ICHIKEN Co., Ltd.
Stock Exchange Code: 1847

Six Months Ended September 30, 2023
Financial Results Briefing Materials
December 6, 2023

Bringing the future to you throughinnovative living spaces

1Table of Contents

page

I. Overview of Financial Results for
the Six Months Ended September 30, 2023

3

II. Ichiken’s Long-Term Business Plan

17

２

Overview of Financial Results for the Six Months Ended September 30, 2023

I.
Overview of Financial Results
for the Six Months Ended September 30, 2023

３

Business Environment & Corporate Efforts

Business Environment
1. Despite a gradual recovery backed by the normalization of social and economic activities, theeconomic outlook remains uncertain amid the ongoing tightening of monetary policy around the world
due to economic downside risks from economic downturns in foreign countries, price hikes, and theimpact of fluctuations in financial and capital markets.
2. In the construction industry, government construction investment has been steady, and for private
sector capital investment, construction of commercial facilities and hotels is showing signs of picking
up accompanying the recovery in consumer spending and increase in inbound demand, butconditions remain challenging due to a chronic shortage of skilled workers as well as rising
construction costs caused by soaring labor costs and construction material prices.

Corporate Efforts
1. Aggressively sought orders to meet the demand for new construction, interior design, and renovations
for stores and other businesses by leveraging upon our know-how from our core commercial facility
construction business as well as our planning and proposal expertise. Also addressed construction
demand from a wide range of private sector businesses, including condominiums, logistics facilities,
medical and welfare facilities, etc.
2. Promoted the digitalization of business operations in order to comply with the regulations that limit
overtime work that will go into effect in April 2024. Improved our work efficiency by introducing IT
equipment and reviewing our work flow, strived to achieve digital transformation (DX) and pursued otherinitiatives to further enhance productivity, and implemented initiatives aimed at bringing about work stylereforms.
４

Financial Results for the Six Months Ended September 30, 2023
<Announcement on October 31, 2023 of revised financial results forecast for the six months ended September 30, 2023>
1. [Increased Orders Received] Orders for large logistics facilities, etc.
2. [Increased Revenue] Increase in orders received, steady progress on construction contracts in progress, and sale of real estate for sale
3. [Increased Profit] Sale of real estate for sale(Millions of yen)
Six Months Ended
September 30, 2022

Six Months Ended September 30, 2023

AmountAmountY OY Change

Change (%)(Target Bef ore
Rev ision)

Target Af ter
Rev ision

AmountAmountChange inTarget Bef ore
and Af ter
Rev ision (%)

39,52051,316

11,795

29.8%

-

-

-

Contracts carriedov er

79,38281,311

1,929

2.4%

-

-

-

Net sales

44,53449,487

4,952

11.1%

45,00049,4009.8%

44,307

46,529

2,221

5.0%

-

-

-

226

2,957

2,730

1,206.1%

-

-

-

3,060

3,420

359

11.7%

-

-

-

2,956

2,786

(169)

(5.7)%

-

-

-

104

633

528

505.3%

-

-

-

SG&A

1,393

1,483

89

6.4%

-

-

-

Operating prof it

1,666

1,937

270

16.2%

1,350

1,930

43.0%

Ordinary prof it

1,642

1,894

251

15.3%

1,300

1,890

45.4%

Extraordinary
income or loss

-

(2)

-

-

-

-

-

1,106

1,393

286

25.9%

900

1,390

54.4%

Breakdown

Orders

Projects
completed
Real estatebusiness

Gross prof it
BreakdownProf it

Projects
completed
Real estatebusiness５

Breakdown by Category (1)(Millions of yen)OrdersAmountCommercial
facilities

Share

Completed Construction
Contracts

Contracts Carried Over

AmountAmount

Share

Share

40.6%

28,90062.2%

33,531

41.2%

Retails &stores

18,38335.8%

25,00953.8%

25,734

31.6%

Lodgingfacilities

2,448

4.8%

3,871

8.3%

6,196

7.6%

Amusement
facilities

9

0.0%

19

0.1%

1,600

2.0%

Residential housing

3,965

7.7%

13,26228.5%

19,48024.0%

Offices

9,446

18.4%

2,245

4.8%

10,50912.9%

16,623

32.4%

1,446

3.1%

17,216

21.2%

30

0.1%

469

1.0%

-

-

Other

407

0.8%

202

0.4%

564

0.7%

Total

51,316100.0%

46,527100.0%

81,302100.0%

-

-

2

0.0%

9

0.0%

51,316100.0%

46,529100.0%

81,311100.0%Breakdown

Construction Business

20,842

Factories &warehouses
Medical & welfare
facilities

Civil Engineering Business Total
Total

６

Breakdown by Category (2) Orders■Orders received for commercial facilities decreased (YOY decrease of ¥28,860 million/28%).

