Flash Report on the Consolidated Result
for the First Quarter Ended February 28, 2015
July 4, 2014
Listed Company Name: Lawson, Inc.
Tokyo Stock Exchange (First Section)
Code No.: 2651
(URL http://www.lawson.co.jp/company/ir/index.html)
Company Representative: Genichi Tamatsuka, Representative Director, President and CEO
Contact: Tomoki Takanishi, Financial & Accounting Office General Manager
Tel.: +81-3-5435-2773
Scheduled date for submission of quarterly earnings report: July 9, 2014
Scheduled date for payment of dividend: －Supplementary Documents quarterly results: Yes
Presentation of quarterly results: No
1. Consolidated Performance for the current first quarter of the current period (from March 1, 2014, to May 31, 2014)(1) Consolidated operating results (accumulated)
Notes:
1. Amounts below one million yen are truncated.
2. Percentages for total operating revenues, operating income, ordinary income and net income show increase(decrease) from previous year.
Gross operating revenue
Operating income
Ordinary income¥ Million%¥ Million%¥ Million%st
Current 1 Quarter
117,128(2.0)
16,82017.6
16,509
14.5
Previous 1st Quarter
119,498(1.6)
14,3022.5
14,4184.8Net income¥ Million
Current 1st Quarter
Previous 1st Quarter
Note: Comprehensive income:

9,099
7,194

%

Net income per share¥

Fully diluted profit per share
¥

26.5
14.8

91.10
72.02

90.91
71.89

Current 1st Quarter:
Previous 1st Quarter:

8,990 million yen
8,399 million yen(7.0%)(38.9%)(2) Consolidated financial position
Total assets

Net assets

Shareholders’ equity ratio¥ Million
659,405
620,992¥ Million
247,743
250,497

%
36.7
39.5

Current 1st Quarter
Previous fiscal year
Reference: Shareholders’ equity:

Current 1st Quarter:
Previous fiscal year:

242,302 million yen
245,289 million yen

2. Dividends status2013 fiscal year

1Q¥－

2014 fiscal year－

2014 fiscal year (forecast)1H¥
110.00

Annual dividends per share
3Q
Year-end dividend¥¥－
110.00120.00Note: Revision of forecast for dividends in the first quarter: None－

120.00Total¥
220.00240.003. Forecast Consolidated Performance for 2014 fiscal year （from March 1, 2014 to February 28, 2015）
Notes:
1. Amounts below one million yen are truncated.
2. Percentages for total operating revenues, operating income, ordinary income and net income show increase(decrease) from previous year.
Operating income
Ordinary income
Net income
Gross operating revenue¥ Million%¥ Million%¥ Million%¥ Million%
2014 1H
252,000
1.5
37,900
6.4
37,2004.7
19,4001.8(accumulated)
498,000
2.6
75,00010.1
73,9007.3
38,9002.5
2014 fiscal year
References: Forecast net profit per share for the 2014 first half:
194.26 yen
Forecast net profit per share for the 2014 fiscal year: 389.53 yen
Note: Revision of forecasts for consolidated performance during the first quarter: None
4. Notes(1) Change in important subsidiaries during this quarterly consolidated period (Changes in certain specified
subsidiaries resulting in revised scope of consolidation): None
Added: None
Excluded: None
(2) Adoptions of special accounting methods in presentation of quarterly financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, retrospective restatements
1. Changes of accounting policies associated with revision in accounting standards: None
2. Other changes: Yes
3. Changes in accounting estimates: Yes
4. Retrospective restatements: None
(4) Number of issued shares:i) The number of the stocks issued in the end of term
February, 2014:
May, 2014: 100,300,000ii) The number of treasury shares in the end of term
May, 2014:
436,215
February, 2014:iii) Average number of shares during the term
May, 2014:
99,876,949
May, 2013:

100,300,000
395,953
99,894,032

Note: Disclosure of progress of quarterly review procedures
At the time of disclosure of this quarterly flash report, review procedures for quarterly earnings reports based on the
Financial Instruments and Exchange Act were being performed.
Note: Terms of use for financial forecasts, and other special notes
Forward-looking statements presented in this material such as financial forecasts are based on currently available
information and certain presumptions deemed to be reasonable as of the date of announcement. They are not intended toguarantee the Company’s achievement. Actual results may differ significantly from these forecasts due to many factors. For
preconditions of these financial forecasts and notes concerning their use, please refer to “1. Qualitative Information

Regarding Quarterly Financial Results, (3) Explanation Regarding Forward-looking Information Such As Forecast
Consolidated Performance” on page 6.

