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Consolidated Financial Results for the Fiscal Year Ended September 30, 2018
(FY9/18)
November 13, 2018
Company name:
Stock Code:
Representative:
Contact:

Stock Exchange
Listing:
URL http://www.evolableasia.com

Evolable Asia Corp.
6191
Hideaki Yoshimura, CEO
Yusuke Shibata, Director and CFO

TSE

TEL: +81–(0)3–3431–6191
date of payment ofDecember 25, 2018

Scheduled
Scheduled date of holding ofDecember 21, 2018
ordinary shareholders’ meeting:dividend:
Scheduled date of submission of
December 25, 2018
financial reports:
Preparation of supplementary documents
Yes
for financial results:
Holding of financial results briefing:
Yes (for institutional investors and securities analysts)(All amounts are rounded down to the nearest million yen)
1. Consolidated Financial Results for the Fiscal Year Ended September 30, 2018 (October 1, 2017 to September 30, 2018)(1) Consolidated results of operations(Percentages represent year–on–year changes.)
OperatingincomeNet salesYear ended
September 2018Year ended
September 2017

Millionsof yen%Millionsof yen12,447

124.9

5,533

―

Profit per share

Year ended
September 2018Year ended
September 2017

Profit before
income taxes%

Millionsof yen

1,210

11.2

1,088

―

%

Millionsof yen

1,196

9.2

1,095

―

Fully diluted profit per
share

Total

Profit attributable tocomprehensive
owners of parent

Profitincome%Millionsof yen%Millionsof yen

%

1,054

27.5

915

29.2

1,048

25.6

821

―

708

―

834

―

Return on assets

Return on equity

Operating income
margin

Yen

Yen

%

%

%

52.59

50.92

22.5

7.3

9.7

42.27

40.10

26.9

17.2

19.6

Ratio of equity
attributable to owners ofparentMillions of yen%

Equity attributable toowners of parent per
share
Yen

(2) Consolidated financial position
Total assets

As of September
2018
As of September
2017

Equity attributable toowners of parent

Total equity

Millions of yen

Millions of yen

24,923

5,515

5,134

20.6

289.82

7,888

3,400

3,002

38.0

177.46(3) Consolidated cash flow position
Cash flows from operating Cash flows from investing Cash flows from financing Cash and cash equivalents
activities
activities
activities
at end of period
Year ended
September 2018Year ended
September 2017

Millions of yen

Millions of yen

Millions of yen

Millions of yen

557△1,010

3,771

5,370

218

△1,437

941

2,078

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2. Dividends
Dividend per share
1Q–end2Q–end3Q–endYear–end

Total

Yen

Yen

Yen

Yen

Yen

Dividend
Dividend on
Totalpayout ratio
equityDividends(Consolidated(consolidated)(Annual))Millions of
yen

%

%

Fiscal year
ended Sep.
―
0.00
―
7.00
7.00
118
16.7
3.9
30, 2017
Fiscal year
ended Sep.
―
0.00
―
10.00
10.00
177
19.3
3.4
30, 2018
Fiscal year ending
Sep. 30, 2019
―
0.00
―
―
―
―
(Estimated)* Evolable Asia Corp. plans to pay the year-end dividend for the fiscal year ending September 30, 2019, based on a dividend payout
ratio of approximately 20%. Evolable Asia Corp. will not disclose the dividend forecast since the full-year consolidated financial
forecasts are not disclosed due to the difficulty of making reasonable estimates.

