Morningstar Japan K.K FY2015 Financial ResultsMorningstar Japan K.K FY2015 Financial Results (Year...
Transcript of Morningstar Japan K.K FY2015 Financial ResultsMorningstar Japan K.K FY2015 Financial Results (Year...
Morningstar Japan K.K
FY2015 Financial Results
(Year Ended Mar. 31, 2016)
April 22, 2016
Morningstar Japan K.K
Representative Director & CEO
Tomoya Asakura
2
Part 1
Summary of Consolidated and Group
Companies’
Financial Results
3
Operating income, ordinary income, net income increase
for seven consecutive years and recorded the highest
FY2015 Consolidated Performance
(thousand yen)
FY 2014 FY 2015 YoY
Change
(%) (Apr.2014-Mar.2015) (Apr.2015-Mar.2016)
Sales 4,190,516 4,669,570 11.4
Operating Income
1,148,555 1,406,004 22.4
Ordinary
Income 1,159,610 1,406,639 21.3
Net Income 716,496 918,363 28.2
4
323
415 459
595
762
1,019
1,148
1,406
11.6
17.6
19.8
27.1
25.5 26.0
27.4
30.1
0
5
10
15
20
25
30
35
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2009/03 2010/03 2011/03 2012/03 2013/03 2014/3 2015/3 2016/3FY2015 FY2014 FY2013 FY2012 FY2011 FY2010 FY2008
Changes in Consolidated Operating Income
22.4%UP
(Million of JPY) Operating Income Improved to more than 30%
(%)
FY2009
5
191 294
238
55 70 104 238
313 328 360 394
529 573
737 859
950
191
19 74
60 101
148
193
266
(5)
55 65
66
189
282
289
456
824
313 312
115 171
252
431
245
323
415 459
595
762
1,019
1,148
1,406
(100)
100
300
500
700
900
1,100
1,300
1,500
00/12 01/12 02/12 03/12 04/12 05/12 06/12 08/03 09/03 10/03 11/03 12/03 13/03 14/03 15/03 16/03
15ヶ月決算の3ヶ月分(07/01~07/03)
子会社
モーニングスター単体
2011/3
East Japan
Earthquake
Changes in Operating Income since Listing
(June 2000) on the Stock Exchange Consolidated operating income increased for seven consecutive years and
Nonconsolidated Operating Income increased for twelve consecutive years
※1.On June 23, 2000, Morningstar shares went public on Osaka Stock Exchange’s NASDAQ Japan (present Tokyo Stock
Exchange’s JASDAQ Market).
2.Following a change in the accounting term, the year ended March 31, 2008 had 15 months. To compare realistically, therefore,
the above operating income in the fiscal year represented for the period between April 2017 and March 2008, excluding the period
from January 2007 ~ March 2007.
3.The above graphs omit consolidated eliminations.
15-month results (※2)
2008/9
Lehman shock
(JPY Million)
15-month financial results of the 3 months
subsidiary
Morningstar single stable form
6
39.2%
32.1%
28.7%
(FY2015)
450
35.1%
24.5%
40.4%
(FY2015)
Component ratio of Sales
and Operating income by Segment
(Data Solutions)
( Data Solutions )
( Media Solutions ) (Media Solutions )
(Asset management) ( Asset management )
1,637 1,887
1,144
551 403
(Million yen)
Sales Operating
Income
7
FY2015 Revenue by Segment
Segment Service name FY 2014 FY 2015
YoY
change
(Apr.2014 -Mar. 2015) (Apr.2015 -Mar. 2016) (%)
Data Solutions
Fund Data (Morningstar)
(Tablets) 164,008 271,783 65.7
(Other Data) 383,938 426,063 11.0
Total 547,945 697,845 27.4
Fund Report (Morningstar) 185,929 222,226 19.5
Money Look (E Advisor) 59,509 87,065 46.3
Newspaper Subscription (Morningstar)
327,681 307,565 -6.1
Media Solutions
Media Solutions
654,009 688,811 5.3 (Morningstar:Web advertising &
seminar)
Web Consulting 203,403 250,942 23.4
(Morningstar(Gomez))
Asset
management
Management Trust Fee
(SBI Asset management) 1,451,270 1,864,421 28.5
(JPY thousand)
8
※Operating income, ordinary income, increase for twelve consecutive
years and recorded the highest.
