〔Delayed〕The original disclosure in Japanese was released on August 7, 2015 at 11:30 (GMT+9)

August 7, 2015

Tsukada Global Holdings Inc.
Consolidated Earnings Report for the Six Months ended June 30, 2015
(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: Keiji Ishihara, Director
Tel: +81-3-5464-0081
Scheduled dates:
Filing of statutory quarterly financial report (sihanki hokokusho): August 14, 2015
Dividend payout:
September 7, 2015
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, 2015
(January 1, 2015 – June 30, 2015)(1) Consolidated Operating Results(Percentages indicate year-on-year changes)

Net sales
million yen%

Operating income
million yen%

Ordinary income
million yen%

Six months ended
24,7195.1
1,567(20.9)
1,610
June 30, 2015
Six months ended
23,5115.6
1,981(23.7)
2,044
June 30, 2014
Note: Comprehensive income: Six months ended June 30, 2015:
893 million yen (-24.8 %)Six months ended June 30, 2014: 1,187 million yen (-26.9 %)(21.2)

997(18.8)(23.8)

1,228(14.1)

Diluted net income
per shareyen

Net income
per shareyen
Six months ended
June 30, 2015
Six months ended
June 30, 2014

Net income
million yen
%

20.42

18.23

25.17

22.47

(2) Consolidated Financial Position

June 30, 2015

Total assets

Net assets

Equity ratio

million yen

million yen%

68,43729,35967,26928,710December 31, 2014
Reference: Total equity: June 30, 2015:
29,359 million yen
December 31, 2014: 28,710 million yen
Total equity =Shareholders’ equity plus total accumulated other comprehensive income.

42.9
42.7

2. Dividends
End-Q1yen

End-Q2yen

Dividend per share
End-Q3yen

Year ended
5.00
December 31, 2014
Year ending
5.00
December 31, 2015
Year ending
December 31, 2015
(Forecast)
Note: No revision has been made to the latest dividends forecast.

Year-endyen

Annual total
yen

-

5.00

10.00

-

5.00

10.00

3. Earnings Forecast for the Fiscal Year ending December 31, 2015
(January 1, 2015 – December 31, 2015)(Percentages indicate year-on-year changes)
Net sales
million yen%

Operating income

Ordinary income

million yen

million yen%

Year ending
56,420
9.1
6,470
1.0
December 31, 2015
Note: No revision has been made to the latest dividends forecast.

6,490

%
(3.3)

Net income per

Net income
million yen
4,200

%

share
yen

(2.2)

86.02

*Notes(1) Changes affecting the consolidation status of significant subsidiaries during the period: Yes
Newly consolidated: None
Newly deconsolidated: Retreat Co., Ltd.
Note: For details, please refer to “(1) Changes in Significant Subsidiaries” in Section “2.
Other Information” on page 4.
(2) Use of accounting methods specific to the preparation of quarterly consolidated financial
statements: Yes
Note: For details, please refer to “(2) Application of Specific Accounting Methods for
the Preparation of Quarterly Financial Statements” in Section “2. Other Information”
on page 4.
(3) Changes in accounting policy, changes in accounting estimates, and retrospective
restatement
1) Changes in accordance with amendments to accounting standards, etc.: Yes
2) Changes other than noted in 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None(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, 2015

December 31, 2014

48,960,000

48,960,000

131,534

131,534

Six Months ended
June 30, 2015

Six Months ended
June 30, 2014

48,828,466

48,828,488* Quarterly Review Status
This report is exempt from the review requirements of Japan’s Financial Instruments and Exchange Act. Asof this report publication, a review of the consolidated quarterly financial statements in accordance with the
Act is underway.
*Appropriate Use of Earnings Forecast and Other Important Information
The above forecasts are based on information available as of this report’s publication and on
certain assumptions that are deemed reasonable. Actual results may differ from forecasts due tochanges in the business environment. For the assumptions underlying the forecasts herein andother notice on the use of earnings forecasts, please refer to “(3) Earnings Forecast for the Fiscal
Year ending December 31, 2015” in the section “1. Review of Consolidated Financial Results” onpage 4 in the accompanying materials.