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更新日時:2018/11/13 13:42:54* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in ： Yeschanges in scope of consolidation)
Newly included:
1 company
Airtrip Corp.
Excluded:– companies(2) Changes in accounting policies and accounting–based estimates, and restatements
1) Change of the accounting policy required under IFRS
： None2) Changes in accounting policies other than (i) above
3) Changes in accounting–based estimates： None： None(3) Numbers of outstanding shares (common stock)1) Number of shares outstanding as of the end of the As of September
2018:
period (including treasury shares)
2) Number of treasury shares as of the end of the period As of September
2018:3) Average number of shares issued during the period

Year

ended

September 2018:

17,708,000―
17,416,911

As of September
2017:

16,919,100

As of September

―

2017:
Year

ended

September 2017:16,763,493

Reference: Summary of non–consolidated business results
1. Non–consolidated financial results for the fiscal year ended September 30, 2018 (October 1, 2017 – September 30, 2018)(1) Non–consolidated results of operations(Figures in percentages denote the year–on–year change.)
Net salesYear ended
September 2018Year ended
September 2017

Operating income

Ordinary income

ProfitMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen

%

3,942

△8.5

△665

－

△664

－

△649

－

3,976

32.4

561

10.8

518

14.3

373

32.7

Fully diluted profit per
share

Profit per share
Yen

Year ended
September 2018Year ended
September 2017

Yen

△37.3

－

22.28

21.13

(2) Non–consolidated financial position
Total assets
As of September
2018
As of September
2017(Referenc
Shareholders’ equitye)

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

12,921

3,697

28.2

206.0

6,313

2,674

41.8

155.21

As of
September
2018

3,648

millionyen

As of
September
2017

Yen

2,626

millionyen* The current quarterly financial report is exempt from the quarterly review procedures performed by certified public accountants or
audit corporations.
* Explanation of appropriate use of earnings forecasts, and other special items* Consolidated financial forecasts for the next fiscal year are not presented due to the difficulty of calculating reasonable forecasts. For
the reasons for this, see “Outlook” on page 7 of Attachments.
* Evolable Asia Corp. adopted the International Financial Reporting Standards (IFRS) beginning in the fiscal year ended September 30,
2018. For the differences in financial values between the IFRS and the Japanese standards, see “(5) Explanatory Notes to Consolidated
Financial Statements (initial application)” under “3. Consolidated Financial Statements and Key Notes” in a follow-up to this report on―3―

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the consolidated financial results, which will be released separately on a later day.
• The results for the fiscal year ended September 30, 2017, which are used for the percent changes from the previous fiscal year, arebased on the IFRS. Because the IFRS-based results used for the report on the Consolidated Financial Results for the Fiscal Year Ended
September 30, 2017, (FY9/17) were approximate values, the year-on-year percent changes have been revised.

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更新日時:2018/11/13 13:42:54○Contents of Attachments
1. Overview of Results of Operations Etc.…………………………………………………………………………4(1) Overview of Results of Operations ………………………………………………………….………………4(2) Overview of Financial Position ……………………………………………………………..……………….5(3) Outlook ………………………………………………………………………………………………………5(4) Important Events Concerning the Assumption of Going Concern …………………………………………..5
2. Basic Policy for the Selection of Accounting Standards ………………………………………………………..5
3. Consolidated Financial Statements and Key Notes …………………………………………………..…………6(1) Consolidated Balance Sheet…………………………………………………………………………….……6(2) Consolidated Statements of Income and Comprehensive Income……………………………………………7(3) Consolidated Statements of Changes in Equity ………………………………………………………………9(4) Consolidated Statement of Cash Flows………………………………………………………………………10(5) Explanatory Notes to Consolidated Financial Statements ……………………………………………...……11(Segment information, etc.) …………………………………………………………………………...…11(Per share information) ……………………………………………………………………………..……12(Important subsequent events) ………………………………………………………………………...…12
4. Supplementary Information………………………………………………………………………………………13

The following report, 3. Consolidated Financial Statements and Key Notes (5) Explanatory Notes to Consolidated Financial
Statements, will be released on a later day.
3. Consolidated Financial Statements and Key Notes(5) Explanatory Notes to Consolidated Financial Statements(initial application)―5―

