Consolidated Earnings Report for the Fiscal Year Ended September 30, 2018
[Japanese GAAP]
November 7, 2018
Company Name:
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URL:
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Scheduled date of General Stockholders’ Meeting:
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Supplementary explanatory materials prepared:
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EPS Holdings, Inc.
First Section, Tokyo Stock Exchange4282
http://www.eps-holdings.co.jp
Yan Hao, Chairman & CEO
Shuzo Orihashi, Director, Executive Corporate Officer+81-3-5684-7873
December 21, 2018
December 25, 2018
December 21, 2018
Yes
Yes (for institutional investors and analysts)(¥ millions are rounded down)
1. Consolidated Results for the Fiscal Year Ended September 30, 2018 (October 1, 2017 to September 30, 2018)(1) Consolidated Operating Results(¥ millions; percentage figures represent year-on-year changes)
Fiscal years ended
September 30
Fiscal 2018

Net sales
8.7%

Recurring profit

7,193

7,436

(5.9)%

Fiscal 2017
60,482 14.8%
7,591
22.0%
7,809
18.5%
4,663
Note: Comprehensive income: Fiscal 2018: ¥5,100 million [(17.7)%], Fiscal 2017: ¥6,196 million [165.3%]

17.6%

Profitper share(diluted) (¥)

Profitper share (¥)

Fiscal 2018(5.2)%

Profit attributable toowners of parent
4,388

Fiscal years ended
September 30

65,769Operating income

95.66(4.8)%

Return on equity(ROE)

Recurring profit/
Total assets

10.3%

11.5%

－

Operatingmargin10.9%

Fiscal 2017
101.17
－
12.3%
13.4%
12.6%
Note: Loss (gain) on entities accounted for using equity method: Fiscal 2018: ¥(0) million, Fiscal 2017: ¥(26) million(2) Consolidated Financial Position
Total assets
September 30, 2018

65,450Net assets(¥ millions)
Net assets per share(¥)

Equity ratio(%)

46,743September 30, 2017
64,34544,862
Note: Equity: September 30, 2018: ¥43,534 million, September 30, 2017: ¥41,818 million

66.5

961.8465.0

906.64(3) Status of Consolidated Cash Flows
Fiscal years ended
September 30

Cash flows fromfinancing activities(¥ millions)
Cash and cash
equivalents, endingbalance

Cash flows fromoperating activities

Cash flows frominvesting activities

Fiscal 2018

3,465

(3,489)(4,259)18,753Fiscal 2017

7,835

(3,726)

2,005

23,097

2.

Dividends
Dividend per share (¥)

Fiscal 2017

First
Quarter

SecondQuarter

Third
Quarter

－

10.00

－

Year
End

Full
Year

20.00

30.00

Total dividend
amount(¥ millions)

Dividend
payout ratio(consolidated)

Ratio ofdividends to
net assets(consolidated)

1,385

29.7%

3.6%

30.3%

3.1%

Fiscal 2018
－
12.00
－
17.00
29.00
1,323
Fiscal 2019
－
13.00
－
15.00
28.00
(forecast)
Notes: 1. The year-end dividend for fiscal 2017 includes a special dividend of 8 yen per share.
2. The year-end dividend for fiscal 2018 includes a special dividend of 4 yen per share.
3.

27.3%

Forecast of Consolidated Results for Fiscal 2019 (October 1, 2018 to September 30, 2019)(¥ millions; percentage figures represent year-on-year changes)
Profit attributable toProfitNet sales
Operating income
Recurring profit
owners of parent
per share (¥)

Full year
72,000 9.5%
7,200
0.1%
7,350
(1.2)%
4,700
7.1%
102.39Note: The Company allotted 642,000 shares of treasury stock to the shareholders of All Right Technology Inc. as
consideration for a share exchange to convert All Right Technology Inc. into a wholly owned subsidiary on theeffective date of November 1, 2018.
As a result, profit per share in the forecasts of consolidated results for the year ending September 30, 2019 has been
calculated based on the number of shares reflecting the aforementioned share exchange.
*Notes(1) Changes to important subsidiaries during the period (changes in specified subsidiaries resulting in revised scope of
consolidation): None
(2) Changes in accounting principles, accounting estimates and restatements
a. Changes in accounting policies in conjunction with revisions to accounting standards: Noneb. Other changes: Nonec. Changes in accounting estimates: None
d. Restatements: None
(3) Number of shares issued (common stock)a. Number of shares issued at end of
Fiscal 2018 end
period (including treasury stock):

46,311,389 Fiscal 2017 end

46,311,389

b. Number of treasury stock at end of
Fiscal 2018 end
period:1,049,754 Fiscal 2017 end

186,899

c. Average number of stock during the
Fiscal 2018
period:45,871,729 Fiscal 201746,099,267

Note: Number of treasury shares at the end of period includes 47,600 shares of the Company held by the employees’
shareholding trust as of September 30, 2017. Since the employees’ shareholding trust sold all of its shares during the
fiscal year ended September 30, 2018, there were no shares held in the trust as of September 30, 2018.

(Reference) Summary of Non-Consolidated Results for Fiscal 2018 (October 1, 2017 to September 30, 2018)(1) Operating Results(¥ millions; percentage figures represent year-on-year changes)
ProfitNet sales
Operating income
Recurring profit
Fiscal 2018

3,630

(8.1)%

2,246(18.5)%

2,277(19.0)%

2,266

7.0%

Fiscal 2017

3,949

18.2%

2,757

22.6%

2,813

27.5%

2,118

(10.9)%

Profitper share (¥)

Profit per sharediluted (¥)

Fiscal 2018

49.41

－

Fiscal 2017

45.94

－

(2) Financial Position
Total assets
September 30, 201840,274

Net assets(¥ millions)
Net assets per share(¥)

Equity ratio(%)

32,667

September 30, 201737,51733,156
Note: Equity: September 30, 2018: ¥32,667 million, September 30, 2017: ¥33,156 million

81,1

721.7588.4

718.84* This financial report is outside the scope of the audit reviews performed by certified public accountants or auditing firms.
* Explanation concerning the appropriate use of financial forecasts and other notable matters.
Earnings forecasts and other forward-looking statements in this report are based on data currently available to management
and certain assumptions that management believes are reasonable. Actual results may differ materially from thesestatements for various reasons.

