Information Meeting Materials
for the Fiscal Year Ended March 31, 2015
May 8, 2015

Copyright © 2015 IT Holdings Corporation All rights reserved.

Fiscal 2015 Performance Highlights
Fiscal 2016 Performance Forecast
Reference Materials

Copyright © 2015 IT Holdings Corporation All rights reserved.

1

Fiscal 2015: Performance Highlights[Millions of yen]

¾ Net sales grew year-on-year, against a favorable business backdrop, and greatly surpassed expectations.
¾ Operating income was up year-on-year but fell slightly short of expectations. Net income was higher than in
fiscal 2014 and also exceeded expectations.
Net Sales ¥ 361,025 million

Operating Income ¥ 21,121million

Net Income ¥ 10,275 million

YOY change ＋14,378 million [+4.1%]
Compared with estimate: +¥6,025 million [+1.7%]

YOY change ＋1,611 million [+8.3%]
Compared with estimate: -¥379 million [-1.8%]

YOY change ＋2,362 million [+29.8%]
Compared with estimate: +¥275 million [+2.8%]

361,025 355,000

346,647[Estimate]+14,378[+4.1%]

Fiscal 2015

Net sales shifted in a favorable direction, mainly due
to accurate identification of customers’ IT
investment needs. Year-on-year improvement, withresults higher than expected.

10,27510,000[Estimate]

7,913+1,611[+8.3%]
5.6%

Fiscal 2014

21,121 21,500

19,510OperatingmarginFiscal 2014

5.9%

Fiscal 2015

The higher net sales starting point and successful
efforts to prevent unprofitable projects were key inabsorbing costs associated with structural
reinforcement geared toward securing and executing
several large-scale development projects. This led tohigher operating income over previous fiscal year.
Fell slightly short of target, mainly due to increase ininvestment front-loading costs.
Copyright © 2015 IT Holdings Corporation All rights reserved.

[Estimate]+2,362[+29.8%]¥117.40

income¥90.16 Net
per share

Fiscal 2014

Fiscal 2015

Net income soared year-on-year, paralleling increasein operating income. Moved nicely past target,
primarily because of higher non-operating income.

2

Fiscal 2015: Net Sales and Operating Income Analysis[Billions of yen]

Net Sales
Industrial IT
Services+8.12

346.64IT Infrastructure
Services+2.84[115.36→118.20]

Financial IT
Services+4.39

361.02Other-1.83[16.49→14.66]

Inter-segment+0.85+14.37[-18.59→-17.74][+4.1%][158.23→166.35][75.14→79.54]

Fiscal 2014

Fiscal 2015

Operating Income
19.51
IT Infrastructure
Services-0.47[7.65→7.17 ]

Other
+0.00
[2.15→2.15 ]Financial IT
Services-0.83[6.38→5.54 ]Fiscal 2014

Copyright © 2015 IT Holdings Corporation All rights reserved.

Industrial IT
Services
+2.36

21.12
Inter-segment
+0.55

+1.61
[+8.3%][-1.36→-0.81][4.68→7.04 ]Fiscal 2015

3

Fiscal 2015: Sales and Income for Key Business Segments
IT Infrastructure Services[Millions of yen]

Financial IT Services

Industrial IT Services

Net Sales ¥118,200million

Net Sales ¥79,543million

Net Sales ¥166,357million

YOY change: +¥2,840 million [+ 2.5%]
Compared with estimate: +¥1,000 million[+ 0.9%]

YOY change: +¥4,395 million [+ 5.8%]
Compared with estimate: +2,043 million [+ 2.6%]

YOY change: +¥8,123 million [+ 5.1%]
Compared with estimate: +3,357 million[+ 2.1%]

118,200 117,200

115,360

79,543 77,500

75,148[Estimate]

Fiscal 2014

[Estimate][Estimate]+8,123[+5.1%]+4,395[+5.8%]+2,840[+2.5%]

Fiscal 2015

Fiscal 2014

166,357 163,000

158,234

Fiscal 2015

Fiscal 2014

Fiscal 2015

Operating Income ¥ 7,179million

Operating Income ¥ 5,549million

Operating Income ¥ 7,049million

YOY change: -¥473 million [-6.2%]
Compared with estimate: -321 million [-4.3%]

