FAST RETAILING CO., LTD.
迅銷有限公司First Quarterly Report 2014/15
2014.9.1–2014.11.30
Stock Code: 6288

Contents
Corporate Profile

2

Financial Highlights

3Management Discussion and Analysis

5

Information about the Reporting Entity

8

Financial Section

13

Interim Condensed Consolidated Statement of
Financial Position

14

Interim Condensed Consolidated Statement ofProfit or Loss and Interim Condensed Consolidated
Statement of Comprehensive Income

15Interim Condensed Consolidated Statement of
Changes in Equity

17

Interim Condensed Consolidated Statement of Cash Flows

19

Notes to the Interim Condensed Consolidated
Financial Statements

21

Others27

Report on Review of Interim Condensed Consolidated
Financial Statements

28

Corporate Profile
Board of Directors
Executive Director

Principal Place of Business in Japan
Midtown Tower 9-7-1
Akasaka Minato-ku
Tokyo 107-6231
Japan

Mr. Tadashi Yanai (Chairman of the Board, President andChief Executive Officer)

Non-Executive Directors
Principal Place of Business in Hong Kong

Mr. Toru Murayama (External Director)
Mr. Takashi Nawa (External Director)

704-705, 7th Floor, Miramar Tower,
No. 132 Nathan Road
Tsim Sha Tsui
KowloonHong Kong

Independent Non-Executive Directors
Mr. Toru Hambayashi (External Director)
Mr. Nobumichi Hattori (External Director)
Mr. Masaaki Shintaku (External Director)

HDR Registrar and HDR Transfer Office
Statutory Auditors

Computershare Hong Kong Investor Services Limited
Shops 1712–1716, 17th Floor
Hopewell Centre
183 Queen’s Road East
WanchaiHong Kong

Mr. Akira Tanaka (Kansayaku) (Standing Statutory Auditor)
Mr. Masaaki Shinjo (Kansayaku) (Standing Statutory
Auditor)Mr. Takaharu Yasumoto (Shagai Kansayaku) (External
Statutory Auditor)
Mr. Akira Watanabe (Shagai Kansayaku) (External Statutory
Auditor)Ms. Keiko Kaneko (Shagai Kansayaku) (External Statutory
Auditor)

Stock CodeHong Kong: 6288
Japan: 9983

Joint Company Secretaries

Website Address

Japan: Mr. Mitsuru Ohki
Hong Kong: Ms. Choy Yee Man

http://www.fastretailing.com

Auditors
Ernst & Young ShinNihon LLC

Principal Banks
Sumitomo Mitsui Banking Corporation
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mizuho Bank, Ltd.
The Hong Kong and Shanghai Banking Corporation Limited

Registered Office and Headquarters
717-1 Sayama
Yamaguchi City
Yamaguchi 754-0894
Japan

—2—

Financial Highlights
Financial Summary

TermFirst Quarterof
53rd YearFirst Quarterof
54th Year

53rd Year

Accounting period

Three months
ended
30 November
2013

Three months
ended
30 November
2014Year ended
31 August2014

Revenue (Millions of yen)

389,052

479,543

1,382,935

Operating profit (Millions of yen)

65,314

91,370130,402

Profit before income taxes (Millions of yen)

69,476

106,745

135,470

Profit attributable to owners of the parent (Millions of yen)

41,99568,82674,546Comprehensive income attributable to ownersof the parent (Millions of yen)

65,546

157,780

75,517

621,828

762,414618,381

1,042,674

1,281,057

992,307

Equity attributable to owners of the parent (Millions of yen)
Total assets (Millions of yen)
Basic earnings per share for the period (year) (Yen)412.13675.30731.51

Diluted earnings per share for the period (year) (Yen)411.81

674.61730.81

59.6

59.5

62.3

Ratio of equity attributable to owners of
the parent to total assets (%)
Net cash from operating activities (Millions of yen)

41,82771,882

110,595

Net cash used in investing activities (Millions of yen)

(13,753)(19,207)(56,323)

Net cash used in financing activities (Millions of yen)

(7,432)(17,194)(44,060)

Cash and cash equivalents at end of the period (year)(Millions of yen)323,493

371,546

314,049(Notes)1. The Company has prepared interim condensed consolidated financial statements, and therefore has not included
information regarding changes in key management indices for the submitting company.
2. Revenue does not include consumption taxes, etc.
3. The financial figures are quoted from interim condensed consolidated financial statements or consolidated
financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”).

—3—

Business Description
There were no significant changes in the nature of business engaged in by the Group (the Company and its subsidiaries) during
the three months ended 30 November 2014.
Important changes concerning subsidiaries are as follows:(UNIQLO International)
Newly consolidated subsidiary:
UNIQLO Washington LLC
Excluded from consolidation:
UNIQLO (Germany) GmbH—4—

Management Discussion and Analysis
Business Review
1. Business and Operational Risks
No new business-related risks have arisen during the three months ended 30 November 2014.
There have been no important changes concerning business-related risks as stated in the securities report for thepreceding consolidated fiscal year.

2.

Significant Contract in Business Operation
None.

3.

