Materials for the Briefing on
the Financial Results for
FY2020February 8, 2021
Future Corporation(First Section of the Tokyo Stock
Exchange: 4722)

Copyright © 2021 by Future Corporation

Today’s Presenters

Yasufumi Kanemaru

Yuki Shingu

Yohei Saito

Chairman and PresidentGroup CEO

Board Director

Board Director, Chief
Technology Officer

President,
Future Architect, Inc.

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2

Agenda1. Earnings for FY2020
2. Topics Related to FY2020
3. Plan for FY2021
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3

1. Earnings for FY2020

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4

1. Earnings for FY2020(i) Earnings Highlights
Consolidated
earnings
results for
FY2020IT Consulting &ServiceBusinessInnovation
Inter-segment
adjustment

Net sales were comparable to the level for the previous year, while operating
income, ordinary income, and profit attributable to owners of parent all decreased

Net sales
Operating income
Ordinary income
Profit attributable to owners of parent

44,311 million yen ( 2.4% decrease)
5,235 million yen (19.8% decrease)
5,438 million yen (19.0% decrease)
3,795 million yen (16.7% decrease)

Segment sales and operating income decreased, mainly due to curtailed and postponed IT investment by somecustomers and partial delay in project deliver

Net sales:
Operating income:

35,488 million yen (5.1% decrease)
4,900 million yen (21.7% decrease)*Refer to Appendix. (i)eSPORTS and CodeCamp drove growth in sales. All companies saw dramatic improvement in operating income

Net sales:
Operating income:

8,908 million yen (10.1% increase)462 million yen (1642.6% increase)

Net sales:
Operating income:(147) million yen(107) million yen*Refer to Appendix. (i)Copyright © 2021 by Future Corporation

51. Earnings for FY2020(ii) Analysis of Earnings Results (Net Sales and Operating Income)*Refer to Appendix (ii)

Declines in both net sales and operating income for the first time since FY2016
Operating income margin decreased by 2.6 percentage points year on year
Net sales

7,000

45,3896,523

44,311
6,000

40,21835,293Operating income

40.0%

5,824

Operating income
Operating income margin

36,26533,653

5,000(Million
yen)
45.0%

5,235

4,869
4,458

4,000

35.0%
30.0%

3,642

25.0%
20.0%

3,000

15.0%
2,000

13.8%
10.8%

1,000

0

2015

2016

2017

2018

2019

2020

2015

2016

12.3%

14.5%

14.4%

11.8%

10.0%
5.0%

2017

2018

2019

2020

0.0%

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1. Earnings for FY2020(ii) Analysis of Earnings Results (Balance Sheets)*Refer to Appendix (iii)

Total assets increased from 39,039 million yen at the end of December 2019 to 49,823 million
yen
Balance Sheets(Million yen)

Total assets 49,823
Total assets 39,039
Cash anddeposits
14,929Liabilities
8,742

Current assets otherthan cash anddeposits 9,795

Property, plant and equipment

1,385

Intangible assets

2,481

Cash anddeposits
15,110Liabilities
11,594Current assets
other than cash
and deposits

Net assets
30,296

Investments andother assets

10,447

End of December
2019

11,325

Property, plant and equipment

1,178

Intangible assets

2,150○Increase/decrease in assets
Increase/decrease in assets:(Major items)
Cash and deposits:
Notes andaccounts receivable – trade:
Investment securities:
Work in process:Property, plant and equipment:
Customer-related assets:
Investment securities:＋10,784＋ 180＋ 797＋ 1,000
- 335
- 207
- 208
+9,652○Increase/decrease in liabilities

Net assets
38,228Investments and otherassets

20,057

End of December
2019

Increase/decrease in liabilities:(Major items)
Accounts payable – trade:
Income taxes payable:
Provision for loss on projects:
Deferred tax liabilities:+2,851
- 276
- 90
- 241
+2,979○Increase/decrease in net assets

