Financial Results
Fiscal Year Ended March 31, 2024
VT HOLDINGS CO., LTD.
May 29, 2024
Market: TSE Prime Market; Nagoya SE Premier Market (Code: 7593)©2024 VT HOLDINGS CO., LTD

FY2023-2024: Summary of Results

ＶＴ ＨＯＬＤＩＮＧＳ Revenue increased +17% from last fiscal year,
realized new record high In the automobile sales related business, new car sales
performed steadily as production of automobile
manufacturers has been recovering thanks to the easing
semiconductor and parts shortages.
 The housing related business performed steadily eventhough affected by rising land and material prices, inaddition to consolidating the figures of a house sales
company acquired in October 2022.

 Operating profit, Profit before tax, and Net profit
declined Impairment losses on goodwill and fixed assets wererecorded in a few subsidiaries in the automobile salesrelated business.

©2024 VT HOLDINGS CO., LTD

1

FY2023-2024: Consolidated Operating Results

ＶＴ ＨＯＬＤＩＮＧＳ

Revenue recorded all-time high.
Revenue (left legend)
Unordinary factor

Operating profit (right legend)

Profit before tax (right legend)
YoY(Billion JPY)
350
Gain on negative goodwill from M&A(other income) including 1.83 bn

300
250
200

35
312

30
25

200

20
18.0

100

0

(Billion JPY)

238

150

50

Revenue +Y45.3bn (+17.0%)
OP-Y849m (-6.6%)
PBT-Y1,188m (-9.4%)
NP-Y483m (-6.7%)

266

Gain on negative goodwill from M&A(other income) including 1.18 bn
207

Net profit (right legend)

11.7

10.2
7.7
5.3

15
12.9

12.6

7.8

12.0

11.5

7.2

6.7

4.7

4.6

10

2.1
FY2019/20

FY2020/21* “Net profit” refers to net profit attributable to owners of the parent company
after deducting non-controlling interests

FY2021/22

FY2022/23

FY2023/24

Sold some KeePer Technical Laboratory shares,
included in other OP (PBT 7.8bn/NP 5.6bn)©2024 VT HOLDINGS CO., LTD502

Reference: Transition in Consolidated Operating Results
ＶＴ ＨＯＬＤＩＮＧＳ
excluding Unordinary Factors
Excluding unordinary factors, Operating profit, Profit before tax
recorded all-time high.
Revenue (left legend)

Operating profit (right legend)

Profit before tax (right legend)
YoY(Billion JPY)

(Billion JPY)

Revenue +Y45.3bn (+17.0%)
OP-Y985m (-8.9%)
PBT-Y646m (-6.0%)

350

35
312

300

30
266

250

25

238
207

200

200

20

150

15

100
50
0

10.2
5.3

4.6

FY2019/20

6.5

10.1

11.0

10.8

12.0

11.5

6.6

FY2020/21

105FY2021/22

FY2022/23

FY2023/24©2024 VT HOLDINGS CO., LTD

03

FY2023-2024: Revenue by Segment

ＶＴ ＨＯＬＤＩＮＧＳNew car sales performed well in the automobile sales related business.
In the housing related business, Kawasaki Housing acquired in October
2022 made contribution.
Revenue by Segment
Other Housing
Rent-a-Car
Service
Used Cars
New Cars(Million JPY)

311,604
27,185

237,930
207,468
10,9209,140

37,38949,740100,279

199,535
12,8248,364

35,17916,157
10,040266,329

15,17622,001
12,31347,563

42,68538,98859,05565,272+45,274 (+17.0%)

61,05046,68896,480113,689

128,280

156,408

FY2019/20 FY2020/21 FY2021/22 FY2022/23 FY2023/24

FY22/23

FY23/24©2024 VT HOLDINGS CO., LTD

4

FY2023-2024: Gross Profit by Segment

ＶＴ ＨＯＬＤＩＮＧＳIn the automobile sales related business, while sales of new cars
performed steadily, profit for used car sales decreased due to theimpact of declining used car prices.
Gross Profit by Business(Million JPY)

