FY2021
Financial Results
February 14, 2022
Vision Inc.
Stock Code：9416

FY2021 Financial Results (Consolidated)(JPYmn, %)Item

FY2020Results
AmountChangeComposition
ratio

FY2021Results
AmountComposition
ratio

Sales

16,654100.0+1,44618,100100.0

Gross profit

8,793

52.8+214

9,008

49.8

Operating profit

103

0.6+1,001

1,105

6.1

Recurring profit

227

1.4+915

1,143

6.3

Profit or loss (-)
attributable to ownersof parent-1,183-7.1+1,913729

4.0

“GLOBAL WiFi” Business
Performance Change “GLOBAL WiFi” Business
Various domestic usage needs steadily acquired. Making efforts to focus on social environment with
COVID-19 and post-corona world.
Used for telework, increase in the number of extensions on rental periods partially due to the reissuance of the state of emergency
declaration.
Sales of standby type “GLOBAL WiFi for Biz” for corporate customers are favorable by making a proposal for teleworking (The number ofcontracts and communication usage increases).
Acquire various usage needs (teleworking, moving, hospitalization, business trip, combined use with home internet, various events, etc.).
Sales and segment profit increases by entrusting the app confirmation work ( from March 2021), which is part of quarantine measures work
carried out by the airport quarantine station.
Investments (purchase of devices and plans) were made in the fourth quarter for growth in the next fiscal year and beyond.
(JPYmn)
1Q

SALES

1Q
2Q
3Q
4Q

+31.3%

4,462
13,505+30.0%

10,3923,589+31.8%

7,882 2,636
3,929
2,073 3,022
2,329
1,697
1,781
FY2016

2,226

5,084

-59.0%

9,070+24.6%

7,278
2,577
4,109 1,371
1,272
1,286

2,898

3,301
3Q
+36.8%
430
4Q
2,413+51.5%
224 1,274
1,593+39.7% 224
631
1,140724680
245
271
2Q

17,732

2,628
2,349

2,505

3,089

4,075

FY2017FY2018FY2019 FY2020 FY2021

3,347

SEGMENT PROFIT OR LOSS (-)

494
146
252

295490466

FY2016FY2017FY20181,515871

1,033
284-90326-347-27-42368262
117

FY2019 FY2020 FY2021

Information and Communications Service Business
Performance Change
Utilizing the strength of having multiple businesses (products/services) and sales channels,strong sales have been recorded by responding flexibly to changes in the external environment.
Sales and segment profit decreased due to a decrease in the unit price of business consignment fee (agency fee) associated with therise in electricity retail prices, strengthened sales of in-house services (monthly fee), and launch of Vision Denki, investments forgrowth in the next fiscal year and beyond, and prolonged order-to completion period due to customers' and suppliers' year-end andNew Year's operations.
We reached 1 billion yen in annual gross profit from stock revenue and in-house (monthly) services.

1Q2Q
3Q
4Q

SALES
+15.2%
+2.2%

+9.4%

6,948 7,104
1,730 1,725
1,749
1,764
1,703

1,786
1,782
1,810

7,775

1,970

8,955 8,806 8,804

2,115 2,139 2,080
2,330

1,977
2,009
1,818

-1.7%

2,146

2,207

2,004

2,302

2,515

2,068

2,297

-0.0%

1Q
2Q
3Q
4Q

FY2016 FY2017 FY2018 FY2019 FY2020 FY2021(JPYmn)1,520+11.5%+11.9% 1,363
+3.9%
335
1,218
188
1,172
+14.4%
1,116
92 -26.6%
1,024212285342 367
219246371
244 287
299
350

296
2,357

SEGMENT PROFIT

264

316

282

367

337
296

482

517

410

FY2016 FY2017 FY2018 FY2019 FY2020 FY2021

Assumptions for full-year earnings forecasts
Assumptions for full-year earnings forecasts
External environment and business policies (overall)
There is a great deal of uncertainty about the impact of COVID-19, and it is difficult to foresee the future. While aiming to improve
profitability and profit margin through flexible business operations co-existing with COVID-19, we will aggressively develop newbusinesses and new services (including those for improved convenience) in anticipation of the post-pandemic world and carry out
business activities to achieve growth that exceeds the growth potential before the spread of COVID-19.