Increase/decrease in net assets:(Major items)
Total shareholders’ equity:
Valuation difference on
available-for-sale securities:

Copyright © 2021 by Future Corporation+7,932＋1,250+6,6317

1. Earnings for FY2020(ii) Analysis of Earnings Results (Cash Flows)
Operating CF

Investing CF

4,452*Refer to Appendix (iv)

Profit before income taxes:
Depreciation:
Increase (decrease) in inventories:
Decrease (increase) in notes and accounts receivable - trade:
Increase (decrease) in provision for loss on projects:
Other:

5,530
1,102
255
-866
-241
＋204

FY2020Subtotal:
Income taxes paid:
Interest and dividends:

5,985-1,718184

FY2020

CF from operating activities:

4,452

-666

Financial CF○Breakdown of cash flows from operating activities

FY2020-2,708(Million yen)

○Breakdown of cash flows from investing activities
Purchase of securities:
Purchase of property, plant and equipment:
Purchase of intangible assets:
Purchase of investment securities:
Other:

-100
-121
-433
-110
97

CF from investing activities-666○Breakdown of cash flows from financing activities
Repayment of finance leases
Purchase of treasury shares
Cash dividends paid
Other

-108
-758
-1,822-19

CF from financing activities-2,708
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1. Earnings for FY2020(iii) Results by Segment (IT Consulting & Service)
Net sales

37,393

FY20192019年

Future Architect, Inc.
(including Future Corporation’sTechnology Division)
Net saleOperating income

YDC Corporation
Net saleOperating income

FutureOne
Net saleOperating income

dit Co., Ltd
Net saleOperating income*Refer to Appendix (v)Operating income
35,488FY2020
2020年

6,261

2019年
FY2019(Million yen)

4,900

2020年
FY2020・Net sales decreased, mainly due to curtailment of investment and postponement of the start of new projects by somecustomers, despite solid orders for grand design from customers promoting business reforms and core systemenhancements from various industries conscious of the 2025 Digital Cliff.
・Operating income decreased, mainly due to an increase in costs associated with late deliveries and testing fees at theclosing of some highly challenging existing projects.
・Net sales increased due to strong sales of its “YDC SONAR” software, which integrates and analyzes quality information in the manufacturingindustry.
・Operating income increased dramatically due to the advances in profitability management through introduction of a Group system.

・Net sales and operating income both decreased sharply, mainly due to greater than expected investment of personnel
to give priority to delivery delays of certain large projects.
・Net sales and operating income both increased sharply, reflecting strong performance of security-related services suchas vulnerability diagnostics, with order acquisitions related to network construction for ICT environment maintenanceand so forth.
Copyright © 2021 by Future Corporation

91. Earnings for FY2020(iii) Results by Segment (IT Consulting & Service)(Million yen)

Sales trends by industry
Service

FY2018FY2019FY2020Distribution

Finance

3,848

6,951

6,239

8,479

(15.1%)(27.3%)(24.4%)(33.2%)

5,625

7,688

6,126

8,123

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

6,616

6,743

6,120

7,000

(25.0%)(25.5%)(23.1%)(26.4%)

Manufacturing

Note 1) Results for Future, Future Architect, Future Inspace, and YDC have been combined.
Note 2) Figures for procured goods and the maintenance thereof are not included
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101. Earnings for FY2020(iii) Results by Segment (IT Consulting & Service)(Million yen)

Sales trends by phase
Grand design
4,289
FY2018FY20192020年(16.8%)

4,904(19.2%)

DesignDevelopment

11,652

4,673(45.7%)(18.3%)

4,149

4,014

14,351

5,048(15.1%)(14.6%)(52.0%)(18.3%)

5,365

3,706

11,2036,205(20.3%)(14.0%)(42.3%)(23.4%)

Management/ Operation

Note 1) Results for Future, Future Architect, Future Inspace, and YDC have been combined.
Note 2) Figures for procured goods and the maintenance thereof are not included
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1. Earnings for FY2020(iii) Results by Segment (Business Innovation)

