【1】Information for investors
April 2021- September 2021＆
【2】YAMADA HLDGS 2025
Mid-term business plan
Nov. 4, 2021

Information for Investors April 2021- September 2021 & YAMADA HLDGS 2025 Mid-term business plan1

【1】Information for Investors
April 2021- September 2021

Information for Investors April 2021- September 2021

2

Major topics in FY2022■First Quarter（April 2021-Jun 2021）
March 31, 2021

︓ Endorsement of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)

March 31, 2021

︓ In line with the growth of the housing business, acquired shares of SANKYU Corporation
for the purpose of recycling waste materials

April 25, 2021

︓ A state of emergency was declared for Tokyo, Osaka, Hyogo, and Kyoto
It was later extended to Hokkaido, Aichi, Hiroshima, Okayama and Fukuoka, and will remain in effect until June 13

Jun 9, 2021

︓ Announced that it will make OTSUKA KAGU,LTD. a wholly owned subsidiary through a share exchange→

Jun 18, 2021

completed on September 1

︓ Opening of "Tecc LIFE SELECT Kumamoto Kasuga", a new large store with the concept of “Total-Living”■Second Quarter（July 2021-September 2021）
July 1, 2021

︓ Launch of "Yamada NEOBANK", a new financial service using the services provided by SBI Sumishin Net Bank, Ltd.
through YAMADA FINANCE SERVICE Co., Ltd.

July 2, 2021

︓ Started to introduce shopping baskets made of recycled plastic from used home appliance to Yamada Denki stores

July 12, 2021

︓ A fourth emergency declaration was issued for Tokyo. Later extended to 21 prefectures until September 30

September 1, 2021 ︓ Participated in the "My Human Rights Declaration" project organized by the Ministry of Justice
September 6, 2021 ︓ Received a Silver Award in the SUSTAINA ESG AWARDS 2021 (Industry Category: Retail), by SUSTAINA JAPAN Inc.
September 21, 2021 ︓ Formed an alliance ARCLAND SAKAMOTO CO.,LTD. for store development,
and announced the development of a next-generation concept, a “comprehensive lifestyle proposal shopping square”

Information for Investors April 2021- September 2021

3

2022 Interim Result[Consolidated accounting]First-half2022 Interim2022 Interim

results( million yen / %)Revenue recognition

forecasts%sales

Revenue recognition

criteria impact%salesPlan ratio

2021 Interim%salesresults

Y/Y

criteria impact

Net sales

800,399100.0

830,000

100.0

96.4

860,296

100.0

93.0

Gross profit

234,775

29.3

250,000

30.1

93.9

259,205

30.1

90.6

Personnel

89,058

11.1

93,085

11.2

95.7

81,2339.4

109.6

Advertising

11,054

1.4

12,224

1.5

90.4

9,523

1.1

116.1

Rents

36,665

4.6

36,9804.5

99.2

37,206

4.3

98.5

Depreciation

9,854

1.2

9,979

1.2

98.8

7,989

0.9

123.4

794

0.1

809

0.1

98.1

669

0.1

118.6

Selling, general and administrative expenses

199,69024.9

211,100

25.4

94.6

213,195

24.8

93.7

Operating profit

35,0844.4

38,9004.7

90.2

46,0105.3

76.3

Non-operating income

5,927

0.7

4,984

0.6

118.9

6,608

0.8

89.7

Non-operating expenses

1,735

0.2

1,284

0.2

135.2

3,530

0.4

49.2

39,276

4.9

42,6005.1

92.2

49,088

5.7

80.0

63

0.0

0

0.0

-

1,502

0.2

4.2

Extraordinary loss

3,163

0.4

3,364

0.4

94.0

19,493

2.3

16.2

Total corporation taxes

6,139

0.8

17,3942.1

35.3

11,474

1.3

53.5

68

0

▲ 58

-

-

▲ 1,271--

29,967

3.7

21,9002.6

136.8

20,8952.4

143.4

Lease fee & Lease dipreciation

Ordinary profit
Extraordinary income

Net income attributable to non-controlling interests

Profit attributable to owners of parent

Information for Investors April 2021- September 2021

4

2022 First Quarter ＆ Second Quarter[Consolidated accounting]First Quarter[April-June]
2022 Results( million yen / %)Revenue recognition%salesSecond Quarter[July-September]

