Consolidated Financial Results for the Fiscal Year Ended September 30, 2019
(FY9/19) [IFRS]
November 14, 2019
Company name:

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

Evolable Asia Corp.

Stock code:
Representative:
Contact:

TSE

6191
Hideaki Yoshimura, CEO
Yusuke Shibata, Representative Director and CFO
TEL: +81–(0)3–3431–6191
Scheduled date of payment of
Scheduled date of holding ofDecember 20, 2019
December 23, 2019
ordinary shareholders’ meeting:dividend:
Scheduled date of submission of
December 23, 2019financial 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, 2019 (October 1, 2018 to September 30, 2019)(1) Consolidated results of operations(Percentages represent year–on–year changes.)
Net salesYear ended
September
2019
Year ended
September
2018

Operating income

Profit before
income taxes

ProfitProfit attributable toowners of parent

Total
comprehensive
incomeMillionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%24,281

95.0

744

△39.9

653

△46.7

812

△24.8

708

△24.8

797

△25.6

12,451

―

1,239

―

1,226

―

1,080

―

942

―

1,072

―

Profit per share

Year ended September
2019Year ended September
2018

Fully diluted profit per
share

Return on assets

Return on equity

Operating income
margin

Yen

Yen

%

%

%

37.73

36.61

9.4%

2.3

3.0

54.11

52.40

23.0%

7.4

9.9

(2) Consolidated financial position
Total assets
Millions of yen

Millions of yen

31,40324,93910,247
5,567

As of September 2019
As of September 2018

Ratio of equity
Equity attributable toattributable to owners ofowners of parent per shareparentMillions of yen%
Yen

Equity attributable toowners of parent

Total equity

9,781
5,186

31.1
20.7

493.9
289.8

(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
2019Year ended September
2018

Millions of yen

Millions of yen

Millions of yen

Millions of yen

△118

△689

4,512

8,997

527

△1,010

3,662

5,320

―1―

2. Dividends
Total
Dividend
Dividends
payout ratio(Annual)(Consolidated)
Millions of%yen

Dividend per share
1Q–end2Q–end3Q–endYear–end

Total

Yen

Yen

Yen

Yen

Yen

Dividend on
equity(consolidated)%

Fiscal year ended Sep.
―
0.00
―
10.00
10.00
177
19.3
3.4
30, 2018
Fiscal year ended Sep.
―
0.00
―
10.00
10.00
198
26.5
3.0
30, 2019
Fiscal year ending Sep.
―
0.00
―
13.00
13.00
20.0
30, 2020 (Estimated)*Dividends for the fiscal year ended September 30, 2019, are paid solely from capital surplus. Please see “Breakdown of dividends paid
from capital surplus” below.
3. Full-year consolidated financial forecast for FY9/20 (October 1, 2019 – September 30, 2020)(Percentages represent year-on-year changes.)
Net sales

Twelve months ending
September 30, 2020

Profit before
income taxes
Millions%of yen%Operating income

Millionsof yen%Millionsof yen38,000

56.5

2,000

168.8

1,900

Profit attributable toowners of parent
Millionsof yen
%

190.9

1,300

Profit per share
Yen

83.6

65.65

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting inchanges in scope of consolidation)
Newly included:– companies
Excluded:– companies

:

None

(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
2019:
period (including treasury shares)
2) Number of treasury shares as of the end of the period As of September
2019:3) Average number of shares issued during the period

Year

ended

September 2019:19,801,300―
18,774,384

As of September
2018:

17,708,000

As of September

―

2018:
Year

ended

September 2018:

17,416,911

Reference: Summary of non–consolidated business results
Non–consolidated financial results for the fiscal year ended September 30, 2019 (October 1, 2018 – September 30, 2019)(1) Non–consolidated results of operations(Figures in percentages denote the year–on–year change.)
Net salesYear ended
September 2019Year ended
September 2018