Table of Contents of Supplementary Materials
1. Summary of Operating Results and Other Matters .................................................................................................................. 2(1) Summary of Operating Results for the Fiscal Year Ended September 30, 2018................................................................ 2(2) Summary of Financial Position as of September 30, 2018................................................................................................. 4(3) Summary of Cash Flows for the Fiscal Year Ended September 30, 2018.......................................................................... 5(4) Outlook .............................................................................................................................................................................. 5
2. Basic Policy Regarding Selection of Accounting Standards ................................................................................................... 7
3. Consolidated Financial Statements and Main Notes ................................................................................................................ 8(1) Consolidated Balance Sheets ............................................................................................................................................. 8(2) Consolidated Statements of Income and Comprehensive Income ................................................................................... 10
Consolidated Statements of Income............................................................................................................................. 10
Consolidated Statements of Comprehensive Income ................................................................................................... 11(3) Consolidated Statements of Changes in Shareholders Equity .......................................................................................... 12(4) Consolidated Statements of Cash Flow ............................................................................................................................ 14(5) Notes Concerning Consolidated Financial Statements ..................................................................................................... 16(Notes Concerning the Going Concern Assumption) .................................................................................................. 16(Additional Information) ............................................................................................................................................ 16(Segment Information)................................................................................................................................................. 16(Per Share Information) ............................................................................................................................................... 19(Important Subsequent Events) .................................................................................................................................... 20
4. Other ...................................................................................................................................................................................... 21(1) Orders Received ............................................................................................................................................................... 21

1

1. Summary of Operating Results and Other Matters(1) Summary of Operating Results for the Fiscal Year Ended September 30, 2018(¥ millions)Fiscal 2017 (Year Ended
September 30, 2017)
Amount%Fiscal 2018 (Year Ended
September 30, 2018)
Amount%ChangeAmount%Net sales

60,482100.0

65,769

100.0

5,287

8.7

Operating income

7,591

12.6

7,193

10.9

(398)

(5.2)

Recurring profit

7,809

12.9

7,436

11.3

(373)

(4.8)

4,663

7.7

4,388

6.7

(275)

(5.9)

101.17

－

95.66

－

－

－

Profit attributable toowners of parent
Profit per share (¥)

Operating Results for the Fiscal Year Ended September 30, 2018
In the pharmaceutical and medical devices industry, which has a major bearing on the consolidated operating results of the
EPS Group, the business environment is being reshaped by trends such as the growing adoption of generic drugs and NHI
drug price revisions under the Japanese government’s policy to curtail social security expenditures. In this environment, theindustry is showing signs of transitioning to a new stage. Notably, companies are seeking to ensure profitability by achieving
greater economies of scale through industry realignment such as acquisitions and business alliances. They are also taking
steps to shorten lead times and cut costs by streamlining research and development activities through the application of
cutting-edge technologies.
Meanwhile, in the market for outsourcing services for the healthcare industry, which spans the development ofpharmaceutical and medical devices to post-market surveillance, inquiries from customers such as pharmaceutical companies
and medical device manufacturers continued to surge, as these customers implemented policies to reduce development leadtimes and curtail development costs in an effort to enhance their competitiveness. These customers also sought to tackle
priorities such as accelerating the development of new drugs for the treatment of cancer, for the central nervous system, andfor intractable and orphan diseases. The market remains on a growth track both in Japan and elsewhere around the world.
Concurrently, it has also become an urgent priority for service providers to further enhance the quality and efficiency ofoutsourcing services for the healthcare industry.
In this environment, in the three domestic segments undertaken by the EPS Group, specifically the CRO (Contract
Research Organization), SMO (Site Management Organization), and CSO (Contract Sales Organization) segments, theGroup strove to carefully identify customer needs, regulatory changes, and the future course of innovation in tandem withbolstering its organization and project management, with a view to both maintaining its high operating efficiency andproviding high-quality services. Turning to the Group’s overseas segments, in the Global Research Business, the Group has
been working to strengthen its sales activities that target global pharmaceutical companies, along with reducing costs bycentralizing administration functions. In the EKISHIN (China) Business, the Group has been working to continuously step up
the development of existing markets and cultivate new markets as a specialist trading company in the healthcare industry.
As a result, in the year ended September 30, 2018, the EPS Group as a whole posted consolidated net sales of ¥65,769
million, up 8.7% year on year, and consolidated operating income of ¥7,193 million, down 5.2% year on year. Consolidated
recurring profit declined by 4.8% year on year to ¥7,436 million and profit attributable to owners of parent decreased 5.9%
year on year to ¥4,388 million.
Operational segment are outlined as follows.

2

Segment Overview
The Group primarily operates businesses in the following five segments (three domestic segments and two overseas
segments).
(¥ millions)Fiscal 2017
Fiscal 2018(Year Ended(Year Ended
ChangeSeptember 30, 2017) September 30, 2018)

Domestic
Business

Overseas
Business

CRO

Net sales
Operating income

30,004
6,653

31,004
6,651

999
(2)

SMO

Net sales
Operating income

14,016
1,698

14,297
1,269

280
(429)

CSO

Net sales
Operating income

8,303
486

7,813
384

(489)
(102)

GlobalResearch

Net sales
Operating income (loss)

4,816
(536)

4,942
13

126
550

EKISHIN(China)Business

Net sales
Operating income

6,199
251

11,093
121

4,894
(129)

