The Marui Group s Growth Strategies and Capital Measures. May, 2018
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1 The Marui Group s Growth Strategies and Capital Measures May, 2018
2 1 A Look at MARUI GROUP
3 Overview of MARUI GROUP Founded: Business activities: 1931 (Initially sold furniture through monthly installment payments) Retailing, FinTech * Unique business model merging retailing and finance Marui Modi EPOS Card 26 stores primarily in Kanto but also in Tokai, Kansai, and Kyushu Transactions : yen 200 million customers visit our stores 6.5 million Cardholders Transactions : yen (Fiscal year ended March 31, 2018) 2
4 Performance Trends: Overcoming Two Years of Losses to Expect Historical High EPS of in FY19 EPS Forecast (Yen) Bubble collapse Money Lending Business Act revision Lehman shock More than 130 (Forecast) 90 EPS FY87 FY91 FY96 FY01 FY09 FY11 FY19 FY21 30 (Forecast) 90 円 60 3
5 Co-Creation Management : Open Innovation with Customers Credit should not be assigned to customers; it should be built together with customers. Amalgamation of co-creation efforts Hakata Marui (Founder: Chuji Aoi) Gold card with no annual fees More than 4.0 million pairs sold! Rakuchin Kirei Shoes Co-Creation = Open Innovation with Customers EPOS card app Over 1.6 million downloads! Advertisement incorporating customer feedback Private insurance brand 4
6 Co-Creation Management from the Perspective of Corporate Value: MARUI GROUP s View of Corporate Value 5
7 Corporate Governance : Emphasizing Corporate Value Endeavor to practice sound management that is highly transparent and efficient to heighten earnings capacity Directors 7 External (Independent) 3 Audit & Supervisory Board Members 4 External (Independent) 2 Executive Officers 16 Female 3 Nominating and Compensation Committee Members 3 External (Independent) 2 6
8 Corporate Governance Measures taken to address two issues identified through evaluation of the Board of Directors effectiveness Issues Identified through Evaluation of the Board of Directors Effectiveness and Response Measures Failure to link director compensation to medium-to-long-term corporate value Lack of successor development programs <Introduction of medium-to-long-term incentives> Performance-linked, stock-based compensation system Allocation of stocks based on KPIs of medium-term management plan (EPS, ROIC, ROE) <Voluntary establishment of Nominating and Compensation Committee> Committee comprising two external directors and one internal director <Commencement of Future Leader Development Program> Program created under guidance of external directors and Hitotsubashi University graduate school 7
9 ESG Topics Corporate value highly evaluated in recognition of MARUI GROUP as a forerunner in ESG management Need to establish long-term vision and KPIs to guide further improvements in corporate value MARUI GROUP s Stock Price (Apr indexed to 100) 1.55 MARUI GROUP Nikkei Apr Oct Apr
10 2 Medium-Term Management Plan, Growth Strategies and Capital Measures
11 Medium-Term Management Plan
12 Medium-Term Management Plan (FY ) <Framework of Medium-Term Management Plan> Improvement of corporate value through integrated Group operation Creation of new businesses through transformation of Group businesses Development of optimal capital structure and further improvement of productivity More than 10 10% ROE 7 6 ROIC 5 4 EPS % 3.3% More than 4% More than FY16 FY17 FY
13 EPS and Dividend Forecasts: High Growth Coupled with High Returns Target record-high EPS of 130 through business growth and capital measures (realize 10-year average EPS growth rate of more than 20%) Institute stable, long-term dividend increases in conjunction with income growth 47 (Historical High) More than 130 Record High EPS: (Historical High) EPS and Dividends Cash dividends per share EPS Consolidated payout ratio FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 (forecast) FY20 (forecast) 30% or more 40% or more 40~55% FY21 (forecast) Share buybacks Undecided 12
14 Growth Strategies(Retailing)
15 Transition to Shopping Centers Previously Going forward Department Stores Shopping Centers Convert all department stores to real estate-model shopping centers over five years beginning from FY2015 (excluding some exceptions) 14
