Securities Code: 8929

First Half Business Summary

for Fiscal Year 2021
(31st period)

January 1 to June 30, 2021

Aoyama Zaisan Networks Company Limited

To Our Shareholders

Highlights of Consolidated Business Results
We have worked to acquire customers to whom we can provide comprehensive property consulting by increasing the number of

We sincerely hope that everyone suffering from the novel

coronavirus disease (COVID-19) recovers as soon as possible,
and that this situation comes under control. Furthermore, we

new collaborators as well as through mutual secondment of human resources with and the provision of the ART system to financial
institutions with which we have been cooperating. Furthermore, we have fully begun to provide ADVANTAGE CLUB to regional financial

which is entirely due to the support of our shareholders, andfor this we would like to express our heartfelt gratitude.

We will continue to work to gain the support of many customers who state that they choose Aoyama Zaisan Networks for property
related matters by properly responding to consulting needs for robust property succession, business succession and property

institutions and securities companies, and for all products, we have received far more applications than the number of units offered.

will be celebrating our 30th anniversary in September 2021,

management.

S in ce la st year, the wo r l d h as b e e n f ac e d wit h t h eunprecedented problem of the spread of COVID-19, and thefuture of this situation where we still cannot forecast when
COVID-19 will come under control is continuing, with events

such as the fourth state of emergency being declared in Japan.
However, under this challenging environment, we feel that

N e t
sales

consulting needs for property succession, business succession
and property management are increasing every day.

）End of fiscal year （unit: million yen）

17,227

7,693

President

Masazumi Hasumi

19,061

8,668

19,118

9,463（forecast）

11,919Fiscal Year 2018 Fiscal Year 2019 Fiscal Year 2020 Fiscal Year 2021
(28th period)(29th period)(30th period)(31st period)

1,190million yen

Operatingp r o f i t（Up 63.0% year-on-year

1,464

）

End of fiscal year （unit: million yen）

First half of fiscal year

21,000our key product ADVANTAGE CLUB. Up to the present,1（Up 25.9% year-on-year

First half of fiscal year

This fiscal year, we expect development of ¥15.0 billion fordevelopment of ¥8.09 billion for four properties has alreadybeen carried out, and we have received far more applications
than the number of units offered. We have carried out new
partnerships with a number of regional financial institutions,and being able to provide ADVANTAGE CLUB to customers atregional financial institutions has quickly produced results.
Furthermore, by providing ADVANTAGE CLUB, we havebegun initiatives to provide property consulting. With regard to
our aim of acquiring new customers bases, announced in
March, and initiatives with Hash DasH Holdings Co., Ltd. toundertake business in field of digital securities, which is
expected to grow in the future, we are making progress for the
early realization of our first real estate STO product.
With regard to new consulting services in the“non-property”
field developed by Aoyama Family Office Service Co., Ltd.,
consulting has begun for the support of lasting businessdevelopment for a number of companies that have continued
as family businesses for around 100 years.
Aoyama Financial Service Co., Ltd., which was founded in
January aiming to provide financial instruments, registered as afinancial instruments intermediary service provider in May, andcommenced sales. Our business was limited to providing
investment products with real estate as underlying assets, but
we became able to newly establish a system where we canprovide financial instruments.
The ART system, which was developed with the aim of
improving and standardizing quality and enhancing productivity

11,919million yen

Net profit
per shareFirst half of fiscal year

1,630

1,603

638

53.04

（forecast）

50.94

1,190
719

End of fiscal year （unit: yen）

70.00

（forecast）

1,303

44.37yen

33.01

730
17.58

Fiscal Year 2018 Fiscal Year 2019 Fiscal Year 2020 Fiscal Year 2021
(28th period)(29th period)(30th period)(31st period)

23.46

44.37

17.95

Fiscal Year 2018 Fiscal Year 2019 Fiscal Year 2020 Fiscal Year 2021
(28th period)(29th period)(30th period)(31st period)*The amounts presented in the above transition
table take into consideration the 2-for-1 share splitof property consulting, began full-scale operation in February. It
implemented functions for proposing measures based on
analysis results, and became able to automatically create
proposals based on five different perspectives. A system wasestablished that can maintain the same quality regardless of
consultants’proficiency.
We hope to evolve the ART system so that it can provide
consulting and services to even more customers by combining
the various services developed by the Group with evolving
technologies.
We express our appreciation to our shareholders for their
day to day support while we aim to live up to their
expectations for a future that combines our property consulting
services and technologies. As we expect that this time of livingwith COVID-19 to persist for a prolonged period, we ask ourshareholders to take care of themselves and to continue toprovide us with support and encouragement.

of common shares effective on August 31, 2021.