※Net Income for FY2014 included extraordinary gains of 93 million yen
from the acquisition of Searchina Co., Ltd. Excluding those gains,
FY2015 would have seen income growth on a year-over-year basis.
FY2015 Nonconsolidated Performance
for Morningstar Japan K.K.
FY 2014 FY 2015 YoY
Change
(%) (Apr.2014-Mar.2015) (Apr.2015-Mar.2016)
Sales 2,555,044 2,739,988 7.2
Operating Income
859,423 950,165 10.6
Ordinary
Income 863,111 949,822 10.0
Net Income 626,459 615,112 △1.8
(JPY thousand)
9
86 266 441 1,279
5,771
8,105
10,007
13,090
23,014
34,820
41,314
1
5
11
15
21
29
37
44
49 49
57
0
10
20
30
40
50
60
70
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
2011年
3月末
2011年
9月末
2012年
3月末
2012年
9月末
2013年
3月末
2013年
9月末
2014年
3月末
2014年
9月末
2015年
3月末
2015年
9月末
2016年
3月末
台数
社数
2011/9
2012/3
2012/9
2013/3
2013/9
2014/3
2014/9
2015/3
2015/9
2016/3
Number of Companies Use
Morningstar Tablet Application
57 Financial institutions
41,314 Sets
(2016 End of March)
(Number of ID) (Number of
Financial institutions)
Number of ID
Number of Financial institutions
2011/3
10
Growing Needs for the Robot Advisor Tool Morningstar completed comprehensive renewals
to the Robot Advisor Tool for Mizuho Bank in March 2016,
Active promotion of the Tool to financial institutions by customizing it to their requirements
Fhase1 Fhase2
・Making a proposal on long-
term fund management plans,
with an eye to investment
goals and credits &
withdrawals during the fund
management term
・Monitoring of holding funds
・Proposal to rebalance the
portfolio to include lower-cost
funds
March 2016~ October 2015~
11
0
20
40
60
80
100
2015年
3月
2016年
3月 2016/3
Smart phone
56.7%
Morningstar Page Views by Device Type
42.3%
56.7%
The page view ratio of compositions
According to the device
(Web 13.7%)
(App 28.5%) (App 39.6%)
(Web 17.1%)
(%)
PC
57.7%
PC
43.3%
Smart phone
42.3%
Smartphone Page View exceeds the PC Page View over the past year.
The number of application downloads exceeded 470,000.
2015/3
12
Continuously Development of the
Functions of the smartphone
Even a small smartphone screen, and ease of use of more than PC screens.
‘Asset Management Search Engine’ (to be
released at the end of this month) helps users in
search of management firm-specific mutual funds.
‘Purchase Simulation’ was released in March
This application significantly eases
complicated calculations, such as purchase
commissions and contract prices.
13 0
1,000
2,000
3,000
4,000
5,000
6,000
(JPY Billion )
5,265
1,590
1,882
1,226
FOY2015
2016/1/28 released
1,574 1,725
ALL FUND
FOY
FUND 35.7%
Influence of ‘Fund of the Year’ (FOY) Cash inflows data of FOY2015 released before and after
Monthly net cash inflows to FOY award-winning funds for March 2016 (approximately Yen 172.5
billion in total 36 funds) topped those to the total (approximately Yen 157.4 billion in 4,300 funds).
77.1%
109.6%
2016/1 2016/2 2016/3
14
Morningstar Held ‘Fund of the Year’ Seminars in 3 Major Cities
Total attendance at the three seminars (in Tokyo, Nagoya and Osaka): 1,295
・“I am pleased to have been able to hear a talk by an active fund manager.”
・The seminar provided very useful information concerning the investment
philosophy for the best fund of the year.
・I am grateful for the useful information from the evaluating company’s views.
・I hope that your public recognition of excellent mutual funds
will continue in the future.
BMW(Deutsche) H. MOSER (Switzerland)
High-class automobile manufacturer BMW and luxury watch manufacturer
H. MOSER & CIE. co- sponsored for the first time
【Special Sponsor】
【Voice of visitors】
15
Expanding Inflow of the Money to
High-Rating Fund of Morningstar
Sumitomo Mitsui Asset Management disclosed Morningstar
rating of all operating fund (about 140 pieces) in the website.
