Summary of Consolidated Financial Results for the Second Quarterof the Fiscal Year Ending March 31, 2018
(Six Months Ended September 30, 2017)[Japanese GAAP]
October 31, 2017

Company name: QUICK CO.,LTD.
Listing: First Section, Tokyo Stock Exchange
Stock code:
4318
URL: https://919.jp/
Representative: Tsutomu Wano, President
Contact:
Yasuhiko Hirata, Director, Executive Officer, General Manager of Administration and Accounting Division
Tel: +81-6-6366-0919
Scheduled date of filing of Quarterly Report:
November 13, 2017
Scheduled date of payment of dividend:
December 1, 2017
Preparation of supplementary materials for quarterly financial results: Yes
Holding of quarterly financial results meeting:Yes(All amounts are rounded down to the nearest million yen.)

1. Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2018
(April 1, 2017 – September 30, 2017)(1) Consolidated results of operations(Percentages represent year-on-year changes.)
Net sales
Millions of yen

Operating profit%

Millions of yen% Millions of yen

Six months ended Sep. 30, 2017
8,405 12.9
1,694 10.0
Six months ended Sep. 30, 2016
7,445 18.7
1,540 20.8
Note: Comprehensive income (millions of yen) Six months ended Sep. 30, 2017:
Six months ended Sep. 30, 2016:
Net income per share
Yen
65.39
57.20

Six months ended Sep. 30, 2017
Six months ended Sep. 30, 2016

Profit attributable toowners of parent

Ordinary profit%

Millions of yen%

1,745 10.3
1,582 21.4
1,352 (up 21.7%)
1,111 (up 30.5%)

1,228
1,074

14.3
25.1

Diluted net income per share
Yen-(2) Consolidated financial position
Total assets

Net assets

Millions of yen

Millions of yen

As of Sep. 30, 2017
As of Mar. 31, 2017
Reference: Shareholders’ equity (millions of yen)

Shareholders’ equity ratio Net assets per share
%

9,729
6,846
9,300
5,796
As of Sep. 30, 2017:
6,834

Yen

70.2
62.3
As of Mar. 31, 2017: 5,796

363.76308.51

2. Dividends
1Q-end2Q-endYen

Fiscal year ended Mar. 31, 2017
Fiscal year ending Mar. 31, 2018
Fiscal year ending Mar. 31, 2018 (forecast)
Note: Revisions to the most recently announced dividend forecast: None

Dividend per share
3Q-endYear-end

Total

Yen

Yen

Yen

Yen

14.00
17.00

-

16.00

30.00

-

17.00

34.00

3. Consolidated Earnings Forecast for the Fiscal Year Ending March 31, 2018 (April 1, 2017 – March 31, 2018)
Net sales
Millions of yen(Percentages represent year-on-year changes.)
Profit attributable to
Net income
Ordinary profit
owners of parent
per share

Operating profit

Millions of yen%

Millions of yen%

Yen

16,100 10.4
2,170
8.6
2,250
Full year
Note: Revisions to the most recently announced consolidated forecast: None%

Millions of yen

%

8.5

1,550

11.4

82.50

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes inscope of consolidation): None
(2) Application of special accounting methods for presenting quarterly consolidated financial statements: None
(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 outstanding (common shares)
1) Number of shares outstanding at the end of the period (including treasury shares)
As of Sep. 30, 2017:19,098,576 shares

As of Mar. 31, 2017:19,098,576 shares

As of Mar. 31, 2017:

311,017 shares

2) Number of treasury shares at the end of the period
As of Sep. 30, 2017:

311,038 shares

3) Average number of shares outstanding during the period
Six months ended Sep. 30, 2017:18,787,539 shares

Six months ended Sep. 30, 2016:

18,787,596 shares* The current quarterly financial report is not subject to quarterly review procedures.
* Explanation of appropriate use of earnings forecasts, and other special items
Cautionary statement with respect to forward-looking statements
Forecasts and forward-looking statements in these materials are based on assumptions judged to be valid and information
available to the Company’s management at the time the materials were prepared. These materials are not promises by theCompany regarding future performance. Actual results may differ significantly from these forecasts for a number of reasons.
For discussion of the assumptions and other factors considered by the Company in preparing the above projections, please referto page 3 of the attachments “1. Qualitative Information on Quarterly Consolidated Financial Performance, (3) Explanation ofConsolidated Forecast and Other Forward-looking Statements.”

