2nd Quarter FY2019

Financial Results

August 9, 2019
Vision Inc.
(1st Section of the Tokyo Stock Exchange, code： 9416)

2Q FY2019 Financial Results• Performance Highlights and 2Q FY2019 Results• FY2019 Outlook of Financial Results• Progress made in FY2019• Growth Strategy• APPENDIX––––Group Structure
Performance Data
“GLOBAL WiFi” Business Customer Attributes(Corporate・Individual) / (New・Repeat) / (By Gender / Age・Past Cumulative Total)
Stock Split, Overview of Stock Options with Charge Issuance• Business Summary

Copyright (C) 2019 VISION INC. All Rights Reserved.

2

Performance Highlights and 2Q FY2019 Results

Copyright (C) 2019 VISION INC. All Rights Reserved.

3

2Q FY2019 Overview of Financial Results (Consolidated)

New records for both sales and each profit.
(JPYmn, %)FY2019/2Q Result

Items

AmountSales
FY2018/2Q Result

Gross profit
FY2018/2Q Result

Operating profit
FY2018/2Q Result

Recurring profit
FY2018/2Q Result

Profit attributable toowners of parent
FY2018/2Q Result

ChangeComposition
ratio

AmountPercentage

12,937100.0+3,081

+31.3

9,855

100.0

+1,504

+18.0

7,496

57.9

+1,677

+28.8

5,819

59.0

+967

+19.9

1,690

13.1

+454

+36.7

1,236

12.5

+385

+45.4

1,673

12.9

+428

+34.4

1,245

12.6

+395

+46.5

1,075

8.3

+265

+32.9

809

8.2

+237

+41.6

Copyright (C) 2019 VISION INC. All Rights Reserved.

4

Factors for Increase in Operating Profit(JPYmn)Operating profit margin 13.1%(Approx. +0.5% points YoY)

Cost of sales-to-sales
ratio+1.1% points–

Sales:•+1,404•–
SG&A-to-sales
ratio-1.6% points+3,081 Gross profit+JPY1,677mn（+28.8%）

Cost of sales:•+1,223••Operating profit+JPY454mn（+36.7%）

1,236
Operatingprofitmargin12.5%
FY2018/２Q

Sales

Cost

1,690
Operatingprofitmargin
13.1%
SG&A

–

“GLOBAL WiFi” Business⇒ Increase sales because the rental number has
increased.
Information and Communications Service Business⇒ Continue to increase sales steadily by up/crossselling strategy.
“GLOBAL WiFi” Business– Improve purchasing conditions by volume discount.
– Improve cost and operation efficiency by utilizing
CLOUD WiFi. (Improve cost of sales-to-sales ratio
and profit.)
Information and Communications Service Business– Increase cost of sales-to-sales ratio by increasing
the ratio of products that generate purchased costs,
such as MFP. (Increase segment profit margin.)
Others– “ProDrivers” driver labor cost (Record in cost)
Start from FY2018/3Q.

SG&A expenses:
Improve work efficiency by utilizing AI chatbot, and
RPA, etc.
⇒ Reduce labor cost-to-sales. (approx. -4.3%
points)–

FY2019/２Q

expenses※ Created from Japan Tourism Agency material by us

Copyright(C) 2019 VISION INC. All Rights Reserved.

5

Segment Result•“GLOBAL WiFi” Business: Sales +36.7% and Segment profit +38.9%.

•

Information and Communications Service Business: Sales +17.8% and Segment profit +31.2%.
(JPYmn, %)Sales

FY2018/2Q
ResultAmountAmountChangeAmountPercentage“GLOBAL WiFi”

8,184

5,987

+2,197+36.7

Information andCommunications Service

4,509

3,827

+682

+17.8

12,6949,814+2,879

+29.3

247

40

+206

+509.3

-4

－

-4

－

Total (Cons.)

12,937

9,855+3,081+31.3“GLOBAL WiFi”

1,596

1,149

+446

+38.9

19.5

19.2

+0.3

－

832

634

+198

+31.2

18.5

16.6

+1.9

－

Subtotal

2,428

1,783

+644

+36.2

Others

-157

-67

-90

-135.0Adjustments

-580

-480

-100

-20.9

Total (Cons.)

1,690

1,236

+454

+36.7

Subtotal
OthersAdjustments

Profit margin

Information andCommunications Service
Segment
profit

FY2019/2Q
ResultProfit margin

Copyright (C) 2019 VISION INC. All Rights Reserved.

6

“GLOBAL WiFi” BusinessTransition of Performance
Both travelers from Japan to overseas and foreign visitors to Japan are the largest ever. Steady
performance and continue to increase sales and profit.
–

Improve our Wi-Fi rental service penetration ratio ※. (Improve usage share.)
FY2018：14.9% ⇒ FY2019 2Q：17.9% (approx. +3.0% points)※ The ratio of the number of people who used our Wi-Fi router to those traveling from Japan to overseas.

––

Mainly for corporate customers, the unlimited plan and “GLOBAL WiFi for Biz” are popular and the numberof shipments has increased.
Continued efforts to improve profitability, such as cost efficiency and operation improvement.

1Q
2Q
3Q
4Q

SALES

16,395(Revised forecast)+21.4%

10,392+31.8%+30.6%

6,035
1,602
1,826

1,308

7,882
2,073
2,329

1,697

1,297

1,781

FY2015FY2016

2,636

2,916

3Q

(Revised forecast)+20.8%

2,413

3,589
+51.5%

Progress ratio+36.7%

3,929
3,022

2,226

2Q

49.9%
+39.7%

4,109
2,898

2,505

3,089

FY2017FY2018(JPYmn)SEGMENT PROFIT

4Q

13,505+30.0%

1Q

4,075

1,140
245
+92.2%
593
114

631

494

271

146

162

252

466

FY2015FY2016FY2017256

60

FY2019

1,593
224

495
Progress ratio+38.9%

54.7%

769

724

448
701
FY2018871

FY2019(Note) Regarding the quarterly results in FY2015, the year-on-year ratio is for reference, because we do not prepare for the quarterly financial statements.
※ Created from Japan Tourism Agency material by us
Copyright(C) 2019 VISION INC. All Rights Reserved.
7

Information and Communications Service BusinessTransition of Performance
Increase sales and profits. Continue stable growth.
–––

Continue to perform well due to acquiring our main targets (newly established companies,
venture companies).
Accumulate continuous dealings by CRM (stock model).
Accumulate by up/cross-selling strategy.
•

Sales have been strong in in-house services (cloud-type workflow service) and consulting services
suitable for the business growth stage.

