Prime Market (2749)

https://www.jp-holdings.co.jp/

JP-HOLDINGS, INC.

Financial Results for Fiscal Yearending March 2024

May 2024

FY3/24INDEX

１ FY 3/24 Results2

Earnings Forecast for FY 3/25 andthe Rolling of the Medium-term Management Plan

3

Policy for Capital Cost

４

APPENDIX© 2024 JP-HOLDINGS, INC.

2

Every activity is for children’s smiles

Leading company in the child-raising support business
JP Holdings Group is a leading company in the child-raising support business, and operates childcare support facilities, including nurseryschools, school clubs, and children’s houses.
JP Holdings Group was founded in 1993, and started childcare business by establishing a day-care center for children of our employees so that they
can work without worry. As joint-stock corporations were allowed to do nursery business in 2000, we first spread safe, reliable childcare services
nationwide, while being supported by various people.

Group companies include Japan Nursery Service Inc., which operates childcare support facilities such as nursery schools, school clubs, and children’shouses nationwide, J Kitchen Inc., which cooks meals for nursery schools, Japan Nursery Institute for General Research Inc., which offers classes inEnglish, gymnastics, and eurhythmics for childcare support facilities, plans and sells childcare-related goods, conducts training and research aboutchildcare and support for development and support business by visiting nursery schools, and operates the child-rearing assistance platform “codomel,”
Kosodate Support Realty Inc., which rents real estate and offers consulting services, and One’s Will Co., Ltd., which engages in the employment
placement business. These subsidiaries are managed and supervised by JP Holdings, Inc.

3

Outline of theBusiness of
JP-Holdings

OutlineoftheBusinessof
JP-Holdings
We operate the childcare
Supporting business in an
integrated manner.

Operation of nursery schools, school clubs,
and children’s houses
Operating 320 facilities around Japan(※on April 1, 2024)

Employment placement businessfor specialized personnel insideand outside Japan
One’s Will
Employment placement business for
specialized personnel inside andoutside Japan

RealtyBrokerage, lease,management
Consulting

Group purchase
Sale of childcare
goods
Development ofgroup facilities

Japan Nursery Service
Operation of nurseryschools, school clubs,
and children’s houses

Cooking of lunches(Our company andother companies)
Advisory

J Kitchen
Kosodate Support
RealtyBrokerage, rental,
management, andconsultancy ofreal estate

Cooking oflunches andadvisory

JP-HoldingsChildcare support businesstaking full advantage of synergy
among group companies

Business administration/development
Japan Nursery Institutefor General ResearchTraining andresearchJapan Nursery Institute forGeneral ResearchTraining business
BPO service
Support business byvisiting nurseryschools

Sale ofchildcare goods

Development and operation of earlychildhood learning programs
English, exercise, eurhythmics, danceSupport for development

Japan Nursery Institutefor General Research

Developmentof programsfor children

Japan Nursery Institutefor General Research

Platform

Platform business
Overseas business© 2024 JP-HOLDINGS, INC.

4

Our Management
Philosophy andCorporate Message

Our Management Philosophy and Corporate Message●To renew our management philosophy and operational philosophy, and produce a new corporate message●Under the new philosophies, we will improve our child-raising support business based on the cooperation
with local communities.

JP HoldingsGroup’s System
Management philosophy

Corporate message

Operational philosophy
Childcare philosophy andchild-raising philosophy

To contribute to the development of a society filled withsmiles through childcare support
Every activity is for children’s smiles
To conduct childcare and child-rearing while giving top priority
to safety and reliability
To put importance on daily childcare, so that our facilities will be
remembered foreverTo bring a smile to each child, while our staff can enjoy their jobs
To contribute to society by operating facilities that are connected
to and support local communities
To always offer child-raising support demanded by the times

Childcarephilosophy
To nurture the skills to survive tomorrow

Child-rearing
philosophy
To develop the ability to become an ideal self
© 2023 JP-HOLDINGS, INC.

5

1

FY 3/24 Results6

FY 3/24
Results

Summary of Business Results for FY 3/24

As we opened new facilities, undertook the operation of facilities, and adopted new business models, sales andprofit grew, hitting a record high. We reached the operating income and income margin set the Medium-termManagement Plan two years earlier than initially assumed.
Net sales: Grew 6.6% year on year as we opened bilingual nursery schools and Montessori method-based nursery schools as new
business models, enriched our early childhood learning programs, opened new facilities, undertook the operation of facilities, andthe number of children increased during the term.
Operating income: Increased significantly by 25.0% year on year, as net sales grew with several measures and we strove tomaximize subsidies although costs augmented due to the rise in electricity charges and the skyrocketing of prices of merchandise
we procure.
Net income: Increased significantly by 8.5% year on year, as net sales grew and we made efforts to improve revenues from existing
facilities and streamlined operation.

FY3/24

FY3/23
Unit: million yen

Results

Results

Revised earnings Initial performanceY/y growth rate
forecast ratio
forecast ratio

Revisedearnings forecast

Initial performance
forecast

Net sales

35,50737,856

0.7%

4.0%

6.6%

37,581

36,390Operating income

3,667

4,584

5.1%

20.0%

25.0%

4,363

3,820

Operating income margin

10.3%

12.1%

0.5%

1.6%

1.8%

11.6%

10.5%

Ordinary income

3,745

4,523

4.9%

17.7%

20.8%

4,314

3,842

Ordinary income margin

10.5%

11.9%

0.4%

1.3%

1.4%

11.5%

10.6%

Net income

2,698

2,929

7.6%

17.3%

8.5%

2,723

2,497

Net income margin

7.6%

7.7%

0.5%

0.8%

0.1%

7.2%

6.9%

*1: Net income represents “Net income attributable to owners of parent.”*2: The figures were rounded off to the nearest million yen.
© 2024 JP-HOLDINGS, INC.

7

FY 3/24
Results

FY3/24 Factors for Changes in Net Sales

Net sales

As we took various measures for “developing nursery schools and facilities that would continue to be selected,”
including the opening of bilingual nursery schools and Montessori method-based nursery schools and theenrichment of early childhood learning programs, the number of children increased during the term. Together with
this, we opened new facilities and undertook the operation of facilities. As a result, net sales grew from the previous
term, hitting a record high.

1,315

35,507135
Opening of
new facilities,
and closureof facilities

Net
sales

Results for
FY 3/23

837
Increasedue tostaffing

Increase ofchildren andcommissioned
operation ofschool clubs

37,85662
Increase ofsale ofphotos toguardians

Net
sales

Results for
FY 3/24(Unit: million yen/Rounded down to the nearest million yen.)© 2024 JP-HOLDINGS, INC.

8

FY 3/24
Results

FY3/24 Factors for Changes in Operating Income

OperatingincomeOperating income rose significantly from the previous term, hitting a record high, as net sales grew, we
operated facilities efficiently, reformed our ordering system, etc., although costs augmented due to therise in electricity charges and the skyrocketing of prices of merchandise we procure.

ー122
794
Gross profit

3,667

OperatingincomeResults for FY
3/23

Operating income grew, as we
opened new facilities,
undertook the operation offacilities, and maximized thesubsidy amount, althoughprocurement prices and utility
charges skyrocketed.

4,584

SG&A
SG&A decreased, thanks
to our efficient business
operation structure,systematization, etc.

OperatingincomeResults for FY
3/24(Unit: million yen/Rounded down to the nearest million yen.)© 2024 JP-HOLDINGS, INC.

9

FY 3/24
Results

FY3/24 Factors for Changes in Ordinary Income

Ordinary
incomeOrdinary income grew considerably year on year, hitting a record high, thanks
to net sales growth and efficient operation realized through systematization.

917
Operatingincome3,745

Ordinary
incomeResults for
FY3/23Operating income grewthanks to net sales growthby some measures suchas the opening of new
facilities and thecommissioned operationof facilities, as well as
efficient operation.

ー65
Decrease in
non-operating income

73

4,523

Increase in
non-operating expenses

Ordinary
incomeResults for
FY3/24(Unit: million yen/Rounded down to the nearest million yen.)© 2024 JP-HOLDINGS, INC.

10

FY 3/24
Results

FY3/24 Factors for Changes in Net Income Attributable to Owners of Parent

Net income
attributable toowners ofparent

Net income increased year on year, hitting a record high, as net sales grew
and ordinary income rose considerably through the establishment of an
efficient operation system.

778

ー351

Ordinary income

Decrease in
extraordinary
income2,698

ー15Decrease in
extraordinary loss

212

2,929

Increase inincome taxes

Rise in ordinary
incomeNet income
attributable toowners ofparentResults for
FY3/23

Net income
attributable toowners ofparentResults for
FY3/24(Unit: million yen/Rounded down to the nearest million yen.)© 2024 JP-HOLDINGS, INC.

11

Performance
Trend in FY
3/24

Quarterly Results in FY 3/24
Operatingincome
営業利益

Net sales

Net income
親会社株主に帰属する当期純利益

Ordinary
income
経常利益

1Q

2Q

1Q

2Q

1Q

2Q

1Q

2Q

3Q

4Q

3Q

4Q

3Q

4Q

3Q

4Q

37,856

4,584

35,5072,929

FY 3/24

FY 3/23

2,698

3,745

3,667

FY 3/234,523

FY 3/24

FY 3/23

FY 3/24

FY 3/23

FY 3/24(Unit: million yen/Rounded down to the nearest million yen.)© 2024 JP-HOLDINGS, INC.