“GLOBAL WiFi” Business
The following can be assumed for overseas travelers (outbound and inbound) and other matters.
January-September: Same level as each month in 2021; October-December: 25% recovery compared to the same period in 2019.
Contracted application verification work, which is part of the countermeasures conducted by airport quarantine offices, will continue
through December.
Domestic and "Global WiFi for Biz“ demand continued to be strong.

Information and Communications Service BusinessAlthough the impact on the purchase of goods-related products (e.g., office automation equipment due to the shortage ofsemiconductors) is expected to continue, we can flexibly respond to changes in the external environment by taking advantage ofour strength in multiple businesses (products and services) and sales channels that do not depend on a single business or sales
channel, and business will remain strong.
In view of the sharp rise in wholesale electricity prices, we have suspended the acquisition of new customers for "Vision Denki"(launched in August 2021) and shifted to existing subscription agency services.
We are strengthening sales of in-house services (monthly fee) and continue to build a stable revenue base over the long term.

FY2022 Financial Forecast
Items

Sales

FY2022
Forecast

FY2021ResultChange

Ratio ofchange

22,73618,100+4,636+25.6

Cost of sales

12,033

9,092+2,941+32.3

Gross profit

10,703

9,008+1,695+18.8

Gross profit margin

47.1

49.8

-2.7

－

SG&A expenses

9,295

7,903+1,392+17.6

SG&A-to-sales ratio

40.9

43.7-2.8－

1,407

1,105+302+27.4

6.2

6.1+0.1－

1,404

1,143+260+22.8

921

729+191－

Operating profit
Operating profit margin
Recurring profit
Profit attributable toowners of parent

FY2022 Segment Forecast
Segment Forecast

Sales

FY2022
Forecast

FY2021ResultChange

Ratio ofchange

22,73618,100+4,636+25.6“GLOBAL WiFi”

10,8159,070+1,744+19.2

Information andCommunications Service

11,1378,804+2,332+26.5

Subtotal

21,952

17,875+4,077+22.8784

235+548+233.2

Adjustments－-10+10－Segment profit

1,407

1,105+302+27.4

1,021

1,033-11-1.1

Segment profit margin

9.4

11.4

-1.9

－

Information andCommunications Service

1,426

1,116+309+27.8

Segment profit margin

12.8

12.7+0.1－

Subtotal

2,448

2,149+298+13.9

Others127-94+221－-1,167-950

-217

－

Others“GLOBAL WiFi”

Adjustments

Glamping Business- Develop a New Business as a Third Pillar -In addition to the GLOBAL WiFi and Information and Communications
Services businesses, we will open the third pillar glamping business,“Vision Glamping Resort & SPA,”.
First, we will renovate and reopen the newly acquired “Koshikano Onsen” (Kirishima City, Kagoshima Prefecture),
which is well regarded for its excellent hot springs.
Koshikano Onsen, Japan's first glamping facility
with outdoor hot spring baths in each room,has been renovated and will open sequentiallyfrom February onward and have a grand opening
in April 2022 as a large-scale glamping facility.

Construction has started on a facility
in Yamanakako Village (Yamanashi Prefecture),a location with a spectacular view of Mt. Fuji, and is
expected to open in the summer of 2022.

Mobile communication business
Providing products and services that meet the needs of customers/the times
Strong sales of mobile communication devices (corporate cell phones) and related services.
The spread of COVID-19 has led to a change in work styles.
Business growth by accurately grasping the needs of customers, markets, and the times, acquiring newcustomers, and increasing ongoing revenue by up-selling and cross-selling according to the growth stage ofcompanies.
Now accepting customer inquiries!!

Various needsSpecial Telework
Plan

Introduction of corporate cell phones
New and additional cell phones plans
and upgrading from cell phones to smartphones
Introduction of related services
Special compensation plan for corporate customers
available only at our company, “Gara Support”
In-house service (monthly fee), "VWS series"
Introduction of other products and services
OA equipment, electricity, website creation, Wi-Fi routers

Telework price 1,848 JPY/month
It’s a waste to use your personal cell phone for work!

