Consolidated Financial Results for the Third Quarter of 2019
(Nine Months Ended September 30, 2019)[Japanese GAAP]
November 5, 2019

Company name: WORLD HOLDINGS CO., LTD.

Listing: Tokyo Stock Exchange, First Section
2429
URL: http://www.world-hd.co.jp
Eikichi Iida, Chairman and President
Shigeru Nakano, Executive Director, Head of Corporate Planning Division
Tel: +81-92-474-0555
Scheduled date of filing of Quarterly Report:
November 13, 2019
Scheduled date of payment of dividend:
Preparation of supplementary materials for quarterly financial results: Yes
None
Holding of quarterly financial results meeting:Stock code:
Representative:
Contact:(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the First Nine Months of 2019 (January 1 to September 30, 2019)(1) Consolidated results of operations
Net sales
Million yen

Operating profit%

Nine months ended Sep. 30, 2019
101,964
Nine months ended Sep. 30, 2018
101,906
Note: Comprehensive income (millions of yen)

Million yen%

Million yen%

Million yen

%

2,659
2,636

0.9
16.8

0.1
4,090
(6.7)
4,105
(5.8)
21.7
4,383
29.0
4,357
29.1
Nine months ended Sep. 30, 2019: 2,682 (up 0.8%)
Nine months ended Sep. 30, 2018: 2,659 (up 9.3%)

Net income per share
Nine months ended Sep. 30, 2019
Nine months ended Sep. 30, 2018

(Percentages represent year-on-year changes)
Profit attributable toOrdinary profit
owners of parent

Diluted net income per share

Yen

Yen

157.96156.73156.35154.17(2) Consolidated financial position
Total assets

Net assets

Million yen

Equity ratio

Million yen

As of Sep. 30, 201983,117
23,601
As of Dec. 31, 2018
79,964
22,347
Reference: Shareholders’ equity (millions of yen)
As of Sep. 30, 2019: 22,317

Net assets per share
%

Yen

26.9
1,325.53
26.3
1,249.02
As of Dec. 31, 2018: 21,028

2. Dividends
1Q-endDividends per share
3Q-end2Q-endYen

Year-end

Total

Yen

Yen

Yen

Yen

2018
0.00
2019
0.00
2019 (forecast)
Note: Revisions to the most recently announced dividend forecast: None

-

83.00

83.00

65.50

65.50

3. Consolidated Forecast for 2019 (January 1 to December 31, 2019)
Net sales
Million yen

Operating profit%

Million yen(Percentages represent year-on-year changes)
Profit attributable to
Net income per shareowners of parent

Ordinary profit%

Million yen%

Yen

Full year
155,4528.8
6,049 (17.9)
5,910(19.7)
Note: Revisions to the most recently announced consolidated forecast: None%

Million yen

3,672(21.0)

218.11

* Notes(1) Changes in significant subsidiaries during the period (change in scope of consolidation): Yes
Newly added: -Excluded: 1 (Mobile Service Co., Ltd.)(2) Application of special accounting methods for presenting quarterly consolidated financial statements: Yes
Note: Please refer to the section “2. Quarterly Consolidated Financial Statements and Notes, (3) Notes to Quarterly
Consolidated Financial Statements, Application of Special Accounting Methods for Presenting Quarterly Consolidated
Financial Statements” on page 10 for further information.

(3) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting-based estimates: None
4) Restatements: None

(4) Number of shares issued (common stock)1) Number of shares issued at the end of the period (including treasury shares)
As of Sep. 30, 2019:

16,957,600 shares

As of Dec. 31, 2018:

16,956,600 shares

As of Dec. 31, 2018:

120,929 shares

2) Number of treasury shares at the end of the period
As of Sep. 30, 2019:

121,000 shares

3) Average number of shares during the period
Nine months ended Sep. 30, 2019:16,836,299 shares

Nine months ended Sep. 30, 2018:16,823,262 shares* The current financial report is not subject to quarterly review by certified public accountants or auditing firms.
* Cautionary statement with respect to forward-looking statements, and other special items
Cautionary statement with respect to forecasts
Forecasts of future performance in this document are based on assumption judged to be valid and information currently
available to the Company’s management, but are not promises by the Company regarding future performance. Actual results
may differ materially from the forecasts for a number of reasons. Please refer to “1. Qualitative Information on Quarterly
Consolidated Financial Performance, (3) Explanation of Consolidated Forecast and Other Forward -looking Statements” onpage 5 for forecast assumptions and notes of caution for usage.

