Earnings Results Briefing for
the Third Quarter of the Fiscal YearEnding March 31, 2022
February 14, 2022
Komehyo Holdings Co., Ltd.
Securities code: 2780
(Second Section, Tokyo and Nagoya Stock Exchanges)
IR・PR Department
TEL +81-52-249-5366
Email ir@komehyo.co.jp

Contents
１．Overview of Financial Results for the Third Quarterof the Fiscal Year Ending March 31, 2022
２．Initiatives for the Third Quarter of the Fiscal YearEnding March 31, 2022
３．Reference Information (Company Profile, etc.)2１．Overview of Financial Results for the Third Quarterof the Fiscal Year Ending March 31, 2022
２．Initiatives for the Third Quarter of the Fiscal YearEnding March 31, 2022
３．Reference Information (Company Profile, etc.)3

FY 2022 3Q Financial Summary【Nine months results】
・Both net sales and profits grew year on year.
・Record high purchases from individuals due to store openings and purchase events, etc.
and opened 27 purchase centers (of which, two are franchised stores)
・Strong corporate sales of the Brand Fashion business associated with steady purchases from individuals
・AI to assess authenticity and model numbers has been installed in
all KOMEHYO stores specializing in purchasing. (As of December 2021)【Full-year performance plan】
・Upward revision; plan to achieve in the first year operating and ordinary incomeof the third year of the medium-term management plan

・Increase of fiscal year-end dividend（Annual dividend 24yen→28yen）【Selection / application for new market category】
・Select and apply for "Standard Market" on the Tokyo Stock Exchange.

4

Revisions to full-year performance plan for the fiscal year
ending March 31, 2022
(Millions of yen)

Basic earnings
per share

2,190

2,110

1,470

134.1767,000

2,950

2,940

1,830

167.03

Change

3,800

760

830

360

－

Rate of change

6.0％

34.7％

39.3％

24.5％

－

Revised forecasts announced

Dividends

Net income
attributableto owners ofparentOrdinary
income63,200

Forecasts released previously

FY2022

Net sales

Operatingincomeon this occasion(円)Interim dividend

Fiscal year-end
dividend

Annual dividend

Dividend
payout ratio

Forecasts released
previously

12

12

24

17.9

Revised forecasts
announced on thisoccasion

12

16

28

16.8

※In the fourth quarter, we expect a decrease in income compared to the year-ago quarter for the three-month period because of upfront
investments for the next fiscal year and beyond.。

5Economic Trend
Komehyo's sales are less susceptible to the impact of the COVID-19
because of the OMO initiatives and other factors.
30,000

Nikkei Stock Average(monthly closing price)(yen)20,000Department store(fine arts/jewelry/precious metals)(10 millions of yen)
KOMEHYO Net sales(Millions of yen)

5,000
4,000
3,000

2,000
1,000
0
'20.4

5

6

The COVID-The COVID-The COVID-The COVID-

19

19

19

19

19

2nd wave

3rd wave

4th wave

5th wave

6th wave

7

8

9

10

11

12 '21.1

2

3

4

5

6

7

8

9

The COVID-

10

11

12 '22.1FY2022(Source：JAPAN DEPARTMENT STORES）

6

Overview of income statement
FY2022
1Q

YoY

FY2022
2Q

YoY

Net sales

14,162180.1%

16,472

127.1%

19,237127.1%

49,872138.7%

Gross profit

3,985

211.1%

4,215

124.5%

5,067

113.3%

13,267136.1%

Gross profit
margin28.1％＋4.1pt25.6％△0.5pt26.3%△3.3pt26.6%△0.5ptSG&A expenses

3,476

126.5%

3,613

103.8%

3,523

102.0%

10,613109.6%

Operating income

508

－

601

－

1,543

151.5%

2,654

4281.2%

Operating profit
margin3.6％＋14.5pt

3.7％＋8.3pt8.0％＋1.3pt5.3％＋5.1ptOrdinary income

515

－

610

－

1,536

157.7%

2,662－

Net income attributableto owners of parent

337

－

385

－

936

131.4%

1,659－(Millions of yen)

FY2022
3Q

YoY
※

YoY
※

FY2022
9months※ Figures for the nine months under review after the application of the Accounting Standard for Revenue Recognition and figures
for the nine months of the previous fiscal year before its application are compared.