Financial Analysis(1) Results of Operations
The Group reported increase in both revenue and profit during the first quarter of fiscal year 2015 spanning 1 September to
30 November 2014. Consolidated revenue totaled ¥479.5 billion (+23.3% year-on-year), consolidated operating profit totaled¥91.3 billion (+39.9% year-on-year), consolidated profit before income taxes totaled ¥106.7 billion (+53.6% year-on-year) andprofit attributable to owners of the parent totaled ¥68.8 billion (+63.9% year-on-year). All Group operations reported increase
in revenue and profit, while UNIQLO International performed particularly strongly during the three-month period. Consolidated
profit before income taxes and profit attributable to owners of the parent both increased by a greater margin than consolidated
operating profit. This was due largely to the depreciation of the Japanese yen at the end of November 2014, which boosted theappraisal value of foreign-currency denominated assets, generating net finance income of ¥15.3 billion.
The Group’s medium-term vision is to become the world’s number one apparel manufacturer and retailer. In pursuit of this aim,
we are committed to promoting globalization, strengthening our overall Group management, and reigniting our entrepreneurial
spirit. We have focused much of our efforts on building up our global UNIQLO operations, by accelerating the pace of new store
openings outside of Japan. We have also opened global flagship stores, hotspot stores, and large-format stores in major cities
around the world, in order to boost the awareness and visibility of the UNIQLO brand, and to strengthen our global operational
base. Within our Global Brands segment, we have been actively expanding our low-priced GU casual wear brand, and ourTheory fashion label.
UNIQLO Japan
UNIQLO Japan achieved higher than expected increase in revenue and profit during the three months ended 30 November
2014. Revenue rose to ¥232.6 billion (+11.6% year-on-year), and operating profit expanded to ¥51.1 billion (+21.3% year-onyear). Operating profit rose strongly due to a 7.5% increase in sales in existing stores, and higher gross profit margins. The
gross profit to net sales margin improved by 2.4% in the first quarter thanks to the strong overall sales trend. The onset of cool
weather from early September enabled UNIQLO Japan to launch its Fall, Winter ranges earlier than usual, and the subsequent
strong performance of core winter items ranges, such as HEATTECH, Ultra Light Down, and Extra Fine Merino, helped to boost
the gross profit margin. UNIQLO Japan opened the global hotspot store, UNIQLO Kichijoji, on 3 October 2014 and the global
flagship store, UNIQLO OSAKA, on 31 October 2014. Both of these important new community-focused stores have proved
extremely successful so far. The number of directly-run UNIQLO Japan stores, excluding 28 franchise outlets, totaled 824 storesat the end of November 2014. While there is a net decrease of 14 stores year-on-year, 9 of these stores were converted fromdirectly-run stores to new employee-franchise outlets.
UNIQLO International
UNIQLO International performed extremely well during the three months ended 30 November 2014, reporting higher than
expected increase in both revenue and profit. Revenue expanded considerably to ¥168.0 billion (+47.3% year-on-year), andoperating profit rose to ¥24.3 billion (+57.2% year-on-year). Furthermore, the segment’s increase in revenue and profit still
exceeded expectations in local currency terms, after stripping out any foreign currency effect. With a net addition of 62 storesin the first quarter, the total number of UNIQLO International stores expanded to 695 stores at the end of November 2014. This
represents an increase of 183 stores compared to the end of November 2013.
Within the UNIQLO International framework, UNIQLO Greater China (Mainland China, Hong Kong, and Taiwan) and UNIQLOSouth Korea reported higher than expected, strong increase in revenue and profit. UNIQLO Southeast Asia and Oceania
generated rising revenue and profit in line with our expectations, while UNIQLO USA fell short of plan and reported an increase
in revenue but a contraction in profit. UNIQLO Europe, including operations in the United Kingdom, France, Russia, andGermany, reported a slightly lower than expected increase in revenue and profit at the same level year-on-year.
—5—

Global Brands
Global Brands reported increase in revenue and profit during the three months ended 30 November 2014 in line withexpectations. Revenue expanded to ¥78.1 billion (+18.6% year-on-year) and operating profit expanded to ¥9.5 billion (+30.4%
year-on-year). Our low-priced GU fashion casual wear brand reported double-digit increase in both revenue and profit asexpected, with strong performances from heavily-advertised skirts and knitwear items boosting sales in existing stores. Our
Theory fashion brand reported slightly higher than expected increase in revenue and profit. Our France-based women’s fashion
brand, Comptoir des Cotonniers, fell short of plan, reporting a slight contraction in profit. Meanwhile, our France-based
Princesse tam.tam brand, offering corsetry, homewear, swimwear and sportwear, and our U.S.-based J Brand premium denim
label both performed to plan, generating stable year-on-year performances during the three months ended 30 November 2014.
Corporate Social Responsibility (“CSR”) and Environmental Protection
The basic policy underlying the Group’s CSR activities consists of fulfilling our social responsibility, contributing to society,solving social issues and creating new value, both globally and locally.
Through our All-Product Recycling Initiative, in which UNIQLO and GU products are collected from customers and delivered topeople who are in need of clothing, we have collected more than 32,500,000 items cumulatively at stores in 11 countries, andhave donated 14,200,000 articles of clothing to 53 countries (as at 30 September 2014). In November 2014, FR staff visited a
refugee camp in Jordan and donated clothing and created a rainbow banner in the refugee camp using heart shaped message
cards collected from customers.
In Japan, as part of our support of the Setouchi Olive Foundation, UNIQLO’s oldest CSR activity, the Company hosted the Olive
Harvest Festival in November 2014 to thank customers for their fund-raising support. The Company invited 60 customers (from
224 applicants) to Teshima in Kagawa prefecture to take part in the festival.
To ensure responsible purchasing practices, we carefully monitor working conditions at our partner factories. We employ
third party professionals to inspect sewing factories on a regular basis as an ongoing effort to ensure a fair and safe workplaceenvironment, with no child labor, unpaid wages, or unsafe conditions. For fabric manufactures, we conduct environmental
monitoring based on “Environmental Guidelines for Fabric Production” to reduce environmental impact. In September 2014, theCompany became a member of Sustainable Apparel Coalition (SAC, head office: San Francisco), one of the largest organizations
working to reduce the environmental and social impacts of apparel products around the world.

(2)

Financial Positions
Total assets as at 30 November 2014 were ¥1,281.0 billion, which was an increase of ¥288.7 billion relative to the endof the preceding consolidated fiscal year. The principal factors were an increase of ¥113.4 billion in derivative financial
assets, an increase of ¥69.7 billion in trade and other receivables and an increase of ¥57.4 billion in cash and cash
equivalents.
Total liabilities as at 30 November 2014 were ¥496.7 billion, which was an increase of ¥140.4 billion relative to the end of
the preceding consolidated fiscal year. The principal factors were an increase of ¥79.1 billion in trade and other payables
and an increase of ¥38.9 billion in deferred tax liabilities.
Total net assets as at 30 November 2014 were ¥784.3 billion, which was an increase of ¥148.3 billion relative to the endof the preceding consolidated fiscal year. The principal factors were an increase of ¥88.9 billion in other components ofequity and an increase of ¥53.5 billion in retained earnings.