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the Third Quarter of 2019

Contents of Attachments
1. Qualitative Information on Quarterly Consolidated Financial Performance2(1) Explanation of Results of Operations

2(2) Explanation of Financial Position

5(3) Explanation of Consolidated Forecast and Other Forward-looking Statements

5

2. Quarterly Consolidated Financial Statements and Notes

6(1) Quarterly Consolidated Balance Sheet

6(2) Quarterly Consolidated Statements of Income and Comprehensive Income

8

Quarterly Consolidated Statement of Income
For the Nine-month Period

8

Quarterly Consolidated Statement of Comprehensive Income
For the Nine-month Period

9(3) Notes to Quarterly Consolidated Financial Statements

10

Going Concern Assumption

10

Significant Changes in Shareholders’ Equity

10

Changes in Significant Subsidiaries during the Period

10

Application of Special Accounting Methods for Presenting
Quarterly Consolidated Financial Statements

10

Segment Information

11

1

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the Third Quarter of 2019

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations
In the first nine months of 2019, the worsening economic climate caused by increasingly heated U.S. -China trade
friction, and slowing global growth, including slower growth in China, exerted downward pressure on theJapanese economy, mainly in the manufacturing sector. In addition, Japan’s tight labor market, due to a limited
supply caused by the shortage of labor, and the rising cost of labor are having a negative effec t on businesssentiment. Overall, the economic outlook is still uncertain.
In the Human Resources and Education Business, companies in the manufacturing sector, which is the primarymarket for this business, are reducing output in response to weak demand c aused by the global business climate.
This includes companies in the smartphone and semiconductor categories. The difficulty of recruiting people due
to Japan’s labor shortage is another challenge in this business. The World Holdings Group is making up -front
investments in training programs, organizations and other areas from a medium to long -term perspective with thegoal of becoming the pre-eminent brand in the manufacturing sector. At the same time, there are many activities
for the growth of the workforce and sales and earnings in this business, primarily in the Technology Staffing
Business.
In the Real Estate Business, conditions indicative of a price bubble are continuing in the condominium market as
prices of properties remain high due to the rising cost of land, labor and other items. The outlook for this market
is still unclear mainly because of declines in the supply of new condominiums and the first -month contract rate,
mainly in the Tokyo area. We are responding to this business climate by strengt hening sales activities,
strategically moving up the closings of some sales and taking other actions. We are also purchasing properties
cautiously while closely monitoring market conditions.
In the Information and Telecommunications Business, big changes are anticipated in Japan’s mobile phone market
that include lower service charges and higher prices for phones. The reason is the enactment in May 2019 ofpartial amendments to the Telecommunications Business Act that require the separation of service charg es andphone payments. During the first nine months, the World Holdings Group made changes to the organizational
structure of this business, strengthened the store network, upgraded employee training activities and took otheractions.
Net sales increased 0.1% year on year to 101,964 million yen. Operating profit decreased 6.7% to 4,090 million
yen, ordinary profit decreased 5.8% to 4,105 million yen, and profit attributable to owners of parent increased
0.9% to 2,659 million yen.
Business segment performance was as follows.
Factory Staffing Business
Lower production at some client companies in the smartphone, semiconductor and other sectors is negatively
affecting the performance of this business. In 2019, this business is taking many actions to build a b ase for
growth that aims for an increase in the volume of business in market sectors that require expertise involving newtechnologies, such as 5G mobile communications. In the core logistics category, there were measures for thestability of operating rates and higher productivity at all locations. This business is also focusing on training
people to become managers with skills required for horizontal expansion by opening more business sites startingin 2020.
Progress is continuing with the establishment of a new human resources system that has the goal of being acompany that gives people jobs that are enjoyable and rewarding and allows people to define career roadmaps.
Activities include measures to increase our ability to attract people and clients in o rder to become a company thatjob applicants choose over others.
Training programs are the primary source of our competitive edge in this business. We are using our own
innovative education methods to give people training in quality management, production management and otherfields required for strengthening our subcontracting capabilities as well as leadership training. We continued to2