Consolidated
Balance Sheet(Summary)（unit: million yen）

Total assets 16,001

Interest-bearing liabilities
Cash and deposits

319

Real estate for rent

Cash and deposits

Other liabilities

Real estate for sale

3,264

10,103

118

6,939

Other liabilities

3,173

Real estate for rent

2,471

Net assets

Other assets

Equity ratio
39.8%

3,783

2 Interest-bearing liabilities

6,170

9,428

Real estate for sale

1 Total assets 17,085

6,566

End of ﬁscal year 2020

2,421

Other assets

4,442

3 Net assets

6,972

Equity ratio
40.7%

End of June 2021

❶ Total assets
Total‌
assets amounted to ¥17,085 million,up ¥1,083 million from the end of theprevious period mainly due to increases incash and deposits and investment securities.
❷ Interest-bearing liabilities‌Interest-bearing liabilities amounted to¥6,939 million, up ¥768 million from theend of the previous period due to anincrease in long-term loans payable, etc.
❸ Net assets‌assets grew by ¥405 million from theNet
end of the previous period to reach¥6,972 million mainly due to an increase
in retained earnings.

2

Business Topics

ADVANTAGE CLUBReal Estate Specified Joint Enterprise(voluntary partnership for monetary investment-type)

New Development of Voluntary Partnership Involving Four Properties in TokyoADVANTAGE CLUB
Yoyogiuehara Ⅱ

ADVANTAGE CLUB
Kanda Ekimae

ADVANTAGE CLUBOtemachi Ⅱ

ADVANTAGE CLUBIchigaya

Units

Units

Units

Units

175

198

Trends of cumulative amounts of
ADVANTAGE CLUB

（unit: billions of yen）

87.03

72.03
62.75

3

2,793

Real Estate Specified
Joint Enterprise

Subject real estate

5.30

6.52

End of 2017 End of 2018 End of 2019 End of 2020 End of 2021
(planned)

Existing

Businessparticipants

Amount of newly developed partnerships

Planned amount (balance)

Voluntary
partnership
members

Management andadministrative agency
services

Chairperson
Aoyama Zaisan Networks
Company, Limited

Rent

Total partnership members¥80.12 billion

50.93
4.25

9.28

Voluntary partnership

Distributionof profit

Cumulative total assets
under management

55

57.45

8.09

ADVANTAGE CLUB is a“real estate
j o in t o w n e r s hip s c h e m e ” w h e r ecustomers jointly own real estate inurban areas and receive leasing income.
For real estate management in recent
years, it has been difficult to receive
stable rental income other than for highquality properties, which are limited inurban areas. Furthermore, as theseproperties are expensive, abundant
capital and experience as well as alarge amount of time and effort foradministration and management after
purchase are necessary. ADVANTAGE
CLUB is a system that reduces thesetypes of worries and uncertainties by
having professionals carefully select realestate and carry out administration andmanagement.
Acquisition¥15.0 billion

Results of ADVANTAGE CLUB (as of June 30, 2021)
Cumulative number of partnerships

81

What isADVANTAGE CLUB?

Monetary
investment

This fiscal year, we expect development of¥15.0 billion for ADVANTAGE CLUB. As ¥1.75
billion and ¥6.34 billion were recorded for the
first quarter and second quarter, respectively,
we have cumulatively recorded ¥8.09 billion forthis fiscal year as of June 30, 2021.
Going forward, we will proactively develop
products that meet expectations as inheritancemeasures and management needs for customers
are increasing.

