Financial results briefing for the Q3 of FY2019
Return to high growth despite macro headwinds, steady progress insecuring post-FY2020 growthAugust 7 th, 2019
GMO Payment Gateway, Inc.
(Code: 3769; TSE-1st section)

The 58 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 August 7, 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 Q3 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 Q3 of FY2019

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

4

1.1

Financial Results Summary

Revenues up 25.3% YoY, OP up 30.2% YoY, brisk progress towards achieving
full year guidance
FY2019Full Yr.
guidance% Progress
vs. guidance＋25.3％

31,850

75.2%

6,760

＋30.2％

8,300

81.4%

3,016

4,252

＋41.0％

5,106

83.3%

5,858

7,543

＋28.7％--（mil. JPY）

Q3 FY2019
ActualQ3 FY2019
ActualRevenue

19,122

23,961

Operating
Profit5,190

Profit attributableto owners of Parent*1

EBITDA

KPI

*2

% YoY

Operating Stores(end-Q3）

TRX Volume（Q3 only）

TRX Value（Q3 only）

105,891 stores*3≒ 430 mil.

≒ ¥1.09 trillion（＋16.0％）（＋26.1％）（＋24.0％）*1 EBITDA＝OP＋ Depreciation *2 Excludes offline figures, () indicates YoY changes. *3 Figure excludes a significant increase in operating storesfrom a specific merchant. If included, the total number of operating stores is 184,480 outlets by end-June 2019 (up 97.4% YoY)
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

5

1.2

Sequential revenue growth from Q2 to Q3

Q3-only revenue excl. MACROKIOSK is up 23.8%, a return to highrevenue growth trajectory■ Factors for Q3-only revenue growth■YoY comps of Q3-only and Q2-only
Q2-only YoY

Q3-only YoY

Consol. ＋20.3％

Consol. ＋21.0％【1】Broader EC growth offsetsmerchandise EC decline
Trend of TRX Value

Excl. MACROKIOSK

Excl. MACROKIOSK

Non-Online＋22.8％

Non-online＋26.5％

Online payment＋19.2％

Online payment＋22.2％

o.w., spread＋27.4％

o.w., spread＋29.0％＋20.6％

18/9
18/9 Q2
2Q 19/9
19/9 Q2
2Q＋23.8％

Merchandise EC【2】Online payment revenue +22.2％
High growth of spread revenue +29.0％【3】Non-online payment revenue
Normalized comps from Q3 as
impact of change in revenue froma merchant ended in Q2

18/93QQ3 19/9
19/9
18/9
3QQ3

■MACROKIOSK ■Revenue excl. MACROKIOSKBroader EC

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

6

1.3

Revenue breakdown by business model

Revenue grew 25.3%, with particularly strong growth of core
online payment (spread model)
Spread +25.3％ YoYMil. JPY
20,000

10,225

9,041

2,521

Strong trend from new businesses to banks

Initial*

1,042

0Cumulative Q3

Cumulative Q3FY2018FY2019Stock

Q2 contract termination of a large merchantRemittance service affected by client’s service
change
EMS business slowdown at MACROKIOSKStock +44.8％, adj. +23.9% YoY*₊

938

Initial+20.5％ YoY(Adj. Fee grew 23.8% excluding all 3 above factors)
3,651

5,000

₋
₋
₋

7,502

10,000Strong online payment (+32.2%)
Growth of GMO Payment after Delivery
Expansion of global lending

Fee

8,159

15,000₊₊₊Fee

Spread₊+11.1％ YoY, adj. +59.5%*

Growth of offline payment (GMO-FG)** With the adoption of IFRS 15, software development revenue isrecognized as prorated over the service period. The adjusted growthrate shows the growth rate excluding the impact of IFRS 15.
Adjustment amount to Initial revenue: ¥454 mil. (cumulative Q3)
Adjustment amount to Stock revenue: ¥527 mil. (cumulative Q3)
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

7

1.4

Cumulative Q3 Segment Revenue and OP

Strength of the Payment Processing & MSB segments offset the strategic upfront
investments in the Payment Enhancement Business■Segment Revenue■ Segment OP before adjustments & eliminations
Mil. JPY
25,000Mil. JPY

Revenue: +25.3％

4,349（+12.3%）
₋ Impact of SMS service at
MACROKIOSK₋ Impact of Online
advertising, Delivery and
SSL service

