Solasto Corporation Business and Operations. Dec. 2017
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1 Solasto Corporation Business and Operations Dec Solasto Corporation
2 Table of Contents Page 1. Company and Business Overview 2 2. Management Vision and Strategy FY2017 1H Results and Earnings Forecast Appendix 50 2
3 Company Overview Name Solasto Corporation Founded Oct (established: Oct. 1968) Representatives Securities listing President and representative director Yasuhiko Ishikawa First section of the TSE Net Sales (FY2016) Child care business 2% Elderly care business 19% Others 1% Employees 24,067 *1 (percentage of females: 90%) Main businesses Medical outsourcing business: BPO(business process outsourcing) of medical clerical work Elderly care business: home help, day service, facility-based service, etc. Child care business Others: Solasto Career Center Op Profit (FY2016) 65.4 billion Medical outsourcing business 78% (Millions of yen) Headquarters Konan, Minato-ku, Tokyo, Japan Main shareholders* 2 Governance Daito Trust Construction 34.7% Toho Holdings 10.6% Japan Trustee Services Bank 7.3% Directors: 8 (Inside directors: 4, Outside directors: 4 *3 ) Corporate Auditors: 3 (Full-Time: 1, Outside: 2) 4,950 Medical outsourcing business Elderly care business Child care business 2,179 Others *4 3,654 FY2016 total 3 * 1 As of September 30, Consolidated data. yoy: +641 * 2 Rate of shareholding is before potential voting, as of September 30, * 3 Including two independent directors * 4 Others included the others segment and reconciliation. Reconciliation includes corporate expenses not allocated to reportable segments.
4 Medical Outsourcing Business: Service Contents Reception at clinical departments Nursing aid Ward clerk Medical billing Medical record management Fee calculation 4 Accounting Reception Others Reservation office Physicians administrative assistants Regional alliances etc.
5 Medical Outsourcing Business: Robust Earning Base Strong demand, high entry barriers, stable customer base Medical Institution s Strong Needs for Outsourcing Stable Customer Base * 2 Medical billing require special expertise High turnover and frequent hiring and training Cost reduction and quality improvement <Long-term contracts > <Large hospital customers> High Entry Barriers Hospitals not easy customers Limitation of temporary worker dispatching model Market Share * 1 Others 20% Solasto 25% Company A 55% 5 *1 Share of medical administration market in 2015(198 billion yen). Prepared by the company based on Fuji Global Network Co.,Ltd Service Industry Handbook *2 As of August, 2015.
6 Medical Outsourcing Business: Market (Billions of yen) Medical Outsourcing Market (estimated by Solasto) Total 680billion (%) Outsourcing Rate * Potential market 500billion Sterilization disinfection Medical clerical work outsourcing 77.9 Cooking for patients Hospital cleaning Analysis of specimen Outsourcing Rate of Medical Clerical Work by Sector * (%) Actual market 180billion Public hospital (n=285) 16.6 Private hospital (n=621) 6 Scale of the medical outsourcing market is estimated by Solasto. The maximum value for the outsourceable amount of medical administration services at the Company s outsourced-services client hospitals is assumed to be 4% of medical service revenue. This assumed value has been applied to hospitals including those other than the Company s outsourced-services clients in order to estimate the market scale. *Prepared by the company based on Japan Health Enterprise Foundation Survey about Medical-related services FY2017. Public hospitals are total for National and Other Public Hospitals. Private hospitals are total for Medical Corporations, Individual, and other Private Hospitals
7 Elderly Care Business: Services Total care services with focus on home care services Image of Total Care Revenue Share by Services * Facility-based service Hospitals Nursing home Connecting discharged patients with elder care services Service users Home care service Home help Home nursing Short stay Dementia care Group home Day service Small multi -service facility Others 18% Nursing home and Service with the elderly residential 10% Group home 16% Care planning 5% Home help service 23% Day service 28% 7 * Ratio of Solasto sales (non-consolidated) of FY2016 by service. The ratio of nonconsolidated sales is 98.9% of consolidated sales.