Operating income

Net sales

8,088*Refer to Appendix (v)

8,908

2019年
FY20192020年
FY2020(Million yen)

462

26

FY2019
2019年

eSPORTSNet saleOperating income

Tokyo Calendar Inc.
Net saleOperating income

CodeCamp Inc.
Net sale・Net sales increased as training gear grew atop an increase in demand for indoor training and the incorporation of outdoor activity demand as well.
・Operating income increased dramatically, partly due to reinforcement of private brand products in strong performing categories.
・Advertising revenues decreased, reflecting growth in Internet services and new initiatives such as online cooking courses, despite a decline inadvertising revenues.
・Operating income was posted, in contrast to the operating loss recorded in the previous fiscal year.
・Both net sales and operating income increased, reflecting a strong surge in needs for individual programming home study and corporate online
training.

Operating income

LaiBlitz, Inc.
Net sale

FY2020
2020年

・Both net sales and operating income increased. Provision of systems for professional baseball teams sold steadily, with favorable sales ofoperation of baseball fan websites and collaboration products.

Operating income

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121. Earnings for FY2020(iv) Analysis of Changes in Net Sales(Million yen)＋61
-1,904
IT Consulting &Service

Other

+820
BusinessInnovation-55
Adjustments

45,38944,311(-2.4%)FY2019FY2020
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1. Earnings for FY2020(v) Analysis of Changes in Operating Income(Million yen)＋435

-1,3606,523

FY2019IT Consulting &ServiceBusinessInnovation

-16

Other

-346
Adjustments

5,235(-19.8%)FY2020
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2-1. Topics Related to FY2020
IT Consulting & Service
1. High level of support from customers in many diverse industries
2. Initiatives for provision of next-generation banking systems for regional financial institutions
3. Initiatives for realizing SG Holdings Co., Ltd.’s digital strategies
4. Strategic investment in human resource acquisition and training system
5. Increasing value by stimulating communication

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15

High Level of Support from Customers in Many Diverse Industries
Grand design from customer promoting business reforms
Strong orders for renewal of core systems from customers in various industries
who are conscious of the 2025 Digital Clif

Principle order trends inthe second half
Retail andwholesale

Real estate
Banking

Distribution

Real timearchitecture
ApparelInsuranceandsecurities

Media
Logistics,
lifestyle, infrastructure

Manufacturing＋

Food wholesaling
and restaurants
Bank
Manufacturing
Railways andservices- 16 -

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Initiatives for Provision of Next-Generation Banking Systems for
Regional Financial Institutions
Provide next-generation banking systems based on new concepts that pursue optimal systems
from the ground-up to realize management strategy and operational changes
at regional financial institutions and support sustainable growth<Features of Next Generation Banking System>
Next Generation Banking System

Smartphonebank(i) Increasing complexity of application structures(ii) Diversification of channels and settlement

Alliances withother industries,
such as Fintech(iii) Core system environmentswith vendor’s proprietary specifications

Consulting(branch)Externally linked API<Issues with Current Systems>(iv) Insufficient utilization of customer base and data(v) Massive increase in the number of system patches
and processing time(vi) Information system groups clustered by purpose

Operating applications

Nextgeneration
branchservices

Business rule engine
Real-time processing
Consulting(visit)Account database

Replication

Renewal fromlegacysystems

ATMs at allbanks , etc.

