FAST RETAILING CO., LTD.
迅銷有限公司Interim Report 2014/15
2014.9.1–2015.2.28
Stock Code: 6288

Contents
Corporate Profile

2

Financial Highlights

3Management Discussion and Analysis

5

Information about the Reporting Entity

8

Financial Section

11

Interim Condensed Consolidated Statement of
Financial Position

12

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

13Interim 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

Others29

Report on Review of Interim Condensed Consolidated
Financial Statements

30

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

Term

Second Quarterof
53rd Year

Second Quarterof
54th Year

53rd Year

Accounting period

Six months
ended
28 February
2014

Six months
ended
28 February
2015

Year ended
31 August2014

Revenue (Millions of yen)

764,377

949,684

1,382,935

Operating profit (Millions of yen)

107,030

150,077

130,402

Profit before income taxes (Millions of yen)

110,562

163,666

135,470

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

67,079104,753

74,546Comprehensive income attributable to ownersof the parent (Millions of yen)

72,511

176,091

75,517

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

628,852

780,826

618,381

Total assets (Millions of yen)

970,388

1,276,295

992,307

Basic earnings per share for the period (year) (Yen)

658.281,027.75

731.51

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

657.52

1,026.51

730.81

64.8

61.2

62.3

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

102,901

224,060

110,595

Net cash used in investing activities (Millions of yen)

(24,419)(74,018)(56,323)

Net cash used in financing activities (Millions of yen)

(20,672)(22,397)(44,060)

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

358,897

462,884

314,049

Three months
ended
28 February
2014

Three months
ended
28 February
2015

375,324

470,140

Accounting period

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

25,08435,926

Basic earnings per share for the period (Yen)

246.16352.47(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 six months ended 28 February 2015.
Important changes concerning subsidiaries are as follows:(UNIQLO International)
Newly consolidated subsidiary:
UNIQLO Washington LLCUNIQLO CANADA INC.
Excluded from consolidation:
UNIQLO (Germany) GmbH
(Global Brands)
Newly consolidated subsidiary:
THEORY CANADA INC.
Excluded from consolidation:
COMPTOIR DES COTONNIERS FRANCE S.A.S.
A.M.B. S.A.S.
(Others)
Newly consolidated subsidiary:
FAST RETAILING CANADA INC.

—4—

Management Discussion and Analysis
Business Review
1. Business and Operational Risks
No new business-related risks have arisen during the six months ended 28 February 2015.
There have been no important changes concerning business-related risks as stated in the annual securities report for thepreceding consolidated fiscal year.

2.

Significant Contract in Business Operation
None.

3.

