Consolidated Financial Results for the 1st Quarter of the Fiscal Year Ending September 30th, 2022 (FY9/22)(Three Months Ended December 31, 2021) [IFRS]
February 14th, 2022
TSE
https://www.airtrip.co.jp

Company name:
AirTrip Corp.
Stock Exchange Listing:Stock code:
6191
URL
Representative:
Yusuke Shibata, President & Representative Director / CFO
Contact:
Yusuke Shibata, President & Representative Director / CFO(TEL)03 (3431)6191
Scheduled date of filing of Quarterly Report:
February 14th, 2022 Scheduled date of payment of dividend:
Preparation of supplementary materials for financial results:
Holding of quarterly financial results briefing:－Yes
Yes (for institutional investors and securities analysts)(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the 1st Quarter of FY9/22 (October 1st, 2021 to December 31st, 2021)(1) Consolidated results of operations(Percentages represent year–on–year changes)

Net sales

Three Months Ended December
31st, 2021
Three Months Ended December
31st, 2020

Operating income

Profit before
income taxes

Total
comprehensive
incomeMillion%%yen

Profit attributable toowners of parent

ProfitMillionyen%

Millionyen%

Millionyen%

Millionyen%

Million
yen

4,354

-33.6

941

23.3

905

24.7

731

63.5

717

65.8

743

82.1

6,560

-17.8

763 276.9

725

382.4

447

-33.1

432

-37.5

408

-38.9

Profit per share

Three Months Ended December 31st, 2021
Three Months Ended December 31st, 2020

Fully diluted profit per share
Yen

Yen

32.43
20.97

31.56
19.90

(2) Consolidated financial position
Total assets
As of December 31st, 2021
As of September 30th, 2021

Equity attributable toowners of parent

Total equity

Ratio of equity
attributable to owners of parent

Million yen

Million yen

Million yen％

21,997
21,373

8,658
8,136

7,978
7,475

36.2
34.9

2. Dividends
Dividend per share
1Q-endFiscal year ended September 30th, 2021
Fiscal year ended September 30th, 2022
Fiscal year ending September 30th,
2022 (Estimated)

2Q-end3Q-endYear-end

Total

Yen

Yen

Yen

Yen

Yen

―
―

0.00

―

10.00

10.00

―

―

―

―

Note: Revision to the mot recently announced dividend forecast: None

3. Full-year consolidated financial forecast for FY9/22 (October 1st, 2021 – September 30th, 2022)(The percentages below represents the difference, compared to last full year for the full year forecast, andlast year same quarter for the quarter forecast)
Net sales
Million Yen

Operating income% Million Yen

Profit before
income taxes% Million Yen

Profit attributable toowners of parent% Million Yen

Profit per share%

Yen

13,000
1,000
940
700
31.66
-26.3
-68.3
-69.2
-70.3
Note: Revision to the most recently announced forecast: None
In view of the uncertain socio-economic situation, we have a conservative business forecast that does not include upside
factors such as the profit contribution by domestic travel’s recovery with GoTo Travel, the recovery of overseas travel, therecovery of tourists visiting Japan, and the contribution of investment business.

Full year―1―※ Notes(1) Changes in significant subsidiaries during the period
New included: ―Companies ―,Excluded: ―： NoCompany(2) Changes in accounting policies and accounting-based estimates, and restatements
1) Change of the accounting policy required under IFRS
： None2) Changes in accounting policies other than 1) above： None3) Changes in accounting-based estimates： None(3) Numbers of outstanding shares (common stock)
1)Number of shares outstanding as of the endof the period (including treasury shares)
2)Number of treasury shares as of the end of
the period

As of December 31st, 2021

22,119,665

As of December 31st, 2020

20,719,800

As of December 31st, 2021

271

As of December 31st, 2020

353)Average number of shares issued during the Three months ended December
period (Quarterly cumulative)

31st, 2021

Three months ended December
22,109,317

20,621,938
31st, 2020

※ The current quarterly financial report is exempt from the quarterly review procedures performed by certified public

accountants or audit corporations.
※ Explanation of appropriate use of earnings forecasts, and other special items
The above full year consolidated financial forecast includes expectations based on future premise, perspective, and plan asof the day this document is published. These statements about future expectation are based on our company’s currently
available information and rational assumptions, not indicate the achievement that we commit to achieve. The forecast may
differ greatly from financial results due to various factors in the future, such as changes in economic situation, changes inclient needs and user preference, competition, changes in laws and regulations, and changes in exchange rates.

