イオンディライト（9787）
Contents
1.2. SBS
3. u 2013 2 100 M amp A 5 000 Weaknesses u
4. 106 2 4 16 9 0 15 5 3 84 6 8 11 2 19 12 59 4 s Shared Research http Www sha
5. FMS 4 FMS 8905 2015 2 7 201e HHUTUUUUTH0HH 2 10 5 2017 2 9
6. ESCO Energy Service Company ESCO 2 SR Windows XP
7. 1976 1995 1999 2000 1987 1997 1990
8. SR Tnc SR Tnc http www sharedresearch jp Email info sharedresearch jp 3 31 12 03 5834 8787 s Shared GYesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
9. HHHHH FY02 13 FY02 14 FY02 15 HHHH Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 HHH 7 508 8 571 7 419 7 702 7 498 8 716 7 479 9 636 8 330 9 471 YoY 4 0 2 19 5 9 1 6 0 1 1 7 0 8 25 1 11 1 8 7 HHHH 454 728 432 782 535 812 433 1 288 551 894 YoY 8 5 9 8 5 9 9 8 17 8 11 5 0 2 64 7 3 0 10 1 HHHHH 6 0 8 5 5 8 10 2 7 1 9 3 5 8 13 4 6 6 9 4 SR 2014 2 a Shar ed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201571 26 HHHHHH FY02 13 FY02 14 FY02 15 HHHHH
10. 2009 2 HHHHHLHHHHHHHHHHI FY2 09 FY2 10 FY2 11 FY2 12 FY2 13 FY2 14 HHHHHH 8 2 8 2 7 7 7 4 6 6 6 3 HHHHHHHH 44 7 44 6 47 6 49 4 55 7 58 2 HHHHH 6 565 0 4 965 8 196 4 127 3 116 2 94 3 HHHHHHH 0 1 0 1 1 9 2 9 3 1 3 9 HHHHHH 12 0 12 2 9 4 8 3 9 1 8 7 HHHHHHHH 30 5 29 9 39 0 44 1 40 3 41 8 HHHHHLHHHHHHH 14 3 14 8 10 4 8 2 18 5 20 3 HHHHHHHHHHSRHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHH HHHHHHHHHHHHH 2010 9 http www sharedresearc
11. gt Shared Research http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved amp 9787 SR Research Report 201571 26 M amp A M amp A FMS BPO 2017 2
12. Shared Gewearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 71 26 MM FY02 13 FY02 14 FY02 15 HHHHH Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 HHH 7 898 7 909 7 966 8 032 8 438 8 367 8 481 8 956 8 935 8 891 YoY 3 8 1 0 0 7 0 2 6 8 5 8 6 5 11 5 5 9 6 3 HHHH 601 669 656 766 642 700 761 762 695 717 YoY 13 4 3 0 5 1 2 4 6 8 4 6 16 0 0 5 8 3 2 4 HHHHH 7 6 8 5 8 2 9 5 7 6 8 4 9 0 8 5 7 8 8 1 SR
13. 9 3 19 Gi i HHHHH Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 HHH 7 508 8 571 7 419 7 702 7 498 8 716 7 479 9 636 8 330 YoY 4 0 aaM26 5 9 1 6 0 1 1 7 0 8 25 1 11 19 HHHH 454 728 432 782 535 812 433 1 288 551 YoY 8 59 9 8 5 9 9 8 17 8 11 5 0 2 64 7 3 0 HHHHH 6 0 8 5 5 8 10 2 7 1 9 3 5 8 13 4 6 6 SR 2014 2 4
14. HHHHHHHHHHHHHHHH 4 000 16 3 000 12 94 2 000 8 1 000 4 369 os 1 a 1Q 3Q 1 000 FY02 12 FY02 13 FY02 14 FY02 15 a OO mm CO HHHHHHHHH SR http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SharedQewem ch http www sharedresearch jp Copyright C 2013 Shared Reseafth T 9787 SR Research Report 201571 26 HHHHHHHHHHHHHHHHHH lt OND 2 0 1 2 3 4 5
15. ESCO 2016 2 2015 4 400 ESCO http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Res
16. 2001 2003 2006 2006 600 4 6 500 6
17. http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201571 26 FY2 11 FY2 12 FY2 13 FY2 14 FY2 14 HHHHH ko Ele Pe HHH 32 088 32 235 31 805 34 242 8 438 8 367 8 481 8 956 YoY 6 3 0 5 1 3 7 7 6 8 5 8 6 5 11 5 HHHLH 2 764 2 823 2 692 2 865 642 700 761 762 YoY 2 1 4 6 6 4 6 8 4 6 16 0 0 5 HHH 8 6 8 8 8 5 8 4 7 6 8 4 9 0 8 5 SR
18. 2017 2 3 4 000 2017 2 3 4 000 SC FMS FMS 1 2 FHS
19. 1 500 3 3 300 GMS 13 96 2 3 8 7 1 103 3 3 3 2016 2
20. M amp A w es a T FF sShared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp Ne Shar ed cseareh http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201571 26 amp 2012 2 CO2 1 4 90 1 500 1 16 500 x1 82 x365 x0 55 x90 550 1 000 2 1 1 8 6 1
21. 317 4 1 18 5 18 89 206 2013 9 14 1 500 381 16 8 8 6 7 4 LED
22. No 1 HHHHHHHHHHHH mHHHHH mHHHD 245 204 200 194 150 138 109 100 47 51 134 136 140 16 1 a ma gg 10 20 30 40 10 20 30 40 10 20 30 40 10 FY2 12 FY2 13 FY2 14 FY2 15 SR esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 9787 SR Research Report 201571 26 2017 2 300 2014 2 29 136 a 45 23 100 ISS SODEXO
23. 2011 4 2012 12 A LED 6 BEMS BEMS
24. s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w Shared eSsearch 9787 SR Research Report 2015 1 26 2016 2 2015 2 2014 HHHHH H FYO2 13 FY02 14 FY02 15 HHHHH Q1 Q2 Q4 Q1 Q2 Q4 Q1 Q2 HHH 10 371 10 753 10 646 10 280 10 622 10 848 11 198 10 790 11 228 11 642 11 532 YoY 2 0 0