7

Operating income increase and decrease factor
Sales increased on strong purchases from individuals. As expense control was successful,
operating income rose significantly.

SG&A Expenses

Gross Profit

Sales amountincrease

margin decrease△251

increase

Personal expenses increased due tonormal business operation.
△425
Increase in selling expenses such as
advertising expenses△303
Increase in general and administrative
expenses such as land rent
△201

△930

2,654
Operatingincome＋3,773(Millions of yen)61

FY2021 3Q

Operating income（+2,592）

FY2022 3Q
8

Non-operating income(loss) / Extraordinary income(loss)(Millions of yen)

Non-operating loss 47
Non-operating income 56
Foreign exchange gain 22
Dividend income
14
Commission income
4
Other
14

Interest expenses 37
Other
10

Extraordinary loss 380
Extraordinary income 23
Grant income 13
Gain on sale of
fixed assets
10

Impairment loss※ 235
Loss on retirement of
fixed assets
133
Loss due to temporary
closure11※Demolition of real estate rental properties due to deterioration in line with the reorganization planfor the Nagoya Main Office area
Impairment loss 103・Loss on retirement of fixed assets 120
Stores scheduled to be relocated (Ginza Store, Nagoya Main Store Kimono Hall)
Impairment loss 30・Loss on retirement of fixed assets 8
Goodwill recognized at the time of acquisition of Eve Corporation Co., Ltd., a consolidated subsidiary
Impairment loss 96

9Balance sheet overview(Millions of yen)

FY2021

FY2022 3Q

Change27,286

29,111＋1,825

Cash and deposits

10,5388,109△2,429Products

12,64916,229+3,579

4,097

4,772

+675

Non-current assets

10,116

10,257+141

Total assets

37,40239,368＋1,966

Liabilities

18,955

19,350＋394

Interest-bearing
liabilities

14,746

15,207460

Other liabilities

4,209

4,143

△66

Net assets

18,44620,018+1,571

Liabilities andNet Assets

37,40239,368＋1,966

Current assets

Other current assets→Normalization of cash on hand
as a precaution against COVID-19→Newer used products are on the increase
due to strong purchases from individuals.

→Borrowings decreased with
the normalization of cash on hand.
→Attributable to an increase in retained
earnings and other factors
10Overview by segment
In the Brand Fashion business, both sales and profit increased thanks to favorable purchases from individuals andthe strong results of auctions among companies. Sales and profit also increased in the Tire and Wheel businessowing to the strong sales of winter tires.

FY2022
1Q

YoY

FY2022
2Q

YoY

Net sales

13,277186.0％

15,622128.8％

17,450129.6%

46,390141.6％

Operatingincome

472

－

569

－

1,129

146.5%

2,171－

Operatingmargin3.6%＋15.1pt

3.6%＋4.0pt6.5%＋0.8pt4.7%＋5.0ptNet sales

864

121.5％

790

101.3％

1,766

106.9％

3,420

108.8%

Operatingincome

△20

－

△35

－

230

110.8%

173

137.0%

Operatingmargin

－

－

－

－

13.0%

＋0.4pt5.1%＋1.1ptNet sales

84513.1％

84424.0％

84

98.7%

253

207.8％

Operatingincome

25

－

25

－

26

106.7%

77396.1%

Operatingmargin29.8%＋50.9pt

30.2%＋39.8pt

31.4%＋2.3pt30.5％＋14.5pt(Millions of yen)

FY20223Q

YoY※

FY2022
9months

YoY
※

Brand
FashionTire and
Wheel
Real estateleasing※ Figures for the nine months under review after the application of the Accounting Standard for Revenue Recognition and figures
for the nine months of the previous fiscal year before its application are compared.

11Breakdown of consolidated Net sales (Retail / Overseas)
The hybrid business of retail and corporate sales is balanced across the Group as a whole.
Even including the third quarter, which is the busy season in Japan,
the ratio of overseas sales remained steady at 10% of total sales.

Overseas10%

Corporate
sales,etc.
51%

FY2022 3Q
Net sales
49,872(Millions of yen)

Retail49%

FY2022 3Q
Net sales
49,872(Millions of yen)Domestic

90%※The ratio of overseas business does not include domestic tax-free sales, etc.

