Company Research and Analysis Report
FISCO Ltd.
http://www.fisco.co.jp

JUST PLANNING INC. 伪伪Revenue growth from providing valued-added
4287 TSE JASDAQ

8-Jun-16

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Yuzuru Sato

services, such as Makasete Touch and Makasete
Interpreting
JUST PLANNING, Inc. (4287) (hereafter, also “the Company”) provides the restaurant industry withMakasete Net, an ASP service that is used for sales, purchasing, workers’ attendance management,
and other functions. As of the end of January 2016, the number of subscribing companies andrestaurants was 227 and 5,052 respectively, which are all-time highs. It has a stock-type businessmodel from the accumulation of monthly usage fees, and a feature of the Company its good financial
condition, being highly profitable and stable, and practicing debt-free management. By providing
valued-added services, such as the POS ordering service Makasete Touch and the interpreting
service Makasete Interpreting, it is aiming to increase average revenue per user (ARPU) and todevelop new customers toward further revenue growth.
In the FY1/16 (February 2015 to January 2016) consolidated results announced on March 14, net
sales increased 19.0% year on year (yoy) to ¥2,203mn, while operating income rose 12.9% to¥501mn, for double-digit sales and earnings growth. In the mainstay ASP Business, the number ofsubscribing restaurants steadily grew, by 319 from the end of the previous fiscal year. Moreover, theother business segments, of the Logistics Solution Business, the System Solution Business, andthe Other Business, also achieved sales and earnings growth. The solar power generation business
was newly launched in this fiscal year, and it is thought to have contributed to the higher sales andearnings in the region of net sales of ¥70mn and operating income of ¥10mn.
For FY1/17, the Company is forecasting that net sales will increase 8.9% yoy to ¥2,400mn and that
operating income will rise 5.7% to ¥530mn. In the ASP Business, the goals are for the number ofrestaurants to increase by 700 from the end of the previous fiscal year and for monthly usage fees
to rise ¥10mn. In particular, in the Company’s measures with Sun Corporation (6736), with which it
formed a business alliance in 2015, it plans to launch in this fiscal period a new service of a sales
promotion system for restaurants, which is expected to contribute to sales. On the other hand, it
is envisaged that it will incur costs to change programs in order to respond to the introduction of
the reduced tax rate scheduled for FY17, and therefore the profit margin on sales is expected to
decline slightly. Net income attributable to the owners of the parent company is forecast to fall 1.6%
to ¥345mn, but this will be as a reaction to the recording of extraordinary income of ¥47mn in theprevious fiscal year, including for a gain on the sale of investment securities.
With regard to dividends, the Company plans to maintain steady dividend payments, while ensuring
an adequate level of internal reserves to fund future business expansion and to strengthen its
business foundation. In FY1/17, the Company is forecasting a dividend per share of ¥18.0, for adividend payout ratio of 22% and dividend yield in the range of 2% (calculated based on the April 1
share price of ¥709).

伪伪Check Point• In the mainstay Makasete Net, the number of subscribing restaurants reached a recordhigh level• Recorded double-digit sales and earnings growth in FY1/16, with net sales and operating
income increasing for the fourth and third consecutive fiscal years, respectively• Plans to launch a new service for a sales promotion system jointly developed with Sun
Corporation

We encourage readers to review our complete legal statement on “Disclaimer” page.
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4287 TSE JASDAQ

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8-Jun-16

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Important disclosuresand disclaimers appear
at the end of this document.

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㻲㼅㻝㻛㻝㻣㻌㻱FISCO Ltd. Analyst
Yuzuru Sato

伪伪Business Overview
In the mainstay Makasete Net, the number of subscribing
restaurants reached a record-high level*	ASP (Application Service Provider):a business that provides customers
with application software functions
used on IT devices as a service via
networks. ASP can also refer to thistype of service itself.

The Company’s operations are classified into four business segments; the ASP Business*, theSystem Solution Business, the Logistics Solution Business, and the Other Business. Looking at thepercentages of net sales and gross profit provided by business segment in FY1/16, the two main
pillars of net sales were the ASP Business and the Logistics Solution Business, with each providingin the region of 43%, but the ASP Business was the core driver of profits, contributing 74.7% of grossprofit. The following is a description of each business segment.

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We encourage readers to review our complete legal statement on “Disclaimer” page.
2