YOY change: -¥ 836 million [- 13.1%]
Compared with estimate: -1,451 million [- 20.7%]

YOY change: +¥ 2,362 million [+ 50.4%]
Compared with estimate:+1,049 million[+ 17.5%]

7,652
-473
[-6.2%]

6.6% Operating
marginFiscal 2014

7,179 7,500-836[-13.1%][Estimate]

Fiscal 2015

Segment sales benefited from firm demand for data
center services, but the scope of demand fromexisting clients was smaller, prompting a year-on-year
drop in operating income.

5,549 [Estimate]

8.5% Operating
margin6.1%

Fiscal 2014

4,687

7.0%

3.0%

6,000

+2,362[+50.4%][Estimate]

Operatingmargin4.2%

Fiscal 2014

Fiscal 2015

Segment sales were up, mainly due to trend toward
greater IT investment by clients. But increase failed tooffset expenses associated with structural
reinforcements for securing and executing several
large-scale development projects.

Copyright © 2015 IT Holdings Corporation All rights reserved.

7,049

7,000

6,385

Fiscal 2015

Segment sales rose on brisk demand overall. This, andsuccessful efforts to prevent unprofitable projects,
offset higher costs associated with proposal activities,
underpinning a huge increase in operating income.

*Segment sales include intersegment sales.

4Fiscal 2015: Sales by Client Sector[Millions of yen]
72,66649,402

77,53553,74340,904[+8.8%][+6.7%]

45,78529,049 25,444
25,269 24,972 23,481 23,312

33,843 34,960[+11.9%]Credit card[-12.4%][-1.2%][-0.7%]

Banking

Insurance

Other finance[+3.3%]

Assembly-based Processing-based
manufacturing manufacturing

30,009 31,775

30,393 29,891[+5.9%][-1.7%]

Distribution

ServicePublic institutions

11,626

13,604[+17.0%]
OthersFiscal 2014 Fiscal 2015
Credit card

Fiscal 2014

Banking

3.3%
8.8% 14.2%

Insurance

Net Sales
21.0% Breakdownby Client
Sector

8.4%
7.3%

6.8%
8.6%
9.8% 11.8%
Financial sector: 36.7 %Public sector: 8.8 %Industrial sector: 51.2 %Other sectors: 3.3%

Copyright © 2015 IT Holdings Corporation All rights reserved.

Other finance
Assembly-based
manufacturing
Processing-based
manufacturing
Distribution
ServicePublic institutions

Fiscal 2015

3.8%
8.3% 14.9%
21.5%

Net Sales 7.0%
Breakdown
6.9%
by Client
Sector

6.4%

8.8%
12.7%
9.7%
Financial sector: 35.2 %Public sector: 8.3 %Industrial sector: 52.7 %Other sectors: 3.8 %5

Fiscal 2015: Order Status[Millions of yen]

¾ Order volume was steady overall. The booking of large projects for clients in the public sector underpinned
a significant year-on-year increase.
¾ Order backlog was significantly higher, owing to the high level of orders.
Orders received during fiscal year
¥ 199,842 million

Order backlog at year-end¥ 71,095 million

YOY change: +¥27,121 million [+15.7%]

YOY change: +¥12,226 million [+20.8%]

199,842

172,72158,869+12,226[+20.8%]+27,121[+15.7%]

Fiscal 2014
Financial IT Services

69,22663,927+5,299[+8.3%]

Fiscal 2014

Fiscal 2015

71,095

Fiscal 2015

Fiscal 2014

Industrial IT Services

130,616

108,793+21,823[+20.1%]

Fiscal 2014

Fiscal 2015

Copyright © 2015 IT Holdings Corporation All rights reserved.

Financial IT Services

23,98323,824+159[+0.7%]

Fiscal 2014

Fiscal 2015

Fiscal 2015
Industrial IT Services

47,11135,044+12,067[+34.4%]

Fiscal 2014

*Order volume and backlog at term-end and net sales apply to Software
Development only.

