Consolidated Financial Results for the First Quarter of the Fiscal Year Ending September 30, 2021
(FY9/21) (Three Months Ended December 31, 2020) [IFRS]
February 12, 2021
Company name:
AirTrip Corp.
Stock Exchange Listing:
TSE
Stock code:
6191
URL https://www.airtrip.co.jp
Representative:
Yusuke Shibata, Representative Director, President and CFO
Contact:
Yusuke Shibata, Representative Director, President and CFO(TEL)03 (3431)6191
Scheduled date of filing of quarterly report:
February 12, 2021 Scheduled date of payment of dividend: －Preparation of supplementary materials for quarterly financial results: Yes
Holding of quarterly financial results briefing:

Yes (for institutional investors and securities analysts)(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the First Quarter of FY9/21 (October 1, 2020 ~ December 31, 2020)(1) Consolidated results of operations(Percentages represent year–on–year changes)

Net sales
Millionyen

Profit before
Profitincome taxes
MillionMillion
%
%
yen
yen

Profit attributable to
Total
owners of parent
comprehensive
MillionMillion
%
%
yen
yen

Operating income
Millionyen%%

Three months ended December
6,560 △17.8
763
276.9
725
382.4
447
432
408 △38.9
△33.1
△37.5
31, 2020
Three months ended December
7,980
68.5
202 △182.5
150 △156.3
669 △413.9
692
668△361.931, 2019(Note) HIKAWA CO., LTD. was excluded from consolidation in the Fiscal Year ending September 30th 2020, so the business from the company is classified as a
discontinued business. As a result, net sales, operating income and profit before income represent the amount of continuing business excluding discontinued business.
Profit per share

Fully diluted profit per share

Three months ended December 31, 2020

Yen
20.97

Yen
19.90

Three months ended December 31, 2019

34.95

34.30

(2) Consolidated financial position
Equity attributable to owners Ratio of equity attributable toof parent
owners of parent
Million yen
Million yen
%
3,240
2,657
11.9
2,538
1,983
9.0

Total assets

Total equity

Million yen
22,156
21,940

As of December 31, 2020
As of September 30, 2020

2. Dividends
Dividend per share
1Q–end2Q–endFiscal year ended Sep 30, 2020

Yen―

Fiscal year ending Sep 30, 2021―

Fiscal year ending Sep 30, 2021 (Estimated)

3Q–endYear-end

Total

Yen
0.00

Yen
―

Yen
10.00

Yen
10.00

―

―

―

―

Note: Revision to the most recently announced dividend forecast: None
The estimated dividend for the fiscal year ending September 2021 is undecided at this time.

3. Full-year consolidated financial forecast for FY9/21 (October 1, 2020 – September 30, 2021)(Percentages represent year-on-year changes)
Net sales
Million yen
Twelve months ending
September 30, 2021
Note:

24,300

Profit before
income taxes

Operating income% Million yen
14.4

449

%

Million yen－

389

Revision to the most recently announced dividend forecast: None

―1―

Profit attributable toowners of parent

Profit per share% Million yen

%

Yen

－

－

13.47

275

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting inchanges in scope of consolidation)
Newly included: – (Companies)
Excluded: – (Companies)： None(2) Changes in accounting policies and accounting–based estimates, and restatements
1) Change of the accounting policy required under IFRS
2) Changes in accounting policies other than (1) above

：
：

None
None

3) Changes in accounting–based estimates

：

None

(3) Numbers of outstanding shares (common stock)1) Number of shares outstanding as of the end of theperiod (including treasury shares)
2) Number of treasury shares as of the end of the period
3) Average number of shares issued during the period