1Q
2Q
3Q
4Q

1Q

SALES

2Q

8,587
(Revised forecast)

3Q

1,543

4Q

(Revised forecast)+10.4%

+2.2%

7,104

1,730

1,725

6,440
1,673
1,601

1,629

1,749

1,764

+26.6%+9.4% 7,775+7.9% 6,948

1,786

1,782

(JPYmn)SEGMENT PROFIT+3.9%+14.4%

1,970+13.4%1,024
Progress ratio

1,977

52.5%

+17.8%

2,009

1,536

1,703

1,810

1,818

FY2015FY2016FY2017FY20182,207

903

FY2019

285

219

214
244

1,218
212
Progress ratio+31.2%

287

371

296

316

53.9%

350

221

269
2,302

1,172

337

198

264

282

296

FY2015FY2016FY2017FY2018482

FY2019(Note) Regarding the quarterly results in FY2015, the year-on-year ratio is for reference, because we do not prepare for the quarterly financial statements.
Copyright(C) 2019 VISION INC. All Rights Reserved.

8

FY2019 Forecast of Financial Results

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9

Revise Consolidated Financial Forecast for FY2019(Resolved by the Board of Directors’ Meeting on August 9, 2019)※Excerpt from “Notice of Revision to Financial Forecast” on Aug. 9, 2019

Upward revision
Revise consolidated financial forecast for FY2019 based on the recent performancetrends.

Sales

Net income
Operating Recurring attributable Net income
to owners per shareprofitprofitof parent

JPYmn

JPYmn

JPYmn

JPYmn

JPY

Previous forecast (A)24,470

3,012

3,013

2,003

123.49

Revised forecast (B)25,793

3,264

3,248

2,116

130.38

1,322

252

234

112

5.4

8.4

7.8

5.6

21,503

2,484

2,499

1,529

Change (B－A)
Change (％)(Reference) Previous
year results (FY2018)

Copyright(C) 2019 VISION INC. All Rights Reserved.

94.2

10

FY2019 Forecast of Financial Results
Revise FY2019 forecast based on the results for 2Q FY2019.
Sales: +19.9％ YoY, and Operating profit: +31.4％ YoY.
(JPYmn, %)FY2019 Forecast

Items

AmountSales
FY2018 Result

Gross profit
FY2018 Result

Operating profit
FY2018 Result

Recurring profit
FY2018 Result

Profit attributable toowners of parent
FY2018 Result

ChangeComposition
ratio

AmountPercentage

25,793100.0+4,289+19.921,503100.0+3,948+22.5

15,09458.5+2,444+19.3

12,65058.8+2,489

+24.5

3,264

12.7

+780

+31.4

2,484

11.6

+695

+38.9

3,248

12.6

+748

+29.9

2,499

11.6

+704

+39.3

2,116

8.2

+587

+38.4

1,529

7.1

+320

+26.5

Copyright (C) 2019 VISION INC. All Rights Reserved.

11

Segment Forecast•“GLOBAL WiFi” Business: Sales +21.4% and Segment profit +20.8%.

•

Information and Communications Service Business: Sales +10.4% and Segment
profit +26.6%.
(JPYmn, %)AmountAmountChangeAmountPercentage

13,505+2,890

+21.4

8,587

7,775

+811

+10.4

24,983

21,281+3,701

+17.4

814

231

+583

+252.6

-4

-8

+3

-46.4

Total (Cons.)

25,79321,503+4,289+19.9“GLOBAL WiFi”

2,916

2,413

+502

+20.8

Information andCommunications Service

1,543

1,218

+324

+26.6

Subtotal

4,460

3,632

+827

+22.8

-69

-194

+125

-64.4

Adjustments-1,126

-954

-172

+18.1

Total (Cons.)

3,264

2,484

+780

+31.4

Information andCommunications Service
Subtotal
OthersAdjustments

Segment
profit

FY2018Result16,395“GLOBAL WiFi”

Sales

FY2019Forecast

OthersCopyright (C) 2019 VISION INC. All Rights Reserved.

12Forecast for the Full Year (Quarterly Transition)(JPYmn, %)１Ｑ

FY2016FY2017FY2018FY2019

２Ｑ

３Ｑ

４Ｑ

FY

Sales

3,487

3,465

4,083

3,807

14,843Composition ratio (vs. FY)

23.5

23.3

27.5

25.7

－

Operating profit

313

245

517

214

1,290

Composition ratio (vs. FY)

24.3

19.0

40.1

16.6

－

Operating profit margin

9.0

7.1

12.7

5.6

8.7

Sales

4,326

4,024

4,827

4,377

17,554Composition ratio (vs. FY)

24.6

22.9

27.5

24.9

－

Operating profit

513

336

688

249

1,788

Composition ratio (vs. FY)

28.7

18.8

38.5

13.9

－

Operating profit margin

11.9

8.4

14.3

5.7

10.2

Sales

4,922

4,933

5,961

5,686

21,503Composition ratio (vs. FY)

22.9

22.9

27.7

26.4

－

Operating profit

736

499

900

348

2,484

Composition ratio (vs. FY)

29.6

20.1

36.2

14.0

－

Operating profit margin

15.0

10.1

15.1

6.1

11.6

Sales

6,470

6,467

25,793Composition ratio (vs. FY)

25.1

25.1

－

Operating profit

980

710

3,264

Composition ratio (vs. FY)

30.0

21.8

－

Operating profit margin

15.1

11.0

12.7

Copyright (C) 2019 VISION INC. All Rights Reserved.

13

Progress made in FY2019

Copyright(C) 2019 VISION INC. All Rights Reserved.

14

Promote to Utilize “CLOUD WiFi”•

A Wi-Fi router equipped with next-generation
communication technology that manages SIM on
the cloud.
––•No need to insert/change SIM physically.
Telecommunication carriers all over the world
can be allocated with one device.

•

–

–

•

Increase to over 90% of shipping Wi-Fi routers.

–•
Store SIMs allover the worldon the cloud

Reduce telecommunication cost ratio. (Improve usage
efficiency of data-telecommunication.)Labor saving of shipping operations (Reduce SG&A
expenses.)Utilization service:–(Jun. 2018: approx. 77％ ⇒ Jun. 2019：approx. 93％)
※ Differentiate by utilizing the SIM contracted by us.
※ Some countries cannot respond depending on
telecommunication carriers. Around 90% is theupper limit.
You can use it
immediately
after turningon the power!