―2―

○ Contents of Attachments
1. Qualitative Information on Quarterly Consolidated Financial Performance………………………………4(1) Explanation of Results of Operations.……………………………………………………………….……4(2) Explanation of Financial Position…………………………………………………………………………6(3) Explanation of Consolidated Forecast and Other Forward-looking Statements……………………..……6
2. Condensed Consolidated Financial Statements and Notes to the Condensed Consolidated Financial
Statements…………………………………………….………………………………………………….……7(1) Condensed Consolidated Statement of Financial Position.…………………………………………..……7(2) Condensed Consolidated Statement of Income and Condensed Consolidated Statement of Comprehensive
Income…………………………………………………………………………….……………………...……8(3) Condensed Consolidated Statement of Changes in Equity…………………………………………….…10(4) Condensed Consolidated Statement of Cash Flows …………………………………………………...…11(5) Notes to Condensed Consolidated Financial Statements…………………………………………………12(Notes on going concern assumptions) ………………………………………………………………12(Changes in accounting policies).………………………………………………………………….…12(Segment information, etc.) …………………………………………………………………….….…13(Important subsequent events) …………………………………………………………….…….……15―3―

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations
FY 9/21FY 9/22(Unit: Million yen)
Percentage
difference (%)

Differences

Consolidated Results of Operations
Net sales

6,560

4,354

-2,206-33.6％

Operating income

763

941

178

23.3％

Profit before income taxes

725

905

179

24.7％

Profit attributable to owners of parent

432

717

284

65.8％

Due to the spread of COVID-19 (Novel COVID-19 virus), the Japanese economy in this period has become unpredictable because
the economic activities have been slowing down, the worldwide travel demand is sluggish caused by measures such as overseas travel
restriction or prohibition or lockdown in many countries. We are now closely observing the changes of the pandemic as well as future
market trends.
Under this circumstance, our company has been working on various measures, as well as cost down methods, as a link of restructuring
and Group’s business portfolio diversification towards the “Restart” of AirTrip Group. Because the results are getting well, the existing
businesses except for Overseas Travel business, are all growing very well.
In terms of revenue for the first quarter of the current consolidated cumulative period, the spread COVID-19 pandemic worldwide andmeasures to prevent the spread it in each country have a significant impact on the online travel business and the IT offshore development
business. The online travel business decreased 33.2% compared to the same period last year, to 3,897 million yen, and the IT offshoredevelopment business decreased 63.9% compared to the same period last year, to 153 million yen. On the other hand, the transfer of theshares associated with the initial public offering of our IPO project’s investee resulted in an increase of 2.3% compared to the same
period last year, to 302 million yen. Based on the above, revenue for the current fiscal year decreased 33.6% compared to the same period
last year to 4,354 million yen.
Operating income for the 1st quarter of current fiscal year was affected by the decline in sales revenue due to the spread of COVID
19 crisis, but the effects of measures such as cost reduction taken as part of the diversification and restructuring of the business portfolio
had a significant impact. In the online travel business, operating profit increased by 228 million yen compared to the same period lastyear to 854 million yen, in the IT offshore development business, operating profit increased 81 million yen compared to the same period
last year, to 111 million yen, and the investment business’s operating profit increased 122 million yen compared to the same period lastyear, to 193 million yen.

(2) Overview of Segment Business
Online Travel Business(Unit: Million yen)
FY 9/21
Net Sales
Segment profit or loss

FY 9/22

Percentage
difference (%)

Differences

5,838

3,897

-1,941-33.2％

626

854

228

36.4％

1. AirTrip Travel Business
Since our founding, as a company specialized in online travel, we have been providing convenient services to customers. We aredeveloping the following services centered on our 3 strengths: “Buying Power”, “Various sales channel”, “System Development Ability”.

