Materials for the Briefing on the Financial
Results for Fiscal 2023

February 8, 2024
Future Corporation(Securities code: 4722, TSE Prime)
Copyright © 2024 by Future Corporation

Today’s Presenters

Yasufumi Kanemaru

Yuki Shingu

Yohei Saito

Chairman and PresidentGroup CEO

Board Director
in charge of IT Consulting
Business

Board Director
Chief Technology Officer

President and Chief Executive
Officer, Future Architect, Inc.

President and Chief Executive
Officer, Future Architect, Inc.

Copyright © 2024 by Future Corporation

1

Agenda

1. Topics Related to the FY2023

2. Earnings for FY2023

3. Plan for FY2024
Copyright © 2024 by Future Corporation

2

1. Topics Related to the FY2023

Copyright © 2024 by Future Corporation3

Since day one, the accumulation of human resources
and technology through theory and practice has been an asset
Maximizing future value of customers and helping solve social issues

Management × IT
⚫
⚫
⚫
⚫

⚫
⚫

Integrated design ofmanagement and IT strategies
Operation process reformLeverage cutting-edge
technology
Ability to implement businessand infrastructure
simultaneously
Scientific quality control
methods
R&D, Intellectual
property/patents

RetailWholesaleSocial issues

Banking⚫

Insurance
Securities

Distribution

Maximizing
customers’
future value
ApparelLogistics
Basic
infrastructure

Manufacturing
Energy

⚫
⚫

⚫

Media

⚫

⚫

Climate change, energy, anddecarbonization
Mobility, disaster prevention andinfrastructure
Water and food (food loss)
Wellness (health, medical, welfare,nursing care)
Education (high-quality educational
opportunities and human resource
development)
Employment (lack of humanresources and successors,long working hours)

Copyright © 2024 by Future Corporation

4

DX investment continues to be strong in all industries andsectors*DraftContributing to customer value enhancement through Future’s integrated capabilities ofhuman resources, technology and intellectual property

RetailWholesale

Banking

Insurance
Securities

Distribution

Real-timeArchitecture
Media

ApparelLogistics
Basic
infrastructure

Manufacturing
EnergyCopyright © 2024 by Future Corporation5

Support DX promotion of regional financial institutions
and their contribution to regional revitalization
Integration test in the Next-Generation Banking System project is underway as planned✓ Additional development to meetrequirements of new laws andregulations and systems isaddressed without extending theschedule✓ At Fukushima Bank, an integration
test is well underway towards fulloperation plannedin 2H of FY2024✓ The project at Shimane Bank hasentered the development phase andis well underway

AI

Strong profit-making company,
regional sustainable growth, andcutting-edge digital technology thatcan respond to environmental
changes
Regional sustainable growth
Cutting-edge digital technology

Other
industries• Corporate customers• Local enterprises• Venture companies

Expansion ofbusiness sectors

Regional financial
institution

Consulting Life plan
supportBranches

Sophistication of bankmanagement
In-house business reform
Physical-digital convergence

Initiatives for
ESG/SDGs

Promote regional DX through Future’s banking solutions
Copyright © 2024 by Future Corporation

6

Support transformation and DX promotion in the apparel industry
Building a core platform, FutureApparel, that encompasses industry-specific core areas

Continue evolution and contribute to thetransformation and growth of the apparel industry

From 2023
Actualresults

MasterSales

Inventory
Slip

From 2015

Orderplacement

Receiving andshipping

Urban ResearchCo., Ltd. decided to
introduce
FutureApparelOmni-channel retailing support solution
Launched “OmnibusCore”

Achieved numerous system upgradeswith major apparel companies
Copyright © 2024 by Future Corporation

7

Support DX promotion and resolution of issues in the logistics industry
As a strategic partner of SG Holdings Co., Ltd., we work together to resolve logistics issues“Jointly planning and promoting solutions tosocial issues”
Labor
shortage

FY2023

Risingcosts

Tightening
regulation

SDGs, etc.

Completed system infrastructure renewal of core system(Leverage architectural advantages to flexibly address businessexpansion)

From 2018

From 2004

Jointly promote implementation of AI and other digitaltechnologies to business

Future and SG SYSTEMS Co., Ltd. jointly promoted the opening of coresystems
SG SYSTEMS, to be a group that is able to develop and operate
systems by itself
Copyright © 2024 by Future Corporation8

Support DX promotion and resolution of issues in the logistics industry
As a strategic partner of SG Holdings Co., Ltd., we work together to resolve logistics issues
DX Measures (1)“Improving driver
operations”
Fulldigitization of
slip
information

DX Measures (2)“Reducing the number ofredeliveries”
Loadefficiency

Requestredelivery
through LINE

At
home

Absence

TMS*1

GlobalSpecify thedelivery time
“after 19:00,
tomorrow”