Financial Analysis(1) Results of Operations
The Fast Retailing Group reported increases in both revenue and profit during the first half of fiscal year 2015 spanning
1 September 2014 to 28 February 2015. Consolidated revenue totaled ¥949.6 billion (+24.2% year-on-year), consolidated
operating profit reached ¥150.0 billion (+40.2% year-on-year), consolidated profit before income taxes stood at ¥163.6 billion(+48.0% year-on-year) and profit attributable to owners of the parent totaled ¥104.7 billion (+56.2% year-on-year). All Group
operations reported increases in revenue and profit, while UNIQLO International performed particularly strongly during thesix-month period. Consolidated profit before income taxes and profit attributable to owners of the parent both increased bya greater margin than consolidated operating profit. This was due largely to the depreciation of the Japanese yen over the six
months ended 28 February 2015, which boosted the carrying amount of foreign-currency denominated assets, generating net
finance income of ¥13.5 billion.
The Group’s medium-term vision is to become the world’s number one apparel manufacturer and retailer. In pursuit of thisaim, we are committed to promoting corporate globalization, Group wide cooperation, and renewed 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 theworld, in order to boost 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 casualwear brand, and our Theory fashionlabel.
UNIQLO Japan
UNIQLO Japan achieved higher-than-expected increases in revenue and profit in the six months from 1 September 2014 to 28
February 2015. Revenue rose to ¥454.5 billion (+12.1% year-on-year), and operating profit expanded to ¥89.4 billion (+24.7%
year-on-year). Same-store sales expanded a strong 8.4% year-on-year during the six-month period. In addition, operating profit
rose considerably on the back of a 1.8% improvement in the gross profit to revenue margin and a 0.4% fall in the selling, generaland administrative expenses to revenue ratio.
The strong rise in same-store sales at UNIQLO Japan was largely attributable to firm sales of core winter ranges such as
HEATTECH, Ultra Light Down, sweatshirts and sweatpants, as well as of relatively expensive items such as woolen outerwear
and jeans. The strong sales trend during first-half of fiscal year 2015 reduced the need for discounting, which resulted in a yearon-year improvement in the gross profit margin. The total UNIQLO Japan directly-run store network, excluding the 28 franchiseoutlets, decreased by 18 to 814 stores at the end of February 2015 compared to the end of February 2014. This was in line with
our “scrap and build” strategy to increase the average size of our stores by replacing smaller, less efficient stores with larger
ones. Of these 18, 9 were converted from directly-run stores to new employee-franchise outlets.
Our recent drive to strengthen and perfect localized marketing at the individual store level has been largely responsible for thegreat success of our new community-focused stores. The UNIQLO Kichijoji global hotspot store and the UNIQLO OSAKA global
flagship store, both opened in October 2014, proved extremely popular from the moment they opened, and the 3,300 m²
UNIQLO Sapporo Esta store, which opened its doors in March 2015, has also attracted large numbers of consumers.

—5—

UNIQLO International
UNIQLO International reported higher-than-expected increases in both revenue and profit in the six months from 1 September
2014 to 28 February 2015. Revenue expanded considerably to ¥345.5 billion (+48.9% year-on-year), and operating profit rose to¥42.8 billion (+63.2% year-on-year). Furthermore, the segment’s increases in revenue and profit still exceeded expectations inlocal currency terms, after stripping out any foreign currency effect. The total number of UNIQLO International stores expanded
to 716 stores at the end of February 2015. That represents a net addition of 182 stores compared to the end of February 2014.
Within the UNIQLO International framework, Greater China (Mainland China, Hong Kong, and Taiwan) and South Korea reported
increases in revenue and profit during first-half of fiscal year 2015 that exceeded our expectations. UNIQLO Southeast Asia
(Singapore, Malaysia, Thailand, the Philippines, and Indonesia) and UNIQLO Europe (United Kingdom, France, Russia, andGermany) generated increases in revenue and profit that were roughly in line with our expectations. Meanwhile, our Australian
UNIQLO operation reported a loss in the first half, with sales suffering for our first Spring Summer season, following launch of
the first UNIQLO store here in April 2014. We accelerated the pace of new store openings in the United States, bringing thetotal number of UNIQLO USA stores to 39 at the end of February 2015, up 22 stores compared to the end of February 2014.
However, lower-than-expected sales of Fall Winter ranges knocked the gross profit margin lower, while the costs of the newstore openings also contributed to the negative results. As a result of this lower-than-expected business performance, UNIQLO
USA reported increased operating losses in the first half of fiscal year 2015.
Global Brands
Global Brands reported rises in revenue and profit in the first half of fiscal year 2015, in line with expectations. Revenue
expanded to ¥148.2 billion (+18.3% year-on-year) and operating profit expanded to ¥11.7 billion (+23.4% year-on-year). Our
low-priced GU fashion casualwear brand reported higher-than expected increases in both revenue and profit. Strong sales ofheavily-advertised skirts, knitwear items and winter outerwear, and favorable sales of items in our new “GU Basic” categoryboth helped boost sales during first-half of fiscal year 2015 at existing GU stores. Our Theory and Comptoir des Cotonniers
labels fell short of plan by reporting a slight fall in profits. Meanwhile, Princesse tam.tam produced a flat year-on-year
performance, as expected. Finally, J Brand fell short of expectations when it reported a slightly larger operating loss.
Corporate Social Responsibility (“CSR”) and Environmental Protection
The basic policy underlying the Group’s CSR activities consists of fulfilling our social responsibility, addressing social issues andcreating new value, both globally and locally.
The 2015 CSR Report summarizes the Group’s CSR activities in the fiscal year ended 31 August 2014, and was published in
January. Activity reports and improvement initiatives are featured in relation to four priority areas: Production, Environment,
Community and Human Resources. We also proactively disclose information in our stores and on our website in communicatingwith our diverse stakeholders.
Through our All-Product Recycling Initiative, in which UNIQLO and GU products are collected from customers and delivered topeople in need, we have collected more than 35,300,000 items cumulatively at stores in 14 countries (as at 28 February 2015).
In February 2015, FR staff visited a refugee camp that received 80,000 items of clothing in Myanmar, to better understand theneeds and how the clothing was being received by the refugees.
To ensure responsible purchasing practices, we conduct Work Environment Monitoring for partner garment factories andEnvironment Monitoring for fabric manufacturers. We also started introducing Work Environment Monitoring for fabricmanufacturers from February 2015. We will continue strengthening our activities to uphold human rights and safe working
conditions in manufacturing facilities.

