Consolidated Financial Results for the Second Quarterof the Fiscal Year Ending December 31, 2018
August 2018

AOI TYO Holdings Inc.

Contents
1.
2.
3.
4.
5.

Business Environment
Summary of Consolidated Financial Results
Consolidated Earnings Forecast
Current Initiatives for Various Businesses
Appendix - Company Profile, Stock Information, etc.
1

1. Business Environment2

Founding of AOI TYO Holdings
Comprehensive
videofollowing
production
company witha focus on
TV Pro.
commercial
 Foundedin January 2017,
the management
integrationof AOIand TYO.
planning and development.

*As of June 30, 2018.

Akasaka

Consolidated subsidiaries: 36 total
Consolidated employees: 1,695

Shinbashi
Shinbashi

Osaki
Date of establishment: Oct.
25, 1963

Date of establishment: Apr. 2, 1982

Consolidated employees: 909

Consolidated employees: 786

Consolidated subsidiaries: 22 (including AOI Pro.)

Consolidated subsidiaries: 14 (including TYO)

3

Changing Business Environment (1):Changes in the Advertising Market
 The TV advertising market has transitioned from flat to decline over the past several
years.
 TV advertising spending in 2017 totaled 1,947 billion yen (99.1% of the previous year).
 Of the above total, production costs for terrestrial TV commercials amounted to 217
billion yen (99.3% of the previous year).
Trends of TV advertising spending andproduction costs for terrestrial TV commercials

TV advertising spending
Production costs for terrestrial TV commercials(billion yen)

2,000
1,500
1,000
500
0

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Source: “Advertising Expenditures in Japan 2017,” Dentsu Inc.

4

Changing Business Environment (1):Changes in the Advertising Market

 The size of the online video Ad market was 137.4 billion yen in 2017 after growing 163%
from the previous year.
 An increase in demand for smartphone video advertising led the growth of the market,
which is expected to exceed 200 billion yen by 2019 and 348.5 billion yen by 2023.

300.0

Estimates and forecasts for the size ofthe online video advertising market(Figures for and after 2017 are forecasts)

200.0

232.2

270.0

299.1

326.9

348.5

(billion yen)

184.5
137.4

100.0
84.2
0.0

2016

2017

2018

2019

2020

2021

2022

2023

Source: Online Video Research Institute, by CyberAgent, Inc., and Digital InFact, Inc.

5

Changing Business Environment (2):Work-Style Reform Advertising industry groups recommending new work styles through round-tablediscussions.
 Leading advertising industry companies and industry groups cooperating toencourage reduction in long work hours.

Clients
Industry Group: JAA(Japan Advertisers Association
Inc.)

Advertising
Companies

Video Production
Companies

Industry Group:
JAAA(Japan Ad. Contents Association)(Japan Advertising
Agencies Association)

Industry Group: JAC

JAC Membership (Regular Members)
2018: 92 Companies(2008: 114 Companies)

6

Changing Business Environment (2):Work-Style Reform Advertising-Related Groups and JAC have undertaken a number of initiatives:2017.52017.72018.32018.52018.9• JAC Published the JAC Basic Policy on Work-Style Reform• Approval of the Basic Agreement on Work-Style Reform in the Advertising Business• Drafted Advertising Production Engagement Ordering Guidelines• JAC Published the New JAC Approach to Business Transactions• Scheduled Publishing Date of the Advertising Production Process Management Handbook

7Responding to a Changing Business Environment (1):Video Production Efficiency
 Establish and commit to a sales management system that emphasizes profitability.
 Prioritize operating profit* over sales volume to improve profit margin* over time.

