Financial results briefing for the Q1 of FY2019
Strong Q1 results raises visibility to achieve full year guidance;
OP up over 30% YoY

February 14, 2019
GMO Payment Gateway, Inc.
(3769: Tokyo Stock Exchange Section-1)

The 56 th IR Meetinghttps://corp.gmo-pg.com/en/

A cautionary note about the contents of the document

The contents of this document are based on generally
recognized economic and social conditions, as well asassumptions judged to be reasonable by GMO Payment
Gateway as of February 14, 2019.
However, please note that they are subject to change
without prior notice in the event of changes in thebusiness environment or other unforeseen occurrences.

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

2

Agenda1. Summary of financial results for Q1 FY2019
2. Future initiatives and growth strategy
3. Financial highlights
4. Reference materials

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

3

1. Summary of financial results for Q1 of FY2019

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

4

1.1

Financial Results Summary

OP up 30.2％ YoY, Q1 TRX value also up 31.4% to exceed JPY
1 trillion（mil. JPY）

Q1 FY18
ActualQ1 FY19
Actual% YoY

FY19 Full Yr
Guidance% Progress vs
FY19 Guidance（H1 Guidance）（vs H1 Guidance）

Revenue

6,098

8,246

＋35.2％

31,85025.9%

Operating
Profit

1,594

2,076

＋30.2％

8,300

25.0%

Profit attributableto owners of Parent

860

1,079

＋25.4％

5,106

21.1%

*1

1,805

2,319

＋28.5％--EBITDA

KPI*2（15,202）（4,150）（2,424）（54.2％）（50.0％）（44.5％）

Operating Merchants(end-Q1）

TRX Volume（Q1）

TRX Value（Q1）112,341

Approx. 400 mil.

Approx. JPY 1 tr.

（＋30.4％）（＋29.7％）（＋31.4％）*1 EBITDA＝OP＋ Depreciation*2 Physical payments excluded, () indicates YoY changes.

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

5

1.2.1

Factors affecting earnings

Adj. OP increased 37.3% YoY（mil. JPY）

+35.2％

8,000

Revenue（＋）Continued strong growth of online payment（＋）Expansion of Ginko Pay and other services to financial institutions（＋）Increased GMO Payment after delivery (PaD) transactions（＋）Growth of card-present payment (GMO-FG)OP（+）Continued strong growth of high-margin online payment*1（+）Margin improvement of GMO PaD and Remittance service（－）Absence of insurance payment related to information leakage
booked in previous 1Q（－）Higher Cost of Sales ratio from changes in sales mix (PS, FG, MK）*2

6,000

4,000

+30.2％(Adj.OP+37.7% excl. *1)
2,000

Profit attributable to owners ofparent+25.4％ （ー）Decreased financial income
and increased financial expenses

0

Revenue

Profit Attributable to
Owners of Parent

Operating Profit
Q1 FY18Q1 FY19*1 PaD：Payment after delivery*2 PS ：GMO Payment Service
FG ：GMO Financial Gate
MK ：Macro Kiosk Berhad

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

6

1.2.2 Factors behind to 37.7% adj. OP growth
Growth driven by strong online payment and lending service■OP image by segment (1Q standalone)＋30.2％
Insurance income
booked in theprevious term

Insurance
PEB

MSB
Adj. OP＋37.7％Breakdown by
Service line(% YoY)
PaD≒ up 35％■Overseas & Domestic Lending service
Japan

Overseas

Lending(≒ up 1,000%)
Other MSBMSB
1Q FY18 2Q FY18 3Q FY18 4Q FY18 1Q FY19

PPB
PPB

■Online payment revenue
Online Payment≒ up 30％
Ginko Pay
≒ up 120％PEB
1Q FY18

1Q FY19
16/12 17/3 17/6 17/9 17/12 18/3 18/6 18/9 18/12

PPB: Payment Processing Business, MSB: Money Service Business, PEB: Payment Enhancement Business
PaD: Payment after delivery
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