1) CRO BusinessIn the CRO Business, the Group conducts operations based on the following structure:a. Contract-based clinical study and post-marketing surveillance (PMS) services: EPS Corporation and EPS Associates Co.,Ltd.
b. Clinical research services: EP- CRSU Co., Ltd. and Sogo Rinsho Médéfi Co., Ltd.
c. On-site CRO services: EPMate Co., Ltd.
d. Pharmaceutical and medical IT services: e-Trial Co., Ltd.
Looking at performance in the CRO Business by service, in clinical study services, net sales and operating income both
surpassed forecasts, supported mainly by measures to strengthen management of clinical development as a whole and topromote the integration of internal management systems. In PMS and related services, net sales were higher than the previous
fiscal year, but operating income was slightly lower than forecast as the start-up of a new business required more resources
than expected.
In clinical research services, net sales and operating income both increased year on year due to favorable progress oncontract-based projects.
In on-site CRO services, net sales and operating income both trended firmly as resources were secured as planned.
In pharmaceutical and medical IT services, net sales and operating income both surpassed their forecasts.
As a result, in the CRO Business, net sales were ¥31,004 million, an increase of ¥999 million, or 3.3%, year on year, andoperating income was ¥6,651 million, a decrease of ¥2 million, or 0.0%, year on year.
2) SMO Business
The SMO Business is undertaken by EP-SOGO Co., Ltd.
EP-SOGO Co., Ltd. converted EXAM Co., Ltd. into a wholly owned subsidiary on October 2, 2017 and conducted anabsorption-type merger with EXAM Co., Ltd. as the absorbed company on July 1, 2018.
In this business, the Group has achieved steady progress on integration with the former Sogo Rinsho Group. The Group
worked to strengthen the project management system and bolster the sales structure through such means as fully expanding
proposal-based sales activities. Efforts were also made to enhance the quality control system.
In terms of results, profits in the SMO Business were impacted by changes in the external environment, including asmaller number of cases in pharmaceuticals development and lengthy clinical study periods. However, in the SMO Business,
net sales rose by ¥280 million, or 2.0%, to ¥14,297 million, while operating income decreased by ¥429 million, or 25.3%, to¥1,269 million.

33) CSO Business
The CSO Business is undertaken by EP-PharmaLine Co., Ltd. through its CMR (Contract Medical Representatives) services,
PMS services, call center services and medical devices services.
In CMR services for pharmaceuticals, following on from the previous fiscal year, sales decreased sharply due to theimpact of reductions in MR staff at pharmaceutical companies.
In PMS services, which primarily involve dispatching monitoring MRs to PMS trials, the Group had anticipated a large
increase in sales based on expectations of winning new projects from new pharmaceutical companies centered on a major
project undertaken from the previous year. However, the Group was unable to win major projects as PMS services were
impacted by reductions in MR staff at pharmaceutical companies. Consequently, sales increased year on year, but fell shortof budgeted sales.
In call center services for pharmaceuticals, outbound call center services increased and call center facilities wereexpanded in the Osaka area. As a result, performance surpassed the previous year’s results.
In addition, the Group was awarded projects for the production of academic materials undertaken from the previous year,
and review services for promotional materials from not only pharmaceutical companies, but also medical advertising
agencies. As a result, performance sharply exceeded the previous year’s results.
In medical devices services, performance was largely in line with initial forecasts as the Group developed new customers
and services.
As a result, in the CSO Business, net sales were ¥7,813 million, a decrease of ¥489 million, or 5.9%, year on year, andoperating income was ¥384 million, a decrease of ¥102 million, or 21.0%, year on year.
4) Global Research Business
The Global Research Business is undertaken by EPS International Holdings Co., Ltd. and overseas Group companies.
Net sales rose ¥126 million, or 2.6%, year on year to ¥4,942 million atop strong progress on current projects and acontribution from newly awarded projects. Meanwhile, on the earnings front, operating income improved significantly to ¥13
million, compared with an operating loss of ¥536 million in the previous fiscal year. Cost control in Asia and Japan
contributed positively to operating profitability.
5) EKISHIN (China) Business
The EKISHIN (China) Business is undertaken by the two regional holding companies EPS EKISHIN Co., Ltd. and EPS(China) Co., Ltd., and related Group companies in China.
In this business, under a solid capital and business partnership with SUZUKEN Co., Ltd., the Group provides five typesof services, specifically, product-related services centered on pharmaceuticals and medical devices, specialized services
related to clinical trials, investment-related services, international trading-related services and peripheral support services.
In the specialized services, the Group is rebuilding the CRO service in China, which had been struggling on the earnings
front, through a strategic partnership with Hangzhou Tigermed Consulting Co., Ltd., one of China’s largest clinical CROs.
In the product-related service, continuous measures to step up the development of existing markets and cultivate newmarkets from the first half contributed to earnings growth. Since the fiscal year ended September 30, 2018, the amount ofsales has been increasing at Shanghai Hua Xin High Biotechnology Co., Ltd. in the product-related business due to a change
in distribution processes in China. This had a negligible impact on operating income.
As a result, in terms of operating results, net sales were ¥11,093 million, up 78.9%, year on year. Operating income was¥121 million in the EKISHIN (China) Business, down ¥129 million, or 51.6%, year on year.
(2) Summary of Financial Position as of September 30, 2018
Status of Assets, Liabilities and Net Assets
Changes in the Group’s financial position during the fiscal year under review, compared with the previous fiscal year-end,
are outlined as follows:
Current assets amounted to ¥42,170 million as of September 30, 2018, a decrease of ¥1,852 million from the previous
fiscal year-end. The main contributing factors were decreases of ¥4,916 million in cash and time deposits and ¥485 million inmerchandise and finished goods and work in process. These decreases were partly offset by increases of ¥2,626 million innotes and accounts receivable - trade, and ¥694 million in marketable securities. Fixed assets amounted to ¥23,280 million,
an increase of ¥2,958 million from the previous fiscal year-end. The main contributing factors were increases of ¥898 million
in land and ¥1,960 million in investment securities. These increases were partly offset by a decrease of ¥478 million in
goodwill. As a result, total assets stood at ¥65,450 million, an increase of ¥1,105 million from the previous fiscal year-end.
In terms of liabilities, total liabilities amounted to ¥18,706 million as of September 30, 2018, a decrease of ¥776 million
compared with the previous fiscal year-end. This mainly reflected decreases of ¥664 million in notes and accounts payable trade, ¥914 million in short-term loans and long-term debt, including the current portion, ¥654 million in income taxes
payable, and ¥1,529 million in other current liabilities. These decreases were partly offset by increases of ¥2,401 million inaccounts payable - other, ¥182 million in net defined benefit liability, and ¥289 million in other non-current liabilities.
In terms of net assets, total net assets amounted to ¥46,743 million as of September 30, 2018, an increase of ¥1,881
million from the previous fiscal year-end. This mainly reflected increases of ¥2,910 million in retained earnings, ¥639
million in valuation difference on available-for-sale securities, and ¥165 million in non-controlling interests. These increases
4were partly offset by an increase of ¥1,936 million in treasury common stock, at cost, and a decrease of ¥145 million inforeign currency translation adjustment.