■As sales formats in the retail industry changed, responded to needs for construction of logistics facilities connected to the retail industry.

Medical & welfare facilities

Percentage of commercial facilities
40.6%

Other

30
(0.1%)

407(0.8%)(Millions of yen)

Lodgingfacilities
2,448(4.8%)

Factories &warehouses
Commercial
facilities
Residential
housing
Offices
Factories &warehouses
Medical &welfare facilities
Other

16,623(32.4%)

Total

Commercial
facilities

51,316

20,842(40.6%)(Millions of yen)

9,446
(18.4%)

Residential
housing
3,965(7.7%)

Amusement
facilities
9(0.0%)

Retails & stores
18,383(35.8%)

Retails &stores

Offices

Breakdown

Lodgingfacilities(Breakdown of retails & stores)
Supermarkets
1,270 (2.5%)
Commercial complexes 13,773 (26.8%)
Other*
3,339 (6.5%)*Gyms, specialty stores, etc.

Amusement
facilities

７

Breakdown by Category (3) Completed Construction Contracts■Completed construction contracts for commercial facilities increased (YOY increase of ¥21,145 million/37%).
■Set a target to have commercial facilities account for 70% or more of completed construction contracts.

Factories &warehouses
1,446(3.1%)

Medical &welfarefacilities
469(1.0%)

Other
202(0.4%)

Civil
engineeringbusiness

Percentage of commercial facilities
62.2%

2(0.0%)

Offices
2,245(4.8%)

Residential
housing
Commercial
facilities
Residential
housing
Offices
Factories &warehouses
Medical &welfare facilities
Other

13,262(28.5%)

Total
46,529(Millions of yen)

(Millions of yen)

Breakdown
Lodgingfacilities

Amusement
facilities

3,871(8.3%)

19(0.1%)

Commercial
facilities

Retails & stores

28,900(62.2%)

25,009(53.8%)
Retails &storesLodgingfacilities(Breakdown of retails & stores)
Supermarkets
5,692 (12.3%)
Commercial complexes 13,126 (28.2%)
Other*
6,190 (13.3%)*Gyms, specialty stores, etc.

Amusement
facilities

８Breakdown by Category (4) Contracts Carried Over■Contracts carried over to the next fiscal year for commercial facilities decreased (YOY decrease of ¥42,462 million/21%).
■We aim to further build up contracts for commercial facilities, among others.

Civil
engineeringbusiness

Other564(0.7%)

9(0.0%)

Percentage of commercial facilities
41.2%
Breakdown

Factories &warehouses

Amusement
facilities

17,216(21.2%)
Commercial
facilities
Residential
housing
Offices

Factories &warehouses
Other
Civil engineeringbusiness

Offices
10,509(12.9%)(Millions of yen)

Total

Commercial
facilities

81,31133,531(41.2%)(Millions of yen)

6,196
(7.6%)

Retails &storesResidential housing
19,480(24.0%)

1,600(2.0%)

Lodgingfacilities

Lodgingfacilities

Retails & stores
25,734(31.6%)(Breakdown of retails & stores)
Supermarkets
3,046 (3.7%)
Commercial complexes 17,384 (21.4%)
Other*
5,302 (6.5%)*Gyms, specialty stores, etc.

Amusement
facilities

９

Major Projects Completed & Orders Received■Major Projects Completed
Primary Building
Application

Project Name
Aeon Style Akabane(Aeon Style Akabane Kitahondori New Construction)

Photographs of completed properties

Location

Commercial complex(Supermarket, etc.)

Tokyo

Condominium building (for sale)

MiyazakiLodging facility

Kyoto

Commercial complex(Gym, etc.)