16 Reason for Transition to Shopping Centers: Shift of Focus from Physical Goods to Fulfilling Lifestyles Long-term trends where more Japanese consumers consider fulfilling lifestyles is more important than physical goods is most likely to continue Focus on Physical Goods vs. Fulfilling Lifestyles (Source: Public Opinion Survey Concerning People s Lifestyles, Cabinet Office) 100% Focus on fulfilling lifestyles 50% Change in focus Focus on physical goods 0%
17 Reason for Transition to Shopping Centers: Long-Term Social Needs for Experience Consumption Increase in consumption of experiences (telecommunications, eating out, leisure, etc.), but sharp decline in consumption of goods (clothing consumption plummeted to 60% of 1995's level). Consumption Expenditures (1995 indexed to 100) 100 Telecommunications services Eating out Leisure Total consumption 90% Food 89% Newspapers and magazines Clothing 263% 109% 106% 71% 61% Experiences Goods * Source: Family Income and Expenditure Survey, Statistics Bureau, Ministry of Internal Affairs and Communications (two-ormore-person households in which head of household works, food excludes eating out, leisure based on Company data) 16
18 Reason for Transition to Shopping Centers: Ability to Respond to Diverse Needs Difficult environment for department stores and chain stores focused on goods, but strong growth of shopping centers capable of providing both goods and experiences Sales by Store Type (1995 indexed to 100) Shopping centers 136% 100 Chain stores Department stores 82% 72% * Source: Japan Council of Shopping Centers, Japan Chain Stores Association, and Japan Department Stores Association 17
19 Transition to Shopping Centers and Fixed-Term Rental Contracts Steady progress in transition to shopping centers and fixed-term rental contracts leads to ratio of fixed-term rental contracts of 87% in FY2018 Income improvements of 3.2 in FY2018 ( 0.5 higher than forecast) Plan for and Increases in Ratio of Fixed-Term Rental Contracts and Income Improvements (As of end of each fiscal year) Ratio of fixed-term rental contracts Income improvement amounts (YoY) 7% 20% % % 100% 3.2 Increase value through contract renewals Income improvements 6.0 (five-year aggregate) 7.0 (six-year aggregate) FY15 FY16 FY17 FY18 FY19 FY20 FY21 Note: Ratio of fixed-term rental contracts = Fixed-term rental contracted floor space Total floor space capable of being contracted as fixed-term rental (200,000 m 2 ) 18
20 KPI, Hurdle rate Stores Business Company Indicator ROI NOI ROIC ROE Renovation investments Target NOI yield ROIC Hurdle rate ROI More than 10% Urban commercial facilities Consolidated More than 4% ROE More than 10% 4% Suburban commercial facilities 7% Retailing More than 5% FinTech More than 4% 19
21 Retailing: Balance Sheet and ROIC Forecasts Given lower risk due to transition to Shopping Center and fixed-term rental contracts, decrease shareholder s equity ratio to 70% Improve asset efficiency to achieve ROIC of more than 5.3% by FY2021 Balance Sheet Forecasts Operating Income and ROIC Forecasts More than 5.3% Liabilities 60.0 Liabilities % Total assets Shareholders equity Equity ratio 81% Total assets Shareholders equity Equity ratio 10.6 More than 18.0 Approx. 70% FY16 FY21 (Forecast) FY16 FY21 (Forecast) 20
22 Growth Strategies(FinTech)
23 Industry-Leading Level of Operating Income per Active Card High-value-added business model [Cardholders] [Card Transactions] [ROIC] million million 4,700 4, % 6.36 million 1, % 2.2% MARUI Company Company MARUI Company Company MARUI Company Company 丸井 G A 社 B 社丸井 G A 社 B 社丸井 G A 社 B 社 GROUP A B GROUP A B GROUP A B Revenue 23,400 Expenses 16,900 Income 6,500 [Operating [ 稼動カード Income 1 枚当たり利益 per Active ] Card] 14,300 13, ,600 MARUI GROUP Company A Company B 8,200 2,400 * Figures from FY2017, segment based * Total for card shopping and cash advance transactions 22
24 Industry-Leading Level of Card issuance numbers relative to shop retail transactions Taking our combined strength in high card issuance ability x high profits per card aiming to achieve top profits in the industry [Shop Retail Transactions] [New Card Issued] [New Cards Issued Per Y1m Retail Sales] [Profit Per Card] Approx. 3tr Approx. 2.0m 2.4 People 6, bn 0.74m 0.6 People 2,400 EPOS Company B EPOS Company B EPOS Company B EPOS Company B 4x more new cards issuance relative to retail sales 2.7x more profit per cardholder (Note: Figures are our estimates based on public information) 23