—6—

(3)

Cash Flows Information
Cash and cash equivalents as at 30 November 2014 had increased by ¥48.0 billion relative to the end of the preceding
consolidated fiscal year, to ¥371.5 billion.
Net cash from operating activities for the three months ended 30 November 2014 was ¥71.8 billion, which was anincrease of ¥30.0 billion (+71.9% year-on-year) from the three months ended 30 November 2013. The principal factors
were ¥106.7 billion in profit before income taxes and ¥30.3 billion in income taxes paid.
Net cash used in investing activities for the three months ended 30 November 2014 was ¥19.2 billion, which was anincrease of ¥5.4 billion (+39.7% year-on-year) from the three months ended 30 November 2013. The principal factors
were ¥15.2 billion for purchases of property, plant and equipment, and ¥2.2 billion for purchases of intangible assets.
Net cash used in financing activities for the three months ended 30 November 2014 was ¥17.1 billion, which was anincrease of ¥9.7 billion (+131.4% year-on-year) from the three months ended 30 November 2013. The principal factor was¥15.2 billion for cash dividends paid.

(4)

Operational and Financial Assignment
There has been no important changes during the three months ended 30 November 2014 concerning issues that must be
addressed by the Group.

(5)

Research and Development
Not applicable.

(6)

Important Facilities
The following are the important facilities that were newly completed during the three months ended 30 November 2014.
<Subsidiaries in Japan>

Company name

Type of facility

Name of business

Location

Completion date

UNIQLO CO., LTD

UNIQLO JapanStoresUNIQLO KichijojiStoreMusashino-city,
Tokyo

October 2014

UNIQLO CO., LTD

UNIQLO JapanStoresUNIQLO OSAKA

Osaka-city, Osaka

October 2014

<Overseas Subsidiaries>
Not applicable.

—7—

Information about the Reporting Entity
1. Stock Information(1) Number of Shares(i)

Total number of shares
Type

Total number of authorised shares (shares)

Common stock

300,000,000
Total

300,000,000(Note) There are no provisions for preemptive rights under the Companies Act of Japan, which would oblige the Company tooffer new shares on a pro rata basis to existing shareholders.
(ii)

Shares Issued

Type

As at 30 November 2014

Number of shares issued
as of submission date
(Shares)(As at 14 January 2015)

Name of financial
instrument exchangeof listing, or authorised
financial instruments
firms association

Details

First section of the Tokyo
Stock Exchange and theMain board of The Stock
Exchange of Hong Kong
Limited (Note)

100 sharesas one unit

Common stock

106,073,656

106,073,656

Total

106,073,656

106,073,656——(Note) Hong Kong Depositary Receipts are listed on the Main Board of The Stock Exchange of Hong Kong Limited.

(2)

Share Subscription Rights
The Company has instituted a stock option program that grants rights to acquire new shares pursuant to the Companies
Act of Japan. Share subscription rights issued in the three months ended 30 November 2014 are as follows:(i)

5th Share subscription rights A type

Resolution date

9 October 2014

Number of stock options (Shares)

21,732

Number of share subscription rights for treasury stock(Shares)―

Type of shares to be issued upon exercise of sharesubscription rights

Common stock

Number of shares to be issued upon exercise ofshare subscription rights (Shares)

21,732

Amount to be paid upon exercise of share subscription rights
(Yen)

1

Exercise period of share subscription rights

From 14 November 2017
To 13 November 2024

Fair value on the grant date and amount of paid-in capitalper share upon exercise of share subscription rights (Yen)

Issue price:
Paid-in capital:

Exercise conditions of share subscription rights

If a holder of share subscription rights waives the right toacquire shares, the share subscription rights shall be
forfeited and may not be exercised.

Matters pertaining to transfer of share subscription rights

Any acquisition of share subscription rights by transfer shallrequire an authorizing resolution from the Boardof Directors.

Matters pertaining to substitute payments

42,37621,188―Matters pertaining to issuing of share subscription rights
in conjunction with reorganization(Note)—8—

(Notes) Upon any reorganization of the Company (collectively referred to as “Reorganization”) consisting of merger (limited tocases where the Company becomes extinct thereby), absorption-type company split or incorporation-type company
split (in each event, limited to cases where the Company is the entity resulting from the company split), or exchangeor transfer of shares (in each event, limited to cases where the Company becomes a wholly-owned subsidiary),
parties holding share subscription rights in existence immediately preceding the effective date of such Reorganization(hereinafter referred to as “Outstanding Share Subscription Rights”) shall, in each applicable case, be issued sharesubscription rights for shares of the resulting company as prescribed in subparagraphs (a)-(e) of Article 236(1)viii of
the Companies Act of Japan (hereinafter referred to as the “Company Resulting From Reorganization”). In such event,
any Outstanding Share Subscription Rights shall lapse and the Company Resulting From Reorganization shall issue newshare subscription rights; provided, however, that terms and conditions stipulating that the Company Resulting From
Reorganization shall issue share subscription rights that prescribe the matters stated below shall be included in any
absorption merger agreement, new merger agreement, absorption-type company split agreement, incorporation-typecompany split plan, share exchange agreement or transfer of shares plan.
1.
Number of share subscription rights to be issued by the Company Resulting From Reorganization:
Each holder of Outstanding Share Subscription Rights shall be issued the same number thereof.
2.
Type of shares of the Company Resulting From Reorganization underlying the share subscription rights:
Common stock of the Company Resulting From Reorganization.
3.
Number of shares of the Company Resulting From Reorganization underlying the share subscription rights:
A proposal stating the conditions for Reorganization and the like shall include a finalized statement of the type andnumber of shares underlying the above-mentioned share subscription rights.
4.
Value of property to be incorporated upon exercise of the share subscription rights:
The value of property to be incorporated upon exercise of share subscription rights that are issued shall be theamount obtained by multiplying the exercise price after reorganization prescribed below by the number of sharesof the Company Resulting From Reorganization underlying the share subscription rights that have been finalized asstated in No. 3. above. The exercise price after Reorganization shall be 1 yen per share of the Company Resulting
From Reorganization that can be issued upon exercise of each share subscription rights that is issued.
5.
Period during which share subscription rights can be exercised:
The period from the earlier of either the first day of the period during which share subscription rights can be
exercised as prescribed above or the day on which a Reorganization takes effect through the final day of theperiod during which share subscription rights can be exercised as prescribed above.
6.
Matters pertaining to the increase of capital and capital reserve resulting from the issuance of shares upon
exercise of the share subscription rights:
To be determined in order to align with the conditions applicable to the subject share subscription rights.
7.
Restrictions on acquisition of share subscription rights by transfer:Any acquisition of share subscription rights by transfer shall require an authorizing resolution from the Board of
Directors of the Company Resulting From Reorganization.
8.
Terms and conditions for acquisition of share subscription rights:
To be determined in order to align with the conditions applicable to the subject share subscription rights.
9.
Conditions for exercise of share subscription rights:
To be determined in order to align with the conditions applicable to the subject share subscription rights.

