Note: This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

July 11, 2024

Consolidated Financial Results for FY2023 Q4(Under Japanese GAAP)
Company name: Sansan, Inc.
Listing:
Tokyo Stock Exchange
Securities code:
4443
URL:
https://www.corp-sansan.com/
Representative:
Chikahiro Terada, Representative Director & CEO
Inquiries:
Muneyuki Hashimoto, Director, Executive Officer, CFO
TEL:+81-3-6758-0033
Scheduled date of annual general meeting of shareholders:August 27, 2024
Scheduled date to commence dividend payment:–
Scheduled date to file annual securities report:
August 28, 2024
Preparation of supplementary materials on financial results:
Yes
Holding of financial results meeting:Yes (for institutional investors andanalysts)(Millions of yen with fractional amounts rounded down, unless otherwise noted)

1. Consolidated financial results for the fiscal year ended May 31, 2024 (from June 1, 2023 to May
31, 2024)(1) Consolidated operating results
Net sales
Fiscal year ended
May 31, 2024
May 31, 2023

Millions ofyen%

33,878 32.8
25,510 24.9

Note: Comprehensive income

Reference:

Operating profit

Ordinary profit

Profit attributableto owners ofparentMillions ofyenMillions ofyenMillions ofyenMillions of
yen

%

953
(141)

–
–

%

1,709 81.5
942 28.9%

1,337 571.2
199 (68.5)%

1,224 903.3
122 (87.4)

For the fiscal year ended May 31, 2024: ¥924 million [–%]For the fiscal year ended May 31, 2023: ¥(63) million [–%]

Basic earnings per
share
Fiscal year ended
May 31, 2024
May 31, 2023

(Percentages indicate year-on-year changes.)
Adjusted
operating profit(Note 1)

Diluted earnings
per share

Return on equity

Ordinary profit/
total assets

Operating profit/
net sales

Yen

Yen

%

%

%

7.59
(1.13)

7.47
–

7.1
(1.2)

3.6
0.4

3.9
0.8

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended May 31, 2024: ¥– million
For the fiscal year ended May 31, 2023: ¥(287) million
Note: Adjusted operating profit = operating profit + share-based payment expenses + expenses that arise from businesscombinations (amortization of goodwill and amortization of intangible assets)(2) Consolidated financial position
Total assets
As of
May 31, 2024
May 31, 2023
Reference:(3)

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

37,592
31,20014,772
13,19037.3
40.6

111.30105.18Cash flows fromfinancing activities

Cash and cash
equivalents at end of
periodEquityAs of May 31, 2024:
As of May 31, 2023:¥14,005 million¥12,660 million

Consolidated cash flows
Cash flows fromoperating activities

Fiscal year ended

Cash flows frominvesting activities

Millions of yen

Millions of yen

Millions of yen

Millions of yen

May 31, 2024

5,483

(3,180)1,431

24,729May 31, 2023

3,848

1,364

523

20,985

2. Cash dividends
Annual dividends

Fiscal year ended
May 31, 2023
Fiscal year ended
May 31, 2024
Fiscal year ending
May 31, 2025
(Forecast)

Total cash
dividends(Total)Firstquarterend

Secondquarterend

Third
quarterend

Fiscalyear-end

Yen

Yen

Yen

Yen

Yen Millions of yen

Total

Ratio of
Payout ratio dividends to(Consolidated) net assets(Consolidated)
%

%

–

0.00

–

0.00

0.00

–

–

–

–

0.00

–

0.00

0.00

–

–

–

–

0.00

–

0.00

0.00

–

3. Consolidated earnings forecasts for the fiscal year ending May 31, 2025 (from June 1, 2024 to
May 31, 2025)(Percentages indicate year-on-year changes.)
Net sales

Fiscal year ending
May 31, 2025

Adjusted operating profit

Millions of yen%

Millions of yen%

43,026to44,042

27.0
to
30.0

3,012
to
4,404

76.2
to
157.6

Note: For line-item profits or losses under operating profit or loss, Sansan, Inc. (the “Company”) refrains from disclosing a
concrete forecast because it is difficult to make a reasonable estimate of share-based payment expenses, which mayvary significantly depending on the level of the Company’s stock price, and some non-operating income or expenses.
For details, please refer to “(4) Future outlook” under “1. Qualitative information on consolidated financial results forthe fiscal year ended May 31, 2024” on page 7 of the attached materials.

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatementa. Changes in accounting policies due to revisions to accounting standards and other regulations:Noneb. Changes in accounting policies due to other reasons: Nonec. Changes in accounting estimates: None
d. Restatement: None
(3) Number of issued shares (common shares)
a. Total number of issued shares at the end of the period (including treasury shares)
As of May 31, 2024

125,835,416 shares

As of May 31, 2023

125,410,584 sharesb. Number of treasury shares at the end of the period
As of May 31, 2024

871 shares

As of May 31, 2023

871 sharesc. Average number of outstanding shares during the period
Fiscal year ended May 31, 2024

125,614,516 sharesFiscal year ended May 31, 2023

125,162,268 shares(Reference) Overview of non-consolidated financial results
Non-consolidated financial results for the fiscal year ended May 31, 2024 (from June 1, 2023 to May
31, 2024)(1) Non-consolidated operating results
Net sales
Fiscal year ended
May 31, 2024
May 31, 2023

Operating profit

Millions of yen

32,51924,926% Millions of yen

30.5
24.3

Basic earnings per
share
Fiscal year ended
May 31, 2024
May 31, 2023

(Percentages indicate year-on-year changes.)