25. EV WAON 2014 490 1 150 B2B iPad 1 000 35 49 136 7 No1
26. FMS 2013 2 SR 12 642 15 129 13 727 26 484 11 956 5 609 3 720 89 270 42 050 31 805 40 519 53 071 39 284 31 200 10 823 248 756 30 48 34 50 30 18 34 36 lt Shared Yesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved lt 9787 SR Research Report 201571 26 4 659 8 6
27. gt Shared csearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 1 26 HHHHHH 77 Fi FY02 14 FY02 15 HHHHH Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 HHH 2 072 2 218 3 509 3 024 2 964 3 433 3 604 3 550 3 460 YoY 23 0 13 5 62 4 38 7 43 1 54 8 2 7 17 4 16 7 HHHH 40 191 293 20 77 323 312 117 308 YoY 5 5 33 2 3 92 5 69 1 6 5 300 0 HHHHH 1 9 8 6 8 3 0 7 2 6 9 4 8 7 3 3 8 9 SR 2 5
28. Good Job lt Shared Yesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 9787 SR Research Report 201571 26 542 0081 2 3 2 06 6260 5621 1 1972 11 16 1995 9 29 HP http www aeondelight co jp 2 TIR IR http www aeondelight co jp ir lt Shared esearch la http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 9787 SR Research Report 201571 26
29. 2 3 8 1
30. FMS 2015 2
31. 2 000 100 28 2 26 3 20 59 76 6 134 39 21 4 15 30
32. FMS 2020 FM FMS 2014 2 42 320 16 59 5 716 25 5 13 59 2021 2 1 800 M amp A 1 3 10 1 2
33. HHHHH Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 HHH 10 122 10 084 10 205 10 108 10 539 10 485 10 642 10 654 10 942 10 960 YoY 1 7 2 1 1 8 1 2 4 1 4 0 4 3 5 4 3 8 4 5 HHHH 1 441 1 508 1 446 1 523 1 397 1 404 1 425 1 490 1 469 1 552 YoY 2 1 6 1 BB 1 6 II 6 9 SO 2 2 5 2 10 5 HHHHH 14 2 15 0 14 2 15 1 13 3 13 4 13 4 14 0 13 4 14 2 SR 2014 3 10 2
34. 2015 HEMS BEMS FEMS CEMS HEMS Home BEMS Building FEMS Factory CEMS Cluster Community 1 i 1 BEMS Ad BEMS Ad HHHHHHHHH HHHHHHHHHHSRHHH BEMS 2
35. 3 1 0 1 HHHHH FYO2 13 FY02 14 FY02 15 HHHHH Q1 Q2 Q4 Q1 Q2 Q4 Q1 Q2 HH 11 081 18 884 15 767 7 339 15 888 13 929 8 254 7 559 11 858 YoY 96 4 126 8 121 7 1 3 43 4 26 29 6 47 7 3 096 25 4 HHHH 461 796 450 502 851 764 474 491 741 YoY 30 6 23 6 1 7 4 4 84 6 4 0 5 3 2 2 12 9 HH HH 4 2 4 2 2 9 6 8 5 4 5 5 5 7 6 5 6 2 SR
36. 4 2016 2 HHHHHH FY02 13 FY02 14 FY02 15 HHHHH Q1 Q2 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 HHH 11 081 18 884 15 767 7 339 15 888 13 929 8 254 7 559 11 858 11 133 9 366 YoY 96 4 126 89 121 7 1 3 43 49 26 2 47 7 3 0 25 496 20 1 13 59 HHHH 461 796 450 502 851 764 474 491 741 754 678 YoY 30 6 23 6 1 7 4 4 84 6 4 0 5 3 2 29 12 9 1 39 43 0 4 2 4 2 2 9 6 8 5 4 5 5 5 7 6 5 6 2 6 8 7 2 SR LED 3 15 0 LED 11 3 LED 4 0 2016 2
37. SR Inc SR Inc Shared Research SR Inc SR Inc SR Inc SR Inc
38. 2013 2 90 2014 2 1 5 2013 4 M amp A 2012 11 50 2012 11 s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 9787 SR Research Report 201571 26 8 ml Fal mE FY3 11 FY3 12 FY3 13 FY3 14 FY3 11 FY3 12 FY3 13 FY3 14 HHH 170 905 219 797 248 876 257 243 HHHIH 12 031 13 762 13 901 15 115 HHHH 40 019 42 147 42 05
39. 142 111 73 45 1 47 7 FMS
40. eco LED 45 2008 2011 LED 19 1 196 2010 2011 2012 2012 11
41. 37 19 8 922 33 329 6 8 4 800 13 551 25 2 50 9 5 12 2013 2 2
42. LED 2015 2 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 9787 SR Research Report 201571 26 333 13 4 7 8 7 196 45 2 64 237 0 8 9 59 9 59
43. 5 000 400 x 12 2010 3 1 335 141 397 2012 2 35 5 500 35 5 x 1 335 17 4 000
44. w es a T FF sShared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp Shared 9787 SR Research Report 201571 26 HHHHHHHHHHHH 350 300 204 194 cl 138 150 100 aa 47 51 134 136 140 142 50 16 22 33 a a a 8 6 7 8 10 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 10 2Q FY2 12 FY2 13 FY2 14 FY2 15 SR 2014 2 319 2017 2 359 in 2014 4 1 FMS 2 3
