Earnings Results Briefing for the First Six
Months of the Fiscal Year Ending March 31,
2016
KOMEHYO Co., Ltd.

Securities code: 2780 (Second Section,
Tokyo and Nagoya Stock Exchanges)

INDEX
1.Overview of Financial Results for the First Six
Months of the Fiscal Year Ending March 31, 2016

P.02

2. Medium-term Management Plan

P.21

3. Reference Information (Company Profile, etc.)

P.24

Note:
This document is an English translation of a document prepared in Japanese.
Statements in this document that are not historical facts, including statements concerning the current
plans, forecasts, strategies, and beliefs of KOMEHYO Co., Ltd., are forward-looking statements and subject
to various risks and uncertainties.
These statements were prepared based on the assumptions of the management of KOMEHYO Co., Ltd.
based on information currently available.
The actual results may differ significantly from the forecasts due to a variety of factors, and therefore
investors should not place undue reliance on them.
In addition, this document is not intended to solicit investment. Investors must make investment
decisions at their own discretion.
1

Overview of Income Statement
Achieved revenue and profit growth both on a consolidated and nonconsolidated basis
FY2014 1H(2013.4-9)

FY2015 1H(2014.4-9)

FY2016 1H(2015.4-9)

Net sales

18,18819,49520,936107.4%

101.6%

Gross profit

5,723

5,924

6,149

103.8%-

Gross profit margin

31.5%

30.4%

29.4%

- 1.0pt-

SG&A expenses

4,566

4,989

5,001

100.2%-

Operating income

1,156

934

1,148

122.9%

113.7%

Ordinary income

1,152

954

1,144

119.9%

113.3%Net income attributableto owners of parent

705

596

699

117.3%

116.7%

Non-consolidated

FY2014 1H(2013.4-9)

FY2015 1H(2014.4-9)

FY2016 1H(2015.4-9)

Net sales

16,46917,817

18,819105.6%

101.2%

Gross profit

5,019

5,251

5,325

101.4%-

Gross profit margin

30.5%

29.5%

28.3%

- 1.2pt-

SG&A expenses

3,832

4,333

4,237

97.8%

-

Operating income

1,186

917

1,088

118.6%

108.9%

Ordinary income

1,193

948

1,093

115.3%

109.3%Net income

724

593

669

112.8%

113.5% 2

Consolidated(Millions of yen)

(Millions of yen)

YoY

YoY

vs. planvs. planSelling, General and Administrative
Expenses
Consolidated: Although expenses increased due to store opening, lower selling
expenses resulted in a slight increase in overall expenses
Consolidated (Millions of yen)
Selling, General and Administrative
Expenses

FY2015 1H(2014.4-9)

FY2016 1H(2015.4-9)

Change

YoY

4,989

5,001

+ 11

100.2%

874

761

- 113

87.0%

Personnel expenses

2,367

2,326

- 40

98.3%

General & administrative expenses

1,747

1,912

+ 165

109.5%

Rents

817

871

+ 53

106.6%

Maintenance expenses

108

157

+ 49

145.3%

Selling expenses

Non-consolidated (Millions of yen)
Selling, General and Administrative
Expenses

FY2015 1H(2014.4-9)

FY2016 1H(2015.4-9)

Change

YoY

4,333

4,237

- 96

97.8%

878

739

- 139

84.1%

Personnel expenses

2,042

1,989

- 52

97.4%

General & administrative expenses

1,412

1,508

+ 95

106.8%
3

Selling expenses

Profit Margin Trend
Operating margin increased by covering a decline in gross profit margin with alower SG&A expense ratio
Gross profit
margin
SG&A expense
Ratio (%)

Consolidated
Gross profit margin
SG&A expenses to sales ratio
Operating income margin

35
30.9

Operatingmargin(%)

12

Gross profit
margin
SG&A expense
Ratio (%)

Non-consolidated
Gross profit margin
SG&A expenses to sales ratio
Operating income margin

35

Operatingmargin
(%)

12

31.5
30.4

30

29.4

30.3
10

30.5

30

27.6

29.5
28.3

10

27.0
25.1

25.6

25

23.9

8

25

23.3

6.4

24.3

8
22.5

7.2

20

5.5

6

20

6

4.8

5.8
5.2

15

3.3

4

15

4
3.3

10

2
FY2013 1H FY2014 1H FY2015 1H FY2016 1H

10FY2013 1H FY2014 1H FY2015 1H FY2016 1H

2

4

Overview of Balance Sheet
Products increased due mainly to store opening andhigher prices of brand-name productNon-consolidated

