Member of the Financial Accounting Standards Foundation

Summary of Financial Statements
for the First Half of the Year Ending June 30, 2011
February 14, 2011
Listed Company:
Stock Exchange:
Code Number:
URL:
Representative:
Contact:
Tel.
Filing of Quarterly Report:
Planned date of interim dividend payments:
Supplemental materials for quarterly
financial results:

MACROMILL, INC.
Tokyo Stock Exchange3730
http://www.macromill.com/
Tetsuya Sugimoto, Chairman and President
Yasuhiro Kihara, Senior Executive Officer and Chief Financial Officer+81-3-6716-0700
February 14, 2011
March 22, 2011
Earnings announcement for quarterly
yesfinancial results:

yes(Figures are rounded down to the nearest million yen.)
1. Consolidated Financial Results for the First Half of the Year Ending June 30, 2011 (July 1, 2010 to December 31, 2010)(1) Consolidated Results of Operations for the First Half
(The percentages are year-on-year changes.)
Net sales
Operating income
Ordinary income
Net income
Million yen% Million yen% Million yen% Million yen%

First half of year ending June 2011

6,283

77.4

1,425

62.4

1,455

67.9

690

17.4

First half of year ended June 2010

3,540

(13.2)

877(11.1)

866

(9.8)

588

18.9

Net income per share

Diluted net income
per share

Yen

Yen

First half of year ending June 2011

4,557.22

4,529.93

First half of year ended June 2010

4,759.36

4,736.37(2) Consolidated Financial Position
Total assets

Net assets

Shareholders' equity ratio

Net assets per share

Million yen

Million yen

First half of year ending June 2011

13,89910,91478.3

70,965.55

year ended June 2010

9,313

7,734

82.8

57,740.64(Reference) Shareholders’ equity

First half of year ending June 2011
year ended June 2011%

10,882
7,711

Yen

million yen
million yen

2. Dividends
Dividend per share
Record date

End of 1st quarterEnd of 2nd quarterEnd of 3rd quarter

Year end

Annual

Yen

Yen

Yen

Yen

Yen

Year ended June 30, 2010–

1,500.00–

1,800.00

3,300.00

Year ending June 30, 2011–

2,000.00

Year ending June 30, 2011–
9.00
2,009.00(forecast)(Note) Revision to the forecast of dividends during this quarter: No
1. Dividends for the first half will be paid for shares before the stock split. The dividend per share will include a commemorative dividendof 500 yen.
2. The Company carried out a 200-for-1 stock split for its common shares, effective on January 1, 2011, and the year-end dividend is
calculated based on the number of shares after the stock split.
3. Forecast of Consolidated Financial Results for the Year Ending June 2011 (July 1, 2010 to June 30, 2011)(The percentages are year-on-year changes.)
Net sales
Operating income
Ordinary income
Net income
Net income per share
Million yen% Million yen% Million yen% Million yen%

Yen

Full year
12,992
76.7
2,995
40.7
3,039
42.3
1,594
25.9
52.28 (Note)(Note) Revisions to the forecast of consolidated results during this quarter: No(Note) The Company carried out a 200-for-1 stock split for its common shares, effective on January 1, 2011, and the net income per share is
calculated based on the number of shares after the stock split. The net income per share, if calculated on pre-stock-split basis, would be
10,456.61 yen per share.