Other Housing
Rent-a-Car
Service
Used Cars
New Cars

33,898
1,977
3,398

12,720

6,145
9,658

33,1362,308
2,556

49,60343,90739,891

3,771

2,973

4,248

3,433

4,531
5,093

16,107
13,19914,242+5,696（+13.0%）

12,249

6,966
9,057

10,100

9,734

9,250

FY22/23
10,186

11,911

FY23/24

14,622FY2019/20 FY2020/21 FY2021/22 FY2022/23 FY2023/24©2024 VT HOLDINGS CO., LTD

5

FY2023-2024: Revenue by Region

ＶＴ ＨＯＬＤＩＮＧＳBoth domestic and overseas sales steadily grew, maintaining the
proportion of overseas sales almost unchanged.
Overseas Revenue %Revenue by Region(Million JPY)

Overseas
Domestic

311,604

38.0%

34.9%

40.0%

42.5%

42.7%

266,329
133,122

237,930
207,468
78,741(-9.8%)

128,727(-2.1%)

199,535
69,565(+17.6%)113,208
95,067

Regional Revenue Composition(+19.1%)

Asia 1.5%(+36.7%)

Africa 3.7%(-11.7%)

129,970(+1.0%)FY2019/20 FY2020/21 FY2021/22 FY2022/23 FY2023/24

142,862(+9.9%)

153,122(+7.2%)

Oceania 1.1%
Americas 0.2%

178,482(+16.6%)

Europe
36.2%

Japan
57.3%

FY2019/20 FY2020/21 FY2021/22 FY2022/23 FY2023/24* Revenues are classified based on the location of the sale destination.
* YoY figures in brackets©2024 VT HOLDINGS CO., LTD

6

FY2023-2024: Units of Cars Sold

ＶＴ ＨＯＬＤＩＮＧＳFor domestic sales, used car sold units increased as the shortage of usedcars eased. For overseas sales, used car sold units decreased while new
car sold units performed steadily.
Total Cars Sold
New Car Domestic
Used Car Domestic
Used Car Export

96,371
5,598

87,63816,851

5,827
12,531

29,271

18,186

26,46527,901

14,98026,399(units)New Car Overseas
Used Car Overseas

93,073
7,291
14,243

26,48917,22627,82491,01592,844

5,908

6,119

13,115

12,06023,87726,327

19,385

20,57528,73027,763+1,606（+3.7%）

Used
Car
44,506

FY22/23

NewCar
48,338+233（+0.5%）

FY22/23
FY2019/20 FY2020/21 FY2021/22 FY2022/23 FY2023/24

FY23/24

FY23/24©2024 VT HOLDINGS CO., LTD

7

Japanese Domestic New/Used Car Registration

ＶＴ ＨＯＬＤＩＮＧＳ

Although there are temporary fluctuations due to economic conditions,tax reforms, government subsidies, etc., the market has been on a longterm downward trend: (since 2001 by -24% for new cars, by -21% for used cars)(10,000 units)
900

600

Domestic New/Used Car Registrations

597 582 586 589 582 586 562

532

300

0
900

569

530

494 508 520 526 504 466

422 439 453

01/3 02/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 12/3 13/3 14/3 15/3 16/3 17/3 18/3 19/3 20/3 21/3 22/3 23/3

818 815 821 827 785 824 788
600

521
470 488 460 475

741 710654 653 660

689 710 670 675 678 689 696 693 691 657

629 645

300

0

FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 3/21 3/22 3/23 3/24

* Registration figures: Japan Automobile Dealers Association©2024 VT HOLDINGS CO., LTD

8

Japanese Domestic Number of Owned CarsＶＴ ＨＯＬＤＩＮＧＳThe number of passenger cars owned nationally, which is a source ofprofit for the aftersales services, has continuously increased (since 2001
by +19%). However, the increasing pace has been gradually slowing
down in recent years due to the car ownership period prolonging.
7,000

6,000
5,244 5,348

5,628
5,447 5,528

5,709 5,751 5,755 5,768 5,790 5,813

5,000

4,000

3,000

Number of Owned Cars
Average Age

Domestic Owned Cars

(10,000 units)

7.23
6.90 7.09
6.77
6.39 6.58
6.23
6.04

7.74
7.48 7.56

6,005
5,872 5,935(Years)12

6,051 6,083 6,125 6,158

6,177 6,180 6,191 6,186 6,195 6,227
109.03 9.22
8.84
8.53 8.60 8.65 8.72
8.29 8.44
8.13
7.95 8.07