QUICK CO., LTD. (4318) Financial Results for the Second Quarter of FY3/18

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations
During the first half of the fiscal year ending March 31, 2018, the gradual recovery of the Japanese economy
continued. Earnings at companies are improving along with an upturn in exports and manufacturing output. A
recovery in consumer spending is also supporting Japan’s economic recovery. However, there is a severe labor
shortage in Japan, especially at small and midsize companies. There is also uncertainty about overseas politicalevents and monetary policies as well as increasing geopolitical risk in neighboring countries. Due to this situation,
the economic outlook remains uncertain.
In Japan’s labor market, there is a severe shortage of workers. The problem is most serious in the manufacturing,transportation and service and retail sectors. In August 2017, the job openings-to-applicants ratio was a seasonallyadjusted 1.52, which is higher than during Japan’s asset bubble period. Furthermore, the seasonally adjusted job
openings-to-applicants ratio increased to a seasonally adjusted 1.01 for full-time employees. These ratios showthat the shortage of workers in Japan is becoming even more serious.
During the first half, the QUICK Group reinforced existing services, expanded operations in new strategic market
sectors and developed new services. All activities are aimed at differentiating the QUICK Group fromcompetitors and increasing customer satisfaction by helping solve recruiting and other labor-related problems atclient companies. In addition, group companies used numerous measures to build a stronger foundation forbusiness operations by increasing investments in human resources. Group companies aggressively recruited new
graduates and other people with outstanding skills, improved compensation for group personnel and took otheractions. In August 2017, QUICK acquired Centre People Appointments Ltd., a company based in London thatprovides employee placement and temporary staffing services to the operations of Japanese companies in the
United Kingdom. Quick plans to continue growing outside Japan to accomplish the QUICK Group’s vision of
becoming Sekai no Jinjibu (Human Resources Department of the world).
In the Human Resources Services Business, sale in the personnel placement category were strong due to anincreasing number of placements of people with specialized skills at companies in many fields. Recruiting needs
remain high in the construction and civil engineering sector and in the manufacturing sector. Furthermore, growthcontinued in the placement of nurses at hospitals, nursing care facilities and other locations where there is verystrong demand for workers. Growth in nurse placements continued despite heated competition with other humanresources companies for the registration of people for job placements.
During the first half, QUICK launched a website called Iryo Kiki Tenshoku BiZ that specializes in people
working at companies in the medical device industry who are looking for another job within the industry. The
Kango-roo! website, which is a community website for nursing care professionals, added a website called
Kangoshi Illustrations. The new site supplies medical and nursing care illustrations to assist with the productionof printed documents and other materials used at hospitals and clinics. Overall, QUICK continued to use manymeasures for expanding and upgrading services at websites in this business and conducted more promotions tosign up people looking for jobs. The goals are to set QUICK apart from competitors and enhance customer
satisfaction.
In the temporary staffing, temporary-to-permanent staffing and business contracting categories, growth continued dueto the labor shortage associated with declining unemployment in Japan. Sales from the provision of part-time workers
increased, chiefly for IT and Internet jobs. Strong demand for the temporary placement of workers in the medical andwelfare sectors and of childcare workers also contributed to the performance of this category.
In September, the Hoitomo Osaka website started operations to provide childcare professionals with information
about job openings and opportunities to change jobs in Osaka. The aim is more growth of the childcare temporary
staffing business. There were other investments as well during the first half in order to increase the number ofregistrations of job seekers and reinforce the QUICK brand.

