FY2017 Q3 決算説明会資料 · 6.7 2015 Q1 Q2 Q3 Q4 2016 Q1 Q2 Q3 Q4 2017 Q1 Q2 Q3 Q4 41.8 35.1...

STOCK CODE : 9449

Fiscal Year 2017

Results Presentation

February 9, 2018

22

1. Overview

2. Financial Results

3. Segment Report

i) Group Overview

ii) Internet Infrastructure

iii) Internet Finance

iv) Online Advertising & Media

v) Mobile Entertainment & Other Businesses

4. Global Strategy

5. Cryptocurrency Business

6. Outlook in FY2018

3

(JPY billions)FY16

Actual

FY17

Forecast

FY17

Actual

YoY

Growth

Vs

Forecast

Net Sales 135.0 145.0 154.2 +14.2％ +6.4％

Operating

Profit17.01 19.00 17.64 +3.7％ -7.1％

Ordinary

Profit16.68 18.50 17.31 +3.8％ -6.4％

Net Profit 7.23 8.00 8.03 +11.0％ +0.4％

Overview

Financial Results for FY2017

- Earnings achieved a record high

- Net profit achieved forecast but operating profit and ordinary profit did

not achieve forecast as Internet Finance lagged in the 1st quarter

4

• OP: JPY 17.64B, up 0.62B (up 3.7% YoY)

Although Internet Finance lagged in the 1st quarter, OP was up as

Infrastructure was growing

+1.89

-1.43

17.0117.64

+0.69

+0.06 -0.31-0.27

FY16 FY17

Overview

Executive Summary

(JPY billions)

Infrastructure

VC

Game

Finance

AdOther

-0.23

Revision of net sales

5

• OP: JPY 5.65B, up 1.61B (up 40.1% YoY)

• Record high quarterly earnings

• For Infrastructure, profit increased significantly. As for the cryptocurrency

exchange business GMO Coin, OP turned positive.

+0.86

4.03

5.65

+0.33

Infrastructure

Finance

+0.33

VC

Other GameAd

Q4’16 Q4’17

+0.04 +0.03 +0.00

One-time revenue (JPY 0.22B) in domain

minne advertisements (up JPY 0.18B YoY)

Overview

Executive Summary: Q4 FY2017 (YoY; 3 mths to Dec)

(JPY billions)

6

Internet

Infrastructure

Net sales JPY 84.72B (Up 29.5％ YoY)

OP JPY 8.49B (Up 28.7％ YoY)

Earnings achieved a record high as revenues and profits grew substantially

Internet Finance

Net sales JPY 27.12B (Down 0.8％ YoY)

OP JPY 8.17B (Down 14.9％ YoY)

Recovered the loss through improvement in FX profitability and cryptocurrency

but earnings dropped due to the late start in Q1

Online Ad & Media


OP JPY 0.97B (Down 24.5％ YoY)

Seasonal factors impacting both new and existing products. Advertisement

distribution regulation was changed, having negative impact.

Mobile Entertainment


OP JPY -0.43B (-0.49B in previous term)

Undergoing organizational restructuring. Cost optimization while focusing on

businesses.

Overview

Executive Summary: FY2017

7

154.2

126.3135.0

2013 2015 20172014 2016

93.7

109.3

27.1

44.0

84.765.4

44.1

27.3

YoY 14.2% up YoY 3.7% up

(JPY billions)

Overview

Financial Results for FY2017

Net Sales (JPY billions)Operating Profit

2013 2015 20172014 2016

17.6

14.8

17.0

11.012.9

8.1

-0.4

0.9

8.4

-0.4

6.5

1.2

9.6

0.6

OtherVCMobile EntertainmentInternet FinanceOnline Ads/MediaInternet Infrastructure

8

1. Overview


3. Segment Report

i) Group Overview





4. Global Strategy



9

Financial Results

Quarterly Earnings

(JPY billions)

Net

Sales

OP

Revenue up

19.1%

Profit up

40.1%

YoY

Quarterly earnings

achieved a record high

2015

Q1 Q2 Q3 Q4

2016

Q1 Q2 Q3 Q4

2017

Q4

5.65

4.494.03

2.72

Q1 Q2

41.8

35.138.0

31.5

Q3

10

23.4

7.8

10.7

21.0

17.614.8

10.7

11.110.3

6.8

6.7

6.7

2015

Q1 Q2 Q3 Q4

2016

Q1 Q2 Q3 Q4

2017

Q4Q1 Q2 Q3

41.8

35.138.0

31.5

Financial Results

Net Sales by Segment

(JPY billions)