Consolidated
Liabilities and Net
AssetsAssetsCash anddeposits
2,799

Products
11,052Othercurrent
assets3,086

Assets(Millions of yen)

2,801

12,374

3,056

Non-current
assets
7,694

7,694

15/03

15/09

Current
liabilities
6,404
Non-current
liabilities
1,437

Net assets
16,791

15/03

7,471
1,118

(Millions of yen)

Cash anddeposits
2,180
Products
9,845

17,337

15/09

Liabilities and Net
Assets

1,740

10,975

Othercurrent
assets
2,351

2,993

Non-current
assets
7,445

7,429

15/03

15/09

Current
liabilities
4,404

Non-current
liabilities
1,262

5,534
930

Net assets
16,157

16,673

15/03

15/09

5

Statement of Cash Flows
Cash flows from operating activities were negative due mainly tothe opening of 4 stores and increases in products

Consolidated(Millions of yen)

FY20143,500

FY2015 1H

FY2015

Non-consolidated

FY2016 1H

3,707

3,655

(Millions of yen)

FY20143,500

FY2015 1H

1,500

2,848

2,500

1,524
1,199

1,499

1,200

-500

-1,500

366

-297
-431

-293
-575 -466-516-829
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents

855
318

-500

-586
-1,5002,646

1,513 1,474

1,500

500

2,704
2,235

888
500

FY2016 1H

3,181

3,322
2,500

FY2015

-181
-396

-209
-430
-588
-701

Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents
6

By Segment
Both the Brand Fashion segment and the Tire andWheel segment posted strong results
FY2014 １H

FY2015 １H

FY2016 １H

Net sales

16,60917,967

19,137106.5%

Operating income

1,220

1,001

1,167

116.6%

Operating margin

7.4%

5.6%

6.1%

+ 0.5pt

Net sales

1,527

1,476

1,754

118.8%

Operating income

- 77

- 85

- 31

-

Operating margin

-

-

-

-

Net sales

71

72

66

91.8%

Operating income

12

18

13

72.4%

Operating margin

18.1%

25.2%

19.9%

- 5.3pt

Net sales

18,18819,49520,936107.4%

Operatingincome

1,156

934

1,148

122.9%

Operatingmargin

6.4%

4.8%

5.5%

+ 0.7pt
7(Millions of yen)

Brand
FashionTire and
Wheel

OthersTotal* The total above includes other adjustments.

YoY

External Environment (1)Economic Trends
Stock prices fell globally in August 2015 due to growing concerns over the
Chinese economy
Net sales
YoY (%)

Department store net sales(nationwide)

KOMEHYO net sales(non-consolidated)

Nikkei Stock Average(monthly closing price)

160
150

Last-minute demand
before theconsumption tax hike

20,000140
Achieved the level on parwith last-minute demandin the previous term

130

Stock price
(yen)

120
110

18,00016,00014,000100
100
12,000

90
80
70
60

Reactionary drop following
last-minute demand before
the tax hike

10,000（Source：JAPAN DEPARTMENT STORESASSOCIATION website）

FY2016 1H

8,000

8

External Environment (2)Inbound Tourism Consumption
The number of foreign visitors to Japan increased steadily（10K people）

200

No. of foreign visitors toJapan

Cumulative number of visitors for FY2015 9months:
14.48M (48.8% increase on a YtoY comparison)

180

160

Cumulative number of visitors for FY2014: 13.41M(29.4% increase on a YtoY comparison)

140

120

100

80

January
2014(Source: Japan National
Tourist Organization)

January2015

FY2016 1H

September

9External Environment (3)Gold Price
Implemented measures to strengthen purchase in line with the price of gold
Purchase price(Millions of yen)

Trends of KOMEHYO jewelry/precious metal purchase price and gold price( Tanaka Kikinzoku and Mitsubishi Materials average prices)

800

Strengthening of
diamond purchases

Strengthening of
diamond purchases

Gold
price(yen)
6,000

700
5,500
600
5,000
500
4,500

400
KOMEHYO jewelry/precious metal purchase price

4,000(non-consolidated）

300

Gold price(per g)