12

Trends in Consolidated Net sales and Gross Profit Margin
In 3Q, corporate sales with low gross margins increased significantly due to strong purchasesfrom individuals.
Gross profit margin(%)

29.6

27.5

24.0

25.9

24.3

24.0

26.1

27.7

28.1

25.6

26.3

Net Sales(Millions of yen)

12,43915,288 14,999 14,782

12,957 15,132 14,771

14,162

16,472

19,237

7,861
1Q

2Q

3Q FY20-4Q

1Q

2Q

3Q FY21-4Q

1Q

2Q FY22-3Q

Seasonal factors behind the change in the gross profit margin include a tendency to increase in the third quarter,
when the ratio of retail increases for the year-end shopping season, and a tendency to decrease in the second andfourth quarters for stock-taking.

13

Purchase from individual customers (Group total)
Purchases from individuals remained favorable with the opening of Komehyo’s purchasing centers, the holdingof KAITORI Go purchasing events, and an increase in the amount of purchases per customer.
In particular, the purchase price of watches increased sharply.
Number of stores
109
93

94

5,599

96

116

126

98

6,754

6,312

3Q

FY21-4Q

7,574

7,728

1Q

2Q

Purchase fromindividual customers(Group total)
8,983 (Millions of yen)

2,535
1Q

2Q

FY22-3Q※The individual purchase amount is the amount purchased from an individual customer through the following route.
・Purchasing at stores
・Purchasing at visited sites
・Purchasing at events (KOMEHYO)
・Purchasing using home delivery services (KOMEHYO)

14

Changes in corporate auction trade volume
JBA auctions (particularly the offline auctions in Kanazawa) continued to be strong due to an increase in thenumber of registered members. The total volume of auctions among companies increased 15% YoY.

Number of registeredmembers

2,743

6,786

2,591

7,421

2,755

7,151

2,812
7,947

2,966

3,095

8,779

8,553

Trade volume(Millions of yen)
JBA

3,518
KOMEHYO
Auction
1Q

2Q

3Q

FY21-4Q

1Q

2Q

FY22-3Q※KOMEHYO auction：The online bidding method※K-BRAND OFF：Japan Brand Auction(JBA)TOKYO－the real bidding method
Japan Brand Auction(JBA)KANAZAWA－the live auction method
JBA Live Net Auction－The online bidding method15

E-commerce-induced sales rate(KOMEHYO)
The e-commerce contribution ratio increased 4.4pt YoY, despite an increase in store purchases,
mainly of clothing, as the COVID-19 situation eased. E-commerce-induced sales grew 27% YoY.

48.2

E-commerce-induced sales rate：EC Sales as a Percentage of Retail Sales
46.1
43.8
43.7
41.6
41.0
39.4
E-commerce
induced sales

2,814
2,006

2,211

2,176

2,021

2,333

(Millions of yen)

KOMEHYO
website

1,253
Back orders

Others

1Q

2Q

3Q

FY21-4Q

1Q

2Q

FY22-3Q※KOMEHYO website: Make a purchase by directly clicking the KOMEHYO online store or by making a phone callto a contact center and receiving a customer service.
Back orders(Purchasing from a catalog): Make a purchase after choosing a product from a catalog at the KOMEHYO online store,
having the product delivered to a nearby KOMEHYO store and making sure of the product in person.
Others(Other companies’ websites): Make a purchase at a store KOMEHYO set up at an Internet sales site operated byanother company.

16

１．Overview of Financial Results for the Third Quarterof the Fiscal Year Ending March 31, 2022
２．Initiatives for the Third Quarter of the Fiscal YearEnding March 31, 2022
３．Reference Information (Company Profile, etc.)

17

Stores：Group total 126 stores（‘21.12)
Brand Fashion

Flagship stores

５

Sales Stores

２

1

2

－

6

2

10

4

6

２

7

2

10

4

Stores annexed withsales facilities

11

Purchasing
Center49

10(FC2)

Overseas

5

11

Total

70

BRAND OFF
KANAZAWA store

Tire and Wheel

8

Shellman GINZA store

25

WORM OSAKA(July ‘21 Opened)

Craft NAKAGAWA store

18

Opened stores in FY2022 3Q（KOMEHYO）
KOMEHYO opened 22 purchasing centers in the 3Q of the fiscal year and is making steadyprogress towards the goal of opening 30 stores in the fiscal year.
West Japan
1Q HAKATA HANKYUAEON MALL IBARAKIKAWANISHI HANKYU
2Q DAIMARU SUMA
AEON MALL KOBE KITA
3Q MATSUYAMA MITSUKOSHI