8

6

4

2,000
2

1,000

0

3/01

3/02

3/03

3/04

3/05

3/06

3/07

3/08

3/09

3/10

3/11

* Data from the Automobile Inspection & Registration Information Association

3/12

3/13

3/14

3/15

3/16

3/17

3/18

3/19

3/20

3/21

3/22

3/23

©2024 VT HOLDINGS CO., LTD

2/24

0

9

Consolidated Balance Sheet at the end of FY2023-2024 ＶＴ ＨＯＬＤＩＮＧＳ
Total assets increased by +43.1 billion yen from prior year (inventory
increase mainly new car stock, and fixed asset increase due to store
construction, etc.)(Billion JPY)
300

Current Assets

Total Assets
272.9

Non-Current Assets
Current Liabilities
250

Non-Current Liabilities

229.8

Equity

123.4

200

150

69.1

188.0

174.0

167.9

73.2
90.2

73.7
85.6

97.5

98.8

40.7
0

109.6

57.8

47.5
37.0

43.1
100.8
45.3

133.1

88.2

100

50

【 Assets 】◆Current Assets+Y25.8bn YoY （+26.2%）
・Cash and cash equivalents +0.8bn
・Trade and other receivables +5.4bn
・Inventories +16.1bn

42.9
114.3
56.9

72.7

82.0

Total Assets Debt/Equity Total Assets Debt/Equity Total Assets Debt/Equity Total Assets Debt/Equity Total Assets Debt/Equity
FY2019/20

FY2020/21

FY2021/22

FY2022/23【 Liabilities 】◆Current Liabilities+Y23.5bn YoY (+21.4%)
・Bonds and borrowings +Y7.0bn
・Trade and other payables +Y12.6bn
・Other financial liabilities +Y2.0bn◆Non-Current Liabilities+Y10.3bn (+21.7%)
・Other financial liabilities +Y7.2bn
・Bonds and borrowings +Y2.9bn

149.5

132.3

◆Non-Current Assets+17.2bn（+13.0%）
・Property, plant and equipment +Y15.8bn
・Other financial assets +Y1.1bn◆Equity+Y9.3bn YoY (+12.7%)
・Capital surplus +Y1.3bn
・Other components of equity +Y1.7bn
・Retained earnings +Y4.6bn

FY2023/24©2024 VT HOLDINGS CO., LTD

10

FY2023-2024: Real Interest-bearing Debt and Others

ＶＴ ＨＯＬＤＩＮＧＳReal interest-bearing debt increased in line with capital expenditure,
inventory increase and expanding car rental business (long-term andshort-term borrowings +10.2 billion yen, lease liabilities +12.9 billion
yen)Real Interest-Bearing Debt

Real Interest-Bearing Debt
(left legend)

Current ratio / Fixed Long-Term ratio

Net D/E Ratio (right legend)(Billion JPY)

Current(Multiple)

120.0

6.0

102.7
100.0
80.0

5.0

80.6
69.9

65.6

4.0

64.9
3.0

1.90

1.63

1.26

1.25

1.41

20.0
0.0

FY2019/20

FY2020/21

FY2021/22

(%)
180.0
160.0
140.0

133.7
121.0

121.3

120.0

60.0
40.0

Fixed Long-Term

FY2022/23

FY2023/24* Real interest-bearing debt = interest bearing debt – cash and deposits* Net D/E ratio = real interest-bearing debt ÷ equity

2.0

118.2

114.5

100.0
80.0

1.0

60.0

0.0

40.0

76.6

FY2019/20

85.6

83.6

FY2020/21

FY2021/22

92.7

89.0

FY2022/23

FY2023/24* Current ratio = current assets ÷ current liabilities* Fixed long-term ratio = fixed assets ÷ (fixed liabilities + equity)©2024 VT HOLDINGS CO., LTD