Other

Incubation


Internet Finance

Online Ads/Media

Internet Infrastructure

11

Profit by Segment

Financial Results

(JPY billions)

Other

Incubation


Internet Finance

Online Ads/Media


2.51

2.57

-0.12

0.23

5.65

4.03

-0.12

1.65

2.23

0.20

4.49

-0.11

2.02

2.10

0.28

2.72

-0.46

0.96

2.19

0.15

0.38

0.18

2015

Q1 Q2 Q3 Q4

2016

Q1 Q2 Q3 Q4

2017

Q4Q1 Q2 Q3

12

(JPY millions) FY2016 FY2017 Changesupplementary

information

Net Sales 135,026 154,256 14.2%

Gross Profit on Sales 68,248 75,920 11.2%

Operating Profit 17,017 17,642 3.7%

（OP Margin） 12.6% 11.4% -1.2pt

Non Operating Profit and Loss -330 -327 -

Ordinary Profit 16,686 17,315 3.8%

Extraordinary Profit or loss 139 -1,191 -

Profit before Tax 16,826 16,124 -4.2%

Corporate Taxes etc. 6,451 4,047 -37.3%

Profit attributable to

Owners of the Parent7,234 8,030 11.0%

(2017) Incident-related, -270

Financial Results

Consolidated Profit and Loss

13

(JPY millions)End of

12/2016

End of

12/2017Change

GMO

Financial HD

(End of 12/2017)

Change

Current Assets 553,903 677,238 22.3% 519,844 16.4%

Cash & Deposits 90,282 119,006 31.8% 36,542 -1.8%

Fixed Assets 34,915 42,047 20.4% 5,729 17.0%

Goodwill 3,857 2,310 -40.1% 774 -

Software 4,327 5,140 18.8% 1,441 18.5%

Investment Securities 7,832 7,701 -1.7% 1,396 -11.2%

Total Assets 588,819 719,286 22.2% 525,573 16.4%

Liabilities 522,639 644,932 23.4% 493,777 16.5%

Interest-bearing debts 71,512 112,656 57.5% 60,350 10.3%

Net Assets 66,179 74,354 12.4% 31,796 14.7%

Non-controlling Minority Equity26,571 30,582 15.1% 748 -

Shareholders' Equity 39,527 43,697 10.6% 31,048 12.0%

Earned Surplus 33,328 38,113 14.4% 27,154 12.2%

(Shareholders' Equity Ratio) 6.7% 6.1% -0.6pt 5.9% -0.2pt

Liabilities/Net Assets Total588,819 719,286 22.2% 525,573 16.4%

Consolidated Balance Sheet

Financial Results

14

FY16

+3.11

-11.20

+23.74

+15.19

+5.48

-13.21

+35.07

+27.69

FY17

90.12 117.81

-1.88

-1.24

+1.37

-1.68

35.52

Purchase of tangible and intangible

fixed assets: -11.0B

(including investment in Bitcoin mining

business: -7.7B)

Expenses for Bitcoin mining

business: -0.7B

Payment of income taxes: -6.2B

Interest-bearing debt: +41.1B

Financial Results

Consolidated Cash Flow

(JPY billions)

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Change in Cash andEquivalents

Balance of Cash andEquivalents

Significant Factors GMO Financial HD

(FY17)

15

1. Overview


3. Segment Report

i) Group Overview





4. Global Strategy



16

Stock Code Stock Name Exchange Market Cap*1

(JPY billion)% Ownership*2 Equity Share

(JPY billion)

9449 GMO Internet TSE 1 194.0

3769 GMO Payment Gateway TSE1 323.2 51.6％ 166.7

7177 GMO Financial Holdings TSE JQS 80.8 80.7％ 65.2

3788 GMO CLOUD TSE1 23.7 51.8% 12.2

3633 GMO Pepabo TSE JQS 9.0 64.1％ 5.7

4784 GMO AD Partners TSE JQS 8.1 54.9％ 4.4

6180 GMO Media TSE MOTHERS 4.8 65.4% 3.1

3695 GMO Research TSE MOTHERS 3.2 53.7% 1.7

6026 GMO TECH TSE MOTHERS 3.2 54.1% 1.7

Group Total 650.0 260.7

Listed Group Companies: Equity Share

Reference

*1 Market value as of 2/8/2017

*2 Includes indirect holdings

*3 Calculated as the sum of the listed market cap values

*3

17

Business Segments (Composition)