1Q

2Q

East Japan
1Q HIBARIGAOKA PARCOSAPPORO TOKYO
2Q COCOON CITY
MARUHIRO IRUMA
3Q MARUHIOR AGEOLAZONA Kawasaki PlazaCentralAEON MALL KUWANA
3Q NORITAKE SHINMACHIVERSAWALK NISHIOAZ PARKAEON MALL ATSUTAASTY KOUZOUJI
ISSYASAKAE MORINOCHIKAGAITOYOHASHI KALMIA
AEON MALL MIYOSHI※Stores with underlining are stores specializing in purchases, and they became permanent stores with the "KAITORI GO" purchasing event as a foothold.

19

Product distribution image（KOMEHYO)・Stores
・Home delivery Purchasing
・Purchasing at events・Purchasing at visited sites

Purchasefromindividual
customers
69％

Purchase from
corporations
31％

・Suitable for retail

Retail46％

・Stores・Web
KOMEHYO website
Others website

KOMEHYO
Product
centerQuality
Market priceDistribution• Not appropriate for retail(bad condition, etc.)• Expensive stock• High market price risk

Corporate ・Auction
・Wholesale
sales
Domestic
54％

Overseas
・Events
IJT, etc.

20

Relocation of Ginza store (KOMEHYO)With the expiration of the contract period, the current Ginza store will be open until February 15, 2022 (Tuesday).
After the relocation, the new store will offer convenient OMO experiences such as "one-to-one customer service"and "e-commerce back orders," etc.

Phase 1: Relocation Sale at KOMEHYO Ginza Store
until February 15, 2022 (Tuesday)

Phase 2: KOMEHYO GINZA Limited (EXITMELSA Ginza 3F)
back order service and purchase by appointment only
from Friday, February 18 to late May
Phase 3: KOMEHYO GINZA PLUS (West Fifth Avenue Sakaguchi Building 1, 2F)
Offering sales and purchases and limited services
from late May

21

Strengthening OMO that will continue
from the previous term （KOMEHYO）
WEB customer
service

SNS

Purchase - sale
Reserve

Contact Center

One to One
customer service

Membershipregistration onlywith a phone
number

CX Strategy

Increase customer LTV
including sale and purchaseLive Commerce22Human resources development（KOMEHYO）
The development of appraisers who support the opening of purchasing centers focuses on
education to enable each appraiser to appraise multiple merchandise types.

Process of appraisers’ skill learning

4th products
3rd products
2nd products
Specialty products

Appraiser's Strengths: Specialty
Manners
An example of teaching materials

23Human resources development（KOMEHYO）
The number of female appraisers is rising each year due to the systematization of training.
Of the 73 stores in Japan, the number of female store managers and assistant managers increased to 14 stores.

Appraiser skill composition
Femalemale

FY2018FY2022 3Q

0%

20%

40%

60%

80%

100%

24

Assessment of authenticity
and model numbers through AI
AI to assess authenticity and model numbers, supporting the opening of purchasing centers,
has been installed in all KOMEHYO stores specializing in purchasing.

Formation of reuse market which customers can use
with peace of mind
・Improvement of communication with customers
・Elimination of counterfeit goods
・Quicker development of assessors
・Global expansion
・Franchise development

25

Sustainable efforts（KOMEHYO）
Cooperate with commercial facilities as an effort
to increase merchandise value and promote the appeal of the merchandise using POP ads, etc.

Raise merchandise value by editing

Remake jewelry

Old Shoes Restore

26

Frequency of corporate auctions
KOMEHYO Auction and JBA complement each other in terms ofarea, date and format of the event.
FY2022.1Q

KOMEHYO AUCTION(K-BRAND OFF)

2Q

3Q

Jewels /watches /bags

Online auction 2 times/ month

Apparelclothing

Online auction Monthly

JBA
Kanazawa

Real auction Monthly

JBA Tokyo

Online auction Monthly

JBA
Live net

Online auction
Every Monday and Thursday※KOMEHYO Auction member site is scheduled to be renewed in April 2022.

27

Oversea（KOMEHYO Shanghai (CHINA)）
KOMEHYO Shanghai now has three stores: Shanghai Isetan (photo on the left) and
Shanghai Takashimaya's limited-time stores have been converted to permanent stores,
and a new store has been opened at LaLa Station (photo on the right).