200

Jan

2014

Feb

Mar

Apr

May

June

Jule

Aug

Sept

Oct

Nov

Dec

Jan

2015

Feb

Mar

Apr

May

June

Jule

Aug

FY2016 1H

Sept

3,500

10

Initiative (1)Opening of New StoresOpened 4 stores in FY2016 1H;
planning to open 3 stores in FY2016 2H and 1 store in FY2017

FY2016 1H store open

FY2016 2H store open (plan)

KOMEHYO
Sakae Central Park Store
April 29, 2015 (approx.
66m2)

KOMEHYO
Canal City Hakata Store
October 1, 2015 (approx.
138m2)

KOMEHYO
Kobe Motomachi StoreMay 25, 2015 (approx.
220m2)
KOMEHYO
Purchasing Center
Ikebukuro Nishiguchi
July 17, 2015 (approx.
102m2)
KOMEHYO
Purchasing Center
Tachikawa Kitaguchi
September 18, 2015
(approx. 167m2)

KOMEHYO
Jiyugaoka Store
November 2015 (planned)(approx. 84m2)
KOMEHYO
Tenjin StoreMarch 2016 (planned)(approx. 193m2)

FY2017 store open (planned)
KOMEHYO
Umeda Store
February 2017 (planned)(approx. 1,318m2)
11

Store Map
Stores (to be) opened in FY2016 2H(October 2015–)
Canal City Hakata Store on October 1
Jiyugaoka Store on November 27
26 stores (as of September 2015）
Tenjin Store in March 2016
Chubu

Kansai

Nagoya Store(Main Building, Kimono
Building, Camera/MusicalInstrument Building,
Purchasing Center Osu)
Meieki Sun Road Store
Sakae Central Park Store
Toyota Store
Shinsaibashi Store
Whity Umeda Store
Namba Walk Store
Abeno Store
Kyoto Shinkyogoku Store
Kobe Sannomiya Store
Kobe Motomachi Store
Hiroshima-Hondori StoreStores to be opened in FY2017
Umeda Store in February 2017
Kanto
4.29 OPEN

Shinjuku Store
Ginza Store
Aoyama Store
Shibuya Koendori Store
Machida Store
Omiya-Higashiguchi Store

5.25 OPEN

Kashiwa-Higashiguchi Store
Purchasing Center Shibuya
Purchasing Center Harajuku
Purchasing Center Kichijoji
Purchasing Center Yurakucho
Purchasing Center Yokohama Nishiguchi

LINK SMILE: 7 stores (7 in Aichi)
USED MARKET: 4 stores (3 in Aichi, 1 in Nagano)

Purchasing Center
Ikebukuro Nishiguchi
Purchasing Center
Tachikawa Kitaguchi

7.17 OPEN
9.18 OPEN

12

Initiative (2)Purchase from Individual Customers
Purchases from individual customers remained solid
Amount ofpurchasefromindividual
customers

FY2014
1H(13.4-9)

FY20151H(14.4-9)

FY20161H(15.4-9)

Purchasing
Center

7,148

8,173

8,896

108.8%

Home
delivery
Purchasing

381

365

440

120.4%

Total

7,529

8,539

9,336

109.3%

YoY(Millions of yen)

KOMEHYO Purchasing Center
Osu

Home delivery purchase website
13

Initiative (3)Monthly Sales
Monthly sales have decreased year-on-year since July 2015(a sharp increase in sales last year)
Net sales(Millions of
yen)

4,500

4,000

Non-consolidated net sales
Recovery in retail androbust sales to secondhand
dealers

Enhancement of sales
including inventory
adjustments

Christmas &Year-end
shopping season

YoY

YoY
(%)
150

End of financial
year sale

140
130

3,500

120
110

3,000

100
100
2,500

2,000

1,500

90
Reactionary drop
following last-minutedemand before thetax hike

Comparison with high sales in the samemonth previous year
Weak sales of expensive goods including
watches due to the fading asset effect

80
70
60

1,000

50

FY2016 1H

14

Initiative (4)Inbound Tourism Consumption
Sales of inbound tourism consumption remained solid(the degree differs according to country)