4. Other (For details, please refer to “Other Information” on page 4 of the accompanying materials.)(1) Important changes in subsidiaries during this quarter (changes in specific subsidiaries accompanied by a change in theNoscope of consolidation):New:–
Exception:–(Note) Any changes in specific subsidiaries accompanied by a change in the scope of consolidation during the quarter under review(2) Application of simplified accounting method and accounting methods unique to the preparation of quarterly consolidatedNo
financial statements(Note) Adoption of simplified accounting methods or accounting methods unique to the preparation of quarterly consolidated financial
statements(3) Changes in accounting principles and procedures and the representation method relating to the preparation of quarterly consolidated financial
statements (included in Changes in Important Items, Etc. That Are Used as Basic Materials for Preparation of Quarterly Consolidated Financial
Statements)(i) Changes due to amendment of accounting standards, etc.:
Yes(ii) Changes other than (i):Yes
(Note) Any changes in accounting principles, procedures, or representation method of the accounting methods for the preparation of quarterly
consolidated financial statements included in “Changes in Important Items, Etc. That Are Used as Basic Materials for Preparation of
Quarterly Consolidated Financial Statements”(4) Number of shares outstanding (common stock)(i) Number of shares outstanding (including
treasury stock) at the end of the term:(ii) Number of shares of treasury stock at theend of the term:(iii) Average number of shares outstanding in
the term (first half)First half ended
December 2010
First half ended
December 2010
First half ended
December 2010

161,578 sharesYear ended June 2010

138,586 shares

8,223 sharesYear ended June 2010

5,026 shares

151,527 sharesFirst half ended
December 2009

123,560 shares

Status of a quarterly review
This summary of financial statements for the first half is beyond the scope of the quarterly review procedure under the Financial Instruments andExchange Act. The quarterly review procedure for the quarterly financial statements is underway when the summary is announced.
Note regarding proper use of results forecasts and other special comments(Note regarding forward-looking statements)
The forward-looking statements, such as results forecasts, included in this document are based on information available to the Company as of thedate of the document and certain assumptions that the Company considers reasonable. Actual results may differ significantly due to a range offactors.
The Company carried out a 200-for-1 stock split for its common shares, effective on January 1, 2011.

Accompanying Materials G Contents
1. Qualitative Information on Consolidated Operating Results, etc. for the First Half...................................................... 2(1) Qualitative information on consolidated financial results ................................................................................. 2(2) Qualitative information on consolidated financial position............................................................................... 4(3) Qualitative information on consolidated earnings forecast ............................................................................... 4
2. Other Information .......................................................................................................................................................... 5(1) Important changes in subsidiaries ..................................................................................................................... 5(2) Application of simplified accounting method and specific accounting treatment............................................. 5(3) Changes in accounting principles and procedures and the representation method............................................ 5(4) Significant events regarding the premise of a going concern............................................................................ 5
3. Quarterly Consolidated Financial Statements ................................................................................................................ 6(1) Quarterly consolidated balance sheet ................................................................................................................ 6(2) Quarterly consolidated income statement ......................................................................................................... 8[First half of consolidated fiscal year] .............................................................................................................. 8[Consolidated second quarter] .......................................................................................................................... 9(3) Quarterly consolidated statement of cash flow................................................................................................ 10(4) Notes regarding the premise of a going concern ............................................................................................. 12(5) Segment information ....................................................................................................................................... 12(6) Note if there is a considerable change to shareholders’ equity........................................................................ 121

1. Qualitative Information on Consolidated Operating Results, etc. for the First Half
(1) Qualitative information on consolidated financial results
In the first half of the consolidated fiscal year ending June 30, 2011 (from July 1, 2010 to December 31, 2010;
hereinafter “the first half under review”), there were signs of a recovery in certain industries in Japan, althougheconomic uncertainty remained, given a strong yen, sluggish employment conditions, and the end of fiscal stimulus
measures.
In this environment, the Company expanded sales to general companies and advertising agencies, and its online researchbusiness performed well. The merger with Yahoo! Value Insight Corporation (hereinafter “YVI”) carried out in August2010 progressed steadily, and the integration of all services, systems, and personnel systems has been completed by theend of December. With the management integration, the Company sought to expand earnings and hold down expenses.
As a result, Macromill recorded net sales of 6,283 million yen (an increase of 77.4% year on year), operating income of
1,425 million yen (a rise of 62.4%), ordinary income of 1,455 million yen (up 67.9%), and net income of 690 million
yen (up 17.4% yen).
With regard to capital policies, the Company has announced stock repurchase, a stock split, and the adoption of a shareunit system to return earnings to shareholders, increase the number of individual shareholders, and enhance liquidity.
In January the Company established M-Cube and Associates, Inc. to gather and sell consumer purchasing data, andresolved to establish a consolidated subsidiary in China, where the overseas online research market is expected to grow.
Net sales by service segment are as follows:(i)