One-way
streetPlace to stop thevehicleDX Measures (3)“Exploitation of businessmodel”

Changerecipient

Delivery route
optimization

GOAL®*2

Excerpt from DX strategy materials of SG Holdings
https://www.sg-hldgs.co.jp/ir/management/dx/pdf/sgh_dx.pdf

Improve drivers’ labor
environment throughdigitization

Enhance functionality
and UI for recipientsto improve
convenience*1 TMS: Customized solution with enhanced charter service provided by Sagawa Express Co., Ltd.
*2 GOAL ®: Advanced Logistics Project Team in the SG Holdings group

Contribute to the expansion ofbusinesses other than homedelivery service through thelogistics × IT platform
Copyright © 2024 by Future Corporation

9Addressing the 2024 problem in the logistics industry
Building a Data Management Platform (DMP) for delivery

Support IT governance, system quality enhancement, and supply chain
reform as IT strategic partner• Centralized management of information,
which was previously individually managed
by FamilyMart and logistics providers, tooptimize delivery at more than 16,000 stores• Utilizing more accurate data from distribution
sites for efficient delivery of products bytemperature zone to stores according to peaksales
• Reducing the number of delivery courses andthe number of trucks by simulating delivery
courses using DMP data and external datasuch as traffic information◼ Delivery DMP

Warehousemanagement
systemDeliverycoursesimulator

Shipment
resultsStore
information

Delivery
DMP

BudgetcontrolsystemStore

Driving
results
systemCenterinformation
Distribution
centerReduce driver load, environmental impact and logistics costs
Copyright © 2024 by Future Corporation

10

Aggressive investment in generative AI
We are thoroughly strengthening our generative AI technology

Leading-edge NLP
personnel
recruitment

GPU infrastructuredevelopment

Industry-academia
joint researchBusiness specific LLM✓ Deepen industry-academia collaboration by investing in specialized human resourcesand GPU infrastructure, accelerate development of generative AI, and expand
application scope✓ Develop business-specific LLM (large language model) and aim to resolve issues
specific to individual companies and industries
Copyright © 2024 by Future Corporation

11

Aggressive investment in generative AI
With the approach of Generative AI First, we promote internal transformation andtransformation at customers/industries
Integration of in-house solutions andgenerative AI

Business reform using generative AI

Futurefraqta + Generative AI

Consulting using LLM✓ Establish competitive advantage with in-housesolutions powered by generative AI✓ With streamlined consulting using LLM, which
integrates management, IT, and AI, we create
future value for customers and the industry
and drive business innovation✓ Implement generative AI in the design anddevelopment process to improve productivity
and quality

Copyright © 2024 by Future Corporation

12

Promoting industry-academia collaborationand cross-industry activities to realize a sustainable society“Sustainable Future Leadership Consortium” established with Waseda University

Six companies from a variety of industries, including an oil
wholesale company and a diversified chemical company,
participated in the project• Researchers are invited from Waseda
University and outside experts to study thelatest international developments in the field ofsustainability• Aiming to define issues to solve for therealization of a sustainable society, build
environmental evaluation standards based onJapan’s strengths, and create mechanisms togenerate new markets• Building a platform for companies that arelisted on the Prime Market of the Tokyo Stock
Exchange and need to meet ESG disclosure
requests

Basic rule
construction

Value model
examination

Informationtransmission
ValuecreationRuleconstruction

Value model
implementation

Providing
discussionforum

ESG management
platform

Environment

GovernanceSocial* As of January 31, 2024

Copyright © 2024 by Future Corporation

13

Introduced a proprietary system that enables profit management and forecasting forindividual items(i) Allocate all operational costs and visualize singleitem profit(ii) From an order placement based on “target sales
per brand” to an order placement based on “profit
forecast per item”
Purchase
order

Purchase
order

Items

Quantityordered

Expected
profitProfitdetermination

Wood chairwood table
LanternSleeping bag

Allocate all costs to
Identify
each SKU“profitable items”
by SKU

Revise orremove 58% of
all SKUs(iv) Forecast the maximum efficiency of a promotion
needed to dispose of remaining inventory
Mall × growth rate per point multiplier (excluding days with 5 and 0)

Purchase order tocheck sales by brand

Purchase orders based on
the forecast of profit forindividual items(iii) Real-time capture of profit margin per order line
Items

Quantityordered

Expected
profitProfitdetermina
tion

Actual achievement
rate

Wood chairwood table

Point
rewardsale

LanternSleeping bag
1×

2×

3×
AmazonYOCABITO store on Yahoo!