7

1.2.3What we said back in Nov. 2012…

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

8

1.3

Segment Revenue and OP

Payment Processing & MSB grew strongly; strategic losses at Payment
Enhancement from upfront investments■Segment Revenue■ Segment OP before adjustments & eliminations（mil. JPY）
8,000

（mil. JPY）

Adj. Revenue: +35.2％

1,494 （+18.5％）

Consoli. OP +30.2％ YoY
OP before adj./elimi. +41.8％ YoY645（＋66.7％）
・Margin improvement in GMO
PaD & Remittance service
・Changes in reserve ratio
・Expansion of Lending service

2,900

・Brisk SMS service growth at
MACROKIOSK・Revenue growth ofmarketing support service 2,400

7,000

6,000

1,261

2,014 （+32.0％）

5,000・Growth of GMO PaD・Expansion of Lending
service・Strong growth of
Remittance service
・Growth of Early Payment
Service

4,000

1,525
3,000

2,000

3,311
1,000

0

Q1 FY18

Payment processing

387
1,400

1,677
900

・Secular growth of online
payment
・Expanded adoption of
Ginko Pay
・Bulk sale contribution ofcard-present payment
terminals

400

Payment enhancement

2,428 （+44.8％）
・Secular growth of online
payment
・Profit expansion of Ginko
Pay・Contribution of bulk salesof terminals

1,900

4,737 （+43.1％）

Q1 FY19MSB

47－77（－）
・Upfront investments at
MACROKIOSK(100)

Q1 FY18

Payment processing

Q1 FY19

MSB*PaD: Payment after Delivery（）: % YoY

Payment enhancement

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

91.4.1

Revenue breakdown by business modelOver-25% YoY growth across all business models
FY2018 Full Yr.
% YoY

（mil.

+33.6％ YoY

JPY）
8,000

Spread

7,000

3,595

・Strong online payment
・Launch of global lending
・Increased GMO PaD transactions

3,072（＋37.7％）Fee+30.2％ YoY
・Favorable online and physical payment
・Increase in GMO PaD transactions
・Busines expansion at MacroKiosk

6,000

5,000

2,691

4,000

Stock

2,360
3,000

1,184
2,000

795

（＋19.8％）+48.9％, adj.* +26.1% YoY （＋19.4％）

・Expanding adoption of Ginko Pay etc.
* Includes ¥180mil. from impact of prorated
software development cost under IFRS 15,
reclassified from lump sum method in Initial

1,000

251

*

393

0
Q1 FY2019

InitialStock+56.8％ YoY（＋9.7％）

・Growth of card present payment (GMO-FG)

Q1 FY2019

Fee

InitialSpread*PaD: Payment after Delivery

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

10

1.4.2

Revenue breakdown by business model

Quarterly Revenue trend by business modelIFRS*

J-GAAP（mil. JPY）

3,595

3,500
3,072
2,946

3,000
2,653
2,471

2,500

2,360
2,101

2,000
1,809

1,500

1,000
733

713
680
584 496
512
532
501
468
516
501
499
483
464
127

0

182

108

147

105

667

804
601
528

612
565

630

127

663

724
728

749
748

794
786

1,026
875

594

150

2,705
2,666

2,436

2,004

1,184
906

929

980
795

142

161

151

185

832

893

923

563

457
343

142

2,861

1,259

959

931

1,895

2,801

1,527

1,441

1,383
1,227

500

2,773 2,691

237

327

251

388

393
298

14/1Q 14/2Q 14/3Q 14/4Q 15/1Q 15/2Q 15/3Q 15/4Q 16/1Q 16/2Q 16/3Q 16/4Q 17/1Q 17/2Q 17/3Q 17/4Q 18/1Q 18/2Q 18/3Q 18/4Q 19/1Q

Initial

Stock

Fee

Spread* Revenue recognition has been changed from gross to net method for online advertising service (Stock) and finance lease (Spread) due to IFRS adoption.