20,0003,873

5,744 （+25.4％）

15,0008,900

Consoli. OP +30.2％ YoY
OP before adj./elimi. +24.7％ YoY

1,477 （＋69.0％）
₊ Margin improvement of
GMO PaD₊ Change in provision rate
in some transactions
₊ Expanding global lending

7,900

6,900

106

5,900

874

7,352 （+21.4％）₊ Growth in TRX of GMO
Payment After Delivery 4,900(PaD)₊ Expanding global lending

4,580

₊ Growth of online payment₊ Ginko Pay revenue growth₊ Bulk sales contribution ofoffline payment terminals

3,900

10,000

6,056
－51

2,900

10,668₊ Growth of online payment 1,900₊ Ginko Pay expansion
₊ Bulk sales contribution ofoffline payment terminals 900

0（－）₋ Slowdown of MACROKIOSK’s
Malaysian business₋ Impact of Delivery service

13,866 （+30.0％）
5,000（）: % YoY

(100)

Cumulative
Q3 FY18

Payment Processing

Cumulative
Q3 FY19

Money Service

Cumulative
Q3 FY18

Payment Enhancement

Payment Processing

Cumulative
Q3 FY19

Money Service

Payment Enhancement

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

8

2.

Future Initiatives and Growth Strategy

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

92.1. Merchant evolution and growth strategy towards 2025
Deploying initiatives to achieve OP ¥25.0bn, expanding scope and size of merchants
Establishment

Listed on TSE Mothers

2010

2015

Capital alliancewith SMFG ※1

2005

TSE First Section

2000

2020

2025

2030

Strategy to achieve OP ¥25bn by 2025
1. SMFG comprehensive scheme

EC FinTech

IoT

2. B2B market creation (Fintech etc.)

EC FinTech

3. Industry specific platforms

EC Cashless

4. Potential partner in financial consolidation Cashless
5. Forging ties w/ global players EC FinTech

OP ※2¥0.2 bn¥1.0 bn¥3.0 bn¥10.0 bn

TRX Value¥0.3 tr¥0.8 tr¥1.6 tr

¥ 6-7 tr¥25.0 bn

Global¥100.0 bn¥12-15 tr

Evolution of our merchant baseGlobal players
Large Corporates/”Japan Inc.” incumbents
Financial Institutions
Public Entities & Municipalities

SME※1 Refers to the capital and business alliance with SMFG Financial Group, SMBC, GMO Internet and GMO Payment Gateway※2 Figures beyond 2020 represent our corporate targets for OP and transaction value
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

10

2.2.1.

The Broader EC: creating new markets ①

Non-merchandise EC areas to lead growth■ Distribution of merchants by sector
Based on GMO-PG parent data; covering merchants with over ¥30 mil.
monthly revenue and annual growth rate of over 20%

C2C【Current】【2 years ago】

Utilitybills

Revenue growth

Telecom
Infrastructure
Utilitybills Membership/
Services

Financial

Food &
BeverageHigh growthfrom new service
to banks

Membership/
ServiceMonthly revenue over ¥30 mil.

Financial

Information
Contents

Food &
Beverage

Growth of a
Major merchant

Travel &Apparel Transport Information
Content
Growth of
Major
merchant

Telecom
Infrastructure

C2C
Apparel+20%

Merchandise Non-merchandise

Revenue size

（Size of the circle denotes the revenue size)

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

112.2.2

Broader EC: creating new markets ②

Focus on defensive new markets, and blue ocean areas■ Distribution of merchants by sector
Based on GMO-PG parent data, covering merchants with over-¥30 mil.
monthly revenue and annual growth rate of over-20%【3 Years from now】

【Current】

Utility bills

Revenue growth

Financial
C2C
Utility
Bills

Food &
BeverageMonthly revenue over ¥30 mil.

Membership/
Services

Food &
Beverage

Financial

ApparelMembership/
Services

TravelTransport

ApparelInformation
Contents

C2C

Travel & Information
Transport Content

Telecom
Infrastructure

Telecom
Infrastructure

Merchandise Non-merchandise+20%

Revenue size

（Size of the circle denotes the revenue size)

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

122.3.1

FinTech: Assets and profit growth*1

Rapid growth of global lending and margin improvement of GMO PaD％ indicates YoY change+27.3％ YoY■Segment OP■ Segment Revenue■MSB-related assets－43.5％－20.5％+24.4％ YoY（mil. JPY)

1,477

+32.1％

Impact fromchange inProvisions for
doubtfulaccounts＋69.0％ YoY+33.7％
874+18.1％＋232.6％ YoY+27.9％＋23.8％+741.8％+287.5％End-Q3 FY2018

