Financial Information /Corporate Information

85

Financial and Non-Financial Summary
MARUI GROUP CO., LTD., and its consolidated subsidiaries

Millions of yen
Fiscal years ended March 31

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Total Group transactions:
Retailing and Store Operation
Credit Card Services
Retailing-Related Services
Eliminations*1
Total operating revenues
Revenue
Gross profit
Selling, general and administrative expenses
EBITDA*2
Operating income
Net income (loss)
Segment income:Retailing and Store Operation
Credit Card Services
Retailing-Related Services
Total assets
Shareholders’ equity
Installment sales accounts receivable
Consumer loans outstanding
Interest-bearing debt
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Cash and cash equivalents
Capital investments
Depreciation and amortization
Earnings (loss) per share (yen)Net assets per share (yen)Cash dividends per share (yen)Payout ratio (%)
Total return ratio (%)
Operating income margin (%)
Return on equity (%)
Return on assets (%)
Equity ratio (%)
Stock price at year-end (yen)Market capitalization (including treasury stock)(billions of yen)Price earnings ratio (times)
Price book-value ratio (times)
Total number of employees
Ratio of female employees (%)
Total number of stores
Total sales floor area (thousand m2)
Environment preservation expenditure (thousands of yen)
Electricity consumption (thousands of kWh)
CO2 emissions (t-CO2)

—
—
—
—
—
556,213—200,533
163,687
55,807
36,846
19,168—————561,539—
209,347
164,641
62,32244,70523,983—————552,140—
210,288
166,599
61,41543,688
4,248

—
—
—
—
—
493,533—
177,565
159,382
36,87018,183
7,603

—
—
—
—
—
447,400—
160,125
150,986
28,5229,138(8,750)—————419,255—
149,926
139,488
29,695
10,438
5,104

—
—
—
—
—
406,472—
144,736
129,940
30,457
14,795(23,638)—————
412,408—
147,240
129,224
33,08518,015
5,251

—
—
—
—
—
407,366—
148,172
123,886
35,23724,285
13,255

1,297,250
338,705
1,054,706
34,695(130,857)
416,460
253,077
155,726
128,579
37,134
27,146
15,4091,469,111
322,866
1,234,339
33,816(121,910)
404,947
249,847
158,144
130,10238,33828,042
16,036

16,417
18,032
5,167
712,644436,259
37,752249,252
181,135
41,100(19,105)(10,135)
53,30530,272
18,961
54.31
1,241
22.0
40.5
40.5
6.6
4.5
5.4
61.2
1,441

24,245
19,818
4,429
722,578432,695
40,045
258,488
201,175
36,116(33,846)(12,956)
42,61925,812
17,616
70.39
1,286
28.0
39.8
144.4
8.0
5.5
6.4
59.9
2,325

19,30921,892
6,913
740,373402,61051,310248,464
239,308
23,828(28,025)6,300
44,72230,293
17,727
12.92
1,233
28.0
216.7
646.1
7.9
1.0
6.1
54.4
1,445

10,645
5,740
6,772
695,491
336,445
73,781
222,534
277,537
13,9193,134(32,241)
29,53523,64918,686
24.91
1,207
28.0
112.4
911.3
3.7
2.1
2.4
48.4
1,061

1,252
6,725
3,740
685,351
310,818
88,761
207,117
292,061
15,316(18,234)
2,409
29,026
24,073
19,384(31.90)
1,135
28.0
—
—
2.0
(2.7)
1.1
45.4
523

37
10,272
2,509
664,357
312,188
95,871
191,486
283,676
30,811(13,034)(14,519)
32,283
17,39819,257
18.65
1,140
14.0
75.1
75.1
2.5
1.6
1.5
47.0
678

2,110
13,704
1,568
628,910284,526
111,760
158,707
264,692
30,280(7,033)(22,926)
32,603
14,332
15,661(86.36)
1,039
14.0
—
—
3.6
(7.9)
2.2
45.2
537

7,547
10,6192,567
615,130
289,975
142,995
132,280
245,175
24,897(3,913)(23,660)
29,928
7,941
15,069
19.19
1,059
14.0
73.0
73.0
4.4
1.8
2.8
47.1
690

9,885
13,177
3,792
624,173
303,637
171,187
123,739
243,762
5,111
435(5,571)
29,940
7,665
10,951
48.43
1,109
15.0
31.0
31.0
6.0
4.5
3.9
48.6
975

10,562
15,634
4,523
664,019
315,446
213,466
125,215
264,824(9,227)(6,791)
16,14130,053
11,238
9,988
56.29
1,152
18.0
32.0
32.0
6.5
5.0
4.3
47.5
885

8,074
20,126
3,333
675,627
306,795
227,121
128,030
277,839
12,310(3,867)(7,267)31,229
9,786
10,296
58.87
1,166
19.0
32.3
125.3
6.9
5.2
4.2
45.4
1,365

531.2
26.5
1.2
8,558
39.9
32
381.4
—
—
125,935

857.1
33.0
1.8
8,156
39.4
31
381.4
—
—
150,975

532.7
111.8
1.2
8,154
39.9
28
381.4
588,300—
142,006

338.0
42.6
0.9
7,147
44.4
25
381.4
660,600—
125,628

166.6
—
0.5
7,085
44.6
25
444.8
731,900—
122,136

216.0
36.4
0.6
6,847
44.7
25
453.3
633,700
259,800
130,600

171.1
—
0.5
6,492
44.4
26
457.8
893,700
244,800
114,900

219.8
36.0
0.7
6,218
44.4
27
458.4
1,164,500
204,500
96,300

310.6
20.1
0.9
6,101
44.3
27
453.1
1,141,300
204,800
104,300

282.0
15.7
0.8
5,966
44.5
27
446.5
924,500
215,000
113,000

380.3
23.2
1.2
5,918
44.6
27
444.0
1,281,000
199,000
109,000*1 Eliminations under total Group transactions represent the deduction of credit card transactions recorded in Retailing and Store Operation.
*2 Earnings before interest, taxes, and depreciation and amortization

86

87

Management’s Discussion and Analysis of Operations

Financial Results by Segment

In the fiscal year ended March 31, 2015, the Japanese

Retailing-Related Services segments. Gross profit

economy continued to display a modest recovery trend

increased for the fourth consecutive year due to theon the back of increased corporate earnings and an

strong performance of the Credit Card Services segment.

Operating Income by Segment

See also MARUI GROUP’s Three Business Segments on page 54

Retailing and Store Operation¥8.1 billion (down 23.6%)

In the Retailing and Store Operation segment, operating

Credit Card Services¥20.1 billion (up 28.7%)

Retailing-Related Services¥3.3 billion (down 26.3%)

improved job market. The recovery in these areas

Selling, general and administrative expenses rose 1.2%

revenues were down due to the impacts of the con-stemmed from the benefits of government-spear-

year on year. While we worked to cut fixed costs and sys-

sumption tax rate hike and a shift in earnings source,

headed economic stimulus measures as well as thetematically lower sales promotion expenses, overall

from product sales to rent revenues, accompanying theAssets, Liabilities, and Net Assets

significant “Quantitative and Qualitative Monetary

expenses edged up due to higher variable costs, partiallytransition to shopping center style stores. Operating

The Company strives to maintain a sound financial posi-

Easing” policy of the Bank of Japan. Conversely, theas a result of increased loyalty point related expenses

income was down despite efforts to reduce fixed costs.

tion while emphasizing capital efficiency.

outlook for consumer spending remained opaque due

stemming from a rise in the number of card transactions.

In the Credit Card Services segment, operating

The balance of operating receivables as of March

revenues showed double digit growth as profits were31, 2015, reached a new record high, increasing ¥16.4

the influences of the consumption tax rate hike, higher

year on year, to ¥28.0 billion, and ordinary income rosebuoyed by increased financial charges earned on install-billion from a year earlier. This result was largely due tocommodity prices following the yen’s depreciation, and

1.1%, up for the sixth consecutive year. Provision for loss

ment sales and on sales at affiliated merchants in con-the higher number of customers using EPOS cards at

a decline in real wages.

on interest repayment of ¥12.7 billion was posted as anjunction with higher card shopping transaction volumes

Marui stores and strong growth in transactions at affili-

Due to the above, operating income increased 3.3%

to slow recovery in consumer confidence on account of

extraordinary loss, while gain on sale of investment securi-

as well as a rise in interest income on consumer loans

ated merchants. Accordingly, total assets as of March 31,

launched a new three-year, medium-term managementties of ¥12.1 billion was recorded as extraordinary

following higher cash advance transactions. Operating

2015, were up ¥11.6 billion.

plan, based on which it worked to improve corporate value

income. As a result, net income increased 4.1% and earn-

income similarly showed a massive increase, leading thisAt the same time, total liabilities grew ¥20.2 billion,

In this economic environment, MARUI GROUP

by pushing forward with measures to strengthen profitabil-ings per share (EPS) were up 4.6%, growing for the fourth

segment to record higher revenues and income for its

largely due to a ¥13.0 billion increase in interest-bearing

ity in pursuit of the plan’s goals of consolidated operatingconsecutive year. ROE rose to 5.2%, up 0.2 percentage

third consecutive year.

debt. The Company aims to ensure efficiency in the use

income of ¥36.0 billion or more and return on equity (ROE)

points from 5.0% in the fiscal year ended March 31, 2014.

of 6.0% or more in the fiscal year ending March 31, 2017.

Consolidated Financial Resultsin the Fiscal Year under Review
In the fiscal year ended March 31, 2015, total operating
revenues decreased 2.8% year on year. Operating revenues showed double-digit growth of 15.2% in theCredit Card Services segment, while the impacts of theconsumption tax rate hike caused operating revenues toConsolidated Financial Results

and income decreased due to the absence of the large-

demand for expanding business operations, thescale internal construction order recorded in the previ-

Company pursues a policy of maintaining a level ofinterest-bearing debt that is lower than the level of

Total operating revenues¥404.9 billion (down 2.8%)

Gross profit¥158.1 billion (up 1.6%)

ous fiscal year.

Selling, general andadministrative expenses¥130.1 billion (up 1.2%)

Operating Revenues by Segment

Operating income¥28.0 billion (up 3.3%)

Ordinary income¥28.0 billion (up 1.1%)

Net income¥16.0 billion (up 4.1%)

EPS¥58.9 (up 4.6%)

ROE

5.2% (up 0.2 points)

decline in the Retailing and Store Operation andof interest-bearing debt. While considering funding

In the Retailing-Related Services segment, revenues

Retailing and Store Operation

operating receivables. As of March 31, 2015, the ratio
of interest-bearing debt to operating receivables was¥307.6 billion (down 6.2%)

78.2%, relatively unchanged from a year earlier.

Outside customers¥302.7 billion (down 6.1%)

Credit Card Services¥70.6 billion (up 14.3%)

Outside customers¥68.4 billion (up 15.2%)

billion from a year earlier. While net income of ¥16.0

Retailing-Related Services¥56.1 billion (down 5.6%)

billion was recorded, decreases in assets of ¥15.0 billion

Outside customers¥33.8 billion (down 2.5%)

for the acquisition of treasury stock and ¥4.9 billion for

Net assets as of March 31, 2015, were down ¥8.6

Total Operating Revenues

Operating Income / Operating Income Margin

Net Income (Loss) / Earnings (Loss) per Share

Billions of yen

Billions of yen%Billions of yen

Yen

%

500

30

9

30

90

10

20

60

10

30

0

0

–10

–30

–20

–60

400

5
20

300
200

6

10

3

2011

2012

2013

2014

2015

0

2011

■ Operating income

88

0

–5

100
0

ROE / ROA

2012

2013

2014

Operating income margin

2015

0

–30

2011

■ Net income (loss)

2012

2013

Earnings (loss) per share

2014

2015

–90

–10

2011

ROE

ROA

2012

2013

2014

2015

89

dividends paid from capital surplus caused overall net

partially with store renovations, ¥4.9 billion in cash
dividends paid, and ¥15.0 billion in purchase ofConsolidated Financial Results Forecasts for the
Fiscal Year Ending March 31, 2016 (as of August 4, 2015)

Consolidated Financial Results Forecasts

assets to decline. As a result, the equity ratio was 45.4%,
down 2.1 percentage points.

treasury stock.