StrictReview/Selection
From the Order
Acceptance Stage
OnwardConsistent Cost
Management
Improvement ofInternal Awareness*Operating profit: Sales - external expenditures*Profit margin: Operating profit / sales
8Responding to a Changing Business Environment (2):Growing our Solutions Business Provide a one-stop platform offering optimal solutions to solve customer issues
related to changing media and devices.
• Engage directly withadvertisers to offer a
one-stop platform

supporting integrated
media

TYO Offering

Management

Business Unit

• Provides end-to-end

PDCA solutions for theentire production cycle,

from marketing strategy
to digital-era

communications
Quark tokyo• Experience design

solutions and services
using vital sign data

• Established February
2018

SOOTH

9

2. Summary of Consolidated Financial Results

10Financial Highlights
 Net sales underperformed forecast, due to (1) consistent profit management
emphasizing profitability, (2) strict order acceptance associated with work–stylereform, and (3) delay in recording sales for certain projects. However, profit margin
improved while declines in operating income were held to a minimum.
(million yen)

Q2 FY2016

Q2 FY2017

Q2 FY2018

30,864

YoY Change

Vs. Forecast(Beginning of
Period)-2,864-4,136-612-254

Net Sales

32,39233,729Operating Income

2,049

2,358

Ordinary Income

1,837

2,305

1,680

-625

-220

Profit Attributable to
Owners of Parent

825

1,189

1,170

-19

-130

EBITDA

2,563

2,932

2,357

-574

-333

1,746

* The results for 2016 are simple totals of the consolidated financial results of AOI Pro. Inc. and TYO Inc. for the calendar years (based on pro forma statements
for the end of the fiscal year ending December 31).

11

Trend of Net Sales by Quarter and Order Backlog
 While Q1 sales underperformed year on year, Q2 sales were even.
 Order backlog as of the end of Q2 amounted to 14,331 million yen (2.3% higher
year on year); recent order volume has been strong.
25,00020,00015,00021,134
18,472

15,521

18,023

15,257

15,343

15,61015,344

14,36910,000FY2016

17,192FY2017FY2018Order backlog FY2017

5,000
0

(million yen)

14,985

14,331

Order backlog FY2018

14,261

14,016

17,322

13,631

Q1

Q2

Q3

Q4

* The results for 2016 are simple totals of the consolidated financial results of AOI Pro. Inc. and TYO Inc. for the calendar years (based on pro forma statements
for the end of the fiscal year ending December 31).

12

Trends of Operating Income by Quarter Due to strict management of external expenditures, Q1 operating income year-onyear decline was smaller in scope than decline in year-on-year sales.
 While Q2 SG&A rose year on year, operating income also rose.
2,000
1,500

1,820
(million yen)

1,367
1,160

1,092
1,000

0

925
682

500

Q1

1,101

539

Q2

FY2016FY2017

654

503

Q3

FY2018

Q4* The results for 2016 are simple totals of the consolidated financial results of AOI Pro. Inc. and TYO Inc. for the calendar years (based on pro forma statements
for the end of the fiscal year ending December 31).

13

Net Sales by Business Segment
 Advertising Video Production Business sales fell.
 Solutions Business sales were strong.
 Overseas Business sales rose, mainly due to the addition of a newly consolidated
advertising production subsidiary in Malaysia.

24,723
22,334(million yen)

20,962Q2 FY2016

3,264

4,584

1,137
Other Production

Q2 FY2018

3,721

3,533

Advertising Video
Production

Q2 FY2017

4,194

Solutions

1,766
1,054 1,056
Overseas

593

697

678

Video-related

14

Overview of Business Segments
Business

Overview

Advertising Video
Production

Planning and production of advertising videos such as television commercials.
The core business of AOI Pro. and TYO, whose merger resulted in the largest
share in the industry of the business.

Other Production

Production of materials other than advertising videos, which includes theplanning and production of movies, TV dramas, events, digital contents
production and promotional materials.

Solutions

Delivers solutions that solve customer issues. Services include direct
engagement with advertisers and one-stop online video advertising solutions(planning, production, media distribution, data analysis). Experience design andmarketing support based on vital sign data collected during VR experiences.

Overseas

Offices in China and Southeast Asia working to grow business with Japan-based
and local companies. Promoting M&As in this segment.

Video-related

Projects other than advertising, including the operation of photo studios and the
production of music videos.

