FY2018 3Q FINANCIAL RESULTS

July 30, 2018

Apaman Co., Ltd.
JASDAQ：8889

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1. Topics 3Q of FY2018

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Results of 3Q FY2018（Started on 15, June）

Future target

5,000 rooms
10billion yen

Results of 3Q FY2018（Active development）

Future target（Started in May)

Future target

Results of 3Q FY2018（Steadily increasing）

Future target

World wide100 stores

100,000 bicycles

30,000 cars

10 billion yen

10 billion yen

10 billion yen

Directly managed 50 stores＊Results are contract-based＊The above target figures are just “target", and can not be guaranteed.
＊The number of rooms in the private residence also includes the equity method applicable group company.

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Results of 3Q FY2018

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Tennoji-Ku Ueshio 5-7-11, Osaka, Japan

Cyuo-ku Shimanouchi 2-17-25 Osaka,Japan

Ota-ku Nakarokugo 4-20-6, Tokyo,
Japan

Naniwa-ku Shikitsunishi 1-6-23,
Osaka, Japan

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5
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※Contracted · Pre-opening property is also listed
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86,897+15,700units
71,1973Q FY201771,197units
3Q FY2018

3Q FY2017＊2017年9月期 71,478戸／年増加数 3,971戸＊he above target figures are just “target", and can not be guaranteed.

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3Q FY20187

1,3303Q FY2017

1,489

3Q FY2018

FY2019 (Target)

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＊he above target figures are just “target", and can not be guaranteed.

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3．3Q of FY2018 Consolidated Results

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（Millions of yen）

FY20173Q

FY20183Q

Net Sales

30,24830,556Gross profit

8,708

8,554

SG&A Expenses

6,832

△154

△1.8%

7,227

Upfront investment for
Sharing economy & Platform
Business about 400 million yen

+395

+5.8％

Upfront investment for
Sharing economy & Platform
Business about ▲600 million
yen

△550

△29.3%△676△45.1%△1,085－△898△29.2%(6.2%)(4.3%)

Ordinary income

1,497

821

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Rate

Upfront investment for
Sharing economy Business▲about 200 million yen

1,326

587

△498

Due to the sale of real estate
Increase in income taxes andincome tax adjustments▲ 640 million yen

3,074

2,176

Real estate sold for sale
Reduction in rental income▲ about 400million yen＊EBITDA＝Ordinary income＋interest expenses + depreciation + amortization of goodwill

Amount

+1.0%

1,876

ＥＢＩＴＤＡYoY change+308

OperatingincomeProfit attributableto owners ofparentNote

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（millions of yen）

負債・純資産の部

FY2017end

FY20183Q

ChangeCurrent liabilities

9,393

11,060+1,666

Accounts payabletrade

1,464

1,802

+338

△32

Short-term loans
payable＊

2,915

2,095

△819

817

+266

Other

5,013

7,161

+2,148

3,507

3,809

+303

Non-current
liabilities

28,23017,240△10,989

34,912

21,070△13,842

Long-term loans
payable23,596

14,595△9,001 decrease due toLong-term lease andguarantee deposited

4,159

1,806

△2,353 decrease due to

473

836

+364

Total liabilities

37,62328,300△9,322FY2017end

FY20183Q

Change8,733

12,366+3,632

Cash and deposits

3,201

6,297

+3,095

Notes and accounts
receivable-trade

1,473

1,441

Operational
investment securities

551

AssetsCurrent assets

Other

Non-current assets

Note

Increase in cash
and deposits

Substantial
decrease due toreal estate sales

Substantial

real estate sales
Substantial

Property, plant andequipment

16,625Intangible assets

11,6879,459△2,227

Goodwill

9,769

7,424

△2,345 decrease due to

Other intangible
assets

1,917

2,035

+117

Capital stock

7,983

7,983

±0

Investments andother assets

6,600

7,066

+465

Net assets

6,023

5,136

△886

Total assets

43,64633,437△10,209

Total liabilities andnet assets

43,64633,437△10,209*Include current portion of long-term loans payable

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4,544△12,080

Other
Substantial

real estate sales

Notereal estate sales

124． 3Q of FY2018 Results by Segment

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（millions of yen）

left： FY2017

3Q

right：FY2018 3Q

Sharing economy

Platform

23,592Cloud technology

24,215

5,251
856

5,564

950

1,697

Other

1,552

837

-114

-247

1,649

651

730

103
-254

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（millions of yen）

FY2017
3Q

Net Sales

Operating Income（Operating Income Margin）

YoY change

FY20183Q

Amount

Rate

856

950

+93

+11.0%

103(12.0%)

