February 4, 2016

Summary of Consolidated Financial Results for the Third Quarter of the Year Ending March 31, 2016
Company name:

SRA Holdings, Inc.
(URL: http://www.sra-hd.co.jp/)
Stock listing:Tokyo Stock Exchange
Code number:
3817
President:
Toru Kashima
For inquiries, please contact:
Makoto Kitai, General Manager, Finance Department, Administrative HeadquartersTel:(03)-5979-2666
Scheduled date of submission of quarterly securities report:
February 5, 2016―
Scheduled commencement of dividend payment:
Quarterly Results Supplemental Materials
Yes
Quarterly Results Presentation MeetingNo

1. Consolidated results for the third quarter of the fiscal year ending March 2016
(from April 1, 2015 to December 31, 2015)(1) Consolidated Operating Results (cumulative total)(All amounts rounded down, % change YoY)
Profit attributable

Net Sales

Ordinary Profit

Operating Income

to owners of the parent

Third quarter of fiscal
2016
Third quarter of fiscal
2015

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

28,562

10.4

2,545

43.8

2,787

15.1

1,683

78.0

25,867

4.4

1,770

14.7

2,422

20.2

945

(17.0)

Note：Comprehensive Income
Third quarter of fiscal 2016: ¥1,756 million (11.5%)
Third quarter of fiscal 2015: ¥1,575 million (28.6%)

Third quarter of fiscal
2016
Third quarter of fiscal
2015

Net Income

Net Income

per Shareper Share after Dilution

Yen

Yen

139.56138.7978.74―(2) Consolidated Financial Position

Third quarter of fiscal
2016
Fiscal 2015

Shareholders’ Equity Ratio

Total Assets

Net Assets

Millions of yen

Millions of yen%

33,327

19,97959.931,71418,85959.4

Reference: Shareholders’ equity
Third quarter of fiscal 2016: ¥19,948 million
Fiscal 2015: ¥18,834 million

12. Dividends
Dividend per Share

Fiscal 2015
Fiscal 2016

End of First QuarterEnd of Second QuarterEnd of Third Quarter

Year-end

Yen

Yen

Yen

Yen

Yen

―
―

17.00
25.00

―

38.00

55.00

―

40.00

65.00

Fiscal 2016(forecast)
Note: Revision of dividend forecast in this quarter:

For the YearNo

3. Consolidated Earnings Forecast for Fiscal 2016 (from April 1, 2015 to March 31, 2016)(% of change from FY2015）

Net Sales

FY2016

Operating Income

Ordinary Profit

Profit attributable

Net Income

to owners of the parent

per Share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

37,300

2.1

3,360

10.2

3,450

(9.5)

2,260

37.9

187.34

Note: Revision of consolidated results forecast in this quarter:No

4. Others(1) Changes to significant subsidiaries during the current period :No(2) Application of simplified accounting and application of special accounting :(3) Changes in accounting principles and procedures, presentation, etc.
1. Changes caused by revision of accounting standards, etc. :2. Changes other than 1. above:
No

No

Yes

(4) Number of shares outstanding (common stock)
1. Number of shares outstanding (including treasury stock)
Third quarter of fiscal 2016: 15,240,000 sharesFiscal 2015:15,240,000 shares
2. Number of treasury stock
Third quarter of fiscal 2016: 3,135,875 sharesFiscal 2015:
3,205,445 shares
3. Average number of shares over period (consolidated total for quarter)
Third quarter of fiscal 2016: 12,063,766 shares
Third quarter of fiscal 2015: 12,010,963 shares*Indication of quarterly review procedure implementation status
This earnings release is not subject to the quarterly review process as required by the Financial Instruments and Exchange Act of Japan.
As of the date when this earning release was issued, the review process on quarterly financial statements as required by the Financial
Instruments and Exchange Act had been finished.

*Explanation relating to the appropriate use of results forecasts, and other noteworthy items
Forward-looking statements in this earnings release, such as forecasts of results of operations, are based on the information currently
available and the certain assumptions that we regard as reasonable and therefore actual results may differ materially from those containedin or suggested by any forward-looking statements.

