Consolidated Financial Results for the 2nd Quarter of the Fiscal Year Ending September 30th, 2022 (FY9/22)(Six Months Ended March 31, 2022) [IFRS]
May 13th, 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:
May 16th ,2022
Scheduled date of payment of dividend:－
Preparation of supplementary materials for 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 2nd Quarter of FY9/22 (October 1st, 2021 to March 31st, 2022)(1) Consolidated results of operations(Percentages represent year–on–year changes)

Net sales
MillionSix Months Ended March 31st,
2022
Six Months Ended March 31st,
2021

6,870

Operating income%yenProfit before△38.6

11,202 △24.0

Million%yenowners of parent

Million%yen

Millionyen

incomeMillion%%yen

1,477 △26.1 1,379 △29.4

1,110 △24.2

1,118 △13.0

1,065 △26.1

2,001

1,465

1,286

1,443

Profit per share

Six Months Ended March 31st, 2022
Six Months Ended March 31st, 2021

Million%yen

Profit attributable to Total comprehensive

Profitincome taxes

-

1,955

-

-

-

-

Fully diluted profit per share

Yen

Yen

50.56
61.85

49.56
60.55

(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％

22,552
21,373

9,120
8,136

8,416
7,475

37.3
34.9

As of March. 31st, 2022
As of September. 30th, 2021

2. Dividends
Dividend per share
1Q-end2Q-end3Q-endYear-end

Total

Yen

Yen

Yen

Yen

Fiscal year ended Sep. 30th ,2021

―

0.00

―

10.00

10.00

Fiscal year ended Sep. 30th ,2022

―

0.00

―
―

―

Fiscal year ending Sep. 30th ,2022(Estimated)―

Yen

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

3. Full-year consolidated financial forecast for FY9/22 (October 31st ,2021 – September 30th ,2022)(The percentages below represent the difference compared to the last year)
Net sales
MillionYen

Operating income%

MillionYen%

Profit before
income taxes
MillionYen

Full year
14,0002,000 △36.3
1,900
△20.1
Note: Revision to the most recently announced forecast: None

Profit attributable toowners of parent

Profit per share%

Million
Yen

%

Yen

△37.5

1,400

△40.9

63.29

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.

―1―

※ Notes： No(1) Changes in significant subsidiaries during the period(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
As of March 31st ,2022

22,143,765

As of March 31st ,2021

21,418,865

As of March 31st ,2022

271

As of March 31st ,2021

225

As of March 31st ,2022

22,116,006

As of March 31st ,2021

20,793,365of the period (including treasury shares)②Number of treasury shares as of the end of
the period③Average number of shares issued during theperiod (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…...……………………………5(1) Explanation of Results of Operations ………………………………………………………………………5(2) Explanation of Financial Position.…………………………………………………………………………7(3) Explanation of Consolidated Forecast and Other Forward-looking Statements.……………………………8
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 …………………………………………………………………………..………………………………10(3) Condensed Consolidated Statement of Changes in Equity …………………………………………………14(4) Condensed Consolidated Statement of Cash Flows... ………………………………………………………16(5) Notes to Condensed Consolidated Financial Statements ……………………………………………………18(Notes on going concern assumptions) ...…………………………………………………………………18(Changesin(Segment

accounting
information,

policies).…………………………………………………………………………18
etc.)………………………………………………………………………………18(Important subsequent events) ……………………………………………………………………………20―3―

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations(Unit: Million yen)Six months ended
March 31st, 2021

Six months ended
March 31st, 2022

Net sales

11,202

6,870△4,332△38.6

Operating income

2,001

1,477

△524

△26.1

Profit before income taxes

1,955

1,379

△576

△29.4

Profit attributable to owners of parent

1,286

1,118

△168

△13.0

Differences

Percentage
difference (%)