Accompanying Material – Contents
1. Review of Consolidated Financial Results(1) Operating Results(2) Financial Condition(3) Earnings Forecast for the Fiscal Year ending December 31, 2015
2. Other Information(1) Changes in Significant Subsidiaries(2) Application of Specific Accounting Methods for the Preparation of Quarterly
Financial Statements(3) Changes in Accounting Policy, Changes in Accounting Estimates, andRetrospective Restatement
3. Consolidated Financial Statements(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 the Financial Statements(Note on the Going-concern Assumption)(Note on Significant Changes in the Amount of Shareholders’ Equity)(Segment and Other Information)
4. Supplementary Information

1

2
2
3
4
4
4
4
4
6
6
8
8
9
10
12
12
12
12
14

1. Review of Consolidated Financial Results(1) Operating Results
In the first six months of the fiscal year ending December 31, 2015, the Japanese economy stayedon a moderate recovery path owing to increased exports, an improved employment environment
and the positive impact of the decline in crude oil prices and the rise in share prices. Nevertheless,the outlook remains unclear largely due to credit concerns in Europe and China's economic
slowdown.
Amid this environment, the Tsukada Group endeavored to increase sales and profitability bycontinuing to actively work toward creating new value in the bridal, hotel and relaxation markets;
creating high-quality, appealing outlets; and providing high value-added services in order toaccurately respond to customer needs that are becoming more individualized and varied.
As a result of the above factors, the Group posted consolidated net sales of ¥24,719 million in
the first six months of the current fiscal year, an increase of 5.1% from the same period of theprevious fiscal year. However, income declined as the number of weddings held and orders
placed at existing outlets decreased from the same period a year earlier primarily due to changes
in the market environment. Consequently, operating income totaled ¥1,567 million, a year-on-year
decrease of 20.9%, ordinary income amounted to ¥1,610 million, a 21.2% decline from thecorresponding period the year before and net income was ¥997 million, an 18.8% decrease fromthe first half of the previous fiscal year.
The results for each business segment were as follows.
Note that the Group’s reporting segments have been changed, starting from the first quarter ofthe fiscal year ending December 31, 2015. The year-on-year comparisons presented below are
based on figures for the same period of the previous fiscal year adjusted for the change inreportable business segments for the current fiscal year.
1) Domestic wedding businessIn the first six months of the fiscal year, the number of small weddings held and orders placed
remained steady, but overall sales declined owing to the reduction in the number of weddings held
at existing outlets during the term.
As a result, net sales in the domestic wedding business totaled ¥15,243 million, a year-on-year
decrease of 5.5%, and segment operating income came to ¥2,130 million, down 16.9 % from thesame period of the previous fiscal year.
2) Hotel business
During the first six months of the fiscal year,, sales of the Hotel InterContinental Tokyo Bay and
The Strings by InterContinental Tokyo were firm and contributed to segment sales growth, mainly
boosted by the increase in the number of foreign visitors to Japan. Meanwhile, although thenumber of orders placed at the Group’s Sasashima outlet in Nagoya scheduled to open thisNovember is growing steadily, it booked ¥163 million for the outlet-opening preliminary expenses.
As a result, net sales in the hotel business reached ¥6,385 million, a year-on-year increase of
10.7 %. The segment recorded an operating income of ¥148 million, a year-on-year upsurge of
228.4%.
3) Overseas business2

During the first six months of the fiscal year,, even though market growth was stable and thenumber of weddings held for non-Japanese couples rose, the number of weddings held andorders placed declined from the corresponding period the year before.
As a result, net sales in the overseas business totaled ¥1,625 million, a year-on-year increase of
1.3%, and the segment broke even in terms of operating income, versus a segment operating
income of ¥22 million during the same period of the previous fiscal year.
4) W&R business (Wellness & Relaxation business)
In the first six months of the fiscal year,, market conditions were strong and the average spend per
customer and number of customers were steady.
As a result, net sales in the W&R business totaled ¥1,463 million and segment operating
income came to ¥50 million.
(2) Financial Condition
1) Assets, liabilities, and net assets
Total assets at the end of the second quarter (June 30, 2015) amounted to ¥68,437 million, an
increase of ¥1,167 million from the end of the previous fiscal year (December 31, 2014). This waschiefly due to an ¥876 million increase in lease and guarantee deposits.
Liabilities at the end of the second quarter totaled ¥39,077 million, an increase of ¥518 million
compared with the end of the previous fiscal year. The increase in liabilities is attributable to a ¥571
million increase in advances received and the ¥1,581 million net increase in debt and bonds,
which more than offset a decrease of ¥807 million in income taxes payable.
Net assets at the end of the second quarter totaled ¥29,359 million, an increase of ¥649 million
from the end of the previous fiscal year. This rise was mainly due to the booking of ¥997 million in
net income for the period, which outweighed the ¥244 million in dividends paid from retained
earnings.
2) Cash Flow
Cash and cash equivalents (“cash”) at the end of the second quarter rose by ¥92 million from theend of the previous fiscal year to ¥17,447 million.
Cash flows and factors behind changes in the cash flows during the six months ended June 30,
2015, are explained below.
(Operating Cash Flow)
Cash provided by operating activities totaled ¥1,103 million, a decrease of 18.2% from the first halfof the previous fiscal year. The main factors were ¥1,576 million in income before income taxes
and minority interests and ¥1,288 million in depreciation and amortization, the sum of which waspartially offset by ¥1,573 million in income taxes paid.
(Investing Cash Flow)
Cash used in investing activities totaled ¥2,327 million, an upsurge of 116.2% from the first half ofthe previous fiscal year. The increase mainly reflects outflows of ¥1,234 million for the purchase of
tangible assets and ¥965 million in lease and guarantee deposits.
(Financing Cash Flow)3

