Ly Corporation · TSE:4689
Ly — Yahoo Japan — Q1 FY2014 Earnings Presentation
80 slides from Ly's earnings presentation, Jul 31, 2014
Slide 1: FY2014-1Q Business Results
Yahoo Japan Corporation FY2014-1Q Business Results (April - June 2014) July 31, 2014
Slide 2: Table of Contents
Table of Contents P. 4 Financial Highlights P. 17 Business & Strategies - Progress of Services - Marketing Solutions Business - Consumer Business - Settlement & Finance / Other Businesses P. 59 Supplemental Information Yahoo Japan Corporation has adopted International Financial Reporting Standards (
Slide 3: Forward-looking statements
Statements made at the meeting or included in the documents that are not historical facts are forward- looking statements about the future performance of Yahoo Japan Corporation and its consolidated subsidiaries and affiliates. The Company cautions you that a number of important factors could cause
Slide 4: FY2014-1Q Financial Highlights
FY2014-1Q Financial Highlights 4
Slide 5: FY2014-1Q Financial Highlights
FY2014-1Q Financial Highlights Operating Income was down temporarily due to our new e-commerce strategies. (¥100M) FY2013- FY2014- YoY Change 1Q 1Q Change Contributors * Advertising revenue grew. Revenue 972 999 2.8% * Growth trend slowed under our new e- commerce strategies. Operating * Cost increa
Slide 6: Quarterly Revenue
Quarterly Revenue (¥100M) 999 1,000 800 600 IFRS 400 Gross Net 200 0 '04/ '05/ '06/ '07/ '08/ '09/ '10/ '11/ '12/ '13/ '14/ 4-6 4-6 4-6 4-6 4-6 4-6 4-6 4-6 4-6 4-6 4-6 * The Company has adopted IFRSs beginning with FY2014. * Between FY2008 and FY2013, we indicated revenue on a net rather than gross
Slide 7: Quarterly Revenue YoY Growth Trend
Quarterly Revenue YoY Growth Trend Quarterly revenue YoY growth rate dropped temporarily under our new e-commerce strategies. 25% 20% 15% 10% 5% 2.8% 0% '11/4-6 '12/4-6 '13/4-6 '14/4-6 * The Company has adopted IFRSs beginning with FY2014. Growth rate for ‘14/4-6 is calculated 7 based on IFRSs.
Slide 8: Quarterly Revenue Breakdown
Quarterly Revenue Breakdown (¥100M) 999 1,000 972 Total +26 (¥100M) +2.8% 800 Marketing Solutions Business 661 717 +8.4% 600 Advertising revenue grew. 400 Consumer Business -10.6% e-Commerce related revenue decreased under our new strategies. 200 259 Revenue from premium members increased. 231 0 68
Slide 9: Quarterly Advertising-related Revenue
Quarterly Advertising-related Revenue (¥100M) 600 578 Total +46 (¥100M) 531 +8.8% 500 209 Display Advertising +19.7 175 400 Yahoo! JAPAN Display Ad Network (YDN) revenue grew favorably. Premium advertising revenue excluding rich 300 ads was mediocre. 200 356 368 Paid Search Advertising +3.4% Smartph
Slide 10: Quarterly Advertising-related Revenue via Smartphones
Quarterly Advertising-related Revenue via Smartphones (¥100M) 200 181 Smartphone advertising revenue 150 +87 (¥100M) +93.9% 100 Smartphone advertising revenue ratio 17.6% → 31.4% 50 *Smartphone advertising revenue includes some revenue via tablet devices. 0 ′11/4-6 ′12/4-6 ′13/4-6 ′14/4-6 * The Comp
Slide 11: Quarterly Advertising-related Revenue YoY Growth Trend
Quarterly Advertising-related Revenue YoY Growth Trend 30% 25% 20% 19.7% 15% Display Ad Paid Search Ad 10% 5% 3.4% 0% -5% '11/4-6 '12/4-6 '13/4-6 '14/4-6 * The Company has adopted IFRSs beginning with FY2014. Growth rate for ‘14/4-6 is calculated 11 based on IFRSs.
