Results Briefing for the Fiscal Year ended March 31, 2016 May 11, 2016 Kakaku.com, Inc.
Results Briefing for
the Fiscal Year ended March 31, 2016
May 11, 2016
Kakaku.com, Inc.
1
1. Full Year Financial Highlights
2. Review of Fourth Quarter, Fiscal Year 2015
3. Outlook for Fiscal Year 2016
Contents
1. Full Year Financial Highlights
2
3
FY 2014
results
FY2015
results YoY
Full-year forecast
Achievement ratio (%)
Sales 35,787 41,275 +15.3% 42,500 97.1%
Operating
Income 16,808 19,534 +16.2% 19,700 99.2%
Ordinary
Income 17,167 19,580 +14.1% 19,700 99.4%
Net Income attributable to
shareholders of the parent company
10,890 13,100 +20.3% 13,130 99.8%
Operating
Margin 47.0% 47.3% +0.3pts 46.4% -
Full Year Results for FY 2015
Operating income grew by 16.2% YoY and reached a record high of 19.5 billion yen.
Steady growth of our tabelog business was able to compensate for declining sales
from broadband network contracts, which fell short of our forecast. (million yen)
2. Review of Fourth Quarter, Fiscal Year 2015
4
FY2015 4Q Highlights
5
Sales increased by 5.9% YoY, as good results in the shopping and advertising categories compensated for a decrease in commissions received from broadband service providers
Individual paid subscribers surpassed 1.57 million users, as of end-March.
The number of fee-paying showed steady growth, increasing 24.9% YoY.
Travel business Time Design and real estate site Sumaity continue to post
strong sales.
Kinarino Mall, an online shopping mall, opened in February.
A revision of the maximum contract period for fire insurances, in October
2015, led to a decrease in commissions.
The number of unique users for Priceprice.com reached 7.36 million users
(four-country total) as of end-March Ka
ka
ku
.co
m
Domestic
Overseas
tab
elo
g Domestic
Overseas
Improved content quality has led to steady growth in site traffic. The number of monthly unique users reached 1.39 million, more than four times as many as last FY.
New Media
Insurance
6
FY 2014 4Q (Jan-Mar 2015)
FY 2015 4Q (Jan-Mar 2016)
YoY
Sales 10,052 11,507 +14.5%
Operating Income 5,017 5,791 +15.4%
Ordinary Income 5,010 5,770 +15.2%
Net Income attributable to
shareholders of the parent company
3,199 3,854 +20.5%
Operating Margin 49.9% 50.3% +0.4pts
FY2015 4Q Results (Quarterly)
(million yen)
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
FY2013 FY2014 FY2015
Shopping 2,479 2,145 2,066 2,339 2,353 2,130 2,175 2,513 2,478
Service 2,188 1,481 1,555 1,590 2,317 1,750 1,584 1,538 2,346
Advertising 1,060 953 912 1,276 1,001 941 949 1,377 1,182
Tabelog 2,413 2,729 3,104 3,234 3,408 3,556 3,851 4,119 4,255
New Media 429 451 705 543 707 676 1,021 782 1,017
Finance 206 204 206 233 264 270 300 227 228
Quarterly Sales by Business Category (Consolidated)
7
2.5%
7,965
26.9%
18.6%
12.0%
34.3%
5.7% 2.4%
8,777
28.2%
24.9%
12.1%
27.5%
4.9% 2.3%
8,551
24.2%
18.2%
10.7%
36.3%
8.3%
2.5%
9,217
25.4%
17.3%
13.8%
35.1%
5.9% 2.6%
10,052
23.4%
23.1%
10.0%
33.9%
7.0%
3.1%
9,881
22.0%
16.0%
9.6%
39.0%
10.3%
2.9%
9,327
22.8%
18.8%
10.1%
38.1%
7.3%
2.2%
10,558
23.8%
14.6%
13.0%
39.0%
7.4%
2.0%
11,507
21.5%
20.4%
10.3%
37.0%
8.8%
Note: Amounts
exclude inter-segment sales and
transfers.