* The Advertising Business Segment includes Advertising Video Production, Other Production, Solutions, and Overseas Business.
The Video-related Business Segment includes Video-related Businesses.
15

Net Sales by Customer Although sales to advertising agencies fell, our Solutions Business continued toperform well, expanding business directly with advertisers.
25.1%
Q2 FY2017

8,473

30.4%
10,258

24.4%
8,243

20.0%
6,754

* Net sales from Dentsu Inc. (non-consolidated) were 7,689 million yen, and net sales from Hakuhodo Inc.
(non-consolidated) were 8,168 million yen.

Q2 FY2018

7,310

28.2%

26.9%

23.7%
8,311

8,699

21.2%

(million yen)

Dentsu Group
Hakuhodo Group
Direct transactions
Others6,542* Net sales from Dentsu Inc. (non-consolidated) were 6,545 million yen, and net sales from Hakuhodo Inc.
(non-consolidated) were 6,802 million yen.

16

Net Sales by Medium(million yen)

Component
Ratio

YoY
ChangeQ2 FY2018

Component
Ratio

YoY
Change44,778

63.2%

2,138

18,74061.2%-3,160

Original work

38,657

54.6%

2,673

15,94552.1%-2,782Printed commercial materials

2,746

3.9%

-271

1,061

3.5%

-277

Other

3,375

4.8%

-264

1,734

5.7%

-101

Entertainment contents

3,875

5.5%

902

1,355

4.4%

-55

Digital contents

11,550

16.3%

2,079

5,270

17.2%

-475

Overseas

1,894

2.7%

75

982

3.2%

334

Other

8,727

12.3%

701

4,252

13.9%

77

Total

70,825100.0%

5,895

30,599100.0%-3,279MediumTV commercial production

FY2017* The results are simple totals of the consolidated financial results of AOI Pro. Inc. and TYO Inc.

17

Summary of Consolidated Balance Sheet(million yen)

FY2017Q2 FY2018

Major Components

Current Assets

41,50336,216

Cash and deposits (-2,111); notes and accounts receivable (-3,725);
electronically recorded monetary claims (-826); work in process (+1,453)

Non-current Assets

18,234

19,455

Property, plant, and equipment (-387); intangible assets (+515);
investments and other assets (+1,094)

59,73755,672

25,275

19,291

Accounts payable (-1,351); short-term loans payable (-4,260); advances
received (+592); income taxes payable (-222)

8,756

10,699Long-term loans payable (+2,015)

Total Liabilities

34,031

29,991

Total Net Assets(percentage of total
assets)25,706(43.0%)

25,680(46.0%)

Total Liabilities and Net
Assets59,73755,672

Total Assets
Current Liabilities
Non-current
Liabilities

Retained earnings (+634); treasury stock (-541)

18

Consolidated Statement of Cash Flow(million yen)
Net cash provided by (used in) operating activities

Q2 FY2018

3,148

Major Components
Profit before income taxes (2,166);
decrease (increase) in notes and accounts receivable andinventories (3,198); advances received (595); depreciation andamortization (450); notes and accounts payable-trade (-1,490);
income taxes (-1,025); accrued consumption tax (-559)

Net cash provided by (used in) investing activities-1,309Property, plant, and equipment and intangible assets (-1,271);
investment securities (-679); lease and guarantee deposits (-324);
sale of property, plant, and equipment (1,331); subsidiary stock(-319)Net cash provided by (used in) financing activities-3,895

Short-term loans payable (-4,600); long-term loans payable(+2,032); Dividend payments (-527); treasury stock (-537)

Cash and cash equivalents at beginning of period

12,372

Increase in cash and cash equivalents resulting fromshare transfer
Cash and cash equivalents at end of period

10,26719

3. Consolidated Earnings Forecast

20

Revised Consolidated Earnings Forecast
 In addition to the factors discussed above, we expect to record dividend income related tomovies funded and produced by an AOI TYO Group company. Accordingly, we do notintend to revise beginning-of-period forecasts for profits at this time, despite the first-halfdownturn in sales and a slight downward forecast revision.
(million yen)

