〔Delayed〕The original disclosure in Japanese was released on August 10, 2018 at 15:00 (GMT+9)

August 10, 2018

Tsukada Global Holdings Inc.
Consolidated Earnings Report for the Six Months ended June 30, 2018
(Japanese GAAP)
Stock listing: Tokyo Stock Exchange (First Section)
Securities code: 2418
URL: http://www.tsukada-global.holdings/en/
Representative: Masayuki Tsukada, President and CEO
Information contact: Masahiro Yamazaki, Manager, Finance &Tel:+81-3-5464-0081
Accounting Department
Scheduled dates:
Filing of statutory quarterly financial report (sihanki hokokusho): August 14, 2018
Dividend payout:
September 3, 2018
Supplementary materials to quarterly financial results available: Yes
Quarterly earnings presentation held: Yes (Targeted at institutional investors and analysts)(Amounts rounded down to the nearest million yen)

1. Consolidated Performance for the Six Months ended June 30, 2018
(January 1, 2018 – June 30, 2018)(1) Consolidated Operating Results(Percentages indicate year-on-year changes)

Net sales

Operating income

million yen%
million yen%
million yen
Six months ended
27,992
7.0
1,076
43.0
996
June 30, 2018
Six months ended
26,171
1.0
753
112.2
691
June 30, 2017
Note: Comprehensive income: Six months ended June 30, 2018: -81 million yen (- %)Six months ended June 30, 2017: -96 million yen (- %)

44.1

588

269.3

-

159

-

Diluted profit
per shareyen

Profitper shareyen
Six months ended
June 30, 2018
Six months ended
June 30, 2017%

Profit attributable toowners of the parent
million yen%

Ordinary income

12.34

12.19

3.34

2.98

(2) Consolidated Financial Position

June 30, 2018

Total assets

Net assets

Equity ratio

million yen

million yen%

81,28635,51484,44735,781
December 31, 2017
Reference: Total equity: June 30, 2018:33,994 million yen
December 31, 2017: 34,208 million yen
Total equity =Shareholders’ equity plus total accumulated other comprehensive income.

41.8
40.5

2. Dividends
End-Q1yen

End-Q2yen

Dividend per share
End-Q3yen

Year-endyen

Annual total
yen

5.00

10.00

5.00

10.00

Year ended
5.00
December 31, 2017
Year ending
5.00
December 31, 2018Year ending
December 31, 2018
(Forecast)
Note: No revision has been made to the latest dividends forecast.

3. Earnings Forecast for the Fiscal Year ending December 31, 2018
(January 1, 2018 – December 31, 2018)(Percentages indicate year-on-year changes)
Net sales

Operating income

Ordinary income

million yen%
million yen%
million yen
Year ending
61,500
7.4
5,000
17.1
5,050
December 31, 2018
Note: No revision has been made to the latest earnings forecast.

%
14.8

Profit attributable toowners of the parent
million yen
%
3,000

36.2

*Notes(1) Changes in significant subsidiaries during the period: Yes(Changes in specific subsidiaries accompanying a change in scope of consolidation)
Newly Consolidated: None
Newly Deconsolidated: Best Bridal Korea Inc.
Note: For details, please refer to “(4) Notes on Quarterly Consolidated Financial
Statements (Changes in Significant Subsidiaries for the Six Months Ended June 30,2018)" in section "2. Quarterly Consolidated Financial Statements and Main Notes"
on page 11 in the accompanying materials.
(2) Use of accounting methods specific to the preparation of quarterly consolidated financial
statements: Yes
Note: For details, please refer to “(4) Notes on Quarterly Consolidated Financial Statements(Application of Specific Accounting Methods for the Preparation of Quarterly Financial
Statements)” under “2. Quarterly Consolidated Financial Statements and Main Notes” onpage 11 in the accompanying material.
(3) Changes in accounting policy, changes in accounting estimates, and retrospective
restatement
1) Changes in accordance with amendments to accounting standards, etc.: None
2) Changes other than noted in 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None

Profitper share
yen
62.89

(4) Shares issued (common stock)1) Number of shares issued at end of period(including treasury stock)2) Number of shares held in treasury at end of
period3) Average number of shares outstanding during
the period