2021 Results%salesY/Ycriteria impact

2022 Results
Revenue recognition%sales2021 Results%salesY/Ycriteria impact

Net sales

382,987

100.0

406,520

100.0

94.2

417,411100.0

453,776

100.0

92.0

Gross profit

118,08630.8

125,006

30.8

94.5

116,68828.0

134,199

29.6

87.0

Personnel

42,603

11.1

39,1929.6

108.7

46,45411.1

42,0409.3

110.5

Advertising

5,748

1.5

4,113

1.0

139.7

5,306

1.3

5,410

1.2

98.1

Rents

18,012

4.7

18,6784.6

96.4

18,652

4.5

18,5284.1

100.7

Depreciation

4,764

1.2

4,085

1.0

116.6

5,090

1.2

3,903

0.9

130.4

390

0.1

321

0.1

121.3

403

0.1

347

0.1

116.0

Selling, general and administrative expenses

96,66025.2

102,377

25.2

94.4

103,03024.7

110,817

24.4

93.0

Operating profit

21,426

5.6

22,628

5.6

94.7

13,658

3.3

23,381

5.2

58.4

Non-operating income

2,993

0.8

3,486

0.9

85.9

2,933

0.7

3,122

0.7

94.0

Non-operating expenses

691

0.2

1,868

0.5

37.0

1,044

0.3

1,662

0.4

62.8

23,728

6.2

24,247

6.0

97.9

15,547

3.7

24,841

5.5

62.6

0

0.0

18

0.0

0.0

63

0.0

1,483

0.3

4.3

Extraordinary loss

1,607

0.4

940

0.2

170.8

1,556

0.4

18,552

4.1

8.4

Total corporation taxes

4,962

1.3

8,255

2.0

60.1

1,177

0.3

3,218

0.7

36.6

▲ 254

-

▲ 815

-

31.2

323

0.1

▲ 455

-

-

17,413

4.5

15,885

3.9

109.6

12,553

3.0

5,010

1.1

250.6

Lease fee & Lease dipreciation

Ordinary profit
Extraordinary income

Net income attributable to non-controlling interests

Profit attributable to owners of parent

Information for Investors April 2021- September 2021

5

2022 First-half net sales by segment [Consolidated accounting](million yen / %)Segment

2022 Interim result% sales

Television

61,210

7.2

Video,DVD

14,523

Audio

2021 Interim result% sales

87.3

70,081

8.1

▲ 0.9

1.7

83.3

17,445

2.0

▲ 0.3

9,924

1.2

83.8

11,8371.4▲ 0.2

Refrigerator

68,1598.0

87.1

78,2469.1▲ 1.1

Washing machine

63,2867.5

96.0

65,906

7.7▲ 0.2

Cooking appliance34,2644.0

85.3

40,1914.7▲ 0.7

Air conditioner

75,3388.9

87.8

85,802

10.0

▲ 1.1

Other air conditioners

8,241

1.0

74.1

11,1211.3▲ 0.3

Construction

38,336

4.5

97.3

39,4184.6▲ 0.1

Others*1

115,385

13.5

89.7

128,632

14.9

▲ 1.4

Subtotal

488,670

57.6

89.1

548,683

63.8

▲ 6.2

Personal computer

55,2906.5

73.2

75,5308.8▲ 2.3

Digital Camera

5,776

0.7

98.3

5,873

0.7

0.0

Information

Computer peripherals

24,7922.9

90.0

27,5513.2▲ 0.3

appliances

Mobile phone

41,241

4.9

128.2

32,160

3.7

1.2

Others

22,377

2.6

85.1

26,2983.1▲ 0.4

Subtotal

149,478

17.6

89.3

167,415

19.5

▲ 1.9

Housing related*1

126,830

15.0

198.6

63,872

7.4

7.6

Furniture・interior・GMS

48,7475.7

122.2

39,881

4.6

1.1

Total amount

847,965

100.0

98.6

860,296

100.0

-

Home
appliances

Y/Y

Information for Investors April 2021- September 2021

% Sales /Rate of change

About Aggregation
classification*1
Health related products, Hairdressing
and beauty products, Cleaner,
Services-related, etc…
*2
Housing(except for solar powersystems),Renovations, etc…
**Revenue recognition criteria
impact6

【2】YAMADA HLDGS 2025 Mid-term business plan

YAMADA HLDGS 2025 Mid-term business plan7

Consumer Electronics market in Japan and USA
Japan

USA

・Washing machines, air conditioners, and furniture
are mainly sold in combination with housing
・Selling consumer electronics as audio devices and TV, ・Selling consumer electronics is main, anddemand for purchasing at consumer store is nothousehold appliances as a refrigerator, and more.
high.
・Mainly purchased at consumer store,・Intense price competition due to expansion ofdemand for original concept stores also exists
E-commerce

・Buy only Electronics,
not the set with something else

Sales
methods

・The habit of replacement is well established.