25 Strength of FinTech : Our Customer Profile Realizing high earnings through high exposure to the younger generation. Distribution of cardholders by age MARUI GROUP Whole industry Company A 40s~ 44% ~30s 56% 26% 24% 74% 76% Ratio of installment sales accounts receivable (including factoring accounts receivable) attributable to revolving and installment payments MARUI GROUP Company A Company B 64% 40% 25% *Figures from FY ended March
26 Strength of FinTech:Credit cost and expertise Although the ratio of revolving and installment payments attribute to installment sales accounts receivable is 64%, the ratio of bad debt write-offs is only 1.45% Established unique credit system, combining know-how accumulated since foundation and our IT expertise Ratio of revolving and installment payments and bad debt write-offs attribute to installment sales account receivable (including factoring accounts receivable) MARUI GROUP Ratio of bad debt write-offs CompanyA CompanyB 64% 40% 25% Ratio of bad debt write-offs Ratio of bad debt write-offs 1.60% 2.1% 1.1% *Figures from FY ended March, 2018 Criteria of credit limit Other companies Age Occupation Income MARUI GROUP Usage History Payment History Age Occupati on Income Increasing of credit limit Usage & payment evaluation 25
27 Credit Card Receivables and Ratio of Overdue Debt (More Than 90Days Overdue) in the United States (Billions of Dollars) 1Loan Increase 1Loan Increase 2Delinquency Increase 3Loan Control 4Delinquency Decrease 2Delinquency Increase Source: FEDERAL RESERVE BANK OF NEW YORK QUARTERLY REPORT ON HOUSEHOLD DEBT AND CREDIT 26
28 Provision for Bad Debts Increases in provision for bad debts in conjunction with higher operating receivables, but stable ratio of bad debt write-offs of around 1% Provision for Bad Debts and Ratio of Bad Debt Write-Offs (Billions of yen) Ratio of bad debt write-offs (%) (Operating receivables) (Provision for bad debts) 27
29 Awarded Porter Prize 2016 Selection Rationale Marui manages its Credit Card Services business under a unique business model, merging retailing and credit card operations. This approach, which encompasses both operations, has enabled the creation of a simple, stress-free card application and issuance process. Under its policy to build creditability together with customers, Marui Group has developed a strong base of young customers (predominantly in their 20s and 30s), who are more likely than older cardholders to use revolving credit and installment payments. 28
30 Growth Sustainability of Credit Card Business: Comparison of Payment Methods by Country Predominately cash used for payment in Japan, significant room for growth of credit card payments Distribution of Payment Methods by Country Cash 52% 17% Checks 15% Cash Debit cards Bank transfers Prepaid cards, e-money 24% 70% Credit cards Credit cards 16% 28% Japan 日本アメリカ United South 韓国 States Korea * Calculated by MARUI GROUP based on data from the Ministry of Economy, Trade and Industry; Mitsubishi Research Institute, Inc.; and the Japan Consumer Credit Association 29
31 Shift to Cashless Payments Japanese government sets policy target of 40% cashless payment settlement ratio by 2027 to promote FinTech advance Cashless Payment Settlement Trends 40% CAGR +7% CAGR +6% 18% 12% *Source: Cabinet Office FY2016 National Statistics Annual Report, Future Investment Policy
32 Mid to Long-Term Consumption Outlook and Cashless Payment Trends Card shopping transactions seeing 7% GAGR, despite flat household spending levels. Further increase expected given government s cashless payment infrastructure installation drive to 2020 Card Shopping Transactions Household spending CAGR +7% 50,000 Billions of yen 年 年 2010 年 2011 年 2012 年 2013 年 2014 年 2015 年 2016 年 2017 年 2018 年 2019 年 2020 年 年 年 年 年 年 年 年 *Source: Japan Consumer Credit Association Consumer s Credit statistics in Japan 31
