results for first 2 quarters of 2015(pdf) · executive vice president junya amita executive...

November 13, 2014

Securities Code: 9474

ZENRIN Co., Ltd.

Briefing on Results for First 2 Quarters ofFiscal 2015 (Year Ending March 31, 2015)

President and CEO Zenshi Takayama

Executive Vice President Junya AmitaExecutive Officer, andHead of Corporate Management Division Masami Matsuo

Briefing on Results for First 2Qs of FY2015

ZENRIN Co., Ltd. All Rights Reserved.©

Briefing on Results for First 2Qs of FY2015Table of Contents

1. Overview of Results for First 2 Quarters of Fiscal 2015

2. Earnings Forecast for Fiscal 2015

3. Income Distribution

4. Business Summary

Appendix

Note: This document contains forward-looking statements based on assumptions, forecasts and plans in light of information available to ZENRIN Co., Ltd. as ofthe preparation date of this document. Actual performance may vary significantly from the forecast figures due to various risks and uncertainties owing toglobal economic trends, market demand, status of competition, exchange fluctuations and other factors.The information that appears in this document rounds down fractions to the nearest specified unit and rounds off decimals in the percentage of change tothe first decimal place.In addition, cases where the percentage of change exceeds 1000% and cases where one or both of the items of comparison are negative are shown as “–.”

2/33



1. Overview of Results for First 2 Quarters of Fiscal 2015

1) Overview of Results2) Changes in Net Sales and Income3) Causes for Change in Operating Income4) Segment Information5) Changes in Cash FlowsAppendix (1) Overview of Results for First 2 Quarters of Fiscal 2015・Amount of Capital Investment, Depreciation and R&D Costs・Changes in Composition of Net Sales by Quarter

3/33



1-1) Overview of Results

Amounts in million yen

Key Points of Results for First 2 Quarters of Fiscal 2015Compared to First 2 Quarters of Fiscal 2014 <decrease in sales and decrease in income (increase in terms of net income)>■Decrease in sales due in part to decrease in number of fee-paying subscribers to services for smartphones and restructuring of

subsidiaries■Recording of -735 million yen in deferred income taxes due in part to impact of deferred tax assets associated with loss carried

forward of subsidiaries following restructuring, among other factors, led to improvement in net income to 194 million yen

Compared to Earnings Forecast <upward revision in light of change in sales composition and deferment of certain expenses to second fiscal half>■Robust sales related to GIS utilizing residential map databases and data for Japanese in-car navigation systems■Upward revision of earnings forecast for second quarter in light of deferment of certain expenses associated with map

database maintenance and new development projects

FY2014Actual

FY2015Earnings Forecast(May 8)

FY2015Revised Forecast(Oct. 24)

FY2015Actual

Compared to First 2Qs of

FY2014

% of Change

Compared to Earnings Forecast(May 8)

% of Change

Compared to Revised Forecast(Oct. 24)

% of Change

Net Sales 24,010 22,500 22,550 22,556 -1,453 -6.1 56 0.3 6 0.0

Operating Expenses 23,970 23,500 22,850 22,865 -1,104 -4.6 -634 -2.7 15 0.1

Operating IncomeOperating Margin

390.2%

-1,000-4.4%

-300-1.3%

-308-1.4%

-348-1.6pt

――

6913.0pt

――

-8-0.1pt

――

Ordinary IncomeOrdinary Margin

2250.9%

-800 -3.6%

-20-0.1%

-18-0.1%

-244-1.0pt

――

7813.5pt

――

10.0pt

――

Net Income -250 -300 190 194 445 ― 494 ― 4 2.3

*No substantial change from the revised earnings forecast figures announced on October 24.4/33



1-2) Changes in Net Sales and Income

Net SalesDown 1,453 (-6.1%) Down 348 ( ― ) Down 244 ( ― ) Improved 445 ( ― )

Operating Income Ordinary Income Net IncomeCompared to First 2Qs of

FY2014

Up 56 (+0.3%) Improved 691 ( ― ) Improved 781 ( ― )Compared to

Earnings Forecast

(announced on May 8)

Improved 494 ( ― )

*No substantial change from the revised earnings forecast figures announced on October 24.