It is the first case in fund operating company
<2013/4> <2016/3>
16
395
698
0
100
200
300
400
500
600
700
800
900
1,000
2015 2016
Background: Tighter stipulations of the ‘Fiduciary Duty’ by the Financial Services
Agency of Japan(‘Financial Administration Policy' for Program Year 2015)
※Sales company is, whether the product selection of
customer-oriented and you are being questioned
Extension in ‘Fund Monitoring Service’ for Sales Companies
BANK
Securities
Insurance
()is last year
(Number)
:417(144) : 61( 31) :220(220)
Task Sales Companies
✔Excessive trading of investment trusts or other means
to generate commissions.
✔Transparency of commissions is also an issue to
address.
Aspiration
Sales Companies
✔Provision of high-quality financial products and
services, of truly benefit to clients.
The Number of Contracts of
‘Morningstar Fund Monitoring Service’
17
ASATSU-DK INC. has decided to introduce the service – the first project.
Starting the Investment Advisory Service using the “Robo Advisors Tool”,
for Members of Defined Contribution-type Pension Plans
Investment consulting
Contract descriptions
(including members)
Neutral investment advice
through the Robo advisors
【Features of the service】 ・The service will leverage the Robo Advisor tool that has been introduced by a number of financial institutions
・Morningstar Asset Management (a registered investment advisory firm) will sign contracts with companies
that have already adopted DC plans to provide their DC members with impartial and objective investment support.
・Provision of an investment advice program, tailored to fit different portfolios of companies with DC plans.
・The service can be accessible from any type of device (e.g. PC, smartphone and tablet).
Investment advisory contract
DC Adopter
Subscriber
Investment advisory contract
(covering DC members as well)
Provision of impartial investment support
(i.e. advice) using the Robo Advisor tool
Robo Advisor will propose the optimal
fund allocation and individual funds.
Details available by telephone or email.
18
Financial Results of E-Advisor
( JPY thousand)
FY 2014 FY 2015 YoY
Change
(%) (Apr.2014-Mar.2015) (Apr.2015-Mar.2016)
Sales 59,508 87,065 46.3
Operating Income
31,818 52,422 64.8
Ordinary
Income 32,704 52,336 60.0
Net Income 20,839 33,823 62.3
Operating income, ordinary income, net income are
a significant increase of 60% more
19
E-Advisor is Transforming its ‘Money Look’ Service from
‘Asset Management’ to an ‘Asset advice’ Tool
It provides a function of regular information-gathering and reporting the status of
individual assets.
It takes into consideration future links with Morningstar’s own data.
Provided as an information-gathering infrastructure of
affluent financial planning in independent FP company.
Collection of transaction data FPs confirm asset status. Financial planning based
on actual conditions.
Collect asset information,
using the account
aggregation function.
The tool provides a near-
automated function to
confirm asset status on a
regular basis.
Based on actual asset data,
the tool presents an optimal
asset management plan.
20
Significant increase of Operating income,
ordinary income are more than 60%, of Net income is 71.1%
Financial Results of SBI Asset Management
FY 2014 FY 2015 YoY
Change
(%) (Apr.2014-Mar.2015) (Apr.2015-Mar.2016)
Sales 1,451,270 1,864,421 28.5
Operating Income
239,604 395,016 64.9
Ordinary
Income 239,168 396,250 65.7
Net Income 154,271 264,026 71.1
(JPY thousand )
21
Total net assets as on March 31, 2016 = Yen 186.9 billion
Change in Net Assets of the Investment
Fund operated by SBI Asset Management (JPY Trillion)
1,075 1,098
1,129 1,173
1,201 1,208 1,181
1,145
1,233 1,271 1,288
1,347
1,394
1,501
1,621
1,779
1,672 1,673
1,933 1,930
2,038
1,872
1,738
1,869