■■Business Overview

JUST PLANNING INC.
4287 TSE JASDAQ

8-Jun-16

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Yuzuru Sato

○ASP BusinessIn the ASP Business, the core service is Makasete Net. This service allows customers to utilize thebusiness software they need to operate various aspects of restaurants, such as sales, purchasing,and attendance management, via the Internet. The main customers for this service are small andmedium-sized restaurant companies that operate chains of between 20 to 50 restaurants. Introducing
Makasete Net makes it possible for these client companies to promptly and inexpensively gather,
manage, and analyze data on operating conditions at their restaurants. It is a stock-type businessmodel in which the monthly usage fees from the subscriber restaurants provide the majority of the
net sales. Its gross profit margin is also high, in the region of 78%, and it is the Company’s mainstay
business.
Although the monthly usage fee for Makasete Net varies depending on the menu of services chosen
by the customer, the standard monthly price of a full-service subscription is ¥44,000. This compareswith an average monthly usage fee of between ¥16,000 and ¥16,999 per restaurant at present.
The main reason for this difference appears to be that there are many companies that subscribe
to only some of the functions offered by the service, such as sales management and attendance
management. Even so, compared with the monthly fee level of around ¥10,000 offered by many of
its competitors, JUST PLANNING has a relatively high price structure. The Company can justify thishigh price level because it provides customization support free of charge, unlike other companies
that charge an additional fee for this type of support. (However, JUST PLANNING does charge aseparate fee for making substantive customized changes to its service specifications).
The number of subscribing restaurants for Makasete Net stood at 5,052 as of the end of January
2016, (with 227 corporate subscribers), reaching an all-time high. According to the Japan Franchise
Association, the number of restaurant chains in Japan has been gradually trending upward since
FY12, due to the increase in the number of overseas visitors to Japan and the recovery of thedomestic economy, and had reached 58,900 at the end of FY3/15. Therefore, JUST PLANNING has
an industry share of just under 10%, but its share for restaurant chains of 50 restaurants or less,which are its targeted customer base, appears to be over 10%.

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Looking at JUST PLANNING’s competitors, there are more than 10 rival companies of a similarsize, including Alphax Food System Co., Ltd. (3814), Hitachi Systems, Ltd., and Aspit Co., Ltd. Of
these, Alphax Food System surpasses JUST PLANNING in terms of having the industry’s largest
number of subscribers, with 7,067 subscribing restaurants (283 corporate subscribers) as of the endof September 2015. But in the last few years the gap between their subscriber numbers has shrunk,and additionally their sales are around the same level. Infomart Corporation (2492) also provides
order receipt and placement services related to ASP services for restaurant companies, and someof its services overlap with those of JUST PLANNING. That said, Infomart Corporation is mainly
focused on providing services primarily to the selling side (food wholesalers). For this reason, thetwo companies have established a good business relationship, by, for example, cooperating with one
another on systems for shared customers.

We encourage readers to review our complete legal statement on “Disclaimer” page.
3

■■Business Overview㼀㼞㼑㼚㼐㼟㻌㼕㼚㻌㼠㼔㼑㻌㼚㼡㼙㼎㼑㼞㻌㼛㼒㻌㼟㼡㼎㼟㼏㼞㼕㼎㼕㼚㼓㻌㼞㼑㼟㼠㼍㼡㼞㼍㼚㼠㼟㻌㼍㼚㼐㻌㼚㼑㼠㻌㼟㼍㼘㼑㼟㻌㼒㼛㼞㻌㼠㼔㼑㻌㻞㻌㼙㼍㼖㼛㼞㻌㼏㼛㼙㼜㼍㼚㼕㼑㼟JUST PLANNING’s number of restaurants (left axis)
Alphax’s number of restaurants (left axis)
JUST PLANNING’s net sales (right axis)
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4287 TSE JASDAQ㻣㻘㻜㻜㻜㻣㻘㻜㻡㻥㻌

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Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Yuzuru Sato

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Makasete Touch announced in the fall of 2012, these services include an optimization assessment
service for public utility bills that it began providing in 2014, and also Makasete Interpreting (a voiceinterpreting service) and Pre Order POS (a real time sales communication calculator app), which it
launched in 2015.
Of these services, Makasete Touch replaces dedicated devices used by restaurant staff to takeorders from guests with general-purpose devices, such as an iPad or an iPod touch. A features ofthis service is that it can greatly reduce the initial deployment costs to approximately one third of thecost of dedicated devices while still providing functions equivalent to these dedicated devices. Other
advantages include that as these devices are in general and widespread use, restaurant staff quickly
become proficient in them and so training costs can be reduced, and moreover maintenance costs
and other costs can be kept down. Furthermore, in the future the Company plans to upgrade andexpand the service to include additional functions, such as a service that will allow restaurant guests
to order directly from their smartphones and a service that will lead to an improved customer-service
experience through utilizing ordering information. The initial deployment costs for Makasete Touchare from ¥100,000, while the monthly usage fees per restaurant are ¥19,800. This breaks down as¥9,800 for the ordering service, ¥5,000 for the POS service, and ¥5,000 for the maintenance service.
Several companies have already developed POS ordering services using smart devices. The
difference between JUST PLANNING and these early corporate entrants is that JUST PLANNING
provides its services over Web browsers, whereas other companies provide services throughdedicated apps. When the service is delivered through dedicated apps, the apps may need to be
updated every time there is a change to the operating system (OS) specifications by Apple or Google.
Therefore, JUST PLANNING believes that dedicated apps run the risk of temporary interruptions tothe service delivery if updates are not made in time for the changes to the OS specifications. It avoids
this risk by delivering services over Web browsers.

We encourage readers to review our complete legal statement on “Disclaimer” page.
4

■■Business Overview

Overview of Makasete Touch
Service
description

JUST PLANNING INC.