8 Elderly Care Business: Area Focus Focus on Tokyo, Nagoya, Osaka areas Solasto s Business Operation Areas Total:321 centers Number of Centers by Services 321 Osaka(41) Kyoto(35) Hyogo(20) Others Nursing home and Service with the elderly residential Group home Care Planning 156 Nagoya:11 Kanto region: 189 Day service Home help (centers) Kansai region: 96 Aichi(11) Tokyo(97) Saitama(32) Mar.31, 2014 Mar. 31, 2015 Mar. 31, 2016 Mar. 31, 2017 Oct Others Nursing home and Service with the elderly residential Ehime (21) Others (4) Kanagawa(23) Chiba(25) Group home Care Planning Day service Ibaraki(12) Home help * 1 As of October. 31, 2017
9 Elderly Care Business: Growth Driver A growth market largely consisting of SMEs Responding to market needs through M&A Trends of Elderly Care Market Market Share in Day Service 21 trillion Top 10 companies 5% Apr Revises long-term care insurance Others 95% 8.8 trillion 9.2 trillion 9.6 trillion 9.8 trillion Fragmented market Reliable major players are needed 9 FY12 FY13 FY14 FY15 FY25E Prepared by the company based on the MHLW Report on the Status of Long-Term Care Insurance Services. FY2025 created by the company using the MHLW Current State and Future Role of the Public Long-Term Care Insurance System. to show long-term care expenses as the size of the long-term care market. Strategy: Expand scale through M&A Number of sites of the top 10 companies is taken from the 2016 Databook on the Elderly Housing Industry (source: Koreisha Jutaku Shimbunsha) and number of offices nationwide calculated as the sum of outpatient elderly care and outpatient rehabilitation claims offices based on the MHLW Monthly Survey of Long-Term Care Benefits (April 2016).
10 Business Results Net Sales Op Profit (Millions of yen) 65,413 60,181 63,070 58,423 57,991 57,369 56,413 70,003 (Millions of yen) 3,311 3,654 4,032 2,332 2,582 2,622 1,300 1, FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 (E) Medical outsourcing business Elderly and child care business*1 Others*2 * 1 Changed the business segments reported name from welfare service business to elderly and child care business due to the entity conversion in April.1, * 2 Others included training business. FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 (E)
11 Performance by Business Segment Feb MBO done Delisting Oct Changed company name to Solasto Apr Established Career Centers Dec Acquired Cocoticare Apr Established ICT Jun Business Development Listed on the TSE, Centers first section Apr Strengthening Training Oct Acquired Bestcare Nov.2017(E) Acquired Japan CareLink Medical outsourcing business Elderly care business 11 (Millions of yen) 10.8% 9.7% 9.2% 9.1% 9.6% 7.7% 7.0% 7.0% 48,820 49,491 49,492 50,817 52,000 49,903 48,008 48,325 5,595 4,478 4,504 4,766 4,950 3,840 3,350 3,402 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017(E) Net sales Op profit Op profit margin 15,888 (Millions of yen) 11,637 12,559 5,085 8,786 7,508 5,632 6, % 5.8% 4.7% % % 0.7% 6.4% 8.9% FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017(E) Net sales Op profit Op profit margin
12 Table of Contents Page 1. Company and Business Overview 2 2. Management Vision and Strategy FY2017 1H Results and Earnings Forecast Appendix 50 12
13 Management Vision The Solasto story has begun. Innovation for medical outsourcing, elderly and child care, Better career for working women. 13 An innovation leader in medical outsourcing, elderly and child care, enhancing quality and productivity with ICT Contributing to local communities through connecting medical institutions and elderly care services Supporting people to build professional careers in medical outsourcing, elderly and child care Promoting new working styles to achieve individual work-life balance A company with a value for care and reliability suited for medical, elderly and child care An industry leader with excellence for performance and accountability
14 Management Vision & Core Strategy Net Sales Op Profit Op Profit Margin 100B 7B 7% Strategy Key focus Purpose M&A Elderly care business PMI and synergies Fast topline growth Initiatives on people Productivity Improvement Recruiting process and expertise Improve quality and productivity Increase Op profit margin Improve employee s compensations ICT 14
15 Strategy 1 Achieve 100B of Net Sales by M&A in Elderly Care Business 15
16 Revenue Growth Image in Elderly Care Business x2.4 30B 12.5B FY2016 ASAP 16