1,559
321

Ordinary profit% Millions of yen

385.0(53.0)

Diluted earnings per
share

Yen

Yen

9.16
(3.78)

9.02
–

1,443
533

Profit% Millions of yen

170.6(67.7)

1,151
(473)

%

–
–

(2) Non-consolidated financial position
Total assets
As of
May 31, 2024
May 31, 2023
Reference:

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

37,386
31,124

15,046
13,35238.5
41.4

114.50106.47

EquityAs of May 31, 2024:
As of May 31, 2023:¥14,408 million¥12,895 million* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Proper use of earnings forecasts, and other special matters
Forward-looking statements, including the earnings forecasts stated in these materials, are based on
information currently available to the Company and certain assumptions deemed reasonable. Results
may differ materially from the forecasts due to various factors.

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4

Attached Material
Index
1. Qualitative information on consolidated financial results for the fiscal year ended May 31, 2024 .......... 2(1) Operating results................................................................................................................................. 2(2) Financial position ............................................................................................................................... 6(3) Cash flows .......................................................................................................................................... 6(4) Future outlook .................................................................................................................................... 7
2. Basic concept regarding selection of accounting standards ...................................................................... 9
3. Consolidated financial statements and significant notes thereto............................................................. 10(1) Consolidated balance sheet .............................................................................................................. 10(2) Consolidated statement of income and consolidated statement of comprehensive income ............. 12
Consolidated statement of income.................................................................................................... 12
Consolidated statement of comprehensive income .......................................................................... 13(3) Consolidated statement of changes in equity ................................................................................... 14(4) Consolidated statement of cash flows .............................................................................................. 16(5) Notes to consolidated financial statements ....................................................................................... 18
Going concern assumption ............................................................................................................... 18
Significant changes in the amount of shareholders’ equity .............................................................. 18
Segment information ........................................................................................................................ 18
Per share information ....................................................................................................................... 22
Events after the reporting period ...................................................................................................... 23- 1 -Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4

1. Qualitative information on consolidated financial results for the fiscal year ended
May 31, 2024
(1) Operating results
Under the mission of “Turning encounters into innovation” and the vision of “Become business
infrastructure,” the Company group (the “Group”) is providing cloud-based solutions that promote
digital transformation (DX) and reshape how people work, leading to encounters with people andcompanies that become business opportunities by using approaches that combine systems that use
technology and manpower to digitize analog information with cloud software.
Specifically, the Group is developing solutions to promote DX for corporate sales activities, invoicing
work, contract work, etc. Moreover, as a result of reforming awareness regarding DX, changes toworking styles, and greater attention being given to SaaS (Software as a Service) products, the DX
market is forecast to reach ¥8,035.0 billion by FY2030 (an expected increase of ¥4,015.3 billion fromFY2023) (Note 1), while the SaaS market in Japan is forecast to reach ¥2,099.0 billion by FY2027 (anexpected increase of ¥686.2 billion from FY2023) (Note 2). A sales DX solution Sansan, provided by
the Company, holds 82.4% share (Note 3) of the B2B business card management service market, andthis market has seen approximately 16-fold expansion from 2013 to 2022 in conjunction with thegrowth in the Company’s services. In addition, Bill One, a cloud-based invoice management solution
provided by the Company, captured the number one market share of the online invoice receiving
solution in terms of net sales (Note 4), with this market seeing a 156.8% increase year on year in
FY2022.
Consolidated financial results for the fiscal year ended May 31, 2024 (the “fiscal year under review”)
are as follows.
(Millions of yen)

Net sales
Gross profit
Adjusted operating profit
Ordinary profit
Profit attributable to owners ofparentFiscal year ended
May 31, 2023

Fiscal year ended
May 31, 2024

YoY change

25,51021,827942
122

33,87828,814
1,709
1,224+32.8%+32.0%+81.5%+903.3%

(141)

953

–

In the fiscal year under review, backed by the positive order situation, the Group engaged instrengthening the sales structure for Sansan and Bill One, as well as enhancing functions for eachservice, aiming for further growth of net sales. In Eight Business, the Group worked to increase future
profitability.
Consequently, results were strong in the fiscal year under review with net sales increasing 32.8% year
on year, gross profit increasing 32.0% year on year (with a gross profit margin of 85.1%). Adjusted
operating profit increased 81.5% year on year mainly due to a decline in the ratio of advertisingexpenses to net sales, in addition to an increase in net sales. Meanwhile, ordinary profit increased
903.3% year on year mainly due to the absence of one-off expenses related to trust-type stock options
recorded in the previous fiscal year, as well as the increase in adjusted operating profit. Furthermore,
profit attributable to owners of parent turned into black (¥141 million of loss for the previous fiscal
year) on the back of strong ordinary profit, despite the recording of loss on valuation of investment
securities of ¥380 million in extraordinary losses.
Notes:

1. Based on Market Edition and Corporate Edition of 2024 Outlook of the Digital Transformation Market by
Fuji Chimera Research Institute
2. Based on 2023 New Software Business Markets by Fuji Chimera Research Institute
3. Based on Latest Trends in Business Card Management Services in Sales Support DX 2024 (January 2024,
surveyed by Seed Planning, in Japanese)
4. Deloitte Tohmatsu MIC Research Institute, “The Market of Online Invoice Receiving Solution Continues
to Grow at a Staggering Rate” (MIC IT Report, November 2023)- 2 -Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4Results by segment are as follows.
(i) Sansan/Bill One BusinessThis business segment includes services such as sales DX solution Sansan, and cloud-based invoice
management solution Bill One.
Results for Sansan/Bill One Business in the fiscal year under review are as follows.
(Millions of yen)
Fiscal year ended
May 31, 2023

Fiscal year ended
May 31, 2024

YoY change

22,516
19,793
18,688
1,104
2,414
308
7,005

29,94822,88921,509
1,379
6,168
889
8,675

+33.0%+15.6%+15.1%+24.9%+155.5%+188.1%+23.8%

8,969
subscriptions

9,693
subscriptions+8.1%¥184 thousand¥197 thousand

+7.1%

0.44%

0.42%

(0.02) pts.