Benefits:

Offer “GLOBAL WiFi for Biz”.
• Keep it at the customer‘s office. (No need for rental
arrangement every trip.)• Domestic (Japan) internet connection is free up to
3GB/month. (available on a daily basis)
Expand inventory at each airport counter and coverage
areas.

Start the rental offer of “GW01”, the world’s first cloudenabled smartphone-type Wi-Fi router (from August 1).
–

Thickness -59％, weight -25％, up to 12 hours
available continuously

Copyright(C) 2019 VISION INC. All Rights Reserved.

15

GLOBAL WiFi for Biz••

If you have GLOBAL WiFi forBiz...

Promote of continuous use by corporate users (Improve convenience, satisfaction)
Reduce operating costs

M1: Oops!!
M2: What's wrong?
M1: I've forgot to apply for Wi-Fi...

①

F: Your company has not introduced “Wi-Fi kept
at the office” yet?
M1: Wi-Fi kept at the office!?

②

F: GLOBAL WiFi for Biz, just bring the mobile WiFi router kept at the office!
No need for rental arrangement every travel!
Available in over 100 countries with one device!

③

M1: It's a waste of expenses when not in use.
M2: We don't go overseas on business trips
frequently.
F: However, the fee is a fixed-rate system thatcosts only on the day you use it.
M1: Oh, is it!?

④

M1: But... I don’t like a slow data-line.
F: Don’t worry! It supports multiple carriers’ SIM
for one country and automatically selects andconnects the line with the best telecommunication
environment.

F: Since you can pay by invoice, no need to be
reimbursed expenses.
M2: Wow!
M1: Then we can reduce the user’s
reimbursement procedure and the approver’s
intermediate cost.

⑦

M1: Certainly attractive though... if we introduce
it, I have to persuade my boss...
F: GLOBAL WiFi, no need to purchase a device.
Since it can also issue actual usage details, it'ssafe as a company.

⑧⑤

F: In addition, with the optional Japan fixed-rate
plan, domestic (Japan) internet connection is free
up to 3GB/month.
M1: In other words, even when we don’t gooverseas on business trips, we can easily use it asa mobile Wi-Fi router in Japan.

⑥

F: And the basic charge is JPY1,970/month!

Copyright (C) 2019 VISION INC. All Rights Reserved. 16⑨

Smart Strategy
Automatic pick-up locker

Self check-in KIOSK terminal(Multi-language available andsettlement function)

You can receive in 10 seconds
without waiting.

Smart Pickup

Immediate customer
identification counter(QR code reception counter)

Reception(Automatic pick-up locker)

Smart Pickup

Smart Check

Smart Entry

Shorten waiting time

No congestion

Improve CS

Standby

Improve convenience

Increase sales

Evolve to more convenient, comfortable, relieved counters that meet each customer’s needs,
responding to the increase in the number of rental (delivery) and optional services (compensation
service, accessory etc.), for Japanese traveling overseas and foreign visitors to Japan.

Copyright (C) 2019 VISION INC. All Rights Reserved.

17

Airport Counter and Smart Pickup•

Receive and return at 25 counters of 17 airport in Japan. (Number of airport counter is theindustry’s largest class.)•••

20 automatic pick-up lockers are installed at 6 airports.
Enhance users’ touch points such as new counter openings (Kita-kyushu Airport) and “Smart Pickup”
addition (18 ⇒ 20).

The service level is optimized according to customers.
⁃⁃⁃

Eliminate waiting time thoroughly for customers who do not need explanation (such as repeater).
Airport staff responds to customers who need explanation.
Haneda Airport: 3, Narita Airport: 6, Chubu Airport: 3 (1 addition)
Kansai Airport: 6, Itami Airport: 1, Kita-kyushu Airport: 1 (1 addition)
Total: 20※As of June 30, 2019

Niigata Airport

Asahikawa Airport

Komatsu Airport

New Chitose Airport

Itami Airport

Sendai Airport

Kansai Airport

SHIBUYA “CHIKAMICHI”

Oita Airport

Narita Airport

Kita-kyushu Airport

Haneda Airport

Fukuoka Airport

Shizuoka Airport

JR Miyazaki Sta.

Chubu Airport

Miyazaki Airport

Naha Airport

Receive and Returnaccording tocustomers’ needs

Airport

Overseas

DeliveryKagoshima Airport
Copyright(C) 2019 VISION INC. All Rights Reserved.

18

Online Order System just before Departure(Smart Strategy × CLOUD WiFi × Database）

Smart Strategy

CLOUD WiFi

Collaboration

Database

Collaboration

Collaborate with each effort to further improve convenience

Acquire departing passengers on the day.
⇒ Increase number of users.
※Respond to WEB application in front of the airport counter
instantly in collaboration with the database.

Copyright (C) 2019 VISION INC. All Rights Reserved.

19

Install Unmanned Shops and Vending Machines(Prepaid SIM for Japan)•

New style shop (the first shop)– Kita-kyushu airport••

Kyushu’s only 24-hour airport.
Install the first prepaid card SIM
vending machine at the airport.

– Unmanned shops available toreceive and return devices.
– Install pre-paid SIM for Japanvending machines (first in ourgroup) mainly for foreign travelers
visiting Japan and those who aretemporarily back to Japan.
– Respond to customers early in themorning and late at night, whensecuring human resources isdifficult even if there are needs.
– Accelerate to add touch points withspace-saving and low-cost.
Improve convenience and increase
profits.
Copyright(C) 2019 VISION INC. All Rights Reserved.

20

Offer an Unlimited Plan (Expand available areas)
There is a tendency to consume large data, such as diversification ofsmartphone apps, transmission and reception of large-volume images
and videos, and SNS posting.
• Popular to share with multiple people such as friends and family.
⇒ Respond to a request for the plan that can be used without worrying
about data capacity, and expand the service area.
⇒ Popular for business use. (Improve ARPU.)•

Data
capacity

Start offering an unlimited plan
Further expanded
the coverage area.

Available in 71 countries

What's an unlimited plan?
From the voice of customers who want to use withoutworrying about the data capacity, “unlimited plan” withunlimited data capacity was born.

Copyright(C) 2019 VISION INC. All Rights Reserved.

21

Progress in Information and Communications
Service Business (Detailed Topics)○Enhance distribution channel•“BIMAKE (Vision Business Market)”https://vision-bizmarket.com/– “Comprehensive support website forcompanies” that fully supports allcompanies’ business.
– For startup, small and medium-sized,
and venture companies. Also attract
customers who are preparing to establish
company.
– Offer our services and tie-up partner’s
products with useful information.

