Briefing on Financial Resultsfor FY2019

February 7, 2020
Future Corporation

Contents

1. Earnings Results for FY2019

2. Topics Related to FY2019

3. Plan for FY2020

1. Earnings Results for FY2019

1. Earnings Results for FY2019(i) Earnings Highlights

Consolidated
earnings
results for
FY2019IT Consulting &ServiceBusinessInnovation
Inter-segment
adjustment
Copyright © 2020by Future Corporation

Record high net sales, operating income, ordinary income,and profit

Net sales:
45,389 million yen (12.9% increase)
Operating income: 6,523 million yen (12.0% increase）
Ordinary income: 6,710 million yen (10.9% increase)
Profit attributable to owners of parent:
4,557 million yen (11.3% increase)
Increased sales from new customers that are trying to transform their management
through digital strategy, as well as from existing customers that are engaging instrategic IT investments

Net sales: 37,393 million yen (13.5% increase)
Operating income: 6,261 million yen (10.8% increase)*Refer to Appendix (i)Operating results improved owing to the strong performance of eSPORTS, CodeCamp,and Laiblitz.

Net sales: 8,088 million yen (9.9% increase)
Operating income: 26 million yen (-146 million yen for FY2018)

Net sales: -91 million yen
Operating income: 239 million yen-3-*Refer to Appendix (i)1. Earnings Results for FY2019(ii) Analysis of Earnings Results (Net Sales and Operating Income)*Refer to Appendix (ii)

The growth of net sales and operating income was driven by the performance of companies in the IT
Consulting & Service Business.
The Business Innovation Business turned around its operations for the first time, contributing to thegrowth of operating income.
10,000Net sales

45,389Operating income

9,000

Operating income

8,000

Operating income margin

40,21834,424(Million yen)

40.0%

35.0%

36,26535,29333,653

45.0%

7,000

6,523

30.0%

5,824

6,000

25.0%

4,869

5,000

4,458

4,342
4,000

20.0%

3,642
15.0%

3,000

2,000

14.5%

13.8%
12.6%

14.4%

10.0%

12.3%
10.8%

2014

2015

2016

Copyright © 2020by Future Corporation

2017

2018

1,000

5.0%

0

0.0%

2014

2019
-4-

2015

2016

2017

2018

2019

1. Earnings Results for FY2019(ii) Analysis of Earnings Results (Balance Sheets)*Refer to Appendix (iii)

Cash and deposits increased 945 million yen thanks to profit growth.
Net assets increased 2,187 million yen to 30,296 million yen (shareholders’ equity ratio of 77.6%).
(Million yen)

Balance Sheets

Total assets: 39,039
Total assets: 37,240
Liabilities: 8,742
Cash and deposits:
13,984

Liabilities: 9,132

Current assets
other than cash anddeposits:
8,648

Cash and deposits
Notes and accounts receivable trade
Merchandise and finished goods
Work in process
Property, plant and equipment
Customer-related assets
Goodwill
Investment securities
Other
Major increase/decrease in
assetsNet assets:
28,108Property, plant andequipment: 974
Intangible assets: 2,583

Investments andother assets:
11,049End of Dec. 2018
Copyright © 2020by Future Corporation

Cash and deposits:
14,929 Major increase/decrease in
assetsCurrent assets
other than cash anddeposits:
9,795

Net assets:
30,296

Property, plant andequipment: 1,385
Intangible assets: 2,481

Investments andother assets:
10,447

End of Dec. 2019-5-:+ 945:+ 852:+ 147:+ 183:+ 410:-208:+ 137:-477:-193:+ 1,798

 Major increase/decrease inliabilities
Current portion of long-term loans:-149
payableCurrent portion of bonds:-44
Accounts payable - other:+197
Income taxes payable:-238
Bonds payable：-92
Long-term loans payable:-219
Deferred tax liabilities (non-current) :-597
Other
:+755
Major increase/decrease in liabilities：-389

1. Earnings Results for FY2019(ii) Analysis of Earnings Results (Cash Flows)*Refer to Appendix (iv)

Cash and cash equivalents at
the end of the period

Operating CF
7,965

14,929 Operating activities

13,908

5,002

2018

2018

2019

Investing CF
 Investing activities

2018

Change in purchase of property,
plant and equipment
Change in purchase of intangible
assetsChange in purchase of shares ofsubsidiaries and associates
Change in purchase of investment
securities
Other changes：-390