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the Third Quarter of 2019

increase the pool of prospective employees for assignments as the number of people registered on our Job Paper
website surpassed 72,000.
World Intec Fukushima Co., Ltd., which was involved primarily with recovery activities in Fukushima prefecture
following the 2011 earthquake and tsunami, has been renamed World Next Co., Ltd. In addition to performing
services outsourced by governments, this company has started a new business that specializes in human resource
services for seniors.
As a result, sales were 36,594 million yen, up 2.0% year on year and segment profit decreased 20.3% to 1,838
million yen.
Technology Staffing Business
The number of client companies and people on assignments continued to increase due to measures forstrengthening sales and training activities, mainly in the automobile industry. In the information andtelecommunication services sector, the volume of business is growing steadily because of our reputation amongcustomers as an organization with outstanding training capabilities and the ability to maintain strict compliancewith laws and regulations.
Creating the Ways We Live Academy, a training and skill development scheme, continues to provide support forthe career advancement of current engineers and people who currently have no experience in a particular field.
This academy strengthened training activities for manufacturing technologies, 3D -CAD, many types ofprogramming, infrastructure and other subjects. This education and training framework allows recruiting
activities that target people with a broad range of skills, backgrounds and other characteristics, which makes it
possible to consistently increase the workforce of this business.
Sales were 12,581 million yen, up 14.3% year on year and segment profit increased 30.0% to 1,210 million yen.
R&D Staffing Business
The research personnel sector recorded growth because of the increasing volume o f business with current clientsby focusing activities on chemistry. In addition, this business is continuing to broaden the number of specialties
covered by joint research programs with universities. For example, a new alliance with Osaka University wasused to establish a joint research laboratory. In the clinical research outsourcing sector, there were structuralreforms in order to increase the capacity utilization rate.
For training programs, joint research laboratories with all partner universities w ere used to give people
knowledge to fill positions requiring advanced skills. We also upgraded activities using external training
programs, chiefly in order to give people a stronger commitment to hospitality. In 2019, training programs havebeen placing emphasis on giving people skills in the field of chemistry. In addition, this business reinforced its
ability to provide technical support to client companies by hiring many people with outstanding research skills .
Sales were 5,287 million yen, up 5.3% year on year, and segment profit increased 19.1% to 453 million yen.
Sales & Marketing Staffing Business
Capturing orders during peak seasons of the retail sector is vital to the growth of this business. This businessraised the volume of business in current market sectors like high-volume sales, retail and call centers while taking
appropriate actions for summer market conditions. Staffing service rates increased because of the start of staffing
services in categories where this business can add significant value.
JW Solution Co., Ltd., which was established in April 2019, has started providing Hospitality Outsourcing®
(registered trademark of JTB Communication Design, Inc.) staffing services to hotels and other companies in the
tourism industry.
Sales were 2,675 million yen, up 0.4% year on year, and segment loss was 12 million yen compared with asegment loss of 90 million yen one year earlier.

