Briefings on Financial Results for the Fiscal Year Ended
September 30, 2022 (FY2022)

APAMAN Co., Ltd.
November 11, 2022
Copyright © APAMAN Co., Ltd. All rights reserved.
Tokyo Stock
Exchange (Standard): 88891

1. FY2022 Financial Summary
2. FY2022 Results by Segment

Contents

3. FY2023 Consolidated Forecast
4. Growth Strategy
5. Appendix

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2

FY2022 Financial Summary

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3

Topics

Net sales

Operating profit

Profit attributable toowners of parent

44.9 billion ¥1.89 billion ¥0.26 billion

¥

Up

1.1%

YoY

Up

39.6%

YoY

Down

56.5% YoY

Following the enactment of the digital reform laws, all formalities concerning
rental contracts from May 18, 2022 onward are now processed online andproductivity is increasing

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Financial Summary｜ Overview of Consolidated Statement of Income(Millions of yen)

Ratio to net
sales

FY2021

FY2022

Ratio to net
sales

YoY
changeNet sales

44,419-44,926-+507

Gross profit

10,38523.4%

10,802

24.0%

+416

SG&A expenses

9,029

20.3%

8,909

19.8%

-119

Operating profit

1,356

3.1%

1,893

4.2%

+536

Ordinary profit

795

1.8%

1,419

3.2%

+623

Profit attributable toowners of parent

602

1.4%

262

0.6%

-340

2,944

6.6%

3,435

7.6%

+490

EBITDANote Net sales and cost of sales: Decrease ¥690 million due to the application of the new revenue recognition standard Non-operating expenses: Equity-method profit/loss; loss of ¥60 million (down ¥170 million YoY)
 Non-operating income: Foreign exchange gains ¥290 million (up ¥240 million YoY) Extraordinary income: Gain on sales of shares of subsidiaries and associates ¥0 million (down ¥1,430 million YoY)
Note: EBITDA = Operating profit + depreciation + amortization of goodwill

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Financial Summary ｜ Overview of Consolidated Balance Sheet(Millions of yen)

EndFY2021

EndFY2022

ChangeCurrent liabilities

10,202

11,952+1,749+959

Accounts payable-trade

1,149

1,537

+387

1,817

+75

Short-term borrowings Note 2

2,364

3,036

+672

1,197

1,054

-142

Other

6,688

7,377

+689

4,504

5,258

+754

Non-current liabilities

18,45919,277+817

18,437

19,094+657

Long-term borrowings

15,892

15,707-185

Property, plant and equipment

3,275

2,687

-588

Long-term lease and guarantee
deposited

1,621

1,453

-167

Intangible assets

9,070

9,776

+706

Other

946

2,116

+1,170Goodwill

6,406

5,604

-801

Total liabilities

28,662

31,229+2,566

Other

2,663

4,172

+1,508

6,091

6,630

+539

Capital

7,983

8,002

+19

33,24135,545+2,303

Net assets

4,578

4,315

-263

Total liabilities and net
assets33,24135,545+2,303

EndFY2021

EndFY2022

ChangeCurrent assets

14,804

16,450+1,646

Cash and deposits

7,359

8,318

Accounts receivable-trade Note 1

1,742

Operational investment
securities
Other

Non-current assets

Investments and other assets

Total assets

 Increase in non-current assets because of the increase in system development following the purchase of the stock of ARCHITECTS STUDIO JAPAN, INC.
through a third-party allotment
 Increase in lease obligations
Notes: 1. End-FY2021: Notes and accounts receivable-trade

2. Includes current portion of long-term borrowings

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Financial Summary ｜ Quarterly Sales(Billions of yen)

FY2020

FY2021

33.8

33.6

33.0

22.7

22.5

22.0

11.1

10.6

2Q

44.9

44.4

44.1

1Q

FY2022

3Q

4Q

1Q

10.8

2Q

3Q

4Q

1Q

2Q

3Q

4Q

 Effect on the application of the accounting standard for revenue recognition: -¥690 million
Note: Quarterly sales are cumulative results.

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Financial Summary ｜ Quarterly EBITDA Note
(Billions of yen)

FY2020

FY2021

FY2022
3.43
2.94
2.56

2.43
2.12
1.69

1.66
1.21

0.77

0.73

0.53

0.43

1Q

2Q

3Q

4Q

1Q

Note: EBITDA = Operating profit + depreciation + amortization of goodwill
Quarterly EBITDA is cumulative results.

