Materials for Financial
Results Brie ng
Second quarter of FYE January 2020

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02Company Pro leCompany Name

Enigmo Inc.

Main Business

Management of social shopping site "BUYMA"

Location

NMF Aoyama itchome Bldg. 6F 8-1-22 Akasaka, Minato-ku, Tokyo

Date of Establishment

February 10th, 2004

Representative

Representative Director and Chief Executive Of cer Shokei Suda

Capital381.9 million yen

Number of Employee

99 people

Accounting Period

January 31stMajor Shareholder

Executive of cers & Sony Corporation

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03

History

February 2004

“Period of foundation” – 1st stage of foundation

Commencement of BUYMA services

Number of members:
0 – 100,000 people– Founded in February 2004
– BUYMA released in February 2005, the following year, under the theme of “It has value, no matter where
you are”

February 2006

“Period of expansion” – 2nd stage of foundation

Increase of capital / diversification of lines of business

Number of members:
100,000 - 800,000 people– February 2005 - March 2006 Implementation of capital increase through third-party allocation– BUYMA, which had achieved a positive balance on a monthly basis in 2008, grows into our company’s mainline of businessFebruary 2012

“Period of transition” – 3rd stage of foundation

Structural reforms

Number of members:
800,000 – 1.7 million people– 2012 - Heavy concentration of management resources on BUYMA– July 2012 - Listing of company on TSE Mothers

February 2014
Japanese, English and Korean
language versions of the site

“Period of globalization” – 4th stage of foundation

Commencement of global expansion /path to becoming the “No. 1 overseas online retailer”– December 2013 - Release of BUYMA Korea, the Korean language version of the site

Number of members:
1.7 million – 6.69 million people(as of the end of July 2019)– February 2015 - ROCKET VENTURE, a service which administers media aimed at young women, is
acquired as a subsidiary company (liquidated in January 2018)– October 2015 - Release of BUYMA, the English language version of the site
– March 2016 - BUYMA KOREA is acquired as a subsidiary company (liquidated in September 2017)– July 2018 - Release of BUYMA TRAVEL– April 2019 - Market change to TSE First Section04Structure of business operations

1

List item

2
Point

3
Point
Purchasing after
the order has
been received

Purchase
item

4

t f
en - o e)mictle (5% pretntr s en tiocfoe ym sa
Fe pa ranof e tth

SHOP

Feof e utr can o ndsa ntr er
ct ac agio trn (5 eepr % m
ic 〜 ene) 7% toftheJapanese and English
language versions of the site

Order item

Original payment
systemDispatch item

Personal shoppers(sellers)

BuyersTurnover generated from fees paid by both parties involved in the transaction
Buyers: Around 5% of the item price (+ other optional fees)
Personal shoppers: Brokerage fee of 5% – 7% of the item price (depending on the status of the item)

Premium personal shoppers：

Shops：

Those among excellent personal shoppers who have cleared certain criteria andresponded to our invitation

Business operators that have met the criteria for selling items through BUYMA

Premium members：
Determined according to the amount of purchases made during the past 6 months. Platinum stage members: (total purchase amount of 300,000 yen or more)/Gold stage members: (totalpurchase amount of between 150,000 yen and 300,000 yen)/Bronze stage members: (total purchase amount of between 70,000 yen and 150,000 yen)05

Corporate Philosophy

06

Mission

Creating Change.

07

VisionSpecialty Market Place.
ENIGMO’s Specialty Market Place. A new kind of

And what exactly is it that we have achieved throughmarket, different to traditional markets in terms of boththis new market?

the things and people it brings together.

In a nutshell, “freedom of choice.”

First, “things.”

Just imagine: you have found something special andTraditional markets handle products of all kinds, whichwant to send it to someone.

is why they are unable to provide meticulous care in

In this spirit, you can ship things to people all over theterms of lineup, evaluations, UI/UX, etc.

world. And you can make money by doing so.