FY2018Previous Forecast

FY2018
Latest Revised Forecast

Net Sales

70,00064,000Operating Income

3,800

3,800

Ordinary Income

3,700

3,700

Profit Attributable to Owners of Parent

2,300

2,300

EBITDA

5,230

5,230

*Published February 14, 2018

*Published August 10, 201821

Progress in Consolidated Earnings Forecast
FY2018(million yen)

Q2 Result

FY2018
Fiscal Year
YoY
Forecast
ChangeFY2018Amount Req’d
YoY
in Second Half
ChangeNet Sales

30,86464,000-2,86533,136-3,608Operating Income

1,746

3,800

-612

2,054

-207

Operating margin

5.7%

5.9%

-

-

-

Ordinary Income

1,680

3,700

-625

2,020

-69

Profit Attributable to
Owners of Parent

1,170

2,300

-19

1,130

-462

EBITDA

2,357

5,230

-526

-

22

4. Current Initiatives for Various Businesses

23Growth Strategy Progress Investment and alliance strategies according to the growth strategy of eachbusiness.

August 2018TAGPIC converted to equity-method affiliate

May 2018
March 2018

*See P.33 for more

Business alliance between TYO and Panair; 500 million yen
investment from AHV*See P.27 for more

Converted DTT Group (Malaysia) to subsidiary

February 2018

*DTT： Directors Think Tank

*See P.30 for more

Invested 200 million yen in Incubate Fund LP Limited Partnership (fund)January 2018

Invested USD5 million in Spiral Ventures Asia Fund I (Asia Business Creation Fund 1)
24

Initiatives in the Advertising Video Production Business Ongoing profit margin improvement through careful and consistent external
expenditure management.
30,00036.4%

25,00020,00015,00010,000
5,000
0

32.2%

33.8%

40.0%

(million yen)

35.0%
Production sales (left axis)

22,69522,56230.0%

Print sales (left axis)
Profit margin (right axis)

19,49125.0%

1,522
Q2 FY2016

1,294
Q2 FY2017

1,018
Q2 FY2018

20.0%* Calculations for the TV Commercial
Production Department only25

Initiatives in the Solutions Business (1) Strong sales growth through doing business directly with advertisers.
10,000

Sales at the TYO Offering
Management Business Unit *

8,000

8,000

5,577

6,000
4,000
2,000
0

(million yen)

2,674

2,384

2,965

■■ Full-year*FY2018 (Full-year) :Forecast (Beginning of Period)

883
FY2016■■ Q2

FY2017* Renamed from TYO General Business Division Headquarters

FY201826

Case study
Business Alliance with Panair: Electric Power Management via AI and Big Data
In May 2018, TYO formed a signed a partnership agreement with Panair, Inc.
At the same time, venture fund Ad Hack Ventures invested 500 million yen.
Panair provides the proprietary Panair Cloud, Japan’s first* power distribution cloud platform utilizing artificial intelligence and
Big Data. Panair formed a new joint venture with TEPCO Energy Partner, Inc. in April 2018, and the company has beendeveloping other IT-based energy services attracting attention not only in the electric power industry, but also in the wider
energy industry. *Offered since the April 2016 electricity market deregulation; Panair internal research.
The TYO-Panair alliance enjoys the full support of TYO creative strengths in branding, public relations, and advertising, which
contribute to Panair brand value and recognition. The objective of the partnership is to speed the adoption of Energy Tech IT
technologies in the energy field. The Ad Hack Ventures investment in Panair cements the TYO-Panair partnership, whilebringing further branding support.
Panair Overview
Company Name:
Representative:
Capital:Business Lines:

Panair, Inc.
Tatsuhiko Nagoshi, President and CEO
3.12463 billion yen (including capital reserves)
Development and operation of the Panair Cloud
power distribution platform; electricity retail sales
URL:
https://corp.panair.jp
Investment Overview: Third-party allocation of shares