As of Dec 31, 2020

20,719,800

As of Dec 31, 201920,103,600

As of Dec 31, 202035

As of Dec 31, 201935

As of Dec 31,2020

20,621,938

As of Dec 31, 201919,805,495

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 full-year forecast for the fiscal year ending September 30, 2021, above includes the Company’s forecast based on plans for theyear, as well as assumptions and predictions regarding the Company’s future as of the day these materials have been made public. Items
concerning the future of the Company are based on information currently in the Company’s possession and certain assumptions judged
to be rational. They do not represent a firm commitment by the Company. The forecast may differ greatly from financial results due to anumber of causes over the year, including changes in economic conditions, changes in client needs and user tastes, competition withother companies, changes to 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 ………………………………………………..……………………………………..7(3) Explanation of Consolidated Forecast and Other Forward-looking Statements …………………………………………7
2. Condensed Consolidated Financial Statements and Notes to the Condensed Consolidated Financial Statements …….…8(1) Condensed Consolidated Statement of Financial Position ………………………………………………………………8(2) Condensed Consolidated Statement of Income and Condensed Consolidated Statement of Comprehensive Income ….9(3) Condensed Consolidated Statement of Changes in Equity ………………………………………………..……………11(4) Condensed Consolidated Statement of Cash Flows ……………………………………………..…………………….12(5) Notes to Condensed Consolidated Financial Statements ……………………….……………………………….…….13(Notes on going concern assumptions) ……………………………………………………………………….……..13(Changes in Accounting Policies) …………………………………………………………………………….…..…13(Segment information, etc.) …………………………………………………………………………………….…...13(Important subsequent events) …………………………………………………………………………………...….14―3―

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations
FY9/20FY9/21

Increase/Decrease(Million yen)
Rate of change(%)

Consolidated Results of Operations
Net sales

7,980

6,560

△1,420△17.79％Operating Income (Loss)

202

763

561

277.72%

Profit before income taxes (Loss)

150

725

575

383.66％

Profit attributable to owners of parent (Loss)

692

432

△260

△37.57%(Note) HIKAWA Co., Ltd. was excluded from the previous consolidated fiscal year, so the company's business is classified as a
discontinued business. Therefore, net sales, operating income, profit before income taxes represent the amount excluding discontinued
business.
Because of the expansion of COVID-19 (new coronavirus infection), many countries have imposed some actions such as restriction
on travelling abroad or lockdown and travel demand is stagnated all over the world, Japanese economy during the first quarter of thecurrent consolidated cumulative period is on the situation that travel demand is stagnated all over the world. The prospect is still uncertain
because of the stagnation of the economy’s activities. With the variation of the disease, we are thinking that it’s important to take muchattention on the future market trends.
Under these circumstances, we are developing a business that enhances the convenience of life scenes by reorganizing Group'sbusiness since last year, establishing Life innovation business and Healthcare business in the Online Travel business and utilizing thecustomer base and know-how in the travel domain.
During the first quarter of the current consolidated fiscal year, the results of various measures and cost reductions that the Group has
been working on since the previous fiscal year, have been continued and are performed well. In the AirTrip Travel Agency business,
which is one of the Online Travel businesses, the GoTo Travel Campaign and the domestic region were favorable change.
The newly launched Healthcare Business also contributed to profits more than initially expected by capturing demand for PCR tests,
etc.
Besides, in the Investment Business, the investee Headwaters Co., Ltd. was listed on September 29, 2020, and has started steadily.
Based on the above, the expansion of COVID-19 has recently affected travel demand, but we expect that the downside risk will not
be significant because of change in the cost structure of the entire group and the distribution of the business portfolio, which we havebeen working on since the previous fiscal year.
Under these circumstances, during the first quarter of the current fiscal year, the Group achieved net sales of 6,560 million yen,operating income of 763 million yen, profit before income taxes of 725 million yen, and a profit attributable to owners of parent of 432
million yen.
Operating results by segment are as follows:
Online Travel Agency Business(Million yen)
FY9/20Net sales
Segment income

1.

FY9/21

Increase/Decrease

Rate of change (%)

7,402

5,838

△1,564△21.13％

307

627

320

104.23%

Airtrip Travel Agency Business
The Company have been providing convenient services to customers as a specialized Online Travel agency company since establishing.

With 3 main strengths: “Purchasing ability”, “Various sales channels" and "System development ability", we’ve developed the following
services:―4―(1) BtoC services (Directly managed by the company)
The Company have achieved a strong competitiveness by being partner with Japan Railways Group and each airline company wwith
the biggest domestic flight ticket agencies. We are operating "AirTrip", a site where you can easily compare and reserve domestic andoverseas travel content. We have even put much effort on making the site easy-to-use to provide the most suitable travel options.
(2) BtoBtoC services (travel content posting to OEM)
We provide domestic flight tickets and travel products; oversease flight tickets and hotels to other company’s media as travel content.
By increasing content lineup, it will help improve customer’s satisfaction for media users.
(3) Business Travel Management (BTM)
At “Airtrip BTM”, we develop ticket arrangement and an efficient management business system for daily business trips and provide
free system for companies have business trips’ needs, direct cost and indirect cost could be reduced.
2.