―4―(1) BtoC services (Directly managed by our company)
We have achieved strong competitiveness by handling the largest volume of domestic airline tickets of the and making alliances withthe airlines and East Japan Railway Company. We are operating "AirTrip", a website where you can easily compare and reserve domestic
and overseas travel products. We are even more focusing on making the website easier to use and providing our customers the best travel
options.
(2) BtoBtoC services (Travel Contents OEM Provision)
We provide domestic airline tickets / travel, overseas airline tickets / hotel to other companies' mass media as travel content. We haveincreased the content lineup and helped improving media users’ customer satisfaction.
(3) Business travel management (BTM)
We’re distributing tickets for daily business trips and develops an efficient management business system, and providing the systemfreely for any company with needs of business trip, which can reduce direct + indirect cost.

2. Services for foreign visitors in JapanWe are quickly developing the know-how accumulated in the AirTrip travel business as a service for foreigners’ visitors in Japan anda service for private lodging management companies.
(1) Wi-Fi rental for foreign visitors in Japan
Inbound Platform Corp., a subsidiary of AirTrip, develops Wi-Fi router rental service for foreign visitors in Japan. With over 200,000
rentals, we have established a brand with many years of trust and good review. In addition to renting camper vans, we are pla nning to
expand services to meet inbound demand.
(2) Dynamic package for foreign visitors in JapanFor the increasing number of individual tourists from Southeast Asia, we will strengthen our support for each country's language. At
first, we prepare information about hotels and inns in Japan in Thai language, and provide them on the "Dynamic Package for foreigners’
first visit to Japan" sold by JALPAK Co., Ltd. We are also improving sales promotion environment for other countries’ visitors to Japan.
(3) One-stop service for private lodging hosts
To utilize vacant houses, which are currently increasing year by year in Japan, "AirTrip stay Co., Ltd." is proposing the operation ofrooms in accordance with the Housing Accommodation Business Law. Among the increasing number of foreign visitors to Japan, we
have become Japan's first official partner with "Airbnb"; the app is used by 1 in 5 people. We provide one-stop support from property
registration to property management, and we are planning to expand the service.

3. Media BusinessIn collaboration with MagMag Co., Ltd., one of our subsidiaries with the slogan "Telling things you want, to people want to hear”, wehave developed a channel to collect content from creators from all over the world and deliver it to those who feel that information
valuable. You can subscribe on article basis with “mine”, including "Magmag!", a free and paid e-mail newsletter distribution service.
We also operate WEB media "MAG2 NEWS", "MONEY VOICE", "TRiP EDiTOR", and "by them" which can discover contents anddeliver them to many people who want to know.
In the 1st Quarter of the Fiscal Year Ending September 30th, 2022; online travel business’s segment Net Sales of the reached 3,897
million yen, and segment income achieved 854 million yen.

―5―

IT Off-shore Development Business(Unit: Million yen)
FY 9/21FY 9/22

Percentage
difference (%)

Differences

Net Sales

426

153

-273

-63.9％

Segment profit or loss

30

111

81

268.00％In the IT Offshore Development Business segment, the Group offers lab-type facility development services to customers consisting
mainly of e-commerce operators, web solution providers, and game and system developers in Ho Chi Minh, Hanoi, and Da Nang in
Vietnam.
The Company’s lab-type facility development model is distinctive in that a team is formed with new dedicated staff members hired foreach customer. The model also enables customers to confirm the state of lab-type facility development on demand.
IT offshore development business segment’s Net Sales gained 153 million yen, and segment profit reached 111 million yen for 3 months
ended December 30th, 2021.

Investment Business
FY 9/21FY 9/22(Unit: Million yen)
Percentage
difference (%)

Differences

Net Sales

295

302

6

2.3％

Segment Profit

316

193

-122

38.8％

In the Investment Business segment, the Group emphasizes synergies with the existing businesses and expands service lines throughaggressive M&A and capital alliances. The Group is pursuing investment in growing companies to improve profitability.
In the current fiscal year, we have expanded the number of investees to 66 companies.
Investment business segment’s Net Sales reached 302 million yen, and segment profit reached 193 million yen for 3 months ended
December 30th, 2021.

