317

2,728,267

Total current liabilities

8,038,943

7,891,269

Long-term loans payable

277,470

219,880

Provision for directors' retirement benefits

416,528――

13,894

Noncurrent liabilities:

Provision for directors' stock benefits
Net defined benefit liability

568,010548,441

Asset retirement obligations

1,012,744

1,026,516

Other

2,608,056

2,914,096

Total noncurrent liabilities
Total liabilities

4,882,809

4,722,828

12,921,753

12,614,098

NET ASSETS
Shareholders’ equity:
Capital stock

2,486,520

2,486,520

Capital surplus

18,182,008

18,181,495

Retained earnings

37,503,586

38,461,750

Treasury stock(6,310,953)(6,212,589)

Total shareholders’ equity

51,861,161

52,917,176

Valuation difference on available-for-sale securities

1,425,917

1,031,926

Deferred gains or losses on hedges(20,418)

1,120

Revaluation reserve for land

(161,985)(161,985)

Other accumulated comprehensive income:

Foreign currency translation adjustments

78,63864,253Remeasurements of defined benefit plans

116,129

145,184

1,438,281

1,080,498

Total other accumulated comprehensive income
Subscription rights to shares
Total net assets
Total liabilities and net assets-7-100,066

91,01153,399,509

54,088,686

66,321,262

66,702,785

(2) Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements ofComprehensive Income
Consolidated Quarterly Statements of Income
Second Quarter Cumulative(Thousands of yen)First Half of theFirst Half of the

Fiscal Year Ended

Fiscal Year Ending

February 28, 2018

February 28, 2019

(March 1, 2017 to(March 1, 2018 toAugust 31, 2017)

August 31, 2018)

Net sales

22,427,504

Cost of Sales

9,443,888

22,094,575
9,511,879

Gross profit

12,983,615

12,582,695

Selling, general and administrative expenses

10,575,082

10,587,907

Operating income

2,408,533

1,994,788

Non-operating income
Interest income

10,646

20,939Dividends received
Equity in earnings of affiliates

50,45152,932

517,540

423,731

Rent of real estate for investment

36,57036,570Foreign exchange gains

7,468

14,737

Other

19,87338,983

Total non-operating income

642,550

587,893

Non-operating expenses
Interest expenses

25

111

Depreciation of real estate for investment

2,342

2,339

Management cost for real estate for investment

1,023

993

982

936

Other
Total non-operating expenses

4,374

4,380

3,046,710

2,578,301――

193,067

Impairment loss

17,629123,065

Loss on closing of stores

1,143

8,429

Total extraordinary losses

18,772

131,494

Net income before income taxes

3,027,937

2,639,873

Ordinary income
Extraordinary income
Gain on sales of investment securities
Total extraordinary income

193,067

Extraordinary loss

Income taxes ― current

687,690

845,533

Income taxes ― deferred

175,393(23,151)

Total income taxes

863,084

822,382

Net income

2,164,853

1,817,491

Profit attributable to owners of parent

2,164,853

1,817,491-8-

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

Income before minority interests

First Half of theFirst Half of the

Fiscal Year Ended

Fiscal Year Ending

February 28, 2018

February 28, 2019

(March 1, 2017 to(March 1, 2018 toAugust 31, 2017)

August 31, 2018)

2,164,853

1,817,491

Other valuation difference on available-for-sale securities

69,652(357,232)

Deferred gains or losses on hedges
Foreign currency translation adjustments(15,307)

21,538(5,638)(14,385)

Remeasurements of defined benefit plans, net of tax

24,031

19,933

109,215(27,636)

181,954
2,346,807(357,782)
1,459,708

2,346,807

1,459,708――

Other comprehensive income

Share of other comprehensive income of entities 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) Consolidated Quarterly Statements of Cash Flows(Thousands of yen)First Half of theFirst Half of the

Fiscal Year Ended

Fiscal Year Ending

February 28, 2018

February 28, 2019

(March 1, 2017 to(March 1, 2018 toAugust 31, 2017)