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1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations
During the fiscal year under review, the Japanese economy showed a moderate economic recovery, partly due to the effects ofvarious policies amid the improved employment and income conditions, while the uncertainty of the global economy and the impact offluctuations in the financial and capital market demanded attention. The economy continued to expand at a steady pace, supported byincreased domestic demand and inbound tourist demand against the background of the upcoming Tokyo Olympics in 2020. In thetravel industry, the number of Japanese citizens who left Japan in the period from January to September 2018 totaled 14,000,000,
increasing about 590,000 from the same period of the previous fiscal year according to the statistics released by the Japan National
Tourism Organization (JNTO). In addition, the number of foreigners who visited Japan from January to September 2018 surpassed
23,460,000. The number is rising steadily toward 40 million, the target for 2020 set in the Tourism Vision to Support the Future ofJapan, which the Japanese government adopted in March 2016. Under these conditions, Evolable Asia Corp. (hereinafter the“Company”) continued expanding its operations and diversifying its service lines with a focus on sales of domestic airline tickets as an
online travel agency. In particular, the Company worked on increasing the recognition of its brand AirTrip and the acquisition ofcustomers. The Company also continued to enhance its services for foreign visitors, making the most of its online travel businessexpertise. In the IT Offshore Development Business, which was launched in 2012, the Company steadily won customers in numerous
business categories and increased the number of engineers employed, focusing on the development of lab–type facilities in Vietnam.
The number of engineers hired grew to 975 as of the end of September 2018. In the Investment Business, which has been developingin earnest since the stock was listed, the Company has been investing in growing companies. As of the end of September 2018, theCompany has invested in 42 companies. In this business environment, the Company and its consolidated subsidiaries (the “Group”)
achieved consolidated net sales of 12,447 million yen (up 24.9% year on year), consolidated operating income of 1,210 million yen(down 11.2% year on year), consolidated income before income taxes of 1,196 million yen (up 9.2% year on year), and consolidated
profit attributable to owners of parent of 915 million yen (up 29.2% year on year) in the fiscal year under review.
Operating results by segment are as follows.
(1) Online Travel Agency Business

The Group offers the following four services in the Online Travel Agency Business segment.

・BtoC services (operation of PC and smartphone websites for selling travel commodities directly to general consumers)
The Company improved mass marketing and search engine marketing and renewed mission-critical systems significantly to acquire
new customers. The Company also improved user interfaces to increase the number of repeat customers. These contributed to a steadyincrease in the number of service users.
The recognition of the Company’s brand AirTrip increased, and strategic pricing and the active input of branding costs wereconducted to acquire customers.
・BtoBtoC services (travel content provision under brands owned by business partners)
The enhanced development of alliances with major partners, the provision of services to match the needs of major partners, andenhanced communication with partners contributed to an increase in service use. In addition, like the BtoC services, measures formarketing and alliances with an emphasis on increasing customer numbers were promoted.
・BtoB services (wholesale to other travel agencies)
Trends in the airline industry and policies enforced by business partners affect these services to a certain extent. The online travel
agency business for operators handling domestic airline tickets grew dynamically as a whole, with an increase in the number ofdomestic air routes in service. As a result, net sales for these services increased strongly.
・BTM services (centralized management of internal approval procedures and arrangements associated with corporate businesstrips)
These services basically adopt a business model under which net sales expand in a manner that is linked with an increase in thenumber of corporate customers and a rise in their usage rate. The services achieved growth attributable to initiatives taken by theGroup, including the addition of salespeople and the identification of existing customers who used the services at a relatively low rate.
As a result of the factors stated above, net sales for the Online Travel Agency Business segment amounted to 10,132 million yen,and segment income came to 100 million yen in the fiscal year under review.
(2) IT Offshore Development BusinessIn the IT Offshore Development Business segment, the Group offers lab-type facility development services to customers consisting―6―