3

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the Third Quarter of 2019

Real Estate Business
The real estate development business strengthened sales activities and completed sales of s ome properties earlier
than planned. Carefully chosen properties were purchased while monitoring market conditions. In the detachedhouse category, the custom-built-house and built-for-sale house sectors performed well.
The performance of each category of this segment was as follows.
The real estate development business sold 101 condominium units and eight sites for business use, resulting inproperty sales of 9,878 million yen. Sales from real estate brokerage and other activities totaled 522 million yen.
In the renovation business, 539 residences were sold and sales were 13,049 million yen.
The detached house business completed the sale of 225 custom-build and other houses and recorded sales of
7,334 million yen.
In the prefabricated house business, sales from rental income, house sales and other activities totaled 1,247
million yen.
Sales were 32,030 million yen, down 9.1% year on year and segment profit was 1,987 million yen, down 18.8%.
Information and Telecommunications Business
The mobile phone shop business has been closing and consolidating stores in order to establish a network ofcompetitive and successful stores. This business is also revising operations as needed to reflect the newrequirement in Japan for the separation of mobile communication service charges and phone payments. There
were 44 directly operated stores at the end of the first nine months. We will continue to make expenditures for the
relocating and renovating stores and for training programs that improve employees’ customer servic e skills andknowledge. This business made investments for actions to bolster the store support framework in order tocontinue growing. To enable all group companies to benefit from its sales capabilities, the corporate solutions
business increased exchanges of employees with other World Holdings Group companies. The result is even moresynergies among group companies.
Sales were 9,567 million yen, up 1.5% year on year, and segment loss was 17 million yen, compared with asegment loss of 1 million yen one year earlier.
Others
The agricultural parks operated by Farm Co., Ltd. and its affiliate performed well with the total number ofvisitors up by 85,000 from one year earlier to 823,000. Higher visitor traffic is due to the success of numerous
activities to make parks more appealing. One major investment is an enormous athletic facility called Alps Gym
that is now operating at Blumen Hugei Farm in Shiga prefecture. At Advan Inc., which mainly operates PC
schools, the website production and other activities are performing well and there are activities to increase
synergies with the Human Resources and Education Business. Advan is also playing a significant role in the
training of engineers in the Technology Staffing Business.
Sales were 3,226 million yen, up 20.6% year on year, and there was a segment profit of 226 million yen comparedwith a segment loss of 178 million yen one year earlier.

4

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the Third Quarter of 2019(2) Explanation of Financial Position
AssetsTotal assets increased 3,153 million yen from the end of 2018 to 83,117 million yen at the end of the third quarterof 2019. This was mainly due to a decrease of 3,592 million yen in cash and deposits and increases of 3,373
million yen in real estate for sale and 3,666 million yen in real estate for sale in process.
Liabilities
Total liabilities increased 1,899 million yen from the end of 2018 to 59,515 million yen. This was mainly due todecreases of 994 million yen in accounts payable-real estate, 1,191 million yen in accrued expenses, 1,132
million yen in income taxes payable and 1,270 million yen in long-term loans payable, and an increase of 8,014
million yen in short-term loans payable.
Net assets
Net assets increased 1,254 million yen from the end of 2018 to 23,601 million yen mainly due to a 1,279 million
yen increase in retained earnings.
(3) Explanation of Consolidated Forecast and Other Forward-looking Statements
The Company maintains its full-year consolidated forecasts that were announced in the “Consolidated Financial
Results for 2018” on February 12, 2019.

5

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the Third Quarter of 2019

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheet(Millions of yen)
Third quarter of 2019
(As of Sep. 30, 2019)2018(As of Dec. 31, 2018)
AssetsCurrent assets
Cash and deposits

18,825

15,233

Notes and accounts receivable-trade

11,252

9,923

Merchandise and finished goods

1,032

1,203

Real estate for sale

13,193

16,566Work in process

129

103

Real estate for sale in process

21,124

24,791

Other

4,270

4,971

(5)

(5)

69,82372,787

5,439

5,889

1,046

590

312

274

1,359

864

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities

442

740

Deferred tax assets

1,178

1,184

Lease and guarantee deposits

917

945

Other

878

779

Allowance for doubtful accounts

(74)

(74)

Total investments and other assets

3,342

3,575

10,140

10,32979,964

83,117

Notes and accounts payable-trade

1,531

1,194

Accounts payable-real estate

1,818

823

Short-term loans payable

28,32136,336

Accrued expenses

5,963

4,771

Income taxes payable

1,877

745

Accrued consumption taxes

1,217

977

111

694

-

0

Total non-current assets
Total assets
Liabilities
Current liabilities

Provision for bonuses
Provision for directors’ bonuses
Other

5,290

4,115

Total current liabilities

46,13049,659

9,112

7,842

667

171

1,411

1,555

293

287

11,485

9,855

57,61659,515

Non-current liabilities
Long-term loans payable
Provision for directors’ retirement benefits
Net defined benefit liability
Other
Total non-current liabilities
Total liabilities

