Consolidated Financial Results for the 3rd Quarter of the Fiscal Year Ending September 30th, 2022 (FY9/22)(Nine Months Ended June 30, 2022) [IFRS]
August 12th, 2022
Company name:
AirTrip Corp.
Stock Exchange Listing:
TSE
Stock code:
6191
URL
https://www.airtrip.co.jp
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:
August 15th, 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 3rd Quarter of FY9/22 (October 1st, 2021 to June 30th, 2022)(1) Consolidated results of operations(Percentages represent year–on–year changes)

Net sales
MillionNine Months Ended June 30,
2022
Nine Months Ended June 30,
2021

Million%yen

Profit before

Operating income

Million

%

yen

%

yen

Profit attributable to Total comprehensive

Profitincome taxes

owners of parent

Million%yen

Millionyen

income%Million%yen

8,545 △39.8

1,743 △43.2 1,575 △47.7

1,222 △49.8

1,273 △42.8

1,380 △43.0

14,198 △26.1

3,071

2,438

2,206

2,423

Profit per share

Nine Months Ended June 30, 2022
Nine Months Ended June 30, 2021

-

3,018

-

-

-

-

Fully diluted profit per share

Yen

Yen

57.54
105.0356.43
102.47(2) Consolidated financial position
Total assets

Equity attributable toowners of parent

Total equity

Ratio of equity
attributable to owners of parent

Million yen

Million yen

Million yen％

24,666
21,373

9,326
8,136

8,617
7,475

34.9
34.9

As of June. 30th, 2022
As of September. 30th, 2021

2. Dividends
Dividend per share
1Q-end2Q-endYen

3Q-endYen

Year-end

―

0.00

―

Fiscal year ended Sep. 30th, 2022

―

0.00

―

Fiscal year ending Sep. 30th,(Estimated)

Yen

Yen

10.00

10.00

―

―

Yen

Fiscal year ended Sep. 30th, 2021
2022

Total

―

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

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

Full year

Operating income

MillionYen%

14,500△17.2

MillionYen

Profit before
income taxes

Profit attributable toowners of parent

Profit per share%

MillionYen%

Million
Yen

%

Yen

2,600 △17.2

2,470

△18.8

1,820

△23.2

82.28

Note: Revision to the most recently announced forecast: None―1―

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 the Investment Business.

※ Notes(1) Changes in significant subsidiaries during the period： None(Changes in specified subsidiaries resulting in changes in scope of
consolidation)
New included:―

Companies ― , Excluded: ―Company(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)①Number of shares outstanding as of the end of
the period (including treasury shares)②Number of treasury shares as of the end of the period

As of June 30th, 2022

22,153,765

As of June 30th, 2022

21,579,665

As of June 30th, 2022

309

As of June 30th, 2022

271

As of June 30th, 2022

22,126,431

As of June 30th, 2022

21,002,206③Average number of shares issued during
the period (Quarterly cumulative)※ 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 …………………………………………………12(4) Condensed Consolidated Statement of Cash Flows... ………………………………………………………13(5) Notes to Condensed Consolidated Financial Statements ……………………………………………………15(Notes on going concern assumptions) ...…………………………………………………………………15(Changes in accounting policies).…………………………………………………………………………15(Segment information, etc.) ………………………………………………………………………………15(Important subsequent events) ……………………………………………………………………………20―3―

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations(Unit: Million yen)
Nine months
ended
June 30, 2021

Nine months
ended
June 30, 2022

Differences

Percentage
difference (%)