With a Corporate Plan Smartphones
are Highly Affordable too!
Exclusive to Corporate
Customers. Smartphones areOnly 2,728 JPY/monthExclusive toCorporate Customers
Exclusive to Vision

New customers!

440JPY/month
per device

No liabilities!

Free
exchanges/repairs

For telework!

Corporate Cellphone Campaign

Damage Repair
Warranty Service
Low monthly price!

Transfer from a different company!

Easy choicefor peace of mind

Usage rate:
74.8%

Feature phones are
Only 1,848 JPY/month!

Changes in Monthly Cost and Segment Profit“GLOBAL WiFi” BusinessProfits are gradually recovered by continuing low-cost operation and acquiring various
usage needs.
Acquires actively various needs for using mobile Wi-Fi routers (Domestic Wi-Fi and “GLOBAL WiFi for Biz”, etc.).
Build a business structure that will generate higher profits and profit margins after overseas travel recovery than those before thespread of COVID-19 (FY2019) by reviewing various costs and expenses and improving operational efficiency.
Investments (purchase of devices and plans) were made in the fourth quarter for growth in the next fiscal year and beyond.

COST

1,156

SEGMENT PROFIT OR LOSS (-)(JPYmn)(JPYmn)1,093

FY2020

FY2021

225
777
672
548
542

584

755 735 741
712752703 687

810

178

163102 9967545

439 415443 455428

418

29461

443

1231210-90Jul Aug Aug Sept Sept Oct Oct Nov Nov Dec Dec

202121202120212021202120212020212021202120212021

SG&A expenses

591 244 572 243 439 264 328 278 340 242 314 260 273 258 279 255 276 266 269 269 267 250 247 322

Cost of sales

292 176 313 158 209 263 203 373 226 404 223 400 143 463 146 475 168 438 143 440 149 427 193 448

Overseas telecom cost 210 19 271 13 129 20

102017567262303251130313227342139145
52-19Jan Jan Feb Feb Mar Mar Apr Apr May May Jun Jun Jul

10085117-107-0-17-3-2Oct.

Nov.

-88-182
Jan.

Feb.

Mar.

Apr.

MayJun.

Jul.

(Note) The figures are different from those of the segment results because they are monthly changes in profit and loss which do not include closing settlement.

Aug.

Sep.

Dec.

Gross Profit Composition
Information and Communications Service Business
Utilizing the strength of having multiple businesses (products/services) and sales
channels, we have responded flexibly to changes in the external environment to record
strong sales.
Sales of mobile communication devices (for telework or switching over to smartphones, etc.) are strong.
The composition ratio of eco-solution business decreased because the unit consignment fees (agency fee) went down following
the temporary rise in electricity prices and the launch of our electricity service “Vision Denki” (stock earnings).

FY2021 Cumulative

FY2020 Cumulative

0.7%

1.1%
2.8% 13.5
7.1%
%
11.3

2.2%
11.7% 15.3%

%

10.6%

JPY
4,703mn 20.8%

27.6%

JPY
25.7%
4,637mn

28.8%11.2%

Fixed-line communication

Internet media

9.6%
Mobile communication

Eco-solution

Broadband

Construction related

Office automation equipment
Other(Note) The figures are different from those of the segment results because they are monthly changes in profit and loss which do not include closing settlement.

Stock Earnings and In-house Services
Gross Profit Change Information and Communications Service Business
Strengthen stock earnings and in-house services (monthly fee), which will become astable earnings base in the long run.

(JPYmn)Strengthen sales of in-house services (monthly fee) since FY2019.
Achieved a profit of JPY1bn during FY 2021.

1,020

In-house services(monthly fee)
Stock earnings

620

730

830

530

550590FY2015FY2016FY2017FY2018FY2019FY2020FY 20215080130190

330

470

670

470

460

460420400360340

Stock earnings: Revenue from continuation fee associated with subscription agency contract in Information and Communications Service Business and maintenance fee in OA equipment sales businessTo Contribute to the Global Informationand Communications Revolution