12

FY 3/24
Results

FY3/24 Factors for Changes in Balance Sheet

Increase in shareholders equity ratio due to the decline in long-term loans-payable and increase of profit

Financial condition

Liabilities, Net Assets, Shareholders Equity Ratio

End of March 2024 *( ) = Difference with the end of March 2023

Liabilities

Assets
36,889 million
yen (1,194 million

20,781 million yen(-1,329 million yen)yen)

Net assets

16,108 million yen(+2,524 million yen)
End of Mar. 2023

End of Mar. 2024

Current assets

23,61325,374

Fixed assets

12,081

11,515

Total assets

35,69436,889Current liabilities

8,294

10,409Fixed liabilities

13,816

10,372

million yen

Total liabilities

22,11020,781

Total net assets

13,584

16,108

Liabilities

Net assets

22,110 million yen－ ¥－ Equity Ratio (%)

20,781 million yen
43.7

38.1
13,584 million yen

16,108 million yen

End of Mar. 2023

End of Mar. 2024

Cash and deposits
Inventory assets
Accounts receivable-other
Buildings and structures

20,944 million yen
46 million yen
3,453 million yen
12,148 million yen

Current portion of long-term loans-payable 3,657 million yen
Accounts payable
Income taxes payable
Long-term loans payable

2,893 million yen
1,093 million yen
8,761 million yen

13,840 million yen
Accumulated other comprehensive income-94 million yen
Retained earnings(Figures are rounded down to the nearest million yen, and the equity ratio is rounded off to the nearest first decimal point place.)© 2024 JP-HOLDINGS, INC.

13

FY 3/24
Results

FY3/24 Balance Sheet
End of Mar. 2023
(million yen)

End of Mar. 2024
(million yen)

Change(million yen)

23,61325,374

1,761

19,330
3,263

20,944
3,453

1,613
189

12,081

11,515

△566

4,984
146
6,950

4,666
105
6,743

△318
△40
△207

Total assets

35,69436,8891,194

Total current liabilities

8,294

10,409

2,114

3,654

3,657

2

1,681

2,893

1,212

13,816

10,372△3,444

12,226

8,761△3,465

Total liabilities

22,11020,781△1,329Total net assets

13,584

16,1082,524

Total liabilities and net assets

35,69436,8891,194

Total current assets(Cash and deposits)(Accounts receivable-other)

Total fixed assets(Total tangible fixed assets)(Total intangible fixed assets)(Total investments and other assets)(Current portion of long-term loanspayable)(Accounts payable)

Total fixed liabilities(Long-term loans-payable)(Rounded down to the nearest million yen.)© 2024 JP-HOLDINGS, INC.

14

FY 3/24
Results

FY3/24 Statement of Cash Flows

Operating CF: Income before income taxes, accounts payable, accrued expenses, increase indepreciation, etc.
Investing CF: Collection of long-term loans and acquisition of property, plant and equipment
Financing CF: Repayment of long-term loans-payable
Unit: million yen

FY3/23

ChangeFY3/24

Cash flows fromoperating activities

2,735

5,598

2,863

Cash flows frominvesting activities

411

-6

-418

Free cash flow

2,324

5,604

3,280

Cash flows fromfinancing activities-1,112-3,978-2,865

Cash and cash
equivalents at end of
period19,33020,944

1,613(Rounded down to the nearest million yen.)© 2022 JP-HOLDINGS, INC.

15

FY 3/24
New Openings

New Openings For FY3/24

No. of New Openings
on April 1, 2023
Nursery School: 1
School Clubs: 7

Bilingual Nursery Schools 5(The Company changed licensed nursery schools and Tokyo
Licensed Nursery Schools to bilingual nursery school)on June 1, 2023
School Club: 1

No. of Facilities Operated as of the
End of March 2024
Nursery Schools: 209
School Clubs: 86Children’s houses: 11

Total: 306
Tokyo
5 Bilingual Nursery Schoolon July 21, 2023
School Club: 1
New Openings for FY 3/24

Total: 10※As of March 31, 2023, the Company closed Tokyo
Licensed Nursery School named Asc Fudomae Nursery
School. In addition, due to the expiration of the contract, theCompany withdrew from school clubs named Wakuwaku
Akabane Hiroba/Akabane Children’s Club No. 1, Wakuwaku
Akabane Hiroba/Akabane Children’s Club No. 2, Wakuwaku
Akabane Hiroba/Akabane Children’s Club No. 3, Wakuwaku
Kirigaoka-sato Hiroba/Kirigaoka-satokko Club No. 1,
Wakuwaku Kirigaoka-sato Hiroba/Kirigaoka-satokko Club No.
2, Wakuwaku Kirigaoka-sato Hiroba/Kirigaokasatokko ClubNo. 3, Wakuwaku Fukuro Hiroba/Akakita Hibari Club No.3,
Wakuwaku Yoniwa Hiroba/Yoniwa Elementary School Icho.
Club No. 1, Wakuwaku Yoniwa Hiroba/Yoniwa Elementary
School Icho. Club No. 2, Mitaka Municipal Minamiura School
Club Annex A, Minato-ku Houka-go→ Club Honmura,Bunkyo-ku Meidai Temporary Childcare Room as of March 31,
2023.

・Asc Bilingual Nursery School Eifuku
・Asc Bilingual Nursery School Kameido
・GENKIDS Bilingual Nursery School
Shinkoyasu
・Asc Bilingual Nursery School Asakusabashi
・Ask Bilingual Nursery School Meidai-mae

Tokyo
1 licensed nursery school・Shinagawa Municipal Yashio Nishi Nursery
SchoolTokyo
9 school clubs and children’s houses(Out of which, one facility is to be opened in July 21.)・Heisei Elementary School After School Kids’ Club
・Ryusen Kids’ Club
・Chofu Municipal Chowa Elementary School Club No.2
・Minamikko Hiroba
・Minato-ku Houka-go→ Club Konan
・Takaban Elementary School Lan Lan Hiroba
・Yonsho Aozora School Club
・Asc Asakusabashi Kids’ Club (on June 1, 2023 )・Matsubara Children‘s Club No.2 (on July 21, 2023)© 2023 JP-HOLDINGS, INC.

16

FY 3/24
Q2
Status ofFacilities

No. of Facilities Operated as of the End of March 2024
No. of Facilities Operated by Region

Operate 306 facilities as of the End of March 2024

TohokuHokkaido

Licensed nurseryschools: 11

Kanto

Kinki

Licensed nurseryschools: 9
KyushuOkinawa

Licensed nurseryschools: 5
Company-led
nursery school: 1

Licensed nurseryschools: 3

Chubu

Licensed nurseryschools: 9
School clubs: 3
Children’s houses: 6

Licensed nursery schools: 158
Non-licensed nursery schools: 8
Other non-licensed nursery schools: 5
School clubs: 83
Children’s houses: 5

209 nursery schools, 86 school clubs, 11 children’s houses© 2023 JP-HOLDINGS, INC.

17

Dividend Policy

Dividend Policy

18

For FY 3/24, we raised the year-end dividend by 2.0 yen/share, whileconsidering our business performance trend.
・Regarding profit sharing, our company pays dividends while securing internal reserve required
for future business and fortification of our management structure.
●For FY 3/24, we increased the dividend amount by 2.0 yen/share from the initial
forecast to 8.0 yen/share, while considering the business performance trend.
Dividend per share[yen]

Up 2.0yen/share

Payoutratio
32.7%

Payoutratio
29.7%

Payoutratio
30.4%

Payoutratio
63.4%

Payoutratio
17.3%

Payoutratio
19.2%

Payout
ratio
23.9%

3/18

3/19

3/20

3/21

3/22

3/23

3/24

© 2024 JP-HOLDINGS, INC.

18

2

Earnings Forecast for FY 3/25 andthe Rolling of the Medium-termManagement Plan

19

Earnings Forecast for FY 3/25
and the Medium-termManagement Plan

20

Medium-Term
Management Plan

Assumptions for the Earnings Forecast for FY 3/25 andthe Medium-term Management Plan

Sales and profit grew, hitting a record high, as we opened new facilities, undertook the operation of facilities, and adopted new models in FY 3/24.

We achieved the operating income and income margin set in the Medium-term Management Plan two years earlier than initiallyassumed.
FY3/24

FY3/23
Unit: million yen

Results

Revised earnings
forecast ratio

Results

Initial performanceY/y growth rate
forecast ratio

Revisedearnings forecast

Initial performance
forecast

35,50737,856

0.7%

4.0%

6.6%

37,581

36,390Operating income

3,667

4,584

5.1%

20.0%

25.0%

4,363

3,820

Operating income margin

10.3%

12.1%

0.5%

1.6%

1.8%

11.6%

10.5%

Ordinary income

3,745

4,523

4.9%

17.7%

20.8%

4,314

3,842

Ordinary income margin

10.5%

11.9%

0.4%

1.3%

1.4%

11.5%

10.6%

Net income

2,698

2,929

7.6%

17.3%

8.5%

2,723

2,497

Net income margin

7.6%

7.7%

0.5%

0.8%

0.1%

7.2%

6.9%

Net sales

Operating income
Operating income reached the target for FY 3/26.
Operating income margin reached 12.1%, exceeding theforecast for FY 3/26 (11.3%).

Forecast

Up 25.0%
year on year

Up 20.0% fromthe initial
forecast

Results in FY 3/23

Results in FY 3/24

Forecast

Forecast

Operatingincome margin
11.3%

Forecast for FY 3/25

Forecast for FY 3/26

Factors in increasing operating income
and our initiatives↑ and undertook the operation of facilities.
Profit grew as we opened new facilities↑

Initiatives for maximizing the subsidy
amount↑Increase of enrolled children during theterm↑

Reform of the ordering system, andsystematization↓

Skyrocketing of commodity prices andthe rise in electricity charges© 2024 JP-HOLDINGS, INC.