FY2016 1H(2015.4-9)
Inbound tourism
consumption
China

By country

Philippines

Net sales(Millions ofyen)

Composition

YoY

2,945

-

126.6%

1,550

52.6%

143.9%

290

9.9%

Net sales composition by product(FY2016 1H)
Clothing Cameras/
3.2% musical
Brandinstruname
ments
bags
0.9%
19.7%
Watches
47.6%

192.2%

Thailand

282

9.6%

81.6%

South Korea

132

4.5%

116.6%

Taiwan112

3.8%

102.1%

Jewelry/p
reciousmetals28.6%

15

Initiative (5)Online SalesEntered in cross-border e-commerce by opening an eBay (overseas mall) store
in August 2015

FY2016 1H

Net sales

Net sales
YoY

No. ofproducts sold
YoY

2,948

107.0%

154.3%(Millions of yen)

All online stores
Percentage of online sales bychannel
11.9%
29.5%

KOMEHYO
websiteBack orders
Other

58.6%

KOMEHYO website
Order/settlement via komehyo.jp
Back orders(1) Customers specify a store to do backorders online(2) Store staff suggest/back orderproducts to suit customer needs
Other
Order/payment via other companies’
websites, such as Rakuten Ichiba, Yahoo!,Amazon, and eBay stores
16

Initiative (6)Member’s Card
The number of KOMEHYO member’s card holders is increasing steadily
Card members

No.

YoY

Total members (FY2016 1H)

556,000

129.9%

Attributes of card members (as of FY2016 1H)
Male

FemaleUnknown

30s

40s

9%

2%
39%
59%

20s

50s

60s

Other

14%

17%
26%
17%
22%

Direct mail for card members(example)

17

Group Status
Sales composition (cumulative FY2016 1H results)
Brand Fashion segment
Tire and Wheel segment
Buying and selling products including jewelry,
precious metals, watches, bags, and clothing

Buying and selling tires and wheels as well as
provision of services

Group net
sales
KOMEHYO (nonconsolidated)
Product sales
0%20%

Jewelry/precious
metals40%

Watches

60%

Bags, clothing

80%

100%

Cameras, musicalinstruments

Subsidiary
KOMEHYO auction

KOMEHYO
HONG KONG LIMITED

CRAFT Co., Ltd.

AUTO PARTSJAPAN

Established
CapitalJune 2012
JPY20 million

June 2013
HKD4 million

April 1980
JPY72 million

May 2013
JPY30 million

Business activities

Planning, operation,
management, etc. of
auction for secondhand
dealers

Buying and selling
products including
jewelry, precious
metals, watches, andbags outside Japan

Sale of passenger-car
tires, aluminum wheels,
auto accessories, andparts

Import, sale, andpurchase of auto
parts

18

Subsidiary (1)Brand Fashion Segment
Sales to secondhand dealers in Japan and abroad

KOMEHYO Auction
Frequency

Trade volume(FY2016 1H)

YoY

Restaurant
auction(Jewelry, watches,bags)

Monthly
3 days

JPY8,800
million121.7%

Apparelauction(Clothing)

Monthly
1 day

No. ofmembercompanies

607
JPY160 million

171.4%

Restaurant auction

KOMEHYO HONG KONG LIMITED・Jewelry show
・Participation in overseas auctions
・Expansion of B2B business

Jewelry show

19

Subsidiary (2)Tire and Wheel Segment
Sale of tires, wheels, and parts
Net sales(Millions ofyen)

Composition

YoY

Tires/wheels

1,393

79.4%

117.3%

Parts (incl. laborcharge)

324

18.5%

144.3%

Others

36

2.1%

57.5%

1,754

100.0%

118.8%FY2016 1H

Segment total

Enhancement of online sales
・Renewal of Craft website design
・Smartphone-compatible website
・Constantly listing 6 million
combinations
Enhancement of SNS activities
・Twitter, Facebook, LINE

Craft website homepage

Craft Nakagawa Store20

Medium-term Basic Targets(Consolidated)
Achieve sustainable growth focusing on the opening of new storesConsolidated

FY2016(15.4-16.3)

FY2017(16.4-17.3)

FY2018(17.4-18.3)

