Stock Code 7613SIIX Corporation
To our shareholders and investors,
From January 1, 2013 to June 30, 2013
The 22ndMidterm Business Report
C o n t e n t s
Consolidated Financial Highlights
To Our Shareholders
Review of Operations
SIIX Global Network
Consolidated Financial Statements
Topics
Stock Information
Status of Of�cers
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1
18th midtermJune 2009
19th midtermJune 2010
20th midtermJune 2011
21st midtermJune 2012
22nd midterm June 2013
Net sales (Million yen) 50,572 80,268 89,246 90,871 98,523
Ordinary income (Million yen) 632 2,660 2,931 2,676 2,287
Net income (Million yen) 1,479 1,847 1,859 1,889 1,368
Net income per share (Yen) 62.23 78.29 78.79 80.06 58.00
100,000
80,000
60,000
40,000
20,000
0
(Million yen)
2,500
2,000
1,500
1,000
500
0
(Million yen)
100
80
60
40
20
0
(Yen)
(Million yen)
1,500
1,000
2,000
2,500
3,000
500
0
50,572
80,26889,246 90,871
98,523
18th midtermJune 2009
19th midtermJune 2010
20th midtermJune 2011
21st midtermJune 2012
22nd midtermJune 2013
18th midtermJune 2009
19th midtermJune 2010
20th midtermJune 2011
21st midtermJune 2012
22nd midtermJune 2013
1,479
1,847 1,859 1,889
1,368
18th midtermJune 2009
19th midtermJune 2010
20th midtermJune 2011
21st midtermJune 2012
22nd midtermJune 2013
62.23
78.29 78.79 80.06
58.00
18th midtermJune 2009
19th midtermJune 2010
20th midtermJune 2011
21st midtermJune 2012
22nd midtermJune 2013
632
2,6602,931
2,676
2,287
Net sales Ordinar y income
Net income Net income per share
CONS
OLIDA
TED
FINAN
CIAL
HIG
HLIG
HTS
Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS
2
Chairman & CEO
Shiro Murai
September 2013
Please let me express my utmost gratitude to our shareholders for supporting us.
As we hereby deliver the 22nd Midterm Business Report, I would like to convey a few words of greetings.
During the midterm period under review, the Japanese economy showed an increase in exports and a recovery in personal consumption due to a rise in stock prices and yen depreciation led by expectation of various policies of the new administration. In the U.S.A., lowering unemployment rate and personal consumption drove the economy into a mild recovery. However, in Europe there are few signs of improvement in business confidence, and in China economic growth was sagging and local government financial problems were becoming obvious, which resulted in sluggish growth in consumption.
In this economic environment, with respect to net sales for the midterm period under review, the Company achieved a significant increase in revenue in comparison to the same period of the previous consolidated fiscal year, backed by yen depreciation. However, profit fell year on year due to the impact of inventory adjustment by some customers, as well as fixed costs incurred by a manufacturing subsidiary which is currently in its initial stages of operation. During the second half of the year, however, factors such as the full-fledged implementation of new projects are expected to bring about improvements in business results. In addition, despite yen depreciation, there have been no major changes in the overseas production needs of our corporate customers, and in July the Company launched operations at a new factory in the Philippines, which has seen prominent growth in recent years as a “China plus one” country. We are also planning to establish a manufacturing base in Mexico. In combination with our sales and logistics bases, we will meet the various outsourcing needs of our customers. Although the business environment remains severe due to factors such as rising personnel costs in emerging countries and intensifying industry competition, our markets are expanding and we will strive to further improve our business results by making full use of our business expertise, network of bases, and strengths in procurement of parts and materials that we have developed through our many years of overseas business activities and providing high value added services to our corporate customers.
Finally, I would like to ask our shareholders’ continuous support towards the future.