Operating income

ProfitMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen

%

5,951

50.96

△698

－

△777

－

△787

－

3,942

△8.5

△665

－

△664

－

△649

－

Profit per share
Yen

Year ended
September 2019Year ended
September 2018

Ordinary income

Fully diluted profit per
share
Yen

△41.9

－

△38.6

－

―2―

(2) Non–consolidated financial position
Total assets
Millions of yen

Net assets

Equity ratio

Millions of yen

As of September
18,0336,579
2019
As of September
12,8673,697
2018(Reference) Shareholders’ equity As of September 2019 6,578 million yen

Net assets per share
%

Yen

36.5

362.6

28.3

289.9

As of September 2018

3,647 million yen* 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
The full-year forecast for the fiscal year ending September 30, 2020, above includes the Company’s forecast based on plans for theyear, as well as assumptions and predictions regarding the Company’s future as of the day these materials have been made public. Items
concerning the future of the Company are based on information currently in the Company’s possession and certain assumptions judged
to be rational. They do not represent a firm commitment by the Company. The forecast may differ greatly from financial results due to anumber of causes over the year, including changes in economic conditions, changes in client needs and user tastes, competition withother companies, changes to laws and regulations, and changes in exchange rates. Please see “1. Overview of Results of Operations Etc.,(3) Outlook” for more about the results forecast.
Breakdown of dividends paid from capital surplus
The following table shows a breakdown of dividends paid from capital surplus for the fiscal year ended September 30, 2019.
Benchmark dateYear-end

Dividend per share
Total dividends

Total
10 yen

10 yen

198 million yen

198 million yen*The Company is currently calculating percentage gain/loss in net assets and will disclose this information as soon as it is determined.

―3―

○Contents of Attachments
1. Overview of Results of Operations Etc.……………………………………………………………………………....5(1) Overview of Results of Operations……………………………………………………………………………......5(2) Overview of Financial Position……………………………………………………………………………………6(3) Outlook…………………………………………………………………………………………………………….6(4) Important Events Concerning the Assumption of Going Concern…………………………………………….......7
2. Consolidated Financial Statements and Key Notes…………………………………………………………………....8(1) Consolidated Balance Sheet……………………………………………………………………………………......8(2) Consolidated Statements of Income and Comprehensive Income…………………………………………………9(3) Consolidated Statements of Changes in Equity……………………………………………………………………11(4) Consolidated Statement of Cash Flows……………………………………………………………………………12(5) Explanatory Notes to Consolidated Financial Statements…………………………………………………………13(Segment information, etc.)……………………………………………………………………………………13(Per share information)………………………………………………………………………………………...15(Important subsequent events)…………………………………………………………………………………15―4―

1. Overview of Results of Operations Etc.
(1) Overview of Results of Operations
During the consolidated fiscal year under review, the global economy maintained a robust performance, mainly driven by advanced
economies. However, the global economic outlook became increasingly uncertain amid trade tensions between the US and China. The
Japanese economy remained on a moderate recovery path, reflecting steady improvement in employment and income conditions. The
economy continued to expand at a solid pace, supported by increased domestic demand and inbound tourist demand against thebackground of the upcoming Tokyo Olympics in 2020 and EXPO 2025 in Osaka.
In the travel industry, the number of Japanese citizens who left Japan in the period from January to September 2019 totaled 15.06
million, increasing about 1.06 million 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 2019
surpassed 24.41 million. The number is rising steadily toward 40 million, the target for 2020 set in the Tourism Vision to Support the
Future of Japan, which the Japanese government adopted in March 2016.
Under these conditions, the Company continued expanding its operations by seeking to diversify its service lines with a focus on salesof domestic airline tickets and international airline tickets as an online travel agency and significantly investing in advertising to raise
recognition of its main brand AirTrip. The Company also continued to enhance its services for foreign visitors to Japan, making the mostof its online travel business expertise.
In the IT Offshore Development Business, which was launched in 2012, the Company steadily won customers in numerous businesscategories and increased the number of engineers employed, focusing on the development of lab–type facilities in Vietnam. The numberof engineers hired grew to 1,000 as of the end of September 2019. In the Investment Business, which has been developing in earnest
since the stock was listed, the Company has been investing in growing companies. As of the end of September 2019, the Company has
invested in 62 companies.
In this business environment, the Group achieved consolidated net sales of 24,281 million yen (up 95.0% year on year), a consolidated
operating income of 744 million yen (down 39.9% year on year), a consolidated profit before income taxes of 653 million yen (down
46.7% year on year), and a consolidated profit attributable to owners of parent of 708 million yen (down 24.8% year on year).
Operating results by segment are as follows.
(1) Online Travel Agency Business
The Group offers the following main 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 made considerable upfront investments in mass marketing, including TV commercials and train advertising, to acquire
new customers and build a stable customer base in the future. The Company also improved user interfaces to increase the number of
repeat customers. These contributed to a steady increase 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 were conductedto 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.