1

QUICK CO., LTD. (4318) Financial Results for the Second Quarter of FY3/18

Overall, Human Resources Services segment sales increased 17.7% year-on-year to 5,428 million yen and operating
profit increased 12.6% year-on-year to 1,593 million yen.
In the Recruiting Business, there are still more job openings than new graduates. To register new graduates,
QUICK used recruiting advertisements targeting students planning to graduate in March 2018, ran advertisements
asking students planning to graduate in March 2019 to apply for intern positions, and participated in joint
information meetings, exhibits and other recruiting events. In addition, the demand in the mid-year hiring
category is increasing at many companies because of Japan’s labor shortage. As a result, the volume of recruiting
advertisements increased for registering people for temporary placements, hiring part-time workers and for otherpurposes. However, higher personnel and other expenses caused earnings in this business to decrease.
Overall, Recruiting segment sales increased 5.1% year-on-year to 1,569 million yen and operating profit
decreased 2.0% year-on-year to 322 million yen.
In the Information Publishing Business, the volume of advertisement remained firm for Iezukuri Navi, a housing
information magazine. In services other than advertising, posting services businesses using flyers inserted innewspapers and other publications achieved growth. In addition, Cococolor Iezukuri, concierge services, performed
well. However, the performance of the lifestyle information magazines in Ishikawa, Toyama and Niigata
prefectures was impacted by intense competition.
This business has started new activities for reinvigorating specific regions of Japan. These activities areassociated with the Furusato Working Holiday campaign of the Ministry of Internal Affairs and Communications.
One significant project is the Ishikawa Prefecture Furusato Working Holiday project of the prefectural
government. Started in 2017, this trial visit and work project aims to encourage young people in other regions ofJapan to live and work in Ishikawa prefecture.
Overall, Information Publishing segment sales decreased 3.1% year-on-year to 834 million yen and operating loss
was 21 million yen, compared with operating profit of 5 million yen in the same period of the previous fiscal year.
In other business, such as Internet-Related Business, growth in the volume of products using the Nihon no Jinjibu(Japan’s Human Resources Department) brand continued. This includes the Nihon no Jinjibu portal site for
information about human resources and labor relations, the HR Conference 2017 Spring, and other activities.
In Overseas Business, the United States is rapidly becoming a sellers’ market for legal foreign workers because ofstricter rules for granting working visas. There has been steady growth both the personnel placement andtemporary staffing categories despite intense competition with other human resource companies for theregistration of job seekers who speak English and Japanese.
At Shanghai QUICK Co., Ltd., there was almost no change in sales in the core personnel and labor consulting
operations but recruit consultation sales decreased because of the downturn in hiring by the operations ofJapanese companies in China, the primary clients for this service.
At QUICK GLOBAL MEXICO, S.A. DE C.V., there is consistently strong demand for the placement of interpreters,
salespeople, accountants and other workers at the operations of Japanese companies in Mexico, chiefly in theautomobile industry.
Overall, sales in other businesses increased 19.3% year-on-year to 571 million yen and operating profit increased
44.9% year-on-year to 98 million yen.
As a result of these factors, sales and earnings set a new first half record. Net sales increased 12.9% year-on-year
to 8,405 million yen, operating profit increased 10.0% year-on-year to 1,694 million yen, ordinary profit
increased 10.3% year-on-year to 1,745 million yen, and profit attributable to owners of parent increased 14.3%
year-on-year to 1,228 million yen.