—9—

(ii)

5th Share subscription rights B type

Resolution date

9 October 2014

Number of stock options (Shares)

33,062

Number of share subscription rights for treasury stock(Shares)―

Type of shares to be issued upon exercise of sharesubscription rights

Common stock

Number of shares to be issued upon exercise of sharesubscription rights (Shares)

33,062

Amount to be paid upon exercise of share subscription rights
(Yen)

1

Exercise period of share subscription rights

From 14 December 2014
To 13 November 2024

Fair value on the grant date and amount of paid-in capitalper share upon exercise of share subscription rights (Yen)

Issue price:
Paid-in capital:

Exercise conditions of share subscription rights

If a holder of share subscription rights waives the right toacquire shares, the share subscription rights shall be
forfeited and may not be exercised.

Matters pertaining to transfer of share subscription rights

Any acquisition of share subscription rights by transfer shallrequire an authorizing resolution from the Boardof Directors.

Matters pertaining to substitute payments

42,79821,399―Matters pertaining to issuing of share subscription rights
in conjunction with reorganization(Note)(Notes) Upon any reorganization of the Company (collectively referred to as “Reorganization”) consisting of merger (limited tocases where the Company becomes extinct thereby), absorption-type company split or incorporation-type company
split (in each event, limited to cases where the Company is the entity resulting from the company split), or exchangeor transfer of shares (in each event, limited to cases where the Company becomes a wholly-owned subsidiary),
parties holding share subscription rights in existence immediately preceding the effective date of such Reorganization(hereinafter referred to as “Outstanding Share Subscription Rights”) shall, in each applicable case, be issued sharesubscription rights for shares of the resulting company as prescribed in subparagraphs (a)-(e) of Article 236(1)viii of
the Companies Act of Japan (hereinafter referred to as the “Company Resulting From Reorganization”). In such event,
any Outstanding Share Subscription Rights shall lapse and the Company Resulting From Reorganization shall issue newshare subscription rights; provided, however, that terms and conditions stipulating that the Company Resulting From
Reorganization shall issue share subscription rights that prescribe the matters stated below shall be included in any
absorption merger agreement, new merger agreement, absorption-type company split agreement, incorporation-typecompany split plan, share exchange agreement or transfer of shares plan.
1.
Number of share subscription rights to be issued by the Company Resulting From Reorganization:
Each holder of Outstanding Share Subscription Rights shall be issued the same number thereof.
2.
Type of shares of the Company Resulting From Reorganization underlying the share subscription rights:
Common stock of the Company Resulting From Reorganization.
3.
Number of shares of the Company Resulting From Reorganization underlying the share subscription rights:
A proposal stating the conditions for Reorganization and the like shall include a finalized statement of the type andnumber of shares underlying the above-mentioned share subscription rights.
4.
Value of property to be incorporated upon exercise of the share subscription rights:
The value of property to be incorporated upon exercise of share subscription rights that are issued shall be theamount obtained by multiplying the exercise price after reorganization prescribed below by the number of sharesof the Company Resulting From Reorganization underlying the share subscription rights that have been finalized asstated in No. 3. above. The exercise price after Reorganization shall be 1 yen per share of the Company Resulting
From Reorganization that can be issued upon exercise of each share subscription rights that is issued.
5.
Period during which share subscription rights can be exercised:
The period from the earlier of either the first day of the period during which share subscription rights can be
exercised as prescribed above or the day on which a Reorganization takes effect through the final day of theperiod during which share subscription rights can be exercised as prescribed above.

— 10 —

6.

7.

8.
9.

(3)

Matters pertaining to the increase of capital and capital reserve resulting from the issuance of shares upon
exercise of the share subscription rights:
To be determined in order to align with the conditions applicable to the subject share subscription rights.
Restrictions on acquisition of share subscription rights by transfer:Any acquisition of share subscription rights by transfer shall require an authorizing resolution from the Board of
Directors of the Company Resulting From Reorganization.
Terms and conditions for acquisition of share subscription rights:
To be determined in order to align with the conditions applicable to the subject share subscription rights.
Conditions for exercise of share subscription rights:
To be determined in order to align with the conditions applicable to the subject share subscription rights.

Exercise of convertible bonds with conditional permission for adjustment of exercise priceNot applicable.

(4)

Content of Rights Plan
Not applicable.

(5)

Change in Total Number of Shares Issued, Capital Stock, Etc.
Dates

Increase/
Balance of total
Increase/
Increase/decrease of
Balance ofBalance of
number of
decrease of
decrease of
total number ofcapital stock
capital reserve
shares issued
capital stock
capital reserve
shares issued(Millions of yen)
(Millions of yen)
(Shares)(Millions of yen)
(Millions of yen)
(Shares)

1 September 2014 to
30 November 2014—

106,073,656—

10,273—

4,578(Note) There was no increase or decrease in the total number of shares issued, capital stock or capital reserve during the threemonths ended 30 November 2014.

(6)

Principal Shareholders
There are no items to state, as the accounting period under review is the first quarter accounting period.

(7)

Voting Rights
Concerning “Voting Rights” as at the end of the first quarterly accounting period ended 30 November 2014, it has notbeen possible to confirm and state the details entered in the register of shareholders. Therefore, the stated details are
based on the register of shareholders as of the immediately preceding record date (31 August 2014).

— 11 —

(i)Shares issued
As at 30 November 2014
Number of shares(Shares)Number of voting rights(Number)

Remarks

Non-voting shares

—

—

—

Shares subject to restrictions on voting rights(treasury stock)

—

—

—

Shares subject to restrictions on voting rights(other)———Shares with full voting rights(treasury stock, etc.)(Shares held astreasury stock)
Common stock
4,155,000——

Shares with full voting rights (other)

Common stock
101,869,400
Common stock

Shares less than one unit

49,256

Total number of shares issued

106,073,656

Total number of voting rights of allshareholders—(Notes)(ii)

1,018,694—(Note) 1(Notes) 1,2——
1,018,694—

1. The columns for the number of shares of “Shares with full voting rights (other)” and “Shares less than one unit”
respectively include 2,700 shares and 84 shares held in the name of Japan Securities Depository Center, Inc.
2. Common stock in the “Shares less than one unit” column includes 45 shares of treasury stock held by theCompany.