316
1,581
subscriptions

640
2,816
subscriptions+102.5%¥200 thousand¥227 thousand+13.5%

0.64%

0.33%

(0.31) pts.

Net sales (Note 5)
SansanSansan recurring sales
Sansan other sales
Bill One
OthersAdjusted operating profit
SansanNumber of subscriptions
Monthly recurring sales per
subscription
Last 12 months average ofmonthly churn rate (Note 6)
Bill OneMRR (Note 7)
Number of paid subscriptions
Monthly recurring sales per
paid subscription
Last 12 months average ofmonthly churn rate (Note 6)
Notes:+78.1%

5. The sum of sales to external customers and intersegment sales or transfers
6. Ratio of decrease in MRR associated with subscription cancellations to total MRR for existing
subscriptions for each service
7. Monthly Recurring Revenue

a. Sansan
In addition to working on strengthening the sales structure through hiring personnel, the Grouphas been optimizing the pricing structure and reviewing the fee settings taking into account themarket environment, the status of service enhancements, and other factors. As a result, thenumber of subscriptions and the monthly recurring sales per subscription remained strong, up
8.1% year on year and 7.1% year on year, respectively. Furthermore, the last 12-month averageof monthly churn rate was 0.42%, a decrease of 0.02 percentage points year on year,
maintaining a churn rate as low as less than 1%.
As a result, net sales in Sansan increased 15.6% year on year, of which recurring sales (fixedrevenue) were up 15.1% year on year and other sales were up 24.9% year on year.

- 3 -Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4

b. Bill One
In addition to working on strengthening the sales structure with a focus on hiring personnel, we
have been optimizing the pricing structure and reviewing the fee settings taking into accountthe market environment, the status of service enhancements, and other factors. As a result,steady progress has been made in acquiring new subscriptions, mainly from medium and large
enterprises, and the number of paid subscriptions and the monthly recurring sales per paid
subscription were up 78.1% year on year and 13.5% year on year, respectively. Furthermore,
the last 12-month average of monthly churn rate was 0.33%, a decrease of 0.31 percentage
points year on year, maintaining a churn rate as low as less than 1%.
As a result, ARR (Note 8) in Bill One as of Mary 31, 2024 amounted to ¥7,680 million, while
net sales increased 155.5% year on year.
Also, to seek further in sales, the Group strived to expand its sales areas by working to develop
new functions, including Bill One Issue, which enables users to complete all the processes frominvoice issuing to payment reconciliation, and Bill One Expenses, which utilizes our Bill One
Business Card service.
Note: 8. Annual Recurring Revenuec. Others
The Group focused on the launch of new services including Contract One, a contract DX
solution service, utilizing the strengths, knowledge, know-how, etc. cultivated through existing
services. In addition, CREATIVE SURVEY INC. became a consolidated subsidiary in March2023 and its contributions to consolidated earnings have been recorded from the fourth quarterof the fiscal year ended May 31, 2023.
As a result, net sales of others were up 188.1% year on year.
As a result of these efforts, net sales increased 33.0% year on year and adjusted operating profit
increased 23.8% year on year in Sansan/Bill One Business.
(ii) Eight BusinessThis business segment includes Eight, a business card app, as well as logmi series event
transcription service.
Results for Eight Business in the fiscal year under review are as follows.
(Millions of yen)
Fiscal year ended
May 31, 2023

Fiscal year ended
May 31, 2024

YoY change

2,867
303
2,563
(170)

3,548
347
3,200
314

+23.8%+14.7%+24.8%–

3.31 million
people3,703
subscriptions

3.72 million
people4,608
subscriptions+0.41 million
peopleNet sales (Note 9)
B2C services
B2B services
Adjusted operating profit
Eight
Number of Eight users(Note 10)
Number of subscriptions for
Eight Team

+24.4%

Notes: 9. The sum of sales to external customers and intersegment sales or transfers
10. Number of confirmed users who registered their business card to their profile after downloading the
app

- 4 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4

a. B2C services
As a result of the enhancement of functions such as the virtual card exchange function, thenumber of Eight users totaled 3.72 million, an increase of 0.41 million year on year, and net
sales from B2C services increased 14.7% year on year.
b. B2B services
The Group worked on strengthening monetization of the various services. As a result, net sales
from B2B services increased 24.8% year on year. In addition, the number of subscriptions for
Eight Team increased 24.4% year on year.
As a result of these efforts, net sales in Eight Business increased 23.8% year on year. In themeantime, the Group succeeded in returning adjusted operating profit to the black for the full yearat ¥314 million (compared with ¥170 million of loss for the previous fiscal year) as a result of ourefforts to operate business with an emphasis on profitability, as well as of increased net sales.

