FY2015 Financial Result

(1)

FY2015 Financial Result

Tokyo Stock Exchange 1st Section Code : 8423

Accretive Co., Ltd.

(2)

１． Business areas of the Accretive Group

２． Business portfolio

３． Measures in Medical and Nursing care fields

４． Measures in inbound-related fields

５． Business development overseas

６． Business Forecast for FY2016

（2015.04.01～2016.03.31）

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Ⅰ．

Overview of Results for FY2015

Ⅱ． Aiming for Success in FY2016

１． Overview of Results for FY2015

２． Factoring Volume and Factoring Service

Related Operating Revenue

３． Factoring (trading volume) Types of Industry

４． Outsourcing Service Revenue

５． Interest Expense-Cost

６． SG&A Costs

７． Operating Income and Ordinary Income

and Net Income

８． Summary of Consolidated Balance Sheet

Page

３

４

５

６

７

８

９

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(4)

2 0 1 6 . 3 2 0 1 6 . 3 2 0 1 6 . 3 2 0 1 6 . 3

( F o r e c a s t ) ( F o r e c a s t )( F o r e c a s t ) ( F o r e c a s t )

F a c t o r i n g ( t r a di n g v o l u m e ) F a c t o r i n g ( t r a di n g v o l u m e )F a c t o r i n g ( t r a di n g v o l u m e )

F a c t o r i n g ( t r a di n g v o l u m e ) 1 3 8 , 6 2 61 3 8 , 6 2 61 3 8 , 6 2 61 3 8 , 6 2 6 1 5 7 ,6 9 31 5 7 ,6 9 31 5 7 ,6 9 31 5 7 ,6 9 3 1 8 1 , 1 1 71 8 1 , 1 1 71 8 1 , 1 1 71 8 1 , 1 1 7 2 3 , 4 2 42 3 , 4 2 42 3 , 4 2 42 3 , 4 2 4 1 1 4 . 9 %1 1 4 . 9 %1 1 4 . 9 %1 1 4 . 9 % --- -O p e r a t i n g R e v e n u e

O p e r a t i n g R e v e n u eO p e r a t i n g R e v e n u e

O p e r a t i n g R e v e n u e 2 , 8 0 72 , 8 0 72 , 8 0 72 , 8 0 7 2 ,9 3 22 ,9 3 22 ,9 3 22 ,9 3 2 3 , 3 4 53 , 3 4 53 , 3 4 53 , 3 4 5 4 1 34 1 34 1 34 1 3 1 1 4 . 1 %1 1 4 . 1 %1 1 4 . 1 %1 1 4 . 1 % 3 , 9 0 03 , 9 0 03 , 9 0 03 , 9 0 0

Factori ng R evenue 1 ,7 1 4 1 ,8 1 0 1 , 8 7 2 6 1 1 0 3 .4 %

-Outs ourci ng R evenue 9 3 0 1 ,0 1 3 1 , 3 5 8 3 4 4 1 3 4 .0 %

-Other R evenue 1 6 2 1 0 8 1 1 5 7 1 0 7 .0 %

-In te rest Expe nse- c ost 2 8 8 2 0 0 1 6 3 △ 3 7 8 1 .5 %

-Interes t E x pens e-cos t R ati o 1 0 . 3 % 6 . 8 % 4 . 9 % - -

-SG&A Co sts 1 ,5 8 9 1,6 2 1 1 ,7 3 4 1 1 2 1 0 6 .9 %

-SGA R atio 5 6 . 6 % 5 5 . 3 % 5 1 . 8 % - -

-O p e r a t i n g I n c o m e O p e r a t i n g I n c o m eO p e r a t i n g I n c o m e

O p e r a t i n g I n c o m e 9 2 99 2 99 2 99 2 9 1 ,1 0 91 ,1 0 91 ,1 0 91 ,1 0 9 1 , 4 4 81 , 4 4 81 , 4 4 81 , 4 4 8 3 3 83 3 83 3 83 3 8 1 3 0 . 5 %1 3 0 . 5 %1 3 0 . 5 %1 3 0 . 5 % 1 , 5 7 01 , 5 7 01 , 5 7 01 , 5 7 0