25,4

52

22,7

44

25,8

49

24,0

10

22,5

00

22,5

56

0

5,000

10,000

15,000

20,000

25,000

30,000

10/9 11/9 12/9 13/9 14/9 14/9

1,75

0

305

2,56

5

39

-1,0

00

-308

-1,200

-700

-200

300

800

1,300

1,800

2,300

2,800

3,300

10/9 11/9 12/9 13/9 14/9 14/9

1,81

8

608

2,73

5

225

-800

-18

10/9 11/9 12/9 13/9 14/9 14/9

745

239

1,16

1

-250

-300 19

4

10/9 11/9 12/9 13/9 14/9 14/9

Decrease in sales for 2 consecutive periods

Income in previous period→ Loss

Loss in previous period→ Income

May

8 E

arni

ngs

Fore

cast

Act

ual

Due in part to impact of deferred tax assets following restructuring


5/33



1-3) Causes for Change in Operating Income

-2

-1

0

1

2

3

+0.3

+0.1

-1.1

-0.0

+0.0

-0.7

Net SalesCompared to First 2Qs of FY2014: -1.4 bn yen (-6.1%)Net SalesCompared to First 2Qs of FY2014: -1.4 bn yen (-6.1%)

+0.0 -0.3

Compared to First 2Qs of FY2014: -0.3 bn yen (－)

Decrease in number of fee-paying subscribers to services for smartphones Restructuring of subsidiaries

Withdrawal from sales promotion business and commissioned CAD processing operations

Decrease in operating expenses accompanied by decrease in sales of Other Business

-0.3

-0.8

13/9Actual13/9

ActualAdvertising Business

Advertising Business

Publishing BusinessPublishing Business

GIS Business

GIS Business

ICT Business

ICT Business

Other Business

Other Business

ITS Business

ITS Business

GlobalBusiness

GlobalBusiness

Operating ExpensesOperating Expenses

14/9Actual14/9

Actual

Amounts in billion yen

6/33

(Compared to First 2 Quarters of Fiscal 2014)



Sales Composition

1-4) Segment Information

1. Map Database SegmentMain Items: Printed residential maps,

residential map databases, data for Japanese and overseas in-car navigation systems, services for smartphones, map data provision, etc. for various media/devices

2. General Printing SegmentMain Items: Commercial printing

3. OtherMain Items: Purchased products, Digital signage

87.4%

8.0%

4.6%

7/33



1-4) Map Database Segment

■ Robust sales related to GIS utilizing residential map databases and data for Japanese in-car navigation systems

■ Decrease in number of fee-paying subscribers to services for smartphones related to ICT

Down 753 (-3.7%)

Net SalesDownturn of 351 ( ― )

Operating IncomeCompared to First 2Qs of

FY2014

20,45819,705

16,000

18,000

20,000

22,000

24,000

13/9 Actual 14/9 Actual

-91 -442

-500

0

500

1,000

1,500



8/33



1-4) General Printing Segment, and Other

Net Sales Operating IncomeCompared to First 2Qs of

FY2014

Down 617 (-37.1%) Up 23 (83.1%)

Gen

eral

Prin

ting

Seg

men

tO

ther

1,888 1,806

0

1,000

2,000

3,000


1,662

1,045

0

1,000

2,000

3,000


26

-0

-60

-30

0

30

60


28

52

0

30

60

90

120



FY2014

Down 82 (-4.3%) Downturn of 27 ( ― )

<Decrease in sales due to restructuring>Withdrawal from sales promotion business and commissioned CAD processing operations


9/33



1-4) Net Sales by Business under Medium-Term Business Plan ZGP2015


FY2014

未

0.30.40.30.3 0.30.3

3.93.6 3.73.5 3.43.2

3.53.74.1

4.4 4.74.8

4.34.5

6.86.7

5.95.8

7.2

5.45.9

4.94.85.1

1.71.2

1.61.01.00.9

4.1

3.53.1

2.9

2.12.1

0

2

4

6

8Fi

rst 2

Qs

of F

Y20

12

Firs

t 2Q

s of

FY

2014

Firs

t 2Q

s of

FY

2013

Firs

t 2Q

s of

FY

2015

(May

8 E

arni

ngs

Fore

cast

)