(3) Summary of Cash Flows for the Fiscal Year Ended September 30, 2018
In the fiscal year ended September 30, 2018, net cash provided by operating activities was ¥3,465 million, net cash used ininvesting activities was ¥3,489 million and net cash provided by financing activities was ¥4,259 million. These cash flows
were adjusted for the effect of exchange rate change on cash and cash equivalents of ¥61 million. As a result, cash and cash
equivalents at September 30, 2018 stood at ¥18,753 million, a decrease of ¥4,344 million from the previous fiscal year-end.
(Cash flows from operating activities)
Net cash provided by operating activities was ¥3,465 million, a decrease of ¥4,370 million from the previous fiscal year.
The main reasons for this decrease in net cash provided by operating activities were profit before income taxes of ¥7,228
million (a decrease of ¥806 million year on year), a decrease in provision for bonuses of ¥147 million (an increase of ¥310
million in the previous fiscal year), an increase in notes and accounts receivable-trade of ¥2,302 million (an increase of¥1,768 million year on year). Other contributing factors were a smaller increase in other current liabilities of ¥380 million (adecrease of ¥406 million year on year) and income taxes paid of ¥3,601 million (an increase of ¥487 million year on year).
(Cash flows from investing activities)
Net cash used in investing activities was ¥3,489 million, a decrease of ¥236 million year on year. The main reasons for thisdecrease in net cash used in investing activities were payments into time deposits of ¥134 million (a decrease of ¥192 million
year on year), and the purchase of investment securities of ¥833 million (a decrease of ¥1,164 million year on year). Other
contributing factors included the purchase of property, plant and equipment and intangible assets of ¥1,508 million (anincrease of ¥697 million year on year) and the purchase of shares of subsidiaries resulting in change in scope of consolidationof ¥1,121 million (an increase of ¥222 million year on year). Cash was also reduced by the absence of the proceeds fromsales and redemption of investment securities of ¥900 million recorded in the previous fiscal year. These cash outflows werepartly offset by a cash inflow of ¥387 million in other, net (cash outflow of ¥441 million in the previous fiscal year).
(Cash flows from financing activities)
Net cash used in financing activities was ¥4,259 million, a change of ¥6,264 million from net cash provided of ¥2,005
million in the previous fiscal year.
The main factors behind this change in cash flows from financing activities were the purchase of treasury shares of¥1,988 million (an increase of ¥1,884 million year on year) and smaller proceeds from sales of treasury shares of ¥113
million (a decrease of ¥2,025 million year on year). Another factor was the absence of proceeds from issuance of commonshares of ¥2,700 million recorded in the previous fiscal year.

(4) Outlook
In the fiscal year ended September 30, 2018, the EPS Group saw consolidated net sales fall slightly below forecast, but
increase year on year. Consolidated operating income, and consolidated recurring profit both surpassed forecasts, but
decreased year on year. In the fiscal year ending September 30, 2019, the EPS Group will strengthen Group management
capabilities across both the horizontal and vertical dimensions of the organization by encouraging autonomous activities ineach segment, in tandem with efforts to further enhance the holding company structure.
In terms of initiatives, the Group will proactively advance business expansion and make the necessary upfront
investments through such means as creating new added value and exploring further M&A opportunities, as it strives tostrengthen existing businesses, with a view to achieving the goals of the Mid-Term Business Plan.
The outlook for each business segment is as follows:
1) CRO BusinessIn the domestic CRO business, the Group will work to ensure base growth underpinned by its existing business models, inconjunction with accelerating new services and pursuing new businesses. To this end, the Group will aim to achieve Groupwide growth by working to further strengthen collaboration with other business segments. At the same time, the Group will
work to maximize profit by bolstering relationships of trust with customers, rigorously enforcing cost controls and raising
operating efficiency. In clinical study services, the Group will work to ensure quality and enhance productivity throughmeasures to strengthen management of overall clinical development and integrate internal management. Concurrently, theGroup will also take proactive steps to expand the range of new services. In PMS and related services, the Group will work to
generate steady profits by enhancing efficient business methodologies, along with measures to reinforce the organizational
structure. Moreover, the Group has reorganized clinical research services and pharmaceutical and medical IT services into
the NRO (Next-Stage (New) Research Organization) business. In this business, the Group will supply more efficient data
management services that harness nearshore and offshore capabilities and the integration of specialized services and IT
5

services. These services will be supplied as a platform for supporting the implementation of next-generation pharmaceuticaldevelopment, including investigator-initiated clinical trials and database research.
2) SMO BusinessIn the SMO Business, the Group will work to spur further development by vigorously conducting activities to create new
businesses, as it realizes integration synergies and harnesses its No.1 position in terms of business scale. In addition, theGroup will seek to establish a dominant presence in this field by promoting quality control and project management driven
by IT and other technologies in order to enhance customer satisfaction. Another measure will be to expand oncology anddermatology facilities and nurture CRCs (Clinical Research Coordinators) with experience in the oncology field. Leveraging
its regional strategy and business sites, the Group will also strive to enhance operating results by proactively taking initiatives
such as fully expanding proposal-based sales activities, and reassigning personnel to optimal positions.
3) CSO BusinessIn the domestic CSO business, the Group will work to differentiate itself from competitors by integrating the Group’s wide
range of unique services into traditional CSO services such as CMR and call center operations. In DI (Drug Information)
services, the Group will work to win new projects with the aim of expanding services in addition to call centers forpharmaceuticals. In PMS services, the Group will strive to enhance productivity by reshaping the supply structure. In medical
devices services, the Group will focus on achieving sales and profit forecasts by expanding new businesses such as fieldengineer and materials base services. In addition, ES-Link Co., Ltd., a joint venture set up by the Group and Suzuken Co.,
Ltd., will advance promotion services leveraging the strengths of both companies and distribution management solutions that
respond to new needs for orphan drugs and medical devices.
4) Global Research BusinessIn the Global Research Business, the Group will push ahead with laying solid foundations in Japan, Asia and China forbecoming the leading CRO company in the Asia-Pacific region covering over 10 countries. Giving first importance tosupplying products (services) that meet the high standards of quality required in global clinical trials, the Group will
strengthen sales activities to win projects in Asia and further develop its management services platform, with the aim ofadvancing the Global Research Business to the next stage of growth.
5) EKISHIN (China) BusinessIn the EKISHIN (China) Business, the Group will work to upgrade and expand its business foundations and create new added
value as a specialist trading company in the healthcare industry linking Japan and China.
In the fiscal year ending September 30, 2019, the EKISHIN (China) Business will comprise four core businesses,
specifically the products-related business, the specialized services-related business, the international trading-related business,and the peripheral support-related business. In this business, the Group will ensure sustained operating performance throughstable management of its existing core businesses. Concurrently, the Group will pursue business development based on thein-licensing of new products, leveraging both resources within the Group and the resources of its partner companies. In
clinical research-related services, the EKISHIN (China) Business will strengthen sales activities by working closely with the
Global Research Business.