28

Tire and Wheel
Sales of both summer and winter products were higher than the previous year and remained strong.
Amid a rash of wheel shortages in the industry, sales and profits were secured with ample inventory on hand.

29

１．Overview of Financial Results for the Third Quarterof the Fiscal Year Ending March 31, 2022
２．Initiatives for the Third Quarter of the Fiscal YearEnding March 31, 2022
３．Reference Information (Company Profile, etc.)30

Corporate Profile
Company name

Komehyo Holdings Co., Ltd.

EstablishedMay 1979

Head Office

3-25-31 Osu, Naka-ku, Nagoya

Representative
Capital※Transition to holding company system in October 2020

President, Representative Director: Takuji Ishihara
1,803 million yen

No. ofemployees

Consolidated: 924 Non-consolidated: 16 (As of December 2021)

Business
activities

Groupwide corporate planning, management and marketing, and real estate business

Fiscal year-end
Stock

March
Second Section, Tokyo and Nagoya Stock Exchanges(Securities code: 2780; Unit: 100 shares)31Mission
Komehyo Holdings is necessary for a sustainable recycling society.
It acts as a relay point in the connection of “people,” “things,” and “society.”
We will strive to connect “good quality" and "value" to the future.

We respect people for making products, thank people for providing
products for use by other people, and make people who reuse suchproducts happy, and by doing so, create an empathy-based recycling
society.
We develop a concept of environmentally and sociallyconscious recycling into a culture.

We listen and empathize with what others say.
We value the importance of talking.
We take action proactively.
We are not afraid of creating change.
32

We will pass on the value of products
through environmentally and socially conscious
recycling instead of just reusing.
Maintenance, remaking, reorganizing andhuman relationships
Environmentally and socially conscious recycling,
while it means reusing products, aims to pass down
the concept of upcycling that enhances the value of
products, instead of just downcycling products.
As more people share common value with an eye
toward the creation of a sustainable society going forward,
we will contribute to establishing such a society
by promoting the concept of respecting producers andusers while simultaneously sharing such concept with as many people as possible.
33

Corporate History●Acquired Eve Corporation Co.,Ltd.
●Established Auto Parts KOMEHYO(currently AUTO PARTS JAPAN)●Established KOMEHYO HONG KONG LIMITED●Transition to a holding
company structure●Opened the second
store in Bangkok,
Thailand● Acquired CRAFT Co., Ltd.
●Established KOMEHYO Auction●Opened KOMEHYO Shoten,
a 5-tsubo used clothing store, in Osu, Nagoya

1979

1987

1996

2000

2003

2004

2011

2012

2013

2017

2018

2019

2020

●Opened KOMEHYO Ginza Store●Acquired Shellman Co.,Ltd.
●Listed on the second section of the Tokyo●Established SAHA
and Nagoya stock exchanges
KOMEHYO COMPANY● Listed on JASDAQ
LIMITED● Established
KOMEHYO Co., Ltd.

●Expanded into Kansai(KOMEHYO Shinsaibashi Store)●Started online sales●Expanded into Tokyo(KOMEHYO Purchasing Center Dogenzaka)● Changed the Japanese spelling of
its name from 米兵 to コメ兵●Acquired Four by four engineering service
Co.,Ltd●Retail store KOMEHYO opened in Bangkok,
Thailand●Acquired K-BRAND OFF Co.,Ltd and two
overseas subsidiaries

34

Business system diagrampurchase

Sales

StoresHome delivery
Purchasing

WEB

Purchasing at
events

AUCTION

Purchasing at
visited sites

New and used goods business

General customers, etc.

General customers, etc.

StoresUsed goods business

35

Gross Merchandise Value
Gross merchandise value (GMV) increased from two fiscal years earlier primarily
due to the consolidation of K-Brand Off.
Gross Merchandise Value (100 millions of yen)
40,77839,071

41,09736,42031,92632,962
27,692FY2019 1H

FY2019 2H

FY2020 1H

FY2020 2H

FY2021 1H

FY2021 2H

FY2022 1H

GMV is calculated simply by adding and subtracting sales and volume information at the KOMEHYO auction based on consolidated sales.

36Sales plan
67,000(Millions of yen)

57,51050,96040,212

43,19945,90350,72345,497
40,134FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024※ Changes were made to business plans for the first half and the fiscal year announced at the beginning of the fiscal year.
No change in medium-term plan.