Consolidated Results of Operations
Net sales

14,198

8,545△5,653△39.8

Operating income

3,071

1,743

△1,327△43.2

Profit before income taxes

3,018

1,575

△1,442△47.7

Profit attributable to owners of parent

2,206

1,273

△932

△42.2

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 these circumstances, the Company has been implementing various measures and cost reduction measures since the year before
last as part of the diversification and restructuring of the Group's business portfolio toward the "re-start" of the AirTrip Group. The
existing businesses are performing well as a result of the continued realization of these measures.
In terms of revenue for the period under review, although there was an increase in revenue due to a recovery in demand for travel, thiswas offset by a decrease in revenue due to the deconsolidation of subsidiaries as part of efforts to disperse and restructure the businessportfolio. However, the decrease in revenue was due to the deconsolidation of a subsidiary as part of the Company's efforts to dissolve
and restructure its business portfolio. In the Online Travel Business, sales decreased 39.3% year-on-year to 7,724 million yen, and in
the IT Off-shore Development Business, sales decreased 61.1% year-on-year to 423 million yen. On the other hand, in the Investment
Business, the transfer of shares in a company in which the Company had invested in an IPO project, following its initial public offering,
resulted in a 3.5% year-on-year increase, to 396 million yen. As a result, net sales for the period amounted to 8,545 million yen, down
39.8% from the same period last year.
Operating income for the period under review benefited from an increase in gross profit due to a recovery in demand for travel andfrom cost-cutting measures implemented as part of the diversification and restructuring of the business portfolio. However, the impactof the loss of control of a subsidiary and other one-time gains recorded in the third quarter of the previous fiscal year was reversed in thethird quarter of the current fiscal year. The Online Travel Business posted operating income of 1,505 million yen, down 655 million yen
year-on-year; the IT Off-shore Development Business posted operating income of 424 million yen, down 178 million yen year-on-year;
and the Investment Business posted operating income of 441 million yen, down 467 million yen year-on-year. As a result, operating
income decreased 43.2% from the same period of the previous fiscal year to 1,743 million yen.

Overview of Segment Business
Online Travel Business(Unit: Million yen)
Nine Months Ended Nine Months Ended
June 30, 2021

June 30, 2022

Differences

Percentage
difference (%)

Net Sales

12,7257,724△5,002△39.3

Segment profit or loss

2,160

1,505

△655

△30.3

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 allianceswith the 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
have increased the content lineup and helped improving media users’ customer satisfaction.

2. Services for foreign visitors in JapanWe are quickly developing the know-how accumulated in the AirTrip Online Travel Business as a service for foreigners’ visitors inJapan and a 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
330,000 rentals, we have established a brand with many years of trust and good review. In addition to renting camper vans, we areplanning 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 the sales promotion environment for other countries’ visitors toJapan.
(3) One-stop service for private lodging hosts
To utilize vacant houses, which are currently increasing year by year in Japan, " AirTripStay Co., Ltd." is proposing the operationof rooms 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, Inc."; the app is used by 1 in 5 people. We provide one-stop support fromproperty registration to property management, and we are planning to expand the service.

3. Media BusinessIn collaboration with Magmag, Inc., one of our subsidiaries with the slogan "Telling things you want, to people want to hear”, we havedeveloped 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 and deliver
them to many people who want to know.
Under these circumstances, the 3rd Quarter of the Fiscal Year Ending September 30th, 2022; Online Travel Business’s segment Net
Sales reached 7,724 million yen and the segment profit was 1,505 million yen.

IT Off-shore Development Business(Unit: Million yen)―5―

Nine Months Ended Nine Months Ended
June 30, 2021
Net Sales
Segment profit or loss

June 30, 2022

Percentage

Differences

difference (%)

1,088

423

△665

△61.1

602

424

△178

△29.5

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.
Under these circumstances, IT Offshore Development Business segment’s Net Sales gained 423 million yen, and segment profit
reached 424 million yen for 9 months ended June 30th, 2022.
Investment Business(Unit: Million yen)
Nine Months Ended Nine Months Ended
June 30, 2021

June 30, 2022

Percentage

Differences

difference (%)

Net Sales

382

396

13

3.5

Segment profit or loss

908

441

△467

△51.4

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 79 companies.
Investment business segment’s Net Sales reached 396 million yen, and segment profit reached 441 million yen for nine months ended
June 30th, 2022.

(2) Explanation of Financial Position(Asset)Total assets at the end of the 3rd quarter of the current consolidated fiscal year increased by 3,293 million yen compared to the end of
the previous consolidated fiscal year, to 24,666 million yen. This was mainly due to a 238 million yen decrease in right-of-use assets,
while equity method investments, trade and other receivables, and other current assets increased by 378 million yen, 1,149 million yen,and 816 million yen, respectively.
(Liabilities)
Liability at the end of the 3rd quarter of the current consolidated fiscal year increased by 2,103 million yen compared to the end of theprevious consolidated fiscal year, to 15,339 million yen. This was mainly due to a decrease of 998 million yen in interest-bearing debt,
and an increase of 2,376 million yen in trade and other receivables.
(Equity or net assets)
Net assets at the end of the 3rd quarter of the current consolidated fiscal year increased by 1,190 million yen compared to the end of
the previous consolidated fiscal year, 9,326 million yen. This was mainly due to a decrease in surplus dividends of 211 million yen madeduring the 1st quarter of the current consolidated fiscal year and an increase in retained earnings related to profits in the 3rd quarter ofthe 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 “Information about correction of
performance anticipation” published on June 16th, 2022. 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 Sep. 30, 2021)
AssetsCurrent assets
Cash and cash equivalents
Notes and accounts receivable - trade and otherreceivables
Other financial assets
Inventories