Replacement
demands

・Each manufacturer frequently develop and supply
new products to compete not only on price, but also
on function and design
・Purchase at consumer store is in high demand due
to preference for a wide range of products

・Consumer themselves do not have the habit ofreplacing their products.
・No significant difference in function and design,consumer tend to buy the low price producton E-commerce・No. 1 share in Consumer Electronics market in Japan・A wide variety of store concepts and product lines to meet a wide range of needs
・A conglomerate company that supply not only home electronics, but also furniture,
housing, finance, and more.

Aim to achieve sales of 2 trillion yen
by leading the total living industries

YAMADA HLDGS 2025 Mid-term business plan8

Review of Previous 3 Years
Net

sales

(billion yen)

1,600.5

1,752.5

Ordinary profit

ROA/ROE

98.8(billion yen)

ROE 8.1%

4.0％

1,611.5

46.0
36.8

2.5％

1.2％

YAMADA HLDGS 2025 Mid-term business plan

ROA 4.3％

2.1％

9

Review of Previous 3 Years
Sales Strategy●Complete the business foundation by●DX strategy, including introduction of electronic price tag

structural changes for The “Total-Living” shop
Governanceto all stores●Expansion of stores & E-commerce●Transition to a holding company,●Expand sales of SPA products and increase ratio of profit

strengthening governance-Main products : Electric sofa and electric reclining bed●Branch office system, area management●Visualize the store profit and loss, individual unit measuresin areas-Exclusive Sales…FUNAI・Roborock●Actual gross profit margin increased withsell-out/in management.

●Implement personnel and cost structureStore strategy●New concept store YAMADA Web.com, outlet storesand LIFE SELECT●Grow renovation business can be completed by ourself
Ｍ＆Ａ●Hinokiya Group becomes a subsidiary●Respond to structural changes in demand,custom built homes 8,000 buildings a year

restructured stores in Shinjuku area

→ 300 billion yen a year

●In line with the target of new store openings,● OTSUKA KAGU becomes a subsidiarya key issue in the new growth strategy,→ A wide variety of furniture and home interiors,

we started to realize a new large-scale concept store

expansion of sales quality and delivery system

YAMADA HLDGS 2025 Mid-term business plan

10

Changes in the market environment
Global environmental
changes
Current situation of
the retail industry

Changes by COVID-19•

Worsening environmental problems•

Increased awareness of sustainability•

Advancement of information society•

Change in demand caused by declining birthrate and aging population•

Transformation of social structure•

Changes in the employment base•

Increasing competition across industries•

Extremely growing of E-commerce market•

Growing public health awareness•New customs (ex.Contactless trade, home-based job)•

Changes of population distribution, trading area, demands•

Increasing interest in comfortable living space•

Changing needs of electronics

In light of these market changes, we will accelerate our growth
based on our management resources!
YAMADA HLDGS 2025 Mid-term business plan11

“Total-Living”-Expand home appliance through a links each segment

Aim to expansion of home appliances
by “Total-Living”
Environment

Flyer

Digitaladvertising

Finance

Apps

HousingHomeappliance

Furniture・

Renovations

Create new customer experiences
through a variety of information channels

HomeInterior

StoresHousehold
goods

WEB

TV
Shopping

Customer Base
Platform

YAMADA HLDGS 2025 Mid-term business plan12

About mid-long term business plan We will aim for growth
without changing our management focus on profit
as we build our base through the results of our measures.
①Expansion of sales floor

Net sales

Promote store strategy by area

②Expansion of store network and E-commerce③Maximize scale, sales, and profits

50 years since
establishmentof each segment and subsidiaries

March 2030

2.5

trillion yen

March 2025

2011

2019

2021

Steer business in the direction
income-oriented management

Net sales

2 trillion yen
accelerate ourbusiness growth

Since entering the housing business,turn to the “Total-Living” shop concept.