“Total Group transactions” has been introduced as a new

Revenue¥251.0 billion (up 0.5%)

Gross profit¥162.0 billion (up 1.6%)¥132.0 billion (up 0.5%)

Due to the aforementioned factors, cash and cash

Major Indicators
Operating receivables¥355.2 billion (up 4.9%)

Installment sales
accounts receivable¥227.1 billion (up 6.4%)

Operating loans¥128.0 billion (up 2.2%)

Fixed assets¥248.9 billion (down 0.2%)

Total liabilities¥368.4 billion (up 5.8%)

Interest-bearing debt

¥675.6 billion (up 1.7%)

Total assets

portray management performance. This indicatorrelatively unchanged from March 31, 2014.

reflects the total of the revenue from tenants and other

Operating income¥30.0 billion (up 7.0%)

sales in the Retailing and Store Operation segment, card

Net income attributable toowners of parent¥17.5 billion (up 9.1%)

Cash Flows
Cash flows generated over the period of the mediumterm management plan will be utilized to conduct
Net cash provided by operating activities amounted
to ¥12.3 billion. Core operating cash flow, calculated by
excluding the rise in operating receivables from operating cash flow, came to ¥28.7 billion due to an increase of¥16.4 billion in the combined total of installment sales

Changeshopping transactions at affiliated merchants and cash–¥5.7 billion

advance transactions in the Credit Card Services seg-Change in operatingreceivables(¥43.7 billion) (¥16.4 billion)¥27.2 billion

Related Services segment.

ment, and sales to outside customers in the Retailing-(¥9.2 billion)¥12.3 billion¥21.5 billion

Purchase of property
and equipment(¥9.4 billion) (¥10.9 billion)–¥1.4 billion

Decrease (increase)in short-term investment securities

Retailing and Store Operation

Retailing and Store Operation segment was changed.

Credit Card Services

Previously, sales conducted through the consignment

Retailing-Related Services

pliers at the same time they are sold to customers, were

Forecasts for Revenue by Segment
Retailing and Store Operation¥141.0 billion (down 4.5%)(¥3.9 billion)¥2.9 billion

However, based on international standards and the fact

Credit Card Services¥75.0 billion (up 9.6%)

Cash dividends paid(¥4.7 billion)(¥4.9 billion)–¥0.2 billion

that the Company does not assume inventory risks for

Retailing-Related Services¥35.0 billion (up 3.5%)

Purchase oftreasury stock(¥0.0 billion) (¥15.0 billion) –¥15.0 billion

these transactions, it was decided to change the calcula-* Sales to outside customers only

Net cash provided by(used in) financing
activities¥16.1 billion(¥7.3 billion) –¥23.4 billion¥31.2 billion¥1.2 billion

reflected at total value, or the value of the items sold.

tion method to show transactions at net value, which is theamount of income accruing to the Company. In conjunction with this change, the line item that was previously“total operating revenues” will be stated as “revenue.”
In the fiscal year ending March 31, 2016, significant

Operating Receivables / Interest-Bearing Debt

Shareholders’ Equity / Equity Ratio

Retailing-Related Services¥3.5 billion (up 5.0%)

Cash Dividends per Share / Total Return Ratio

Times

Billions of yen

Billions of yen

%

3.0

400

400

50.0

600

2.5

300

300

47.5

400

2.0

200

200

45.0

200

1.5

100

100

42.5

0

0

90

¥22.0 billion (up 9.3%)

owners of parent. In addition, all segments are expected

800

Financial leverage¥8.5 billion (up 5.3%)

Credit Card Services

enue, operating income, and net income attributable toBillions of yen

■ Total assets

Retailing and Store Operation

to record increased income.

Total Assets / Financial Leverage

2015

Forecasts for Operating Income by Segment

growth is projected for total Group transactions, rev-

in purchase of property and equipment associated2014¥35.0 billion (up 3.5%)

buying system, in which products are procured from sup-(¥6.8 billion)

holder returns. Specific outflows included ¥10.9 billion

2013¥325.0 billion (up 0.7%)¥1,466.0 billion (up 18.8%)¥4.8 billion

ments for improving corporate value and enhance share-2012

5.8% (up 0.6 points)¥4.8 billion

Generated cash was used to conduct growth invest-

2011¥69.0 (up 17.2%)

ROE(¥0.0 billion)

from the expansion of the Credit Card Services business.

0

EPS

Forecasts for Transactions by Segment

In addition, the method of calculating the sales in the

Cash and cash equivalents at end of period ¥30.1 billion

accounts receivable and operating loans that resulted

FY2015¥28.7 billion

Net cash used ininvesting activities

growth investments and enhance shareholder returns.

FY2014¥34.5 billion

Net cash provided by(used in) operating
activities

45.4% (down 2.1 points)

Equity ratio

equivalents at end of period stood at ¥31.2 billion,

Core operating
cash flow¥277.8 billion (up 4.9%)¥1,710.0 billion (up 16.4%)

Selling, general andadministrative expenses

Cash Flow Items¥306.8 billion (down 2.7%)

Shareholders’ equity

management indicator designed to more accurately

Total Group transactions

2011

2012

■ Operating receivables

2013■ Interest-bearing debt

2014

2015

0

2011

■ Shareholders’ equity

2012

2013

Equity ratio

2014

2015

0

Yen%

25

150

20

120

15

90

10

60

5

30

0

2011

2012

■ Cash dividends per share

2013

2014

2015

0

Total return ratio

91Consolidated Balance Sheets

Consolidated Statements of Income / Consolidated Statements of Comprehensive Income

MARUI GROUP CO., LTD. and Its Consolidated Subsidiaries

MARUI GROUP CO., LTD. and Its Consolidated Subsidiaries

As of March 31, 2014 and 2015

For the fiscal years ended March 31, 2014 and 2015

Millions of yen
2014

AssetsCurrent assets:
Cash and deposits (Notes 5 and 20)
Notes and accounts receivable–trade (Note 5)
Accounts receivable–installment (Notes 3 and 5)
Operating loans (Notes 4 and 5)
Allowance for doubtful accounts (Note 5)Inventories
Deferred tax assets (Note 10)
Other
Total current assets
Property and equipment (Note 12):Land
Buildings and structures
Construction in progress
Other
Accumulated depreciation
Property and equipment, net
Investments and other assets:
Investment securities (Notes 5 and 6)
Investments in unconsolidated subsidiaries and affiliates
Intangible assets
Leasehold and other deposits (Note 5)
Deferred tax assets (Note 10)
Other
Total investments and other assets
Total assets
Liabilities
Current liabilities:
Accounts payable–trade (Note 5)
Short-term loans payable and current portion of long-term loans payable (Notes 5 and 9)
Current portion of bonds payable (Notes 5 and 9)
Commercial papers (Notes 5 and 9)
Income taxes payable (Notes 5 and 10)
Provision for bonuses
Provision for point card certificates
Provision for loss on redemption of gift certificates
Other
Total current liabilities
Non-current liabilities:
Bonds payable (Notes 5 and 9)
Long-term loans payable (Notes 5, 7, and 9)
Deferred tax liabilities (Note 10)
Provision for loss on interest repayment
Provision for loss on guarantees
Asset retirement obligations (Note 11)
Other
Total non-current liabilities
Total liabilities
Contingent liabilities (Note 13)
Net assets (Note 14)
Shareholders’ equity:
Capital stock   Authorized: 1,400,000,000 shares of common stock   Issued:	318,660,417 shares as of March 31, 2014, and278,660,417 shares as of March 31, 2015
Capital surplus
Retained earnings
Treasury stock (Note 25)  44,901,353 shares as of March 31, 2014, and 15,588,364 shares as of March 31, 2015
Total shareholders’ equity
Accumulated other comprehensive income:
Valuation difference on available-for-sale securities
Total accumulated other comprehensive income
Subscription rights to shares (Note 21)
Minority interests
Total net assets
Total liabilities and net assets
The accompanying notes are an integral part of these consolidated financial statements.

92

2015

Thousands of
U.S. dollars (Note 1)2015¥ 30,064
6,323
213,466
125,215(7,440)337,565
19,285
9,122
18,503
414,542¥ 31,240
6,453
227,121
128,030(8,110)353,495
16,834
6,444
18,738426,753$ 260,333
53,775
1,892,675
1,066,916(67,583)
2,945,791
140,283
53,700156,150
3,556,275

99,402
256,435
162
36,964(217,900)
175,064

99,665
256,707488
35,146(219,313)
172,694

830,541
2,139,225
4,066
292,883(1,827,608)
1,439,116

23,672
672
6,625
37,7353,285
2,420
74,411¥664,019

24,389772
6,237
35,824
6,348
2,606
76,178¥675,627

203,241
6,433
51,975298,533
52,90021,716
634,816$5,630,225

Millions of yen

Consolidated Statements of Income

2014

2015

2015

Total operating revenues (Note 12)
Cost of sales (Notes 12 and 15)¥416,460¥404,947$3,374,558

260,733

246,8022,056,683

Gross profit

155,726

158,144

1,317,866

Selling, general and administrative expenses (Note 16)

128,579

130,102

1,084,183

Operating income

27,14628,042

233,683

125

110

916

Non-operating income (expenses):
Interest income
Dividend income
Gain on bad debt recovered
Gain on donation of property and equipment¥ 27,002
56,83917,00010,000
3,340
3,763
4,590
153
28,593
151,281$ 225,016
473,658
141,666
83,333
27,83331,35838,2501,275
238,275
1,260,675

82,00079,500
1,214
6,870
123
536
8,144
178,389
348,130

85,000109,000
1,516
12,652
140
548
8,232
217,090368,371

708,333
908,333
12,633
105,433
1,166
4,566
68,6001,809,083
3,069,758

35,920299,333

91,307236,274

91,307
197,875

760,891
1,648,958(53,832)
309,669(19,290)
305,813(160,750)
2,548,441

5,776
5,776
39
402
315,889¥664,019

982
982
39
420
307,255¥675,627

8,183
8,183
325
3,500
2,560,458$5,630,225

446

3,716

1,275

10,625

726

194

1,616

–

12,094

100,783

Interest expenses(1,828)(1,870)(15,583)

Loss on retirement of property and equipment (Note 17)(1,381)(1,097)(9,141)

Impairment loss (Note 18)–(1,859)(15,491)

Loss on interest repayment

–

(390)

(3,250)

Provision for loss on interest repayment–(12,652)(105,433)

Loss on closing of stores

(162)

–

–

Other, net

(78)

(291)

(2,425)(1,069)(4,041)(33,675)

26,07624,001200,008

Income taxes–current

3,331

6,193

51,608

Income taxes–deferred

7,314

1,745

14,541

10,646

7,938

66,15015,43016,062

133,850

Income taxes (Note 10):

Income before minority interests
Minority interests in income
Net income

20

25

208

¥ 15,409¥ 16,036$  133,633

2014

2015

Yen

Per share data (Note 24)
Net income per share:
Basic
DilutedCash dividends
Net assets per share

35,920417
1,112Gain on sale of investment securities

Income before income taxes and minority interests¥ 29,975
71,32420,00012,000
2,211
4,016
2,813
150
27,250169,740

Thousands of
U.S. dollars (Note 1)

¥

56.29

¥

U.S. dollars (Note 1)
2015

58.87

$0.49

56.29

58.86

0.49

18.00

19.00

0.15

1,152.28

1,166.20

9.71

The accompanying notes are an integral part of these consolidated financial statements.
Millions of yen

Thousands of
U.S. dollars (Note 1)

Consolidated Statements of Comprehensive Income

2014

2015

Income before minority interests
Other comprehensive income (Note 19):

¥15,430¥16,062$133,850

Valuation difference on available-for-sale securities

1,032(4,794)(39,950)

Total other comprehensive income

1,032(4,794)(39,950)¥16,462¥11,268$ 93,900

Owners of parent¥16,441¥11,242$93,683

Minority interests

20

25

208

Comprehensive income

2015

Comprehensive income attributable to:

The accompanying notes are an integral part of these consolidated financial statements.