17 Elderly Care Business : Annualized Revenue Size The annualize revenue of Elderly Care Business is about 23billion Solasto s total annualized revenue is about 80 billion 12.2 billion yen Existing centers (Before FY2015) 1.8 billion yen FY2016 New centers by M&A BestCare 3.0 billion yen Japan CareLink 4.2 billion yen Other FY2017 New centers by M&A 1.7 billion yen 23.2 billion yen 17 * Best Care FY September 2017 net sales are preliminary values
18 Large scale M&As recently announced Best Care Japan CareLink Announcement date Sep. 27, 2017 Oct. 24, 2017 Net sales 3.0 billion yen (fiscal year ended Sep. 30, 2017) 4.2 billion yen (fiscal year ended Mar. 31, 2017) Amount of stock acquisition 3.2 billion yen 2.0 billion yen Features Strong focus on functional recovery training Top market share in Ehime prefecture Facility-based service (Group home etc.) in Tokyo metropolitan area 18 * Best Care FY September 2017 net sales are preliminary values
19 Strategy2 Achieve 7B yen of Op Profit & 7% of Op Margin by Productivity Improvement 19
20 Cost Solasto s Cost Structure Others Personnel Compensation 90% Compensation only Cost has to be reduced (Compensation has to be increased) Decrease the number of employees Solasto's cost 20
21 Creating Positive Spiral through Productivity Culture Creativity Stopped!! Creativity at work!! Increase the number of employees Decrease the number of employees Service quality decline Productivity improvement stopped Service quality increase Productivity improvement Motivation DOWN Motivation DOWN Motivation UP Motivation UP Negative Spiral Positive Spiral 21
22 Asset Solasto s Cost Structure Others Personnel Compensation 90% People only People are the only means to improve company performance 1. Acquire new talents 2. Develop talents 3. Motivate people Solasto's cost 22
23 Actions on People Hire people because someone resigned Hire new people to proactively upgrade talents 23
24 Talent Acquisition Leadership Talents Hired (people) Apr.- Nov. 8 3 FY2012 FY2013 FY2014 FY2015 FY2016 FY * Transitions in number of management personnel hired including executive officers. FY2017 figure indicates number of confirmed new hires between April and November.
25 New Management Talents Executive VP and General Manager of Medical Business Division Masumi Tamai (Promoted on October 1, 2017 Previous position : Senior VP and GM of Medical Business Division) Executive VP, Chief Talent Officer and General Manager of Human Resources and General Affairs Division Masateru Kawanishi (Joined in October, 2017) Senior VP and General Manager of ICT Business Development Center Takeshi Kiuchi (Joined in July, 2017) VP, Corporate Planning Division Kazuhiro Mashihara (Joined in August, 2017) 25 From the left, Mr.Kawanishi, Mr. Mashihara, Mr. Tamai, and Mr. Kiuchi
26 Target Training Purpose Solasto s Training Increase employee value Quality (Customer KPIs) Appraisal rate / Return rate Waiting time Satisfaction research Revenue increase Profit increase Productivity (Business KPIs) Rate of overtime work Revenue per employee Start with the acceptance to decrease the heads Training contents to improve daily results, otherwise useless Training being a success only if behavior changes (Role-playing, Coaching) Profitability increase Basic Concept High-value employee = Employee who can conduct high-quality work productively Quality and productivity can be improved through training High-value employee = Well-trained employee Training is manager s responsibility (Manager as a coach) Communication is vital. The proof of communicated is a change in visible behavior Compensation increase 26
27 Target Training Purpose Solasto s Training Increase employee value Quality (Customer KPIs) Appraisal rate / Return rate Waiting time Satisfaction research Productivity (Business KPIs) Rate of overtime work Revenue per employee Start with the acceptance to decrease the heads Training contents to improve daily results, otherwise useless Training being a success only if behavior changes (Role-playing, Coaching) Revenue increase Profit increase Profitability increase Basic Concept High-value employee = Employee who can conduct high-quality work productively Quality and productivity can be improved through training High-value employee = Well-trained employee Training is manager s responsibility (Manager as a coach) Communication is vital. The proof of communicated is a change in visible behavior Compensation increase 27 * All figures are for the medical outsourcing business. Increase salary is a comparison of September 2016 and September All others are a YoY comparison with Q2 FY2017.