Treasury StockAs at 30 November 2014

Name or trade name ofholderFAST RETAILING CO.,
LTD.
Total

2.

Holder’s address

717-1 Sayama,
Yamaguchi City,
Yamaguchi—

Number ofshares held in
own name(Shares)Number ofshares held inother’s name(Shares)

Total numberof shares held
(Shares)

Percentage of
total
number of sharesissued (%)

4,155,000—

4,155,000

3.92

4,155,000—

4,155,000

3.92

Board of Directors
Since the submission of the year-end report for the preceding consolidated fiscal year, there has been no change in the
directors during the three months ended 30 November 2014.

— 12 —

Financial Section
1. Preparation of Interim Condensed Consolidated Financial Statements
The interim condensed consolidated financial statements of the Group were prepared in compliance with International
Accounting Standards 34 “Interim Financial Reporting” (“IAS 34”), pursuant to Article 93 of the “Rules Governing Term, Formand Preparation of Consolidated Quarterly Financial Statements” (2007 Cabinet Office Ordinance No. 64, hereinafter referred toas “Consolidated Quarterly Financial Statements Rules”).
2. Review Certification
Pursuant to the first clause of Article 193-2 of the Financial Instruments and Exchange Act, the quarterly and interim condensed
consolidated financial statements of the Group for the three months ended 30 November 2014 are reviewed by Ernst & Young
ShinNihon LLC.

— 13 —

(Amounts in millions of Japanese Yen and are rounded down to the nearest million unless otherwise stated)

1. Interim Condensed Consolidated Financial Statements(1)

Interim Condensed Consolidated Statement of Financial Position(Millions of yen)
Notes

ASSETS
Current assets
Cash and cash equivalents
Trade and other receivables
Other current financial assets
Inventories
Derivative financial assets
Income taxes receivable
OthersTotal current assets
Non-current assets
Property, plant and equipment
Goodwill
Other intangible assets
Non-current financial assets
Deferred tax assets
OthersTotal non-current assets
Total assets
Liabilities and equity
LIABILITIESCurrent liabilities
Trade and other payables
Derivative financial liabilities
Other current financial liabilities
Income taxes payable
Provisions
OthersTotal current liabilities
Non-current liabilities
Non-current financial liabilities
Provisions
Deferred tax liabilities
OthersTotal non-current liabilities
Total liabilities
EQUITY
Capital stock
Capital surplus
Retained earnings
Treasury stock, at cost
Other components of equity
Equity attributable to owners of the parent
Non-controlling interests
Total equity
Total liabilities and equity

As at 31 August 2014

717,037

371,546
117,190
10,371
244,833
212,544
11,471
12,685980,643

114,398
26,71546,96871,293
11,257
4,636
275,270
992,307

132,901
28,35250,43373,563
10,2404,922
300,414
1,281,057

185,119
1,012
12,69632,75016,15425,462

264,3020
13,64536,628
11,48542,221
368,284

314,049
47,4289,119
223,223
99,125
11,951
12,139

13
6
13

7

13

13
13

273,19613

27,604
7,694
37,387
10,38383,069356,265
10,273
9,803
525,722(15,790)
88,371
618,381
17,660636,041
992,307— 14 —

As at 30 November 2014

30,747
9,398
76,312
11,965
128,424
496,708
10,273
11,335579,261(15,780)
177,324
762,414
21,934784,349
1,281,057

(2)Interim Condensed Consolidated Statement of Profit or Loss and Interim Condensed Consolidated Statement ofComprehensive Income
Interim Condensed Consolidated Statement of Profit or Loss
Three months ended 30 November 2014
(Millions of yen)
Notes

Three months ended
30 November 2013

Revenue

389,052(190,202)

Cost of sales
Gross profit
Selling, general and administrative expenses
Other income

910

Other expenses

10

Operating profit
Finance income

11

Finance costs

11

198,849(135,447)
2,259
(346)
65,314
4,452(290)

Profit before income taxes
Income taxes

69,476(24,960)

Profit for the period

44,515Attributable to:
Owners of the parent

Three months ended
30 November 2014

479,543(226,266)
253,277(168,009)
6,732
(629)
91,37015,643(268)
106,745(33,948)
72,796

Non-controlling interests

41,995
2,520

Profit for the period

44,51568,826
3,970
72,796412.13411.81675.30674.61

Earnings per share
Basic (Yen)
Diluted (Yen)1212— 15 —

Interim Condensed Consolidated Statement of Comprehensive Income
Three months ended 30 November 2014
(Millions of yen)

44,515Three months ended
30 November 2014
72,796

―

―

43

(708)

7,902
16,915

18,55572,63690,483
163,280

Three months ended
30 November 2013
Profit for the period
Other comprehensive income
Other comprehensive income that will not bereclassified to profit or loss
Other comprehensive income to be reclassified to
profit or loss in subsequent periods
Net gain/(loss) on revaluation of available-for-saleinvestments
Exchange differences on translation offoreign operations
Cash flow hedges
Other comprehensive income, net of taxes

24,862

Total comprehensive income for the period

69,378Attributable to:
Owners of the parent
Non-controlling interests

65,546
3,831

Total comprehensive income for the period

69,378— 16 —

157,780
5,499
163,280(3)Interim Condensed Consolidated Statement of Changes in Equity
For three months ended 30 November 2013
(Millions of yen)
Other components of equity

Note
As at 1 September 2013
Net changes during
the period
Comprehensive income
Profit for the period
Other comprehensive
incomeTotal comprehensive
incomeTransactions withthe owners
Acquisition oftreasury stock
Disposal of treasury
stock
Dividends
Share-based payments
OthersTotal transactions withthe owners
Total net changes
during the period
As at 30 November 20138

Foreign
Available- currency
for-sale translation
reserve
reserve731
16,452

Cashflowhedge
reserve
70,215Equityattributableto owners
Nonof the controlling
Totalparent interests
87,399570,428
19,298

Capitalstock
10,273

Capitalsurplus
6,859

Retainedearnings
481,746

Treasurystock, atcost(15,851)——

41,995

—

—

—

—

—

41,9952,520

44,515

—

—

—

—

43

6,592

16,91523,551

23,551

1,310

24,862——

41,995

—

43

6,592

16,91523,55165,546

3,831

69,378

—

—

—

(11)

—

—

—

—

(11)

—

(11)