・BTM services (centralized management of internal approval procedures and arrangements associated with corporate business trips)
These services basically adopt a business model under which net sales expand in a manner that is linked with an increase in the numberof corporate customers and a rise in their usage rate. The services achieved growth attributable to initiatives taken by the Group, including
the addition of salespeople and the identification of existing customers who used the services at a relatively low rate.

―5―

・Services for foreign visitors (business of providing various BtoC services to visitors to Japan)
The Company offers various services for foreign visitors to Japan, including Wi-FI rental, camping car rental, currency exchange andweb media serves. In every business line, net sales and income grew steadily due to an increase in visitors to Japan, multilingual customer
service and stronger marketing.
As a result of the factors stated above, net sales for the Online Travel Agency Business segment amounted to 21,445 million yen (up211.6% year on year), and segment income came to 1,030 million yen (up 296.8% year on year) 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
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 forms a team 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 assignmentof 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 increasein the number of engineers and a rise in the unit cost due to development streamlining contributed to sales growth in the fiscal year underreview.
As a result of the factors stated above, net sales for the IT Offshore Development Business segment reached 2,490 million yen (up115.6% year on year), and segment income totaled 157 million yen (up 106.0% year on year).
(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. During theconsolidated fiscal year under review, the Group had increased the number of companies in which it invests to 62.
As a result, net sales for the Investment Business segment stood at 345 million yen (up 214.2% year on year), and segment income
was 412 million yen (down 68.5% year on year).
(2) Overview of Financial Position(Assets)
Total assets increased 6,464 million yen from the end of the previous fiscal year, to 31,403 million yen at the end of the fiscal year
under review. This result was mainly due to an increase of 3,677 million yen in cash and deposits, a rise of 742 million yen in operatingreceivables and other receivables, an increase of 774 million yen in other financial assets, 407 million yen in intangible assets, andgrowth of 693 million yen in in goodwill.
(Liabilities)
Liabilities increased 1,784 million yen from the end of the previous fiscal year, to 21,155 million yen at the end of the fiscal year
under review. This result primarily reflected an increase of 631 million yen in short-term interest-bearing debt and 1,187 million yen in
long-term interest-bearing debt.
(Equity)
Net assets rose 4,680 million yen from the end of the previous fiscal year, to 10,247 million yen at the end of the consolidated fiscal
year under review. This result was mainly attributable to an increase of 1,822 million yen in capital stock, 2,058 million yen in sharepremium, and 699 million yen in retained earnings.

(3) Outlook
The Company’s Online Travel Agency Business will continue to focus efforts on online sales of travel commodities through its
comprehensive travel service platform AirTrip, under its service motto: “Whether work or pleasure, make it more convenient.” The―6―