End-Q3 FY2019

Transaction Lending

Cumulative
Q3 FY2018

Early Payment

Cumulative
Q3 FY2019
GMO PaD*2 Figure is net of GMO PaD assets (accrued revenue) and provision of doubtful accountCumulative
Q3 FY2018
Remittance service

Cumulative
Q3 FY2019
Finance Lease*1 Stands for GMO Payment After Delivery

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

13

2.3.2

FinTech: Raising capital efficiency

Raising capital efficiency of MSB business from roll-out and expansion ofhigh-ROIC services■Receivables purchased and■ MSB related asset and ROIC
Overall MSB ROIC
0.9％
⇒ 2.6％

factoring revenue trend

Four-foldincrease

ROIC

250 00Low

500 ,0 00

200 00400 ,0 00

150 00300 ,0 00

Early Payment

100 00200 ,0 00

500 0
100 ,0 00

Finance Lease00

2019/1Q

Domestic Total

2019/2Q

2019/3Q

Factoring revenue

WACC<ROICGMO PaD
High-ROIC
Assets+72％

Rollout of B2B Factoring to Infomart from January
2020 (called GMO B2B Early Payment)

O'seas Lending
Factoring

End-Sep 2017 End-Sep 2019

High

※The bar graph arranges business in decreasing order of ROIC from the bottom up.
ROIC（Return over Invested Capital） = NOPAT ÷ Balance of Investments.
Balance of Investments = monthly average investment amount during the computed
period. Excludes Remittance service is excluded as it is not an asset-based business
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

14

2.4

Cashless: Expansion of Stock Revenue

Making multifaceted inroads into the cashless market bystrengthening offline/online synergies■ GMO-PG Group’s strategy to the cashless
payment market (offline and online)■Quarterly Stock revenue fromservices to FIs

Overall

YoY＋149.5％＋74.9％ YoY

Purpose: Payment support to meetmerchant’s needs and value-added＜Cashless services already launched＞
・Ginko Pay（QR code payment）
・Issuing/Acquiring support to FIs
・Payment at unmanned stores

Etc.
YoY
＋68.6％

Purpose: Business expansion throughexpanded payment terminal sales＜Cashless services already launched＞
・Multi-payment terminal
・Automated sales machines/services
・Payment processing centers for Next-Gen
payment platform
Etc.

Ginko
銀行PayPay

Processing
プロセシングOthers
その他
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

15

2.5

IoT：Unattended Markets

Reinforce sales in this high-growth market; aim to expand
services to major merchants■Unattended Markets revenue:
Plan and Actual■ Focus Areas
Vending Machine

Up 33％ YoY

・Several large merchants to go live next FY
Fare Adjustment/
Self checkout

Achieved 2 years ahead of plans＋244％ YoY

Up 170％ YoY

・Firm orders of major・Lateral expansion to related sectors
Ticket Machine

Up 650% YoY

・Building relationship with large manufacturers
・Several large merchants to go live next FY

18/9

19/9

20/9

Revenue Plan

21/9

22/9

23/9

✩ Enables data monetization with the
expansion of unattended markets✩ Potential to maximize value-added of
payment processing centers

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

16

2.6.1

Global: The five new payment areas

Making steady inroads in the “AI x New Payment” domain■ Our presence in the 5 new payment domains (Overseas & Japan)

GMO-PG’s domain

Overseas Investment into top-rated Fintech/Payment corporates
 Loans (structured finance) that are to revenue-creating, knowledge-deepening and relationship-strengthening Co-investment with local top-tier financial institution

Japan
Broad business domain
coverage of the Groupin AI-based Payday
Income No.1
Advance service
Payment

Point ofNo.1 in AI-Deferred sale
Payment
and credit services

５Payment
domains

Bill
Payment

IncomePayment

B2B
No. 1 in Trade
Factoring Service
Payment

P2P
Payment

B2B
Payment

Point ofsale
Payment after
Delivery

５ Payment
domains

Bill
Payment
Public dues &tax payment

B2B payment
Factoring

P2P
Payment

C2C remittanceTo build a business footprint that spans across FinTech & Payment to realize a symbiotic FinTech

Payment cycle

Source: CB INSIGHTS “Payments Trends to Watch in 2019”
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

172.6.2Global: Revenue trend by business line

MK: Lending grows, focusing on neighboring new markets despite headwinds■Quarterly revenue trend of MacroKiosk
and Lending（Mil. JPY）