Automatic Research Service
The automatic research service is the market research service using the Automatic Internet Research system (hereinafter“AIRs”) uniquely developed by the Company. This is the core service of the Macromill Group. In the first half underreview, demand from general companies was solid, while demand from advertising agencies recovered strongly. As aconsequence, net sales increased 34.4% year on year, to 2,825 million yen. Adding net sales of 779 million yen for YVI(Note), total net sales in this service segment came to 3,604 million yen (up 71.4% year on year).
(Note) Macromill provided the services of the former YVI and the pre-existing services of Macromill separately until
the first half of this fiscal year under review, and sales of both categories are stated separately. Services that will
be launched from the third quarter will be integrated into the pre-existing services of Macromill.

(ii) Tallying Service
In the tallying service, specialist staff tally data after collecting research data and prepare them as spreadsheets andgraphs tailored to research objectives. As transactions with general companies increase, needs for an integrated service
covering physical inspection, tallying, and analysis are increasing. The operation structure has been enhanced inassociation with the management integration. As a result, net sales rose 49.8% from the first half of the previous fiscal
year, to 335 million yen. Including net sales of 42 million yen for YVI, total net sales in this service segment rose to 378
million yen (up 68.9% year on year).
(iii) Analysis Service
The analysis service prepares reports after designing survey sheets and collecting research data. To provide analyticalreports in accordance with the marketing issues and research objectives of customers, Macromill has been working to
improve our capabilities to propose projects and analyze data. With an increase in transactions with general companies
that have strong needs for analytical services, orders were favorable. Meanwhile, demand from advertising agencies,
whose needs for analytical services had been weak, rose. In addition, the workforce was significantly strengthened as aresult of the management integration. Net sales increased 77.3% from the first half of the previous fiscal year, to 491
million yen. Together with net sales of 81 million yen for YVI, total net sales in this service segment rose to 572 million
yen (up 106.7% year on year).

2

(iv) Qualitative Research Service (Group Interview, etc.)
The qualitative research service emphasizes quality, to probe deeply into the psychology of subjects by interviewing
them at a roundtable talk or face-to-face. Demand for qualitative research is increasing as general companies inparticular wish to identify the more diversified interests and preferences of individuals. With Macromill taking steps tostrengthen its operational system and internal facilities to meet customer needs, net sales rose 101.6% year on year, to
384 million yen. Adding net sales of 76 million yen for YVI, total net sales in this service came to 461 million yen (up141.5% year on year).
(v) Customized Research Service
The customized research service prepares and conducts tailor-made survey sheets and research data collection for moreindividualized research projects beyond the scope manageable by the AIRs. Although the expansion of the scope
manageable by the automatic research service with the enhanced function of the AIRs reduced sales in the customized
research service, requests for large surveys, which had stalled in the previous fiscal year, recovered. As a result, net sales
increased 36.8% from the first half of the previous fiscal year, to 391 million yen. Including net sales of 249 million yen
for YVI, this service segment recorded total net sales of 640 million yen (up 123.9% year on year).
(vi) Global Research Service
The global research service provides an overseas research service to domestic companies and a market research service
to overseas companies. In the first half under review, demand for overseas research from global companies continued torecover. Meanwhile, the Company has bolstered its system for receiving orders for global research. Consequently, net
sales on a consolidated basis rose 14.8% year on year, to 209 million yen. Adding net sales of 14 million yen from YVI,
total net sales in this service segment came to 224 million yen (an increase of 22.8% year on year).
(vii) Mobile Research Service
The mobile research provides a service to collect data using mobile phones. This service is used in research specific tomobile phones, such as understanding purchasing psychology immediately after the purchase of goods. Sales were solidin certain industries. Sales resources were focused on sales of automatic research service, among other services. As aresult, net sales fell 1.6% year on year in the first half under review, to 43 million yen. Combined with net sales of 0.6
million yen for YVI, this service segment posted total net sales of 43 million yen (down 0.1% year on year).
(viii)