Third Quarter of FY9/22(as of Jun. 30, 2022)

8,771

9,194

1,298

2,447

4,852

5,695

166

63

479
15,568

1,296
18,698394

292

Right-of-use assets

2,111

1,873

Goodwill

1,109

1,109

Intangible assets

946

1,096

Investments accounted for using the equity method

580

958

Other financial assets

574

557

Other non-current assets

42

24

Deferred tax assets

44

55

Other current assets
Total current assets
Non-current assets
Property, plant and equipment

Total non-current assets

5,804

5,968

21,373

24,666

1,291

3,668

5,292

3,656

Lease liabilities

343

328

Other financial liabilities

241

224

Accrued income taxes

395

293

Other current liabilities

1,362

2,365

Total current liabilities

8,928

10,537

Interest-bearing debt

2,150

2,788

Lease liabilities

1,883

1,652

Other financial liabilities

20

21

Provisions

50

48

Deferred tax liabilities

Total assets
Liabilities and equity
Liabilities
Current liabilities
Operating payables and other operating payables
Interest-bearing debt

Non-current liabilities

193

280

Other non-current liabilities

9

10

Total non-current liabilities

4,308

4,802

13,236

15,339

Capital stock

1,529

1,545

Capital surplus

2,013

2,027

Retained earnings

3,864

4,895

Treasury shares△0△0

Other items of equity

68

149

7,475

8,617

Total liabilities
EquityTotal equity attributable to owners of parent company
Non-controlling interests
Total equity
Total liabilities and equity

―7―

661

709

8,136

9,326

21,373

24,666

(2) Condensed Consolidated Statement of Income and Condensed Consolidated Statement of Comprehensive Income
Condensed Consolidated Statement of Income
For Nine-month period(Unit: Million yen)
Nine months ended June 30th,
2021 (Oct. 1st, 2020 – Jun. 30th,
2021)

Nine months ended June 30th,
2022 (Oct. 1st, 2021 – Jun. 30th,2022)

Net sales

14,1988,545

Sales Cost

△8,537△3,413Gross profit
Selling, general and administrative
expenseProfit from loss of control subsidiaries

5,660

5,131

△3,924△4,662595-

Investment Gain/Loss
Investment by equity method Gain/Loss

613
12

301
73

Other income

231

1,089

Other expenses

△118

△189

Operating income

3,071

1,743

Finance income

59

5

Finance costs

△112

△173

Profit before income taxes
Corporate income tax

3,018
△579

1,575
△353

Profit

2,438

1,222

Profit attributable to
Owners of parent company

2,206

1,273

232

△51

ProfitNon-controlling interests

2,438

1,222

Profit per share
Profit per share (Yen)

105.0357.54

102.47

56.43

Fully diluted profit per share (Yen)―8―For the 3rd Quarter Period(Unit: Million yen)
3rd Quarter ended June 30th,

3rd Quarter ended June 30th,

2021 (Apr. 1st, 2020 – Jun. 30th,

2022 (Apr. 1st, 2021 – Jun. 30th,

2021)

2022)

Net sales

2,995

3,018

Sales Cost

△1,1901,804△1,1381,880△1,279△1,801--

Investment Gain/Loss

448

156

Investment by equity method Gain/Loss

12

24

Other income

156

2

Other expenses
Operating income

△73
1,069

3
265

Finance income

26

1

Finance costs
Profit before income taxes

△32
1,063

△70
196

Corporate income tax

△89

△85

Profit973

111

Gross profit
Selling, general and administrative
expenseProfit from loss of control subsidiaries

Profit attributable to
Owners of parent company

919

154

Non-controlling interests

53

△43

Profit973

111

Profit per share (Yen)

42.94

6.99

Fully diluted profit per share (Yen)

41.70

6.86

Profit per share―9―Condensed Consolidated Statement of Comprehensive Income
For Nine-month Period(Unit: Million Yen)
Nine months ended June 30th,

Nine months ended June 30th,

2021 (Oct. 1st, 2020 – Jun.

2022 (Oct. 1st, 2021 – Jun.

30th, 2021)

30th, 2022)

Profit

2,438

1,222

Other comprehensive income (after tax)
Items that may be reclassified as profit or loss
Exchange Differences of foreign operations.

