Operating income

Consolidated Results Briefing for the
Fiscal Year Ended March 31, 2016
June 2,2016
Stock code
7743
Contents
■Main Points for Consolidated Results……1
■Overseas Expansion……18
■Overview of Consolidated Results……2
■Example Medium-to-Long-Term Initiative……20
■Differences from Forecasts……3
■Capital Expenditures, Depreciation and Amortization……21
■Sales According to Business……4
■Quarterly Sales Figures……5
■Analysis of Income Changes……6
■Changes in Financial Position……7
[Reference Materials]
■Changes in Cash Flows……8
■Trends in Cash Flow Indicators……9
■Company Outline……22
■Trends in Financial and Equity Indicators……11
■Products……23
■Market Share……13
■Supporting New Vision……26
■Priority Initiatives for FY2016……14
■Consolidated Subsidiaries……27
■FY2016 Full-Year Forecast: Main Points……15
■Overview of FY2016 Full-Year Forecast……16
■FY2016 Forecast: Sales According to Business……17
The figures in this document are consolidated figures.
Main Points for the Consolidated Results
Overall market recovery thanks to an end to the temporary lull in
demand following the consumption tax hike
Growth from the Pure series (including contact lenses
for astigmatism and bifocal contact lenses)
●Sales of mainstay contact lenses up 19.5% year on year
Pure series up 32% Eye Coffret and other circle lenses up 15%
●Sales of eyeglasses up 6.5% year on year
●Overseas sales up 133% year on year
Gross margin rose by approximately 800 million yen thanks
to sales growth from the Pure series
Gross margin on consignment products remained around the
same level due to the weaker yen
●Total gross margin down 1.9%
Affected by 30 million inventory devaluation on eyeglass lenses
●Expenses up by 500 million yen year on year
Logistics costs up 200 million yen, advertising expenses up 100 million yen,
personnel costs up 120 million yen
Operating income rose by 65.4% and net income by 127.6%
1
Overview of the Consolidated Results
2
(Million yen, rounded down to the nearest million)
Net sales
FY2013
FY2014
FY2015
19,182
18,733 21,826
Year on year
3,094
16.5％
862
11.0％
8,267
7,824
8,687
(Gross margin ratio)
43.1％
41.8％
39.8％
Selling, general and
administrative expenses
7,109
7,283
7,792
508
7.0％
Operating income
1,158
541
895
354
65.4％
6.0％
2.9％
4.1％
1,075
474
834
359
75.8％
455
216
492
276
127.6％
Gross margin
(Operating margin)
Ordinary income
Net income
△ 2.0％
1.2％
Differences from Forecasts
3
(Million yen, rounded down to the nearest million yen)
Forecast
announced on
May 12, 2015
Forecast
announced on
November
5,2015
FY2015
Difference
21,000
21,300
21,826
+526
Operating income
620
800
895
+95
(Operating margin)
3.0％
3.8％
4.1％
+0.3％
Ordinary income
500
750
834
+84
Net income
245
400
492
+92
Net sales
Market in recovery from temporary lull in demand
Strong sales of Pure series
Total contact lens sales ⇒ 3% greater than forecast
(based on wholesale sales at SEED Co. Ltd.)
・Increase in gross profit
thanks to upswing in sales
・Research and development
costs carried over
Sales According to Business
Contact Lens
4
(Million yen, rounded down to the nearest million yen)
Care Solution
FY2013
16,245
1,037 1,136 764
FY2014
16,494
836
19,709
FY2015
0
1day Pure
Eye Coffret
Heroine Make
Biweekly disposable
contact lenses
Conventional
contact lenses
5,000
10,000
Up 31.6%
Up 16.6%
Down 13.4%
Up 18.8%
Down 3.4%
(Year-on-year changes based on
wholesale sales at SEED Co. Ltd.)
838 564
630 893 594
15,000
20,000
25,000
Market contraction due to
switch to daily products
Market recovery from
temporary lull in demand
Quarterly Sales Figures
5
◆Contact lens sales (wholesale sales for SEED Co. Ltd.)