Segment Report

*Net sales ratio is calculated based on the numbers before cancelling inter-segment transactions

18

5,156

44.2％45.5％

5,3165,278

44.6％

2015

Q1 Q2 Q3 Q4

2016

Q1 Q2 Q3 Q4

2017

Q4Q1 Q2 Q3

Strengths: Technology

Reference

Partners

% Engineers All products

developed, sold

and supported

in-house

No.1 in Customer

Satisfaction

19

1. Overview


3. Segment Report

i) Group Overview





4. Global Strategy



20

Internet Infrastructure: Segment Composition

Domestic market share at 55.6% *3

Domain Registrar

Hosting & Cloud

Ecommerce

Security

Payment

Domestic gTLD market share at 88.6%*2

75,000 paid stores

105.5% YoY increase in certificate issues

86,000 merchants*1 Based on our own data

*2 Based on ICANN data

*3 Based on Webhosting.info data

No. 1

No.1

No. 1

Strong

No. 1

Domain Registry Brand TLDs / Geo TLDs

81.7% of gTLD market in Japan *1

Strong

No. 1

Strong

No. 1

No.1 across all Infrastructure products

Reference

21

Payment and Provider were doing well

84.7

55.4

65.4

Net Sales: YoY 29.5％ up

38.146.1 24.3

5.2

8.8

14.0

8.1

18.3

7.8

13.8

8.1

4.9

13.3

13.4

High margin products drove OP.

Record high OP in Infrastructure

despite JPY 1.18B (up from JPY 1.07B

previously) in minne advertising spend.

Operating Profit: YoY 28.7％ up

2013 2015 20172014 2016

Segment Report: Internet Infrastructure

Full-year results trends

(JPY billions) (JPY billions)Other

Provider

Payment

Security

Ecommerce

Solutions

Hosting & Cloud

Domain

8.49

6.59

4.794.31

5.28

2013 2015 20172014 2016

22

Revenue up

32.7％Profit up

52.6％YoY

Historical Performance by Quarter


(JPY billions)

OP

Net

Sales 2.51

2.021.65

0.37

0.19

0.19

*Orange shows strategic investment.

23.4

21.0

17.6

0.96

0.58

14.8

2015

Q1 Q2 Q3 Q4

2016

Q1 Q2 Q3 Q4

2017

Q4Q1 Q2 Q3

One-time revenue (JPY 220M) in domain

23

Record high

JPY 23.4B7.3

1.4

2.4

3.5

2.11.9

3.5

2.2

1.2

4.2

3.6

2.0

3.4

2.1

1.2

5.9

5.2

4.7

1.7

3.5

1.1

2.6

2.9

1.8

2015

Q1 Q2 Q3 Q4

2016

Q1 Q2 Q3 Q4

2017

Q4Q1 Q2 Q3

23.4

21.0

17.6

14.8

Net Sales by Sub-Segment


(JPY billions)

Other

Provider

Payment

Security

Ecommerce Solutions

Hosting & Cloud

Domain

24

2.4％YoY growth

8.92Mcontracts

8.718.92

8.43

7.56

2015

Q1 Q2 Q3 Q4

2016

Q1 Q2 Q3 Q4

2017

Q4Q1 Q2 Q3

Internet Infrastructure Contracts

Reference

(millions)

*

*Excluding minne KPI

25

71

512

2016

Q3 Q4 Q1

2017

Q3

330

Q2

In first 24 hours

Trademark Holders: No of application No.1

Advance Registration: Application fee sales No.1

General Availability: No of registration No.1

Q4

No. 1 : .xyz 2.33M

No. 2 : .loan 2.27MNo. 3 : .top 1.97M

No. 4 : .club 1.28M

No. 5 : .vip 0.90M

No. 6 : .win 0.76M

No. 7 : .online 0.76M

No. 8 : .wang 0.62MNo. 9 : .site 0.53M

No. 10: .shop 0.51M

New gTLD registration rankings


“.shop”｜ Registration progress

(thousands)

Over 500K since launch

New gTLD “.shop” in the top 10*1

Renewal rate: 66.2％*2

*1) Source: https://ntldstats.com/tld/

*2) Average renewal rate (Sep-Nov)

26

1. Overview


3. Segment Report

i) Group Overview





4. Global Strategy



27

Operating Profit: YoY 14.9％ down

8.179.61

6.24

27.129.8

27.3

21.422.9

9.66

4.77

OP dropped compared to the

same period last year, which saw

rise in OP due to Brexit. For

cryptocurrency trading service

GMO Coin, OP turned positive.

