Consolidated Financial Results for the Fiscal Year Ending September 30, 2021 (FY9/21) [IFRS]
November 12th, 2021
Company name:

AirTrip Corp.

Stock Exchange Listing:Stock code:

6191

URL

Representative:

Yusuke Shibata, Representative Director, President and CFO

Contact:

Yusuke Shibata, Representative Director, President and CFO

TSE

https://www.airtrip.co.jp/en/(TEL)03 (3431)6191

December 27th ,2021 Scheduled date of payment of dividend:

Scheduled date of filing of financial statement report:－

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 FY9/21 (October 1 st, 2020 to September 30th, 2021)(1) Consolidated results of operations(Percentages represent year–on–year changes))
Operating income

Profit before
income taxes

Fiscal Year Ended Sep 30, 2021

Million％yen
17,662 △16.8

Million
yen
3,158

-

Millionyen
3,059

Fiscal Year Ended Sep 30, 2020

21,241 △12.6△8,994-△9,190Net sales

Profit per share

Fiscal Year Ended Sep 30, 2021
Fiscal Year Ended Sep 30, 2020

Fully diluted profit per share

Million
yen
2,555

％

2,361

-

Millionyen
2,549△8,692-△8,834％ Million yen-- △8,825-

Return on equity

Total comprehensive
income％Return on assets％-

Operating income margin

Yen

Yen

％

％

％

111.61△433.80108.96△433.8049.8△148.5

14.0
△28.8

17.8
△36.5

(Reference) Equity in net income of affiliates(Note)％

Profit attributable toowners of parent
company

ProfitFiscal Year Ended Sep 30, 2021

17

Million Yen Fiscal Year Ended Sep 30, 2020―

Million Yen

HIKAWA CO., LTD. was excluded from consolidation in the fourth quarter of the Fiscal Year Ending September 30th 2020, so the businessfrom the company is classified as a discontinued business. As a result, net sales, operating income and profit before income represent the amountof continuing business excluding discontinued business.

(2) Consolidated financial position
Total Assets

Total equity

Equity attributable toRatio of equity attributable toEquity attributable toowners of parent company owners of parent company owners of parent company per share

Million yen

Millionyen

Million yen％

Yen

21,377
21,940

8,211
2,538

7,498
1,983

35.0
9.0

335.58
92.20

Fiscal Year Ended Sep 30, 2021
Fiscal Year Ended Sep 30, 2020

(3) Consolidated cash flow position
Cash flows from operating
activities
Million yen

Cash flows from investing
activities
Million yen

Cash flows from financing
activities
Million yen

Cash and cash equivalents
at end of period
Million yen

4,190
△559

△804
256

△1,760△1,643

8,771
7,042

Fiscal Year Ended Sep 30, 2021
Fiscal Year Ended Sep 30, 2020

2. Dividends
Dividend per share
2Q-EndYen

3Q-EndYen

Year-end
Yen

―
―
―

0.00
0.00
―

―
―
―

10.00
10.00
―

Fiscal Year Ended Sep 30, 2020
Fiscal Year Ended Sep 30, 2021
Fiscal Year Ended Sep 30, 2022 (Estimated)(Note)

Total dividends (Annual)

1Q-End
Yen

Total
Yen

Million yen

10.00
10.00
―

204
221

At this time, the expected dividend for the fiscal year ending September 2022 is undecided.

3. Full year consolidated financial forecast for FY9/22 (October 1st, 2021 to September 30th, 2022)(Percentages represent year-on-year changes.)
Net sales
Million yen
Fiscal Year Ended Sep 30, 2022

(Note)％

13,000 △26.3%

Profit before
Operating income
income taxes
Million yen％ Million yen

1,000 △68.3

940

％

△69.2

Profit attributable to owners
Profit per shareof parent company
Million yen
Yen
％

700

△70.3

31.66

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, the recovery of tourists visiting Japan, andthe contribution of investment business.