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

111.4.3

Spread business model

Growth acceleration from expanding online payment andlending service
Spread revenue trend■MSB（Lending)：+242.3％ QoQ；+1,088.8％ YoY
Japan: contribution from B2B-type MSB(Receivables guarantee, factoring, etc)
Overseas: contribution of lending service■MSB（Payment after Delivery)：+21.9％ QoQ；+9.2％ YoY■Online Payment：+22.1％ QoQ；+45.7％ YoY
Growth at existing merchants- Revenue enhancing measures for merchant bearing fruit
New merchant acquisitions- Tailwind of Installment Sales Act amendment helpedin acquiring large-scale merchants- Expanding into non-EC online payment*PaD: Payment after Delivery

18/1Q 18/2Q 18/3Q 18/4Q 19/1Q

Online payment

Card present payment

MSB（etc.）

MSB（PaD）

MSB（Lending）

MK

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

12

2.

Future Initiatives and Growth Strategy

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

13

2.1

Focused product portfolio to drive growthPursue growth in the 5 focus areas to achieve FY2025 OP ¥25bn
Breakdown of 25% CAGR growth by theme:

Contribution of5

IoT

・Expanded functionality of
2.5
online payment center・Cultivate the unattended market
・Leverage comprehensive
scheme with SMFG (SMCC)
2.6

Global・Establish foothold in growth markets
・Diversified portfolio strategy% ptCashless

2.4
・Expand adoption by FIs
・Positive spillover to payment processing

Fintech・Expansion of GMO PaD・Margin improvement
・Broaden business lineup

Contiribution of>・Acquisition (Large and highgrowth merchants）
・ARPU uplift from cross selling

Broadlydefined EC■Overlap of the 5 focus areas
Figures in bracket show 2025 OP image of each focus area
（unit: ¥ billion）

Areas that contributed
to the strong 1Q growth

FinTechGlobal（3～4）（5）

Cashless
2.3

（1）

2.2

・Conversion schemes for large
scale non-goods commerce

IoT

（2）

Broadly
EC EC
defined
（180）
（18）

20

%

*FI :Financial Institution
PaD: Payment after Delivery*SMFG：Mitsui Sumitomo Financial Group
SMCC：Sumitomo Mitsui Card Co. Ltd.

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

14

2.2.1

EC: Initiatives to expand footprint

New wins thanks to Installment Sales Act amendment and accelerated
growth of TRX value from capturing non-merchandise EC market
1Q TRX value■Quarterly trend of TRX value（％ YoY)¥1.03trillion

Growth factors
Acquired large-scale merchant on backof Installment Sales Act amendment¥54.2billion(＋31.4％)（mil. JPY）

TRX value

1,000,000

TRX value excl.

＜Examples of recent new merchants＞
・Major cosmetic brand Company S・Major Business Hotel operator Co. A
・Major Apparel Retailer Co. U
・Major Foreign-capital Insurance Co. A
・Major Talent Management Co. A

amendment impact

950,000

900,000

850,000

New merchants acquired in the EC
service domain

・Fixed charge car rental
・SNS-based tip service
・Membership fee collection for fitness gym

800,000

750,000

700,000

650,000

17/6

17/9

17/12

18/3

18/6

18/9

18/12

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

15

2.2.2

EC： Next Gen Payment Platform

Basic agreement with SMCC, Visa’s participation will jointly
leverage our collective strengths
Negotiations start
8 th May 2018

Basic Agreement
Feb. 12 th 2019

Development & rollout of
One Stop Payment service*SMFG：Sumitomo Mitsui Financial Group Inc.

Establish cashless payment
environment with worldclass safety and security

SMCC：Sumitomo Mitsui Card Co. Ltd.

VISA：Visa Worldwide Japan Co. Ltd.