External
connection

Integrated databaseSales
finance

Information applications

Public cloud

Redefine the services required of the new generation of regional financial institutions,and realize Digital Transformation (DX) for regional banks

Simplify application structure and make them more compact to realize speedy management strategy
Enhance and improve the quality of customer services using batchless real time information
Realize flexible adaptivity to technology change through use of open technologies and cloud and highly flexible IT strategies
Promote DX of core operations and shift to consulting services
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Initiatives for Realizing SG Holdings Co., Ltd.’s Digital Strategies
Deepen strategic partnership. Merge IT and logistics platforms and work on solving logistics issues
confronting the industry using expertise in logistics and IT(i)Address driver shortages(ii) Address rapid expansionof e-commerce(iii) Radical automationand labor saving
Eliminatestaffing shortages

Digitalize form
information
Full automation
item retrieval
using robots

Optimizedelivery routes

Support improved working environment fordrivers by streamlining pick-up and delivery
operations through digitalization

Support stronger links
between materials handling and systems
in one of the largest distribution centersin the Tokyo Metropolitan Area

1. SIP: Japanese government’s Cross-ministerial Strategic Innovation Promotion Program- 18 -

Joint R&D at SIP*1 aiming
for practical application andoperation implementation in 2023

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Strategic Investment in Human Resource Acquisition andTraining System
While some companies are holding back on hiring due to COVID-19,
aggressively conduct recruitment activities for new graduates and mid-career hires■Mid-career hires■New graduate hires

Status of Hiring by Future and Future Architect
・Enhanced corporate introduction by video
・Employees act as recruiters to contribute torecruiting activities
・Dissemination of culture and awareness-raising
activities through owned media

Tentative new recruits among FY2021 graduates➡Actively recruit promising students with high potential
FY2021 mid-career hiring plan
➡Actively capture potential top-performing personnel

Expand support system with thorough training curriculum and in-house systems for new hires
Training

Enhanced personnel training program
Enhanced career path training

Systems

Review remuneration in line with revision ofevaluation system
Strengthen system for assigning employees
to their preferred projects
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Increasing Value by Stimulating Communication
Form a consulting group with high quality inputs and outputs in various forms,
including knowledge, culture, IP, and technology
・Study groups
・Open Projects/Group
company exchanges
・Shared interest events
In 2H alone, 193 events held with 10,677 participants(approx. 6,500 hours)

Internal effects
Human resource
growthIncreased organizational andindividual capabilities

・ Explanation of DX and BPR through FUTURE
INSIGHT SEMINAR
・Participation in seminars for external audiences

Spontaneousinternal exchange
eventsHosting andparticipation in
webinars for externalaudiences

Lively community
activities
Continuation and・BPYdevelopment of・Individualcompany culture
Presentation
events・Exchanges with the
management teamDissemination
through owned
media

External effects
Brand cultivation
Customer contribution
through business・Miraiho(Open internal newsletter)
・Use of social media such as technology blogs

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2-2. Topics Related to FY2020
Business Innovation
１．eSPORTS
２．CodeCamp
３．LaiBlitz

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Respond quickly to ways to enjoy leisure time in step with new lifestyles and changes in demand～ Expanded product line-up and strengthened PR to develop in-house outdoor brands,
achieving 140% growth year on year ～Trend status

Products

Outdoor demand

Increase in womenenjoying camping

140％

PromotionsStore
openings
AugustSeptember

OctoberHigh design performance
Light but highly functional
Affordable pricing

Solo camping

Net sales

July

•
•
•

November

DecemberTo achieve even high brand recognition,in addition to the internet,
we also focused on creating real-world
customer contacts points

Community
contributions

Wholesale22
sales

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22

Sales and operating income both increased sharply as the spread of COVID-19 drove increasing need for people
to study at home and for corporations to provide online training.

CAGR: approx.
Four years
cumulative total:
approx.

Corporate
customers

・New customer acquisition
・Increase sales to existing customers

KIDS

New challenges such as provision ofprogramming lesson materials forelementary school children incollaboration with JAXA

Net sales
Operatingincome or loss

530%
Operatingincomemargin Over20%

JAXA programming lesson materials(Forecast)

Learn aboutprogramming with the
new space station
resupply vehicle “HTV-X”!