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2014年4月 2014年7月 2014年10月 2015年1月 2015年4月 2015年7月 2015年10月 2016年1月 2014/10 2015/4 2015/7 2015/10 2016/1 2016/3 2014/4 2014/7 2015/1
22
Net Cash Inflows to Major Funds
(JPY Billion)
Ranking Public/
Private Fund name
2015/4~
2016/3
1 Private SBI Allianz Japanese stocks concentrated
investment strategy fund (from 2015/9/9)
(For Daiwa Securities’ Fund Wrap service: To Japanese share selection )
382
2 Public Global REIT triple Premium Fund 264
3 Public SBI Japanese stocks 3.7 Bull 221
4 Public
SBI small and medium-sized undervalued growth
stock fund Jay Revive
( 『jrevive』 and 『jreviveⅡ』 ) 78
5 Public EXE-I series(5 fund total) 51
Net inflows top 5 funds April 2015 to March , 2016
23
Ranking Asset Management Company Net capital inflows Ranking Asset Management Company Net capital inflows
1 Nomura 33,140 26 JPMorgan Chase & Co 277
2 Daiwa 14,524 27 Resona AM 277
3 SMBC Nikko 13,684 28 Rakuten 276
4 Mitsubishi UFJ Kokusai 9,206 29 Astmax 269
5 Nissei 6,688 30 Ichiyoshi 247
6 Daiwa Sumigin 6,360 31 Schroder 241
7 Shinko 5,915 32 Sky Ocean 234
8 Sumitomo Mitsui Financial 4,731 33 Aozora 171
9 Sumitomo Mitsui Trust 4,663 34 Lyxor 160
10 Fidelity 4,261 35 ChibaginAM 138
11 DIAM 2,833 36 PineBridge 112
12 BlackRock 2,751 37 Barings 103
13 Goldman Sachs 2,585 38 Kamakura 95
14 Alliance Bernstein 1,626 39 Norinchukin Zenkyoren 95
15 Tokyo Marine 1,535 40 Eastspring 92
16 Okasan 1,333 41 JP invest 86
17 SPARX 929
18 Mizuho 890 71 BNY Mellon -223
19 Shinkin 833 72 BNP paribas -245
20 Simplex Inc 764 73 Meiji Yasuda -276
21 SBI 594 74 HSBC -318
22 Rheos Capital Works 586 75 Pictet -342
23 Amundi Japan 357 76 Invesco -402
24 Carrera 303 77 Deutsche Bank -776
25 SAISON 302 78 Sompo Japan Nipponkoa -877
78/21
Net capital inflows rankings April 2015 to March ,2016
Net cash Inflows
by the Fund Management Company
(JPY Billion)
24
R&I Fund Awards: SBI Asset Management Won the Highest
Award in the General Japanese Stock’ Category
Sector Award Sector Award target
Japanese stock comprehensive
sector Highest award SBI Asset Management
Japanese small stock sector Best Fund Award SBI small and medium-sized undervalued growth stock fund
Jay Revive
( 『jrevive』 and 『jreviveⅡ』 ) NISA Japanese small stock sector Best Fund Award
Japanese small stock sector Excellence Fund
Award Small and medium-sized growth stock fund "next Japan"
Asian stock Multi-Country Excellence Fund
Award SBI India & Vietnam Stock Fund
Other recent media coverage
・February 8, 2016: Won first place in the ‘Sharp Ratio Ranking’ of Nikkin Investment Trust News (issued on February 8, 2016).
・Ranked third in the “2015 Growth Rate Rankings of Open-ended Stock Investment Trusts” (evening edition on January 14, 2016)
・Placed first in the “3-year Growth Rate Rankings” (evening edition on January 7, 2016)
・On December 17, 2015, in the “Investment Trust NAVI” show, on Nikkei CNBC TV channel, SBI Asset Management was referred
to by President Usami of Angel Japan Asset Management Limited, an investment advisory firm.
・Received a ‘5-star’ rating from NRI’s investment trust evaluation report “Fundmark” in its ‘Japanese Shares/Style/Medium to
Small-Cap’ category.
On March 6, 2016, NIKKEI VERITAS gave the highest rating to SBI
Asset Management for its capability in managing Japanese share funds.
‘SBI Growing Medium to Small-Cap Value Shares
Fund (J-Revive)’ has drawn increasing attention
after much media coverage.
25
Part 2
Business focus to changes in the business
environment
26
Cash & Savings
52%
Bond 1%
Investment Fund 6%
Equity 10%
Insurance & Pension
29%
others 2%
Cash & Savings
14% Bond 4%
Investment Fund 13%
Equity 34%
Insurance &
Pension
32%
others 3%
Asset composition ratio of households
in Japan and United States
< JAPAN >
1,741 Trillion yen
< USA >
70.3 Trillion dollars
Japanese households are undergoing a shift from ‘savings’ to ‘investment’.