(Unit: million yen)
Shopping
Service
Advertising
tabelog
New Media
Finance
Ka
ka
ku
.co
m
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
FY2013 FY2014 FY2015
Advertising 1,184 912 926 905 1,196 1,005 1,029 988 1,137
Comission*1 865 990 1,104 1,152 1,134 1,199 1,213 1,436 1,401
Personnel-related 1,346 1,356 1,411 1,383 1,358 1,478 1,468 1,499 1,476
Outsourcing 332 380 399 405 466 483 619 575 640
Depreciation 132 154 170 159 187 189 200 220 241
Rent 137 138 150 161 166 167 176 174 180
Other 407 522 673 482 524 527 779 594 637
Quarterly Cost Breakdown (Consolidated)
8
4,456
20.5%
30.5%
22.2%
3.1%
8.5%
11.7%
3.5%
570(90) 616(90)
4,407
26.9%
30.5%
19.6%
3.0% 7.6%
9.3%
3.1%
639(96)
4,836
19.2%
29.2%
22.8%
3.1%
8.3%
13.9%
3.5%
653(97)
4,650
19.5%
29.7%
24.8%
3.5%
8.7%
10.4%
3.4%
5,035
23.8%
27.0%
22.5%
3.3%
9.3%
10.4%
3.7%
660(97)
5,486
18.8%
26.8%
22.1%
3.2%
11.3%
14.1%
3.7%
695(106 )
5,050
19.9%
29.3%
23.8%
3.3%
9.6%
10.3%
3.8%
689(99 )
5,487
18.0%
27.3%
26.2%
3.2%
10.5%
10.8%
4.0%
987
1,498
1,435
710(109)
5,715
19.9%
25.8%
24.5%
3.2%
11.2%
11.2%
4.2%
708(111)
*1 Commission = Various commissions paid + Advertising agency commissions *2 The number of regular employees, with the average number of temporary employees for each quarter shown separately in parentheses
Advertising
Personnel-related
Outsourcing
Depreciation
Rent
Other
Employee headcount*2
Jan-Mar 2016
Breakdown of “Other"
expenses
• Server maintenance
¥87mn
• TimeDesign cost of
goods purchased
¥297mn
• Goodwill
amortization ¥6mn
• Employee
recruitment ¥24mn
(Unit: million yen)
Kakaku.com
9
Kakaku.com
Kakaku.com Business Overview
10
Quarterly Sales Trend (million yen)
Sales rose by 5.9 %, as our shopping and advertising businesses continue to post strong sales.
The total number of domestic and overseas users rose by 4.2% YoY.
ARPU for domestic users shows an upward trend, rising from 38 Yen last year to 40 Yen.
YoY +4.2%
4,821
5,671 6,006
5,428
YoY
+5.9%
4,708
Domestic and Overseas Monthly Unique Users (million)
Kakaku.com (Japan)
Priceprice (SE Asia)
4Q 1Q 2Q 3Q 4Q
FY2014 FY2015
Shopping 2,353 2,130 2,175 2,513 2,478
Service 2,317 1,750 1,584 1,538 2,346
Advertising 1,001 941 949 1,377 1,182
0
1,000
2,000
3,000
4,000
5,000
6,000
*Monthly users are defined as the number of visitors to the site, not the cumulative number of visits, per month. Visitors who visit the site multiple times
within a month are counted as a single user.
*ARPU is measured as a 3 month average (January – March 2016)
0
10
20
30
40
50
60
Mar 2015 Mar 2016
57.63 55.28
Kakaku.com
Shopping Business
11
Quarterly Sales (million yen)
Quarterly Sales Growth Rates (%)
Durable Goods/Consumer Goods Sales Ratio (%)
YoY
+5.3%
※ Durable Goods: PC・Household Appliances・Cameras, etc. ※ Consumer Goods: Clothing, accessories, everyday goods, food and beverages
Durable
goods
66%
Durable
goods
64%
Consumer
goods
34%
Consumer
goods
36%
0%
20%
40%
60%
80%
100%
FY3/2015 4Q FY3/16 4Q
4Q 1Q 2Q 3Q 4Q
FY2014 FY2015
Shopping 2,353 2,130 2,175 2,513 2,478
0
1,000
2,000
3,000
4Q 1Q 2Q 3Q 4Q
FY2014 FY2015
Shopping -5.1% -0.7% 5.3% 7.5% 5.3%
-10%
0%
10% Consumer Goods, such as furniture and
shoes were especially strong.