93Consolidated Statements of Changes in Net Assets

Consolidated Statements of Cash FlowsMARUI GROUP CO., LTD. and Its Consolidated Subsidiaries

MARUI GROUP CO., LTD. and Its Consolidated Subsidiaries

For the fiscal years ended March 31, 2014 and 2015

For the fiscal years ended March 31, 2014 and 2015

Millions of yen
Shareholders’ equity

Capitalstock

Balance as of April 1, 2013
Changes of items during period:
Dividends from surplus
Net income
Purchase of treasury stock
Disposal of treasury stock
Transfer of loss on disposal   of treasury stock
Other
Net changes of items other   than shareholders’ equity
Total changes of items
during period
Balance as of April 1, 2014
Changes of items during period:
Dividends from surplus
Net income
Purchase of treasury stock
Disposal of treasury stock
Retirement of treasury stock
Transfer from retained   earnings to capital surplus
Net changes of items other   than shareholders’ equity
Total changes of items
during period
Balance as of March 31, 2015

CapitalsurplusRetainedearnings

Treasury
stock

Total

¥35,920 ¥ 91,307 ¥225,554 ¥(53,889) ¥298,893(4,653)
15,409
(2)
59

(35)
35

(15,002)43
49,50049,507¥ 4,744

Total

Subscription
rights tosharesMinority
interests

Total net
assets¥ 4,744¥25¥389¥304,051(4,653)
15,409
(2)
24

–
(0)

–
(0)

–
–
10,72056
10,776¥35,920 ¥ 91,307 ¥236,274 ¥(53,832) ¥309,669(4,927)
16,036

Valuationdifference
on availablefor-salesecurities(4,653)
15,409
(2)
24

(35)
(0)

(6)
(49,500)

1,032

1,032

14

13

1,060

1,032
¥ 5,776

1,032¥ 5,776

14
¥39

13
¥402

11,837¥315,889(4,927)
16,036(15,002)36–(4,927)
16,036(15,002)
36
–

–

–

(49,507)–– (38,398) 34,541(3,856)¥35,920 ¥ 91,307 ¥197,875 ¥(19,290) ¥305,813(4,794)(4,794)0

17(4,776)(4,794)¥ 982(4,794)
¥ 982

0
¥39

17
¥420

(8,633)¥307,255

The accompanying notes are an integral part of these consolidated financial statements.
Thousands of U.S. dollars (Note 1)
Accumulated othercomprehensive income

Shareholders’ equity

Capitalstock

Balance as of April 1, 2014
Changes of items during period:
Dividends from surplus
Net income
Purchase of treasury stock
Disposal of treasury stock
Retirement of treasury stock
Transfer from retained   earnings to capital surplus
Net changes of items other   than shareholders’ equity
Total changes of items
during period
Balance as of March 31, 2015

CapitalsurplusRetainedearnings

Treasury
stock

Total

$299,333 $ 760,891 $1,968,950 $(448,600) $2,580,575(41,058)
133,633(125,016)
358
412,500(50)(412,500)
412,558(412,558)

Millions of yen

Accumulated othercomprehensive income

Valuationdifference
on availablefor-salesecurities$ 48,133

Total

Subscription
rights tosharesMinority
interests

Total net
assets$ 48,133$325$3,350$2,632,408(41,058)
133,633(125,016)
300–(41,058)
133,633(125,016)
300
–

–

–

–
– (319,983) 287,841(32,133)$299,333 $ 760,891 $1,648,958 $(160,750) $2,548,441(39,950)(39,950)

0

141(39,800)(39,950)$ 8,183(39,950)$ 8,183

0
$325

141
$3,500(71,941)$2,560,458

Thousands of
U.S. dollars (Note 1)

2014

2015

2015

¥ 26,076
9,988
1,094
(830)
(4,288)
399
(542)
1,828
848
0
–
(133)
(42,278)(1,475)
103
1,766
2,049

¥ 24,001
10,296
1,777
670
5,781
(253)
(556)
1,870
604
(12,094)
1,859
(129)
(13,655)(2,815)
1,964(2,973)980$ 200,008
85,80014,808
5,583
48,175(2,108)(4,633)
15,583
5,033(100,783)
15,491(1,075)(113,791)(23,458)
16,366(24,775)
8,166

Subtotal(5,393)

17,328144,400

Interest and dividend income received
Interest expenses paid
Income taxes paid
Income taxes refund

441(1,818)(2,710)253

475(1,906)(3,721)
135

3,958(15,883)(31,008)
1,125

Net cash provided by (used in) operating activities(9,227)

12,310102,583(9,439)
(99)
12
(511)
3,383
(137)

(10,874)(17,931)
22,684
(70)
2,165
159

(90,616)(149,425)
189,033(583)
18,041
1,325

Cash flows from operating activities:
Income before income taxes and minority interests
Depreciation and amortization
Increase (decrease) in provision for point card certificates
Increase (decrease) in provision for allowance for doubtful accounts
Increase (decrease) in provision for loss on interest repayment
Increase (decrease) in provision for bonuses
Interest and dividend income
Interest expenses
Loss (gain) on retirement of property and equipment
Loss (gain) on sale of investment securities
Impairment loss
Decrease (increase) in notes and accounts receivable–trade
Decrease (increase) in accounts receivable–installment
Decrease (increase) in operating loans
Decrease (increase) in inventories
Increase (decrease) in accounts payable–trade
Other, net

Cash flows from investing activities:
Purchase of property and equipment
Purchase of investment securities
Proceeds from sale of investment securities
Payments for leasehold and other deposits
Proceeds from collection of leasehold and other deposits
Other, net
Net cash provided by (used in) investing activities(6,791)(3,867)(32,225)

Cash flows from financing activities:
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Net increase (decrease) in commercial papers
Purchase of treasury stock
Cash dividends paid (Note 14)
Other, net(30,937)
25,00019,902–7,000(2)(4,653)(167)(29,985)
45,00019,897(20,000)(2,000)(15,016)(4,927)(234)(249,875)
375,000
165,808(166,666)(16,666)(125,133)(41,058)(1,950)Net cash provided by (used in) financing activities

16,141(7,267)(60,558)

Net increase (decrease) in cash and cash equivalents

122

1,176

9,800

29,94030,053

250,441

Cash and cash equivalents at beginning of period
Increase (decrease) in cash and cash equivalents resulting fromchange of scope of consolidation
Cash and cash equivalents at end of period (Note 20)

(10)

–

–

¥ 30,053¥ 31,229$ 260,241

The accompanying notes are an integral part of these consolidated financial statements.

94

95

Notes to Consolidated Financial Statements
MARUI GROUP CO., LTD. and Its Consolidated Subsidiaries
As of and for the fiscal years ended March 31, 2014 and 2015

1. BASIS OF PRESENTATION(3) Cash and cash equivalents

The accompanying consolidated financial statements of MARUI GROUP CO., LTD. (“the Company”) and its consolidated subsidiaries (collectively, “the Group”) have been prepared in accordance with the provisions set forth in the Financial Instruments
and Exchange Act of Japan and its related accounting regulations as well as in conformity with accounting principles generally
accepted in Japan, which are different in certain respects as to application and disclosure requirements of International
Financial Reporting Standards.
In preparing these consolidated financial statements, certain reclassifications and rearrangements have been made to theconsolidated financial statements issued domestically in order to present them in a form that is more familiar to readers outside Japan. In addition, certain reclassifications have been made in the 2014 consolidated financial statements to conform tothe classifications used in 2015.
The consolidated financial statements are stated in Japanese yen, the currency of the country in which the Company isincorporated and operates.
As permitted by the regulations under the Financial Instruments and Exchange Act of Japan, amounts of less than one
million yen have been omitted. As a result, the totals shown in the accompanying consolidated financial statements inJapanese yen do not necessarily agree with the sums of the individual amounts.
The U.S. dollar amounts shown in the accompanying consolidated financial statements and notes thereto were translated
from the presented Japanese yen amounts into U.S. dollar amounts at the rate of ¥120 = $1, the approximate rate of exchange
at March 31, 2015, and were then rounded down to the nearest thousand. As a result, the totals shown in the accompanying
consolidated financial statements in U.S. dollars do not necessarily agree with the sums of the individual amounts. This translation of Japanese yen amounts into U.S. dollar amounts is included solely for the convenience of readers outside Japan. Suchtranslation should not be construed as a representation that Japanese yen could be converted into U.S. dollars at that or any
other rate.

In preparing the consolidated statements of cash flows, the Group considers cash on hand, readily available deposits, andhighly liquid short-term investments with maturities of three months or less when purchased that are exposed to an insignificant risk of changes in value to be cash and cash equivalents.

(4) Investment securities
Investment securities held by the Group are all classified as available-for-sale securities.
Available-for-sale securities with a determinable market value are stated at fair value based on the market value at thebalance sheet date, and unrealized gains or losses, net of applicable income taxes, are reported as a separate componentof net assets. Cost of securities sold is computed based on the moving-average method. Available-for-sale securities withouta ­determinable market value are stated at cost determined by the moving-average method.
Investments in unconsolidated subsidiaries and affiliates are stated at cost determined by the moving-average method.

(5) Inventories
Inventories are measured at the lower of cost determined by the monthly weighted-average method or net selling value.

(6) Depreciation and amortization
Property and equipment (excluding leased assets) are depreciated by the straight-line method.
Intangible assets are amortized by the straight-line method. Capitalized computer software costs for internal use areamortized by the straight-line method over the estimated useful lives (within five years).
For finance leases which do not transfer ownership of the leased assets to the lessee, leased assets are depreciatedby the straight-line method over the lease terms with no residual value.

(7) Allowance for doubtful accounts

2. SIGNIFICANT ACCOUNTING POLICIES(1) Principles of consolidation and accounting for investments in unconsolidated subsidiaries and affiliates
The consolidated financial statements as of and for the fiscal year ended March 31, 2015, include the accounts of theCompany and its nine (ten in 2014) significant subsidiaries.
Under the control or influence concept, those companies in which the Company, either directly or indirectly, is able toexercise control over operations are consolidated, and those companies over which the Company has the ability to exercise
significant influence are accounted for using the equity method. For the fiscal years ended March 31, 2014 and 2015, there
was no subsidiary or affiliate accounted for using the equity method. Investments in the remaining unconsolidated subsidiaries
and affiliates are stated at cost. If the equity method of accounting was applied to the investments in these companies, theeffect on the accompanying consolidated financial statements would not be material.
All significant intercompany balances and transactions have been eliminated in consolidation.
The fiscal year-end of all consolidated subsidiaries is March 31, the same as that of the Company.

The allowance for doubtful accounts is stated at the amount determined based on the historical experience of bad debt withrespect to ordinary receivables (“general reserve”), plus an estimate of uncollectible amounts determined by reference tospecific doubtful receivables of customers experiencing financial difficulties (“specific reserve”).

(8) Provision for bonuses
The provision for bonuses is accrued at the fiscal year-end to which such bonuses are attributable.

(9) Provision for point card certificates
Credit points are awarded to customers when they make purchases using the Group’s member card and, upon request,
the Company will issue gift certificates or allows customers to use their accumulated credit points for their payment.
The provision for point card certificates is accrued to the estimated amount required based on the balance of credit
points awarded to card members outstanding at the fiscal year-end.

(2) Foreign currency translation(10) Provision for loss on redemption of gift certificates

All monetary assets and liabilities denominated in foreign currencies are translated into Japanese yen at the exchange rates
prevailing at the consolidated balance sheet dates. All revenues and expenses associated with foreign currencies are translated into Japanese yen at the exchange rates prevailing when such transactions were made. The resulting exchange gains orlosses are credited or charged to income.

The monetary value of gift certificates and other certificates that have not been redeemed for a set period of time after issuanceis recognized as income. However, some gift certificates and other certificates can be redeemed after the recognition of income.
The provision for loss on redemption of gift certificates is provided at the estimated amount to be redeemed in the future
based on historical experience.

9697

(11) Provision for loss on interest repayment

4. LOAN COMMITMENTS

The provision for loss on interest repayment is provided to the estimated amount of repayment claims on consumer loaninterests at the fiscal year-end.

Certain consolidated subsidiaries that operate in the Credit Card Services segment provide consumer loan services to customers.
The unused balance of loans contingent with the loan commitments was as follows:(12) Provision for loss on guarantees

Millions of yen

The provision for loss on guarantees is provided at the estimated amount of loss arising from the Group’s guarantee obligationsof customers’ liabilities in relation to loans to individuals from financial institutions with which the Group has guarantee service
arrangements.

(13) Basis for revenue recognition
The charges for installment sales and interest income on consumer loans are recognized on an accrual basis based on theremaining loan balances.

Total loan limits

Thousands of
U.S. dollars (Note 1)

2014

2015

2015

¥989,565¥1,081,117$9,009,308

Amount executed as loans

125,215

128,030

1,066,916

Unused balance¥864,349¥  953,086$7,942,383

Under the provisions of the loan service contract, the Group is able to decline a loan request or decrease a loan limit whena customer’s financial conditions or other circumstances change. Thus, the total unused balance will not necessarily be executed as loans.

(14) Hedge accounting
The Group utilizes interest rate swaps to mitigate the fluctuation risk of interests on loans payable.
The Group applies the special accounting treatment for interest rate swaps as all requirements for this treatment are
fulfilled. The Group omits the evaluation of hedge effectiveness for interest rate swaps under the special accounting
treatment.

(15) Consumption taxes
National and local consumption taxes are accounted for by the tax-excluded method. Non-deductible consumption tax andother taxes imposed on fixed assets are recorded as expenses as incurred.