Operating Income Ma rg in 3 3 . 1 % 3 7 . 8 % 4 3 . 3 % - - 4 0 . 3 %

O r d i n a r y I n c o m e O r d i n a r y I n c o m eO r d i n a r y I n c o m e

O r d i n a r y I n c o m e 9 7 99 7 99 7 99 7 9 1 ,1 4 21 ,1 4 21 ,1 4 21 ,1 4 2 1 , 4 8 61 , 4 8 61 , 4 8 61 , 4 8 6 3 4 33 4 33 4 33 4 3 1 3 0 . 0 %1 3 0 . 0 %1 3 0 . 0 %1 3 0 . 0 % 1 , 6 0 01 , 6 0 01 , 6 0 01 , 6 0 0

Ordi nary Income Marg i n 3 4 . 9 % 3 9 . 0 % 4 4 . 4 % - - 4 1 . 0 %

N e t I n c o m e N e t I n c o m eN e t I n c o m e

N e t I n c o m e 8 5 38 5 38 5 38 5 3 1 ,1 7 71 ,1 7 71 ,1 7 71 ,1 7 7 1 , 4 5 51 , 4 5 51 , 4 5 51 , 4 5 5 2 7 82 7 82 7 82 7 8 1 2 3 . 7 %1 2 3 . 7 %1 2 3 . 7 %1 2 3 . 7 % 1 , 5 3 01 , 5 3 01 , 5 3 01 , 5 3 0

Net Income Marg i n 3 0 . 4 % 4 0 . 1 % 4 3 . 5 % - - 3 9 . 2 %

C h a n g e C h a n g e C h a n g e C h a n g e 2 0 1 4 . 3

2 0 1 4 . 32 0 1 4 . 3

2 0 1 4 . 3 2 0 1 5 . 32 0 1 5 . 32 0 1 5 . 32 0 1 5 . 3

y o y % y o y %y o y % y o y % c h a n g e c h a n g ec h a n g e c h a n g e 2 0 1 3 . 3

2 0 1 3 . 32 0 1 3 . 3 2 0 1 3 . 3

T o t a l A s s e t s T o t a l A s s e t sT o t a l A s s e t s

T o t a l A s s e t s 2 0 ,3 9 02 0 ,3 9 02 0 ,3 9 02 0 ,3 9 0 1 9 , 6 4 31 9 , 6 4 31 9 , 6 4 31 9 , 6 4 3 2 0 ,8 9 42 0 ,8 9 42 0 ,8 9 42 0 ,8 9 4 1 , 2 5 01 , 2 5 01 , 2 5 01 , 2 5 0 1 0 6 .4 %1 0 6 .4 %1 0 6 .4 %1 0 6 .4 % 1 7 ,5 6 6

1 7 ,5 6 61 7 ,5 6 6

1 7 ,5 6 6 1 5 , 6 8 01 5 , 6 8 01 5 , 6 8 01 5 , 6 8 0 1 5 ,4 6 51 5 ,4 6 51 5 ,4 6 51 5 ,4 6 5 △ 2 1 4△ 2 1 4△ 2 1 4△ 2 1 4 9 8 .6 %9 8 .6 %9 8 .6 %9 8 .6 % 2 ,8 2 4

2 ,8 2 4 2 ,8 2 4

2 ,8 2 4 3 , 9 6 33 , 9 6 33 , 9 6 33 , 9 6 3 5 ,4 2 85 ,4 2 85 ,4 2 85 ,4 2 8 1 , 4 6 51 , 4 6 51 , 4 6 51 , 4 6 5 1 3 7 .0 %1 3 7 .0 %1 3 7 .0 %1 3 7 .0 %

2 0 1 4 . 3 2 0 1 4 . 32 0 1 4 . 3

2 0 1 4 . 3 2 0 1 5 . 32 0 1 5 . 32 0 1 5 . 32 0 1 5 . 3

y o y % y o y % y o y % y o y % c h a n g e c h a n g e c h a n g e c h a n g e C h a n g e