—
—
—
—

28
—
1,105
—

—
(15,284)
—
—

14
—
—
—

—
—
—
—

—
—
—
—

—
—
—
—

—
—
—
—

43
(15,284)
1,105
—

—
(659)
—
(310)

43
(15,944)
1,105
(310)

—

1,134

(15,284)

3

—

—

—

—

(14,146)(970)(15,116)—
10,273

1,134
7,993

26,710508,457

3(15,847)

43
775

6,592
23,044

16,91587,131

23,551
110,951

51,400621,828

2,861
22,15954,261
643,988— 17 —

Total
equity589,726

For three months ended 30 November 2014
(Millions of yen)
Other components of equity

Note
As at 1 September 2014
Net changes during
the period
Comprehensive income
Profit for the period
Other comprehensive
incomeTotal comprehensive
incomeTransactions withthe owners
Acquisition oftreasury stock
Disposal oftreasury stock
Dividends
Share-based payments
Total transactions
with the owners
Total net changes
during the period
As at 30 November 20148

Foreign
Available- currency
for-sale translation
reserve
reserve
798
23,035

Cashflowhedge
reserve
64,536Equityattributableto owners
Nonof the controllingparent interests
Total
88,371
618,381
17,660Capitalstock
10,273

Capitalsurplus9,803

Retainedearnings
525,722

Treasurystock, atcost(15,790)——

68,826

—

—

—

—

—

68,826

3,970

72,796

—

—

—

—

(708)

17,30772,353

88,953

88,953

1,529

90,483——

68,826—(708)

17,30772,353

88,953

157,780

5,499

163,280

—

—

—

(1)

—

—

—

—

(1)

—

(1)

—
—
—

63
—
1,467

—
(15,287)
—

11
—
—

—
—
—

—
—
—

—
—
—

—
—
—

75
(15,287)
1,467—(1,226)—75(16,513)
1,467

—

1,531

(15,287)

9

—

—

—

—

(13,746)(1,226)(14,972)—
10,273

1,531
11,33553,538579,2619(15,780)(708)
90

17,30740,34372,353
136,890

88,953
177,324

144,033
762,414

4,273
21,934

148,307784,349— 18 —

Total
equity636,041(4)Interim Condensed Consolidated Statement of Cash Flows(Millions of yen)Three months ended
30 November 2013

Profit before income taxes
Depreciation and amortization
Increase/(decrease) in allowance for doubtful accounts
Increase/(decrease) in other provisions
Interest and dividend income
Interest expenses
Foreign exchange losses/(gains)
Losses on retirement of property, plant and equipment
Decrease/(increase) in trade and other receivables
Decrease/(increase) in inventories
Increase/(decrease) in trade and other payables
Decrease/(increase) in other assets
Increase/(decrease) in other liabilities

69,4766,685
6(4,740)(123)
290(4,328)29(54,074)(11,906)
39,852
1,775
25,432(1,918)Others, net
SubtotalInterest and dividend income received
Interest paid
Income taxes paid
Income taxes refund

66,455116(144)(25,317)718

Net cash from operating activities

41,827

Decrease/(increase) in bank deposits
with maturity over 3 months
Purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchases of intangible assets
Payments for lease and guarantee deposits
Proceeds from collection of lease and guarantee deposits
Increase in construction assistance fund receivables
Decrease in construction assistance fund receivables
Increase in guarantee deposits received
Decrease in guarantee deposits received
Others, net—(10,659)
1,274(1,867)(1,911)123(1,003)
423
103
(202)
(34)

Net cash used in investing activities(13,753)— 19 —

Three months ended
30 November 2014

106,7458,418
14(5,608)(227)
264(14,623)75(64,628)(9,799)53,660(3,020)31,509(1,134)
101,645227(180)(30,374)564
71,882811(15,209)174(2,217)(2,960)
834
(723)
442
17
(26)
(350)
(19,207)

Note
Net increase/(decrease) in short-termloans payable
Repayment of long-term loans payable
Cash dividends paid
Repayments of lease obligations

Three months ended
30 November 2013

Three months ended
30 November 2014

Others, net

8,674
(8)
(15,183)
(835)
(79)

Net cash used in financing activities(7,432)(640)—(15,234)(1,076)(243)(17,194)

6,142

22,016

Cash and cash equivalents at beginning of period

26,784
296,708

CASH AND CASH EQUIVALENTS AT END OF PERIOD

323,493

57,497314,049
371,5468

Effect of exchange rate changes on cash andcash equivalents
Net increase/(decrease) in cash andcash equivalents— 20 —

Notes to the Interim Condensed Consolidated Financial Statements
1. Reporting Entity
FAST RETAILING CO., LTD. (the “Company”) is a company incorporated in Japan. The locations of the registeredheadquarters and principal offices of the Company are disclosed on the Group’s website (http://www.fastretailing.com/eng/).
The principal activities of the Company and its consolidated subsidiaries (the “Group”) are the UNIQLO business (casual
wear retail business operating under the “UNIQLO” brand in Japan and overseas) and GU business, Theory business (appareldesigning and retail business in Japan and overseas), etc.
2. Basis of Preparation
The interim condensed consolidated financial statements of the Group have been prepared in compliance with IAS34“Interim Financial Reporting” (“IAS 34”). The Group adopted Article 93 of Consolidated Quarterly Financial Statements Rules,
because the Group meets the criteria of a “specified company” defined under Article 1-2 of the said rules. Since the interim
condensed consolidated financial statements do not include all the information and disclosures required for consolidated
financial statements, they should be read in conjunction with the Group’s annual consolidated financial statements for theyear ended 31 August 2014.
The interim condensed consolidated financial statements were approved on 14 January 2015 by Tadashi Yanai, Chairman,
President and CEO, and Takeshi Okazaki, Group Senior Vice President and CFO.
3. Significant Accounting Policies
Except for the following standards that have been newly applied, the accounting policies presented in the consolidated
financial statements for the year ended 31 August 2014 are applied consistently in the preparation of these interim
condensed consolidated financial statements.
The Group adopted the following new and revised standards and interpretations beginning with the preparation of theinterim condensed consolidated financial statements for the three months ended 30 November 2014.
IFRS

Title

Summary of new standards and amendments

IAS 32 (Amendments)

Amendments to IAS 32
Financial Instruments: Presentation

Offsetting financial assets and financial liabilities.

Amendments to IAS 36

Recoverable amount disclosures for non-financial

Impairment of Assets

assets.