45. http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared1 eSsearch 9787 SR Research Report 2015 1 26 HH HH FYO2 13 FY02 14 FY02 15 HHHHH Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Ley4 Q3 HHH 9 525 9 769 10 057 9 933 10 721 11 023 11 542 11 257 11 713 11 609 12 175 YoY 5 1 45 73 11 1 12 6 12 8 14 8 13 3 9 3 5 3 5 5 HHHH 273 320 381 488 573 636 533 591 464 490 436 YoY 6 2 21 8 41 6 63 2 109 9 98 8 39 9 21 1 19 0 23 0 18 2 HHHHH 2 9 3 3 3 8 4 9 5 3 5 8 46 5 3 40 42 3 6 SR HHHHH FY02 13 FY02 14 FY02 15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Ley4 Q3 HHH 7 508 8 571 7 419 7 702 7 498 8 716 7 479 9 636 8 330 9471 8 003 YoY 4 0 2 1 5 9 1 6 0 1 1 7 0 8 25 1 11 1 8 7 7 0 HHHH 454 728 432 782 535 812 433 1288 551 894 506 YoY 8 5 98 5 9 98 17 8 11 5 0 2 64 7 3 0 10 1 16 9 H
46. 2016 2 2015 4 400 ESCO
47. 5 1 4 2015 2 2016 2 GMS 2016 2 1 500 3 3 300 GMS 2016 2
48. 2013 11 9 4 7 5 2 084 5 000 2013 12 2015 2 HHIHHHHHHHHH 42 94 IIHHHHH 16 81 HHHHHHHHHHHHHHHHHH HH 2 71 Northern Trust Co AVFC Re 10PCT Treaty Accourt 1 69 HHHHHHLHHHHHHHHHHHH HH 9 1 69 HHHHHHHHHHHHHH 1 53 HIHHIHHHHHHHHHH 1 15 HHHHHHHHH HHHHHHHHHHHHHH HHHHHHHHHHHH 110 HHHHH HHHHHHHHHH HHHUHHHHLHHHHHHHHHHHH HHH 0 95 HHHHHHHHHHHHIIHHHHH 0 95 HH HHHHHHSRHHH 6 Shar ed Gesearch http www sharedrese
49. 2007 M amp A ESCO M amp A 3 No 1
50. sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp w 9787 SR Research Report 201571 26 2021 2 1 800 M amp A 2021 2 109 2014 2 13 59 2
51. DIC KLab TOKAY
52. 2010 2 4 8 9 1 2 2 3 93 2015 2 2016 2 1 ESCO
53. 5 7 10 6 9 2 10 89 1 6 1 Windows XP PC 1 1 6 Windows XP 1 1 2
54. 9787 SR Research Report 201571 26 2015 2 2
55. M amp A 2 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201571 26 HHHHH FY2 09 FY2 10 FY2 11 FY2 12 FY2 13 FY2 14 HH OOOO 6 991 7 964 13 098 9 707 10 014 12 565 HHH 18 025 16 284 28 246 31 240 44 673 37 420 HHHH 188 122 226 657 144 290 HHHHH 28 20 1 476 1 527 2 237 2 504 HHHHHHHHH 2 500 3 000 18 920 27 320 18 020 32 420 HHH 2 794 2 880 3 010 3 349 4 523 5 728 HHHHHH 30 150 30 026 64 524 72 486 79 323 90 347 HH 762 1 185 1 234 1 217 1 089 1 046 HHHHHHHHH 343 305 265 246 274 238 HHHHHHHHH 1 791 1 918 2 079 2 487 HH 475 284 284 284 282 278 HHHHH 13 15 HHHHHHHH 1 009 952 182 108 72 209 HHHHHHHH 2 602 2 741 3 756 3 773 3 796 4 258 HHHHHH 1 730 2 050 2 983 2 577 2 973 3 897 HHHHHH 534 289 278 406 288 254 HHH 1 566 1 779 1 701 1 517 2 196 1 877 HHHHH 172 141 196 224 200 199 HHHHHHHHH 3 658 3 977 4 766 4 276 5 257 5 829 HHH 11 974 11 295 10 546 11 249 10 801 10 078 OD 649 629 1 031 1 023
56. 2015 2 1 2 2015 175 000mz 4 000 HHHH FY02 13 FY02 14 FY02 15 HHHHH Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Ley4 Q3 HHH 10 122 10 084 10 205 10 108 10 539 10 485 10 642 10 654 10 942 10 960 11 129 YoY 1 7 2 1 1 8 12 4 1 40 43 5 4 3 8 45 4 6 HHHH 1441 1 508 1446 1523 1397 1404 1425 1490 1469 1 552 1592 YoY 2 1 61 3 7 1 6 3 1 6 9 1 5 2 2 5 2 10
57. 108 35 6 LED 302 5 6 LED 12 1 13 0 163 9 8 2013 2 139 1 19 LED 22 14 19 15
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59. OO HH Nn HHHHUHHHHL 101 77 31 80 HHHH 3 484 3 650 4 175 5 300 5 897 HHHHH 584 HHHHHHHH 206 120 92 251 323 HHHHHHHHHHHH 103 101 121 120 90 HHHHHH 188 195 216 268 295 HHHHHHHHHHHH 21 24 19 15 18 HHH 6 321 7 058 7 257 8 883 9 623 11 008 11 148 11 957 14 868 16 326 HHHHHHHHHHSRHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH 4 2013 2 58 59 2013 2 2011 2 29 09 Re Shar ed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved IIIIIIIIIBI 09 2HH 10H 2HH 11 2HH 12 2H H OE HH HL HH HH HHHHHH 27 383 52 999 19 6 29 8 HHH 22 466 20 280 19 647 20 215 HH 18 7 18 7 14 0 11 4 HHH 94 857 86 071 87 185 95 676 HH 79 2 79 2 62 3 53 9 HH 2 475 2
60. A ml HH HPHH Shar ed QNowearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved gt 9787 SR Research Report 201571 26 2014 2 2014 4 8 2014 2 2014 2 4 10 257 243 3 49 15 115 8 7 15 092 8 6 8 161 8 7 3
61. 107 12 69 8 32 7 7 8 75 0 19 7 2 7 9 19 1 1 30 43 1 7 146 1 24 7
62. FY2 11 FY2 12 FY2 13 FY2 14 FY2 14 HHHHH 1Q 2Q 3Q Ce An 40 019 42 147 42 050 43 458 10 622 10 848 11 198 10 790 YoY 1 2 5 3 0 2 3 3 2 4 0 9 5 2 5 0 HHHI 5 115 5 084 4 661 4 725 1 151 1 266 1 188 1 120 YoY 0 6 8 3 1 4 4 2 3 8 10 0 10 8 HHH 12 8 12 1 11 1 10 9 10 8 11 7 10 6 10 4 SR 24 365 SC 15 11
63. 2014 2 21 09 25 5 3 LED 7 19 LED 6 LED 3 7 196 3 8 4 FMS
64. sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 9787 SR Research Report 2015 1 26 HHHHH 20 955 21 118 23 989 28 631 30 227 33 714 HHHHHH 14 4 15 1 14 0 13 0 12 1 13 1 HHHH 9 946 9 970 12 031 13 762 13 901 15 115 HHHHH 6 8 7 1 7 0 6 3 5 6 5 9 EBITDA 11 441 11 563 13 818 16 107 16 138 17 547 EBITDA HHHH 7 9 8 2 8 1 7 3 6 5 6 8 HHHHHHHHH 3 3 3 9 3 8 3 1 3 0 3 2 HHHHHHHHHHH 10 1 11 2 9 7 7 8 7 8 7 7 HHHHHHHHHHHH 19 9 18 9 15 5 12 5 12 5 12 3 HHHHHH 3 0 2 9 2 6 2 5 2 6 2 4 HHHHHHHHH 7 502 7 330 7 298 9 047 22 366 13 223 HHHH 149 8 184 4 210 0 215 5 226 9 229 9 HHHH 135 8 166 6 195 4 201 0 207 6 208 9 HHHHHUHHCFHHHH 31 3 38 6 29 0 30 0 12 7 57 5 HHHH 27 6 34 6 60 4 63 5 43 4 63 1 HHHHHUHHCFHHHH 31 8 40 6 21 5 27 8 12 1 52 3 HHHHHHHHHHH 14 3 14 8 10 4 8 2 18 5 20 3 HHHHHH 108 172 32 1 749 13 319 9 143 HHHHHHHHUHSRHHH HHHHHHHHHHHHHHHHHHHHHHHHHHUHHHHHHHUHHUHHHH 6 7 6
65. Shared Yesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 9787 SR Research Report 201571 26 CSR Corporate Social Responsibility CSR LED CO2
66. FMS FMS FMS 1 4711 1 4781 1 9728 3
67. LED http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201571 26 LED LED HHHHHH FYO2 13 FY02 14 FY02 15 HHHHH Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 OO 9 525 9 769 10 057 9 933 10 721 11 023 11 542 11 257 11 713 YoY 5 1 4 5 7 3 11 1 12 6 12 8 14 8 13 3 9 3 HHHH 273 320 381 488 573 636 533 591 464 YoY 6 2 21 8 41 6 63 2 109 9 98 8 39 9 21 19 19 0 HHHHH 2 9 3 3 3 8 4 9 5 3 5 8 4 6 5 3 4 0 SR
68. 6 1 800 355 000 x 17 4 000 M amp A M amp A s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6 HH Ll h OO HHHHHH HHHHHH HHHH HH 6 HHHHHHHHHHH 2009H 2H HHHHHHHHHSRHHH HHHHHHHHHHHHHHH
69. HHHHHHHHHHHH 250 HH 245 204 Eo 200 194 109 100 aa 47 51 134 136 140 50 33 22 94 EE 10 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q FY2 12 FY2 13 FY2 14 FY2 15 SR on i HHHHH Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 HH 10 371 10 753 10 646 10 280 10 622 10 848 11 198 10 790 11 228 YoY 2 0 0 4 1 0 0 3 2 4 0 9 5 2 5 0 5 7 OO 1 105 1 220 1 080 1 256 1 151 1 266 1 188 1 120 1 029 YoY 16 0 8 8 15 2 8 7 4 2 3 8 10 0 10 8 10 6 HHH HH 10 7 11 3 10 1 12 2 10 8 11 7 10 6 10 4 9 2 SR BEMS BEMS BEMS BEMS 9787 SR Research Report 201571 26 BEMS BEMS
70. HHHHHH FY02 13 FY02 14 FY02 15 HHHHH Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 HHH 11 081 18 884 15 767 7 339 15 888 13 929 8 254 1 559 11 858 11 133 YoY 96 4 126 8 121 7 1 3 43 4 26 2 47 7 3 0 25 4 20 1 HHHH 461 796 450 502 851 764 474 491 741 754 YoY 30 6 23 6 1 79 6 4 4 84 6 4 0 5 3 2 2 12 9 1 3 HHHHH 4 2 4 2 2 9 6 8 5 4 5 5 5 7 6 5 6 2 6 8 SR LED HHHHHH FY02 13 FY02 14 FY02 15 aT Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 HHH 9 525 9 769 10 057 9 933 10 721 11 023 11 542 11 257 11 713 11 609 YoY 5 1 4 5 7 3 11 1 12 6 12 8 14 8 13 3 9 3 5 3 HHHH 273 320 381 488 573 636 533 591 464 490 YoY 6 2 21 8 41 6 63 2 109 9 98 8 39 9 21 1 19 0 23 0 HHHHH 2 9 3 3 3 8 4 9 5 3 5 8 4 6 5 3 4 0 4 2 SR
71. 2014 4 2017 3 109 ESCO FMS u 100 From Japan Made in China FMS u 70 0 TIT BPO sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Sha
72. 3 2014 2 1 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201571 26 2015 2 2016 2 s Shar ed 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 9787 SR Research Report 201571 26 2015 2 2 2014 10 3 134 049 0 49 7 702 1 7
73. TIT 2015 2 3 30 IT sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp w Shared Yesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 9787 SR Research Report 201571 26 1 8267 1972 2011 3
74. BEMS BEMS CO2 SPC 2015 2 HH HHHHHHH SRHHH a Shared Gcseareh http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201571 26
75. a b 2016 2 2015 2 w es a T FF sShared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201571 26 2015 2 3 2016 2 2015 2 3 730
76. LED LED 2013 2 260 2012 2 74 LED LED 3 7 LEDHHHHHHHHH10HHH 60 53 1 50 45 6 28 5 30 89 30 0 FY2 11 FY2 12 FY2 13 FY2 14 LEDI LED SR 2012 4 e gt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201571 26 BEMS Building Energy Management System BEMS BEMS