27

Initiatives in the Solutions Business (2) While Quark tokyo recorded higher online video advertising production revenues
year on year, sales were lower overall, mainly due to a major planning andconsulting project in the same period of the prior fiscal year.
3,000

Sales at Quark tokyo

2,416

2,500
2,000

1,286

1,500

722

1,000
500
0

2,700

■■ Q2

1,095

■■ Full-year*FY2018 (Full-year) :Forecast (Beginning of Period)

175
FY2016(million yen)

FY2017FY201828

Initiatives in the Overseas Business Sales grew significantly, mainly due to converting the DTT Group (Malaysia) to a
subsidiary.
*DTT ： Directors Think Tank
8,000
6,000

Scale of sales inOverseas Businesses

0(million yen)

* Including equity-method affiliates

4,402

4,000
2,000

7,200

1,550

FY2017

■■ Q2

2,461

■■ Full-year*FY2018 (Full-year) :Forecast (Beginning of Period)

FY201829

Case study
Malaysia Video Production Company Directors Think Tank Becomes Group Subsidiary
The AOI TYO Group acquired the shares of Reserve Tank, holding company to Directors Think Tank (DTT) and March 2018, adding these entities to
the group.
Since 2008, the Malaysian advertising market has continued to grow. In particular, advertising on premium channels has grown significantly at
24.7% compared to 2016. The market is expected to continue to grow in the future. *Source: Malaysia Media Planning Guide (2016, 2015, 2014 )In the 10 years since being established, DTT has grown into one of only a handful of major video production companies in Malaysia. In addition to
offices in Kuala Lumpur, the company also has offices in Jakarta Indonesia, receiving numerous orders for projects from China and otherneighboring countries. DTT has won numerous awards for their productions, and was the most awarded production company in the Southeast
Asian region in 2017.
DTT group companies include The Tankers, which provides production support when production companies from overseas film in Malaysia, andDirectors Think Tank Singapore, which serves as a base of sales activities in Singapore where many companies locate their world headquarters.
This acquisition of DTT stock will lead to better coordinated partnerships and greater growth in the Southeast Asian market.
DTT Overview
Company Name:
Location:
Representative:
Business Lines:
Capital:Established:
Ownership:

Directors Think Tank Sdn. Bhd.
32, Jalan 19/31, Seksyen 19, 46300 Petaling Jaya, Selangor, Malaysia
Rajay Singh
Online video planning and production specializing in TV advertising and corporate public relations
2.6 million yen
November 2007
Reserve Tank Sdn. Bhd. (100%)30

Online Video Advertising in the 5G Era
 5G* technology will create an explosion in online video advertising in the year 2020and beyond.
 We will create new value, developing business models that meet needs for highquality online video content.
Integration of Advertising and Entertainment

Online Video Advertising
Needs That Build
Engagement

Online Video Content x Influencer Marketing

Response to Creator Demand*New technology forecasted for the 2020s, facilitating a high-capacity, low cost, low power consumption network system capable of handling increases in traffic.
Various entities are pursuing research and development for massive simultaneous device connections associated with ultra-high-speed communications, low latency, and the spread of IoT and IoE.

31

Case study - Integration of Advertising and Entertainment
Director Hirokazu Kore-eda’s Shoplifters
Wins the prestigious Palme d’Or at the Cannes Film FestivalAOI Pro. invested in and produced director Hirokazu Kore-eda’s film, Shoplifters ,which won the Palme d’Or in the Competition Division of the 71st Cannes InternationalFilm Festival. The film was the fifth ever Japanese entry to win the Palme d’Or, and thefirst to win in 21 years.
Shoplifters also won the ARRI/OSRAM Award for Best International Film in the
CineMasters Competition of the 36th Munich International Film Festival, the first eversuch award for a Japanese film.
As of August 22, Shoplifters earned domestic box office receipts of more than 4.3
billion yen, viewed by a cumulative 3.55 million people.
The coming 5G era will bring a fusion of entertainment content and video advertising.
Traditional advertising models will change significantly as advertising content
transforms from a tool communicating brand information to a tool linking brands andconsumers together in relationships. To keep up with these changes, content
producers must be able to develop and produce outstanding content that reaches
consumer emotions through video images.
The AOI TYO Group will be one of the leading companies engaged in producing thistype of entertainment content. We will leverage our skills to grow our video production
business even further.