355

Started proposal and consulting specializing in the management of financial
instruments in June 2021 ― Provide long-term ease through the“best investment experience”―
We aim for“overall optimum”property management forcustomers for both real estate and financial assets.

We provide the real estate joint ownership scheme“ADVANTAGE
CLUB”as our key consulting product. We newly established a voluntary
partnership of four properties, Yoyogiuehara Ⅱ in March 2021 and Kanda
Ekimae, Otemachi Ⅱ and Ichigaya in June 2021. We have received far
more applications than the number of units offered.
Overview of new development

Subsidiary Aoyama Financial Service Co., Ltd. (AFS)

Tenants*The system for leasing real estate may differ by voluntary partnership.

We provide consultations related to property succession, businesssuccession and property management. We worked to figure out thecorrect way to support financial asset management by thinking about“which products in what forms could be provided to benefit thecustomer”while looking at their property portfolio. By meeting a global
management company that holds a management philosophy withwhich we can empathize, we realized the form of the Group’s uniquefinancial instrument service.

Characteristicsof AFS’s Service

Customer
Comprehensive
property
consulting

Financial asset
management
consulting
Collaboration*Information is shared with customers’ consent.

Collaboration with Aoyama Zaisan Networks Company Group

By collaborating with the Group, which has achievements in the property consulting field,
AFS supports customers’asset formation

Low-cost management

Eliminate sales fees in principle, and introduce a reward system that is linked tocustomers’total assets under management

Provision of domestic publicly offered investment trusts that integrate management
methods from top-class management companies in the United States

Propose asset formation using financial instruments that satisfy sustainability, universality
and cost efficiency based on academic research by Dimensional Fund Advisors

Our partner is a global management company that employs a number of Nobel prize recipients
What we desire to provide to customers is not investments where one“excitedly
and anxiously follows stock price trends every day,”but investments that can beheld for a long-term span of tens of years with a sense of stability.
Our IFAs (Independent Financial Advisors) will provide financial instruments thatincorporate the management of Dimensional Fund Advisors.
For value that differs from major financial institutions, we aim to provide customers
with the“best investment experience”through (1) the development of management
portfolios that strike a balance between real estate management and financial asset
management, which is understood by looking over customers’overall finances, (2) lowcost management that uses Rakuten Securities as our entrusting financial instruments
business operator and (3) the provision of long-term follow-up services after purchase.

Dimensional Fund Advisors
Founded in 1981, Dimensional Fund
Advisors established position as a worldclass asset management company.
Employs over 1,400 employees at 13
global bases, primarily in the UnitedStates, and manages US$637.3 billion(approx. ¥71 trillion, ¥110.71 to a U.S.
dollar).
*as of March 31, 2021

4

Our growing global network

Second Project for Regional Revitalization

Through real estate consulting that utilizes the
Act on Specified Joint Real Estate Ventures

Held groundbreaking ceremony
for the hotel building of the
Tsuruga Station Western District

Illustration of Tsuruga Station
Western District

The Group, which is advancing “Tsuruga Station Western
District Land Usage Enterprise”ahead of the planned opening of
the Hokuriku Shinkansen Tsuruga Station in 2024, aims to open
all the facilities in the entire district in September 2022.
In April 2021, we held the groundbreaking ceremony for
Tsuruga Station Western District’s hotel building, which wascovered by a number of media outlets in addition to being
attended by a large number of concerned parties, such as themayor of Tsuruga.
With initiatives that utilize“Special Venture”in the Act on
Specified Joint Real Estate Ventures, this is the second project
following our regional revitalization project “Komatsu City,
Ishikawa Prefecture.”We are progressing with improvements,
aiming to turn it into the entrance to Hokuriku area for visitorsfrom all over Japan and a base where locals can interact. Goingforward, we will work so that we can support regions withproactive development of regional revitalization projects.

Shareholder incentives shareholders recorded in the shareholder register as of June 30 (as of June 30, 2021).