（ Million yen ）
6,000
5,000
１Q
２Q
３Q
４Q
AVE
Special demand driven by
consumption tax
Temporary lull in
demand
4,000
3,000
2,000
1,000
0
FY2012
Quarterly average
2,837
FY2013
FY2014
FY2015
3,849
3,960
4,725
Analysis of Income Changes
Operating income
+354
△85
Increase in
gross margin
+862
△35
△41
+1,024
Contact Lens
Care Solution
Eyeglasses
Other
Increase
in SG&A
-508
(Million yen, rounded down to the nearest million)
In spite of the effects of the weaker yen on overseas
consignment production, manufacturing costs per box for the
Pure series decreased thanks to the effects of our 25 million
unit/month mass production system following completion of the
No.2 building at the SEED Kounosu Research Institute
Decrease in gain on the sale of
investment securities: -16
Decrease Decrease
in nonin nonoperating operating
income
expenses
-14
Ordinary income
+359
Loss on retirement of noncurrent assets: -37
Taxes
+20
Logistics costs + 206, personnel costs
+121, advertising expenses +101, trial
costs +64
Net
income
6
-45
Decrease
in extraordinary
income
-11
Increase
in extraordinary
loss
-25
Net
income
+276
Net
income
492
216
FY2014
FY2015
Changes in Financial Position
7
(Million yen, rounded down to the nearest million)
FY2014
Amount
FY2015
% of assets
Amount
% of
assets
Change
from end
of FY2014
24,823
100.0
24,768
100.0
- 55
9,947
40.2
9,651
40.2
295
Cash and deposits
1,155
4.7
2,028
8.2
873
Inventories
4,311
17.4
3,428
13.8
- 882
15,172
61.1
14,820
59.8
- 351
14,135
56.9
13,752
55.5
- 383
16,433
66.2
16,816
67.9
382
7,953
32.0
9,239
37.3
1,285
4,538
18.3
4,046
16.3
- 492
8,479
34.2
7,577
30.6
- 902
Long-term loans payable
3,887
15.7
3,128
12.6
- 759
Long-term lease obligations
3,141
12.7
2,752
11.1
- 388
8,390
33.8
7,952
32.1
- 438
24,823
100.0
24,768
100.0
- 55
Total assets
Current assets
Non-current assets
Property, plant and equipment
Total liabilities
Current liabilities
Short-term loans payable
Non-current liabilities
Total net assets
Total liabilities and net assets
Growth in monthly turnover
base, increase in foreign
currency deposits
Short of stock during most
recent period, in addition to
decline in line with sales
growth
Increase in accounts
payable, accompanied by an
increase in accrued
consumption tax
No major capital
expenditures, continued
amortization
No net increase in borrowing
for period, repayment of 1.25
billion yen across short- and
long-term debt combined
Changes in Cash Flows
8
(Million yen, rounded down to the nearest million)
FY2014
FY2015
Year on
year
Operating cash flow
853
4,217
3,364
Income before income taxes
479
801
321
1,561
1,783
222
582
- 270
- 852
- 744
882
1,627
- 2,582
- 811
1,771
- 2,583
- 719
1,864
893
- 2,548
- 3,441
530
- 422
- 952
2,950
1,200
- 1,750
- 1,668
- 2,028
- 360
－
- 259
- 259
- 705
- 845
- 139
1,155
2,028
873
Depreciation and amortization
Decrease (increase) in notes and accounts
receivable-trade
Decrease (increase) in inventories
Investing cash flow
Purchase of property, plant and equipment
Financing cash flow
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from disposal of treasury shares
Repayment of lease obligations
Cash and cash equivalents at end of period
Increase due to growth in monthly
turnover base
Decrease in products, goods in
process and materials due to
growth in Pure series
No. 2 building at the SEED
Kounosu Research Institute
completed previous year, no major
investments this year
No net increase in borrowing for
period, continued repayment
Acquisition of 210,000 equity
shares via off-floor trade in
February
Trends in Cash Flow Indicators (1)
9
(Million yen)
FY2011
FY2012
FY2013
FY2014
FY2015
Operating cash flow
1,619
1,768
1,409
853
4,217
Investing cash flow
- 450
- 1,766
- 1,496
- 2,582
- 811
Financing cash flow
- 1,220
213
936
893
- 2,548
1,535
2,492
2,718
2,159
2,696
12.5％
16.6％
14.2％
11.5％
12.4％
EBITDA
Earnings before interest, taxes,
depreciation, and amortization
EBITDA margin
EBITDA / net sales
(Million yen)
10,000
EBITDA
Interest-bearing debt
Ratio of interest-bearing debt to EBITDA
6,000
4,000
5.00
3.90
8,000
3.62
2.50
2.66
2.43
(Times)
6.00
4.00