Features4287 TSE JASDAQ

8-Jun-16

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Yuzuru Sato

Targetedcustomers
Sales price(per restaurant)
Sales
methods• A cloud-based POS ordering service that replaces highly priced dedicated ordering devices
used at restaurants with relatively inexpensive general-purpose devices.
• By replacing dedicated devices, which cost more than ¥100,000 each, with relatively
inexpensive smart devices such as iPod touch and iPad, the service can reduce initial
deployment costs to one-third of the previous cost and reduce maintenance costs.
Functional aspects are equivalent to those of dedicated devices.
• Staff training time and costs can be reduced, with no need for retraining even if the devices
in use are changed.
• POS functions and kitchen display functions are installed in iPads.
• Plans call for providing services that enhance the customer service experience usingordering information from restaurant customers.
• Plans call for providing services that enable restaurant guests to download menus and placeorders via their smartphones.
• Restaurant chain companies and individual restaurants across Japan• Initial cost: starting from ¥100,000 (Does not include various devices, a dedicated wireless
LAN access point (AP), and communications links, which are required separately.)• Running cost: Monthly usage fees @ order: ¥9,800, @ POS: ¥5,000,
Maintenance service : ¥5,000• Direct sales, agency sales, and OEM supply (Provision of POS services for use in theoishino service of Seiko Solutions Inc.)

In addition, the Company launched the Makasete Interpreting service in September 2015 after
entering into a business alliance with BRAINPRESS Inc., which provides multilingual interpreting
services. Through subscribing to this service, in the event of communication problems with overseas
customers in a restaurant, the restaurant can contact the multilingual call center and it will provide
a voice interpreting service. The service is offered for five languages (English, Chinese, Korean,
Spanish, and Portugese), and in terms of the fee structure, the monthly fee per restaurant is from¥3,000 (20 minutes), and the Company collects half of the service fee as commission income.
In addition to existing subscriber restaurants, the target customers are medium- to large-sizedrestaurant chains, while the plan is also to develop it for other types of business, such as karaoke
parlors and hotels and guest houses. The sales target is for 30 companies to have introduced thesystem by January 2018. No figures on the number of subscribers were available as of the end ofJanuary 2016, but subscriber companies are expected to increase in the future alongside the growthin the number of overseas visitors to Japan.
The target customer for Pre Order POS (a real time sales communication calculator app) are tenant
stores that are required to use a developer-specified POS cash register, such as within a department
store. In this service, order data is input into a smart device before the product to be purchased is
paid for, and this order data is communicated to the Company’s server, enabling it to collect andanalyze sales data according to product and time period. Also, in busy stores where the timely input
of order data can be difficult depending on the circumstances, it is possible for the summarized sales
product information to be input after the receipts have been output from the POS cash register.
The price of the service is ¥100,000 for the initial deployment cost (not including the devices) and amonthly usage fee per store of ¥9,800.
○System Solution Business
The System Solution Business mainly comprises the sale of various devices and equipment, such as
POS systems and order entry systems that are deployed by the restaurants of companies subscribing
to ASP services, as well as related system configuration and maintenance revenues. However, net
sales in the System Solution Business have a weak correlation with the ASP Business. The reason
is that there is no need for customers to repurchase devices and other equipment that are alreadyinstalled in a restaurant. This holds true even when customers are subscribing to the ASP service forthe first time. Furthermore, the profitability on sales of devices and other equipment is relatively low
because these items are purchased from third parties for sale to the customer.
○Logistics Solution Business
The Logistics Solution Business is mainly being developed by SuccessWay Inc., a subsidiary of JUSTPLANNING. This business is mainly comprises logistic solutions and merchandising solutions forrestaurant companies, along with corporate business support services. Currently, the gross marginof this business, at around 15%, is lower than the ASP Business, partly because labor-intensive
logistics-business support services account for the bulk of its net sales. The Company’s strategy for
the Logistics Solution Business is to enhance profitability by focusing on expanding sales of the Logi
Logi System, a logistics management ASP service developed by the Company (approximately 400
restaurants subscribe to the Logi Logi System).

We encourage readers to review our complete legal statement on “Disclaimer” page.
5

■■Business Overview

JUST PLANNING INC.

○Other BusinessIn the Other Business, JUST PLANNING operates two restaurants (izakaya diners) as a training
venue for employees to obtain expertise on restaurant operations. In addition, in October 2014 theCompany acquired one golf bar in Fukuoka Prefecture. Moreover, in February 2015 the Company
initiated a solar power generation business in the Nasu area of Tochigi Prefecture (the total power
generation capacity at the two power plants is 1.7MWh, and the electricity sales price is ¥36/kWh).
Each of these businesses is operated by JP Power, a subsidiary of JUST PLANNING.

