Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

Consolidated Earnings Report for the First Six Months of Fiscal 2021
[Japanese GAAP]May 7, 2021

Company Name:EPS Holdings, Inc.
Stock Listing:First Section, Tokyo Stock Exchange
Code Number:
4282
URL:
http://www.eps-holdings.co.jp
Representative Director:
Yan Hao, Chairman & CEO
Inquiries:
Kazuki Sekitani, Board Member, Vice President and Corporate OfficerTel:+81-3-5684-7873
Filing of Quarterly Securities Report:
May 15, 2021
Scheduled Payment of Dividends:
June 8, 2021
Supplementary explanatory materials prepared: Yes
Explanatory meeting:Yes (for institutional investors and analysts)(¥ millions are rounded down)

1. Consolidated Results for the First Six Months of Fiscal 2021 (October 1, 2020 to March 31, 2021)(1) Consolidated Operating Results(¥ millions; percentage figures represent year-on-year changes)
First Six Months

Net sales

Operating income

Profit attributable toowners of parent

Recurring profit

Fiscal 2021
35,3905.1%
3,807(41.9)%
4,326 (53.2)%
2,617
36.5%
Fiscal 2020
33,6630.5%
2,684(15.6)%
2,823 (13.8)%
1,917(7.2)%
Note: Comprehensive income: March 31, 2021: ¥3,580 million [204.6%], March 31, 2020: ¥1,175 million [(54.6)%]
First Six Months

Profitper share (¥)

Fiscal 2021
Fiscal 2020

59.29
42.39

Profitper share (diluted)(¥)－－(2) Consolidated Financial Position
Total assets(¥ millions)
Equity ratio
(%)
65.2
62.6

Net assets

March 31, 2021
71,17049,381
September 30, 2020
70,45846,939Note: Equity: March 31, 2021: ¥45,774 million, September 30, 2020: ¥44,106 million

2.

Dividends

Dividend per share (¥)
First Quarter

Second Quarter

Third Quarter

Fiscal 2020

－

10.00

－

10.00

20.00

Fiscal 2021

－

12.50
－

10.00

22.50

Fiscal 2021 (forecast)
Note: Revisions to recent dividend forecasts: yesYear End

Full YearThe dividend forecast is to be determined. For details, please refer to “Notice of Revision of Earnings Forecasts and Dividendsof Surplus (30th Anniversary Commemorative Dividend)” released today (May 7, 2021).

3.

Forecast of Consolidated Results for Fiscal 2021 (October 1, 2020 to September 30, 2021)
Net sales
Full year

75,00012.5%(¥ millions; percentage figures represent year-on-year changes)
Profit attributable toProfitOperating income
Recurring profit
owners of parent
per share (¥)
5,500

20.8%

5,900

18.5%

3,300

65.4%

74.67

Note: Revisions to recent consolidated results forecasts: Yes

Regarding the consolidated earnings forecast, please refer to “Notice of Revision of Earnings Forecasts and Dividends of Surplus(30th Anniversary Commemorative Dividend)” released today (May 7, 2021).

*Notes(1) Changes to important subsidiaries during the first six months changes in specified subsidiaries resulting in revised
scope of consolidation: None
(2) Application of special accounting methods in the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting principles, accounting estimates and restatements
a. Changes in accounting policies in conjunction with revisions to accounting standards: Noneb. Other changes: Nonec. Changes in accounting estimates: None
d. Restatements: None
(4) Number of shares issued (common stock)a. Number of shares issued at end of
Fiscal 2021, 2Q end
period (including treasury stock):

46,311,389 Fiscal 2020 end

46,311,389

b. Number of treasury stock at end of
period:Fiscal 2021, 2Q end

2,116,823 Fiscal 2020 end

2,212,221c. Average number of stock during theperiod:Fiscal 2021, 2Q

44,146,888 Fiscal 2020, 2Q

45,229,182

Note: The number of treasury shares at end of period includes 93,090 shares of the Company held by EPS EKISHIN Co., Ltd.
* This financial report is outside the scope of the quarterly audit reviews performed by certified public accountants or
auditing firms.
* Explanation concerning the appropriate use of financial forecasts and other notable matters.

Earnings forecasts and other forward-looking statements in this report are based on data currently available to management andcertain assumptions that management believes are reasonable. Actual results may differ materially from these statements for various
reasons.