ENIGMO’s Specialty Market Place, on the other hand, isYou can use your own sensibilities to make someone

a highly reliable market that customers can use withhappy, and can make a living in the process.

ease and peace of mind, something we have achieved

As a seller, this opens up the potential for new ways ofby narrowing down products into specialized

living.

categories.
The world is lled with wonderful and fun things.
Next, “people.”

Just see for yourself by visiting a market replete with

Individuals are not able to participate in traditional

diverse sensibilities and options from around themarkets, a fact which has narrowed the range ofworld.

options for buyers.

Here, you can choose something exciting and make it

ENIGMO’s Specialty Market Place breaks down the

your own.

barriers between companies and people, making it

As a buyer, this opens up the potential for a very

possible to provide a rich lineup of products anywhere

special shopping experience.

at any time by enabling anyone to utilize their diverse
expertise to do business.

We at ENIGMO will change the world through ourSpecialty Market Place.

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08Review of the rst half of
FYE January 2020

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06

Initial policy for FYE January 2020 - Reproduction -A year of moving to the next stage[ BUYMA ]• We aim to further evolve the marketing mix which took effect in FYE January 2019, and to
put in place systems for ongoing growth over the mid- to long-term• Reinforce the men’s fashion, an area which grew substantially during FYE Jan. 2019
• Promote policies to improving listing functions[ GLOBAL BUYMA ]• Promote measures to improve arrivals and CVR, centering on the US• Improve convenience for overseas users• Aim to become pro table on a monthly basis, with the exclusion of strategic investments[ BUYMA TRAVEL ]• Release of independent website• Improvement of product listings by areafi

10

Review of the rst half of FYE Jan. 2020 - Highlights

April 18, 2019 - Promotion to Tokyo Stock
Exchange First Section
On course to achieve earnings forecast for the current period,
the highest ever over a full nancial year
Posted highest ever gures for both turnover and pro ts during the rst half of the year

Improve values as a Specialty Market Place- Improvement of functions in BUYMA as a coexistence type service with C (individuals) and B(companies)- Continued improvement of SEO of BUYMA (US)- Release of independent website for BUYMA TRAVEL

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Business performance
Second quarter of FYE January 2020

1202

Performance for the second quarter of FYE Jan. 2020 - Highlights

Net sales progress rate of 43.8% as of the end of the second quarter(43.4% in the previous year) 117.7% YoY
Operating income progress rate of 45.9% (43.8% in the previous year)
Steady progress in terms of performance forecasts for the entire nancial year, 120.7% YoY

FYE January 2020
Period total for the second
quarter(actual results)

FYE January 2020
Performance

Progress
rate(forecast)FYE January 2019
Period total forthe second quarter(actual results for the previous
period)Comparedwith the corresponding
period ofa year earlier

Overall trading volume *23.08 billion yen

52.53 billion yen

43.9%

19.64 billion yen

117.5%Net sales

2.69 billion yen

6.15 billion yen

43.8%

2.29 billion yen

117.7%

Operating income

1.13 billion yen

2.46 billion yen

45.9%

0.93 billion yen

120.7%

Ordinary income

1.11 billion yen

2.45 billion yen

45.4%

0.93 billion yen

118.7%

Pro t

0.77 billion yen

1.70 billion yen

45.6%

0.65 billion yen

119.0%

18.60 yen

40.82 yen

45.6%

15.64 yen

119.0%

Current net earnings per
share (JPY)* Overall trading volume: Amount of account settlements including such things as payment for goods and fees for settlement of payment in contracted transactions.