21

Medium-Term
Management Plan

Our Policy for the Earnings Forecast for FY 3/25 and the Mediumterm Management Plan

The Medium-term Management Plan for the period from FY 3/25 to FY 3/27, which was devised with a rolling
method, is based on the feasible plan while grasping various changes in the social environment.
[Factors in increasing revenues that were not taken into account in the earnings forecast for FY 3/25 and theMedium-term Management Plan]
1. Drastic countermeasures against declining birth rates (The details are still to be determined, so they were not taken into
account in our forecast and plan.)(1) “The number of children per nursery teacher”(For children aged 4 or 5 years old: 30 children per nursery staff member(For children aged 1 year old: 6 children per nursery staff member

25 children per nursery staff member)

5 children per nursery staff member)(2) “The new system that offers childcare services to all children regardless of parents’ employment status”(Children aged 6 months to 2 years old can receive childcare services for 10 hours per month, no matter whether theirparents are working.)(3) Measures of local governments, etc.
To undertake the operation of childcare centers licensed by the Tokyo Metropolitan Government, collect fees for lessons
for children from parents and guardians, and so on
2. M&A of other companies in the same industry and business operation outside Japan, mainly Southeast Asia
(1) M&A of other companies in the same industry(2) To operate nursery schools in cooperation with excellent enterprises in each country in Southeast Asia

Review and revision are conducted when various plans and measures are determined.
© 2024 JP-HOLDINGS, INC.

22

FY 3/25 Forecast

FY3/25
Forecast

The earnings forecast for FY 3/25 was made based on feasible plans.
FY 3/24 Results
Unit: million yen

Net sales
Operating income

Operating income margin

Ordinary income

Results

37,856Compared with
the initial forecast

4.0%

FY 3/25

Y/ygrowth rate

Forecast

Changes in net sales in FY 3/25

Y/ygrowth rate

6.6%

38,5281.8%

4,584 20.0% 25.0%

4,751

3.6%

12.1%

1.8%

12.3%

0.2%

4,523 17.7% 20.8%

4,778

5.6%

11.9%

1.6%

1.3%

1.4%

12.4%

0.5%

Net income

2,929 17.3%

8.5%

3,106

6.0%

Net income margin

7.7%

0.1%

8.1%

0.3%

Ordinary income margin

0.8%

Increase

FY 3/24

Childcare/school club business Lessons for children

Decrease

Total

Real estate business

Employment placement business

OthersFY 3/25

Other

FY 3/25

Changes in operating income in FY 3/25
Increase

Decrease

Total

Factors in increasing profit not taken into
account in the earnings forecast for FY 3/25
Drastic countermeasures against declining birth rates
Various measures of local governments for supportingchildcare[Regarding measures]
In the Tokyo Metropolitan Area, the number of nurserystaff members already exceeds the standard, and learning
programs have been already put into practice in the Group.

FY 3/24

Childcare business

School club businessLessons for children

Real estatebusiness/Employment
placement business© 2024 JP-HOLDINGS, INC.

23

FY3/25
Forecast

FY 3/25 Forecast
Full-year forecast
for FY 3/25

Results for FY 3/24

Rate of change(%)

Change37,85638,528672

1.8Operating income (million yen)

4,584

4,751

167

3.6

Ordinary income (million yen)

4,523

4,778

255

5.6

Net income attributable to owners of parent(million yen)

2,929

3,106

177

6.0

Net income per share (yen)

34.38

36.39

2.01

－

Dividend per share (yen)

8.0

9.5

1.5

－

Dividend payout ratio (%)

23.3

26.1

2.8

－

Expected opening of nursery school(school)

1

1

0

－

Expected undertaking of children’s club,children’s house, etc.(facility)

9

19

10

－

Net sales (million yen)

© 2024 JP-HOLDINGS, INC.

24

Medium-termManagement Plan

Comparison Between the Results and the Earnings
Forecast in the Past 5 Years

The results in the past 5 years exceeded the earnings forecasts.
Comparison between initial forecasts andactual ordinary income

Comparison between initial
forecasts and actual net sales

FY 3/20

FY 3/21

Actual ordinary
incomeNet sales
forecast

Actualnet sales

FY 3/22

FY 3/23

FY 3/24Comparison between initial forecasts
and actual operating income
Actual operating
incomeFY 3/20

FY 3/21FY 3/20

FY 3/21FY 3/23

Ordinary income
forecast

FY 3/22

FY 3/23

Actual operating
income margin

FY 3/24

FY 3/20

FY 3/21FY 3/24

FY 3/23

FY 3/20

FY 3/21FY 3/22

FY 3/23

FY 3/24

Net income represents “Net income
attributable to owners of parent.”

Operating income
margin forecast

FY 3/22

Net income
forecast

Actual net income

Comparison between initial forecasts
and actual operating income margin

Operatingincome forecast

FY 3/22Comparison between initial forecasts and actual
net income

FY 3/24© 2024 JP-HOLDINGS, INC.

25

FY 3/25
Forecast

Rolling of the Medium-term Management PlanWe produced a feasible Medium-term Management Plan, without taking into account (1) drastic countermeasuresagainst declining birth rates, (2) measures of local governments, (3) M&A, and (4) overseas business, whose details arestill to be determined and which are in the planning stage, into the plan.
Grasping the status of subsidies and the progress of the plan, we will revise it or take other measures when necessary.

Operating income in the Medium-termManagement PlanCountermeasuresagainst declining
birth rates

M&A and overseas businesses
When the details of the drastic
countermeasures against declining birthrates are determined, the earnings
forecast will be revised.
We will disclose the information on
M&A and overseas businesses whennecessary, and revise the earnings
forecast according to situations.

Countermeasuresagainst declining
birth rates
Countermeasuresagainst declining
birth rates

Medium-term Management Plan
Actual operating income in FY 3/24

Operating income forecast for FY 3/25

Operating income forecast for FY 3/26

Operating income forecast for FY 3/27

© 2024 JP-HOLDINGS, INC.

26

Rolling of the Medium-term Management Plan

FY 3/25
Forecast

The following is the rolling of the Medium-term Management Plan for the period from FY 3/25 to FY 3/27
In FY 3/27, we aim to achieve operating income of 5 billion yen or over and operating income margin of 13%.

Initial Medium-term Management Plan

Revised Medium-term Management Plan
Results in FY 3/24

FY 3/24
Unit: million yen Forecast

FY 3/25

Y/y growthrate

Forecast

Compared with
forecast in theprevious year

FY 3/26
Forecast

Compared with
forecast in theprevious year

FY 3/25
Unit: million yen

Results

Compared with
the initial
forecast

Forecast

Y/y growthrate

Forecast

Compared with
forecast in theprevious year

FY 3/27
Forecast

Compared with
forecast in theprevious year

Net sales

36,3902.5% 37,220

2.3% 38,340

3.0%

Net sales

37,856

Operatingincome3,820

4.2% 4,100

7.3% 4,330

5.6%

Operating income

4,584 20.0% 25.0% 4,751 3.6% 4,837 1.8% 5,073 4.9%

Operatingincome margin

10.5%

0.2% 11.0%

0.5% 11.3%

0.3%

Operating income
margin12.1%

Ordinary income

3,842

2.6%

Ordinary income

4,523 17.7% 20.8% 4,778

5.6%

Ordinary income
margin

10.6%

0.1%

Ordinary income
margin

11.9%

1.3%

1.4% 12.4%

0.5%

Net income

2,497 -7.5%

Net income

2,929 17.3%

8.5% 3,106

6.0%

Net
incomemargin

6.9% -0.7%

Net
margin

7.7%

0.1%

0.3%

income4.0%

Y/y growthrate

FY 3/26

1.6%

0.8%

6.6% 38,528 1.8% 39,163 1.6% 40,165 2.6%

1.8% 12.3% 0.2% 12.4% 0.1% 12.6% 2.3%

8.1%

*Net income represents “Net income attributable to owners of parent.”© 2024 JP-HOLDINGS, INC.

27

Dividend Policy

Dividend Policy

28・Regarding profit sharing, our company pays dividends while securing internal reserve required
for future business and fortification of our management structure.
●For FY 3/24, we plan to pay a dividend of 8.0 yen/share, up 2.0 yen/share from the initial forecast
while considering the recent business performance.
●For FY 3/25, we plan to pay a dividend of 9.5 yen/share, up 1.5 yen/share from the previous
fiscal year.
Payout ratio
26.1%

Dividend pershare [yen]Up 1.5 yen/share

9.5

Up 2.0yen/share

Payoutratio
32.7%

Payoutratio
29.7%

Payoutratio
30.4%

Payoutratio
63.4%

Payoutratio
17.3%

Payoutratio
19.2%

Payoutratio
23.9%

FY 3/18

FY 3/19

FY 3/20

FY 3/21FY 3/22

FY 3/23

FY 3/24

FY 3/25© 2024 JP-HOLDINGS, INC.

