Earnings Results Briefing
for the Fiscal Year
Ended March 31, 2021
May 2021
Komehyo Holdings Co., Ltd.
Securities code: 2780
(Second Section, Tokyo and Nagoya Stock Exchanges)
IR・PR Department
TEL:+81-52-249-5366

Contents
１．Company Profile, etc.
２．Overview of Financial Results
for the Fiscal Year
Ended March 31, 2021
３．Initiatives for the Fiscal Year
Ended March 31, 2021
４．Medium-term Management Plan
５．Shareholder return2１．Company Profile, etc.
２．Overview of Financial Results
for the Fiscal Year
Ended March 31, 2021
３．Initiatives for the Fiscal Year
Ended March 31, 2021
４．Medium-term Management Plan
５．Shareholder return3

Corporate Profile
Company name

Komehyo Holdings Co., Ltd.

EstablishedMay 1979

Head Office

3-25-31 Osu, Naka-ku, Nagoya

Representative
Capital※Transition to holding company system in October 2020

President, Representative Director: Takuji Ishihara
1,803 million yen

No. ofemployees

Consolidated: 940 Non-consolidated: 16 (As of March 2021)

Business
activities

Groupwide corporate planning, management and marketing, and real estate business

Fiscal year-end
Stock

March
Second Section, Tokyo and Nagoya Stock Exchanges(Securities code: 2780; Unit: 100 shares)4Mission
Komehyo Holdings is necessary for a sustainable recycling society.
It acts as a relay point in the connection of “people,” “things,” and “society.”
We will strive to connect “good quality" and "value" to the future.

We respect people for making products, thank people for providing
products for use by other people, and make people who reuse suchproducts happy, and by doing so, create an empathy-based recycling
society.
We develop a concept of environmentally and sociallyconscious recycling into a culture.

We listen and empathize with what others say.
We value the importance of talking.
We take action proactively.
We are not afraid of creating change.
5Corporate History●Acquired Eve Corporation Co.,Ltd.
●Established Auto Parts KOMEHYO(currently AUTO PARTS JAPAN)●Established KOMEHYO HONG KONG LIMITED●Transition to a holding
company structure●Opened the second
store in Bangkok,
Thailand● Acquired CRAFT Co., Ltd.
●Established KOMEHYO Auction●Opened KOMEHYO Shoten,
a 5-tsubo used clothing store, in Osu, Nagoya

1979

1987

1996

2000

2003

2004

2011

2012

2013

2017

2018

2019

2020

●Opened KOMEHYO Ginza Store●Acquired Shellman Co.,Ltd.
●Listed on the second section of the Tokyo●Established SAHA
and Nagoya stock exchanges
KOMEHYO COMPANY● Listed on JASDAQ
LIMITED● Established
KOMEHYO Co., Ltd.

●Expanded into Kansai(KOMEHYO Shinsaibashi Store)●Started online sales●Expanded into Tokyo(KOMEHYO Purchasing Center Dogenzaka)● Changed the Japanese spelling of
its name from 米兵 to コメ兵●Acquired Four by four engineering service
Co.,Ltd●Retail store KOMEHYO opened in Bangkok,
Thailand●Acquired K-BRAND OFF Co.,Ltd and two
overseas subsidiaries

6

Business system diagrampurchase

Sales

StoresHome delivery
Purchasing

WEB

Event
purchase

New and used goods business

General customers, etc.

General customers, etc.

Storesused goods business7

１．Company Profile, etc.
２．Overview of Financial Results
for the Fiscal Year
Ended March 31, 2021
３．Initiatives for the Fiscal Year
Ended March 31, 2021
４．Medium-term Management Plan
５．Shareholder return8

FY 2021 Financial Summary【 Performance Highlights 】
FY2021

FY2021

YoY

Non-Consolidated

50,723

88.2％

Net Sales

15,144－

Operating income

590－

Operating income

△493

－

Net income
attributable toowners of parent

△595

－

Net income△1,262－

Consolidated
Net Sales(Millions of yen)【Business Topics】
Brand・Fashion business
KOMEHYOThe rate of
involvement in
e-commerceincreased 13
percentage
pointsOpening of
14 purchasecenters(KOMEHYO 9)(BRAND OFF 5)(Millions of yen)