77. 148 118 76 HHHHHHHHHHHH 400 350 326 342 300 i 245 194 204 200 w 150 109 a 100 7 s 134 136 140 142 148 50 16 22 33 g7 94 6 7 8 6 5 ae ga Q1 Q2 Q3 Q4 Q1 0Q2 Q3 Q4 Q1 0Q2 0Q3 Q4 Q1 0Q2 0Q3 Q4 FY2 12 FY2 13 FY2 14 FY2 15 SR esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201571 26 2015 2 3 2016 2 3 1 PC 2 3
78. 2014 2 3 1 2 3 FMS 2011 5 BEMS
79. 18 9 2 48 22 9 34 9 6 34 9 7 19 4 09 2 7 2013 2 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 9787 SR Research Report 201571 26 2013 2 2 489
80. FMS FMS 0 4 LED LED 0 4 LED Shared Gewearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved gt Shared csearch http www sharedresearch jp Copyright
81. 2 265 2014 2 u 46 7 u 10 2 u 4 913 2 850 UA IR 2
82. 2012 10 2011 2011 4 2012 3 3 7 130 3 19 2 2009 2 nn IIHHHHHHHHHHHHHHHHH 4500 60 40 3 6 4000 906 a 3 698 3593 3611 3 611 3636 3649 0 6 6 6 3500 05 Ds
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84. 2017 2 359 6 2014 2 319 2017 2 359 40 FMS 9787 SR Research Report 201571 26 2014 2 IT FMS FMS
85. 10 PM2 5 ESCO 300 2 ESCO 2015 2 2017 2 2014 2 1 2013 7 3 2014 2 1 667 13 9 82 17 0 12 2 11 9
86. 2015 1 9 2015 2 3 2015 2 3 3 HHHHHH HH H e 1 sShared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved J_ we EF eSsearch 9787 HHH Wi Q1 Q2 9Q3 HHH 58 584 68 187 65 620 56 20 YoY 10 6 19 7 19 0 3 2 HHHH 6 984 7 998 7 790 7 455 YoY 3 0 3 5 10 5 5 3 HHHHHH 11 9 11 7 11 9 13 2 Oo 3 890 3 979 4 500 3 957 YoY 5 4 2 1 16 8 15 5 HHHHH 6 6 5 8 6 9 7 0 HHHH 3 093 4 020 3 289 3 499 YoY 0 2 5 0 2 9 4 1 HHHHH 5 3 5 9 5 0 6 2 HHHH 3 102 4 022 3 288 3 480 YoY 1 2 4 9 2 4 3 3 HHHHH 5 3 5 9 5 0 6 2 HHHH 1 786 2 158 1 561 2 004 YoY 4 8 7 3 1 0 23 7 HH 3 0 3 2 2 4 3 5 ii HH Q1 Q2 Q3 HHH 58 584 68 187 65 620 56 9S HHHH 10 371 10 753 10 646 10 280 HH 7 898 7 909 7 966 8 032 HH 10 122 10 084 10 205 10 108 HHHH 11 081 18 884 15 767 7 339 HHHIH 9 525 9 769 10 057 9 933 HHHHH 7 508 8 571 7 419 7 702 HHHHHH 2 072 2 218 3 509 3 024 YoY 10 6 19 7 19 0 3 2 HHHH 2 0 0 4 1 0 0 3 HH 3 8 1 0 0 7 0 2 H
87. 4 2013 12 FMS 2014 4 2015 2 2017 2 SR 5 10 2014 2 2 2013 10 1 2014 2 2 2 1 335 5 3 Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 9787 SR Research Report 201571 26 76 6 5 76 6 3 41
88. M amp A FMS u 70 FMS u w es a T FF sShared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp 9787 SR Research Report 201571 26
89. 2013 2 68 10 2007 2 39 99 2010 2 64 2 ROE 2011 2 M amp A 20 2014 2 30 99 2015 2 30 59 Ss_ 9787 SR Research Report 201571
90. 5 3 FY2 11 FY2 12 FY2 13 FY2 14 FY2 14 HHHHH 1Q 2Q EX 4Q NINE 41 142 39 852 40 519 42 320 10 539 10 485 10 642 10 654 YoY 6 4 3 1 1 7 4 4 4 1 4 0 4 3 5 4 A 5 937 5 882 5 918 5 716 1 397 1 404 1 425 1 490 YoY 0 9 0 6 3 4 3 1 6 9 1 5 2 2 Oh 14 4 14 8 14 6 13 5 13 3 13 4 13 4 14 0 SR i http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201571 26 1 2 8 9 20
91. 3 8 79 5 2015 2 1 2 ESCO 3 1 2 IT IT http www sharedresearch jp Copyright C 2013 Shared Resea
92. QASDAQ 2702 1 8218 u 2012 10 559 9787 SR Research Report 201571 26 M amp A 2013 3 4 1 3086 2013 4 1 M amp A 82 2013 3 M amp A 2013 3 4 1 8263 TOB 4 2013 3 2
93. 1996 1976 2001 2006 65 70 8 9 6 SM 6 7 M amp A M amp
94. 465 2014 4 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 9787 SR Research Report 201571 26 800 JR 1 2 3
95. d 2015 2 2017 2 1 FMS 2 3 IT 2014 2 2 572 151 81 6 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp w 9787 SR Research Report 201571 26 2015 2 2 700 160 86 2017 2 3 300 210 110 2017 2 35 10 2014 2 3 2014 1 8 2014 2 3 3 1 948 1 3 110
96. uuu 27 33 iL 33 35 SW Strengths Weaknesses 44 1 2 45 ii 49 Ln 52 7 52 62 3 64 Rk R RR RRliYsiii 1 a 66 iui 68 68 LC 69 2 70 Li 71 i 71 SB 71 CEES ER RR RR SRS NR NR 72 74 a T sShared Wesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved w es Shared 9787 SR Research Report 201571 26 HHHHH HHHH HHH 140 299 170 905 219 797 248 876 257 243 270 000 HHH 3 7 21 8 28 6 13 2 3 4 5 0 HHHHH 21 118 23 989 28 631 30 227 33 714 HH 0 8 13 6 19 4 5 6 11 5 HHHHHH 15 1 14 0 13 0 12 1 13 1 HHHH 9 970 12 031 13 762 13 901 15 115 16 000 HH 0 2 20 7 14 4 1 0 8 7 5 9 HHHHH 7 1 7 0 6 3 5 6 5 9 5 9 HHHH 9 912 12 089 13 784 13 892 15 092 16 000 HHH 1 0 22 0 14 0 0 8 8 6 6 0 HHHHH 7 1 7 1 6 3 5 6 5 9 5 9 HHHHH 5 466 6 495 6 912 7 509 8 161 8 600 HH 12 1 18 8 6 4 8 6 8 7 5 4 ODD 3 9 3 8 3 1 3 0 3 2 3 2