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Using data analysis technology to further accelerate the “scientific approach to sport”～ Providing data analysis systems for handball and the FASTLIVE online spectator service ～Operating income

170%

7.00
6.00

UP

5.00

Score analysis

Athlete data analysis

Analysis of inputted game scores

Grasping athlete conditioning such as pulse rateand load through connection with wearable
sensors

4.00
3.00
2.00
1.00
0.00

2019年

Customer management,
e-commerce systeme-commerce site
(linked topurchase
information)

Fan club site

2020年

FASTLIVE

Game image AI analysis
Live streaming service

Fan interaction
entertainment

Watch games online

Personalauthentication
service developedby LaiBlitz, Inc.

Movement data in games and conversion of athlete form into data

Live streaming

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24

3. Plan for FY2021

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3. Plan for FY2021①Full-year Operating Forecast(Million yen)

Plan forFY2021Results for
FY2020YoY change

Plan forFY2021 1H

Result for
FY2020 1H

YoY change

Net sales

47,50044,311

7.2%

22,00022,135-0.6%

Operating income（operating income
margin)

7,150

5,235

36.6%

2,900

3,239

-10.5%

4,800

3,795

26.5%

1,980

2,366

-16.3%

Profit attributable toowners of parent（profit margin）(15.1%)(10.1%)(11.8%)(8.6%)(13.2%)(9.0%)(14.6%)(10.7%)

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26

3. Plan for FY2021②Changes in Net Sales and Operating Income
Net sales
売上高47,50045,38912,000(Million yen)

Operating income

45.0%

44,311
Operating income

40,21810,00040.0%

Operating income margin

36,265

35.0%

30.0%

8,000

7,150
6,523

25.0%

5,824

6,000

5,235

20.0%

4,458
15.0%

4,000

14.5%
2,000

15.1%

14.4%

12.3%

10.0%

11.8%
5.0%

0

2017年
2017

2018年
2018

20192019年

2021年（予）2020 2020年
2021(Forecast)

2017

2018

2019

2020

2021(Forecast)

Copyright © 2021 by Future Corporation

0.0%

27

3. Plan for FY2021③Dividends
FY2020 year-end dividend is planned to be 20 yen. The annual dividend is planned to be 40 yen(as originally planned). For FY2021, the Company plans to pay a dividend of 42 yen per share(interim dividend 21 yen, year-end dividend 21 yen).
Yen

¥45
¥40

Dividend

¥39

¥40

¥42

100.0%

Dividend payout ratio¥35

120.0%

¥32

80.0%

¥30
¥26
¥25

60.0%

¥20

40.0%

46.8%
¥15
31.1%

34.9%

38.7%

38.3%

20.0%

¥10
¥5

2017

2018

2019

2020(Forecast)2021(Forecast)

0.0%

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28

Appendix

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29

Appendix-①Future GROUP
Future Architect, Inc.
Future Inspace, Inc.
IT Consulting &ServiceYDC Corporation
FutureOne, Inc.
Micro CAD Co., Ltd.
dit Co., Ltd.
Innovation Laboratory, Inc.

Future Corporation(Holding company)eSPORTS Co., Ltd.
Tokyo Calendar Inc.
BusinessInnovation

CodeCamp, Inc.
LaBlitz, Inc.

Future Investment Corporation
Zeekstar Sports Entertainment Inc.

(As of December 31, 2020)
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Appendix-② Analysis of Earnings Results(Comparison of Results)(Million yen)Compared with projected results

Year-on-year comparison

Results for
FY2020Plan for FY2020(revised plan)

Net sales

44,31144,000＋0.7%

45,389-2.4%

Operating Income

5,235

5,000

+4.7%

6,523

-19.8%

Profit attributable toowners of parent

3,795

3,500

+8.4%

4,557

-16.7%(operating income margin)（profit margin)(11.8%)(8.6%)(11.4%)(8.0%)

Rate of change

Results for FY2019(14.4%)(10.0%)

Rate of change

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Appendix-③Balance Sheets(Million yen)