The Company provides shareholder incentives under the following conditions toShareholders who hold 1,000 shares or more

Shareholders who hold 10,000 shares or more continuously for over 1 year

Select 1 from 10 products worth 3,000 yen

The UKAI Group common meal certificate (20,000 yen)
Ukai special select beef (worth 20,000 yen)

We have established a nationwide network in Japan that includes
leading tax accounting firms and accounting offices. Through thisnetwork, we provide consulting services to customers across Japan.
As part of our efforts to expand internationally, we have establishedoverseas subsidiaries in Singapore and Indonesia. Going forward,
we will continue working with top overseas partners and enhance
our network both at home and abroad.

List of AZN nationwide network members(as of July 1, 2021)

TohokuAoyama Zaisan Networks Aomori Support (Konda Accounting Office)Aoyama Zaisan Networks Sendai Support (Asahi Accounting Office)
MIRAI Tax Corporation
Aoyama Zaisan Networks Yamagata Support (Yutaka Licensed Tax Accountant’s Corp)
AMAGUCHI Partners Tax Corporation
Zaisan Networks Fukushima Co., Ltd. (Aozora Tax Corporation)

Kanto

Aoyama Zaisan Networks Ibaraki Support (Masuyama Accounting Office)
YGP Kujirai Tax Corporation
Zaisan Networks Tochigi Co., Ltd. (Tajima Accounting Office)Zaisan Networks Motegi Co., Ltd. (MOTEGI tax consultant office)Kanata Tax Corporation
Aoyama Zaisan Networks Saitama Co., Ltd. (CWM Research Institute)
Aoyama Zaisan Networks Kanto Chuo Support (MMG Tax Corporation)
Nihon Shisan Souken Co., Ltd.
Aoyama Zaisan Networks Denenchofu Support (Saito Tax Corporation)
Nihon Mirai Accounting & Tax Co.
Zeimu Sogo Tax Corporation
eclat Consulting
Humannetwork Inc. (Tokyo kaikei Partners Inc.)
Hori Yoshihiro Certified Public Accountant Office
Hisakawa Hidenori Certified Tax Accountant Office (Hara Hisakawa Tax and Accounting Corporation)
SEMS Inc. (Shimizu Certified Tax Accountant Office)Mountain Co., Ltd. (General Management Service Tax Corporation)
Aozora Tax Corporation
Tsuda Accounting Group Co., Ltd. (Tsuda Accounting Office)Koide Certified Public Accountant and Tax Accountant OfficeMimura Tax & Consulting
Kagayaki Zaisan Networks Co., Ltd. (Kagayaki Tax Corporation)
Aoyama Zaisan Networks Yokohama Support (YAMADA SYNTHETIC OFFICE)Ai Partners Tax Corporation
Masatoshi Yoshikawa Certified Tax Accountant Office
Oyama accounting Co., Ltd (Rita Tax Corporation)
Top Accounting Firm & co
Koyama Yoshiaki Licensed Tax Accountants
Yokohama Saiwai Tax Corporation
Enari Tax Corporation
SOUSHIN KAIKEI Tax Corporation

Dividends per share（unit: yen）

End of fiscal year

16.5

16.5

17.0

8.5

10.0

11.0

Fiscal Year 2020
(30th period)

Fiscal Year 2021
(31st period)

12.5
7.0

Image

5

Image

Fiscal Year 2018
(28th period)

Fiscal Year 2019(29th period)

Dividend forecast

Fiscal year ending in December 2021

28

yen

*The amounts presented in the above transition table take into consideration
the 2-for-1 share split of common shares effective on August 31, 2021.

Overseas▶

Overseas subsidiaries

Aoyama Wealth Management Pte. Ltd. (Singapore)■ PT. Aoyama Zaisan Networks Indonesia (Indonesia)
■

Kinki

Zaisan Networks Kyoto Co., Ltd. (SHINKEIEI SERVICE SHIMIZU Tax Co.)
Aoyama Zaisan Networks Kyoto Nijo Support (HIROSE LICENSED TAX ACCOUNTANT)SMO Corporation (Teruyoshi Sakon Tax Accountant Office)Zaisan Networks Osaka Co., Ltd. (Nihonkeiei Will Tax Accountant Corporation)
Seki Soken Zaisan Partners Co., Ltd (AZ TAX Corporation)
Shibata Business Consulting Co., Ltd. (SBC Partners Tax Corporation)
Inada Accounting Tax Corporation
Aoyama Zaisan Networks Wakayama Support (Nishioka Accounting Office)