33 Market Trends Market of approximately 90 trillion for small-sum cash payments; QR code payment expected to spread in Japan centered on this market Clear division between existing payment methods and new payment methods projected to arise in overall payment services market Market Scale by Payment Method (Based on consumer spending excluding housing loans) Small stores (Mom-and-pop) EPOS Pay (tentative name) Scheduled for introduction in summer 2018 Cash Approx. 40 trillion Large sum Credit cards Approx. 10 million payment terminals Approx. 90 trillion Approx. 60 trillion Cash (QR code payment) Small sum (Less than 5,000) Prepaid cards / e-money Approx. 1 million payment terminals Approx. 10 trillion Account transfers Approx. 50 trillion Large-scale stores (Chain stores) Source: MARUI GROUP CO., LTD. (Based on National Accounts of Japan, Cabinet Office; materials from Japan Consumer Credit Association; General Survey of Payment Methods, Bank of Japan; General Survey of Electronic Payment Methods , CardWave Co., Ltd.; and other materials) 32
34 Nationwide Development of Credit Card Membership Expand e-commerce, service, and contents-related collaboration partner network Leverage group s know-how and human resources to expand commercial facility collaboration partner network (As of March 31, 2018) Cardholders: 6,570,000 Main Business Area (Tokyo / Kanagawa / Saitama) <Cardholders> (Thousands of people) Age 39 and Below Main Business Area FY18 % of total share 1,910 29% 24% Others 1,420 22% 6% Total 3,330 51% 11% Age 40 and above 3,240 49% - Total 6, % - 33
35 FinTech: Balance Sheet and ROIC Forecasts Increase operating receivables by 260 by FY2021. Target more than 4.1% of ROIC by expansion of service business which has lower investment costs. Balance Sheet Forecasts Total assets Operating Income and ROIC Forecasts 3.9% More than 4.1% Total assets Operating receivables Interestbearing debt Operating receivables Interestbearing debt More than 40.0 FY16 Equity ratio 10% Equity ratio Approx. 10% FY21 左 (Forecast) 右 FY16 FY21 (Forecast) 34
36 Industry s highest level of asset efficiency Comparison of ROIC and PER among credit card companies ROIC(%) MARUI GROUP Company B linear approximation curve Company D EC Company C Company E Company A Company F Company G PER(times) (Note: Figures are our estimates based on public information) 35
37 Future Initiatives Evolution of Credit Card Services Business into FinTech Business
38 Operating Environment Shift from accumulation of physical goods to pursuit of more-fulfilling lifestyles High cash and cash equivalents Concern for the future among youths Transition to Internet-based finance 37
39 MARUI GROUP s FinTech FinTech Finance Technology Technology driven Financial Services for Everyone Financial Inclusion - Mission driven - 38
40 Financial Inclusion Wealthy Non-Japanese residents Foreign exchange students Youths Entry into securities business in FY
41 MARUI GROUP s Platform Cardholders 6.57million Ratio of cardholders under 30 56% Ratio of cardholders registered for Internet services 81% Number of physical stores 26 Annual number of visiting customers 200 million 40
42 Offering Financial Services in Our Daily Lives Learn Encourage Lend Increase Donate Platform Save Prepare Conserve Borrow Pay 41
43 Capital Measures
44 Turning Point of Historic Business Structure : Fundamental Change in Asset Structure in FY2014 Group business structure changes drastically following 2006 launch of EPOS cards, and operating receivables exceed store and other fixed assets in FY2014 Asset Trends and Forecasts Fixed assets, etc Stores, etc. Reversal Operating receivables Credit card receivables ~ 43
45 Historic Balance Sheet Comparisons: Transformation of Asset Structure Rise in operating receivables transforms Group business structure from asset side Shareholders equity still accounts for more of funds procured than interest-bearing debt Balance Sheet Comparisons Operating receivables 29% Interest-bearing debt 26% (% of operating receivables: 93%) Operating receivables 53% Interest-bearing debt 41% (% of operating receivables: 78%) Fixed assets Shareholders Fixed assets Shareholders equity equity 45% 53% 37% 45% Total assets Total assets