―1―

※

Notes
(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in ： Yeschanges in scope of consolidation)
Newly included ― Company ― 、Excluded 2 companies (Company Name) National Ryutsu Sangyo Co., Ltd.,
PikaPaka Corp.
(2) Changes in accounting policies and accounting-based estimates, and restatements① Change of the accounting policy required under IFRS ： None
② ①Changes in accounting policies other than (1) ： Noneabove
： None③ Changes in accounting–based estimates(3) Numbers of outstanding shares (common stock)① Number of shares outstanding as of the end of the Fiscal Year Ended Sep
22,107,965 Shares
2021
period (including treasury shares)② Number of treasury shares as of the end of the Fiscal Year Ended Sep
271 Shares
2021
period③ Average number of shares issued during the period Fiscal Year Ended Sep
21,156,494 Shares

2021

Fiscal Year Ended Sep
2020

20,419,800 SharesFiscal Year Ended Sep―

2020
Fiscal Year Ended Sep
2020

Shares

20,037,966 Shares(Reference) Summary of non–consolidated business results
1. Non-consolidated financial results for the fiscal year ended September 30, 2021 (October 1st 2020 to September 30th 2021)(1) Non-consolidated results of operations(Figures in percentages denote the year-on-year change.)
Net Sales
Fiscal year ended
Sep 2021
Fiscal year ended
Sep 2020

Operating income

Ordinary income

ProfitMillion yen％

Million yen％

Million yen％

Million yen

％

7,895

72.8

1,548

―

1,499

―

2,051

―

4,568

△23.2

△444

△36.4

△474

△39.0

△6,820△766.6

Fully diluted profit per
share

Profit per share
Fiscal year ended
Sep 2021
Fiscal year ended
Sep 2020

Yen

Yen

96.95

94.63

△340.38―(2) Non-consolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

Million yen％

Yen12,822
11,020

5,495
389

42.8
3.5

247.74
17.86(Reference)

Fiscal Year ended Sep 2021※

Million yen

2021年９月期
2020年９月期
Shareholders’ equity

5,495

Million yen

Fiscal Year ended Sep 2020 389

Million yen

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, 2020, above includes the Company’s forecast based on plans for the year,
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. Please see [Attachment] Page 9 “1. Consolidated
Results of Operations Etc., (5) Future Prospect” for more about the results forecast―2―

○ Contents of Attachments
1．Overview of Consolidated Results of Operations ………………………………………………… 4(1) Overview of Consolidated Results of Operations…..………………………………………… 4(2) Overview of Segment Business …………..…………………………………………………… 5(3) Operational Measures for the current consolidated fiscal year ..……………………………… 7(4) Overview of Financial Position …………………………………….…….…………………… 8(5) Future Prospect…………………………………………………………….…………………… 92.

Basic concept regarding the selection of accounting standards .…………………..………………10

3.

Consolidated Financial Statements and Key Notes …………………………..……………………11(1) Consolidated Balance Sheet ……………………………………………………….……………11(2) Consolidated Statements of Income and Comprehensive Income …………..….………………12(3) Consolidated Statements of Changes in Equity …………………….………...…………………14(4) Consolidated Statement of Cash Flows ………...………………………….……………………15(5) Notes on going concern Assumptions ……………..…………………………………………… 16(6) Notes to Consolidated Financial Statements .……………………………………………………16―3―

1. Consolidated Results of Operations(1) Overview of Consolidated Results of Operations(Unit: Million yen)
Percentage
difference (%)