Change in CF - Investing activities

：-657

2019

2019

2018

2019

：-102

:+

-1,1992

Copyright © 2020by Future Corporation

Change in profit before income taxes
Change in depreciation
Change in amortization of goodwill
Change in increased/decreased
amount of notes and accounts
receivable - trade
Other changes:+ 295:+ 218：-564：-807

Subtotal:-1,381

Change in income taxes paid
Other changes

：-887
：-694

Change in CF - Operating activities：-523：-2,963

Financing CF:+ 433：-600(Million yen)

-1,856-2,333-6--2,118 Financing activities
Change in repayments of longterm loans payable
Change in redemption of bonds
Change in cash dividends paid
Other changes

：-131
：-316
：-14

Change in CF - Financing activities:+ 214:+ 676

1. Earnings Results for FY2019(iii) Results by Segment (IT Consulting & Service)*Refer to Appendix (v)Net sales

Operating income
37,393

7,000

50.0%

6,261

6,500

32,953(Million yen)

45.0%
40.0%
35.0%

6,000

5,651

30.0%

5,500

25.0%
20.0%

5,000

17.1%
4,500

15.0%

16.7%

10.0%
5.0%

4,000

2018
Future Architect, Inc.
(including Future Corporation’sTechnology Division)

Net saleOperatingincomeFuture Inspace, Inc.
Net saleOperatingincome20182019• Increased sales from companies in the apparel, distribution and service industries that are
engaging in strategic IT investments using big data and AI.
• Increased sales from new types of customers with whom we have not done business before(e.g., real estate and railway companies).
• Operating income decreased as some projects turned out to be unprofitable.
• Maintenance and operation service deals for projects completed by Future Architect increased.
• Both net sales and operating income rose due to increased orders for our new development
projects.

OperatingincomeOperatingincome• Net sales increased thanks to orders received for development deals related to the reduced
consumption tax rate system.
• Operating income rose significantly due to increased sales of InfiniOne, an original sales
management software package, and other products to relatively larger medium-sized companies(e.g., subsidiaries of listed companies).

FutureOne
Net sale

2019• Net sales and operating income decreased from a year ago due to the inclusion of a large deal
involving YDC Sonar, a software program for analyzing product quality information, in the prioryear results.

YDC Corporation
Net sale

0.0%

Copyright © 2020by Future Corporation-7-

1. Earnings Results for FY2019(iii) Results by Segment (IT Consulting & Service)(Million yen)

Trends of sales by industry

Service
FY2017

4,676(20.6%)FY20183,848(15.1%)FY2019Distribution

6,750

6,185

5,134

(29.6%)(27.2%)(22.6%)

6,951(27.3%)

Finance

Manufacturing

8,479

6,239
(24.4%)(33.2%)

5,625

7,688

6,126

8,123

(20.4%)(27.9%)(22.2%)(29.5%)

Note 1) Figures for FY2017 reflect aggregate numbers combining the sales of Future Architect, Future Inspace and YDC.
Note 2) Figures for FY2018 and FY2019 reflect aggregate numbers combining the sales of Future, Future Architect, Future
Inspace and YDC.
Note 3) Figures for procured goods and the maintenance thereof are not included.

Copyright © 2020by Future Corporation-8-

1. Earnings Results for FY2019(iii) Results by Segment (IT Consulting & Service)(Million yen)

Trends of sales by phase
Grand design
FY2017FY2018Development

Maintenance/Operation

3,879

3,635

10,9244,306(17.1%)(16.0%)(48.0%)(18.9%)

4,289

4,904

(16.8%)(19.2%)

4,149

FY2019Design(15.1%)

11,652(45.7%)

4,014(14.6%)

14,351(52.0%)

4,673(18.3%)

5,048(18.3%)

Note 1) Figures for FY2017 reflect aggregate numbers combining the sales of Future Architect, Future Inspace and YDC.
Note 2) Figures for FY2018 and FY2019 reflect aggregate numbers combining the sales of Future, Future Architect, Future
Inspace and YDC.
Note 3) Figures for procured goods and the maintenance thereof are not included.