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

16

2.3

FinTech: Assets and profit growth

Margin improvement of GMO PaD; rapid growth of global lending
Growthstrategy① GMO PaD

+33.9％ YoY- Accumulate and Analyze payment data
- Deploy AI■ Segment Revenue■MSB-related assets③ Expand service line-up② Margin Improvement- Expand merchantfootprint and TRX value－32.1％+32.0％ YoY- B2B type MSB services, etc■Segment OP－27.4％+67.6％

645（mil. JPY)

＋66.7％ YoY
Impactfromchange inProvisions
for doubtful
accounts+35.9％
387+19.0％+38.4％＋57.6％+1088.8％+276.1％
End-1Q FY2018
End-1Q FY20192018年9月期第1四半期末
2019年9月期第1四半期末
Transaction Lending

2018年9月期第1四半期
1Q FY2018

Early Payment

2019年9月期第1四半期
1Q FY2019

GMO Payment AfterDelivery

2018年9月期第1四半期
2019年9月期第1四半期
1Q FY2018
1Q FY2019

Remittance

Finance Lease*PaD: Payment after Delivery

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

17

2.4

Cashless: Growth of stock business model

Ginko Pay adopted by 11 Banks;
Expand revenue source through linkups with existing services
GrowthStrategy② Create feedback loop to payment- Build Fee model by linking with existing merchants① Expand Bank adoption■Banks adopting Ginko Pay(includes pre-rollout Banks too)
NEW The Hokkaido Bank

■Stock Revenue from FI-related businesses
Japan Post Bank

Total: ＋119.8％ YoY＋616.7％ YoY

NEW The Hokuriku Bank

Bank of Yokohama

The Bank of Fukuoka

Ginko Pay

＋70.4％ YoYResona GroupThe Kumamoto BankThe Shinwa BankNEWBank of Okinawa
16/6 16/9 16/12 17/3 17/6 17/9 17/12 18/3 18/6 18/9 18/12（As of February 14th 2019）

Ginko Pay

Processing

Etc.
*FI

:Financial Institution

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

18

2.5

IoT/Card Present Payment: Growth acceleration

Expand Center functionality for Stock/Fee/Initial revenue capture
Growth Strategy①Expand Settlement Processing Center
functionality to enable large merchantacquisitions■GMO-FG: Revenue breakdown by business model- Targeting major electronics retailer, department store- Accelerate fee & spread revenue growth② Unattended payment market*

1Q F19 % YoY
Initial＋291.4％Stock＋ 36.1％Fee＋ 34.3％

Spread＋Accelerate growth

6.6％

Target: vending machines, ticket machines, fareadjustment machines, etc.
Nos. of cumulative terminals installed
End-Sep 2018

End-Dec 2018

YoY

3,675 units

8,534 units

2.3 x③ Comprehensive partnership with SMFG
（SMCC）- To create the next-gen payment platform withparticipation of VISA

*GMO-FG：GMO Financial Gateway

18/9

19/9

1Q

1Q

SpreadFee

Stock

InitialCopyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

19

2.6 Global: 1Q performance and growth strategy
Further diversify overseas portfolio;
establish foothold for payment business■Global Business quarterly revenue by business line
（unit: ‘000 JPY)
1,200,000

1Q Topics（unit: ‘000 JPY)

US: Lending turned a profit

Bank/LargeCorp business(SMS）

LHS

100,000

Payment processing business（Mobile payment）
1,000,000

Payment processing business（Z.com）

RHS
80,000

FinTech business（Lending）
800,000

Vietnam: Focus to expand Bank/LargeCorp
businesses (OTP*by SMS, etc)

Medium Term Growth Strategy
60,000600,000① Increase Loan Book
- Target ￥10bn by End of FY2020

400,000② Portfolio diversification- Hedge against country risk, company exposure

200,000③ Create foothold for Payment businesslaunch- Timely investments in promising fintech ventures in

40,00020,000order to realize our double-pronged strategy ofinvestments and synergy with the payment business

0

0

16/12

17/3

17/6

17/9

17/12

18/3

18/6

18/9

18/12

*OTP: One Time Password; mainly used in Bank apps and mobile payment.

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

20

3.