—6—

(2)

Financial Positions
Total assets as at 28 February 2015 were ¥1,276.2 billion, which was an increase of ¥283.9 billion relative to the endof the preceding consolidated fiscal year. The principal factors were an increase of ¥87.9 billion in derivative financial
assets, an increase of ¥16.4 billion in property, plant and equipment and an increase of ¥148.8 billion in cash and cash
equivalents.
Total liabilities as at 28 February 2015 were ¥471.3 billion, which was an increase of ¥115.0 billion relative to the end of
the preceding consolidated fiscal year. The principal factors were an increase of ¥58.8 billion in trade and other payables
and an increase of ¥31.3 billion in deferred tax liabilities.
Total net assets as at 28 February 2015 were ¥804.9 billion, which was an increase of ¥168.9 billion relative to the endof the preceding consolidated fiscal year. The principal factors were an increase of ¥71.3 billion in other components ofequity and an increase of ¥89.4 billion in retained earnings.

(3)

Cash Flows Information
Cash and cash equivalents as at 28 February 2015 had increased by ¥103.9 billion relative to the end of the preceding
consolidated fiscal year, to ¥462.8 billion.
Net cash from operating activities for the six months ended 28 February 2015 was ¥224.0 billion, which was an increaseof ¥121.1 billion (+117.7% year-on-year) from the six months ended 28 February 2014. The principal factors were ¥163.6
billion in profit before income taxes, ¥59.4 billion increase in trade and other payables and ¥40.3 billion in income taxes
paid.
Net cash used in investing activities for the six months ended 28 February 2015 was ¥74.0 billion, which was an increaseof ¥49.5 billion (+203.1% year-on-year) from the six months ended 28 February 2014. The principal factors were ¥21.6
billion for purchases of property, plant and equipment, and ¥45.8 billion for increase in bank deposits with maturity over
3 months.
Net cash used in financing activities for the six months ended 28 February 2015 was ¥22.3 billion, which was an increaseof ¥1.7 billion (+8.3% year-on-year) from the six months ended 28 February 2014. The principal factor was ¥15.2 billion
for cash dividends paid.

(4)

Operational and Financial Assignment
There has been no important changes during the six months ended 28 February 2015 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 six months ended 28 February 2015.
<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 28 February 2015

Number of shares issued
as of submission date
(Shares)(As at 14 April 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
Not applicable.

(3)

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.

Date

1 December 2014 to
28 February 2015

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)—

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 28 February 2015.

—8—

(6)

Principal Shareholders
As at 28 February 2015
Name or trade nameLocation

Number ofPercentage ofshares held
total number of(Thousand shares) shares issued (%)

Tadashi Yanai

Shibuya-ku, Tokyo

22,987

21.67

The Master Trust Bank of Japan, Ltd.

2-11-3 Hamamatsu-cho, Minato-ku, Tokyo

11,706

11.04

Japan Trustee Services Bank, Ltd.