Cash provided by financing activities at the end of the first half of the fiscal year totaled ¥1,310,
compared with ¥516 million in cash used in the same period of the previous year. This primarilyreflects ¥1,560 million in inflows from debt and bonds, which outweighed ¥244 million in dividends
paid to shareholders.

(3) Earnings Forecast for the Fiscal Year Ending December 31, 2015
There is no change to the consolidated earnings forecasts for the year ending December 31, 2015,
which the Company announced on February 13, 2015.

2. Other Information(1) Changes in Significant Subsidiaries
Effective from the second quarter (April 1, 2015 to June 30, 2015) of the current fiscal year, Retreat
Co., Ltd. has been absorbed by and merged with RAJA Co., Ltd., and, therefore, has been
deconsolidated.

(2) 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 calculatedby allocating a quarterly proportion of the amount for the full financial 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 financial year, and therefore thecalculations are based on future earnings forecasts from the previous 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 and minority interests for the
fiscal year, which encompasses the six months ended June 30 2015, and then multiplying income(loss) before income taxes and minority interests by this estimated effective tax rate. In cases
where this estimated effective tax rate cannot be used, the statutory effective tax rate is used.
(3) Changes in Accounting Policy, Changes in Accounting Estimates, and Retrospective
Restatement

4

(Application of Accounting Standard for Retirement Benefits, etc.)“Accounting Standard for Retirement Benefits” (Accounting Standards Board of Japan - ASBJ Statement No. 26 of May 17, 2012) and “Guidance on Accounting Standard for Retirement
Benefits” (ASBJ Guidance No. 25 of March 26, 2015) have now been applied, effective from thefirst quarter of the current consolidated fiscal year ending December 31, 2015, in accordance withthe provisions of Article 35 of the Accounting Standard for Retirement Benefits and Article 67 of the
Guidance on Accounting Standard for Retirement Benefits. As a result, the method for calculating
retirement benefit obligations and service costs, as well as the method of determining the discountrate, has been revised, and the method for attributing projected benefits to periods has beenchanged from the straight-line basis to the benefit formula basis.
As of the beginning of the first six months of the fiscal year ending December 31, 2015 (January
1, 2015), there was no effect resulting from the said revision on the net defined benefit liability,
retained earnings and on the income statement.

5

3. Consolidated Financial Statements(1) Consolidated Balance Sheets

AssetsCurrent assets
Cash and deposits
Accounts receivable - tradeMarketable securities
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

6

December 31, 2014
Amount(millions of yen)
June 30 2015
Amount13,441
871
4,214
40
480
1,922
(46)
20,923

13,501
846
4,243
45
529
2,249
(46)
21,36914,835
11,0232,251
28,10914,337
11,052
2,724
28,114

2,805
193
2,999

2,671
196
2,868

3,920
7,676
3,695
(164)
15,127
46,236
108
67,269

3,963
8,552
3,461
15,977
46,959108
68,437

December 31, 2014
Amount(millions of yen)
June 30, 2015
Amount

2,327
2,426
684
1,634
1,188

2,065
2,498
724
827
1,759

Liabilities
Current liabilities
Accounts payable - trade
Current portion of long-term debt
Current portion of bonds
Income taxes payable
Advances received
Provision for loss on liquidation of subsidiaries andaffiliates
Provision for point card certificates
Other
Total current liabilities

-

18

18
3,184
11,463

2,690
10,584

Fixed liabilities
Bonds
Convertible bonds with stock acquisition rights
Long-term debt
Net defined benefit liability
Provision for directors’ retirement benefits
Asset retirement obligations
Other
Total fixed liabilities
Total liabilities