Slide 12: Quarterly e-Commerce Transaction Value
Quarterly e-Commerce Transaction Value (¥100M) Total +423 (¥100M) 5,000 4,590 +10.2% 4,167 760 Shopping-related +3.5% 4,000 Transaction value increased despite of the 735 negative impact caused by the hike in consumption taxes. 3,000 1,953 Auction-related +9.3% 1,787 Proceeded with promotions includ
Slide 13: Quarterly Profit Trend
Quarterly Profit Trend Profits decreased temporarily under aggressive promotion and advertising activities related to new e-commerce strategies. (¥100M) IFRS 600 60% 500 50% 400 40% 300 30% 200 20% 100 10% (*) IFRS (**) JGAAP 0 0% '04/4-6 '06/4-6 '08/4-6 '10/4-6 '12/4-6 '14/4-6 * Figures after FY201
Slide 14: Quarterly Operating Income YoY Growth Trend
Quarterly Operating Income YoY Growth Trend Profits decreased temporarily under aggressive promotion and advertising activities related to new e-commerce strategies. 20% 15% 10% 5% 0% -0.5% -5% '11/4-6 '12/4-6 '13/4-6 '14/4-6 14 * The Company has adopted IFRSs beginning with FY2014. Growth rate for
Slide 15: Revision of FY2014-1H Business Outlook
Revision of FY2014-1H Business Outlook (¥100M) FY2014-1H FY2014-1H Forecast Forecast (As of (As of Reason for Change May 19, 2014) July 31, 2014) Forecast for advertising business was Revenue 2,119 2,010 adjusted. Operating Income 934 934 - 15
Slide 16: FY2014-1H Business Outlook (YoY)
FY2014-1H Business Outlook (YoY) (¥100M) FY2013-1H FY2014-1H YoY Change Contributors (Actual) (Forecast) Change * Advertising revenue expected Revenue 1,980 2,010 1.5% to grow. * Growth trend slows under our new e-commerce strategies. Expenditures on promotion Operating Income 988 934 -5.5% activiti
Slide 17: Progress of Services
Progress of Services 17
Slide 18: DUBs of Top 20 Services Growing Favorably
DUBs of Top 20 Services * Growing Favorably '11/4-6 '12/4-6 '13/4-6 '14/4-6 Source Yahoo Japan Corporation *DUB=Daily Unique Browser 18
Slide 19: Downloads of Applications
Downloads of Applications Cumulative downloads of iOS+Android applications are 190 million and up. More than double More than 190 million More than 160 million More than 135 million More than More than 115 million 95 million ′13/4-6 7-9 10-12 ′14/1-3 4-6 19
Slide 20: 2014 FIFA World Cup
2014 FIFA World Cup “Top page” and “Yahoo! Search” • Recorded largest daily unique browser numbers for top pages on smartphones and tablets. • Search numbers of related keywords increased by more than 3.5 times compared with the previous event. Game scores 20
Slide 21: 2014 FIFA World Cup "Sports Navi"
2014 FIFA World Cup “Sports Navi” • Real time status of games could be observed at a glance and detailed related data were offered. • Tweets related to games were listed on “Games timeline.” 21
Slide 22: "Yahoo! Real Estate"
“Yahoo! Real Estate” Number of listed properties increased by more than 3 times. • Converted the business model: real estate companies all over Japan can now list property information directly on the site. More • Number of properties listed on than “Yahoo! Real Estate” became 3 times one of the larg
Slide 23: Announced "Yahoo! Content Discovery"
Announced “Yahoo! Content Discovery” • A solution for content providers for “Yahoo! News” • Most appropriate news stories are provided to each user, encouraging them to view more pages. Yahoo! News articles 1) Additional views on partner sites 2) Larger traffic via links on Yahoo! News Company A sit
Slide 24: "Pass Market"
“Pass Market” Reduced the settlement fee and opened the platform to everybody • Settlement fee was lowered to 3.24%, the lowest level in the market. • Anyone with Yahoo! JAPAN ID can announce events, sell electronic tickets and perform customer management. 24
Slide 25: Marketing Solutions Business
Marketing Solutions Business 25
Slide 26: Smartphone Searches Increase Sharply, PC Searches Decline
Number of Searches via Smartphones Increases Sharply, while Number via PCs is on a Down Trend. Search numbers based on the figures in FY2010 via Smartphones via PCs FY2010 FY2011 FY2012 FY2013 Above is the annual trend of search numbers of Yahoo! JAPAN main search services. (Source: Yahoo Japan Corp
Slide 27: Revenue per Search of Sponsored Search
Revenue per Search of Sponsored Search Higher on PCs than on Smartphones. n 27
Slide 28: Sponsored Search Revenue Growth Rate Will Continue Low-Single-Digit
Growth Rate of Sponsored Search Revenue Will Continue to Be Low-Single-Digit. * The Company has adopted IFRSs beginning with FY2014. Growth rate for ‘14/4-6 and after is 28 calculated based on IFRSs.