Company will begin selling an even wider array of travel commodities through its new brand, AirTrip Plus, to enhance its dynamic
domestic and overseas travel package lineup, including its airline tickets within Japan and abroad, packaged tours, and hotels. The
Company anticipates increased profitability for the segment in the fiscal year ending September 30, 2020, thanks to streamlined
advertising impact and continued growth in repeat customers realized by further strengthening recognition of the AirTrip brand, which
has been improved through previous year’s advertising investments.
The Company is also aiming to further expand the scope of its business. In terms of travel for visitors to Japan, the Company will lookto operate a private accommodations platform and provide consulting services in the private accommodations sector, in addition toprevious efforts focused on providing OEM reservation and sales systems to overseas travel agencies and web media. In terms of adjacentsectors, the Company will develop pocket Wi-Fi rentals, camping car rentals, and foreign currency exchange services.
The Company’s IT Offshore Development Business will work to develop services better matched to customers’ needs and streamline
those services by fully optimizing the Ho Chi Minh, Hanoi, and Da Nang Offices’ projects between them and fine-tooling each to theparticular corporation, type of system development, and system development process.
For the Investment Business, the Company will aim to expand the size of investments and increase the value of investment targets bypromoting strategic M&A and capital alliances focused on synergy with existing businesses, as well as putting full efforts into nurturing
the development of growing companies through additional investment.
These initiatives lead the Company to predict financial results for the consolidated fiscal year ending September 30, 2020, will amountto 38,000 million yen in net sales (up 56.5% year on year), 2,000 million yen in operating income (up 168.8% year on year) and 1,300
million yen in profit attributable to owners of parent (up 83.6% year on year).
For details, see the presentation material released as the same time as this report titled “Consolidated Financial Results for the Fiscal
Year Ended September 30, 2019 (FY9/19).”(4) Important Events Concerning the Assumption of Going Concern
Not applicable.

―7―2. Consolidated Financial Statements and Key Notes(1) Consolidated Statements of Financial Position(Millions of yen)
FY9/18(As of Sep. 30, 2018)
AssetsCurrent assets
Cash and cash equivalents
Notes and accounts receivable – trade andother receivables
Other financial assets
Inventories
Income taxes receivable
Other current assets

FY9/19(As of Sep. 30, 2019)

5,320

8,997

4,442

5,184

3,889
87
132
1,331

4,664
428
157
711

15,202

20,142

Property, plant and equipment
Goodwill
Intangible assets l

1,111
5,167
2,236

1,324
5,861
2,644

Other financial assets
Other non–current assets
Deferred tax assets

1,055
83
82

1,099
59
272

Total non–current assets

9,736

11,26024,93931,403

4,333

4,416

6,802
428
80

7,434
368
240

Other current liabilities

3,281

3,215

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

14,926

15,675

4,009
61
76

5,196
41
82

Deferred tax liabilities
Other non-current liabilities

288
8

136
22

Total non-current liabilities

4,444

5,479

19,371

21,155

Capital stock
Share premium

1,100
2,117

2,922
4,175

Retained earnings
Treasury shares

1,963
-

2,663

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
EquityOther items of equity
Total equity attributable to owners of parent
Non–controlling interests
Total equity
Total liabilities and equity

―8―

5

△0
19

5,186

9,781

380

466

5,567

10,247

24,93931,403

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statement of Income(Millions of yen)
FY9/18(from Oct. 1, 2017
to Sep. 30, 2018)
Net sales
Cost of sales
Gross profit
Selling, general and administrative expense
Share of loss (profit) of entities
Other income
Other expenses
Operating income
Finance income
Finance costs

FY9/19(from Oct. 1, 2018
to Sep. 30, 2019)12,451

24,281△5,590△11,244

6,861

13,036△7,234
1,288△12,927
150

371
△47
1,239
31

557
△71
744
18

△45

△110

Profit before income taxes

1,226

653

Corporate income tax expenses

△146

159

Profit

1,080

812

942
137

708
104

1,080

812

54.11

37.73

52.40

36.61

Profit attributable to
Owners of parent
Non-controlling interests

Profit per share
Profit per share (Yen)
Fully diluted profit per share (Yen)―9―Consolidated Statement of Comprehensive Income(Millions of yen)
FY9/18(from Oct. 1, 2017
to Sep. 30, 2018)
ProfitOther comprehensive income, net of tax
Items that may be reclassified as profit or loss
Translation adjustments of foreign operations
Cash flow hedge
Total of items that may be reclassified as profit or loss
Total of other comprehensive income, net of tax
Comprehensive income
Comprehensive income attributable to
Owners of parent
Non–controlling interests―10―

FY9/19(from Oct. 1, 2018
to Sep. 30, 2019)