TO O
UR
SHAR
EHO
LDER
S
TO OUR SHAREHOLDERS To Our Shareholders
3
0
90,000
100,000
60,000
70,000
80,000
90,871
(Million yen)
Net sales
2,676
Ordinary income Net income
89,246
0
3,500
4,000
2,000
2,500
3,000
(Million yen)
0
2,500
3,000
1,000
1,500
2,000
(Million yen)
2,287
1,859 1,8892,931
1,368
98,523
20th midtermJune 2011
21st midtermJune 2012
22nd midtermJune 2013
20th midtermJune 2011
21st midtermJune 2012
22nd midtermJune 2013
20th midtermJune 2011
21st midtermJune 2012
22nd midtermJune 2013
Net sales for the consolidated 2nd quarter under review finished at 98,523 million yen, an increase of 7,652 million yen (8.4% increase) in comparison to the same period of the previous consolidated fiscal year. In terms of profit, operating income finished at 2,205 million yen, a decrease of 386 million yen (14.9% decrease) in comparison to the same period of the previous consolidated fiscal year. Moreover, ordinary income finished at 2,287 million yen, a decrease of 389 million yen (14.5% decrease) in comparison to the same period of the previous consolidated fiscal year. Net income finished at 1,368 million yen, a decrease of 520 million yen (27.6% decrease) in comparison to the same period of the previous consolidated fiscal year.
98,523million yen
2,287million yen
1,368million yen
Operation Results
Ordinary income
Net income
Net sales
Highlights
REVIEWS OF OPERATIONSR
EV
IEW
S O
F O
PE
RAT
ION
S
38,361 37,835
18,99315,145 14,674
9,381869 1,211 1,942
6,911 7,152763
11,057
25,101
21stmidterm
22ndmidterm
32.2% up 17.9% up 60.3% up 3.5% up
21stmidterm
22ndmidterm
21stmidterm
22ndmidterm
21stmidterm
22ndmidterm
21stmidterm
22ndmidterm
21stmidterm
22ndmidterm
21stmidterm
22ndmidterm
Household electrical equipment
digital household electronics, household appliances, etc.
Automotive equipment
automotive electrical components, car audios, etc.
Industrial equipment
circuit board for small engine, etc.
Information equipment
scanners, printers, etc.
Communication equipment
mobile phone parts, etc.
General electronic products Other
22nd midterm
98,523million yen
38.4%
25.5%
7.3%0.8%
1.9%
11.2%
14.9%Breakdown of net sales
Household electrical equipment
Automotive equipment
Industrial equipment
Information equipment
Communication equipment
General electronic products
Other
1.4% down 3.1% down 12.3% down
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PICK UP!
We are devoting efforts to non-commodity fields (automotive-related equipment, industrial equipment, etc.) as target fields. Examples of products in the automotive-related equipment field include car audios, meters, lights, and ECUs and products in the industrial equipment field include small engines, ATM terminals, and medical equipment. As the number of customers is increasing yearly, we will continue to focus on these fields where growth is expected.
Non-commodity fields
Category of Operations
Review Of Operations
RE
VIE
WS
OF
OP
ER
ATIO
NS
SIIX Europe GmbH ●
SIIX EMS Slovakia s.r.o. ▲
SIIX (Shanghai) Co., Ltd. Dalian Branch ◆
SIIX (Shanghai) Co., Ltd. Suzhou Branch◆
SIIX EMS (Shanghai) Co., Ltd. ▲
SIIX (Shanghai) Co., Ltd. ●
SIIX H.K. Ltd. ●
SIIX EMS (DONG GUAN) Co., Ltd. ▲SIIX (Dongguan) Co., Ltd. ■★
SIIX TWN Co., Ltd. ■
SIIX Singapore Pte. Ltd. ●
PT SIIX Electronics Indonesia ▲PT. SIIX EMS INDONESIA ▲
PT. SIIX Trading Indonesia ■★
SIIX Bangkok Co., Ltd. ●
SIIX EMS (THAILAND) CO., LTD. ▲SIIX Phils., Inc. ■SIIX Logistics Phils, Inc. ●
Electronics(Europe)
SIIX Corporation ■SIIX Electronics Co., Ltd. ▲
Electronics(Japan)
Electronics(Asia)
SIIX U.S.A. Corp. ●
Electronics(Americas)
SIIX U.S.A. Corp. Irvine Branch ◆
SIIX MEXICO, S.A DE C.V. ●★
SIIX do Brasil Ltda. ■★
Electronics (Americas)2,854 million yen
3.1%
16,747 million yen 18.3%
Electronics(Japan)
Electronics (Americas)2,854 million yen
3.1%
Electronics (Europe)
Electronics (Europe)3,705 million yen
4.1%
16,747 million yen18.3%
Electronics(Japan)
68,121 million yen74.5%
Electronics(Asia)
91,428million yen
Net Sales21st midtermJune 2012
22nd midtermJune 2013
(Million yen)
(Million yen)
(Million yen)
2,568 3,705
21st midtermJune 2012
22nd midtermJune 2013
21st midtermJune 2012
22nd midtermJune 2013
17,682 16,747
21st midtermJune 2012
22nd midtermJune 2013
5,564 2,854
*Those marked with ★ are not consolidated subsidiaries.