2

Summary of Consolidated Financial Results for the Third Quarter of the Year Ending March 31, 2016

1. Qualitative Information Concerning Third-Quarter Consolidated Business Results(1) Explanation Concerning Business Results
During the third quarter of the fiscal year (April 1, 2015 to December 31, 2015), the Japanese economy continued amoderate recovery underpinned by brisk personal consumption, capital investment that remained generally
unchanged and an improvement in corporate earnings.
In the information services industry, despite an increase in IT investments, mainly in manufacturing industries
and the banking industry, the environment for securing orders remained severe due to intensifying competition.
Within this business environment, the SRA Holdings Group formulated a Medium-Term Management Strategy thatcovers the three-year period from fiscal 2016 through fiscal 2018 (from the fiscal year ending March 2016 to thefiscal year ending March 2018). Under this plan, we will seek to enhance corporate and shareholder value, promoteearnings structure reform and establish a high-income model, while working to further enhance shareholder returns.
Accordingly, we will implement the following measures under the Medium-Term Management Strategy. (For asummary of the Medium-Term Management Strategy, please refer to Announcement of Medium-Term Management
Strategy released on June 24, 2015 http://www.sra-hd.co.jp/Portals/0/ir/index-en.html ).
1) Improving profitability in existing operations• Further raise the gross profit margin
We worked to raise profitability by enhancing and strengthening project management, continuously reduce
production overhead costs, carry out SRA’s proprietary IP product business and promote the appropriate level ofproduction staff. As a result, the gross profit margin rose 0.6 percentage point to 18.3% compared with the same
period of the previous fiscal year.
• Improve selling, general and administrative (SGA) expense ratio
We strived to raise operation efficiency by introducing an account manager system while working to reduce
operational costs of Head Office staff departments and SRA Professional Service, Co., Ltd., which handles a sharedservice. As a result, the SGA expense ratio improved significantly to 9.4%.
• Raise operating income ratio
The operating income ratio reached a record high of 8.9%, surpassing the previous high of 8.3% recorded in the third
quarter of the fiscal year ended March 2008. Moreover, the ordinary profit ratio also rose to a record high of 9.8%.
• Expand orders and sales volume
A priority measure will be to increase customer share of wallet by deeply cultivating existing customers, and in doing
so, we worked to expand orders and sales. As a result, domestic Group companies, beginning with Software Research
Associates, Inc., (SRA) generally achieved increases in revenues.
Additionally, we deployed the “project management structure,” which was previously implemented at SRA, at all
Group companies in Japan. As a result, we built a system that can respond in advance to a shortage of projects.
2) Transforming the SRA business model• Regarding “transforming the SRA business model,” in wearable solutions, which have recently attracted a high levelof attention, we have commenced such initiatives as the “inspection work confirmation system” that leverages ourhigh technological strengths and our wealth of experience in “embedded development” and utilizes wearable devices
such as smart glass.

3

Summary of Consolidated Financial Results for the Third Quarter of the Year Ending March 31, 2016

• We also made group-wide efforts to target higher added value in existing operations.
3) Strengthening links between SRA’s proprietary IP product business and overseas operations• We raised the gross profit margin sharply by promoting SRA’s proprietary IP product business in the Product Sales
business, which has a low gross profit margin compared with the Systems Development business and the System
Operations and Infrastructure Development business. “Qt,” which boasts an extensive track record in embedded andmobile application building, recorded growth in both sales and profits. In the future, plans call for also proactively
developing the Qt business in the field of Internet of Things (IoT), which is gaining a high degree of attention.
Meanwhile, “cavirin” (Cavirin Systems, Inc.’s proprietary IP product), a solution for cloud computing that
responds to high market needs for “security” and “compliance management,” is earning high acclaim for its
technological superiority such as by being selected for a top rank in a ranking of noteworthy companies in the cybersecurity industry carried out by a prominent U.S. research company. The name recognition of “cavirin” has also risen
and this product is being steadily introduced by major companies.
Due to the above initiatives, our consolidated business results for the third quarter of the fiscal year were as
follows.
Sales of the Systems Development business, the System Operations and Infrastructure Development business andthe Product Sales business all increased. As a result, consolidated net sales amounted to ¥28,562 million, a 10.4%
increase from the same period of the previous fiscal year.
At the profit level, due to an increase in gross profit accompanying growth in sales and a streamlining of SG&A
expenses, operating income rose 43.8% from the same period of the previous fiscal year to ¥2,545 million while
ordinary profit increased 15.1% from the same period of the previous fiscal year to ¥2,787 million and profit
attributable to owners of the parent amounted to ¥1,683 million, a 78.0% increase from the same period of theprevious fiscal year.
As detailed above regarding consolidated results for the third quarter, net sales and profits increased from thesame period of the previous fiscal year and moved virtually in line with our forecast.
Additionally, ordinary profit, profit attributable to owners of the parent and net income per share each reached arecord high for the third quarter.
A summary of consolidated business results for the third quarter by business segment is shown below.
● Systems Development
The Systems Development business recorded increases in sales to the manufacturing, banking, electric power anddistribution sectors. As a result, net sales increased 8.4% from the previous fiscal year to ¥14,612 million.
● System Operations and Infrastructure Development
Although university-related orders were flat, there was an increase in orders from companies. As a result, net sales of
the System Operations and Infrastructure Development business increased 3.2% from the previous fiscal year to¥2,945 million.
● Product Sales
Although sales by SRA Inc. declined, Advanced Integration Technology, Inc. (AIT) posted an increase in device sales.
As a result, net sales of the Product Sales business rose 15.4% from the previous fiscal year to ¥11,004 million.