28 Manager as a Coach Help employees to become capable to do things which they couldn t do before Assist progress towards goal achievement 28
29 Importance of measuring communication effectiveness Convey what and why Action or action results Contents to improve job performance To comply with overtime rules To eliminate overtime work Work shift management Multi-skill development To eliminate non-value add work Zero persons in violation No overtime hour Work shift plan Employees skill management table Identify non-value add work and eliminate them Impact Contents to strengthen organization infrastructure (communication) Kaizen idea card E training(sola-school) Stock ownership program Employee websites Employee ID card newsletter Solasto merit points # of ideas proposed % completed # of entries % of sign up, traffic % of registration % of sign up Merits gained 29
30 branch profit / amount of increase Correlation between Communication Effectiveness and Business Performance Kaizen idea card Correlation between Kaizen idea cards and branch profit (1H FY2017 yoy) R²= , ,000 2,000 3,000 4,000 5,000 6,000 (Number) Kaizen idea cards / number of increase 30
31 (Number of hospitals) Improving Margin through Training and Communication Kansai Block : Shifting the average up and reducing variance (σ) Kansai Block driving the performance improvement of the medical outsourcing business 1H FY2014 1H FY2017 Medical outsourcing business (all) Kansai Block Average (Profit margin by hospital) 31
32 Kansai Block 5 blocks in medical outsourcing business Kansai Block Number of branches: Revenue: 5 About 10 billion yen Members: Block Manager: Over 4,000 peoples N.Yoshida Since August, 2016 Kansai Block 32
33 Performance Status by Blocks Blocks other than Kansai gradually moving up Growth rate of revenue Growth rate of profit (yoy) Kansai Block Others (yoy) Kansai Block Others FY2016 FY2017 Q1 Q2 Q3 Q4 Q1 Q2 FY2016 FY2017 Q1 Q2 Q3 Q4 Q1 Q2 33
34 Motivating People Category Action Category Action Communication Communication card Idea memo Town meeting Set a PC at hospital Employee websites newsletter for employees Video message Employee satisfaction survey Improvement of the work and work place Locomo helper Introducing tablet-type device for home helpers Medical reimbursement checking system Kaizen proposals Consult with Solarin Improved working environment Management training Recognition Solasto points Incentive programs Small token gift for appreciation Branch commendation Group photos Improvement of the working condition Highest childcare workers salary in Japan Increase 10% salary for hospital leaders Semi-full time worker All employees participation in employee stock ownership program Anniversary vacation 34
35 Asset Cost Solasto s Cost Structure Others Personnel Compensation 90% Compensation only People only Cost has to be reduced (Compensation has to be increased) People are the only means to improve company performance Decrease the number of employees Acquire new talents Develop talents Motivate people Solasto's cost 35
36 36 Progress of Management Vision
37 Progress of Management Vision Potential performance steadily improving as we improve productivity and execute large-scale acquisitions in the elderly care business to achieve our management vision. Potential performance FY2017 (E) FY2018 (Forecast) 100B 7B 7.0% 80B level 5B level 65B 3B 5.6% 37 FY2016 Potential FY2020 Potential performance FY2016 FY2020 FY2016 Potential FY2020 performance performance Net Sales Op Profit Op Profit Margin Potential performance refers to a metric that represents Solasto Group fundamentals (as of November 14, 2017) derived by converting into net sales and operating profits for a one-year period. This metric does not account for further growth investments/expenses and those investment results or economic conditions not confirmed at the time of calculation.