FY2014 4Q FY2015 4Q
Kakaku.com
38% 29%
62% 71%
0%
50%
100%
FY3/15 4Q FY3/16 4Q
12
Service Business
Quarterly Sales (million yen)
Quarterly Sales Growth Rates (%)
Breakdown of Service Revenues (%)
Growth Rate of Finance Related Categories (%)
YoY
+1.3%
FY3/2015 4Q FY3/16 4Q
Credit Cards
YoY +47.1%
Credit Card Loans
YoY +32.9%
Real Estate Loans
YoY +162.3%
Other YoY -1.4%
Commissions from broadband network contracts and estimates for car insurances are declining, while searches for used cars and finance related categories show strong growth
4Q 1Q 2Q 3Q 4Q
FY2014 FY2015
Service 2,317 1,750 1,584 1,538 2,346
0
1,000
2,000
3,000
Information services
Telecom
service
4Q 1Q 2Q 3Q 4Q
FY2014 FY2015
Service 5.9% 18.2% 1.8% -3.3% 1.3%
-10%
0%
10%
20%
FY2014 4Q FY2015 4Q
FY2014 4Q FY2015 4Q
Kakaku.com
Advertising Business
13
Quarterly Sales (million yen)
Quarterly Sales Growth Rates (%)
Advertising sales breakdown by device (%)
YoY
+18.0%
Car related Ads continue to drive advertising sales
4Q 1Q 2Q 3Q 4Q
FY2014 FY2015
Advertising 1,001 941 949 1,377 1,182
0
500
1,000
1,500
4Q 1Q 2Q 3Q 4Q
FY2014 FY2015
Advertising -5.6% -1.2% 4.0% 8.0% 18.0%
-10%
0%
10%
20%
PC Ads
83% PC Ads
72%
Smartphone
Ads
17% Smartphone
Ads
28%
0%
20%
40%
60%
80%
100%
FY3/15 4Q FY3/16 4Q FY2014 4Q FY2015 4Q
Kakaku.com
Kakaku.com Overseas Business: Priceprice.com
14
Monthly Unique Users by Country (million)
Improved smart phone site for all 4 countries
Indonesia
YoY +62.6%
Philippines
YoY +16.1%
Thailand
YoY +47.5%
India
YoY 63.6x
Improved usability and design (Jan) and new categories added (Feb)
0.64 1.14
1.68
1.81
2.10
1.81
2.94
0
400
800
2015年3月 2016年3月 March 2015 March 2016
4.76
7.36
tabelog
15
Tabelog
tabelog Business Overview
16
tabelog Quarterly Sales (million yen) Domestic and Overseas Monthly Unique Users (million)
Sales rose by 24.9% YoY, as the number of both fee-paying restaurants and individual
paid subscribers are showing steady growth.
The total number of domestic and overseas users has surpassed 76 million as of end-
March.
YoY
+10.4%
3,556 3,408
4,255 4,119
YoY
+24.9%
3,851
4Q 1Q 2Q 3Q 4Q
FY2014 FY2015
Paying individuals 519 534 666 743 783
Corporate sales 2,889 3,021 3,182 3,373 3,469
0
1,000
2,000
3,000
4,000
5,000
20
30
40
50
60
70
80
Mar 2015 Mar 2016
76.09
68.93
tabelog (Japan)
Tabélog (USA)
Tabelog
42.2K
restaurants
44.7K
restaurants
46.1K
restaurants
47.5K
restaurants
49.0K
restaurants
18,000
17,500
18,500
19,500
19,600
17,000
18,000
19,000
20,000
30
40
50
4Q 1Q 2Q 3Q 4Q
FY2014 FY2015 FY2015
549k
837k
1,133k
1,280k
1,573k
0
800
1,600
4Q 1Q 2Q 3Q 4Q
FY2014 FY2015 FY2015
tabelog Domestic Business
17
Number of Fee-paying Restaurants and ARPU Number of Individual Paid Subscribers
(Nr. of Restaurants:thousands) (ARPU: yen)
FY2015 FY2015
(Nr. of Subscribers:thousands)
Tabelog
tabelog Overseas Business: Tabélog
18
Number of Reviews
Improved Content Quality
0
100,000
200,000
300,000
400,000
4Q 4Q
FY2014 FY2015
YoY x7.0
Improved quality of review articles resulted in better user engagement (social media sharing) and higher site traffic.