6Forecast of operating results for fiscal 2019 (October 1, 2018 to September 30, 2019)
Fiscal 2019
Consolidated performance
forecast

Year-on –year change(%)¥ millions

Net sales

72,0009.5

Operating income

7,200

0.1

Recurring profit

7,350

(1.2)

Profit attributable toowners of parent

4,700

7.1

（Segment Outlook）
Forecasts of net sales for each segment include inter-segment transactions.
Net sales
Year-on –year change(¥ millions)(%)
CRO

35,60014.8

SMO

14,300

0.0

CSO

8,500

8.8

Global Research

4,500

(8.9)

EKISHIN (China) Business

11,280

1.7

2. Basic Policy Regarding Selection of Accounting Standards
The EPS Group prepares its consolidated financial statements based on Japanese accounting standards, taking into
consideration the need to ensure the comparability of the consolidated financial statements between different accounting
periods and between different companies.
The Group intends to appropriately address the issue of adopting International Financial Reporting Standards (IFRS)
based on consideration of various conditions in Japan and abroad.

7

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

AssetsCurrent assets:
Cash and time deposits
Notes and accounts receivable - tradeMarketable securities
Merchandise and finished goods
Work in process
Deferred tax assets
Other current assets
Less: Allowance for doubtful accounts
Total current assets
Fixed assets:
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Furniture and fixtures
Accumulated depreciation
Furniture and fixtures, net
Land
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible fixed assets:
Goodwill
Other intangible fixed assets
Total intangible fixed assets
Investments and other assets:
Investment securities
Long-term loans receivable
Lease and guarantee deposits
Deferred tax assets
Net defined benefit asset
Other investments and other assets
Less: Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets

8

Fiscal 2017
As of September 30, 2017(¥ millions)Fiscal 2018
As of September 30, 2018

22,773
13,119
662
1,052
1,756
1,706
3,004
(52)
40,023

17,857
15,746
1,357
849
1,473
1,843
3,094
(51)
42,1704,387(1,504)
2,883
1,737
(997)
739
―
954
(432)
522
4,145

4,589
(1,676)
2,912
1,826(1,150)
675
898
843
(438)
405
4,892

7,107
726
7,834

6,629
773
7,402

4,039
887
1,704
542
42
2,024
(898)
8,342
20,32264,345

5,999
887
1,867
728
147
2,254
(898)
10,98523,28065,450(¥ millions)Fiscal 2017
As of September 30, 2017

Fiscal 2018
As of September 30, 2018

1,120
65
774
1,906
1,905
2,840
215
6,459
15,287

456
65
602
4,307
1,251
2,732
242
4,929
14,587

1,660

918

320

453

1,245
497
472
4,195
19,483

1,428
556
761
4,119
18,706

3,888
13,451
23,437(230)
40,545

3,888
13,601
26,347(2,167)
41,670

372
1,007
(107)
1,272
3,043
44,86264,345

1,012
861
(9)
1,864
3,209
46,74365,450Liabilities
Current liabilities:
Notes and accounts payable - trade
Short-term loans
Current portion of long-term loans payable
Accounts payable – other
Income taxes payable
Allowance for employees’ bonuses
Provision for loss on order received
Other current liabilities
Total current liabilities
Non-current liabilities:
Long-term debt
Allowance for directors’ and corporate auditors’
retirement benefits
Net defined benefit liability
Asset retirement obligations
Other non-current liabilities
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity:
Capital stock
Additional paid-in capital
Retained earnings
Treasury common stock, at cost
Total shareholders’ equity
Accumulated other comprehensive income:
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

9(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(¥ millions)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Promotion expenses
Directors’ compensations
Salaries and bonuses
Provision for bonuses
Provision for directors’ retirement benefits
Retirement benefit expenses
Rent expenses
Commission fee
Other
Total selling, general and administrative expenses
Operating income
Non-operating income:Interest income
Gain on insurance cancellation
Commission fee
Subsidy income
Dividend income
Foreign exchange gains
Other non-operating income
Total non-operating income
Non-operating expenses:
Interest expenses
Foreign exchange losses
Commission for purchase of treasury shares
Other non-operating expenses
Total non-operating expenses
Recurring profit
Extraordinary gains:
Gain on sales of investment securities
Gain on sales of shares of subsidiaries and associates
Total extraordinary gains
Extraordinary losses:
Loss on change in equity
Loss on valuation of investment securities
Loss on transition of retirement benefit plans
Total extraordinary losses
Profit (loss) before income taxes
Income taxes
Income tax adjustment
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