※Source: ‘Flow of Funds - Overview of Japan, the United States and the Euro area – ‘,
Research and Statistics Department, Bank of Japan (published on April 5, 2016)
401K
10%
27
979
1,145
1,322
1,055
1,224
1,300 1,279
1,434
1,517
1,744 1,726
55 69 80 52 61 61 57 64 82 94 99
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
米国
日本
USA
JPN
※USA=ICI、JPN=Investment Company Institute
1$=110 yen
Changes in Net Assets of Publicly-offered
Investment Trusts in the United States and Japan (JPY Trillion )
28
Defined-Contribution (401K)
Pension Account in Japan and US (JPY Trillion)
480
378
482
540 560
611
689
746
3.0 3.2 2.8 3.8 6.0 6.8 7.4 8.8
0
100
200
300
400
500
600
700
800
2008年
3月
2009年
3月
2010年
3月
2011年
3月
2012年
3月
2013年
3月
2014年
3月
2015年
3月
米国
日本
USA
JPN
2009/3
2010/3
2011/3
2012/3
2013/3
2014/3
2015/3
※USA=ICI、JPN=Administrative agency liaison council
1$=110 yen
2008/3
29
≪For better management of DC plans≫
・With the aim of easier identification of investment choices, mandatory provision of continuous investment
education, upper limits of the number of investment choices and other measures will be implemented.
・Predetermined regulations for the designated fund management operation will be reviewed and improved
if necessary, together with the inclusion of provisions in the designated fund management operation with
an eye to facilitating the construction of a portfolio which is likely to produce the effectiveness of diversified
investment.
The DC Plan Market is Increasingly Showing
Potential for Further Growth
≪Promotion and enhancement of corporate-type pension plans≫
・For medium and small companies (with 100 or fewer employees) that are unable to introduce a
corporate pension program on account of extra administrative costs or other constraints, ‘simplified
DC plans’ will be established.
※Source: Extracts from ‘The Bill for Partial Revision to the Defined-Contribution Pension Law’, the Ministry of Health, Labour and Welfare
≪Steps to cope with diversifying life courses≫
・The category III insured (i.e. the dependent spouse of a company employee), together with members
of both corporate pension plans and public service employees’ mutual aid associations, can also hold
an individual-type plan.
A bill to reform the pension system has been passed by the Upper House in Japan.
The bill is under deliberation by the country’s Lower House.
It is expected that the new bill will clear the Diet by the
end of the current session on June 1, 2016.
30
Sales company
(Bank)
Sales company
( Bank )
Sales company
(Securities)
Sales company
(Securities)
投資信託INDEX
Asset
management
Investment trust INDEX(57Company、4.1 Million units )
Asset
management
Asset
management Asset
management
Fund manager
Interview Video Report
Morningstar Aims to Provide a Platform for
Investment Information using Tablets
Individual
investor Individual
investor
Individual
investor Individual
investor
31
SBI Securities, kabu.com Securities, etc.
Step 1.
Diagnosing the risk
tolerance from
Questionnaire.
Step 2. Identification of an
appropriate investment
type to match the risk
tolerance.
Step 3.
Proposal of a
model portfolio
Step 4.
Proposal of specific
investment funds
Expected to FinTech related demand of financial
institutions by providing Lobo advisor tool
32
Morningstar has made a step forward next-
generation investment education
Robo Advisor
E-Learning
※Image is under development
Provision of the E-learning and Robot Advisor tools that utilizing AI and big data.
33
Providing total solutions of the fund of funds and
fund wrap
Individual investor
Portfolio
Investment
Information &
Evaluation
data
Prepare a portfolio to provide to investors
Morningstar
Asset Management
Equity 60
Bond
20
REIT
10
PE
10
Stable growth Growth Active
(Evaluation information of the
global fund · ETF)
・Construction of an optimal portfolio
・Selection of high performance fund
・Execution of monitoring and
rebalancing
Equity 20
Bond 70
REIT 10
Stable
Investment
advisory
Sales company
Equity 50
Bond 30
REIT 10
HF 10
Equity 40
Bond 50
REIT 10
Balance
Equity 20
Bond 60
REIT 10
HF 10
34
Future Policy and Basic Strategy of SBI Asset Management
【 Product Strategy 】
・Continue to focus on development in ‘flagship funds ‘.
Flagship fund candidate: J-series (Japanese medium and small cap shares), Indian and Vietnam shares,
My-Wrap, 3.7 Bull-Bear, EXE-I, diversified-type (TRIPRE/PIMCO), etc.)
・New funds
With an eye to capturing potential needs in the future market environment, the creation of funds for both
the short and medium to long-term are under discussion.