▲254
(-)

▲357

－

Start from June

Domestic 23, Overseas 12

Started all over Japan

Coin Parking for 2,495cars（Invested in Grandouce Inc. ）（Buyout of Mario Philippines／
Invest in Workbar in U.S.A.）（Business partnership with OpenStreet Co.,Ltd ）Invested in nokisaki Inc.

* Coworking number of facilities includes those under design and construction. Including 18 invested companies in 20 overseas locations

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15

（millions of yen）

FY2017
3Q

YoY change

FY20183Q

AmountRate

Net Sales

23,592

24,215

+623

+2.6％

Operating Income

1,697(7.2%)

1,649(6.8%)▲47▲2.8％（Operating Income Margin）

Number of directly managed stores

107shops →shopsManaged Properties
71,197 units →units

Supplementary Services gross profit¥1,330million

→

¥

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（millions of yen）

FY2017
3Q

Net Sales
Operating Income（Operating Income Margin）

FY20183Q

YoY change
Amount

Rate

5,251

5,564

+313

+6.0％

651
(12.3%)

730(13.1%)+79+12.1％■ Example of Cloud technology
Introduction CLOUD

Appraisal CLOUD

Sharing Key

17
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（millions of yen）

FY2017 3Q
Net Sales

Gross Margin

856

285

Platform

23,592Cloud technology
Other

Net Sales

売上総利益

33.4％

950

117

7,112

30.1％

24,215

5,251

1,343

25.6％

1,552

587

▲1,00330,248

Sharing economy

Adjustment(elimination or corporate)

TOTAL

FY2018 3Q
Rate

YoY change
Rate

Net Sales

売上総利益

Rate

12.3％.

+93▲168▲21.0%

7,394

30.5％

+623

+281

+4.0％

5,564

1,427

25.7％

+313

+84

+0.1％

37.8％

837

273

32.7％

▲715

▲313

▲5.1％

▲619

―

▲1,010

▲657

―

▲7

▲38

―

8,708

28.8%

30,556

8,554

28.0%

+308

▲154

▲0.8％

SG&A expenses（SG&A expenses rate）

6,832

22.6％

7,227

23.7%

+395

+1.0％

Operating income （Operating margin)

1,876

6.2％

1,326

4.3％

▲550

▲1.9％

FY17 3Q

1,876

Sharing economy▲168

Operating Income

Platform+281

Cloud technology+84

Gross Profit

Other
▲313

Adjustment
▲38

SG&A
▲395

FY18 3Q

S&G

Operating Income

1,326

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5. FY2018 Consolidated Forecast

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（millions of yen）

FY2017
Results

FY2018
forecast

YoY
AmountRate

Net Sales

40,26240,500

+238

+0.6%

Gross profit

11,806

11,900+94+0.8%

Operating income

2,556(6.4%)

2,600(6.4%)

+44

+1.7%
(±0%)

Ordinary income

2,017

2,100

+83

+4.1%

Profit attributable toowners of parent

1,300

800

▲500

▲38.5%

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6．Growth strategy （Expansion of sharing business centered on technology）

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Sharing economy
Business development utilizing
Platform and Technology

Platform

Cloud technology

About 200,000 owners
About one million residents
1,136 stores

Approximately 200 engineers and creators* Platform figures above include FC member companies

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* The number of employees at Cloud technology is thetotal figure of the group22

Sharing economy

June Started

Domestic 23, Overseas 12

May Start

Coin Parking for 2,337 cars

Target : 5,000 rooms

Target : 100stores indomestic and overseas

Target : 100,000 bicycles

Target : 30,000 cars

Platform

Cloud technology

etc.
＊The above figures are target figures and are not numerical values that can be confirmed.
＊Coworking stores target number of 100 stores : 50 directly operated stores, and 50 managed stores.
＊ Number of Coworking Facilities Includes Designed / Constructed Property. Including invested companies in 12 overseas locations.
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etc.