August 31, 2018)

Cash flows from operating activities:
Income before income taxes

3,027,937

2,639,873

Depreciation

548,930

530,377

Impairment loss

17,629123,065

Amortization of goodwill

248,252

248,252404(6,103)

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses(59,377)(6,201)

Increase (decrease) in net defined benefit liability

29,577(11,369)

Increase (decrease) in other provision(16,690)(386,898)

Interest and dividends income(61,098)(73,871)

Interest expenses
Equity in (earnings) losses of affiliates
Foreign exchange losses (gains)
Decrease (increase) in notes and accounts receivable ―trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable ―trade
Loss (gain) on sales of investment securities

25

111

(517,540)(423,731)

5,081(9,261)(467,697)(357,555)(302,580)(563,074)

167,387(56,273)―(193,067)

Increase (decrease) in accounts payable-other(126,131)(39,576)

Increase (decrease) in advances received(127,525)(141,921)

14,506

117,359

Increase (decrease) in accounts payable - other
Decrease (increase) in other assets(109,881)

57,590

Increase (decrease) in other liabilities

42,703

339,439

2,313,914

1,787,164

120,928

153,645

SubtotalInterest and dividends income received
Interest expenses paid

(25)

(111)

Income taxes paid

(813,683)(710,371)

Net cash provided by (used in) operating activities

1,621,133

1,230,326- 10 -

(Thousands of yen)First Half of theFirst Half of the

Fiscal Year Ended

Fiscal Year Ending

February 28, 2018

February 28, 2019

(March 1, 2017 to(March 1, 2018 toAugust 31, 2017)

August 31, 2018)

Cash flows from investing activities:
Purchase of noncurrent assets(579,450)(281,813)

Proceeds from sales of noncurrent assets

1,451

388

Purchase of intangible assets(6,282)(15,435)

Purchase of investment securities(9,556)(2,510,277)―

1,865,703

Proceeds from sales of investment securities
Payments of long-term loans receivable

(700)

(915)

Collection of long-term loans receivable

2,052

4,211

Purchase of long-term prepaid expenses(17,929)(7,390)

Other payments(78,331)(114,552)

Other proceeds
Net cash provided by (used in) investing activities

29,58439,900(659,161)

1,020,181(54,280)(57,590)

Cash flows from financing activities:
Repayment of long-term loans payable
Purchase of treasury stock

(170)

(154)

Proceeds from sales of treasury stock

96,36233,804

Cash dividends paid

(659,062)(859,327)

Other, net(126,720)(84,132)

Net cash provided by (used in) financing activities(743,871)(967,399)

Effect of exchange rate changes on cash and cash equivalents(2,012)(2,087)

Net increase (decrease) in cash and cash equivalents

216,088(759,342)