(2) Explanation of Financial Position(Asset)Total assets at the end of the first quarter of the current consolidated fiscal year increased by 624 million yen compared to the end of
the previous consolidated fiscal year, to 21,997 million yen. This was mainly due to an increase of 239 million yen in cash and cash
equivalents, 203 million yen in other current assets, and 226 million yen in other financial assets and receivables.
(Liabilities)
Liability at the end of the first quarter of the current consolidated fiscal year increased by 103 million yen compared to the end of theprevious consolidated fiscal year, to 13,339 million yen. This was mainly due to a decrease of 328 million yen in interest-bearing debt,
75 million yen on lease obligations, and a decrease of 109 million yen in income taxes payable, as well as an increase of 755 million yen
in operating debt and other debt.
(Equity or net assets)
Net assets at the end of the first quarter of the current consolidated fiscal year increased by 521 million yen compared to the end of
the previous consolidated fiscal year, to 8,658 million yen. This was mainly due to a decrease in surplus dividends of 221 million yen
made during the first quarter of the current consolidated fiscal year and an increase in retained earnings related to profits in the firstquarter of the current consolidated fiscal year.

(3) Explanation of Consolidated Forecast and Other Forward-looking Statements
There is no change in Consolidated Financial Results compared to the forecast result in "Consolidated Financial Results for the Fiscal
Year Ending September 30th, 2021(FY9/21) [IFRS]" published on November 12th,2021. Every change (if any) shall be promptly updated.

―6―2. Condensed Consolidated Financial Statements and Notes to the Condensed Consolidated Financial Statements(1) Condensed Consolidated Statement of Financial Position(Unit: Million yen)
FY9/21(As of September The first quarter of the fiscal year
30th, 2021)(As of December. 31st, 2021)
AssetsCurrent assets
Cash and cash equivalents
Notes and accounts receivable - trade and otherreceivables
Other financial assets

8,771

9,011

1,298

1,272

4,852

4,880

Inventories

166

182

Other current assets

479

682

15,56816,029Total current assets
Non-current assets
Property, plant and equipment

394

370

Right-of-use assets

2,111

2,067

Goodwill

1,109

1,108

Intangible assets

946

953

Investments accounted for using the equity method

580

607

Other financial assets

574

773

Other non-current assets

42

41

Deferred tax assets

44

44

Total non-current assets
Total assets
Liabilities and equity
Liabilities
Current liabilities
Operating payables and other operating payables

5,804

5,968

21,373

21,997

1,291

2,047

Interest-bearing debt
Lease liabilities
Other financial liabilities

5,292
343
241

5,286
334
238

Accrued income taxes

395

286

Other current liabilities

1,362

1,218

Total current liabilities

8,928

9,411

Interest-bearing debt

2,150

1,828

Lease liabilities

1,883

1,816

Other financial liabilities

20

19

Provisions

50

40

Deferred tax liabilities

Non-current liabilities

193

212

Other non-current liabilities

9

10

Total non-current liabilities

4,308

3,927

Total liabilities
EquityCapital stock

13,236

13,339

1,529

1,533

Capital surplus

2,013

2,017

Retained earnings

3,864

4,359

Treasury shares

-0
68

-0
68

7,475

7,978

661

679

8,136
21,373

8,658
21,997

Other items of equity
Total equity attributable to owners of parent company
Non-controlling interests
Total equity
Total liabilities and equity―7―(2) Condensed Consolidated Statement of Income and Condensed Consolidated Statement of Comprehensive Income
Condensed Consolidated Statement of Income
For the 1st Quarter Period

Net sales

Three months ended December.
31st, 2020
(October 1st, 2020 – December
31st, 2020)
6,560(Unit: Million yen)Three months ended December
31st, 2021
(October 1st, 2021 – December.
31st, 2021)
4,354

Sales Cost

-4,625-2,452Gross profit
Selling, general and administrative
expenseInvestment Gain/Loss