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Sharing economy

1 room average

Results
３Q
FY2018

1 store average¥2 million¥200 million

@year

@year

1 bike average

1 car average¥0.1 million¥0.33 million

@year

@year

×
5,000 rooms

×50 stores (directly managed)

×
100,000 bicycles

×30,000 cars

(June Started)（Active development）( Started )(Steadily increasing)Target４Q
FY2018Target４Q
FY2019* The above figures are target figures to the last, not numerical values that can be confirmed.

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24

7．Growth strategy① Sharing economy （private Lodging）

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Host

Operator

Media

Guest

（Provisional）

Stay at a room ora house
Provided by host

Providerooms or housesv
No.(01)F00083

APAMAN Group
Business with
About 200,000 owners

No.(01)F00568
Group Company

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Global Vacation Rental

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Representative Director

Representative Director

Masaki Sakamoto

Keisuke Shibata

Born October 12, 1986, 31 years old

Born May 27, 1985, 33 years old

Company
n a m eAddress

EstablishedGrandouce Inc.

Business

Private lodging

Employees

18

Business
Strategy

As a market leader in the rapidly growing private
lodging market,
We are developing accommodation facilities mainlyin Tokyo, Osaka and Fukuoka.
By knowing the needs of inbound customers andresponding to changes, we will realize "tourism
nation Japan".

Fukuoka, Tokyo, Osaka

March 31, 201729
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New
Service
APAMAN

Sharing service
Platform

Data storage / analysis function
Sharing service
IT Base※Using the materials of Nomura Research Institute, APAMAN processing
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APAMANNew Private
lodging Law

National
Strategic
special
Zone(Osaka)

HotelBusiness Law

Business
Days

180 days

365 days

365 days

RegulationNone

2 nights 3days or more

None

Reception
Installation
obligation

None

None

No Limit

Over 25㎡

Over 3.3㎡@personHotelBusiness Law

HotelBusiness Law

Room size

Firefighting
equipment

Owner
absent：HotelBusiness
Law

None(In principle）

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8．Growth strategy② Sharing economy（Coworking）

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33
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Support Programs

Accelerators and mentors with great track records
fabbit Advisory Board（１）Establishment of support forum（２）Hosting monthly informational conferences（３）Stepwise MTG by "Mentors" "Community Accelerators“"Incubation Managers“（４）Entrepreneur exchange meetings · Networking parties（５）Producing pitch contests（６）Information dissemination about financial institutions（７）Introducing VC · Cloud Funding（８）Design Lab・Creative Lab・Engineer Lab（９）Annual Conference

Annual Conference

Keith Krach
DocuSign, Inc.
Chairman of Board of Directors
Mr. Krach’s accomplishments are numerous, from obtaining an
MBA from Harvard University to being named the youngest VP in
the history of GM, he was also the former CEO of Ariba. Mr.
Krach has been named the National Entrepreneur of the year by
Ernst & Young, and has won the Technology Pioneer Award at
the World Economic Forum, etc.

Daniel Fujii
Trust Capital Co., Ltd.
President & CEO
After acquiring both a bachelor’s and master’s degree from
Harvard University, Mr. Fujii served as Blackstone’s Managing
Director and President. He serves as a board director of theHarvard Club of Japan, an officer of the Philips Andover Asia
Council, and is on the Board of Councilors for the US-Japan
Council.

Michimasa Naka
Boardwalk Capital Inc.
President & CEO

After graduating from Keio University with a Science andEngineering degree, he also obtained a Master’s in Engineering
degree in 1989. He served as the Deputy President and Head of
the Global Investor Sales for Citigroup Japan. He is a guest lecturer
in Hitotsubashi and Keio Universities.

President, fabbit Co., Ltd.
Yasunari Tanaka
After acquiring an MBA from Harvard Business School, Mr. Tanaka
was in charge of trading and investment at Boston Consulting Groupamongst other companies before becoming the Managing Director andPresident of fabbit.

34
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Otemachi（Tokyo）

Akihabara（Tokyo）

Kyobashi（Tokyo）

Osaka Honmachi（Osaka）

Shin Osaka（Osaka）

Aoyama（Tokyo）

Jingumae（Tokyo）

Osaka Fukushima（Osaka）＊The above figures are target figures and are not numerical values that can be confirmed.
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Ginza（Tokyo）

Nihonbashi（Tokyo）

Hachioji（Tokyo）

Sakae（Nagoya）

Hiroshima（Hiroshima）

Kitakyushu（Fukuoka）

Hakata（Fukuoka）

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Rental fee
Free seat, fixed seat, private room,
meeting room etc.