FY9/20FY9/21

Differences

Net sales

21,241

17,662△3,579△16.8

Operating income (Loss)△8,994

3,158

12,153-

Consolidated Results of Operations

Profit before income taxes (Loss)
3,059
12,249△9,190
Profit attributable to owners of parent
2,361
11,053△8,692company(Loss)（(Note) HIKAWA Co., Ltd. was excluded from the current consolidated fiscal year, so the company's business is classified as a
discontinued business. Therefore, net sales; operating income; profit before income taxes and profit attributable to owners of parent
company represent the amount of continuing business excluding discontinued business
In Japan's economy during the current consolidated cumulative period, due to COVID-19 crisis, that has continued since last year,
measures such as restrictions on overseas travel and prohibition of going out have been taken in many countries, and global travel demandhas stagnated. The current situation is that the future is uncertain due to sluggish economic activity. We are closely observing future
market trends as well as changes in the COVID 19 situation.
Under these circumstances, the Company has been working on various measures and cost reduction measures since the previous fiscal
year as part of the diversification and restructuring of the business portfolio within the group toward the "restart" of the Airtrip Group.
As these results continue to be achieved, all existing businesses, excluding the overseas travel area, performed well.
In terms of revenue for the current fiscal year, the spread of COVID 19 crisis worldwide and each country’s measures to prevent the
COVID 19 crisis in have had a major impact on the online travel business and the IT offshore development business. The online travelbusiness decreased 17.1% to 15,570 million yen compared to previous fiscal year, and the IT offshore development business decreased
28.5% to 1,348 million yen compared to previous fiscal year. On the other hand, in the investment business, the transfer of the sharesassociated with the initial public offering of our IPO project’s investee resulted in an increase 32.3% to 738 million yen compared toprevious fiscal year. Based on the above, revenue for the current fiscal year decreased 16.8% to 17,662 million yen compared to previous
fiscal year.
Operating income for the current fiscal year was affected by the decline in sales revenue due to the spread of COVID 19 crisis, but
the effects of measures such as cost reduction taken as part of the diversification and restructuring of the business portfolio had asignificant impact. In the online travel business, operating profit increased by 10,106 million yen to 2,561 million yen, compared to theprevious fiscal year, in the IT offshore development business, operating profit increased by 518 million yen to 519 million yen comparedto the previous fiscal year, and in the investment business, operating profit was 820 million yen, increased 1,067 million yen, comparedto the previous fiscal year.

―4―(2) Overview of Segment Business
Online Travel Business(Unit: Million yen)
Percentage
difference (%)

FY9/20FY9/21

Differences

Net Sales

18,794

15,570△3,224△17.1

Segment profit or loss

△7,544

2,561

10,106－

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”.
(1) BtoC services (Directly managed by our company)
We have achieved strong competitiveness by handling the largest volume of domestic airline tickets of the and making alliances withthe airlines and East Japan Railway Company. We are operating "AirTrip", a website where you can easily compare and reserve domestic
and overseas travel products. We are even more focusing on making the website easier to use and providing our customers the best travel
options.
(2) BtoBtoC services (Travel Contents OEM Provision)
We provide domestic airline tickets / travel, overseas airline tickets / hotel to other companies' mass media as travel content. We haveincreased the content lineup and helped improving media users’ customer satisfaction.
3) Business travel management (BTM)"AirTrip BTM" arranges tickets for daily business trips and develops an efficient management business system. This system is now
free for any company with needs of business trip. Direct cost + indirect has been reduced
2. Services for foreign visitors in JapanWe are quickly developing the know-how accumulated in the AirTrip travel business as a service for foreigners’ visitors in Japan anda service for private lodging management companies.
(1) Wi-Fi rental for foreign visitors in Japan
Inbound Platform Corp., a subsidiary of AirTrip, develops Wi-Fi router rental service for foreign visitors in Japan. With over 200,000
rentals, we have established a brand with many years of trust and good review. In addition to renting camper vans, we are planning to
expand services to meet inbound demand.
(2) Dynamic package for foreign visitors in JapanFor the increasing number of individual tourists from Southeast Asia, we will strengthen our support for each country's language. At
first, we prepare information about hotels and inns in Japan in Thai language, and provide them on the "Dynamic Package for foreigners’
first visit to Japan" sold by JALPAK Co., Ltd. We are also improving sales promotion environment for other countries’ visitors to Japan.
(3) One-stop service for private lodging hosts
To utilize vacant houses, which are currently increasing year by year in Japan, "AirTrip stay Co., Ltd." is proposing the operation ofrooms in accordance with the Housing Accommodation Business Law. Among the increasing number of foreign visitors to Japan, we
have become Japan's first official partner with "Airbnb"; the app is used by 1 in 5 people. We provide one-stop support from property
registration to property management, and we are planning to expand the service.
3. Media BusinessIn collaboration with MagMag Co., Ltd., one of our subsidiaries with the slogan "Telling things you want, to people want to hear”, wehave developed a channel to collect content from creators from all over the world and deliver it to those who feel that information―5―

valuable. You can subscribe on article basis with “mine”, including "Magmag!", a free and paid e-mail newsletter distribution service.
We also operate WEB media "MAG2 NEWS", "MONEY VOICE", "TRiP EDiTOR", and "by them" which can discover contents anddeliver them to many people who want to know.
In the current consolidated fiscal year, segment revenue of the online travel business was 15,570 million yen and segment income
achieved 2,561 million yen.