- 5 -Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4(2) Financial position(Millions of yen)
As of May 31, 2023

As of May 31, 2024

YoY change

Total assets

31,20037,592+6,391

Total liabilities

18,00922,819+4,809Total net assets

13,19014,772+1,581

Total liabilities and net assets

31,20037,592+6,391

AssetsTotal assets at the end of the fiscal year under review were ¥37,592 million, up ¥6,391 million from theend of the previous fiscal year. This was primarily due to increases of ¥3,760 million in cash anddeposits, ¥1,643 million in leasehold deposits, ¥354 million in deferred tax assets, ¥280 million in
prepaid expenses, and ¥213 million in goodwill, which were partially offset by decreases of ¥251
million in buildings and structures and ¥135 million in software.
Liabilities
Total liabilities at the end of the fiscal year under review were ¥22,819 million, up ¥4,809 million fromthe end of the previous fiscal year. This was primarily due to increases of ¥2,930 million in advances
received mainly as a result of receiving a lump-sum payment for the contract term from customers,¥710 million in long-term borrowings as a result of incremental borrowings, ¥245 million in provision
for bonuses, and ¥371 million in current portion of long-term borrowings, which were partially offset
by a decrease of ¥228 million in accounts payable - other.
Net assets
Net assets at the end of the fiscal year under review were ¥14,772 million, up ¥1,581 million from theend of the previous fiscal year. This was primarily due to increases of ¥192 million each in share capitaland capital surplus as a result of the exercise of share acquisition rights, ¥181 million in shareacquisition rights, ¥953 million in retained earnings due to the recording of profit attributable to ownersof parent.
(3) Cash flows(Millions of yen)
Fiscal year ended
May 31, 2023

Fiscal year ended
May 31, 2024

YoY change

Cash flows from operating activities

3,848

5,483

+1,634

Cash flows from investing activities

1,364(3,180)–Cash flows from financing activities

523

1,431

+908

20,98524,729+3,744

Cash and cash equivalents at end of period

Cash and cash equivalents (hereinafter “net cash”) at the end of the fiscal year under review totaled¥24,729 million, an increase of ¥3,744 million compared with the end of the previous fiscal year (up17.8% year on year). This increase includes the effect of foreign exchange fluctuations of ¥10 million
on net cash.
- 6 -Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4

The respective cash flow positions and the factors thereof in the fiscal year under review are as follows.
Cash flows from operating activities
Net cash provided by operating activities totaled ¥5,483 million (compared with ¥3,848 million
provided in the previous fiscal year).
The main factors for the increase in net cash were increases of ¥2,928 million in advances received,¥298 million in trade payables of, and ¥233 million in provision for bonuses; and the recording of noncash expenses of ¥889 million in depreciation, ¥180 million in share-based payment expenses, and¥380 million in loss on valuation of investment securities. The main factors for the decrease in net cash
were a decrease of ¥239 million in accounts payable - other, an increase of ¥265 million in prepaid
expenses, and income taxes paid of ¥215 million.
Cash flows from investing activities
Net cash used in investing activities totaled ¥3,180 million (compared with ¥1,364 million provided in
the previous fiscal year).
This was primarily due to cash outflows from payments of leasehold deposits of ¥1,980 million,
purchase of investment securities of ¥572 million, purchase of intangible assets of ¥348 million,
purchase of property, plant and equipment of ¥217 million, and purchase of shares of subsidiaries
resulting in change in scope of consolidation of ¥136 million, which were partially offset by cash
inflows from proceeds from refund of leasehold deposits of ¥285 million.
Cash flows from financing activities
Net cash provided by financing activities totaled ¥1,431 million (compared with ¥523 million provided
in the previous fiscal year).
This was primarily due to cash inflows from proceeds from long-term borrowings of ¥1,800 million
and proceeds from issuance of shares of ¥367 million, which were partially offset by cash outflows
from repayments of long-term borrowings of ¥717 million.
(4) Future outlook
With the new medium-term financial policy for the period from the fiscal year ending May 31, 2025 to
the fiscal year ending May 31, 2027, the Group is aiming for consistent, solid growth in sales andaccelerated growth in adjusted operating profit.
For net sales, which is the most important management indicator, we aim to achieve a three-year
compound average growth rate (CAGR) of 22% to 27%. For adjusted operating profit, we aim toachieve profit margin of 18% to 23% by the fiscal year ending May 31, 2027, and eventually achieve along-term target of 30% or higher by accelerating growth while making investments for sales growth ineach business.

- 7 -Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4

Consolidated earnings forecasts for the fiscal year ending May 31, 2025 are as follows.
(Millions of yen)
Fiscal year ended
May 31, 2024

33,878Net sales
Sansan/Bill One Business

29,948

Sansan22,889Bill One

6,168

Eight Business

3,548
1,709

Adjusted operating profit
Adjusted operating profit
margin5.0%

Fiscal year ending
May 31, 2025
43,026to44,042
37,734to38,48326,552
to26,7819,870
to10,486
4,683
to
4,896
3,012
to
4,404
7.0%
to
10.0%

YoY change+27.0%
to+30.0%+26.0%
to+28.5%+16.0%
to+17.0%+60.0%
to+70.0%+32.0%
to+38.0%+76.2%
to+157.6%+2.0 pts.
to+5.0 pts.

Net sales are expected to increase 27.0% to 30.0% year on year due to the anticipated solid growth of
Sansan products and continued high growth of Bill One. We expect net sales in Sansan/Bill One
Business to increase by 26.0% to 28.5% year on year mainly due to progress made in onboarding sales
representatives newly hired in the previous fiscal year for both Sansan and Bill One. Within thisincrease, we forecast for Sansan to see a 16.0% to 17.0% increase year on year, and for Bill One to see
a 60.0% to 70.0% increase year on year. Net sales in the Eight Business are expected to increase 32.0%
to 38.0% year on year with event services and Eight Team serving as growth drivers.
Among selling, general and administrative expenses, we expect increases in personnel expenses andadvertising expenses of around 29% and 16% year on year, respectively. In addition, adjusted operating
profit is expected to increase 76.2% to 157.6% year on year as a result of an increase in rent expenses
and incurrence of relocation-related costs associated with the relocation of the head office.
For line-item profits or losses under operating profit or loss, the Company refrains from disclosing a
concrete forecast because it is difficult to make a reasonable estimate of share-based payment expenses,
which may vary significantly depending on the level of the Company’s stock price, and some nonoperating income or expenses.