C h a n g e C h a n g e C h a n g e

S h a r e h o l d e r s ' E q u i t y S h a r e h o l d e r s ' E q u i t y S h a r e h o l d e r s ' E q u i t y S h a r e h o l d e r s ' E q u i t y D e b t

D e b tD e b t D e b t

2 0 1 3 . 3 2 0 1 3 . 3 2 0 1 3 . 3 2 0 1 3 . 3

１．

Overview of Results for FY2015

【 Summary of Consolidated Balance Sheet 】

【 Summary of Consolidated Income Statement 】（Unit: Millions of Yen）

(5)

1,714

1,810

1,872 138,626

157,693

181,117

0 40,000 80,000 120,000 160,000 200,000

0 400 800 1,200 1,600 2,000 2,400

2013.3 2014.3 2015.3

債権買取収益債権取扱高

The medical and nursing care business has increased significantly, which made a substantial contribution to the increase in the total factoring trading volume.

While the factoring trading volume in retail and the factoring revenue declined temporarily because of the consumption tax hike, they gradually recovered.

2 0 1 3 . 3 2 0 1 3 . 3 2 0 1 3 . 3

2 0 1 3 . 3 2 0 1 4 . 32 0 1 4 . 32 0 1 4 . 32 0 1 4 . 3 2 0 1 5 . 32 0 1 5 . 32 0 1 5 . 32 0 1 5 . 3 C h a n g eC h a n g eC h a n g eC h a n g e

y o y % y o y %y o y % y o y % c h a n g e c h a n g ec h a n g e c h a n g e

138,626 157,693 181,117 23,424 114.9%

1,714 1,810 1,872 61 103.4%

F a c t o r i n g F a c t o r i n g F a c t o r i n g F a c t o r i n g ( t r a d i n g v o l u m e ) ( t r a d i n g v o l u m e ) ( t r a d i n g v o l u m e ) ( t r a d i n g v o l u m e )

F a c t o r i n g F a c t o r i n g F a c t o r i n g F a c t o r i n g R e v e n u e R e v e n u eR e v e n u e R e v e n u e

２ ．

Factoring Volume and Factoring Service Related Operating Revenue

債権取扱高・債買取収益推移

Trends in Factoring Volume and Factoring Service Related Operating Revenue

Millions of yen Millions of yen

Factoring Revenue Factoring(Trading volume)

(6)

114,450 119,217 124,509 24,889 41,928 20,425 9,760 7,592 138,626 157,693 181,117 0 40,000 80,000 120,000 160,000 200,000

2013.3 2014.3 2015.3

（23.2%）（4.2%）（68.7%）（0.9%）（1.0%）（2.0%）

B reak down B rea k down B rea kdown

138,626 100.0% 157,693 100.0% 181,117 100.0% 23,424 114.9% R e t a i l /

R e t a i l / R e t a i l / R e t a i l / W h o l e s a l e W h o l e s a l e W h o l e s a l e W h o l e s a l e

114,450 82.6% 119,217 75.6% 124,509 68.7% 5,291 104.4% M e d i c a l /

M e d i c a l / M e d i c a l / M e d i c a l / N u r s i n g c a r e N u r s i n g c a r e N u r s i n g c a r e N u r s i n g c a r e

259 0.2% 24,889 15.8% 41,928 23.2% 17,039 168.5% M a n u f a c t u r e r

M a n u f a c t u r e r M a n u f a c t u r e r

M a n u f a c t u r e r 20,425 14.7% 9,760 6.2% 7,592 4.2% △ 2,167 77.8% S e r v i c e

S e r v i c e S e r v i c e

S e r v i c e 1,420 1.0% 1,314 0.8% 1,842 1.0% 528 140.2% O v e r s e a s

O v e r s e a s O v e r s e a s O v e r s e a s ( T h a i l a n d ) ( T h a i l a n d ) ( T h a i l a n d ) ( T h a i l a n d )

- - 415 0.0% 3,541 2.0% 3,125 851.6% O t h e r

O t h e r O t h e r O t h e r I n d u s t r i e s I n d u s t r i e s I n d u s t r i e s I n d u s t r i e s