3. ACCOUNTS RECEIVABLE–INSTALLMENT
The following balances for lump sums receivable and revolving receivable were securitized and are therefore excluded fromthe consolidated balance sheets as of March 31, 2014 and 2015:
Millions of yen
2014

2015

Thousands of
U.S. dollars (Note 1)
2015

Card shopping:
Lump sums receivable
Revolving receivable

98¥46,000¥53,000$441,666–

13,526

112,716

5. FINANCIAL INSTRUMENTS(1) Status of financial instruments(a) Policy on financial instruments
The Group raises necessary funds for business operations through bank loans and corporate bond issuance. Temporary surplus funds are invested in highly safe short-term deposits. Derivative transactions are utilized to avoid the interest rate fluctuation risk on loans. The Group does not use derivative transactions for speculative purposes.

(b) Financial instruments, their risks, and the risk management system
Accounts receivable–installment and operating loans are exposed to the credit risk of customers. In accordance with theinternal risk management rules, the Group mitigates such risk by monitoring and evaluating the credit status of each customer
by means of third-party personal credit information agencies and the Group’s own credit monitoring system.
Investment securities primarily consist of shares issued by business partners and are exposed to both credit risk andmarket risk. The Group mitigates such risks by regularly monitoring the share price and the financial condition of the issuers.
Leasehold and other deposits consist of security deposits to rent properties for stores.
Accounts payable–trade is settled in the short term.
Long-term loans payable with a floating interest rate is exposed to interest rate fluctuation risk. The Group utilizes interest
rate swaps to avoid such risk by fixing the future interest rate.

99

Thousands of U.S. dollars (Note 1)(2) Estimated fair value of financial instruments
Carrying value, fair value, and the difference between them as of March 31, 2014 and 2015, are summarized below. Financial
instruments for which the fair value is difficult to estimate are excluded from the following table (See Note 2 below).
Millions of yen
2014(1) Cash and deposits

Fair value

Difference¥ 30,064¥ 30,064

¥

6,323

6,323

(2) Notes and accounts receivable–trade(3) Accounts receivable–installment

Fair value

Difference¥ 31,240¥ 31,240

¥

–

6,453

6,453

227,121(4,736)(5,198)208,730(4) Operating loans

Carrying value–

213,466   Allowance for doubtful accounts *1

231,321

22,591

221,923

125,215

128,030(2,273)(2,231)   Allowance for doubtful accounts *2––

249,151

27,227

122,942

136,298

13,355

125,798

142,766

16,968  Available-for-sale securities

23,43023,430–24,152

24,152–(6) Leasehold and other deposits

11,32911,049

(280)

9,493

9,312

(180)

Assets, total¥402,821¥438,488¥35,666¥419,062¥463,077¥44,015(1) Accounts payable–trade(2) S hort-term loans payable and current
portion of long-term loans payable¥ 29,975¥ 29,975¥¥ 27,002¥ 27,002¥–

71,324

71,324–56,83956,839–(3) Current portion of bonds payable

20,00020,000–17,00017,000–(4) Commercial papers

12,00012,000–10,00010,000–(5) Income taxes payable

2,211

2,211

–

3,340

3,340

–

(6) Bonds payable

82,00083,0891,089

85,00085,860860(7) Long-term loans payable

79,50079,438(61)

109,000

109,046

46

Liabilities, total¥297,011¥298,038¥ 1,027¥308,181¥309,089¥

907

Derivative transactions

¥

¥

¥

¥

¥

¥

–

–

–

–

*1 The amount presents the total of general reserve and specific reserve for accounts receivable–installment.
*2 The amount presents the total of general reserve and specific reserve for operating loans.

–$  260,333$  260,333

53,77553,775–2,076,258

226,891

1,048,316

1,189,716

141,400  Available-for-sale securities

201,266

201,266–(6) Leasehold and other deposits

79,10877,600(1,500)Assets, total$3,492,183$3,858,975$366,791(1) Accounts payable–trade$(1) Cash and deposits(2) Notes and accounts receivable–trade––(43,316)   Allowance for doubtful accounts

1,849,358(4) Operating loans

Difference$

1,892,675

1,066,916(18,591)   Allowance for doubtful accounts(5) Investment securities:–

Fair value(3) Accounts receivable–installment

2015

Carrying value

2015
Carrying value(5) Investment securities:$ 225,016$ 225,016(2) Short-term loans payable and current portion of long-term loans payable

473,658

473,658–(3) Current portion of bonds payable

141,666

141,666–(4) Commercial papers

83,333

83,333––(5) Income taxes payable

27,833

27,833–(6) Bonds payable

708,333

715,500

7,166

908,333

908,716

Liabilities, total$2,568,175$2,575,741

$

7,558

Derivative transactions

$

$

$

–

(7) Long-term loans payable

–

–

383

Note 1.	Calculation method for fair value of financial instruments and information on securities and derivative transactions
Assets:		(1) Cash and deposits and (2) Notes and accounts receivable–trade
The fair value approximates their carrying value because of their short maturities.
		(3) Accounts receivable–installment and (4) Operating loans
The fair value is determined as their present value by discounting, using the risk-free rate, their future cash flows
adjusted for their credit risk identified in the credit control process. With regard to bad receivables and loans,allowance for doubtful accounts is estimated based on the present value of their estimated future cash flows. The
fair value approximates the amount of carrying value less allowance for doubtful accounts. Thus, the amount ofcarrying value less allowance for doubtful accounts is used as fair value.
		(5) Investment securities
The fair value is based on quotes on an exchange.
		(6) Leasehold and other deposits
The fair value is determined as their present value by discounting future cash flows at the risk-free rate adjusted for
credit risk premium. The amount includes the current portion of leasehold and other deposits.

100

101

Liabilities:		(1) Accounts payable–trade, (2) Short-term loans payable and current portion of long-term loans payable,(3) Current portion of bonds payable, (4) Commercial papers, and (5) Income taxes payable		  The fair value approximates their carrying value because of their short maturities.

Note 3. Redemption schedule for monetary claims and securities with maturities
Millions of yen
2014
Due in one year
or less		(6) Bonds payable
The fair value is based on the present value calculated by discounting the sum of principal and interests using aninterest rate, for which credit risk and redemption periods are taken into account.
		(7) Long-term loans payable
The carrying value of long-term loans payable with a floating interest rate approximates its fair value since the interest rate reflects the market rate in the short term. Thus, carrying value is used as its fair value. The fair value of longterm loans payable hedged by interest rate swaps under special accounting treatment is calculated by discounting
the sum of principal and interests accounted for together with interest rate swaps using a reasonably estimatedinterest rate applied to similar borrowings. The fair value of long-term loans payable with fixed interest rates iscalculated by discounting the sum of principal and interests using an interest rate that would be applied to similar
new borrowings.
		 Derivative transactions
		 See Note 7, “DERIVATIVE TRANSACTIONS,” for details.

Cash and deposits

Due after one year
through five years¥ 30,064¥

Due after five years
through ten years

–

¥

–

Due after ten years

¥

–

6,323

–

–

–

Accounts receivable–installment

116,084

70,10417,003

10,273Operating loans

60,977

63,383776

77Leasehold and other deposits

1,574

4,560

3,588

1,606

¥215,024¥138,048¥21,368¥11,958

Notes and accounts receivable–trade

Total

Millions of yen
2015
Due in one year
or less

Cash and deposits

Due after one year
through five years¥ 31,240¥

Due after five years
through ten years

–

¥

–

Due after ten years

¥

–

6,453

–

–

–

Accounts receivable–installment

129,841

66,16019,638

11,481

Operating loans

62,46665,005486

72

Leasehold and other deposits

1,515

3,654

2,843

1,480

¥231,516¥134,820¥22,968¥13,034

Notes and accounts receivable–trade

Total

Thousands of U.S. dollars (Note 1)

Note 2. Financial instruments whose fair value is extremely difficult to determine

2015

Millions of yen

Unlisted stocks
Part of security deposits

2014

2015

¥

¥

782
28,058

Thousands of
U.S. dollars (Note 1)
2015

877

$  7,308

27,915

232,625

Unlisted stocks are not included in (5) Investment securities in the table above, as there were no market prices available
and it is extremely difficult to determine the fair value. Similarly, part of security deposits is not included in (6) Leasehold andother deposits.

102

Cash and deposits
Notes and accounts receivable–trade
Accounts receivable–installment
Operating loans
Leasehold and other deposits
Total

Due in one year
or less

Due after one year
through five years$ 260,333$–

Due after five years
through ten years$–

Due after ten years$–

53,775–––

1,082,008

551,333

163,650

95,675

520,550

541,708

4,050

600

12,62530,45023,691

12,333$1,929,300$1,123,500$191,400$108,616

See Note 9, “SHORT-TERM LOANS PAYABLE AND LONG-TERM DEBT,” for the schedule of aggregate annual maturities oflong-term loans payable and long-term debt.

103

6. INVESTMENT SECURITIES(2) Information on sale of available-for-sale securities for the fiscal years ended March 31, 2014 and 2015, is as follows:(1) Information on available-for-sale securities as of March 31, 2014 and 2015, is as follows:

Millions of yen
2014

Millions of yen
2014
Carrying value

Acquisition cost

Carrying value

Acquisition cost

Difference

Carrying value exceedingacquisition cost:
StocksSubtotal
Carrying value not exceedingacquisition cost:¥20,815¥11,524¥ 9,291¥18,783¥16,468¥2,314

20,815

11,524

9,291

18,783

16,4682,314

Stocks

2,615

3,920

(1,305)

5,369

6,319

(950)

Subtotal

2,615

3,920

(1,305)

5,369

6,319

(950)

¥23,430¥15,444¥ 7,986¥24,152¥22,787¥1,364

Total

Thousands of U.S. dollars (Note 1)
2015
Carrying value

Acquisition cost

Difference$156,525$137,233$19,283

156,525

137,233

19,283Carrying value exceedingacquisition cost:
StocksSubtotal
Carrying value not exceedingacquisition cost:
Stocks44,741

52,658Subtotal

44,741

52,658(7,916)$201,266$189,891$11,366

Total

Proceeds
from sales

2015
Difference(7,916)

Unlisted stocks in the amount of ¥241 million and ¥237 million ($1,975 thousand) as of March 31, 2014 and 2015, are notincluded in the table above since their market price is not readily available and it is extremely difficult to determine their fair value.

Stocks
Total

2015

Gains

LossesProceeds
from sales

Gains

Losses

¥12

¥–

¥0

¥22,684¥12,094

¥–

¥12

¥–

¥0

¥22,684¥12,094¥–

Thousands of U.S. dollars (Note 1)
2015

Stocks
Total

Proceeds
from sales

Gains$189,033$100,783$–$189,033$100,783$–

Losses(3) When the fair value of investment securities declines by 30% to 50%, the Group recognizes an impairment loss
after comprehensively evaluating the recoverability of the market price. No impairment loss was recognized forthe fiscal year ended March 31, 2014. For the fiscal year ended March 31, 2015, the Group recognized an
impairment loss on available-for-sale securities but omitted its disclosure since the amount was immaterial.

7. DERIVATIVE TRANSACTIONS
For the fiscal years ended March 31, 2014 and 2015, the Group’s derivative transactions were limited to interest rate swaps
that qualified for hedge accounting and met the requirements for the special accounting treatment for interest rate swaps as
described below. There were no derivative transactions for which hedge accounting was not applied.
Hedge accounting method:
Special treatment for interest rate swaps
Type of derivative transactions:Interest rate swaps, receive floating / pay fixed
Hedged item:
Long-term loans payable
Millions of yen
2014
Contract amountTotal

Due after one year

¥17,000¥17,000

Thousands of U.S. dollars (Note 1)

2015

2015

Contract amount
Fair value

*

Total

Due after one year

¥17,000¥17,000

Contract amount
Fair value

*

Total

Due after one year

$141,666$141,666

Fair value** Interest rate swaps under the special accounting treatment are accounted for as an integral component of the long-term loans payable designated as hedged items.
Thus, their fair value is included in that of long-term loans payable.