2

Table of Contents of Supplementary Materials
1. Qualitative Information Concerning Quarterly Financial Statements ··························································· 2(1) Explanation Regarding Consolidated Operating Results ····································································· 2(2) Explanation Concerning Forward-Looking Statements such as Consolidated Financial Forecasts ·····················4
2. Quarterly Consolidated Financial Statements and Main Notes ·································································· 5(1) Quarterly Consolidated Balance Sheets ························································································· 5(2) Quarterly Consolidated Statements of Income and Comprehensive Income ··············································· 7
Quarterly Consolidated Statements of Income(The six months ended March 31, 2021) ··················································································· 7
Quarterly Consolidated Comprehensive Income(The six months ended March 31, 2021) ················································································· 8(3) Notes Concerning Quarterly Consolidated Financial Statements ·························································· 9(Note Concerning the Going Concern Assumption) ······································································· 9(Note Concerning Significant Changes in the Amount of Shareholders’ Equity) ···································· 9(Segment Information) ········································································································· 9(Important Subsequent Events) ··························································································· 10
3. Supplementary Information ······································································································· 11(1) Main Data Related to Consolidated Cash Flows ············································································· 11(2) Orders Received ················································································································ 11

11. Qualitative Information Concerning Quarterly Financial Statements(1) Explanation Regarding Consolidated Operating Results
Overview of Operating Results for the Six Months Ended March 31, 2021
The First Six Months of
Fiscal 2020
Amount%(¥ millions)

The First Six Months of
Fiscal 2021
Amount%ChangeAmount%Net sales

33,663100.0

35,390

100.0

1,726

5.1

Operating income

2,684

8.0

3,807

10.8

1,123

41.9

Recurring profit

2,823

8.4

4,326

12,2

1,503

53.2

Profit attributableto owners ofparent

1,917

5.7

2,617

7.4

700

36.5

Forward-looking statements contained in this document are based on the judgment of operating results as of March 31,
2021.
In the six months ended March 31, 2021, both consolidated net sales and consolidated operating income for the entire
Group were solid, and COVID-19 had only a slight impact on each business.
The Domestic Business reported year-on-year increases in sales and income in the Contract Research Organization(CRO) Business, where utilization rates improved especially for monitoring, and in the Contract Sales Organization(CSO) Business, where every service made steady progress especially contract medical representative (MR) and drug
information (DI) services* for pharmaceutical companies. The Site Management Organization (SMO) Business posted adecline in sales due in part to the limitation of patients, particularly for medical institutions outside major metropolitan
areas, and examinees visiting hospitals as a result of COVID-19, but posted an increase in profit thanks largely to
reduced expenses.
In the Overseas Business, the Global Research Business reported lower sales and income, reflecting the fiercelycompetitive environment for winning orders. The EKISHIN (China) Business temporarily suspended the operation of
manufacturing lines in China in the first quarter of the previous fiscal year. The segment subsequently achieved sales
growth following the resumption of operations, but incurred expenses for responding to the tightening of regulations in
China.
As a result, consolidated net sales were ¥35,390 million, up 5.1% year on year.
Consolidated operating income rose 41.9% year on year, to ¥3,807 million, reflecting profit growth from increased net
sales and the effect of reduced administrative expenses through cost structure reforms.
Operational segments are outlined as follows.
*Drug Information (DI) services: Call center services making the latest drug information available to health care
professionals
Segment Overview
The Group primarily operates businesses in the following five segments (three domestic segments and two overseas
segments).
(¥ millions)
The First Six
The First Six
Months ofMonths of
ChangeFiscal 2020
Fiscal 2021
1,121
Net sales
15,595
16,717
CRO
Operating income
2,438
3,566
1,128
Domestic
Net sales
6,917
6,700
(216)
SMO
Business
29
Operating income
911
940
Net sales
5,633
6,336
672
CSO
407
Operating income
399
807
Net sales
1,889
1,583
(306)
GlobalResearch(81)
Operating income
99
17
Overseas
EKISHIN
247
Net sales
4,084
4,331
Business(China)Operatingincome(loss)
(257)
(181)
76
Business
1) CRO Business
The CRO Business is conducted mainly by EPS Corporation, EP-CRSU Co., Ltd., and EP Mediate Co., Ltd. In
this business, the Group aims to build an EPS platform which provides total solutions, and is engaged in a range of2

