HOME CENTER and HOME FASHION STORE

Financial Results Briefing Material
for the Nine Months Ended December 31, 2022
(April 01, 2022 - December 31, 2022)

January 30, 2023
NAFCO Corporation(Securities Code: 2790)

All Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STORE

Summary of Financial Results for
the Nine Months Ended December 31, 2022
Net sales

159.2

Billion yen

YoY Change

98.3

%

■ Sales of seasonal products were strong both in summer and winter, while sales in September struggled
due to typhoon hitting every weekend.
■ Household goods and commodities trended toward recovery as a result of sales promotions for attracting
customers such as “Living Support Sale,” while infection control products were not very successful.

Operating profit

9.4

Billion yen

YoY Change

83.8

%

% of sales

5.9%(YoY Change(1.1%))■ Gross profit margin continuously improved, partly due to the increased private brand ratio.
■ Selling, general and administrative expenses remained unchanged due to significant decline in logistics
expenses despite increases in advertising expenses and utility expenses.

Ordinary profit

Profit9.8

6.0

All Rights Copying NAFCO Co.,Ltd.

Billion yen

Billion yen

YoY Change

84.8

%

% of sales

6.2%

YoY Change

83.5

%

% of sales

3.8%(YoY Change(1.0%))(YoY Change(0.7%))
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HOME CENTER and HOME FASHION STOREStatements of Income for the Nine Months Ended December 31, 2022
(Millions of yen)
Nine months ended
December 31, 2021

% of sales

Net sales

161,991

100.0%

159,297

100.0%

98.3%

Gross profit

56,47334.9%

54,953

34.5%

97.3%

Operating grossprofit

56,71435.0%

55,243

34.7%

97.4%

Selling, general andadministrative
expenses

45,40128.0%

45,76728.7%

100.8%

Operating profit

11,313

7.0%

9,475

5.9%

83.8%

Ordinary profit

11,632

7.2%

9,866

6.2%

84.8%

Profit

7,245

4.5%

6,046

3.8%

83.5%

All Rights Copying NAFCO Co.,Ltd.

Nine months ended
December 31, 2022

% of sales

YoY Change

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HOME CENTER and HOME FASHION STORE

Balance Sheets
Fiscal Year Ended
March 31, 2022

(Millions of yen)
Change From
the End of the Previous
Fiscal Year

Nine months ended
December 31, 2022

Net assets

233,075

245,465+12,389

Current assets

100,744

112,179+11,435

34,111

40,762+6,651

132,331

133,285+953

118,557

119,534+976

75,312

83,243+7,931

Interest-bearing liabilities

20,293

19,328(964)

Of which, short-term borrowings

19,585

19,145(440)

Of which, current portion of long-termborrowings

599

149

(450)

Of which, long-term borrowings

108

33

(74)

157,763

162,221+4,458Cash and deposit ratio (%)

14.6

16.6

Ratio of interest-bearing liabilities (%)

8.7

7.9

Equity ratio (%)

67.7

66.1

Current ratio (%)

161.1

160.2

Non-current ratio (%)

83.9

82.2

Of which, cash and deposits

Non-current assets
Of which, property, plant and equipment

Liabilities

Net assets

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HOME CENTER and HOME FASHION STORE

Trends in Sales Composition by ProductNine months
ended
December 2015

Materials, DIY andgardening goods

Householdgoods

Furniture and homefashion goods

OthersNine months
ended
December 2016

Nine months
ended
December 2018

Nine months
ended
December 2019

Nine months
ended
December 2021

All Rights Copying NAFCO Co.,Ltd.

Nine months
ended
December 2017

Nine months
ended
December 2020

Nine months
ended
December 2022

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HOME CENTER and HOME FASHION STORE

Trends in Existing Stores
Net sales of existing stores compared to previous year (%)

Nine months ended December 31,
2022 cumulative(existing stores)

Net sales: 98.2%
Customers: 93.9%
Customer average: 104.6%

Spread of “Omicron strain”“Application of AreaFocused Intensive Measuresfor Prevention of the Spreadof Infection”(18 prefectures)

Early end of therainy season(Initial report)

Substantial easing ofgovernment border control.
Launch of a subsidy programfor domestic travel

Successive record
number of new positive
patients of the “7th wave”
of COVID-19

Government announcementof emergency measuresagainst soaring crude oil
pricesTyphoon hitting
every weekend

Fairly warm temperaturesnationwide(The highest temperature for
November was recorded ineastern Japan since records
began)(Emergency Warning issued for
Typhoon Nanmadol for Kyushu)

Jan.