(C) 2018 Shoplifters Production Committee

32

Case study - Online Video Content x Influencer Marketing
Tagpic, Asia’s Largest Influencer Marketing Company Becomes Equity-Method Affiliate
AOI TYO Strengthens Presence in the Online Video Content x Influencer Marketing Sector
In July 2018, AOI Pro. entered into and equity and business partnership with Tagpic Inc. In August, Tagpic was converted to an equity-method affiliate.
Tagpic was the first influencer marketing company in Japan to specialize in Instagram promotions featuring influencers. Today, the company has a
network of more than 4,000 social media influencers around the world. With a reach of almost 810 million* followers, Tagpic is regarded as owning thelargest influencer platform in Asia, and has numerous successful promotions for major corporate clients under its belt.
*Figure represents the total number of influencer followers (may include duplicates). (Source: Tagpic internal survey as of June 2018)
More companies than ever are using online video marketing on social media platforms. Tagpic is deeply knowledgeable in Internet online video
broadcasting, being an expert in influencer casting and management, and owning the PICFEE branding online video distribution network. Combining
the AOI Pro. video production skill set with Tagpic expertise, we aim to expand the reach of both companies into other sectors, growing ourbusinesses together. The AOI TYO Group plans to leverage this partnership to create new value for client brand strategy through Online Video
Content x Influencer Marketing.
Tagpic Overview
Company Name: Tagpic Inc.
Representative: Ayumi Yasuoka, CEOBusiness Lines: Influencer casting on Instagram, YouTube, Twitter and other platforms;
Instagram brand consulting;Management and sales on the PICFEE branding online video distribution network
IGTV, YouTuber talent production
URL:
http://tagppic.jp33

Case study - Response to Creator Demand Answering rapidly growing corporate needs for creators.
 New MovieBox human resources solutions service from TYO Offering Management.
Example Contract:HUMAN
RESOURCES
Offer resources as needed

Access to TYO Group resourcesand expertise on a monthly
retainer contract

Arrange for experienced
in-house creators

TOOL

Offer efficient online
production management
tools developed throughyears of experience andexpertise.
Detailed budget
management, progress
management

KNOWLEDGE
Planning, filming, editing
expertise from current
creators

34

5. Appendix - Company Profile, Stock Information, etc.

35

Company Profile
Company NameAOI TYO Holdings Inc.

Representatives

Hiroaki Yoshida, Representative Director, Chairman & CEO
Yasuhito Nakae, Representative Director, President & COO

Establishment

January 4, 2017

Capital

5.0 billion yen

Fiscal Year-end

December 31

Location of Head
Office*1-5-1 Osaki, Shinagawa-ku, Tokyo 141-8580, Japan+81 3-6893-5005 (main)

Securities Code3975 First Section of the Tokyo Stock Exchange

URL

http://aoityo.com/en/* The head office was relocated on March 28, 2018.
36

Net Sales Composition Ratio by Business Segment
4.0% 2.1%
11.5%

Advertising Video
Production

Advertising Business

Other Production

Proposal, planning and productionof advertisements, etc.

Solutions

12.4%
70.0%

Overseas
Video-related(FY2017)

Video-related Business
Planning and production of music
videos, photo studio business, etc.

(Q2 FY2018)37

KPI Targeted in Fiscal Year 2021:
Maximization of Shareholder Value Maximize shareholder value, through striving to increase capital efficiency (ROE)and shareholder returns.
 Maximize EBITDA through active investment in projects whose rate of return can
exceed the cost of shareholders’ equity.