YAMADA HLDGS 2025 Mid-term business plan

13

Mid-term business plan - Profit & Loss plan (million yen / ％)FY2019

2020

2021

2022

2023

2024

2025

1,600,583

1,611,538

1,752,506

1,686,000

1,760,000

1,870,000

2,000,000

1.7

0.7

8.7

▲ 3.8

4.4

6.3

7.0

27,86438,326

92,07890,00095,000107,000

123,000▲ 28.1

37.5

140.2

▲ 2.3

5.6

12.6

15.0

36,88946,074

98,87597,000102,000

114,000

130,000

Y/Y▲ 22.1

24.9

114.6

▲ 1.9

5.2

11.8

14.0

Ordinary rate of return

2.3

2.9

5.6

5.8

5.8

6.1

6.5

Current net profit

14,692

24,60551,79859,00059,50061,00068,000Y/Y▲ 50.7

67.5

110.5

13.9

0.8

2.5

11.5

Net sales
Y/Y
Operating profit
Y/Y
Ordinary profit

YAMADA HLDGS 2025 Mid-term business plan

14

Goal index(％)

FY2021ROA
ROE

Ordinary rate of
returnNet sales Y/Y

4.3
8.1

FY2025

5.6

5.0
10.5
6.5

8.7

Every term +5%〜7%

ROA ＝ Return on asset
ROE ＝ Return on equity

YAMADA HLDGS 2025 Mid-term business plan

15

Transition of target index
12.0

ROA

ROE

Ordinary rate of return

Net sales Y/Y
10.1

10.0

10.5

10.2

10.0
8.7

8.1

8.0

6.0

7.0
5.8

5.6

5.2

5.8

2.0

3.0

1.7

2.6
0.7

0.0

FY20182.3
1.2

FY2019

2.1

4.4

4.7

4.3

2.9

2.5

6.1

4.7

4.0
4.0

6.3

4.8

6.5
5.0

0.7

FY2020

FY2021

FY2022(E)FY2023(E)FY2024(E)FY2025(E)

▲ 2.0

▲ 4.0

▲ 3.8

*FY2022(E)︓Net sales decreased 100 billion yen
by recognition

YAMADA HLDGS 2025 Mid-term business plan

16

Net sales growth①Expansion of sales floor＋145 billion yen②Expansion of store network and E-commerce

Growth after 3 years＋ 50 billion yen③Growth of each segment and subsidiaries＋314 billion yen＋119 billion yen＋18.6p1.76
1.75

FY 2021(trillion yen)

1.68

2022

2023
YAMADA HLDGS 2025 Mid-term business plan

2024

2.0
1.87
March 2025
50 years since
establishment

①
②
③

2025

17

Growth profit(million yen / %)Growth after 3 years
1,400＋
33 billion yen
Sales growth
1,200Profit ratio improvement＋20 billion yen＋13 billion yen

1,000

989

5.8
970

1,300

1,140

6.5

+0.7%
5.9

1,020

5.3

4.7

600

200

5.8

5.6

800

400

6.1

6.5

4.1

461

369

3.5

2.9

2.3

2.9

0

2.3

FY20192020

2021

Ordinary profit

2022

2023

2024

Ordinary rate of return

YAMADA HLDGS 2025 Mid-term business plan

2025
18

Growth of profit

Profit ratio＝ + 0.7P
improvement
FY2022

2023

2024

2025

・Optimize prices by discounts and points＝Manage net gross profit
・Expand SPA line【Net sales 12.6%→20%, Profit 20%→40%】*
・Increase Reuse product 【Improve capacity 70 thou→300 thou】
・New products, increasing unit price, value added products
・Compensate for rising labor costs＝Improving efficiency through DX
・Continue to restructure human resources and costs・Integrate and improve the operations of merged subsidiaries,
Shift employee to the sales department*Composition ratio in product categories

YAMADA HLDGS 2025 Mid-term business plan19

① Expansion of sales floor

YAMADA HLDGS 2025 Mid-term business plan

20

Expansion of sales floor = Growth of consumer electronics■New stores＋New concepts＋Restructuring of store network→ Growing strategy through expansion of sales floor