Feb.

Mar.

Apr.

May

Jun.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Sales
Customers
Customeraverage

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HOME CENTER and HOME FASHION STORE

Trends in Gross Profit Margin at the End of the Term
Left axis (gross profit margin: %)Right axis (private brand ratio: %)Gross profit margin

34.5%
Promotion of development ofprivate brand products forhome center products

Strengthened
sales promotions
aimed at
attracting
customers in 2Q
and 3Q

Marked a record high forboth net sales and profit

Consumption tax hike to 8%
April 2014（%）

FY3/12

FY3/13

Private brand
ratio
Gross profit
marginAll Rights Copying NAFCO Co.,Ltd.

FY3/14

Promotion of scrap and build
Net loss in the number ofexisting stores for the first time

FY3/15

FY3/16

FY3/17

FY3/18Consumption tax hike to 10%
October 2019

FY3/19FY3/20FY3/21

FY3/22Q3 FY3/23

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Factors for a Change in Operating Profit(Millions of yen)

Gross profit(149)

Selling, general and administrative expenses

(471)
(797)
Household
goods

(102)

+50

OthersOperatingrevenue(415)

11,311(555)
Personnel
expenses

Furniture and homefashion goods
Materials, DIY
and gardening
goods

+897

(307)
+15

OthersAdvertisingexpensesUtilityexpenses
Depreciation
and amortization

9,475

Nine months ended December 31, 2021
Operating profit
All Rights Copying NAFCO Co.,Ltd.

Nine months ended December 31, 2022
Operating profit77
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HOME CENTER and HOME FASHION STORE

Trends in Private Brand Ratio at the End of the Term(%)

Company total
Private Brand ratio

Materials, DIY andgardening goods

Householdgoods

Furniture and home fashion

Ongoing

Increase

Fiscal year
ended
Mar. 2019
All Rights Copying NAFCO Co.,Ltd.

Fiscal year
ended
Mar. 2020

Fiscal year
ended
Mar. 2021

Fiscal year
ended
Mar. 2022

Nine months
ended
Dec. 2022
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HOME CENTER and HOME FASHION STORE

Private Brand Products (Materials, DIY and Gardening goods)

Tipped Saws
Original high-quality tipped saws for improved work efficiency andmitigated workload, in response to an increasing need for weed control
2nd line to be released in March 2023

1st line released in December 2022

Outer diameter: 230mm
Number of blades: 44

Improved sharpness
Adopted a rounded blade for tip!
Sharp cutting edge achieves amazing
sharpness!
Roundedblade

Increased durability

Higher convenience

The blade narrow in the middle prevents
slipping and achieves a structure excellent indurability.

The increased number of blades fit for
wide-ranging use, from cutting
common grasses to mowing bamboo
groves and thickets.

Narrow shape

Outer diameter: 255mm
Number of blades: 48
Outer diameter: 230mm
Number of blades: 44

Key point

All Rights Copying NAFCO Co.,Ltd.

Outer diameter: 255mm
Number of blades: 48

Large-sized tipped
saws, a type resistant
to stones

Japanese Industrial
Standards (JIS) quality

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HOME CENTER and HOME FASHION STORE

Private Brand Products (Materials, DIY and Gardening goods)

Storage
Original containers TIAMOS coming in various shapes and materials■ Container boxes with a wide variety of sizes capable of storing neatly both large tools and small parts

Newly added fabric bags to the big hit TIAMOS series■ Inner buckets for more comfortable use of TIAMOS containers

All Rights Copying NAFCO Co.,Ltd.

■ Actively supporting daily use and outdoor leisure activities withthe toughness withstanding the hard use by workers

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HOME CENTER and HOME FASHION STORE

Private Brand Products (Materials, DIY and Gardening goods)

Safety Shoes

Toe box
Safety shoes
Light weight

Safety shoes

Breathability

Resin coreToebox
Toe boxLight weight

Breathability

All Rights Copying NAFCO Co.,Ltd.