2013 2015 20172014 2016 2013 2015 20172014 2016

Segment Report: Internet Finance


Net Sales: YoY 0.8％ downImprovement in profitability despite

drop in FX trading volume

(JPY billions) (JPY billions)

28

Revenue up

15.5％Profit up

15.0％YoY

6.86.7

2.102.23

7.8

2.57

6.7

2.19

2015

Q1 Q2 Q3 Q4

2016

Q1 Q2 Q3 Q4

2017

Q4Q1 Q2 Q3



(JPY billions)

OP

Net

Sales

29

2015

Q1 Q2 Q3 Q4

2016

Q1 Q2 Q3 Q4

2017

Q4Q1 Q2 Q3

22.7％

24.1％26.6％23.5％

208

344

242257


GMO Financial HD: FX Trading Volume

Trading volume

Share

(JPY trillions)

Prepared based on Results Presentation of GMO Financial HD for Q4 of FY2017 and “Monthly Statistical Bulletin on Over-The

Counter Retail FX Margin Trading” published by the Financial Futures Association of Japan (FFAJ)

Trading volume down

39.4％

YoY

No.1 annual FX

trading volume

worldwide for 6th

consecutive year

30

0

1

1

2

2

3

3

4

4

5

0

0

0

0

0

0

0

0

0

0

1

5月 6月 7月 8月 9月 10月 11月 12月

Customer accounts

and trading volume

growing steadily

2017

Launch

Trading volume

Customer accounts


GMO Coin: KPI

Registered

cryptocurrency

exchange

business

May Jun Jul Aug Sep Oct Nov Dec

Line-up of cryptocurrencyBitcoin

Bitcoin Cash

Ethereum

Litecoin

Ripple

31

Customer

assets

・Majority of the funds are managed

in cold wallet・Segregation of all the assets that

GMO Coin keeps for customers based

on the laws and regulations

Security

measures

・Generally adopting multi-signature*

(excluding cryptocurrencies without

multi-signature features)

*Multi-signature is a way of ensuring security by distributing and saving multiple private keys to access cryptocurrencies.


GMO Coin: Strengths

3232

To be Launched in July 2018

JV established

Share acquisition: JPY9.7B (9.37%)

Investment: JPY3.86B (3.36％)

Payment

Securities/FX

Net Bank

Share acquisition: JPY1.16B (14.9%)

(85.1%)JV Launched in Feb 2016

Finance and Payment: Alliance Strategy

Capital and Business Alliances(Daiwa Securities Group Inc., )

(Sumitomo Mitsui

Banking Corporation )

(Aozora Bank)


33

1. Overview


3. Segment Report

i) Group Overview





4. Global Strategy



34

Media performance weakened as

advertisement distribution regulation

was changed and there was a drop in

the sales of existing products

0.971.29

1.63

44.040.5

44.1

31.535.3

1.22

1.96

12.6

28.2

3.1

26.7

14.4

2.9

Net Sales: YoY 0.2％ down

Rise in profits from ad tech unable

to offset drop in profit of high-

margin Media products

Operating Profit: YoY 24.5％ down

2013 2015 20172014 2016 2013 2015 20172014 2016

0.23

*Gray shows revised OP in Online Advertising and Media

Segment Report: Online Advertising & Media


(JPY billions) (JPY billions)

Internet

Media

Online

Advertising

InternetResearch/Other

35

0.28

0.230.15

0.20

10.711.1

10.3

*Gray shows revised OP in Online Advertising and Media

10.7 Revenue down

3.5％

Profit up

14.4％YoY

2015

Q1 Q2 Q3 Q4

2016

Q1 Q2 Q3 Q4

2017

Q4Q1 Q2 Q3



(JPY billions)

OP

Net

Sales

36

11.1

3.0

6.9

0.8

6.2

3.4

0.6

6.9

3.4

0.7

2015

Q1 Q2 Q3 Q4

2016

Q1 Q2 Q3 Q4

2017

Q4Q1 Q2 Q3

10.3

10.710.7

6.8

3.1

0.7

Net Sales by Sub-Segment


(JPY billions)

In-house ad tech products

grew but organizational

restructuring had a large

impact on the net sales

■ Internet Media

■ Online Advertising

■ Internet Research/Other

37

1. Overview


3. Segment Report

i) Group Overview





4. Global Strategy



38

Segment Report: Mobile Entertainment & Other Businesses

Performance (YoY)

Mobile

Entertainment

Net Sales

Operating profit

0.89

-0.43

(-58.2％)(-0.49 in previous term)

On December 1, 2017, three group companies were

merged into GMO Internet through organization

restructuring. Working toward cost optimization and

fully focusing on the game development.