10

Fiscal 2017
(October 1, 2016
to September 30, 2017)
60,482
41,406
19,075

Fiscal 2018
(October 1, 2017
to September 30, 2018)
65,76942,46923,299

―
765
4,102
437
64
126
716
508
4,760
11,484
7,591

4,283
774
4,209
381
134
85
787
360
5,088
16,106
7,193

66
49
10
10
31
124
39
334

58
59
10
77
52
―
95
354

40
―
0
73
115
7,809

18
62
11
18
110
7,436

10
300
311

―
―
―

86
―
―
86
8,034
3,423
(366)
3,057
4,977
313
4,663

―
24
184
208
7,228
2,960
(322)
2,637
4,590
202
4,388

Consolidated Statements of Comprehensive Income(¥ millions)

ProfitOther comprehensive income:
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

11

Fiscal 2017
(October 1, 2016
to September 30, 2017)
4,977

Fiscal 2018
(October 1, 2017
to September 30, 2018)
4,590

429
651
145

639
(228)
97

(6)

0

1,218
6,196

509
5,100

5,514

4,979

681

120

(3) Consolidated Statements of Changes in Shareholders Equity
Fiscal 2017 (From October 1, 2016 to September 30, 2017)(¥ millions)Shareholders’ Equity

Capital stock
Balance at beginning ofcurrent period
Changes of items
during period
Changes in equity
in consolidated
subsidiaries
Change of scope ofequity method
Dividends of surplus
Profit (loss)
attributable to ownersof parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes of items
other thanshareholders’ equity
Total changes of
items during period
Balance at end ofcurrent period

Additional paid-in
capitalRetained earnings

Treasury shares

Total shareholders’equity12,107

19,398(2,014)33,379

3,888

1,135

1,135
507

507

(1,132)(1,132)

4,663

4,663

208

(104)

(104)

1,888

2,097

―

1,344

4,038

1,783

7,166

3,888

13,451

23,437(230)

40,545

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginning ofcurrent period
Changes of items
during period
Changes in equity
in consolidated
subsidiaries
Change of scope ofequity method
Dividends of surplus
Profit (loss)
attributable to ownersof parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes of items
other thanshareholders’ equity
Total changes of
items during period
Balance at end ofcurrent period(56)

Foreigncurrencytranslation
adjustment

Total
Remeasurements accumulated Non-controlling Total net assetsinterestsof defined benefit
other
plans
comprehensive
income

730

(252)

422

563

34,364

1,135
507(1,132)
4,663
(104)
2,097
429

276

145

850

2,480

3,331

429

276

145

850

2,480

10,497

372

1,007

(107)

1,272

3,043

44,862

12

Consolidated Statements of Changes in Shareholders Equity
Fiscal 2018 (From October 1, 2017 to September 30, 2018)(¥ millions)Shareholders’ Equity

Capital stock
Balance at beginningof current period
Changes of items
during period
Changes in equity
in consolidated
subsidiaries
Dividends of surplus
Profit (loss)
attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes of items
other thanshareholders’ equity
Total changes of
items during period
Balance at end ofcurrent period

Additional paid-in
capitalRetained earnings

Treasury shares

Total shareholders’equity13,451

23,437(230)

40,545

3,888

150

150
(1,477)(1,477)

4,388

4,388
(1,988)(1,988)

52

52

―

150

2,910

(1,936)

1,124

3,888

13,601

26,347(2,167)

41,670

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginningof current period
Changes of items
during period
Changes in equity
in consolidated
subsidiaries
Dividends of surplus
Profit (loss)
attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes of items
other thanshareholders’ equity
Total changes of
items during period
Balance at end ofcurrent period

372

Foreigncurrencytranslation
adjustment

Total
Remeasurements accumulated Non-controlling Total net assetsinterestsof defined benefit
other
plans
comprehensive
income

1,007

(107)

1,272

3,043

44,862150(1,477)
4,388(1,988)
52
639

(145)

97

591

165

756

639

(145)

97

591

165

1,881

1,012

861

(9)

1,864

3,209

46,74313

(4) Consolidated Statements of Cash Flow
Fiscal 2017
(October 1, 2016
to September 30, 2017)
Cash flow from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Share of loss (gain) of entities accounted for using equity method
Increase (decrease) in provision for bonuses
Loss (gain) on sales of shares of subsidiaries and associates
Increase (decrease) in net defined benefit liability
Increase (decrease) in provision for directors’ retirement benefits
Interest and dividend income
Interest expenses
Loss (gain) on sales of investment securities
Loss (gain) on valuation of investment securities
Loss on transition of retirement benefit plans
Subsidy income
Loss (gain) on change in equity
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividend income received
Interest expenses paid
Subsidy received
Income taxes paid
Net cash provided by (used in) operating activities
Cash flow from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from redemption of investment securities
Proceeds from sales of investment securities
Payments for lease and guarantee deposits
Proceeds from collection of lease and guarantee deposits
Purchase of insurance funds
Purchase of shares of subsidiaries resulting in change in scope of
consolidation
Proceeds from purchase of shares of subsidiaries resulting inchange in scope of consolidation
Other, net
Net cash provided by (used in) investing activities

14(¥ millions)Fiscal 2018
(October 1, 2017
to September 30, 2018)

8,034
762
1,098
26
310
(300)
209
57
(97)
40
(10)
－
－
(10)
86
(534)
639
(464)
786
254
10,88895(44)
10(3,114)
7,835

7,228
827
1,152
0
(147)
－
279
(42)
(111)
18
－
24
184
(77)
－
(2,302)
457
(656)
380
(317)
6,896
111
(18)
77
(3,601)
3,465

(327)
20
(629)
(180)
(1,997)
300
600
(148)
115
(151)

(134)
－
(1,312)
(195)
(833)
－
－
(231)
114
(161)

(899)

(1,121)

13

－

(441)
(3,726)387(3,489)Cash flows from financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Purchase of treasury shares
Proceeds from sales of treasury shares
Proceeds from issuance of common shares
Proceeds from share issuance to non-controlling shareholders
Cash dividends paid
Dividends paid to non-controlling interests
Payments from changes in ownership interests in subsidiaries that do
not result in change in scope of consolidation
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

15

Fiscal 2017
(October 1, 2016
to September 30, 2017)(¥ millions)Fiscal 2018
(October 1, 2017
to September 30, 2018)

3,060(3,260)
49
(949)
(104)
2,139
2,700
46
(1,131)
(41)

－
－
－
(914)
(1,988)113－
456(1,476)
(28)