46 Balance Sheet Comparisons with Peers: Shareholders Equity Level Similar to Department Store Operators Ratio of funds procured via interest-bearing debt to operating receivables low in comparison with other credit card companies High equity ratio at similar level to major department store operators that supplement fund procurement with internal reserves Balance Sheet Comparisons with Peers MARUI GROUP Operating receivables 53% Interest-bearing debt 41% (% of operating receivables: 78%) Average of 4 Major Credit Card Companies 82% 72% (% of operating receivables: 90%) Average of 3 Major Department Store Operators % 15% Fixed assets 37% Shareholders equity 45% 8% 10% 76% 40% 45
47 Future Capital Measures: Transition of Balance Sheet Suited to Business and Earnings Structure Transformation of Group business structure from asset side Operating receivables 53% Fixed assets 37% Interest-bearing debt 41% (% of operating receivables: 78%) Shareholders Equity 45% High level of shareholders equity on procurement side unchanged from days of primarily operating department stores Transition of balance sheet suited to business and earnings structure 46
48 Extent of Increase in Debt Funding Interest-Bearing Debt: Receivables as Debt Limit Bankruptcy costs (rating reductions, etc.) increase if interest-bearing debt exceeds operating receivables Corporate value forecast to increase until interest-bearing debt matches operating receivables Corporate value not accounting for bankruptcy costs Corporate value High Low Maximum corporate value Corporate value accounting for bankruptcy costs Low Operating receivables = Interest-bearing debt Interest-bearing debt High Set limit Funding debt to approx. 90% of operating receivables to ensure financial security 47
49 Ideal Balance Sheet: Maximization of Corporate Value Increase amount of interest-bearing debt to approx. 90% of operating receivables Target equity ratio of approx. 30% over medium-to-long term As of March 31, 2015 Forecast Total assets Operating receivables Interestbearing debt Interestbearing debt % of operating receivables 90% 100% Fixed assets Shareholders equity Equity ratio 45% Equity ratio Approx. 30% 48
50 ROIC Forecasts by Business Improve ROIC in FinTech Business by expanding into new financial services Improve ROIC in the Retailing Business by transitioning to SC-type fixed-term rental contract model and investing in projects that generate returns over the cost of capital FinTech Business Forecast ROIC 3.9% 4.1% Retailing Business Forecast ROIC 3.0% 5.3% 23.1 More than More than 18.0 FY2016 FY2021 FY2016 FY2021 *ROIC = After tax operating income / Invested capital (Installment sales accounts receivable accounts receivable + operating loans + products + tangible and intangible fixed assets + guarantee deposits - accounts payable) 49
51 Realization of Optimal Capital Structure: ROIC and WACC Forecasts Procure funds through low-cost liabilities in FinTech and utilize shareholders equity in Retailing EVA spread turned positive fiscal year ended March 2017, excess profit will grow ROIC and WACC Forecasts ROIC 4% WACC > 2~3% Operating Fixed receivables assets ROIC 3.3% FinTech ROIC 3.9% Approx. same level Retailing ROIC 3.5% Increase WACC 3.3~3.7% Liability costs 0.3% Shareholders equity costs 7~8% Interestbearing debt Shareholders equity FinTech ROIC 4.1% Retailing ROIC 5.3% Liability costs 0.3~1% Shareholders equity costs 7~8% FY2016 FY
52 Realization of Optimal Capital Structure: Cash Flow Forecasts Forecast for 5-year aggregate core operating cash flow over period of medium-term management plan Allocate cash to growth investments and shareholder returns to realize ongoing growth and improved capital efficiency Cash Flows from FY2017 FY2021 (5 years) <Funding> <Allocation> Fund procurement through incurring interest-bearing debt and liquidation of receivables Increase in operating receivables in FinTech Growth investments 90.0 Existing businesses Investments in new business fields 30.0 Core operating cash flow Growth investments & Shareholder returns Shareholder returns Stable, long-term dividend increases Share buybacks 51
53 Consolidated Balance Sheet and ROIC Forecasts Achieve optimal capital structure by increasing balance of interest-bearing debt to represent 90% of operating receivables and targeting equity ratio of 30% Realize ROIC of more than 4% through Retailing structural reforms and Fintech business expansion Balance Sheet Forecasts Total assets Operating receivables Interestbearing debt Total assets 1,000.0 Operating receivables 680 Interestbearing debt Operating Income and ROIC Forecasts 3.3% More than 4.0% More than 50.0 FY16 Shareholders equity Equity ratio 39% 左 Shareholders equity Equity ratio Approx. 30% 右 FY21(Forecast) 29.6 FY16 FY21 (Forecast) 52