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mainly of e-commerce operators, web solution providers, and game and system developers in Ho Chi Minh, Hanoi and Da Nang in
Vietnam.
The Company’s lab-type facility development model is distinctive in that a team is formed with new dedicated staff members hired
for each customer. The model also enables customers to confirm the state of lab-type facility development on demand. The Company
assumes the assignment of dedicated staff members to each team on a medium- to long-term basis. For that reason, the success or
failure of development depends on employing workers suited to customer demands and motivating the respective engineers more.
In addition, these services basically adopt a business model under which customers are billed on the basis of man-months and thenumber of workers. The number of engineers supplied to clients and the man-months affect net sales for them significantly. An
increase in the number of engineers and a rise in the unit cost due to development streamlining contributed to sales growth in the fiscal
year under review.
As a result of the factors stated above, net sales for the IT Offshore Development Business segment reached 2,383 million yen, andsegment income totaled 116 million yen.
(3) Investment BusinessIn the Investment Business segment, the Group emphasizes synergies with the existing businesses and expands service lines throughaggressive M&A and capital alliances. The Group is pursuing investment in growing companies to improve profitability. At the end of
the fiscal year under review, the Group had increased the number of companies in which it invests to 42.
As a result, net sales for the Investment Business segment stood at 161 million yen, and segment income was 1,336 million yen.

(2) Overview of Financial Position(Assets)
Total assets increased 17,035 million yen from the end of the previous fiscal year, to 24,923 million yen at the end of the fiscal year
under review. This result was mainly due to an increase of 3,316 million yen in cash and deposits, a rise of 2,869 million yen in
operating receivables and other receivables, an increase of 2,348 million yen in other financial assets, 1,661 million yen in intangible
assets, and growth of 4,321 million yen in in goodwill.
(Liabilities)
Liabilities increased 14,919 million yen from the end of the previous fiscal year, to 19,407 million yen at the end of the fiscal year
under review. This result primarily reflected an increase of 2,329 million yen in operating payables and other payables, a rise of 5,942
million yen in short-term loans payable, and growth of 3,422 million yen in long-term loans payable.
(Net Assets)
Net assets rose 2,115 million yen from the end of the previous fiscal year, to 5,515 million yen at the end of the fiscal year underreview. This result was mainly attributable to an increase of 1,301 million yen in capital surplus and a rise of 763 million yen inretained earnings.

(3) Outlook
In the fiscal year under review, both handling volume and net sales substantially grew year on year and exceeded the initial forecasts
and the results of the previous fiscal year. Meanwhile, profit growth was secured thanks primarily to, first, successful marketing andwebsite improvements for AirTrip, the Company’s comprehensive travel service platform in the Online Travel Agency business,second, the contribution to earnings made by the former DeNA Travel Co., Ltd. (current Airtrip Corp.) acquired during the fiscal year
under review, and third, the effect of post-merger integration of subsidiaries acquired during the fiscal year under review.
In the fiscal year ending September 30, 2019, the Company expects a large increase in sales and profit. This will be achieved chiefly
by raising the brand recognition of the Company’s brand, AirTrip, and growing sales in the Online Travel Agency business, as well as
through the contribution of acquired subsidiaries to the full-year financial results, the effect of post-merger integration, and measures
for the stock listing of subsidiaries, and through the results of the investment business.
The online travel market is rapidly expanding and changing, and the Company aims to raise brand recognition through even moreaggressive investment in marketing, building the foundations for future earnings by actively investing in new businesses in this market.
The Company will not announce its consolidated financial forecasts for the fiscal year ending September 30, 2019, due to the current
difficulty in making reasonable estimates of financial results based on market and customer trends.
In addition, while the Company will not disclose a dividend forecast, it has not changed its plan to pay dividends based on a payout―7―

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ratio of approximately 20%.
The Company will promptly announce its financial forecasts when reasonable forecasts become available. For details, see thepresentation material released at the same time as this report of “Consolidated Financial Results for the Fiscal Year Ended September
30, 2018 (FY9/18).”(4) Important Events Concerning the Assumption of Going Concern
Not applicable.

2. Basic Policy for the Selection of Accounting Standards
The Company has adopted the IFRS beginning in this report of consolidated financial results in order to strengthen the foundation of
the Group’s business management to accelerate its global development and increase its corporate value by improving the international
comparability of financial statements in the capital market.
A major effect of the change of accounting standards on financial results is that, under the IFRS, goodwill resulted from M&A is notamortized (intangible assets such as customer assets are amortized), which reduces amortization of goodwill in comparison to theJapanese standards. In addition, a valuation gain or loss based on the fair value of invested shares is recognized as part of theevaluation of an investment business through more precise effect measurement than that under the Japanese standards.