(442)

(339)

(61)
2,005
375
6,490
16,60723,097(81)(4,259)(61)(4,344)23,09718,753

(5) Notes Concerning Consolidated Financial Statements(Notes Concerning the Going Concern Assumption)
None(Additional Information)
Net defined benefit liability
The Company has integrated several retirement benefit plans of certain consolidated subsidiaries of the Company into a
defined benefit pension plan. In accordance with this change, the Company has changed the calculation method for
retirement benefit obligations from the simplified method, which had been used previously, to the principle method.
As a result, there was a difference of ¥184 million between the previously calculated results for retirement benefit
obligations and the amounts in the new plan. The Company has recorded this difference as a “loss on transition of retirement
benefit plans” under extraordinary losses.
(Segment Information)【Segment Information】
1. Summary of Reportable Segment(1) Method of Determining Reportable Segments
The EPS Group’s reportable segments are components of the Group for which discrete financial information is available andwhich the Board of Directors reviews regularly to make decisions about the allocation of resources and to assess businessperformance.
The EPS Group operates in industries related to pharmaceuticals development, primarily serving pharmaceuticalcompanies worldwide. The Group provides various services incidental to various stages of pharmaceuticals development,along with services associated with healthcare, pharmaceuticals, BPO and related areas in China. The Group has fivereportable segments: the CRO Business, SMO Business, CSO Business, Global Research Business, and EKISHIN (China)
Business.
(2) Types of services in each reportable segment
In the CRO Business, the Group provides various specialized services concerning the operation and management of clinicalstudies based on service contracts with pharmaceutical companies and other entities in connection with the implementation ofclinical studies (including post-marketing surveillance (PMS) and studies) in Japan.
In the SMO Business, the Group primarily provides specialized services centered on the assignment of CRCs (ClinicalResearch Coordinators), who assist medical institutions with the implementation of clinical trials, to medical institutions andthe provision of clinical study administrative support and related services.
In the CSO Business, the Group is contracted by pharmaceutical companies to provide services related to the sale ofpharmaceuticals. The Group primarily provides contract-based MR (Medical Representative) services and undertakes theassignment of MRs. Their main duties are to provide information on the quality, efficacy, safety and other attributes ofpharmaceuticals and collect and communicate information on side effects and other matters to medical professionals, for the
purpose of ensuring the proper use and widespread adoption of pharmaceuticals. In addition, the Group provides
pharmaceutical-related information and support services.
In the Global Research Business, the Group provides a variety of services in connection with the implementation ofclinical studies (including post-market surveillance (PMS) services and studies) overseas, primarily in Asia.
In the EKISHIN (China) Business, the Group mainly provides optimal business solutions in China in the healthcare field,
including the research, development, manufacture and sales of pharmaceuticals, as well as the manufacture and sales of medical
devices.
2. Information Concerning the Calculation Method for the Amounts of Net Sales, Profit or Loss, Assets, Liabilities and Other
Items by Reportable Segment
The accounting treatment method for reportable segments is largely the same as the accounting treatment methods used in the
preparation of the Consolidated Financial Statements.
The segment operating income is based on the operating income.
Inter-segment net sales are generally based on reasonable transaction prices.

16

3. Information Concerning the Amounts of Net Sales, Profit or Loss, Assets, Liabilities and Other Items by Reportable
Segment
Fiscal 2017 (From October 1, 2016 to September 30, 2017)(¥ millions)

Net sales
Sales to outside
customers
Inter-segment sales
and transfers
Total
Segment operating
incomeSegment assets
Other items
Depreciation
Amortization of
goodwill
Investment inentities accounted
for using the equity
methodIncrease in property,
plant and equipment
and intangible assets

CRO

SMO

CSO

GlobalResearch
Business

27,053

13,898

8,251

4,800

EKISHIN(China)Business

Others

6,183

294

Total

Adjustment(Note 1)

Amountrecorded on
consolidated
financialstatements

60,482―60,482

2,950

118

52

15

15

1,389

4,542

(4,542)―30,00414,016

8,303

4,816

6,199

1,683

65,024(4,542)60,482

6,653

1,698

486

(536)

251

67

8,621

(1,029)7,591

25,765

18,235

3,481

2,404

11,3471,040

62,274

2,071

64,345

292

119

116

17

155

20

722

40

762

123

656

11

―

334

―

1,125

(27)

1,098

―

―

―

―

34

―

34

―

34

334

65

70

5

1,586

91

2,154

7

2,161

Notes:
1. Eliminations/Corporate for operating income of ¥(1,029) million includes intersegment transactions of ¥30 million
and non-attributable corporate expenses not distributed to each segment of ¥(1,060) million. The main corporate
expenses comprise expenses related to the Company (the holding company).
2. Adjustment for segment assets of ¥2,071 million includes intersegment transactions of ¥(3,474) million and nonattributable corporate assets not allocated to each segment of ¥5,546 million. The main corporate assets compriseassets related to the Company (the holding company).
3. From the Fiscal Year Ended September 30, 2017, the Domestic CRO, Domestic SMO, and Domestic CSO
segments have been renamed as the CRO Business, SMO Business, and CSO Business, respectively.

17

Fiscal 2018 (From October 1, 2017 to September 30, 2018)(¥ millions)

Net sales
Sales to outside
customers
Inter-segment sales
and transfers
Total
Segment operating
incomeSegment assets
Other items
Depreciation
Amortization of
goodwill
Investment inentities accounted
for using the equity
methodIncrease in property,
plant and equipment
and intangible assets

EKISHIN(China)Business

Others

Total

Adjustment(Note 1)

Amountrecorded on
consolidated
financialstatements

CRO

SMO

CSO

GlobalResearch
Business

27,738

14,237

7,718

4,930

10,923220

65,769―65,769

3,266

59

95

11

170

1,447

5,050

(5,050)―31,004

14,297

7,813

4,942

11,093

1,667

70,819(5,050)65,769

6,651

1,269

384

13

121

61

8,501

(1,308)

7,193

27,57816,425

3,445

1,854

14,111

1,383

64,798651

65,450

371

86

108

9

166

46

789

38

827

122

717

11

―

338

―

1,189

(37)

1,152

―

―

―

―

57

―

57

―

57

363

717

26

2

111

43

1,265

909

2,174

Notes:
1. Eliminations/Corporate for operating income of ¥(1,308) million includes intersegment transactions of ¥37 million
and non-attributable corporate expenses not distributed to each segment of ¥(1,345) million. The main corporate
expenses comprise expenses related to the Company (the holding company).
2. Adjustment for segment assets of ¥651million includes intersegment transactions of ¥(6,865) million and nonattributable corporate assets not allocated to each segment of ¥7,516 million. The main corporate assets compriseassets related to the Company (the holding company).