Resin core

Safety shoes
Light weight

Breathability

Resin core

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HOME CENTER and HOME FASHION STORE

Private Brand Products (Household goods)

Slippers and Towels
Organic cotton

Hygroscopic heatgeneration slippers

Insole made from functional fabric with antibacterial and deodorant treatment

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HOME CENTER and HOME FASHION STORE

Private Brand Products (Household goods)

ChairsOriginal chairs
KING chair
Developed products with added values in colors, designs,
and functions, catering to the emerging need such as for“chairing,” a new outdoor activity for relaxing

QUEEN chair
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HOME CENTER and HOME FASHION STORE

Private Brand Products (Household goods)

Flame Stove
Flame stove series
Added a new lineup to meet the needs of outdoor enthusiasts

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HOME CENTER and HOME FASHION STORE

Private Brand Products (Furniture and Home Fashion goods)

Bed (mattress)

Cover (top part)

Cover (top part)
Softerpart

Pad
Air fiber (spilt
into 3 sections)
Cover (base part)
Standard

Standard
hardness

Soft

Pad
Air fiber (spilt
into 3 sections)
Cover (base part)

Standard
hardness

Standard

Softer specification overall

Specification to assist roll-overThe shoulder part is made soft tooffer more comfortable roll-over.

All Rights Copying NAFCO Co.,Ltd.

Uniform hardness

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HOME CENTER and HOME FASHION STORE

Private Brand Products (Furniture and Home Fashion goods)

Study Desks

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HOME CENTER and HOME FASHION STORE

Number of Point Card Members(Ten thousand people)

Point card membership is increasing
through apps and cards(YoY Change +4.0%)

1,274
1,225
1,184

1,143
1,100
1,050
994
926
2021
Reciprocal use of point
card on E-commercestarted

849
767

2020
Integrate point card in
app

686

2019
Point card with inhouse money function

2013
Changed from 3 x points
plan to 5 x points

Q3
FY3/13

Q3
FY3/14All Rights Copying NAFCO Co.,Ltd.

Q3
FY3/15

Q3
FY3/16

Q3
FY3/17

Q3
FY3/18Q3
FY3/19Q3
FY3/20Q3
FY3/21

Q3
FY3/22

Q3
FY3/23

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HOME CENTER and HOME FASHION STORE

Social Media Utilization
Instagram■ Actual products can be experienced at stores■ Mainly sharing our private brand products

Integratingsocial media
and real stores

Facebook

All Rights Copying NAFCO Co.,Ltd.

TwitterLINE

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HOME CENTER and HOME FASHION STORE

Outline of ESG initiatives
The main items are listed.
Field

Items

OutlineReduction of carbon
dioxide emissions

・ Changing the lighting at stores to LED (completed
100%)
・ Installation of solar panels on the roof of stores

Environmentallyfriendly products

・ Development and sales of herbicides from naturalingredients・ Development and sales of rechargeable electricstring trimmer

Recycling after use

・ Collecting PET bottles
・ Collecting used ink cartridges

S

Role in Disasters

・ Number of local authorities (including police) withwhich we have entered agreements for the supply
of disaster supplies: 328 (as of December 31,
2022)
・ Product supplies through immediate store
restoration in the disaster area

G

Corporate
Governance・ Disclosing skill matrix
・ Participation in the “Electronic Voting Platform”

E

Enzan StoreAll Rights Copying NAFCO Co.,Ltd.

【Solar power generation】【New Store】 Kurobe Store (Toyama Prefecture)

Chino Store
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HOME CENTER and HOME FASHION STOREStore Openings and Expansion/Renovation (New Stores)
TWO-ONE STYLE
Kyoto
Katsura-minami
Store

New
storesAll Rights Copying NAFCO Co.,Ltd.

Store Name

Opening

Location

Store style

TWO-ONE
STYLE
Matsuzakaya
Shizuoka

April

Shizuoka

Furniture and homefashion store

KurobeSeptember

ToyamaHome center

TWO-ONE
STYLE
Takarazuka Itami

September

Hyogo

Furniture and homefashion store

TWO-ONE
STYLE Kyoto
Katsura-minami

November

Kyoto

Furniture and homefashion store

Yasu

December

Shiga

Home center

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HOME CENTER and HOME FASHION STOREStore Openings and Expansion/Renovation (New Stores)
Yasu StoreAll Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STOREStore Openings and Expansion/Renovation (Expansion/Renovation)

Expansion/
Renovation

Store Name

Opening

Location

Store style

Higashiyatsushiro

AugustKumamoto

Combination store

Ezu

AugustKumamoto

Combination store

Ibusuki

October

Kagoshima

Combination store

Yame

December

Fukuoka

Combination store

Ouchi

December

YamaguchiHome center

All Rights Copying NAFCO Co.,Ltd.