2,070 1.4% 2,095 1.3% 1,702 0.9% △ 393 81.2% F a c t o r i n g

F a c t o r i n gF a c t o r i n g F a c t o r i n g ( t r a d i n g v o l u m e ) ( t r a d i n g v o l u m e )( t r a d i n g v o l u m e ) ( t r a d i n g v o l u m e )

2 0 1 3 . 3 2 0 1 3 . 3 2 0 1 3 . 3

2 0 1 3 . 3 y o y %y o y %y o y %y o y %

C h a n g e C h a n g e C h a n g e C h a n g e

2 0 1 5 . 3 2 0 1 5 . 32 0 1 5 . 3 2 0 1 5 . 3

C h a n g e C h a n g eC h a n g e C h a n g e

2 0 1 4 . 3 2 0 1 4 . 3 2 0 1 4 . 3 2 0 1 4 . 3

３ ．

Factoring (trading volume)；

Types of Industry

Trends in Factoring (trading volume)；

Types of Industry

■小売/卸売 ■医療/介護

■メーカー ■サービス

■建設/不動産 ■その他

Millions of yen

■Other Industries ■Construction/Real Estate ■Service

■Manufacturer ■Medical/Nursing Care ■Retail/Wholesale

（※Breakdown）

(7)

As the trading volume of the existing clients grew, the business volume increased and the scope of outsourcing services expanded.

The out sourcing of the register operation, which commenced in the fiscal year under review, led to an increase in revenue.

As a result, the outsourcing revenue rose by 134.0% year-on-year.

2 0 1 3 . 3 2 0 1 3 . 32 0 1 3 . 3

2 0 1 3 . 3 2 0 1 4 . 32 0 1 4 . 32 0 1 4 . 32 0 1 4 . 3 2 0 1 5 . 32 0 1 5 . 32 0 1 5 . 32 0 1 5 . 3 C h a g eC h a g eC h a g eC h a g e

y o y % y o y %y o y % y o y % C h a n g e C h a n g eC h a n g e C h a n g e

O p e r a t i n g R e v e n u e O p e r a t i n g R e v e n u eO p e r a t i n g R e v e n u e

O p e r a t i n g R e v e n u e 2,807 2,932 3,345 413 114.1% F a c t o r i n g

F a c t o r i n g F a c t o r i n g F a c t o r i n g R e v e n u e R e v e n u e R e v e n u e R e v e n u e

1,714 1,810 1,872 61 103.4%

O u t s o u r c i n g O u t s o u r c i n g O u t s o u r c i n g O u t s o u r c i n g R e v e n u e R e v e n u e R e v e n u e R e v e n u e

930 1,013 1,358 344 134.0%

O u t s o u r c i n g O u t s o u r c i n g O u t s o u r c i n g O u t s o u r c i n g R e v e n u e R a t i o R e v e n u e R a t i o R e v e n u e R a t i o R e v e n u e R a t i o

33.1% 34.6% 40.6% -

-O t h e r R e v e n u e O t h e r R e v e n u e O t h e r R e v e n u e

O t h e r R e v e n u e 162 108 115 7 107.0%

930

1,013

1,358

0 200 400 600 800 1,000 1,200 1,400 1,600

2013.3 2014.3 2015.3

業務受託収益

４ ．

Outsourcing Service Revenue

Trends in Outsourcing Service Revenue

Millions of yen

■Outsourcing Revenue

(8)

16,487 15,124 14,226 138,626 157,693 181,117 0 40,000 80,000 120,000 160,000 200,000 0 4,000 8,000 12,000 16,000 20,000 24,000

2013.3 2014.3 2015.3

有利子負債残高債権取扱高

The balance of interest-bearing liabilities fell thanks to efficient fund management. The ratio of interest expense-cost to operating revenue reduced significantly, to 5.3%.

The introduction of a two-year syndicated loan and the increased funds for the factoring of accounts receivable created a system for stable and efficient financial services.