Copyright © 2020by Future Corporation-9-1. Earnings Results for FY2019

Backlog management (IT Consulting & Service)(1) When making a large, long-term contract, we divide it into two or more parts to manage
risk, and treat only the finalized portion as an order received.
200M in total
Orders received:
50M

Estimate (ii):
100M

Estimate (i):50MYear-end(2) Each contract’s period and amount differ depending on the portfolio for each phase.
Orders received:
40M(3 months)

Grand design

Estimate:
60M(3 months)

Orders received:
100M(6 months)

Development
Year-end(3) Orders received are recognized based on evidence (contract documents) and are notconsidered as such without evidence even if sales are expected to be made.
(4) Unless we can obtain evidence of orders by the respective closing dates, we do notrecognize them.
Copyright © 2020by Future Corporation- 10 -

1. Earnings Results for FY2019

Relationship between backlogs and sales
Backlog(Million yen)

IT Consulting & Service - Changes in backlogs and sales(Quarterly basis)

Net sales(Million yen)
10,00014,000
Backlog

13,0009,000

Net sales

8,000
12,0007,000
11,000

6,000
5,000

10,000

4,000

9,000

3,000
8,000
2,000
7,000

1,000

6,000

0
1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

2017

2017

2017

2017

2018

2018

2018

2018

2019

2019

2019

2019

• Sales have been increasing basically since 2017, and therefore, quarterly
backlogs and sales have not been closely related since then.
Copyright © 2020by Future Corporation- 11 -

1. Earnings Results for FY2019(iv) Results by Segment (Business Innovation)
Operating income

Net sales

2018
8,088

*Refer to Appendix (v)(Million yen)

2019
26

7,357

-146

2018
eSPORTSNet saleOperatingincomeTokyo Calendar Inc.
Net saleOperatingincome• Services such as “Tokyo Calendar Date” generated larger net sales and income, but advertising revenues
underperformed the target figures.
• Focused on cost reduction in 2H, and reduced the yearly loss.

OperatingincomeOperatingincome• Net sales and operating income increased year on year due to the acquisition of a new customer, a professional baseball team.
• Started selling our system for strategically strengthening professional baseball teams to amateur baseball teams (teams in theindustrial baseball league).

LaiBlitz, Inc.
Net sale• Sales of private brand outdoor supplies (e.g., wagons) and fitness-related national brand products were strong.
• Operating income increased as a result of reducing distribution costs by introducing automatic packing machines
capable of handling various types of product packing and reviewing sizes.

• Net sales and operating income increased due to steadily increased monthly orders for the online programming courses
targeting individuals.
• Strengthened our services targeting people making career changes to become engineers, and expanded collaboration withcorrespondence course providers, etc.

CodeCamp Inc.
Net sale2019

Copyright © 2020by Future Corporation- 12 -

1. Earnings Results for FY2019(v) Analysis of Changes in Net Sales(Million yen)+731
+4,439BusinessInnovation

0

-0

Other

Adjustments

IT Consulting &Service

45,389(+12.9%)40,218FY2019FY2018
Copyright © 2020by Future Corporation- 13 -

1. Earnings Results for FY2019(vi) Analysis of Changes in Operating Income(Million yen)

-3
+172
+610

Other

BusinessInnovation

IT Consulting &Service-80
Adjust
ments

6,523

5,824

(+12.0%)FY2018FY2019Copyright © 2020by Future Corporation- 14 -

2. Topics Related to FY2019
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

Customers in Diversified Industries
Acquisition of Repeat Orders
SG Holdings Co., Ltd.
OK Store
Provision of Strategic Cloud Services
Companies in IT Consulting & Service BusinesseSPORTSTokyo Calendar Inc.
CodeCamp
LaiBlitz2. Topics Related to FY2019

Customers in Diversified Industries
 Contributed to corporate value enhancement through the use of data on realtime architecture.
 Newly acquired infrastructure clients such as railway and real estatecompanies.

Insurers

Banks

Distributors/
Retailers
Real-timearchitecture
Logistics/
ServiceprovidersApparelcompanies

Securities
firms

+

Railway
companiesMedia
companies

Real estatecompanies

Copyright © 2020 by Future Corporation- 16 -

2. Topics Related to FY2019

Acquisition of Repeat Orders
 Received orders for system reviews from previous customers for whom Future
built core systems in the past. These orders amounted to 1 to 4 billion yen.
2010

2005

Leading apparelmaker

Leading home
appliance
wholesaler

2020

Peripheral areasof the coresystemCore system

Infrastructure
renewalCore system

Leading mailorder cosmetics
company

Copyright © 2020 by Future Corporation

2015

Core
system- 17 -

Core systemCoresystem2. Topics Related to FY2019

SG Holdings Co., Ltd. ‐ Further Strengthened Strategic Partnerships• Strove to eliminate a labor shortage, an urgent issue for the distribution
industry, with the use of technology and cultivate professionals, aiming tofurther strengthen existing strategic partnerships.