IbusukiStore

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HOME CENTER and HOME FASHION STOREStore Openings and Expansion/Renovation (Expansion/Renovation)
Yame StoreAll Rights Copying NAFCO Co.,Ltd.

Ouchi Store

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HOME CENTER and HOME FASHION STORE

Number of Stores by Business Type
Small stores of
300 tsubo
Furniture-onlystoresHI stand-alone
storesCombination
storesTotal stores

KansaiTohokuChugoku

Kanto
Chubu
KyushuAll Rights Copying NAFCO Co.,Ltd.

Shikoku

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HOME CENTER and HOME FASHION STORE

Business Growth Status
Composition
ratio(no. ofstores)Combination
store

39.6%

Home center

50.4%

Furniture only
store

4.4%

All Rights Copying NAFCO Co.,Ltd.

Related segment(s)Priority store opening pattern

Materials, DIY
and gardening
goods

Householdgoods

Furniture andhome fashion
goods

Other

Store area

Number ofpeople inservedbusiness area

○

○

○

○

13,000 square
meters or more

200,000○

7,000 square
meters,
10,000 square
meters or more

100,000

7,000 square
meters300,000

○

○

(some
products)○

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HOME CENTER and HOME FASHION STORE

Shareholder Benefit Program
Expansion from Mar. 2023 was disclosed in the news release“Expansion of Shareholder Benefit Program” on Sep. 20, 2022
Number of Shares Held

End of September (Interim)【Not changed this time】

End of March (Year-end)【Either A or B】

100 or more
but less than 500 shares

UC Gift Voucher worth¥500

A. UC Gift Voucher worth ¥1,000
B. NAFCO Shopping Voucher
worth ¥2,000500 or more
but less than 1,000 shares

UC Gift Voucher worth¥1,500A. UC Gift Voucher worth ¥3,000
B. NAFCO Shopping Voucher
worth ¥6,000

1,000 or more shares

UC Gift Voucher worth¥2,500A. UC Gift Voucher worth ¥5,000
B. NAFCO Shopping Voucher
worth ¥10,000

Number of Shares Held

End of September (Interim)

End of March (Year-end)

100 or more but less than 500 shares

UC Gift Voucher worth ¥500

UC Gift Voucher worth ¥1,000

500 or more but less than 1,000 shares

UC Gift Voucher worth ¥1,500

UC Gift Voucher worth ¥3,000

1,000 or more shares

UC Gift Voucher worth ¥2,500

UC Gift Voucher worth ¥5,000

Current benefit from the program

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HOME CENTER and HOME FASHION STORE

Trends in the Number of Shareholders(People)[Nov. 08, 2019] Notice of Introduction of Shareholder Benefit Program[May 08, 2020] Notice of Dividends of Surplus (Increase)

10,351[Oct. 30, 2020] Notice of Expansion of Shareholder Benefit Program[Oct. 30, 2020] Notice of Dividends or Surplus (Interim Dividends and Increase)[Feb. 19, 2021] Notice of Revision from Year-End Dividend Forecast for
the Fiscal Year Ending March 31, 2021 (Increase)

8,103[Sep. 20, 2022] Expansion of Shareholder Benefit Program

Started theintroduction of
Shareholder
Benefit Program

FY3/14

FY3/15All Rights Copying NAFCO Co.,Ltd.

FY3/16

FY3/17

FY3/18

FY3/19FY3/20FY3/21

FY3/22

Q2
FY3/23

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HOME CENTER and HOME FASHION STORE

Trends in DividendInterim
Dividend(%)

Year-end
Dividend

Payout ratio

56 yen56 yen(forecast)

50 yen36 yenFiscal year
ended
Mar. 2014

38 yen38 yen38 yen 38 yen 38 yen 39 yen

Fiscal year
ended
Mar. 2015

Fiscal year
ended
Mar. 2016

Fiscal year
ended
Mar. 2017

All Rights Copying NAFCO Co.,Ltd.