1,935

1,902

-1,272-1,548

72

52

-

11

Other income

44

560

Other expenses

-16

-38

Operating income

763

941

Investment by equity method Gain/Loss

Finance income

53Finance costs

-43

-39

Profit before income taxes

725

905

Corporate income tax

-277

-173

Profit447

731

Profit attributable to
Owners of parent company

432

717

Non-controlling interests

15

14

447

731

Profit per share (Yen)

20.97

32.43

Fully diluted profit per share (Yen)

19.90

31.56

ProfitProfit per share―8―Condensed Consolidated Statement of Comprehensive Income
For the 1st Quarter Period(Unit: Million Yen)First Quarter of FY 9/21
(October 1st, 2020 – December
31st, 2020)

First Quarter of FY 9/22
(October 1st, 2021 – December
31st, 2021)

447

731

-39

11

-39

11

-39

11

408

743

Owners of parent company

412

723

Non-controlling interests-420

ProfitOther comprehensive income (after tax)
Items that may be reclassified as profit or loss
Exchange Differences of foreign operations.
Total of items that may be reclassified as profit
or loss
Total of items that may be reclassified as profit
or loss
Comprehensive income
Comprehensive income attributable to―9―(3) Condensed Consolidated Statement of Changes in Equity
Three Months ended December 31st, 2020 (October 1st, 2020 – December 31st, 2020)(Unit: Million Yen)
Equity attributable to owners of parent company
Equityattributable
Nonto owners controllingof parentinterests
company
As of October 1st, 2020

Equityattributable toTotal equity
owners ofparentcompany

Noncontrollinginterests

Total equity

Noncontrollinginterests

Total equity

3,138

4,887

-6,135

92

-0

1,983

555

2,538

-

-

432

-

-

432

15

447

-

-

-

-20

-

-20

-19

-39

Total comprehensive income

-

-

432

-20

-

412

-4

408

Dividends of surplus

-

-204

-

-

-

-204

-

-204

Issuance of new shares

223

223

-

-

-

447

-

447

-3,262

3,262

-

-

-

-

-

-

-

-7,656

7,656

-

-

-

-

-

-

5

-

-

-

5

-

5

-

-

4

9

-

13

32

45

Total transactions with owners-3,038-4,369

7,661

9

-

261

32

293

As of December 31st, 2020

100

517

1,958

81

-0

2,657

583

3,240

Profit (Loss)
Other
comprehensive
income (after tax)

Transfer to capital surplus
from capital stock
Transfer to earned surplus
from capital surplus
Changes in owner’s equity inunder-control subsidiaries
Increase (decrease) throughtransfers and other changes

Three Months ended December 31st, 2021 (October 1st, 2021 – December 31st, 2021)(Unit: Million Yen)
Equity attributable to owners of parent company
Equityattributable
Nonto owners controllingof parentinterests
company
As of October 1st, 2021

Equityattributable toTotal equity
owners ofparentcompany

Noncontrollinginterests

Total equity

Noncontrollinginterests

Total equity

1,529

2,013

3,864

68

-0

7,475

661

8,136

-

-

717

-

-

717

14

731

-

-

-

6

-

6

5

11

Total comprehensive income

-

-

717

6

-

723

20

743

Dividends of surplus

-

-

-221

-

-

-221

-

-221

Issuance of new shares

3

3

-

-

-

7

-

7

Increase (decrease) throughtransfers and other changes

-

-

0

-5

-

-6

-1

-8

3

3

-221

-5

-

-220

-1

-222

1,533

2,017

4,359

68

-0

7,978

679

8,658

Profit (Loss)
Other
comprehensive
income (after tax)

Total transactions with owners
As of December 31st, 2021―10―

(4) Condensed Consolidated Statement of Cash Flows(Unit: Million Yen)
Three Months ended December Three Months ended December
31st, 2020
31st, 2021
(October 1st, 2020 – December (October 1st, 2021 – December
31st, 2020)
31st, 2021)
Cash flows from operating activities
Profit before tax
Depreciation and amortization expense
Investment Gain/Loss
Profit on transfer of businessInsurance proceeds

725
183
-72
-

905
194
-52
-277
-200

Decrease (Increase) in trade and other receivables

-62

-33

Decrease (Increase) in inventories

-102

-23

Increase (decrease) in trade and other payables

-289

953

Decrease (increase) in advance payments – trade)