1．
．Qualitative Information Regarding Quarterly Financial Results(1) Explanation Regarding Consolidated Operating Results
During the first quarter of fiscal 2014, the period from March 1 to May 31, 2014, the Lawson Group(hereinafter, the “Group”) implemented measures to reinforce its social infrastructure function thatprovides essential items and services at the local level with the aim of realizing the Group’s corporate
philosophy of “Creating Happiness and Harmony in our Communities.” Based on its analysis of purchasedata retrieved from the multi-partner loyalty program, Ponta, the Group focused on customer relationshipmanagement (CRM)*1 and supply chain management (SCM)*2 in order to offer a merchandise assortmentthat meets the specific needs of customers in each neighborhood.
*1

CRM: A marketing management method for providing merchandise and services that meet the specific needs ofcustomers.
*2

SCM: A business administration method for comprehensively managing all stages of business, from procurement tosales, to streamline and optimize the entire business process.

As a result, for the first quarter of fiscal 2014 on a consolidated basis, due to an increase in the number offranchised stores and a decrease in the number of company-operated stores, although operating revenue
increased by ¥3,608 million, net sales decreased by ¥5,979 million, and gross operating revenue
decreased to ¥117,128 million down 2.0% year on year from corresponding period of the previous fiscal
year. In accordance with this, cost of sales also decreased by ¥4,525 million. Selling, general, andadministrative expenses decreased by ¥363 million to ¥72,066 million down 0.5% year on year.
As a result, operating income increased by ¥2,518 million, up 17.6% year on year, to ¥16,820 million.
Ordinary income increased by ¥2,091 million up 14.5% year on year, to ¥16,509 million. Net income
increased by ¥1,904 million, up 26.5% year on year, to ¥9,099 million.

Operating results by business segment are as follows.

(Domestic Convenience Store Business)[Merchandising Strategies]
On the merchandise front, we strengthened our evening and nighttime merchandise assortment throughout
the year by expanding our lineup of ready-made meals, including carbohydrate-based foods such as lunchboxes, rice balls and sandwiches, and over-the-counter fast foods, in order to enhance satisfaction ofcustomers visiting our stores, especially in and after evening hours.
In our mainstay rice category, our Furusato-no-umai! line offering lunch boxes and rice balls wastremendously popular for its high-value-added products using ingredients specific to different regions
across Japan. We also strengthened our merchandise assortment of fresh foods centered on pre-cut
vegetables and processed foods that tend to be purchased in combination with fresh foods.
In the over-the-counter fast foods category, new products such as “Genkotsumenchi” (fried minced meatballs) and “Ohgon-Chicken” (tender and juicy fried chicken with a golden crispy crust) were highly-1-received, achieving robust sales. At our in-store kitchen facility Machikado Chubo, which has been
installed in as many as 2,371 stores as of the end of May 2014, “Thick Pork Loin Katsu Curry” and“Machikado Chubo Curry” were launched in addition to “Thick Pork Katsu Sandwiches,” all of whichwere well-received by customers. Furthermore, we further expanded the number of stores equipped with
MACHI café, an in-store café offering freshly ground and brewed coffee, to 8,760 stores as of the end of
May 2014, following a sharp increase last year.
In the dessert category, we launched Pure Series products, including “Pure Strawberry Shortcake” and“Pure Cheese Cake.” These products are made with a minimum number of carefully selected ingredients
to bring out their inherent flavors, and their simple taste is popular among customers.
We are also continuing to reinforce our lineup of health-oriented products that are safe, reliable, anddelicious, including bran*3 bread, a low-carbohydrate product, and pre-cut vegetables made withvegetables produced based on the Nakashima Farming Method*4, one of the most prominent mineralfarming methods in Japan. Moreover, the number of Lawson Farms, in which Lawson, Inc. (hereinafter,
the “Company”) invests with the aim of stably supplying high-quality fresh foods, has increased to 18
nationwide. Based on these initiatives, we will further boost Lawson’s corporate brand image as ahealth-promoting company.
Furthermore, we are increasing our lineup of gift cards*5 offered at our stores. Among them, Variable
Cards launched ahead of other convenience chains, whose value can be specified at purchase, is especially
popular.
*3