6

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the Third Quarter of 2019

(Millions of yen)
Third quarter of 2019
(As of Sep. 30, 2019)2018(As of Dec. 31, 2018)
Net assets
Shareholders’ equity
Capital stock

784

785

Capital surplus

965

981

Retained earnings

19,412

20,692

Treasury shares

(126)

(127)

Total shareholders’ equity

21,03622,332

Valuation difference on available-for-sale securities

12

(1)

Foreign currency translation adjustment

1(4)Remeasurements of defined benefit plans

(21)

(8)

Accumulated other comprehensive income

(8)

(14)

Share acquisition rights

Total accumulated other comprehensive income

124

124

Non-controlling interests

1,195

1,160

Total net assets

22,347

23,601

79,964

83,117

Total liabilities and net assets

7

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the Third Quarter of 2019(2) Quarterly Consolidated Statements of Income and Comprehensive Income(Quarterly Consolidated Statement of Income)(For the Nine-month Period)(Millions of yen)First nine months of 2019
(Jan. 1 – Sep. 30, 2019)

First nine months of 2018
(Jan. 1 – Sep. 30, 2018)
Net sales

101,906

101,964

Cost of sales

82,743

81,941Gross profit

19,16320,022

Selling, general and administrative expenses

14,77915,931

Operating profit

4,383

4,090

23

18

Non-operating income
Subsidy income
Income of support to investment in property andequipment
Other

0

35

130

158

Total non-operating income

153

211

145

140

Loss on retirement of non-current assets

11

41

Other

22

15

Non-operating expenses
Interest expenses

Total non-operating expenses

179

196

4,357

4,105

Casualty insurance income-

22

Consumption taxes differential

-

95

Other

-

0

Total extraordinary income

-

119

11

4

16

-

17

13

Ordinary profit
Extraordinary income

Extraordinary losses
Impairment loss
Loss on valuation of shares of subsidiaries andassociates
Loss on disaster

44

18

Profit before income taxes

Total extraordinary losses

4,312

4,206

Income taxes

1,644

1,514

Profit

2,668

2,691

32

32

2,636

2,659

Profit attributable to non-controlling interests
Profit attributable to owners of parent

8

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the Third Quarter of 2019

(Quarterly Consolidated Statement of Comprehensive Income)(For the Nine-month Period)(Millions of yen)First nine months of 2019
(Jan. 1 – Sep. 30, 2019)

First nine months of 2018
(Jan. 1 – Sep. 30, 2018)
Profit

2,668

2,691

Valuation difference on available-for-sale securities

(9)

(13)

Foreign currency translation adjustment

(6)

(8)

Other comprehensive income

Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income

6

12

(9)

(9)

2,659

2,682

2,629

2,652

29

29

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

9

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the Third Quarter of 2019(3) Notes to Quarterly Consolidated Financial Statements
Going Concern Assumption
Not applicable.
Significant Changes in Shareholders’ Equity

Not applicable.
Changes in Significant Subsidiaries during the Period
Mobile Service Co., Ltd., which was a significant subsidiary, is no longer included in the consolidated financial
statements from the third quarter of 2019 because this company was dissolved following its absorption andmerger with consolidated subsidiary e-support, Inc. on April 1, 2019.
The following information is provided even though these two actions were not a change in a significant
subsidiary.
HOEI HOME CO., LTD., which was a non-consolidated subsidiary in 2018, is included in the consolidated
financial statements starting in the first quarter of 2019 because of the increasing significance of this company.
KITAYAMA REBEN CO., LTD., which was a non-consolidated subsidiary in 2018, is included in the
consolidated financial statements starting in the first quarter of 2019 because of the increasing significance of thiscompany.
Application of Special Accounting Methods for Presenting Quarterly Consolidated Financial Statements
Calculation of tax expense
The tax expenses are calculated by first reasonably estimating the effective tax rate after the application of tax
effect accounting with respect to profit before income taxes for the fiscal year in which the quarter under review
falls, and multiplying that rate by the profit before income taxes for the quarter under review. However, theCompany uses legally stipulated effective tax rates to calculate tax expenses for cases in which using estimatedtax rates gives a noticeably irrational result.