11

FY2023-2024: Cash Flow

ＶＴ ＨＯＬＤＩＮＧＳFCF remained as in the previous fiscal year due to expenditure to acquire PPE, as
well as inventory increase thanks to vehicle pipeline getting normalized in linewith automobile manufacturers’ production recovery.
We aim for stable growth, balancing our operating cash flow with investment for future growth such as via M&A.
Operating CF
Financing CF

Consolidated Cash Flow

Investing CF
FCF

16.5

(Billion JPY)

13.9

11.2

9.1

8.4

FCF = operating CF + investing CF

16.8

12.1

11.2

1.7

1.4
△ 0.6

△ 2.6
△ 5.6

△ 7.0

△ 15.4FY2019/20

△ 1.4

△ 8.7

△ 9.8

△ 10.3

FY2022/23

FY2023/24△ 14.5
FY2020/21

FY2021/22©2024 VT HOLDINGS CO., LTD

12

FY2024-2025 Business Outlook

ＶＴ ＨＯＬＤＩＮＧＳ

Revenue and operating profit are expected to reach record high thanks
to recovery in production of automobile manufacturers.
Profit before tax and Net profit are estimated to increase for last fiscal
year but slightly lower than FY2022/23 which included a gain in
Operating profit of negative goodwill of 1.83 billion yen.
Revenue (Billion JPY)
+45.3

266.3

311.6

+18.4

Operating profit (Billion JPY)
330.0

12.9

-0.9

+1.0

12.0

13.0

2H
139.8

166.6

170.0

2H
7.0

6.3

7.3

1H
126.6

145.1

160.0

1H
5.9

5.7

5.7

FY2022/23

FY2023/24

FY2024/25
Forecast

FY2022/23

FY2023/24

FY2024/25
Forecast

Profit before tax (Billion JPY)
12.7
2H
6.6

-1.2

11.5
5.7

+0.7

12.2
6.8

10
5

1H
6.1

5.7

FY2022/23

FY2023/24

Net profit (Billion JPY)

155.4
FY2024/25
Forecast

0

7.2
2H
3.5
1H
3.7
FY2022/23

-0.5

6.7

+0.3

7.0

3.4

4.0

3.3

3.0

FY2023/24

FY2024/25
Forecast©2024 VT HOLDINGS CO., LTD

13

FY2024-2025 Foreign Exchange Rate Assumption

ＶＴ ＨＯＬＤＩＮＧＳThe financial results of overseas dealers, importers, etc. are affected by
FX rates for the fiscal year.
FY 3/24

FY 3/25 Forecast

UK¥181.75/£¥191/£

SPAIN¥156.79/€¥163/€

Impact by 1 JPY depreciated against the assumed rates【Automobile dealer】【Importer】
Cost of sales

Revenue

Operating profit

GBP

389 million JPY

3.6 million JPY

GBP

18 million JPY

EUR

312 million JPY

8.8 million JPY

USD

0.9 million JPY* The above impact figures are calculated by multiplying the planned figures in foreign currency by an assumed rate of one yen lower.
©2024 VT HOLDINGS CO., LTD

14

Revenue, Operating Profit since IPO in 1998
IFRS

Financial Performance Trend (‘100 million JPY)
Revenue

3500

3000

2500

Operating Profit

We aim for growth scenario to balance all thethemes of “expanding business scale”,“improving profitability” and “strengthening
financial position” by carrying out M&As
continuously but within the amount ofoperating cash flow.

977

1000

0

72
3

79
3

163
5

269 313 281
873340 367

1,079
934

882 926

9

44

485

15 18

28

3,116

33
23

59

959
66

78

250

200

2,379
2,186
2,021

2,074
1,995

Covid-19
Pandemic

150
128

1,464
1,363

130
120

101

1,183 100

‘08 Financial Crisis
500

3,300

2,663

1,695

1,326

300

Record High Revenue
Increased by 43 times
since IPO

2000

1500

ＶＴ ＨＯＬＤＩＮＧＳ

73

76 75

Consumption Tax
Increased in Japan

100

77
67

61
52

Record HighOperating Profit
Increased by 42 times
since IPO

FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
FY
3/98 3/99 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 3/21 3/22 3/23 3/24 3/25
予想
Forecast©2024 VT HOLDINGS CO., LTD