2 0 1 3 . 3 2 0 1 3 . 3 2 0 1 3 . 3

y o y % y o y %y o y % y o y %

c h a n g e c h a n g e c h a n g e c h a n g e

F a c t o r i n g F a c t o r i n gF a c t o r i n g F a c t o r i n g ( t r a d i n g v o l u m e ) ( t r a d i n g v o l u m e )( t r a d i n g v o l u m e ) ( t r a d i n g v o l u m e )

1 3 8 ,6 2 6 1 5 7 ,6 9 3 1 8 1 ,1 1 7 2 3 ,4 2 4 1 1 4 .9 %

O p e r a t i n g R e v e n u e 2 ,8 0 7 2 ,9 3 2 3 ,3 4 5 4 1 3 1 1 4 .1 %

I n t e r e s t E x p e n s e - c o s t I n t e r e s t E x p e n s e - c o s tI n t e r e s t E x p e n s e - c o s t I n t e r e s t E x p e n s e - c o s t & B o n d I n t e r e s t E x p e n s e & B o n d I n t e r e s t E x p e n s e& B o n d I n t e r e s t E x p e n s e & B o n d I n t e r e s t E x p e n s e

2 8 8 2 1 6 1 7 5 △ 4 0 8 1 .4 %

B a l a n c e o f i n t e r e s t - b e a r i n g B a l a n c e o f i n t e r e s t - b e a r i n gB a l a n c e o f i n t e r e s t - b e a r i n g B a l a n c e o f i n t e r e s t - b e a r i n g l i a b i l i t i e s

l i a b i l i t i e sl i a b i l i t i e s l i a b i l i t i e s

1 6 ,4 8 7 1 5 ,1 2 4 1 4 ,2 2 6 △ 8 9 8 9 4 .1 %

I n t e r e s t E x p e n s e - c o s t I n t e r e s t E x p e n s e - c o s tI n t e r e s t E x p e n s e - c o s t I n t e r e s t E x p e n s e - c o s t & B o n d I n t e r e s t E x p e n s e & B o n d I n t e r e s t E x p e n s e& B o n d I n t e r e s t E x p e n s e & B o n d I n t e r e s t E x p e n s e / O p r a t i n g R e v e n u e ; % / O p r a t i n g R e v e n u e ; %/ O p r a t i n g R e v e n u e ; % / O p r a t i n g R e v e n u e ; %

1 0 .3 % 7 .4 % 5 .3 % -

-５

．

Interest Expense-Cost

Trends in Average balance of interest-bearing liabilities

Millions of yen ■Average balance of interest-bearing liabilities Millions of yen

Factoring(Trading volume)

(9)

As the area covered by the outsourcing of the register operation and other operations was expanded, the number of personnel increased significantly.

The personnel cost rose by 136.2% year-on-year.

Since the fiscal year under review was a non-updated year for the syndicated loan, the administrative cost dropped.

498 485

382

579 619 843

511 516 508 1,589 1,621 1,734 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800

2013.3 2014.3 2015.3

/Operaring R ev enue /Operari ng R evenue /Operari ng R evenue

O p e r a t i n g R e v e n u e 2,807 100.0% 2,932 100.0% 3,345 100.0% 413 114.1%

288 10.3% 200 6.8% 163 4.9% △ 37 81.5%

S G & A C o s t S G & A C o s tS G & A C o s t

S G & A C o s t 1,589 56.6% 1,621 55.3% 1,734 51.8% 112 106.9%

5 1 1 1 8 .2 % 5 1 6 1 7 . 6 % 5 0 8 1 5 . 2 % △ 8 9 8 .3 % 5 7 9 2 0 .6 % 6 1 9 2 1 . 1 % 8 4 3 2 5 . 2 % 2 2 4 1 3 6 .2 % 4 9 8 1 7 .8 % 4 8 5 1 6 . 6 % 3 8 2 1 1 . 4 % △ 1 0 3 7 8 .8 % O p e r a t i n g I n c o m e