28

FY 3/24
New Openings

Number of Newly Opened Facilities and Number of Facilities Whose
Operation Has Been Entrusted to Us as of April 1, 2024

No. of New Openings
on April 1, 2024
Nursery School: 2(One school is a former childcare facility licensed by
the Tokyo Metropolitan Government.)
School clubs and children’s houses: 17

Communication halls: 2
Certified childcare centers: 4(Former certified nursery schools)
Bilingual Nursery Schools: 5(Former childcare facilities licensed by the
Tokyo Metropolitan Government)

No. of New Openings
on April 1, 2024
Total: 20

Other tasks entrusted to us
Coordination of the business of after-school
childcare facilities of Shibuya City

No. of Facilities Operated as of the End of April 2024

Nursery Schools：205

Childcare centers: 4
School Clubs: 96Children’s houses: 13

Communication halls: 2
Total: 320
Tokyo
5 Bilingual Nursery School*Former nursery schools licensed by the Tokyo
Metropolitan Government
Asc Bilingual Nursery School NingyochoekimaeAsc Bilingual Nursery School Yakumo
Asc Bilingual Nursery School TakatsuAsc Bilingual Nursery School Kamikodanaka
Asc Bilingual Nursery School Mukaigawara
4 Authorized Childcare Centers*Former licensed nursery schools
Asc Kozurushinden Childcare Center*On the last day of March 2024, we closed “Asc Bilingual Nursery
School Eifuku,” which is a nursery school licensed by the Tokyo
Metropolitan Government. In addition, on the last day of March
2024, we withdrew from the operation of some school clubs:“Puredy Toyomi,” “After-school Classroom of Taisho Elementary
School,” “Wakuwaku Yanagida Hiroba/Yanagida Midori Club No.
1,” and “Wakuwaku Yanagida Hiroba/Yanagida Midori Club No.
2,” due to the expiration of contract periods.
*On April 1, 2024, “Asc Nishikokubunji Nursery School” wastransformed from a nursery school licensed by the Tokyo
Metropolitan Government to a licensed nursery school.

Tokyo
2 licensed nursery school
Appy Azabu
Asc Nishikokubunji Nursery School (which became an
licensed nursery school)Asc Nagamachi-minami Childcare CenterAsc Gotenhama Childcare CenterAsc Wani Childcare CenterTokyo
2 communication halls
Nezu Communication Hall
Mezirodai Communication HallTokyo
17 school clubs and children’s houses
Ukima Elementary School Clubs No. 1, No. 2, No. 3, and No. 4
Koto Kids’ Club Edakawa
Negishi After-school Children Classroom
Negishi Kids’ Club
Matsuba Elementary School After-school Children Classroom
Nezu Childcare Room
Mezirodai Childcare Room No. 2
Ichisho After-school Childcare Facilities A and B
Kitano Elementary School After-school Childcare Facilities A and B
Kitano Elementary School subofficeNezu Children’s House
Mezirodai Children’s House No. 2© 2024 JP-HOLDINGS, INC.

29

Long-Term Management Vision/Medium-term Management Plan

30

Long-Term
Management Vision andRolling of the Mediumterm Management Plan

Evaluation of the Medium-term Management Plan
Produced at the Beginning of the Fiscal Year

Thanks to various improvements and reforms, we have achieved the goals of the Medium-termManagement Plan two years earlier than initially assumed.
Share price has been healthy, and PBR reached 2.5.
Item

OutlineManagerial goal

Goals set in theMedium-termManagement Plan for
FY 3/24

Initiatives for solving
priority issues

IssuesRestructuring, business reform, and creation of new services and value“Developing nursery schools and facilities that would continue to be
selected”

To reach the earnings forecast (performance indicators and singleyear/medium-term plans)
Operating income margin: 11% or higher (as of the end of March 2026)
Turnover rate: 10% or less (as of the end of March 2026)
To monetize new businesses (to earn profit in FY 3/2026)

To ensure growth potential and advantages
To create and monetize new businesses
Strategy for differentiating existing businesses
To promote M&A actively
To reform our revenue structure
To streamline business administration, reduce costs, and reform existing
businesses (systematization, elimination of wasteful operations, and acompact head office)To reform our management baseTo develop human resources, improve our corporate culture, advancebusiness administration, improve our environment and realize a selfcontained system

Evaluation◎

Increase of children thanks to the learning programs offered in the existing
businesses and the enrichment of the “My Nursery School System”
Cost reduction through the streamlining of business operations and the eliminationof wasteful operations at the head office and workplaces◎

Net sales were up 6.6% from the earnings forecast for FY 3/24. Operating income,ordinary income, and net income were larger than the earnings forecast by double
digits and the amounts in the previous fiscal year.
Operating income margin was 12.1% and operating income was 4,584 million yen,achieving the goals in the Medium-term Management Plan two years earlier
than initially assumed.
Turnover rate decreased from the previous fiscal year, and we will make efforts todecrease it further.

○To ensure growth potential and advantages<<Promotion of the differentiation program>>
Improvement in revenues thanks to the increase of children as a result of theoperation of bilingual nursery schools and Montessori method-based nursery schools
Enrichment of learning programs (STEAMS education, Mojikazu Land, and reading
to children)
Acquisition of One’s Will (employment placement business)
Start of overseas business operation
To reform our revenue structure
Reduction of cost ratio (decrease of overtime work and personnel introduction fees),and maximization of subsidies
Improvement of HR systems
To reform our management baseMobilization of personnel through organizational restructuring, and enrichment of
our educational system

Early monetization of new businesses (employment placement business)
Strengthened promotion of M&As to further expand our business scale (targeted at companies in the same industry
and peripheral businesses) and global expansion
Sophistication of operations through systematization (marketing, management and instruction)© 2024 JP-HOLDINGS, INC.

31

Long-Term
Management Vision andRolling of the Mediumterm Management Plan

Position of our Company

Our company ensured outstanding profitability in the childcare support business.
1st
2nd

3rd
4th
5th

Net Sales
JP-HOLDINGS
Company A
Company B
Company C
Company D

Unit: million yen

37,856
29,04728,89325,136
14,557

2nd
3rd
4th
5th

Operating income margin
JP-HOLDINGS
12.1%
Company A
8.1%
Company B
4.0%
Company E
2.3%
Company C
1.4%

1st
2nd
3rd
4th
4th

Ordinary income margin
JP-HOLDINGS
11.9%
Company B
4.5%
Company E
3.9%
Company C
1.3%
Company D
1.3%

1st
2nd
3rd
4th
5th

Market cap
JP-HOLDINGS
Company B
Company C
Company E
Company D

1stUnit: million yen

43,046
12,834
6,398
4,574
2,111

1

2

3

The largest sales inthis industry

The highest
profitability in thisindustry

The largest market cap
in this industry

Scale

Profitability

Increase of children andimprovement in utilization rate
thanks to the operation of nurseryschools and facilities that would
continue to be selectedMarketcapitalization

Rigorous KPI management
Cost reduction through thestreamlining of management andoperation at the head officeMeasures for coping with the
declining birthrate and uniquemeasures
Rise in share price due to new
businesses(Enrichment of our early childhood learning
programs and promotion of digitalization)(Staffing and systematization)

Net sales: 37,856 million yen

Operating income margin: 12.1%

Market cap: 43,046 million yen[Future measures][Future measures][Future measures]

Expansion of our business domain
and scale through M&A andbusiness alliance
Overseas business operation
Employment placement business

Marketing and differentiation
measures
To undertake the operation of
more school clubs
Optimization of staffing
Maximization of subsidies

To realize stable businessperformance
Endeavors as a leading company

Source: Produced with reference to the brief report on financial results of each company.
The figures as of the end of the latest fiscal year of each company were used.
The share price as of April 16 was used for calculating the market cap.

(Contributing to the childcare support business)(New businesses/settlement of social issues)© 2024 JP-HOLDINGS, INC.

32

Long-Term
Management Vision andRolling of the Mediumterm Management Plan

Environment Surrounding our Company

Due to the declining birthrate, the number of babies under the age of one will decrease, but ourrevenues are expected to grow stepwise thanks to the drastic governmental countermeasures.
Trend of the Japanese economy

Environment surrounding the childcare support business[Negative factors]
Decrease of children on waiting lists (childcare), and further decline in birthrate due tochanges in the social environment
Intensification of competition among childcare facilities in some regions
It is now mandatory to announce the system for childcare leave of male employees.
[Positive factors][Japanese economy]
The real GDP growth rate in FY 2024 is expected to be up 0.6% year on year,
showing growth for the fourth consecutive year.
There are many factors in an economic slowdown, so there is concern over thedelay in recovery. In particular, the impact of the rise in commodity prices will be
the biggest concern for the foreseeable future.

Drastic governmental countermeasures against declining birth rates
Enhancement of economic support, mainly childcare allowance, subsidies, and revision of regulations(1) Change in the number of children (aged 1 year and aged 4 or 5 years old) per nursery teacher; Therevised one for children aged 4 or 5 years old will first become effective.
(2) New system that offers childcare services to all children regardless of parents’ employment status;
Children aged 6 months to 2 years old can be temporarily looked after at childcare centers no matter
their parents are working.
*In April 2024, some facilities started the tentative adoption of this system.
(3) Start of the system for allowing parents who have retired work for childcare or have taken childcare
leave to book the enrollment in a childcare facility and to resume work; Subsidized until enrollment
Measures by the Tokyo Metropolitan Government(1) Collection of fees for educational programs from parents and guardians *This varies among local
governments.
(2) After-school childcare licensed by the Tokyo Metropolitan Government (to cope with the increase ofchildren on waiting lists)
To be started in April 2025

[Global economy]
It is forecast that full-year growth rate will decline to 2.7%, but the European and
U.S. economies will bottom up and recover due to the subsiding of inflation, andtheir growth will be accelerated in the second half of the year. The Japanese
economy, too, is expected to grow steadily, thanks to the relaxing financial policy
and the recovery of export.