54 Long-Term Operating Environment Changes and Initiatives Targeting New Growth
55 1. Environment Changes over Next Decade: 7 Growth Trends 1. Transition to e-commerce 2. Shift from goods to experiences 3. Emergence of sharing economy 4. Declining birthrate and aging population 5. Increase in demand from inbound travelers 6. Rise of cashless payment methods 7. Change of focus from saving to investment 8. End of era of low interest rates 54
56 2. Opportunities, Threats, and MARUI s Response: Retailing Hypothetical scenario in which MARUI continued to operate a department store-oriented business focused on selling goods in physical stores without any innovation (Over next decade) Opportunities Threats 5. Increase in demand from inbound travelers Inbound travelers: 20 million Approx. 40 million 1. Transition to e-commerce Ratio of e-commerce sales: 5% 20% 2. Shift from goods to experiences Continuation of 3% reductions in apparel product selling prices 3. Emergence of sharing economy Sharing economy usage ratio: 2% 10% 4. Declining birthrate and aging population 7% reduction in working-age population, to 71 million MARUI s Response <Business structure transformation> Transition to shopping centers and fixed-term rental Expansion of omni-channel retailing <Specific Response> Diversity and inclusion initiatives targeting customers Compatibility with sharing economy through new businesses (Goods, space) 55
57 2. Opportunities, Threats, and MARUI s Response: FinTech (Over next decade) Opportunities Threats 6. Rise of cashless payment methods 1. Transition to e-commerce 2. Shift from goods to experiences 3. Emergence of sharing economy Continuation of 7% average annual growth rates in line with past decade 7. Change of focus from saving to investment Portion of family financial assets represented by stocks and investment trust receivables: of 15% in Japan, and 30% 50% in Europe and U.S. 6. Rise of cashless payment methods (cash advances) Potential contraction of cash advance market 6. Rise of cashless payment methods (diversification of payment methods) Emergence of payment options other than credit cards MARUI s Response <Business structure transformation> Shift from in-house credit card to multipurpose credit card <Business redefinition> Transition from credit card services to FinTech <Specific Response> Coordination with omni-channel retailing operations Collaboration with new businesses 8. End of era of low interest rates 56
58 3. Influence of Opportunities, Threats, and MARUI s Response on Performance: Retailing Threats to Retailing business to be overcome through innovations including transition to shopping centers and fixed-term rental and expansion of omni-channel retailing as well as growth initiatives in new businesses (Influence on Marginal Profit) <Opportunities> <MARUI s Response> <Threats> Customer New Omnichannel and (sharing) diversity businesses SC / retailing inclusion Fixed-term 1. rental 5. E-commerce Inbound Goods Declining Experiences birthrate, 3. aging Sharing Fixed costs population economy 約 180 Present 10 years from now 57
59 3. Influence of Opportunities, Threats, and MARUI s Response on Performance: FinTech Opportunities created by cashless payment options to be steadily leveraged in the FinTech business while deploying unique initiatives merging Retailing and FinTech (Influence on Transactions) <Opportunities> <Threats> <MARUI s Response> 6. Cashless options 1. E-commerce 2. Goods Experiences 3. Sharing economy 7. Saving Investment 6. Cashless options (Cash advances) (Diversification of payment methods) New businesses (Payment services) Market growth Increase in cardholders Usage of EPOS card as main card Present 10 years from now 58