YoY

※ Transition to holding company system in October 2020

Tire and Wheel business
OpenedKOMEHYOin Thailand(Bangkok)and China(Shanghai)

Call center
Newly
establishedStrengthen
sales of dress
up wheelsand summer
tires
9Economic Trend：New coronavirus etc. had a big impact
Net sales YoY(%)

KOMEHYO net sales(non-consolidated)

250

Stock Price（yen）

Department store(fine arts/jewelry/precious metals)

The COVID-19
2nd wave

Nikkei Stock Average(monthly closing price)

30,00028,000

The COVID-19
1st wave200

26,000

The COVID-19
3rd wave150

24,00022,00010010020,00018,00050

Tax hike

16,000019.4 5

6

7

8

9

10

11

12 '20.1 2

3

4

5

6

7

FY2021

8

9

10

11

14,000
12 '21.1 2

3

4(Source：JAPAN DEPARTMENT STORES）

10

FY 2021 Performance：
Operating income and ordinary income increased despite a decrease in net sales(Millions ofyen)

FY2019FY2020

FY2021

ChangeYoY

Net sales

50,96057,51050,723△6,78788.2％

Gross profit

13,796

14,562

13,836

△726

95.0％

Gross profit
margin

27.1％

25.3％

27.3％

+2.0pt－SG&A
expenses

11,936

14,265

13,245△1,01992.9％

Operatingincome

1,860

297

590

+293

198.5％

Ordinary
income

1,826

9

431

+422

－

Net income
attributableto owners ofparent

1,009

△234

△595

△361

－

11

FY 2021 quarterly results：Results were recovering, starting in the third quarter.
(Millions of yen)

FY2021
1Q

YoY

FY20212Q

YoY

FY20213Q

YoY

FY2021
4Q

YoY

Net sales

7,861

63.2％

12,95784.7％

15,132100.9％

14,771

99.9％

Gross profit

1,888

55.2％

3,385

92.2％

4,472

115.3％

4,090

114.0％

Gross profit
margin

24.0％

△3.5p
t

26.1％

＋2.1pt29.6％+3.7pt27.7％+3.4ptSG&A
expenses

2,748

82.6％

3,481

101.0%

3,453

92.8%

3,562

94.5％

Operatingincome

△860

－

△96

－

1,018

639.8%

528－

Ordinary
income

△937

－

△107

－

974

2207.3％501－

Net income
attributableto owners ofparent△1,229

－

△149

－

712

－

71

－
12

Changes in net sales: Net sales fell,
mainly due to the suspension of store operations in the first quarter
57,510(Millions of yen)

43,19950,72350,96045,90340,212

Real estate leasing
Tire and Wheel

45,497
40,134

Brand・Fashion

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY202113

Changes in profit ratios: Gross profit and operating margin rose
（％）
31.4

Gross profit margin
Operating income margin

SG&A expenses to sales ratio

30.5
28.5

27.8

28.5

27.3

27.1
25.3

25.7
23.9

23.2

7.5

7.2

22.4

FY2015

23.4

24.8

26.1

6.1
2.1

FY201424.9

FY2016FY2017

3.6

FY20183.7

FY20190.5

1.2

FY2020

FY202114

Changes in expenses:
Sales expenses such as advertising expenses were reduced
14,265(Millions of yen)

11,342
9,627

10,038

10,271

13,245

11,936

10,312Administrative expenses

Personal expenses

Selling expenses

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY202115

Changes in Operating income： Increased
Operating Income
Margin (%)

7.5

7.2
6.1

Operating Income(Millions of yen)

2,999

3.6

3,129

3.7

2.1

1.2

2,789

0.5

1,625

1,860

832

590
297

FY2014FY2015FY2016FY2017FY2018FY2019FY2020Real estate leasing
Tire and Wheel
Brand・Fashion

FY202116

Changes in ordinary income / net income:Net income declined partly due to the posting of extraordinary losses(Millions of yen)

3,162

2,988

2,742

2,040
1,834

1,826

1,696

ordinary
income

1,610

1,073

Net income
attributableto owners of
431 parent

1,009

815

355
9 △ 234
FY2014FY2015FY2016FY2017FY2018FY2019FY2020△ 595
FY202117

Changes in ROA/ROE
（％）
13.7

ROA

ROE

13.2
11.1

12.9

12.8
9.7

6.1
3.3

5.8

6.3

5.2

1.2
0.0

2.0
△ 1.2

△ 3.2
FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

18

Operating income increase and decrease factor(Millions of yen)