2Q

3Q

4Q

1Q

2Q

3Q

4Q

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Financial Summary ｜ Quarterly Operating Profit(Billions of yen)

FY2020

FY2021

FY2022
1.89

1.41

1.35
0.93

0.84
0.45

0.92

0.42

0.39

0.14
0.03

1Q

(0.07)
2Q

3Q

Note: Quarterly operating profit is cumulative results.

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

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Financial Summary ｜ Profit Structure
Constant revenue accounts for about 70% of gross profit
Management

Rental management fee(Includes sub-leasing)
Platform

Constant-revenue gross profit

73.6%

Company-rented
housings

Brokerage fee

Cloud service

Usage fee

Franchise service

Royalty fee

Metered parking

Parking fee

Technology

Other

Note: Sales for businesses in the same segment that are divided between constant-revenue and other gross profit include transactions within the segment that are eliminated in the
consolidated financial statements.

As of Sep. 30, 2022

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Financial Summary ｜ Share and Amount of Constant Revenue Gross Profit(Billions of yen)

FY2020

FY2021
76%

Share of constantrevenue gross profit
in total gross profit

Gross profit

3Q

Note: Quarterly gross profit is cumulative results.

73%

Gross profit

Gross profit

10.8
2.85

2.9

2.31

2Q

72%

10.38

9.67

1Q

FY2022

Constant
revenueConstant
revenueConstant
revenue

7.36

7.47

7.94

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

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FY2022 Significant Events

1. Growth of Online Activities
2. More Company Housing Alliances

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Significant Events ｜ Growth of Online Activities

Online real estate procedures are on the increase following the enactment of digital reform laws

Automated rental management

Online First
Locate and rent anapartment online

New way to search for anapartment
Time of day

Marketing Automation
Use of AI for marketing
activities

Staff
appointment

Online seminars/meetings(Property owners, franchisedcompanies, members)

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Significant Events ｜ Growth of Online Activities

Using innovative technologies to search for apartments

 Online customer interaction

 Online viewing of apartments
 Online detailed explanations
 Designation of specific staff member/
Date and time reservation

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Significant Events ｜ More Alliances

Increasing the number of partner companies for company housing
FY2021Company-rented
housing service

61
companies

FY2022+54
companies

115
companies

Company housing agency service(APAMAN)

2,965

+224

companies

companies

3,189
companies

Company housing agency service(including FCs)

11,492companies+538

companies

12,030companies

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FY2022 Results by Segment

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Results by Segment｜ Platform Business(PM + Company Housing + Store Operations)(Millions of yen)

Topics Higher sales and earnings at directly operated stores due togrowth of online operations
 Contribution from M&A management companies

Segment sales
34,822

Segment profit
2,646

36,07835,738

1,819

1,994
+32.7%+1.0%

4Q FY2020

4Q FY2021

4Q FY2022

4Q FY2020

 Lower sales due to the application of the accounting standard for revenue recognition: -¥690 million

4Q FY2021

4Q FY2022

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Results by Segment｜ Platform Business(PM + Company Housing + Store Operations) Gross profit of cumulative included services increased
Topics The number of companies using the company-rented housing
service and company housing agency service increased

4Q FY2021

No. of units undermanagement
No. of directly managed
storesGross profit of included
and associated services
No. of companies using thecompany housing agency
serviceNo. of companies using thecompany-rented housing
service

4Q FY2022

YoY Change

91,42190,608

-813

68

71

+3

1,461 million yen 1,519 million yen+58 million yen

2,965

3,189

+224

61

115

+54

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Results by Segment｜ Platform Business(PM + Company Housing + Store Operations)

Promotional activities targeting property owners

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Results by Segment｜ Technology Business (FC)(Millions of yen) Higher sales and earnings due to growth of online operations
Topics Used SKIPS (cloud) to increase productivity
 The use of e-contracts is expected to increase

Segment sales
7,573

Segment profit
7,930

7,601

847

+4.3%

4Q FY2020

4Q FY2021

952

919

+3.5%

4Q FY2022

4Q FY2020

4Q FY2021

4Q FY2022

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Results by Segment｜ Analysis of Operating Profit (YoY Change)(Millions of yen)