3.00
2.00
2,000
1.00
0
0.00
FY2011
FY2012
FY2013
FY2014
FY2015
Trends in Cash Flow Indicators (2)
10
(Million yen)
(Million yen)
5,000
4,239
4,217
4,000
3,000
2,000
1,000
0
FY2004
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
FY2012
FY2013
・8/2014:Completed
No.2 building
・12/2005:Acquired Kounosu site
・11/2006:Started
construction of
・8/2007:Completed
No.1 building
No.1 building
・7/2012:12 million unit/month
production system
-3,000
・5/2008: 8 million unit/month production system
-4,000
FY 2015
・4/2013:20 million unit/month
production system
-1,000
-2,000
FY 2014
・11/2012:16 million unit/month
production system
・3/2013:Acquired site for No.2 building
▲ 3,436
Cash and deposits
Operating income
Operating cash flow
・4/2015:No.2 building
operational
・5 million units/month
at No.2 building
・Started extending 2F
Trends in Financial and Equity Indicators (1)
11
◆Trends in loans payable and corporate bonds
（Million yen） 9,000
8,000
36.9%
40.0%
Outstanding loans payable and corporate bonds
Dependency on loans
33.9%
7,000
35.0%
30.6%
6,000
29.0%
28.8%
5,000
30.0%
4,000
3,000
25.0%
FY 2011
FY 2012
FY 2013
◆Equity ratio
（Yen）20.0%
38.0%
34.0%
15.7%
15.0%
38.0%
32.7%
36.1%
33.8%
10.0%
5.0%
32.0%
30.0%
FY 2015
◆Return on equity ratio (ROE)
40.0%
36.0%
FY 2014
32.0%
FY 2012 FY 2013 FY 2013 FY 2014 FY 2015
6.1%
3.3%
6.0%
2.6%
0.0%
FY 2012 FY 2013 FY 2013 FY 2014 FY 2015
Trends in Financial and Equity Indicators (2)
12
◆Dividend on equity ratio (DOE)
（Million yen） 10,000
3.0%
Equity
8,000
2.6%
DOE
2.4%
2.3%
2.5%
2.3%
6,000
2.0%
4,000
1.3%
1.5%
2,000
0
1.0%
FY 2011
FY 2012
◆Net income per share
FY 2014
FY 2015
◆Net assets per share
（Yen）1,100.00
（Yen） 150.00
125.82
1,000.00
100.00
50.00
FY 2013
58.84
24.32
57.73
25.30
968.54
862.71
900.00
800.00
980.80
952.95
743.08
700.00
0.00
FY2011 FY2012 FY2013 FY2014 FY2015
FY2011 FY2012 FY2013 FY2014 FY2015
Market Share
13
Daily disposable lens market and SEED’s share
Contact lens market and SEED’s share
Market share based on unit shipments
Market share based on shipment value
13.5％
14%
12.5％
11.6％
2,000
12%
1,500
1,000
9.3％
8.5％
10%
13.3％
1,000
14%
12%
11.1％
9.8％
10%
800
10.0％
7.2％
8%
5.9％
7.4％
6%
400
6%
5.2％
4%
4.5％
16%
11.9％
12.3％
600
5.8％
4%
4.3％
4.1％
2%
0
0%
2011
1,200
8%
7.2％
2010
14.5％
8.0％
7.0％
5.9％
500
Market share based on shipment value
16%
百
（Billion yen）
Market share based on unit shipments
（Billion yen)
2012
2013
2014
2015
200
2%
0
0%
2010
2011
2012
2013
2014
2015
*Based on shipments from manufacturers (internal survey)
Priority Initiatives for FY2016
14
●Strengthening overall sales of Pure series
・ Expanding specifications for bifocal contact lenses and contact lenses for
astigmatism in the Pure series, and increasing sales
・ Expanding sales of 2week Pure Moisture Plus (launched last year) and launching
2week Pure contact lenses for astigmatism
●Expanding sales of circle lenses
・ Upgrading existing lenses
●Securing sales of conventional contact lenses
・ Increasing sales for hard bifocal contact lenses, in order to secure sales of
conventional contact lenses
●Overseas expansion: Expanding sales in existing markets and developing new markets
・ Expanding sales of Pure series into China and other existing markets
・ Developing new markets including Philippines, Thailand and Mexico
●Expanding production capacity and slashing costs by increasing efficiency of high-mix
low-volume production, and improving quality, expanding scope and accelerating R&D
following completion of a new research building
・ Increasing plant automation ratio even further, based on a 30 million unit/month
production system, in order to strengthen our mass production framework
・ Integrating Kounosu and Okegawa R&D divisions into a research building that
meets GMP standards for investigational drugs
FY2016 Full-Year Forecast: Main Points
15
Growth in Pure series bifocal contact lenses and contact lenses for
astigmatism during the between-season for new products
●Contact lens sales will increase by around 8%
1day Pure series up around 10%, circle lenses up around 3%
(Based on wholesale sales at SEED Co. Ltd.)
