Briefings on Financial Results
for the Third Quarter of the Fiscal Year Ending September 30, 2017 (FY2017)
Apamanshop Holdings Co., Ltd.（Securities code：8889）

31 July, 2017
Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

1.

Topics2.

Consolidated

3.

Results by Segment

4.

Medium-term Management Plan（From FY2016 to FY2020 / 5years)

5.

Transformation of business structure

Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

1

Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

2

■ Results of Operations（YonY／Millions of yen）

（28,178 → 30,248）（1,865 → 1,876）（1,544 → 1,497）（784 → 587）
※Head office relocation etc.

■ Growth Strategy (Progress on Medium-term Management Plan)（70,041 → 71,197units）（107 → 107agencies）（Cumulative subscribers
8,974 → 16,849）（Cumulative subscribers
5,346 → 11,627）

Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

3

Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

4

（Millions of yen）

3Q FY153Q FY16

3Q 17

YoY change

N e t

S a l e s

28,14728,17830,248+2,069

Grossprofit

8,1118,197

8,708+511

Operating income

1,865

1,876+10（operating margin）

1,658（5.9%）（6.6％）（6.2％）(▲0.4％）O r di n a r y i n c o m e

1,004

1,544

1,497

▲46Pt

▲723784587▲197

Ｅ Ｂ Ｉ Ｔ Ｄ Ａ

2,690

3,162

3,074

▲88rofi

EBITDA = Ordinary income + interest expenses + depreciation + amortization of goodwill
Note: Amounts are rounded down to the nearest million yen and percentages are rounded off to the first decimal place. Accordingly, figures calculated using mathematical formulas and the resulting figures stated inthis material may not agree.
Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

5

（Millions of yen）

Personnel

Personnel

Personnel

expenses

expenses

3,433

3,375

Other

Other

Other

3,019

2,956

3,106

3Q FY153Q FY163Q FY17

expenses
3,725＊ ｢人事制度変更｣ と「M＆Aに伴う人員増」による人件費の増加が主な販管費の増加要因です。
Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

6

（Millions of yen）

EndFY16

End 3QFY17YonYchangeLiabilities

End 3QFY17YonYchange

7,888

7,863

▲25Current liabilities

8,422

8,684+262

Cash and deposits

3,847

3,285

▲561

Accounts payable–trade982

1,133+150

Notes and accounts receivable–
trade

1,538

1,445

▲92

Short-term loans payable
note1

2,839

2,758

▲80

Other

2,502

3,132+629

Other

4,601

4,793+191

34,402

34,851+448

Non-current liabilities

29,781

28,739▲1,041

Property, plant and equipment

15,956

16,627+671

Long-term loans payable

24,98923,907▲1,081Intangible assets

11,504

11,424

▲80

4,222

4,200

▲22Goodwill

10,44910,056▲392Long-term lease andguarantee deposited

Other intangible assets

1,054

1,367+312

569

632+62

Investments and other assets

6,942

6,799

▲142

4,087

5,289+1,202

Total assets

42,291

42,714+422

AssetsCurrent assets

Non-current assets(billion ofyen) ≪Goodwill Outstanding and Forward Projection ≫20
18

Net assets

Note 1: Includes current portion of long-term loans payable≪Borrowing Balance and Plan≫

70(Rounded down to the nearest 10 million yen)

60

Results of FY2016
10.4 billions of yen

16

Other

(billions ofyen)(Rounded down to the nearest 10 million yen)

End
FY16

12Results of 201627.8 billions of yen

Borrowings for the retirement of alltreasury stock (class A preferred stock):¥3.8 billion