2

QUICK CO., LTD. (4318) Financial Results for the Second Quarter of FY3/18(2) Explanation of Financial Position
1) Assets, liabilities and net assets
Total assets at the end of the second quarter of the fiscal year under review were 9,729 million yen, which was
428 million yen more than at the end of the previous fiscal year. This was mainly the result of increases in cash
and deposits and investment securities despite a decrease in notes and accounts receivable-trade.
Total liabilities were 2,882 million yen, which was 621 million yen less than at the end of the previous fiscal year.
This was mainly the result of decreases in accounts payable-trade and provision for bonuses.
Total net assets were 6,846 million yen, which was 1,050 million yen more than at the end of the previous fiscal
year. This was mainly the result of an increase in retained earnings due to the booking of profit attributable toowners of parent. Consequently, the shareholders’ equity ratio increased 7.9 percentage points from the end of theprevious fiscal year to 70.2%.
2) Cash Flows
Cash and cash equivalents (hereinafter referred to as “net cash”) increased 451 million yen from the end of theprevious fiscal year to 5,090 million yen at the end of the second quarter of the current fiscal year. Outflows
included income taxes paid and cash dividends paid, while inflows included profit before income taxes. Cashflows by category were as follows.
Cash flows from operating activities
Net cash provided by operating activities decreased 32.3% year-on-year to 1,008 million yen. Negative factors
include income taxes paid of 436 million yen and decrease of 361 million yen in notes and accounts payable-trade.
Positive factors include profit before income taxes of 1,745 million yen.
Cash flows from investing activities
Net cash used in investing activities increased 180.5% year-on-year to 315 million yen. Negative factors include
purchase of shares of subsidiaries resulting in change in scope of consolidation of 142 million yen, and purchaseof non-current assets of 138 million yen.
Cash flows from financing activities
Net cash used in financing activities increased 32.6% year-on-year to 308 million yen. Negative factors include
cash dividends paid of 299 million yen.
(3) Explanation of Consolidated Forecast and Other Forward-looking Statements
At this point, there are no revisions to the full-year consolidated earnings forecast for the fiscal year ending
March 31, 2018 that was announced in the “Summary of Consolidated Financial Results for the Fiscal Year Ended
March 31, 2017 (Japanese GAAP)” on April 28, 2017.
An announcement will be made promptly if the review of impact on the Group’s business performance requires arevision to these forecasts.

3

QUICK CO., LTD. (4318) Financial Results for the Second Quarter of FY3/18

2. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheet(Thousands of yen)
Second quarter of FY3/18(As of Sep. 30, 2017)

FY3/17(As of Mar. 31, 2017)
AssetsCurrent assets
Cash and deposits

4,669,428

5,120,930

Notes and accounts receivable-trade

1,784,605

1,479,558

Deferred tax assets

201,772

116,283

Other334,404

291,501

Allowance for doubtful accounts
Total current assets(1,845)(1,576)

6,988,364

7,006,697

391,561

486,822

Non-current assets
Property, plant and equipment
Buildings and structures, net
Vehicles, net

2,749

5,080

Tools, furniture and fixtures, net

64,877

82,056

Land

276,869

276,869

7,915

6,072

-

3,240

743,973

860,141

Leased assets, net
Other
Total property, plant and equipment
Intangible assets
Goodwill-

145,139

Leased assets

16,514

11,231

Other

203,055

203,156

Total intangible assets

219,569

359,528

Investment securities

882,788

1,003,688

Lease deposits

410,030

442,821

Investments and other assets

Deferred tax assets

3,479

3,204

Other

70,996

67,411

Allowance for doubtful accounts(18,527)(13,899)

Total investments and other assets

1,348,767

1,503,226

2,312,310

2,722,895

9,300,675

9,729,593

Total non-current assets
Total assets

4

QUICK CO., LTD. (4318) Financial Results for the Second Quarter of FY3/18(Thousands of yen)
Second quarter of FY3/18(As of Sep. 30, 2017)

FY3/17(As of Mar. 31, 2017)
Liabilities
Current liabilities
Accounts payable-trade653,118

239,157

Short-term loans payable

189,902

188,300

Accounts payable-other713,656

682,785

Accrued expenses

376,407375,990

Income taxes payable

522,873

512,144

Provision for bonuses

406,918

195,124

Provision for directors’ bonuses

52,450-

Provision for repayment

15,00023,900Asset retirement obligations

1,465

-

369,478

400,4933,301,271

2,617,894

Deferred tax liabilities

153,568

209,015

Asset retirement obligations

37,96547,932

Other

11,705

7,963

Total non-current liabilities

203,239

264,9113,504,510

2,882,806

351,317351,317

Other
Total current liabilities
Non-current liabilities

Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus

307,998

307,998

Retained earnings

4,728,581

5,644,032

Treasury shares(19,019)(19,043)