1,080

812

△8
0

△14
△0

△7

△15

△7
1,072

△15
797

938

700

133

96

1,072

797

(3) Consolidated Statement of Changes in Equity
FY9/18 (from Oct. 1, 2017 to Sep. 30, 2018)(Millions of yen)
Equity attributable to owners of parent
Retainedearnings

Capital stock Capital surplus
As of October 1, 2017

Other items ofequityNoncontrollinginterests

Total

Total equity

1,031

815

1,139

5

2,992

402

3,394

Profit

－

－

942

－

942

137

1,080

Other comprehensive income

－

－

－

△3

△3

△4

△7

Total comprehensive income

－

－

942

△3

938

133

1,072

Dividends of surplus

－

－

△118

－

△118

△27

△145

Issuance of new shares
Increase (decrease) by businesscombination
Capital increase of consolidated
subsidiaries
Increase (decrease) by shareexchanges
Capital transactions with noncontrolling interests
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

－

△126

－

－

△126

△56

△183

－

－

△0

3

3

△3

△0

69

1,301

△118

3

1,256

△155

1,100

1,100

2,117

1,963

5

5,186

380

5,567

Total transactions with owners
As of September 30, 2018

FY9/19 (from Oct. 1, 2018 to Sep. 30, 2019)(Millions of yen)
Equity attributable to owners of parent
Capital stock
As of October 1, 2018

CapitalsurplusRetainedearnings

TreasurysharesOther items ofequityNoncontrollinginterests

Total

Total equity

1,100

2,117

1,963

－

5

5,186

380

Profit

－

－

708

－

－

708

104

5,567
812

Other comprehensive income

－

－

－

－

△8

△8

△7

△15

Total comprehensive income

－

－

708

－

△8

700

96

797

Dividends of surplus

－

△177

－

－

－

△177

－

△177

Issuance of new shares

1,822

1,822

－

－

－

3,644

－

3,644

－

413

－

－

－

413

－

413

－

－

－

△0

－

△0

－

△0

－

－

△8

－

22

13

△11

2

Total transactions with owners

1,822

2,058

△8

△0

22

3,894

△11

3,883

As of September 30, 2019

2,922

4,175

2,663

△0

19

9,781

466

10,247

Increase (decrease) by
share exchanges
Acquisition of treasury
stock
Increase (decrease) throughtransfers and other changes―11―(4) Consolidated Statement of Cash Flows(Millions of yen)
FY9/18(from Oct. 1, 2017
to Sep. 30, 2018)
Cash flows from operating activities
Profit (loss) before tax

FY9/19(from Oct. 1, 2018
to Sep. 30, 2019)

1,226

Depreciation and amortization expense
Investment income (loss)

429△1,288946

Gain on sale of businesses(Increase) decrease in trade and other receivables
Increase (decrease) in trade and other payables
Decrease (increase) in investment securities for sale

894
△849

Other

△567

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
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Payments for lease deposits
Proceeds from withdrawal of time deposits
Proceeds from purchase of shares of subsidiaries resulting inchange in scope of consolidation
Purchase of shares of subsidiaries resulting in change in scopeof consolidation
Proceeds from transfer of business
Payments for transfer of business

653
854
△150
△324
△870
△204
△471
537

790
5

24

△46
△222

△102

527

△118

△145
46
△952
△68
-

△267
95
△1,200

459

133

△355

-

-

641

15
△55

△63
-

5

△136
107

△1,010

△689

1,988
4,800

3,495

△2,960136△2,799
3,601

△183

-

△118
0

△176

3,662

4,512

Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents

△0
3,179

Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting from merger

2,078
61

△26
3,677
5,320

Cash and cash equivalents at end of period

5,320

Other
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short–term loans payable
Proceeds from long–term loans payable
Repayments of long–term loans payable
Proceeds from issuance of common shares
Payments from changes in ownership interests in subsidiaries
that do not result in change in scope of consolidation
Dividends paid to owners of the parent company
Other
Net cash provided by (used in) financing activities