IT Off-shore Development Business

Net Sales
Segment profit or loss

(Unit: Million yen)
Percentage
difference (%)

FY9/20FY9/21

Differences

1,888

1,348

△540

△28.6

0

519

519

67,703.6

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.
Net Sales in the IT offshore development business segment for the current consolidated fiscal year was 1,348 million yen, and segment
profit was 519 million yen.

―6―

Investment Business(Unit: Million yen)
Percentage
difference (%)

FY9/20FY9/21

Differences

558

738

180

32.3

△247

820

1,067

―

Net Sales
Segment Profit

In the Investment Business segment, the Group emphasizes synergies with the existing businesses and expands service lines throughaggressive M&A and capital alliances. The Group is pursuing investment in growing companies to improve profitability.
In the current fiscal year, we have expanded the number of investees to 66 companies.
In the current consolidated fiscal year, segment Net Sales of the investment business was 738 million yen and segment profit was 820
million yen.

(3) Operational Measures for the current consolidated fiscal year
Risk Impact of the Group regarding the spread of the COVID-19 crisis
The spread of COVID 19 crisis worldwide since the previous consolidated fiscal year and each country’s measures to prevent COVID
19 crisis have had a significant impact on the AirTrip travel business, revenue decreased by 16.8%, as 17,662 million yen compared toprevious fiscal year. Although operating income for the current consolidated fiscal year has increased due to the diversification andrestructuring of the business portfolio, concerns about the sixth wave of COVID 19 crisis, the speed of recovery in travel demand,financial market conditions, etc. remain uncertain.
Our Group management measures against the spread of COVID-19 crisis
Although being affected by the risks to Group’s business due to the spread of the above-mentioned COVID-19 crisis, we engaged inbusiness activities while giving top priority to ensuring the safety of our stakeholders and preventing the spread of infection. such as
employees and their families, individual users, clients and external cooperation partners and preventing the spread of infection.
In addition, to deal with the risks effect to Group by infectious disease, we have implemented the following management measures.
1. Promote business portfolio diversification and restructuring
In the current consolidated fiscal year, we have set a “restart” and are proceeding with the diversification and restructuring of our businessportfolio in the Group. In addition, we are building an "AirTrip Economic Zone" by developing various businesses by utilizing theexisting assets of the Group. By developing a variety of businesses with different economic sensitivities while building an "AirTrip
economic zone," we will grow each business responding to risks such as the spread COVID 19 crisis, and aim to achieve "endlessgrowth."2. Reduction of cash-out costs at the group-wide level
We have significantly reviewed variable costs and fixed costs focusing on advertising expenses, labor costs and rent expense. As a resultof turning operation costs to variable cost in Online Travel business, implementing cost control in a frequent basis, and controlling rent
expense by the significant shift to working from home, we have achieved reductions in selling, general and administrative expenses(SG&A expenses) in the current fiscal year and have established a system for early recovery from the next fiscal year.
3. The Sale of consolidated subsidiary
Due to the impact of the the COVID-19 pandemic, the Group's main travel demand has slumped sharply, the consolidated subsidiary
was sold as part of the restructuring of the Group's business and the Group's financial base has improved.
The Company has appropriately responded to the business risks that the disease cause to the Group by implementing the abovemeasures and determined that there are no significant uncertainty concerning the Assumption of Going Concern.
―7―(4) Overview of Financial Position(Unit: Million yen)
FY9/20(from Oct 1st 2019
to Sep 30th 2020)

FY9/21(from Oct 1st 2020
to Sep 30th 2021)

Difference

Percentage
difference(%)