Bran: The external layer of wheat. Contains abundant nutrition including dietary fiber, iron, calcium, magnesium, zinc,and copper. The food is noted for its low level of carbohydrate.
*4

Nakashima Farming Method: A cultivation method that supplies appropriate nutrients in accordance with the growth

status of crops and the nutritional balance of the soil (mineral balance). Uses techniques for developing healthy soil basedon diagnosis of soil conditions in conjunction with techniques to control the growth process of crops to maintain healthy
growth.
*5Gift cards: Collective term for prepaid cards that can be used for online transactions.

-2-[Breakdown of Sales by Merchandise Category at Chain Stores in Domestic Convenience Store Business]
Fiscal period

Product group

Previous 1st Quarter

Current 1st Quarter

March 1, 2013

March 1, 2014

to May 31, 2013

to May 31, 2014

Sales

Percentage of

Sales

Percentage of(Millions of yen)

total (%)

(Millions of yen)

total (%)

Processed foods

267,85156.1

262,122

54.4

Fast foods

95,112

20.0

103,140

21.4

Daily delivered foods

67,08814.1

70,378

14.6

Nonfood products

46,5239.8

46,353

9.6

476,575

100.0

481,994

100.0

Total

As for sales promotions, we continued to strengthen the point-reward campaign targeting Ponta members
to encourage purchasing with the aim of increasing the rate of repeat visits. Specifically, a sales promotion
campaign rewarding double points for credit card transactions*6 was commenced in March 2014. Total
number of Ponta members reached 63 million as of the end of May 2014, including members that joined
through other participating companies. The sales ratio of Ponta members reached approximately 50%.
*6

Exclusively applicable in cases where a specific credit card has been registered and used for a transaction.

[Store Operations]
In store operations, we continued to reinforce adherence to the Three Essential Practices, whichemphasizes (1) serving customers courteously; (2) offering a merchandise assortment focused on basic
items with high demand; and (3) keeping our stores and communities clean, in addition to expanding ourlineup of health-conscious products. Notably, with the increasing number of stores equipped with MACHI
café, store employees are more capable of offering products and services in a caring manner throughbetter communication with customers. We strived to further improve the quality of stores by clarifying thecustomer service goals to be pursued by store employees and fostering leaders among them.
We will continue to promote merchandise assortments that best suit customers in each neighborhood byleveraging store-by-store analysis reports on Ponta members’ purchase data, shelf allocation tailored to
the locational characteristics of each store, and sharing of best practices presented at monthly area-based
meetings where we discuss area strategies with franchise store owners.

[Store Development and Store Format Strategy]
In opening new stores, the Group prioritized profitability based on its proprietary return on investment(ROI)-focused store development standard. With regard to store format strategy, we increased the numberof LAWSON MART stores, which were developed based on LAWSON STORE 100, to 15 as of the endof May 2014. As for LAWSON stores equipped with pharmacies, we strengthened our collaboration withpharmacies and drug store chains across the country, expanding the number of LAWSON stores equippedwith drug-dispensing pharmacies to 39 and the number of LAWSON stores offering over-the-counter-3-

pharmaceuticals to 89 as of the end of May 2014. Through these stores, we will strive to respond tochanges in our customer bases resulting from population aging and an increase in the number of working
women. In addition, in March 2014, the Company concluded a mega-franchise agreement with I&L for
the Osaka, Kyoto, and Nara regions, and began changing store names to LAWSON from April 2014.
Furthermore, Lawson Kumamoto, Inc. was merged into Lawson, Inc. effective March 1, 2014.
As a result, the total number of LAWSON, NATURAL LAWSON, and LAWSON MART (including
LAWSON STORE 100) stores opened and closed during the first quarter of the fiscal year under review
stood at 269 and 93 stores, respectively, with the total number of stores in Japan reaching 11,497 as of theend of May 2014.
[Change in the Total Number of Domestic Stores]
Total stores as of

Change during

Total stores as ofFebruary 28, 2014

fiscal year

May 31, 2014

LAWSON
NATURAL LAWSON

10,10885

10,193

107

－

107

1,202

(5)

1,197

11,41780

11,497LAWSON STORE100/
LAWSON MART
Total
Note: Small stores are included in this figure.