Consolidated Results of Operations

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 ofrestructuring 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
and measures 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 37.1% compared to the same period last year, to 6,241 million yen, andthe IT Offshore Development Business decreased 59.4 % compared to the same period last year, to 291 million yen. On the other hand,
the transfer of the shares associated with the initial public offering of our IPO project’s investee resulted in an decrease of 2.6%
compared to the same period last year, to 336 million yen. Based on the above, revenue for the current fiscal year decreased 38.6%
compared to the same period last year to 6,870 million yen.
Operating income for the 2nd quarter of current fiscal year was affected by the decline in sales revenue due to the spread of COVID19 crisis, but the effects of measures such as cost reduction taken as part of the diversification and restructuring of the businessportfolio had a significant impact. In the Online Travel Business, operating profit decreased by 138 million yen compared to the same
period last year to 1,256 million yen, in the IT Offshore Development Business, operating profit decreased 244 million yen comparedto the same period last year, to 368 million yen, and the Investment Business’s operating profit decreased 127 million yen compared tothe same period last year, to 308 million yen.

(2) Overview of Segment Business
Online Travel Business(Unit: Million yen)Six months ended

Six months ended

March 31st, 2021

March 31st, 2022

Differences

Percentage
difference (%)

Net Sales

9,931

6,241

△3,690△37.1

Segment profit or loss

1,394

1,256

△138

△9.9

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.

(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
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 forforeigners’ 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, 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 Co., Ltd., one of our subsidiaries with the slogan "Telling things you want, to people want to hear”,
we have 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.
Under these circumstances, the 2nd Quarter of the Fiscal Year Ending September 30th, 2022; Online Travel Business’s segment Net
Sales reached 6,241 million yen and the segment profit was 1,256 million yen.

―5―

IT Off-shore Development Business(Unit: Million yen)Six months ended

Six months ended

March 31st, 2021

March 31st, 2022

Percentage

Differences

difference (%)

Net Sales

925

291

△635

△59.4

Segment profit or loss

613

368

△244

△39.9

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
for each 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 291 million yen, and segment profit
reached 368 million yen for 6 months ended March 31st, 2022.

Investment Business(Unit: Million yen)Six months ended

Six months ended

March 31st, 2021

March 31st, 2022

Percentage

Differences

difference (%)

Net Sales

345

336

△9

△2.6

Segment profit or loss

435

308

△127

△20.8

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 73 companies.
Investment business segment’s Net Sales reached 336 million yen, and segment profit reached 308 million yen for 6 months ended
March 31st, 2022.

(2) Explanation of Financial Position(Asset)Total assets at the end of the 2nd quarter of the current consolidated fiscal year increased by 1,179 million yen compared to the endof the previous consolidated fiscal year, to 22,552 million yen. This was mainly due to an increase of 762 million yen in trade andother receivables and 347 million yen of investment gain on equity method, despite of a decrease of 142 million yen in cash and cash
equivalents.
(Liabilities)
Liability at the end of the 2nd quarter of the current consolidated fiscal year increased by 195 million yen compared to the end of theprevious consolidated fiscal year, to 13,431 million yen. This was mainly due to a decrease of 544 million yen in interest-bearing debt,
and an increase of 1,101 million yen in trade and other receivables.
(Equity or net assets)
Net assets at the end of the 2nd quarter of the current consolidated fiscal year increased by 983 million yen compared to the end of
the previous consolidated fiscal year, 9,120 million yen. This was mainly due to a decrease in surplus dividends of 211 million yen
made during the first quarter of the current consolidated fiscal year and an increase in retained earnings related to profits in the 2nd
quarter 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 “Information about correction of
performance anticipation” published on March 15th, 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)

Second Quarter of FY9/22 (as ofMar. 31, 2022)

8,771

8,629

1,298

2,061

4,852

5,091

AssetsCurrent assets
Cash and cash equivalents
Notes and accounts receivable - trade and otherreceivables
Other financial assets
Inventories