・Under the “Total-Living” concept strategy, we have beendeveloping store that meet the needs of various customers
by integrating our management base and infrastructure, andhave accumulated successful examples and achievements
・Start restructuring of store network with a focus on new
store at the time of contract renewal for stores have passed
25 years since the beginning of nationwide network
・Focus on the expansion of sales floor as the core of growthby organizing each business area with its own characteristics
YAMADA HLDGS 2025 Mid-term business plan21

Promote development of stores by area & Our store network
LABI 1
LIFE SELECT

TeccLand

Urban, total living products andservices with a focus on home
appliance.
The largest selection of
products in the region

M

L
Trade
area

Urban Type LABI
Urban home appliancespeciality store.

Tecc LIFE SELECT

Kaden Sumairu Kan
Suburban store focusing onhome appliance andrenovation.

According totrade area andcustomer need“Total-Living”
proposal focusing
on home appliance

Suburban, “Total-Living”
products and services with afocus on home appliance.
Largest product lineups in theregion.

Trade
area

M

Outlet & Reuse
Selling old model and reused productCreate new customers and markets.

SC・In-shop
Targeting families, the store
provides familiar home applianceand services for daily life.

Web.com
Provide services that cover an
area by integrating stores andthe internet.

Suburban home appliancespecialty store.

S

Small trade area TeccLand
Community-based
home appliance specialty store.

YAMADA HLDGS 2025 Mid-term business plan

22

New concept store「LIFE SELECT」

・Largest product lineups in the region.
Happiness in Total-Living!
Home appliance■New concept store ”LIFE SELECT”

・Floor space︓10,000㎡〜13,000㎡
・Annual sales︓3〜5 billion yen,
Operating profit margin10％ or higher
Furniture, Home interiors to at least 10% of sales.
・Store opening ︓15 stores per year
Targeting a trade area with 250,000 customers
Effect of store opened

Furniture,
Home interiors

Home appliance &Furniture
Furniture &Renovations,etc“Total-Living” proposal

・Increased number of diverse types of customers ・Home appliance and furniture set sale・Increased in purchase quantity
・Purchase unit priceHome
appliance

Fun tochoose︕
Renovations

Professional proposal
Happiness of life
proposal!

Fun toexperience︕

YAMADA HLDGS 2025 Mid-term business plan

Toys

23

Expansion of sales floor = Growth of consumer electronics
Effect of growing strategy
FY2025Net sales＋145
Gross profit ＋ 15.7
sales floor
1.16 times bigger(80 billion yen)billion yen

3,185,000

billion yen

2,602,000

2,630,000

3,033,000

2,889,000（comparison with FY2022）
2,613,000(㎡)

2,745,000
2,630,000

No change in sales floor because of restructuring of existing stores

FY 2018

2019

2020

2021

2022

YAMADA HLDGS 2025 Mid-term business plan

2023

2024

2025
24

②Expansion of store network and E-commerce③Maximize scale, sales, and profits of each segment
and subsidiaries

YAMADA HLDGS 2025 Mid-term business plan25

The concept of growth investment based on resources

Maximize scale, sales, and profits of each segment and subsidiaries

Effect of growth investment
Net sales＝＋169 billion yen
Gross profit ＝＋ 17.3 billion yen

Resources and Infrastructure Network of YAMADA DENKI stores
LABI:Urban large scale store・LIFE SELECT
Kaden Sumairu Kan・Tecc Land Suburban & Small trade area
Web.com ・Outlet store・In-shop・Cosmos Berry’s
Store development

Housing

Outlet&Reuse

 E-commerce
Store・Online store・external EC market

Furniture,
Home interiors

Apps・TV shopping・Electronic price tag
 Marketing・Advertisement method

Growth inbusiness

TV・Radio・Web・Newspaper advertisement・Digital Logistics network
Delivery＆Installation・RepairEHome
appliance

commerce

Growth in each segment
by investing
50 billion yen

 Supply chain
SPA(home appliance, furniture and housing accommodation),
Merchandise procurement

Renovations

Sales engineer・Trade-in and purchase・Warranty・Insurance
Solution・Support・Finance・Payment・Lecture class

Finance

Effect of growthinvestment*White base circles are raised by expansion of sales floor