-57

-174

Decrease (increase) in guarantee deposits

11

-200

Decrease (increase) in investment securities for sale
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Insurance payment received amountNet cash provided by (used in) operating activities

-160
-79
95
0
-40
-62
-6

-37
-45
1,008
2
-30
-264
198
914

Cash flows from investing activities
Purchase of investment securities
Proceeds from sale of investment in securities
Purchase of intangible assets
Collection of lease deposits
OthersNet cash provided by (used in) investing activities

-9
-48
15
-94
-137

-21
61
-150
30

-

Proceeds from long-term loans payable

-305
150

Repayments of long-term loans payable

-180

-327

Repayments of lease obligations

-68

-89

-79

Cash flows from financing activities
Net increase (decrease) in short-term loans payable-

Proceeds from issuance of common shares

447

7

Dividends paid to owners of the parent company
Others

-187
26

-205
-

Net cash provided by (used in) financing activities

-119

-615

-29

20

-292
7,042
6,749

239
8,771
9,011

Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period―11―(5) Notes to Condensed Consolidated Financial Statements(Notes on going concern assumptions)Not applicable.
(Changes in accounting policies)
Not applicable―12―(1) Summary of reportable segments
The Company’s reportable segments are its business units that have separate financial information available and that are subject
to periodical examinations by the Board of Directors for the purpose of determining the allocation of management resourcesand evaluating performance.
Under its “One Asia” vision, the Group aims to serve as a bridge connecting various opportunities andengineers in Asia. With the Online Travel Agency Business, IT Offshore Development Business and Investment Business as its
three mainstay businesses, the Group classifies these businesses, with their highly unique business models, as its main reportablebusiness segments and draws up and determine Group strategies accordingly.
The businesses and main products belonging to each reportable segment are as follows:
Online Travel Agency Business: AirTrip Travel Business, Japan Inbound Travel Business/ Wi-Fi
Rental Business, Media Business

IT Offshore Development Business: Lab-type offshore development services and BPO services

Investment Business: Investment in growing companies and turnarounds(2) Calculation method of segment income (loss) and segment performance
The accounting process for the reportable business segments is the same as that used for the preparation of the condensed
consolidated financial statements.
(3) Information about segment income (loss) and segment performance
Three months ended December 31st, 2020 (October 1st, 2020 – December 31st, 2020)(Unit: Million Yen)
Reportable segments
OnlineTravelAgencyBusiness

Other

IT Offshore
Development
Business

Investment
Business

Adjustments Consolidated(Note 1)
Total

Total

Total

External sales revenue

5,838

426

295

6,560

-

6,560

-

6,560

Intersegment revenue

-

90

-

90

-

90

-90

-

5,838

517

295

6,651

-

6,651

-90

6,560

627

30

316

973

-

973

-210

763

Total sales revenue
Segment profits (losses)
Financial income

5

Financial expenses-43

Income before income
725
taxes
(Note 1) The category “Adjustments” mainly consists of corporate expenses that do not belong to any reportable segment andintersegment transactions.

―13―

Three months ended December 31st, 2021 (October 1st, 2021 – December 31st, 2021)(Unit: Million Yen)
Reportable segments
OnlineTravelAgencyBusiness

IT Offshore
Development
Business

Investment
Business

Other(Note 1)

Total

Adjustments Consolidated(Note 2)
Total

Total

External sales revenue

3,897

153

302

4,353

1

4,354

-

4,354

Intersegment revenue

0

0

-

1

-

1

-1

-

3,897

154

302

4,354

1

4,356

-1

4,354

854

111

193

1,159

1

1,161

-219

941

Total sales revenue
Segment profits (losses)
Financial income

3

Financial expenses-39

Income before income
905
taxes
(Note 1) The category “Other” includes the business segments not included in the reportable segments, such as advertising
revenue.
(Note 2) The category “Adjustments” mainly consists of corporate expenses that do not belong to any reportable segment andintersegment transactions.

―14―

(Important subsequent event)Not applicable―15―