Operating income（+293）

297

590

SG&A Expenses
decrease+1,019FY2020

FY2021

Sales amountdecrease

Gross Profit△1,718

marginincrease+991

Increase in personnel expenses due tobusiness expansion△217
Decrease in General and administrative
expenses due to rent etc.
+55
Decrease in selling expenses such as
advertising expenses+632
Rent and personnel expenses incurred
during temporary store shutdown
recorded as extraordinary expenses+549

19Non-operating profit and loss
(Millions of yen)

42

590

△201
Commission income 6
Business consignment fee 6
Insurance claim income 5
Dividend income 4
Other
20

Foreign exchange losses △92
Interest expenses△56
pre-opening store rent △41
Share of loss of entities △1
Other
△10

431

FY2021 Operating

Non-operating

incomeprofitNon-operating loss

FY2021 ordinary

income20

固定資産の売却益

Extraordinary income (loss):
Recorded the impairment of goodwill and unprofitable stores' non-current assets

1Q

Impairment loss
614
Loss due to temporary closure
549
Loss on retirement of fixed assets, etc. 72
Loss on cancellation of lease contract 31

Extraordinary income 383

Extraordinary loss 1,268

Grant income
319
Asset retirement obligation reversal gain 58
Gain on sale of fixed assets
6

1Q(Millions of yen)

4Q
3Q
2Q

2Q
3Q

4Q

21

Balance sheet:
Increased cash on hand for emergencies amid the COVID-19 pandemic(Millions of yen)

Total assets
35,611

Total assets
37,402

Cash and deposits

Cash and deposits

6,440

10,538

Liabilities andNet Assets
35,611
Current Liabilities
12,239Products
14,884

Products
12,649Other current assets

Other current assets

4,124

4,097

Non-current assets

Non-current assets

10,161

10,116FY2020

FY2021

Liabilities andNet Assets
37,402Current Liabilities
13,324Non-current liabilities

Non-current liabilities

4,181

5,631

Net assets

Net assets

19,18918,446FY2020

FY202122

Statement of Cash Flows：
Increased cash on hand for emergencies amid the COVID-19 pandemic
11,894

Cash and cash equivalents(Millions of yen)
7,330
6,086
4,769

4,379

3,886
1,715
536

1,447

2,113

505

1,651

Cash flows from financing
activities
1,353

669
△ 700 △ 107△ 1,393

FY2017

Cash flows from operating
activities△ 2,239

FY2018FY2019△ 1,268

FY2020△ 1,222

Cash flows frominvesting activities

FY202123

By Segment：
The Brand Fashion and Tire / Wheel businesses recorded positive operating income.
(million of
yen)

Brand
FashionTire and
Wheel
Real estateleasing

FY2021
1Q

YoY

FY20212Q

YoY

FY20213Q

YoY

FY2021
4Q

Net sales

7,137

61.0％

12,15984.2％

13,46098.7％

13,851

82.3％

46,608

86.5％

Operatingincome

△823

－

△46

－

770

784.4%

583

－

484

113.9%

Operatingmargin

－

－

－

－

5.7％

－

4.2%

－

1.0％

－

Net sales

711

99.3％

780

94.6％

1,652

122.8%

902

108.9％

4,046

114.1％

Operatingincome

△33

－

△47

－

207

309.3％

△87

－

39

－

Operatingmargin

－

－

－

－

12.6％

－

－

－

1.0％

－

Net sales

16

66.9％

19

86.4％

85

395.7％

82

175.9％

204

228.2％

Operatingincome

△3

－

△1

－

24

－

26

－

45

－

Operatingmargin

－

－

－

－

29.1％

－

31.6％

－

22.3％

－

YoY

FY2021YoY

24

Changes in gross merchandise value:
Decreased mainly due to the suspension of auctions

KOMEHYO auction sales aremainly membership fees, andvolume is not included in sales.

(100 millions of yen)

510

FY2017592

648

FY2018FY2019748

FY2020666

FY2021

Total distribution volume (GMV)
is a number that takes into
account the volume of theauction and measures its
influence in the reuse market.
We think it is one of theindicators.