50

1440

1030

8206
18.9 17.2

16

14.9 13.7 12.7 11.5 10.4

9.3

8.1

7

5.9

4.9

3.9

2.9

2

1.2

10
0.6

0.2

38.2

34.9

31.1

28.9

31.1

27.8

25.6

65.6

53.3

23.2

20.9

18.5

9/9期

10/9期 11/9期 12/9期 13/9期 14/9期 15/9期 16/9期 17/9期 18/9期 19/9期 20/9期

0FY28

FY27

FY26

FY25

FY23

FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11FY100FY0901.9

FY244実績中期経営計画

Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

7

Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

8

（Millions of yen）

Brokerage Business

Property Management

9,155
8,712

8,731

Business
Principal Investment and FundManagement Business

Other BusinessCorporate and eliminations

19,34917,803

17,876

1,409
845

1,340
922

1,342
1,132

3Q FY163Q FY17-623

3Q FY15-692-732

Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

9（Millions of yen）

Brokerage Business

Property ManagementBusiness
Principal Investment and1,474

1,4601,311

Fund Management Business
Other BusinessCorporate and eliminations

937

1,086

1,14554

218-599-658-622-209-43

3Q FY153Q FY1633

3Q FY17

Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

10

（Millions of yen）

3Q FY16Net sales Gross profit

３Q FY17

YonY change

Gross profit
Gross profit
Gross profit
Net sales Gross profit
Net sales Gross profit
marginmarginmargin

Brokerage Business

8,731

4,56652.3%

9,155

4,612

50.4%

+424+45▲1.9ptProperty Management (PM) Business

17,876

3,034

17.0%

19,349

3,267

16.9%

+1,473+233▲0.1ptPrincipal Investment (PI) andFund Management Business

1,340

523

39.1%

1.342

530

39.5%

+2+7+0.4pt

922

315

34.3%

1,132

500

44.2%

+210

+185

+9.9pt

▲692

▲243-

▲732

▲201-

▲40+40ｰ

28,178

8,197

29.1%

30,248

8,708

28.8%

+2,069+511▲0.3ptOther Business
Adjustment (elimination or corporate)

Total
SG&A expenses(SG&A expenses ratio)

6,331

22.5%

6,832

22.6%

+500+0.1pt

Operating income (Operating margin)

1,865

6.6%

1,876

6.2%

+10

▲0.4pt3Q FY2016

1,865

OtherManagement(PI) andBusiness(PM) Business

Fund Management+233+7Property

Business+45
OP

Principal Investment

Brokerage

Business

Gross Profit

Adjustment

SG&A(elimination

expensesor corporate)+185+40

3Q FY2017

1,876

▲500
SG&A
expensesOP

Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

11（Millions of yen）

3Q FY153Q FY16

3Q FY17YonY change

Net sales (Segment)

8,712

8,731

9,155+424

Franchise agencies
Directly managed agencies

5,182
3,530

5,355
3,376

5,523
3,632+168+256

Operating income (Segment)

1,474

1,460

1,311

▲150

Directly managed agencies

618856834
626570741▲265+115

No. of contracted franchises

1,143

1,166

1,151

▲151,051
92

1,061
105

1,044
107

▲17+2

44.4
10.8

39.5
7.6

40.1
8.4

+0.6+0.8

Franchise agencies

Franchise agencies
Directly managed agencies

Per directly
managedagency(Japan)Net sales
Operating income

Results of FY2016
Per directly managed agency(Japan)Net Sales
Operating income50.89.0Notes: 1. Net sales and operating income per agency are calculated based on the average number of directly managed agencies (Japan) operated during the period.
2. Amounts are rounded down to the nearest million yen and percentages are rounded off to the first decimal place. Accordingly, figures calculated using
mathematical formulas and the resulting figures stated in this material may not agree.
Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

12

（Millions of yen）

3Q FY15

Net sales (Segment)

3Q FY16

3Q FY17YonY change

17,80317,876

19,349+1,473

13,143
4,660

13,038
4,839

13,7695,580+731+741

Sub-leasing
occupancy rate

96.5％

93.9％

94.1%

+0.2%

Operating income

937

1,086

1,145+59

63,242

66,701

71,197+4,496

27,69235,55027,61439,08728,96342,234+1,349+3,147

Net sales

290

271

273+2

Operating income

15.3

16.5

16.2

▲0.3

Sub-leasing
Rental management

Total number of units undermanagement
Sub-leasing
Rental management

Per 1,000 units

Results of FY2016

Net sales359

Per 1,000 units

Operating income

20.9＊本資料の表示数値は金額に関しては切り捨て、パーセンテージ表示については四捨五入等、端数計算により行っているため、算式に基づき算定される数値とその結果として記載される数値は必ずしも一致しない場合があります。
＊月次情報でお知らせしておりますサブリースの入居率（１－（空室家賃÷家賃総額））は、採用しておりません。
＊サブリースと賃貸管理の売上については、共通売上を各期末の管理戸数にて按分しております。
Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