ROE
EBITDA(Earnings before interest, taxes,
depreciation, and amortization)

12% or higher
8.0 billion yen
38Shareholder Dividend Policy
 The consolidated dividend payout ratio set to be 30% or higher, aiming to increase
dividends associated with actual profit growth.
 Use dividend on equity (DOE) as an indicator and work to increase the ratio, inview of providing continuous and stable dividends.

Consolidated Dividend
Payout Ratio

30% or higher

DOE

Approx. 4%(FY 2021)

39

Shareholder Return
 Dividend: AOI TYO Holdings plans to pay a dividend of 30 yen per share (ordinary
dividends) for the fiscal year ending December 31, 2018.
End ofQ2

FY 2017

8 yen

FY 2018 (forecast)

8 yen

End of FY

22 yenTotal

30 yen(incl. commemorative
dividend of 10 yen)(incl. commemorative
dividend of 10 yen)

22 yen30 yenDividend
Payout Ratio

DOE

25.6%

2.9%

31.4%

2.8%

 Purchase of treasury shares: AOI TYO Holdings made the following decisions
concerning the purchase of treasury shares.
Period of Purchase

Type of Shares

Previous
Purchase

May 16, 2017 - Feb. 27, 2018

CommonStock261,400 shares

289,631,200 yen

Current
Purchase

Jun. 1, 2018 – May 31, 2019

CommonStock400,000 shares

531,200,000 yen

Total Number of Shares Purchased

Total Value of Shares purchased40

Shareholder Benefit Program The following shareholder benefits are provided to investors with 500 or moreshares of AOI TYO Holdings, who are listed on the share register as of June 30
of each year.
Gift of original Quo Cards
500 shares or more

3,000 yen card

1,000 shares or more

5,000 yen card

2,000 shares or more

10,000 yen card

Photography and production of original photo album
500 shares or more (40 shareholders: randomly selected from those who enter the draw)
Photos are taken at the Hollyhock Tokyo Midtown studio operated by Hollyhock Inc., acompany in the AOI TYO Group, and the album is given as a gift.
(Product name: GraphBook™)* GraphBook™ is a registered trademark of Hollyhock Inc.
41

Status of Stock and Shareholders (as of June 30, 2018)
Number of Shares and Shareholders

Status of Large Shareholders
Shareholder Name

Number of
Shares Held

Shareholding
Ratio

1

Japan Trustee Services Bank, Ltd. (Trust Account)

2,057,100

8.60%

2

The Master Trust Bank of Japan, Ltd.
(Trust Account)

1,485,100

6.21%

3

Cosmo Channel

1,153,740

4.82%

4

Imagica Robot Holdings Inc.

1,018,000

4.26%

Individuals, etc.

5

Fields Corporation

479,660

2.01%

Financial institutions

6

Trust & Custody Services Bank, Ltd.
(Trust Account E)

418,900

1.75%

Financial instruments
business operator

7

Hitoshi Hara

400,000

1.67%

Other corporations

8399,800

1.67%

Foreign corporations,etc.

9383,500

1.60%

Treasury shares

10 Fumiko Hara

328,000

1.37%

Total number of shares issued

24,566,447

Total number of shareholders

12,915

Shareholder Composition byType of Shareholder

2.6%
7.7%
15.2%
0.5%
27.9%

46.1%

The Bank of New York Mellon (International)
Limited 131800
The Nomura Trust and Banking Co., Ltd.
(Investment Trust Account)* The shareholding ratios are calculated by subtracting treasury shares (647,867).

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Disclaimer
This document includes future forecasts that reflect the plans and outlook of AOITYO Holdings.
The future forecasts and related descriptions are based on information available tothe company at the time of the preparation of this document, and the forecasts areaffected by the economic environment of the company’s businesses, competition, theresults of new services provided, and other factors that involve uncertainties. Pleaseacknowledge, therefore, that the actual business results may deviate significantly
from the forecasts and related information provided in this document.
In addition, the company does not have any obligation to update and publish theinformation concerning future forecasts in this document after its publication.
Please contact the following for any questions:
Financial Planning & IR Department (+81 3-3779-8415)
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