5×

10×

Rakuten

Simulate the most profitable way to
discountCompany-wide trace of difference between forecast and results
against purchase plans without splitting purchase orders and sales
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14

2. Earnings for FY2023

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15

(i) Highlights of financial results for FY2023
Net
sales and operating income increased more than 10% year on year
大型プロジェクトが順調に進行したことなどから、売上・営業利益共に前期比10％超の増driven by the smooth progress of large-scale projects

Fiscal 2023

2023年12月期
Consolidated
連結業績
earnings

売上高
Net
sales
Operatingincome
営業利益
Ordinary income
経常利益
Profit
当期純利益

IT Consulting &ITコンサルティング＆ServiceBusiness
サービス事業
Business
ビジネス
Innovation
イノベーション事業
Business
Inter-segment
セグメント間調整
adjustment

百万円 ( ＋10.4% )59,32459,324 million yen (+10.4%)＋12.1% )百万円
13,700 million
yen( (+12.1%)
13,70014,087 million
yen( (+12.1%)＋12.1% )百万円
14,0879,221 million yen (- 0.2%)
9,221 百万円 ( △0.2% )Both net sales and operating income increased driven by the smooth progress of
複数の大型プロジェクトが順調に進行したことなどから、増収増益
severallarge-scale projects

売上高
Net
sales
Operating
営業利益income

百万円＋11.5% )50,81750,817
millionyen( (+11.5%)
13,705
millionyen( (+
6.2%) )
百万円
＋6.2%
13,705* Refer to Appendix-(iv)Operating income improved helped by new consolidation. The E-commerce
新規連結の寄与等で利益改善。EC通販(YOCABITO)は経営再建実行中
business(YOCABITO) is undergoing a business restructuring
Net
sales
8,385
millionyen( (+1.3%)
百万円＋1.3% )
売上高
8,385
Operating income-144 million yen(previous fiscal year: -274 million yen)
（ 前期：△274百万円 ）

営業利益

Net
sales
売上高
Operating
営業利益income△ 144 百万円 (－)* Refer to Appendix-(iv)million
yen
△-685
685
百万円
263
millionyen(previous fiscal year:
263
百万円（ 前期：△336百万円）-336 million yen)
Copyright © 2024 by Future Corporation

16

(ii) Changes in Net Sales, Operating Income, and Operating
Income Margin (from FY2018 to FY2023)✓ Net sales and operating income increased by more than 10% year on year, mainly driven by the steadyprogress in the development phase of large-scale projects in the IT consulting business.
(Million yen)

Net sales(+10.4%)59,32416,000Operating income(+12.1%)

Operating income
14,00013,700Operating income margin

45.0%

40.0%

(*) 12,226

53,73835.0%

12,00048,69845,38944,31130.0%

40,21810,000

9,000
25.0%

8,000

6,523

22.8%

23.1%

20.0%

5,824
5,235

6,000

18.5%

15.0%

4,000

14.5%

14.4%

10.0%

11.8%
2,000

5.0%

0

2018

2019

2020

2021

2022

0.0%

2023
2018
2019
2020
2021
2022
2023
(*) The accounting treatment for a business combination that had been provisionally accounted for was confirmed
retrospectively in fiscal 2023. As a result, the figure for fiscal 2022 (12,229 million yen) has been revised.
Copyright © 2024 by Future Corporation
17

(iii) Year-on-year Changes in FY2023 Balance Sheet✓

Growth-investment-related assets increased mainly due to software (next-generation banking systems, etc.) and theposting of M&A-associated goodwill, etc. Accounts receivable-trade and contract assets also increased with higher sales.
We also recorded an income tax refund receivable for withholding taxes paid in connection with intra-group dividends. As aresult of these factors, total assets increased by 8,000 million yen from the end of the previous fiscal year.

Balance Sheets(Million yen)

Total assets: 66,043 (+8,067)

Total assets: 57,976

14,656
Cash and deposits

13,146

Non-current
assetsLiabilities

Cash and deposits+ 1,363

Current assets+ 4,039

Accounts receivable-trade andcontract assets

28,015Current assets■ Major Changes

Non-current assets+ 1,646+ 2,370+ 2,666

Goodwill, etc.

+ 1,677

Income taxes refund receivable

26,652

Net assets

Software

16,222
44,82921,80619,140借１Liabilities+ 1,164+ 1,510

Net assets+ 6,558

Profit+ 9,221

Dividend payment- 3,542

Investment securities

51,387

12,183

Valuation difference on availablefor-sale securities
貸１

End of December 2022

列2

借２

+ 378

+ 815

貸２

End of December 2023

Copyright © 2024 by Future Corporation

18

(iv) Cash Flows for FY 2023
✓ Operating CF saw an inflow of 7,500 million yen. Investing CF saw an outflow of 3,000 million yen due to
implementation of growth investments such as the share acquisition with M&A and the posting of software.
Financing CF saw an outflow of 3,800 million yen mainly due to payment of dividends, etc. As a result, cash
and cash equivalents increased by 600 million yen from the previous fiscal year-end.
■ Major breakdown of cash flows

Cash Flows(Million yen)
7,568
-3,02927,55222

28,215-3,898:Operating CF
Profit before income taxes:

13,194

Depreciation and amortization of
goodwill:

1,310

Tax payment:- 6,307

Increase in trade receivables, etc.