End of Dec. 2020

End of Dec. 2019

Current assets

26,436

24,725＋1,710Non-current assets

22,387

14,314+9,073

Total assets

49,82339,039+10,784

Current liabilities

6,476

6,552

- 75

Non-current liabilities

5,117

2,190

+2,927

Total liabilities

11,594

8,742+2,851

Total net assets

38,22830,296+7,932

Shareholders’ equity ratio

76.6%

77.6%

Current assets：

Cash and deposits
Notes and accounts receivable – trade
Investment securities

Non-current assets： Property, plant and equipment
Intangible assets (including goodwill)
Investment securities
Provision for loss on projects
Current liabilities：
Non-current
Deferred tax liabilities
liabilities：
Valuation difference on available-for-sale
Net assets：
securities

ChangeEnd of Dec. 2020 End of Dec. 201915,110
7,884
1,000
1,178
2,150
18,431
13
4,615

14,929
7,087
－
1,385
2,481
8,779
254
1,635

11,2294,598

Change+180＋797+1,000-207-330+9,652△241+2,979＋6,631

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32

Appendix-④Cash Flows(Million yen)

FY2020FY2019ChangeCash flows from operating activities

4,452

5,002

-549

Cash flows from investing activities-666-1,856+1,189Cash flows from financing activities-2,708-2,118-589

Effect of exchange rate changes on cash and cash
equivalents

3

-6

+ 9

Increase (decrease) in cash and cash equivalents

1,080

1,021

+ 59

Cash and cash equivalents at the beginning of the period

14,92913,908＋1,021

Cash and cash equivalents at the end of the period

16,01014,929+1,080

FY2020Operating CF： Profit before income taxes
Increase (decrease) in provision for loss on projects
Decrease (increase) in notes and accounts receivabletrade
Decrease (increase) in inventories
Investing CF：

Purchase of securities
Purchase of investment securities

Financial CF：

Purchase of treasury shares
Cash dividends paid

FY2019

5,530
-241

6,477
228

-866

-831

255
-100
-110
-758
-1,822

-330

－
-600
-0
-1,567

Change

-947
-205
- 34
586
-100
+490

-758
-255

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33

Appendix-⑤ Results by Segment
2020

2019

Net sales

44,31145,389-2.4%

IT Consulting & Service

35,48837,393- 5.1%

Business Innovation

8,908

8,088

＋10.1%

61

0－

Adjustments

-147

-91

－

Operating income

5,235

6,523

-19.8%IT Consulting & Service

4,900

6,261

-21.7%

Business Innovation

462

26

+1642.6％

Other

-21

-4

－

Adjustments

-107

239

－

（Millions of Yen）

Other

YoY change

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34

Appendix-⑥-1Recognition of Backlog （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
Orders received

50M

200M in total

Estimate①

Estimate②

100M

50M

Period-end(2) Each contract’s period and amount differ depending on the portfolio for each phaseGrand
designOrders received

40M (3 months）

Development

Period-end

Estimate

60M (3 months ）Orders received
100M(6 months ）(3) Orders received are recognized based on evidence (contract documents) and are not considered assuch 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 not recognize them.
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35

Appendix-⑥-2 Relationship between Backlogs and Sales
Order backlog(Millions of Yen)IT Consulting & Service – Changes in backlogs and sales(Quarterly basis)

Net Sales(Millions of Yen)

14,00010,000Order backlog
9,000

Net Sale

12,0008,000
10,000

7,000
6,000

8,000

5,000
6,000

4,000
3,000

4,000

2,000
2,000

0

1,000

2017 1Q

2017 2Q

2017 3Q

2017 4Q

2018 1Q

2018 2Q

2018 3Q

2018 4Q

2019 1Q

2019 2Q

2019 3Q

2019 4Q

2020 1Q

2020 2Q

2020 3Q

2020 4Q

0

As shown in the concept of order backlog on the previous page, the order backlog at the end of the period does
not necessarily correlate with future net sales
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36

The summary report of operating results, supplementary materials, briefing
material and other various IR material 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 those 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 the operating results.
Copyright © 2021 by Future Corporation

37