50

0

15

Dividends Policy

ＶＴ ＨＯＬＤＩＮＧＳAnnual dividends to be 24 JPY for FY2024-2025 (Consolidated
Dividends Payout Ratio 41.5%)
Special/Commemorative Dividend
Year-end DividendInterim Dividend
Payout Ratio

51.8%
18.00
8.00

45.2%
17.00
9.00

Dividend Per Share(JPY)

112.9%
87.8%

100%

56.2%
20.00
18.00
9.00

10.00

20.00

10.00

49.3%
20.00

10.00

22.00
1.00

21.8%
10.00

1.00

2.00
8.00

8.00

9.00

10.00

FY 3/16

FY 3/17

FY 3/18

FY 3/19

23.50

24.00

24.00

38.0%

42.2%

41.5%

12.00

12.00

1.00

11.00

50%

0%

0.50

-50%

10.00

10.00

10.00

11.00

12.00

12.00

FY 3/20

FY 3/21FY 3/22

FY 3/23

FY 3/24

FY 3/25
Forecast©2024 VT HOLDINGS CO., LTD

-100%

-150%

16

Reference: Corporate Profile

ＶＴ ＨＯＬＤＩＮＧＳ(As of 31st March 2024)

Company NameVT HOLDINGS CO., LTD.

Head Office

3-10-32 Nishiki, Naka-ku, Nagoya-shi, Aichi, JAPAN 460-0003

EstablishedMarch 1983 (previously known as Honda Verno Tokai Co., Ltd.)

Representative

Kazuho Takahashi (President & CEO)

Capital4.86169 billion JPY

Issued Shares

121,631,034

Main areas ofbusinesses【Automobile sales related business】
Automobile dealer, Used car export, Car importer,
Car manufacturer, Rent-a-car service【Housing related business】
Construction and sales of housings and condominiums

Number of
employees

Consolidated
4,890 ※including 823 temporary staff
Non-consolidated
35 ※including 2 temporary staff

Group
organization

57 consolidated subsidiaries, 3 equity method affiliates©2024 VT HOLDINGS CO., LTD17

Reference: Number of Group Employees

ＶＴ ＨＯＬＤＩＮＧＳ(As of 31st March 2024)

SectorRegionJapan

Automobile
sales-related

Overseas

Company name
Honda Cars TOKAINAGANO NISSAN
SHIZUOKA NISSAN
MIKAWA NISSANNISSAN SATIO SAITAMANISSAN SATIO NARA
Motoren Shizuoka
Fuji Motoren
Motoren Mikawa
Motoren Donan
FLC
KOYO AUTO (VW/ AUDI/ LAMBORGHINI)
LCI
PCI
TRUST
J-net Rental & Lease
Other
GRIFFIN MILL GROUP*2
WESSEX GARAGES HOLDINGSMASTER AUTOMOCION
TRUST ABSOLUT AUTOSCOTTS MOTORS ARTARMON
CATERHAM CARS

HousingrelatedJapan

AMG HOLDINGS
Archish Gallery
MG HOMEMG SOGO SERVICES
TAKI HOUSE GROUPTAKAGAKI GUMIKAWASAKI HOUSINGHOUMAINTEMIRAIZ

OthersJapanVT HOLDINGS

Number of employees*１

subtotal

subtotal
subtotal

total*1The number of temporary employees has been adjusted to match full-time employee hours*2Management integration with CCR MOTOR

Number of temporary employees*１
411
423
306
200
207
70
59
60
50
9
80
57
22
11
35
282
112
124
293
614
179
61
129
3,794
1
28
29
25
38
49
53
6
11
240
33
33
4,067

total employees

26
23
34
17
7
4
6
9
3
0
20
4
2
1
3
538
65
7
4
7
0
1
1
782
0
2
2
6
17
1
8
2
1
39
2
2
823

©2024 VT HOLDINGS CO., LTD

437
446
340
217
214
74
65
69
53
9
100
61
24
12
38
820
177
131
297
621
179
62
130
4,576
1
30
31
31
55
50
61
8
12
279
35
35
4,890