- 8 -Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4

2. Basic concept regarding selection of accounting standards
In consideration of comparability with other companies in Japan, the Group applies Japanese generally
accepted accounting principles (Japanese GAAP).

- 9 -Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4

3. Consolidated financial statements and significant notes thereto(1) Consolidated balance sheet(Millions of yen)
As of May 31, 2023
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Prepaid expenses
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Software
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Leasehold deposits
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Total assets- 10 -

As of May 31, 2024

21,114
1,180
604
341
(32)
23,207

24,874
1,229
884
715
(34)
27,671

1,281
(717)
564
446
(240)
206
770

1,291
(977)
313
529
(323)
206
520

827
706
0
1,533

691
919
0
1,610

3,705
885
595
502
5,689
7,993
31,200

3,799
2,528
950
511
7,790
9,920
37,592

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4(Millions of yen)
As of May 31, 2023
Liabilities
Current liabilities
Accounts payable - trade
Current portion of long-term borrowings
Accounts payable - other
Income taxes payable
Accrued consumption taxes
Advances received
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provision for retirement benefits for directors (andother officers)
Retirement benefit liability
Deferred tax liabilities
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets- 11 -

As of May 31, 2024

338
558
1,929
206
410
10,729601
207
14,982

637
930
1,701
315
676
13,660846
235
19,004

2,838

3,549

–

53

–
–
188
3,027
18,009

58
1
152
3,815
22,819

6,582
4,178
1,695
(2)
12,454

6,774
4,371
2,648
(2)
13,792

156
49
206
457
72
13,19031,200

134
79
213
638
128
14,77237,592

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)
Fiscal year ended
May 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Subsidy income
Gain on sale of investment securities
Surrender value of insurance policies
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Commission expenses
Loss on investments in investment partnerships
Share of loss of entities accounted for using equity
methodLoss on withdrawal from business
Penalty loss on cancellation of rental contracts
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on reversal of share acquisition rights
Gain on sale of investment securities
Gain on sale of shares of subsidiaries and associates
Gain on step acquisitions
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of investment securities
Loss on valuation of investment securities
Total extraordinary losses
Profit (loss) before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit (loss)
Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent- 12 -

Fiscal year ended
May 31, 2024

25,5103,683
21,827
21,627
199

33,8785,064
28,81427,477
1,337

4
14
291
–
18
328

4
16
–
12
16
49

13
18
7
38

16
25
3
40

287

–

–
–
39
405
122

27
19
29
163
1,224

0
–
619
196
817

2
37
–
–
40

54
–
980
1,035
(96)
264
(203)
60
(156)
(15)
(141)

15
13
380
409
855
301
(363)
(61)
917
(35)
953

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
May 31, 2023
Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests- 13 -

Fiscal year ended
May 31, 2024
(156)

917

70
22
93
(63)

(22)
29
7
924

(48)

960

(15)

(35)

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4(3) Consolidated statement of changes in equity
Fiscal year ended May 31, 2023
(Millions of yen)
Shareholders’ equity

Balance at beginning of period

Retained earnings

Treasury shares

Total shareholders’equityShare capital

Capital surplus

6,426

4,023

1,384

(1)

11,832

155

155

–

–

311

–

–

–

(0)

(0)

–

–

452

–

452

–

–

(141)

–

(141)

–

–

–

–

–

155

155

310

(0)

622

6,582

4,178

1,695

(2)

12,454

Changes during period
Issuance of new shares
Purchase of treasury shares
Change in scope of
application of equity method
Profit (loss) attributable toowners of parent
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period

Foreigncurrencytranslation
adjustment

Total
accumulated
othercomprehensive income

ShareacquisitionrightsNon-controlling
Total net assetsinterests

85

26

112

142

5

12,093Issuance of new shares

–

–

–

–

–

311

Purchase of treasury shares

–

–

–

–

–

(0)

–

–

–

–

–

452

–

–

–

–

–

(141)

70

22

93

314

66

474

Total changes during period

70

22

93

314

66

1,097

Balance at end of period

156

49

206

457

72

13,190Changes during period

Change in scope of
application of equity method
Profit (loss) attributable toowners of parent
Net changes in items otherthan shareholders’ equity- 14 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4

Fiscal year ended May 31, 2024
(Millions of yen)
Shareholders’ equity

Balance at beginning of period

Retained earnings

Treasury shares

Total shareholders’equityShare capital

Capital surplus

6,582

4,178

1,695

(2)

12,454

192

192

–

–

384

–

–

953

–

953

–

–

–

–

–

192

192

953

–

1,337

6,774

4,371

2,648

(2)

13,792

Changes during period
Issuance of new shares
Profit (loss) attributable toowners of parent
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period

Foreigncurrencytranslation
adjustment

Total
accumulated
othercomprehensive income

ShareacquisitionrightsNon-controlling
Total net assetsinterests

156

49

206

457

72

13,190

–

–

–

–

–

384

–

–

–

–

–

953

(22)

29

7

181

55

244

Total changes during period

(22)

29

7

181

55

1,581

Balance at end of period

134

79

213

638

128

14,772

Changes during period
Issuance of new shares
Profit (loss) attributable toowners of parent
Net changes in items otherthan shareholders’ equity- 15 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
May 31, 2023
Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Amortization of goodwill
Loss (gain) on sale and retirement of non-current assets
Share-based payment expenses
Gain on reversal of share acquisition rights
Loss (gain) on sale of shares of subsidiaries andassociates
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Loss (gain) on investments in investment partnerships
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on step acquisitions
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in prepaid expenses
Decrease (increase) in other assets
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other
Increase (decrease) in advances received
Increase (decrease) in accrued consumption taxes
Increase (decrease) in other liabilities
Other, net
SubtotalInterest and dividends received
Proceeds from insurance income
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities- 16 -