△15

159

-

△1

△15

158

Other comprehensive income (after tax) Net

△15

158

Comprehensive income

2,423

1,380

Owners of parent company

2,198

1,354

Non-controlling interests

225

26

Equity according to other comprehensive
income in equity method affiliated companies
Total of items that may be reclassified as profit or loss

Comprehensive income attributable to―10―For the 3rd Quarter Period(Unit: Million Yen)
Third Quarter ended June

Third Quarter ended June

30th, 2021 (Apr. 1st, 2021 –30th, 2022 (Apr. 1st, 2022 –Jun. 30th, 2021)

Jun. 30th, 2022)

Profit

973

111

6

204

-

△1

6

203

6

203

979

315

Owners of parent company

922

259

Non-controlling interests

56

55

Other comprehensive income (after tax)
Items that may be reclassified as profit or loss
Exchange Differences of foreign operations.
Equity according to other comprehensive income inequity method affiliated companies
Total of items that may be reclassified as profit or loss
Other comprehensive income (after tax) Net
Total of items that may be reclassified as profit or loss
Comprehensive income attributable to―11―

(3) Condensed Consolidated Statement of Changes in Equity
Nine Months ended June 30th, 2021 (October 1st, 2020 – June 30th, 2021)(Unit: Million Yen)
Equity attributable to owners of parent company

Share capital

As of October 1st, 2020

CapitalRetained

surplusearnings

Other
componentsof equity

Non-

Treasury

controlling Total equity

Total

sharesinterests

3,138

4,887

△6,135

92

△0

1,983

555

2,538

-

-

2,206

-

-

2,206

232

2,438

-

-

-

△7

-

△7

△7

△15

Total comprehensive income

-

-

2,206

△7

-

2,198

225

2,423

Dividends of surplus

-

△204

-

-

-

△204

-

△204

Issuance of new shares

954

954

-

-

-

1,908

-

1,908

△3,262

3,262

-

-

-

-

-

-

-

△7,656

7,656

-

-

-

-

-

-

4

-

-

-

4

174

179

-

2

4

4

△0

10

5

16

△2,308△3,637

7,660

4

△0

1,719

179

1,899

830

1,250

3,731

88

△0

5,900

960

6,860

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
Total transactions with owners
As of June 30th, 2021

Nine Months ended June 30th, 2022 (October 1st, 2021 – June 30th, 2022)(Unit: Million Yen)
Equity attributable to owners of parent company

Share capital
As of October 1st, 2021

CapitalRetained

surplusearnings

Other
componentsof equity

Non-

Treasury

controlling Total equity

Total

sharesinterests

1,529

2,013

3,864

68

△0

7,475

661

8,136

-

-

1,273

-

-

1,273

△51

1,222

-

-

-

80

-

80

77

158

Total comprehensive income

-

-

1,273

80

-

1,354

26

1,380

Dividends of surplus

-

-

△221

-

-

△221

-

△221

Issuance of new shares

16

16

-

-

-

32

-

32

Transfer to capital surplus
from capital stock

-

-

-

-

-

-

-

-

Transfer to earned surplus
from capital surplus

-

-

-

-

-

-

-

-

Changes in owner’s equity inunder-control subsidiaries

-

△2

-

-

-

△2

-

△2

Increase (decrease) throughtransfers and other changes

-

-

△21

△0

△0

△21

21

0

16

13

△242

△0

△0

△212

21

△190

1,545

2,027

4,895

149

△0

8,617

709

9,326

Profit (Loss)
Other comprehensive income(after tax)

Total transactions with owners
As of June 30th, 2022―12―

(4) Condensed Consolidated Statement of Cash Flows(Unit: Million Yen)
Nine months ended June 30th,
2021 (Oct. 1st, 2020 – Jun.
30th, 2021)

Nine months ended June 30th,
2022 (Oct. 1st, 2021 – Jun.
30th, 2022)

Profit from loss of control subsidiaries
Insurance proceeds
Profit on transfer of business
Investment gain on equity method
Variable interest profit/loss
Impairment losses
Decrease (Increase) in trade and other receivables
Decrease (Increase) in inventories
Increase (decrease) in trade and other payables
Decrease (increase) in advance payments – trade)
Decrease (increase) in guarantee deposits
Decrease (increase) in investment securities for sale
Other

3,018
659
△613
△595
△12
62
341
△32
△437
126
19
△291
△2

1,575
535
△301
△200
△277
△73
△290
37
△921
102
2,355
△748
60
△550
1,180

SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid

2,272
2
△108
△48

2,483
5
△90
△384

Insurance claim income

2,118

200
2,215

△208
△157
65
△228
△7
19
-

△71
61
△33
0
△491
15
△84

△310

△4

Proceeds from liquidation of unconsolidated subsidiaries
Others

△12

103
△20

Net cash provided by (used in) investing activities

△838

△526

△1,050△1,229Cash flows from operating activities
Quarterly profit before taxes
Depreciation and amortization
Investment Gain/Loss
Gain on bargain purchase