Further strengtheningof strategic partnerships

Copyright © 2020 by Future Corporation- 18 -

2. Topics Related to FY2019

SG Holdings Co., Ltd. ‐ Further Strengthened Strategic Partnerships

 Selected to be part of the R&D project under the Cabinet Office’s “Smart
Logistics Service of the Strategic Innovation Creation Program.”

ManualunloadingEliminate labor
shortages

Labor shortage
Excessive
burdenRobotic unloading

Full automation

 Provided our original AI education program to all employees of SG Systems.
 Personnel exchange to cultivate professionals with technological knowhow(e.g., AI) and maintenance skills

Copyright © 2020 by Future Corporation- 19 -

2. Topics Related to FY2019

OK Store - Supported the Realization of a Logistics Strategy
 Built a platform system for the implementation of OK Store’s logistics strategy.
 Self-directed logistics
 No excessive inventory
 Optimized the costs of supply chain logistics
Ordinary temperature warehouselogistics center
Makers/Vendors(Samukawa/Kawaguchi/Nagareyama)

OK Store(Each store)
Realization of further“High quality” &“EverydayLowPrice”

Warehousemanagement system

Makers/Vendors
About 700
companies

3 facilities

Logistics strategy system

Core system(Headquarters/
Stores)Optimization of inventories and logistics as awhole by completely matching supply and demand

Customer loyalty
improvement

120 stores**As of the end of January 2
Copyright © 2020 by Future Corporation- 20 -

2. Topics Related to FY2019

Provision of Strategic Cloud Services
 Provided cloud services incorporating business knowledge, know-how, etc. relating totechnologies and specialized areas including the use of open sources.
Banks

Distributors/
Retailers

ApparelcompaniesMedia
companies

2017-20182019

Built “MIRAI,” an integrated
editing CMS.

Added an archivefunction.

MIRAI

Copyright © 2020 by Future Corporation(Archive)

Industry standard cloudservice- 21 -

2020

MIRAI

(CMS)
[Standardization]
 Eliminated inherent elements.
 Reformed the architecture.
 Improved standard functions.
・Added open-source REST-API.
・Set and filed each company’s
inherent requirements.

・・・

2. Topics Related to FY2019

Companies in IT Consulting & Service Business Operating income of companies in the IT Consulting & Service Businessincreased steadily and is no longer dependent on one profitable company (i.e.,
Architect).

IT Consulting & Service ‐ Composition ratio of operating income
Future Architect (including Future)
Companies in IT Consulting & Service Business

55.4%
63.4%
66.5%
86.1%

44.6%
36.6%
33.5%

13.9%

FY2016
Copyright © 2020 by Future Corporation

FY2017FY2018- 22 -FY2019

Started to control unit
product costs.
Deliverychargehike
Many largesizedcompetitors
Fiercer pricecompetition

Net
sales

2014

2015

The contribution margin is
improving although there are many
negative elements such as deflationand price hikes.

2016

2017

2018

2019

Visualized unit costs and controlled sales prices and delivery charges.
• Became able to set sales prices leading to the highest
contribution margin by unit. The contribution margin ratio
increased by 5 to 30% year on year.

• Reviewed logistics costs, which represent a large
percentage of total costs, and succeeded in significantly
reducing these costs by about 5% per month.

Markettrend
Unit contribution
marginCopyright © 2020 by Future Corporation

Status ofsales/
inventories

Introduced automatic packing
material preparing machines
capable of handling various
types of product packing.

- 23 -

Reviewed all product sizes
including private brandproducts.

Sales of monthly magazines+21%(Number of monthly
active users)

Total sales
3.2 million
users

+3%

Before renewal

After renewal

+18%

+12%
+22%

Sales - Online services

Tokyo
CalendarTokyo
CalendarSelect+103%
Tokyo
Calendar
Date

+78%

The use of marketing platforms accelerated the integration of old media andnew media.
• Analyzed user data showing strong possibilities of making engagements, andused the data for planning monthly magazines and the development of online
services.
• Actual sales of monthly magazines remained solid, contributing to branding.
Tokyo Calendar Date is growing significantly with the use of the “Tokyo
Calendar” brand.
Copyright © 2020 by Future Corporation- 24 -

Rate of increase in the volume oforders from individuals¥400,000,000¥350,000,000

Increased about 40% year on year in the past
two years and 72% year on year in 2019.