Other Services

Other services consist of the QPR (Quick Purchase Report)™, a product purchase research service, theAIRsMEMBERS (SaaS-type customer member management business), a new service that provides the hybrid functionsof AIRs and the customer member management system, and the Brand Data Bank (bdb), a service provided by Brand
Data Bank, Inc., which has been consolidated since the second quarter of the previous fiscal year, among other services.
With respect to QPR™, net sales rose, thanks to an increase in the number of monitors to 10,000 in July 2010 as well as
the enhancement of the operation system and proactive sales activities. Demand for the AIRsMEMBERS and Brand
Data Bank was solid, especially among general operating companies. Despite the effect of lost sales for the marketingsystem business of AIP, Inc., which was excluded from the scope of consolidation in the second quarter of the previous
fiscal year, net sales in the first half under review rose 39.0% year on year, to 323 million yen. Including net sales of 34
million yen for YVI, total net sales in this service segment reached 358 million yen (up 53.8% year on year).
(2) Qualitative information on consolidated financial position
Assets, liabilities and net assets at the end of the first half under review rose significantly from the end of the previous
fiscal year, attributable to the succession of the marketing research business of YVI through an absorption-typedemerger.
Assets totaled 13,899 million yen, an increase of 4,586 million yen from the end of the previous fiscal year. Major
factors include an increase in notes and accounts receivable-trade of 1,352 million yen.
3

Liabilities amounted to 2,985 million yen, increasing 1,406 million yen from the end of the previous fiscal year,
primarily attributable to an increase in accounts payable-other of 423 million yen and a rise in allowance forpanelists-points of 405 million yen.
Net assets were 10,914 million yen, a rise of 3,179 million yen, primarily because of an increase in capital surplus by
3,232 million yen.
Cash flows
Cash and cash equivalents (hereinafter “cash”) at the end of the first half under review increased 251 million yen fromthe end of the previous fiscal year, to 5,160 million yen. Cash flows for the first half under review and primary factors
behind the reported results are as follows:(Cash flows from operating activities)
Net cash provided by operating activities stood at 1,022 million yen (up 55.8 % year on year). The major factors for theincrease were an increase in income before taxes and minority interests totaling to 1,200 million yen, an increase ofdepreciation and amortization of 194 million yen, and an increase in loss on retirement of noncurrent assets of 146
million yen, more than offset by factors such as a decrease in notes and accounts receivable-trade of 525 million yen.
(Cash flows from investing activities)
Net cash used in investing activities was 1,655 million yen (up 937.2% year on year). This result is mainly attributableto payments into time deposits of 500 million yen, purchase of short-term investment securities of 393 million yen,purchase of property, plant and equipment of 250 million yen, and purchase of other investments of 500 million yen.
(Cash flows from financing activities)
Net cash used in financing activities was 738 million yen (up 234.5% year on year). The major factor was purchase oftreasury stock of 593 million yen.
(3) Qualitative information on consolidated earnings forecast
The consolidated earnings forecast announced on January 28, 2011 has not been changed.