Travel to Japan businessWe have developed accumulated know-how at Airtrip Travel Agency as a service for the foreign visitors to Japan as soon as possible

and for private lodging management companies(1) Wifi rental for the foreign visitors to Japan
Inbound Platform Corp., a subsidiary of AirTrip, offers a Wi-Fi router rental service for foreign visitors. With over 200,000 Wi-fibeing rented, we have established the brand with long-standing trust and good online review. We are planning to expand camping car
rental service according to inbound demand.
(2) Dynamic Package for the foreign visitors to JapanFor the increasing number of individual tourists from Southeast Asia, we have strengthened the ability to support each country’s
language. At first, domestic hotels, Japanese style hotel (ryokan)’s information has been prepared in Thai language. Information about
domestic hotel and Japanese style hotel (ryokan) can be found in “Dynamic Package for the foreign visitors to Japan for the first time”
sold by JALpak Co., Ltd. We are also improving promotion campaign for other countries’ visitors.
(3) One-stop service for private lodging hosts
To utilize vacant houses that tend to increase every year in Japan, “Airtrip Stay Co. Ltd.” proposes operation of rooms in accordancewith Business law on private lodging. Among the increasing number of foreign visitors, “Airbnb” which is used by 1 in 5 people, is thefirst official partner in Japan, provide one-stop support from property’s registration to management. We are planning to expand thisservice.
3.

Life innovation business
By utilizing the accumulated “know-how” of various travel related services through “Airtrip”, we are developing the following

businesses with the aim of making every scene of customers’ life more convenient.
(1) E-magazine / WEB Media
By cooperating with , our subsidiary company “MAGMAG Inc.”, which principle is “Tell the things you want to the people want tohear”, we are developing and providing a mechanism to collect content such as creators from all over the world and deliver those
information to people who might value them.
With “Mine”, you can be subscribed on each article basis, including a free/paid magazine distribution service “MAGMAG!”. Moreover,
we also operate WEB Media like “MAG2 NEWS”, “MONEY VOICE”, “TRiP EDiTOR” and “by them”, which could discover contents
and deliver information to many people who want to know.
(2) Suitcase selling/rental
We rent and sell high quality, easy-to-use and durable products related-to-travel products such as suitcases and provide our own―5―

products to major and mass retail stores, and also develop EC, OEM.
4.

Healthcare
We connect medical institutions and customers, build a smooth implementation system for various tests such as PCR tests, and provide

medical services compatible with COVID-19.
Direct health check is being questioned due to the impact of COVID-19, we provide not only online health check to replace simple
direct health check, but also daily 24-hour/365-day health check services by combining community health check /at-home health checkand the Internet according to users’ situation or need.
By implementing comprehensive effort on the field of “Travel/Business Trip” x “Health check”, medical institutions and clinics
cooperate with our subsidiary company “PikaPika Co. Ltd.” are planning to provide PCR test and antibodies test services during domestic
or overseas travel and business trips.
During the first quarter of the current consolidated fiscal year, the expansion of COVID-19 has recently affected travel demand, but
because of change in the cost structure of the entire group and the distribution of the business portfolio, which we have been working on
since the previous fiscal year, we have succeeded in capturing the favorable trends in the above businesses, capturing domestic travel
demand with GoTo Travel as a tailwind and PCR tests demand in the Healthcare business.
Under these circumstances, segment net sales from Online Travel business during the first quarter of the current consolidated fiscal
year was 5,838 million yen and segment income was 627 million yen
IT Offshore Development Business

FY9/20FY9/21

Increase/Decrease(Million yen)
Rate of change(%)