Financial Highlights

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

21

3.1

Balance Sheet changes

Increase in deposits received and MSB-related assets; capitalraised through Euro-Yen CB Issue（unit: mil. JPY)

Current assets
Other

71,079*1
MSB-related
39,130Liability

Fixed assets
Investments
Other

End-Sep 2017

Deposits（under Representative Merchant Service)
MSB-related
Other
*2

allowance for
doubtful accounts-2,393102,232

Capital12,55820,769Interest Bearing Debt

End-Sep 2018
46,34837,40663,56913,259Net Asset

14,626

Bonds

90,838

allowance for
doubtful accounts-2,113

41,22815,62526,02021,93723,226

June 19th 2018
Euro-Yen CB ¥17bn Issued（Raised ¥17.5bn）

End-1Q FY19
118,371

57,156

14,015

109,161

Bonds

53,329allowance for
doubtful accounts -2,096*1 MSB-related assets: Lease receivables, ST loans, advance payments, trade and accounts payable, other.
*2 MSB-related liabilities: accounts payables, expenses accrued*3 Some amounts are recognized as the net amount of financial assets and financial liabilities.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

22

3.2

Major Quarterly KPIs

Group-wide annual TRX value reaches ¥3.8 trillion
Operating merchants: 112,341, TRX volume approx. 400 mil., TRX value approx. 1 trillion.
（¥100 mil.)
10,000（Reference）Cumulative 12-mnth TRX Value approx. ¥3.63 trillion（10,000 TRX)

～ Including GMO FG, the TRX value reaches ¥3.89 trillion ～9,000

40,0008,000（stores)
100,000 7,000

35,0006,000
5,000
80,00030,0004,000

TRX value as a share ofmerchant’s aggregate sales:≒50%※Annual average basis(revised in 5% increments)

60,00025,00020,00015,00040,00010,00020,0005,000

0012/12 13/3

13/6

13/9 13/12 14/3

Recurring billing

14/6

14/9 14/12 15/3

15/6

Online Payment volume

15/9 15/12 16/3

16/6

16/9 16/12 17/3

Operating Store

17/6

17/9 17/12 18/3

18/6

18/9 18/12

Transaction value* The number of merchants dropped QoQ in end-Sep, due to a service termination by a partner, causing the suspension of services to merchants* Number of operating merchants are measured at end-of-quarter, while TRX value and volume are the total for the respective quarter.

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

23

4.

Reference materials

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

24

4.1

Revenue trend by business modelPursue balanced growth of each business model（mil. JPY）

IFRS

J-GAAP

32,00030,00028,00026,000SPREAD

24,00022,00020,00018,00016,00014,00012,000FEE

10,000
8,000
6,000

STOCK

4,000
2,000

INITIAL0
2004/92005/92006/92007/92008/92009/92010/92011/92012/92013/92014/92015/92016/92017/92018/9 2019/9E

TSE
Listing

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

25

4.2.1

Quarterly trend of CoS and SGA ratio

CoS ratio fluctuates with changes in sales mix*Figures with asterisk exclude outsourcing expense related to MSB.
These outsourcing expenses are not booked in SG&A from Q1 FY2018 due to IFRS adoption.

IFRS

J-GAAP（mil. JPY）

*50.2％
52.7%

8,000

*41.7％
46.8%*42.6％
7,000

45.6% *39.8％

43.8%

6,000

42.6%
*37.4％*40.3％
44.2%

5,645

43.6%
*39.9％
6,086

6,459
6,098
40.9%

5,716

41.1%

40.2%

21.5%

22.4%

21.3%

22.5%

22.8%

2,603

3,090

2,497
2,036

2,000

1,813

1,655

966
476

1,247

1,307

1,316

615

683

700

944
508

554

31.9%

33.2%

30.0%

3,067

3,294

2,733

1,372

31.9%

35.4%

22.6% 23.4%

2,265

2,204

33.4%

25.5%

2,998
3,000

32.1%

40.0%

36.3%

35.3%
4,347

1,000

6,563

37.6%
36.4%

5,000

4,000

50.0%

7,295

43.6%
41.7%
*41.5％

8,246*47.2％
50.4%*44.5％
50.3%

2,494

2,491
1,823

2,997

1,940

2,035

2,595

2,382

2,143

2,320

3,098
3,004

2,581

20.0%

10.0%

1,109
772

0

0.0%
15/3(2Q) 15/6(3Q) 15/9(4Q) 15/12(1Q) 16/3(2Q) 16/6(3Q) 16/9(4Q) 16/12(1Q) 17/3(2Q) 17/6(3Q) 17/9(4Q) 17/12(1Q) 18/3(2Q) 18/6(3Q) 18/9(4Q) 19/9(1Q)