SIIX EMS PHILIPPINES, INC. ▲★
Major Business Lines
58,142 68,121
(Million yen)
Import/export sales and logistics of electronic products, etc. ●
Import/export sales of electronic products, etc. ■
Branch and representative offices ◆
Assembly of various circuit boards and manufacturing/assembly of equipment and components ▲
One of SIIX’s strengths is that we can offer our customers a variety of outsourcing options
through our organic network of extensive overseas bases.
We have about 40 overseas bases in 13 countries to assist our customers in their global
business deployment from procurement of parts and materials, manufacturing to logistics (as
of June 30, 2013).
5
SIIX GLOBAL NETWORKS
IIX G
LOB
AL
NE
TWO
RK
SIIX Europe GmbH ●
SIIX EMS Slovakia s.r.o. ▲
SIIX (Shanghai) Co., Ltd. Dalian Branch ◆
SIIX (Shanghai) Co., Ltd. Suzhou Branch◆
SIIX EMS (Shanghai) Co., Ltd. ▲
SIIX (Shanghai) Co., Ltd. ●
SIIX H.K. Ltd. ●
SIIX EMS (DONG GUAN) Co., Ltd. ▲SIIX (Dongguan) Co., Ltd. ■★
SIIX TWN Co., Ltd. ■
SIIX Singapore Pte. Ltd. ●
PT SIIX Electronics Indonesia ▲PT. SIIX EMS INDONESIA ▲
PT. SIIX Trading Indonesia ■★
SIIX Bangkok Co., Ltd. ●
SIIX EMS (THAILAND) CO., LTD. ▲SIIX Phils., Inc. ■SIIX Logistics Phils, Inc. ●
Electronics(Europe)
SIIX Corporation ■SIIX Electronics Co., Ltd. ▲
Electronics(Japan)
Electronics(Asia)
SIIX U.S.A. Corp. ●
Electronics(Americas)
SIIX U.S.A. Corp. Irvine Branch ◆
SIIX MEXICO, S.A DE C.V. ●★
SIIX do Brasil Ltda. ■★
Electronics (Americas)2,854 million yen
3.1%
16,747 million yen 18.3%
Electronics(Japan)
Electronics (Americas)2,854 million yen
3.1%
Electronics (Europe)
Electronics (Europe)3,705 million yen
4.1%
16,747 million yen18.3%
Electronics(Japan)
68,121 million yen74.5%
Electronics(Asia)
91,428million yen
Net Sales21st midtermJune 2012
22nd midtermJune 2013
(Million yen)
(Million yen)
(Million yen)
2,568 3,705
21st midtermJune 2012
22nd midtermJune 2013
21st midtermJune 2012
22nd midtermJune 2013
17,682 16,747
21st midtermJune 2012
22nd midtermJune 2013
5,564 2,854
*Those marked with ★ are not consolidated subsidiaries.
SIIX EMS PHILIPPINES, INC. ▲★
Major Business Lines
58,142 68,121
(Million yen)
Import/export sales and logistics of electronic products, etc. ●
Import/export sales of electronic products, etc. ■
Branch and representative offices ◆
Assembly of various circuit boards and manufacturing/assembly of equipment and components ▲
6
* Consolidated net sales of 98,523 million yen include 7,095 million yen, which is not classified as a reportable segment, in addition to the above.
Breakdown of net sales by segment
SIIX Network
SIIX
GLO
BA
L N
ETW
OR
K
7
*Fractions of amounts stated in consolidated balance sheets, consolidated statements of income, and consolidated statements of cash flows are rounded down.