1-8-11 Harumi, Chuo-ku, Tokyo

9,032

8.51

TTY Management B.V.

9-7-1 Akasaka, Minato-ku, Tokyo

5,310

5.01

Kazumi Yanai

Shibuya-ku, Tokyo

4,781

4.51

Koji Yanai

Shibuya-ku, Tokyo

4,780

4.51

Fight & Step Co., Ltd.

1-4-3 Mita, Meguro-ku, Tokyo

4,750

4.48

BNP Paribas Securities (Japan) Limited

1-9-1 Marunouchi, Chiyoda-ku, Tokyo

3,683

3.47

MASTERMIND, LLC

1-4-3 Mita, Meguro-ku, Tokyo

3,610

3.40

Trust & Custody Services Bank, Ltd.

1-8-12 Harumi, Chuo-ku, Tokyo

3,095

2.92

73,737

69.52

Total
(Notes)—1. “Number of shares held” is rounded down to the nearest unit of thousand shares.
2. The shares held by The Master Trust Bank of Japan, Ltd., Japan Trustee Services Bank, Ltd. and Trust & Custody
Services Bank, Ltd. are all held in conjunction with trust business.
3. According to the report of large shareholdings (report of change of composition) submitted on 21 January 2015 byNomura Securities Co., Ltd. and the two parties of NOMURA INTERNATIONAL PLC and Nomura Asset Management
Co., Ltd. as joint holders, each party was holding the shares stated below as at 15 January 2015. However, since
the Company has not been able to confirm the number of shares actually held as of the end of the term, theseshareholdings have not been included in the above statement of principal shareholders.

Name or trade nameLocation

Number ofPercentage ofshares held
total number of(Thousand shares) shares issued (%)

Nomura Securities Co., Ltd.

1-9-1 Nihonbashi, Chuo-ku, Tokyo

147

0.14

NOMURA INTERNATIONAL PLC

1 Angel Lane, London EC4R 3AB,
United Kingdom

322

0.30

Nomura Asset Management Co., Ltd.

1-12-1 Nihonbashi, Chuo-ku, Tokyo

6,898

6.50

4. In addition to the above, 4,139,473 shares of treasury stock are held by the Company (3.90% of the total numberof authorized shares).

—9—

(7)

Voting Rights(i)

Shares issued
As at 28 February 2015
Number of shares(Shares)Number of voting rights(Number)

Remarks

Non-voting shares

—

—

—

Shares subject to restrictions on voting rights(treasury stock)

—

—

—

—

—

—

Shares with full voting rights(treasury stock, etc.)(Shares held astreasury stock)
Common stock
4,139,400——

Shares with full voting rights (others)

Common stock
101,887,200

Class

Shares subject to restrictions on voting rights(others)

Common stock

Shares less than one unit

47,056

Total number of shares issued

106,073,656

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

1,018,872(Note) 1—(Notes) 1,2——
1,018,872—

1. The columns for the number of shares of “Shares with full voting rights (others)” 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” row includes 73 shares of treasury stock held by the Company.

Treasury StockAs at 28 February 2015

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 (%)

4,139,400—

4,139,400

3.90

4,139,400—

4,139,400

3.90

Board of Directors
Since the submission of the annual securities report for the preceding consolidated fiscal year, there has been no changeof directors during the six months ended 28 February 2015.

— 10 —

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 Standard 34 “Interim Financial Reporting” (“IAS 34”), pursuant to Article 93 of the “Rules Governing Term, Form andPreparation of Consolidated Quarterly Financial Statements” (2007 Cabinet Office Ordinance No. 64, hereinafter referred to as“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 and six months ended 28 February 2015, respectively, arereviewed by Ernst & Young ShinNihon LLC.