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Performance for the second quarter of FYE Jan. 2020 - Net sales

Net sales 2.69 billion yen, 118% YoY
Steady progress in terms of progress of performance forecasts,
43.8% (43.4% in the previous year)
Consolidated

Non-consolidated

6,000

5,283
5,000

4,492
4,147
4,000

3,000

2,695

2,858

2,290

2,000

1,909
1,000

2,058

1,198

0
FYE Jan. 2016

FYE Jan. 2017

FYE Jan. 2018

FYE Jan. 2019

Second quarter of
FYE Jan. 2020

(Unit: million yen)
* FYE Jan. 2016 – FYE Jan. 2018 includes ROCKET VENTURE; second quarter of FYE Jan. 2017 – FYE Jan. 2018 includes ENIGMO KOREA

14

Performance for the second quarter of FYE Jan. 2020 - Selling expenses

With ongoing investments in labor costs,
advertising costs and costs relating to systems,
selling and administration costs were below the growth rate, 113% YoY
FYE January 2020
Period total for thesecond quarter(actual results)

FYE January 2020
Performance (forecast)

Progressrate

FYE January 2019
Period total forthe second quarter(actual results for the previous
period)Comparedwith the corresponding
period ofa year earlier

Labor costs *473 million yen

426 million yen

111.0%

Advertising costs

431 million yen

367 million yen

117.6%

Write o s

7 million yen

7 million yen

100.4%

Costs relating tosystems

40 million yen

34 million yen

117.8%

Other

128 million yen

120 million yen

106.4%

Total

1,081 million yen

956 million yen

113.1%

2,626 million yen

41.2%* Includes costs associated with temporary workers, outsourced work, etc.

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15

Performance for the second quarter of FYE Jan. 2020 - Operating income / income ratio

Operating income was 1.13 billion yen,
120.7% compared with the previous period, a record high
The rate of operating income was at a high level of 42.0%, an increase of 1.0 point YoYConsolidated

Non-consolidated

55%

2,400

50%

2,143
1,768
1,900

42.0%

42.6%

40%
41.0%

1,574

35%

40.6%
35.1%

1,400

1,133
Implementationof mass media
campaigns

900

45%

30%
25%
20%

938

15%

821
682

10%

400

5%
219

7.7%
0%

-100

(41)
FYE Jan. 2016
(Unit: million yen)FYE Jan. 2017
Operating income

FYE Jan. 2018

FYE Jan. 2019

Second quarter of
FYE Jan. 2020

Income ratio* FYE Jan. 2016 – FYE Jan. 2018 includes ROCKET VENTURE; second quarter of FYE Jan. 2017 – FYE Jan. 2018 includes ENIGMO KOREA

16

Performance for the second quarter of FYE Jan. 2020 - Net income for the current period

Net income for the current period was 770 million yen, 119% YoY,
the highest ever amount for the rst half of the year

Consolidated

Non-consolidated

1,800

1,536
1,500

1,143

1,200

900

600

300

774

816

651
549

Implementationof mass media
campaigns

0

454

(61)
(180)

-300
FYE Jan. 2016
(Unit: million yen)FYE Jan. 2017

FYE Jan. 2018

FYE Jan. 2019

Second quarter of
FYE Jan. 2020

Operating incomefi* FYE Jan. 2016 – FYE Jan. 2018 includes ROCKET VENTURE; second quarter of FYE Jan. 2017 – FYE Jan. 2018 includes ENIGMO KOREA

17

Performance for the second quarter of FYE Jan. 2020 - Transitions in cash ow

Cash ow increased due to pro t for the current period,
and the current credit balance at the end of the termincreased to 6.69 billion yen(an increase of 0.24 billion yen compared with the previous period)
Operating C/F
0.25billion yen
Investment C/F-10 million yen

Balance at the endof the period

Balance atthe beginningof the period

6.69
billion yen

6.45
billion yen

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Overview of BUYMA
business operations

19
13

Performance for the second quarter of FYE Jan. 2020 - Number of members

The number of members continued to rise steadily,to around 6.70 million people 122% YoY