:

- 629

:

7,568

Purchase of intangible assets:- 1,335

Acquisition of shares of subsidiaries,
etc.
Other

:

- 1,615

:

- 79

Net

:

- 3,029

Dividend payment:- 3,542

Repayments of lease liabilities

:

- 198

Other

:

- 158

:

- 3,898

::

+ 663

Net

Investing CF

Financing CF

Net

End of December
2022

Operating CF

Investing CF

Financing CF

Other

End of December
2023

Net increase (decrease) in cash
and cash equivalents

Copyright © 2024 by Future Corporation19

(v) IT Consulting & Service Business for FY 2023
Net sales
FY202245,593Operating income(Million yen)

FY202350,817

FY2022
12,910

FY2023
13,705

1

Future Architect, Inc.
Net sales

Operating income

Future Inspace, Inc.
Net sales

Operating income

FutureOne
Net sales

Operating income

YDC Corporation
Net sales

Operating income

dit Co., Ltd.
Net sales

Operating income✓ DX support for many customers including logistics and apparel is progressing smoothly. Both net sales andoperating income increased driven by the steady progress in large-scale projects, including a project tointroduce next-generation banking systems that will contribute to medium- to long-term growth.
✓ Net sales and operating income increased due to continuous steady development of system infrastructure
renewal and cloud migration projects of existing customers, in addition to provision of regular maintenanceand operation services.
✓ Net sales and operating income decreased due to a slowdown in IT investment by SMEs, despite growing
orders for the original InfiniOne software package, the company’s key product, through industry-specificsales strategies, mainly in the steel industry.
✓ Net sales and operating income grew, as it provided higher added value to customers and improved its
profitability. Successful acquisition of new system integration projects, development of existing customers,
and increased orders from the strategic planning phase also contributed to the growth.
✓ Net sales increased due to an increase in cybersecurity-related sales, but operating income decreased
owing to lower-than-expected orders and higher hiring costs.
Copyright © 2024 by Future Corporation

20

(vi) Change in Composition of Revenue by Phase(IT Consulting & Service Business)✓ Sales in development grew as next-generation banking systems and various other large PJs entered
the development phase.
(Million yen)Grand design

FY2021

FY2022

FY2023

DesignDevelopment

Maintenance and operation

7,660

6,063

12,606

6,969

5,861

(19.6%)(15.5%)(32.2%)(17.8%)(15.0%)

Product sales, etc.

39,160

9,544

8,353

16,004

7,931

3,653

(21.0%)(18.4%)(35.2%)(17.4%)(8.0%)

45,487

10,1384,880

23,998

8,056

3,677

(20.0%)(9.6%)(47.3%)(15.9%)(7.2%)

50,750Note 1: Total net sales consist of net sales for external customers of the IT Consulting & Service Business.
Note 2: “Product sales, etc.” consist mainly of selection, procurement, and sale of IT equipment, and sale of licenses.
Note 3: Figures before fiscal 2021 are those before the Accounting Standard for Revenue Recognition is adopted.
Copyright © 2024 by Future Corporation

21

(vii) Change in Composition of Revenue by Industry(IT Consulting & Service Business)✓ Sales in finance (next-generation banking system) and distribution (mainly food wholesalers) grew asthey entered the development phase.
(Million yen)

Service

FY2021

FY2022

FY2023Distribution

Finance

Manufacturing

Product sales, etc.

13,443

6,113

8,576

5,416

5,610

(34.3%)(15.6%)(21.9%)(13.8%)(14.4%)

39,16015,643

8,934

11,414

4,537

4,957

(34.4%)(19.6%)(25.1%)(10.0%)(10.9%)

45,487

15,466

11,21013,179

6,701

4,193

(30.5%)(22.1%)(26.0%)(13.2%)(8.2%)

50,750Note 1: Total net sales consist of net sales for external customers of the IT Consulting & Service Business.
Note 2: “Product sales, etc.” consist of selection, procurement, and sale of IT equipment, sale of licenses, and sales fornational and regional government offices.
Note 3: Figures before fiscal 2021 are those before the Accounting Standard for Revenue Recognition is adopted.
Copyright © 2024 by Future Corporation

22

(viii) Earnings Results of Business Innovation for FY 2023
Net sales
FY2022
8,274

Operating income(Million yen)