3,422
5,000
15,613
308
681
1,419
650
27,09438,5583,920
5,000
16,584
332
671
1,408
575
28,49339,077472
634
27,238(88)
28,256472
634
27,991(88)
29,009

167

106

7

-

282
(3)
454
28,71067,269247(3)350
29,35968,437

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
Total net assets
Total liabilities and net assets

7

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

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
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on valuation of derivatives
Other
Total non-operating expenses
Ordinary income
Extraordinary Income
Gain on sales of investment securities
Gain on sales of fixed assets
Total extraordinary income
Extraordinary loss
Loss on disposal of fixed assets
Provision for loss on liquidation of subsidiaries andaffiliates
Other
Total extraordinary loss
Income before income taxes and minority interests
Income taxes
Income before minority interests
Minority interests in income (loss)
Net income

8

Six months
ended June 30,
2014
Amount23,511
15,887
7,624
5,643
1,981

(millions of yen)Six months
ended June 30,
2015
Amount24,71916,678
8,040
6,473
1,567

36
59
59
58
20
234

41
36
60
21
30
190

105
57
7
170
2,044

112
23
10
147
1,610

7
0
8

1
1

21

3

-

18

21
2,031
804
1,227
(1)
1,228

14
35
1,576
579
997
997

Consolidated Statements of Comprehensive Income

Income before minority interests
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 other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of theparentComprehensive income attributable to minority
interests

9

Six months
ended June 30,
2014
Amount1,227(millions of yen)Six months
ended June 30,
2015
Amount
997

26

(60)

(26)

(7)

(39)
(39)
1,187

(35)
(0)
(103)
893

1,187

893

-

-

(3) Consolidated Statements of Cash Flows(millions of yen)Six months
ended June 30,
2015
AmountSix months
ended June 30,
2014
AmountCash flows from operating activities
Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Amortization of bonds issuance costs
Loss on disposal of fixed assets(Gain) loss on valuation of derivatives(Gain) loss on sales of investment securities
Increase (decrease) in allowance for doubtfulreceivables
Increase (decrease) in provision for employees’
retirement benefits
Increase (decrease) in net defined benefit liability
Increase (decrease) in provision for directors’
retirement benefits
Increase (decrease) in provision for point cardcertificates
Increase (decrease) in provision for loss on liquidationof subsidiaries and affiliates
Interest and dividend income
Interest expenses
Foreign exchange (gain) loss
(Gain) loss on investments in silent partnership(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 - net
Sub totalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities

10

2,031
1,322
64
6
21
57
(7)

1,576
1,288
158
10
3
23
-

0

(0)

22

-

-

24

19

(10)

-

(18)

-

18

(96)
105
(16)
(59)

(78)
112
(33)
(60)

(115)

25

(61)

(53)

(109)

(262)

354
48
(441)
3,148
87
(107)
(1,779)
1,349

573
(114)
(465)
2,718
71
(113)
(1,573)1,103

Six months
ended June 30,
2014
AmountSix months
ended June 30,
2015
AmountCash flows from investing activities
Purchase of tangible assets
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Payments for asset retirement obligations
Additional purchase of subsidiaries’ shares
Loans receivableCollection of loans receivable
Lease and guarantee deposits
Collection of lease and guarantee deposits
Other - net
Net cash provided by (used in) investing activities

(974)
(25)
(101)
22
(40)
100
(107)
58
(8)
(1,076)(1,234)
(40)
(199)
91
(21)
(24)
(5)
5
(965)
66
0
(2,327)

Cash flows from financing activities
Proceeds from long-term debt
Repayments of long-term debt
Proceeds from issuance of bonds
Payments for redemption of bonds
Dividends paid to shareholders
Other - net
Net cash provided by (used in) financing activities

1,500(1,525)
(242)
(244)
(4)
(516)

2,300
(1,267)
990
(462)
(244)
(5)
1,310

(20)

6

(263)

92

13,75817,35456-

13,551

17,447

Foreign currency translation adjustments on cash
and cash equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents, beginning of period
Increase in cash and cash equivalents from newly
consolidated subsidiary
Cash and cash equivalents, end of period11(4) Notes on the Financial Statements(Note on the Going-concern Assumption)
Not applicable.
(Note on Significant Changes in the Amount of Shareholders’ Equity)
Not applicable.