Net sales

JPY45.7B

JPY47.5B

JPY50.0B

Operating income

JPY3.17B

JPY3.20B

JPY3.25B

Operating margin

6.9%

6.7%

6.5%

11 stores

6 stores- store8 stores3 stores- store3 stores3 stores- storeStore openings

Store type

KOMEHYO(small-scale, Purchasing
Center)by KOMEHYO- LINK SMILE- USED MARKET

21

Net Sales Plan
Generate JPY50 billion and JPY45 billion on a consolidated and non-consolidated
basis respectively in the fiscal year ending March 31, 2018

Consolidated
Net sales (Millions of yen)

Non-consolidated

50,000Purchases by individual costomers
Net sales (Million of yen)

47,50038,50745,70040,20045,00042,00035,17643,19915,89540,212

17,438FY2014FY2015FY2016FY2017FY2018FY2014FY2015FY2016FY2017

results

results

plan

plan

plan

results

results

plan

plan

FY2018plan 22

Profit Plan
Achieve sustainable profit growth by increasing net sales
Operating income

Ordinary income

Consolidated

2,200

2,100

2,043

2,040

3,250 3,250

3,200 3,200

3,170 3,170

3,129 3,162

2,999 2,988

Net income attributable to owners of parent (Millions of yen)

1,834

FY2014 results

FY2015 results

FY2016 plan

FY2017 plan

FY2018 plan
(Millions of yen)

Nonconsolidated

Operating income

Ordinary income

2,773 2,815

2,674 2,672

1,637

FY2014 results

FY2015 results

2,850 2,850

2,800 2,800

2,780 2,790

1,830

Net income

1,790

FY2016 plan

1,850

FY2017 plan

1,900

FY2018 plan

23

Company Profile
Company name

KOMEHYO Co., Ltd.

EstablishedMay 1979

Head Office

3-25-31 Osu, Naka-ku, Nagoya

Representative
CapitalNo. ofemployees
Business
activities

Fiscal year-end
Stock

President, Representative Director: Takuji Ishihara
1,803 million yen
Consolidated: 590, Non-consolidated: 479
Buying and selling used and new products including jewelry, precious metals, watches,bags, clothing,kimonos, cameras, and musical instruments, as well as real estate leasing
March
Second Section, Tokyo and Nagoya Stock Exchanges (Securities code: 2780; Unit: 100
shares)(As of September 2015)24

Corporate History●Opened KOMEHYO Shibuya Koendori Store, Abeno Store●Opened USED MARKET Osu Store●Joined Keidanren●Established Auto Parts KOMEHYO KK(currently AUTO PARTS JAPAN)●Established KOMEHYO HONG KONG LIMITED●Acquired CRAFT Co., Ltd.
●Established Product Center●Established KOMEHYO Auction●Opened USED MARKET
2012
under a new store format

2015
2014

2013

2011

●Opened KOMEHYO Shoten,

2010

a 5-tsubo used clothing store, in Osu, Nagoya
2005
2004

●Opened Ginza Store

2003●Opened LINK SMILE under a new store format

2000
1996
1987
1979
1947

●Opened Shinjuku Store, the 2nd largest store after the Nagoya Store●Listed on the second section of the Tokyo and Nagoya stock exchanges●Listed on JASDAQ●Opened Yurakucho Store (full-scale expansion into Tokyo)●Expanded into Kansai (Shinsaibashi Store) ●Opened Purchasing Center Yurakucho Store●Opened KOMEHYO Sakae Central Park Store●Started online sales●Expanded into Tokyo (Purchasing Center Dogenzaka) ●Opened Kobe Motomachi Store●Changed the Japanese spelling of its namefrom 米兵 to コメ兵●Established KOMEHYO Co., Ltd.

●Opened Purchasing Center
Ikebukuro Nishiguchi●Opened Purchasing Center
Tachikawa Kitaguchi●Opened KOMEHYO
Canal City Hakata Store

25

KOMEHYO Business Model
Main functions of Product Center(1) Thorough confirmation of product authenticity/quality (2) Market price management(3) Maintenance (4)Product development speed/cost management(5) Stable/appropriate supply of products to stores

Purchase/procurement

KOMEHYO
LINK SMILE
USED MARKET

Home
deliverypurchase
KOMEHYO

New/secondhand
dealers

Products
Center・Productmanagement
・Online business・Home delivery
purchase

Sale

Store

KOMEHYO
LINK SMILE
USED MARKETWEB(Building area: Approx.
4,100m2 )Broken products
or other products that are
difficult to sell at stores