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3. Consolidated Financial Statements(1) Consolidated Statements of Financial Position(Millions of yen)
Date of change ofNotes

FY9/17
FY9/18accounting standards (As of Sep. 30, 2017) (As of Sep. 30, 2018)(October 1, 2016)

AssetsCurrent assets
Cash and cash equivalents
Notes and accounts receivable – trade andother receivables
Other financial assets
Inventories
Income taxes receivable
Other current assets

2,326

2,054

5,370

1,233

1,567

4,437

72
274
―
137

1,520
45
―
208

3,869
87
132
1,330

4,043

5,395

15,227

Property, plant and equipment
Goodwill
Intangible assets lOther financial assets
Other non–current assets
Deferred tax assets

63
102
202
411
7
46

393
752
641
538
50
114

1,097
5,073
2,302
1,023
82
115

Total non–current assets

836

2,491

9,695

4,881

7,888

24,923

1,604

2,045

4,375

244
13
134

782
156
188

6,725
428
80

Other current liabilities

322

410

3,280

Total current liabilities
Non–current liabilities
Interest–bearing debt
Other financial liabilities
Provisions

2,319

3,584

14,890

82
102
23

622
122
28

4,044
61
28

Deferred tax liabilities
Other non-current liabilities

6
―

124
5

373
8

Total non-current liabilities

213

903

4,517

2,533

4,488

19,407

1,019
804

1,031
815

1,100
2,117

436
△2

1,145
10

1,909
7

2,258

3,002

5,134

Total current assets
Non-current assets

Total assets
Liabilities and equity
Liabilities
Current liabilities
Operating payable and other operating
payableInterest–bearing debt
Other financial liabilities
Accrued income taxes

Total liabilities
EquityCapital stock
Share premium
Retained earnings
Other items of equity
Total equity attributable to owners of parent
Non–controlling interests
Total equity
Total liabilities and equity

―9―

88

397

380

2,347

3,400

5,515

4,881

7,888

24,923

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更新日時:2018/11/13 13:42:54(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statement of Income(Millions of yen)
Notes

FY9/17(from Oct. 1, 2016
to Sep. 30, 2017)

FY9/18(from Oct. 1, 2017
to Sep. 30, 2018)

Net sales
Cost of sales

5,533
936

Gross profit

4,596

6,811

3,848
370

7,190
1,319

10
40
1,088
28

314
43
1,210
62

Selling, general and administrative expense
Share of loss (profit) of entities
Other income
Other expenses
Operating income
Finance income
Finance costs
Profit before income taxes

12,447
5,635

21

76

1,095

1,196

Corporate income tax expenses

273

142

Profit821

1,054

Profit attributable to
Owners of parent
Non-controlling interests

708
112

915
138

821

1,054

42.27

52.59

40.10

50.92

Profit per share
Profit per share
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Consolidated Statement of Comprehensive Income(Millions of yen)
FY9/17(from Oct. 1, 2016
to Sep. 30, 2017)
ProfitOther comprehensive income, net of tax
Items that will not be reclassified to profit or loss
Net change in fair value of financial assets at fair value
through other comprehensive income
Total of items that will not be reclassified to profit or loss
Items that may be reclassified as profit or loss
Translation adjustments of foreign operations

FY9/18(from Oct. 1, 2017
to Sep. 30, 2018)

821

1,054

△0

0

△0

0

10
3

△6
0

13

△6

Total of other comprehensive income, net of tax
Comprehensive income

12
834

△5
1,048

Comprehensive income attributable to
Owners of parent

716

913

Cash flow hedge
Total of items that may be reclassified as profit or loss

Non–controlling interests

―11―

117

135

834

1,048

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更新日時:2018/11/13 13:42:54(3) Consolidated Statement of Changes in Equity
FY9/17 (from Oct. 1, 2016 to Sep. 30, 2017)(Millions of yen)
Equity attributable to owners of parent
Notes
As of October 1, 2016