New Media
19
New Media
4Q 1Q 2Q 3Q 4Q
FY2014 FY2015
New Media 64.8% 49.9% 44.7% 43.8% 43.9%
0%
20%
40%
60%
80%
4Q 1Q 2Q 3Q 4Q
FY2014 FY2015
New Media 707 676 1,021 782 1,017
0
200
400
600
800
1,000
1,200
New Media Overview
20
Travel: Time Design maintains high growth with its dynamic packaging business,
4Travel has developed a new source for revenues and is off to a good start.
Real Estate: Stimulated by a traditionally strong spring season, Sumaity has shown
continued growth both in traffic and revenues.
YoY
+43.9% Growth rates have become moderate,
as the sales denominator rises
*Dynamic packaging: enables consumers to build their own package of flights and accommodation instead of purchasing a pre-defined package.
Quarterly Sales (million yen) Quarterly Sales Growth Rates (%)
New Media
New Developments in New Media
21
4Travel starts promotion service fro hotels Kinarino Mall reaches more than 500,000 monthly users
• As of December 2015, 4Travel is offering hotels a new paid service for marketing promotion.
• Hotels are able to send out information or coupons, as well as edit their landing page.
As of February, readers of the fashion and lifestyle web magazine Kinarino are able to buy products introduced on the site, in Kinarino’s own online shopping site.
※User numbers are as of end-March 2016
Finance
4Q 1Q 2Q 3Q 4Q
FY2014 FY2015
Finance 28.2% 32.4% 45.3% -2.5% -13.7%
-20%
0%
20%
40%
60%
4Q 1Q 2Q 3Q 4Q
FY2014 FY2015
Finance 264 270 300 227 228
0
100
200
300
Finance (Insurance) Business
22
Quarterly Sales (million yen)
Number of Contracts for Fire Insurances
Revision of the maximum contract period for fire insurance policies, as of October
2015, has negative impact on sales.
YoY
-13.7%
Quarterly Sales Growth Rates (%)
YoY
+17.8%
4Q 4Q
FY2014 FY2015
3. Outlook for FY2016
23
23,276
29,814
35,787
41,257
48,000
11,616
14,680 16,808
19,534
23,000
7,090 9,066
10,890 13,100
15,900
0
10,000
20,000
30,000
40,000
50,000
FY3/13 FY3/14 FY3/15 FY3/16 FY3/17E
Sales Operating Income Net Income attributable to shareholders of the parent company
FY2016 Earnings Forecast
24
Forecasting increase in sales, driven by continued growth of existing businesses,
paired with sales growth through new synergies in the travel business.
Aiming to distribute 37-38%of consolidated net income as dividends.
(million yen)
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Initiatives in the energy sector
25
Improve content for our Electricity price comparison site while starting to prepare
for the liberalization of the gas market in 2017.
Electricity price comparison Liberalization of gas market
• 264 pricing plans from 39 providers listed since the start of new applications in April 2016.
• Aim for more unique users, by generating more site traffic and improved usability of the site
• Release of first content on the liberalization of the Gas market in April 2017
*The number of companies and pricing plans listed on Kakaku.com’s electricity price comparison site are as of May 10, 2016.
Drive tabelog sales through fee-paying restaurants
26
Continued to drive sales by increasing the number of fee-paying restaurants and
higher ARPU
Increase fee-paying restaurants
Improve
ARPU
•Build an efficient sales system and increase the number of sales staff
•Enhance after-service and improve satisfaction of client restaurants.
•Add a usage based monetization for customer acquisition based on online reservations.
Greater synergy between travel related businesses
27
Word-of-mouth Travel Site
・MAU: 8.29mn
・Business Promotion Clients: 1,060 hotels
Dynamic Package Reservation System
・Number of Partners: 1,880 hotels ・Number of Partner Airlines: 13 carriers
Website for last-minute discounts on hotels and Japanese-style inns
・MAU: 600,000
・Number Registered users: 630,000
A newly established supervisory department will help drive synergies and growth for
our travel related businesses.
* Data is as of March 2016
Management Target
28
Aim at medium and long-term stable growth through focus on shareholder value
with maintenance of high capital efficiency
Capital Efficiency:
ROE 40% as a target Quantitative
Target
29
0%
100%
現報酬体系 新報酬体系
Revision of executive compensation for executive officers and directors, by
introducing a performance based bonus, as well as stock-based compensation,
as mid- to long-term incentives.