13

Multi-story, self-parking parking garage for 1,000 vehicles

One of Japan’s largest subculture buildings
Approximately 2.6 million visitors annually

Book Value of Real Estate and NOI note 1
Book value of real estates

NOINOI yield(Millions of yen)
18,00016,56015,815

6.1%

15,2956.0%
12,000

6.0%

5.8%

5.9%

5.8%

5.8%

6,000722

683

693

0

5.6%

3Q FY15

リーガロイヤルホテル小倉へ賃貸

5.7%

3Q FY16

3Q FY2017

Notes: 1. NOI (net operating income) = Gross profit from rent earnings in Principal Investment and Fund Management Business (excluding value enhancement)+ depreciation. Includes portion from real estate sold during the period.
2. NOI yield = NOI / Consolidated book value of real estate at the end of each period.
3. NOI yield for each period is annualized.
Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

14Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

15

（Millions of yen）

FY16

FY17

FY18

FY19

FY20（Actual）（Plan）（Plan）（Plan）（Plan）

37,38343,00046,60051,00056,000Brokerage Business

11,455

13,70014,80015,90016,800Property Management Business

23,845

26,90029,50032,80037,000

Other Businesses note2

2,082

2,400

2,300

2,300

2,200

10,965

13,60015,20016,90018,400Brokerage Business

6,105

8,000

9,000

10,00010,800Property Management Business

4,023

4,700

5,300

6,000

6,700

836

900

900

900

900

Operating income

2,489

3,200

3,700

4,400

4,900

Ordinary income

2,065

2,800

3,300

4,000

4,600

Profit

1,653

1,500

1,600

2,200

2,700

ＥＢＩＴＤＡ*

4,219

4,900

5,400

6,000

6,600

Net sales

Gross profit

Other Businesses note2

Notes: 1. EBITDA = Ordinary income + interest expenses + depreciation + amortization of goodwill
2. Other businesses include Principal Investment and Fund Management Business, Other Business and corporate and eliminations.

Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

16

Quantitative Targets (Financial plan)（Millions of yen）

FY16

FY17FY18FY19

FY20（Actual）（Plan）（Plan）（Plan）（Plan）

Total assets

42,291

41,40040,90041,00041,700Total liabilities

38,204

36,10034,10032,20030,40027,82825,60023,20020,90018,600

4,087

5,300

6,800

8,800

11,300Of which borrowings
Total net assets

EBITDA note1 Multiple note2

Shareholders’ Equity Ratio(Millions of yen)

(Millions of yen)

30,000

削
削
除6.6
除

8.0

6.0

5.2
4.3

20,00025,6004,219
0FY16(Actual)

4,900

80,00013%

Borrowings (left axis)
借入金残高（左軸）

15.0%

9.6%

40,00010.0%
2.020,000

42,291
4,056

FY17(Plan)

20.0%

16%

23,20020,90018,600
6,600
6,000
5,400

FY18(Plan)

FY19(Plan)

EBITDA (left axis)
EBITDA（左軸）FY20(Plan)

30.0%
25.0%

21%

4.0

2.8

10,00027%

60,0003.5
27,828100,000

0.00

FY16(Actual)

EBITDA multiple (right axis)
EBITDA倍率（右軸）41,4005,300
FY17(Plan)

資産合計（左軸）
Total
assets (left axis)

41,70041,000
11,2008,700
6,700

40,900FY18(Plan)

FY19(Plan)

Shareholders’equity (left axis)

自己資本（左軸）

FY20(Plan)

5.0%
0.0%Shareholders’ equity
ratio (right axis)

自己資本比率（右軸）Notes: 1. EBITDA = Ordinary income + interest expenses + depreciation + amortization of goodwill
2. EBITDA multiple: Interest bearing debt / EBITDA (Operating income + depreciation + amortization of goodwill)
Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

17

unit

FY16

FY17

FY18

FY19

FY20(Actual)（Plan）（Plan）（Plan）（Plan）

Franchisea g e n c i e s

Agencies

1,057 (▲７)

1,104 (+47)

1,124 (+20)

1,144 (+20)

1,164 (+20)

D i r e c t l ym a n a g e da g e n c i e sAgencies

107 (+12)

125 (+18)

140 (+15)

155 (+15)

170 (+15)

S u b t o t a l

Agencies

1,164 (+5)

1,229 (+65)

1,264 (+35)

1,299 (+35)

1,334 (+35)

Brokerage
segment
Net sales

Billionsof yen11.4 (+0.1)

13.7 (+2.3).