○Sell in-house developed services(Enhance products, services, and businessmodels)•“VWS WEB CALL SYSTEM”
https://vws-biz.com/web-call-system/– Sell the cloud-type service developed inhouse by implementing our know-how.
– There is superiority in function to increase theoperation efficiency of personnel and tounderstand each sales situation.
– Less fixed costs and available for at least
small companies– Target service of “subsidy to implement IT”– Continue to introduce high-demand services.

Copyright (C) 2019 VISION INC. All Rights Reserved.

22

Travel Related Service Platform
Use existing customer foundation and offer useful information/services to solve
problems during overseas travel.
In Japan total approx. 3.6mn people/25.22mn nights

Overseas
travelers

Outbound (approx. 2.82mn people/19.76mn nights) + Inbound (approx.
0.78mn people/5.45mn nights)＊FY2018 results, our research

Advertising
revenue
improvement

Useful information (Media)
Airport counter

Promotional materials

Insurance

Coupons

Shop &
Duty-freeshop

Hotel &
Minpaku

ARPU
improvement

Useful services
Rental service of wearable
translation device

Tours

Rentalcars

Settlement platform
Guide customers to allied partners
Copyright(C) 2019 VISION INC. All Rights Reserved.

Touristattractions

Pick-up service
etc.

Gourmet《Reference》
FY2017 results:
approx. 2.69mn people/18.83mn nights
・Outbound... approx. 2.08mn people/14.56mn nights
・Inbound… approx. 0.61mn people/4.27mn nights
23

ProDrivers (Expansion of Travel Related Service Platform)
Utilization (Utilize customer foundation)
 Hired car time sharing service business Pick-up service to make every move comfortable in both business and daily life, such as airport

transfer, executive pick-up, etc.
Utilize the customer foundation of “GLOBAL WiFi” Business (including foreign visitors to Japan).
⁃Target customers of Information and Communications Service Business and new customers, too.

⁃Domestic：Starting from Tokyo, plan to develop in major cities, including partner development.

⁃

Overseas：“SmartRyde” (operated by DLGB Inc., a capital and business alliance partner)

Move with big baggage.
Available in increments of 2 hours.
Available for up to 9 people for asingle car (economical by splitting thecost)
Copyright (C) 2019 VISION INC. All Rights Reserved.

24

Growth Strategy

Copyright (C) 2019 VISION INC. All Rights Reserved.

25

Medium-Term Growth Image
Steadily promote the growth strategies.
• “GLOBAL WiFi” Business
Customer Foundation/Business Foundation– Expansion (Market development = Growth in each stage, global expansion)– Stability (Improve profitability)– Utilization (Business development = Travel related service platform)•

Information and Communications Service Business– Enhance channel.
– Enhance products, services, and business models.

Travel related
service platform“GLOBAL WiFi”
Travel related
service platform【3rd stage】 Overseas⇒Overseas【2nd stage】 Inbound【1st stage】 OutboundInformation and Communications
ServiceEnhance channel
Enhance products, services, business models
Copyright (C) 2019 VISION INC. All Rights Reserved.

26

“GLOBAL WiFi” BusinessBusiness Model/Competitive Advantage

Maximum cost benefits -89.9%

Less Expensive•
Fixed-rate

Available in over 200 countries and regions worldwide, leading the industry in thenumberHigh-speed communications in partnership with telecom carriers around the world•

Comfortable •Secure; 47 support bases available 24 hours a day, 365 days a year, around theworld
Number of airport counter is the industry’s largest class•

Corporate Sales•

Worldwide
telecommunications
companies

Customers •Uptake ability of corporate needs

Travelers' Choice 2014/2016
1st place in the mobile
Wi-Fi router category

Number of users is the largest in the industry

Datacommunication
service

Payment

Direct website
Apps
Affiliates
Corporate sales
Partners
Airport counters

Shipping
ReturnEnd Users

Counter

Rental fees

Copyright (C) 2019 VISION INC. All Rights Reserved.

Payment

Settlement service
providers

Safe / Secure•

Vision Group

Areas

From JPY300/day * Japanese cellphone companies’ fixed-rate discount comparison

27Compare How to Connect the Internet Abroad ①•••“Global WiFi” “NINJA WiFi” is the best way due to safe, secure, comfortable, andless expensive.
Benefits not only for independent travelers but also for business use.
The convenience of renting Wi-Fi router for trip has been recognized even in areas
other than Japan, mainly in Asia.
* Created by our research and standard

How to Connect

Price

Area

Speed

Management

Security

○

○

○

○

○

Based on the best quality network in each local area. Low price, secure, safe,
available to connect anywhere. Easy to set-up, easy to manage.

Roaming(Telecom carriers’
fixed-rate)

Prepaid SIM(Purchaseoverseas)

Free Wi-Fi Spot

×

△

△

○

○

Problem with price and quality(From JPY980 to JPY2,980/day. It may be charged even more.)

△

△

○

×

○

Need knowledge to manage (Set-up, activation, periodical charge, etc.)

○

×

△

○

×

(Hotel, Café, etc.) Problem with coverage (not available in everywhere), speed (depend on data-line of
the facility and the number of connected people), security
Copyright (C) 2019 VISION INC. All Rights Reserved.

28

Compare How to Connect the Internet Abroad ②

Wi-Fi router rental
JPY300-1,970/day

Apply through the website.

Table

Price

Roaming(Telecom carriers’
fixed-rate)

Free Wi-Fi Spot /Hotel Wi-Fi

JPY980-2,980/day

Free Wi-Fi spot freeContract according to the plan
Need to check in advance thecompatible models and settings.
※Depend on your mobile carrier

Fixed-rate and high-speed
Substantial security and compensation
Use without worry due to the fixed-rate.
Choose the data-volume according to thesituation.

Merit

Easy to connect

RecoInternet availability anywhere. mmend
No worry about busy access anddifficulty to connect.

accommodation fee or
JPY500-3,000
Easy to use※Tethering is also available.

Limited use area, but many places
are provided for free, and connection
is easy.

Expensive

Be careful about
unauthorized access

More luggage
Price setting is more expensive than
Need to carry a Wi-Fi router in addition to Demerit
Wi-Fi rental.
your smartphone.
Misconfiguration of data-roaming may
result in expensive charges.
If you use the internet at a high-speed
without worrying about additional charges(Available to use by multiple people, evencheaper by the split)

Hotel Wi-Fi including

If you want to use theinternet easily
with your own device

Copyright(C) 2019 VISION INC. All Rights Reserved.