4287 TSE JASDAQ伪伪Overview of Financial Results
8-Jun-16

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Yuzuru Sato

Recorded double-digit sales and earnings growth in FY1/16,
with net sales and operating income increasing for the fourthand third consecutive fiscal years, respectively(1) Overview of financial results for FY1/16
In the FY1/16 consolidated results announced on March 14, net sales increased 19.0% yoy to¥2,203mn, operating income rose 12.9%, to ¥501mn, ordinary income climbed 22.5% to ¥506mn,
and net income increased 59.0% to ¥350mn, for double-digit sales and earnings growth. Net sales
and operating income increased for the fourth and third consecutive fiscal years, respectively.
The Company achieved sales and earnings growth not only in its mainstay ASP Business, but also in
its other three business segments, of the System Solution Business, the Logistics Solution Business,and the Other Business. The cost of sales ratio increased by 1.2 percentage points compared to theprevious fiscal year, but this was due to the higher percentage of sales provided by the low profitability
System Solution Business and Logistics Solution Business. Looking at the results compared tothe initial targets, we see that while net sales were basically as planned, operating income wasslightly below target. This was mainly due to the occurrence of additional work for the solar power
generation business that caused depreciation and amortization expenses to increase ¥10mn higher
than anticipated. Further, net income exceeded the Company target by 13.4% following the recordingof a gain on sale of investment securities of ¥32mn and a gain on the sale of non-current assets of¥16mn, which were recorded as extraordinary income. Trends by business segment are as follows.
Consolidated financial results for FY1/16
FY1/15vs netActual
sales
1,851
979
52.9%
427
23.1%
443
24.0%
413
22.3%
-45
220
11.9%

Net sales
Cost of sales
SG&A expenses
Operating income
Ordinary income
Extraordinary loss (income)Net income

Company
plan
2,200
515
515
309

Actual
2,203
1,192
509
501
506
47
350

FY1/16vs net
sales

54.1%
23.1%
22.7%
23.0%
2.2%
15.9%

(¥mn)
y-o-y
change
19.0%
21.7%
19.1%
12.9%
22.5%
59.0%

vs. plan
0.2%
-2.7%
-1.7%
13.4%

(2) Performance trends by business segment○ASP BusinessIn the ASP Business, net sales increased 6.2% yoy to ¥962mn and gross profit rose 7.3% to ¥755mn.
This was mainly because the number of subscribing restaurants in Makasete Net had steadily risen
to 5,052 by the end of January 2016, which is an increase of 319 compared to the end of the previous
fiscal year, and also from the growth in monthly usage fees. In addition, the gross margin rose 0.8
of a percentage point to 78.5%, including because there were no large-scale projects with major
development costs.

We encourage readers to review our complete legal statement on “Disclaimer” page.
6

■■Overview of Financial Results

JUST PLANNING INC.
4287 TSE JASDAQ

8-Jun-16

Looking at the breakdown in the changes to the number of subscribing restaurants, the number of
new subscribing restaurants was 43 (compared to 249 in the previous fiscal year), and the number of
new restaurants opened by existing customers was 646 (538). The number of restaurants closed byexisting customers was 357 (266) while the number of restaurants cancelling their subscriptions was
13 (15). While the growth in the number of new subscribing restaurants was sluggish, the openingof new restaurants by existing customers contributed to the result. Furthermore, the number ofrestaurants cancelling their subscriptions was once again kept to a low level of only 13, leading to
the increase in the number of subscribing restaurants. The reduction in the number of restaurants
cancelling their subscriptions is an effect of the Company’s efforts since the last fiscal year to actively
contact existing customers and to enhance its support system. One of the factors behind the sluggish
growth in the number of new subscribing restaurants is that the Company has been attempting to
put a stop to the decline in the ARPU by not been responding to requests by customers to negotiate
a discount on usage fees.

Important disclosuresand disclaimers appear
at the end of this document.

㻮㼞㼑㼍㼗㼐㼛㼣㼚㻌㼛㼒㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼠㼔㼑㻌㼚㼡㼙㼎㼑㼞㻌㼛㼒㻌㼟㼡㼎㼟㼏㼞㼕㼎㼕㼚㼓㻌㼞㼑㼟㼠㼍㼡㼞㼍㼚㼠㼟㻯㼍㼚㼏㼑㼘㼘㼍㼠㼕㼛㼚㼟㻾㼑㼟㼠㼍㼡㼞㼍㼚㼠㼟㻌㼏㼘㼛㼟㼑㼐㻌㼎㼥㻌㼑㼤㼕㼟㼠㼕㼚㼓㻌㼏㼡㼟㼠㼛㼙㼑㼞㼟㻺㼑㼣㻌㼞㼑㼟㼠㼍㼡㼞㼍㼚㼠㼟㻌㼛㼜㼑㼚㼑㼐㻌㼎㼥㻌㼑㼤㼕㼟㼠㼕㼚㼓㻌㼏㼡㼟㼠㼛㼙㼑㼞㼟㻺㼑㼣㻌㼟㼡㼎㼟㼏㼞㼕㼎㼕㼚㼓㻌㼞㼑㼟㼠㼍㼡㼞㼍㼚㼠㼟㻔㻾㼑㼟㼠㼍㼡㼞㼍㼚㼠㼟㻕