Fiscal year
ended
Mar. 2018

Fiscal year
ended
Mar. 2019

Fiscal year
ended
Mar. 2020

Fiscal year
ended
Mar. 2021

Fiscal year
ended
Mar. 2022

Fiscal year
endingMar. 2023(forecast)

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HOME CENTER and HOME FASHION STOREForecast for the Fiscal Year Ending March 31, 2023
“Announcement of the Revision of the Operating Results Projection” disclosed on
January 27, 2023.
(Millions of yen)
Full-year(Plan)

% of
sales

YoY
Change(%)

Fiscal year ended
March 31, 2022
(Results)

% of
sales

Fiscal year
ended March31,
2021 (Results)

% of
sales

Net Sales

203,400

100.0%

98.5%

206,549

100.0%

234,578

100.0%

Operatingprofit10,100

5.0%

84.2%

12,002

5.8%

18,221

7.8%

Ordinary profit

10,500

5.2%

83.5%

12,572

6.1%

18,918

8.1%

Profit

6,200

3.0%

77.9%

7,961

3.9%

11,6885.0%

Annualdividends

56 yen (forecast)(Interim/
Full year)(28 yen/28 yen)

56 yen(28yen/28 yen)

50 yen(23 yen/27 yen)

*The Company has applied “Accounting Standard for Revenue Recognition” and others since the beginning of the fiscal year ended March 31, 2022.
The figures before the application of such Standard and others are presented based on the disclosed figures before the application.

All Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STORE

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HOME CENTER and HOME FASHION STORE

appendix*The Company has applied “Accounting Standard for Revenue Recognition”
and others since the beginning of the fiscal year ended March 31, 2022.
The figures before the application of such Standard and others are presented
based on the disclosed figures before the application.

All Rights Copying NAFCO Co.,Ltd.

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HOME CENTER and HOME FASHION STOREStatements of Income
Nine months ended
December 31, 2020

Items
(Millions of yen)

Nine months ended
December 31, 2021

Results

YoY
Change% ofsales

Results

YoY
ChangeNet Sales

186,892

109.3%

100.0%

161,991

Gross profit

64,553115.2%

34.5%

-

-

Selling, general andadministrative
expenses

46,226

Operating profit

Nine months ended
December 31, 2022

% of
sales

Results

YoY
Change86.7%

100.0%

159,29798.3%

100.0%

56,473

87.5%

34.9%

54,953

97.3%

34.5%

-

56,714-35.0%

55,243

97.4%

34.7%

95.6%

24.7%

45,401

98.2%

28.0%

45,767100.8%

28.7%

18,326238.9%

9.8%

11,313

61.7%

7.0%

9,475

83.8%

5.9%

Ordinary profit

18,826230.2%

10.1%

11,632

61.8%

7.2%

9,866

84.8%

6.2%

Profit11,564240.1%

6.2%

7,245

62.7%

4.5%

6,046

83.5%

3.8%

Operating grossprofitExisting Stores(YoY Change)

% of
sales

Nine months ended
December 31, 2020

Nine months ended
December 31, 2021

Nine months ended
December 31, 2022

Net Sales

110.0%

89.4%

98.2%

Customers

106.6%

87.0%

93.9%

Customer average103.1%

102.7%

104.6%All Rights Copying NAFCO Co.,Ltd.

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Segments
Nine months ended
December 31, 2020

Net Sales(Millions of yen)

Nine months ended
December 31, 2021

Results

YoY
Change% ofsales

Results

YoY
ChangeMaterials, DIY andgardening goods

84,443113.8%

45.2%

75,47989.4%

Household goods

50,227107.6%

26.9%

41,119Furniture andhome fashion goods

37,122106.1%

19.9%

Others

15,098

99.8%

Total

186,892

109.3%

Results

YoY
Change46.6%

74,566

98.8%

46.8%

81.9%

25.4%

40,741

99.1%

25.6%

32,114

86.5%

19.8%

30,848

96.1%

19.4%

8.0%

13,277

87.9%

8.2%

13,140

99.0%

8.2%

100.0%

161,99186.7%

100.0%

159,29798.3%

100.0%

Nine months ended
December 31, 2020

Gross profit(Millions of yen)

% of
sales

Nine months ended
December 31, 2021

Results

YoY
Change% ofsales

Results

YoY
ChangeMaterials, DIY andgardening goods

30,505119.1%

36.1%

27,10288.8%

Household goods

14,646117.0%

29.2%

12,047

Furniture andhome fashion goods

14,770109.0%

39.8%

Others4,632

106.7%

Total

64,553115.2%All Rights Copying NAFCO Co.,Ltd.