104

105

8. LEASESLong-term debt as of March 31, 2014 and 2015, consisted of the following:(As a Lessee)
The Group capitalizes leased assets under finance leases that do not transfer ownership. These assets are mainly comprisedof buildings and properties in connection with the Retailing and Store Operation segment and software.
The future minimum lease payments under non-cancellable operating leases were as follows:
Millions of yen

Within one year

2014

2015

¥ 3,976¥ 3,960

Thousands of
U.S. dollars (Note 1)

Millions of yen

Thousands of
U.S. dollars (Note 1)

2014

2015

2015

¥ 79,500¥109,000$  908,333

13th series unsecured 1.51% corporate bond, due 2017

10,00010,00083,33316th series unsecured 1.01% corporate bond, due 2015

12,00012,000100,000

0.50% long-term loans from banks and others due through 2027

2015

17th series unsecured 0.80% corporate bond, due 2014

20,000––$ 33,000

18th series unsecured 0.97% corporate bond, due 2017

10,00010,00083,333

Over one year

22,385

18,469

153,908

19th series unsecured 0.58% corporate bond, due 2015

5,000

5,000

41,666

Total¥26,361¥22,429$186,908

20th series unsecured 0.79% corporate bond, due 2017

10,00010,00083,33321st series unsecured 0.57% corporate bond, due 2017

10,00010,00083,33322nd series unsecured 0.85% corporate bond, due 2019

5,000

5,000

41,66623rd series unsecured 0.342% corporate bond, due 2016

10,00010,00083,33324th series unsecured 0.582% corporate bond, due 2018

10,00010,00083,33325th series unsecured 0.344% corporate bond, due 2019–10,00083,333
83,333(As a Lessor)
The future minimum lease receipts under non-cancellable operating leases were as follows:
Millions of yen

Thousands of
U.S. dollars (Note 1)

2014

2015

Within one year

¥ 2,550¥ 3,452$ 28,766

2015

Over one year

10,044

8,859

73,825

Total¥12,594¥12,311$102,591

2,047

17,058

183,773

213,047

1,775,391

20,226

17,178143,150¥163,547¥195,869$1,632,241

Less: Current portion

The aggregate annual maturities of long-term debt subsequent to March 31, 2015, are as follows:

Short-term loans payable and current portion of long-term loans payable as of March 31, 2014 and 2015, consisted of thefollowing:Thousands of
U.S. dollars (Note 1)

Millions of yen
Year ending March 31

Thousands of U.S. dollars (Note 1)

Long-term loans
payableBonds payable

Lease obligation

Long-term loans
payableBonds payable

Lease obligation2016¥ 17,500¥ 17,000¥  178$  145,833$141,666$ 1,483

2015

2017

15,00030,000149

125,000

250,000

1,241¥39,339$327,825

2018

10,00020,000149

83,333

166,666

1,241

33,00017,500145,8332019

14,00010,000149

116,666

83,333

1,241¥71,324¥56,839$473,658

2020 and thereafter

70,00025,0001,422

583,333

208,333

11,850¥126,500¥102,000¥2,047$1,054,166$850,000$17,058

Millions of yen
2014

2015

Short-term loans payable¥38,324

Current portion of long-term loans payable
Total

Annual weighted-average interest rates of short-term loans payable were 0.46% and 0.42% and those of current portionof long-term loans payable were 0.83% and 0.88% for the fiscal years ended March 31, 2014 and 2015, respectively.
Annual weighted-average interest rates of commercial papers, due within a year, were 0.09% and 0.10% for the fiscal
years ended March 31, 2014 and 2015, respectively.

106

10,000

Lease obligation

Total

9. SHORT-TERM LOANS PAYABLE AND LONG-TERM DEBT

–
2,273

26th series unsecured 0.562% corporate bond, due 2021

Total

107

10. DEFERRED TAX ACCOUNTING

11. ASSET RETIREMENT OBLIGATIONS

Major components of deferred tax assets and deferred tax liabilities as of March 31, 2014 and 2015, were as follows:(1) Asset retirement obligations recognized in the consolidated balance sheets

Millions of yen

Thousands of
U.S. dollars (Note 1)
2015

The Group’s asset retirement obligations mainly include the cost of restoring the store sites to their original condition under
the real estate lease contracts of stores. The Group calculated its asset retirement obligations by assuming the lease period as
the expected period of use and applying discount rates of 0.12% to 1.38%.
Asset retirement obligations as of March 31, 2014 and 2015, consisted of the following:

2014

2015

Depreciation¥ 6,628¥ 6,339$ 52,825

Impairment loss

5,373

5,586

46,550

Provision for loss on interest repayment

2,548

4,478

37,316

Provision for point card certificates

1,043

1,624

13,533

Beginning balance

Net operating loss carried forward

4,973

1,494

12,450Allowance for doubtful accounts

2,673

1,423

Net unrealized loss on non-current assets

1,426

Provision for bonuses

1,484

Deferred tax assets:

Millions of yen
2014

Increase due to acquisition of property and equipment

8

–

–

11,858

Increase due to change in estimate *1

9

87

725

1,372

11,433Adjustments due to passage of time

4

2

16

1,324

11,033

Decrease due to fulfillment of obligation

(190)

(13)

(108)

(70)

–

–

–

9

75

¥ 549

¥635

$5,291

5,895

4,632

38,600Decrease due to change in estimate *2

Subtotal

28,275

235,625

Other increase (decrease)

Valuation allowance(9,280)(7,684)(64,033)

Ending balance

Total deferred tax assets

22,767

20,590171,583

Reserve for special account for advanced depreciation of non-current assets

9,183

8,737

72,808Valuation difference on available-for-sale securities

2,207

380

3,166

182

197

1,641

Deferred tax liabilities:

Total deferred tax liabilities

11,572

9,315

77,625

Deferred tax assets, net¥11,194¥11,275$ 93,958

Income taxes consist of corporation, inhabitants’ and enterprise taxes. Reconciliations between the statutory tax rate andthe effective tax rate reflected in the consolidated statements of income were as follows:
2014

2015

38.0%

35.6%

Adjustments:
Permanent differences such as entertainment expenses, etc.

0.4

0.4

Permanent differences such as dividends

(0.2)

(0.3)

Change in valuation allowance

(2.4)

(4.7)

Inhabitants’ tax

0.5

0.6

Adjustments due to changes in tax rate

2.5

1.9

Other

2.0

(0.4)

40.8%

33.1%

Effective tax rate

In line with the promulgation on March 31, 2015, of the “Act for Partial Revision of the Income Tax Act, etc. (Act No. 9,2015)” and the “Act for Partial Revision of the Local Tax Act, etc. (Act No. 2, 2015),” the Group has changed the effective statutory tax rate to calculate deferred tax assets and deferred tax liabilities for the fiscal year ended March 31, 2015, from 35.6%
to 33.1% for temporary differences expected to be reversed in the fiscal year beginning on April 1, 2015, and to 32.3% for
those expected to be reversed in and after the fiscal year beginning on April 1, 2016.
As a result of this change, deferred tax assets decreased by ¥423 million ($3,525 thousand) and income taxes–deferredand valuation difference on available-for-sale securities increased by ¥463 million ($3,858 thousand) and ¥40 million ($333
thousand), respectively.

108

2015

¥549

32,047

Statutory tax rate

2015

¥ 787

Other

Other

Thousands of
U.S. dollars (Note 1)$4,575*1 The reasonable estimate of obligation became available for stores to be closed.
*2 The more-reasonable estimate became available; thus, the amount of obligation estimated at the time of acquisition of the respective assets was decreased.

(2) Asset retirement obligations other than those recognized in the consolidated balance sheets
While the Group estimates asset retirement obligations based on the real estate lease contracts of stores, it is not possible toreasonably estimate the cost of restoring the store sites to their original condition under the general lease contracts since theperiod of use is not clearly determined. Therefore, the Group does not recognize the asset retirement obligations for stores
other than those that are planning to be closed.

12. INVESTMENT AND RENTAL PROPERTY
Certain consolidated subsidiaries hold commercial properties, including land, for rental in the Tokyo metropolitan area andother areas. The net rental income in connection with these properties for the fiscal years ended March 31, 2014 and 2015,was ¥3,851 million and ¥3,824 million ($31,866 thousand), respectively. The rental income was included in net sales and theassociated rental expenses were included in cost of sales. The carrying value and the fair value of such assets were as follows:
Millions of yen

Thousands of
U.S. dollars (Note 1)

2014

2015

2015

¥31,800¥32,285

484

81

675

¥32,285¥32,367$269,725¥62,931¥66,959$557,991

Carrying value *1:
Beginning balance
Changes during the year
Ending balance
Fair value *2$269,041*1 Carrying value represents the amount on the consolidated balance sheets which is carried at the acquisition costs less the accumulated depreciation.
*2 Fair value is based on the appraised value provided by third-party real estate appraisers.

109

13. CONTINGENT LIABILITIES

15. COST OF SALESThe Group has commitments to guarantee customers’ liabilities in relation to personal loans to individuals from financial institutions with which the Group has guarantee service arrangements.
As of March 31, 2014 and 2015, the amounts of the Group’s guarantee obligations were ¥16,800 million and ¥19,327
million ($161,058 thousand), respectively.

For the fiscal years ended March 31, 2014 and 2015, cost of sales included the revaluation loss on inventories in the amountsof ¥86 million and ¥43 million ($358 thousand), respectively.

16. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses for the fiscal years ended March 31, 2014 and 2015, were as follows:

14. NET ASSETS
Under the Companies Act of Japan (“the Act”), the entire amount paid for new shares is required to be designated as capitalstock. However, a company may, by a resolution of the Board of Directors, designate an amount not exceeding one-half of theprice of the new shares as additional paid-in capital, which is included in capital surplus. The legal earnings reserve is included
in retained earnings in the accompanying consolidated balance sheets.
The Act provides that an amount equal to at least 10% of the amount to be disbursed as distributions of capital surplus(other than additional paid-in capital) and retained earnings (other than legal earnings reserve) be transferred to additional
paid-in capital and the legal earnings reserve, respectively, until the total of additional paid-in capital and the legal earnings
reserve equals 25% of the capital stock account.
Such distributions can be made at any time by resolution of the shareholders’ meeting, or by resolution of the Board of
Directors if certain conditions are met.
Under the Act, additional paid-in capital and the legal earnings reserve may not be distributed as dividends; the Act allows
all additional paid-in capital and all legal earnings reserve to be transferred to other capital surplus and retained earnings,
respectively, which are potentially available for dividends.
The maximum amount that the Company can distribute as dividends is calculated based on the unconsolidated financial
statements of the Company in accordance with Japanese laws and regulations.

Millions of yen
2014

2015

2015

¥ 14,849¥ 14,712$  122,600

Provision for point card certificates

2,813

4,590

38,250

Provision for allowance for doubtful accounts

6,361

7,748

64,566867––

33,30033,165276,375

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Provision for loss on interest repayment
Salaries and allowances
Provision for bonuses

3,799

3,533

29,441

Rent

16,535

15,345

127,875

Depreciation and amortization

8,542

8,771

73,091

Other

41,50942,237

351,975¥128,579¥130,102$1,084,183

17. LOSS ON RETIREMENT OF PROPERTY AND EQUIPMENT
Loss on retirement of property and equipment for the fiscal years ended March 31, 2014 and 2015, consisted of the following:

The following tables summarize the dividends paid for the fiscal years ended March 31, 2014 and 2015:
2014

Millions of yen

Resolution

Class ofshare

Total amount of dividend(Millions of yen)

Dividend per share(Yen)

Annual general meeting ofshareholders held on June 26, 2013
Board of Directors’ meeting held on
November 7, 2013

Commonstock
Commonstock¥2,189¥8

2,463

Record date

Effective date

March 31,
June 27,20132013
September 30, December 4,
2013
2013

9

Thousands of
U.S. dollars (Note 1)

Buildings and structures
Furniture and fixtures

Thousands of
U.S. dollars (Note 1)

2014

2015

2015

¥  748¥  515$4,291

632

582

4,850

¥1,381¥1,097$9,141

2015

Resolution

Annual general meeting ofshareholders held on June 26, 2014
Board of Directors’ meeting held on
November 6, 2014

Class ofshare

Total amount of dividend

Dividend per share(Thousands of(Millions of
U.S. dollars)yen)(Note 1)(Yen)

(U.S. dollars)(Note 1)

$20,525¥9$0.07

20,5339

0.07

Common ¥2,463
stock
Common2,464
stock

Record date

Effective date

March 31,
June 27,2014
2014
September 30, December 4,
2014
2014

Dividends with a record date during the fiscal year ended March 31, 2015, but with an effective date subsequent to thefiscal year ended March 31, 2015, were as follows:
Total amount of dividend
Resolution

Class ofshare

(Thousands of(Millions of
U.S. dollars)yen)(Note 1)

Annual general meeting ofCommon ¥2,630
shareholders held on June 25, 2015 stock110

Dividend per share
Source(Yen)$21,916 Retained ¥10
earnings(U.S. dollars)(Note 1)

$0.08

Record date

Effective date

March 31,2015

June 26,2015
111

18. IMPAIRMENT LOSS

21. SUBSCRIPTION RIGHTS TO SHARESFor the fiscal year ended March 31, 2014, no impairment loss was recognized. For the fiscal year ended March 31, 2015, theGroup recognized an impairment loss on the asset group as stated below.