1,200

1,000

MacroKiosk’s Revenue

Q3-only: Up 8.2% YoY
・Deceleration of Malaysian business offset by
expansion into neighboring growth markets(incl. impact from Islamic holidays)
・Focus on emerging market growth and CPaaS fields
EMS Business revenue
Q3-only: Up 13.5% YoY

800

600

MPS Business revenue
Q3-only: Down 32.6% YoY

400

Overseas Lending revenue
Q3-only: Up 3,351.6% YoY

200

0
17/12

18/03

SMS service

18/6

18/9

Mobile Payment

18/12

19/3

19/6

Overseas Lending※CPaaS ：Communications Platform as a Service
EMS Business：Authentication and notification via SMS
MPS Business：Mobile Payment Service

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

18

3.

Financial Highlights

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

19

3.1

Revenue by business model

Quarterly trend of revenue by business modelIFRS

J-GAAP（mil. JPY）

3,500

※
3,379

3,595
3,250

3,000

3,072
2,997
2,971
2,861
2,946
2,666

2,773
2,691

2,653
2,471

2,500

2,801
2,705

2,436
2,360

2,101

2,000

1,809

1,500

1,383

1,895

2,004

1,527

1,441

1,227 1,259

1,000

931

804

500

630

733
713
612
601
680
532
594
584 496
501
512
468
565
516
528
501
499
483
464
127

0

959

182

108

147

105

142

127

150

667
663

1,184 1,226
7…

749

724
748
728

786

1,026
875

906

929

980
795

151

923

237

185

393

388

327

343
161

893

563
457

142

832

1,240

251

298

319

328

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 19/2Q 19/3Q

Initial

Stock

Fee

Spread※Online advertising service (stock) and finance leas (spread) revenues are recognized as a net amount with IFRS adoption rather than gross method.
Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved.

20

3.2

Balance Sheet Changes

Increase in deposits received and MSB-related assets
Assets

126,948

Mil. JPY（百万円）
120,000

116,858

Liabilities and Equity
Mil. JPY（百万円）
120,000

116,858

39,403100,000

84,33824,943

27,53323,19760,00080,00060,00014,49740,00055,47543,663036,529 Provision for
Doubtful
Accounts
5,779 ー2,255
End-Sep 2017
※1

Investment Related

38,80084,33880,00020,00043,394

100,000

42,033

126,948

7,965

Provision for
Provision for
20,000
Doubtful
Doubtful
Accounts
Accounts
ー2,003
7,127 ー2,186※236,497

16,6766,300

15,60816,7289,099

11,513
3,826
11,733

14,513

15,446

20,76926,02026,673End-Sep 2018

End-Q3 FY2019

0

End-Sep 2018

MSB related

40,00014,549Other

End-Sep 2017

End-Q3 FY2019

Cash&Equivalents

EqutiyMSB related

Bonds

Other

※2

Borrowings※3

Merchant Deposits※1 Securities classified under Investment Securities and Equity-Method Affiliates※2 MSB Related Asset：Lease assets, Short term loans, Advance payment, Accrued revenue (net of provisions for doubtful accounts)
MSB related Liabilities：Accrued expenses※3 Deposits received from merchants under the Representative Contract. ※4 Some figures are shown in net amounts of financial asset and liabilities.

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

21

3.3

Major Quarterly KPIs

Group-wide annual TRX value reaches ¥4.3 trillion※1

Operating stores: 105,891 stores, TRX volume approx. 430 mil., TRX value approx. ¥1.09 trillion.
（¥100 mil.)（stores)
120,000

100,000

11,000（Reference）Cumulative trailing 12-mnth TRX Value approx. ¥4.05 trillion
TRX value reaches ¥4.33 trillion including GMO-FG

10,000（10,000 TRXs)

9,000

40,000

8,000
7,000

35,0006,000
30,00080,000 5,000
4,000

25,00060,000

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

40,00020,00015,00010,00020,0005,000

0012/12 13/3 13/6 13/9 13/12 14/3 14/6 14/9 14/12 15/3 15/6 15/9 15/12 16/3 16/6 16/9 16/12 17/3 17/6 17/9 17/12 18/3 18/6 18/9 18/12 19/3 19/6
TRX Value
Recurring billing
Online TRX volume
Act. Operating stores ※2*1 Number of operating stores is measured on an end-of-quarter basis, while TRX value and volume are the total for the respective quarter.
*2 Figure excludes a significant increase in operating stores from a specific merchant. If included, operating stores would be 184,480 outlets by end-June 2019 (up 97.4% YoY)

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

22

4.