Nine months ended
December 31, 2022
% of
sales

Nine months ended
December 31, 2022

% of
sales

Results

YoY
Change

% of
sales

35.9%

26,953

99.5%

36.1%

82.3%

29.3%

11,575

96.1%

28.4%

13,276

89.9%

41.3%

12,478

94.0%

40.4%

30.7%

4,047

87.4%

30.5%

3,944

97.5%

30.0%

34.5%

56,473

87.5%

34.9%

54,953

97.3%

34.5%

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Number of Stores by Area and Business Type

Number of Storesat the End of the
Term

Nine months ended
December 31, 2020
Combination
storesNine months ended
December 31, 2021

HI standalone
storesFurniture-only
storesCombination
storesNine months ended
December 31, 2022

HI standalone
storesFurniture-only
storesCombination
storesHI standalone
storesFurniture-only
storesKyushu

84

106

3

82

106

3

82

106

3

Chugoku andShikoku

33

52

1

33

52

1

33

51

1

Kansai

17

21

5

16

22

7

16

23

9

Chubu

9

13

1

9

13

1

9

14

2

Kanto and Tohoku

3

9

2

3

9

2

3

9

2

146

201

12

143

202

14

143

203

17

Total

359

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363

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HOME CENTER and HOME FASHION STORE

Balance Sheets
Fiscal Year Ended March 31, 2021

Items
(Millions of yen)
Results

Compared to
the End of
the Previous
Fiscal Year

Change From
the End of thePrevious
Fiscal Year

Nine months ended
December 31, 2022

Fiscal Year Ended March 31, 2022

Results

Compared to
the End of
the Previous
Fiscal Year

Change From
the End of thePrevious
Fiscal Year

Results

Compared to
the End of
the Previous
Fiscal Year

Change From
the End of thePrevious
Fiscal Year

Total assets

236,164

106.8%

15,126

233,075

98.7%(3,088)245,465

105.3%

12,389Current assets

102,419119.5%

16,681

100,74498.4%(1,675)

112,179

111.4%

11,43540,984169.4%

16,793

34,111

83.2%(6,872)

40,762119.5%

6,651

Non-current assets

133,74498.9%(1,554)132,33198.9%(1,413)

133,285

100.7%

953

Of which, property,
plant and equipment

119,94298.9%(1,359)118,557

98.8%(1,384)

119,534

100.8%

976

83,342105.9%

4,629

75,312

90.4%(8,029)83,243110.5%

7,931

22,03891.1%(2,156)

20,29392.1%(1,744)

19,328

95.2%

(964)

152,821107.4%

10,497

157,763103.2%

4,941

162,221102.8%

4,458

Of which, cash anddeposits

Liabilities
Interest-bearing
liabilities

Net assets

Fiscal Year Ended March 31, 2021

Fiscal Year Ended March 31, 2022

Nine months ended
December 31, 2022

Cash and deposit
ratio (%)

17.4%

14.6%

16.6%

Ratio of interestbearing liabilities (％)

9.3%

8.7%

7.9%

Equity ratio (%)

64.7%

67.7%

66.1%

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Stock (Full-year)
Fiscal Year Ended
March 31, 2020

Fiscal Year Ended
March 31, 2021

Fiscal Year Ended
March 31, 2022

Number ofIssued Shares

29,784,400

29,784,400

29,784,400

Number ofTreasury Shares

1,221,600

1,221,800

1,221,800

Net Assets per Share (yen)

4,983

5,350

5,523

Dividend per Share (yen)

39

50

56

Earnings per Share (yen)

173

409

279

Payout Ratio

22.5%

12.2%

20.1%

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HOME CENTER and HOME FASHION STOREThis document is intended solely for the purpose of providing information toinvestors.
We will disclose information as needed at an appropriate time depending on
the external environment and the progress of business performance.
This document may contain forward-looking statements. These statements
are not statements of past fact, but are instead forecasts based on
hypotheses and assumptions determined from information available at thecurrent time.
They also involve risks and uncertainties related to economic trends, market
environments, and the like.
Actual business performance may therefore differ from the Company’s
forecasts.

http://www.nafco.tv(Securities Code: 2790)
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