14.8 (+1.1)

15.9 (+1.1)

16.8 (+0.9)

Brokerage
segment
Operating income

Billionsof yen1.9 (▲0.1)

2.6 (+0.7)

2.8 (+0.2)

3.1 (+0.3)

3.2 (+0.1)

Directly managed
segment
Net sales andoperating income
per agency (Japan)

Millionsof yen50 (▲5)9 (▲3)

55 (+5)
11 (+2)55 (+0)
11 (+0)55 (+0)
11 (+0)55 (+0)
11 (+0)

Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

18Unit

FY16(Actual)

FY17

FY18

FY19

FY20

（Plan）（Plan）（Plan）（Plan）

Rentalmanagement

Thousands of unit

41 (+5)43 (+2)48 (+5)54 (+6)

61 (+7)Sub-leasing

Thousands of unit

28 (+1)31 (+2)34 (+3)38 (+4)43 (+5)

Thousands of unit

70 (+6)74 (+4)82 (+8)92 (+10)104 (+12)

PM segment
Net sales

Billionsof yen

23.8 (+0.1)

26.8 (+3.0)

29.5 (+2.7)

32.8 (+3.3)

37.0 (+4.2)

PM segment
Operatingincome

Billionsof yen

1.3 (+0)

1.5 (+0.2)

1.9 (+0.4)

2.3 (+0.4)

2.8 (+0.5)

Millionsof yen

359 (▲23)20 (▲ 0 )

378 (19)
22 (+2)378 ( 0 )24 (+2)377 (▲1)26 (+2)377 ( 0 )29(+3)Total

PM segment
Net sales and operating
income per 1,000 units

Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

19

Example for incidental products

Insurance and 24hour emergency
assistance service

Bacterial detergentsand deodorants

Simple type fire
extinguishers

Example for Share Services

Rent guarantees

renting
privatehomes androoms

CoworkingParking lot

trunk room

Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

20

（Millions of yen）

up16％FY

1,6013Q

1,035

FY163Q

1,185

FY17

FY18

FY19

FY20

＊The figures represented by the graph of FY2017 for the full fiscal year is forecast, and the growth rate of 16% is the same as the year-on-year forecast.
Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

21

Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

22

Our company was established with the desire to contribute to the qualitative improvement of the real estateindustry by making use of IT.
In the reference period settlement period at the time of the initial public offering, about 93% of sales aretechnologies (IT · cloud), after that, the Brokerage / PM business has expanded.
However, in recent years, technology has become important again in the environment where technologies andSNS set the winner's defeat of the company and the share service has been dramatically expanding.
In July 2017, we established the 1,000 employees involved in systems and creatives. We would like to go backto the new enterprise stage that turns back at the time of establishment and centered on technology.
Please stay tuned.

On public offering

Real Estate Information
Network Business（IT・Cloud）

NowFuture

Brokerage Business
Property management
Business

Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.

23

Thank you for your attention
The information presented in these materials, excluding past results but including management strategies,
plans, and forecasts, is forward-looking information, based on certain assumptions deemed reasonable inlight of the information available at the time these materials were prepared. Actual results may differ
significantly from these forecasts as a result of a variety of factors going forward.
The information contained in these materials is subject to change without notice. Every effort has been
made to ensure the accuracy of the information contained herein, but Apamanshop Holdings makes noguarantee regarding the accuracy, usefulness, or timeliness of such information. Apamanshop Holdings
assumes no responsibility for losses incurred as a result of errors in the information contained herein.
These materials were prepared for the purpose of presenting the business overview of Apamanshop
Holdings and its affiliates, and are not intended as a solicitation or offer for investment. Investment
decisions are entirely those of the investors.

Contact
IR Division, Apamanshop Holdings Co., Ltd.
E-mail: ir@apamanshop.co.jp
Phone: +81-3-3231-8020 (main)
Copyright © Apamanshop Holdings Co.,Ltd. All rights reserved.