4

Summary of Consolidated Financial Results for the Third Quarter of the Year Ending March 31, 2016

(2) Explanation Concerning Financial Condition
Total assets at the end of the third quarter amounted to ¥33,327 million, an increase of 5.1% from the end of theprevious fiscal year. Total liabilities increased 3.8% from the end of the previous fiscal year to ¥13,347 million andnet assets increased 5.9% to ¥19,979 million from the end of the previous fiscal year. Details of the principal
increases and decreases from the end of the previous fiscal year are as follows.
(Total Assets)
Investment securities increased ¥2,084 million to ¥6,261 million due to the purchase of shares of an affiliatedcompany. Work in process increased ¥368 million to ¥2,046 million due to such factors as a rise in contracted
development projects. On the other hand, merchandise and finished goods decreased ¥211 million to ¥572 million
due to the increase in sales, and deferred tax assets decreased ¥189 million to ¥469 million.
(Total Liabilities)
Short-term loans payable increased ¥500 million to ¥1,679 million and accounts payable—trade increased ¥355
million to ¥3,820 million due to an increase in trade payables. On the other hand, income taxes payable decreased¥433 million to ¥446 million due to the payment of income taxes and accrued consumption taxes decreased ¥229
million to ¥392 million due to the payment of consumption taxes.
(Total Net Assets)
Retained earnings increased ¥924 million to ¥16,212 million, and valuation difference on available-for-sale securities
increased ¥118 million to ¥712 million due to changes in the market prices of marketable and investment securities.
Conversely, foreign currency translation adjustments when converting the impact of exchange rates on overseas
subsidiaries decreased ¥53 million to ¥531 million due to the impact of exchange rates.
(3) Explanation Concerning Consolidated Results Forecast and Other Future Projections
No revision has been made to forecasts in Summary of Consolidated Financial Results for the Year Ended March 31,
2015 released on May 14, 2015.

2. Summary Information (Notes)(1) Significant changes involving subsidiaries during the period: None
There were no significant changes to specified subsidiaries. However, during the second quarter, Kingnet was
included as an affiliated company accounted for by the equity method because SRA, a subsidiary of the Company,
acquired a partial equity interest in Kingnet and underwrote a capital increase in Kingnet.
(2) Application of simplified accounting methods and accounting methods specific to the preparation of the quarterly
consolidated financial statements: None
(3) Changes in accounting principles, changes in accounting estimates and restatements(Application of Accounting Standard for Business Combinations and other accounting standards)
In the third quarter of the current consolidated fiscal year under review, we began applying the Accounting Standard
for Business Combinations (ASBJ Statement No. 21 of September 13, 2013 (hereinafter referred to as the Business
Combinations Accounting Standard)), Accounting Standard for Consolidated Financial Statements (ASBJ Statement
No. 22 of September 13, 2013) (hereinafter referred to as the Consolidated Accounting Standard)), and Accounting
5Summary of Consolidated Financial Results for the Third Quarter of the Year Ending March 31, 2016