Other social environmentJapan is faced with the serious shortage of workers (in the fields of restaurants,
manufacturing, and construction)
The number of people who can receive the status of residence for non-Japanesepeople with special skills increased over two times to 840,000.
Variation in the Japanese population

Forecast

Trend of the childcare/early childhood education market

Variation in the number of children on waiting lists

Birthrate

Variation in the number ofchildren on waiting lists

Unit: thousand peopleChildcare/early childhood
education market(100 million yen)

Unit: thousand peopleChildcare/early childhood
education market

Down 35% in the past
20 yearsNursery school
marketAfter-school
childcare market

Projected to fall below
100 million people

FY 2015

FY 2016

FY 2017

FY 2018

FY 2019

FY 2020

FY 2021

FY 2022

FY 2015

FY 2016

FY 2017

FY 2018

FY 2019

FY 2020

FY 2021© 2024 JP-HOLDINGS, INC.

FY 2022(estimate)

FY 2023(forecast)33

Long-Term
Management Vision andRolling of the Mediumterm Management Plan

Ideal state and the Positioning of the Medium-termManagement Plan 2027

Management philosophy
To contribute to the development of a society filled with smiles through childcare support
Ideal state

Consolidated net sales: 100 billion yen
50 billion yen fromexisting businesses
Improvement in corporate value through the creation of value for50 billion yen from new
addressing social issues regarding childcare
businesses

Diversification of values andneedsFurther decrease of children
Further decline in birthrateDecrease of the workforce

Value creation throughsustainability-oriented
management

Skyrocketing of commodity
pricesFY 3/27
Establishment of HR business
Establishment of overseas
business
M&ADrastic countermeasuresagainst declining birth rates
Local governments’ measures
for supporting childcare

General enterprise offering childcare support

FY 3/26
Development
phaseIncrease of children on waiting

Realization of our growth scenario
Creation of new businesses and domains
Foray into business fields where we have advantages→Employment placement business (inside and outside Japan)
Cultivation of new markets→Operation of nursery schools outside Japan (Southeast Asia)
Improvement in profitability, value creation, and sustainable growthEstablishment of a management baseImprovement in profitability of existing businesses, acquisition ofcompetitive advantages, and streamlining of business operations
Enhancement of personnel development
Active promotion of M&A
Active promotion of large-scale M&A of mainly competitors in the same
industrylistsIncrease of women working
Expansion of the workforce

FY 3/25
Preparation
and assessment

Pursuit ofdifferentiationand competitive
advantages

Co-creation, sharing,and pursuit of speed

HR andorganizationtransformationof non-Japanese people© 2024 JP-HOLDINGS, INC.

34

Long-Term
Management Vision andRolling of the Mediumterm Management Plan

Entire Picture of the Medium-term Management Plan

To create new value early in response to changes in society and the environment
surrounding the childcare support business“Speed of business administration”◼Operating income margin: 13%, operating income: over 5 billion yen
in FY 3/27
◼ROE: 20% or higher; promotion of business plans and the capital
policyImprovement inshareholder value

CapitalpolicyManagerial
strategy

Governance◼Improvement in profitability and the balance sheet
Increase in shareholders’ equity, improvement in profit, and decrease
in interest-bearing liabilities◼ROE: 20% or higher; PBR: 3 or over
◼Shareholder return: We aim to achieve a payout ratio of 30%.
◼Growth strategy for creating new businesses
Employment placement business (non-Japanese workers and Japanese
specialized personnel)◼Fortification of our management base (investment in systems for humanresources and mission-critical tasks)◼Active promotion of M&A (in the same industry and peripheral businesses)◼To improve the quality and speed of management judgment
Investment in new businesses/M&A◼Business administration from the viewpoint of shareholders◼Rigorous audit system
Risk control at each workplace and the head office, and ourmanagement structure

Speed of business administration© 2024 JP-HOLDINGS, INC.

35

Long-Term
Management Vision andRolling of the Mediumterm Management Plan

Goals Set in the Medium-term Management Plan

Business innovation(New business)

Employment placementbusiness
To grow sales five times(Overseas business)

Operation of nurseryschools(M&A)

M&A of competitors in thesame industry in 3 years

Quantitative goals

Shareholder return
policyOperating income margin:
13%
ROE: Over 20%

We aim to increase apayout ratio to 30%.

Operating income:Over 5 billion yen(FY 3/27)

Securing a certain amountof internal reserves, whileconsidering future business
operation

Turnover rate: 10% or lower

Improvement of humancapitalFlexible utilization of human resources, development of personnel who can voluntarily
take action and continue endeavors for creating businesses
Swift staffing in response to changes in the business environment

Tightening ofgovernanceWe will strive to grow the Group sustainably by improving the quality and speed ofmanagement judgment.
36© 2024 JP-HOLDINGS, INC.

36

Long-Term
Management Vision andRolling of the Mediumterm Management Plan

Medium-term Management Plan: Management Policies
Structural reform, business innovation andcreation of new services and value

We will actively develop new business for growth, engage in M&A and promote developmentof infrastructure such as systems through structural reform and business innovation.
Furthermore, we will establish a solid business foundation to create new services and value
and establish a competitive advantage. Through these efforts, we will address parents’ needs
and concerns as well as social issues through our operations to achieve sustainable growth.

Three BasicManagement
Policies

1

Realizing growth and competitive
advantage

2

Reforming the revenue structure

3

Reforming the management foundation© 2023 JP-HOLDINGS, INC.

37

Policy for FY 3/25

38

Policy for FY 3/25

Management Policy for FY 3/25

39

To improve profitability by reforming our structure and business and monetize new
businesses early
Restructuring, business reform, and creation of new businesses
Existing business domain

New business domain
Sales growth

Improvement in profit margin
To brush up and grow (advantages)

To change (restructuring)

To create (growth potential)

To evolve our business model and improvethe value we provide in the mature market
Measures for increasing children amid thedecline in birth rate

Streamlining of business operations through the reformof business structures, and personnel development basedon an independent organizational structure
Systematization for streamlining and advancing business
operations

Active promotion of new business domains
for sustainable growth
Promotion of M&A as strategic investment[To expand revenues from existing business]
Measures for maximizing subsidies
To undertake the operation of more school clubs and children’s houses (Response to the start ofafter-school childcare licensed by the Tokyo Metropolitan Government)

Measures for increasing children
1) My Nursery School System based on regional cooperation
2) Early childhood learning and characteristic childcare[To reform our revenue structure][New businesses]

Streamlining of business administration and personnel
development
1) Systematization and data analysis
HR systems/dealing with subsidies
2) Strengthening of human capital (mobilization of humanresources)
3) Lump-sum purchase of ingredients and fixings, policies
for business partners

Employment placement business
1) To secure, introduce, and dispatch a larger number ofcompetent non-Japanese personnel in cooperation withlocal enterprises2) To launch the employment placement business ofJapanese specialized personnel (nursery staff, nurses, andcaregivers)
Overseas business operation (operation of nursery schoolsin Southeast Asia)
1) Operation of facilities in cooperation with local
enterprises2) Expansion of this business linked with the employment
placement business・Active promotion of M&A
1) Competitors in the same industry → Planning M&A-To work on M&A early while grasping the decline in birthrate and the decrease of babies under the age of one3) Operation of multi-functional facilities (support for disabled children and cooperation)[To enrich related business]
To enrich the interactive programs-Programs/extracurricular lessons for charging fees
Bilingual nursery schools and Montessori method-based
nursery schools
Transformation into childcare centersImplementation of differentiating programs, such as the Door to
the Future

To ensure growth potential andadvantages[To reform our management base]Personnel development and reform of our corporate
cultureTo keep turnover rate 10% or lower
Personnel development and evaluation linked withpersonnel systems
Optimization of human resources, and elimination ofwasteful operations through systematization

To reform our revenue structure

To reform our management base© 2024 JP-HOLDINGS, INC.

39

Policy for FY 3/25

Management Strategy: To Ensure Growth Potential and Advantages
40
in Existing Businesses

To build “nursery schools and facilities that would continue to be selected” with strategies and driving force
differing from those of competitors in the same industry

エリアドミナント戦略
Increase the number of schools
clubs and children’s houses to 200
To support childcare from babyhood toearly childhood to school age in our area(*To undertake after-school childcare licensed
by the Tokyo Metropolitan Government)

Achievementof ourdominance“Building of nursery schools that would continue to be selected”
Childcare facilities specializing
in English
・Facilities where native Englishspeaking teachers are assigned to
the nursery schools and children
can experience English in an
enjoyable manner.

Expansion of learning programs

Response from parents’ perspective

STEAMS-based childcare andafter-school programs

Online /video-based
facility tours

As physical activity is essential for thehealthy development of infants, toddlers, andschool-aged children, we will add “Sports” to
STEAM and incorporate it into daily childcare
and child-rearing.

Science,Technology,Engineering,Arts(Liberal Arts),Mathematics,Sports

Nursery schools based on theMontessori method
We focus on the self-growth and learning of children,and propose an environment in which respective
children can take action at their own paces.
Five categories of assignments in Montessori
education
Daily life, education for stimulating senses, language
education, arithmetic education, and culture
education

Parents

Enrichment of the website andstrengthening of communication
EC sales of various kinds oflearning goods

Parents

Bag-less childcare suchas diaper subscription

My Nursery
School System

Those whoareexpected togive birthand raisechildren

Various support
Nursery schools

To undertake theoperation of 15 or more
facilities per year+
After-school childcare
licensed by the Tokyo
Metropolitan
Government

Multi-functional facilities
To operate multi-functional facilities
under the new policy, while grasping thedecrease of 0-year-old babies
Linkage with the support business byvisiting nursery schools, etc.