June 30, 2018

December 31, 2017

48,960,000

48,960,000

1,259,834

1,259,834

Six Months ended
June 30, 2018

Six Months ended
June 30, 2017

47,700,166

47,700,166* Quarterly earnings reports are exempt from quarterly review conducted by certified public
accountants or by auditing firms.
*Appropriate Use of Earnings Forecast and Other Important Information(Cautionary Statement with Respect to Forward-Looking Statements)
The above forecasts are based on information available as of this report’s publication and on
certain assumptions that are deemed reasonable. These forecasts are not guarantees of future
performance, and actual results may differ from forecasts due to changes in the businessenvironment. For the assumptions underlying the forecasts herein and other notice on the use of
earnings forecasts, please refer to “(3) Earnings Forecast for the Fiscal Year ending December 31,
2018” in the section “1. Review of Consolidated Financial Results” on page 3 in the accompanying
materials.

Accompanying Material – Contents
1. Review of Consolidated Financial Results(1) Operating Results(2) Analysis of Financial Condition(3) Earnings Forecast for the Fiscal Year ending December 31, 2018
2. Quarterly Consolidated Financial Statements and Main Notes(1) Consolidated Balance Sheets(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
Consolidated Statements of Comprehensive Income(3) Consolidated Statements of Cash Flows(4) Notes on Quarterly Consolidated Financial Statements(Note on the Going-concern Assumption)(Note on Significant Changes in the Amount of Shareholders’ Equity)(Changes in Significant Subsidiaries for the Six Months Ended June 30, 2018)(Application of Specific Accounting Methods for the Preparation of Quarterly Financial
Statements)(Additional Information)(Segment Information)
3. Supplementary Information(Weddings Held and Orders Received)

1

2
2
3
3
5
5
7
7
8
9
11
11
11
11
11
11
12
14
14

1. Review of Consolidated Financial Results(1) Operating Results
In the first six months of the fiscal year ending December 31, 2018, the Japanese economy stayed on
its recent moderate recovery track, supported by the positive impact of government policies that haveboosted personal spending, improved employment conditions, and encouraged corporations to use
expanding profits to increase capital expenditures. However, the future outlook remains clouded by
the impact that the trade issues could have on the global economy and the uncertainties in theeconomic conditions abroad.
In this environment, the Tsukada Global Holdings Group endeavored to increase sales andprofitability by accurately responding to increasingly individualized and diversifying customer needs inthe bridal, hotel and relaxation (W&R) markets, while also continuing its efforts to create new value
and develop high-quality, appealing outlets capable of providing high value-added services. During
the six months, the Group continued its efforts to expand earnings and geographical operating areas.
For example, we opened ArtGrace Next Ashiya in Hyogo Prefecture in March and made steadyprogress on Kimpton Hotel Shinjuku, Tokyo (provisional name), scheduled to open in 2020 in Tokyo’s
Shinjuku Ward.
As a result of these efforts, in the first six months of 2018, Tsukada Global Holdings Inc. (“theCompany”) posted consolidated net sales of ¥27,992 million (up 7.0% year on year). The Company
had recorded an operating income of ¥1,076 million (up 43.0% year on year), an ordinary income of¥996 million (up 44.1% year on year) and net income of ¥588 million (up 269.3% year on year)
attributable to owners of the parent.
The results for each business segment were as follows.
1) Wedding businessIn the first six months of fiscal 2018, sales grew in the wedding business supported by an increasein the number of weddings held in the mainstay Japanese market as well as at overseas facilities.
Segment profits increased on the back of the rise in the number of weddings in the period despite
the impact of the startup costs for ArtGrace Next Ashiya.
As a result, net sales in the wedding business totaled ¥17,383 million (up 9.0% year on year)
and segment operating income totaled ¥1,827 million (up 13.0% year on year).
2) Hotel business
The number of weddings held at our hotels decreased slightly in the first six months of fiscal 2018,
but segment sales increased as overnight occupancy rates and average charge per night grewstrongly overall. The high occupancy rate as a whole contributed to an increase in segment profits.
As a result, net sales in the hotel business came to ¥8,748 million (up 2.5% year on year), andsegment operating income totaled ¥305 million (up 26.7%).
3) W&R business (Wellness & Relaxation business)
This segment achieved strong sales growth in the period under review, as it increased
memberships at its Best Style Fitness comprehensive fitness club that opened in 2017 as well asat the fitness department of the Beauty & Relax SPA-HERBS spa complex. However, the segment
posted an operating loss owing to the startup cost of eight Queensway reflexology salons and due
to seasonal factors.