Tokyo

Hanazono Onsen sauna kukka(“Venice” Hot Bath Facilities Project)

Hot bath facility

Osaka

Nitori Shin-yamashita Store(Nitori Shin-yamashita Store New Construction)

Large specialty store

Grand Palace Oyodokahan(Grand Palace Oyodokahan New Construction)
Loisir Hotel Kyoto Toji
(Kyoto Nishi-kujo Hotel Planned New Construction)
i-Terrace Ochiai-minami-nagasaki ANNEX(i-Terrace ANNEX Project)

Kanagawa
i-Terrace Ochiai-minami-nagasaki ANNEX■Major Orders Received
Primary Building
Application

Project Name

Location

Nitori Fukuoka Distribution Center New Construction(tentative name)

Large logistics facility

Fukuoka

OK Takaida Store New Construction (tentative name)Commercial complex

Osaka

Eco Ring New Head Office Building New Construction(tentative name)

OfficeHyogo

APA Hotel Akabane Iwabuchi Ekimae New Construction(tentative name)Lodging facility

Tokyo

Konan 5-chome PJ New Construction (tentative name)

OfficeTokyo

Aeon Style Takata-nishi New Construction(tentative name)Commercial complex

Hanazono Onsen sauna kukka
Kanagawa

１０Changes in Net Sales by Project Type - Half Year (First Half of FYE March 2022 - Second Half of FYE March 2024)
600

12.0%

Commercial facilities
Gross profit margin(Hundreds ofmillions of yen)

Residential housing
Ordinary profit margin

Net sales¥49.4 billion

500

9.6%

Net sales¥45.8 billion

76
400

Other (incl. logistics facilities)

Net sales¥37.9 billion

Net sales¥44.5 billion

(17%)

8.2%

91

Net sales¥43.5 billion

115
(25%)

300

6.0%

73
(15%)

(21%)

8.0%

132
(27%)

129
6.9%

(30%)

6.9%
6.0%

142

106
(28%)

10.0%

47
(11%)

47
(12%)

Net sales
forecast

(32%)

5.4%

5.1%

200

4.0%

3.7%

3.8%
2.2%

100

2.0%

225
(60%)

266
(58%)

211

257

(47%)

(59%)

First Half of FYEMarch 2023

Second Half of FYEMarch 2023

289
(58%)

0

0.0%

First Half of FYEMarch 2022

Second Half of FYEMarch 2022

FYE March 2022 (full year)

FYE March 2023 (full year)

First Half of FYEMarch 2024

Second Half of FYEMarch 2024

FYE March 2024 (full year)

１１

facilities: new construction vs. interior design work / renovations]
Changes in Completed Construction Contracts - Half Year [Commercial(First Half of FYE March 2022 - First Half of FYE March 2024)(Hundreds of millions of yen)

350

Interior design / Renovations

Profit margin (New construction)

Profit margin (Interior design / Renovations)
Completed
construction
Completedcontracts
construction¥28.9 billion
contracts¥25.7 billion

300

250

Completed
construction
contracts¥22.5 billion

Completed
construction
contracts¥26.6 billion

15.0%

(40%)

81

76

(36%)

9.8%

(36%)

117

59
(20%)

18.0%

16.0%

14.0%

63
(25%)

12.0%

11.6%

150

8.0%

10.0%

194

229

(75%)

(80%)

143

148

134

(64%)

(56%)

(64%)

8.0%

6.0%

6.7%

100

50

16.2%

15.4%
Completed
construction
contracts¥21.1 billion

13.4%
200

20.0%

New construction

4.2%

4.3%

4.0%

2.0%

0

0.0%
First Half of FYE March
2022

Second Half of FYE March
2022

FYE March 2022 (full year)

First Half of FYE March
2023

Second Half of FYE March
2023

First Half of FYE March
2024

FYE March 2023 (full year)

１２

Comparative Balance Sheet(Millions of yen)

Total assets

As of March 31,
2023

As of
September 30,
2023

55,71463,737[Assets] Increased by ¥8,022 million

Change8,022

Current assets

46,36054,205

7,844

Non-current
assets

9,353

9,532

178

Total liabilities

28,18335,065

6,881

Current liabilities

22,24829,558

7,310

Non-current
liabilities

5,935

5,506

(429)