Easy to use, but there is a risk ofvirus infection and personal
information may be stolen byunauthorized access.

Want to save money,
although the coveragearea is limited.
If it is enough for you to
use the internet abroad
within a limited time29

“GLOBAL WiFi” BusinessProfit Structure

Items

Summary①Rental price per day × number of usage days
※Average：JPY1,000/day

Sales

Average usage days：7 days

※Options such as insurance, mobile battery etc.

②Monthly charge (JPY1,970) + data telecommunication fee (plan) ×
number of usage days
・Usage of data telecommunication (telecom carriers all over the world)

Cost of sales

・Devices (mobile Wi-Fi routers)※Recorded as rental asset (recorded by depreciation for 2 years)

・Outsourcing (commission paid to sales agents), etc.
・Personnel expenses
・Advertising expense

SG&A expenses

・Operation and rent of shipping center, airport counter, customer center,etc.
・Other SG&A expenses, etc.
Copyright (C) 2019 VISION INC. All Rights Reserved.

30

“GLOBAL WiFi” Business

Growth Story
17.9%

Our Wi-Fi rental service penetration ration (Japan) ※14.9%

Overseas use share (Outbound: Japan ⇒ Overseas)
Domestic use share (Inbound: Overseas ⇒ Japan + Japanese)
Share in the Japanese market (Out + In)

0.4%
0.3%
FY2012

2.0%

1.4%

0.0%

0.2%

FY2013

4.4% 2.7%

FY20140.7%

6.4%

FY2015223
6Overseas business (Except for use inJapan, Overseas ⇒ Overseas)
Domestic use (Inbound: Overseas ⇒165

Japan + Japanese)
Overseas use (Outbound: Japan ⇒Overseas)

114
51
5

0
0

4

FY2012

24

1
3

1
0

46

FY2013

FY20142278
64
FY20152.1%

2.2%

FY2016FY2017FY2018FY2019２Q

139
3

Rental number(2Q cumulative transition)

28
3

73
175

49

FY2018

18

3
12

106

2
8

38
FY2017

2.9%

2.5%

96

88

※ Created from Japan Tourism Agency material by us

5.8%

8.2%

7.1%

40

130

FY2016

4.7%

6
28

6
19

4
9

3.5%
1.2%

Annual rental number (Unit: 10 thousand)

11.7%

8.3%

57

75

FY2016/2Q

FY2017/2Q

FY2018/2Q

FY2019/2Q

cumulative

cumulative

cumulative

cumulative

Copyright(C) 2019 VISION INC. All Rights Reserved.

31

“GLOBAL WiFi” Business Market Size•

Inbound (Foreign visitors to Japan)：–––Over 31.19mn people for a year.
* Results in FY2018
Potential market size: approx. JPY218.3bn ※Government’s target:
•
•

•

–

Overseas travelers in the world (Number ofinternational tourist arrivals)：––

40mn people in 2020
60mn people in 2030

Outbound (Japan → Overseas)：–•

Global travelers from overseas to overseas
are the huge market over 1.3bn people scale.
Potential market size： approx. JPY9tn andmore ※(10 thou. people)

Approx. 19mn people for a year.
* Results in FY2018
Potential market size:
approx. JPY132.6bn ※(mn people)

1,800

6,000

Forecast

4,000
3,119

Inbound
OutboundGovernment’s
target

2,869

1,322

2,403

1,235
1,184

1,973
861

1,341
835 1,036

1,087

621
949

1,895

1,6631,6991,8491,7471,6901,6211,7111,788

2010 2011 2012 2013 2014 2015 2016 2017 2018

2020

1,039

1,900

1,850

～

993

1,133

～

2030

2010 2011 2012 2013 2014 2015 2016 2017

～

2030

Create from JNTO materials, March 2016 “Advisory Council on Tourism Nation Promotion”, Heisei29 edition tourism white paper, and the materials released by UNWTO※Estimate from Average Revenue Per User of our customer

Copyright(C) 2019 VISION INC. All Rights Reserved.

32

Information and Communications Service Business
Growth Strategy (Competitive Advantage)•
StartupCompanies

Have new dealings with one company in seven to eightcompanies※ that are newly established within the year in JapanThe number of national corporate registration ... 116,208 (2018)
Source: Ministry of Justice

WEB Strategy •Customer
Loyalty•

Ability to attract customers due to our own WEB marketing(Internet media strategy)
CRM (customer relations/continuous dealings) strategy, ourown know-how
Maximization of continued revenue ＝ Stock business
Up/Cross Selling which is high productivity

U.com
Telephone Line Cellphone
Arrangements Support

OfficeAutomation

Website Support

Security

Electric Power※Total number of companies established within 6 months (including sole proprietors), starting
business with us (our research)
The number of acquisitions will depend on the fluctuations in handling services and products.
Copyright (C) 2019 VISION INC. All Rights Reserved.

33

Information and Communications Service BusinessProfit Structure
Summary
Items

Sales

Telephone line arrangements, cellphone,electric power, etc.

Office automation (multifunction printer,business phone), website support, security

・Business brokerage fee (commission)・Sales price・Continuation fee (according to customers’ usage※Fee from leasing company and credit

situation)company※Fee from telecom carriers and primary agents・Maintenance fee※Fee from the manufacturers and factoring(website maintenance)

Cost ofsales

・Devices (cellphones)・Devices (office equipment, security)※No cost of sales for telephone line arrangements※Payment to the manufacturers

and electric power・Outsourcing (commission paid to agents), etc.

※Payment to telecom carriers and primary agents・Outsourcing (commission paid to agents), etc.
・Personnel expenses

SG&A
expenses・Advertising expense (website, etc.)
・Rent of call center etc.

・Other SG&A expenses, etc.
Copyright (C) 2019 VISION INC. All Rights Reserved.

34

Information and Communications Service Business
Market Size•

Number of incorporation registrations(total) ：116,208–––

Number of registration of transfer of head
office and branch (total) ：144,597

Approx. 110 thousand companies annually.
(Continued increase trend due to aggressive
establishment and corporate support by thegovernment)
Attract customers utilizing the know-how of
web marketing with over 15 years
experience.
Target newly established companies.