(Segment and Other Information)(Segment Information)
I. Six months ended June 30, 2014 (January 1 to June 30, 2014)
1. Net sales and income/loss by reportable segment(millions of yen)

Reportable segment

Amountrecorded on

Domestic
weddingbusinessHotelbusiness

16,136

5,770

1,605

-

23,511-

23,511

338

83

0

-

422

(422)

-

Total

16,475

5,854

1,605

-

23,934(422)

23,511

Segment income

2,564

45

22

-

2,631

(650)

1,981

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

Notes:

Overseasbusiness

W&R
business

Adjustments

Total

consolidated(note 1)statements ofincome (note 2)

1. Minus 650 million yen adjustments for the segment income includes 25 million yen eliminationof inter-segment sales and minus 675 million yen corporate expenses that are not allocated toeach reportable segment. The main component of these unallocated corporate expenses is
SG&A expenses that are not attributable to reportable segments.
2. Segment income 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
Not applicable.

12II. Six months ended June 30, 2015 (January 1 to June 30, 2015)
1. Net sales and income/loss by reportable segment(millions of yen)

Reportable segment

Amountrecorded on

Domestic
weddingbusinessHotelbusiness

15,243

6,385

1,625

1,463

24,719-24,719

416

115

0

-

532

(532)

-

Total

15,659

6,501

1,626

1,463

25,251(532)

24,719Segment income (loss)

2,130

148

(0)

50

2,329

(762)

1,567

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

Notes:

Overseasbusiness

W&R
business

Adjustments

Total

consolidated(note 1)statements ofincome (note 2)

1. Minus 762 million yen adjustments for the segment income or loss includes 8 million yen
elimination of inter-segment sales and minus 770 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. Change in Reportable Segment(Change in classification of reportable segments)
Effective from the first quarter of the current consolidated fiscal year ending December 31, 2015,
Yagoto outlet and Sasashima outlet, which used to belong to the “Domestic wedding business”
segment, have now been classified in the “Hotel business” segment. This is in accordance with thechange in the management segmentation for the purpose of evaluating and managing the businessperformance of each reportable segment more appropriately.
Consequently, compared to the old classification, net sales of the “Hotel business” segment
increased by 836 million yen, and its segment income decreased by 108 million yen, while net salesof the “Domestic wedding business” decreased by 836 million yen and its segment income grew by
108 million yen.
The segment information for the six months ended June 30, 2014 has been restated, reflecting
this segment change.
3. Impairment loss on fixed assets or goodwill by reportable segment
Not applicable.

13

4. Supplementary Information
Weddings Held, Orders Received, and Sales volume
1) Number of weddings held

Segment

Six months ended
June 30, 2014

Six months ended
June 30, 2015

Year ended
December 31, 2014

Number of weddings

Number of weddings

Number of weddings

held (cases)

held (cases)

held (cases)

Domestic wedding

4,562

4,414

9,873

498

581

1,133

Overseas business

1,427

1,305

3,025

Total

6,487

6,300

14,031business
Hotel businessNote: Classification of reportable segments has been changed since the first three months ended March 31,
2015. The figures for the six months ended June 30, 2014 and for the full year ended December 31, 2014,
have been readjusted to the new reportable segments.

2) Orders received

Segment
Domestic wedding

Six months ended
June 30, 2014

Six months ended
June 30, 2015

Year ended
December 31, 2014

Orders

Order

Orders

Order

OrdersOrder

receivedbacklog

receivedbacklog

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

5,456

6,276

5,182

6,056

9,779

5,288

684

860

1,024

1,288

1,304

845

Overseas business

1,593

1,643

1,285

1,354

2,922

1,374

Total

7,733

8,779

7,491

8,698

14,005

7,507

business
Hotel businessNote: Classification of reportable segments has been changed since the first three months ended March 31,
2015. The figures for the six months ended June 30, 2014 and for the full year ended December 31, 2014,
have been readjusted to the new reportable segments.

3) Sales volume

Segment
Domestic wedding

Six months ended
June 30, 2014

Six months ended
June 30, 2015

Year ended
December 31, 2014

million yen

million yen

million yen

16,136

15,24335,023

Hotel business

5,770

6,385

12,462

Overseas business

1,605

1,625

3,458

W&R business

-

1,463

747

Total

23,511

24,71951,691business

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Notes: 1. Classification of reportable segments has been changed since the first three months ended March 31,
2015. The figures for the six months ended June 30, 2014 and for the full year ended December 31,
2014, have been readjusted to the new reportable segments.
2. Inter-segment transactions have been eliminated from the amounts shown above.
3. The above amounts do not include consumption tax.

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