18

Reference: Number of Group Automobile Dealerships

ＶＴ ＨＯＬＤＩＮＧＳ（As of 31st March 2024）

Classification
Honda

Company name

Brand

Used
Car

Total

Honda Cars TOKAI

HONDA

33

1

34

NAGANO NISSANNISSAN31

1

32

SHIZUOKA NISSANNISSAN

25

530

MIKAWA NISSANNISSAN

12-12NISSAN SATIO SAITAMANISSAN

*117

2

19

NISSAN SATIO NARANISSAN

7-

7

Motoren Shizuoka

BMW

3

2

5

Fuji Motoren

BMW

2

1

3

Motoren Mikawa

BMW

3

1

4

Motoren Donan

BMW/MINI

1

1

2

FLC

BYD/FORD/SUZUKI

9

3

12

KOYO AUTO

VW/AUDI/LAMBORGHINI

6

-

6

Importer

LCI

LOTUS

2

-

2

Rent-a-car

J-net Rental & Lease

J-net Cars/VERNO CARLA

-

2

2

151

19

170

NissanJapan
Other Dealers

Subtotal

Overseas

New
Car

Other Dealers

Manufacturer

GRIFFIN MILL GROUP*2

PEUGEOT/KIA/FIAT/ABARTH/NISSAN/RENAULT/DACIA

6

-

6

WESSEX GARAGES HOLDINGSNISSAN/KIA/MAZDA/ORA/HYUNDAI

12

-

12

MASTER AUTOMOCIONTOYOTA/HONDA/MAZDA/HYUNDAI/SUBARU/SSANGYONG/OMODA/JAECOO

18

5

23

TRUST ABSOLUT AUTOSUZUKI

51

6SCOTTS MOTORS ARTARMON

HONDA/NISSAN

3

-

3

CATERHAM CARSCATERHAM---

Subtotal

44

6

50

Total

195

25

220

*1Does not include Renault Kawaguchi Shiba (1 new car dealers)*2Business integration with CCR MOTOR.

©2024 VT HOLDINGS CO., LTD

19

Reference: Main Operations and Subsidiaries

ＶＴ ＨＯＬＤＩＮＧＳ(As of 31st March 2024)《Automobile sales related business》 Franchised Dealer Groups

Overseas Operations

Honda Cars TOKAI Co., LTD.

Motoren Shizuoka Co., Ltd.

GRIFFIN MILL GROUP*NAGANO NISSAN AUTO CO., LTD.

Fuji Motoren Co., Ltd.

WESSEX GARAGES HOLDINGSSHIZUOKA NISSAN AUTO CO., LTD.

Motoren Mikawa Co., Ltd.

M AUTOMOCION GROUPMIKAWA NISSAN AUTO CO., LTD.

Motoren Donan Co., Ltd.

SCOTTS MOTORS ARTARMONNISSAN SATIO SAITAMA CO., LTD.

FLC CO., LTD.

TRUST ABSOLUT AUTONISSAN SATIO NARA CO., LTD.

KOYO AUTO Co., LTD.

Importers

Car Manufacturer

LCI. Co. Ltd

CATERHAM CARS GROUP LIMITED

PCI. Co. Ltd

Car Rentals

SCI. Co. Ltd

J-net Rental & Lease Co., Ltd.

Exporting Used Cars
TRUST CO., LTD.
M FLEX DE AUTOMOCION 2019, S.L.

《Housing related business》
AMG HOLDINGS CO., Ltd.

Archish Gallery Co., Ltd.

MG HOME CO., LTD.

TAKI HOUSE CO., LTD.

TAKAGAKI GUMI, INC

KAWASAKI HOUSING CO., LTD.

MIRAIZ CO., LTD.
*Business integration with CCR MOTOR©2024 VT HOLDINGS CO., LTD

20

Reference: Automobile Dealer Companies (Japan)
Automobile Dealer Groups
Honda Cars TOKAI CO., LTD.
HONDA dealers in Aichi and Gifu

Motoren Shizuoka Co., Ltd.
BMW dealers in Shizuoka
3 new car & 2 used car dealers

33 new car & 1 used car dealers

NAGANO NISSAN AUTO CO., LTD.
NISSAN dealers in Nagano
31 new car & 1 used car dealers

SHIZUOKA NISSAN AUTO CO., LTD.
NISSAN dealers in Shizuoka
25 new car & 5 used car dealers

MIKAWA NISSAN AUTO CO., LTD.
NISSAN dealers in Aichi
12 new car dealers

NISSAN SATIO SAITAMA CO., LTD.
NISSAN dealers in Saitama
17 new car*1 & 2 used car dealers

NISSAN SATIO NARA CO., LTD.