10.6

8.7

•

8.9

9.1

11.1

11.4

–

–
–

Approx. 140 thousand companies annually.
(Excluding the number of offices transferredthat are not obliged to apply for registration)
Cover change procedures, etc. on addition andrelocation.
Cross/Up Selling by advanced operations of
Customer Loyalty Team (CLT).
(Unit: 10 thousand)11.8 11.6
13.8

13.3

13.0

13.0

13.1

13.7

13.9

14.2 14.4

9.6

2010 2011 2012 2013 2014 2015 2016 2017 20182010 2011 2012 2013 2014 2015 2016 2017 2018

Copyright(C) 2019 VISION INC. All Rights Reserved.

35

Information and Communications Service Business
Growth Strategy (Customer Service)○高度なオペレーションで価値を創出する
Create values with advanced operations
カスタマー･ロイヤリティ･チーム（CLT）
Customer Loyalty Team (CLT)
From delivery procedure to after-follow
Covers a wide range of operations

Customers

Sales rep

Customer Loyalty Team

ProposalContract

Subscription and Delivery
procedure
Decidein details
VariousInstallation
arrangements
Delivery

Arrange schedule

Copyright (C) 2019 VISION INC. All Rights Reserved.

After-follow
SupportHearing

Offer
information
36

Information and Communications Service Business
Growth Strategy (Marketing)
Web marketing × Sales rep
× CLT Trinity “high efficiency”○Webマーケティング×営業×CLT
三位一体の“高効率”マーケティング
marketingNew

Existing

customers

customers

Hearcustomers’
problems andneeds

Acquire highly
reliable actual
demandProposalwith highprecision

Cooperation

Cooperation

Web marketing
team

Customer Loyalty
Team (CLT)

Sales rep
Copyright (C) 2019 VISION INC. All Rights Reserved.

37

Information and Communications Service Business
Growth Strategy (Escalation)○たゆまぬ進化を生みだす組織カルチャー
Organization culture that creates continuous evolution
High productivity created by cooperation between divisions (escalation)
事業部間連携（エスカレーション）が生みだす高い生産性
Customers

Improve productivity due to flat and open culture,promoting cooperation between divisions “escalation system”

Cooperation

Cooperation

Cooperation

Cooperation
Copyright (C) 2019 VISION INC. All Rights Reserved.

38

Information and Communications Service Business
Growth Strategy (Business Model)○Continuous stock model••

Keeping closer to the growth of client companies, offer optimum solutions
according to the growth stage.
Structure that profits are accumulated by our original know-how CRM (customer
relations/continuous dealings).
Offer products and services
Offer OA equipment
and website support
etc. suitable for thebusiness environment
Consulting services
suitable for thebusiness growth stage

Optimum
solutions

Optimum
solutionssuitable for the businessenvironment
Offer in-house products
and services
Consulting services suitable
for the business growth
stage

Early growthstage
Startup
stage

Increase members
due to expansion(Add lines, numbers
etc.)

Optimum
solutions

Further growth
stage

Increase members
due to expansion(Add lines,
numbers etc.)

Current main targets:

Future targets:

Growth candidates

Enterprises in growth stages

Copyright (C) 2019 VISION INC. All Rights Reserved.

39

Sustainable Growth and Corporate Value
Improvement ～ ESG Activities
Environment

Corporate Governance

Measures against global warming
Promote ECO and recycling
Activities to support disaster areas

Strengthen corporate governance
Promote risk management
Strengthen compliance

Environment

Governance

Relationship with SDGs

SocialRecruitment/Employment

Work-style Reform

Various recruitment channels
Recruitment advantages

Personnel system suitable for thetimes
Unique benefits

40

Approach to Environment
Acquire a “Green Site License” to offset the carbon
footprint of our website.
※ Support the environment with “Green
Electricity” for our website's CO2 reduction.
Support and cooperate with “Shinsai Regain”, which
provides information, supports activities in disasterareas, and provides assistance to various activities to“realize a society where people can support each otherin times of earthquake disasters.”

Environment

Offer reasonable LED by rental.

Paperless efforts
FY2017 ⇒ FY018: -9.6％ (Copy fee + paper fee)・Provide iPad to sales staff, etc.
・Utilize electronic forms and internal SNS actively.
・Select recyclable suppliers.
・Utilize video conference (reduce unnecessary traveling).

Provide iPad

Video conferenceElectronic form (workflow)
Utilize internal SNS

Select recyclable
suppliers

41

Approach to Society
Various recruitment channels

SocialFair recruitment, referral recruitment, employ women actively
Hire multinational employees (Foreign employees: 18.5% (full-time))
Hire disabled people (Local group to support disabled people “Meiro-juku”,
continuously awarded since 2015.)

Personnel system suitable the times, introduce
unique benefits.
・ Shorter working hours, shift work, flextime
・ Half-day leave/hour leave (paid leave), spouse birthday leave (special leave)
・ Drink benefit (summer, influenza vaccination subsidy)
AI chatbot

Average annual income
continues to increase.
Improve work efficiency.
※ Utilize AI chatbot, RPA, etc., actively.
⇒ Improve productivity.
⇒ Shift to high-value-added work.
⇒ Commission, achievement
allowance,
performance-linked bonus⇒ Increase average annual income.

ＲＰＡ

Despite the order number+40%, the incoming callratio -9%

(Effects: approx. JPY110mn)
Robot automatically processes
routine tasks, etc.
Data

Invoice

OK!
Input

Email

42

Approach to Society〇 “Vision Kids Nursery” opened as company-led childcare business••In childbirth and childcare, which are life events of employees, implement measures to makework rules more flexible, expand leave systems, and promote taking leave (current status)⇒ Provide a more work-friendly environment (a sense of security with children nearby) thanever before.
※ Establish a childcare facility on site of CLT, where female employees account for more than90%.
Easy to return to work, and hire employees who are
motivated to work in a parenting generation⇒ Sources of sustainable growth

Copyright(C) 2019 VISION INC. All Rights Reserved.

43

Governance System
Independent officer system

GovernanceDirectors Total number: 6(including independent outside directors: 3 / Male: 5, Female: 1)⇒ Business owners, and possess rich experience in web marketing, inboundbusiness, and the financial industry/global business.
Audit & Supervisory Board Members Total number: 4(including independent outside auditors: 4)⇒ CPA, prosecutor/lawyer, and business owners.

Strengthen information security
ISMS certification
Certified under the the international standard for information security management
system (ISMS), ISO/IES 27001.

Establish and operate the Information
Security Committee.

Compliance, risk management, internal control activities
Conduct regular training.

44

APPENDIX

Copyright(C) 2019 VISION INC. All Rights Reserved.