Total net assets

27,531

28,672

1,141

Owners’ equity

27,50828,650

1,141

22

22

-

Share acquisitionrights(Main increases)•Accounts receivable from completed
construction contracts and other +¥2,653 million•Real estate for sale in process +¥2,079 million•Cash and deposits+¥1,847 million(Main decreases)•Real estate for sale(¥2,181 million)[Liabilities] Increased by ¥6,881 million(Main increases)•Accounts payable for construction contracts+¥3,611 million•Short-term borrowings+¥2,386 million•Electronically recorded obligations - operating+¥1,186 million(Main decreases)•Long-term borrowings(¥456 million)•Advances received on construction contracts
in progress(¥346 million)•Accrued consumption taxes(¥155 million)[Net assets] Increased by ¥1,141 million(Main increases)•Profit+¥1,393 million•Valuation and translation adjustments+¥183 million(Main decreases)•Dividends of surplus(¥435 million)

１３

Changes in Net Assets, Equity Ratio, and Dividends<Announcement on October 31, 2023 of revised dividend forecast (dividend increase)>■Set a target dividend payout ratio of approximately 30% for net assets of over ¥30 billion.

267

Net assets(Hundredsof millionsof yen)Net assets

Equity ratio

300

Equity ratio
55.0%

Total
dividends(Millions of
yen)
850

Dividend payout ratio Payout ratio

Total dividends

50.0%

Forecast
800

49.4%

280

42.5%

Forecast

50.0%

45.0%

40.0%

46.5%
45.5%

750

260

41.5%

35.0%
30.0%

700

240

25.0%

40.0%

275

650

267

24.3%

22.4%

20.0%

20.6%

220

35.0%

246
200

31.9%

45.0%

600

218

30.0%

180

25.0%
FYE March
2020

FYE March
2021

FYE March
2022

FYE March
2023

FYE March
2024

550

652

652

¥90
per shareincludingcommemorative
dividend of ¥10¥90
per share

FYE March
2020

FYE March
2021

725

725

798

¥100
per share¥100
per share
Interim:¥40
Year-end:¥60¥110
per share
Interim:¥45
Year-end:¥65

FYE March
2023

FYE March
2024

500

15.0%
10.0%
5.0%
0.0%

FYE March
2022

１４

Statements of Cash Flows(Millions of yen)Six months
ended
September
30, 2022

Six months
ended
September
30, 2023

Cash flows fromoperating activities

35

382

Cash flows frominvesting activities

(98)

(18)

[CF from operating activities]•Profit before income taxes+¥1,891 million•Increase in trade payables+¥4,835 million•Decrease in real estate for sale+¥2,181 million•Increase in notes and accounts receivable-trade and others(¥4,602 million)•Increase in real estate for sale in process(¥2,079 million)•Increase in consumption taxes refund receivable (¥512 million)[CF from investing activities]
Cash flows fromfinancing activities

(799)

1,483

Cash and cash
equivalents at end of
period

(861)

1,847

10,796

13,500¥18 million
decrease in funds•Purchase of property, plant and equipment•Purchase of intangible assets[CF from financing activities]
Total cash flow

¥382 million
increase in funds(¥17 million)(¥12 million)¥1,483 million
increase in funds•Net increase (decrease) in short-term borrowings +¥2,495 million•Repayments of long-term borrowings(¥565 million)•Dividends paid(¥433 million)

１５

FYE March 2024 Financial Results Forecast<Announcement on October 31, 2023 of revised financial results forecast for the fiscal year ending March 31, 2024>■Revenue and profit for the fiscal year ending March 31, 2024 are projected to rise.

(Millions of yen)FYE March 2023
Results(Forecast Before
Revision)

AmountAmountFYE March 2024 Forecast

AmountChange(%)

YOY Change

Net sales

88,05990,00092,000

3,940

4.5%

(Gross profit
margin)(6.1%)----

Operating profit

2,667

3,000

3,500

832

31.2%

Ordinary profit

2,585

2,900

3,400

814

31.5%

Profit

1,708

2,000

2,500

791

46.4%

Dividends per
share

¥100

¥100

¥110

¥10

(Interim: ¥40
Year-end: ¥60)

(Interim: ¥40
Year-end: ¥60)

(Interim: ¥45
Year-end: ¥65)

(Interim: ¥5
Year-end: ¥5)-(Cautionary note concerning forward-looking statements, etc.)
The forward-looking statements in this document are based on information currently available to the Company and certain assumptions that the Company deems
reasonable, and are not intended to be a promise by the Company that they will be achieved. In addition, actual results may differ significantly due to a variety of factors.