Total shareholders’ equity

5,368,878

6,284,304

420,525

541,925

6,760

7,977

427,285549,902

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

5-

12,5795,796,164

6,846,787

9,300,675

9,729,593

QUICK CO., LTD. (4318) Financial Results for the Second Quarter of FY3/18(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statement of Income(For the Six-month Period)First six months of FY3/17(Apr. 1, 2016 – Sep. 30, 2016)(Thousands of yen)First six months of FY3/18(Apr. 1, 2017 – Sep. 30, 2017)

Net sales

7,445,831

8,405,218

Cost of sales

2,621,956

3,183,064

Gross profit

4,823,875

5,222,153

Selling, general and administrative expenses

3,283,397

3,527,552

Operating profit

1,540,477

1,694,600

Non-operating income
Interest income

46

58

Dividend income

7,348

9,264

Sale cooperation fee

21,400-Book sales commission

6,137

8,514

-

20,250

Other

8,767

15,914

Total non-operating income

43,70054,003

1,395

1,279

-

2,135

Subsidy income

Non-operating expenses
Interest expenses
Foreign exchange losses
Other

54

108

1,450

3,524

1,582,727

1,745,079

Loss on sales of non-current assets

528-

Total extraordinary losses

528-

Total non-operating expenses
Ordinary profit
Extraordinary losses

Profit before income taxes

1,582,199

1,745,079

Income taxes-current

549,420

427,027

Income taxes-deferred(41,814)88,062

Total income taxes

507,606

515,089

1,074,592

1,229,990

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

6

-

1,434

1,074,592

1,228,555

QUICK CO., LTD. (4318) Financial Results for the Second Quarter of FY3/18

Quarterly Consolidated Statement of Comprehensive Income(For the Six-month Period)First six months of FY3/17(Apr. 1, 2016 – Sep. 30, 2016)(Thousands of yen)First six months of FY3/18(Apr. 1, 2017 – Sep. 30, 2017)

1,074,592

1,229,990

ProfitOther comprehensive income
Valuation difference on available-for-sale securities

52,897

121,399(16,195)

1,306

36,701

122,706

1,111,294

1,352,696

Comprehensive income attributable to owners of parent

1,111,294

1,351,172

Comprehensive income attributable to non-controllinginterests

-

1,523

Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to7

QUICK CO., LTD. (4318) Financial Results for the Second Quarter of FY3/18(3) Quarterly Consolidated Statement of Cash Flows(Thousands of yen)First six months of FY3/17
First six months of FY3/18(Apr. 1, 2016 – Sep. 30, 2016) (Apr. 1, 2017 – Sep. 30, 2017)
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for directors’ bonuses

1,582,199

1,745,079

60,29374,141

1,046(5,016)

106,481(216,048)-(52,450)

4,300

8,900

(7,395)(9,323)

1,395

1,279

528

-

Decrease (increase) in notes and accounts receivable-trade257,374

374,508

Increase (decrease) in notes and accounts payable-trade(309,036)(361,670)

Increase (decrease) in accrued consumption taxes

70,973(28,114)

Other, net

32,186(93,771)

Subtotal

1,800,347

1,437,514

Increase (decrease) in provision for repayment
Interest and dividend income
Interest expenses
Loss (gain) on sales of non-current assets

7,396

9,323

(1,404)(1,294)

Income taxes paid

(315,926)(436,910)

Net cash provided by (used in) operating activities

1,490,413

1,008,633(6,761)(100,962)

Interest and dividend income received
Interest expenses paid

Cash flows from investing activities
Purchase of property, plant and equipment

337-

Purchase of intangible assets(45,519)(37,766)

Purchase of investment securities
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Other, net(60,639)(32,753)-(142,499)-(1,811)

Net cash provided by (used in) investing activities(112,584)(315,794)

Proceeds from sales of property, plant and equipment

Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Repayments of lease obligations
Cash dividends paid-

(1,602)(7,343)(7,343)(225,204)(299,321)-(24)(232,547)(308,291)(6,782)

1,613

Net increase (decrease) in cash and cash equivalents

1,138,498

386,161

Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents from newly
consolidated subsidiary