Firs

t 2Q

s of

FY

2011

Firs

t 2Q

s of

FY

2015

(Act

ual)

AdvertisingAdvertising PublishingPublishing GISGIS ICTICT ITSITS GlobalGlobal OtherOther-0.8

(-13.1%)-0.3

(-9.8%)+0.3(8.6%)

+0.0(13.2%)

+0.1(3.9%)

-0.0 (-9.4%)

-0.7(-25.6%)


10/33



Operating Cash Flows Financing Cash FlowsFree Cash FlowsInvesting Cash Flows

1-5) Changes in Cash Flows

Inflows up 2,159 Outflows down 1,981 Inflows up 4,141 1，９９７支出増加

Remodeling and expansion of ZENRIN-owned property

1,78

9

1,39

5

3,77

2

332

2,49

2

- 5,000

- 4,000

- 3,000

- 2,000

- 1,000

0

1,000

2,000

3,000

4,000

5,000

10/9 11/9 12/9 13/9 14/9

-1,7

25

-3,6

35

-2,0

47

-4,0

28

-2,0

47

10/9 11/9 12/9 13/9 14/9

64

-2,2

39

1,72

4

-3,6

96

444

10/9 11/9 12/9 13/9 14/9

-990

-1,2

82

-1,1

06 -462

-2,4

59

10/9 11/9 12/9 13/9 14/9

Free cash flows 444Financing cash flows -2,459Effect of exchange rate -64Net decrease in cash and cash equivalents -2,079Cash and cash equivalents at beginning of period 6,456Increase in cash and cash equivalents from newly consolidated subsidiary 329Cash and cash equivalents at end of period 4,706

Outflows up 1,997

Payment of income taxes and

decrease in trade notes and

accounts receivable

Business and capital alliance with

Indian map company


11/33



2. Earnings Forecast for Fiscal 2015

1) Overview of Earnings Forecast for Fiscal 2015

Appendix (2) Overview of Earnings Forecast for Fiscal 2015・Changes in Net Sales and Income・Causes for Change in Operating Income (Compared to Fiscal 2014)・Segment Information・Net Sales by Business under Medium-Term Business Plan ZGP2015・Amount of Capital Investment, Depreciation and R&D Costs

(No change from the figures announced on May 8)

12/33



2-1) Overview of Earnings Forecast for Fiscal 2015

*The earnings forecast for fiscal 2015 is left unchanged from the figures announced on May 8, 2014.

FY2014Actual

FY2015Earnings Forecast Compared to

FY2014% of

ChangeNet Sales 53,589 52,300 -1,289 -2.4

Operating Expenses 50,409 49,500 -909 -1.8

Operating IncomeOperating Margin

3,1805.9%

2,8005.4%

-380-0.5pt

-12.0－

Ordinary IncomeOrdinary Margin

3,6636.8%

3,1005.9%

-563-0.9pt

-15.4－

Net Income 1,272 2,100 827 65.1


Earnings Forecast for Fiscal 2015Given the many uncertainties over the business environment, the earnings forecast for fiscal 2015 is left unchanged from that announced on May 8, 2014 at this point in timeWhile striving to improve productivity, will steadily carry out maintenance of the 4D Geospatial Information DB and other prior developments that are indispensable for future business expansion

Compared to FY2014 <decrease in sales and decrease in income (increase in terms of net income)>Decrease in sales is expected due to withdrawal from businesses by consolidated subsidiariesMap database maintenance expenses and prior investments in new products will continue, but will strive to improve productivity and reduce costsNet income is expected to increase due in part to gain on sales of non-current assets accompanying restructuring

13/33



3. Income Distribution

1) Dividends

14/33



Cash Dividend per Share

15.0014.00 14.00 14.00 15.00

1.00

15.0014.00 14.00 15.00 15.00

1.00

0

15

30

11/3 12/3 13/3 14/3 15/3

yen29.00

(Forecast)3.0% orhigher3.0%3.0%3.0%3.0%

1%

2%

3%

4%

11/3 12/3 13/3 14/3 15/3

Dividend on Equity (DOE)on Consolidated Basis

Maintain dividend on equity (DOE) on a consolidated basis

of 3% or higher

Interim dividend: 15 yen (as initially forecast)Annual dividend: 30 yen (forecast)