O p e r a t i n g I n c o m eO p e r a t i n g I n c o m e

O p e r a t i n g I n c o m e 929 33.1% 1,109 37.8% 1,448 0.0% 338 130.5%

68 - 74 - 112 - 38 151.4%

F u l l - T i m e F u l l - T i m eF u l l - T i m e F u l l - T i m e E m p l o y e e s E m p l o y e e sE m p l o y e e s E m p l o y e e s I n t e r e s t I n t e r e s tI n t e r e s t I n t e r e s t E x p e n s e - C o s t E x p e n s e - C o s tE x p e n s e - C o s t E x p e n s e - C o s t

S a l e s C o s t S a l e s C o s t S a l e s C o s t S a l e s C o s t P e r s o n n e l c o s t P e r s o n n e l c o s t P e r s o n n e l c o s t P e r s o n n e l c o s t A d m i n i s t r a t i v e A d m i n i s t r a t i v e A d m i n i s t r a t i v e A d m i n i s t r a t i v e C o s t

C o s t C o s t C o s t

y o y % y o y % y o y % y o y % c h a n g e c h a n g e c h a n g e c h a n g e C h a n g e

C h a n g e C h a n g e C h a n g e 2 0 1 4 . 3

2 0 1 4 . 3 2 0 1 4 . 3 2 0 1 4 . 3 2 0 1 3 . 3

2 0 1 3 . 3 2 0 1 3 . 3

2 0 1 3 . 3 2 0 1 5 . 32 0 1 5 . 32 0 1 5 . 32 0 1 5 . 3

６．

SG&A Costs

Trends in SG&A Costs

Millions of yen

■ Sales Cost ■ Personnel Cost

■ Administrative Cost

(10)

Operating income, ordinary income, and net income grew steadily.

929

1,109

1,448

0 300 600 900 1,200 1,500 1,800

2013.3 2014.3 2015.3

営業利益

979

1,142

1,486

0 300 600 900 1,200 1,500 1,800

2013.3 2014.3 2015.3

経常利益

853

1,177

1,455

0 300 600 900 1,200 1,500 1,800

2013.3 2014.3 2015.3

当期純利益

Trends in Operating Income, Ordinary Income and Net Income

Millions of yen Millions of yen Millions of yen

■Operating Income ■Ordinary Income ■Net Income

(11)

2,042 2,048

3,689 12,088

10,325

11,533 6,260

7,269

5,671 20,390

19,643

20,894

0 5,000 10,000 15,000 20,000 25,000

2,824

3,963

5,428 13.9%

20.2%

26.0%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%

The accumulated profit resulted in increased net assets.

The equity ratio as of the end of the fiscal year under review reached 26.0%, with steady growth.

Since a system was fully developed to

continuously pay stable dividends, a dividend of 2.3 yen per share was paid (resuming for the first time after seven fiscal years).

2014.3 2015.3

2013.3

2 0 1 3 . 3 2 0 1 3 . 32 0 1 3 . 3

y o y % y o y % y o y % y o y % c h a n g e c h a n g e c h a n g e c h a n g e

T o t a l A s s e t s T o t a l A s s e t s T o t a l A s s e t s

T o t a l A s s e t s 20,390 19,643 20,894 1,250 106.4%

T o t a l N e t A s s e t s T o t a l N e t A s s e t s T o t a l N e t A s s e t s

T o t a l N e t A s s e t s 2,824 3,963 5,428 1,465 137.0%

E q u i t y R a t i o E q u i t y R a t i o E q u i t y R a t i o

E q u i t y R a t i o 13.9% 20.2% 26.0% -

-８．

Summary of Consolidated Balance Sheet

Millions of yen

■ Cash and deposits ■ Purchased receivables

■ Long-term accounts receivable-other ■ Other

■ Net Assets Equity Ratio

（Unit: Millions of Yen）

(12)

(13)

１．

The business areas of the Accretive Group

Corpo ratio n Me d ical and Nursing care Ove rseas

As set Bu s in es s

　F actoring（ FPS）

　O ther Finance

Non -A sset Bu sin ess

　O utso rcing

Solu tion

　inb ound -re late d

　Suppo rt of store

　Insurance

Target

B

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S

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M

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Accretive Finance

Accretive・ Medical Service

Medical Payment

Accretive (Thailand)

FI N A N C E

Accretive

Asset Management (Thailand)

MEDICALSERVICE

SunAssort Accretive

Store Crews

By taking full advantage of all the different resources of the Group, which are based on our existing business, we will develop a new revenue-earning pillar as a priority initiative agenda during this fiscal year.