GMV is calculated simply by adding and subtracting sales and volume information at the KOMEHYO auction based on consolidated sales.

25

１．Company Profile, etc.
２．Overview of Financial Results
for the Fiscal Year
Ended March 31, 2021
３．Initiatives for the Fiscal Year
Ended March 31, 2021
４．Medium-term Management Plan
５．Shareholder return26

KOMEHYO：Opening of 9 purchase centers

Domestic 44 stores

KOMEHYO
名古屋本店本館

Flagship stores
5stores
Stores annexed withsales facilities
11 stores
Purchasing Center
28 stores

5 stores3 stores

Overseas 3 stores

KOMEHYO@Central Bangna(Bangkok, Thailand)

Thailand (Bangkok)
2 stores
China (Shanghai)
1 store

KOMEHYO Shanghai(Shanghai, China)

Total 55 stores (’21.3)
27

BRAND OFF：Opening of 5 purchase centers
Domestic 11 storesFlagship stores 2stores
Stores annexed withsales facilities
3 stores

Overseas 11 stores
HONG KONG 7 stores
TAIWAN 3 stores
Thailand 1 stores（Including FC 1 store）（Including FC 1 store）
Kanazawa Main Store

Purchasing Center
6 storesTotal 22 stores (’21.3)

尖沙咀(香港)Purchase specialty Otsu terrace

Central store (Hong Kong))

VIP Guest House (Taiwan)

28

WORM(sneakers)・Shellman(Antique clock, etc.)Stores
Domestic 1 store

Domestic 7 stores

WORM TOKYO

Ginza main store

WORM TOKYO

Ginza main store

29

Expanded the auction business through the complementary effortsof the two companies in terms of venues, etc.
(Millions of yen)

Trade volume(Two companies total)

YoY

Number of registeredmembers(total for each auction)

FY2021

24,876

83.6％

2,755

【Transition of auction distribution amount for domestic
corporations (2 companies total)】

294(100 Millions of yen)

248

232

Japan
Brand Auction(K-Brand off)

KOMEHYO
AuctionJapan
Brand Auction

Item

Jewels/watches/
Brand bag/Apparel clothes

Jewelswatches
Brand bag

OnlineauctionJewels/watches/
Brand bag：2 times / month
Apparel clothes：Monthly

Every Monday andThursdayRealauction

Nagoya Closed

Kanazawa
Monthly183
KOMEHYO
Auction

FY2018FY2019FY2020

FY2021’Profitability improved in KOMEHYO Auction as aresult of revisions to bid fees in November 2020.

30

Assessment of authenticity and model numbers through AI【Assessment using AI authenticator】【Purpose of development】
Formation of reuse market which customers can use
with peace of mind
・Improvement of communication with customers
・Elimination of counterfeit goods
・Global expansion
・Quicker development of assessors【Overview】
Introduced stores : KOMEHYO Nagoya main branch,
Purchase center in the eastern Japan area (partial)
Corresponding brand : Louis Vuitton、Gucci
Corresponding product : Bags, wallets, accessories

31

Sustainability: Promote "relay use"
【 Remade jewelry shop 】【KOMEHYO Kobe-sannomiya store】

A shop opened for a limited time ina department store to sell our own
brand of gemstone jewelry (‘20.10)

Placement of antique furniture and use ofenvironmentally conscious materials in
more than 80% of the interior【KOMEHYO AOYAMA】
Store annexed with a gallery of Mr. Mago
Nagasaka, a sustainability-focused artist.
（Relocation and opening in February 2021 after renewal）(Relocation and opening in February 2021 after renewal)

32

Purchase from individual customers （ KOMEHYO ）：Opening of 9 purchase centersstores34(Millions of yen)

18,916FY201836
21,067FY2019

Mosaic Mall Kohoku(Yokohama City) ‘20.10

4352

24,156
16,979FY2020807

Home delivery
Purchasing

16,172

Purchase center

FY2021Apita Town Inazawa(Inazawa City,Aichi pref) ‘21.3
33

EC(KOMEHYO)：The rate of involvement in e-commerceincreased 13 percentage points due to the COVID-19 pandemic.
27.9