(Forecast)30.00

28.00

3-1) Dividends

Basic Policy: Return income to shareholders in accordance with the level of income on a consolidated basis while taking into account the maintaining of an adequate amount of internal reserves

30.00

Increase in dividend

30.00

(Forecast)

Interim dividend

Year-end dividend

15/33



1) Business Summary- Net Sales Forecast for Fiscal 2015

(The figures announced on May 8, 2014)

- Status of First 2 Quarters of Fiscal 20152) Present State and Upcoming Initiatives

4. Business Summary

16/33



FY2015 Net Sales ForecastCompared to FY2014: +1.1 bn yen (+10.8%)

Expansion of net sales and

operating income

Strengthening of development of applications as top priority business

◆ Development of applications⇒Promotion of stock-type models through GIS package

products (real estate, building construction, etc.)⇒Sales expansion through tracking system solutions

◇ Earnings forecast for fiscal 2015・ Effects of release of stock-type models, increase in selling

of existing residential map data, etc., resulting in +1.1 billion yen compared to fiscal 2014 to 11.3 billion yen

4-1) Business Summary –GIS Business–

◇ Status of first 2 quarters of fiscal 2015・ Robust performance of GIS packages (stock-type models)・ Expansion of residential map printing service to

approximately 45,000 convenience stores across Japan

3.5 3.7 4.1 4.4 4.8

5.4 5.3 5.4 5.76.5

0

2

4

6

8

10

12

14

16

11/3 12/3 13/3 14/3 15/3

1H 2H

9.1 9.610.2

11.3

9.0

(Forecast)1H is Actual


17/33



Improvement of operating margin

◇ Earnings forecast for fiscal 2015・ +0.2 billion yen compared to fiscal 2014

for both Publishing Business and Advertising Business◆ Marketing development

⇒Maintaining of sales of residential map related products⇒Expansion of advertising products through

establishment of marketing base◆ Product planning in collaboration with local governments

Redevelopment of marketing strategy

4-1) Business Summary –Publishing Business and Advertising Business–

◇ Status of first 2 quarters of fiscal 2015・ Decrease in printed residential maps in Publishing Business・ Advertising Business in collaboration with local governments

progressing as planned・ Signing of agreement on collaboration in disaster support

with more than 70 local governments

3.9 3.6 3.7 3.5 3.2

5.2 5.1 5.0 4.9 5.3

0

4

8

12

16

11/3 12/3 13/3 14/3 15/3

1H 2H


9.2 8.7 8.7 8.58.4

0.3 0.4 0.3 0.3 0.3 0.7 0.8 0.7 0.6 0.8

0

4

8

12

16

11/3 12/3 13/3 14/3 15/3

1H 2H


1.1 1.3 1.11.0 0.9

Pub

lishi

ng B

usin

ess

Adv

ertis

ing

Bus

ines

sAmounts in billion yen



18/33



FY2015 Net Sales ForecastCompared to FY2014: -1.0 bn yen (-7.5%)

Expansion of market share

Differentiation of services through brand strategy◇ Earnings forecast for fiscal 2015・ Ongoing trend of decrease in fee-paying subscribers to

its-mo NAVI service for smartphones, resulting in -1.0 billion yen compared to fiscal 2014 to 13.1 billion yen

◆ Enrichment of services through new contents◆ Expansion of use through strengthening of

promotional campaigns

4-1) Business Summary –ICT Business–

◇ Status of first 2 quarters of fiscal 2015・ Decrease in fee-paying subscribers to services for smartphones・ Addition of new contents “3D maps” to “docomo map navi”・ Robust performance of services for portal sites and Google Maps

API (for business) carrier services development entrustment

4.3 4.56.8 6.7 5.8

4.86.0

7.3 7.47.2

0

2

4

6

8

10

12

14

16

11/3 12/3 13/3 14/3 15/3

1H 2H

9.210.6

14.113.1

14.1



19/33




◆ Existing market⇒Compatibility with entry models and

smartphone navigation apps◆ Next-generation systems

⇒Development of Advanced Driver Assistance Systems (ADAS)

◇ Earnings forecast for fiscal 2015・ Given the trends of new vehicle sales in Japan,