(14)

２．

Business portfolio

Changes in business portfolio

Operating revenue remained strong mainly in the factoring business, which is an asset

business, and the outsourcing business, which is a non-asset business.

We proactively commenced our initiatives for new growing markets based on our existing

business, and the portfolio gradually started to diversify.

〈Changes in business Portfolio（Forecast）〉

Asset Business

61.9％

Non-asset

Business

34.6％ Solution Business

3.6％

Operating Revenue 2,932 M yen

2014.3

2015.3

2016.3 （Forecast）

Asset Business

56.4％

Non-asset

Business

10.5％

Asset Business

54.7％

Non-asset

Business

(15)

33

118

0 30 60 90 120 150

2013.5 2015.3

取引事業者数

３．

Measures in Medical and Nursing care fields

The launch of a new financial service

As a new funding method for medical and nursing care operators, we launched a new financial service in collaboration with Nexus Co., Ltd. By providing a long-term loan service that is not yet offered by our competitors, we are developing a new customer base and enhancing the

satisfaction of our existing customers.

We continued approaching companies related to our alliance partners, the medical and nursing care businesses.

The range of trading partners expanded, which advanced the diversification of the portfolio. We will continue strengthening our sales and marketing while considering market trends such as trends in nursing care compensation and dispensing fees.

Measures for acquiring new customers

＜Structure of Customers＞

Nursing care providers

67.8％

Others

2.5％

Medical

institutions 22.0％

Dispensing pharmacies

7.6％

＜Number of Customers＞

■Customer

Repor ting

medical a nd nur sing care oper ators

F ina ncing

ma na gem ent consult ing

Ｖ

(16)

４-①．

Measures in inbound-related fields

Inbound-related fields

In February 2015, a cash register checkout service for foreign currencies was launched in retail stores as an inbound-related business.

This fiscal year, we will undertake full-scale business expansion into the inbound market, where further growth is expected in the future (the start-up of a cross-organizational project).

A package including different support services that are derived from checkout

operations, depending on the needs of customers, will be offered as a solution for the inbound market.

＜ Structure of Travel consumption ＞ 8,611

6,219

8,358

10,364

13,413 1,149

814

1,085

1,417

2,031

0 500 1,000 1,500 2,000

0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000

2010 2011 2012 2013 2014

■Inbound tourist

Value of travel consumption

＜Trends of Inbound tourist and Value of travel consumption＞

Shopping Shopping Shopping Shopping

714

35.2％

Accommodation 609

30.0％

Meals

430

30.0％

Transportation

218

10.7％

2,031

Billions of yen

（2014）

Others

8.7

0.4％

Entertainment

50

2.4％

(17)

４-②．

Measures in inbound-related fields

・Installation of duty free batch counters. The ability to undertake duty free transactions in shopping malls and other areas of installation as a whole.

・The functions of a cash register checkout support terminal for foreign currencies; cash register checkout support function for foreign currencies, currency exchange

function, currency auto-detect function, counterfeit-detect function

Currency Teller

＜Duty free support services＞

Installation services of duty free batch counters ＜Support services for foreign currencies＞

Cash register checkout and exchange support

services for foreign currencies

ForeignTourist

We are now considering launching the cash register checkout services for foreign

currencies for the retail business and other industries, such as hotels and leisure facilities. We are planning and developing a new cash register support terminal to help businesses to enter the inbound market.

We will offer proxy services for duty free counter operations ahead of our competitors.

※The tax reform in April 2015 allows the consumption tax exemption procedures to be assigned to a third party.

We will take advantage of our expertise in tax exemption procedures to make proposals mainly to shopping districts and shopping malls around the country.