38 Table of Contents Page 1. Company and Business Overview 2 2. Management Vision and Strategy FY2017 1H Results and Earnings Forecast Appendix 50 38
39 1H Financial Highlights Revenue and profits exceeded forecasts Profits grew by double digits (Millions of yen) 29,106 29,771 Net Sales 31,352 32,246 Op Profit (Millions of yen) 35,263 (+9.4%) 1,966 (+11.8%) Forecast 34,102 1,176 1,409 1,578 1,759 Forecast 1,793 1H FY2013 1H FY2014 1H FY2015 1H FY2016 1H FY2017 1H FY2013 1H FY2014 1H FY2015 1H FY2016 1H FY2017 (Millions of yen) 1,191 1,419 Ordinary Income 1,582 1,714 Net Income 1,967 (Millions of yen) (+14.8%) 1,263 (+13.7%) 1, Forecast 1,782 Forecast 1,153 1H 1H 1H 1H 1H 1H 1H 1H 1H 1H 39 FY2013 FY2014 FY2015 FY2016 FY2017 FY2013 FY2014 FY2015 FY2016 FY2017
40 Revenue Growth Analysis (1H) Solid revenue growth in all businesses (Millions of yen) 32,246 Medical outsourcing business +1,429 Elderly care business Child care business +1, Others (Solasto Career Center, etc.) 49 35,263 +:New contracts +:M&A +:Worker dispatching sales +:Additional provision to improve benefits +3,016 1H FY2016 医療介護 保育その他 1H FY
41 Op Profit Growth Analysis (1H) Productivity and revenue were the key growth driver Productivity improvement effectively covered future growth investment costs such as M&As and compensations (Millions of yen) 1,759 Medical outsourcing business :Productivity Improvement +:Revenue effect -:Human resource Investments (increased salary etc.) Elderly care business +29 Child care business 25 +:Productivity improvement +:Revenue effect -:Human resource Investments (increased salary etc.) -:M&A costs Others (Solasto Career Center, etc.) 45 Corporate expenses * :Recruiting expense -:Full-year burden of listing related costs 1, H FY2016 医療介護 保育その他調整額 1H FY * 1 Corporate expenses indicated as reconciliation in the earning summary.