E-commerce-induced sales rate(%)
29.3

42.7
29.6

(Millions of yen)

7,594

8,119

7,827

7,649

FY2018FY2019FY2020

FY2021

E-commerceinduced sales(Millions of yen)

※E-commerce-induced sales rate：EC Sales as a Percentage of Retail Sales【EC site renewal】
・Helping customers find their desired merchandise more easily
by modifying the website design and improving searchability.
・Providing a convenient shopping experience including theplacement of orders via phone by leveraging the synergies
created with the call center.
34

Customers' shopping experience (KOMEHYO)
Number of members：Over 1.2 million※Including KOMEHYO online members

・Designed a service of providing customers with a shopping experience, starting with access to e-commerce websites
・Increased the frequency of purchases and the ratio of continuous use of the service by providing customers with the opportunity to
use the service for selling and then for purchasing.

EC siteContact center (customer service)

Purchase

Visit → Sales(Store / EC)

・The LTV increases if customers use multiple channels.

13times

4times₊₊₊35

Tire・Wheel：
Strengthening of collaboration among group companies
Customer
information

New tire sales

Planning and manufacturingof wheels, etc.

Wholesale
卸売

Used tire sales
Trade-inproduct

Inventory
information

Trade-inproduct

Inventory
information36

Craft／U-ICHIBAN Stores

Domestic 10 stores
Nakagawa store
4 stores with "URBAN OFF CRAFT"

1 store with " EURO STYLE Craft "Nagoya dome WEST store

Domestic 4 stores(Closed: Kagamigahara store, Inazawa store,
Okazaki store)

Omiya Bypass Store

37

Tire・Wheel Initiatives【Craft】
・Strong sales of both summer and winter tires
・Greater-than-expected customer attraction
through a sale held after total renovation of the
Atsugi store【Auto parts Japan】
・Wide variety of tires and wheels traded in at
CRAFT are sold at the U-ICHIBAN
used specialty store.
・Establishment of a call center following
the opening of CRAFT.
【4×4 Engineering Services】
・Successful awareness enhancement activities
through social media
・Favorable effects on existing products,
as well as new products
・Strong sales to overseas customers

Atsugi store

New product BRADLEY FORGED TAKUMI

38

１．Company Profile, etc.
２．Overview of Financial Results
for the Fiscal Year
Ended March 31, 2021
３．Initiatives for the Fiscal Year
Ended March 31, 2021
４．Medium-term Management Plan
５．Shareholder return39

We will pass on the value of products
through environmentally and socially conscious
recycling instead of just reusing.。
Maintenance, remaking, reorganizing andhuman relationships
Environmentally and socially conscious recycling,
while it means reusing products, aims to pass down
the concept of upcycling that enhances the value of
products, instead of just downcycling products.
As more people share common value with an eye
toward the creation of a sustainable society going forward,
we will contribute to establishing such a society
by promoting the concept of respecting producers andusers while simultaneously sharing such concept with as many people as possible.
40Japanese reuse market
Market size trends and forecasts(100 Millions of yen)

32,50030,000Business sentiment is unclear
×25,00023,50021,880The number of people who use thereuse service will continue to increase,
contributing to a rise in products'
recycling ratios.

19,932
17,743
16,517

15

16

17

18

19

20

22

25

Japanese reuse market
continues to grow※Created by our company from the recycling communication "Used Market Data Book 2020" (Reform Sangyo Shimbun Co., Ltd.)

41

Medium-term management target (until FY2024)
FY2022(Millions of yen)

FY2023

FY2024

1H

Full year

Full year

Full year

Net sales

26,80060,00065,00070,000Operatingincome

380

1,550

2,100

2,800

Operatingprofit margin

1.4％

2.6％

3.2%

4.0%

Ordinary income

340

1,450

2,000

2,700

Net income
attributableto owners ofparent

210

1,000

1,300

1,800
42

Sales plan:
Strengthen individual purchases and increase sales steadily
70,00057,51050,960(Millions of yen)

40,212

43,19945,90365,00050,72360,00045,497
40,134FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024

43

Operating Profit Plan:
Strengthen individual purchases and increase profitability
Operating Income
Margin (%)