45

Group Structure
Number of operation bases

Number of affiliated companies

Airport counter (directly operated)
Overseas
Domestic

Overseas
Domestic

12
12

12

3

3

2016

2017

2018

7
2019 2Ｑ

Number of employees (Full-time)
Female
655
Male
586
452
127

10

12
7

497

174

206

146

12

12

12

12

2016

2017

Profession
Clerical
Sales

351

2016

2017

412

2018

17

12

12

16

15

2018

2019 2Ｑ

Personnel classification

452
32
194

325

15
14

655
586
497
41
191

200

449

2019 2Ｑ

81

72
218

314

356

226

265

2016

2017

2018

2019 2Ｑ

Copyright(C) 2019 VISION INC. All Rights Reserved.

46

Performance Data
Sales
25,79321,50315,094Gross profit
Gross profit ration

12,65010,16017,554

8,622

14,843
12,485
10,1859,203

5,198 5,651
56.5

FY2013FY2014FY2015FY2016FY2017FY2018FY2019

6,909
58.1

55.5

57.9

(Revised forecast)

Operating profit

SG&A expenses
SG&A expenses ratio

56.4

52.7

6,105

11,83010,165

Operating profit
Operating profit ratio

3,264
2,484

8,372
1,788

1,290
804
48.9

49.4

58.5

FY2013FY2014FY2015FY2016FY2017FY2018FY2019

SG&A expenses

5,188 5,365

58.8

55.3

(Revised forecast)

7,332(JPYmn, %)Gross profit

47.7

47.3

45.9

FY2013FY2014FY2015FY2016FY2017FY2018FY2019

10

286

8.7

10.2

11.6

12.7

6.4

2.8
0.1
FY2013FY2014FY2015FY2016FY2017FY2018FY2019(Revised forecast)
Copyright (C) 2019 VISION INC. All Rights Reserved.

(Revised forecast)47

“GLOBAL WiFi” Business

Customer Attributes(Corporate/Individual)

2Q FY2019 ※Fiscal period(Apr.-Jun.) Result
Rental number

AmountCorporate
Individual

37.2%

46.5%

62.8%

2Q FY2018 ※Fiscal period(Apr.-Jun.) Result

Corporate
Individual

53.5%

Rental number

AmountCorporate
Individual

44.2%

Corporate
Individual

45.9%

55.8%

54.1%

※It is the ratio of overseas use (outbound: Japan ⇒ overseas).
Copyright(C) 2019 VISION INC. All Rights Reserved.

48

“GLOBAL WiFi” Business

Customer Attributes(Corporate/Individual)

2Q FY2019 ※Cumulative period(Jan.-Jun.) Result
Rental number

AmountCorporate
Individual

34.1%

Corporate
Individual

42.9%

65.9%

57.1%

2Q FY2018 ※Cumulative period(Jan.-Jun.) Result

Rental number

AmountCorporate
Individual

40.8%

49.8%

59.2%

Corporate
Individual

50.2%※It is the ratio of overseas use (outbound: Japan ⇒ overseas).
Copyright(C) 2019 VISION INC. All Rights Reserved.

49

“GLOBAL WiFi” Business

Customer Attributes(New/Repeat)

2Q FY2019 ※Fiscal period(Apr.-Jun.) Result
Rental number

AmountRepeatNew

56.8%

2Q FY2018 ※Fiscal period(Apr.-Jun.) Result

43.2%

Repeat
New

44.6%

55.4%

Rental number

AmountRepeatNew

Repeat
New

57.9%

42.1%

57.8%

42.2%

※It is the ratio of overseas use (outbound: Japan ⇒ overseas).
Copyright(C) 2019 VISION INC. All Rights Reserved.

50

“GLOBAL WiFi” Business

Customer Attributes(New/Repeat)

2Q FY2019 ※Cumulative period(Jan.-Jun.) Result
Rental number

AmountRepeatNew

53.9%

Repeat
New

47.4%

52.6%

46.1%

2Q FY2018 ※Cumulative period(Jan.-Jun.) Result

Rental number

AmountRepeatNew

Repeat
New

54.9%

45.1%

55.0%

45.0%

※It is the ratio of overseas use (outbound: Japan ⇒ overseas).
Copyright(C) 2019 VISION INC. All Rights Reserved.

51

“GLOBAL WiFi” Business

Customer Attributes(Gender/Age/Past Cumulative Total)
Age

1.4%
5.8%

5.8%

Gender/Corporate or individual

1.4%

17.4%

15.5%

8.6%

6.9%

14.2%

11.3%

31.9%

13.5%

10.8%

43.8%

11.7%

Individual / Female

Individual / Male

Unknown

Corporate / Female

Corporate / Male

0.9%

0.6%

Under 18

19-24

25-29

30-34

35-39

45-49

50-54

55-59

Over 60

2.3%

Age (Male)

8.0%

40-44

7.6%

11.2%
13.2%

25-29

30-34

35-39

45-49

50-54

55-59

Over 60

Unknown

Copyright (C) 2019 VISION INC. All Rights Reserved.

17.0%
10.3%

13.2%

19-24

21.7%

9.0%

13.1%

Under 18

4.9%

9.6%

9.6%

12.7%

2.0%

3.6%

9.2%

6.8%

Age (Female)

40-44

13.7%

Under 18

19-24

25-29

30-34

35-39

45-49

50-54

55-59

Over 60

Unknown※It is the ratio of overseas use (outbound: Japan ⇒ overseas).

40-44
52

Stock Split(Resolved by the Board of Directors’ Meeting on August 9, 2019)※Excerpt from “Notice of Stock Split” on Aug. 9, 2019

PurposeThe stock split will be conducted with the aim of creating an environment in which investors can easily
invest, expanding its investor base, and increasing the liquidity of the Company’s stock by reducing theprice of share-trading units.

Overview
Method of stock split

The stock split shall have a record date of Monday, September 30, 2019and shall involve the splitting of common stocks held by shareholders
whose names are recorded in the latest Registry of Shareholders on therecord date at a ratio of 1:3.

Number of increase inshares by stock split

Total number of issued shares before stock split: 16,341,000 shares
Number of increase in shares by stock split: 32,682,000 shares
Total number of issued shares after stock split: 49,023,000 shares
Total number of authorized shares after stock split: 123,000,000 shares

Schedule of stock split

Public notice date of the record date: Friday, September 13, 2019
Record date: Monday, September 30, 2019
Effective date: Tuesday, October 1, 2019

Shareholder benefits
Substantial expansion ofshareholder benefit

The changes will be applied from the shareholders whose names arerecorded in the Registry of Shareholders as of December 31, 2019. Afterthe stock split, we will present a “shareholder benefit coupon” according
to the same number of shares as the standard before the split.