Items Current midtermAs of Jun. 30, 2013
Previous fiscal yearAs of Dec. 31, 2012
Assets
Current assets 61,514 55,941
Noncurrent assets 21,017 18,761
Property, plant and equipment 14,537 13,834
Intangible assets 595 638
Investments and other assets 5,885 4,288
Total assets 82,532 74,703
Liabilities
Current liabilities 43,678 41,079
Noncurrent liabilities 9,078 8,169
Total liabilities 52,756 49,249
Net assets
Shareholder’s equity 28,142 27,151
Capital stock 2,144 2,144
Capital surplus 1,853 1,853
Retained earnings 24,823 23,832
Treasury stock (677) (677)
Accumulated other comprehensive income 1,441 (1,874)
Valuation difference on available-for-sale securities 337 457
Deferred gains or losses on hedges (2) (9)
Foreign currency translation adjustment 1,106 (2,322)
Minority interests 192 175
Total net assets 29,775 25,453
Total liabilities and net assets 82,532 74,703
(Million yen)Consolidated Balance Sheets (Million yen)Consolidated Statements of Income
ItemsCurrent midterm
(Jan. 1, 2013 – Jun. 30, 2013)
Previous midterm(Jan. 1, 2012 – Jun. 30, 2012)
Previous fiscal year(Jan. 1, 2012 – Dec. 31, 2012)
Net cash provided by (used in) operating activities 1,534 5,419 7,546
Net cash provided by (used in) investment activities (2,002) (1,740) (4,598)
Net cash provided by (used in) financing activities (800) (2,551) (1,932)
Effect of exchange rate change on cash and cash equivalents 742 139 797
Net increase (decrease) in cash and cash equivalents (526) 1,267 1,812
Cash and cash equivalents at beginning of period 6,263 4,450 4,450
Cash and cash equivalents at end of period 5,737 5,718 6,263
(Million yen)Consolidated Statements of Cash Flows
ItemsCurrent midterm
(Jan. 1, 2013 – Jun. 30, 2013)
Previous midterm(Jan. 1, 2012 – Jun. 30, 2012)
Previous fiscal year(Jan. 1, 2012 – Dec. 31, 2012)
Net sales 98,523 90,871 190,692
Cost of sales 92,643 85,063 179,373
Gross profit 5,879 5,807 11,319
Selling, general and administrative expenses 3,673 3,216 6,671
Operating income 2,205 2,591 4,647
Non-operating income 284 308 692
Non-operating expenses 203 224 366
Ordinary income 2,287 2,676 4,973
Extraordinary income 14 212 220
Extraordinary loss 3 3 108
Income before income taxes 2,298 2,885 5,085
Income taxes-current 767 856 1,498
Income taxes-deferred 172 92 425
Net income before minority interests in income 1,358 1,936 3,161
Minority interest in income (10) 47 84
Net income 1,368 1,889 3,076
Consolidated Financial Statements
CONSOLIDATED FINANCIAL STATEMENTS
CONS
OLIDA
TED
FINAN
CIAL
STAT
EMEN
TS
SIIX EMS PHILIPPINES, INC. (hereinafter referred to as “SEP”), our new factory in the Philippines established on May 23, 2013, has begun operations. SEP was established based on the EMS operations and assets taken over from Pricon Microelectronics, Inc., a Philippine subsidiary of YAMAICHI ELECTRONICS CO., LTD.
The Philippines are gaining attention as a “China plus one” country. We will promote our business in coordination with 2 sales subsidiaries in order to expand and strengthen our EMS business within the country. PAPUA
NEWGUINEA
INDONESIA
P H I L I P P I N E S
THAILAND
VIETNAM
CAMBODIA
LAOSMYANMAR
BHUTAN
BANGLADESH
NEPAL
SRI LANKA MALAYSIA
SINGAPORE
SIIX EMS PHILIPPINES, INC.
New Factory in the Philippines Begins Operations
Company name SIIX EMS PHILIPPINES, INC.
Location Calamba City, Laguna, Philippines
Total floor area 20,807m2
Total land area 21,955m2
Employees 101 (as of July 1, 2013)
Factory overview Assembly of electronic products and manufacturing/assembly of equipment and components, etc.
Republic of the PhilippinesCapital: ManilaPopulation: Approximately 95,860,000
On July 1, a Blessing Ceremony
for the factory was conducted by
a priest, with the participation of
Mr. Rene Joey S. Mipa, PEZA
ZONE Manager of Carmelray
Industrial Park.