Incubation

Net Sales

Operating profit

1.31

0.66

(0.44 in previous term)

(-0.02 in previous term)

Posting gain via sale of listed and unlisted shares

(JPY billions)

39

1. Overview


3. Segment Report

i) Group Overview





4. Global Strategy



4040

Finance

*As of December, 2017

Launched(November 20, 2017)Thailand

Global Growth: Locations

Global Strategy

Infrastructure20 countries, 58 locations, 1,272 global partners (“staffs”)

4141

156.3％

YoY growth

3.71

1.44

8.9％

2.24

5.9％

1.26

4.1％

2015

Q1 Q2 Q3 Q4

2016

Q1 Q2 Q3 Q4

2017

Q4Q1 Q2 Q3

4.０％

Global Strategy

Global Growth: Global Net Sales

(JPY billions)

Global

Sales

Ratio

Net

Sales

42

1. Overview


3. Segment Report

i) Group Overview





4. Global Strategy



43

Cryptocurrency Business

44

22.85M

10.99M

USD 16.1B

17.1 18.2

Source: blockchain.info

USD 115.2B(approx. JPY 12.6T)

USD 323.0B

17.1 18.2


Bitcoin market environment (1)

Wallet users Market cap (BTC)

45

USD 1.96M

2,463PH/s

23,938PH/s

USD 16.45M

(approx. JPY 1.81B)

*The unit of mining speed (computational ability) of mining

machines. 1PH/s=1015 H/s.

17.1 18.217.1 18.2

USD 53.19M

Source: blockchain.info


Bitcoin market environment (2)

Miner’s total revenue (BTC) (daily)

Hash rate (BTC) (PH/s)*

46

インターネット

「情報」の境界線をなくすDate of

announcementSeptember 7, 2017 November 6, 2017 February 9, 2018

Deadline (plan) H1 FY2018 H2 FY2018

Goal 500PH/s 1,500PH/s

Total amount of investment JPY 10.0B JPY 38.0B

At the end of 2018

3,000PH/s

Entering

cryptocurrency

mining business

Q3 financial results -

progress report

*Cash flow based numbers required achieve the goal.

*

◎In-house mining ◎Development and retail of chips ◎Cloud mining

JPY 38.0BNo change

Financial results for

FY2017 – progress

report


Cryptocurrency mining business: Looking back

47

12月 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月

3,000PH/s

Actual

Outlook

74PH/s


In-house mining

Cloud mining


In-house mining and hash rate: Actual vs. outlook

May Jun Jul Aug Sep Oct Nov DecDec Jan Feb Mar Apr

48


The amount of mining reward in market value

(reference)

Dec Feb

(Outlook)

(JPY billions)

0.23

Jan

2017

Made a good start

2018

*For December, 11 days since the launch of a cryptocurrency mining business on December 20

0.110.09


In-house mining and hash rate: Actual vs. outlook

49



In-house mining: Next-generation mining center

50



In-house mining: Next-generation mining center

51

Succeeds in developing a 12 nm FFC*1 process based semiconductor chip


*1) FFC is an abbreviation of Fin FET Compact, which is one type of field effect transistor with 3-dimensional structure


Developing a semiconductor chip

52

✓Prior to the development of a 7 nm

process technology, validation of SHA256*1

logic circuit is complete

✓We have succeeded in developing 12 nm

semiconductor mining chip, a cutting-edge

ASIC*2 mining hardware


*1) SHA256 is an encryption algorithm used in Bitcoin and Bitcoin Cash

*2) Integrated circuits (circuits having multiple features) for a specific usage are collectively referred to as the ASIC


Developing a semiconductor chip

Succeeds in developing a 12 nm FFC process based semiconductor chip

53

Jun Jul Aug Sep OctDec Jan Feb Mar Apr May

Phase 1

Launch the mining

based on ready-made

mining computers

Nov Dec

Phase ２

Launch the mining based

on our own chips

Phase ３

Launch the mining based on

next-generation 7 nm mining

chips

Cryptocurrency mining business: Development plan

The year 2018


54


March 2018 Start accepting applications

August 2018 Launch


Cloud mining: Overview

55

GMO Internet will be renting out part of our

mining facilities full of mining machines equipped

with our original next generation 7nm mining

chips, and manage the facilities. Customers will

receive cryptocurrencies gained through mining as

a reward if they succeed in mining with our

facilities that they are using (we will charge

management fees separately).