Net sales

507

426

△81

△15.98%Segment income

40

30

△10

△25.00%IT Offshore Development Business provides Lab-type development services for customers mainly with E-commerce/ Web solution/
Game/ System development companies based on Ho Chi Minh City, Hanoi or Danang of Vietnam.
Our Group’s Lab-type development services has created teams with new and dedicated staffs for each customer and the style thatallow customers to check the lab’s situation every time they want to.
Although the first quarter of the current consolidated fiscal year is currently affected by the expansion of COVID-19, the number of
new orders during the first quarter of the current consolidated fiscal year increased to 6 companies compared to the previous fiscal year.
Under these circumstances, segment net sales from IT Offshore Development business during the first quarter of the current
consolidated fiscal year was 426 million yen and segment income was 30 million yen
Investment Business

FY9/20FY9/21

Increase/Decrease(Million yen)
Rate of change(%)

Net sales

71

295

224

315.49%Segment income

163

316

153

93.87%In the Investment Business, the Group is pursuing synergies by collaboration with investee companies through investment ingrowing companies and promoting the M&A strategy by building a business portfolio within the group focusing on profitability andgrowth potential
In the current consolidated fiscal year, we have expanded the number of investee to 66 companies.
Under these circumstances, segment net sales from Investment business during the first quarter of the current consolidated fiscal year
was 295 million yen and segment income was 316 million yen.

―6―(2) Explanation of Financial Position(Assets)
Total assets at the end of the first quarter of the current consolidated fiscal year increased by 216 million yen from the end of theprevious consolidated fiscal year to 22,156 million yen. This result was mainly due to an increase of 394 million yen in other financial
assets and 111 million yen in operating receivables and other receivable, while a decrease of 292 million yen in cash and cash equivalents.
(Liabilities)
Liability at the end of the first quarter of the current consolidated fiscal year decreased by 485 million yen from the end of the previous
consolidated fiscal year to 18,916 million yen. This result was mainly due to a decrease of 261 million yen in operating receivables andother receivable, 104 million yen in lease liability, and 343 million yen in interest-bearing debt, while an increase of 168 million yen in
accrued income taxes.
(Net assets)
Net assets at the end of the first quarter of the current consolidated fiscal year increased by 702 million yen from the end of theprevious consolidated fiscal year to 3,240 million yen. This result was mainly due to a decrease of 204 million yen in dividends of surplus
and an increase in retained earnings related to profits in the first quarter of the current consolidated fiscal year.

(3) Explanation of Consolidated Forecast and Other Forward-looking Statements
There is no change in consolidated earnings from the financial forecast released in the "Notice Concerning Revision of Earnings
Forecast" announced on January 5, 2021. We will release as soon as possible any changes.

―7―

2. Condensed Consolidated Financial Statements and Notes to the Condensed Consolidated Financial Statements(1) Condensed Consolidated Statement of Financial Position(Million yen)
FY9/20(As of Sep 30, 2020)
AssetsCurrent assets
Cash and cash equivalents
Notes and accounts receivable – trade andother receivables
Other financial assets

The first quarter of the fiscal year
(As of Dec 31, 2020)

7,042

6,749

2,364

2,476

4,359

4,777

Inventories

435

538

Other current assets

821

867

15,023

15,409Total current assets
Non-current assets
Property, plant and equipment

480

464

Right-of-use assets

3,156

3,044

Goodwill

1,172

1,147

Intangible assets

1,091

1,069

Other financial assets

970

948

Other non-current assets

34

59

Deferred tax assets

10

13

6,916

6,747

21,94022,156

2,646

2,384

6,185
416
251

6,003
436
255

132

301

Total non-current assets
Total assets
Liabilities and equity
Liabilities
Current liabilities
Operating payables and other operating
payablesInterest-bearing debt
Lease liabilities
Other financial liabilities
Accrued income taxes
Other current liabilities

1,858

1,900

Total current liabilities

11,49011,282

Interest-bearing debt

4,842

4,681

Lease liabilities

2,873

2,748

Other financial liabilities

25

25

Provisions

83

61

Deferred tax liabilities

78

105

Other non-current liabilities

7

10

Total non-current liabilities

7,911

7,633

19,402

18,916

3,138

100

Non-current liabilities

Total liabilities
EquityCapital stock
Capital surplus

4,887

517

Retained earnings△6,135

1,958

Treasury shares△0△0

Other items of equity
Total equity attributable to owners ofparentNon-controlling interests