166

71

479
15,568761
16,615394

285

Right-of-use assets

2,111

1,953

Goodwill

1,109

1,109

Intangible assets

946

1,024

Investments accounted for using the equity method

580

927

Other financial assets

574

554

Other non-current assets

42

27

Deferred tax assets

44

55

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

Total non-current assets

5,804

5,936

21,37322,552

1,291

2,393

5,292

3,737

Lease liabilities

343

330

Other financial liabilities

241

188

Accrued income taxes

395

365

Other current liabilities

1,362

1,209

Total current liabilities

8,928

8,224

Interest-bearing debt

2,150

3,161

Lease liabilities

1,883

1,731

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

Non-current liabilities

Other financial liabilities

20

11

Provisions

50

48

Deferred tax liabilities

193

244

Other non-current liabilities

9

10

Total non-current liabilities

4,308

5,207

13,236

13,431

Capital stock

1,529

1,542

Capital surplus

2,013

2,024

Retained earnings

3,864

4,740

Treasury shares△0△0

Other items of equity

68

109

7,475

8,416

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

―7―

661

704

8,136

9,120

21,37322,552

(2) Condensed Consolidated Statement of Income and Condensed Consolidated Statement of Comprehensive
IncomeCondensed Consolidated Statement of Income
For the first six-month period(Unit: Million yen)Six months ended March 31st,
2021 (Oct. 1st, 2020 – Mar. 31st,
2021)

Six months ended March 31st,
2022 (Oct. 1st, 2021 – Mar. 31st,
2022)

Net sales

11,202

6,870

Sales Cost

△7,346△3,618

3,855

3,251

△2,644△2,861

595
165

144

Gross profit
Selling, general and administrative
expenseProfit from loss of control subsidiaries
Investment Gain/Loss
Investment by equity method Gain/Loss-49

Other income

74

1,086

Other expenses

△45

△192

Operating income

2,001

1,477

Finance income

33

4

△79

△102

Profit before income taxes
Corporate income tax

1,955
△489

1,379
△268

Profit

1,465

1,110

Profit attributable to
Owners of parent company

1,286

1,118

Finance costs

178

△7

Profit

1,465

1,110

Profit per share
Profit per share (Yen)

61.85

50.56

60.55

49.56

Non-controlling interests

Fully diluted profit per share (Yen)―8―For the 2nd Quarter Period(Unit: Million yen)Six months ended March 31st,

Six months ended March 31st,

2021 (Jan. 1st, 2020 – Mar. 31st,

2022 (Jan. 1st, 2021 – Mar. 31,

2021)

2022)

Net sales

4,641

2,515

Sales Cost

△2,721
1,920△1,166
1,348△1,372△1,313

Profit from loss of control subsidiaries

595-

Investment Gain/Loss

92

91

Investment by equity method Gain/Loss-37

Other income

30

525

Other expenses
Operating income

△28
1,238

△154
535

Finance income

27

1

Finance costs
Profit before income taxes

△36
1,229

△63
474

Corporate income tax

△212

△95

Profit1,017

379

Owners of parent company

853

401

Non-controlling interests

163

△22

1,017

379

Profit per share (Yen)

40.72

18.13

Fully diluted profit per share (Yen)

39.73

17.79

Gross profit
Selling, general and administrative
expenseProfit attributable toProfitProfit per share―9―Condensed Consolidated Statement of Comprehensive Income
For the First Six-month Period(Unit: Million Yen)
Six months ended March 31st,

Six months ended March 31st,

2021 (Oct. 1st, 2020 – Mar.

2022 (Oct. 1st, 2021 – Mar.

31st, 2021)

31st, 2022)

Profit

1,465

1,110

△21

△45

-

0

△21

△45

Other comprehensive income (after tax) Net

△21

△45

Comprehensive income

1,443

1,065

Owners of parent company

1,275

1,095

Non-controlling interests

168

△29

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 in equity method affiliated companies
Total of items that may be reclassified as profit or loss

Comprehensive income attributable to―10―For the Second Quarter Period(Unit: Million Yen)
Six months ended March 31st,

Six months ended March 31st,

2021 (Jan. 1st, 2020 – Mar.