6,695,861

7,000,000

6,139,853
6,000,000

4,987,585

5,000,000

3,998,041

4,000,000

3,000,000

3,004,769

5,504,196

4,452,434

3,486,313

2,567,000
2,000,000

1,000,0000FYE Jan. 2016

FYE Jan. 2017

FYE Jan. 2018

FYE Jan. 2019

Second quarter of
FYE Jan. 2020

(Unit: Person)*Including the English language version from FYE January 2016; including the Korean language version from the 2nd quarter of FYE January 2017 to the 3rd quarterof FYE January 201820

Performance for the second quarter of FYE Jan. 2020 - Number of active members

The number of active members exceeded
1.12 million people 110% YoY
Number of active members

1,128,313

1,250,000

1,098,542
969,641

1,000,000

885,308

750,000

1,024,889

933,472

769,542
634,152

500,000

539,958

250,0000
FYE Jan. 2016

FYE Jan. 2017

FYE Jan. 2018

FYE Jan. 2019

Second quarter of
FYE Jan. 2020

(Unit: Person)*Number of active members: members with a purchase history within the past year
*Including the English language version from FYE January 2016; including the Korean language version from the 2nd quarter of FYE January 2017 to the 3rd quarterof FYE January 201821

Performance for the second quarter of FYE Jan. 2020 - Overall trading volume

Overall trading volume was 23.0 billion yen
117.5% YoY, thus maintaining a high rate of growth
60

50

45.5

40

37.1
33.2

30

23.0

24.4
20

19.6
16.6
14.8
10

10.5

0
FYE Jan. 2016

FYE Jan. 2017

FYE Jan. 2018

FYE Jan. 2019

Second quarter of
FYE Jan. 2020

(Unit: Billion yen)*Overall trading volume: Amount of account settlements including such things as payment for goods and fees for settlement of payment in contracted transactions*Including the English language version from FYE January 2016; including the Korean language version from the 2nd quarter of FYE January 2017 to the 3rd quarterof FYE January 201822

Performance for the second quarter of FYE Jan. 2020 - Number of transactions handled

The number of transactions
handled increased steadily to 1.22 million 108% YoY

2,500,000

2,374,841

2,058,758
2,000,000

1,853,817

1,225,751

1,500,000

1,309,714

1,132,379

1,000,000

1,001,996
875,893500,000

587,9120FYE Jan. 2016

FYE Jan. 2017

FYE Jan. 2018

FYE Jan. 2019

Second quarter of
FYE Jan. 2020

(Unit: no. of transactions)*Including the English language version from FYE January 2016; including the Korean language version from the 2nd quarter of FYE January 2017 to the 3rd quarterof FYE January 201823

BUYMA(Japanese language version)

24
21

BUYMA (Japanese language version) – Content of businessA specialty marketplace that brings individuals and companies
from around the world together and provides them with a special
purchasing experience and limitless encounters with fashion items
Number of items listed

More than

3.95 million items

Number of personal shoppers

135,000 people
Countries of residence of personal shoppers

156 countries
Average purchase amount

18,830 JPY
Average age of users

33.0 years
Users by sex

Female:72.7% Male: 27.3%*as of the end of July 201925

BUYMA (Japanese language version) – Initiatives taken in the rst half of FYE Jan. 2020

As planned, during the rst half of the year, active investments were madein website and marketing functions in order to maximize the e ects ofplanned measures in the second half of the year to improve our brandrecognition along with successive advertising measures to cultivate newusers while improving the number of transactions handled
New marketing mix

Implementation of
measures toimprove brandrecognition

BIG DATA

Increase the numberof members

Take measures toincrease the number oftransactions handled
Increase the average
number of purchases
per person

Capture moreusers throughincreased online
advertising
Encouraging users
to become more
activePersonalize

AI

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BUYMA (Japanese language version) – Initiatives taken in the rst half of FYE Jan. 2020

E ects of new marketing mix- Approx. 1.12 million active users (110% YoY)
- Average number of users continues tendency to increase- Number of active users among existing purchasers continues to increase