92

81

1,983

2,657

555

583

Total equity

2,538

3,240

21,94022,156

Total liabilities and equity―8―(2) Condensed Consolidated Statement of Income and Condensed Consolidated Statement of Comprehensive Income
Condensed Consolidated Statement of Income
The first quarter of the fiscal year
(Million yen)
The first quarter of the previous
fiscal year (From Oct 1, 2019 to
Dec 31, 2019)

The first quarter of the current
fiscal year (From Oct 1, 2020 to
Dec 31, 2020)

Continuing businessNet sales
Cost of sales
Gross profit
Selling, general and administrative expense
Share of profit of entities

7,980

6,560

△5,019△4,625

2,961

1,935

△3,013△1,272

131

72

Other income

149

44

Other expenses

△26

△16

Operating income

202

763

Finance income
Finance costs

5

5

△58

△43

Profit before income taxes

150

725

Corporate income tax expenses

△79

△277

Profit from continuing business

70

447

Discontinued business
598-

ProfitProfit from discontinued business

669

447

Profit attributable to
Owners of parent

692

432

△23

15

669

447

Profit per share (Yen)

34.95

20.97

Continuing business

4.74

20.97

Discontinued business

30.21

-

Fully diluted profit per share (Yen)

34.30

19.90

Continuing business
Discontinued business

4.65
29.65

19.90
-

Non-controlling interests
ProfitProfit per share―9―Condensed Consolidated Statement of Comprehensive Income
The first quarter of the fiscal year
(Million yen)
The first quarter of the previous
fiscal year (From Oct 1, 2019 to
Dec 31, 2019)

The first quarter of the current
fiscal year (From Oct 1, 2020 to
Dec 31, 2020)

669

447

△0

△39

△0

-

Total of items that may be reclassified as profit
or loss△0△39

Total of other comprehensive income, net of tax

△0

△39

Comprehensive income

668

408

Owners of parent

691

412

Non–controlling interests

△23

△4

ProfitOther comprehensive income, net of tax
Items that may be reclassified as profit or loss
Translation adjustments
operations
Cash flow hedge

offoreignComprehensive income attributable to―10―

(3) Condensed Consolidated Statement of Changes in Equity
The first quarter of the previous fiscal year (From Oct 1, 2019 to Dec 31, 2019)(Million yen)
Equity attributable to owners of parent

Noncontrollinginterests

Total equity

9,719

382

10,101

-

△34

△18

△52

19

△0

9,684

363

10,048

692

-

-

692

△23

669

-

-

△0

-

△0

△0

△0

-

-

692

△0

-

691

△23

668

Dividends of surplus

-

△198

-

-

-

△198

-

△198

Issuance of new shares

8

8

-

-

-

17

-

17

Increase (decrease) throughtransfers and other changes

-

-

△0

4

-

4

3

7

Increase (decrease) by shareexchanges

-

510

-

-

-

510

-

510

Total transactions with owners

8

321

△0

4

-

334

3

338

2,931

4,497

3,259

23

△0

10,711

343

11,055

Capitalstock

CapitalsurplusRetainedearnings

Other items ofequityTreasuryshares

2,922

4,175

2,601

19

△0

-

-

△24

-

2,922

4,175

2,567

Profit (loss)--

Other comprehensive income-

As of Oct 1, 2019
Adjustment for changes inaccounting policies
Balance after retrospective
restatement

Total comprehensive income

As of Dec 31, 2019Total

The first quarter of the current fiscal year (From Oct 1, 2020 to Dec 31, 2020)(Million yen)
Equity attributable to owners of parent

Noncontrollinginterests

Total equity

1,983

555

2,538

-

432

15

447

△20

-

△20

△19

△39

432

△20

-

412

△4

408

△204

-

-

-

△204

-

△204

223

-

-

-

447

-

447

△3,262

3,262

-

-

-

-

-

-

-

△7,656

7,656

-

-

-

-

-

-

5

-

-

-

5

-

5

-

-

4

9

-

13

32

45

△3,038△4,369

7,661

9

-

261

32

293

100

517

1,958

81

△0

2,657

583

3,240

Capitalstock

CapitalsurplusRetainedearnings

Other items ofequityTreasuryshares

3,138

4,887

△6,13592△0Profit (loss)