[Number of LAWSON stores by prefecture (As of May 31, 2014)]
NumberPrefecture

NumberPrefectureof stores

NumberPrefectureof stores

NumberPrefectureof storesof stores

Hokkaido

608

Ibaraki

140

Kyoto

323

Ehime

174

Aomori

201

Tokyo

1,571

Shiga

151

Tokushima

118

Akita

181

Kanagawa

836

Nara

130

Kochi

66

Iwate

159

Shizuoka214

Wakayama

116

Fukuoka420

Miyagi

221

Yamanashi

105

Osaka

1,011

Saga

63

Yamagata

72

Nagano

149

Hyogo

620

Nagasaki

102

Fukushima

99

Aichi

552

Okayama

137

Oita

162

Niigata

126

Gifu

145

Hiroshima

170

Kumamoto

137

Tochigi

132

Mie

106

Yamaguchi

119

Miyazaki

99

Gunma

90

Ishikawa

101

Tottori

106

Total(domestic)

Saitama492

Toyama184

Shimane

112

Chiba

456

Fukui

104

Kagawa117

11,497

Note: Small stores are included in this figure.

In addition to the above, Lawson Minamikyushu, Inc. operates 202 Lawson chain stores in Kagoshima
Prefecture and Lawson Okinawa, Inc. operates 168 Lawson chain stores in Okinawa Prefecture as of theend of May 2014.

-4-

(Other Businesses)
In addition to domestic convenience store business, the Group is involved in overseas business,
Entertainment & Home Convenience business, financial services-related business, and other businesses.
With regards to overseas business, the Group’s operating companies, shown in the following table,
opened stores in Shanghai, Chongqing, Dalian, and Beijing in the People’s Republic of China.
In the People’s Republic of China, the Group’s operating companies shown on the following table haveopened stores in Shanghai, Chongqing, Dalian, and Beijing. In Indonesia, PT MIDI UTAMAINDONESIA Tbk, in which Lawson Asia Pacific Holdings Ptd. Ltd. (hereinafter, “LAP”), our Asianumbrella subsidiary in Singapore, holds a 30% stake, operates Lawson stores.
In Thailand, Saha Lawson Co., Ltd., a joint venture between LAP and the SAHA Group, Thailand’s
leading distributor of consumer goods, operates stores under the store brand of LAWSON108 and
108SHOP. In addition, in Hawaii in the United States, Lawson USA Hawaii, Inc. operates LAWSON
stores. Furthermore, in an effort to advance into the Philippines, we concluded an agreement to invest in
PG Lawson Company, Inc. established by Puregold Price Club, Inc. (hereinafter, “PPCI”), a leading
retailer in the Philippines. In July 2014, PG Lawson Company, Inc. will become a joint venture between
LAP and PPCI. We will strive to operate LAWSON stores tailored to the regional characteristics of thePhilippines.
[Distribution of LAWSON Brand Stores Overseas by Region]

CompanyCountry/region

Total stores

ChangeTotal stores

As of February

during fiscal

As of May28, 2014

year

31, 2014

Shanghai Hualian Lawson, Inc.

Shanghai, China

289

7

296

Chongqing Lawson, Inc.

Chongqing, China

77

3

80

Dalian Lawson, Inc.

Dalian, China

18

1

19

Beijing Lawson, Inc.

Beijing, China

5

1

6

Saha Lawson Co., Ltd.

Bangkok, Thailand

29

2

31

PT MIDI UTAMA INDONESIA

Capital City of Jakarta

61

(2)

59

Tbk

and its suburbs, Indonesia

Lawson USA Hawaii, Inc.

Hawaii, U.S.A.

4

－

4

483

12

495

Total

Note: Saha Lawson Co., Ltd. operates 205 108SHOP brand stores as of the end of May 2014 in addition to the above
LAWSON108 stores. PT MIDI UTAMA INDONESIA Tbk operates 696 stores other than LAWSON brand stores.

With regards to Entertainment & Home Convenience business,

Lawson HMV Entertainment, whichforms the core of entertainment related business, posted a solid performance led by an increase in ticket
sales of leisure activities, etc and continued to secure top position in the ticketing industry. The numberof HMV stores that sell music CDs and DVDs totaled 51 as of the end of May 2014.