㻝㻘㻜㻜㻜
㻤㻜㻜

FISCO Ltd. Analyst
Yuzuru Sato

㻢㻜㻜

㻞㻜㻜

㻜
㻙㻞㻜㻜

㻢㻠㻢

㻟㻠㻠
㻝㻜㻠

㻞㻠㻠

㻞㻠㻥

㻙㻟㻡㻟

㻙㻟㻣㻥

㻙㻞㻢㻢
㻙㻝㻡

㻙㻟㻡㻣

㻙㻣㻟

㻙㻝㻞㻝

㻲㼅㻝㻛㻝㻟

㻲㼅㻝㻛㻝㻠

㻲㼅㻝㻛㻝㻡

㻲㼅㻝㻛㻝㻢

㻤㻡

㻙㻠㻤㻡

㻙㻠㻜㻜
㻙㻢㻜㻜

㻡㻟㻤

㻡㻝㻣

㻣㻠㻢

㻠㻜㻜

㻙㻝㻞㻥

㻠㻟
㻙㻝㻟

㻙㻤㻜㻜
㻲㼅㻝㻛㻝㻞

㻭㻿㻼㻌㼚㼑㼠㻌㼟㼍㼘㼑㼟㻌㼍㼚㼐㻌㻭㻾㻼㼁㻌㻔㼔㼍㼘㼒㻙㼥㼑㼍㼞㻌㼎㼍㼟㼕㼟㻕
(¥mn)
㻣㻜㻜

㻭㻿㻼㻌㼚㼑㼠㻌㼟㼍㼘㼑㼟㻌㻔㼘㼑㼒㼠㻌㼍㼤㼕㼟㻕(¥th/month)㻭㻾㻼㼁㻌㻔㼞㼕㼓㼔㼠㻌㼍㼤㼕㼟㻕

㻝㻤㻚㻡

㻝㻤㻚㻝

㻢㻜㻜
㻡㻜㻜

㻝㻤㻚㻜
㻠㻠㻥

㻠㻠㻡

㻠㻢㻜

㻠㻣㻤

㻠㻤㻠

㻝㻢㻚㻥

㻠㻜㻜

㻝㻣㻚㻜

㻝㻢㻚㻟

㻟㻜㻜

㻝㻣㻚㻡

㻝㻢㻚㻟
㻝㻢㻚㻜

㻝㻢㻚㻡

㻞㻜㻜

㻝㻢㻚㻜

㻝㻜㻜

㻝㻡㻚㻡

㻜

㻝㻡㻚㻜
㻲㼅㻝㻛㻝㻠 㻞㻴㻲㼅㻝㻛㻝㻡 㻝㻴㻲㼅㻝㻛㻝㻡 㻞㻴㻲㼅㻝㻛㻝㻢 㻝㻴㻲㼅㻝㻛㻝㻢 㻞㻴㻺㼛㼠㼑㻦㻌㻭㻾㻼㼁㻌㻩㻌㻭㻿㻼㻌㻹㼛㼚㼠㼔㼘㼥㻌㼍㼢㼑㼞㼍㼓㼑㻌㻭㻿㻼㻌㼚㼑㼠㻌㼟㼍㼘㼑㼟㻌÷ 㼙㼛㼚㼠㼔㼘㼥㻌㼍㼢㼑㼞㼍㼓㼑㻌㼛㼒㻌㼠㼔㼑㻌㼚㼡㼙㼎㼑㼞㻌㼛㼒㼟㼡㼎㼟㼏㼞㼕㼎㼕㼚㼓㻌㼞㼑㼟㼠㼍㼡㼞㼍㼚㼠㼟
Looking at the trends in the ARPU (monthly average net sales per restaurant) on a half-year basis,
while it has declined slightly more than 10% over a 2 year period, from ¥18,000 in 2H FY1/14 to¥16,000 in the current fiscal year, recently this decline has basically bottomed-out. Going forward,
the Company’s strategy is to raise the ARPU by increasing profits from restaurants through providingthem with valued-added services. But although the number of restaurants introducing Makasete
Touch is steadily increasing, the level is still below 100, which is below the level initially envisaged,
and the pace of its introduction is slow. With regards to the new services of Makasete Interpreting
and Pre Order POS also, the stage of obtaining subscriptions is from now onwards, so the Company
is not yet at the stage of increasing ARPU, which will be an issue for the future.

We encourage readers to review our complete legal statement on “Disclaimer” page.
7

■■Overview of Financial Results

JUST PLANNING INC.
4287 TSE JASDAQ

8-Jun-16

Important disclosuresand disclaimers appear
at the end of this document.

The Company entered into a business alliance with Sun Corporation in July 2015 and the twocompanies are advancing various measures, such as introducing Makasete Net into restaurants
affiliated with pachinko hall management companies, which are Sun Corporation’s customers,
providing the halls with the Company’s services, jointly developing new services, and using eachother’s maintenance bases. The current stage for the introduction of Makasete Net into the affiliatedrestaurants is that the members of the new sales team are accompanying the current sales teamin conjunction with sales training, which is expected to lead to subscriptions from FY1/17 onwards.
Furthermore, to support the advance of restaurant companies into Asia, the Company has started
Makasete Net for a foreign restaurant company in Thailand, and outsources its operation to a local
company providing support.
○System Solution BusinessIn the System Solution Business, net sales increased 41.1% yoy to ¥120mn and gross profit climbed
22.3% to ¥30mn, for sales and earnings growth for the first time in two fiscal years. This was mainly
due to the increase in sales of POS system devices and other equipment from the higher capital
investment by customer restaurants, while the growth in sales of consumables, including cash
register sheets, from the strengthening of proposal-based sales, also contributed.