Expansion of English, gymnastics, eurhythmics, and dance programs[Original plan]
Door to the Future“Plan of developing skills for leadinga life in one’s own way” as part ofcareer education

Step 1
To know and getinterested

Nurseryschools andchildcarefacilities

Step 2To
experienceand learn

Step 3
To pursue
one’s
dream

Event
venuesEvents for finding jobs
© 2024 JP-HOLDINGS, INC.

40

Management Strategy: To Ensure Growth Potential and Advantages
41
in Existing Businesses
To acquire companies that engage in the employment placement business,
operate new businesses, and link them with existing businesses

Policy for FY 3/25

One’s Will Co., Ltd.
To increase net sales 5 times
in 3 years
Net sales

Employment placementbusiness for nonJapanese personnel
and Japanese
specialized workers

NonJapanesepersonnel“Introduction and dispatch” ofcompetent non-Japanese
workers to Japanese enterprises

To develop excellent
personnel and introduce ordispatch them to blue-chip
Japanese enterprises

Japanese
personnel

Introduction and dispatchof specialized personnel

To start the employment
placement business dedicated tonursery staff, nurses, andcaregivers[Foreign country from which
workers are dispatched]

Website for job
hunting

Individuals and schools

Institution for
dispatching workers[In Japan][Current business]
Dispatch of mainly non-Japanese
workers and support for nonJapanese technical interns[New business operation]
Introduction of non-Japanesepersonnel with particular skills
Introduction and dispatch ofJapanese specialized workers,
including nursery staff, nurses, andcaregivers

Personnel withparticular skills

Introduction anddispatch ofworkers to bluechip enterprises

Ourcompany・Through the company engaging in the employment
placement business, which is managed by our company,
we introduce and dispatch workers to blue-chipenterprises in Japan.

Application/
registration byindividuals

Marketing/schools

Website for
producing a
database
Our company andother companies

Introduction of
personnel

Marketing

Dispatch of personnelTo launch the employment placement businessdedicated to nursery staff, nurses, and caregivers© 2024 JP-HOLDINGS, INC.

41

Management Strategy: To Ensure Growth Potential and Advantages
42
in Overseas Business

Policy for FY 3/25

To operate childcare facilities (nursery schools) in cooperation with excellent enterprises ineach country
To start overseas businesses in Vietnam, and expand them in Southeast Asia
Operation of childcare facilities in Southeast Asia

TaiwanTo launch and expand new businesses

Local
enterprises

Overseas business operation

Cooperation

Active operation of overseas businesses
based on business alliance

MyanmarOperation ofmultiple
facilities

Laos

ThailandCooperation with local enterprises and schools mainly in Southeast Asia
1) Introduction of competent non-Japanese personnel to Japaneseenterprises2) Operation of nursery schools in cooperation with local enterprises

VietnamPhilippines

Vietnam, Indonesia, and the Philippines
Malaysia

Singapore

Indonesia

Expansion of the employment placement businessBusiness expansion throughcooperation

CambodiaTo secure competent personnel in cooperation with local enterprises andeducational institutions
To accept and introduce non-Japanese workers with particular skills
Business of dispatching non-Japanese workers, and support for foreigntechnical interns

Expansion of the real estate businessHousing for non-Japanese workers in Japan
Securing housing for non-Japanese workers and completing
procedures, while linking it with the employment placementbusiness© 2024 JP-HOLDINGS, INC.

42

Policy for FY 3/25

43
Management Strategy: To Ensure Growth Potential and Advantages in M&A

To promote large-scale M&A while looking ahead to the future business environment, and occupy
the market through oligopolization
Targeting and business allianceBusiness scale expansion (growth strategy)

The same industry: Childcare support business

Active promotion of M&A and business alliances(expanding business scale)In the childcare support business, there are 22 enterprises withsales of 10 billion yen or over, and enterprises with less than 10
billion yen are dominant. We will actively promote M&A according
to future market trends and regional characteristics.

・Companies in the same industry (childcare support businesses such as
nursery school business operators)
・Companies related to childcare peripheral businesses[Scenarios envisioned for the childcare industry]●学童
Nursery school
School club ●保育●学童クラブ●保育園①Market launch period①市場の立ち上り期

The Group operates various businesses related to childcare
support, including school lunch business, learning programs,
platform business, employment placement, and real estate. We
will promote M&A for expanding our business scale.

Number of players
プレーヤー数

Small
小Oligopoly situation in theMarket share per company
業界の寡占度: industry:
1社あたりの市場シェア

分散市場

Dispersed market

To discuss M&A in a wider range of business fields to create new
businesses, while considering the relationships with our existing
businesses and future businesses, such as app development andonline business③Accelerated
restructuring period③再編加速期

市場規模
Marketsize

Childcare business-related: Peripheral businessand relevance

Other industries: New business strategy②Maturity period
②成熟期

Large
大
寡占市場

Oligopolistic market[Expanding existing and peripheral businesses through M&A]
Promoting large-scale M&A
Capturing intensifying competition and exhibiting competitive advantage
through a dominant position
Gaining superiority through economies of scale in oligopolyCollaborating and cooperating with other companies that have affinity with ourbusiness
Capital injection© 2024 JP-HOLDINGS, INC.

43

Policy for FY 3/25

Management Strategy: Restructuring and Business Reform

To eliminate wasteful operations through restructuring, streamline
operations through systematization, and establish new functions of thehead office through sophistication
Streamlining of operations
Simple operations
Visualization andstandardization of tasks

Curbing of turnover rate

Qualitative improvement

Prevention of resignation by staff
through condition checks and keep
turnover rate below 10%

Improvement of management
system in each area

Streamlining ofoperations

Personnel optimization
Restructuring within
the Group

Systematization
HR management

Promotion of systemization of humanresource systems, etc.
Data analysis and streamlining of business
operations

Data collection andanalysis of staff
conditions
Improving operational efficiency at head
office and on the field
Data analysis to prevent turnover

Evaluation linked to the personnel
systemReview of evaluation
criteria based on new KPI
settings

Coordination between thefield and head office

Bloc and area-based management
system
Two nursery school blocs
School club and children’s house block

Streamlining ofoperations

A system where eachfacility cancomplete tasks
independently
Increasing the number ofarea managers© 2024 JP-HOLDINGS, INC.

44

Policy for FY 3/25

Management Strategy: Restructuring and Business Reform45

To maximize the value of human capital
We aim to maximize the value of human capital by utilizing exuberant personnel and realizing organizations so that diverse
talents take on responsibilities proactively with a sense of fulfillment and pride to create new value through interaction.

Revitalization of
corporate culture

Human resource recruitment,
promotion and evaluation•Personnel allotment according
to management strategy (theright person for the right job)
•Recruiting human resources forthe next-generation management•Reform of the personnel
evaluation system

Ability to respond toenvironmental changes

Human
resource
strategy

Engagement

Realization of a company where
employees can have a sense offulfillment and pride•Skills to enhance adaptability tochange•Diversity development throughhuman resources education
Data analysis(Utilization)•Promoting active
communication beyond
business companies andorganizations•Reforming employee
awareness
Talent management thatutilizes individuals•Personnel allotment andpromotion that encourages
career development andindependence

Analysis for reducing
turnover rate

•Collecting and analyzing datafrom questionnaire surveys,
etc. to reduce turnover rate
© 2024 JP-HOLDINGS, INC.

45

Business AllianceBusiness Alliance with Duskin Co., Ltd.

Conclusion of a business alliance contract with Duskin[Purpose of the business alliance]●To solve social issues and customers’ trouble by utilizing the managerial resources and know-how of the twocompanies and fostering a cooperative relationship between the two companies, offer value by creating new
businesses, and maximize the corporate value of the two companies by pursuing synergy.
●In order to maximize the effects of the business alliance, the cooperation examination committee, which iscomposed of appropriate personnel selected from the two companies, discusses concrete cooperative activities.

DUSKIN CO., LTD.
 To operate the franchise business inside andoutside Japan
 Its business domain is broad, including
environmental sanitation and food services. The
company conducts franchise business for various
services, including rental based on regular visits,
advanced professional technical services, and foodservices based on in-store sale, to solve the troubleof each customer.

×

JP-HOLDINGS, INC.
 To operate the childcare support businessnationwide
 We operate 320 facilities for childcare support
business nationwide, providing school lunch
services and various learning programs, andoperating the childcare platform business, theemployment placement business, and the realestate business, to solve various social issues
regarding child rearing.

Creation of new businesses by the cooperation
examination committee© 2024 JP-HOLDINGS, INC.