Business service

Performance fee

Finance, communications, office services

VC introduction, sale, listing36
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（DIMYOU elementary school／Fukuoka）

Public-private partnership type facilities

八王子（Hachioji, Tokyo）

Tokyo Metropolitan Government Tama MONODUKURI TypeFoundation Support Facility Development Assistance Project（Kitakyusyu, Fukuoka）
Public-private partnership type facilities

Will open in June, 2018

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37

9．Growth strategy③ Sharing economy（Share Cycle ）38
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Shopping, commuting, school attendance,sightseeing promotion, health promotion etc.

39
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40
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10．Growth Strategy④ Sharing economy（Parking）

41
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（Time lent）（Time & Day lent）（As of 30 Jun., 2018）（As of 30Jun., 2018）＊Images are sample images.
＊The number of coin Parking lot car spaces operated by APAMAN Group. The number of car spaces registered.

42
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43
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10． Growth Strategy ⑤ Platform

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86,897

71,197
Results FY2017 3Q

Results FY2018 3Q

Target FY2019＊The above figures are target figures and are not numerical values that can be confirmed.
＊Sharing key is made by invested company

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45

11． Growth Strategy ⑥ Cloud technology

46
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Key units using 3G/LTE

A robot automatically collets property
information and sends the data to thecore system

A lineup of 14 cloud services

Appraisal CLOUD

Introduction
CLOUD

Store visitor
CLOUD
etc.

＊上記は一例です

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47

11．CSR48
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Implement disaster support activities

49
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In
Shizuoka, Kitakyushu, Fukuoka, Munakata,
Hakodate, Chichibu ・・・・・
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50

Company name

Apaman Co., Ltd.

Established

October 20, 1999

President andCEOKoji Omura

Capital

7,980 million yen (as of June 30, 2018)

Employees(Consolidated)

1,240 (as of June 30, 2018)

Head office

Asahi Seimei Otemachi Building,2-6-1,
Otemachi, Chiyoda-ku, Tokyo

Group
companies

Apaman Network Co., Ltd.
Apaman Property Co., Ltd.
Apamanshop Leasing Co., Ltd.
Total of 27companies (Japan:22;Overseas:5)★

51
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Notes on this material
本資料の表示数値はAmountに関しては切り捨て、パーセンテージ表示については四捨五入等、端数計算により行ってい
The information presented in these materials, excluding past results but including management strategies,
るため、算式に基づき算定される数値とその結果として記載される数値は必ずしも一致しない場合があります。
plans, and forecasts, is forward-looking information, based on certain assumptions deemed reasonable in
本資料に記載されている経営戦略、計画や見通し等は、過去の事実を除いて将来の予測であり、現時点において入手可
能な情報や合理的判断の根拠とする一定の前提条件に基づいており、実際の業績等は今後の様々な要因によって、これlight of the information available at the time these materials were prepared. Actual results may differ
らの見通しとは大きく変動する場合があります。
significantly from these forecasts as a result of a variety of factors going forward.
本資料に記載された内容は、事前の通知なくして変更されることがありますので、あらかじめご承知おきください。

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 the Company makes no guarantee
また、掲載内容については、細心の注意を払っておりますが、掲載された情報の内容が正確であるかどうか、有用であ
regarding the accuracy, usefulness, or timeliness of such information. The Company assumes no
るかどうか、更新時期が適切であるか等について当社は一切保証するものではありません。また、掲載された情報の誤responsibility for losses incurred as a result of errors in the information contained herein.
り等によって生じた損害等に関しましては、当社は一切責任を負うものではありませんのでご了承ください。
These materials were prepared for the purpose of presenting an overview of the business of Apaman Co.,
本資料は、ＡＰＡＭＡＮ株式会社および当社関係会社の事業の概要へのご理解をいただくために作成されたものであLtd., and its affiliates, and are not intended as a solicitation or offer for investment. Investment decisions
り、投資の勧誘または斡旋を行うものではありません。投資に関するご判断はお客様自身の責任で行われますようお願
are entirely those of the investor.
い申し上げます。

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