2

As a result, the W&R business posted net sales of ¥1,861 million (up 10.5% year on year) andan operating loss of ¥245 million (compared with a loss of ¥235 million a year earlier).
(2) Analysis of Financial Condition
1) Assets, Liabilities, and Net Assets
Total assets as of June 30, 2018, the end of the first six months of fiscal 2018, amounted to ¥81,286
million, a decrease of ¥3,160 million from the end of the previous fiscal year (December 31, 2017).
The decline mainly reflects changes in fixed assets, in particular a ¥6,445 million decrease in thevalue of land holdings, which more than offset a ¥1,125 million increase in other fixed assets (mainly
construction in progress) related to the construction of Kimpton Hotel Shinjuku, Tokyo (provisionalname) and a ¥3,165 million increase in cash and deposits owing to proceeds on the sale ofcommercial-use land at Jingumae in Tokyo.
Total liabilities as of June 30, 2018, came to ¥45,772 million, a decrease of ¥2,893 million fromthe end of the previous fiscal year. The decline reflects a ¥8,100 million repayment of short-term
debt, which outweighed a ¥5,385 million increase in long-term debt related to financing capital
investments (including the current portion of long-term debt).
Net assets as of June 30, 2018, totaled ¥35,514 million, ¥266 million less than at the end of theprevious fiscal year. The major changes are a ¥384 million decrease in foreign currency translation
adjustments caused by the stronger yen and a ¥209 million reduction to deferred gain (loss) on
derivatives under hedge accounting, which together offset a ¥435 million increase in retained
earnings reflecting the posting of a quarterly net profit attributable to owners of the parent.
2) Cash flow
Cash and cash equivalents (“cash”) at the end of the first half totaled ¥18,062 million, ¥3,165
million more than at the end of the previous fiscal year.
Cash flows and factors behind changes in the cash flows during the six months ended June 30,
2018, are as follows.
(Operating Cash Flow)
Cash provided by operating activities totaled ¥2,771 million, an increase of 41.8% from the firsthalf of the previous fiscal year. This is largely ascribed to ¥1,605 million in depreciation andamortization, ¥1,206 million in profit before income taxes, and a ¥458 million increase inadvances received, and a ¥758 million increase in other liabilities, which offset the impact of¥1,345 million in income taxes paid.
(Investing Cash Flow)
Cash acquired in investing activities totaled ¥3,752 million (cash used in the first half of theprevious year was ¥1,678 million). This is mainly attributable to the ¥6,243 million proceeds fromsales of tangible assets despite the ¥2,619 million payments for purchase of tangible assets.
(Financing Cash Flow)
Cash used in financing activities totaled ¥3,187 million (cash used in the first half of the previous
year was ¥238 million). This chiefly reflects a ¥8,100 million decline in short-term debt, ¥2,634
million in repayments of long-term debt and ¥449 million in payments for redemption of bonds,
which eclipsed the impact of ¥8,020 million in proceeds from long-term debt.
(3) Earnings Forecast for the Fiscal Year Ending December 31, 2018
Changes to the Company’s forecast for full-year earnings for the fiscal year ending December 31,
2018, based on the results for the first six months of the year, were announced on August 7, 2018 in3

a corporate news release entitled “Revision of Consolidated Results Forecast for the First Six
Months.” Going forward, changes in the market environment are expected, and the Company will
release any revisions to its earnings forecasts that result from these changes in a timely manner.