Reference materials

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

23

4.1

Revenue trend by business model (annual)Pursue 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.

24

4.2.1

Quarterly trend of CoS and SGA ratio

CoS ratio fluctuates with changes in sales mix

IFRS

J-GAAP（mil. JPY） ※50.2％※44.5％
50.3%

52.7%

8,000

*Figures with asterisk exclude outsourcing expense related to MSB.
These outsourcing expenses are not booked in SG&A from December 2017 (Q1) due to IFRS adoption.

※41.7％
46.8%※42.6％
45.6% ※39.8％
43.6%

7,000

6,086
5,645

6,098

5,716

6,563
6,459
40.2%

33.2%

5,000

4,000

22.8%

22.5%

21.3%

2,998
3,000 2,603

31.9%

3,294

2,000

1,000

1,813

1,655

554

615

683

36.4%

35.5%

35.9%

33.3%
30.0%

3,098

1,823

2,997
2,494

2,491

2,036

1,247

35.4%

40.0%

36.1%

31.9%

3,067
2,497

1,307

35.3%

25.5%

2,733

1,372

37.6%

23.4%

22.6%
3,090

32.1%

50.0%

41.1%

36.3%

40.9%
33.4%

4,347

7,945

7,769

7,295

※40.3％ ※39.9％
44.2% 43.6%

42.6%※37.4％

6,000

8,246

※47.2％
50.4%

1,940

2,035

2,595
2,143

2,382
2,320

3,004

2,581

2,807
2,791

2,818 20.0%
2,646

1,316

10.0%

1,109
700

772

0

0.0%
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) 18/12(1Q) 19/3(2Q) 19/6(3Q)

売上高
Revenue

売上原価
Costof Sales

販管費
SG&A

売上原価率
CoS ratio

売上販管費率
SG&A ratio

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

25

4.2.2

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

CoS ratio fluctuates with changes in sales mix*All figures are based on J-GAAP
PG: GMO-PG, EP: GMO Epsilon（mil. JPY）
8,000

51.8%

50.9%

48.8%

44.8%

7,000

41.3%

44.8%

45.3%

44.9%

42.5%

6,000

5,000

36.8%
36.7%

5,032

33.5%

4,663
4,297

4,000

3,653

19.8%
2,478

21.2%

21.1%
2,570

2,827

40.0%

36.7%
34.0%

3,000

50.0%

47.4%

21.1% 3,092
2,899

3,397

21.9%

22.6%

3,712

3,469

21.3%

22.2%

4,384

30.0%

22.1%

23.0%
23.6%

24.2%

20.7%

24.3%

1,283
1,000
490

1,151

1,203

543

599

1,225

1,197
611

677

1,785

1,525

767

778

1,577

1,180
770

822

928

21.0%

20.9%
20.0%

2,212
1,509

33.1%

4,816

3,937

1,890

2,000

4,840

1,039

2,253
1,783

1,611
1,067

1,071

1,592
10.0%

1,043

1,016

1,005

0

0.0%
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) 18/12(1Q) 19/3(2Q) 19/6(3Q)

売上高
Revenue

売上原価
Costof Sales

販管費
SG&A

売上原価率
CoS ratio

売上販管費率
SG&A ratio

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

26

4.3

Consolidated CF Statement■Cumulative Q3 FY19 changes（mil. JPY）

J-GAAP

IFRS

20,00018,00016,00014,00012,00010,000
8,000
6,000
4,000

(mil. JPY)

Operating CF:－¥1,886
Pretax profit+¥6,582
Chgs. in rcvbles+¥1,046
Advances paid－¥6,549
Accrued Income －¥4,845
Chgs. in payables＋¥48
Accrued expenses +¥528
Deposits received +¥6,481
Investing CF:
Time deposits
Acq. of intangibles

2,000
0-2,000

－¥533
＋¥689
－¥913

Financing CF:－¥103
Chgs. in ST debt+¥3,399
LT debt repayments －¥600
Dividend payment －¥2,133-4,000-6,000-8,000-10,000
FY2013

FY2014

Operating CF

FY2015FY2016

Investing CF

FY2017FY2018Financing CF

FY20193Q
Q3Free CF：－¥2,419

Cash & Equivalent ＋¥ 39,403

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

27

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