42 Medical Outsourcing Business (Quarterly Result) Solid revenue growth both in outsourcing (91% of sales) and worker dispatching (7%) Op profit margin increased significantly, ie 1.2%pt yoy Turnover rate steadily improving Net Sales sales Growth rate of net net sales (yoy) (Millions of yen) 2.6% 1.6% 12,536 12,624 Net Sales 3.1% 3.4% 12,773 12, % 5.7% 13,244 13,346 Growth Rate of Worker Dispatching Sales (yoy) 33.9% 27.0% 26.8% 27.0% 22.2% 21.9% FY2016 FY2017 Q1 Q2 Q3 Q4 Q1 Q2 FY2016 FY2017 Q1 Q2 Q3 Q4 Q1 Q2 営業利益 Op Profit 営業利益率 Op Profit margin 9.9% 9.4% 8.8% 1,264 1,192 1,100 (Millions of yen) Op Profit and Margin 10.8% 9.6% 1,393 1, % 1,409 FY 1H Turnover Rate 25% FY2016 FY2017 Q1 Q2 Q3 Q4 Q1 Q2 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY
43 Elderly Care Business (Quarterly Result) High revenue growth driven by M&As and the constant user increase in existing businesses Margin decreased quarter to quarter due to one-time M&A expenses, yet operating profits were kept at the same level as last year 売上高 Net sales 売上高成長 Growth rate of net sales (Millions of yen) 5.6% 4.6% 3,006 3,057 Net Sales 13.6% 7.9% 3,207 3, % 3, % 3, % 1.5% (yoy) Growth Rate of Monthly Service Users Home help service Day service 27.4% 25.9% FY2016 FY2017 Q1 Q2 Q3 Q4 Q1 Q Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. 営業利益 Op Profit 営業利益率 Op Profit margin 営業利益率 Op Profit margin ( 除くM&A 費用 ) (exc. M&A costs) (Millions of yen) Op Profit and Margin 7.0% 6.9% 6.5% 5.6% % % 169 Occupancy Rate : Facility-based Service Nursing home Group home Service with elderly residential 98.8% 97.8% 94.7% FY2016 FY2017 Q1 Q2 Q3 Q4 Q1 Q Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. 43
44 Elderly Care Business:Status by Asset Vintage Year Revenue and profit favorable across all vintages Net Sales Current Status (Millions of yen) 2,923 3,057 3, Existing centers Year Opened/acquired Net sales (yoy) (Millions of yen) 1 Before FY2015 *1 3,239 (6.4%) Q2 FY2017 Op Profit As planned 1 New centers (M&A) 2 FY2016 *2 494 (x 38) Exceeding plan 3 FY2017 * FY2015 FY2016 FY2017 Q2 Q2 Q2 44 *1 Includes centers newly opened in FY2016 *2 Locations that became subsidiaries or for which transfer of business was completed from April 2 to April 1 of next year in each fiscal year.
45 Revenue and Earnings Forecast Historically highest revenue and profit (Millions of yen) FY2016 FY2017 Act. yoy Est. yoy Net sales 65, % 70, % Operating profit 3, % 4, % Ordinary income 3, % 4, % Net income 2, % 2, % 45
46 Contributing Factors to Revenue Growth (FY) Robust growth in elderly and child care business by M&A Solid growth in Medical outsourcing business (Millions of yen) Medical outsourcing business Elderly and child care business +3,425 (2H) Others (Solasto Career Center, etc.) (2H) 70,003 +1,182 (1H) (1H) 18 65,413 (1H) (2H) + :New contracts + :Worker dispatching sales + :Increase the centers by M&A (FY2016) + :Increase the centers by M&A (FY2017) + :More clients +4, FY2016 医療介護 保育その他 FY2017(E)
47 Contributing Factors to Operating Profit Growth (FY) Productivity improvement in Medical outsourcing business Elderly and child care business profit limited by one time M&A costs (investment for future growth) (Millions of yen) 3,654 3,654 Medical outsourcing business +664 (1H) (2H) Elderly and child care business (1H) +129 (2H) Others (Solasto Career Center, etc.) (1H) 157 (2H) Corporate expenses *1 (1H) 239 (2H) 4,032 + :Productivity improvement + :Revenue effect - :Human resource investments (Increase salary, etc.) + :Synergies from FY2016 M&A + :Productivity improvement - :M&A costs - :Recruiting and training investments - :Full-year burden of public listing related costs - :Developing IT system FY2016 医療介護 保育その他調整額 FY2017(E) * 1 Corporate expenses indicated as reconciliation in the earning summary.