Aim to increase corporate value, by strengthening mid- to long term shared
interests with our share holders.
Fixed Compensation
Fixed Compensation
Performance Based Bonus
Stock-based
Compensation
Introduction of incentives in executive compensation
Current Compensation Structure New Compensation Structure
Priorities for FY 2016
30
Raise sales ratio of consumer goods and improve user engagement. Establish a firm market position in the liberalized electricity market and start preparations for the liberalization of the gas market in 2017.
Continue to drive sales by increasing the number of fee-paying restaurants and raising ARPU. Explore usage based monetization for customer acquisitions.
Drive sales through greater synergy between travel related businesses.
Raise transaction volume of Kinarino Mall and expand E-Commerce sales.
Take measures to address revision of Insurance Business Act and strengthen
customer consultation.
Aim for 10 million monthly unique users (four-country total) and continue to
further improve site content. Ka
ka
ku
.co
m
Domestic
Overseas
tab
elo
g Domestic
Overseas Aim for 5 million monthly unique users, by driving site traffic with stronger site
content and an improved smartphone app.
New Media
Insurance
Reference Data
31
Segments and Business Description
32
Segment Site
Category
Business
Category Business Description
Inte
rne
t Me
dia
Kakaku. Com
Shopping Commission income from registered shops based on the number
of clicks and sales performance
Service
Commission income based on factors including the number of broadband network contracts
Commission income based on requests for estimates and/or information materials for car insurance, finance, and used car searches
Advertising Advertising income from banners, text advertisements, content
and search based advertising on Kakaku.com
tabelog tabelog
Income from tabelog (income from advertisements for restaurants
and other companies, income from a pay-per-use business targeting individuals, etc.)
Other New Media Income from operated sites such as yoyaQ.com, 4travel, Sumaity,
Time Design, eiga.com,and webCG
Fin
an
ce
Finance Commission income from a general independent insurance
agency business for life insurance, non-life insurance, etc. *Operated by Kakaku.com Insurance, Inc.
Operated Website User Profile
Users above 30 account for less than 90% of total users on PC, and only 70% on martphones.
While male user ratio is higher for PC, male-female ratio on smartphones is almost 50/50.
33
Male-Female Ratio Age Distribution
*Age distribution and male-female ratio: Excerpted from a Nielsen Online Mar 2016 study (Home & Work Data)
48.4%
19.3%
29.3%
21.7%
13.0%
28.5%
6.6%
25.3%
2.7% 5.2%
0%
20%
40%
60%
80%
100%
PC スマートフォン
50歳- 40-49歳 30-39歳 21-29歳 -20歳
67.9%
53.7%
32.1%
46.3%
0%
20%
40%
60%
80%
100%
PC スマートフォン
男性 女性 50- 40-49 30-39 20-29 -20 Male Female
PC PC Smartphone Smartphone
4Q
5
1Q
6
2Q
7
3Q
42
4Q
52
1Q
62
2Q
63
3Q
64
4Q
65
Operating Income 4,369 3,509 3,715 4,566 5,017 4,276 4,395 5,071 5,791
Operating margin 49.8% 44.1% 43.4% 49.5% 49.9% 45.9% 44.5% 48.0% 50.3%
0%
10%
20%
30%
40%
50%
60%
0
1,000
2,000
3,000
4,000
5,000
6,000
Operating Income by Quarter (Consolidated)
34
FY2013 FY2014 FY2015
(million yen, %)
* Tabelog Inc. and Time Design Co, Ltd. are included in consolidated accounts from FY2014 1Q
* webCG, Inc. is included in consolidated accounts from FY2015 1Q
FY2011 FY2012 FY2013 FY2014 FY2015
Operating Income 9,010 11,616 14,680 16,808 19,534
Operating margin 48.8% 49.9% 49.2% 47.0% 47.3%
35%
40%
45%
50%
55%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Operating Income by Fiscal Year (Consolidated)
35
(million yen, %)
FY2011 FY2012 FY2013 FY2014 FY2015
Shopping 6,445 7,342 8,721 8,904 9,298
Service 4,520 6,160 7,173 6,944 7,220
Advertising 2,988 3,269 3,774 4,144 4,450
Tabelog 2,539 4,136 7,695 12,476 15,782
New media 1,384 1,726 1,712 2,408 3,498
Finance 585 641 735 909 1,026
Sales Contribution by Business by Fiscal Year (Consolidated)
36
18,463
24.5%
16.2%
13.7%
34.9%
7.5% 3.2%
23,276
31.5%
26.5%
14.0%
17.8%
7.4% 2.8%
29,814
29.3%
24.1%
12.7%
25.8%
5.7% 2.4%
35,787
24.9%
19.4%
11.6%
34.9%
6.7% 2.5%
Service
Advertising
Shopping
tabelog
Finance
Ka
ka
ku
.co
m
New Media
Note: Amounts
exclude inter-segment
sales and transfers.