Chugoku

Shinichi Kishimoto Certified Tax Accountant Office
Aoyama Zaisan Networks Shimane Support (Chikashige Tax Office)Ikeda & Company Inc.
Fast Service Co., Ltd. (Nishikori Accounting Office)
OKAYAMA SOUKEN Consulting Co., Ltd. (OKAYAMA SOUKEN Tax Corporation)
Hikasa Accounting Co., Ltd. (Hikasa Accounting Office)Ishii Consulting Co., Ltd. (Ishii Tax Accounting)
Kato Hitoshi Certified Tax Accountant Office
Tax Accountants’Corporation Wakamiya & Partners
Second Ace Tax Corporation
Business Support & Create Co., Ltd. (Shinkai Tax Accountant Office)Tsutomu Nakano Certified Tax Accountant Office

Shikoku

Zaisan Consultants Tokushima Co., Ltd. (M.A.S. AGENT GROUP)
Midori Zaisan Consultants Co., Ltd. (Midori Tax Corporation)
Nonaka Keiei Corporation (Nonaka Management Consulting Office)

KyushuAoyama Zaisan Networks Kyushu Co., Ltd. (Shinohara Ueda Tax Corporation)
Sasaki Soken Co., Ltd. (Nishi Nihon Tax Corporation)
Satsuki Partners Co., Ltd. (Satsuki Hisadome accounting firm)
Nakata Certified Public Accountant Office
Masahiko Yasuda Certified Tax Accountant Office
Aoyama Zaisan Networks Saga Support (MOROI Accounting Firm)
Aoyama Zaisan Networks Nagasaki Support (Chuo Sogo Accounting Office)
MFAS Co., Ltd. (Nagata Yoshiro Tax Accountant Office)
NAGATA KAIKEIMIRAI TAX ACCOUNTING OFFICEIDEA Research Institute Consulting Co., Ltd. (IDEA Tax Corporation)
Mori Accounting Tax Corporation
Zaisan Networks Okinawa Co., Ltd. (PS Accounting Office)*95 offices

Aoyama Zaisan Networks Hokkaido Support (IKEWAKI TAX, ACCOUNTING & CONSULTANTS GROUP)
Nihon Shisan Soken Co., Ltd. Sapporo (Mitsunari Accountant Office)
FPC Tax CorporationL ower photograph: theCompany’s representative
Masazumi Hasumi

Tsubasa M&A Partners (Tsubasa Tax Corporation)
Aozorakeiei Tax Corporation
Aoyama Zaisan Networks Kanazawa (HATAKE Management Group)
Kimura Business Succession Brain Co., Ltd. (KIMURA KEIEI BRAIN CO., LTD.)
Nochide Kaikei Tax Corporation
Aoyama Zaisan Networks Fukui Support (Uesaka Consulting Firm)
Nihon Soken Tax Corporation
Zaisan Networks Nagano Co., Ltd. (Nozomi Tax Corporation)
Mas Networks Co., Ltd. (The Narusako Accounting Firm Group)
Misawa property consulting Co. (Misawa Accounting Group)
SHINKO MANAGEMENT CENTER Co., Ltd. (SHINKO MANAGEMENT GROUP)MMPC Consultants Corporation (MMPC Tax Corporation)
Zaisan Networks Shizuoka Co., Ltd. (Iwasaki Tax Corporation)
Aim Nakano Accounting Co., Ltd. (ARIASU ZEIRISIHOUJIN)
Apex Inc. (Kimura Certified Public Tax Accountant Office)Zaisan Networks Nagoya Support (Meinan Consulting Network)
tax accountants’corporation kanade
J-MACS Advisory LLC (J-MACS Tax Accountant Office)Aoyama Zaisan Networks Mie Support (Midland Management Group Mie)

94 bases

Hokkaido

 enter of theCupper photographFirst half of fiscal year

Japan

Chubu

▶
■
■

Overseas partners

Hong Kong investment consulting partner
Major Indonesian industrial conglomerate■■