2022 (Jan. 1st, 2021 – Mar.

31st, 2021)

31st, 2022)

Profit

1,017

379

17

△57

-

0

17

△57

17

△57

1,035

321

Owners of parent company

862

371

Non-controlling interests

172

△50

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
Six Months ended March 31st, 2021 (October 1st, 2020 – March 31st, 2021)(Unit: Million Yen)
Equity attributable to owners of parent company
EquityEquityattributable toNon-owners ofcontrollingparentinterests

Total equity

companyNon-attributable toNon-owners ofcontrollingparentinterests

controlling Total equity
Total equity

interests

company

3,138

4,887

△6,135

92

△0

1,983

555

2,538

-

-

1,286

-

-

1,286

178

1,465

-

-

-

△11

-

△11

△10

△21

Total comprehensive income

-

-

1,286

△11

-

1,275

168

1,443

Dividends of surplus

-

△204

-

-

-

△204

-

△204

Issuance of new shares

740

740

-

-

-

1,481

-

1,481

△3,262

3,262

-

-

-

-

-

-

-

△7,656

7,656

-

-

-

-

-

-

4

-

-

-

4

174

179

-

2

4

△2

-

3

14

18

△2,521△3,850

7,661

△2

-

1,285

188

1,474

617

1,036

2,812

78

△0

4,544

911

5,455

As of October 1st, 2020
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 March 31st, 2021

Six Months ended March 31st, 2022 (October 1st, 2021 – March 31st, 2022)(Unit: Million Yen)
Equity attributable to owners of parent company
EquityEquityattributable toNon-owners ofcontrollingparentinterests

Total equity

companyNon-attributable toNon-owners ofcontrollingparentinterests

controlling Total equity
Total equity

interests

company

1,529

2,013

3,864

68

△0

7,475

661

8,136

-

-

1,118

-

-

1,118

△7

1,110

-

-

-

△23

-

△23

△22

△45

Total comprehensive income

-

-

1,118

△23

-

1,095

△29

1,065

Dividends of surplus

-

-

△221

-

-

△221

-

△221

Issuance of new shares

12

12

-

-

-

25

-

25

Transfer to capital surplus
from capital stock

-

-

-

-

-

-

-

-

Transfer to earned surplus
from capital surplus

-

-

-

-

-

-

-

-

Changes in owner’s equity inunder-control subsidiaries

-

△1

-

-

-

△1

10

8

Increase (decrease) throughtransfers and other changes

-

-

△21

64

-

43

62

105

12

10

△242

64

-

△154

72

△81

1,542

2,024

4,740

109

△0

8,416

704

9,120

As of October 1st, 2021
Profit (Loss)
Other comprehensive income(after tax)

Total transactions with owners
As of March 31st, 2022―12―

(4) Condensed Consolidated Statement of Cash Flows(Unit: Million Yen)
Six months ended March 31st, Six months ended March 31st,
2021 (Oct. 1st, 2020 – Mar.
2022 (Oct. 1st, 2021 – Mar.
31st, 2021)
31st, 2022)
Cash flows from operating activities
Profit before tax
Depreciation and amortization expense
Investment Gain/Loss
Profit on transfer of businessProfit from loss of control subsidiaries
Insurance proceeds

1,955
365
△165
△595
-

1,379
354
△144
△277
△200

△1,152

△744

△44

△49
△290
94

Increase (decrease) in trade and other payables

13

1,084

Decrease (increase) in advance payments – trade)
Decrease (increase) in guarantee deposits
Decrease (increase) in investment securities for sale
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Insurance payment received amount
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
Payments for purchase of tangible fixed assets
Purchase of intangible assets
Collection of lease deposits
OthersNet cash provided by (used in) investing activities