48 Shareholder Returns Priorities Maximize corporate value Maintain ROE above 20% Dividend payout ratio (consolidated) around 50% FY2015 FY2016 FY2017(E) ROE 23.4% 26.4% 24.2% *3 Dividend payout ratio 50.2% 50.3% 50.6% Dividend per share(yen) * Free cash flow (millions of yen) 1,735 2,253 - Debt/equity ratio x0.6 x0.4 - Equity ratio 37.6% 43.1% - 48 * 1 Debt/equity ratio=interest- bearing debt(included, lease obligations)/total assets. * 2 On January 26, 2016, a share split of 300 for 1 was conducted. In accordance with this, net income per share in the above table has been restated on the assumption that the aforementioned share split was conducted at the beginning of the fiscal year ended March 31, * 3 Net income is at the forecast value. Term end equity is calculated as end of March 2017 equity + FY2017 net income (forecast) dividend payment amount based on dividend forecast.
49 Forecast by Segments (Millions of yen, ( ): Op profit margins) FY2016 FY2017(E) Increase (Decrease) yoy Net sales 49 Medical outsourcing business 50,817 52,000 +1, % Elderly and child care business 13,862 17,288 +3, % Elderly care business 12,559 15,888 +3, % Child care business 1,303 1, % Others (Solasto Career Center, etc.) % Total net sales 65,413 70,003 +4, % Operating profit Medical outsourcing business Elderly and child care business Elderly care business Child care business 4,950 (9.7%) 884 (6.4%) 723 (5.8%) 161 (12.4%) 5,595 (10.8%) 1,014 (5.9%) 916 (5.8%) 98 (7.0%) % % % % Others (Solasto Career Center, etc.) Corporate expenses 1,953 2, Total operating profit 3,654 4, %
50 Table of Contents Page 1. Company and Business Overview 2 2. Management Vision and Strategy FY2017 1H Results and Earnings Forecast Appendix 50 50
51 Business Transformation Before MBO(~2012) After MBO~ ~ Reform business model Strong medical outsourcing business Promising elderly care business Strengthen management capabilities Execution oriented governance structure Hired and replaced key management positions KPI management New recruiting and training model (Solasto Career Center) Build M&A knowhow New company name, headquarters relocation ICT utilization Strengthen staff hiring and training expertise M&As People factor initiatives ICT Business Development Center 51
52 Consolidated Income Statement (FY2010-FY2017(E)) (Millions of yen) FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 (E) Net Sales 57,991 56,413 57,369 58,423 60,181 63,070 65,413 70,003 Operating Profit 2,332 1,300 1,126 2,582 2,622 3,311 3,654 4,032 (Margins) 4.0% 2.3% 2.0% 4.4% 4.4% 5.3% 5.6% 5.8% Ordinary Income 2,453 1,353 1,121 2,607 2,673 3,308 3,626 4,015 (Margins) 4.2% 2.4% 2.0% 4.5% 4.4% 5.2% 5.5% 5.7% Net Income 1, ,457 2,394 1,451 1,993 2,473 2,640 (Margins) 1.9% 0.4% 9.5% 4.1% 2.4% 3.2% 3.8% 3.8% ROE 6.1% 1.3% 40.7% 28.6% 16.5% 23.4% 26.4% 24.2%* 2 EPS (yen)* * 1 EPS are recorded after fiscal year ended March 31, 2013, which are comparable data. * 2 Net income is at the forecast value. Term end equity is calculated as end of March 2017 equity + FY2017 net income (forecast) dividend payment amount based on dividend forecast.
53 Stock Price (Yen) Nov. 30, ,687 2,500 2,000 Offering price: 1,300 (K shares) 600 1, , Jun. 29, 2016* Sep.1, 2016 Nov. 1, 2016 Jan. 4, 2017 Mar 1, 2017 May 1, 2017 Jul. 3, 2017 Volume(right) stock price(left) Sep. 1, 2017 Nov. 1, *Volume on June 29, 2016 was 3,663 thousand shares
54 Contact Solasto Corporation(Ticker code: 6197) Konan, Minato-ku, Tokyo , Japan Website: 54 Cautionary statement regarding forward-looking information This material includes forward-looking statements based on a number of assumptions and beliefs in light of the information currently available to management and subject to significant risks and uncertainties. Actual financial results may differ materially depending on a number of factors.
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