-0.6 billion yen compared to fiscal 2014 to 10.7 billion yen

Maintaining and stabilization of

operating income amount

Maintaining of market share and establishment of next-generation models

4-1) Business Summary –ITS Business–

◇ Status of first 2 quarters of fiscal 2015・ New vehicle sales volume in Japan

continuing to fall below previous year’s level・ Launch of entry models employing ZENRIN map data・ As ADAS research activities, establishment of

development center in North America and start of test data provision based on specifications of manufacturers

7.25.4 5.9

4.9 5.1

5.36.8 6.0

6.3 5.5

0

2

4

6

8

10

12

14

16

11/3 12/3 13/3 14/3 15/3

1H 2H

12.5 12.0 11.310.7

12.3



20/33




Creation of market in India

Launch in India and ASEAN countries

◇ Earnings forecast for fiscal 2015・ Expansion of business in India, resulting in

+0.4 billion yen compared to fiscal 2014 to 2.7 billion yen

◆ Full-scale launch of ITS and GIS in Indian market◆ Building of business base in ASEAN countries

4-1) Business Summary –Global Business–

◇ Status of first 2 quarters of fiscal 2015・ Holding of seminar on map information utilization for

Japanese companies expanding into Indian market・ Strengthening of in-car navigation system and GIS related

marketing support in collaboration with India branch

1.7 1.2 1.6 1.0 0.9

1.71.5 1.3

1.2 1.8

0

2

4

6

8

10

12

14

16

11/3 12/3 13/3 14/3 15/3

1H 2H

2.33.4

2.8 2.73.0



21/33



Reexamination of Group synergies

[Business Summary]Implementation of restructuring of consolidated subsidiaries for the purpose of reallocation of resources in fiscal 2014

◇ Earnings forecast for fiscal 2015Withdrawal from sales promotion business and commissioned CAD processing operations, resulting in -1.4 billion yen compared to fiscal 2014 to 4.6 billion yen


4-1) Business Summary –Other Business– (Commercial printing, digital signage, etc.)

◇ Status of first 2 quarters of fiscal 2015・ Despite decrease in sales due to restructuring,

impact on earnings is minimal・ Engaging in direct mail delivery services and

in-ship advertising, starting from October 1, 2014Conversion of SEPTENI DIRECT MARKETING CO., LTD. into consolidated subsidiary as ZENRIN BIZNEXUS CO., LTD., effective from third quarter of fiscal 2015, with acquisition of all SEPTENI DIRECT MARKETING shares

4.1 3.5 3.1 2.9 2.1

4.0 3.7

3.2 3.1 2.4

0

2

4

6

8

10

12

14

16

11/3 12/3 13/3 14/3 15/3

1H 2H

6.4 6.0

8.1

4.6

7.2



22/33



I. Earnings expansion through development of applications of existing and new map DB

4-2) Present State and Upcoming Initiatives

Upcoming Initiatives

III. Productivity improvement and structural reform for lowering the fixed cost ratio

II. Building of 4D Geospatial Information DB for optimization of the “Cycle of Knowledge”

[Present State]Build earnings base through GIS package and other new products and servicesTask is speed of development of applications using new map DB

[Present State]Building of 4D Geospatial Information DB, although slightly delayed, is steadily underway

[Present State]Continue productivity improvement and structural reformTask is sales growth for lowering the fixed cost ratio

23/33

Earnings expansion through 4D Geospatial Information DB・Early launch of new services・Restructuring of business model

Cost reduction through productivity reform

・Improvement of existing DB maintenance process・Automation of processes from information gathering to maintenance

Creation of business opportunities and strengthening of earnings base

・Strengthen alliances for the purpose of project planning and productivity improvement



・Overview of Results for First 2 Quarters of Fiscal 2015Amount of Capital Investment, Depreciation and R&D CostsChanges in Composition of Net Sales by Quarter

・Overview of Earnings Forecast for Fiscal 2015(Excerpt from Briefing on Results for Fiscal 2014 presentation materials)

Changes in Net Sales and IncomeCauses for Change in Operating Income (Compared to Fiscal 2014)Segment InformationNet Sales by Business under Medium-Term Business Plan ZGP2015Amount of Capital Investment, Depreciation and R&D Costs