56

Launch DateAccepting applications: March 2018

Launch: August 2018

Facility rental fee5M USD per rental contract (One time upfront payment for 2 years

rental contract)

Operation fee

TBD

* We will take into account the power cost, land cost, maintenance

cost, etc...

Term of Contract 2 years (no cancellation policy)

Currencies (TBD)Cryptocurrencies mined on SHA256 algorithm (Bitcoin, Bitcoin

Cash)

Registration

- We plan on accepting up to 8 contracts per month

- We will start accepting applications starting 3/1/2018

- URL: https://cloudmining.z.com/




57

Aim to become No. 1 in the field of cryptocurrency

Cryptocurrency mining

business

Cryptocurrency

exchange business

Cryptocurrency payment

Cryptocurrency

Mining

Payment

Exchange

Cryptocurrency Business: Summary


58

1. Overview


3. Segment Report

i) Group Overview





4. Global Strategy



59

Outlook in FY2018

60

Change in segment nameOutlook in FY2018


Before

Online Advertising & Media

Internet Finance


Incubation

Other


After

Online Advertising & Media

Internet Finance

Cryptocurrency

Incubation

Other

┣

┗

New

Cryptocurrency mining

Cryptocurrency exchange

61

Difficult to calculate the forecasts on

Cryptocurrency and Internet Finance businesses

For the cryptocurrency mining business, we are

considering the monthly disclosure of KPIs

Forecasts

GMO Internet will not disclose forecast

earnings in FYE12/2018

Outlook in FY2018

6262

Dividend Payout

Ratio

Share Buyback

33%

17%

Total Shareholder

Returns Ratio

50%

Quarterly dividend

Net profit at end of fiscal

year to form basis of

buyback in following year

Over

Shareholder Returns PolicyForecasts

6363

2014 2015 2016 20182017

17

2321

38

FY17 Actual

Number of shares: 0.90M

Total amount repurchased:

JPY1.18B

Dividend

FY18 Expectation

Number of shares: 1.00M

Total amount repurchased:

approx. JPY1.36B

Special dividend + dividend increase＝JPY19

Dividend increase due to extraordinary

profit on sale of GMO CLICK HD shares

TBA

Forecast earnings in FYE12/2018 will not be

disclosed, so dividend forecast will not be

disclosed as well. Planning quarterly

dividend based on the shareholder returns

policy, i.e. dividend payout ratio of over

33%.

Shareholder Returns

Shareholder Returns

(JPY)

Acquisition of treasury stock

6464

Aim to become No. 1 in the field of cryptocurrency

2018年度の見通し

65

Internet for Everyone

66

Copyright (C) 2018 GMO Internet, Inc. All Rights Reserved.

This document includes projections based on expectations, premises and plans as of February 9, 2018. These projections may

differ from actual results due to factors including changes in the global economy, competition, exchange rate fluctuations, market

cap of Cryptcurrency, natural disasters and other unforeseeable events. Some of the figures given, such as market share are based

on our own calculations. These figures may differ from research agency figures.

Information contained in this document is provided for information purposes only and does not constitute solicitation of

investors. Further, results forecasts and other forward-looking statements are based on premises that include risks and factors that

are largely indeterminable. Please understand that actual results may differ significantly as a result of forces including economic

conditions and market environment. No responsibility for any reason is accepted for damage sustained as a result of actions taken

based on this information.

FY2017 Q3 決算説明会資料 · 6.7 2015 Q1 Q2 Q3 Q4 2016 Q1 Q2 Q3 Q4 2017 Q1 Q2 Q3 Q4 41.8 35.1...

Documents

Transcript of FY2017 Q3 決算説明会資料 · 6.7 2015 Q1 Q2 Q3 Q4 2016 Q1 Q2 Q3 Q4 2017 Q1 Q2 Q3 Q4 41.8 35.1...