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102. http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201571 26 FY2 14 FY2 15 HHHH HHHH HHHH HH 133 552 123 691 257 243 134 000 136 000 270 000 HH 5 3 1 3 3 4 0 3 10 0 5 0 HHHH 116 570 106 958 223 528 HHHHH 16 981 16 733 33 714 HHH 13 3 9 8 11 5 HHHHHH 12 7 13 5 13 1 HHHHHHHHHH 9 406 9 193 18 599 HHHHHHHHH 7 0 7 4 7 2 HHHH 7 575 7 540 15 115 7 600 8 400 16 000 HH 6 5 11 1 8 7 0 3 11 4 5 9 HHHHH 5 7 6 1 5 9 5 7 6 2 5 9 HHHH 7 571 7 521 15 092 7 600 8 400 16 000 HH 6 3 11 1 8 6 0 4 11 7 6 0 HHHHH 5 7 6 1 5 9 5 7 6 2 5 9 HHHHH 4 147 4 014 8 161 4 150 4 450 8 600 HH 5 1 12 6 8 7 0 1 10 9 5 4 H HHUHHSRHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHH HHHHHHHHHHHHH 2015 2 5 2 700 5 9 160 3 2015 2 3
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118. 3 HHHH FY02 13 FY02 14 FY02 15 HHHHH Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 HHH 7 898 7 909 7 966 8 032 8 438 8 367 8 481 8 956 8 935 YoY 3 8 1 0 0 7 0 2 6 8 5 8 6 5 11 5 5 9 HHHH 601 669 656 766 642 700 761 762 695 YoY 13 4 3 0 5 1 2 4 6 8 4 6 16 0 0 5 8 3 HHHHH 7 6 8 5 8 2 9 5 7 6 8 4 9 0 8 5 7 8 SR Shared Gewearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201571 26 on on HHHHH Q1 Q2 Q3 Q4 Q1 Q2 Q
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120. HHHHHHHH 41 400 54 170 54 170 54 170 54 170 EPS 137 8 142 6 131 8 143 2 155 5 163 8 EPSHHHHHHHHH 137 6 142 3 131 5 142 7 155 2 DPS 27 0 39 0 40 0 46 0 48 0 50 0 BPS 787 8 1 005 6 1 095 6 1 202 4 1 324 8 HH H HHH 7 964 13 098 9 707 10 014 12 565 HHHHHH 30 026 64 524 72 486 79 323 90 347 HHHHHH 2 741 3 756 3 773 3 796 4 258 HHHHHHHHH 3 977 4 766 4 276 5 257 5 829 HHHHHH 11 924 11 577 12 272 12 321 11 687 OOO 48 670 84 624 92 809 100 699 112 122 Oh 8 974 22 424 23 720 24 544 26 701 HHHHHHH 80 49 41 10 5 HHHHHH 16 281 30 724 33 643 34 955 39 306 HHHHHHH 31 6 15 5 HHHHHH 1 024 1 012 983 1 195 1 500 HHHH 17 306 31 737 34 626 36 151 40 806 HHHHH 31 364 52 887 58 182 64 547 71 316 HHIHHHHHHHHHHH 111 55 56 15 5 HHHHHHHHHHH HHHHH HHHHHHHHHHHHHHH 7 031 6 808 9 639 4 358 21 359 HHHHHHHHHHHHHHH 1 966 3 000 10 051 7 086 16 632 HHHHIHHHHHHHHHHH 4 169 1 321 2 722 2 257 2 475 HH HHHHHHHROAH 11 2 9 7 7 8 7 8 7 7 HHHHHHHH ROE 18 9 15 5 12 5 12 5 12 3 HHHHHH 64 2 62 3 61 9 62 6 62 0 HHHHHHHHHHSRHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHH HHHHHHHHHHHHH esear ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2015 1 26 2015 1 26 2015 2 3
121. 2 217 5 9 3 1 73 8 70 6 70 9 74 2 270 000 5 0 16 000 5 9 5 9 16 000 6 0 5 9 8 600 5 4 3 2 Q4 HHH HIHHH 67 574 65 237 70 714 73 8 70 6 270 000 16 000 Shared 9787 SR Research Report 201571 26 2015 2 3 2015 1 9 199 286 2 3 11 303 3 0 11 339 3 2 6 383 10 09 5 3 1 2 5 70 6 2014 2 72 69 4 2013 2 76 6
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125. FY2 11 FY2 12 FY2 13 FY2 14 FY2 14 HHHHH 1Q0 2Q E31 4Q HHH 18 718 36 730 39 284 44 543 10 721 11 023 11 542 11 257 YoY 4 3 96 2 7 0 13 4 12 6 12 8 14 8 13 4 nnn 627 1 234 1 462 2 333 573 636 533 591 YoY 96 8 18 5 59 6 109 9 98 8 39 9 21 1 HHH 3 3 3 4 3 7 5 2 5 3 5 8 4 6 5 3 SR 7 8 FY2 11 PFY2 12 PFY2 13 PFY2 14 FY2 14 HHHHH 1Q 2Q E31 4Q On 17 188 32 280 31 200 33 329 7 498 8 716 7 479 9 636 YoY 2 4 87 8 3 3 6 8 0 1 1 7 0 8 25 1 nnn 1 480 2 330 2 396 3 068 535 812 433 1 288 Yo
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127. 2009 2 2010 2 2011 2 2012 2 2013 2 2014 2 HHHHHHHHHHUSRHHH 603 1 231 41 127 31 1 3 270 4 746 87 395 1 621 12 153 51 42 42 18 18 78 9787 2010 2H 601 1 267 52 125 33 1 3 514 4 475 180 386 1 549 12 183 53 44 46 19 21 86 2011H 2H 2012H 2H 590 590 1 307 1 537 72 105 127 122 32 29 1 1 3 811 4 121 3 305 3 424 268 418 401 460 1 410 1 383 11 324 12 190 56 59 45 107 52 54 25 44 2 033 37 24 27 236 25 101 2 456 2013H 2H 604 1 797 332 123 26 1 4 462 3 663 562 528 1 401 13 499 62 115 61 81 SR Research Report 2015 1 26 2014H 2H 617 1 977 353 122 26 1 4 581 3 853 756 641 1 519 14 440 137 122 70 609 709 33 79 2014 2