㻲㼕㼚㼍㼚㼏㼕㼍㼘㻌㼞㼑㼟㼡㼘㼠㼟㻌㼛㼒㻌㼠㼔㼑㻌㻿㼥㼟㼠㼑㼙㻌㻿㼛㼘㼡㼠㼕㼛㼚㻌㻮㼡㼟㼕㼚㼑㼟㼟㻌(¥mn)
㻺㼑㼠㻌㼟㼍㼘㼑㼟㻌㻔㼘㼑㼒㼠㻌㼍㼤㼕㼟㻕FISCO Ltd. Analyst
Yuzuru Sato㻟㻜㻜㻳㼞㼛㼟㼟㻌㼜㼞㼛㼒㼕㼠㻌㻔㼘㼑㼒㼠㻌㼍㼤㼕㼟㻕
㻞㻥㻚㻟

㻞㻠㻚㻢

㻞㻡㻜

㻳㼞㼛㼟㼟㻌㼙㼍㼞㼓㼕㼚㻌㻔㼞㼕㼓㼔㼠㻌㼍㼤㼕㼟㻕 （㻑）
㻟㻜㻚㻜
㻞㻡㻚㻠
㻞㻡㻚㻜

㻞㻜㻤
㻞㻜㻜

㻞㻜㻚㻜

㻝㻡㻜

㻝㻡㻚㻜

㻝㻞㻜
㻤㻡

㻝㻜㻜

㻝㻜㻚㻜

㻡㻝
㻡㻜

㻟㻜

㻞㻡

㻜

㻡㻚㻜
㻜㻚㻜

㻲㼅㻝㻛㻝㻠

㻲㼅㻝㻛㻝㻡

㻲㼅㻝㻛㻝㻢

○Logistics Solution BusinessResults trended positively in the Logistics Solution Business, with net sales increasing 17.2% yoy
to ¥952mn, and gross profit rising 13.0% to ¥134mn. The movement toward outsourcing logistics
departments because of the chronic shortage of workers in the restaurant industry is continuing, andwhile the gross margin is low at 14.1%, this business segment still achieved its best ever results.

㻲㼕㼚㼍㼚㼏㼕㼍㼘㻌㼞㼑㼟㼡㼘㼠㼟㻌㼛㼒㻌㼠㼔㼑㻌㻸㼛㼓㼕㼟㼠㼕㼏㼟㻌㻿㼛㼘㼡㼠㼕㼛㼚㻌㻮㼡㼟㼕㼚㼑㼟㼟(¥mn)
㻺㼑㼠㻌㼟㼍㼘㼑㼟㻌㻔㼘㼑㼒㼠㻌㼍㼤㼕㼟㻕㻳㼞㼛㼟㼟㻌㼜㼞㼛㼒㼕㼠㻌㻔㼘㼑㼒㼠㻌㼍㼤㼕㼟㻕

㻝㻘㻞㻜㻜
㻝㻠㻚㻣

㻝㻠㻚㻡

（㻑）
㻳㼞㼛㼟㼟㻌㼙㼍㼞㼓㼕㼚㻌㻔㼞㼕㼓㼔㼠㻌㼍㼤㼕㼟㻕
㻝㻤㻚㻜
㻥㻡㻞

㻝㻘㻜㻜㻜

㻝㻠㻚㻝

㻝㻡㻚㻜

㻤㻝㻟
㻤㻜㻜

㻝㻞㻚㻜

㻣㻜㻡

㻢㻜㻜

㻥㻚㻜

㻠㻜㻜

㻢㻚㻜

㻞㻜㻜

㻝㻜㻞

㻝㻝㻥

㻝㻟㻠

㻜

㻟㻚㻜
㻜㻚㻜

㻲㼅㻝㻛㻝㻠

㻲㼅㻝㻛㻝㻡

㻲㼅㻝㻛㻝㻢

We encourage readers to review our complete legal statement on “Disclaimer” page.
8

■■Overview of Financial Results

JUST PLANNING INC.
4287 TSE JASDAQ○Other BusinessResults improved dramatically in the Other Business, with net sales increasing 262.6% yoy
to ¥167mn and gross profit rising 285.9% to ¥89mn. In addition to the opening of a golf bar in
Fukuoka Prefecture in Q4 of the previous fiscal year, the main factor behind the sales and earnings
growth was the launch of the solar power generation business in February 2015. Net sales from thesolar power generation business were approximately ¥70mn, but on an operating income basis its
contribution was in the range of ¥10mn due to depreciation expenses. However, on a cash flow basis
it contributed income of ¥55 to ¥60mn and it is expected to become a stable source of revenues in
the future.

8-Jun-16㻲㼕㼚㼍㼚㼏㼕㼍㼘㻌㼞㼑㼟㼡㼘㼠㼟㻌㼛㼒㻌㼠㼔㼑㻌㻻㼠㼔㼑㼞㻌㻮㼡㼟㼕㼚㼑㼟㼟㻌㼞㼑㼟㼡㼘㼠㼟(¥mn)
㻺㼑㼠㻌㼟㼍㼘㼑㼟㻌㻔㼘㼑㼒㼠㻌㼍㼤㼕㼟㻕㻳㼞㼛㼟㼟㻌㼜㼞㼛㼒㼕㼠㻌㻔㼘㼑㼒㼠㻌㼍㼤㼕㼟㻕㻝㻤㻜

Important disclosuresand disclaimers appear
at the end of this document.