Appendix

24/33



88 93 1121,023

5261,346

1,819 1,719

2,197

2,127501465 476

253816

4

8

0

1,000

2,000

3,000

4,000

5,000

10/9 11/9 12/9 13/9 14/9

Intangible lease assetsTangible lease assetsIntangible assetsProperty, plant and equipment

1,940

288206

160225

284

0

100

200

300

400

500

10/9 11/9 12/9 13/9 14/9

226 209 211 311 5051,104 1,176 1,278 1,462

1,609302 305 323389

38411 8 5

32

0

1,000

2,000

3,000

4,000

5,000

10/9 11/9 12/9 13/9 14/9

Depreciation of intangible lease assetsDepreciation of tangible lease assetsDepreciation of intangible assetsDepreciation of property, plant and equipment

1,644

2,378

1,700

2,309

1,819

3,482

2,167

(Amounts in million yen)

Remodeling and expansion with aging of

ZENRIN-owned property

Overview of Results for First 2 Quarters of Fiscal 2015(Amount of Capital Investment, Depreciation and R&D Costs)

R&D CostsR&D CostsAmount of Capital InvestmentAmount of Capital Investment

DepreciationDepreciation

2,500

Introduction of printing machines

3,470 Product development, etc.

Appendix(1)

25/33



Overview of Results for First 2 Quarters of Fiscal 2015(Changes in Composition of Net Sales by Quarter)

21.9%

20.0%

21.9%

21.1%

19.8%

26.2%

23.5%

25.1%

23.7%

23.3%

24.4%

25.2%

23.3%

24.2%

27.5%

31.3%

29.7%

31.0%

56.9%

0% 25% 50% 75% 100%

11/3

12/3

13/3

14/3

15/3

1Q 2Q 3Q 4Q

Appendix(1)

26/33



52,8

80

52,3

22

54,9

91

53,5

89

52,3

00

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

11/3 12/3 13/3 14/3 15/3

Decrease in sales for 2 consecutive periods

Decrease in income for 2 consecutive periods

Net Sales Operating Income Ordinary Income Net Income

Increase in income for first time in 4 periods

Fore

cast

Act

ual

Decrease in income for 2 consecutive periods

Overview of Earnings Forecast for Fiscal 2015(Changes in Net Sales and Income)

4,37

3

4,40

8

5,58

5

3,18

0

2,80

0 0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

11/3 12/3 13/3 14/3 15/34,

572

4,77

7

5,07

6

3,66

3

3,10

0

11/3 12/3 13/3 14/3 15/3

2,04

1

1,95

2

1,83

5

1,27

2 2,10

0

11/3 12/3 13/3 14/3 15/3

Appendix(2)

27/33




0

1

2

3

4

5

6

7

8

9

10

Overview of Earnings Forecast for Fiscal 2015(Causes for Change in Operating Income (Compared to Fiscal 2014))

+0.0

+1.1

-1.0-0.6

+0.9

+0.4+0.2

-1.4

Net SalesCompared to FY2014: -1.2 bn yen (-2.4%)Net SalesCompared to FY2014: -1.2 bn yen (-2.4%)

3.1 2.8

Compared to FY2014: -0.3 bn yen (-12.0%)

15/3Forecast

15/3Forecast

GIS Business

GIS Business

Publishing Business

Publishing Business



ITS Business

ITS Business

GlobalBusiness

GlobalBusiness

Other Business

Other Business

ICT Business

ICT Business

Operating ExpensesOperating Expenses

14/3Actual14/3

Actual

Decrease in number of fee-paying subscribers to services for smartphones

Restructuring of subsidiariesWithdrawal from sales promotion business and commissioned CAD processing operations

Decrease in operating expenses accompanied by decrease in sales of Other Business

Appendix(2)

28/33

(Amounts in billion yen)



1. Map Database SegmentMain Items: Printed residential maps,

residential map databases, data for Japanese and overseas in-car navigation systems, services for smartphones, map data provision, etc. for various media/devices

2. General Printing SegmentMain Items: Commercial printing

3. OtherMain Items: Purchased products, digital signage

(direct mail delivery services, etc., starting from October 1, 2014)