【Basic policy】 “To manage total assets of 1 trillion yen by 2020”
【Channel-specific Strategies】
First step: Establish our brand status taking advantage of our strengths as a member of the SBI
group
Second step: Take advantage of established brand status, customer powerful appeal fund (above
flagship fund), expand the sales companies primarily regional banks
35
167 186 190
238
273
316
369
438
524
0
100
200
300
400
500
600
2011 2012 2013 2014 2015 2016 2017 2018 2019
□ Launched an Indonesian joint venture with the Corfina Group, the financial service and IT business
operator in the local market.
□ The first company in Indonesia that obtained a license to run a business engaging in an investment
advisory service for corporate clients.
□ The population of Indonesia is 250 million; of which just below 300,000 hold investment trusts. Investment
trusts represent just 2.1% of the country’s GDP, indicating that the market has great future growth potential.
(IDR Trillion)
(Forecast) ※ 出所:The Cerulli Report ・ Asset Management in Southeast Asia 2015
Expanding Investment Trust Market in Indonesia
36
FY2015
■Received an order for a report concerning the evaluation of state-run plantations’
pension funds.
■With the launch of company websites, it began to account for network advertising
revenue.
Future Development of Indonesian Business
Outlook for FY2016
①To enhance further the evaluation service for pension funds (it has already
received a number of inquiries; plans to hold a seminar targeting pension fund
sponsors and management firms).
②To increase orders for website advertising (direct sales other than network
advertising to be commenced).
③The development and marketing of investment trust sales support products
targeting FPs (Indonesian-version of Investment Trust INDEX) will be
commenced. (Development was undertaken in January 2016).
37
Shareholder Returns
Part 3
38
1.8 2.0
2.5
3.0 3.3
4.2 5.0
7.0
5.5 0.5
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
2009年3月期 2010年3月期 2011年3月期 2012年3月期 2013年3月期 2014年3月期 2015年3月期 2016年3月期
記念配当
普通配当
Dividend Increase for 7th consecutive Year
27.3%UP
(JPY)
2015 FY 2016 FY Confirm Dividend increase amount
(rate)
Ordinary dividend 5円00銭 7円00銭 2円00銭(40.0%)
Commemorative dividend 50銭 - -
Year-end dividend per share
5円50銭 7円00銭 1円50銭(27.3%)
<Year-end dividend>
Dividend of fiscal year ended March 31 2016, for the ordinary dividend,
2 yen (40.0%) increased, to 7 yen
Increase of 0.5yen per share from 6.5 yen of the dividend forecast announced on February
18,
2009 2010 2011 2012 2013 2014 2015 2016
Ordinary dividend
Commemorative dividend
39
Shareholder Incentives The provision of free coupon of "kabushiki shinbun web version (usually monthly
4,320 yen (tax included)" and " ALA plus" and provision of half-price discount
tickets of Health supplements and cosmetics containing ALA
Unit number
(number of
shares)
(1) 『Stock Newspaper
for WEB』 (2) ①『ALAplus ②「ALA cosmetics 」 Total
1 unit (100 shares) 2016/5/1~2016/7/31
①
②
¥15,940 2 unit (200 shares) 3month free Ticket
3 unit (300 shares) (¥12,960)
4 unit (400 shares) 2016/5/1~2016/10/31
¥28,900 5 unit (500 shares) 6month free Ticket
6 unit (600 shares) (¥25,920)
7 unit (700 shares) 2016/5/1~2017/1/31
¥41,860 8 unit (800 shares) 9month free Ticket
9 unit (900 shares) (¥38,880)
2016/5/1~2017/4/30
¥54,820 10 unit
(1,000 shares)~ 12month free Ticket
(¥51,840)
Free coupon for one set of ‘ALAplus’,
the nutritional supplements containing
Alpha-Lipoic Acid (ALA), sold by SBI
ALApromo Co., Ltd. (retail price Yen
2,980).
A complimentary discount
merchandise coupon, which entitles
the holder to buy nutritional
supplements or cosmetics containing
ALA, sold by SBI ALApromo Co., Ltd.,
at a 50% discount to their retail prices
40
Changes in the Number of Shareholders
Number of shareholders increased to about 7,000
by aggressive shareholder return.
(number of shareholders)
2,584 2,488
5,114
6,628
6,997
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2012年3月末 2013年3月末 2014年3月末 2015年3月末 2016年3月末 2013/3 2014/3 2015/3 2016/3 2012/3