FY20238,385

FY2022-274

FY2023-144

1YOCABITO Co., Ltd. (formerlyeSPORTS)Net sales

Operating income

Tokyo Calendar Inc.
Net sales

Operating income

CodeCamp Co., Ltd.
Net sales

Operating income

LaiBlitz Inc.
Net sales

Operating income

CURIOSITY inc.
Net sales

Operating income✓ Net sales decreased and operating loss continued because of poor sales of fall and winter apparel due tothe warm winter and struggling sales of outdoor goods, despite the recovery in gross margin ratio helped by
per-product management with utilization of a digital platform, which was promoted from the current fiscal
year, and strategic sales price setting.
✓ Net sales increased, but operating income fell due to incurred costs relating to the development of its newservice Gourmet Calendar, despite a robust stream of revenue from its online services, such as Tokyo
Calendar Date, in addition to a recovery trend in advertising sales.
✓ Net sales and operating income increased driven by the growing corporate training business as well as acost reduction from improving operational efficiency.
✓ Net sales and operating income increased as it started the projects of introducing FastBiz, a packaged
membership management and e-commerce service for sports teams, to several professional baseball teams.

✓ The company was newly consolidated from Q2. It handles store design for luxury brands and interior designfor luxury hotels, etc. It made steady progress in store design for luxury brands overseas, contributing to
profit on a consolidated basis.
Copyright © 2024 by Future Corporation

23

(ix) Analysis of Net Sales Increase/Decrease for FY 2023
(Million yen)-127

FY2022IT Consulting &ServiceBusinessInnovation

Other

Adjustments

FY2023Copyright © 2024 by Future Corporation

24

(x) Analysis of Operating Income Increase/Decrease
for FY 2023
(Million yen)

(*)

-51

FY2022IT Consulting &ServiceBusinessInnovation

Other

Adjustments

FY2023(*) The accounting treatment for a business combination that had been provisionally accounted for was confirmed retrospectively in fiscal 2023.
As a result, the figure for fiscal 2022 (12,229 million yen) has been revised.
Copyright © 2024 by Future Corporation

25

(xi) Year-end Dividend for FY 2023
✓ In accordance with the dividend policy of a dividend payout ratio of 35% or higher, the year-end
dividend is 20 yen per share and the full-year dividend is 40 yen per share as originally planned.

Trends in annual dividend per share(*)
45.0

120 .0 %40.0 yen

Dividend
40.0

37.0 yen

Dividend payout ratio

100 .0 %

35.0

80.0%

30.0

25.5 yen
25.0

60.0%

20.0 yen
20.0

46.8%

40.0%

35.4%

15.0

35.4%

38.4%
20.0%

10.0

5.0

0.0%

FY2020

FY2021

FY2022(*) The Company conducted a two-for-one stock split of its common stock on January 1, 2022.
The annual dividend amount before 2021 is calculated by taking into consideration the effect of the stock split.

FY2023 (forecast)
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26

3. Plan for FY2024

Copyright © 2024 by Future Corporation27

(i) Full-year Earnings Outlook in FY2024 Plan
✓ Considering the release of several large PJs, personnel resources are allocated to ensure thoroughquality control. Acquiring new orders is the focus.
(Million yen)

2024年
FY2024Full-year
plan
通期計画

2023年
FY2023Full-year
result
通期実績

Net
sales
売上高

63,00059,324

Operating income

営業利益14,50013,700（営業利益率）(23.0%)(23.1%)

Profit attributable
当期純利益
to ownersof parent

10,1509,221(Net income margin)(16.1%)(15.5%)(Operating income
margin)
親会社株主に帰属する（当期純利益率）

YoY

2024年
FY2024
1H plan
上期計画

2023年
FY2023
1H result
上期実績

6.2%

29,70028,344

4.8%

5.8%

6,700

6,324

5.9%

(22.6%)(22.3%)

4,690

4,319

(15.8%)(15.2%)

YoY
前年比change10.1%

前年change同期比

8.6%

Copyright © 2024 by Future Corporation

28

(ii) Change in Net Sales and Operating Income in FY2024 Plan
(Million yen)

Net sales

Operating income
14,500Operatingincome63,00013,70014,00 059,32440.0%(*) 12,226

53,73835.0%

12,00 048,69844,311
10,00 0

30.0%

9,000

8,000

25.0%

6,000

22.8%

5,235

23.1%

23.2%
20.0%

4,000

18.5%
15.0%

2,000

11.8%
0

FY2020

FY2021

FY2022

FY2023

FY2024 (forecast)

10.0%

FY2020

FY2021

FY2022

FY2023

FY2024 (forecast)(*) The accounting treatment for a business combination that had been provisionally accounted for was confirmed retrospectively in fiscal 2023.
As a result, the figure for fiscal 2022 (12,229 million yen) has been revised.
Copyright © 2024 by Future Corporation

29

(iii) Dividends in FY2024 Plan
✓ The FY2024 annual dividend will be 42 yen per share (interim dividend of 21 yen and year-end
dividend of 21 yen, consolidated dividend payout ratio of 36.7%).