OthersChanges in capital

The stock split will not result in changes in capital.
53

Overview of Stock Options with Charge Issuance(Resolved by the Board of Directors’ Meeting on November 13, 2017)※Excerpt from “Determination of Details of Issuance of Stock Acquisition Rights” on Nov. 30, 2017

Item

Details

Name

Vision Inc. Third Series Stock Acquisition Rights

Number of issues

13,560 units

Issue price

JPY1,600 per stock acquisition right

Total issue price

JPY3,510,684,000

TargetDirectors (excluding outside directors), employees, employees of the subsidiaries
163 people 13,560 units

Conditions for the
exercise of the stockacquisition rights

If the operating profit for any fiscal year from FY2018 to FY2021 falls
below JPY1.6bn, the subsequent stock acquisition rights cannot be
exercised, except for the stock acquisition rights that are already
exercisable.

※ See the table below(100 shares per stock acquisition right, 1,356,000 shares of common stock)

Operating profit in any fiscal year from
FY2018 to FY2021 exceeds JPY3.6bn• Exercisable ratio：100％

Operating profit in FY2020 exceeds
JPY3.1bn• Exercisable ratio：30％

Operating profit in FY2018 exceeds
JPY2.1bn and operating profit in
FY2019 exceeds JPY2.6bn• Exercisable ratio：30％

Copyright (C) 2019 VISION INC. All Rights Reserved.

54

Business Summary

Copyright (C) 2019 VISION INC. All Rights Reserved.

55

VISION INC.
Code

9416

Operation Bases and Affiliates(1st Section of the Tokyo Stock Exchange)

Incorporated

•
•
•
•

December 4, 2001
(Founded June 1, 1995)

Management
Philosophy

Contributing to the Information andCommunications Revolution

Head Office

5F Shinjuku i-Land Tower, 6-5-1 NishiShinjuku, Shinjuku-ku, Tokyo 163-1305

Number ofConsolidated
Employees

798 (146)
Domestic: 706 (136)
Global: 92 (10)(Average temporary
employees)(As of June 30, 2019)

AffiliatedCompanies

Korea, USA (Hawaii), Hong Kong,
Singapore, Taiwan, UK, Vietnam,
China (Shanghai), France, Italy,
USA (California), New Caledonia

Vision Inc.
Best Link Inc.
Members Net Inc.
Alphatechno Inc.
BOS Inc.
RaPid Corp.
Vision Ad Inc.

GLOBAL WIFI.UK LTD

Domestic: 6
Global: 12

Global WiFi France SAS
Vision Mobile Italia S.r.I.

(As of June 30, 2019)

Business

Domestic Affiliated Companies： 6
Domestic Operation Bases： 15
Domestic Airport Counter： 17
Global Affiliated Companies： 12

GLOBAL WiFi
Information andCommunications Service

上海高效通信科技有限公司

Vision Mobile Korea Inc.
Vision Mobile Hawaii Inc.

Vision Mobile Hong Kong Limited
VISION VIETNAM ONE MEMBER
LIMITED LIABILITY COMPANYVISION MOBILE USA CORP.

無限全球通移動通信股份有限公司（台湾）

GLOBAL WIFI.COM PTE. LTD.
VISION MOBILE NEW CALEDONIA

Affiliates, Purchasing / Operation Bases
Purchasing / Operation Bases
System Development Center (Offshore)

Copyright (C) 2019 VISION INC. All Rights Reserved.

56

History and Evolution of Sales
Changed the market to the 1st Section of
the Tokyo Stock Exchange in Dec. 2016
Listed with “Mothers” of the Tokyo
Stock Exchange in Dec. 2015

Started Global Wi-Fi
router rental service

2016
2015

Started e-ca
(domestic) Wi-Fi
router rental service

2012
Established Best Link Inc.
and Members Net Inc.

Started broadband
subscription

2010
2008

Started company
cellphone business

2007
2006
2005
2004
Started Internet
advertising business

Founded
1995

2003
Started international telephone service sales businessfor South American people who live in Japan

Irregular
perioddue tochangesin fiscal
year-end.

Copyright (C) 2019 VISION INC. All Rights Reserved.

57

Our Core Strategies••

Niche & Focus
strategy

Price & Quality
leadership strategy

Discover the challenges
born in the niches of theevolution in informationand communications, anddevelop new markets.
Focus management
resources on carefully
selected targets, andrefine our services.

• Overseas travelers
 Startup companies••

Production efficiency isthoroughly pursued.
Realized by improving
organizational structure
and business speed.
While maintaining highquality of service,
demonstrate pricecompetitivenesssurpassing competitors.

 Productivity, priceadvantage
 Service quality evaluation
Copyright (C) 2019 VISION INC. All Rights Reserved.

Up/Cross selling
strategy••

Pick up new needs for
information andcommunications services
and continuously offer
services at reasonable
prices at the right time.
Build a long-term
relationship withcustomers.
 Original CRM
 Stock business58

Two Business Segments“GLOBAL WiFi” Business•

Offer anytime, anywhere, safe, secureand comfortable mobile Internet
environment all over the world.
––

Rental service
Connectable with multiple users andmultiple devices (companion,
smartphone, laptop, etc.)

Information and Communications
Service Business••

Offer the most suitable informationand communications-related products
and services tailored to the stage andneeds of the company since starting
business.
Our own sales structure, CRM–

Web marketing × Sales rep × CLT(Customer Loyalty Team)

U

.com

Order and payment

Receive routerUse overseas

Return router

Telephone Line Cellphone
Website Support
OfficeArrangements
Support Automation

Copyright(C) 2019 VISION INC. All Rights Reserved.

Security

Electric Power59

Contributing to the Information and Communications Revolution

Copyright (C) 2019 VISION INC. All Rights Reserved.

60

Notes on the Future Outlook
Materials and information provided in this announcement include so-called “forward-looking
statements”.
They are estimated at the present and are based on the assumption that involves forecasts
and risks, and substantially they include uncertainties which could cause different results fromthese statements.
These risks and uncertainties include general industry and market conditions, and generaldomestic and international economic conditions, such as interest rates and currency exchange
fluctuations.
In the future, even if there is new information or future events etc., we shall not obligated to
update and revise the “forward-looking statements” included in this announcement.
Vision Inc.
•
Contact： ir@vision-net.co.jp

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