Slide 29: Daily Unique Browsers of Smartphone Increasing Rapidly
Daily Unique Browsers of Smartphone Increasing Rapidly (million UBs) 50 Number of Daily UBs (Quarterly average) 40 30 Via smartphones 20 Others 10 0 ′11/4-6 ′12/4-6 ′13/4-6 ′14/4-6 29 Source: Yahoo Japan Corporation * “Others” include PCs, tablets and feature phones.
Slide 30: Revenue per Impression of YDN
Revenue per Impression of YDN Same on PC as on Smartphone 30
Slide 31: Personalized information offered to users
Search services will continue to be popular. At the same time, personalized information will increasingly be offered to users backed up with device diversification and advanced technologies even without the direct search actions of users. “Yahoo! News” “Yahoo! JAPAN” top page for tablets offers an N
Slide 32: Distributing Information Based on Multiple Big Data
Yahoo! JAPAN Distributes Information Needed by Users Based on Multiple Big Data Learn users’ needs Major Yahoo! JAPAN Multiple Services Major Services Synergies Big data Provide information 32 needed by users
Slide 33: Large Growth Potential for YDN
Large Growth Potential for YDN (¥100M) 120 Revenue from YDN and others 100 80 60 40 20 0 ′12/4-6 7-9 10-12 ′13/1-3 4-6 7-9 10-12 ′14/1-3 4-6 * The Company has adopted IFRSs beginning with FY2014. 33 Figures for FY2013 are restated on an IFRS basis.
Slide 34: New Advertising Products Growing
New Advertising Products Growing • Yahoo! Premium DSP 80 national clients have utilized this product. • Video Advertising Revenue increased with new advertising formats and high view completion rate. 34
Slide 35: Sustainable Growth By Offering New Advertising Products
We Aim to Obtain Sustainable Growth By Offering New Advertising Products FY2013 and after YDN FY2011/12 Improvement in becomes driver Sponsored for revenue FY2002 Search and YDN growth Start offering systems FY1997 Sponsored Start offering Display Search Advertising 35
Slide 36: Consumer Business
Consumer Business 36
Slide 37: Yahoo! Shopping
Yahoo! Shopping 37
Slide 38: Yahoo! Shopping Transaction Value Expansion Leads to Advertising Growth
Yahoo! Shopping Transaction Value Expansion Leads to Advertising Growth in the Future. More Tougher products competition Attractive More Advertising platform for sellers -related buyers revenue Higher More transaction buyers 38 value
Slide 39: Number of Store IDs exceeded 130 thousand
Yahoo! Shopping Number of Store IDs exceeded 130 thousand (10 thousand IDs) 134 thousand 13 Number of Yahoo! Shopping Store IDs * 10 5 Approx. 20 thousand 0 ′03/6 ′04/6 ′05/6 ′06/6 ′07/6 ′08/6 ′09/6 ′10/6 ′11/6 ′12/6 ′13/6 ′14/6 (end of month) * Number of corporate and individual accounts issued. 39
Slide 40: Number of products increased approx. 60% YoY
Yahoo! Shopping Number of products increased by approx. 60% YoY and reached 100 thousand. (million items) 120 80 40 0 ′13/6 ′14/6 (end of month) 40
Slide 41: Initiatives for Buyers
Yahoo! Shopping Initiatives for Buyers Number of orders and buyers continued to increase YoY. Time sale for 24 hours Super Time Sale 41
Slide 42: Yahoo! Shopping monthly transaction value growth
Yahoo! Shopping Yahoo! Shopping monthly transaction value continued to increase on YoY basis despite of the negative impact caused by the hike in consumption taxes. 40% 35% Shopping-related Monthly Transaction Value YoY Growth Rate 30% 25% 20% 15% 10% 5% 0% -5% -10% ′08/6 ′08/12 ′09/6 ′09/12 ′10/6 ′
Slide 43: YAHUOKU! (Auction service)
YAHUOKU! (Auction service) 43
Slide 44: YAHUOKU! Will Increase Transaction Value and Expand Revenue