Number of lecture attendees
30000

Increased by about 3,000 attendees each in the past
two years and about 5,000 in 2019.

25000¥300,000,000
20000¥250,000,000

15000¥200,000,000¥150,000,000

10000¥100,000,000
5000¥50,000,000
¥-

0
2016

2017

2018

2019

2016

Nationwide launch of “embot,” a robot programing
tutorial jointly developed by CodeCampKIDS and NTT
Docomo.

2018

2019

Strengthened our services for people making career changes tobecome engineers.

Developed learning materials for elementary
school students jointly with NTT Docomo.
•

2017(Adequate support for portfolio creation and career change activities)•

Started to link to “LAPRAS,” a platform to visualize
information about engineers’ skills.
×
Learning
histories andresults at
CodeCamp are
visualized.

Copyright © 2020 by Future Corporation- 25 -

Able to learn
tips fordispatching
information as
an engineer.

There areopportunities tobe recruited bycompanies.

¥600,000,000¥500,000,000¥400,000,000

Growth of sales and profit
Increased sales and profit steadily, achieving a
10% profit margin.

¥300,000,000¥200,000,000¥100,000,000
¥0
2018

2017

2019

Going forward, will conduct IoT business in the primary sector and smart city IoT business, as well as
sports business.
Turn into a businessSportsDatascience
Simulation
AI
Automatic
entry
Real-time data
sharing

Unified information
management
Cloud

Copyright © 2020 by Future Corporation

IoT
Revitalization of primarysector/regions

Mobile- 26 -

3. Plan for FY2020

3-1. Numerical Plan for FY2020(i) Changes in Sales and Operating Income, and Plan
12,000Net sales

45.0%

Operating income(Million yen)

40.0%

Operating income

10,00048,30035.0%

Operating income margin

45,3898,000

40,218

30.0%

7,200

36,265

6,523

33,653

25.0%

5,824

6,000

20.0%

4,458
4,000

3,642

15.0%

14.5%

14.4%

14.9%

10.0%

12.3%

2,000

10.8%
5.0%

0.0%

0

2016

2017

Copyright © 2020by Future Corporation

2018

2019

2016

2020 (Plan)- 28 -

2017

2018

2019

2020 (Plan)

3-1. Numerical Plan for FY2020(Million yen)

Annualplan forFY2020Results for
FY2019YoY
comparison

Plan for 1H
FY2020Results for
1H FY2019

YoY
comparison

Net sales

48,30045,3896.4%

23,02022,215

3.6%

Operatingincome

7,200

6,523

3,336

(13.9%)(15.0%)-4.2%(Operating income
margin)(14.4%)

10.4%

3,195

(14.9%)

Profit attributable toowners of parent(Profit margin)

4,880

4,557

2,190

2,130

(10.1%)(10.0%)

7.1%(9.5%)(9.6%)

Copyright © 2020by Future Corporation- 29 -

2.8%

3-2. Dividends
FY2019 year-end dividend: Scheduled to pay an ordinary dividend of 18 yen per share anda commemorative dividend of 3 yen per share to celebrate the company’s 30th anniversary.
FY2020 dividend: Scheduled to pay an ordinary dividend of 40 yen per share (interim
dividend of 20 yen/year-end dividend of 20 yen).
(Yen)

45円

Dividends

39円

40円

40円

Dividend payout ratio
35円

100.0%

Interim: 20 yen
Year-end: 20 yen

32円

80.0%

Interim: 18 yen
Year-end: 18 yen
Commemorative:
3 yen

30円

25円

120.0%

26円

60.0%

25円

20円

50.6%

40.0%

15円

31.1%

34.9%

38.3%

36.7%
20.0%

10円

0.0%

5円

2016
Copyright © 2020by Future Corporation

2017

2018
- 30 -

2019 (Plan)

2020 (Plan)Appendix.

Appendix. - (i) Future GROUPIT Consulting& Service

Future Architect, Inc.
Future Inspace, Inc.
YDC Corporation
FutureOne, Inc.
Micro CAD Co., Ltd.
dit Co., Ltd.
Innovation Laboratory, Inc.

Future Corporation(Holding company)
BusinessInnovation

Future Investment, Inc.