ＶＴ ＨＯＬＤＩＮＧＳ

Acquisition July 2023

Fuji Motoren Co., Ltd.
BMW dealers in Shizuoka

2 new car & 1 used car dealers

Motoren Mikawa Co., Ltd.
BMW dealers in Aichi
3 new car & 1 used car dealers

Motoren Donan Co., Ltd.
BMW dealers in Hokkaido
1 new car & 1 used car dealers

FLC CO., LTD.

Opened in Yokkaichi October 2023,
and Gifu February 2024

BYD,FORDandSUZUKIdealersinAichi, Gifuand Mie
9 new car & 3 used car dealers

KOYO AUTO Co., Ltd.

NISSAN dealers in Nara

VW, AUDI, LAMBORGHINI dealers in Hokkaido

7 new car dealers

6 new car dealers*１Does not include Renault Kawaguchi Shiba (1 new car dealers)*2Revenue for the fiscal year ending March 2024 / the number of dealers as of 31st March 2024

Opened in Sapporo July 2023
©2024 VT HOLDINGS CO., LTD21

Reference: Automobile Dealer Companies (Overseas)

ＶＴ ＨＯＬＤＩＮＧＳ

Automobile Dealer Groups (Overseas)
GRIFFIN MILL GROUP*

Multi-franchise dealers in 6 locations in United Kingdom
PEUGEOT/KIA/FIAT/ABARTH/NISSAN/RENAULT/DACIAWESSEX GARAGES HOLDINGS

Multi-franchise dealers in 12 locations in United Kingdom
NISSAN/KIA/MAZDA/ORA/HYUNDAIMASTER AUTOMOCIONGroup companies, 18 new car and 5 used car dealers in Spain
TOYOTA/HONDA/MAZDA/SUBARU/HYUNDAI/SSANGYONGOMODA/JAECOO

Business Commenced December 2023
TRUST ABSOLUT AUTOSCOTTS MOTORS ARTARMONSUZUKI dealers
5 new car dealers in South Africa

HONDA and NISSAN dealers*Business integration with CCR MOTOR

3 new car dealers in Australia

Business Commenced November 2023
©2024 VT HOLDINGS CO., LTD22

Reference: FY2023-2024 New Car Sales by Brand

ＶＴ ＨＯＬＤＩＮＧＳ

FY23-24 New car sales by brand (units)

19,294

7,926

4,404

NISSANHONDA

SUZUKI

3,722

KIA

3,133

TOYOTA

2,407

HYUNDAI

1,819

MAZDA

2,490
752

612

BMW

PEUGEOT*Other: total of brands with less than 500 units sold (excluding motorcycles)©2024 VT HOLDINGS CO., LTD

Other

23

Reference: Importers

ＶＴ ＨＯＬＤＩＮＧＳ
LOTUS

Importers
LCI. Co. Ltd
LOTUS
Direct dealers x2

PCI. Co. Ltd
ROYAL ENFIELD/MUTT/FORD (Parts only)/SAAB (Parts only)

ROYAL ENFIELD

SCI. Co. Ltd
CATERHAM/KTM X-BOW/MORGAN

MUTTCATERHAMKTM X-BOW
MORGAN©2024 VT HOLDINGS CO., LTD24

Reference: TOPICS Tokyo Auto Salon 2024

ＶＴ ＨＯＬＤＩＮＧＳ

Caterham Project V & Seven 340R at Tokyo Auto Salon 2024
Caterham Cars Japan (SCI. Co. Ltd) unveiled the “Project V”, an all-electric coupe conceptcar, and the “Seven 340R”, which is equipped with a Ford-made 2-liter Duratec engine, forthe first time at Tokyo Auto Salon 2024, which was held from January 12 to 14, 2024.
“Project V” made its world premiere at the Goodwood Festival of Speed in the UK in July
2023 and was shortlisted for the Design People Awards 2023 in the Best Exterior Design
category by Car Design News, a globally renowned specialist media outlet in the world ofcar design. The Seven 340 is an EV sports car nominated for an award in the Best Exterior
Design category of the Design People Awards 2023 by Car Design News, a globallyrenowned specialist media outlet for car design.
The "Seven 340" is the successor to the Seven 270 and is powered by a Ford 2-liter Duratec
engine, which is 27% more powerful than the Ford 1.6-liter Sigma engine used in the Seven
270, with improved torque.
Anthony Jannarelly, chief designer of Project V, visited Japan during the event and theCaterham stand was a great success. We would like to thank everyone who visited theCaterham stand at Tokyo Auto Salon 2024.