Cash and cash equivalents at beginning of period

5,288,219

6,026,174

Cash and cash equivalents at end of period

5,504,307

5,266,831- 11 -

(4) Notes to Consolidated Quarterly Financial Statements(Notes Regarding Going Concern Assumptions)Not applicable(Notes Regarding Substantial Changes in Shareholders’ Equity)
Not applicable(Additional Information)(Transactions to Provide Company Stock to Employees through a Trust)
The Company has introduced an employee stock ownership plan trust (“ESOP trust”) as an incentive
to employees to increase medium- to long-term corporate value, conducting transactions to provide
Company stock to employees’ shareholding association through a trust.
i. Transaction summary
The Company established a trust with the beneficiaries as employees who participate in the
YONDOSHI HOLDINGS Employees’ Shareholding Association (“the Shareholding Association”)
and satisfy certain requirements. The trust acquires Company stock in an amount expected to be
procured by the Shareholding Association over a five-year period, and sells the shares to the
Shareholding Association on a fixed date each month. When the trust is concluded, if the trust has
earned a profit from a rise in the share price, the funds are distributed to the employee beneficiaries inproportion to their contribution. If a loss is incurred due to a decline in the share price, and debt
pertaining to the trust property remains, in accordance with the guarantee article in the loan agreement
the Company will discharge the entire debt to the bank, with no additional burden placed on
employees.
ii. Matters concerning the Company’s stock held in the trust
Company stock remaining in the trust is recorded as treasury shares under net assets at book value tothe trust (excluding ancillary expenses). At the end of the subject fiscal year, the book value of thesubject treasury shares was ¥277,662 thousand, for 100,600 shares at the end of the previous
consolidated fiscal year, and ¥220,253 thousand, for 79,800 shares at the end of the second quarter ofthe subject consolidated fiscal year.
iii. Book value of debt recorded through application of the gross method
At the end of the previous consolidated fiscal year: ¥277,470 thousandAt the end of the second quarter of the subject consolidated fiscal year: ¥219,880 thousand(Elimination of the Retirement Bonuses for Directors Program)
The Company, at the 68th annual shareholders meeting held on May 17, 2018, decided to make a final
payment of retirement bonuses associated with the elimination of the retirement bonuses for directors
program. Accordingly, the entire amount of the “Provision for directors’ retirement benefits” wasreversed, and the ¥325,028,000 unpaid portion of the final payment shown in the “Other” item of
noncurrent liabilities as “Long-term accounts payable – other.”Ⅰ(Segment Information)
The first half of the fiscal year ended February 28, 2018 (March 1, 2017 to August 31, 2017)
1. Information Regarding Sales and Income or Loss by Reporting Segment(Thousands of yen)
Reporting Segments
Total

Amount recordedon consolidated
quarterlystatements ofincome (Note 2)

Adjustment
amount(Note 1)

Jewelry BusinessApparel Business

13,957,627

8,469,877

22,427,504―

22,427,504

437

461,058

461,496(461,496)―

13,958,065

8,930,935

22,889,001(461,496)

22,427,504

2,193,387

277,995

2,471,382(62,849)

2,408,533

Net sales
Net sales to outside
customers
Intrasegment net sales andtransfers
Total
Segment income or loss

Notes:
1. The adjustment amount of minus ¥62,849 thousand for segment income mainly includes corporate expenses that are notallocated to individual reporting segments. Corporate expenses are primarily general administrative expenses not
attributable to reporting segments.
2. Segment income figures have been adjusted to operating income on the consolidated quarterly income statements.

- 12 -

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.
Ⅱ

The first half of the fiscal year ending February 28, 2019 (March 1, 2018 to August 31, 2018)
1. Information Regarding Sales and Income or Loss by Reporting Segment(Thousands of yen)
Reporting Segments
Total

Amount recordedon consolidated
quarterlystatements ofincome (Note 2)

Adjustment
amount(Note 1)

Jewelry BusinessApparel Business

13,108,891

8,985,684

22,094,575―

22,094,757

657

458,066

458,724(458,724)

―

Total

13,109,548

9,443,751

22,553,299(458,724)

22,094,575

Segment income

1,731,642

351,023

2,082,665(87,877)

1,994,788

Net sales
Net sales to outside
customers
Intrasegment net sales andtransfers

Notes:
1. The adjustment amount of minus ¥87,877 thousand for segment income mainly includes amortization of goodwill
totaling minus ¥248,252 thousand, corporate expenses that are not attributable to individual reporting segments
amounting to minus ¥268,314 thousand and elimination of inter-segment transactions of ¥428,689 thousand. Corporate
expenses are primarily general administrative expenses not attributable to reporting segments.
2. Segment income figures have been adjusted to operating income on the consolidated quarterly income statements.

2. Information Regarding Impairment Loss of Fixed Assets, Goodwill and Related Items by
Reporting Segment(Major Impairment Loss Relating to Fixed Assets)
An impairment loss relating to fixed assets was posted in the Jewelry Business segment. The
posted value of this impairment loss during the second quarter of the fiscal year under review was¥110,528 million.

- 13 -