Trends in annual dividend per share(*）

42.0 yen

45.0

120 .0 %40.0 yen

Dividend
40.0

37.0 yen

Dividend payout ratio

100 .0 %

35.0

80.0%

30.0

25.5 yen
25.0

60.0%

20.0 yen
20.0

46.8%

40.0%

35.4%

15.0

35.4%

38.4%

36.7%
20.0%

10.0

5.0

0.0%

FY2020

FY2021

FY2022

FY2023 (forecast)* The Company conducted a two-for-one stock split of its common stock on January 1, 2022.
The annual dividend amount before 2021 is calculated by taking into consideration the effect of the stock split.

FY2024 (forecast)

Copyright © 2024 by Future Corporation30

Merger agreement with Revamp Corporation
Strengthen IT Consulting & Services Business to increase future value ofcustomers

January 24, 2024
To Whom It May Concern
Company name: Future Corporation
Representative: Yasufumi Kanemaru, Chairman andPresident(Securities code: 4722 Prime Market of
the Tokyo Stock Exchange)
Contact:
Yasukazu Matsushita, Executive Officer
of Financial & Accounting Group(TEL. 03-5740-5724)

Notice Regarding Merger Agreement with Revamp Corporation
The Company’s Board of Directors, at its meeting held on January 24, 2024, resolved to enter into anagreement (the “Agreement”) with Revamp Corporation (the “Revamp”) for a merger as noted below.
The Agreement was signed between the two companies on the same day.

Copyright © 2024 by Future Corporation

31

Merger agreement with Revamp Corporation
Strengthen IT Consulting & Services Business to increase future value of customers(ix) Operating results and financial position of the company for the last three years (on a consolidated basis)
Fiscal year

Year ended March 31,
2021

Year ended March 31,
2022

Year ended March 31,
2023

Net assets

5,865 million yen

7,013 million yen

8,686 million yen

Total assets

7,242 million yen

9,016 million yen

10,005 million yen

816.03 yen

973.98 yen

1,209.65 yen

Net sales

7,673 million yen

9,826 million yen

8,916 million yen

Operating income

1,466 million yen

1,981 million yen

2,228 million yen

Ordinary income

1,377 million yen

1,921 million yen

2,270 million yen

814 million yen

1,301 million yen

1,659 million yen

107.10 yen

182.95 yen

233.26 yen

Net assets per share

Profit attributable to owners ofparentProfit per share
Dividend per share―――
Copyright © 2024 by Future Corporation

32

Merger with Revamp Corporation✓ Expansion of customer base mainly in the distribution fieldand promotion of business collaboration between the twocompanies✓ Management support and mutual complementation intechnology✓ Unification and standardization of recruitment and education✓ Support for business revitalization and business succession↓
To create synergy effects at an early stage, the two companies
work together to form a strategic committee for synergy
promotion
Copyright © 2024 by Future Corporation

33

Appendix

Copyright © 2024 by Future Corporation

34

Appendix-(i) Earnings (Comparative Analysis)(Million yen)

FY2023
2023年
Full-year
result
通期実績

Comparedwith projection
業績予想比
2023年
FY2023
増減率(%)
期初業績予想値
Initialfull-year plan Change(Released on February 7)（2/7公表値）

YoY change
前年同期比

2022年
FY2022
実績
Actualresults

Change
増減率(%)Net sales
売上高59,32459,500-0.3%

53,738

10.4%

Operatingincome
営業利益13,70013,800-0.7%

12,22612.1%(23.1%)(23.2%)

親会社株主に帰属する

9,221

9,660

(Net
income margin)(当期純利益率)(15.5%)(16.2%)(Operating income
margin)(営業利益率)Profit attributable
当期純利益
to ownersof parent(22.8%)

-4.5%

9,239

-0.2%

(17.2%)

Copyright © 2024 by Future Corporation

35

Appendix-(ii) Balance Sheet（単位：百万円）(Million yen)
資産合計

Total assets
流動資産
Current assets
現金及び預金Cashand deposits
受取手形、売掛金及び契約資産
Notes
and accounts receivable –trade, and contract assets
有価証券
Securities
その他流動資産
Other current assets
Non-current assets
固定資産
Property,plant and equipment
有形固定資産
Intangible
assets (including
無形固定資産（のれん含む）
goodwill)
投資有価証券
Investment
securities
その他固定資産
Other
non-current assets
Total liabilities
負債合計
Accounts payable – trade
買掛金 未払金
Accounts
payable – other
未払法人税等
Income taxes payable繰延税金負債
Deferredtax liabilities
Otherliabilities
その他負債
Total net assets
純資産合計
Shareholders’ equity
株主資本difference on availableValuation
for-salesecurities
その他有価証券評価差額金
Other
net assets
その他純資産自己資本比率Shareholders’ equity ratio