4

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

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Merchandise
Raw materials and supplies
Other
Allowance for doubtful receivables
Total current assets
Fixed assets
Tangible assets
Buildings and structures, net
Land
Other, net
Total tangible assets
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Lease and guarantee deposits
Other
Allowance for doubtful receivables
Total investments and other assets
Total fixed assets
Deferred assets
Total assets

5

December 31, 2017
Amount(millions of yen)
June 30 2018
Amount14,985
1,108
118
557
1,672
(38)
18,404

18,150
1,224
134
489
1,969
(22)
21,94524,74520,881
2,546
48,17323,71914,435
3,672
41,827

2,004
231
2,236

1,871
205
2,076

2,675
8,663
4,392
(180)
15,55065,96082
84,447

2,864
8,223
4,376
(199)
15,26559,170170
81,286

December 31, 2017
Amount(millions of yen)
June 30, 2018
Amount

2,461
8,100
3,633
744

2,483
2,828
590

Liabilities
Current liabilities
Accounts payable - trade
Short-term debt
Current portion of long-term debt
Current portion of bonds
Current portion of convertible bonds with stockacquisition rights
Income taxes payable
Advances received
Other
Total current liabilities

500

500

1,234
1,625
4,009
22,307

884
2,079
3,603
12,969Fixed liabilities
Bonds
Long-term debt
Net defined benefit liability
Provision for directors’ retirement benefits
Asset retirement obligations
Other
Total fixed liabilities
Total liabilities

3,415
18,848
353
738
2,369
632
26,35848,6663,420
25,038
304
764
2,382
893
32,80245,772472
634
33,816(892)
34,030472
634
34,252(892)
34,465

(66)

(121)

-

(209)

250
(5)
178
1,572
35,781
84,447

(134)
(5)
(471)
1,519
35,514
81,286

Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Net unrealized gain on available-for-sale securities
Deferred gain (loss) on derivatives under hedge
accounting
Foreign currency translation adjustments
Remeasurements of defined benefit plan
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

6

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(millions of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Gain on investments in silent partnership
Real estate rental income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on valuation of derivatives
Foreign exchange loss
Other
Total non-operating expenses
Ordinary income
Extraordinary Income
Gain on sales of fixed assets
Total extraordinary gain
Extraordinary loss
Loss on disposal of fixed assets
Shop closing expenses
Impairment loss
Other
Total extraordinary loss
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of the parent

7

Six months
ended June 30,
2017
Amount26,171
18,275
7,895
7,142
753

Six months
ended June 30,
2018
Amount27,992
19,697
8,295
7,218
1,076

17
13
80
122
54
41
329

15
2
71
112
21
222

115
195
79
390
691

108
0
112
79
302
996

0
0

492
492

10
0
149
160
531
358
173
13
159

36
54
180
11
282
1,206
603
602
14
588

Consolidated Statements of Comprehensive Income

ProfitOther comprehensive income
Net unrealized gain on available-for-sale securities
Deferred gain (loss) on derivatives under hedge
accounting
Foreign currency translation adjustments
Remeasurements of defined benefit plan
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of theparentComprehensive income attributable to non-controllinginterests

8

Six months
ended June 30,
2017
Amount173(millions of yen)Six months
ended June 30,
2018
Amount
602

(11)

(55)

-

(209)

(257)
(0)
(270)
(96)

(419)
0
(684)
(81)

(48)

(60)

(48)

(20)

(3) Consolidated Statements of Cash Flows(millions of yen)Six months
ended June 30,
2018
AmountSix months
ended June 30,
2017
AmountCash flows from operating activities
Profit before income taxes
Depreciation and amortization
Impairment loss
Amortization of goodwill
Amortization of bond issuance expenses
Loss on disposal of fixed assets
Loss (gain) on valuation of derivatives
Increase (decrease) in allowance for loss on shop
closing
Increase (decrease) in allowance for doubtfulreceivables
Increase (decrease) in net defined benefit liability
Increase (decrease) in provision for directors’
retirement benefits
Interest and dividend income
Interest expenses(Gain) loss on investments in silent partnership
Foreign exchange (gain) loss
(Gain) loss on sales of fixed assets
Shop closing expenses(Increase) decrease in notes and accounts receivable trade(Increase) decrease in inventories
Increase (decrease) in notes and accounts payable trade
Increase (decrease) in advances received
Increase (decrease) in other liabilities
Other
Sub totalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities

9

531
1,660
149
133
11
10
195

1,206
1,605
180
133
10
36
0

-

(0)

(23)

2

26

(48)

18

25

(30)
115
(80)
(57)
(0)
0

(18)
108
(71)
79
(492)
54

13

(118)

(47)

51

(68)

23

466
(304)
456
3,177
22
(114)
(1,130)
1,955

458
758
227
4,215
8
(106)
(1,345)2,771

(millions of yen)Six months
ended June 30,
2017
AmountCash flows from investing activities
Purchase of tangible assets
Proceeds from sales of tangible assets
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Proceeds from withdrawal of investment in silent
partnership
Loans receivableCollection of loans receivable
Lease and guarantee deposits
Collection of lease and guarantee deposits
Purchase of long-term prepaid expenses
Other
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term debt
Proceeds from long-term debt
Repayments of long-term debt
Proceeds from issuance of bonds
Payments for redemption of bonds
Dividends paid to non-controlling interests
Dividends paid to shareholders
Other
Net cash provided by (used in) financing activities
Foreign currency translation adjustments on cash
and cash equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents, beginning of period
Decrease in cash and cash equivalents resulting
from exclusion of subsidiaries from consolidation
Cash and cash equivalents, end of period10

Six months
ended June 30,
2018
Amount(1,651)
(26)
(257)
26

(2,619)
6,243
(27)
36

279

45

(20)
39
(111)
4
(0)
40
(1,678)

(11)
(107)
174
18
3,752

5,943
(5,995)
488
(412)
(16)
(238)
(7)
(238)

(8,100)8,020(2,634)
201
(449)
(31)
(238)
45
(3,187)

(58)

(17)

(20)

3,319

15,38014,896-(154)

15,36018,062

(4) Notes on Quarterly Consolidated Financial Statements(Note on the Going-concern Assumption)
Not applicable(Note on Significant Changes in the Amount of Shareholders’ Equity)
Not applicable(Changes in Significant Subsidiaries for the Six Months Ended June 30, 2018)
Effective from the first quarter ended March 31, 2018 of the current fiscal year, Best Bridal
Korea Inc., which used to be a consolidated subsidiary of the Company in the previous
fiscal year, has now been excluded from the scope of consolidation due to the lack ofmateriality.
(Application of Specific Accounting Methods for the Preparation of Quarterly Financial
Statements)(Simplified accounting methods)
1) Calculation method for depreciation of fixed assets
Depreciation expenses for assets to which the declining-balance method is applied are
calculated by allocating a quarterly proportion of the amount for the full fiscal year.
2) Calculation method for deferred tax assets and deferred tax liabilities
Regarding judgments on the amount of recoverable deferred tax assets, the Company
has determined that there have been no significant changes in the economic
environment or emergence of temporary differences since the end of the previous fiscal
year, and therefore the calculations are based on future earnings forecasts from theprevious year and tax planning methods.
(Special accounting treatments)
Calculation of taxes
The Company calculates tax liabilities by producing a reasonable estimate of the effective
tax rate after applying tax-effect accounting to income before income taxes for the fiscal
year, which encompasses the second quarter ended June 30, 2018, and then multiplying
profit (loss) before income taxes by this estimated effective tax rate. In cases where thisestimated effective tax rate cannot be used, the statutory effective tax rate is used.
(Additional Information)
Some of the Company’s consolidated subsidiaries used to have a lump-sum retirement
payment plan, as well as defined benefit and defined contribution corporate pension plans.
Effective on April 1, 2018, however, these plans have been abolished. In relation to thisabolishment, “Accounting Treatment concerning Transfer, etc. between Retirement Benefit
Plans” (ASBJ Implementation Guidance No. 1 on Accounting Standard) and “Practical
Solution on Accounting Treatment concerning Transfers, etc. between Retirement Benefit
Plans” (Practical Issues Task Force PITF No. 2) have been implemented. The financial
effect of the said implementation is immaterial on the first six months of the fiscal year
ending December 31, 2018.