21,94021,377△563△2.5

Total current assets

15,023

15,653630

4.1

Total non–current assets

6,916

5,723

△1,193△17.2

19,402

13,166△6,236△32.1

Total current liabilities

11,4908,879△2,611△22.7

Total non-current liabilities

7,911

4,286

△3,625

△45.8

2,538

8,211

5,673

223.5

1,983

7,498

5,515

278.1

555

712

157

28.2

Total Assets

Total Liabilities

Total Equity
Total equity attributable to owners of parent
Non–controlling interests(Assets)
Assets decreased by 563 million yen compared to the end of the previous consolidated fiscal year. This is mainly due to an increase of
1,728 million yen in cash and cash equivalents, a decrease of 1,006 million yen in trade receivables and other receivables, a decrease intangible fixed assets, intangible assets and goodwill of 396 million yen, and 1,019 million of right-of-use assets.
(Liabilities)
Liabilities decreased by 6,173 million yen compared to the end of the previous consolidated fiscal year. This was mainly due to a decreaseof 1,416 million yen in Operating payables and other operating payables, a decrease of 3,585 million yen in interest-bearing debt, and adecrease in lease liabilities of 1,062 million yen.
(Equity)
Equity increased 5,673 million yen compared to the previous consolidated fiscal year. This was mainly due to an increase of 3, 306
million yen in issuance of new shares, and 2,555 million yen recorded in Net profit.

―8―

(5) Future forecast
The Group's net income for the fiscal year ending September 2021 exceeded the previous consolidated fiscal year, and although there
are signs of a recovery in business performance, the spread of COVID-19 crisis worldwide and the prevention measures in each country
are still exist may affect future economy. The prospect for the future economy is still uncertain.
In view of the uncertain socio-economic situation, our conservative earning forecast does not include upside factors such as profit
contribution from domestic travel recovery by GoTo travel, recovery of overseas travel, recovery of tourists visiting Japan, contributionof investment business, etc.
However, the AirTrip Group offers the following strategies during COVID-19 crisis and after COVID-19 crisis by developing (1)AirTrip Travel business as the main axis, (2) Travel to Japan business, (3) IT offshore development business, (4) Life Innovation businessand (5) Investment business.
1. Reliable capture domestic travel demand by utilizing the GoTo Travel Campaign
Promote the strengthening of cooperation with government agencies, local partners and airlines, and actively utilize the destinations
that stimulate domestic travel demand through the GoTo Travel Campaign, such as partial subsidies for travel prices.
2. Consideration large-scale promotion for mass using the recognition of the Company’s brand AirTrip
Respond to new forms of travel by utilizing the AirTrip brand and promoting marketing strategies that take advantage of the influx oforganic products.
3. Development of business corresponding to new travel and lifestyles that utilize IT literacy and development capabilities
Aim to develop new business models and services by grasping travel styles and lifestyles that are expected to change due to after
COVID-19 crisis.
4. Preparation for listing of major group subsidiaries
MAGMAG Co., Ltd., which operates the long-established "MAGMAG!" on the distribution platform of the email magazine (e-zine),
was newly listed on the JASDAQ standard on September 24th, 2020. We are also preparing for listing of other major subsidiaries of theGroup, and will continue to improve the corporate value of the entire Group.
For details on the above, please refer to the November 12th, 2021 "Financial Results Material for the Fiscal Year Ended September 30,
2021" announced on the same day.

―9―

2. Basic concept regarding the selection of accounting standards
The Company has applied International Financial Reporting Standards (IFRS) since FY9/18 in order to improve the international
comparability of financial information in the capital markets and to homogenize and improve the efficiency of financial information ofgroup companies.

―10―

3．Consolidated Financial Statements and Key Notes(1) Consolidated Statements of Financial Position(Unit: Million yen)
FY9/21(As of Sep 30th 2021)

FY9/20(As of Sep 30th 2020)
AssetsCurrent assets
Cash and cash equivalents
Notes and accounts receivable –trade and other receivables
Inventories
Other financial assets
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Right-of-use assets
Goodwill
Intangible assets
Investments accounted for using theequity method
Other financial assets
Other non-current assets
Deferred tax assets
Total non-current assets

7,042

8,771

2,364

1,357

435
4,359
821

166
4,869
488

15,023

15,653

480
3,156
1,172
1,091

362
2,137
1,116
869

-

580

970
34
10

574
42
40

6,916

5,723

21,94021,377

2,646

1,229

6,185
416
251
132
1,858

5,292
343
241
399
1,371

Total current liabilities
Non-current liabilities
Interest-bearing debt
Lease liabilities
Other financial liabilities
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities

11,490

8,879

4,842
2,873
25
83
78
7
7,911

2,150
1,883
20
50
171
9
4,286

Total liabilities

19,402

13,166

3,138
4,887

1,529
2,013
3,887

Total assets
Liabilities and equity
Liabilities
Current liabilities
Operating payables and otheroperating payables
Interest-bearing debt
Lease liabilities
Other financial liabilities
Accrued income taxes
Other current liabilities

EquityCapital stock
Capital surplus
Retained earnings
Treasury shares
Other items of equity
Total equity attributable to owners ofparent company
Non-controlling interests△6,135△092
1,983

Total equity
Total liabilities and equity

―11―

△0
68
7,498

555

712

2,538

8,211

21,94021,377

(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income(Unit: Million yen)
FY9/20(from Oct 1st 2019
to Sep 30th 2020)
Continuing BusinessNet sales
Sales costs
Gross profit
Selling, general and administrative expense
Profit from loss of control subsidiaries
Investment Gain/Loss (Loss)
Investment by equity methods Gain/Loss (Loss)
Other income
Other expenses
Operating income (Loss)
Finance income
Finance costs

FY9/21(from Oct 1st 2020
to Sep 30th 2021)

21,241

17,662△13,736
7,504△10,050
7,612△9,121-△5,248
602
240
17
365
△431
3,158
43

△412
330
△7,296△8,994
9
△204

△142
3,059

Profit before income taxes (Loss)
Corporate income tax△9,190△80

Quarterly income from Continuing Business (Loss)△9,270

△504
2,555

445

-

Profit (Loss)△8,825

2,555

Profit attributable to (Loss)
Owners of parent company
Non-controlling interests△8,692
△133

2,361
193

Profit (Loss)△8,825

2,555

Profit per share
Profit per share(Loss) (Yen)Continuing Business
Discontinued Business
Fully diluted profit per share(Loss) (Yen)Continuing Business△433.80111.61△456.01111.6122.21-△433.80108.96△456.01
22.21

108.96

Discontinued BusinessProfit from Discontinued Business

Discontinued Business

―12―

-

Consolidated Statement of Comprehensive Income(Unit: Million yen)
FY9/20(from Oct 1st 2019
to Sep 30th 2020)
Profit (Loss)
Other comprehensive income (after tax)
Items that may be reclassified as profit or loss
Equity financial assets measured at fair value through othercomprehensive income
Total of items that cannot be reclassified as profit or loss
Items that may be reclassified as profit or loss
Translation adjustments of foreign operations
Cash flow hedge
Total of items that may be reclassified as profit or loss

FY9/21(from Oct 1st 2020
to Sep 30th 2021)△8,825

2,555

-

-

-

-

△9
△0

△5
-

△9

△5

Total of other comprehensive income, net of tax
Comprehensive income△9△8,834△5
2,549

Comprehensive income attributable to
Owners of parent company
Non–controlling interests△8,697
△137

2,358
190

△8,834

2,549

―13―

(3) Consolidated Statement of Changes in Equity
FY9/20 (from Oct 1st 2019 to Sep 30th 2020)(Unit: Million yen)
Equity attributable to owners of parent company
CapitalsurplusCapital stock
As of October 1st, 2019
Cumulative
impactofapplying new accounting
standards
Balance after retrospective
restatement
Profit (Loss)

Retainedearnings

TreasurysharesOther items ofequityNoncontrollinginterests

Total

Total equity

2,922

4,175

2,598

△0

19

9,716

382

10,099

-

-

△34

-

-

△34

△18

△52

2,922

4,175

2,564

△0

19

9,682

363

10,046--△8,692--△8,692△133△8,825

-

-

-

-

△4

△4

△4

△9

-

-

△8,692-△4△8,697△137△8,834

Other comprehensive income
Total comprehensive income
Dividends of surplus

-

△198

-

-

-

△198

-

△198

Issuance of new shares
Increase (decrease) by shareexchanges
Changes in equity bycontinuing control
subsidiary
Decrease in subsidiarysurplus throughconsolidation rangechanges
Increase (decrease) throughtransfers and other changes