―12―

397

△5

8,997

(5) Explanatory Notes to Consolidated Financial Statements(Segment information, etc.)
1. Summary of reportable segments
The Company’s reportable segments are its business units that have separate financial information available and that are subject toperiodical examinations by the Board of Directors for the purpose of determining the allocation of management resources and evaluating
performance.
Under its “One Asia” vision, the Group aims to serve as a bridge connecting various opportunities and engineers in Asia. With theOnline Travel Agency Business, IT Offshore Development Business and Investment Business as its three mainstay businesses, the Group
classifies these businesses, with their highly unique business models, as its main reportable business segments and draws up anddetermine Group strategies accordingly.
The businesses and main products belonging to each reportable segment are as follows:
Online Travel Agency Business: Online general travel agency service
IT Offshore Development Business: Lab-type offshore development services and BPO services
Investment Business: Investment in growing companies and turnarounds
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.

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3. Information related to net sales and profits (losses), assets, liabilities, and other amounts for the respective reportable segments
FY9/18 (from Oct. 1, 2017 to Sep. 30, 2018)(Millions of yen)
Reportable segments
Online Travel IT Offshore
Investment
AgencyDevelopment
Business
Business
Business
External
sales
revenue
Intersegment
revenue
Total sales
revenue
Segment
profits (losses)(Note 3)FinancialincomeFinancialexpenses
Income before
income taxes

Total

Other (Note
1)

Total

Adjustments Consolidated(Note 2)
Total

10,1372,153

161

12,4510

12,451―

12,451

―

229

―

229

―

229

△229

―

10,137

2,383

161

12,6810

12,681△229

12,451

357

148

1,305

1,811

△0

1,811

△571

1,239
31
△45
1,226

(Note 1) The category “Other” includes the business segments not included in the reportable segments, such as advertising
revenue.
(Note 2) The category “Adjustments” mainly consists of corporate expenses that do not belong to any reportable segment andintersegment transactions.
(Note 3) Segment income (loss) is adjusted with operating income in the summary consolidated statement of income.

FY9/19 (from Oct. 1, 2018 to Sep. 30, 2019)(Millions of yen)
Reportable segments
Online Travel IT Offshore
Investment
AgencyDevelopment
Business
Business
Business
External
sales
revenue
Intersegment
revenue
Total sales
revenue
Segment
profits (losses)(Note 3)FinancialincomeFinancialexpenses
Income before
income taxes

Total

Other (Note1)

21,4452,490

345

24,281

0

34

548

―

583

―

21,4803,039

345

24,864

1,030

157

412

1,600

Total

24,281

Adjustments Consolidated(Note 2)
Total―

24,281

583

△583

―

0

24,864△583

24,281

△0

1,600

△855

744
18
△110
653

(Note 1) The category “Other” includes the business segments not included in the reportable segments, such as advertising
revenue.
(Note 2) The category “Adjustments” mainly consists of corporate expenses that do not belong to any reportable segment andintersegment transactions.
(Note 3) Segment income (loss) is adjusted with operating income in the summary consolidated statement of income.

―14―(Per share information)
FY9/18(from Oct. 1, 2017
to Sep. 30, 2018)

FY9/19(from Oct. 1, 2018
to Sep. 30, 2019)

Shareholders’ equity per share (yen)292.76

Shareholders’ equity per share (yen)493.97

Profit per share (yen)54.11

Profit per share (yen)37.73

Fully diluted profit per share (yen)52.40

Fully diluted profit per share (yen)36.61(Note) The basics for the calculation of basic earnings per share and diluted earnings per share is as follows:
FY9/18(from Oct. 1, 2017
to Sep. 30, 2018)

FY9/19(from Oct. 1, 2018
to Sep. 30, 2019)

Profit per share
Profit attributable to owners of parent (million yen)

942

708

－

－

942

708

17,416,911

18,774,384－－

Number of common shares increased (shares)

568,487

576,691(of which subscription rights to shares)

568,487

576,691

Amount not attributable to common shareholders(million yen)
Income applicable to common stock (million yen)
Average number of outstanding common shares
during the period (shares)
Fully diluted profit per share
Adjustment on net income (million yen)

(Important subsequent events)
Not applicable.

―15―