2. Other Information(1) Important changes in subsidiaries
Not applicable.
(2) Application of simplified accounting method and specific accounting treatment
Not applicable.
(3) Changes in accounting principles and procedures and the representation method
1) Application of the “Accounting Standard for Equity Method Accounting for Investments” and the “Practical Solution
on Unification of Accounting Policies Applied to Associates Accounted for Using the Equity Method.”
From the first quarter of the accounting term under review, the “Accounting Standard for Equity Method Accounting forInvestments” (ASBJ Statement No. 16, March 10, 2008) and the “Practical Solution on Unification of Accounting
Policies Applied to Associates Accounted for Using the Equity Method” (ASBJ PITF No. 24, March 10, 2008) havebeen applied. This had no effect on ordinary income or quarterly income before income taxes.
2) Application of the accounting standard for asset retirement obligations
From the first quarter of the accounting term under review, the “Accounting Standard for Asset Retirement Obligations”(ASBJ Statement No. 18, March 31, 2008) and the “Implementation Guidance on Accounting Standard For Asset
Retirement Obligations” (ASBJ Guidance No. 21, March 31, 2008) have been applied. With this application, operating
income and ordinary income each rose 3,376 thousand yen in the first half under review, while income before income
taxes and minority interests declined 20,947 thousand yen. Asset retirement obligations changed 44,162 thousand yen
4with the application of the accounting standard.
3) Application of “Accounting Standard for Business Combinations,” etc.
From the first quarter of the accounting term under review, the “Accounting Standard for Business Combinations”(ASBJ Statement No. 21, December 26 2008), the “Accounting Standard for Consolidated Financial Statements” (ASBJ
Statement No. 22, December 26 2008), “Partial Amendments to Accounting Standard for Research and Development
Costs” (ASBJ Statement No. 23, December 26, 2008), the “Accounting Standard for Business Divestitures” (ASBJ
Statement No. 7, December 26, 2008), the “Accounting Standard for Equity Method Accounting for Investments”(ASBJ Statement No. 16, December 26, 2008) and the “Revised Guidance on Accounting Standard for Business
Combinations and Accounting Standard for Business Divestitures” (ASBJ Guidance No. 10, December 26, 2008) havebeen applied.
4) Accounting standard for key reserves
Bonus reserve:
The bonus reserve is recorded based on the estimated amount of bonus payments to prepare for the payment of bonuses
to employees.
(Additional information)
The above accounting standard has been adopted due to the introduction of a bonus system from the first quarter of theaccounting term under review.
(4) Significant events regarding the premise of a going concern
Not applicable53. Quarterly Consolidated Financial Statements(1) Quarterly consolidated balance sheet(Unit: thousand yen)
As of December 31, 2010
AmountAs of June 30, 2010
AmountAssetsCurrent assets
Cash and deposits

5,417,789

5,209,063

Notes and accounts receivable - trade

2,804,110

1,451,541

357,000

220,000

6,229

3,270

Preproduction

4,831

6,264

Supplies

4,042

1,490

Deferred tax assets

589,756

287,873

Other

390,089

116,716(565)(1,028)9,573,283

7,295,192

452,829

175,744

Software306,297

314,809

Goodwill

505,055

98,721

Other

376,017

8,565

1,187,370

422,096

Investment securities

1,381,706

960,217

Other

1,305,994

461,003

Allowance for doubtful accounts(1,438)(871)

Total investments and other assets

2,686,263

1,420,349

4,326,463

2,018,190

13,899,746

9,313,382

Short-term investment securities
Work in process

Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Intangible assets

Total intangible assets
Investments and other assets

Total noncurrent assets
Total assets
Liabilities
Current liabilities
Accounts payable - other726,661

303,232

Income taxes payable

573,491

515,105

Allowance for panelists - points

991,734

586,220

Reserve for bonuses

109,684

–

2,949

–

489,739

174,505

2,894,261

1,579,063

Asset retirement obligations

91,196–

Total long-term liabilities

91,196–2,985,458

1,579,063

Asset retirement obligations
Other
Total current liabilities
Long-term liabilities

Total liabilities

6

(Unit: thousand yen)
As of December 31, 2010
AmountAs of June 30, 2010
AmountNet assets
Shareholders' equity
Capital stock

1,597,858

1,597,858

Capital surplus

4,863,632

1,631,399

Retained earnings

5,409,515

4,959,382

Treasury stock(965,926)(447,796)

10,905,079

7,740,843

Valuation difference on available-for-sale securities(22,157)(29,004)

Total valuation and translation adjustments(22,157)(29,004)

31,36722,479Total shareholders' equity
Valuation and translation adjustments

Subscription rights to shares
Total net assets
Total liabilities and net assets

7

10,914,288

7,734,319

13,899,746

9,313,382

(2) Quarterly consolidated income statement[First half of consolidated fiscal year](Unit: thousand yen)
FY2010 first half(Six months ended
December 31, 2009)
Amount