For the fiscal years ended March 31, 2014 and 2015, the amounts of costs incurred for subscription rights to shares (“stock
options”) were ¥38 million and ¥36 million ($300 thousand), respectively, and were included in selling, general and administrative expenses.
The outline of stock options of the Company is as follows:

Millions of yen

Thousands of
U.S. dollars (Note 1)¥1,787$14,891

Other

71

591

Total

¥1,859$15,491

Use

Location

Type of assets

Stores, etc.

Kyoto Marui

Buildings and structures

Kyoto, Kyoto City

The Group has grouped its fixed assets by either store or rental property, which are the minimum cash-generating units.
Carrying value of each asset group is written down to its respective recoverable amount and in doing so recognized an
impairment loss.
The Group estimated the recoverable amount of each asset group based on value in use or fair value less costs to sell. If
a store reports continuous operating losses, the Group evaluates that the value in use of the store is zero since positive cash
flows cannot be expected in the future. If a store is planned to be closed, the Group evaluates that the fair value less cost tosell is zero.

19. COMPREHENSIVE INCOME
Millions of yen
2014

2015

Thousands of
U.S. dollars (Note 1)

Date of resolution
Title and number of grantee
Type and number of shares to beissued upon exercise of stock options
Granted date
Vesting conditions
Eligible service period
Exercise period

2013

2014

2015

June 27, 2012
7 Directors and5 Executive Officersof the Company
Common stock
52,000 shares
August 3, 2012
No provision
No provision
From April 1, 2013 toMarch 31, 2023

June 26, 2013
7 Directors and5 Executive Officersof the Company
Common stock
38,400 shares
July 11, 2013
No provision
No provision
From April 1, 2014 toMarch 31, 2024

June 26, 2014
8 Directors and5 Executive Officersof the Company
Common stock
43,500 shares
July 11, 2014
No provision
No provision
From April 1, 2015 toMarch 31, 2025

The following table describes the scale and changes in stock options that existed during the fiscal year ended March 31,
2015. The number of stock options is translated into the number of shares.

2015

Number of shares

Valuation difference on available-for-sale securities:

2013

2014

2015

Before vested:

Amounts incurred for the year

¥1,543¥  5,473$  45,608

Reclassification adjustments

0(12,094)(100,783)

As of March 31, 2014

–

–

–

–

–

43,500

Before tax effect adjustment

1,544(6,621)(55,175)

GrantedTax effect

(511)

1,827

15,225

Forfeited–––

Valuation difference on available-for-sale securities

1,032(4,794)(39,950)

Vested––43,500Total other comprehensive income¥1,032¥ (4,794)$ (39,950)

As of March 31, 2015

–

–

–

After vested:
As of March 31, 2014

20. CASH FLOW STATEMENTS
Reconciliations of cash and cash equivalents in the consolidated statements of cash flows to accounts and amounts in theaccompanying consolidated balance sheets as of March 31, 2014 and 2015, were as follows:
Millions of yen

Cash and deposits
Time deposits with maturity in excess of three months
Cash and cash equivalents

112

Thousands of
U.S. dollars (Note 1)

2014

2015

2015

¥30,064¥31,240$260,333

(11)

(11)

(91)

¥30,053¥31,229$260,241

2,600

38,400–

Vested––43,500Exercised–

36,400–Forfeited

–

–

–

2,600

2,000

43,500

As of March 31, 2015

Yen U.S. dollars (Note 1)

Exercise price

Yen U.S. dollars (Note 1)

Yen U.S. dollars (Note 1)¥  1$0.008¥    1$0.008¥  1

Average exercise price

–

–

874

7.28

–

$0.008–Fair value at granted date

485

4.04

1,007

8.39

844

7.03

113

The Black-Scholes option-pricing model is applied to estimate the fair value of stock options granted for the fiscal year
ended March 31, 2015, based on the following assumptions.
Expected volatility *1
35.050%
Expected holding period *2
5.7 years
Expected dividend *3¥18 ($0.15) per share
Risk-free rate *40.180%*1*2*3*4(2) Basis of measurement for the amounts of segment net sales, segment income or loss, segment assets,
and other items
The accounting policies of each reportable segment are consistent with those disclosed in Note 2, “SIGNIFICANTACCOUNTING POLICIES.”
Segment income is measured on the basis of operating income. Intersegment sales and transfers are accounted for basedon the prevailing market price.

It is estimated based on the share price over the period corresponding to the expected holding period.
It is estimated based on the assumption that stock options are exercised at the middle of the exercise period.
It is based on the dividends for the fiscal year ended March 31, 2014.
It is the average yield on government bonds for the period that corresponds to the remaining life of the stock option.

Since it is difficult to reasonably estimate the number of stock options that will expire in the future, the number of stock
options that were forfeited is shown as the number of vested options.

Millions of yen
2014
Retailing and StoreOperation

Reportable segment
Credit Card
Retailing-Related
Services
Services

Total

Adjustment *1

Consolidated *2

Operating revenues:¥322,342¥ 59,421¥34,695¥416,460

5,489

2,374

24,81332,678(32,678)–

22. SEGMENT INFORMATION(1) Overview of reportable segments

Total¥327,832¥ 61,795¥59,509¥449,138¥(32,678)¥416,460

Segment income¥ 10,562¥ 15,634¥ 4,523¥ 30,721¥ (3,574)¥ 27,146

The Group defines its reportable segments as a component of the Group for which separate financial information is available
and whose operating results are regularly evaluated by the Board of Directors to make decisions about how resources are to
be allocated among the Group and assess their performance.
The Group consists of the following three reportable segments identified by products and services: “Retailing and StoreOperation,” “Credit Card Services,” and “Retailing-Related Services.”
The Retailing and Store Operation segment engages in retailing operations of clothes and accessories and management ofcommercial property rental. The Credit Card Services segment engages in the credit card, the consumer loans, and the rental
guarantee businesses. The Retailing-Related Services segment engages in businesses such as store design, advertising, apparel
distribution, IT systems, total building management, and real estate rental.

Segment assets¥242,160¥371,097¥65,717¥678,975¥(14,956)¥664,019

¥

¥

1,054

¥ 2,136

¥

¥

¥

1,450

2,015

Outside customers
Intersegment¥–¥416,460

Other items:
Depreciation and amortization
Increase in property and   equipment and intangible assets

6,524
8,530

9,714

273

11,996(1,201)

9,988
10,795*1	Adjustment to segment income consists of intersegment elimination of ¥1,301 million and corporate expenses of ¥(4,876) million that are not allocated to eachreportable segment. Adjustment to segment assets mainly consists of intersegment elimination of ¥(217,051) million and corporate assets of ¥204,635 million,
which mainly present the Company’s loans in connection with the Group’s cash management system.
*2 Segment income is reconciled to operating income on the consolidated statements of income.
Millions of yen
2015
Retailing and StoreOperation

Reportable segment
Credit Card
Retailing-Related
Services
Services

Total

Adjustment *1

Consolidated *2

Operating revenues:
Outside customers
Intersegment
Total¥302,693¥ 68,436¥33,816¥404,947

4,918

2,186

22,33229,437¥(29,437)–¥404,947–¥307,611¥ 70,623¥56,149¥434,384¥(29,437)¥404,947

Segment income¥  8,074¥ 20,126¥ 3,333¥ 31,535¥ (3,492)¥ 28,042

Segment assets¥239,592¥385,466¥64,944¥690,003¥(14,376)¥675,627¥  6,976¥  1,223¥ 1,869¥ 10,070¥

226¥ 10,296

6,280

1,710

2,208

10,198

(412)

9,786

Other items:
Depreciation and amortization
Increase in property and   equipment and intangible assets

114

115

Thousands of U.S. dollars (Note 1)
2015
Retailing and StoreOperation

2015
Name of thecompany

Reportable segment
Credit Card
Retailing-Related
Services
Services

Adjustment *Consolidated *

1

Total

2

Nakano Co., Ltd.

Operating revenues:$2,522,441

Outside customers$  570,300$281,800$3,374,558$–

40,983

18,216

186,100

245,308(245,308)–$2,563,425$  588,525$467,908$3,619,866$(245,308)$3,374,558

Segment income$

67,283$  167,716$ 27,775$  262,791$ (29,100)$ 233,683

Segment assets$1,996,600$3,212,216$541,200$5,750,025$(119,800)$5,630,225

Other items:
Depreciation and amortization
Increase in property and   equipment and intangible assets$

58,13352,333$

10,191$ 15,575

14,25018,400$83,91684,983$

1,883(3,433)

Capital(Millions of yen)

Business

Shinjuku,¥10 RealTokyo($83 thousand) estate(Note 1) rental$3,374,558

Total

Intersegment

Location$

85,800

Seiwa Kogyo
Co., Ltd.

Shinjuku,
10 RealTokyo($83 thousand) estate(Note 1) rental

Disclosures as to related information with regard to the concentration of products and service, location, and major customers are omitted since there is no relevant information to be disclosed.
For the fiscal year ended March 31, 2015, an impairment loss of ¥1,859 million ($15,491 thousand) was reported by the
Retailing and Store Operation segment.

Seiwa Kogyo
Co., Ltd.

Shinjuku,
Tokyo

¥10

Shinjuku,
Tokyo

10

Real
estaterentalRealestaterental¥ 41($341 thousand)1($8 thousand)

44 Leasehold and
191($366 thousand) other deposits ($1,591 thousand)(Note 1)

24. PER SHARE INFORMATION
Net income per share, both basic and diluted, for the fiscal years ended March 31, 2014 and 2015, are as follows:
Yen

U.S. dollars (Note 1)

2014

2015

Net income per share¥56.29¥58.87$0.49

Diluted net income per share

56.29

58.86

0.49

Assumed exercise of stock options
2014

Nakano Co., Ltd.

¥42 Leasehold and($350 thousand) other deposits(Note 1) Other current
liabilities

Balance(Millions of yen)

2015

2014

2015

273,760

272,430

2

48

Diluted shares:

Related party information where directors and their close relatives substantially own a majority of the voting rights is as follows:Business

Property
rentalstores

Account name

Thousands of shares

23. RELATED PARTY INFORMATION

Capital(Millions of yen)

Property
rentalAmount(Millions of yen)

The monetary amounts above do not include consumption taxes. Terms and conditions for rental agreements are determined similarly to those of third-party transactions.

Weighted-average number of outstanding shares

Location

Direct Property
0.9% rental
Concurrent
position as
director
Direct Property
0.5% rental
Concurrent
position as
director

Transaction

81,550*1	Adjustment to segment income consists of intersegment elimination of ¥1,602 million ($13,350 thousand) and corporate expenses of ¥(5,095) million ($(42,458)
thousand) that are not allocated to each reportable segment. Adjustment to segment assets mainly consists of intersegment elimination of ¥(224,929) million($(1,874,408) thousand) and corporate assets of ¥213,560 million ($1,779,666 thousand), which mainly present the Company’s loans in connection with the Group’s
cash management system.
*2	Segment income is reconciled to operating income on the consolidated statements of income.

Name of thecompany

VotingRelationshiprightsVotingRelationshiprightsDirect Property
0.8% rental
Concurrent
position as
director
Direct Property
0.2% rental
Concurrent
position as
director

Transaction

Amount(Millions of yen)

Property
rental¥42

Property
rentalstores

44

Account name

Balance(Millions of yen)

Leasehold andother deposits
Other current
liabilities¥ 41

Leasehold andother deposits

191

Net income per share is computed based on the net income attributable to shareholders of common stock and theweighted-average number of outstanding shares.

1

The monetary amounts above do not include consumption taxes. Terms and conditions for rental agreements are determined similarly to those of third-party transactions.

116

117

25. SUBSEQUENT EVENTAt the Board of Directors’ meeting held on May 14, 2015, the Company resolved to acquire its own shares based on Article
156 of the Companies Act of Japan (“the Act”), which is applied by the deemed replacement of terms pursuant to the provisions of Article 165 (3) of the Act.
The Group launched the medium-term management plan (fiscal year ended March 31, 2015 to fiscal year ending March
31, 2017) that defines the improvement of corporate value by implementing growth strategies and financial strategies. Under
the financial strategic plans, the Group has an objective to enhance its investments targeting future growth and stable return toshareholders by effectively applying free cash flows generated over the three-year period of the plan. To meet such an objective, the Company will acquire its own shares in an approximate total amount of ¥50,000 million ($416,666 thousand) over theduration of the plan in order to achieve the ROE target of 6% or more in the early stage and increase returns for shareholders
going forward. Therefore, following ¥15,000 million ($125,000 thousand) of the acquisition executed for the fiscal year ended
March 31, 2015, the Company resolved to acquire its own shares as follows:
Class of share:
Common stock
Number of shares:	17,000,000 shares (maximum)(Ratio to outstanding shares, excluding treasury stock: 6.46%)
Total amount of acquisition: ¥20,000 million ($166,666 thousand) (maximum)
Acquisition period:
From May 15, 2015 to August 31, 2015

118

119

Corporate History

Feb.