— 11 —

(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

As at 31 August 2014

As at 28 February 2015

314,049
47,4289,119
223,223
99,125
11,951
12,139462,884
51,366
51,575
210,989
187,072562
12,601

717,037

977,053

Others114,398
26,71546,96871,293
11,257
4,636

130,866
28,37049,70173,864
11,613
4,825

Total non-current assets

275,270299,241

992,307

1,276,295

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

244,016146
12,42647,60514,01635,589273,196353,801

27,604
7,694
37,387
10,383

27,592
9,392
68,694
11,83213
6
13

OthersTotal current assets
Non-current assets
Property, plant and equipment
Goodwill
Other intangible assets
Non-current financial assets
Deferred tax assets

7

13

Total assets
Liabilities and equity
LIABILITIESCurrent liabilities
Trade and other payables
Derivative financial liabilities
Other current financial liabilities
Income taxes payable
Provisions

13
13

OthersTotal current liabilities
Non-current liabilities
Non-current financial liabilities
Provisions
Deferred tax liabilities

13

Others

83,069117,511356,265

471,312

10,273
9,803
525,722(15,790)
88,371

10,273
11,389615,187(15,733)
159,708

Non-controlling interests

618,381
17,660780,826
24,156

Total equity

636,041804,982

992,307

1,276,295

Total 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

Total liabilities and equity— 12 —

(2)		 Interim Condensed Consolidated Statement of Profit or Loss and Interim Condensed Consolidated Statement ofComprehensive Income
Interim Condensed Consolidated Statement of Profit or Loss
Six months ended 28 February 2015
(Millions of yen)Six months ended
28 February 2014

Notes
RevenueSix months ended
28 February 2015

764,377(386,888)

949,684(470,166)

377,489(272,510)
2,903
(852)

479,517(336,333)
8,075(1,181)

107,030
4,028
(496)

150,077
14,123(534)

Income taxes

110,562(39,750)

163,666(52,694)

Profit for the period

70,811

110,971

Non-controlling interests

67,0793,731

104,753
6,218

Profit for the period

70,811

110,971658.28657.52

1,027.75
1,026.51

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

910

Other expenses

10

Operating profit
Finance income

11

Finance costs

11

Profit before income taxes

Attributable to:
Owners of the parent

Earnings per share
Basic (Yen)
Diluted (Yen)1212— 13 —

Three months ended 28 February 2015
(Millions of yen)
Notes

Three months ended
28 February 2014

RevenueThree months ended
28 February 2015

375,324(196,685)

470,140(243,900)

178,639(137,062)
643
(505)

226,239(168,323)
1,343
(552)

41,715203(833)

58,707379(2,165)

Income taxes

41,085(14,790)

56,920(18,745)

Profit for the period

26,29538,174Non-controlling interests

25,084
1,211

35,926
2,248

Profit for the period

26,29538,174246.16245.89352.47351.98

Cost of sales
Gross profit
Selling, general and administrative expenses
Other income
Other expenses
Operating profit
Finance income
Finance costs
Profit before income taxes

Attributable to:
Owners of the parent

Earnings per share
Basic (Yen)
Diluted (Yen)1212— 14 —

Interim Condensed Consolidated Statement of Comprehensive Income
Six months ended 28 February 2015
(Millions of yen)Six months ended
28 February 2014
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

Six months ended
28 February 2015

70,811

110,971

―

―

68

(689)

5,371
90

17,28856,062Other comprehensive income, net of taxes

5,529

72,661

Total comprehensive income for the period

76,341

183,633

Non-controlling interests

72,511
3,830

176,091
7,541

Total comprehensive income for the period

76,341

183,633

Cash flow hedges

Attributable to:
Owners of the parent— 15 —

Three months ended 28 February 2015
(Millions of yen)Three months ended
28 February 2014
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

Three months ended
28 February 2015

26,29538,174

―

―

24

18

(2,531)(16,825)(1,266)(16,574)

Other comprehensive income, net of taxes(19,333)(17,821)

Total comprehensive income for the period

6,962

20,353

Non-controlling interests

6,964
(1)

18,311
2,041

Total comprehensive income for the period

6,962

20,353

Cash flow hedges

Attributable to:
Owners of the parent— 16 —

(3)Interim Condensed Consolidated Statement of Changes in Equity
For six months ended 28 February 2014
(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 oftreasury stock
Dividends
Share-based payments
OthersTotal transactions withthe owners
Total net changes
during the period
As at 28 February 2014