-5-

Furthermore, it was resolved on April 10, 2014 that the food delivery service operated by Smart Kitchen,Inc., the Company’s consolidated subsidiary, will be succeeded by the Company subsequent to acompany split. Through this move, we will aim to strengthen collaboration between our food delivery
service and Lawson’s Convenience Store business and further enhance our business efficiency.
Lawson ATM Networks, Inc., which operates a financial services-related business, posted a solid
performance owing to an increase in the number of ATMs installed, along with a rise in the number oftransactions. In May, we started providing financial services for Tomato Bank, and Kansai Urban Bank,
bringing the total number of our financial institution partners to 67 nationwide, including online banks,
and the number of ATMs installed nationwide to 10,313 (up 195 year on year) as of the end of May
2014.

(2) Explanation Regarding Consolidated Financial Position
Current assets increased by ¥28,302 million from the end of previous fiscal year to ¥224,086 million This
reflected an increase of ¥24,879 million in cash and deposits due mainly to a growth in total transaction
value of bill settlement services. Non-current assets grew ¥10,110 million from the end of the previous
fiscal year to ¥435,318 million, mainly owing to an increase of ¥6,632 million in property and store
equipment resulting from opening of new stores. Consequently, total assets climbed ¥38,412 million fromthe end of the previous fiscal year to ¥659,405 million
Current liabilities increased by ¥37,406 million from the end of previous fiscal year to ¥284,113 million.
This reflected an increase of ¥23,651 million in deposits received due mainly to a growth in totaltransaction value of bill settlement services. Non-current liabilities grew ¥3,760 million from the end of
previous fiscal year to ¥127,549 million, mainly owing to an increase of ¥4,300 million in leaseobligations from opening of new stores. Consequently, total liabilities climbed ¥41,167 million from theend of previous fiscal year to ¥411,662 million.
Total net assets decreased by ¥2,754 million from the end of previous fiscal year to ¥247,743 million.
This was primarily due to a decrease by ¥2,498 million of retained earning resulting from payment of¥10,989 million despite a increase resulting from a quarterly net income of ¥9,099 million. Consequently,
shareholders’ equity ration amounted to 36.7%, down from 39.5% as of the end of the previous fiscal
year.

(3) Explanation Regarding Forward-looking Information Such As Forecast Consolidated
Performance
Regarding to forecasts for the first half and full year of the current fiscal year ended February 28, 2015,
the financial forecasts remains unchanged from those announced on April 10, 2014.

-6-

2．
．Matters Related To Summary Information (Notes)(1) Change in important subsidiaries during the period (Changes in certain specified subsidiaries resulting
in revised scope of consolidation): None
(2) Adoptions of accounting methods particular to presentation of quarterly financial statements: None
(3) Changes in accounting policies, changes in accounting estimation, retrospective restatement: Yes(Changes in accounting policies that are difficult to differentiate from changes in accounting estimation)
Lawson, Inc. and its domestic consolidated subsidiaries had previously adopted the declining-balancemethod as the depreciation method for property, store and equipment (excluding lease assets). Startingfrom the first quarter of the consolidated fiscal year under review, however, the depreciation method waschanged to the straight-line method.
Under the Lawson Group’s policy of placing emphasis on existing stores, the Group adopted astrategy of enhancing their competitiveness through such initiatives as capitalizing on membership card
data, and started restructuring of group businesses. Accordingly with this opportunity, the depreciation
method for property, store and equipment was reviewed. As a result, it was considered appropriate toallocate equal amounts of depreciation (straight-line method) because the number of customers is
expected to remain at the current level even if store assets age with the passage of time, and the degree offacility usage, a major factor that reduces economic value, is proportionate to the number of customers.
Based on this change, operating income, ordinary income, and income before income taxes andminority interests for the first quarter of the consolidated fiscal year under review have increased
respectively by ¥2,046 million compared with the figures based on the conventional declining-balancemethod.