46

Business Portfolio

Business
Portfolio

47

Provision of services and products

Existing businesses

Market penetration

New businesses②Increase of children enrolled, improvement in revenues atfacilities
Opening of new facilities, undertaking of the operation at
facilities (nursery schools and after-school childcare facilities)
To undertake after-school childcare licensed by the Tokyo
Metropolitan Government (to meet new demand)
Early childhood learning and new programs (differentiation)
To enrich My Nursery School System in cooperation withlocal institutions①

Further improvement
in revenues

Cultivation of new markets
New businesses

Provision to markets

Existing businesses

External sale (the interactive programs, fixings, and provisionof school lunch)Promotion of differentiating programs, including the Door to
the FutureBilingual nursery schools, and Montessori method-based
nursery schools
STEAMS education and after-school childcare unique to ourcompanyDevelopment support business (multi-functional facilities)
After-school day care services
Development support business/Support business by visiting nurseryschools

Enrichment through the expansion of the existing businesses

Development of new businesses
Employment placement business⇒ Introduction and dispatch of competent non-Japanesepersonnel (cooperation with foreign countries)⇒ Introduction and dispatch of specialized personnel(nursery staff, nurses, and caregivers)

Overseas business (Southeast Asia)⇒ Operation of facilities in cooperation with local
enterprises/FC operation

Enhancement of business development③
To diversify our business in the narrow
sense and solve social issues
Childcare support platform business⇒ Cross-industrial collaboration to increase the numberof customers in a wide range of fields

Creation of new businesses⇒ Collaborative projects with Duskin

Alliance among enterprises for solving social
issuesExpansion of the educational business

Cross-industrial cooperation and alliance© 2024 JP-HOLDINGS, INC.

47

3

Policy for Capital Cost

48

Capital Cost

49
Analysis of the Current Situation, Evaluation, and Goals

PBR has been over 1. It stood at 2.6 as of the end of March 2023, and is now 2.5.
ROE is as high as 19.7%, cost of shareholders’ equity is 3.85% or over, and equity spread is positive. Accordingly,
corporate value is high.
Target ROE: 20% or higher
ROE has been over the cost ofshareholders’ equity.

PBR: 3 or overTarget equity ratio: 40% or higher

Thanks to healthy business performance, PBR
improved in parallel with the rise in share price.
Share price
[yen]

PBR

Equity ratio rose in parallel with the growthof revenues.
Shareholders’ equity
Equity ratio(million yen)

Positive equity
spreadCost of shareholders’ equity:
3.85%
FY 3/21FY 3/21FY 3/22

FY 3/23
Share
price

Establishment of a high revenue system

Present

FY 3/22

FY 3/23

Shareholders
equityEquityratio

FY 3/24

PBR

Further improvement with growth strategy

Optimization of our financial standing
Reduction and rationalization of capital costs*The current share price represents the share price as of April 30, 2024.
The values in other fiscal years are the share prices at the end of each fiscal year.

© 2024 JP-HOLDINGS, INC.

49

Capital Cost

Analysis of the Current Situation: Annual Changes in
50
PBR, ROE, and PER

The standard PBR set by the Tokyo Stock Exchange is 1 or over. As of the end of March 2024, the PBR of our company was ashealthy as 2.3.
We recognize the following trend from the annual changes in ROE and PER, which constitute PBR.
1) ROE has been increasing due to the rise in net income margin, but according to the analysis with the Du Pont system, financial
leverage is forecast to decline. Therefore, we will create new businesses as soon as possible, in order to improve profit margin
further.
2) We will enhance IR activities, seeing the rise in share price.
ROE (return on equity)
PBR (price book-value ratio)

2.5

PER (price earnings ratio)
Present

Present*The current value represents the value as of April 30, 2024.
The values in other fiscal years are the values at the end of each fiscal year.

© 2024 JP-HOLDINGS, INC.

50

Capital Cost

51
Analysis of the Current Situation: ROE Analysis

×
Net sales
Total
assets×
Total
assetsShareholders
equityTotal asset turnover

ROE (return on equity)

Financial leverage

Net sales

Net income margin

ROE has been high, and interest-bearing liabilities are projected to decrease through the strengthening of the financial standing, so
we aim to improve profitability further.
1) To improve revenues of the existing businesses further
2) To promote high-revenue businesses through the promotionof new businesses
Employment placement business
Net income
Promotion of overseas childcare business

FY 3/21FY 3/21FY 3/21FY 3/22

FY 3/23

FY 3/24

FY 3/22

FY 3/23

FY 3/24

FY 3/22

FY 3/23

FY 3/24*Estimated based on the recent results.

© 2024 JP-HOLDINGS, INC.

51

Capital Cost

Initiatives We Will Implement While Considering PBR and52
Share Price

To implement measures focused on PBR, while considering identified issues
Theme
Net profit to sales

Further improvement in profitability: Enrichment of theexisting businesses and improvement of KPI management

Total asset turnoverFurther improvement in efficiency: Review of the businessportfolio and optimization of the balance sheet

Financial leverage

Maintenance of the optimal capital composition:
Rationalization of financial leverage

Improvement incapital efficiency

Tightening of the corporate governance system
Optimization of the capital composition: Securing financial
soundness

Optimal capitalcomposition

Related material issues
To contribute to the developmentof a society filled with smiles
through childcare support
Management vision of the Group
Consolidated net sales: 100 billion yen“Development of nursery schools andfacilities that would continue to be
selected”

Governance and complianceCorporate group that will be trusted
continuously based on the efficiency
and transparency of businessadministration

Earth environment

Implementation of our stable dividend policy

Our nursery schools and childcare
facilities promote activities andeducation conscious of the earth
environment.
Environmental education
Efforts in daily life

Growth rate

P
B
R

Capital cost

R
O
E

Major initiatives

Improvement incorporate value

Optimization of allocation of managerial resources-Degree of achievement of business plans, active
promotion of M&A, and promotion of new businesses for
expanding our business domain

Non-financial
measures(sustainability)

Improvement in the attractiveness as an investment target: Enrichment of nonfinancial information on human capital, response to climate change,
management innovation in response to environmental changes, etc.
Enhancement of IR measures: Improvement in the satisfaction level ofstakeholders

Growth of employees
Corporate group that makes
employees feel that their jobs areworthwhile and that can growwith employees
Change in employees’
awareness through theenrichment of training programs© 2024 JP-HOLDINGS, INC.

52

4

APPENDIX

53

SDGs

Social Issues to be Solved with Our BusinessSocial issues to be solved with our businessChildcare
support

Educational
supportRelated SDGs

Improve the quality ofchildcare support
Reduce the numberof children on waitinglistsPromotion of high quality childcare support
Establishment of new facilities for
decreasing the number of children on waitinglistsDevelopment and provision of online
childcare while grasping changes in thesocial environmentSafe, reliable facilities and operation
Provision of nutritious lunch for maintaining
healthEnrichment of support for child development

Offer high quality
early childhood
learning

Development and enrichment of educational
programs (English, exercise, eurhythmics
and dancing)Development and promotion of online
education
Development of programs for early childhood
learning at home in response to changes inthe social environment
Provision of early childhood learning
opportunities

×
Partnership

Major activities

To help solve social issues based on the partnership with stakeholders© 2023 JP-HOLDINGS, INC.

54

SDGs

Social Issues to be Solved with Our Corporate Activities

Social issues to be solved withour corporate activities

Related SDGs

Major activities

Personnel
development

Improvement in expertise andactualization of independent
career development

Promotion of work style reformEnrichment of training structure
Career paths and job rotation

Empowermentof women

Actualization of diversity
minded workplaces

Workstyles tailored to lifestyles
Systems for childbirth, childcare, and nursing care
Development of a proper business environment

Human rights
and D&I*1

Actualization of diverse
workstyles

Utilization of diverse human resources and soundbusiness administration
Development and production of female leaders

Socialcontribution to
local
communities

Creation of a childcare
environment

Promotion of childcare support in local areas
Promotion of employment
Promotion of prevention of abuse

Earthenvironment

Contribution to a sustainable
earth environment

Creation of environmentally sound facilities
Reduction of CO2 emissions by installing LED lighting
Reduction of food loss and waste

Partnership

To help solve social issues based on the partnership with stakeholders

×*1: Diversity & inclusion (To create something new by utilizing different experiences and accepting differences)© 2023 JP-HOLDINGS, INC.

55

SDGs

Initiatives to Solve Social Issues

As a mission of an enterprise that operates childcare support business, we will approach impoverishedhouseholds and take measures for preventing child abuse, which are social problems.

・We will discuss various measures for raising and donating funds, and determine and actively
promote “activities” and “initiatives” for the future of children.
(*We conduct “Single Parent Household Support” annually.)

No poverty

Prevention of child abuse© 2023 JP-HOLDINGS, INC.

56

SDGs

Initiatives to Solve Social Issues

⦿To reduce environmental burdens and disposal costs, by thoroughly reusing and recycling
necessary products for childcare
⦿ To support “childcare around the world” by offering inexpensive, high quality, reusedchildcare goods, which are available only in Japan, to countries and regions in needChild-rearing assistance platform© 2023 JP-HOLDINGS, INC.

57

Supplementary
Material

Nursery School and After-School Childcare Market

Although the child population and the number of children on waiting lists are decreasing, the nursery school market is still growing.
The number of nursery facilities continues to increase year by year, while the number of enrolled children is showing a slight downward trend.
The after-school childcare market continues to grow year by year, but the number of children on waiting lists has decreased slightly to 13,000.

Number of nursery facilities (facilities)

Nursery school market

FY 3/15FY 3/15FY 3/16

FY 3/17

FY 3/18

FY 3/19

FY 3/20

FY 3/21FY 3/23(estimated)(forecast)

FY 3/23
FY 3/23
FY 3/19
FY 3/18
FY 3/20 FY 3/21
(forecast)(estimated)
Source: “Childcare and Early Childhood Education Market Status and Outlook 2023,” Yano Research Institute Ltd.
FY 3/16

FY 3/17

FY 3/19
FY 3/18
FY 3/21FY 3/17
FY 3/20
Number of nursery
Number of enrolled
facilities (facilities)
children (people)

FY 3/22

Trend in the number of registered children andchildren on waiting lists for after-school childcare

After-school childcare market

FY 3/15FY 3/16

FY 3/23

FY 3/15FY 3/16

FY 3/17

FY 3/18

Number of registeredchildren for after-school
childcare

FY 3/19

FY 3/20

FY 3/21

Number of children
on waiting lists© 2023 JP-HOLDINGS, INC.