136
17
△298
127
358
0
△74
△73
211

△260
21
△167
274
1,075
4
△60
△250
200
969

△216
△88
△126
15
△421
9
△847

△21
61
△14
△315
△4
15
△280

Proceeds from long-term loans payable△1,039△1,249

Repayments of long-term loans payable

754

900

△829

△1,456

-

1,250

459

25

Decrease (Increase) in trade and other receivables
Investment gain on equity method
Variable interest profit/loss
Decrease (Increase) in inventories

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

Purchase of intangible assets
Proceeds from issuance of bondProceeds from issuance of common shares
Proceeds from share issuance to non-controllingshareholders
Repayments of lease obligations

179

8

△137

△175

Dividends paid to owners of the parent company

△202

△226

Others-12

Net cash provided by (used in) financing activities

△816

△912

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

11△1,442
7,042
5,600

81
△142
8,771
8,629

―13―

(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 and 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
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 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.

―14―(3) Information about segment income (loss) and segment performanceSix months ended March 31st, 2021 (Oct. 1st, 2020 – Mar. 31st, 2021)(Unit: Million Yen)
Reportable segments
OnlineIT Offshore

TravelDevelopment

AgencyBusiness

Business

Other
Investment

Adjustments Consolidated

Total(Note 1)

Total

Business

Total

External sales revenue

9,931

925

345

11,202-

11,202-

11,202

Intersegment revenue

-

142

-

142

-

142

△142

-

9,931

1,068

345

11,345-

11,345△142

11,202

1,394

613

435

2,443

-

2,443

△442

2,001

Total sales revenue
Segment profits (losses)(Note 2)Financial income

33

Financial expenses△79

Loss before taxes

1,955(Note 1) The category “Adjustments” mainly consists of corporate expenses that do not belong to any reportable segment andintersegment transactions.
(Note 2) The segment profit or loss has been adjusted to the operating loss stated in the condensed quarterly consolidated
statement of income.
Six months ended March 31st, 2022 (Oct. 1st, 2021 – Mar. 31st, 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

6,240

290

336

6,867

2

6,870

-

6,870

Intersegment revenue

0

0

-

1

-

1

△1

-

6,241

291

336

6,869

2

6,871

△1

6,870

1,256

368

308

1,933

2

1,935

△458

1,477

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

4

Financial expenses△102

Income before taxes

1,379(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.

―15―

Second quarter ended March 31st, 2021 (Jan. 1st, 2021 – Mar. 31st, 2021)(Unit: Million Yen)
Reportable segments
OnlineIT Offshore

TravelDevelopment

AgencyBusiness

Business

Other
Investment

Adjustments Consolidated

Total(Note 1)

Total

Business

Total

External sales revenue

4,092

499

49

4,641

-

4,641

-

4,641

Intersegment revenue

-

51

-

51

-

51

△51

-

4,092

551

49

4,693

-

4,693

△51

4,641

767

583

119

1,470

-

1,470

△231

1,238

Total sales revenue
Segment profits(losses) (Note 2)
Financial income

27

Financial expenses△36

Loss before taxes

1,299(Note 1) The category “Adjustments” mainly consists of corporate expenses that do not belong to any reportable segment andintersegment transactions.
(Note 2) The segment profit or loss has been adjusted to the operating loss stated in the condensed quarterly consolidated
statement of income.
Second quarter ended March 31st, 2022 (Jan. 1st, 2022 – Mar. 31st, 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

2,343

136

33

2,514

0

2,515

-

2,515

Intersegment revenue

0

△0

-

0

-

0

△0

-

2,344

136

33

2,514

0

2,515

△0

2,515

402

256

114

773

0

774

△238

535

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

1

Financial expenses△63

Income before taxes

474(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.

(Important subsequent event)Not applicable.

―16―