©2024 VT HOLDINGS CO., LTD25

Reference: Automobile Manufacturer

ＶＴ ＨＯＬＤＩＮＧＳ

Automobile Manufacturer
CATERHAM CARS GROUP LIMITED
British manufacturer of specialist lightweight sports cars, the famous“Super Seven”
As a traditional sports car brand, it has a niche but stable popularity.
VT Group's know-how and other factors are leveraged to improve
efficiency and increase brand value further.

©2024 VT HOLDINGS CO., LTD26

Reference: Exporting Used CarsＶＴ ＨＯＬＤＩＮＧＳ

Exporting Used Cars
TRUST CO., LTD.
Exporting Japanese used cars to over 150 countries
Tokyo Stock Exchange Standard Market（Security Code: 3347）

EuropeExporting Used Cars
Asia

America

AfricaOceania©2024 VT HOLDINGS CO., LTD27

Reference: Car Rentals

ＶＴ ＨＯＬＤＩＮＧＳCar Rentals
J-net Rental & Lease Co., Ltd.
Rental Car Offices
National 123 (As of 31st March 2024)
Direct57
FC
66

5th largest fleet in Japan(cars)

1.

TOYOTA Rent a Car

129,175

2.

ORIX Rent a Car

69,826

3.

NIPPON Rent a Car

34,5194.

NISSAN Rent a Car

20,582

5.

J-net Rental & Lease

19,528

6．

Times Car Rental

17,712

7.

Japan Car Rental

9,321※ Source Data – Kotsu Mainichi Newspaper 'Numberof vehicles at the end of March for major car rental
companies'※ The number of Times Car Rental vehicles excludes
45,468 dedicated Times Car vehicles in order tocorrect for car-sharing vehicles.

©2024 VT HOLDINGS CO., LTD28

Reference: Housing-related Businesses
Housing-related businesses account for
approx. 9% of consolidated revenue.

ＶＴ ＨＯＬＤＩＮＧＳ

Commercial Building, Bespoke Residential Construction and Sales
Archish Gallery Co., Ltd.

Business Area: Tokyo, Aichi and Osaka

Holding Company for Housing Sector
AMG HOLDINGS CO., Ltd.
Tokyo Stock Exchange Standard Market
Nagoya Stock Exchange Main Market（Security Code：8891）

Condominium Construction and Sales
MG HOME CO., LTD.

Business area: Aichi and Gifu

Bespoke Residential Construction and SalesTAKI HOUSE CO., LTD.

Business Area: Tokyo and Kanagawa

Civil engineering,Commercial and BespokeResidentialConstruction
TAKAGAKI GUMI, INC

Business Area: Aichi and Gifu

Residential Construction and SalesMIRAIZ CO., LTD.

Business area: Aichi

Bespoke Residential Construction and Sales
KAWASAKI HOUSING CO., LTD.

Business Area: Kumamoto, Fukuoka and Mie©2024 VT HOLDINGS CO., LTD

29

This presentation is produced by VT Holdings (‘the company’) to explain thecompany’s financial and business situation for the reference of investors.
The contents of this presentation are based on widely-accepted economic andsocietal trends as of May 2024, in addition to logical assumptions made by thecompany. In the event of changes to the economic environment etc., the contents
may be changed without prior warning.
We ask investors to use their own judgement when investing.

For any inquiries about this presentation
VT HOLDINGS Co., LTD.
Management Planning Department
Management Planning GroupE-mailir@vt-holdings.co.jp* Note : This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document
and the Japanese original, the original shall prevail.
©2024 VT HOLDINGS CO., LTD