Overseas sales will be around 1.5 billion yen
(Sum total of sales at overseas subsidiaries + wholesale sales to local distributors at SEED Co. Ltd.)
Reduction of costs and investment in inventory/
Improvement in efficiency of high-mix low-volume production
●Total gross margin will improve slightly at +2%
Reflects the effects of mass production making full use of No.2 building,
improved efficiency for high-mix low-volume production, and in-house
tooling and maintenance
●Stick to schedule for individual R&D projects/increase investment in R&D by
around 600 million yen
Operating income will increase 11.7% year on year
(+ approx. 100 million yen) to 1 billion yen
Overview of FY2016 Full-Year Forecast
16
(Million yen, rounded down to the nearest million)
FY2015
FY2016 forecast
Year on year
21,826
23,500
Operating income
895
1,000
（Operating margin）
4.1％
4.3％
＋ 0.2％
Ordinary income
834
900
65
7.9％
Net income
492
500
7
1.5％
Net sales
■Dividends
Dividend
per share
Interim
Year-end
(annual)
FY 2015
FY 2016 forecast
―
―
22.50 yen
27.50 yen
1,673
7.7％
104 11.7％
Increase of around
1 billion yen in SG&A,
including R&D expenses
*FY2016 forecast includes an extra 5 yen dividend to celebrate the company’s 60 th anniversary.
FY2016 Forecast: Sales According to Business
Contact Lens
FY2015 actual
Care Solution
19,709
16,000
(Million yen, rounded down to the nearest million)
630
893
21,420
FY2016 forcast
18,000
We will expand specifications for 1day Pure bifocal
contact lenses and contact lenses for astigmatism,
increase sales of 2week Pure Moisture Plus and
launch 2week Pure contact lenses for astigmatism.
17
594
600 900 580
20,000
22,000
24,000
New OEM strategy
We will upgrade existing circle lenses.
We will expand Pure sales in China.
Underlying market recovery
Focus on frame business
Overseas Expansion: China/ASEAN
18
Major cities in mainland China
●Started activities in October 2011
●Launched Pure, Fine, Eye Coffret and other original
brands, as well as selling eyeglasses
●Actively organizing events to improve brand recognition
Hong
Kong
Mongolia
Macau
●Started shipments in December 2013
●Pure series, Eye Coffret, Heroine Make, etc.
●Started shipments in
October 2012
Chinese packaging for 1day Pure series
●Began full-scale operations in
December 2014
Taiwan ●Launched original brands, KISS ME,
etc.
SEED CONTACT LENS TAIWAN CO.,LTD.
SEED (Shanghai) Trading Co. Ltd.
Vietnam
●Started shipments in September 2011
●Established office in capital Hanoi in December 2014
●Helped to set up contact lens examination rooms in
government-run ophthalmic hospital in Hanoi and
largest ophthalmic hospital in Ho Chi Minh
●Started onsite study
in the second half
●Concluded contract with distributor in March 2015,
with plans to start shipments in the first half of FY2016
SEED CONTACT LENS （M） SDN.BHD.
SEED CONTACT LENS ASIA PTE.LTD.
Singapore ●Began full-scale operations in
March 2013
●Pure series, Eye Coffret,
Heroine Make, eyeglasses, etc.
Malaysia
●Started sales activities in April 2014
Overseas subsidiary
Overseas Expansion: Europe
19
Overseas subsidiary
Denmark
●Began shipments in October 2015
●Began shipments to Norway, Sweden and Iceland through local distributor
●Preparing to start shipments through same distributor to
UK
SEED Contact Lens Europe S.A.