YAHUOKU! (Auction) Will Increase the Transaction Value and Expand the Revenue from Transaction Royalties and Membership Fees More Tougher products competition Attractive Revenue growth More platform for from system-use sellers fees and buyers membership fees Higher More transaction buyers 44 value
Slide 45: Initiatives for Buyers
YAHUOKU! (Auction) Initiatives for Buyers • Number of bidders and buyers - Both figures increased on YoY basis. - Number of new bidders jumped up in the areas where TV commercial was broadcast. • Average price of winning bids - Average price grew on YoY basis despite of the negative impact caused by
Slide 46: YAHUOKU! Quarterly Transaction Value Growth Rate Accelerated
YAHUOKU! (Auction) YAHUOKU! Quarterly Transaction Value Growth Rate Accelerated. 12% 10% YAHUOKU! Quarterly Transaction Value YoY Growth Rate 8% 6% 4% 2% 0% -2% -4% -6% -8% ′07/4-6 ′08/4-6 ′09/4-6 ′10/4-6 ′11/4-6 ′12/4-6 ′13/4-6 ′14/4-6 *Auction-related transaction value includes transaction values
Slide 47: Number of issued Store IDs continued to grow
YAHUOKU! (Auction) Number of issued Store IDs continued to grow. (IDs) 19,000 18,689 18,000 17,000 16,000 15,000 14,000 ′11/6 ′12/6 ′13/6 ′14/6 (End of month) * Number of accounts issued. 47 It includes the number of accounts still preparing the store sites.
Slide 48: Initiatives for Sellers
YAHUOKU! (Auction) Initiatives for Sellers ! • Number of listings Increased by approx. 20% on YoY basis • Number of sellers Number of sellers in FY2014-1Q grew YoY for the first time in two years. 48
Slide 49: Premium Membership
Premium Membership 49
Slide 50: Added a New Business Company "Personal Services Company"
Added a New Business Company “Personal Services Company” Aim to be the largest membership-based paid services in Japan, offering attractive services used on a daily basis especially via smartphones. 50
Slide 51: Enriched Advantages for Premium Members
Enriched Advantages for Premium Members • Carried members-only live talk events of popular artists, such as “Yuzu” or “flumpool”. • Started to offer special services such as discounts for movie tickets collaborating with TOHO CINEMAS LTD. 51
Slide 52: Aim to Increase Premium Member IDs with Ymobile
Aim to Increase the Number of Premium Member IDs Collaborating with Ymobile Corporation (10 thousand IDs) 1,000 966 950 900 850 800 750 7000 '11/6 '12/6 '13/6 '14/6 52
Slide 53: Sales Tie-up with Ymobile
Sales Tie-up with Ymobile 8.1 debut 53
Slide 54: Leverage Y!mobile Users to Expand Yahoo! JAPAN Services
Leverage Y!mobile Users to Expand the Usage of Yahoo! JAPAN Services • Subscribers can use Packet Mileage “Y!mobile mail” and “Yahoo! Box 30GB” for free. • With “Packet Mileage,” users can accumulate data traffic Users can accumulate packet mileages by packet for the following using Yahoo! JAPAN ser
Slide 55: Offer Attractive Optional Paid Services "Enjoy Pack"
Offer Attractive Optional Paid Services “Enjoy Pack” “Enjoy Pack” Subscribers can use “Yahoo! Premium” services, and can obtain Y!mobile traffic packets equivalent to 500 yen. 55
Slide 56: Settlement & Finance / Other Businesses
Settlement & Finance Other Businesses 56
Slide 57: Conversion of KC Co., Ltd. into a Subsidiary
Conversion of KC Co., Ltd. into a Subsidiary to Start Credit Card Businesses (planned) • Plan to obtain 65.0% of shares of KC Co., Ltd. as of January 5, 2015. * KC Co., Ltd will succeed to businesses related to “KC card” brand. * SoftBank Payment Service Corp. plans to acquire 35.0% of KC Co., Ltd.