Capital stock Capital surplus

Retainedearnings

Other items ofequityNoncontrollinginterests

Total

Total equity

1,019

804

436

△2

2,258

88

2,347

Profit

－

－

708

－

708

112

821

Other comprehensive income

－

－

－

7

7

5

12

Total comprehensive income

－

－

708

7

716

117

834

Dividends of surplus

－

－

－

－

－

－

－

Issuance of new shares
Capital transactions with noncontrolling interests
Acquisition of non-controllinginterests
Increase (decrease) throughtransfers and other changes

11

10

－

－

22

－

22

－

0

－

－

0

－

0

－

－

－

－

－

191

191

－

－

－

5

5

－

5

Total transactions with owners
As of September 30, 2017

11

10

－

5

27

191

218

1,031

815

1,145

10

3,002

397

3,400

FY9/18 (from Oct. 1, 2017 to Sep. 30, 2018)(Millions of yen)
Equity attributable to owners of parent
Notes
As of October 1, 2017

Capital stock Capital surplus

Retainedearnings

Other items ofequityNoncontrollinginterests

Total

Total equity

1,031

815

1,145

10

3,002

397

3,400

Profit

－

－

915

－

915

138

1,054

Other comprehensive income

－

－

－

△2

△2

△3

△5

Total comprehensive income

－

－

915

△2

913

135

1,049

Dividends of surplus

－

－

△118

－

△118

△27

△145

Issuance of new shares
Increase (decrease) by businesscombination
Capital increase of consolidated
subsidiaries
Increase (decrease) by shareexchanges
Acquisition of non-controllinginterests
Increase(decrease)throughtransfers and other changes

69

67

－

－

137

－

137

－

44

－

－

44

16

60

7

7

27

35

1,309

1,309

△112

1,197

Total transactions with owners
As of September 30, 2018

－

△126

－

－

△126

△56

△183

－

－

△33

△0

△34

△0

△35

69

1,301

△152

△0

1,218

△152

1,065

1,100

2,117

1,909

7

5,134

380

5,515

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更新日時:2018/11/13 13:42:54(4) Consolidated Statement of Cash Flows(Millions of yen)
FY9/17(from Oct. 1, 2016
to Sep. 30, 2017)
Cash flows from operating activities
Profit (loss) before tax

FY9/18(from Oct. 1, 2017
to Sep. 30, 2018)

1,095

Depreciation and amortization expense(Increase) decrease in trade and other receivables

115
25

Increase (decrease) in trade and other payables
Decrease (increase) in investment securities for sale
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Payments for lease deposits
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Proceeds from purchase of shares of subsidiaries resulting inchange in scope of consolidation
Other

1,196
308

208

1,038
780

△1,373313△2,078
△486

384
4

759
5
△46

△9
△160

△161

218

557

△294
△467

△132
△980
△76

△78
△125
109

△29
88

△567

△375

20

436

△33

60

△1,437△1,010Net increase (decrease) in short–term loans payable
Proceeds from long–term loans payable

416
514

1,943

Repayments of long–term loans payable
Proceeds from issuance of common shares△26
21△2,957138

Cash dividends paid
Other

－
15

△118

Net cash provided by (used in) financing activities

941

3,771

5

△2
3,316

Net cash provided by (used in) investing activities
Cash flows from financing activities

Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period

△272
2,326

Cash and cash equivalents at end of period

2,054

―13―

4,800

△35

2,054
5,370

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更新日時:2018/11/13 13:42:54(5) Explanatory Notes to Consolidated Financial Statements(Segment information, etc.)(Segment information)
1. Summary of reportable segments(1) Decision on reportable segments
The Company’s reportable segments are its business units that have separate financial information available and that are
subject to periodical examinations by the Board of Directors for the purpose of determining the allocation of management
resources and evaluating performance.
The Company has divisions and subsidiaries based on services, and they conduct business activities to enhance services andincrease sales and profits both in Japan and abroad.
The Company therefore consists of the segments of service operations attributable to divisions and subsidiaries, and theOnline Travel Agency Business, the IT Offshore Development Business and Investment Businesses are presented as reportablesegments.
(2) Types of products and services belonging to the respective reportable segments
Reportable segment