●Started shipments in November 2014
Germany
Belgium
●Established joint development structure
for new materials etc. with Université
Catholique de Louvain
●Preparing to start sales to France,
Netherlands and Spain
in the second half
●Concluded OEM agreement with local
distributor, started shipments in December 2015
Italy ●Began shipments in July 2015
●Began full-scale supply on an OEM basis from the
second half
Overseas sales
(100 million yen)
22.7
25
20
15
15
9.2
10
5
0.01 0.53
1.8
3.9
0
12/3
CE packaging for 1day Pure series
13/3
14/3
15/3
16/3
Planned Planned
FY 2016 FY 2017
(Sum total of sales at overseas subsidiaries + wholesale sales to local distributors at SEED Co. Ltd.)
Example Medium-to-Long-Term Initiative
20
●Obtained approval for DDS (drug delivery system) contract lenses,
preparing to launch from FY2018
●Conducting research into higher medical grade ring devices,
through the application of DDS contact lens technology
DDS contact lenses
■Sclera ring device
Launching contact lenses
made with new materials
Silicone hydrogel materials, etc.
Challenging new domains
Continuing nanotechnology development, and development and basic
research in areas such as contact lenses for specific diseases
R&D expenditure on research themes
to create next-generation markets
（Million yen） 1,400
1,300
R&D expenses
1,200
Initial plan
1,000
1,140
800
Carried
over
600
491
562
644
667
400
13/3期
14/3期
15/3期
16/3期
17/3期計画
Capital Expenditures,
Depreciation and Amortization
21
◆Capital expenditures, depreciation and amortization
Expenditure in line with business expansion
and for the continuation of business activities
（Million yen）
6,000
Capital expenditure
5,000
4,000
Expansion of
production
facilities at
No.1 building
at SEED
Kounosu
Research
Institute
3,000
2,000
Depreciation and amortization
4,748
4,500
Construction of No.2
building at SEED
Kounosu Research
Institute and
installation of
production facilities
3,967
Commencing
operations at
research building
Expanding facilities
at No.2 building(2F)
1,968
1,488
1,440
1,000
918
1,199
1,539
1,538
1,783
2,080
0
FY 2011
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016 Plan
*Capital expenditure based on property, plant and equipment (including lease assets)
*Depreciation and amortization for property, plant and equipment, intangible assets, and long-term prepaid expenses
［Reference Materials］
Company Outline
■Headquarters: 2-40-2 Hongo, Bunkyo-ku, Tokyo
22
■Established: October 9, 1957
■Listed: December 1989, over the counter (now JASDAQ)
■Capital: 1,841 million yen
■Employees: 621 (consolidated) / 548 (SEED Co. Ltd.) *As of end of March 2016
■Sales offices: 9 (including Sapporo, Tokyo, Osaka and Fukuoka), plus 10 other offices (including Morioka and
Shizuoka) *As of end of March 2016
■Plants/research facilities: SEED Research Institute (Okegawa, Saitama prefecture)
SEED Kounosu Research Institute (Kounosu, Saitama prefecture)
■Consolidated subsidiaries: Tower Vision Co., Ltd. (retail), SEED Eye-Service Co., Ltd. (retail, clinic operation/management)
SEED (Shanghai) Trading Co., Ltd. (wholesale), SEED CONTACT LENS ASIA PTE.LTD. (wholesale)
SEED CONTACT LENS TAIWAN CO., LTD. (wholesale)
■History
Established as Tokyo Contact Lens Research Institute
Oct 1957
Nov 1985
Brand name changed from Mycon to SEED
Feb 1987
Company name changed to SEED Co., Ltd.
July 2007
SEED Kounosu Research Institute completed
Jan 2011
Nov. 2012
SEED Kounosu Research Institute granted ISO 13485
certification and approval to use CE marking
SEED Research Institute granted ISO 13485 certification
March 2014
Transferred to second section of the Tokyo Stock Exchange
Aug 2014
SEED Kounosu Research Institute No.2 building completed
SEED Kounosu Research Institute
Products: Contact Lens Business
From daily and biweekly disposable lenses through to hard contact
lenses, we have a wide range of products that cater precisely to an
increasingly specific range of needs.
23
FY 2015 Consolidated
15/3期
連結売上高構成比
Sales
ratio
90.3％
SEED 1dayPure moisture
SEED 1dayPure moisture
Multistage
SEED 1dayPure moisture
for Astigmatism
SEED 2weekPure
NEW!
heroine make 1day UV
SEED Eye coffret 1day UV
RGP Lens
7types 8kinds
SEED PlusMode 1day Homme
Soft Contact Lens
4types
Products: Care Solution Business
24
We provide a range of reliable yet easy-to-use care products
alongside our lenses, so that you can wear contact lenses in
comfort.