Store・E-commerce・Furniture and Home interiors・ Renovations

 Other services

OthersCorporate
sales

Call center operation・Delivery＆Installation

Management
resources

Outlet&Reuse ・Corporate sales・SPA
Marketing and advertisement method・Logistics network・Supply chain・Other services

 Management
Branch office system to manage employees, strategy and productGroup management

Environment

Housing・Finance・Environment・Human resources・Human resource development
Customer information・Store development

YAMADA HLDGS 2025 Mid-term business plan26

② Expansion of store network and E-commerce

YAMADA HLDGS 2025 Mid-term business plan

27

Expansion of store network & E-commerce ⇒Growth of consumer electronics
Goals for FY2025

Speciality of our stores & E-commerce●Have a variety of information media

・Store ・Online store
・TV & Radio shopping・Apps ・Digital advertisement（SNS/Email/Push notification）
・Paper advertisement(Newspaper and more)●Wide variety of products, including home appliance, furniture,home interiors, daily necessities, renovations

・Delivery, installation of large products, and renovation work are alsoavailable●Providing last mile solutions using store inventory and delivery
networks

FY2022130 billion yen
Operating profit 7 billion yen
Net sales

・Customers can pick up and check at the nearest store across thecountry・Speedy delivery and installation from the nearest store

FY2025Main growth strategies

180 billion yen●Website renewal to strengthen the foundation of the website

Net sales●Increase in the amount of information through TV and radio
shopping

Operating profit 12.3 billion yen●Use a variety of information channels to launch concentrated
sales products*including E-commerce as well as stores

YAMADA HLDGS 2025 Mid-term business plan28

③Maximize scale, sales, and profits
of each segment and subsidiaries

YAMADA HLDGS 2025 Mid-term business plan29

Renovation business ⇒ Growth of consumer electronics
Basic policy and speciality of our renovation●Not an home appliance retailer that also does
renovation, but a specialty business●Proposing mainly water-related products incombination with home appliances●Original system to manage everything from reception
to accounting●Remote sales without the need for on-site visits andefficient sales support by the center●Develop high value products through in-housedevelopment for competitive advantage

Goals for FY2025

FY2022

Net sales

60 billion yen

Operating profit

3 billion yen

FY2025Main growth strategies●Operate remote sales without the need for on-site visits
in all stores.
●Expansion in line with store network and E-commerce
growth●Promote the development of original financial products
・Subscription plan
・Renovations＋Home appliance
A merit plan the rate goes down as the amount goes up

100 billion yen
Operating profit
6 billion yen
Net sales*Housing group's renovation sales and profits are not included

YAMADA HLDGS 2025 Mid-term business plan30

Growth strategy for Housing segment
Speciality of our Housing business

Goals for FY2025●A variety of brand homes to meet wide rangeof needs

FY2022

Offers8,000(No. of new custom-built houses)●”Housetec“ original housing productswith history and technology

280 billion yen
Operating profit
8 billion yen
Net sales

Main growth strategies●Improve profitability through efficient groupmanagement●Expand sales offices to strengthen sales and marketing
capabilities●Aiming to expand used resale housing business again（FY2021→2022 extended about 13 times）●With the housing as a starting point, offer combined
solutions for finance, insurance, home appliance,
and furniture●Effects of the alliance with Nice Corporation●Strengthen Housetec's original product development

FY2025

Offers

10,000(No. of new custom-built houses)

350 billion yen
Operating profit 15 billion yen
Net sales*Sales and operating profit are the sum of housing, Housetec, and subsidiary

YAMADA HLDGS 2025 Mid-term business plan31

Maximize the scale, sales, and profits of the environment segment
Number of reused products produced
350,000
300,000

Operation is scheduled
to start in 2022

250,000
200,000
150,000
100,000
50,000

Expansion of reuse factory

0
2020年

2023年

Goals for FY2025

Operation is scheduled
to start in 2022

FY2022
Net sales 30.7 billion yen
Operating profit
1.2 billion yen

Expansion of recycling plantOperation is scheduled
to start in 2024

Establishment of new energy plant

YAMADA HLDGS 2025 Mid-term business plan

FY2025Net sales 35.4 billion yen
Operating profit
2 billion yen
32

Maximize scale, sales, and profits of the financial segment
・The six financial companies in the
HousingRenovationsgroup were integrated and qualified
as agents of “Yamada NEOBANK” toestablish a comprehensive financial
Total coordinationInsurance
Guarantees of living space counselingbusiness structure.
・We provide a variety of financial
products that meet the needs of our
Insurance
Payment
customers' lifestyles to realize a“Total-Living”concept.
Various services in the financial segment
Subsidiary