initiatives including the establishment of new services such as the creation of a virtual clinical trial framework(Virtual Go) and the acquisition of new knowledge through joint research with academia.
Net sales in this segment came to ¥16,717 million, an increase of ¥1,121 million, or 7.2%, year on year, andsegment operating income was ¥3,566 million, rising ¥1,128 million, or 46.3%, year on year.
Performance in the CRO Business by service is as follows.
Clinical trials and post-marketing surveillance (PMS) services
Factors including a high volume of orders received through alliances with multiple partners going beyond
expectations, continuously high utilization rates of monitoring and data science services, and higher efficiency of
low-profitability projects in data science operation resulted in growth in both sales and income.
Clinical research services
The Group is focusing on strengthening its service framework in face of increasingly diverse clinical research aswell as on enhancing support services from upstream to downstream processes and strengthening sales. Clinicalresearch services showed gains in sales and income, reflecting brisk inquiries centered on academic projects
including investigator-initiated clinical trials, high utilization rates in clinical research monitoring services, and theeffects of cost reductions.
Medical device and other services
The Group is seeking to integrate medical device services and CRO for health-functional food services tostrengthen the non-pharmaceutical CRO business. Compared with the same period of the previous year, medical
device services achieved steady sales expansion in line with market growth. While sales and income from healthfunctional food services decreased year on year, many new inquiries about functional foods were received.
2) SMO Business
The SMO Business is undertaken by EP-SOGO Co., Ltd.
In this business, the Group is striving to secure orders through proposal-based sales activities for existing and newservices targeting clinical trial sponsors and through alliance contracts, and actively executing regional strategies
such as concentrating resources on preferred facilities with good patient recruitment rates, among others.
Net sales in this segment were ¥6,700 million, a decrease of ¥216 million, or 3.1%, year on year. Segment
operating income was ¥940 million, rising ¥29 million, or 3.2%, year on year.
In terms of operations, the Group is seeking to increase the efficiency of clinical trials and improve productivity
by promoting the remote review system of the Institutional Review Board (IRB) through the digitalization of clinical
trial related documentation including essential documents. In addition, the Group is deploying a new business model
to alleviate the workload of clinical research coordinators (CRCs) through the central management of clinical trial
data by Site Data Managers (SDMs) assigned to medical institutions, and to rapidly recruiting clinical trial patientsand reduce clinical trial costs. Inquiries increased from the same period of the previous year and a number of projects
are in operation. Sales fell slightly due in part to the limitation of patients, particularly for medical institutions
outside major metropolitan areas, and examinees visiting hospitals as a result of COVID-19, but posted an increasein profit to the appropriate allocation of personnel, reduction of management expenses, and other measures taken.
*Site Data Manager (SDM): To enable CRCs to focus on dealing with clinical trial patients and medical staff andrecruiting clinical trial participants, the Group assigns a Clinical Research Associate (CRA) to a medical
institution as an SDM who is exclusively in charge of carefully assessing data and inputting data into the system.
3) CSO Business
The CSO Business is undertaken by EP-PharmaLine Co., Ltd., EP-Force Co., Ltd., and ES-Link Co., Ltd.
Net sales in this segment were ¥6,336 million, an increase of ¥672 million, or 11.9%, year on year. Segment
operating income was ¥807 million, an increase of ¥407 million, or 102.1%, year on year.
Performance in the CRO Business by service is as follows.
DI services
DI services registered higher sales, reflecting an increase in new clients who had not outsourced DI operations
previously and the Group's ability to offer pharmaceutical companies services related to COVID-19. Profit remainedat the level of the previous year as a result of a decrease in high-profitability spot projects from the same period of
the previous year when a multiple number of such projects were operated.
3