SEEDO Soft Care Pure
Cleansing, preservation, rinsing for
soft contact lenses
2.9％
FY 2015
Consolidated
Sales ratio
Puaty Moist
Jell Clean W
Enzyme cleansing preservation for
RGP lenses
Cleansing for RGP, soft contact lenses
Forest Leaf
Forest Leaf (PB products)
Cleansing, preservation, rinsing for
soft contact lenses
Private brand for “Genky”, which
expand drugstores in Hokuriku region
SEEDrop
Wetting solution for contact lenses
Products: Eyeglasses Business
25
We provide a range of related products, from original brand
frames in conjunction with celebrities to lenses for eyeglasses.
4.1％
FY 2015
Consolidated
Sales ratio
CROCS:
Eyewear from the brand that sparked
a worldwide boom
Plusmix: In conjunction with
actor Sota Fukushi
ViVi fleurs:
Licensed brand for the fashion
magazine ViVi
I SEED: Brand featuring the
company’s own name
Pheasant:
Japanese-made beauty, named after
the Japanese national bird, the
pheasant
Vivid moon: In conjunction with actress
Keiko Kitagawa
FACET femme:
Frames featuring cut faceted designs,
made using traditional Japanese crafts
Supporting New Vision
26
Project to help train guide dogs and assist visually challenged people
Your vision will help the vision of somebody else
We run the “Project to Thank You for Pure Love
(Eye)” in order to help train guide dogs, which then
provide greater independence for visually
challenged people. We make donations to The Eye
Mate Inc. based on the number of boxes of Pure
series contact lenses that we sell, providing support
f o r t h e t r a i n i n g o f g u i d e d o g s . Wo r k i n g i n
collaboration with The Eye Mate, we aim to raise
people’s awareness and understanding surrounding
social independence for the visually challenged.
Last year we donated 9.3 million yen. We also raised
1.19 million yen from shareholder benefits. A
donation ceremony is scheduled for July, with the
total to date (since FY2011) standing at 35.62
million yen.
Than you for the Pure love(eye) project official blog
(Currently available in Japanese only)
http://www.seed.co.jp/blog/eyemate/
Consolidated Subsidiaries
27
Tower Vision Co., LTD.(Tower megane)
実瞳（上海）商貿有限公司
2nd floor Tegima-bldg., 3-19-36 Naka, Satte-shi,
Saitama, 340-0115,Japan
Jiushi Renaissance Mansion Auxiliary Building,
918 Huaihai Middle Rd, Huangpu, Shanghai,
Retail shop dealing Contact lens, care solutions
product, Eyeglasses, Mobile phone, Hearing aid
China
10 shops：Tokiwa-daira, Noda-nanakoudai,
Abiko, To-gane, Tomisato, JR-Sakura, Satte,
Kazo, Higashi -omiya , Tokorozawa -higashi
related products
Seed Eye-Service Co., LTD
SEED CONTACT LENS ASIA PTE.LTD.
Wholesale of Contact lens, Eyeglasses, and
50A Tras Street #02-02 Singapore 078989
4 th
floor Seed no.4 bldg., 2-40-4 Hongo,
Bunkyo-ku, Tokyo 113-0033
W hol e sal e of C onta ct le ns and rel ated
products
Retail shop dealing Contact lens, care solutions
product, Eyeglasses, and wholesaler of lens care
products and Management of Affiliated
S E E D C O N TA C T L E N S TA I W A N
CO.,LTD.
1 0 s h o p s : H o n g o, Yu ra k u c h o , Awa j i c h o,
Motosumiyoshi, Wako, Ageo, Aomori, Hirosaki,
Sendai, Nagaoka
Wholesale of Contact lens and related
products
No. 238, Wende Rd, Neihu District, Taipei
City, Taiwan 114
For further information, please contact
Corporate Planning Department
SEED Co., Ltd.
ＴＥＬ 03－3813－1650
Or submit an inquiry via the following website:
https://www.seedcontact.jp/seed/fm_ir/
The forecasts included in this document are based on information
available at the time of publication, and our plans and strategies. Actual
results may vary from forecasts, depending on future economic
conditions, industry trends and other such factors.
SEED Co., Ltd. accepts no responsibility for any losses caused by
investment decisions based on forecasts, targets or any other
statements included in this document.
http://www.seed.co.jp/en