End of
2023.12末
Dec. 2023
66,04366,043
44,23744,23728,01528,015
10,195End of
2022.12末
Dec. 2022
57,97657,976
38,83538,83526,652
26,652

主な増減内容Majorchanges＋ 8,067+ 8,067
5,402+＋5,402
1,363Increase
利益の増加
in profit+＋1,363

10,195

8,549＋ 1,646 売掛金及び契約資産+1,162+ 1,646 Accounts receivable-trade and contract assets +1,162

200
5,827
5,827
21,80621,806
1,020
1,020

1,000
2,634
2,634
19,14019,140
1,078
1,078

- 800
＋ 3,193 未収還付法人税＋2,370+ 3,193 Income taxes refund receivable +2,370+＋2,666
2,666
-▲
5858

5,684
5,684

3,777
3,777

13,77013,77014,656
14,656

12,856
12,856
1,429
1,429
13,14613,146technology and customer-related assets
1,907Goodwill,
のれん、技術・顧客関連資産(キュリオシティ)+1,677+＋1,907(CURIOSITY) +1,677

2,700
2,700

2,877
2,877

2,582
2,582

51,38743,421

2,280
2,280
2,798
2,798
5,191
5,191
44,82944,82937,685

7,938

7,938

7,123

28
28

21
21

200

1,332
1,332

3,324
3,324

6,050
6,050
51,38743,421

End of
2023.12末
Dec.
2023
77.8%
77.8%

8,549

増減額
Change

1,000

37,685
7,123

End of
2022.12末
Dec.
2022
77.3%
77.3%

▲ 800

914Increase
保有株式の株価上昇＋1,164
in stock price of shares held +1,164
+＋
914
-▲
9797
+＋1,510
1,510

-▲
177
177
302
+＋
302
526
+＋
526
liabilities +826+＋
859
859 Contract
契約負債＋826+ 6,558＋ 6,558+ 5,736 Profit +9,221, dividend payment -3,542

当期純利益＋9,221
配当金支払△3,542＋ 5,736 Increasein valuation difference
due to an increase in+ 815 stock price of shares held
＋ 815 保有株式の株価上昇に伴う評価差額金の増+＋
7 7

Change増減
0.5%
0.5%
Copyright © 2024 by Future Corporation

36

Appendix-(iii) Cash Flows(Million yen)
（単位：百万円）
Cash flows from operating activities
営業活動によるキャッシュ・フロー
Profit before income taxes
税金等調整前当期純利益

Depreciation and amortization of goodwill
減価償却及びのれん償却
Non-cashgains and losses other thandepreciation
減価償却以外の非資金損益

FY2023
2023年
7,568
7,568
13,194
13,194

1,310

1,310

FY2022
2022年
10,174
10,174
13,264
13,264

1,249

1,249

61
of fixed assets +404, Loss on valuation of investment
1,195 Impairment
securities+490
1,195 固定資産減損＋404、投資有価証券評価損＋490
Increase in notes and accounts receivable-trade from increased- 1,836▲ 1,836
sales売上増加に伴う売上債権の増加

174

174

▲ 1,021

Changesin receivables and payables
債権債務の増減- 1,535▲ 1,535

301
301

Tax
payment
税金支払
Other
その他
Cash flows from investing activities
Purchase of non-current assets (tangible
投資活動によるキャッシュ・フロー
and intangible)
固定資産の取得（無形・有形）
Purchase of investment securities
投資有価証券等の取得
Purchaseof shares of subsidiary’s stock- 6,307▲ 6,307- 3,972
▲
3,972

732

732
- 3,029

353
353
1,009

▲ 3,029- 1,501▲
1,009- 1,769

▲268
2,020

- 213
▲- 1,410
213- 1,268▲ -1,268
509

1,055 Investments in a healthcare company in the previous fiscal year
前期ヘルスケア企業への出資等による支出
1,055
Acquisitionof CURIOSITY inc.
- 901
Sale キュリオシティ取得に伴う支出
of holding stocks and redemption of short-term investment▲ 901- 2,442▲ 1,501- 1,021

ChangeMajorchanges
増減額
主な増減内容- 2,606▲ 2,606- 70 Decrease in profit before income taxes▲ 70 税引前利益の減少
61▲ 1,769

Increasein the amount of tax paid for the previous fiscal year
- 2,335
前期分納税額の増加▲ 2,335379
379- 2,020268▲ 1,410
95