Gross profit

SG&A expenses+416

・ Deconsolidation of
fabbit・ Decrease inrecruiting expenses

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FY2023 Consolidated Forecast

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Overview of Consolidated Forecast(Millions of yen)

Forecast increases in business efficiency and depreciation due to the digital transformation of APAMAN
FY2022
Results

FY2023
Forecast

ChangeNet sales

44,92645,700+773

Operating profit

1,893

1,900

+6

Ordinary profit

1,419

1,300

-119

262

300

+37

Profit attributable toowners of parent

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Growth Strategy

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VISION

Real EstateTechnology

Services with value for society

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Business Climate(Billions of yen)Japan’s B-to-B real estate DX market is expected to grow to ¥244.5 billion in 2025

244.5

86.7

2017

100.2

2018

119.8

125.7

2019

2020

Yano Research Institute Ltd. ”Real Estate Tech Market Survey (2021)”

The property
management support
market is growing rapidly
and growth is expected tocontinue

2025(Estimate)
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Primary Goals

1. More progress with the digitaltransformation of APAMAN
2. Growth of earnings and the scale ofoperations (company housing, numberof rental properties under management)

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Primary Goals ｜ More Progress with the Digital Transformation of APAMAN(1) Example of IT Services

AOS
A rental brokeragesystem that uses asingle computer tohandle everything fromlisting properties toworking withcustomers.

apamanshop.com

A rental property
management system thatcan process aggregateannual payments of morethan ¥200 billion

An information analysis
service that uses big data

One of Japan’s largest
websites for searchingfor an apartment to
rent

APS

SKIPS
An integrated system
for raising the
productivity ofcustomers, rental
brokerage companies
and rental property
managementcompanies* Pictures of screens are not final because this system is still being developed.

BIG DATAApartment checking cloud
Uses photos of damage
to determine the fairamount of payments
required when a tenant
departs

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Primary Goals ｜ More Progress with the Digital Transformation of APAMAN(2) Example of IT Services

Register customer personal data using a smartphone for
automatic transfer to a data management system

SKIPS BBOne of Japan’s largest B-to-B websites for rental property
companies, linking the information of rental brokage
companies and rental property brokers

Introduction
cloudCentralized management of customer introductions
from business partners

Owner WebOne of Japan’s largest websites for creating a base of realestate owners

RPA

Digital labor is used for maintaining up-to-date market
information. The data management system is updated
every day with the latest information.

Renovation check
cloud

Renovation companies use a smartphone to submit reports;
report forms are generated automatically and data can be
storedAPSS

Linkage with about 350 real estate developers,
homebuilders and other companies allows automaticallyreceiving information daily about 200,000 available
properties

Property patrol
cloud

Uses a smartphone for internal reports about visits tobuildings and owners; reports can be produced when awayfrom the office

Facilitates the sharing of information among franchiseecompanies, agents and others nationwide

Appraisal cloud

Uses big data for instant assessments to determine the proper
rent; can also automatically generate residential rental
assessment reports

Links the database of the main IT system with thewebsites of all franchisees

Owner portal

Allows property owners to use the internet to confirm
financial other operational data. Property managementcompanies can use charts for communications with owners.

Selkey cloudA system that automates unlocking/locking doors of rental
properties for rental property brokerage and property
management companies; significantly improves productivity
by eliminating the need to borrow keys

Store visitor cloudAmaren Net

OEM API link

App production cloud, job opening website, franchise portal, e-learning and other services
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Primary Goals ｜ Growth of Earnings and the Scale of Operations

More partner companies forcompany housing

More rental properties undermanagement

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Appendix

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Company Profile
Company name

APAMAN Co., Ltd.

Established

October 1999

Head office

Marunouchi Trust Tower North, 1-8-1 Marunouchi, Chiyoda-ku, Tokyo 100-0005

Capital8,002 million yen (as of September 30, 2022)

Board
members

Koji Omura, President and CEO
Takashi Kawamori, Managing Director
Yujirou Takahashi, Outside Director
Akihito Watanabe, Outside Director
Takaaki Yamazaki, Full-time Audit & Supervisory Board Member
Takeshi Yamada, Outside Audit & Supervisory Board Member
Makoto Ariyasu, Outside Audit & Supervisory Board Member

Employees

Consolidated: 1,099; Non-consolidated: 53 (as of September 30, 2022; excluding part-time employees)