8

Treasury Availablestock,for-saleat costreserve(15,851)731

Foreigncurrencytranslation
reserve
16,452

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

Capitalstock
10,273

Capitalsurplus
6,859

Retainedearnings
481,746——

67,079

—

—

—

—

—

67,0793,731

70,811

—

—

—

—

68

5,272

90

5,431

5,431

98

5,529

—

—

67,079

—

68

5,272

90

5,431

72,511

3,830

76,341

—

—

—

(20)

—

—

—

—

(20)

—

(20)

—
—
—
—

296
—
859
—

—
(15,284)
—
—

60
—
—
—

—
—
—
—

—
—
—
—

—
—
—
—

—
—
—
—

357
(15,284)
859
—

—
(633)
—
(89)

357
(15,917)
859
(89)

—

1,155

(15,284)

40

—

—

—

—

(14,087)(722)(14,810)—
10,273

1,155
8,015

51,795533,54140(15,810)

68
800

5,272
21,72590
70,305

5,431
92,83158,423628,852

3,107
22,40561,530651,257— 17 —

Total
equity589,726

For six months ended 28 February 2015
(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
OthersTotal transactions withthe owners
Total net changes
during the period
As at 28 February 2015

8

Treasury Availablestock,for-saleat costreserve(15,790)798

Foreigncurrencytranslation
reserve
23,035

Cashflowhedge
reserve
64,536Equityattributableto owners
Nonof the controlling
Totalparentinterests
88,371
618,381
17,660Capitalstock
10,273

Capitalsurplus9,803

Retainedearnings
525,722——

104,753

—

—

—

—

—

104,753

6,218

110,971

—

—

—

—

(689)

16,11855,90871,337

71,337

1,323

72,661——

104,753—(689)

16,11855,90871,337

176,091

7,541

183,633

—

—

—

(2)

—

—

—

—

(2)

—

(2)

—
—
—
—

415
—
1,170
—

—
(15,287)
—
—

59
—
—
—

—
—
—
—

—
—
—
—

—
—
—
—

—
—
—
—

474
(15,287)
1,170——(1,226)—180474(16,513)
1,170
180

—

1,585

(15,287)

56

—

—

—

—

(13,646)(1,046)(14,692)—
10,273

1,585
11,38989,465615,187

56(15,733)

(689)
109

16,11839,15455,908120,444

71,337
159,708

162,445
780,826

6,495
24,156

168,940
804,982— 18 —

Total
equity636,041(4)Interim Condensed Consolidated Statement of Cash Flows(Millions of yen)Six months ended
28 February 2014

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

Six months ended
28 February 2015

110,562
13,980(13)(2,155)(327)
496(3,701)
107
2,153
5,228
(8,388)3,109
2,740(1,609)163,666
17,784
6(2,973)(606)
530(12,724)265(1,981)
21,87859,4763,518
3,213(1,445)

Income taxes refund

122,183306(501)(28,793)
9,706

250,610478(543)(40,366)
13,881

Net cash from operating activities

102,901

224,060

Others, net—(19,217)
1,318(2,983)(2,855)264(1,468)
850
148
(244)
(232)

(45,811)(21,678)
174(3,426)(4,291)
1,589(1,228)
905
20
(47)
(223)

Net cash used in investing activities(24,419)(74,018)

Others, net
SubtotalInterest and dividend income received
Interest paid
Income taxes paid

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— 19 —Six months ended
28 February 2014

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

Six months ended
28 February 2015

Others, net(702)(2,317)(15,183)(633)(1,697)(139)(1,067)(2,954)(15,234)(1,226)(2,244)330

Net cash used in financing activities(20,672)(22,397)

4,379

21,190Cash and cash equivalents at beginning of period

62,189296,708

148,835
314,049

CASH AND CASH EQUIVALENTS AT END OF PERIOD

358,897

462,8848

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
International Accounting Standard 34 “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 anddisclosures required for consolidated financial statements, they should be read in conjunction with the Group’s annual
consolidated financial statements for the year ended 31 August 2014.
The interim condensed consolidated financial statements were approved on 14 April 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 from the preparation of the interim
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.