3,400,787

4,639,428-

65,341

Cash and cash equivalents at end of period

4,539,286

5,090,930

Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

8

QUICK CO., LTD. (4318) Financial Results for the Second Quarter of FY3/18(4) Notes to Quarterly Consolidated Financial Statements
Going-concern Assumption
Not applicable.
Significant Changes in Shareholders’ Equity
Not applicable.
Segment Information
I. First six months of FY3/17 (Apr. 1, 2016 – Sep. 30, 2016)
1. Information pertaining to net sales and profit/loss in reportable segments
Reportable Segment(Thousands of yen)Amount in
the quarterly
Adjustment consolidated(Note 2)statement ofincome(Note 3)

Human
Resources
Services
Business

Recruiting
Business

Information
Publishing
Business

Subtotal

Other(Note 1)

Total

4,611,421

1,494,001

861,049

6,966,472

479,359

7,445,831-

7,445,831

7,344

35,66043,004(43,004)-

Net sales
Sales to externalcustomers
Inter-segment
sales and transfers
Total

1,910

1,887

3,547

4,613,331

1,495,888

864,596

6,973,816

515,020

7,488,836(43,004)

7,445,831

Segment profit

1,415,132

329,502

5,572

1,750,207

67,912

1,818,120(277,642)

1,540,477

Notes: 1. “Other” represents the businesses which are not included in any of the reportable segments and mainly consist ofInternet-Related Business and Overseas Business.
2. The (277,642) thousand yen adjustment to segment profit includes elimination for inter-segment transactions of
63,072 thousand yen, and (340,715) thousand yen in company-wide costs that cannot be allocated to any specificreportable segments. Company-wide costs consist primarily of expenses related to the administration division
which are not attributable to any reportable segments, including general affairs and accounting at the Company.
3. Segment profit is adjusted with operating profit shown on the quarterly consolidated statement of income.
2. Information pertaining to impairment losses of non-current assets, goodwill, etc. in reportable segments
Not applicable.

9

QUICK CO., LTD. (4318) Financial Results for the Second Quarter of FY3/18

II. First six months of FY3/18 (Apr. 1, 2017 – Sep. 30, 2017)
1. Information pertaining to net sales and profit/loss in reportable segments
Reportable Segment
Human
Resources
Services
Business

Recruiting
Business

Information
Publishing
Business

Subtotal

Other(Note 1)

Total

(Thousands of yen)Amount in
the quarterly
Adjustment consolidated(Note 2)statement ofincome(Note 3)

Net sales
Sales to external
5,428,923 1,569,720
834,703 7,833,347 571,870
8,405,218
8,405,218
customers
Inter-segment793
12,183
4,510
17,48823,66841,156(41,156)
sales and transfers
Total
5,429,717 1,581,904
839,214 7,850,836 595,539
8,446,375(41,156)
8,405,218
Segment profit
1,593,579
322,943(21,789) 1,894,733
98,3881,993,121(298,520)
1,694,600(loss)
Notes: 1. “Other” represents the businesses which are not included in any of the reportable segments and mainly consistsof Internet-Related Business and Overseas Business.
2. The (298,520) thousand yen adjustment to segment profit (loss) includes elimination for inter-segment
transactions of 67,478 thousand yen, and (365,999) thousand yen in company-wide costs that cannot be allocatedto any specific reportable segments. Company-wide costs consist primarily of expenses related to theadministration division which are not attributable to any reportable segments, including general affairs andaccounting at the Company.
3. Segment profit (loss) is adjusted with operating profit shown on the quarterly consolidated statement of income.
2. Information pertaining to impairment losses of non-current assets, goodwill, etc. in reportable segments
Significant change in goodwill
Goodwill was booked in the “Other (Overseas Business)” segment as the Company has acquired the shares of Centre
People Appointments Limited.
The event caused the amount of goodwill to increase by 145,139 thousand yen during the period under review.

This summary report is solely a translation of “Kessan Tanshin” (in Japanese, including attachments), which has been
prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience of readers
who prefer an English translation.

10