8
TopicsTOPICS
TOP
ICS
9
0
10
20
30
(Yen) (%)
0
10
20
30
40 40Dividend (yen) Payout ratio (%)
21st termDecember 2012
20th termDecember 2011
22nd termDecember 2013
(forecast)
Dividend and Payout Ratio
Total number of shares authorized to be issued ..... 80,000,000Total number of shares issued ......................25,200,000Number of shareholders as of the end of the midterm ..... 5,903
Name Number of shares Percentage of ownership (%)
Sakata Inx Corporation 5,906,000 23.44
Japan Trustee Services Bank, Ltd. (trust account) 1,590,900 6.31
Forty Six Ltd. 1,100,000 4.37
Resona Bank, Ltd. 1,077,400 4.28
Sumitomo Mitsui Banking Corporation 997,400 3.96
The Nomura Trust and Banking Co., Ltd. (investment trust account) 873,900 3.47
The Master Trust Bank of Japan, Ltd. (trust account) 844,900 3.35
Shiro Murai 700,000 2.78THE CHASE MANHAATTEN BANK, N.A. LONDON SECS LENDING OMNIBUS ACCOUNT 692,500 2.75
Japan Trustee Services Bank, Ltd. (trust account 9) 540,400 2.14
*In addition to the above, the Company owns 1,600,431 shares of treasury stock (6.35%).
Individuals and other96.25%
Other corporations0.64%
Financialinstitutions0.47%
Treasury stock0.01%
OverseasCorporations
1.98%
Securities �rms0.62%
Financialinstitutions
29.31%
Overseascorporations
14.35%
Othercorporations
28.94%
Individualsand other20.13%
Securities�rms0.89%
[Number of shareholdersby shareholder category]
[Number of shares heldby shareholder category]
Treasury stock6.35%
The Company’s basic principle is to undertake continuous and stable profit distribution to shareholders. We also adopt the policy of determining the dividend amount by taking into consideration such factors as enhancement of internal reserves for future business deployment and reinforcement of internal reserves for future business deployment and reinforcement of management foundation. As for dividends for the current term, each of the midterm dividend and the term-end dividend will be 16 yen per share, making the annual dividend 32 yen per share.
Share Price Chart (June 2011 – June 2013)
Share price (yen)1,750
1,500
1,250
1,000
750
500
Febr
uary
Mar
chAp
rilM
ayJu
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Janu
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2012 20132011
June
Augu
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ptem
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Octob
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vem
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Dece
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Febr
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Mar
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Janu
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(as of June 30, 2013)Shares Dividend Trends
(as of June 30, 2013)Major Shareholders
STOCK INFORMATIONS
TOC
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ATIO
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Chairman & Chief Executive Officer Shiro Murai CEO
President & Executive Officer Yoshihito Kikyo COO
Director & Executive Officer Tsuneo Kondo
General Manager, Management Planning Department & Secretariat OfficeGeneral Affairs Department
Director & Executive Officer Masao Okada
General Manager, Osaka Sales Department IProcurement & Logistics DepartmentNorth & South America, Philippines, Korea & Taiwan Area
Director & Executive Officer Yoshihiro Mizutani General Manager, Tokyo Sales
Department
Audit & Supervisory Board Member Shigesato Higashio
Audit & Supervisory Board Member Shinsuke Takatani External Auditor
Audit & Supervisory Board Member Koji Tomiyama External Auditor
Executive Officer Takaaki IwatakeEurope AreaSIIX EMS Slovakia s.r.o. Managing Director, SIIX Europe GmbH
Executive Officer Yoshihiko Matsushima President, SIIX Electronics Co., Ltd.
Executive Officer Seiji Ono General Manager, Finance & Accounting Department
Executive Officer Kenji Hasegawa General Manager, Information Systems Department
Executive Officer Hitoshi Takaba Managing Director & General Manager, SIIX EMS (Shanghai) Co., Ltd.
Executive Officer Tetsuo Nakai Managing Director, PT SIIX Electronics Indonesia
Executive Officer Masakazu Toyama Singapore AreaManaging Director, SIIX Singapore Pte. Ltd.
Executive Officer Hiroshi Yoshikawa Indonesia Area
Executive Officer Uichiro Matsushita General Manager, Osaka Sales Department IIEast & North China Area
Executive Officer Akio YoshidaHong Kong & South China AreaManaging Director, SIIX H.K. Ltd. Managing Director & General Manager, SIIX EMS (DONG GUAN) Co., Ltd.