Standard for Business Divestitures (ASBJ Statement No. 7 of September 13, 2013) (hereinafter referred to as theBusiness Divestures Accounting Standard)). According to the application of these and other accounting standards,
differences caused by the change in the equity of our subsidiaries that we have control over were recorded as capitalsurplus. Acquisition costs were recorded as costs in the consolidated fiscal year when the acquisition costs wereincurred. For the business combinations that will be conducted after the beginning of the third quarter of the current
consolidated fiscal year under review, when provisional accounting treatments are confirmed, the acquisition costallocations will be revised in the Quarterly Consolidated Financial Statements to which the dates of the businesscombinations belong. In addition, we changed how we record quarterly net income and other items, and minority
interests were recorded as non-controlling interests. In order to reflect these changes in the records, the Quarterly
Consolidated Financial Statements and the Consolidated Financial Statements for the third quarter of the previous
consolidated fiscal year and the previous consolidated fiscal year were revised.
In the consolidated statements of cash flows for the third quarter, the Company shifted to a method whereby
cash flows related to the acquisition or sale of shares in a subsidiary not involving changes in the scope of
consolidation are listed under cash flows from financing activities while cash flows concerning expenses related tothe acquisition of shares in a subsidiary involving changes in the scope of consolidation as well as expenses incurredin the acquisition or sale of shares in a subsidiary not involving changes in the scope of consolidation are listed cash
flows from operating activities.
For the application of the Business Combinations Accounting Standard and other accounting standards, wefollow the transitional arrangements stipulated in Paragraph 58-2 (4) of the Business Combinations AccountingStandard, Paragraph 44-5 (4) of the Consolidated Accounting Standard and Paragraph 57-4 (4) of the Business
Divestitures Accounting Standard and have been applying these since the beginning of the first quarter of the current
consolidated fiscal year under review.
These changes had no material effect on the quarterly consolidated financial statements in the third quarter.

6

Summary of Consolidated Financial Results for the Third Quarter of the Year Ending March 31, 2016

3. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of Yen)FY2015(as of March 31, 2015)

End of third quarter of FY2016(as of December 31, 2015)

ASSETS
Current assets:
Cash and deposits

8,672

7,933

Notes and accounts receivable—trade

6,223

6,398

Short-term investment securities

3,392

595

Merchandise and finished goods

784

572

Work in process

1,677

2,046

Short-term loans receivable

1,767

1,196

Deferred tax assets

658

469

Other

977

3,630

Allowance for doubtful accounts

(27)

(24)

24,126

22,816

Buildings

317

327

Accumulated depreciation

(231)

(244)

Buildings, net

85

83

Machinery, equipment and vehicles

566

552

Accumulated depreciation

(510)

(510)

Machinery, equipment and vehicles, net

55

42

Other

113

115

Accumulated depreciation

(78)

(82)

Other, net

35

32

Total property, plant and equipment

175

158

Other

520

474

Total intangible assets

520

474

Investment securities

4,177

6,261

Long-term loans receivable

1,060

1,963

Deferred tax assets

1,243

1,229

Guarantee deposits

324

332

Net defined benefit asset

44

48

Other

171

172

Allowance for doubtful accounts

(12)

(12)

Allowance for investment loss

(118)

(117)

Total investments and other assets

6,891

9,878

7,588

10,511

31,71433,327

Total current assets
Noncurrent assets:
Property, plant and equipment

Intangible assets

Investments and other assets

Total noncurrent assets
Total assets

7Summary of Consolidated Financial Results for the Third Quarter of the Year Ending March 31, 2016

(Millions of Yen)FY2015(as of March 31, 2015)

End of third quarter of
FY2016(as of December 31, 2015)

LIABILITIESCurrent liabilities:
Accounts payable—trade

3,465

3,820

Short-term loans payable

1,179

1,679

Accrued expenses

593

736

Income taxes payable

880

446

Accrued consumption taxes

621

392

Provision for bonuses

568

405

Provision for directors’ bonuses

53

71

Provision for loss on construction contracts

662

461

-

5

714

1,144

8,739

9,163

2

–

3,957

4,030

Provision for directors’ retirement benefits

140

153

Other

15

–

4,116

4,183

12,855

13,347

Capital stock

1,000

1,000

Capital surplus

4,468

4,511

Retained earnings

15,288

16,212

Treasury stock(2,727)(2,652)