1931

Chuji Aoi opened first store in Momozono-cho, Nakano-ku, Tokyo,
after separating from Maruni Shokai Co., Ltd.

Apr.

1935

Changed store name to MARUI

Oct.

1936

Opened new store at site of former flagship Nakano Marui store

Mar.

1937

Established MARUI CO., LTD., with capital of ¥50,000

Jul.

1941

Temporarily closed all five stores due to war-time business restrictions

Feb.

1947

Rebuilt flagship Nakano Marui where former store stood before war

Apr.

1955

Jan.

Mar.

2006

Began issuing EPOS cards (world’s first multipurpose IC card to be issued
on-the-spot in stores)

Sep.

2006

Opened Namba Marui, first Marui store in Osaka
AIM CREATE CO., LTD., established Machida Modi on site of former
Maruibe Machida, representing shift to new business

Oct. 2007

Switched to holding company system; Changed name to
MARUI GROUP CO., LTD.

Oct. 2007

Opened Yurakucho Marui

Tadao Aoi (current Honorary Chairman) joined the Company

Apr.

2008

Began issuing EPOS Gold cards

1960

Changed name of monthly payment system to “credit”

Jun.

2008

Tadao Aoi became Honorary Chairman

Mar.

1960

Issued first credit card in Japan

Feb.

2010

Launched Rakuchin private brand series

Feb.

1963

Formulated Company credo of “Drive action yourself”

Nov. 2010

Commenced business alliance with Rakuten, Inc.

Dec. 2010MARUI KIT CENTER CO., LTD., visited by Emperor and Empress of Japan

Jun.

2013

EPOS cardholders exceeded 5 million

Sep.

2013

Began issuing credit cards using tablets at all stores

Apr.

1963

Listed stocks on Second Section of Tokyo Stock Exchange

Jun.

1965

Upgraded stocks to First Section of Tokyo Stock Exchange

Jan.

1966

Launched full-fledged “scrap & build” initiative

Chuji Aoi, MARUI’s founder

1960

Issued first credit card in Japan2010

Aug. 1966

Introduced industry’s first computer

Oct. 2013

Announced opening of Hakata Marui, which is to be first store in Kyushu

Jan.

1970

Became No. 1 in monthly payment credit industry in fiscal year ended
January 31, 1970

May 2014

Reopened Machida Marui as first store with tenants on fixed-term
rental contracts

Jan.

1971

Completed construction of Marui Computer Center

Jun.

2014

Mar.

1972

Chuji Aoi became Chairman; Tadao Aoi became President

Announced MARUI GROUP’s new medium-term management plan
(April 1, 2014 – March 31, 2017)

Jan.

1973

StartedMay

1974

Opened New Shinjuku Marui (currently Shinjuku Marui Main Building)

Feb.

2015

MARUI GROUP’s stock price increased for first time in seven years
and four months, posting top rate of growth among companies onFirst Section of Tokyo Stock Exchange
EPOS CARD transactions exceeded ¥1 trillion

Apr.

2015

Reopened Shibuya Marui (previously Jam Shibuya)

campaign; Made all store phone numbers end with 0101

Aug. 1975

Founder Chuji Aoi passed away

Sep.

1975

Began offering on-the-spot approval at stores for Akai Cards

Feb.

1981

Began handling small-amount consumer loans

Aug. 1983

Issued Japan’s first magnetic card compliant with international standards

Sep.

1984

Established M & C SYSTEMS CO., LTD.; Entered into IT systems business

Jan.

1991

Recorded increased revenues and income for 30th consecutive year

Nov. 1994

Completed construction of new Head Office building near north exit ofNakano Station

Sep.

1995

Introduced new logo mark

Jan.

2000

Launched Marui store website

Oct.

2003

Switched Group to integrated management system

Oct.

2003

Opened Kobe Marui, first Marui store in Kansai region

Feb.

2004

Opened Kitasenju Marui, largest Marui store to date

Mar.

2005

Obtained special license from Visa International for MARUI Card that
included direct issuance rights

Apr.

2005

Tadao Aoi became Chairman; Hiroshi Aoi became President

May 2005

1972

Chuji Aoi became Chairman;
Tadao Aoi became President

MARUI KIT CENTER CO., LTD., visited byEmperor and Empress of Japan

2014

Reopened Machida Marui as first store
with tenants on fixed-term rental contracts

Keiki ha Mizukara Tsukuru Mono, biography of MARUI founder Chuji Aoi(Kinichiro Toba, Toyo Keizai Inc.)
In July 1987, Toyo Keizai published a biography of Chuji Aoi entitled Keiki ha Mizukara Tsukuru Mono (Pioneer
Spirit of Creating Opportunities) in recognition of the 12th anniversary of his passing. Framed in the history ofJapan’s credit industry, this book presents Aoi’s business philosophy along with the story of MARUI’s growth overthe period of half a century.
2003

Opened Kobe Marui,first Marui store in Kansai region

Keiki wo Shikaketa Otoko, novel about MARUI founder Chuji Aoi
Released on August 27, 2015 (Yuzuru Demachi, Gentosha Inc.)
Yuzuru Demachi, who, like Chuji Aoi, hails from Toyama Prefecture, wrote a novel entitled Keiki wo Shikaketa
Otoko (The Man Who Built the Economy) about MARUI’s founder. The novel was published by Gentosha in 2015,
70 years after the end of World War II and 40 years since the passing of founder Aoi. It chronicles the countlessordeals Aoi overcame on his odyssey, beginning with his ambitious move from Toyoma to Tokyo and the harshtraining he underwent at Maruni Shokai. Later, the book details the founding of MARUI, the struggles to rebuild
after the war, and the turmoil experienced within the Company. This novel also provides a memorable account of
Aoi’s wife Tazuko and how she supported her husband throughout his life, which was devoted to his business.

Announced MARUI GROUP’s medium-term management plan

2005

Tadao Aoi became Chairman;
Hiroshi Aoi became President

120

121

MARUI GROUP’s Business
As of April 1, 2015

Retailing and Store Operation

Space Production, Commercial Facility Management, and Advertising Businesses
In the Retailing and Store Operation
business, MARUI is transitioning
toward a unique shopping centerstyle store model to devote moreof stores’ floor space to sundries,
restaurants, and other high-demandareas that support all lifestyles.
Spring 2016 will mark the longawaited opening of Hakata Marui,
our first store in Kyushu.
By leveraging the MARUI Group’s expertise,
AIM CREATE provides comprehensive proposals
for design, construction, planning, promotion,
advertising, and operation of commercial facilities.
The company strives to create facilities that bringjoy to visitors.

MARUI CO., LTD.
Established

October 1, 2007

AIM CREATE CO., LTD.

Number of
Employees

3,959

Capital¥100 million

Head Office

President andRepresentative
Director

Masao Nakamura

Telephone

03-3384-0101 (Receptionist)

Business
Activities

Retailing and Marui store operation, Internet sales,
specialty store business (operation and development
of directly managed sales floors and private brands)

Credit Card Services
The MARUI Group issued Japan’s
first credit card. In the fiscal year
ended March 31, 2015, card transactions exceeded ¥1 trillion for
the first time since EPOS cards werelaunched in 2006. By leveraging
the expertise gained through theGroup’s long history of providing
credit services, Epos Card is working to expand the number of cardholders, improve usage rates,
increase usage amounts, and further
strengthen operating foundations.

By combining MARUI’s Internet sales know-how withleading-edge distribution operations, MOVING
provides powerful support for customers’
businesses by responding to their various needs.

October 1, 2004

801

Capital¥100 million

Head Office3-2, Nakano 4-chome, Nakano-ku,
Tokyo 164-8701, Japan

President andRepresentative
Director

Toshikazu Takimoto

Telephone

03-4574-0101 (Receptionist)

Business
Activities

Credit card business, credit loan business

122

Homepage

Akira Ino

Business
Activities

Design and construction of commercial facilities, advertisement planningand production, property management

Number of
Employees

350

Head Office34-28, Nakano 3-chome, Nakano-ku, Tokyo 164-0001, Japan

Telephone

03-5340-0101 (Receptionist)

Homepage

www.aim-create.co.jp (Japanese only)

www.eposcard.co.jp (Japanese only)

Established

October 25, 1960

Capital¥100 million

President andRepresentative
Director

Takashi Wakashima

Business
Activities

Trucking business, forwarding and other businesses

Number of
Employees

359

Head Office

5-1, Bijogihigashi 2-chome, Toda-shi, Saitama 335-0032, Japan

Telephone048-233-1000 (Receptionist)

Homepagewww.moving.co.jp (Japanese only)

IT Systems Business
M & C SYSTEMS CO., LTD.

Epos Card Co., Ltd.
Established¥100 million

President andRepresentative
Director

MOVING CO., LTD.

www.0101.co.jp.e.ex.hp.transfer.com

Number of
Employees

August 4, 1959

CapitalApparel Distribution Business / Internet Sales Support Business

3-2, Nakano 4-chome, Nakano-ku,
Tokyo 164-8701, Japan

Homepage

Established

M & C SYSTEMS operates high-quality systems
utilizing data centers equipped with exceptionally safe facilities and provides system support
for the Retailing and Store Operation and Credit
Card Services businesses.

Established

September 1, 1984

Capital¥234 million

President andRepresentative
Director

Nariaki Fuse

Business
Activities

Software development, IT systems operation

Number of
Employees

110

Head Office3-2, Nakano 4-chome, Nakano-ku, Tokyo 164-8701, Japan

Telephone

03-5343-0100 (Receptionist)

Homepagewww.m-and-c.co.jp (Japanese only)123Small-Amount Short-Term Insurance Policy BusinessTotal Building Management Business

MARUI FACILITIES offers comprehensive operation and management services for large-scalecommercial facilities that include security, facility
maintenance and management, janitorial, andfood court operation services to improve facility
value by providing safety and security while
creating comfortable environments.

MARUI FACILITIES Co., Ltd.

Epos Small Amount and Short Term Insurance Co., Ltd.

Established

July 1, 1987

EstablishedFebruary 1, 2013

Capital¥100 million

Capital¥300 million (including paid-in capital)

President andRepresentative
Director

Izumi AsoBusiness
Activities

Small-amount short-term insurance policy business

Number of
Employees

9

President andRepresentative
Director

Yoshiaki Kogure

Business
Activities

Total building management business

Number of
Employees

329

Head Office34-28, Nakano 3-chome, Nakano-ku, Tokyo 164-0001, Japan

Telephone

03-3229-0101 (Receptionist)

Homepagewww.marui-facilities.co.jp (Japanese only)

Epos Small Amount and Short Term Insurance’s
ROOM GUARD compre­hensive renters’ insurance plans support rental housing tenants byproviding coverage for personal belongings,
repairs, and indemnity.

34-28, Nakano 3-chome, Nakano-ku, Tokyo 164-0001, Japan

Telephone

03-4546-0101 (Receptionist)

Homepagewww.epos-ssi.co.jp (Japanese only)

Supply Pickup

Real Estate Rental Business

MARUI KIT CENTER CO., LTD.

MARUI HOME SERVICE Co., Ltd.

MARUI HOME SERVICE conducts its operations
while strengthening coordination with Epos Card.
In addition to soliciting Epos Card’s ROOM iD
advanced-payment rent guarantee service, thecompany is advertising its services through billingstatements and emails as well as on its website.

Head OfficeSpecial subsidiary established to employ people with disabilities

Established

October 1, 2007

Established

October 1, 2003

Capital¥100 million

Capital¥42.5 million

President andRepresentative
Director

Naoya Shibata

President andRepresentative
Director

Takeo Horiguchi

Business
Activities

Real estate rental businessBusiness
Activities

Supply pickup, product inspection

Number of
Employees

46

Head Office

Toda Product Center, Second Building,
5-1, Bijogihigashi 2-chome, Toda-shi, Saitama 335-0032, Japan

Telephone048-421-7351 (Receptionist)

Number of
Employees

69

Head Office34-28, Nakano 3-chome, Nakano-ku, Tokyo 164-0001, Japan

Telephone

03-6361-0101 (Receptionist)

Homepagewww.marui-hs.co.jp (Japanese only)

MARUI KIT CENTER supports other businesses
by providing pickup services to ensure smoothdelivery of the supplies needed for sales activities in stores and by conducting product inspections and office work. These tasks are performedby people with disabilities, creating employment
opportunities for such individuals while helping
them achieve independence.

Loan Collection Business
4 色指定 :M100+Y60+BL20%
特色 :PANTONE 207

MRI Co., Ltd.