-

-

432

-

Other comprehensive income

-

-

-

-

-

Dividends of surplus-

Issuance of new shares

223

As of Oct 1, 2020

Total comprehensive income

Transfer from capital surplus
to capital surplus
Transfer from capital stock toretained earnings
Changes in equity bycontinuing control subsidiary
Increase (decrease) throughtransfers and other changes
Total transactions with owners
As of Dec 31, 2020

―11―

Total

(4) Condensed Consolidated Statement of Cash Flows(Million yen)
The first quarter of the
The first quarter of the current
previous fiscal year (From Oct fiscal year (From Oct 1, 2020
1, 2019 to Dec 31, 2019)
to Dec 31, 2020)
Cash flows from operating activities
Profit (loss) before tax
Depreciation and amortization expense
Loss (gain) on investments
Negative goodwill

748
378
△131
△705

725
183
△72
-

878

△62

△122

△102

Increase (decrease) in trade and other payables△1,392△289

Decrease (increase) in advance payments - trade

△576

△57

Decrease (increase) in guarantee deposits

△177

11

△122
△80
△1,3035△47△200△1,545

△160
△79
95
0
△40
△62
△6

△67
△257
1

△9
△48
15

504

-

△150

-

19
50

△94
△137

△349

△305

(Increase) decrease in trade and other receivables
Decrease (increase) in inventories

Decrease (increase) in investment securities for sale
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of investment securities
Purchase of intangible asset
Proceeds from withdraw deposits
Purchase of shares of subsidiaries resulting inchange in scope of consolidation
Payments for transfer of business
Other
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short–term loans payable
Proceeds from long–term loans payable-

150

Repayments of long–term loans payable

△319

△180

Proceeds from issuance of common shares-

447

Repayments of lease obligations

△121

△68

Dividends paid to owners of the parent company

△189

△187

Other
Net cash provided by (used in) financing activities
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
Decrease in cash and cash equivalents resulting fromexclusion of subsidiaries from consolidation
Cash and cash equivalents at end of period

―12―

14

26

△966

△119

9

△29

△2,451
8,997

△292
7,042

△68

-

6,477

6,749

(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 resources andevaluating performance.
Under its “One Asia” vision, the Group aims to serve as a bridge connecting various opportunities and engineers 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 reportable business 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 Agency Business, Travel to Japan Business, Life Innovation Business,

Healthcare 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
The first quarter of the previous fiscal year (From Oct 1, 2019 to Dec 31, 2019)(Million yen)
Reportable segments
Other(Note 1)

Total

Adjustments(Note 2)

Consolidated
Total

71 7,980

0

7,980

－

7,980

215

－

215

△215

－

723

71 8,196

0

8,196

△215

7,980

40

163

△0

511

△309

202

OnlineTravelAgencyBusiness

IT Offshore
Development
Business

External sales revenue

7,402

507

Intersegment revenue

-

215

－

7,430
307

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

Investment
Business

Total

511

Financial income

5

Financial expenses△58

Income before income
150
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 quarterly consolidated statement of income.
(Note 4) HIKAWA CO., LTD. was excluded from consolidation in the Fourth Quarter of the Fiscal Year Ending September 30th 2020,
so the business from the company is classified as a discontinued business. The above table shows the amount of continuing businessexcluding discontinued business.

―13―

The first quarter of the current fiscal year (From Oct 1, 2020 to Dec 31, 2020)(Million yen)
Reportable segments
Total

Adjustments(Note 2)

Consolidated
Total

-

6,560

-

6,560

90

-

90

△90

-

517

295 6,651

-

6,651

△90

6,560

30

316

-

973

△210

763

OnlineTravelAgencyBusiness

IT Offshore
Development
Business

External sales revenue

5,838

426

Intersegment revenue

-

90

5,838
627

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

Investment
Business

Total

295 6,560
-

973

Other
(Note 1)

Financial income

5

Financial expenses△43

Income before income
725
taxes
(Note 2) The category “Adjustments” mainly consists of corporate expenses that do not belong to any reportable segment andintersegment transactions.

(Important subsequent events)
Not applicable.

―14―