18

(Per Share Information)
Fiscal 2017
(October 1, 2016
to September 30, 2017)

Fiscal 2018
(October 1, 2017
to September 30, 2018)

Net assets per share¥906.64¥961.84

Amount of profit per share¥101.17¥95.66

Notes:
1. The amounts of diluted profit per share for the fiscal years ended September 30, 2017 and 2018 are not disclosed because
there were no dilutive shares.
2. The number of the Company’s own shares remaining in the employees’ shareholding trust, which are recorded as “treasury
common stock, at cost” under shareholders’ equity, is included in the treasury shares that are deducted from thecalculation of the average number of shares during the period for the purpose of calculating the amount of profit per share.
Moreover, these Company shares are included in the number of treasury shares that are deducted from the total number ofissued shares at the end of the period for the purpose of calculating net assets per share.
Since the employees’ shareholding trust sold all of its shares during the fiscal year ended September 30, 2018, there wereno shares held in the trust as of September 30, 2018.
The average number of the treasury shares during the period that were deducted for the purpose of calculating the amountof profit per share was 85,500 shares in the fiscal year ended September 30, 2017 and 14,600 shares in the fiscal year
ended September 30, 2018. The average number of the treasury shares during the period that were deducted for the
purpose of calculating net assets per share was 47,600 shares in the fiscal year ended September 30, 2017.
3. The basis for calculating the amount of profit per share is as follows:

Fiscal 2017
(October 1, 2016
to September 30, 2017)

Fiscal 2018
(October 1, 2017
to September 30, 2018)

4,663

4,388

―

―

4,663

4,388

46,099,267

45,871,729

Amount of profit per share
Profit attributable to owners of parent (¥ million)
Amount not attributable to shareholders of common
stock (¥ million)
Profit attributable to shareholders of common stock of
the parent (¥ million)
Average number of common shares during the period
Dilutive stocks that were not included in the calculationof profit per share after adjustment for dilution, because
they do not have a dilutive effect19

(Important Subsequent Events)
Business combination due to acquisition
At a meeting of the Board of Directors held on September 25, 2018, the Company passed a resolution to implement a shareexchange (hereinafter, “the Share Exchange”) to convert All Right Technology Inc. (hereinafter, “All Right Technology”)
into a wholly owned subsidiary of the Company. Under the terms of the Share Exchange, the Company will become thewholly owning parent company of All Right Technology, while All Right Technology will become a wholly owned
subsidiary of the Company.
The Share Exchange was undertaken on the effective date of November 1, 2018, following approval of the Share Exchangeby an extraordinary meeting of shareholders of All Right Technology held on September 25, 2018, and without obtaining theapproval of the general meeting of shareholders of the Company according to the procedures for a simplified share exchange
pursuant to Article 796, Paragraph 2 of the Companies Act of Japan.
(1) Outline of the business combination
1) Name of the acquired company and its business lines
Name of the acquired company: All Right Technology Inc
Business lines: Sales, integration, operation and maintenance of IT devices and development, sales and provision ofservices for medical IT-related packages
2) Main reasons for the business combination
To enhance the Group’s existing services related to pharmaceutical development, the post-market stage and other suchareas, and to strengthen the Group’s ability to develop new services and build IT infrastructure.
3) Business combination dateNovember 1, 20184) Legal form of the business combination
Share exchange5) Name of company after the business combination
There was no change in the name of the company after the business combination.
6) Voting interest after acquisition
Voting interest held before the share exchange 14.5%
Additional voting interest acquired on the business combination date 85.5%
Voting interest after the acquisition 100.0%
7) Main rationale for determining the target company
The Company acquired 100% of the voting interest of the target company through a share exchange and converted it into
a wholly owned subsidiary.
(2) Exchange ratio by class of shares as well as the calculation method and number of shares delivered
1) Exchange ratio by class of shares
1 common share of All Right Technology: 321 common shares of the Company
2) Calculation method for the share exchange ratio
In order to ensure the fairness and appropriateness of the share exchange ratio for the Share Exchange, the Company
appointed Curation Partners Inc. (hereinafter “Curation Partners”), a third-party appraiser independent of the Company
and All Right Technology, to calculate the share exchange ratio for the Share Exchange.
Based on an analysis of the financial information of the Company and All Right Technology and the conditions of
the Share Exchange, Curation Partners performed its valuation of the Company using the market share price method,
because the Company’s common shares are listed on stock exchanges and therefore have market share prices. In
addition, Curation Partners used the discounted cash flow method (hereinafter, “the DCF method”) to ensure that futurebusiness activities are reflected in the valuation. Meanwhile, Curation Partners performed its valuation of All Right
Technology using the comparable peer company method, because there are several comparable publicly listed companies
and it is possible to estimate the share value through a comparison with peer companies. In addition, Curation Partners
used the DCF method to ensure that future business activities are reflected in the valuation.
3) Number of shares delivered
642,000 shares20

4. Order(1) Orders Received(¥ millions)
New orders
26,412
CRO Business
15,697
SMO Business
7,234
CSO Business
4,213
Global Research Business
10,523
EKISHIN (China) Business216
Others64,299Total
Notes: 1. Figures represent sales prices.
2. The above figures do not include consumption taxes.

Fiscal 2018
(October 1, 2017 to September 30, 2018)
YoY (%)
Backlog
89.0
38,875141.3
19,417
74.2
7,916
62.3
7,916
167.3
174
73.4
7
100.6
74,30621

YoY (%)
96.7
117.7
94.2
91.7
30.3
66.9
100.0