・Other consultation and support; proxy servicesto apply for a duty free shop license, customer services for foreign visitors

(18)

５-①．

Business development overseas

Provision of new services in Thailand

We launched the servicing business in Thailand (the purchase of real estate secured bad debts).

Accretive Asset Management (Thailand) was

established, and the license was obtained in mid-February.

We are currently participating in specific tenders.

〈 Trends in Purchased receivable〉

Trends in Purchased receivables

Outstanding factoring reached 200 million baht, as initially targeted.

We undertake factoring in a wide variety of industries, including auto parts

manufacturers, retail and

wholesale, construction, and service industries.

Manufacture 59.5％ Retail/

Wholesale

14.0％

Structure

4.5％

Others

4.3％

Service

10.3％

Shipping

7.3％

〈Purchased receivable; Types of Industry 〉

152

207

0 40 80 120 160 200 240

2014.3 2015.3

買取債権残高

Accretive (Thailand)

Accretive Asset

Management (Thailand)

<Servicing Business> Accretive Holdings (Thailand)

■ Purchased receivables Millions of THB

(19)

５-②．

Business development in Thailand

We consider the ASEAN Economic Community body (AEC), which is to be established at the end of 2015, asan opportunity for business expansion, and we are now reviewing which countries we will enter following Thailand.

In Thailand, we continue

to actively promote the

deepening of our existing

businesses and the

expansion of business

lines.

Business development in countries after Thailand

Ind onesia Ind onesia Ind onesia Ind onesia

Mal aysia Mal aysia Mal aysia Mal aysia

P hi lippines P hi lippines P hi lippines P hi lippines

T hailand T hailand T hailand T hailand

C ambodia C ambodia C ambodia C ambodia

Guarantee

Expansion of business lines

張

Deepening of our

existing businesses

Finance Lease

Existing businesses Existing businessesExisting businesses Existing businessesExisting businesses Existing businessesExisting businesses Existing businesses

Factoring Factoring Factoring

(20)

2 0 1 5 . 3 2 0 1 5 . 32 0 1 5 . 3

2 0 1 5 . 3 2 0 1 6 . 32 0 1 6 . 32 0 1 6 . 32 0 1 6 . 3

( F o r e c a s t ) ( F o r e c a s t ) ( F o r e c a s t ) ( F o r e c a s t )

O p e r a t i n g R e v e n u e O p e r a t i n g R e v e n u e O p e r a t i n g R e v e n u e

O p e r a t i n g R e v e n u e

_{2,93 2}

_{3 ,345}

_3,900

_{5 54}

_{1 16.6%}

O p e r a t i n g I n c o m e O p e r a t i n g I n c o m e O p e r a t i n g I n c o m e

O p e r a t i n g I n c o m e

1,10 9

1 ,448

1,570

1 21

1 08.4%

O r d i n a r y I n c o m e O r d i n a r y I n c o m e O r d i n a r y I n c o m e

O r d i n a r y I n c o m e

_{1,14 2}

_{1 ,486}

_1,600

_{1 13}

_{1 07.7%}

N e t I n c o m e N e t I n c o m e N e t I n c o m e

N e t I n c o m e

_{1,17 7}

_{1 ,455}

_1,530

₇₄

_{1 05.1%}

O p e r a t i n g I n c o m e O p e r a t i n g I n c o m e O p e r a t i n g I n c o m e O p e r a t i n g I n c o m e M a r g i n

M a r g i n M a r g i n M a r g i n

37.8 %

4 3.3%

40.3%

-

-D i v i d e n d D i v i d e n d D i v i d e n d D i v i d e n d

（JPY pe r share ）

0.00

2.30

2.90

0.60

-y o -y % y o y % y o y % y o y %

c h a n g e c h a n g e c h a n g e c h a n g e 2 0 1 4 . 3

2 0 1 4 . 3 2 0 1 4 . 3 2 0 1 4 . 3

C h a n g e C h a n g eC h a n g e C h a n g e

Business Plan for Year Ending March 2016

６．

Business Forecast for FY2016

（2015.04.01～2016.03.31）

(21)

FY2015 Financial Result