216

216

-

-

-

432

-

432

-

510

-

-

-

510

-

510

-

182

-

-

-

182

-

182

-

-

△7

-

-

△7

-

△7

-

-

-

-

77

77

328

406

Total transactions with owners

216

711

△7

-

77

997

328

1,326

3,138

4,887

△6,135

△0

92

1,983

555

2,538

th

As of September 30 , 2020

FY9/21 (from Oct 1st 2020 to Sep 30th 2021)(Unit: Million yen)
Equity attributable to owners of parent company
CapitalsurplusCapital stock
As of October 1st, 2020

Retainedearnings

TreasurysharesOther items ofequityNoncontrollinginterests

Total

Total equity

3,138

4,887

△6,135

△0

92

1,983

555

2,538

Profit (Loss)

-

-

2,361

-

-

2,361

193

2,555

Other comprehensive income

-

-

-

-

△2

△2

△2

△5

Total comprehensive income

-

-

2,361

-

△2

2,358

190

2,549

Dividends of surplus

-

△204

-

-

-

△204

-

△204

1,653

1,653

-

-

-

3,306

-

3,306

△3,262

3,262

-

-

-

-

-

-

-

△7,656

7,656

-

-

-

-

-

-

69

-

-

-

69

-

69

-

-

-

△0

-

△0

-

△0

Increase (decrease) throughtransfers and other changes

-

2

4

-

△20

△14

△33

△47

Total transactions with owners△1,609△2,873

7,660

△0

△20

3,156

△33

3,123

1,529

2,013

3,887

△0

68

7,498

712

8,211

Issuance of new shares
Transfer to capital surplus
from capital stock
Transfer to earned surplus
from capital surplus

Changes in owner’s
equity in under-control
subsidiaries
Acquisition of treasury
stock

th

As of September 30 ,2021―14―

(4) Consolidated Statement of Cash Flows(Unit: Million yen)
FY9/20(from Oct 1st 2019 to Sep 30th
2020)

Cash flows from operating activities
Profit (Loss) before tax
Depreciation and amortization expense
Investment Gain/Loss
Negative goodwill
Impairment losses
Profit from loss of control subsidiaries(Increase) decrease in trade and other receivables
Increase (decrease) in trade and other payables
Decrease (increase) in investment securities for sale
OthersSubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid or return
Cash flow from operating activities△8,671
1,608
412

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible asset
Payments for purchases of investment in securities
Payments of leasehold deposits
Proceeds from withdraw deposits
Proceeds from withdrawal of time deposits
Proceeds from purchase of shares of subsidiaries resulting in change in scope of consolidation

Purchase of shares of subsidiaries resulting in change in scope of consolidation
Proceeds from sale of shares of subsidiaries resulting in change in scope of consolidation
Purchase from sale of shares of subsidiaries resulting in change in scope of consolidation

Payments for transfer of business
OthersCash flows from financing activities
Net increase (decrease) in short–term loans payable
Proceeds from long–term loans payable
Repayments of long–term loans payable
Proceeds from issuance of corporate bondProceeds from issuance of common shares
Repayments of lease obligations
Proceeds from changes in ownership
Proceeds from paid of non-controlling interests
Dividends paid to owners of the parent company
OthersCash flows from 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 the beginning of the year
Cash and cash equivalents from newly consolidated subsidiaries
Cash and cash equivalents at end of year

―15―

3,059
812

△755
6,991
1,887
△2,017
△688
1,041
△190
9
△180
△198
△559

△240
285
△602
△118
72
△248
688
3,708
3
△149
628
4,190

△220
-

△156
316

△600
△69
126
163
553

△357
△239
△16
20
-

△283
742
△150
△4
256

Cash flows from investing activities

FY9/21(from Oct 1st 2020 to Sep
30th 2021)

△336
△34
△804

△1,301449△1,300664△2,044991
432△1,573
883

△499
89
424

△409
179

△197
11

△203

△1,643△1,760△13△1,960
8,997
5
7,042

60
1,686
7,042
8,771

△0

(5) Notes on going concern assumptions
Not applicable.

(6) Notes to Consolidated Financial Statements(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 anddraws 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, Healthcare Business.