Description of relevant services

Online Travel Agency Business

Online general travel agency service

IT Offshore Development BusinessLaboratory–type offshore development service

Investment Businesses

Investment business(3) Change in reportable segments
The Company has launched the Investment Business in the consolidated fiscal year under review, and the reportablesegments have changed from the Online Travel Agency Business, IT Offshore Development Business, and Other businesses to
the Online Travel Agency Business, IT Offshore Development Business, and Investment Business.
2. Calculation method of sales and profits (or losses), assets, liabilities, and other amounts by reportable segment
The accounting process for the reported business segments is the same as that used for the preparation of consolidated financial
statements.
3. Information related to net sales and profits (losses), assets, liabilities, and other amounts for the respective reportable segments
FY9/17 (October. 1, 2016 to September 30, 2017)(Millions of yen)
Reportable segments
Online Travel IT Offshore
Investment
AgencyDevelopment
Business
Business
Business

Total

Other

Total

Amounts posted
Adjustments in consolidated(Note)
financialstatements

Net sales
Sales
toexternalcustomers
Intersegment
sales
and
transfers
Total

3,893

1,534

103

5,531

1

5,533

―

5,533

―

126

―

126

―

126

△126

―

3,893

1,661

103

5,657

1

5,659

△126

5,533

Segment
824
168
438
1,431
1,431
1,088
△0
△342
profits (losses)(Note) 1. The adjustment of –342 million yen to the segment profits (losses) includes corporate expenses, which mainly consist ofgeneral administrative expenses that are not attributable to the reportable segments.
2. The segment assets are not presented because they are not subject to evaluations by the Chief Executive Officer in terms offinancial results.
3. The segment profits (losses) are adjusted to be consistent with operating income in the consolidated financial statements.

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4. Transaction prices in intersegment transactions are determined by factoring in transaction prices among independent third
parties.
FY9/18 (October. 1, 2017 to September 30, 2018)(Millions of yen)
Reportable segments
Online Travel IT Offshore
Investment
AgencyDevelopment
Business
Business
Business

Total

Other

Total

Amounts posted
Adjustments in consolidated(Note)
financialstatements

Net sales
Sales
toexternalcustomers
Intersegment
sales
and
transfers
Total

10,132

2,153

161

12,4470

12,447―

12,447

―

229

―

229

―

229

△229

―

10,132

2,383

161

12,676

0

12,676△229

12,447

Segment
100
116
1,336
1,553
0
1,553
1,210
△342
profits (losses)(Note) 1. The adjustment of –342 million yen to the segment profits (losses) includes corporate expenses, which mainly consist ofgeneral administrative expenses that are not attributable to the reportable segments.
2. The segment assets are not presented because they are not subject to evaluations by the Chief Executive Officer in terms offinancial results.
3. The segment profits (losses) are adjusted to be consistent with operating income in the consolidated financial statements.
4. Transaction prices in intersegment transactions are determined by factoring in transaction prices among independent third
parties.
(Per share information)
FY9/17(from Oct. 1, 2016
to Sep. 30, 2017)

FY9/18(from Oct. 1, 2017
to Sep. 30, 2018)

Shareholders’ equity per share (yen)177.46

Shareholders’ equity per share (yen)289.82

Profit per share (yen)42.27

Profit per share (yen)

52.59

Fully diluted profit per share (yen)

40.10

Fully diluted profit per share (yen)50.92

Note: The basics for the calculation of basic earnings per share and diluted earnings per share is as follows:
FY9/17(from Oct. 1, 2016
to Sep. 30, 2017)

FY9/18(from Oct. 1, 2017
to Sep. 30, 2018)

Profit per share
Profit attributable to owners of parent (million
yen)
Amount not attributable to common shareholders(million yen)

708

915

－

－

Income applicable to common stock (million yen)

708

915

Average number of outstanding common shares
during the period (shares)

16,763,493

17,416,911－－

Number of common shares increased (shares)

908,643

568,487(of which subscription rights to shares)

908,643

568,487

Fully diluted profit per share
Adjustment on net income (million yen)

(Important subsequent events)
Not applicable.