Measures to improve functions- Growth in the amount of sales concluded per individual seller through improvements to listing
functions- Increase in the action rate through improvements to app functions

Improvement of MD- Measures to reduce the rate of cancellations are taking e ect- In the ladies category, the successful improvement of our lineup incorporating trends in brandrecovery is helping drive an increase in purchase prices- Men’s category bolstered by growth of Korean designer brands, further improving thecomposition ratio

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BUYMA (Japanese language version) - Review of the rst half of FYE Jan. 2020

E ective implementation of new marketing mix also leads to an increase in thenumber of active members due to a steady growth in the number of members
ARPU also improved, and the overall trading volume was also 117% comparedwith the previous period

Second quarter of FYE January 2020

Number ofactive members

ARPU

YoY

YoY

110.6%

106%

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BUYMA (Japanese language version) - Review of the rst half of FYE Jan. 2020 - Increase in the number of active members - Increase in the number of new members

540,000 new members during the rst half of the year (104.4% YoY)
Pace of increase continues to pick up

Number of new members

1,400,000

1,157,634

1,200,000

977,739

1,000,000

800,000

987,195

787,913546,625600,000
523,433

470,709400,000

447,582
339,149

200,0000
FYE Jan. 2016

FYE Jan. 2017

FYE Jan. 2018

FYE Jan. 2019

Second quarter of
FYE Jan. 2020

(Unit: people)

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BUYMA (Japanese language version) - Review of the rst half of FYE Jan. 2020 - Increase in the number of active members - Growth of purchase UU numbers

Steady growth of purchase UU numbers by quarter throughout the year
due to the active implementation of new marketing mix policies

450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,00012th period
January 2016

(Unit: people)

1Q

13th period
January 2017

2Q

3Q

14th period
January 2018

15th period
January 2019

16th period
January 2020

4Q

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BUYMA (Japanese language version) - Review of the rst half of FYE Jan. 2020 - Increase in the number of active members - Expansion of men’s category

Men’s category continues to grow in scale as a result of increased brandrecognition as a result of a fuller lineup of superior products in the market
Growth of men’s category as a result of a fuller
lineup of superior products in the market

16th period
January 2020

59.3%

15th period
January 2019

61.7%

14th period
January 201867.4%

13th period
January 2017

5.6%

32.4%

5.9%

26.8%

71.2%

12th period
January 2016

35.1%

22.6%

75.4%

10%

Ladies

20%

Meǹs

30%

40%

6.2%

18.2%

50%

60%

70%

80%

6.4%

90%

100%

Other

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0%

5.8%

BUYMA (Japanese language version) - Review of the rst half of FYE Jan. 2020 - Increase in the number of active members

High conversion rate (no. of orders ÷ no. of app visits)
Steady rise in the number of application downloads
Continuing growth in overall trading volume in proportion to thisTransitions in the total number of application downloads

Transitions in overall trading volume via the application

YoY 128%

YoY 131%

Secondhalfof yearFYE Jan. 2015

First
half
of year

Secondhalfof yearFYE Jan. 2016

First
half
of year

Secondhalfof yearFYE Jan. 2017

First
half
of year

Secondhalfof yearFYE Jan. 2018

First
half
of year

Secondhalfof yearFYE Jan. 2019

First
half
of yearFirst
halfof year

Secondhalfof yearFYE Jan.
2020

FYE Jan. 2015

First
half
of year

Secondhalfof yearFYE Jan. 2016

First
half
of year

Secondhalfof yearFYE Jan. 2017

First
half
of year

Secondhalfof yearFYE Jan. 2018

First
half
of year

Secondhalfof yearFYE Jan. 2019

First
half
of yearFYE Jan.
2020

32
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First
half
of yearBUYMA (Japanese language version) - Review of the rst half of FYE Jan. 2020 - Increase in the number of active members