128. A u 2008 10 40 u 2009 4 409 u 2010 9 9 u 2011 4 909 u 2011 5 24 365
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131. 0 43 458 HHHH 5 115 5 084 4 661 4 725 HH 32 088 32 235 31 805 34 242 HH 2 764 2 823 2 692 2 865 HH 41 142 39 852 40 519 42 320 HH 5 937 5 882 5 918 5 716 HHHH 16 420 28 513 53 071 45 630 HHHH 1 214 1 936 2 209 2 580 HHHH 18 718 36 730 39 284 44 543 HHHH 627 1 234 1 462 2 333 HHHHH 17 188 32 280 31 200 33 329 HHHHH 1 480 2 330 2 396 3 068 HHHHHH 5 271 7 980 10 823 13 551 HHHHHH 375 156 504 829 HHH 56 57 119 167 HHH 215 156 237 331 HH 5 698 5 843 6 180 7 334 YoY 21 8 28 6 13 2 3 496 HHHHH 7 0 6 3 5 6 5 9 HHHH 1 2 5 3 0 2 3 3 HHHH 12 8 12 1 11 1 10 9 HH 6 3 0 5 1 3 7 7 HH 8 6 8 8 8 5 8 4 HH 6 4 3 1 1 7 4 4 HH 14 4 14 8 14 6 13 5 HHHH 18 2 73 6 86 1 14 0 HHHH 7 4 6 8 4 2 5 7 HHHH 4 3 96 2 7 0 13 4 HHHH 3 3 3 4 3 7 5 2 HHHHH 2 4 87 8 3 3 6 8 HHHHH 8 6 7 2 7 7 9 2 HHHHHH 51 4 35 6 25 2 HHHHHH 7 1 2 0 4 7 6 1 SR 1 8905
132. 11 2HHHHLIHHHHH HHHHHHHHHHHHHHHHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHTHHHHH HHHHHHHHHHHHHHHHHHHHH HHHHHHHHHHHHH ililmlilmlilmlii FY2 09 PFY2 10 FVY2 11 PFY2 12 FVY2 13 HHHHH HHHHHHHHHHSRHHH HHHHHHHH 9787 SR Research Report 145 000 150 000 181 000 213 000 260 000 145 690 140 299 170 905 219 797 248 876 0 5 6 5 5 6 3 2 4 3 9 100 10 100 12 050 14 300 16 600 9 946 9 970 12 031 13 762 13 901 9 3 1 3 0 2 3 8 16 3 9 000 9 900 12 105 14 300 16 600 9 812 9 912 12 089 13 784 13 892 9 0 0 1 0 1 3 6 16 3 4 600 5 200 6 470 7 600 8 700 4 876 5 466 6 495 6 912 7 509 6 0 5 1 0 4 9 1 13 7 Mooooooooooooooooon HHHHHHHUHHHH 2015 1 26 FY2 14 HH 260 000 257 243 1 1 15 500 15 115 2 5 15 500 15 092 2 6 8 300 8 161 1 7 2 7 2013 2
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135. 256 5 808 8 766 HH 2 1 2 1 4 1 4 9 HH 119 799 108 608 140 024 177 658 HH HHHHHHSRHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH A Shar ed esear ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201571 26 131 20 1 HH 54 433 27 0 20 610 10 2 118 200 58 5 8 687 43 201 933 9787 SR Research Report 201571 26 SW Strengths Weaknesses Strengths u 70 FMS SR u FMS FMS FMS
136. 26 HHHHHHHHUUHHHUH 1 6 668 7 031 6 808 9 639 4 358 21 359 HHHHHHHHHHHHHHH 2 2 087 1966 3 000 10 051 7 086 16 632 FCF 1 2 4581 5 065 3 808 412 2 728 4 727 HHnnnn 5255 4169 1321 2 2 722 2 257 2 475 HHHHH A 1 495 1 593 1 787 2 345 2 237 2 432 HH B 707 912 792 1184 1 607 1 999 HHHH Co 108 172 32 1 749 13 319 9 143 FCF NI A B C 5 556 6 319 7 522 6 324 5 180 17 737 HHHHHI5RHH HHHHHHHHHHUUUHHHHHnn HH 2013 2 LED 44 M amp A
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139. 4 44 543 HHHHHHH 17 188 32 280 31 200 33 329 HHHHIHH 5 271 7 980 10 823 13 551 HHH 5 846 5 412 56 57 119 167 HHH 5 9 3 7 21 8 28 6 13 2 3 4 5 0 HHHHHH 5 1 1 4 4 0 5 3 0 2 3 3 HHHHH 2 3 6 5 6 4 0 5 1 3 7 7 HHHH 3 2 6 2 8 7 3 1 1 7 4 4 HHHHHH 18 2 73 6 86 1 14 0 HHHHH 96 2 7 0 13 4 IIHHHHHH 87 8 3 3 6 8 HHHHIHH 51 4 35 6 25 2 HHH 62 8 7 4 1 8 108 8 40 3 HHHH 124 735 119 180 146 916 191 166 218 648 223 528 HHHHH 20 955 21 118 23 989 28 631 30 227 33 714 HHH 11 3 0 8 13 6 19 4 5 6 11 5 HHH 14 4 15 1 14 0 13 0 12 1 13 1 HHHHHHHHHH 11 008 11 148 11 957 14 868 16 326 18 599 HHHHH 7 6 7 9 7 0 6 8 6 6 7 2 HHHH 9 946 9 970 12 031 13 762 13 901 15 115 16 000 HHH 19 4 0 2 20 7 14 4 1 0 8 7 5 9 HH 6 8 7 1 7 0 6 3 5 6 5 9 5 9 HHHHH 108 88 208 281 213 163 HHHHH 241 147 149 260 221 186 HHHH 9 812 9 912 12 089 13 784 13 892 15 092 16 000 HHH 19 9 1 0 22 0 14 0 0 8 8 6 6 0 HHH 6 7 7 1 7 1 6 3 5 6 5 9 5 9 HHHH 110 457 5 73 80 28 HHHHH 940 234 985 880 53 529 HHHH 4 026 4 618 4 613 5 932 6 306 6 192 HH 44 8 45 6 41 5 45 7 45 3 42 4 HHHHH 4 876 5 466 6 495 6 912 7 509 8 161 8 600 HH 11 3 12 1 18 8 6 4 8 6 8 7 5 4 HHH 3 3 3 9 3 8 3 1 3 0 3 2 3 2 HHHHHHHHHHSRH HH HHHHHHHHHHHHHHHHHHHHHHHHHHHH HHHHHHHHHHHHH 2010H 2H HHHHHHHHHHHHHHHHHHHHHHHHHHHHHLIHH HHH HHHHHHH 2010H 9H HHHHHHHHHHH HHHHHHHHH20