―15―

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4. Supplementary Information
The Company applies the IFRS to its consolidated financial statements beginning in this report on the consolidated financial results.
The following are financial statements prepared using the Japanese standards, which are provided as a reference.

(1) Summary Consolidated Balance Sheet(Millions of yen)
FY9/17(As of Sep. 30, 2017)
AssetsCurrent assets
Property, plant and equipment
Intangible assets
Investments and other assets
Total non-current assets
Total assets

FY9/18(As of Sep. 30, 2018)

5,158

14,310

366
1,334

1,073
6,962

619
2,320

1,134
9,169

7,478

23,4803,519
733

14,917
4,217

4,252

19,135

2,733

3,524

39

375

Liabilities
Current liabilities
Non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Accumulated other comprehensive income
Subscription rights to shares

48

50

Non-controlling interests

404

394

Total net assets

3,226

4,345

7,478

23,480Net sale
Cost of sales

5,534
936

(Millions of yen)
FY9/18(from Oct. 1, 2017
to Sep. 30, 2018)12,437
5,536

Gross profit

4,597

6,900

Selling, general and administrative expenses

Total liabilities and net assets(2) Consolidated Statements of Income and Comprehensive Income
Summary Consolidated Statement of Income
FY9/17(from Oct. 1, 2016
to Sep. 30, 2017)

3,866

7,487

Operating income

730

△587

Ordinary profit (loss)

695

△612

Profit (loss) before income taxes

695

△346

Income taxes - current

200

Income taxes - deferred

△38

△30
-

Total income taxes

162

△30

Profit (loss)

533

△316

Profit attributable to non-controlling interests

113

146

Profit (loss) attributable to owners of parent

420

△463

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Summary Consolidated Statement of Comprehensive Income(Millions of yen)
FY9/17(from Oct. 1, 2016
to Sep. 30, 2017)

FY9/18(from Oct. 1, 2017
to Sep. 30, 2018)

Profit (loss)

533

△316

Total other comprehensive income

63

329

Comprehensive income

596

12

Comprehensive income attributable toComprehensive income (loss) attributable to ownersof parent
Comprehensive income attributable to non-controllinginterests

473

△128

123

140

(3) Summary Consolidated Statements of Changes in Equity
FY9/17 (from Oct. 1, 2016 to Sep. 30, 2017)(Millions of yen)

2,289

Accumulated othercomprehensive
income
△13

443

53

309

48

855

2,733

39

404

48

3,226

Shareholders’ equity
Balanceatbeginningof
periodChanges of items
during period
Balance at end of
periodNon-controllinginterests

Subscription
rights to shares

94

0

2,371

Total net assets

FY9/18 (from Oct. 1, 2017 to Sep. 30, 2018)(Millions of yen)

2,733

Accumulated othercomprehensive
income
39

791

335

△9

1

1,118

3,524

375

394

50

4,345

Shareholders’ equity
Balanceatbeginningof
periodChanges of items
during period
Balance at end of
periodNon-controllinginterests

Subscription
rights to shares

404

48

3,226

Total net assets(4) Summary Consolidated Statement of Cash Flows

216(Millions of yen)
FY9/18(from Oct. 1, 2017
to Sep. 30, 2018)555△1,312△1,065942

3,773

FY9/17(from Oct. 1, 2016
to Sep. 30, 2017)
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents

5

△2

△146

3,261

Cash and cash equivalents at beginning of period

2,225

2,078

Cash and cash equivalents at end of period

2,078

5,340

―17―