Amendments to IAS 39
Financial Instruments:
Recognition and Measurement

Novation of derivatives and continuation of hedge
accounting.

IFRIC 21

LeviesClarifies the timing of recognition of liability for alevy when the activity that triggers payment, as
identified by the relevant legislation, occurs.

IFRS 10 (Amendments)

Amendments to IFRS 10 —Consolidated Financial Statements

Defines investment entity and provide an exception
to the consolidation requirement for entities thatmeet the definition of investment entity.

IFRS 12 (Amendments)

Amendments to IFRS 12 —Disclosures of interests in other entities

Sets out the disclosure requirements for investment
entities.

IAS 36 (Amendments)

IAS 39 (Amendments)

There is no significant impact on the interim condensed consolidated financial statements upon adoption.

— 21 —

4. Use of Estimates and Judgments
The preparation of the interim condensed consolidated financial statements in accordance with IAS34 requires
management to make judgments, estimates and assumptions that affect the application of accounting policies and thereported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. The effects of the review of accounting
estimates are recognized in the accounting period in which the estimates were reviewed and in future accounting periods.
In principle, important estimates and judgments that have significant effects on the amounts recognized in the interim
condensed consolidated financial statements are the same as the preceding consolidated fiscal year.
5. Segment information(i) Description of reportable segments
The Group’s reportable segments are components for which discrete financial information is available and is reviewed
regularly by the Board to make decisions about the allocation of resources and to assess performance.
The Group’s main retail clothing business is divided into three reportable operating segments: UNIQLO Japan, UNIQLOInternational and Global Brands, each of which is used to frame and form the Group’s strategy.
The main businesses covered by each reportable segment are as follows:
UNIQLO Japan: UNIQLO clothing business within Japan
UNIQLO International: UNIQLO clothing business outside of Japan
Global Brands: GU, Theory, Comptoir des Cotonniers, Princesse tam.tam and J Brand clothing operations(ii) Method of calculating segment revenue and results
The methods of accounting for the reportable segments are the same as those stated in the “Significant Accounting
Policies” of the Group’s annual consolidated financial statements for the year ended 31 August 2014.
The Group does not allocate assets and liabilities to individual reportable segments.
(iii) Segment information
For the three months ended 30 November 2013
(Millions of yen)
Reportable segments
UNIQLOJapan

UNIQLOInternational

GlobalBrands

Total

Others(Note)

Interim
Condensed
Adjustments Consolidated
Statement ofProfit or Loss

Revenue

208,497

114,096

65,907

388,501

551—

389,052

Operating profit

42,176

15,473

7,331

64,981(28)

362

65,314

Segment income(profit before
income taxes)

42,63015,177

7,389

65,197

(29)

4,308

69,476(Note) “Others” include real estate leasing business, etc.

— 22 —

For the three months ended 30 November 2014
(Millions of yen)
Reportable segments
UNIQLOJapan

UNIQLOInternational

GlobalBrandsTotal

Interim
Condensed
Adjustments Consolidated
Statement ofProfit or Loss

Others(Note)

Revenue

232,632

168,031

78,186478,851692—

479,543

Operating profit

51,14324,316

9,558

85,017(2)

6,354

91,370

Segment income(profit before
income taxes)

52,84323,746

9,626

86,215(2)

20,531

106,745(Note) “Others” include real estate leasing business, etc.
6. Inventories
Write-down of inventories to net realizable value and recongized as expenses is as follows:(Millions of yen)Three months ended Three months ended
30 November 2013 30 November 2014
Write-down of inventories to net realizable value

1,455

1,255

7. Property, plant and equipment
The breakdown of property, plant and equipment at each reporting date is as follows:(Millions of yen)
As at
31 August 2014
Buildings and structures
Furniture, equipment and vehicles
Land
Construction in progress
Total

As at
30 November 2014

80,131
24,8693,374
6,021

96,34230,024
3,374
3,160

114,398

132,901

Total dividends(Millions of yen)

Dividends per share(Yen)

8. Dividends
The total amount of dividends paid was as follows:
Dividends paid during the three months ended 30 November 2013
Resolution
Meeting of the Board of Directors on 4 November 201315,284150

Dividends for which the declared date is 31 August 2013 are paid on and after 22 November 2013 as the effective date.
Dividends paid during the three months ended 30 November 2014
Total dividends(Millions of yen)

Resolution
Meeting of the Board of Directors on 3 November 201415,287

Dividends
per share (Yen)150

Dividends for which the declared date is 31 August 2014 are paid on and after 21 November 2014 as the effective date.

— 23 —

9. Selling, general and administrative expenses
The breakdown of selling, general and administrative expenses for each reporting period is as follows:(Millions of yen)Three months ended Three months ended
30 November 2013 30 November 2014
Selling, general and administrative expenses
Advertising and promotion
Rental expenses
Depreciation and amortization
Outsourcing
Salaries
Others

18,37834,926
6,685
4,606
42,69328,157

21,16342,2638,418
6,700
54,04435,419Total

135,447

168,009

10. Other income and other expenses
The breakdown of other income and other expenses for each reporting period is as follows:(Millions of yen)Three months ended Three months ended
30 November 2013 30 November 2014
Other income
Foreign exchange gains*
Gains on sales of property, plant and equipment
Others
Total
*

1,073
876
308

6,254
0
477

2,259

6,732

Currency adjustments incurred in the course of operating transactions are included in “other income”.
(Millions of yen)Three months ended Three months ended
30 November 2013 30 November 2014
Other expenses
Loss on retirement of property, plant and equipment
Others
Total

29
316

75
553

346

629

11. Finance income and finance costs
The breakdown of finance income and finance costs for each reporting period is as follows:(Millions of yen)Three months ended Three months ended
30 November 2013 30 November 2014
Finance income
Foreign exchange gains*
Interest income
Dividend income
Others
Total
*

4,328
123

14,623
227

0
—

0
792

4,452

15,643Currency adjustments incurred in the course of non-operating transactions are included in “finance income”.