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

Investment Business: Investment in growing companies and turnarounds(2) Calculation method of each segment Net Sales, income (loss), liabilities, assets and other items
The accounting process for the reportable business segments is the same as that used for the condensed consolidated financial
statements.
(3) Information about segment income (loss) and segment performance
FY9/20 (From October 1st, 2019 to September 30th, 2020
(Unit: Million yen)
Reportable segments
OnlineTravelAgencyBusiness

Other(Note 1)

Total

Adjustments Consolida(Note 2)ted Total

IT Offshore
Development
Business

Investment
Business

18,794

1,888

558

21,241

0

21,241―

21,241

―

634

―

634

―

634

△634

―

Total sales revenue

18,794

2,523

558

21,8750

21,875△634

21,241

Segment
profits(losses) (Note 3)△7,5440△247△7,7900△7,790△1,204△8,994External sales
revenue
Intersegment
revenue

Total

Financial income

9

Financial expenses△204

Income before income
taxes△9,190(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 and intersegment
transactions.
(Note 3) The segment profit or loss has been adjusted to the operating income stated in the condensed quarterly consolidated statement of income.
(Note 4) HIKAWA CO., LTD. was excluded from consolidation in the Fiscal Year ending September 30th, 2020, so this company’s business isclassified as a discontinued business. The above table shows the amount of continuing business excluding discontinued business.

―16―

FY9/21 (From October 1st, 2020 to September 30th, 2021)(Unit: Million yen)
Reportable segments
OnlineTravelAgencyBusiness

Other(Note 1)

Adjustments Consolidate(Note 2)d TotalTotal

IT Offshore
Development
Business

Investment
Business

15,5701,348

738

17,658

4

17,662-

17,662

-

32

-

32

-

32

△32

-

Total sales revenue

15,5701,380

738

17,6904

17,694△32

17,662

Segment
profits(losses) (Note 3)

2,561

519

820

3,901

-

3,901

△743

3,158

External
revenue
Intersegment
revenue

sales

Total

Financial income

43

Financial expenses△142

Income before income
taxes

3,059

(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 and intersegment
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―(Per share information)
FY9/20(from Oct 1st 2019
to Sep 30th 2020)

FY9/21(from Oct 1st 2020
to Sep 30th 2021)

Shareholders’ equity per share (yen)92.21

Shareholders’ equity per share (yen)335.58

Profit per share (yen)△433.80

Profit per share (yen)111.61

Fully diluted profit per share (yen)△433.80

Fully diluted profit per share (yen)108.96The basics for the calculation of basic earnings per share and diluted earnings per share is as follows:
FY9/20(from Oct 1st 2019
to Sep 30th 2020)

FY9/21(from Oct 1st 2020
to Sep 30th 2021)

Profit per share
Profit attributable to owners of parent (million yen)

△8,692

2,361

―

―

△8,692

2,361

20,037,967

21,156,494――

Number of common shares increased (shares)

259,091

516,017(of which subscription rights to shares)

229,867

516,017

Amount not attributable to common shareholders(million yen)
Income applicable to common stock (million yen)
Average number of outstanding common shares
during the period (shares)
Fully diluted profit per share
Adjustment on net income (million yen)

FY9/20(from Oct 1st 2019
to Sep 30th 2020)
Profit from continuing business attributable to owners ofparent (million yen)

FY9/21(from Oct 1st 2020
to Sep 30th 2021)△8,692

2,361

―

―

△8,692

2,361

Profit from discontinued business attributable to owners ofparent (million yen)

445―

Profit from discontinued business used to calculate fully
diluted profit per share (million yen)445―

20,037,967

21,156,494

The effect of potential dilutive common shares (shares)

229,867

516,017

Convertible bonds with stock acquisition rights (shares)

29,224―

20,297,057

21,672,511

Profit per share (yen)△433.80111.61

Continuing business△456.01111.61

Discontinued business

22.21

―

Adjustment on net income (million yen)
Profit used to calculate of fully diluted profit per share(million yen)

Average number of outstanding common shares
during the period (shares)

Average number of outstanding common shares
during the period after fully diluting (shares)―18―

Fully diluted profit per share (yen)△433.80108.96

Continuing business△456.01108.96

Discontinued business

22.21

―

(Note) For fully diluted profit per share, in the previous consolidated fiscal year, potential stocks do not have a dilutive effect due
to the exercise of the subscription rights to shares reduces the loss per share for the period.
(Important subsequent events)
Not applicable.

―19―