（㻑）㻳㼞㼛㼟㼟㻌㼙㼍㼞㼓㼕㼚㻌㻔㼞㼕㼓㼔㼠㻌㼍㼤㼕㼟㻕
㻝㻢㻣

㻡㻜㻚㻢

㻡㻟㻚㻤

㻢㻜㻚㻜

㻝㻡㻜

㻡㻜㻚㻜

㻝㻞㻜

㻠㻜㻚㻜
㻤㻥

FISCO Ltd. Analyst
Yuzuru Sato

㻥㻜

㻟㻜㻚㻜
㻝㻢㻚㻣

㻢㻜
㻟㻜

㻞㻜㻚㻜

㻠㻢

㻞㻢

㻞㻟

㻝㻜㻚㻜

㻠
㻜

㻜㻚㻜
㻲㼅㻝㻛㻝㻠

㻲㼅㻝㻛㻝㻡

㻲㼅㻝㻛㻝㻢

Financial indicators of stability are trending at a high level andindicators of financial soundness are also sufficiently high(3) Financial condition and key financial indicators
Looking at the Company’s financial condition as of the end of January 2016, total assets were
¥3,161mn, up ¥327mn from the end of the previous fiscal year. The main factors behind this were thatthe increase in cash and deposits of ¥690mn in current assets exceeded the decrease in investment
securities of ¥357mn in non-current assets.
Total liabilities were ¥407mn, an increase of ¥57mn from the end of the previous fiscal year. The
main change factors were an increase in income taxes payable of ¥142mn in current liabilities and adecrease of ¥103mn in other current liabilities. In addition, net assets were ¥2,754mn, up ¥269mn,
mainly due to an increase in retained earnings of ¥274mn following the recording of net income.
Turning to the key financial indicators, both the current ratio and the equity ratio, which are indicatorsof financial stability, remained at the high levels of 584.1% and 85.5% respectively. The Company
also practices debt-free management and the indicators of financial soundness can also be said tobe sufficiently high. In terms of profitability, both ROA and ROE are 10% or more, while the operating
margin is 20% or above, and the Company is maintaining high levels of profitability and stability.

We encourage readers to review our complete legal statement on “Disclaimer” page.
9

■■Overview of Financial Results

Balance sheets

JUST PLANNING INC.
4287 TSE JASDAQ

8-Jun-16

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Yuzuru Sato

Current assets(cash and deposits, securities)
Non-current assets
Total assets
Current liabilities
Non-current liabilities(Interest-bearing debt)
Total liabilities
Shareholders’ equity(Treasury shares)
Total net assets(Stability)
Current ratio
Equity ratio
Interest-bearing debt ratio(Profitability)
ROA (return on assets)
ROE (return on equity)
Operating margin

FY1/13
1,898
1,690
938
2,836
256
152
408
2,087
-1,0282,427

FY1/14
2,601
2,350
440
3,041
747
6
200
753
2,250
-1,463
2,288

FY1/15
1,715
1,311
1,119
2,834
343
6
349
2,425
-1,463
2,485

FY1/16
2,341
2,001
820
3,161
400
6
407
2,703
-1,4632,754

741.1%
84.6%-

348.2%
74.0%
8.9%

499.8%
86.2%-

584.1%
85.5%
-

15.1%
10.3%
25.1%

14.3%
29.4%
23.1%

14.1%
9.4%
24.0%

16.9%
13.6%
22.7%

(¥mn)
Changes
625
690
-298
327
57
0
57
277
-0
269

伪伪Outlook for the Future
Plans to launch a new service for a sales promotion system
jointly developed with Sun Corporation(1) Financial forecast for FY1/17
The outlook for the FY1/17 consolidated results is for net sales to increase 8.9% yoy to ¥2,400mn,
operating income to rise 5.7% to ¥530mn, ordinary income to climb 4.7% to ¥530mn, and net
income attributable to the owners of the parent company to decrease 1.6% to ¥345mn. Net income
attributable to the owners of the parent company is set to decline slightly as a reaction to therecording of extraordinary income in the previous fiscal year. But the outlook for this fiscal period isfor the growth in sales and earnings to continue, centered on the ASP Business.
The Company’s policy is to advance three business developments; “vertical development in therestaurant industry,” “horizontal development in industries other than the restaurant industry,” and“new developments outside of the ASP Business.” For “vertical development in the restaurant
industry,” it is aiming to expand its business by increasing ARPU through strengthening Makasete
Net and related valued-added services, and also by improving its ability to provide proposals,
including in its other businesses, such as the System Solution Business and the Logistics Solution
Business. For “horizontal development in industries other than the restaurant industry,” it intends todevelop its business for other industries centered on sales of Makasete Net and worker attendance
management services. The measures according to business segment are as follows.
○ASP BusinessIn the ASP Business, the Company is targeting an increase in the number of Makasete Net
subscribing restaurants of 700 from the end of the previous fiscal year, and a rise in monthly usage
fees of ¥10mm, to around ¥89mn. While there were few new subscriptions in the previous fiscal
year, for this fiscal year there are a number of new projects pending from April, and in addition, an
increase in new restaurants from existing customers and a growth in subscriptions via its business
partner, Sun Corporation, are expected. Furthermore, the Company is providing sales proposals
toward Makasete Net’s introduction in the domestic restaurants of restaurant companies (with 40 to
50 restaurants) following its introduction in the previous fiscal year in the first restaurant in Thailand,
and restaurants are expected to switch to it from competitors’ products.