FY2011 first half(Six months ended
December 31, 2010)
AmountNet sales

3,540,193

6,283,956

Cost of sales

1,652,010

3,143,393

Gross profit

1,888,183

3,140,563

Selling, general and administrative expenses

1,010,230

1,715,251

877,952

1,425,311

Interest income

26,052

26,879Dividends income

1,185

1,185

Operating income
Non-operating income

Foreign exchange gains

–

345

Other

2,988

9,091

Total non-operating income

30,22537,501

Loss on transfer of accounts receivable

1,335

1,886

Equity in losses of affiliates

17,547

–

–

640

–

3,988

20,374–Non-operating expenses

Stock issuance expenses
Commission for purchase of treasury stock
Foreign exchange losses
Other

1,964

720

Total non-operating expenses

41,221

7,236

866,956

1,455,576

Gain on sales of subsidiaries and affiliates' stocks

2,083

–

Gain on reversal of subscription rights to shares

36,377–

Total extraordinary income

38,461–

Ordinary income
Extraordinary income

Extraordinary loss
Loss on retirement of noncurrent assets

5,719

146,368

Loss on adjustment for changes of accounting standard
for asset retirement obligations–

24,323Integration-related expenses–

84,487

5,719

255,179

Income before income taxes and minority interests

Total extraordinary losses

899,699

1,200,397

Income taxes - current

344,596

558,456

Income taxes - deferred(20,812)(48,600)

Total income taxes

323,784

509,856–

690,541

Income before minority interests
Minority interests in loss

(12,151)–

Net income

588,066

690,5418

[Consolidated second quarter](Unit: thousand yen)
FY2010 second quarter(Three months ended
December 31, 2009)
AmountNet sales

FY2011 second quarter(Three months ended
December 31, 2010)
Amount1,777,374

3,435,340

Cost of sales

820,891

1,668,503

Gross profit

956,483

1,766,836

Selling, general and administrative expenses

463,522909,980

Operating income

492,960

856,856

Interest income

12,075

13,682

Dividends income

1,185

1,185

–

162

Non-operating income

Foreign exchange gains
Other

1,014

7,420

Total non-operating income

14,27522,450Non-operating expenses
Loss on transfer of accounts receivable

651

1,224

7,428

–

Commission for purchase of treasury stock

–

3,988

Other

32

700

Equity in losses of affiliates

Total non-operating expenses
Ordinary income

8,112

5,914

499,123

873,392

Extraordinary income
Gain on sales of subsidiaries and affiliates' stocks

2,083

–

Gain on reversal of subscription rights to shares

36,377–

Total extraordinary income

38,461–

479

132,175

Extraordinary loss
Loss on retirement of noncurrent assets
Integration-related expenses–

30,404

Total extraordinary losses

479

162,579

Income before income taxes and minority interests

537,105

710,813

Income taxes - current

172,950

354,745

Income taxes - deferred

47,869(51,051)

Total income taxes

220,820

303,694–

407,118

316,284

407,118

Income before minority interests
Net income9(3) Quarterly consolidated statement of cash flow
(Unit: thousand yen)
FY2010 first half(Six months ended
December 31, 2009)
Amount

FY2011 first half(Six months ended
December 31, 2010)
AmountNet cash provided by (used in) operating activities
Income before income taxes and minority interests

899,699

1,200,397

Depreciation and amortization

116,188

194,295

Amortization of goodwill

33,046

20,506

Increase (decrease) in allowance for doubtful accounts

(552)

104

Increase (decrease) in allowance for panelists - points

58,553

123,955

Increase (decrease) in reserve for bonuses
Interest and dividend income–

85,720(27,237)(28,064)

Foreign exchange losses (gains)

10,449–Equity in (earnings) losses of affiliates

17,547–

Loss on retirement of noncurrent assets

5,719

146,368

Loss on adjustment for changes of accounting standard for
asset retirement obligations–