60 Funding Cost Outlook Set limit of procurement via debt to approx. 90% of operating receivables to ensure financial security Due to favorable funding environment, annual interest payments falls by 1.0 despite a 220 increase in interest-bearing debt over the past seven years To prepare for future funding risks we are shifting to longer-term, fixed-interest borrowings and aiming to even-out of debt repayment levels Interest-bearing debt and annual interest payment forecasts Major Funding Indicators (Billions of yen) FY18 Actual Vs. FY11 (Billions of yen) FY-end interest rate 0.27% -0.61% Average borrowing period 6.7 years +1.6 years Fixed-term debt ratio 60% +9% Interest-bearing debt Expected impact if interest rates return to pre-boj quantitative easing level Interest payments 59
61 Investments Targeting New Growth 30.0 of 90.0 worth of growth investment scheduled over next 5 years to be directed at new businesses Investment in VB and VC in fields contributing to expansion of Group businesses Growth Investments under Medium-Term Management Plan (5 Years) Existing businesses 60.0 New businesses 30.0 Investment Targets New Businesses Research Department / New Business Development Department <Investment policy> Rather than focusing on pure investment, engage in investments and alliances that contribute to expansion and innovation of main business Target Investment Areas Payment services FinTech VB (shares vision and possesses advanced technologies) E-commerce Sharing economy MARUI VB Asset management Goods Space <Investment Standards> ROI of more than 10% IRR of more than 30% VC IRR of more than 15% Investment-Based Alliances VC (possesses vast network and discerning eye) Targets of Investments Conducted to Date 60
62 Progress in Growth Investments Acceleration of growth going forward following start of initiatives targeting new growth Currently 7.0 of 30.0 worth of new business investments slated for five-year period of medium-term management plan already decided Initiatives Targeting New Growth Investment in and collaboration with startup companies Anime business Human resources development FY15 FY16 FY17 FY18 FY19~ New business projects* Securities business * Themes of new business projects Sharing Share houses Financial inclusion Development of new food-related business models Personalization (sizes) Lifestyle applications and wallets 61
63 Investments in Human Resources Development Promotion of investment out of recognition that human resources are crucial to underpinning new growth Cultivation of corporate culture of autonomous thought and action to improve corporate value Human Resources Investments (Millions of yen) 2.2 times higher (vs. FY17) 480 million FY million FY18 1,030 million FY19 (Forecast) Major Initiatives Future leader development program Seconding of employees to startup companies Dispatch of employees to business schools and participation in human resources development progress of external organizations Medium-Term Management Visionary Committee open to voluntary participation by everyone, from new employees to management Project team activities, workshops, and seminars Student internships 62
64 Reference materials
65 Retailing:ROIC Outlook Aim to achieve 5.3% ROIC target though combination of profit growth / invested capital efficiency improvement Profit drivers post-full transition to fixed-term rental contracts Profit increase from EC growth Cost decrease from headcount reduction Profit improvement at SC-type fix-term rent contract floor-space Rent hikes at tenant replacement time Improving invested capital efficiencies SC-type contracts will result in off-balance sheet-type business structure, where profit generation from smaller asset-base is possible Before the shift to SC-type Fixed-term rent contracts Product inventories Fixed assets ROIC 2.8% Product inventories % 以上 Further reductions Product inventories : Purchase does not occur Fixed Assets 12.3 Fixed assets : Refurbishment costs are borne by business partners FY14 FY18 FY21 (Forecast) 64
66 FinTech:ROIC Outlook Aiming for over 4.1% ROIC in FY21 ROIC 3.8% 4.1 ~4.3% Receivable Securitization 630~ Operating Receivables FY16 FY18 FY21 (Forecast) 65
67 Forward-looking statements contained in this presentation are based on information available at the time of preparation and on assumptions that have been deemed to be rational. Actual performance may differ greatly due to a variety of factors. Any inquiries may be directed toward the Investor Relations Department (TEL: +81-(0) ).
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