Main businessGroupcompanies

Platform Business, Technology Business, OtherJapan
Apaman Network Co., Ltd, Apaman Property Co., Ltd., wepark Co., Ltd., Mi LIFE Co., Ltd., PLEAST SERVICE CO.,LTD.,
RE‐Standard Co., Ltd., Apaman Energy Co., Ltd., AMENITY HOUSE Inc., Apamanshop Leasing Hokkaido Co., Ltd.,FIRST LIVING Co., Ltd., Apart Center Co., Ltd., Gaspro Co.,Ltd., Apamanshop Sublease Co., Ltd., Rentalhouse Co.,Ltd.,ClassHome Co.,Ltd., MYHOUSE Co.,Ltd, SUMiTAS Partner Co., Ltd., dplan Co.,Ltd., JK HOME Co., Ltd.,AREA PLANNING Co., Ltd., TOKYO BIG HOUSE COMMUNITY Co., Ltd., Manshitsu Keiei Network Co., Ltd., ASK Co., Ltd.,
SystemSoft Corporation, ARCHITECTS STUDIO JAPAN, INC.
Overseas
Apaman U.S.A., Corp., Global Capital Investments Holdings Limited,
BETTER HOUSE Property Consultants (Shanghai) Limited, APAMANSHOP (THAILAND) CO.,Ltd, fabbit Philippines Inc.,
Hetai Real Estate Com.,Ltd.
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Main Business
Using the Platform Business and Technology with innovative services
centered on advanced technologies

Directly operated
Rentalstoresmanagement
units

storescompanies

Companies

Rentalmanagement

Approx.
storesProperty ownerrelationships
Approx.

thousand stores(No. of contracted franchisees)

Customers

Parking spaces

companies

Technology BusinessFranchisees

Cloud services

Company
Company-rented
housing brokerage
housing(includes sub-leasing units)

Provision ofcompany housing

Brokerage

Franchisecompanies

Platform Business

Tenants

Property
ownersBrokerage/
management

thousand owners

Other
Metered parking

4,050 parking spaces
As of Sep. 30, 2022
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33

Our Services
Platform BusinessTechnology Business

Rental brokerage

IoT/ Big Data/ AI

Information about rental properties by 71 directly operated stores(including 3 in other countries)• Shared electronic keys
Issuance of one-time keys, management of key utilization history

Rental management• Use of AI for the automatic creation of suitable properties for acustomer

Total support for operating residential rental properties as the needsof tenants continues to diversify

RPA

Company-rented housing business

Automation of business processes by using robots

Intermediary services for company housing and leasing of entire
buildings for company housing

AR-TechPlatform Business• AOS
Store operation IT system• 24-hour emergency assistance service
Quick responses for lost keys, leaks, broken windows and otherproblems• APS
Property management IT
system• Tenant insurance
Insurance for damage to a tenant’s possessions due to an accident
and for repairs caused by damage due to a random event involving
the property• Apamanshop.com
Portal site and app for rental
properties• Telecommunications business• Energy business• SKIPS
Explanations using IT, customer
services with no face-to-facecontact• Owner portal
A tool for communications withproperty owners• Introduction cloudManagement of the provision of
information about available
properties to customers• Store visitor cloud
Use of iPads for the analysis ofcustomer data
• Appraisal cloud
Uses big data to determine theproper rent for individual
properties

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34

Cautionary Statements
Amounts are rounded down to the nearest million yen and percentages are rounded off to the first decimal place. Accordingly, figures calculated using mathematicalformulas and the resulting figures stated in this material may not agree. The information presented in these materials, excluding past results but including
management strategies, plans, and forecasts, is forward-looking information, based on certain assumptions deemed reasonable in light of the information available atthe time these materials were prepared. Actual results may differ significantly from these forecasts as a result of a variety of factors going forward. The information
contained in these materials is subject to change without notice.
Every effort has been made to ensure the accuracy of the information contained herein, but APAMAN makes no guarantee regarding the accuracy, usefulness, or
timeliness of such information. APAMAN assumes no responsibility for losses incurred as a result of errors in the information contained herein.

These materials were prepared for the purpose of presenting the business overview of APAMAN and its affiliates, and are not intended as a solicitation or offer forinvestment. Investment decisions are entirely those of the investors.
This presentation uses numbers that are accurate at this time and makes no guarantee regarding numbers used in past presentations concerning results of operations.

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