Contract MR (CMR) services
Decline in demand for CMRs spurred by the pharmaceutical industry’s ongoing MR reductions in recent years
came to an end and inquiries are also on a recovery trajectory. The Group made steady progress with the allocationof personnel to new projects and utilization rates increased. As a result, CMR services registered gains in sales.
Profit grew substantially owing to high utilization rates and promotion of remote activities.
Other services
Contracts for the preparation of academic materials increased due to an increase in web seminars. Steady progressin services such as support for post-marketing surveillance and pharmaceutical distribution management resulted in
growth in both sales and income.
4) Global Research Business
The Global Research Business comprises EPS International Holdings Co., Ltd. and its overseas group companies,
which conduct the CRO business in Japan, China and the Asia-Pacific region.
Net sales in this business were ¥1,583 million, a decrease of ¥306 million, or 16.2%, year on year. Operating
income came to ¥17 million, a decrease of ¥81 million, or 82.2%, year on year.
New orders from overseas for trials within Japan were weak due to intensified competition with global CROs.
In the CRO business in China, inquiries increased in tandem with market expansion, especially at Beijing Global
Pharmaceutical Research Co., Ltd. (G&P), a Chinese CRO acquired in the previous fiscal year. However, thebusiness was affected by delay in some clinical trials.
In the Asia-Pacific region, the Group focused on winning orders for projects in each country and continued tobuild a business base.
5) EKISHIN (China) Business
The EKISHIN (China) Business comprises the two regional holding companies EPS EKISHIN Co., Ltd. and EPS(China) Co., Ltd., and related overseas Group companies.
In this business, under a solid capital and business partnership with SUZUKEN Co., Ltd., the Group provides
product-related services centered on pharmaceuticals and medical devices, international trade related services andperipheral support services and is working to further expand earnings.
Net sales in this business were ¥4,331 million, an increase of ¥247 million, or 6.1%, year on year, and operating
losses were ¥181 million (¥257 million in operating losses posted in the same period of the previous fiscal year).
In the EKISHIN (China)

Business, earnings are driven by pharmaceutical manufacturing and sales, and efforts

are also being made to strengthen profitability through the careful selection of sales channels. Looking at sales andincome, during the first quarter of the previous fiscal year, the temporary suspension of manufacturing lines had anegative impact. However, manufacturing operations have since resumed and, as a result, sales increased. In China,
too, however, the number of patients visiting medical institutions has decreased since the outbreak of the COVID19 pandemic and the negative impact on sales remains. In addition, various expenses were incurred to make
improvements in response to the tightening of regulations on pharmaceutical manufacturing in China.
(2) Explanation Concerning Forward-Looking Statements such as Consolidated Financial Forecasts
Based on its recent performance, the Company has revised its earnings forecast for the fiscal year ending September
30, 2021, announced on November 5, 2020. For details, please refer to “Notice of Revision of Earnings Forecasts andDividends of Surplus (30th Anniversary Commemorative Dividend)” released today (May 7, 2021).

42. Quarterly Consolidated Financial Statements and Main Notes(1) Quarterly Consolidated Balance Sheets(¥ million)

As of September 30, 2020
(Previous Fiscal Year-End)As of March 31, 2021
(End of the First Six Months)

22,127
16,313
1,378
1,002
1,752
3,494
(159)

20,124
17,626
1,179
1,411
1,972
3,224
(177)

45,90945,361

7,244

8,359

5,984
1,438

5,454
1,423

7,422

6,877

Investments and other assets
Investment securities
Lease and guarantee deposits
Other investments and other assets

3,690
1,984
4,206

4,727
2,109
3,735

Total investments and other assets

9,880

10,572

24,54825,80970,45871,170

753
3,465
209
2,104
3,554
296
9,835

1,228
2,784
159
1,530
2,759
242
9,056

20,21917,760

204

850

110

52

1,767
580
636

1,696
574
854

3,299

4,028

23,51821,789AssetsCurrent assets
Cash and time deposits
Notes and accounts receivable - tradeMarketable securities
Merchandise and finished goods
Work in process
Other current assets
Less: Allowance for doubtful accounts
Total current assets
Fixed assets
Property, plant and equipment
Intangible fixed assets
Goodwill
Other intangible fixed assets
Total intangible fixed assets

Total fixed assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade
Short-term loans
Current portion of long-term loans payable
Income taxes payable
Allowance for employees’ bonuses
Provision for loss on order received
Other current liabilities
Total current liabilities
Non-current liabilities
Long-term debt
Allowance for directors’ and corporate auditors’
retirement benefits
Net defined benefit liability
Asset retirement obligations
Other non-current liabilities
Total non-current liabilities
Total liabilities5(¥ million)

As of September 30, 2020
(Previous Fiscal Year-End)As of March 31, 2021
(End of the First Six Months)

Net assets
Shareholders’ equity
Capital stock
Additional paid-in capital
Retained earnings
Treasury common stock, at cost

3,888
13,38229,007(2,802)