Fiscal year ended
May 31, 2024

(96)
898
39
54
296
(0)

855
889
111
15
180
(2)

(619)

–

(291)
980
38

(24)
380
40

287

–

(196)
29
113
(4)
13
(391)
(101)
(118)
71
780
2,423
15
(6)
111
4,328
4
–
(13)
(471)
3,848

–
1
233
(4)
16
(16)
(265)
(199)
298
(239)
2,928
255
58
183
5,698
4
12
(16)
(215)
5,483

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4(Millions of yen)
Fiscal year ended
May 31, 2023
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from sale of shares of subsidiaries andassociates
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Proceeds from purchase of shares of subsidiaries
resulting in change in scope of consolidation
Payments for investments in capital
Payments of leasehold deposits
Proceeds from refund of leasehold deposits
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of shares
Proceeds from issuance of share acquisition rights
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 17 -

Fiscal year ended
May 31, 2024

(200)
(480)
(359)
1,406

(217)
(348)
(572)
67

1,601

–

–

(136)

46

–

(500)
(214)
–
64
1,364

–
(1,980)285(278)(3,180)

(140)
900
(527)
307
22
(39)
523

–
1,800
(717)
367
19
(38)
1,431

4

10

5,739
15,24520,985

3,744
20,98524,729

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4(5) Notes to consolidated financial statements
Going concern assumption
Not applicable.
Significant changes in the amount of shareholders’ equity
Not applicable.
Segment informationa. Segment information
1. Description of reportable segments
The reportable segments used by the Group are components for which discrete financial
information is available, and whose operating results are regularly reviewed by the Board of
Directors, in particular, to make decisions about resources to be allocated to the segments andassess their performance.
In the operation of its business activities, the Group has established business divisions andcompanies to engage in specific services, and it formulates comprehensive strategies for theservices that each business division and company provides.
Accordingly, the Group’s operations are made up of segments engaged in specific services
under the basic operating structures of business divisions or companies, and it has tworeportable segments of Sansan/Bill One Business and Eight Business.
Descriptions of the services belonging to each segment are stated below.
Reportable segments
Sansan/Bill One Business
Eight Business

Description of services in segment
Provision of “Sansan,” a service for sales DX, “Bill One,” a cloud-based
invoice management solution, etc.
Provision of “Eight,” as well as the event transcription service logmi

series

2. Methods of calculating the amounts of net sales, profit or loss, assets, liabilities, and otheritems for each reportable segment
The accounting method used for business segments reported is the same as the description in“Matters forming the basis of preparing the consolidated financial statements.”- 18 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4

3. Information on the amounts of net sales, profit or loss, assets, liabilities, and other items foreach reportable segment
Fiscal year ended May 31, 2023
(Millions of yen)
Reportable segments
Others(Note) 1

Sansan/Bill One
Business

Eight
Business

22,512

2,864

25,376

134

25,510

4

2

7

64

72

22,5162,867

25,384

198

25,582

7,005

(170)

6,835

(36)

6,798

523

15

538

0

538

Net sales
Sales to externalcustomers
Intersegment sales ortransfers
Total
Segment profit (loss)(Note) 2
Other items
Depreciation

Total

Total

Notes: 1. The “Others” category is a business segment that is not included in the reportable segments, andincludes subsidiaries’ businesses.
2. Segment profit (loss) is shown as adjusted operating profit (loss), which is the sum of operating
profit (loss) plus share-based payment expenses and expenses arising from business combinations(amortization of goodwill and amortization of intangible assets).
(Millions of yen)AmountSansan/recorded in
Eight
Adjustments
Bill One
Othersconsolidated
Business(Note 1)Businessstatement ofincomeSegment profit (loss)

7,005

(170)

(36)

(5,856)942

Share-based payment
expenses (Note 2)

315

136

–

251

702

Amortization of
goodwill andamortization of
intangible assets

12

20

7

–

39

Operating profit (loss)
6,677
(326)
(43)
(6,107)
199
Notes: 1. The adjustments stated are the amounts of corporate expenses not attributable to any
reportable segment and mostly consist of general and administrative expenses. Depreciation
included in adjustments as corporate expenses is ¥359 million.
2. Expenses related to the monetary compensation and payment of alternative wages, etc. toemployees, etc. of the Group pertaining to trust-based stock options are included in sharebased payment expenses.
3. Segment assets and liabilities have not been shown, as information relating to assets and liabilities
are not regularly provided to the chief operating decision maker and are not subject to theassessment of performance.
4. Intersegment sales or transfers are based on actual market price.