Net cash flows from operating activities

Cash flows from investing activities
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment

Purchase of intangible assets
Payments of lease deposits
Proceeds from refund of lease deposits
Payments into time deposits
Expense by proceeds from sale of subsidiaries stock with change
in scope of consolidation

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

814

900

Repayments of long-term loans payable△1,316△1,875

Proceeds from issuance of bond

-

1,250

Proceeds from issuance of shares

883

32

Capital contribution from non-controlling interests

179

11

Repayments of lease obligations

△313

△258

Dividends paid to owners of the parent company

△203

△226

―13―

Others
Net Cash flows from financing activities
Exchange Differences in 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

―14―

0

(Unit: Million Yen)
△27

△1,006△1,424

60
332
7,042
7,375

158
423
8,771
9,194

(5) Notes to Condensed Consolidated Financial Statements(Notes on going concern assumptions)Not applicable.
(Changes in accounting policies)
Not applicable.
(Segment information, etc.)(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 determines 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.

―15―

(3) Information about segment income (loss) and segment performance
Nine months ended June 30th, 2021 (Oct. 1st, 2020 – Jun. 30th, 2021)(Unit: Million Yen)
Reportable segments
OnlineIT Offshore

TravelDevelopment

AgencyBusiness

Business

Other

Investment

Total

Business

Total(Note 1)

Adjustments Consolidated(Note 2)

Total

External sales revenue

12,725

1,088

382

14,196

1

14,198-14,198Intersegment revenue

-

147

-

147

-

147

△147

-

12,725

1,235

382

14,344

1

14,345△147

14,198

2,160

602

908

3,672

△0

3,672

△601

3,071

Total sales revenue
Segment profits (losses)(Note 3)Financial income

59

Financial expenses△112

Quarterly profit before
taxes

3,018

(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.
(Note 3) The segment profit or loss has been adjusted to the operating income stated in the condensed quarterly consolidated
statement of income.

―16―

Nine months ended June 30th, 2022 (Oct. 1st, 2021 – Jun. 30th, 2022)(Unit: Million Yen)
Reportable segments
OnlineIT Offshore

TravelDevelopment

AgencyBusiness

Business

Other
Investment(Note 1)

Total

Business

Adjustments Consolidated

Total(Note 2)

Total

External sales revenue

7,723

422

396

8,542

2

8,545

-

8,545

Intersegment revenue

1

1

-

2

-

2

△2

-

7,724

423

396

8,544

2

8,547

△2

8,545

1,505

424

441

2,371

2

2,374

△631

1,743

Total sales revenue
Segment profits (losses)(Note 3)Financial income

5

Financial expenses△173

Quarterly profit before
1,575
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.
(Note 3) The segment profit or loss has been adjusted to the operating income stated in the condensed quarterly consolidated
statement of income.

―17―

3rd Quarter ended June 30th, 2021 (Apr 1st, 2021 – Jun. 30th, 2021)(Unit: Million Yen)
Reportable segments
OnlineIT Offshore

TravelDevelopment

AgencyBusiness

Business

Other

Investment

Total

Business

Adjustments Consolidated

Total(Note 2)

(Note 1)

Total

External sales revenue

2,794

162

37

2,994

1

2,995

-

2,995

Intersegment revenue

-

5

-

5

-

5

△5

-

2,794

167

37

2,999

1

3,000

△5

2,995

473

1,228

1,228

△159

1,069

Total sales revenue
Segment profits (losses)(Note 3)

756

△1

△0

Financial income

26

Financial expenses△32

Quarterly profit before

1,063

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(Note 3) The segment profit or loss has been adjusted to the operating income stated in the condensed quarterly consolidated
statement of income.

―18―

3rd Quarter ended June 30th, 2022 (Apr. 1st, 2022 – Jun. 30th, 2022)(Unit: Million Yen)
Reportable segments
OnlineIT Offshore

TravelDevelopment

AgencyBusiness

Business

Other
Investment(Note 1)

Total

Business

Adjustments Consolidated

Total(Note 2)

Total

External sales revenue

2,826

131

60

3,018

0

3,018

0

3,018

Intersegment revenue

0

0

-

1

-

1

△1

0

2,826

132

60

3,019

0

3,019

△1

3,018

248

55

133

438

0

438

△173

265

Total sales revenue
Segment profits (losses)(Note 3)Financial income

1

Financial expenses△70

Quarterly profit before

196

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(Note 3) The segment profit or loss has been adjusted to the operating income stated in the condensed quarterly consolidated
statement of income.

―19―

(Important subsequent event)Not applicable.

―20―