Revenue

Cost of revenue

SG&A

Cost of revenue ratio

SGA ratio

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

26

4.2.2

Quarterly trend of PG and EP’s CoS and SGA ratio

CoS ratio fluctuates with changes in sales mix*Figures with asterisk exclude outsourcing expense related to MSB.
These outsourcing expenses are not booked in SG&A from Q1 F2017 due to IFRS adoption.

（mil. JPY）
*47.2％
50.9%*50.2％
51.8%

8,000

*44.5％
48.8%*42.6％
44.8%

7,000
42.4%

*39.8％
42.5%

40.4%

6,000

*41.5％*41.7％
44.9%

20.1%

20.9%

3,000

19.8%

2,478

2,570

2,827

44.8%
40.0%

33.5%
*40.3％

21.1%

2,899

36.7%

34.0%
*39.9％

36.7%

4,297

4,384

24.2%

24.3%

896
424

1,509
1,151

1,203

543

599

451

490

611

1,225
677

1,785

1,525

1,197

869

23.0%
20.7%
20.0%

1,890

2,000
1,283

30.0%

3,092

2,154

2,110

5,032

4,663

3,937
3,712
3,653
22.6%
23.6%
3,469
21.9% 3,397
22.1%
22.2%
21.3%

4,000

1,000

45.3%

41.3%
*37.4％

5,000

21.1% 21.2%

50.0%

47.4%

767

778

1,180
770

822

928

1,577

1,611

1,039

1,067

2,212

2,253

1,071

1,043

0

10.0%

0.0%
15/3(2Q) 15/6(3Q) 15/9(4Q) 15/12(1Q) 16/3(2Q) 16/6(3Q) 16/9(4Q) 16/12(1Q) 17/3(2Q) 17/6(3Q) 17/9(4Q) 17/12(1Q) 18/3(2Q) 18/6(3Q) 18/9(4Q) 19/9(1Q)

Revenue

Cost of revenue

SG&A

Cost of revenue ratio

SGA ratio*J-GAAP
EP: GMO Epsilon

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

27

4.3

Consolidated CF Statement

Positive Free Cashflow from earnings and deposit growth
J-GAAP

20,000IFRS■Changes in Q1 FY19 (mil. JPY)
OCF：＋¥9,997
Pretax profit+¥1,934
Chgs in receivables－¥56
Advances paid－¥2,009
Accrued revenue－¥6,847
Chgs in payables＋¥524
Accrued expenses＋¥6,255
Deposits＋¥11,948

18,00016,00014,00012,00010,000
8,000
6,000
4,000

ICF:
Term Deposit
Acq. of intangibles

2,000

0
-2,000

+¥316
＋¥689
－¥330

FCF：
－¥2,733
Chgs in ST borrowings +¥299
LT debt repayments+¥200
Dividend payment－¥2,118-4,000-6,000-8,000-10,000

FY13

FY14

FY15

FY16

FY17

OCF

ICF

FCF

Free CFFY18

Q1/FY19

Free CF:+ ¥10,313
Cash& Cash Equivalent:¥49,556

Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

28

T h a n k Yo u Ve r y M u c h

GMO Payment Gateway, Inc.
(3769; Tokyo Stock Exchange section-1)

URL： https://corp.gmo-pg.com /en /ir/
For inquiries please contact our IR team at the telephone number below:

Corporate Value Creation Strategy Division (IR Department)

TEL:+81-3-3464-0182