140. 4 Q1 Q2 HH 10 122 10 084 10 205 10 108 10 539 10 485 10 642 10 654 10 942 YoY 1 7 2 1 1 8 1 2 4 1 4 0 4 3 5 4 3 8 HH 1 441 1 508 1 446 1 523 1 397 1 404 1 425 1 490 1 469 YoY 2 1 6 1 3 7 1 6 3 1 6 9 1 5 2 2 5 2 HHHHH 14 2 15 0 14 2 15 1 13 3 13 4 13 4 14 0 13 4 SR 2014 3 1 10 6 2
141. 5 11 7 HHHHH 14 2 15 0 14 29 15 1 13 3 13 49 13 4 14 0 13 49 14 2 14 3 SR 3 Shared Gewearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared eSsearch 9787 SR Research Report 2015 1 26 5 3 1
142. 5 3 3 558 4 6 5 4 2 015 8 4 3 0 FY02 15 Q1 66 475 11 228 8 935 10 942 11 858 RS 8 330 3 460 0 4 5 7 5 9 3 8 25 4 9 3 11 1 16 7 3 540 1 029 695 1 469 741 464 551 308 4 4 10 6 8 3 5 2 12 9 19 0 3 0 300 0 6 6 10 4 8 5 14 0 6 5 5 3 13 4 3 3 18 8 12 8 25 1 8 3 9 9 21 7 2 0 5 3 9 2 7 8 13 4 6 2 4 0 6 6 8 9 19 4 13 1 27 7 14 0 8 8 10 4 5 8 1 1 8 972 1 9 13 3 4 809 4 0 7 1 4 162 0 5 6 2 4 167 0 0 6 2 2 365 3 3 3 5 Q2 11 642 8 891 10 960 11 133 11 609 9 471 3 859 1 1 7 3 6 3 4 5 20 1 5 3 8 7 12 4 4 162 1 098 717 1 552 754 490 894 369 0 5 13 3 2 4 10 5 1 3 23 0 10 1 14 2 6 2 9 4 8 1 14 2 6 8 4 2 9 4 9 6 18 5 12 1 26 2 12 7 8 3 15 1 6 2 SR Research Report 201571 26 Q3 Q4 in 67 574 65 237 70 714 6 5 8 429 5 6 12 9 4 828 5 2 7 4 3 601 6 1 5 5 3 614 6 0 5 5 2 003 20 9 3 1 INDS2 9 305 11 129 9 366 12 175 8 003 BMM95 6 5 3 0 9 7 4 6 13 5 5 5 7 0 3 6 3 601 1 074 824 1 592 678 436 506 179 6 1 9 6 8 3 11 7 43 0 18 2 16 9 42 6 5 5 9 3 8 9 14 3 7 2 3 6 6 3 4 8 20 3 15 6 30 1 12 8 8 2 9 6 3 4 13 3 4 697 13 3 6 6 4 661 13 4 6 6
143. 7 6 1 2 6 9 4 8 7 3 3 SR BPO Business Process Outsourcing Shar ed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201571 26 M amp A BPO BtoBtoC FMNS 2014 2 47 20
144. H 1 7 2 1 1 8 1 2 HHHIH 96 4 126 8 121 7 1 3 HHHIH 5 1 4 5 7 3 11 1 HHHHH 4 0 2 1 5 9 1 6 HHHHHH 23 0 13 5 62 4 38 7 HHHH 3 093 4 020 3 289 3 499 HHHIH 1 105 1 220 1 080 1 256 HH 601 669 656 766 HH 1 441 1 508 1 446 1 523 HHHH 461 796 450 502 HHHH 273 320 381 488 HHHHH 454 728 432 782 HHHHHH 40 191 293 20 YoY 0 2 5 0 2 9 4 1 HHHIH 16 0 8 8 15 2 8 7 HH 13 4 3 0 5 1 2 4 HH 2 1 6 1 3 7 1 6 HHHIH 30 6 23 6 1 7 4 4 HHHIH 6 2 21 8 41 6 63 2 HHHHH 8 5 9 8 5 9 9 8 HHHHHH 33 2 HHHHH 5 3 5 9 5 0 6 2 HHHH 10 7 11 3 10 1 12 2 HH 7 6 8 5 8 2 9 5 HH 14 2 15 0 14 2 15 1 HHHIH 4 2 42 2 9 6 8 HHHH 2 9 3 3 3 8 4 9 HHHHH 6 0 8 5 5 8 10 2 HHHHHH 1 9 8 6 8 3 0 7 HHHHHHHH HHHh 25 0 22 3 22 4 23 4 HH 13 6 12 2 13 6 14 2 HH 32 7 27 6 30 0 28 3 HHHH 10 4 14 5 9 3 9 3 HHHIH 6 2 5 8 7 9 9 1 HHHHH 10 3 13 3 9 0 14 5 0 9 3 5 6 1 0 4 SR http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved IM 66 i 13 9 8 173 17 0 12 3 4 782 22 9 7 2 3 390 9 6 5 1 3 403 9 7 5 1 1 858 4 0 2 8 a 14 Q1 66 711 10 622 8 438 10 539 15 888 10 721 7 498 2 964 13 9 2 4 6 8 4 1 43 4 12 6 0 1 43 1 3 390 1
145. HHHH 6 0 8 5 5 8 102 7 1 9 3 5 8 13 4 6 6 9 4 6 3 SR 2014 2 3 HHHHUHH FYO2 13 FY02 14 FY02 15 HHHHH Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Ley4 Q3 HHH 2 072 2 218 3 509 3 024 2 964 3 433 3 604 3 550 3 460 3 859 3 735 YoY 23 0 13 5 62 4 38 7 43 1 54 8 2 7 17 4 16 7 12 4 3 6 HHHH 40 191 293 20 77 323 312 117 308 369 179 YoY 33 2 92 5 69 1 6 5 300 0 14 2 42 6 HHHHH 1 9 8 6 8 3 07 2 6 9 4 87 3 3 8 9 9 6 48 SR 51 2
146. Y 57 4 2 8 28 0 17 8 11 5 0 2 64 7 HHH 8 6 7 2 7 7 9 2 7 1 9 3 5 8 13 4 SR 4 11 2014 2 7 3 2010 9 66 4 FY2 11 FY2 12 FY2 13 FY2 14 FY2 14 HHHHH Le 2Q 3Q 4Q nn 5 271 7 980 10 823 13 551 2 964 3 433 3 604 3 550 YoY a 51 4 35 6 25 2 43 1 54 8 2 7 17 4 HHHI 375 156 504 829 77 323 312 117 YoY 58 4 223 1 64 5 92 5 69 1 6 5 685 0 HHH 7 1 2 0 4
147. arch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201571 26 1954 1971 1985 2002 2006 2012 2013 2014 2 10 728 5 671 3 818
148. erved 9787 SR Research Report 2015 1 26 HHHH FY02 13 FY02 14 FY02 15 HHHHH Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Ley4 Q3 HHH 7 898 7 909 7 966 8 032 8438 8 367 8 481 8956 8 935 8891 93305 YoY 3 8 10 0 7 02 6 8 5 8 6 5 11 5 5 9 6 3 9 7 HHHH 601 669 656 766 642 700 761 762 695 717 824 YoY 13 4 3 0 5 19 2 4 6 8 4 6 16 0 0 5 8 3 2 4 8 3 HHHHH 7 6 8 5 8 2 9 5 7 6 8 4 9 0 8 5 7 8 8 1 8 9 SR 3 7 3 6 3 SR
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