▲ 509
2,537

95
- 3,898

2,537- 3,017

2,442 前期保有株式売却・短期運用証券回収-▲
881

Dividend payment
財務活動によるキャッシュ・フロー

- 3,542▲ 3,898- 2,756▲
3,017

Repayments of lease liabilities
配当支払
Purchase of additional shares ofsubsidiary’s
stock
リース債務返済による支出
Other
子会社株式追加取得
Effect of exchange rate changes on cash andその他
cash equivalents
Net increase (decrease) in cash and cash
現金及び現金同等物に係る換算差額
equivalents
現金及び現金同等物の増減額
Cash and cash equivalents at the beginning of
the period
現金及び現金同等物の期首残高
Cash and cash equivalents at the end of the
現金及び現金同等物の期末残高
period▲ 3,542- 198▲ 2,756

Increase in dividend payment due to dividend increase
- 786
▲ 881
- 26
▲ 786 増配による配当支払額の支出増

0

▲ 172

子会社株式等の取得
Other
その他from financing activities
Cash flows

▲ 198

- 158

0

- 172
0

- 89

0

22
▲ 158

- 2689
▲

22
663

▲ 26
6,121

663

6,121

27,552

21,43028,21528,21527,552
27,552

27,552

21,430securities posted in the previous fiscal year

▲ 26
- 69
48▲ 69- 5,45848▲ 5,458

6,122

6,122

663 663
Copyright © 2024 by Future Corporation

37

Appendix-(iv) Results by Segment(in millions of yen)
（単位：百万円）

FY2023
2023年

FY2022
2022年

YoY change
前年同期比Net sales
売上高59,32453,73810.4%

ITConsulting & Service
ITコンサルティング＆サービス

50,81745,593

11.5%

BusinessInnovation
ビジネスイノベーション

8,385

8,274

1.3%

807

428

88.6%

△- 685△- 558－Operating income
営業利益13,70012,226

12.1%

ITConsulting & Service
ITコンサルティング＆サービス

13,705

12,910

6.2%

BusinessInnovation
ビジネスイノベーション△- 144△- 274

－

Other
その他

△- 123

△- 72

－

263

△- 336

－

Other
その他
Adjustments
調整額

Adjustments
調整額

Copyright © 2024 by Future Corporation

38

Appendix-(v) Trends in EBITDA for the Past Five Years(Million yen)

15,012

Operating income
13,475

EBITDA

13,70012,226
10,146
9,000

7,526
6,524

6,377
5,235

2019

2020

2021

2022

2023
Copyright © 2024 by Future Corporation

39

Appendix-(vi)-1 Interpretation of Order Backlog(IT Consulting & Service Business)(1) For the purpose of risk control of long-term, large-scale projects, only a fixed amount of a
project, on which a contract has been signed, is recognized as an order received▼ 3Q-end▼ End of fiscalyear▼ 1Q-end▼ 2Q-end▼ 3Q-end

Project A
Phase 1(completed)
25M

Phase 2 (fixed)
25M

Orders received for thisfiscal year are 25M.

Phase3

Project B
Phase 1 (fixed)
50M

Phase2Phase3(2) Out of orders fixed, amounts unrealized in accordance with the percentage of completion
method are totaled as the amount of order backlog
Back orders of the current fiscal year =back orders of the previous fiscal year + orders received in the current fiscal year
− sales (on a percentage of completion method/completed contract method)
Copyright © 2024 by Future Corporation

40

Appendix-(vi)-2 Relationship between Order Backlog
and Net Sales
Changes in Order Backlog and Net Sales(IT Consulting & Service Business) (On a quarterly basis)(Million yen)
20,00018,000Order backlog

Net sales

18,00016,00016,00014,00014,00012,00012,00010,00010,000
8,000

8,000
6,000

6,000

4,000

4,000

2,000

2,000
0

0

4Q 2020

1Q 2021

2Q 2021

3Q 2021

4Q 2021

1Q 2022

2Q 2022

3Q 2022

4Q 2022

1Q 2023

2Q 2023

3Q 2023

4Q 2023• As referred to in Interpretation of Order Backlog on the previous page, the order backlog at year end and future net
sales are not necessarily related to each other• The Company adopted the Accounting Standard for Revenue Recognition, etc. in presenting orders for which thecontract term begins after January 2023
Copyright © 2024 by Future Corporation

41

Consolidated Summary Report of Operating Results, Supplementary
Materials, Materials for the Briefing on the Financial Results andother IR materials are also available on the Company’s website.
https://www.future.co.jp/investor_relations/Contact: Investor Relations, Future Corporation
Phone: 03-5740-5724
FAX: 03-5740-5820
E-mail: ir@future.co.jp
This material contains forward-looking statements based on currently available information. Such information may change depending on future
developments in the Japanese economy and the IT service industry, etc. Therefore, please be advised that the Company does not guarantee or promise its
accuracy.
Since the values presented in this material are based on values managed in thousands of yen in the Consolidated Summary Report of Operating Results
and other documents and converted to millions of yen, total amounts and valuation differences may differ in some cases. For details of valuations, pleaserefer to the Consolidated Summary Report of Operating Results separately.
Copyright © 2024 by Future Corporation

42