Total shareholders’ equity

18,03019,071

Valuation difference on available-for-sale securities

594

712

Foreign currency translation adjustments

585

531

Remeasurements of defined benefit plans

(375)

(367)

Total accumulated other comprehensive income

804

876

25

31

Total net assets

18,85919,979Total liabilities and net assets

31,71433,327

Asset retirement obligations
Other
Total current liabilities
Noncurrent liabilities:
Deferred tax liabilities
Net defined benefit liability

Total noncurrent liabilities
Total liabilities
NET ASSETS
Shareholders’ equity

Accumulated other comprehensive income

Subscription rights to shares

8Summary of Consolidated Financial Results for the Third Quarter of the Year Ending March 31, 2016

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income)(Consolidated Cumulative Total for Third Quarter)
Consolidated cumulative
total for third quarter offiscal 2015 (from April
1, 2014 to December 31,
2014)(Millions of Yen)
Consolidated cumulative
total for third quarter offiscal 2016 (from April
1, 2015 to December 31,
2015)

Net sales

25,86728,562

Cost of sales

21,29323,335Gross profit

4,574

5,227

Selling, general and administrative expenses

2,804

2,681

Operating income

1,770

2,545

Interest received

145

167

Dividends received

24

33

Foreign exchange gains

363

6

Guarantee commission received

90

6

Other

69

61

Total non-operating income

692

276

Interest expenses

20

19

Stock transfer agency service fee

18

14

Other

2

0

Total non-operating expenses

40

34

2,422

2,787

Gain on sales of investment securities

18

20

Gain on reversal of subscription rights to shares

21

–

Other

2

1

Total extraordinary income

41

22

Loss on retirement of noncurrent assets

140Loss on valuation of investment securities

835

87

Other

20

2

Total extraordinary loss

871

89

1,592

2,719

Income taxes-current

792

893

Income taxes-deferred

(145)

142

Total income taxes

646

1,035

Net income

945

1,683

Profit attributable to owners of the parent

945

1,683

Non-operating income

Non-operating expenses

Ordinary profit
Extraordinary income

Extraordinary loss

Income before income taxes and minority interests

9Summary of Consolidated Financial Results for the Third Quarter of the Year Ending March 31, 2016

(Quarterly Consolidated Statements of Comprehensive Income)(Consolidated Cumulative Total for Third Quarter)
Consolidated cumulative
total for third quarter offiscal 2015 (from April
1, 2014 to December 31,
2014)(Millions of Yen)
Consolidated cumulative
total for third quarter offiscal 2016 (from April
1, 2015 to December 31,
2015)

Net income

945

1,683

Other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustments

429

118

190

(53)

9

7

629

72

1,575

1,756

1,575

1,756

－

－

Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income(breakdown)Comprehensive income attributable to owners of the parent
Comprehensive income attributable to non-controllinginterests

10Summary of Consolidated Financial Results for the Third Quarter of the Year Ending March 31, 2016(3) Notes Concerning Consolidated Financial Statements for the Third Quarter(Notes Concerning Premise of Going Concern)
None(Notes on Significant Changes in Shareholders’ Equity)
None(Segment Information and Others)[Segment Information]
I. Consolidated cumulative total for the third quarter of fiscal 2015 (from April 1, 2014 to December 31, 2014)
1. Information concerning net sales and income or losses for each reporting segment(Millions of Yen)
AmountSystemOperations

Systems
Development

andInfrastructurerecorded on
Product
Sales

Adjustment

Total

amount*1

the quarterly
consolidated
statements ofDevelopment

income*2

Sales(1) Sales to
Customers

13,479

2,854

9,533

25,867－25,867

8

203

413

625

(625)

－

Total sales

13,488

3,057

9,946

26,492(625)

25,867

Segment income

1,308

630

745

2,683

(913)

1,770

(2) Intersegment
sales ortransfers

Notes:
1. The segment income adjustment of minus ¥913 million is a company-wide expense not apportioned to any reporting segment.
Company-wide expenses are general and administrative expenses and R&D expenses not attributed to any reporting segment.
2. Segment income is adjusted in operating income on the quarterly consolidated statements of income.