IAS 39 (Amendments)

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)

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 six months ended 28 February 2014
(Millions of yen)
Reportable segments
UNIQLOJapan

UNIQLOInternational

GlobalBrandsTotal

Interim
Condensed
Adjustments Consolidated
Statement ofProfit or Loss

Others(Note)

Revenue

405,592

232,066

125,367

763,025

1,351—

764,377

Operating profit

71,72426,264

9,513

107,50217(489)

107,030

Segment income(profit before
income taxes)

72,03825,751

9,919

107,71017

2,835

110,562(Note) “Others” include real estate leasing business, etc.

— 22 —

For the six months ended 28 February 2015
(Millions of yen)
Reportable segments
UNIQLOJapan

UNIQLOInternational

GlobalBrandsTotal

Interim
Condensed
Adjustments Consolidated
Statement ofProfit or Loss

Others(Note)

Revenue

454,502345,504

148,254948,260

1,423—

949,684

Operating profit

89,462

42,861

11,740144,06415

5,997

150,077

Segment income(profit before
income taxes)

90,82041,994

11,715

144,530

15

19,120163,666(Note) “Others” include real estate leasing business, etc.
For the three months ended 28 February 2014
(Millions of yen)
Reportable segments
UNIQLOJapan

UNIQLOInternational

GlobalBrandsTotal

Interim
Condensed
Adjustments Consolidated
Statement ofProfit or Loss

Others(Note)

Revenue

197,094

117,970

59,460374,524799—

375,324

Operating profit

29,547

10,791

2,182

42,521

46(852)

41,715

Segment income(profit before
income taxes)

29,407

10,5742,530

42,51246(1,473)41,085(Note) “Others” include real estate leasing business, etc.
For the three months ended 28 February 2015
(Millions of yen)
Reportable segments
UNIQLOJapan

UNIQLOInternational

GlobalBrandsTotal

Interim
Condensed
Adjustments Consolidated
Statement ofProfit or Loss

Others(Note)

Revenue

221,869

177,472

70,067469,409730—

470,140

Operating profit

38,31918,5452,182

59,04717(357)

58,707

Segment income(profit before
income taxes)

37,977

18,2482,089

58,31517(1,411)

56,920(Note) “Others” include real estate leasing business, etc.

— 23 —

6. Inventories
Write-down of inventories to net realizable value and recongized as expenses is as follows:(Millions of yen)Six months ended
28 February 2014

Six months ended
28 February 2015

1,951

1,948

Write-down of inventories to net realizable value
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
28 February 2015

80,131
24,8693,374
6,021

96,12627,966
3,374
3,398

114,398

130,866

8. Dividends
The total amount of dividends paid was as follows:
Dividends paid during the six months ended 28 February 2014
Total dividends(Millions of yen)

Resolution
Meeting of the Board of Directors on 4 November 201315,284

Dividends per share
(Yen)
150

Dividends for which the declared date is 31 August 2013 are paid on or after 22 November 2013 as the effective date.
Dividends paid during the six months ended 28 February 2015
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 or after 21 November 2014 as the effective date.
Proposed dividends on common stock are as follows:
Six months ended
28 February 2014

Six months ended
28 February 2015

Total dividends (million yen)

15,286

17,838Dividends per share (yen)

150

175

Regarding the proposed dividends per common stock, the Board has approved the proposal subsequent to the period-end
date, and this sum is not recognized as a liability as at 28 February 2015.