App use among members from in their late 30s to 50s grew, with the app
share rising to 47.5%, up 6.1pt compared with the previous period

Distribution ratio of overall trading volume by device

47.5%

41.4%
100%

80%

60%

40%

20%

0%
Second halfof yearFYE Jan. 2015
PC

First halfof year

Second halfof yearFYE Jan. 2016

First halfof year

Second halfof yearFirst halfof yearFYE Jan. 2017

SP (smartphone) / FP (feature phone) * Excluding application

Second halfof yearFYE Jan. 2018

First halfof year

Second halfof yearFYE Jan. 2019

First halfof yearFYE Jan.
2020

App(application)

33
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First halfof yearIn terms of the average number of purchases per person, something that weare focusing on during this period, the internal implementation of applications
etc. continues to be a success and growth has been satisfactory
Purchase unit price per transaction increased due to a higher level of
selective consumption

Purchase amountper person

Average purchaseper transaction

Average unit
price per transaction

YoY

YoY

YoY

102%

110.6%

108.3%* Average unit price is uncontrollable due to trends,
uctuations in the exchange rate and other factors

34
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BUYMA (Japanese language version) - Review of the rst half of FYE Jan. 2020 - Improved ARPU

Average number of purchases per year continues to show tendency of growth
Average number of purchases per year

1Q

2Q

3Q

4Q

1Q

FYE Jan. 2017

2Q

3Q

FYE Jan. 2018

4Q

1Q

2Q

3Q

FYE Jan. 2019

4Q

1Q

2Q

FYE Jan. 2020

35
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BUYMA (Japanese language version) - Review of the rst half of FYE Jan. 2020 - Improved ARPUBUYMA (Japanese language version) - Review of the rst half of FYE Jan. 2020 - Improvement in ALL-IN - ARPU

Number of applications and sales amounts continue to grow due tointroduction of Sokuwari
What is ALL-IN?

Transitions in the number of applications

A simple brand purchasing service in which users handover items in the comfort of their own homes
More than 6,600
qualifying brands

Accurate andspeedy valuations

No postage
or handling fees

Earn
BUYMA points

Second halfof 2017
Purchase the item you
want at a discountSend your item to be
traded in at a later date tocomplete the transaction

Sales amount TTL

Second halfof 2018First halfof 2019

Second halfof 2019First halfof 2020

No. of applications TTL

36
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Select an item to trade infrom your BUYMA
purchase history

First halfof 2018

Measures for the second
half of FYE Jan. 202037
21

Second half of FYE January 2020

Direction of measures
for second half
(1) Improved product lineup
Strategic promotion of Specialty Market Place(2) Improvement of marketing
Improve e ciency of new marketing mix(3) Improvement of convenience
Make steady improvements to basic functions

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Initiatives for the second half of FYE Jan. 2020 (1) Improved product lineup

Strategic promotion of Specialty Market Place
Put in place an appealing lineup of products
involving a broad range of companies and individuals‣ Improve functions for shipping products overseas B‣ Improve functions for shipping products for C‣ Improved listings of men’s items

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Initiatives for the second half of FYE Jan. 2020 (2) Improvement of marketing

Improve e ciency of new marketing mix
Utilize website functions and marketing functions(“BIG DATA×AI”, personalized coupons and points) for which investments have been madein the rst half of the year to further improve e ects and e ciency
Aim to maximize the e ects of measures in coordination with measures to improve ourbrand recognition along with successive advertising measures to cultivate new users

New marketing mix

measures toimprove brandrecognition

BIG DATA

TV/CM/video ads/
SNS measures

Increase the numberof members

Take measures toincrease the number oftransactions handled

Capture more users
through increased
online advertising

Increase the average
number of purchases
per person

Encouraging users to
become more active

Personalize

AI

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Initiatives for the second half of FYE Jan. 2020 (3) Improvement of convenience