11

(Segment Information)[Segment Information]
I. Six months ended June 30, 2017 (January 1 to June 30, 2017)
1. Net sales and income/loss by reportable segment(millions of yen)

Reportable segment
AmountWeddingbusinessHotelbusiness

W&R
business

Total

Adjustments(note 1)

recorded on
consolidated
statements ofincome (note 2)

Net sales
Sales to outside
customers
Inter-segment sales
and transfers

15,952

8,533

1,685

26,171-

26,171

591

142

-

734

(734)

-

Total

16,544

8,676

1,685

26,905(734)

26,171

Segment income (loss)

1,616

240

(235)

1,622

(869)

753

Notes:

1. Minus 869 million yen adjustments for the segment income or loss include 14 million yen
elimination of inter-segment sales and minus 884 million yen corporate expenses that are notallocated to each reportable segment. The main component of these unallocated corporate
expenses is SG&A expenses that are not attributable to reportable segments.
2. Segment income or loss adjustments are based on operating income reported on the quarterly
consolidated statements of income for the corresponding period.

2. Impairment loss on fixed assets or goodwill by reportable segment(Significant impairment loss on fixed assets)
As decreased profitability remained in some fixed assets held in the “Wedding business” and“W&R business” segments, the Company concluded that the recovery of the investment inthese assets could not likely be made during the course of the first six months of the fiscal year
ended December 31, 2017. Hence, the book value of these assets was written down to therecoverable amount, while the resulting extraordinary loss was reported as impairment loss.
Accordingly, the impairment losses of 139 million yen in the “Wedding business” segment and
10 million yen in the “W&R business” segment were reported respectively in the first six monthsof the fiscal year ended December 31, 2017.

12

II. Six months ended June 30, 2018 (January 1 to June 30, 2018)
1. Net sales and income/loss by reportable segment(millions of yen)

Reportable segment
AmountWeddingbusinessHotelbusiness

W&R
business

Total

Adjustments(note 1)

recorded on
consolidated
statements ofincome (note 2)

Net sales
Sales to outside
customers
Inter-segment sales
and transfers

17,383

8,748

1,861

27,992-

27,992

631

155

0

786

(786)

-

Total

18,014

8,903

1,861

28,779(786)

27,992

Segment income (loss)

1,827

305

(245)

1,887

(810)

1,076

Notes:

1. Minus 810 million yen adjustments for the segment income or loss include 32 million yen
elimination of inter-segment sales and minus 843 million yen corporate expenses that are notallocated to each reportable segment. The main component of these unallocated corporate
expenses is SG&A expenses that are not attributable to reportable segments.
2. Segment income or loss adjustments are based on operating income reported on the quarterly
consolidated statements of income for the corresponding period.

2. Impairment loss on fixed assets or goodwill by reportable segment(Significant impairment loss on fixed assets)
As decreased profitability has remained in some fixed assets held in the “Wedding business”
segment, the Company has concluded that the recovery of the investment in these assets could
not likely be made during the course of the first six months of the fiscal year ending December
31, 2018. Hence, the book value of these assets has been written down to the recoverable
amount, and the resulting loss of 180 million yen has been reported as impairment loss underthe extraordinary loss.

13

3. Supplementary Information(Weddings Held and Orders Received)1) Number of weddings held

Segment

Six months ended
June 30, 2017

Six months ended
June 30, 2018Year ended
December 31, 2017

Number of weddings

Number of weddings

Number of weddings

held (cases)

held (cases)

held (cases)

5,367

6,089

11,800Hotel business

843

797

1,845

Total

6,210

6,886

13,645

Wedding business2) Wedding orders received

Segment

Six months ended
June 30, 2017

Six months ended
June 30, 2018Year ended
December 31, 2017

Orders

Order

Orders

Order

OrdersOrder

receivedbacklog

receivedbacklog

receivedbacklog(cases)(cases)(cases)(cases)(cases)(cases)

6,823

7,634

7,325

8,185

12,571

6,949

Hotel business

957

1,371

940

1,259

1,704

1,116

Total

7,780

9,005

8,265

9,444

14,275

8,065

Wedding business14