Slide 58: Yahoo! JAPAN Goals
Yahoo! JAPAN Goals Are… 330 Billion Yen in Operating Income by FY Ending March 201X. No.1 in Transaction Value in the e-Commerce Market by FY201X. 58
Slide 59: Table of Contents (Supplemental Information)
Table of Contents P. 60 Quarterly Business Results P. 75 Quarterly Business Data P. 77 Organization, Personnel and Affiliated Companies Yahoo Japan Corporation has adopted International Financial Reporting Standards (IFRSs) beginning with the first quarter of the fiscal year ending March 31, 2015 (F
Slide 60: FY2014-1Q Consolidated Statements of Income
FY2014-1Q Consolidated Statements of Income 2013-1Q 2014-1Q Change Revenue (¥100M) 972 999 2.8 % Cost of Sales (¥100M) 176 195 10.9 % Gross Profit (¥100M) 796 803 1.0 % SG&A and others (¥100M) 306 316 3.3 % Operating Income (¥100M) 490 487 -0.5 % Other Non-operating Income and Expenses 55 95 70.8 %
Slide 61: Comparison of Income Statement Items under IFRSs and JGAAP
Reference: Comparison of Main Line Items of Consolidated Statements of Income for the FY2013-1Q ended June 30, 2013, under IFRSs and JGAAP (¥ 100M) JGAAP IFRSs The Major Changes Net Sales 923 Revenue 972 TAC (Traffic Acquisition Costs) in advertising and commissions for Cost of Sales 116 Cost of Sal
Slide 62: FY2014-1Q Performance Breakdown by Business Segment
FY2014-1Q Performance Breakdown by Business Segment (¥ 100M) Cost of SG&A and Operating Operating Revenue Revenue Breakdown Sales others Income Margin Advertising 571 Marketing Business Services 104 Solutions 717 Personal Services 41 168 167 381 53.2% Business Intra-Company Revenue 0 Advertising 9 C
Slide 63: Business Segment Breakdown
Business Segment Breakdown Marketing Solutions Business Advertising: Paid search advertising “Sponsored Search” Display advertising (Interest-based advertising (YDN), Premium advertising) Business Services: Data Center-related, Affiliate-related, Yahoo! Real Estate, Automobile-related, Yahoo! WebHos
Slide 64: Quarterly SG&A and Other Income/Expenses Breakdown
Quarterly SG&A and Other Income/Expenses Breakdown (¥ 100M) Major Factors for YoY Changes Composition QoQ YoY 13/1Q 13/4Q 14/1Q Ratio Number of employees reached Change Change 6,555, up 421 persons (6.9%) Personnel Expenses 106 127 111 35.2% -12.4% 4.4% Increase of operations Business Commissions 38
Slide 65: FY2014-1Q Consolidated Statements of Financial Position
FY2014-1Q Consolidated Statements of Financial Position Increase/ Major Factors for (¥ 100M) Major Items 2014/3/31 2014/6/30 Decrease Increase/Decrease < Assets > Current Assets 6,587 6,179 -407 Decreased due to payment of Cash and Cash Equivalents 4,823 4,436 -386 Income Taxes and Others Trade and
Slide 66: Comparison of Financial Position Items under IFRSs and JGAAP
Reference: Comparison of Main Line Items of Consolidated Statements of Financial Position for the FY2013-4Q ended March 31, 2014 under IFRSs and JGAAP (¥ 100M) JGAAP IFRSs The Major Changes Assets Assets Current Assets 6,652 Current Assets 6,587 Depreciation method has changed Fixed Assets 1,774 Non
Slide 67: FY2014-1Q Consolidated Statements of Cash Flows
FY2014-1Q Consolidated Statements of Cash Flows (¥ 100M) FY2014-1Q Major Items (Apr. - Jun. 2014) Major Factores for Changes Operating Activities 38 Income before Income Taxes 585 Depreciation and Amortization 36 Incremental Realization of Re-evaluation Profits Made The Japan Net Bank, Limited -62 f
Slide 68: FY2014-1Q Highlights – Marketing Solutions Business
FY2014-1Q Highlights – Marketing Solutions Business Paid search advertising [Sponsored Search] - Smartphone advertising revenue expanded substantially year on year due to increased search volume. - Sponsored Search revenue grew by 3.4% from the first quarter last year. Display advertising (Interest-
Slide 69: FY2014-1Q Highlights – Consumer Business