We encourage readers to review our complete legal statement on “Disclaimer” page.
10

■■Outlook for the Future

Trends in the Makasete series monthly usage fees

JUST PLANNING INC.
4287 TSE JASDAQ

8-Jun-16

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Yuzuru Sato

Source: the Company’s financial results briefing materials

In terms of its new measures, the Company launched a Makasete Net service compliant with mobile
devices in April 2016 toward improving convenience, and in addition during this fiscal period it plans
to launch a new service for a sales promotion system that it is jointly developing with Sun Corporation.
Sun Corporation has accumulated expertise in utilizing big data in pachinko hall management
systems, and the intention is to incorporate this expertise into the new service to provide a new sales
promotion system never seen before, and we will be paying attention to how it develops.
Based on the above, net sales seem likely to grow in the range of high single digits, but the profit
margin will decline slightly. This is because of the envisaged increase in costs to respond to the
reduced tax rate that is scheduled to be implemented in FY17 (costs to change programs) and also
to strengthen the server capacity. Therefore, profits are expected to grow in the range of low single
digits.
○System Solution Business
The System Solution Business is affected by trends in customers’ capital investment, so its results
can fluctuate greatly depending on the fiscal period. Therefore, the forecast for this fiscal year is forthe results to be around the same level as the previous fiscal year. But there will be no change to theCompany’s policy of strengthening sales of consumables, which are expected to be a stable sourceof income.
○Logistics Solution Business
The forecast for the Logistics Solution Business is for net sales to increase in the region of 10%
yoy. Outsourcing needs continue to be strong and the Company is developing customers not justin the restaurant industry, but also in other industries, such as food manufacturers. Its policy is also
to improve the profit margin by strengthening its proposals toward the introduction of the Logi Logi
System.
○Other Business
In Other Business, for restaurants the plan is not to increase the number of restaurants, but tomaintain the business on the same level as the previous fiscal year. In contrast, the Company plans
to increase net sales from the solar power generation business by ¥30mn yoy, to approximately¥100mn. The main factor behind this will be that the third power plant opened in February 2016 in
Sendai City is operational (power generation capacity, 1.1MWh; electricity sales price, ¥32/kWh;capital investment amount, ¥360mn) and it will contribute an additional ¥35mn to ¥40mn to net sales.
It is thought that going forward, the Company will add to its facilities in the solar power generation
business if there are projects with favorable conditions.

We encourage readers to review our complete legal statement on “Disclaimer” page.
11

■■Outlook for the Future(2) Medium-to-long-term financial indicators and strategy
In terms of the financial indicators of profitability that the Company prioritizes, it has set the target ofan ordinary income margin of 35% (an actual result of 23.0% in the previous fiscal year) and in themedium term is aiming to improve ROA and ROE.

JUST PLANNING INC.
4287 TSE JASDAQ

8-Jun-16

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Yuzuru Sato

In addition, the Company’s basic business strategy is to contribute to the revenue growth of customer
companies and to achieve revenue growth itself by enhancing the functions of Makasete Net, which
is its mainstay service, and providing valued-added services. As in the medium to long term it willdevelop services not just for the restaurant industry, but also for other industries, its policy is also
to actively pursue business alliances and collaborations. In particular, the Company only has 48
employees and its sales resources are limited, which has become a bottleneck for its businessexpansion. Therefore, if it increases its business alliances with companies that possess sales
resources and a customer base of a certain scale, such as Sun Corporation, we can expect the
speed of revenue growth to accelerate.

伪伪Shareholder Return Policy
Planning a FY1/17 dividend per share unchanged yoy
The Company’s basic shareholder return policy is to return profits to shareholders throughdividends. The Company plans to maintain steady dividends while ensuring an adequate level ofinternal reserves to fund future business expansion and to strengthen its business foundations. It is
forecasting a FY1/17 dividend per share of ¥18.0, which is unchanged from the previous fiscal year.
The dividend payout ratio of 22.0% is slightly below the average of listed companies (about 30%),
while the timing of a dividend increase is expected to be when it achieves a new record high forordinary income surpassing the ¥718mn of FY1/08.
The Company currently owns treasury stock representing 31.5% of the total number of shares issued.
As for the handling of this treasury stock in the future, the Company is considering holding the sharesas treasury stock in the near term, as well as using them to provide stock options to employees.

㻰㼕㼢㼕㼐㼑㼚㼐㻌㼍㼚㼐㻌㼐㼕㼢㼕㼐㼑㼚㼐㻌㼜㼍㼥㼛㼡㼠㻌㼞㼍㼠㼕㼛
(¥)
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（㻑）
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㻞㻞㻚㻜

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㻜㻚㻜
㻲㼅㻝㻛㻝㻟

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Note: conducted a 100-for-1 share split on August 1, 2013

We encourage readers to review our complete legal statement on “Disclaimer” page.
12

Disclaimer
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This report is based on information that we believe to be reliable, but we do not confirm or
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FISCO Ltd.