3,888
12,82831,183(2,682)

Total shareholders’ equity

43,47545,217

164

455

559
(93)

830
(71)

630

1,213

Non-controlling interests

2,833

2,949

Total net assets

46,93949,38170,45871,170

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income

Total liabilities and net assets

6

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income(The six months ended March 31, 2021)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income:Interest income
Dividend income
Foreign exchange gains
Gain on insurance cancellation
Other non-operating income
Total non-operating income
Non-operating expenses:
Interest expenses
Foreign exchange losses
Commission fees
Other non-operating expenses
Total non-operating expenses
Recurring profit
Extraordinary gains:
Surrender value of insurance
Total extraordinary gains
Extraordinary losses:
Business reorganization losses
Total extraordinary loss
Profit before income taxes
Income taxes
Income tax adjustment
Total income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

7

First Six Months of
Fiscal 2020
(October 1, 2019
to March 31, 2020)
33,633
22,982
10,681
7,996
2,684(¥ millions)First Six Months of
Fiscal 2021
(October 1, 2020
to March 31, 2021)
35,39023,321
12,068
8,261
3,807

62
30
―
47
69
209

51
27
224
106
139
550

7
25
―
36
69
2,823

9
―
20
2
31
4,326

637
637

―
―

274
274
3,186
1,117
306
1,423
1,762
(154)
1,917

―
―
4,326
1,399
168
1,568
2,758
141
2,617

Quarterly Consolidated Comprehensive Income(The six months ended March 31, 2021)

ProfitOther comprehensive income:
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

8

First Six Months of
Fiscal 2020
(October 1, 2019
to March 31, 2020)
1,762(¥ millions)First Six Months of
Fiscal 2021
(October 1, 2020
to March 31, 2021)
2,758

(690)
44
58

290
509
21

0

0

(587)
1,175

821
3,580

1,322

3,200

(147)

379

(3) Notes Concerning Quarterly Consolidated Financial Statements(Notes Concerning the Going Concern Assumption)
None(Note Concerning Significant Changes in the Amount of Shareholders’ Equity)
None(Segment Information)
I. The First Six Months of Fiscal 2020 (October 1, 2019 to March 31, 2020)
1. Information Concerning Net Sales and Operating Income for Each Segment

CRO

SMO

GlobalResearchBusiness

CSO

EKISHIN(China)Business

OthersTotal(¥ millions)
Amountrecorded on
Adjustmquarterlyentconsolidated(Note 1 )financialstatements

Net sales
Sales to outside
14,770
6,903
5,614
1,782
4,075
517
33,663―
33,663customers
Inter-segment
825
14
49
107
8
948
1,952
(1,952)―
sales and transfers
Total
15,595
6,917
5,663
1,889
4,084
1,466
35,616(1,952)
33,663
Segment
2,438
911
399
99
(257)
73
3,664
(980)
2,684
operating income
Notes: 1. Adjustment of ¥(980) million for segment operating income includes inter-segment transactions of ¥8 million
and corporate expenses not allocated to each reportable segment of ¥(988) million. The main corporate
expenses comprise expenses related to the Company (the holding company).
2. EPS Associates Co., Ltd. and EPS International Holdings Co., Ltd. merged on October 1, 2019. EPS Associates
Co., Ltd. was the surviving company in the merger by absorption upon which its name was changed to EPSInternational Holdings Co., Ltd. Accompanying this, it was moved from the CRO Business to the Global
Research Business segment. Segment information for the six months ended March 31, 2019 is disclosed basedon the reporting segments for the six months ended March 31, 2020.
Ⅱ. The First Six Months of Fiscal 2021 (October 1, 2020 to March 31, 2021)
1. Information Concerning Net Sales and Operating Income for Each Segment

Net sales
Sales to outside
customers
Inter-segment
sales andtransfers
Total
Segment operating
income(¥ millions)GlobalResearch
Business

EKISHIN(China)Business

Others

Total

Adjustment(Note )

Amount recorded onquarterly consolidated
financial statements

CRO

SMO

CSO

16,476

6,689

6,325

1,423

4,319

154

35,390―35,390

240

10

11

160

11

1,572

2,007

(2,007)―

16,717

6,700

6,336

1,583

4,331

1,727

37,397(2,007)35,390

3,566

940

807

17

(181)

(46)

5,104

(1,296)

3,807

Notes: Adjustment of ¥(1,296) million for segment operating income includes inter-segment transactions of ¥3 million
and corporate expenses not allocated to each reportable segment of ¥(1,300) million. The main corporate
expenses comprise expenses related to the Company (the holding company).