-7-

3. Consolidated Financial Statements(1) Consolidated Balance Sheet
As of February 28, 2014 and May 31, 2014
(Millions of yen)

AssetsCurrent assets:
Cash and deposits
Accounts receivable－due from franchised stores
Merchandise
Accounts receivable－other
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Non-current assets:
Property and store equipment:
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Vehicles, tools, furniture and fixtures
Accumulated depreciation
Vehicles, tools, furniture and fixtures, net
Lease assets
Accumulated depreciation
Lease assets, net
OthersTotal property and store equipment
Intangible assets:
Software
Goodwill
Other
Total intangible assets
Investments and other assets:Long-term loans receivable
Guarantee deposits
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

-8-

As of
February 28, 2014

As of
May 31, 2014

76,76332,186
9,596
54,193
4,481
20,956(2,393)
195,784

101,643
34,6549,680
57,0492,708
20,641(2,292)224,086

265,952(137,117)
128,835
65,944(53,861)
12,083126,056(45,289)
80,767
11,751
233,436

272,064(138,314)
133,750
65,738(53,733)
12,005130,940(48,673)
82,266
12,046240,068

18,2629,719
497
28,48017,2789,584
497
27,36133,727
86,15021,62722,751(965)

34,06985,89522,213
26,664(953)

163,291425,208
620,992

167,888435,318
659,405

(Millions of yen)

Liabilities
Current liabilities:
Accounts payable－trade
Accounts payable－due to franchised stores
Short-term loans payable
Lease obligations
Accounts payable－other
Income taxes payable
Deposits received
Provision for bonuses
Other
Total current liabilities
Non-current liabilities:
Lease obligations
Provision for retirement benefits
Provision for retirement benefits to executive officers and audits& supervisory board members
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity:
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income:
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustment
Total accumulated other comprehensive income
Subscription rights to shares
Minority interests
Total net assets
Total liabilities and net assets

-9-

As of
February 28, 2014

As of
May 31, 2014

89,171
1,405
680
16,58529,344
14,33087,585
2,372
5,232
246,706

104,871
1,470
990
17,03736,493
4,345
111,2361,453
6,215
284,11361,666
11,082408

65,967
11,323373

17,87432,755
123,788
370,494

17,94931,935
127,549
411,662

58,50647,741138,141(1,556)
242,832

58,50647,741
135,642(1,840)240,049

(93)
(567)
3,118
2,456
557
4,650
250,497
620,992

(136)
(567)
2,957
2,252
687
4,752
247,743
659,405

(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income
For the First Quarter of the fiscal year (From March 1, 2013 to May 31, 2013) (From March 1, 2014 to May 31, 2014)(Millions of yen)

Gross operating revenue
Net sales
Cost of sales
Gross profit
Operating revenue:
Income from franchised stores
Other
Total operating revenue
Operating gross profit
Selling, general and administrative expenses
Operating income
Non-operating income:Interest income
Penalty income
Other
Total non-operating income
Non-operating expenses:
Interest expense
Loss on cancel of lease contracts
Other
Total non-operating expenses
Ordinary income
Extraordinary income:Gain on change in equity
Total extraordinary income
Extraordinary losses:
Loss on retirement of non-current assets
Impairment loss
Other
Total extraordinary losses
Income before income taxes and minority interests
Income taxes - current
Income taxes - deferred
Income taxes
Income before minority interests
Minority interests in income
Net income- 10 -

From March 1,2013
to May 31, 2013
119,498
43,43632,765
10,670From March 1,2014
to May 31, 2014
117,128
37,45728,2409,216

58,52017,54076,06186,732
72,42914,302

61,724
17,94579,67088,88772,066
16,820

199
28
512
740

180
113
242
537

327
188
108
624
14,418

332
307
209
848
16,509

－
－

756
756

619
1,545
1
2,166
12,251
4,417
628
5,046
7,205
10
7,194

485
1,897
16
2,399
14,866
4,314
1,359
5,673
9,193
94
9,099

Consolidated Statements of Comprehensive Income
For the First Quarter of the fiscal year (From March 1, 2013 to May 31, 2013) (From March 1, 2014 to May 31, 2014)(Millions of yen)

Income before minority interests

From March 1,2013 to

From March 1,2014

May 31, 2013

to May 31, 2014

7,205

9,193

Valuation difference on available-for-sale securities

(73)

(43)

Foreign currency translation adjustment

1,252

(420)

15

260

1,194

(203)

8,399

8,990

Owners of the parent

8,408

8,894

Minority interests

(9)

95

Other comprehensive income

Share of other comprehensive income of associates accounted
for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to- 11 -

(3) Notes to consolidated financial statements( Notes Concerning Going Concern Assumption)
Not Applicable.

(Notes to Significant Changes in the amount of Shareholders’ Equity)
Not Applicable.

- 12 -