Services

Housing
Loan

YAMADA FINANCESERVICE

Yamada NEOBANK Housing loan
Yamada Flat 35
Bridge loan
Yamada Flat PLUS

Renovations
Loan

YAMADA FINANCESERVICE

Yamada living loan

Yamada Financial

LABI card

YAMADA FINANCESERVICEBest card
Yamada NEOBANK debit card

Payment
Credit and debit

Insurance

Insurance
counseling
Guarantees

YAMADA SMALL AMOUNTSHORT TERM INSURANCEFY2022

Net sales
3.5 billion yen
Operating profit
0.8 billion yen

FY2025

Disaster insurance
Rental housing insurance
Machinery insurance

Yamada Life Insurance

Insurance agency for generalcustomers

YAMADA FINANCESERVICE

Insurance agency for groupcompanies

Repair Depot

Goals for FY2025

Net sales
7.8 billion yen
Operating profit
2 billion yen

Guarantees

YAMADA HLDGS 2025 Mid-term business plan33

Three-year cash flow plan
To Invest free cash generated by growth in each segment

・Opening new stores, expansion and renovation of existing stores
・An aggressive investment in M&A getting immediate profits and DX strategy→ Flexible allocation to additional shareholder returns

Investment instores
80 billion yen

・Expansion of sales floor
・Investment in existing stores
・Expansion ・Renovations
・Concept change
・Optimizing the lineup

Operating cash flow240

billion yen(Net profit + Depreciation)*3 terms

Capital management
Growth strategy
160 billion yen

・DX
・M&A
・Flexible shareholder
returns

Including corporate tax

YAMADA HLDGS 2025 Mid-term business plan

34

Transition and forecast of ROIC&WACC

ROIC ＝ Return on invested capital

1,400

1,000

10.50%

WACC = Weight average cost of investment
Operating profit(Before tax)

1,200

(million yen / %)

ＲＯＩＣ

9.30%

10.00%

1,230

7.90%

8.40%

890

ＷＡＣＣ

Shift to “Total-Living” concept and measures.
Low returns due to aggressive investment

・Profit-focused management
・Shift to business growth→Large returns

7.36%

921

1,070

7.00%

8.50%

950
900

6.50%

800
4.47%

600

582

3.11%

579

2.62%

400

339

343

2.90%

2.87%

388
1.60%

2.50%

383

2.14%

279

199

200
0

4.50%

4.31%

0.50%

▲1.50%FY2012

2013

2014

2015

2016

2017

2018

2019

2020

Developing the “Total-Living” strategy ・ Carry out a reform ・ Investment priority
YAMADA HLDGS 2025 Mid-term business plan2021

2022(E) 2023(E) 2024(E) 2025(E)Reform of result ・ Complete the businessfoundation・Shift to business growth35

Shareholder returns
Basic policy■ Provide continuous and stable dividends■ We will make a comprehensive judgment on investment for growth andfinancial conditions, and returning profits at an appropriate levelaccording to the situation
30.00

90.00

Dividends per share

Basic earnings per share

80.00

25.00

70.00

20.00

60.00
50.00

15.00
Aim to payout ratio of 30% or higher

10.00

0.00

30.00
20.00

5.00

(yen)

40.00

10.00
FY2013

2014

2015

2016

2017

2018

2019

2020

2021

2022(E)

Dividends per share

6.00

6.00

6.00

12.00

13.00

13.00

13.00

10.00

18.00

19.00
20.00ratio of22.00
25.00
Aim to payout
30% or higher

Basic earnings per share

23.56

20.21

11.73

38.22

43.00

36.77

18.18

28.38

62.82

72.00

YAMADA HLDGS 2025 Mid-term business plan

2023(E)
72.50

2024(E)
74.30

2025(E)

0.00

85.00

36

【Attention】
The outlooks and business plans contained in this document are based onassumptions and judgments made by ourself based on information
available at the time this document was prepared.
The accuracy and security of the information is not totally guaranteed or
promised. These are subject to change.

YAMADA HLDGS 2025 Mid-term business plan37