American property management partner
American real estate partner

Expanding network to
Asia and North America

6Corporate Data（as of June 30, 2021）
Name of Company
Head Office

Executives（as of June 30, 2021）

Aoyama Zaisan Networks Company, Limited

P r e s i d e n t

Masazumi Hasumi

3F Aoyama Tower Place, 8-4-14
Akasaka, Minato-ku, Tokyo 107-0052
Tel. +81-3-6439-5800

Director, Managing Executive Officer

Masayuki Yagi

Director, Managing Executive Officer

Takeshi Matsuura

Director, Executive Officer

Shinji Shimane

Director, Executive Officer

Takaomi Ogawa

Director, Executive Officer

Hideo Matsuda

Director, Executive Officer

Shintaro Hashiba

Outside Director

Haruo Shimada

Outside Director

Keiji Watanabe

Outside Director

Michihiro Nagasaka

Outside Auditor (standing)

Hiroyuki FujitaAr

Hisao Nakatsuka

Outside Auditor

Hiroaki Rokugawa

Incorporated

September 17, 1991

Capital stock

1,165.50 million yen

Business line

Individual property consulting
Business succession consulting
Real estate solutions consulting

Number of
employees (Group)
Consolidated
subsidiaries

252
4 companies including Aoyama Estate Co., Ltd.,
Nihon Shisan Soken Co., Ltd., Aoyama Zaisan
Investments Co., Ltd., Aoyama Zaisan Networks
Kyushu Co., Ltd., Aoyama Financial Service Co.,
Ltd. and Aoyama Family Office Service Co., Ltd.

u

d

i

t

o

Notes for Shareholder
Stock Overview（as of June 30, 2021）
Number of shares in issue … ……………… 12,175,600
Number of shareholders … ………………………… 5,235
Major Shareholders (Top 10)
Shares held

Shareholding
ratio

1,246,600

10.33

Yasuo Takano

665,800

5.51

NOMURA PB NOMINEES LIMITED
BUS – MARGIN (CASH BP)

538,900

4.46

STATE STREET BANK AND TRUST CLIENTOMNIBUS ACCOUNT OM 02 505002

505,700

4.19

Nihon M&A Center Inc.

500,000

4.14

Custody Bank of Japan, Ltd. (trust
account 9)

312,800

2.59

Custody Bank of Japan, Ltd. (trust
account)

295,900

2.45

Custody Bank of Japan, Ltd. (pension
trust account)

286,500

2.37

Capital Asset Planning, Inc.

200,000

1.65

The Master Trust Bank of Japan, Ltd.
(trust account)

182,200

1.51

Name
Masazumi Hasumi

Fiscal year

January 1 to December 31

Base date for the determinationof shareholders with year-end
dividend entitlements

December 31

Base date for the determinationof shareholders with interim
dividend entitlements

June 30

General meeting of shareholders

in March

Administrator of the shareholder
registry/Account management
institution for special account

Mitsubishi UFJ Trust and Banking Corporation

Contact

Mitsubishi UFJ Trust and Banking Corporation,
Stock Transfer Agency Department
1-1, Nikko-cho, Fuchu-shi, Tokyo
Tel. 0120-232-711 (toll-free, Japan only)
Mailing address: P.O. Box 29, Shin-Tokyo
Post Office 137-8081
Mitsubishi UFJ Trust and Banking Corporation,
Stock Transfer Agency Department

Stock exchange listings

TSE Second Section

Public announcements

To be announced on the Company’s website(For reference)
1. Shareholders’address changes, repurchase requests, and such other procedures,
as a rule, are filled with the ac-count-administrating institutions where
shareholders have their accounts (securities companies, etc.).
Shareholders are requested to contact their account holding securi-ties
companies, etc., for information.
Shareholders are reminded that application filings cannot be made with theadministrator of shareholder registry (Mitsubishi UFJ Trust and Banking
Corporation).
2. Dividends hitherto uncollected by shareholders are paid by Mitsubishi UFJ Trustand Banking Corporation, Head Office Branch.