１６

II.
Ichiken’s Long-Term Business Plan

１７

Vision 2030
Purpose
We aim to be a construction company that is equipped with thecapability to provide buildings that offer high customer satisfaction interms of both quality and price while being environmentally conscious
in the interest of creating a sustainable society.

■Targets for net sales¥100 billion
NEW

1000

OVERSEAS

950

Corporate vision in 2030

900

We aim to contribute to the sustainable development of society while
continuing to achieve stable growth

850

REAL ESTATE

Vision 2030

CONSTRUCTION(FY2023-FY2030)

Previous mediumterm business plan

800

■Basic policy(1)

Stabilize and enhance our core construction business, expand
our real estate and overseas business as strategic businesses,
and aim to expand business operations, including in new
businesses(2)

Achieve steady growth with a focus on our commercial spaceconstruction business(3)

Pursue superior quality, safety, environment, cost, andproductivity as an engineer group(4)

Enhance and stabilize our financial base(5)

Create a comfortable workplace and improve the capabilities
and job fulfillment of each and every employee(6)

Constantly adapt to the needs of society and become acompany that is resilient to environmental changes(Hundreds of millions of yen)

¥93 billion

750

700

0

20

21

22

23

24

25

30

■Measures for strategic businesses and new businesses
Real estate business■ Secure income-generating properties (expand real estate leasing
business)■ Generate orders for construction work in combination with real estatedevelopment and trading

Overseas business■ Promote overseas business (Vietnam operation)

New businesses■ Consider engaging in fields related to the construction business,
including strengthening existing businesses

１８Stabilize and Enhance Core Business<VIERRA Maita>

Ongoingdevelopment throughindustry-academia
collaboration<One pillar-one pile method>Technologicaldevelopment

BIM

Planning anddevelopment
capabilities

ZEB compliancefor commercial
facilities

Column-pile joint

ZEB compliance
Quickly understandchanges in customer needs
andpursue the ideal response

DX promotion

Aim to stabilize andenhance core business

Planning and development from thebasic concept in close cooperation
with business owners

Adapting to changes
Increase in warehouse demand and scale<Nitori Kobe Distribution Center>
Respond flexibly to changes inconstruction needs.
This will also lead to accumulatingknow-how on constructing large
facilities.
<i-Terrace ANNEX>
We worked together with the business owner over a number of years todevelop the basic concept.

１９

Progress in the Real Estate Business
FY2015-FY2019
Medium-term business plan

FY2020-FY2022
Medium-term business plan

◎Idle land in various regional locations that could
not be used for business and low-profit
condominiums held by the Company had become
issues☛Disposed of low-profit real estate◎Aimed to make the real estatebusiness a “second core business.”☛ Conducted internal training on sales
methods involving real estate☛ Acquired two hotels (built by theCompany) with a view toward
cyclical investment☛ Promoted and implemented the next
business plan for an aging shopping
center (Wao City Misato Shopping
Center)

FY2023-FY2025
Current Medium-TermBusiness Plan
◎Supplement revenue from construction business◎Expand transactions that are potentially relevant toorders for construction work
☛Implemented cyclical investment(Sold)
hotel androoms shin-osaka(Purchased) Land and buildings (renovation of the hotel is planned)
Location:
Gora, Ashigarashimo-gun Hakone-machi, Kanagawa
Note:
Discussions on operating the facility are currently being
held with a major operator.
☛Sold the former site of Akatombo Hiroba
Currently engaged in efforts for the building orders in the next
business plan

Plan to invest a total of ¥10 billion by FY2030•Continue to implement cyclical investment•Secure stable, quality income-generating properties•Engage in real estate development business•Generate orders in combination with real estate trading⇒ Record stable net sales of ¥2 billion in the real estatebusiness

２０

Progress in the Overseas Business (Vietnam)
October 2018: The Hanoi office wasestablishedStarted with one person

April 2022: The local subsidiary business wasstarted
Promoted using a three-person staff

Started market research

ICHIKEN Vietnam Construction Co., Ltd.
(IKVC)•Undertaking contracted construction management•Undertaking contracted BIM operations•Construction contracting and related services•Concluded a memorandum of understanding on
cooperation with the local construction company AZBJOINT STOCK COMPANY•Strengthened relationship with FujiMart (SUMITOMOCORPORATION business group)

As of end of September 2023: Promoting using an eightperson staff•Started undertaking contracted BIM entry operations from the Company.
Going forward, undertaking contracted quantity surveying and estimation
operations is also planned.
Strengthen the cooperative relationship between the Company and IKVC.
•Orders are received from Japanese companies, and the number of local
completed construction contracts is steadily increasing.