10

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the Third Quarter of 2019

Segment Information
I. First nine months of 2018 (Jan. 1 – Sep. 30, 2018)
1. Information related to net sales and profit or loss for each reportable segment(Millions of yen)
Reportable segment
Information
Sales &
Factory Technology R&D
RealandMarketingStaffing
Staffing Staffing
Estate Telecommuni- Subtotal
Staffing
Business Business BusinessBusinesscations
Business
Business

Others(Note 1)

Total

Amounts
shown onAdjust- quarterly
ments consolidated(Note 2) statement ofincome(Note 3)

Net sales
Sales toexternal
35,88011,004 5,019
2,665 35,238
9,424
99,232
2,674 101,906
101,906
customers
Inter-segment
sales and
0
352
80
12
12
458
70
529
(529)
transfers
Total
35,881
11,356 5,019
2,746 35,250
9,436
99,691
2,745 102,436(529)
101,906
Segment
2,307
931
380
(90)
2,446
(1)
5,973
(178)
5,794 (1,411)
4,383
profit (loss)
Notes: 1. “Others” represent businesses not included in reportable segments and include the operation and management ofagricultural parks, the operation of personal computer schools, the production of websites and other services.
2. The -1,411 million yen adjustment to segment profit (loss) includes elimination for inter-segment transactions of 38
million yen, and -1,450 million yen in corporate expenses that cannot be allocated to any of the reportable segments.
Corporate expenses mainly consist of general and administrative expenses th at are not attributable to any of thereportable segments.
3. Segment profits (loss) are adjusted to be consistent with operating profit shown on the quarterly consolidated
statement of income.

2. Information related to impairment losses on non-current assets or goodwill, etc. for each reportable segment
Impairment losses related to non-current assets
Not applicable.
Significant change in goodwill
There is no significant change.
Significant gain on bargain purchaseNot applicable.

11

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the Third Quarter of 2019

II. First nine months of 2019 (Jan. 1 – Sep. 30, 2019)
1. Information related to net sales and profit or loss for each reportable segment(Millions of yen)
Reportable segment
Information
Sales &
Others
Factory Technology R&D
RealandMarketingStaffing
Staffing Staffing
Estate Telecommuni- Subtotal (Note 1)
Staffing
Business Business BusinessBusinesscations
Business
Business

Total

Amounts
shown onAdjustquarterly
ments consolidated(Note 2) statement ofincome(Note 3)

Net sales
Sales toexternal
36,594
12,581 5,287
2,675 32,030
9,567 98,737 3,226 101,963
0
101,964
customers
Inter-segment
sales and
347
77
12
8
446
98
544
(544)
transfers
Total
36,594
12,929 5,287
2,753 32,042
9,575 99,183 3,324 102,508(543)
101,964
Segment
1,838
1,210
453
(12)
1,987
(17)
5,459
226
5,685 (1,595)
4,090
profit (loss)
Notes: 1. “Others” represent businesses not included in reportable segments and include the operation and management ofagricultural parks, the operation of personal computer schools, the production o f websites and other services.
2. The -1,595 million yen adjustment to segment profit (loss) includes elimination for inter-segment transactions of 26
million yen, and -1,621 million yen in corporate expenses that cannot be allocated to any of the report able
segments. Corporate expenses mainly consist of general and administrative expenses that are not attributable to anyof the reportable segments.
3. Segment profit (loss) is adjusted to be consistent with operating profit shown on the quarterly consoli dated
statement of income.

2. Information related to impairment losses on non-current assets or goodwill, etc. for each reportable segment
Impairment losses related to non-current assets
Not applicable.
Significant change in goodwill
There is no significant change.
Significant gain on bargain purchaseNot applicable.
This financial report is solely a translation of “Kessan Tanshin” (in Japanese, including attachments), which has been
prepared in accordance with accounting principles and practices genera lly accepted in Japan, for the convenience of readers
who prefer an English translation.

12