Make steady improvements to basic functions
Continue to improve basic functions so thatmembers can use BUYMA smoothly with added convenience‣Improvement of application functions‣Owned media‣Improvement of recommendation function‣Reinforcement of infrastructures aimed at
expanding services

41

GLOBAL BUYMA(English language version)

42
21

GLOBAL BUYMA - Initiatives for FYE Jan. 2020

Continuing with our goal of raising the number of arrivals / CVR andincreasing our turnover, as well as establishing the BUYMA brand worldwide

Measures implemented in FYE Jan. 2020

Organic
increase inarrivals

Improvementof CVR

Initiating marketing aimed at each target country

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GLOBAL BUYMA ‒ Business performance for the rst half of FYE Jan. 2020

Organic arrivals continue to grow through SEO measures tailoredto English-speaking countries
Image of GLOBAL BUYMA

Number of countries
delivered to:Transition in the number of organic arrivals

August 2018
SEO measures forEnglish speaking
countries
Commencement

Average price of items:
57,732 yen

88 countries
Users by sex:
Ratio of delivery
destinations by country :Women, 74% Men, 26%

United States: 47.5%(Annual basis, as of the end of July 2019)

Hong Kong: 17.8%
Canada: 3.3%
Australia: 5.5%
United Kingdom: 2.8%

2017

2017

2018

2018

2019

2019

2020

Singapore: 2.2%

1-2Q

3-4Q

1-2Q

3-4Q

1-2Q

3-4Q

1-2Q

South Korea: 2.5%
Taiwan: 2.0%
Germany: 1.6％
Other: 14.8%

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GLOBAL BUYMA ‒ FYE Jan. 2020 Status of measures

Successful shift in net sales in US, 165% YoY
Aim to achieve further growth by area through improvements to bothmeasures for arrivals and measures for sellers through enhanced SEO/SEM

GLOBAL BUYMA Transitions in overall trading volumes

YoY165%First half of2017

Second halfof 2017

US trading volume

First halfof 2018

Second halfof 2018First halfof 2019

Second halfof 2019First halfof 2020

Trading volumes in other areas

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BUYMA TRAVEL

46
21

BUYMA TRAVEL ‒ FYE Jan. 2020 Status of measures

Release of an independent website for BUYMA TRAVEL
During the second half of the year, we will unfurl a series of marketingmeasures in line with the release of the PC version and the expansion of
products by area47

Performance forecast for
the whole period of
FYE Jan. 2020

48
21

Performance forecast for the whole period of FYE Jan. 2020

On course to meet initial forecast
During the second half of the year, aim to achieve performance forecast for
the whole period through a good balance of ongoing growth in existing
businesses and investments in new businesses(Referen ce)

FYE January 2020
Period total for thesecond quarter(actual results)

Overall trading volume

FYE January 2020
Performance(forecast)

Progressrate

FYE January 2020
Benchmarkamounts to beachieved during thesecond of the year

Compared with thecorresponding periodof a year earlier(forecast - actual
performance for the rst half)

23.08 billion yen

52.53 billion yen

43.9%

29.46 billion yen

113.8%Net sales

2.69 billion yen

6.15 billion yen

43.8%

3.46 billion yen

115.7%

Operating income

1.13 billion yen

2.46 billion yen

45.9%

1.33 billion yen

110.8%

Ordinary income

1.11 billion yen

2.45 billion yen

45.4%

1.34 billion yen

111.0%

Pro t

0.77 billion yen

1.70 billion yen

45.6%

0.93 billion yen

104.6

18.60 yen

40.82 yen

45.6%

22.22 yen

104.6%* Including payment
processing fees

Earnings per share

fi

fi

49

These presentation materials are provided solely for the purpose of better understanding of ourcompany and are not intended for the purpose of solicitation.
Forward-looking projections and forecasts contained within this material are made based on
information available as of today.

ff

Actual business performance may di er from projections due to risks and uncertainties in the future.