Plan to invest ¥3 billion
by FY2030
Aim for self-supporting
operations in theoverseas business
Example of construction project in FY2023
Design and construction of the fourth
FujiMart store•Client: FujiMart Vietnam Retail LLC.
•Construction period: February 2, 2023 - April 28,
2023•Construction: IKVC

２１

Promoting Initiatives for New Businesses
Investment plan

Consider engaging in fields related to the construction business,
including strengthening existing businesses■Invest a total of ¥30 billion by FY2030

Growthinvestment

Leverage M&A, etc.
■ Expand business fields, enhancefunctionality, and expand personnel■ Acquire specialized technologies■ Research and master construction
methods

Real estatebusiness

Supplement revenue fromconstruction business¥10 billion

Businessfield¥10 billion■ Secure income-generating properties■ Engage in real estate development business■ Generate orders in combination with real estate
trading

Overseasbusiness

Promote business development in
Vietnam¥3 billion■ Expand business foundation(business partners, etc.)■ Expand partnerships with local companies■ Acquire and nurture human resources

Human
resourcesdevelopment

Reinforce human capital

Digitalization

Adapt to a digital society■ Recruit human resources■ Nurture the next generation of leaders■ Conduct education and training■ Promote digital transformation■ Nurture human resources for
digital operations■ Update security measures andupgrade IT equipment●Aim to expand business operations and business fields through M&A,
alliances, etc.

¥4 billion

Value
chain

Site
selection

Planning
andproposalDesignPurchase/Procurement

Construction

Construction

Strengthen corebusiness

Civil
engineering

Engage in non-core fields

Patented
technologies
Specialized
construction
methods

Differentiate and improve technicalcapabilities

Strengthen
response
capabilities

Maintenance

Environmental
technologies
DesignBIM
Real estatedeveloper

Post
construction
maintenanceDecarbonization, energy saving, ZEB, etc.

Strengthen humanresources andcapabilities

Strengthen
response
capabilities

Build
information
volume andexpertise

Construction
materials

DevelopdistinctivenessMaterials
research

Developdistinctiveness¥3 billion

２２Realizing the Corporate Vision –Selecting the Standard Market–
Corporate vision

Stabilize andenhanceconstruction
business

We aim to contribute to the sustainable development of society
while continuing to achieve stable growth.

Expand real estatebusiness

Firmly establish
overseas business

Promote new
businesses

Respond tosocial issues■ Transitioned to the Standard Market on October 20, 2023
■ Invest management resources in Vision 2030 and our Medium-Term Business Plan from a
medium- to long-term perspective■ Stabilize and enhance the core construction business, and promote measures for strategic
businesses and new businesses■ Aim to achieve the targets of the long-term business plan and realize the corporate vision
２３

Bringing the future to you through innovative living spaces～For Your Living Space～
Corporate
Message

This message to all of our stakeholders, including customers, business partners, community members, aswell as our employees and their families, embodies our corporate commitment to creating and proposing avision for the future through our living space business, aiming to realize a rich and comfortable society andimprove job fulfilment for our employees.

Discover ICHIKEN
with video

I love construction and I’malways around Ichiken’s
work sites, so keep an eye
out for me!

PR Manager

ICHIKEN-kun
A boy dog who’s always wearing his trademark Ichiken
helmet.
He’s cheerful, energetic, and hardworking.
He works hard as Head of Publicity to
let everyone know about Ichiken.

You can watch many videos
about ICHIKEN’s history
and business.

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BirthdayJune 15 (Gemini)

Favorite phrase Safety first

These materials were prepared by ICHIKEN Co., Ltd. (the “Company”) to promote understanding of the Company and are not intended to solicit investment.
While care has been taken to ensure accuracy in preparing these materials, we cannot guarantee their complete integrity.
We assume no liability for any losses or damages incurred as a result of the information contained herein.
The financial forecasts and projections contained within these materials have been made by the Company based on information available at the time of
preparation and involve potential risk and uncertainty. Changes in the business environment and various other factors may thus result in financial performancethat materially differs from the projections referred to or indicated herein.
Takagaki & Watanabe
Finance & Accounting Dept.
ICHIKEN Co., Ltd.
TEL: (+81) 3-5931-5642

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