- 19 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4

Fiscal year ended May 31, 2024
(Millions of yen)
Reportable segments
Others(Note) 1

Sansan/Bill One
Business

Eight
Business

29,9383,542

33,481397

33,878

9

5

14

122

137

29,9483,548

33,496519

34,016

8,675

314

8,989

(79)

8,910

474

8

483

0

484

Net sales
Sales to externalcustomers
Intersegment sales ortransfers
Total
Segment profit (loss)(Note) 2
Other items
Depreciation

Total

Total

Notes: 1. The “Others” category is a business segment that is not included in the reportable segments, andincludes subsidiaries’ businesses.
2. Segment profit (loss) is shown as adjusted operating profit (loss), which is the sum of operating
profit (loss) plus share-based payment expenses and expenses arising from business combinations(amortization of goodwill and amortization of intangible assets).
(Millions of yen)AmountSansan/recorded in
Eight
Adjustments
Bill One
Othersconsolidated
Business(Note 1)Businessstatement ofincomeSegment profit (loss)

8,675

314

(79)

(7,201)

1,709

Share-based payment
expenses (Note 2)

67

27

–

164

260

Amortization of
goodwill andamortization of
intangible assets

51

20

39

–

111

Operating profit (loss)
8,556
266
(118)
(7,366)
1,337
Notes: 1. The adjustments stated are the amounts of corporate expenses not attributable to any
reportable segment and mostly consist of general and administrative expenses. Depreciation
included in adjustments as corporate expenses is ¥405 million.
2. Expenses related to the monetary compensation and payment of alternative wages, etc. toemployees, etc. of the Group pertaining to trust-based stock options are included in sharebased payment expenses.
3. Segment assets and liabilities have not been shown, as information relating to assets and liabilities
are not regularly provided to the chief operating decision maker and are not subject to theassessment of performance.
4. Intersegment sales or transfers are based on actual market price.

b. Information associated with reportable segments
1. Information for each product or service
This information is omitted because the same information has been presented in Segment
information.

- 20 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4

2. Information for each region(1) Net sales
This has been omitted because net sales to external Japanese customers account for morethan 90% of net sales on the consolidated statement of income.
(2) Property, plant and equipment
This has been omitted because the value of property, plant and equipment in Japanaccounts for more than 90% of the value of property, plant and equipment on the
consolidated balance sheet.
3. Information for each of main customers
This has been omitted because there is no external customer that accounts for 10% or more of
net sales recorded on the consolidated statement of income.
c. Disclosure of impairment losses on non-current assets for each reportable segment
Fiscal year ended May 31, 2023
Not applicable.
Fiscal year ended May 31, 2024
Not applicable.
d. Amortization and unamortized balance of goodwill for each reportable segment
Fiscal year ended May 31, 2023
(Millions of yen)
Sansan/Bill One
Business
Amortization of
goodwill
Goodwill

Eight BusinessCorporate andTotal

eliminations

12

20

7

39

503

145

57

706

Fiscal year ended May 31, 2024
(Millions of yen)Amortization of
goodwill
Goodwill

Sansan/Bill One
Business

Eight BusinessCorporate andeliminations

51

20

39

111

451

125

341

919

e. Information about gain on bargain purchase for each reportable segment
Not applicable.

- 21 -Total

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4

Per share information
Fiscal year ended May 31, 2023
(from June 1, 2022 to May 31, 2023)(Yen)
Fiscal year ended May 31, 2024
(from June 1, 2023 to May 31, 2024)

Net assets per share

105.18111.30

Basic earnings (loss) per share(1.13)

7.59

Diluted earnings per share

–

7.47

Notes: 1. Diluted earnings per share for the fiscal year ended May 31, 2023 are not described here because, although
there are potentially dilutive shares, basic loss per share was recorded.
2. Basis for calculation of basic earnings (loss) per share and diluted earnings per share is as follows:
Fiscal year ended May 31, 2023
(from June 1, 2022 to May 31, 2023)

Fiscal year ended May 31, 2024
(from June 1, 2023 to May 31, 2024)

Basic earnings (loss) per share
Profit (loss) attributable to ownersof parent(Millions of yen)

(141)

953

–

–

Profit (loss) attributable to ownersof parent related to common shares(Millions of yen)

(141)

953

Average number of common shares
outstanding during the period(Shares)

125,162,268

125,614,516

Adjustments to profit attributable toowners of parent(Millions of yen)––

Increase in number of commonshares(Shares)–

1,986,773[Of which share acquisition rights](Shares)–[1,986,773]

Amounts not attributable tocommon shareholders(Millions of yen)

Diluted earnings per share

Overview of dilutive shares that are
not included in the calculation ofdiluted earnings per share as they
have no dilutive effects–- 22 -

Stock Options 2021
(6th Share Acquisition Rights)
188 units (75,200 shares)
Stock Options 2023
(10th Share Acquisition Rights)
1,243 units (124,300 shares)
Stock Options 2023
(11th Share Acquisition Rights)
1,420 units (142,000 shares)

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4

Events after the reporting period
Issuance of 13th Share Acquisition Rights
A resolution has been passed to issue the 13th Share Acquisition Rights (hereinafter in this item, “Share
Acquisition Rights”) to the employees of the Company at the Board of Directors’ meeting held on July11, 2024 in accordance with the provisions of Articles 236, 238 and 240 of the Companies Act of Japan.
13th Share Acquisition Rights
Number of share acquisition rights

2,231 units

Class and number of shares to be acquired upon exerciseof share acquisition rights

223,100 common shares of the Company(100 shares per one unit of share acquisition right)

Exercise price of share acquisition rights¥178,300 per unit of share acquisition rightIssue price and amount of capital paid in upon issuance ofshares due to exercise of share acquisition rights

Issue price per share: ¥1,783
Amount of capital paid in per share: ¥892

Allotment date of share acquisition rights

August 7, 2024

Persons to whom share acquisition rights are to be allotted
Exercise period of share acquisition rights