Executive Officer Tetsuo TsujimotoThai AreaSIIX EMS (THAILAND) CO., LTD.Managing Director, SIIX Bangkok Co., Ltd.
Executive Officer Masayuki Tomoda General Manager, Subsidiaries & Affiliates Department
(as of June 30, 2013)
Target: Shareholders who are listed on the shareholder registry as of the end of December every year and hold 1 unit of shares (100 shares) or more of the Company’s shares
■Target: Shareholders who have continuously held 1 unit of shares or more of the Company’s shares for a year or longer
* “Shareholders who have continuously held the Company’s share for a year or longer” refer to shareholders who have been continuously listed on the Company’s shareholder registry as of the last day of December every year by the same share holder numbers as that at the end of previous term and the end of June of the fiscal year under review.
■Details: Ten shareholders chosen by lot will be invited to travel to Thailand, including a tour of the Thailand plant, the Company’s main plant, for the main purpose of deepening their understanding of EMS (Electronic Manufacturing Services), the Company’s mainstay business. (Once every year)
Gift Card
Travel to Thailand
* 1. Gift cards issued by a card company are presented.* 2. The cards are sent after the Annual General Shareholder’s
Meeting held in March every year.
Details (per shareholder)
10 units of shares (1,000 shares) or more 3,000 yen gift card
5 units of shares (500 shares) or more but less than 10 units of shares 2,000 yen gift card
1 unit of share (100 shares) or more but less than 5 units of shares 1,000 yen gift card
Special Benefits for Shareholders
Officer
STATUS OF OFFICERSSituation Of The Stocks
STA
TUS
OF
OFF
ICE
RS
Corporate Data (as of June 30, 2013)
Name SIIX Corporation
Established July 1, 1992
Paid-up capital 2,144 million yen
Employees Nonconsolidated 139Consolidated 8,792
Headquarters 1-4-9, Bingo-machi, Chuo-ku, Osaka 541-0051 JAPANTEL: +81-6-6266-6400FAX: +81-6-6266-6428
Tokyo office 2-3-25, Kudanminami, Chiyoda-ku, Tokyo 102-0074 JAPANTEL: +81-3-3238-7000
Stock code 7613
URL http://www.siix.co.jp/
Shareholder’s Memo
Fiscal year January 1 to December 31 every year
Annual General Shareholder’s Meeting
March every year
Record date Annual General Shareholder’s Meeting December 31 every yearTerm-end dividend December 31 every yearInterim dividend June 30 every year(If necessary, other dates announced in advance)
Transfer agent and administrators of special accounts
1-4-1, Marunouchi, Chiyoda-ku, Tokyo100-8233 JAPANSumitomo Mitsui Trust Bank, Limited
Transfer agent’s contact
4-5-33, Kitahama, Chuo-ku, Osaka 541-0041 JAPANStock Transfer Agency Department, Sumitomo Mitsui Trust Bank, Limited
(Mailing address) 2-8-4, Izumi, Suginami-ku, Tokyo 168-0063 JAPANStock Transfer Agency Department, Sumitomo Mitsui Trust Bank, Limited
(Telephone inquiries) 0120-782-031
(Internet homepage URL)
http://www.smtb.jp/personal/agency/index.html
Method of public notices
Notices are posted on our official websitehttp://www.siix.co.jp/jp/ir/koukoku.html
Number of share constituting one unit
100 shares
Stock listings Tokyo Stock Exchange, 1st section
Stock code 7613
IR Mail Notices
The Company provides an IR information delivery service via e-mail to investors. We send notice to registered investors whenever we post new IR information on our website (http://www.siix.co.jp/). Those who wish to register can do so simply, at no charge, on the Investor Relations page of the Company’s website (http://www.siix.co.jp/ir/irnewsmail/).
[Notices, such as a change of address and inquiries concerning shares]
Shareholders holding accounts with securities companiesPlease refer to securities companies that manage your account.
Shareholders not holding accounts with securities companiesThe Company has an account (referred to as “special account”) with the above stated Sumitomo Mitsui Trust Bank, Limited, as a transfer agent. For inquiries, please contact the above telephone number.
This leaflet was produced from recycled paper and printed using vegetable oil ink.