Copyright © 2020by Future Corporation- 32 -eSPORTS Co., Ltd.
Tokyo Calendar Inc.
CodeCamp, Inc.
LaiBlitz, Inc.
TrexEdge, Inc.

Appendix. - (ii) Analysis of Results (Comparison of Results)(Million yen)Compared with projected
results

Year-on-year comparison

Results for
FY2019Annual plan for
FY2019ChangeResults for
FY2018Net sales

45,38943,500+4.3%

40,218+12.9%

Operatingincome

6,523

6,400

5,824

(Operating income
margin)(14.4%)(14.7%)+1.9%+12.0%

Profit attributable toowners of parent

4,557

4,355

4,094

(Profit margin)(10.0%)(10.0%)+4.7%

Copyright © 2020by Future Corporation- 33 -(14.5%)(10.2%)

Change+11.3%

Appendix. - (iii) Balance Sheets(Million yen)

End of Dec. 2019

End of Dec. 2018

ChangeCurrent assets

24,725

22,632+2,092

Non-current assets

14,314

14,608-294

Total assets

37,2406,148+1,798Current liabilities

39,0396,552

Non-current liabilities

2,190

2,983

-793

Total liabilities

8,742

9,132

-389

Total net assets

30,29628,108+2,187

77.6%

75.2%

Shareholders’ equity ratio+ 404

End of Dec. 2019 End of Dec. 2018
Current assets:Mainchanges(Million yen)

ChangeCash and deposits

14,92913,984+ 945

Notes and accounts receivable - trade

7,087
1,385

6,234
974

+ 852
+ 410

2,481

2,583

-103

Investment securities

8,779

9,257

-477

Current liabilities: Current portion of long-term loans payable

11

161

-149

1,635

2,233

-597

Retained earnings

23,232

20,239+2,992

Valuation difference on available-for-salesecurities

4,598

5,438

-839

Non-current
assets:Non-current
liabilities:
Net assets:

Copyright © 2020by Future Corporation

Property, plant and equipment
Intangible assets (including goodwill)

Deferred tax liabilities- 34 -

Appendix. - (iv) Cash FlowsFY2019FY2018ChangeCash flows from operating activities

5,002

7,695

-2,963

Cash flows from investing activities-1,856-1,199-657

Cash flows from financing activities-2,118-2,333

+ 214

-6

-2

-3

Increase (decrease) in cash and cash equivalents

1,021

4,430

-3,409Cash and cash equivalents at the beginning of the period

13,9089,478+4,430Cash and cash equivalents at the end of the period

14,92913,908+1,021FY2019FY2018Change+295(Million yen)

Effect of exchange rate changes on cash and cash equivalents

Mainchanges

Operating CF: Profit before income taxes(Million yen)

Investing CF:

6,181

Decrease (increase) in notes and accounts
receivable - trade
Change in inventories

-831

-24

-330

22

-353

Purchase of property, plant and equipment

-521

-130

-390

-374
-1,567-1,050-1,250+676-316

Financing CF: Repayments of long-term loans payable
Cash dividends paid

Copyright © 2020by Future Corporation

6,477- 35 --807

Appendix. - (v) Results by Segment(Million yen)

(Million yen)

FY2019FY2018YoY comparison

Net sales

45,38940,218+12.9%IT Consulting & Service

37,393

32,953+ 13.5%Business Innovation

8,088

7,357

+ 9.9%

-91

-91

-

Operating income

6,523

5,824

+12.0%IT Consulting & Service

6,261

5,651

+ 10.8%Business Innovation

26

-146

-

Other

-4

-

-

239

319

-25.1%

Adjustments

Adjustments

Copyright © 2020by Future Corporation- 36 -

The summary report of operating results, supplementary materials,
briefing materials and other various IR materials are also available on the
Company’s website.
https://www.future.co.jp/investor_relations/
Investor Relations, Future Corporation
Tel: 03-5740-5724
FAX: 03-5740-5820
E-mail:ir@future.co.jp

This material contains future forecasts made based on currently available information. These forecasts may change depending on the future direction of
the Japanese economy and the IT service industry. It should be noted that the Company does not guarantee or promise the accuracy of these forecasts.
In this material, the figures in the summary report of operating results, etc. that are indicated in units of thousand yen are stated in units of million yen.
Hence, a disparity may be found in some of the totals and differences. For detailed figures, please refer to the summary report of operating results.
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