The Company’s employees: 103 persons
From July 12, 2026 to July 11, 2034

Conditions of exercise of share acquisition rights*(*) 1. The employees who have been allotted the Share Acquisition Rights (hereinafter, “Holders of the Share Acquisition
Rights”) may exercise their Share Acquisition Rights if, on a specific day between the allotment date of the Share
Acquisition Rights and the end date of the exercise period (July 11, 2034), the closing price of the common shareof the Company in regular trading on the Tokyo Stock Exchange exceeds ¥3,987.
However, if a stock split or reverse stock split is carried out after the allotment date, the value will be adjusted
according to the following formula (rounded up to the nearest yen unit):
1
Share Price before
Share Price after Adjustment =×
Adjustment
Ratio of Stock Split (or Reverse Split)
2. Holders of the Share Acquisition Rights are required to be any one of directors, corporate auditors, or employees of
the Company or the Company’s subsidiaries and associates even at the time of the exercise of the Share Acquisition
Rights; provided, however, that this shall not apply to the case where the Company’s Board of Directors recognizes
that there are justifiable reasons such as retirement due to the expiration of the term of office, retirement at the
mandatory retirement age.
3. In the event that a holder of the Share Acquisition Rights dies, the exercise of the Share Acquisition Rights by hisor her heirs shall not be permitted.
4. The pledging of the Share Acquisition Rights or establishment of a security interest shall not be permitted.
5. If the exercise of the Share Acquisition Rights causes the total number of issued shares of the Company to exceed
the total number of authorized shares, such Share Acquisition Rights may not be exercised.
6. The Share Acquisition Right may not be exercised for less than one unit of the Share Acquisition Right.

- 23 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4

Issuance of 14th Share Acquisition Rights (Share Options with Charge)
A resolution has been passed to issue the 14th Share Acquisition Rights (hereinafter in this item, “Share
Acquisition Rights”) to the directors and executive officers of the Company at the Board of Directors’
meeting held on July 11, 2024 in accordance with the provisions of Articles 236, 238 and 240 of theCompanies Act of Japan.
14th Share Acquisition Rights
Number of share acquisition rights

800 units

Class and number of shares to be acquired upon exerciseof share acquisition rights

80,000 common shares of the Company(100 shares per one unit of share acquisition right)

Issue price of share acquisition rights¥18,500 per unit of share acquisition right

Exercise price of share acquisition rights¥178,300 per unit of share acquisition rightIssue price and amount of capital paid in upon issuance ofshares due to exercise of share acquisition rights

Issue price per share: ¥1,783
Amount of capital paid in per share: ¥892

Allotment date of share acquisition rights

September 5, 2024

Persons to whom share acquisition rights are to be allotted

The Company’s directors: 5 persons
The Company’s executive officers: 13 persons

Exercise period of share acquisition rights

From September 5, 2025 to September 4, 2034

Conditions of exercise of share acquisition rights(*)*

1. The directors and executive officers who have been allotted the Share Acquisition Rights (hereinafter, “Holders of
the Share Acquisition Rights”) may exercise their Share Acquisition Rights if net sales in the Company’s
consolidated statement of income for the fiscal year ending May 31, 2025, exceed ¥43,303 million. In the event thatthe Board of Directors determines that it is not appropriate to use actual sales figures for the assessment of net sales
due to a change in applicable accounting standards or the occurrence of an event such as a corporate acquisition
that significantly affects the Company’s business results, the Company may, to the extent reasonable, eliminate theeffect of such corporate acquisition or other events and adjust the actual sales figures used for the assessment. In
addition, in the event of material changes in the concept of items to be referred to, due to the application ofInternational Financial Reporting Standards, changes in the fiscal year end and other reasons, the indicators to bereferred to shall be separately determined by the Company’s Board of Directors.
2. Holders of Share Acquisition Rights are required to be any one of directors, corporate auditors, employees of theCompany or the Company’s subsidiaries and associates even at the time of the exercise of Share Acquisition Rights;
provided, however, that this shall not apply to the case where the Company’s Board of Directors recognizes that
there are justifiable reasons such as retirement due to the expiration of the term of office, retirement at the mandatory
retirement age.
3. In the event that a holder of Share Acquisition Rights dies, the exercise of the Share Acquisition Rights by his or
her heirs shall not be permitted.
4. The pledging of the Share Acquisition Rights or establishment of a security interest shall not be permitted.
5. If the exercise of the Share Acquisition Rights causes the total number of issued shares of the Company to exceed
the total number of authorized shares, such Share Acquisition Rights may not be exercised.
6. The Share Acquisition Right may not be exercised for less than one unit of the Share Acquisition Right.

- 24 -

Sansan, Inc. (TSE 4443)
Financial Results for FY2023 Q4

Share Repurchase
A resolution was passed at the Board of Directors’ meeting held on July 11, 2024 regarding the following
matters pertaining to share repurchases, pursuant to Article 156 of the Companies Act of Japan as
applied pursuant to Article 165, Paragraph 3 of the same Act.
1. Reason for Share RepurchaseIn addition to the Company’s strong performance for the fiscal year ended May 31, 2024 that was
driven by growth in our main business, we have set medium-term financial strategies to accelerate
profit growth while continuing to invest for sales growth from the fiscal year ending May 31, 2025
through the fiscal year ending May 31, 2027. Based on these circumstances, we have determined that
we are now in a financial condition to return profits to shareholders. Specifically, we will repurchaseour own shares as part of our shareholder returns, taking into consideration share price trends and theshare dilution ratio resulting from the issuance of share options.
2. Details of Share Repurchase(1) Class of shares to be repurchased(2) Total number of shares to be repurchased(3) Total purchase price(4) Period of repurchase(5) Method of repurchase

Common shares of the Company
200,000 shares (maximum)(up to 0.16% of the total number of shares issued
and outstanding (excluding treasury shares))¥300 million (maximum)
From July 12, 2024 to August 31, 2024
Market purchases on the Tokyo Stock Exchange(Reference) Treasury shares held as of May 31, 2024
Total number of shares issued and outstanding (excluding treasury shares)
Total number of treasury shares- 25 -

125,834,545 shares
871 shares