FY2014-1Q Highlights – Consumer Business YAHUOKU! - YAHUOKU! increased the number of stores and auction items listed due to the elimination of store tenant fees and other fees. By no longer requiring users to be a registered Yahoo! Premium member to bid on items listed at ¥5,000 or more, the number
Slide 70: Advertising Products
Advertising Products Main Advertising Products Main Fee Placement Advertiser (Main Purpose) Format Calculation Pages Base Paid Search Advertising Search “Sponsored Search” Text Performance- results Major (Sales Promotion) based: pages corporations Per-click rate determined by Small and Interest-base
Slide 71: Revenue Trends by Advertising Products
Revenue Trends by Advertising Products (¥ 100M) 700 639 564 589 578 600 531 109 80 93 500 114 63 135 108 115 400 111 95 YDN Premium 300 Paid Search 200 375 380 394 368 356 100 0 '13/4-6 7-9 10-12 '14/1-3 4-6 The Company has adopted IFRSs beginning with FY2014. Figures for FY2013 are restated on an I
Slide 72: Paid Search Advertising Revenue by Industry
Paid Search Advertising Revenue by Industry Industries with large year-on-year increase Industries with large year-on-year decrease Internet/Information Processing Service Medical/Welfare Service Mail Order/Retail Real Estate Recruitment and Human Resources Services Finance/Insurance 13/
Slide 73: YDN and Other Advertising Revenue by Industry
YDN and Other Advertising Revenue by Industry Industries with large year-on-year increase Real Estate Foodstuffs/Beverages/Cigarettes Finance/Insurance 13/1Q 2Q 3Q 4Q 14/1Q Finance/Insurance 30.7% 23.8% 22.7% 21.6% 21.9% Foodstuffs/Beverages/Cigarettes 10.6% 9.6% 10.2% 7.6% 10.0% Real Estate 6
Slide 74: Premium Advertising Revenue by Industry
Premium Advertising Revenue by Industry Industries with large year-on-year increase Industries with large year-on-year decrease Entertainment Software Real Estate/Construction Transportation/Leisure Finance/Insurance/Securities Foodstuffs 13/1Q 2Q 3Q 4Q 14/1Q Transportation/Leisure 9.0% 10
Slide 75: Quarterly Business Data (1)
Quarterly Business Data (1) YoY Indicator (Quarterly average) 2013/1Q 2014/1Q Change Number of total monthly page views (millions) 53,622 59,468 10.9% Number of total monthly smartphone page views (millions)(1) 13,934 23,788 70.7% Number of Daily UBs (Unique Browsers) (millions)(2) 59.40 70.44 18.6%
Slide 76: Quarterly Business Data (2)
Quarterly Business Data (2) YoY Indicator (Quarterly total) 2013/1Q 2014/1Q Change Transaction value of auction-related (100 millions of yen)(1) 1,787 1,953 9.3% Transaction value of shopping-related (100 millions of yen) 735 760 3.5% Transaction value of auction-related and shopping-related (100 mi
Slide 77: Organization Chart of Yahoo Japan Corporation
Organization Chart of Yahoo Japan Corporation As of July 1, 2014 Board of Board of Auditors Directors President & CEO SEVP/COO SEVP/CFO Media Services Business Internal Audit Promotion Division, CEO Office Office Company (448) COO People Search Services Smart Device Development Company (237) Promoti
Slide 78: Number of Directors and Employees
Number of Directors and Employees (Number of People) (at the End of Quarter) 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 11/6 11/9 11/12 12/3 12/6 12/9 12/12 13/3 13/6 13/9 13/12 14/3 14/6 Directors and Auditors of 18 18 18 18 14 20 31 35 30 33 31 30 30 Subsidiaries Employees of 1,176 1,173 1,234 1,
Slide 79: Consolidated Subsidiaries and Associates
Consolidated Subsidiaries and Associates (as of June 30, 2014) •Major consolidated subsidiaries at the end of FY2014-1Q Carview Corporation Community Factory Inc. Crocos, Inc. Firstserver, Inc GyaO CORPORATION IDC Frontier Inc. Indival, Inc. Netrust, Ltd Ocenyc Inc. Qubital Data
Slide 80: Yahoo Japan Group IR information
Yahoo Japan Group IR information is available at : http://ir.yahoo.co.jp/en/ 80