— 24 —

9. Selling, general and administrative expenses
The breakdown of selling, general and administrative expenses for each reporting period is as follows:(Millions of yen)Six months ended
28 February 2014

Six months ended
28 February 2015

Selling, general and administrative expenses
Advertising and promotion
Rental expenses
Depreciation and amortization
Outsourcing
Salaries
Others32,43971,401
13,98010,04088,04556,60335,52086,814
17,784
13,813110,986
71,413

Total

272,510336,333

10. Other income and other expenses
The breakdown of other income and other expenses for each reporting period is as follows:(Millions of yen)

Other income
Foreign exchange gains*
Gains on sales of property, plant and equipment
Others
Total*

Six months ended
28 February 2014

Six months ended
28 February 2015

1,442
878
582

6,906
0
1,167

2,903

8,075

Currency adjustments incurred in the course of operating transactions are included in “other income”.
(Millions of yen)

Other expenses
Loss on retirement of property, plant and equipment
OthersTotal— 25 —

Six months ended
28 February 2014

Six months ended
28 February 2015

107
744

265
915

852

1,181

11. Finance income and finance costs
The breakdown of finance income and finance costs for each reporting period is as follows:(Millions of yen)

Finance income
Foreign exchange gains*
Interest income
Dividend income
Others
Total*

Six months ended
28 February 2014

Six months ended
28 February 2015

3,701
324
2
—

12,724
572
34
792

4,028

14,123Currency adjustments incurred in the course of non-operating transactions are included in “finance income”.
(Millions of yen)

Finance costs
Interest expenses
Others
Total

Six months ended
28 February 2014

Six months ended
28 February 2015

496
—

530
3

496

534

12. Earnings per share
Six months ended 28 February 2014
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)Six months ended 28 February 2015
6,153.37
658.28657.52Equity per share attributable to ownersof the parent (Yen)
Basic earnings per share for the period (Yen)
Diluted earnings per share for the period (Yen)

7,660.10
1,027.75
1,026.51(Note) The basis for calculation of basic earnings per share and diluted earnings per share for the period is as follows:

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)— 26 —

Six months ended
28 February 2014

Six months ended
28 February 2015

67,079—67,079101,901,611

104,753—
104,753
101,924,560—
118,553(118,553)—
123,789(123,789)

Three months ended 28 February 2014
Basic earnings per share for the period (Yen)
Diluted earnings per share for the period (Yen)Three months ended 28 February 2015
246.16245.89Basic earnings per share for the period (Yen)
Diluted earnings per share for the period (Yen)352.47351.98(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
28 February 2014
28 February 2015
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)

25,084—25,084
101,904,533

35,926—35,926
101,928,222—
112,335(112,335)—
142,957(142,957)

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
Carrying amounts

As at 28 February 2015

Fair value

Carrying amounts

Fair value

Short-term borrowings
Long-term borrowings (Note)
Lease obligations (Note)

2,857
23,104
11,5992,857
22,065
11,3791,973
22,691
12,576

1,973
21,726
12,298

Total

37,56136,302

37,24135,998(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.
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 isobservable, either directly or indirectly
Level 3 — based on valuation techniques for which the lowest level input that is significant to the fair value measurement isunobservable— 27 —

(Millions of yen)
As at 31 August 2014

Level 1

Available-for-sale financial assets
Financial instruments 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 28 February 2015

Level 1

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

Level 2

Level 3

Total

263
―

―
844

221
―

485
844

―

186,081―

186,081263

186,925

221

187,411For 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.

— 28 —

As at
28 February 2015

5,487
373

5,271
218

5,861

5,489

2. Others
Dividends
The Company resolved to pay a dividend from retained earnings at the meeting of the Board of Directors convened on 9
April 2015.
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”.

— 29 —

Report on review of interim condensed consolidated financial statements
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 28 February 2015, and the related interim condensed consolidated statement of profit or loss and interim condensed
consolidated statement of comprehensive income for the three-month and the six-month period then ended, interim
condensed consolidated statement of changes in equity and interim condensed consolidated statement of cash flows for thesix-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 Standard 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 IAS 34.
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 April 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
for the three months and six months ended 28 February 2015, respectively. Ernst & Young ShinNihon LLC has not reviewed theEnglish language version of the interim condensed consolidated financial statements for the above mentioned period.

— 30 —