37

Operating Profit Plan
7.5

7.2

Operating Income
Margin (%)

6.1
3.6

4.4

3.7

2.1
0.5

2,999

1.2

3,129

Operating Income(Millions of yen)
2,950

2,789

1,860
1,625

832
297

FY2014FY2015FY2016FY2017FY2018FY2019FY2020590

FY2021

FY2022

FY2023

FY2024※ Changes were made to business plans for the first half and the fiscal year announced at the beginning of the fiscal year.
No change in medium-term plan.

38

Ordinary income/Net income Plan

2,988

Net income
attributableto owners ofparentOrdinary
income(Millions of yen)

3,162
2,940

2,742

2,040
1,834

1,830

1,826

1,696

1,610
1,073
815

1,009
431

355

9 △ 234△ 595

FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024※ Changes were made to business plans for the first half and the fiscal year announced at the beginning of the fiscal year.
No change in medium-term plan.

39

Changes in ROA/ROE
（％）
13.7

ROA

ROE

13.2
11.1

12.9

12.8
9.7

6.1
3.3

5.8

6.3

5.2

1.2
0.0

2.0
△ 1.2

△ 3.2
FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY202140

Medium-term Management Plan
Brand・Fashion business
１．Strengthening of the scheme ofpurchasing from individuals and retailing

Tire・Wheel business１．Stabilization and strengtheningof profitability

２．Strengthening of the corporate business
２．Strengthening of new products.
３．Development of overseas businesses
and strengthening of reuse technologies.
BtoC

BtoB

Overseas
Manufacturer

Primary
distribution

Secondary
distribution

41Medium-term Management Plan : Brand・Fashion
１．toC - Strengthening of the scheme of purchasingfrom individuals and retailingh
・Increase the number of purchasing channels (acceleration of
new store openings and facilitation of FC and alliances).
・Raise the capability of existing stores and improving CRM
through OMO with a focus on LTV.
・Facilitate the upcycling of purchased products.

２．toB - Strengthening of the corporate business・Strengthen and streamline the auction business.
・Accelerate collaboration-based businesses.
・Acquire new business partner companies.

３．Growth drivers - Development of overseas
businesses and strengthening of reuse technologies.
・Drive growth in overseas channels (enhance profit levels).
・Utilize data on products and customers among the groupcompanies.
・Enhance purchasing channels through the utilization of AI.

42

Medium-term Management Plan : Tire・Wheel
１．Collaboration among the three companies – Stabilizationand strengthening of profitability
・Strengthen specialty stores developed according to customer
preference and sales of which are not affected by the weather.
・Strengthen the sale and purchase of used tires and wheels.
・Implement inventory management utilizing databases and establish priority categories.
Profitability

２．Growth drivers - Strengthening of new products.

・Facilitate the planning and manufacturing of automobile
parts such as wheels.
・Step up efforts to supply product to global markets.
・Establish business portfolios with a focus on profitability.

Growth image of 3 companies
Growth potential

43

Shareholder return
Komehyo Holdings aims for a stable dividend increase from now after a decline in dividends until the previous
business year due to the COVID-19 pandemic.
92.4

Payout ratio(%)
36.2
24.8

29.3

23.0

Fiscal year-end dividend

16.6

7

15
7

15.0

34.7
16.8
(planned)

Interim dividend

Dividends (Yen)

5

15.5

30.6

19.4

8

14

15

15

15

16

8

10

7

5

7

8

9

FY09

FY10

FY11

FY12

FY13

16
8

11

14

15

15

15

16

FY14

FY15

FY16

FY17

FY18

FY19

16
8
FY20

12

FY21 FY2022

44

IR contact

IR・PR Department
Phone：+81-52-249-5366
E-mail：ir@komehyo.co.jp
Note:This document is an English translation of a document prepared in Japanese.
Statements in this document that are not historical facts; statements concerning current plans, forecasts, strategies, andopinions of KOMEHYO Co., Ltd. are forward-looking statements subject to various risks and uncertainties.
These statements are prepared based on assumptions of the management of Komehyo Holdings Co.,Ltd. using currently
available information.
Actual results may differ significantly from forecasts due to a variety of factors; therefore, investors should not place
undue reliance upon them.
In addition, this document is not intended to solicit investments. Investors should make investment decisions at theirown discretion.

45