(million yen,%)
41,275
22.5%
17.5%
10.9%
38.2%
8.4%
2.5%
37
◆Customer Purchasing Support Site Kakaku.com
This site provides price, product, and word-of-mouth information on various products and services.
◆Restaurant Ranking and Review Site tabelog
This site provides reliable restaurant rankings by rating restaurants on a scale of one to five based on word-of-mouth and reviews collected from users.
◆Website for last-minute discounts at hotels and
Japanese-style inns yoyaQ.com This is a service for reserving rooms at hotels and
Japanese-style inns at bargain rates, mainly for plans discounted
due to last-minute cancellations or other special reasons.
◆Photo Community Site PHOTOHITO
Based on the concept “Connecting people with photos,” the site provides a place for people to share their favorite photos.
◆Travel review and comparison site 4travel
Based on the concept “Collaborative online travel guide,” this site provides information on domestic and international travel posted by users.
(Operated by consolidated subsidiary 4travel, Inc.)
◆Comprehensive Movie Information Site eiga.com
This site provides wide-ranging movie information reviews by professional critics and our editorial staff, as well as reviews posted by users.
(Operated by consolidated subsidiary eiga.com, Inc.)
◆Real Estate/Housing Information Website Sumaity
This site provides information on rental properties, apartments and houses for sale.
◆Insurance Selection Consulting Service Offers a wide range of insurance, including life insurance, non-life insurance, car insurance, and travel insurance. (Operated by consolidated subsidiary Kakaku.com Insurance, Inc.)
◆Cooking Support App recipom
“Recipom is a free app that supports daily meal preparation. It allows users to easily and confidently search over 80,000 delicious recipes provided by professionals.
◆Wine Share/Management App Vinica
This is a free camera app that allows users to share their favorite new wines with friends and record tasting reviews.
◆Customer purchasing support site for non-Japan Asia Priceprice.com
Priceprice.com serves the Philippines, Thailand, Indonesia and India based on the “Enjoy Smart Shopping” concept. It provides user reviews and pricing and product information on products.
◆Tabélog Modeled after the tabelog site for the Japanese market, Tabélog is tailored to the US market with a fresh design and leading-edge functionality.
◆Kinarino Kinarino provides a full range of lifestyle information on topics such as fashion, household goods and food based on a theme of "beautiful and gentle lifestyle."
◆Dynamic package reservation system
Consolidated subsidiary Time Design provides a dynamic package reservation system that enables users to purchase airline tickets and reserve hotel rooms via airlines and hotels' official websites.
◆webCG, daily must-visit site for car lovers
Launched in 1998 as the online version of the automobile magazine CAR GRAPHIC, webCG is an old-school online magazine for car lovers. Enjoyably provides in-depth, reader-friendly information mainly on new models. (Operated by consolidated subsidiary webCG, Inc.)
Services Provided by the Kakaku.com Group
38
Company Profile
Company name Address
Founded URL
Share Listing Stock Code Related Companies
Kakaku.com Insurance, Inc. URL: http://hoken.kakaku.com/insurance/company.html
4travel, Inc. URL: http://4travel.jp/
eiga.com, Inc. URL: http://eiga.com/
Time Design Co. Ltd. URL: http://www.timedesign.co.jp/
Tabélog, Inc. URL: http://www.tabelog.us/
webCG, Inc. URL: http://www.webcg.net/
Information and projections of future performance contained in this document include the
Company’s judgments premised on information available at the time of preparation and
assumptions concerning uncertainties. They may differ from actual business performance and results
due to a variety of factors
Kakaku.com, Inc. DIGITAL GATE BUILDING, 3-5-7, Ebisu minami, Shibuya-ku, Tokyo 150-0022 December 1997 http://corporate.kakaku.com/?lang=en The First Section of Tokyo Stock Exchange 2371