Sales Composition

88.8%

7.0%

4.2%

Overview of Earnings Forecast for Fiscal 2015(Segment Information)

Appendix(2)

29/33



Net Sales Operating IncomeCompared to

FY2014 Down 237 (-8.6%)Down 237 (-8.6%)Up 180 (+0.4%)Up 180 (+0.4%)

46,476 46,457

0

10,000

20,000

30,000

40,000

50,000

60,000

14/3 Actual 15/3 Forecast

2,756 2,518

0

1,000

2,000

3,000

4,000

5,000


■ Increase in sales resulting from shift to stock-type models and development of applications in GIS Business

■ Decrease in fee-paying subscribers to services for smartphones expected in ICT Business

■ Expenses for maintenance of 4D Geospatial Information DB and new map DB, development of new products and other operating expenses will precede

Overview of Earnings Forecast for Fiscal 2015(Map Database Segment)

Appendix(2)

30/33




Net Sales Operating IncomeCompared to

FY2014 Down 61 (-45.4%)Down 61 (-45.4%)Down 231 (-5.9%)Down 231 (-5.9%)

Gen

eral

Prin

ting

Seg

men

tO

ther

Compared to FY2014 Down 3 (-2.6%)Down 3 (-2.6%)Down 1,237 (-36.4%)Down 1,237 (-36.4%)

3,908 3,676

0

1,000

2,000

3,000

4,000

5,000

6,000


3,403

2,166

0

1,000

2,000

3,000

4,000

5,000

6,000


136

74

0

100

200

300


134 130

0

100

200

300


Overview of Earnings Forecast for Fiscal 2015(General Printing Segment, and Other)

Appendix(2)

31/33




1.31.00.91.1

3.5

8.78.78.4 8.5

11.0

9.19.6 10.2

11.312.5

10.6

14.1 14.113.1

14.5

12.312.011.3

10.7

12.5

2.83.02.32.7

3.5

7.26.4 6.0

4.6

7.5

0

5

10

15

20

AdvertisingAdvertising PublishingPublishing GISGIS ICTICT ITSITS GlobalGlobal OtherOther-1.0

(-7.5%)+0.0(0.6%)

+1.1(10.8%)

+0.2(24.1%)

-0.6(-5.4%)

+0.4 (18.0%)

-1.4(-23.4%)C

ompa

red

to

FY20

14FY

2012

FY20

13

FY20

14

ZGP2

015

Fina

l Fis

cal Y

ear F

Y201

6 (T

arge

t)

Overview of Earnings Forecast for Fiscal 2015(Net Sales by Business under Medium-Term Business Plan ZGP2015)

FY20

15 (M

ay 8

Ear

ning

s Fo

reca

st)

Appendix(2)

32/33

(Amounts in billion yen)



Overview of Earnings Forecast for Fiscal 2015(Amount of Capital Investment, Depreciation and R&D Costs)

201 238 1,050 2,735

1,188 3,172 3,756

4,502

5,093

5,327 774 745

1,078

468

850

4

17

0

2,000

4,000

6,000

8,000

10,000

12,000

11/3 12/3 13/3 14/3 15/3 Forecast

Intangible lease assetsTangible lease assetsIntangible assetsProperty, plant and equipment

4,151

584

376 511

606 574

0

200

400

600

800

1,000

11/3 12/3 13/3 14/3 15/3 Forecast

464 425 456 750 1,113

2,285 2,393 2,600 3,002

3,573 589 615 680 784

809

20 16 9 6

4

0

2,000

4,000

6,000

8,000

11/3 12/3 13/3 14/3 15/3 Forecast

Depreciation of intangible lease assetsDepreciation of tangible lease assetsDepreciation of intangible assetsDepreciation of property, plant and equipment

3,361

4,740

3,451

6,631

3,746

8,314

4,544

Remodeling and expansion with aging of

ZENRIN-owned property

R&D CostsR&D CostsAmount of Capital InvestmentAmount of Capital Investment

DepreciationDepreciation

5,500

Introduction of printing machines

7,367Product development, etc.

Appendix(2)

33/33


ZENRIN Co., Ltd. http://www.zenrin.co.jpCorporate Management Division, Management Control & IR Department

IR contact email: [email protected]

34/36

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