58

Supplementary
Material

Variations in the Number of Children on Waiting Lists●The number of children on waiting lists in FY 3/23 was 2,680, down 264 from the previous term.
●There are regional disparities, and the number of “hidden waiting list children” is estimated to exceed 60,000.

Variations in the number of children on waiting lists

FY3/15

FY3/16

FY3/17

FY3/18

FY3/19FY3/20FY3/21

FY3/22

FY3.23© 2024 JP-HOLDINGS, INC.

59

Supplementary
Material

Current Nursery School Teacher Shortage Situation

 The ratio of job openings to job applicants for nursery school teachers is decreasing.
However, there is a continuing shortage of nursery school teachers across Japan.
(National average as of February 2024: 3.36 times) The jobs-to-applicants ratio of nursery staff in Tokyo has been rising, standing at 3.84.
Effective Opening to Application Ratio for Nursery School Teachers (X)87Nationwide
Tokyo

6

5

Feb
3.84

4

●

●

Feb
3.36

3

2

1

0

Source: Ministry of Health, Labour and Welfare Employment Security Bureau’s General Job Placements (Report on Employment Service)© 2024 JP-HOLDINGS, INC.

60

Supplementary
Material(1)

Concept of the Child-Rearing Assistance Platform “codomel”

Platform namecodomelCodomel is a word we have coined by combining the word for children in Japanese of “codomo” with the word for product(2) Concept of thein Latin of “ merx.”
platform name and We have used the colors of the five initiatives we will attempt to achieve through this service from among the 17 SDGs: “1.
logo
No Poverty,” “3. Good Health and Well being,” “7. Affordable and Clean Energy,” “10. Reduced Inequalities” and “16. Peace,
Justice and Strong Institutions.” In addition, the circular design made by people linking their hands expresses the “circle
for everyone,” which we will create by connecting children, parents and local communities through this service.

(3) Logo

The first services of the codomel child-rearing assistance platform will be a matching service in which users can
individually sell and purchase used goods over the Internet focused on childrearing-related supplies (e.g., baby(4) Overview of the firstsupplies and clothing) mainly for the childrearing generation and a service to provide products highly needed
servicesby the childrearing generation and childrearing related information and services.
We will also collect childrearing-related supplies and clothing donated by parents at the nursery schools
operated by our group and then provide them as used goods.
We will unroll this service overseas and further expand services after the launch of this service on April 1, 2022.

© 2023 JP-HOLDINGS, INC.

61

Recruitment of Nursery School Teachers

Supplementary
Material

Nursery School
Teacher

FY 3/24

FY3/16

FY3/17

FY3/18

FY3/19FY3/20FY3/21

FY3/22

FY3/23

New
Graduates

197

247

276

248

182

166

166

175

Mid-career
employment

241

327

325

269

292

226

322

311

New
graduates

23

32

46

26

9

7

5

1

Non qualified

As of the end of
Mar.

188
Joined on Apr.
1, 2024

205
Joined on Apr.
1, 2024

3*After joining JPHD, non qualified graduates are expected and assisted to acquire nursery school teacher qualification. Started this recruitment style from FY 2016.
*Includes seconded employees to associated companies

Trend of Employee Numbers in Childcare Support Business(Persons)（人）(*Includes employeesof school clubs staffs, nutritionists, etc. other than nursery school teachers)※放課後児童支援員や栄養士、保育士以外の従業員を含む

7000
Part-time workers
Employees アルバイト
社員

6000
5000
4000
3000
2000
1000
0
2014年
FY3/14

2015年
FY3/15

2016年
FY3/16

2017年
FY3/17

2018年
FY3/18

2019年
FY3/192020年
FY3/20

2021年
FY3/21

2022年
FY3/22

2023年
FY3/23

3月末

3月末

3月末

3月末

3月末

3月末

3月末

3月末

3月末

3月末

© 2024 JP-HOLDINGS, INC.

62

Supplementary
Material

Changes in the Number of Facilities Operated and the Number ofChildren Accepted to Nursery Schools
FY 3/12

Licensed Nursery Schools(Public-private management)
Licensed Nursery Schools(Private management)
Small-scale Nursery Schools
Tokyo Licensed
Schools

Company-led
Nurseries
Non-licensed
Nursery
Non-licensed
Schools
Municipality
Authorized
Non-licensed
Other non-licensed
School Clubs
Children's Houses
Private School Clubs
Kindergartens (Overseas
Facility)
Total

FY 3/13

FY 3/14

FY 3/15FY 3/16

FY 3/17

FY 3/18

FY 3/19

FY 3/20

FY 3/21FY 3/22

FY 3/24

FY 3/23

11

14

16

14

10

10

11

12

12

11

11

11

12

61
0
26

71
0
26

85
0
26

102
0
26

118
0
26

136
0
23

148
0
21

160
2
21

171
0
20

177
0
19

182
0
13

183
0
9

183
0
8

0

0

0

0

0

0

0

2

2

１

1

1

1

4

4

4

4

1

0

0

0

0

0

0

0

0

0

0

0

0

4

3

3

3

4

4

4

5

5

39
7
0
0
148

40
8
0
0
163

43
8
0
0
182

46
8
0
0
200

55
10
0
0
224

63
12
4
0
251

71
12
5
1
272

72
11
5
1
289

72
11
4
1
297

77
11
１
0
301

81
11
0
0
303

89
11
0
0
309

86
11
0
0
306

*We reviewed the count by management structure in the 2Q of FY 3/16 and changed three licensed schools (public-private management) to other non-licensed nursery schools© 2024 JP-HOLDINGS, INC.

63

Supplementary
Material

Consolidated Results (Highlights)
FY 3/18

FY 3/19

FY 3/20

FY 3/21FY 3/22

FY 3/23

FY 3/24

Net sales (million yen)

26,94529,64732,16933,50034,37335,50737,856

Operating income (million yen)

1,469

1,880

1,989

2,857

3,344

3,667

4,584

Ordinary income (million yen)

1,469

1,920

2,003

2,947

3,358

3,745

4,523

Net income attributable toowners of parent (million yen)

910

1,071

1,122

537

2,279

2,698

2,929

Net income per share (yen)

10.70

12.44

12.81

6.15

26.06

31.18

34.38

*Net sales and operating income are the amounts after the reclassification of presentation methods.
Operating income/Ordinary
Income (million yen)

Net sales (million yen)

Net sales

FY3/17

FY3/18OperatingincomeFY3/19Ordinary
incomeFY3/20FY3/21

FY3/22

FY3/23

FY3/24© 2024 JP-HOLDINGS, INC.

64

Supplementary
Material

Consolidated Results (Balance Sheet/Statement of Cash Flows)

FY 3/18

FY 3/19

FY 3/20

FY 3/21FY 3/22

FY 3/23

FY3/24

Total assets (million yen)

25,75828,255

26,122

29,74034,27435,69436,889Net assets (million yen)

7,756

8,950

9,636

10,007

11,975

13,584

16,108

Shareholders’ equity ratio (%)

30.1

31.7

36.9

33.7

34,9

38.1

43.7

FY 3/18

FY 3/19

FY 3/20

FY 3/21FY 3/22

FY 3/23

FY 3/24

Cash flows from operating
activities (million yen)

1,865

1,829

2,320

2,469

3,884

2,735

5,598

Cash flows from investing
activities (million yen)）-1,292

-940

418

190

413

411

-6

Cash flows from financing
activities (million yen)

-135

1,475

-3,349

2,155

1,978

-1,112-3,978Year-end balance of cash andcash equivalents (million yen)

4,455

6,816

6,206

11,02017,296

19,33020,944© 2024 JP-HOLDINGS, INC.

65

Supplementary
Material

Dividends

The basic policy of our company is to continue paying a performance-linked dividend with a payout ratio ofaround 30% while maintaining the necessary internal reserves for future business development and tostrengthen our management structure.
FY 3/18

FY 3/19

FY 3/20

FY 3/21FY 3/22

FY 3/23

FY 3/24

FY3/25

mount of dividendpershare (yen)

3.50

3.70

3.90

3.90

4.50

6.00

8.00

9.5

Payout ratio (%)

32.7

29.7

30.4

63.4

17.3

19.2

23.9

26.1

*Breakdown of year-end dividend for the fiscal year ended March 2023
Ordinary dividend: 5.00 yen, Commemorative dividend: 1.00 yen*The term-end dividend for FY 3/23 is the dividend per share approved at the 31th annual meeting of shareholders.

© 2024 JP-HOLDINGS, INC.

66

Forecast Precautions
This document contains forecasts about the future. However, these are predictions thathave been made by our company based on the information available at the time of
publication. The reality may be significantly different from our predictions due to economic
conditions and market trends. Furthermore, this document is not intended to solicit
investment. We are under no obligation to amend or change the information pertaining toforecasts contained in this document even if we obtain new information in the future.

Inquiries:
5F Shinagawa Season Terrace, 1-2-70 Konan, Minato-ku Tokyo
JP-HOLDINGS, INC. Tokyo Office
Corporate Planning Department
Corporate Communications & Investor Relations Section
TEL: 03-6433-9515 e-mail : jphd_pr@jp-holdings.co.jp