KOMEHYO ONLINE
SHOPGeneralcustomers

Generalcustomers

Store

Quality, market
price, distribution

Secondhand dealers
26

Business results for the past decade
Achieved a V-shaped recovery with store opening, new organizational structure,and subsidiary establishment
Consolidated net sales(100 million yen)

Consolidated operating
Opened 5 KOMEHYO stores,2 Craft storesincome (100 million yen)
Auto Parts KOMEHYO (currently AUTO PARTS JAPAN)
KOMEHYO, etc.
Established KOMEHYO HONG KONG LIMITED40

500

Consolidated net sales

450

Consolidated operating incomeLaunched Product Center

New organizational structure

400
350

Opened 4 storesOpened 4 stores including
KOMEHYO
Acquired Craft

KOMEHYO

Opened 2 stores KOMEHYO
Opened 1 store

KOMEHYO

35

Opened 9 stores including KOMEHYO,
Opened 1 Craft store
Established KOMEHYO Auction

30

Opened 1 store

300

LINK SMILE
Opened 1st store

25

KOMEHYO, etc.
Opened 4 stores

250

20
The Great
East Japan
Earthquake

Lehman Bros
bankruptcy

200

Consumption
tax increase

15

150
10
100
5

50
0

0

FY2006

FY2007

FY2008FY2009FY2010FY2011FY2012FY2013

FY2014FY201527

Store Type (1)Stores focusing on sale and purchase of jewelry, precious metals,
watches, and bags

26

Store

(as of
September2015)

Large-scale comprehensive
reuse store
Nagoya Store: Approx. 2,024
tsubo
Shinjuku Store: Approx. 829
tsubo
Main products(sales/purchase):
Jewelry , precious metals,
watches, bags, clothing
Kimonos, cameras,musical instruments
stores2

Mid-scale

Small-scale

Opening stores in large major
citiesStore size
Approx. 100-300 tsubo
Main products(sales/purchase):
Jewelry, precious metals,
watches, bags, clothing

5stores

Opening stores in major cities
Store size
Approx. 20-30 tsubo
Main products(sale/purchase):
Jewelry, precious metals,
watches, bags, clothing
Strengthening backorder

12stores

Purchasing Center
Opening stores in major cities
Main products (purchase only):
Jewelry, precious metals,
watches, bags, clothing

7stores28

Store Type (2)Stores focusing on sales and purchase of ladies casual clothing

7

Store

(as of
September
2015)

Main products (sales/purchase): Ladies casual clothing, bags,
accessories
Operating 7 stores in Aichi

29

Store Type (3)Stores focusing on sales and purchase of clothing in the low price range

4

stores(as of
September
2015)

Main products (sale/purchase): Clothing, bags, accessories
Red tags are attached to products and prices are lowered every two
weeks

30

Reuse Market
The BtoC reuse market is expanding
BtoC secondhand retail market
Trends of annual sales(100 million yen) 4,780
4,329

Market ratio(%)
18
Domestic retailreuse
16

market size(FY2013)(100 million yen)

14

2,106

12

3,071

10

The market size is
growing rapidly due
mainly to an increasing
focus on budget-minded
spending and increased
recognition of listed
reuse companies

1,785

1997

2002

Brand-nameproducts

2007

2012

Clothing/accessories

8

1,127

6

Camera

4

515

2
0

Source: The Ministry of Economy, Trade and Industry 1997-2007 “Census ofCommerce” Miscellaneous secondhand stores (including antique stores)
The Ministry of the Environment 2012 “Implementation Guidelines for Surveys of
Reuse Goods Circulation and Market Size” (except cars, motorcycles, mopeds,
books) (interim report)

5

10

15

Source: The Reuse Business Journal
Secondhand Business Data Book
2015

20

25

Change (%)
31

Shareholder Return
Dividend trends
Dividend (yen)35
30

Stock price (yen)Fiscal year-end dividend(yen)Interim dividend(yen)Fiscal year-end stock price(yen)Forecast

3,000

25

2,500

20

15

15
10

5
5

3,500

7

5

6
6

5
7

7
5

7
7

8
8

14

15
2,000

1,500

10

1,000

9

11

14

15

0

500

0

FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY201632