7.5

7.2
6.1

3.6
Operating Income 2,999(Millions of yen)

3,129

3.7
2.6

2.1

2,789

0.5

3.2

4.0

1.2

2,800
1,625

1,860

2,100
1,550

832

590
297

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

FY202444

Ordinary income/Net income Plan
(Millions of yen)

2,988

3,162
Net income
attributableto owners ofparent

2,742

2,040
1,834

1,826

1,696

815

1,450
1,009

2,000
1,800

1,610
1,073

2,700

Ordinary
income

1,300

1,000

431

355

9 △ 234△ 595

FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024

45

We will move into a phase in which each group company demonstrates
group synergies while at the same time continues to grow.
recoveryTransformation

growthSynergy

KOMEHYO
KOMEHYO Auction
K-BRAND OFF
Eve Corporation

Brand・Fashion businessMedium-term strategy

Shellman
KOMEHYO SHANGHAI LIMITEDWe develop a
concept ofenvironmentallyand sociallyconscious recycling
into a culture.

-

KOMEHYO HONG KONG
SAHA KOMEHYO
Craft
AUTO Parts Japan

Four by four Engineering
Services

Tire and Wheelbusiness
Medium-term
strategy

46

Medium-term Management Plan
Brand・Fashion business
１．Strengthening of the scheme ofpurchasing from individuals and retailing

Tire・Wheel business１．Stabilization and strengtheningof profitability

２．Strengthening of the corporate business
２．Strengthening of new products.
３．Development of overseas businesses
and strengthening of reuse technologies.
BtoC

BtoB

Overseas
Manufacturer

Primary
distribution

Secondary
distribution

47

Medium-term Management Plan : Brand・Fashion
１．toC - Strengthening of the scheme of purchasingfrom individuals and retailing・Increase the number of purchasing channels (acceleration of
new store openings and facilitation of FC and alliances).
・Raise the capability of existing stores and improving CRM
through OMO with a focus on LTV.
・Facilitate the upcycling of purchased products.

２．toB - Strengthening of the corporate business・Strengthen and streamline the auction business.
・Accelerate collaboration-based businesses.
・Acquire new business partner companies.

３．Growth drivers - Development of overseas
businesses and strengthening of reuse technologies.
・Drive growth in overseas channels (enhance profit levels).
・Utilize data on products and customers among the groupcompanies.
・Enhance purchasing channels through the utilization of AI.

48

Medium-term Management Plan : Tire・Wheel
１．Collaboration among the three companies – Stabilizationand strengthening of profitability
・Strengthen specialty stores developed according to customer preference
and sales of which are not affected by the weather.
・Strengthen the sale and purchase of used tires and wheels.
・Implement inventory management utilizing databases and establish priority categories.
Profitability

２．Growth drivers - Strengthening of new products.

・Facilitate the planning and manufacturing of automobile
parts such as wheels.
・Step up efforts to supply product to global markets.
・Establish business portfolios with a focus on profitability.

Growth image of 3 companies
Growth potential49１．Company Profile, etc.
２．Overview of Financial Results
for the Fiscal Year
Ended March 31, 2021
３．Initiatives for the Fiscal Year
Ended March 31, 2021
４．Medium-term Management Plan
５．Shareholder return50

Shareholder return：
Annual dividend for this term is 24 yen (planned)
92.4

Payout ratio(%)

36.2
24.8

29.3

23.0

Fiscal year-end dividend

16.6

15.5

15
5
7

7
5

7

34.7

26.3

Interim dividend

Dividends (Yen)

7

15.0

30.6

19.4

8
8

(planned)

14

15

15

15

16

8

10
9

12
8

11

14

15

15

15

16

16
8

12

FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022

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IR contact

IR・PR Department
Phone：+81-52-249-5366
E-mail：ir@komehyo.co.jp
Note:This document is an English translation of a document prepared in Japanese.
Statements in this document that are not historical facts; statements concerning current plans, forecasts, strategies, andopinions of KOMEHYO Co., Ltd. are forward-looking statements subject to various risks and uncertainties.
These statements are prepared based on assumptions of the management of Komehyo Holdings Co.,Ltd. using currently
available information.
Actual results may differ significantly from forecasts due to a variety of factors; therefore, investors should not place
undue reliance upon them.
In addition, this document is not intended to solicit investments. Investors should make investment decisions at theirown discretion.

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