9

Important Subsequent Events(Purchase of Speed Apparel Holding Limited through share acquisition)
At a meeting of the Board of Directors held on April 26, 2021, the Company passed a resolution to acquire 75% of
the shares outstanding of Speed Apparel Holding Limited (“SPEED”) and acquired said shares on April 27, 2021.
1. Outline of business combination(1) Name of the acquired company and its business
Name of the acquired company: Speed Apparel Holding Limited* Subject to resolution at an extraordinary general meeting of shareholders, Speed Apparel Holding Limited willchange its name to EPS Creative Health Technology Group Ltd.
Business: Supply chain management services(2) Main reasons for the business combination
To establish a business unlike any held by the Group before by consolidating SPEED, which has expertise inapparel product design, distribution, and other operations, into the Group and combining it with the Group’s
knowledge of healthcare services and to diversify the Group’s businesses by adding drug development, which has
been operated in the Chinese business in the past, to the product business between China and Japan led by SPEED.
(3) Percentage share of voting rights acquired:75％(4) Main reason for the decision to acquire the company
Availability to the Company of the method of share acquisition in exchange for cash
2. Acquisition cost for the acquired enterprise and the breakdown by type of consideration
Consideration for Cash 370.5 million Hong Kong
acquisition
dollars
Acquisition cost
370.5 million Hong Kong
dollars(Purchase of CAC Croit Corporation through share acquisition)
At a meeting of the Board of Directors held on April 27, 2021, the Company passed a resolution for EPS Corporation,
a wholly owned subsidiary of the Company, to acquire all shares of CAC Croit Corporation on June 30, 2021, and makeit a consolidated subsidiary (a second-tier subsidiary of the Company).
1. Outline of business combination(1) Name of the acquired company and its business
Name of the acquired company: CAC Croit Corporation
Business: Contracted operations in the development of pharmaceuticals and medical instruments and related IT
services(2) Main reasons for the business combination
To build a system capable of serving wide-ranging customers from clinical trials to manufacturing and selling by
combining CAC Croit’s expertise in operation management and customer services and to provide support forextensive safety operations by making comprehensive use of knowledge in safety management support and skills
in system development(3) Percentage share of voting rights acquired:
100％(4) Main reason for the decision to acquire the company
Availability to EPS Corporation, the Company’s consolidated subsidiary, of the method of share acquisition in
exchange for cash
2. Acquisition cost for the acquired enterprise and the breakdown by type of consideration
Consideration for Cash¥3,000 million
acquisition
Acquisition cost
¥3,000 million

103.Supplementary Information(1) Main Data related to Consolidated Cash Flows

Ⅰ Cash flows from operating activities

First Six Months of
Fiscal 2020
(October 1, 2019
to March 31, 2020)
1,567(¥ millions)First Six Months of
Fiscal 2021
(October 1, 2020
to March 31, 2021)
344

Ⅱ Cash flows from investing activities(1,359)(1,791)958(1,291)

31

393

1,197

(2,345)

19,141

22,833

20,33920,48820,33920,488Depreciation

403

509

Amortization of goodwill

621

582

Ⅲ Cash flows from financing activities
Effect of exchange rate change on cash and cashⅣ equivalents
Ⅴ. Net increase (decrease) in cash and cash equivalents
Ⅵ Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents due to share
Ⅶ exchange
Ⅷ Cash and cash equivalents at end of period(2) Orders Received
Segment

The First Six Months of Fiscal 2021
(October 1, 2020 to March 31, 2021)
YoY (%)
Backlog
215,052,196(¥ millions)

CRO BusinessNew orders
24,307

YoY (%)
132.0

SMO Business

8,204

119,9

23,346

110.3

CSO Business

6,013

98.8

10,226

96.9

Global Research Business

978

―

5,366

87.5

EKISHIN (China) Business

4,385

118.4

224

333.4

147

50.1

23

3.9

Others44,037160.7
91,384
117.1
Total
Notes: 1. In the Global Research Business, there were order cancellations associated with project suspensions, and thoseamounts are included in new orders.
2. Figures represent sales prices.
3. The above figures do not include consumption taxes.

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