The greatest strengths of MRI’s business are theclaim collection expertise MARUI GROUP has
developed as a pioneer in the field of credit andthe ability to communicate with customers
refined through its retailing operations. MRI
provides reliable and trustworthy services by
consulting with customers while remaining
considerate of their individual situations.

124

Corporate Websites for Operating Companies in MARUI GROUP’s Retailing-Related Services Business

Established

November 25, 2004

Capital¥500 million

President andRepresentative
Director

Kazutoshi Masuda

Business
Activities

Collection and management of receivables business,credit check business

Number of
Employees

55

Head Office34-28, Nakano 3-chome, Nakano-ku, Tokyo 164-0001, Japan

Telephone

03-4574-4700 (Receptionist)

AIM CREATE CO., LTD.

MOVING CO., LTD.

Homepagewww.mri-s.co.jp (Japanese only)

www.aim-create.co.jp (Japanese only)

www.moving.co.jp (Japanese only)

Space Production, Commercial Facility
Management, and Advertising Businesses

Apparel Distribution Business /Internet Sales Support Business

IT Systems Business

M & C SYSTEMS CO., LTD.
www.m-and-c.co.jp (Japanese only)
Total Building Management Business

MARUI FACILITIES Co., Ltd.
www.marui-facilities.co.jp (Japanese only)
Real Estate Rental Business

MARUI HOME SERVICE Co., Ltd.
www.marui-hs.co.jp (Japanese only)125

MARUI GROUP Store Network

Marui stores
Sales floorarea (m2)

Operatingrevenues(billions of yen)

OpenedAddress

Telephone

Shinjuku Marui

30,59028.4

September 10, 1948

3-30-13 Shinjuku, Shinjuku-ku 160-0022

03-3354-0101

Ikebukuro Marui

12,170

6.8

February 25, 1977

3-28-13 Nishi-Ikebukuro, Toshima-ku 171-0021

03-3989-0101

Shibuya Marui

4,240

9.2*1

October 1, 1958

1-22-6 Jinnan, Shibuya-ku 150-0041

03-3464-0101

Kinshicho Marui

22,99013.0

September 2, 1983

3-9-10 Koutoubashi, Sumida-ku 130-0022

03-3635-0101

Ueno Marui

16,39013.9

August 24, 1985

6-15-1 Ueno, Taito-ku 110-8502

03-3833-0101

Kitasenju Marui35,30034.5

February 27, 2004

3-92 Senju, Adachi-ku 120-8501

03-5244-0101

Yurakucho Marui

18,50022.9

October 12, 2007

2-7-1 Yurakucho, Chiyoda-ku 100-0006

03-3212-0101

Nakano Marui

4,950

5.3

February 17, 1931

3-34-28 Nakano, Nakano-ku 164-0001

03-3382-0101

5.6

October 30, 1960

1-7-1 Kichijoujiminami-cho,Musashino-shi 180-8552

0422-48-0101

As of June 30, 2015

Name

Tokyo

Shibuya Modi
(Planned opening in fall 2015)

Kichijoji Marui
Machida Marui

7,550

5.7

September 20, 1980

6-1-6 Haramachida, Machida-shi 194-0013

042-728-0101

Kokubunji Marui

14,30014.0

March 1, 1989

3-20-3 Minami-cho, Kokubunji-shi 185-8562

042-323-0101

September 20, 1996

2-19-12 Takashima, Nishi-ku,
Yokohama-shi 220-0011

045-451-0101
044-245-0101

Marui City Yokohama

Ibaraki Mito

Saitama
Kawagoe

Hakata Marui(Planned openingin spring 2016)

12,300

4.7

March 11, 1988

Marui Family
Mizonokuchi

32,26021.3

September 12, 1997

1-4-1 Mizonokuchi, Takatsu-ku,
Kawasaki-shi 213-0001

044-814-0101

Marui Family Ebina

19,50012.7

April 19, 2002

1-6-1 Chuo, Ebina-shi 243-0483

046-232-0101

Omiya Marui

18,64011.0

September 28, 1982

2-3 Sakuragi-cho, Omiya-ku, Saitama-shi 330-9501

048-642-0101

Soka Marui

16,530

4.5

February 21, 1992

2-9-1 Takasago, Soka-shi 340-0015

048-922-0101

Marui Family Shiki

18,90013.0

February 25, 2000

5-26-1 Hon-cho, Shiki-shi 353-0004

048-487-0101

Chiba

Kashiwa Marui

18,810

7.3

April 24, 1964

1-1-11 Kashiwa, Kashiwa-shi 277-0005

04-7163-0101

Ibaraki

Mito Marui

13,300

3.9

July 25, 1970

1-2-4 Miyamachi, Mito-shi 310-0015

029-225-0101

Shizuoka

Shizuoka Marui

13,4605.7

September 21, 1969

6-10 Miyukicho, Aoi-ku, Shizuoka-shi 420-0857

054-252-0101

Osaka

Namba Marui17,00012.0

September 22, 2006

3-8-9 Namba, Chuo-ku, Osaka-shi 542-0076

06-6634-0101

Hyogo

Kobe Marui

6,940

5.1

October 3, 2003

1-7-2 Sannomiya-cho, Chuo-ku, Kobe-shi 650-0021

078-334-0101

Kyoto

Kyoto Marui

8,760

4.4

April 27, 2011

68 Shin-cho, Shijodori-Kawaramachi-Higashiiru,
Shimogyo-ku, Kyoto-shi 600-8567

075-257-0101

Fukuoka

Hakata Store
Development Office

15,000(planned)—

Spring 2016
(planned)

2F, XYMAX Hakata Ekimae Building,
4-2-1 Hakata Ekimae, Hakata-ku,
Fukuoka-shi 812-0011

092-518-0101

Name

Sales floorarea (m2)

Operatingrevenues(billions of yen)

OpenedAddress

Telephone

Shibuya Modi

9,840

—

Fall 2015 (planned)

1-21-3 Jinnan, Shibuya-ku 150-0041—

Machida Modi

13,7208.6

September 28, 2006

6-2-6 Haramachida, Machida-shi 194-0013

042-812-2700

Kanagawa

Totsuka Modi

16,5809.3

March 15, 2007

10 Totsuka-cho, Totsuka-ku,
Yokohama-shi 244-0003

045-862-0135

Saitama

Kawagoe Modi

7,850

1.3

March 24, 2007

4-2 Wakita-cho, Kawagoe-shi 350-1122

049-227-5950

Kashiwa

Kyoto

Saitama

Kitasenju

Ikebukuro

Ueno

Kichijoji Nakano Shinjuku
Kokubunji

Chiba
Kinshicho

Shibuya
Yurakucho

MachidaMizonokuchi

Shizuoka
Namba
Kobe

Tokyo

Ebina

Kanagawa
Totsuka

Kawasaki

Yokohama

Marui
Modi

13.8

Kawasaki Marui

Soka
Shiki

16,770

1-11 Nisshin-cho, Kawasaki-ku,
Kawasaki-shi 210-0024

Kanagawa

Omiya

11,950Modi storesTokyo*1 Operating revenues for Shibuya Marui are from the period when the current Shibuya Modi was considered part of Shibuya Maruiduring the fiscal year ended March 31, 2015.

Shinjuku Marui

126

Kitasenju Marui

Yurakucho Marui

Marui Family Mizonokuchi

Namba Marui

Machida Modi

127

Overview of MARUI GROUP

From the Chief Editor

As of March 31, 2015

Company Overview

MARUI GROUP Websites

Distribution of Shares Held by Shareholder Type

Name
Head office

MARUI GROUP CO., LTD.
3-2, Nakano 4-chome, Nakano-ku,
Tokyo 164-8701, Japan
Date of foundation
February 17, 1931
Date of establishment March 30, 1937
Capital¥35,920 million
Business activities
Corporate planning and management forGroup companies conducting Retailing andStore Operation, Credit Card Services, andRetailing-Related Services businesses andother businesses
StoresMarui: 24 located in Kanto, Tokai, andKansai regions

Individuals andothers*2
42,384,000 shares(15.2%)

Financial institutions
91,515,000 shares(32.8%)
278,660,417
sharesMARUI GROUP

Securities
companies
8,836,000 shares(3.2%)

Foreign institutions
and individuals
92,896,000 shares(33.3%)

Other companies
within Japan
43,027,000 shares(15.4%)*2 Individuals and others includes 15,588,364 shares of treasury stock.

(1 scheduled to be opened in spring 2016)MARUI GROUP CO., LTD.
Corporate information and IR informationwww.0101maruigroup.co.jp/english.html

Modi: 3 located in Kanto region(1 scheduled to be opened in fall 2015)

Major Shareholders

Total sales floor area 444,040 m2
Number of employees 5,918(Group total, excludes temporary employees)

Main banks

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Banking CorporationMitsubishi UFJ Trust and Banking
Corporation
Mizuho Bank, Ltd.
The Bank of Yokohama, Ltd.
KPMG AZSA LLC

Accounting auditor

Stock Information
Stock listing

Number of Percent ofsharestotal shares(Thousands issued*3(%)
of shares)

Name

Tokyo Stock Exchange,
First Section (loan margin trading issues)
8252

Securities code
Number of authorizedshares1,400,000,000
Number of common
278,660,417
shares issued*1
Number ofshareholders
22,979The Master Trust Bank of Japan, Ltd.
(Trust Account)

22,808

8.7

Japan Trustee Services Bank, Ltd.
(Trust Account)

19,965

7.6

Aoi Real Estate Co., Ltd.

6,019

2.3

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

5,808

2.2

Juniper Networks, Inc.

4,661

1.8

Northern Trust Corporation (AVFC)
Re U.S. Tax Exempted Pension Funds

4,194

1.6

Trust & Custody Services Bank, Ltd.
(Securities Investment Trust Account)

4,100

1.6

Toho Co., Ltd.

3,779

1.4

BNP Paribas S.A.

3,680

1.4

AOI SCHOLARSHIP FOUNDATION

3,234

1.2

Retailing and Store Operation

MARUI CO., LTD.
Marui store and product informationwww.0101.co.jp.e.ex.hp.transfer.com*3 Percent of total shares issued is calculated excluding treasury stock.

*1 Number of common shares issued includes 15,588,364 shares of treasury stock,equivalent to 5.6% of the total number of shares of common stock issued.

Co-Creation Management Report 2015 was constructed asa tool for facilitating meaningful communication with stakeholders and understanding with regard to MARUI GROUP.
In compiling this 2015 report, the first report of its type for
the Company, an internal project team was assembled in
December 2014. The editorial policies of the report andthe information to be communicated were discussed
extensively, and numerous stakeholders both inside andoutside the Company were interviewed to help develop
an understanding of reader needs.
The project team consisted of several representatives
from the Group, including President Hiroshi Aoi and core
members from the Corporate Planning Division, theFinancial Department, the General Affairs Department,
and the CSR Promotion Department, as well as external
corporate communication consultants. Through a multifaceted discussion process spanning months, we sought topresent the corporate value of the Group in a visible form.
As integrated reports have recently been gathering attention on a global scale, we referenced such guidelines as theInternational Integrated Reporting Framework released by
the International Integrated Reporting Council in compilingthis report.
We plan to collect feedback and suggestions fromreaders of this report to be utilized for improving futurereports as we strive to evolve these reports into truly ­valuablecommunication tools. It is our hope that this report will help
readers better understand the policies and initiatives MARUIGROUP is implementing in the pursuit of sustainable growthand long-term improvements in corporate value.

Shin Sakamoto
MARUI Internet shopping web channel(Japanese only)
voi.0101.co.jp

Chief Editor of Co-Creation Management Reports
General Manager, Public Relations Office, General Affairs Department,
MARUI GROUP CO., LTD.

Stock Price
Closing price for Company stock (Yen)
 2,500

Nikkei 225 (Yen)
25,000
Nikkei 225

2,000
1,500

20,00015,000

Closing price forCompany stock

1,000

Credit Card Services

10,000

500

5,000

0

0

Trading volume (Thousands of shares)
100,000
80,00060,000

Epos Card Co., Ltd. (Japanese only)
www.eposcard.co.jp

40,00020,0000128

2005/4

2006/1

2007/1

2008/1

2009/1

2010/1

2011/1

2012/1

2013/1

2014/1

2015/1

Contact
MARUI GROUP CO., LTD.
3-2, Nakano 4-chome, Nakano-ku, Tokyo 164-8701, Japan
Tel: 03-3384-0101 (Receptionist)
Fax: 03-5343-6615
Email: koho-ml@0101.co.jp
For inquires about:
Corporate information, please contact
Public Relations Office, General Affairs Department
IR and financial information, please contact
Financial Section, Financial Department
Stock, please contact General Affairs Section,
General Affairs Department

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