— 24 —

(Millions of yen)Three months ended Three months ended
30 November 2013 30 November 2014
Finance costs
Interest expenses
Others
Total

290
—

264
3

290

268

12. Earnings per share
Three months ended 30 November 2013
Equity per share attributable to ownersof the parent (Yen)
Basic earnings per share for the period (Yen)
Diluted earnings per share for the period (Yen)Three months ended 30 November 2014
6,082.75
412.13411.81Equity per share attributable to ownersof the parent (Yen)
Basic earnings per share for the period (Yen)
Diluted earnings per share for the period (Yen)7,480.41
675.30674.61(Note) The basis for calculation of basic earnings per share and diluted earnings per share for the period is as follows:
Three months ended Three months ended
30 November 2013 30 November 2014
Basic earnings per share for the period
Profit for the period attributable to owners of the parent (Millions of yen)
Profit not attributable to common shareholders (Millions of yen)
Profit attributable to common shareholders (Millions of yen)
Average number of common stock during the period (Shares)
Diluted earnings per share for the period
Adjustment to profit (Millions of yen)
Increase in number of common stock (Shares)(share subscription rights)

41,995—41,995
101,898,095

68,826—
68,826
101,920,154—
80,216(80,216)—
104,832(104,832)

13. Fair value of financial instruments
The information about carrying amount and fair value of financial instruments is as follows:(Millions of yen)
As at 31 August 2014
Short-term borrowings
Long-term borrowings (Note)
Lease obligations (Note)
Total

As at 30 November 2014

Carrying amounts

Fair value

Carrying amounts

Fair value

2,857
23,104
11,5992,857
22,065
11,3792,426
25,985
12,6082,426
24,86912,35037,56136,302

41,02039,646(Note) The above includes the outstanding balance of borrowings due within 1 year.
The fair value of short-term financial assets, short-term financial liabilities, long-term financial assets and long-term
financial liabilities are measured by amortized cost and approximate their carrying amounts.
The fair value of long-term borrowings and lease obligations are classified by term, and are calculated on the basis of thecurrent value applying a discount rate that takes into account time remaining to maturity and credit risk.

— 25 —

The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments. All assets
and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value
hierarchy described as follows:
Level 1 — based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2 — based on valuation techniques for which the lowest level input that is significant to the fair value measurement
is observable, either directly or indirectly
Level 3 — based on valuation techniques for which the lowest level input that is significant to the fair value measurement
is unobservable(Millions of yen)
As at 31 August 2014

Level 1

Available-for-sale financial assets
Financial liabilities at fair value throughprofit or loss (“FVTPL”)
Foreign currency forward contracts designatedas hedging instruments
Total

Level 2

Level 3

Total

243

—

207

450

—

(118)

—

(118)

—

98,231—

98,231

243

98,112

207

98,563(Millions of yen)

As at 30 November 2014

Level 1

Available-for-sale financial assets
Financial liabilities at FVTPL
Foreign currency forward contracts designatedas hedging instruments
Total

Level 2

Level 3

Total

243
—

—
825

223
—

466
825

—

211,718—

211,718

243

212,544223

213,011For the valuation of level 2 derivative financial instruments for which a market value is available, we use a valuation
model that uses observable data on the measurement date as indicators such as interest rates, yield curves, currency rates
and volatility in comparable instruments.
Unlisted securities are included in level 3. There is no significant increase or decrease in level 3 items through purchase,
disposal or settlement. Also, there is no transfer from level 3 to level 2.
14. Commitments
The Group had the following commitments at each reporting dates:(Millions of yen)
As at
31 August 2014
Commitment for acquisition of property, plant and equipment
Commitment for acquisition of intangible assets
Total
15. Subsequent Events
Not applicable.

— 26 —

As at
30 November 2014

5,487
373

2,479
216

5,861

2,695

2. Others
Dividends
The Company resolved to pay a dividend from retained earnings at the meeting of the Board of Directors convened on 3
November 2014.
The total amount of the dividend and amount per share are stated under “Financial section 1. Interim Condensed
Consolidated Financial Statements, Notes to the Interim Condensed Consolidated Financial Statements 8. Dividends”.

— 27 —

Report on review of interim condensed consolidated financial statements
14 January 2015
Board of Directors
FAST RETAILING CO., LTD.
Ernst & Young ShinNihon LLC
Shigeyuki Amimoto
Certified Public Accountant
Designated and Engagement Partner
Shuji Kaneko
Certified Public Accountant
Designated and Engagement Partner
Yoshihisa Shibayama
Certified Public Accountant
Designated and Engagement Partner
Pursuant to first clause of Article 193-2 of the Financial Instruments and Exchange Act, we have reviewed the interim condensed
consolidated financial information included in the financial section, which comprises the interim condensed consolidated
statement of financial position of FAST RETAILING CO., LTD. (the “Company”) and its subsidiaries (collectively, the “Group”)
as at 30 November 2014, and the related interim condensed consolidated statement of profit or loss, interim condensed
consolidated statement of comprehensive income, interim condensed consolidated statement of changes in equity and interim
condensed consolidated statement of cash flows for the three-month period then ended, and other explanatory notes (the“Interim Financial Information”).
Management’s responsibility for the interim condensed consolidated financial statements
Management is responsible for the preparation and fair presentation of the Interim Financial Information in accordance with
International Accounting Standards 34 “Interim Financial Reporting” (“IAS 34”), pursuant to Article 93 of the “Rules GoverningTerm, Form and Preparation of Consolidated Quarterly Financial Statements”, and for such internal control as management
determines is necessary to enable the preparation of interim condensed consolidated financial statements that are free frommaterial misstatement, whether due to fraud or error.
Auditors’ responsibility
Our responsibility is to express a conclusion on the Interim Financial Information based on our review. Our report is made solely
to you, as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person forthe contents of this report.
We conducted our review in accordance with quarterly review standards generally accepted in Japan. A review of Interim
Financial Information consists of making inquiries, primarily of persons responsible for financial and accounting matters, andapplying analytical and other quarterly review procedures. A review is substantially less in scope than an audit conducted inaccordance with auditing standards generally accepted in Japan and consequently does not enable us to obtain assurance that
we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed
consolidated financial statements are not prepared, in all material respects, in accordance with IAS34.
Conflicts of Interest
We have no interest in the Company which should be disclosed in compliance with the Certified Public Accountants Act.

Ernst & Young ShinNihon LLC
Tokyo, Japan
14 January 2015
(Note)
This is an English translation of the Japanese language Independent Auditors’ Report issued by Ernst & Young ShinNihon LLC in
connection with the review of the interim condensed consolidated financial statements of the Group prepared in Japanese, forthe three months ended 30 November 2014. Ernst & Young ShinNihon LLC have not reviewed the English language version of
the interim condensed consolidated financial statements for the above mentioned period.

— 28 —