2. Information concerning impairment loss on fixed assets or goodwill for each reporting segment
None

11

Summary of Consolidated Financial Results for the Third Quarter of the Year Ending March 31, 2016

II. Consolidated cumulative total for third quarter of fiscal 2016 (from April 1, 2015 to December 31, 2015)
1. Information concerning net sales and income or losses for each reporting segment(Millions of Yen)
AmountSystemOperations

Systems
Development

andInfrastructurerecorded on
Product
Sales

Adjustment

Total

amount*1

the quarterly
consolidated
statements ofDevelopment

income*2

Sales(1) Sales to
Customers

14,612

2,945

11,00428,562－

28,562

12

226

250

489

(489)

－

Total sales

14,624

3,172

11,25429,052(489)

28,562

Segment income

1,790

669

996

3,455

(910)

2,545

(2) Intersegment
sales ortransfers

Notes:
1. The segment income adjustment of minus ¥910 million is a company-wide expense not apportioned to any reporting segment.
Company-wide expenses are general and administrative expenses and R&D expenses not attributed to any reporting segment.
2. Segment income is adjusted in operating income on the quarterly consolidated statements of income.

2. Information concerning impairment loss on fixed assets or goodwill for each reporting segment
None

12

Summary of Consolidated Financial Results for the Third Quarter of the Year Ending March 31, 2016

(Significant subsequent events)
The Board of Directors of Company subsidiary SRA convened on February 4, 2016 and resolved to provide a newloan totaling US$6,000 thousand to Cavirin Systems, Inc. and provided a portion of this loan in the amount of
US$1,400 thousand on the same date with the aim of expanding business with that company.

13

Summary of Consolidated Financial Results for the Third Quarter of the Year Ending March 31, 2016

4. Other Information
1. Status of Production, Orders and Sales
 Production amounts
Production by segment in the third quarter of the fiscal year ending March 31, 2016 is as follows.
Consolidated cumulative total for

Segment information by type of businessthird quarter of fiscal 2016 (from% change YoY

April 1, 2015 to December 31, 2015)

Systems Development (Millions of Yen)
System Operations and Infrastructure
Development (Millions of Yen)
Total (Millions of Yen)

15,331

107.5

2,953

102.5

18,284

106.6

Notes:
1. Amounts are based on sales price.
2. The amounts above do not include consumption tax.
3. Intersegment transactions are offset.

 Purchase amounts
Purchases by segment in the third quarter of the fiscal year ending March 31, 2016 are as follows.
Consolidated cumulative total for

Segment information by type of businessthird quarter of fiscal 2016 (from% change YoY

April 1, 2015 to December 31, 2015)

Product Sales (Millions of Yen)

6,427

104.1

Total (Millions of Yen)

6,427

104.1

Notes:
1. Amounts are based on purchase price.
2. The amounts above do not include consumption tax.
3. Intersegment transactions are offset.

14

Summary of Consolidated Financial Results for the Third Quarter of the Year Ending March 31, 2016

 Status of orders
Status of orders by segment in the third quarter of the fiscal year ending March 31, 2016 is as follows.
Order backlog

Orders received
Segment information by type of business(Millions of% change YoY

Yen)

Systems Development(Millions of% change YoY

Yen)

15,443

108.4

5,243

101.2

2,156

98.6

818

85.7

Product Sales

9,812

95.1

3,190

90.8

Total

27,412

102.4

9,252

95.9

System Operations and Infrastructure
Development

Notes:
1. Amounts are based on sales price.
2. The amounts above do not include consumption tax.
3. Intersegment transactions are offset.

 Sales amounts
Sales by segment in the third quarter of the fiscal year ending March 31, 2016 are as follows.
Consolidated cumulative total for

Segment information by type of businessthird quarter of fiscal 2016 (from% change YoY

April 1, 2015 to December 31, 2015)

Systems Development (Millions of Yen)

14,612

108.4

2,945

103.2

Product Sales (Millions of Yen)

11,004

115.4

Total (Millions of Yen)

28,562

110.4

System Operations and Infrastructure
Development (Millions of Yen)

Notes:
1. Amounts are based on sales price.
2. The amounts above do not include consumption tax.
3. Intersegment transactions are offset.

15