24,323Integration-related expenses–

84,487

Loss (gain) on sales of stocks of subsidiaries and affiliates(2,083)–Gain on reversal of subscription rights to shares(36,377)–

Decrease (increase) in notes and accounts receivable - trade(135,465)(525,627)

Decrease (increase) in inventories(8,549)44,067

Increase (decrease) in accounts payable - other(13,622)

15,487

Increase (decrease) in consumption taxes payable(8,087)51,995

Other, net

42,66369,419Subtotal

951,890

1,507,438

Interest and dividend income received

25,64631,856

Interest expenses paid–

(21,400)

Income taxes paid

(321,056)(494,987)

Net cash provided by (used in) operating activities

656,480

1,022,907

Payments into time deposits–(500,000)

Proceeds from withdrawal of time deposits–

300,000

Purchase of short-term investment securities–(150,000)

Purchase of property, plant and equipment(28,689)(263,290)

Purchase of software(44,513)(45,856)

Purchase of investment securities(89,000)(393,715)

Proceeds from sales and redemption of investment securities

300,000–(117,026)–(100,271)––(117,200)

340

38,561

Net cash provided by (used in) investing activities

Purchase of investments in subsidiaries resulting in change
in scope of consolidation
Payments for sales of investments in subsidiaries resulting
in change in scope of consolidation
Payments for lease and guarantee deposits
Proceeds from collection of lease and guarantee deposits
Payments of loans receivable(80,421)–

Purchase of other investments–(500,000)

Other, net
Net cash provided by (used in) investing activities

10–(23,767)(159,583)(1,655,268)

(Unit: thousand yen)
FY2010 first half(Six months ended
December 31, 2009)
Amount

FY2011 first half(Six months ended
December 31, 2010)
AmountNet cash provided by (used in) financing activities
Payments for stock issue cost–

(1,841)

Purchase of treasury stock–(593,033)

Proceeds from sale of treasury stock

95,763

Cash dividends paid

(220,645)(239,013)

Net cash provided by (used in) financing activities(220,645)(738,125)(10,482)–

Net increase (decrease) in cash and cash equivalents

265,769(1,370,486)

Cash and cash equivalents at beginning of period

2,842,041

4,909,063–

1,622,131

3,107,810

5,160,707

Effect of exchange rate change on cash and cash equivalents

Increase (decrease) in cash and cash equivalents resulting from
integration of absorption-type split
Cash and cash equivalents at end of period11(4) Notes regarding the premise of a going concern
Not applicable(5) Segment information
Overview of reported segments
The major business of the Company and its consolidated subsidiaries is online research using AIRs. Its economic
characteristics and markets where the services are sold are almost similar. Consequently, the segments reported by theCompany are limited solely to the online research business segment. As a result, its statement is omitted.
(Additional information)
From the first quarter of the accounting term under review, the “Accounting Standard for Disclosures about Segments ofan Enterprise and Related Information” (ASBJ Statement No. 17, on March 27, 2009) and “Guidance on AccountingStandard for Disclosures about Segments of an Enterprise and Related Information” (ASBJ Guidance No. 20, March 21,2008) have been applied.
(6) Note if there is a considerable change to shareholders’ equity
The Company acquired the marketing research business of Yahoo! Value Insight Corporation on August 1, 2010. With
the acquisition, legal capital surplus increased 3,207,384 thousand yen, to 4,838,783 thousand yen at the end of the firsthalf under review.
In relation to the acquisition, the Company purchased treasury stock for 234,462 thousand yen on August 20, 2010 in
response to share purchase claim, and subsequently sold a part of the treasury stock for 70,914 thousand yen on
September 2, 2010.
Additionally, based on the resolution of the board meeting held on November 12, 2010, the Company acquired its own
stock for 345,582 thousand yen.
As a result, legal capital surplus amounted to 4,838,783 thousand yen and treasury stock to 965,926 thousand yen at theend of the first half under review.

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