Fiscal 2015

6

Changes in Orders Received[Millions of yen]

110,457[+ 27.7%]

89,188[+13.5%]

94,23385,492[+ 5.7%][+ 2.1%]

85,119[- 0.4%]86,248[- 8.5%]86,472[-1.6%]

89,385[+ 3.6%]58,09544,270[+ 10.6%]

44,410[+ 1.1%]

51,171[- 0.7 %]44,918[+16.6%][+ 17.2%]

44,76741,082[+5.3%][+ 15.2%]

49,466[+10.1%]

33,948[-17.4%]

1st Half
2nd Half
Fiscal 2012

1st Half
2nd Half
Fiscal 2013

46,680[+ 4.3%]39,568[-20.0%]49,577[- 3.1%]36,895[+8.7%]

1st Half
2nd Half
Fiscal 2014

Second quarter of first half year

Fort quarter of first half year

First quarter of first half year

Third quarter of first half year

Copyright © 2015 IT Holdings Corporation All rights reserved.

47,731[+ 2.3%]41,654[+5.3%]

52,362[+41.9%]

1st Half
2nd Half
Fiscal 2015

*Orders received during the fiscal year apply to Software Development only.
Percentage figures in columns indicate increase or decrease from the previous
fiscal year.

7Changes in Orders Received[Millions of yen]

Financial IT Services
34,96028,157[+7.3%]
11,798[-9.9%]
16,359[+24.5%]32,06333,304[+ 1.5%][+ 13.9%][- 4.7%]

19,543[+ 1.5%]

15,705[+ 33.1%]

15,417[+ 1.4%]

16,358[- 0.0%]

1st Half
2nd Half
Fiscal 2012

30,813

33,11338,41030,816[- 3.9%][- 0.6%][+ 0.0%]21,434[+ 9.7%]

19,129[+ 21.8%]

20,469[- 4.5%]17,029[- 11.0%]

11,870[- 23.0%]

11,684[- 28.6%]

12,644[+ 6.5%]

13,786[+ 18.0%]

1st Half
2nd Half
Fiscal 2013

1st Half
2nd Half
Fiscal 2014

62,169[+ 16.7%]
32,471[+ 20.6%]
28,559[+ 12.5%]

50,533[+ 2.5%]24,868[- 2.4%]25,665[+ 7.9%]

1st Half
2nd Half
Fiscal 2012[+ 1.9%]29,062[- 10.5%]
33,107[+ 15.9%]

51,816[+ 2.5%]55,434[-10.8%]53,359[+ 3.0%]27,551[- 5.2%]

29,108[- 2.1%]

22,079[- 14.0%]

27,883[- 15.8%]

24,251[+ 9.8%]

1st Half
2nd Half
Fiscal 2014

Second quarter of first half year

Fort quarter of first half year

First quarter of first half year

Third quarter of first half year

Copyright © 2015 IT Holdings Corporation All rights reserved.

15,203[+ 20.2%]

72,04829,737[+ 19.6%]

1st Half
2nd Half
Fiscal 2013

23,207[+ 13.4%]

1st Half
2nd Half
Fiscal 2015

Industrial IT Services
61,030[+ 16.0%]

58,568[+ 5.7%]30,701[+ 11.4%]
27,867[- 0.1%][+ 35.0%]
34,889[+ 19.9%]
37,159[+ 53.2%]

1st Half
2nd Half
Fiscal 2015

*Orders received during the fiscal year apply to Software Development only.
Percentage figures in columns indicate increase or decrease from the previous
fiscal year.

8

Fiscal 2015: Balance Sheets and Cash Flows¾ Balance Sheets
As of March 31, 2015
As of March 31, 2014

Liabilities
157,062

Liabilities
149,107

Assets345,851

Assets313,610Net Assets
164,502

Net Assets
188,789[Millions of yen]

¾ Assets: +¥ 32,241 million• Current assets: -¥3,069 million[Includes cash and deposits (-¥ 14,037 million) and notes and accounts
receivable (+¥ 10,573 million)]• Fixed assets: +¥ 35,310 million[Includes investments in securities (+¥ 32,469 million)¾ Liabilities: +¥ 7,955 million• Current liabilities: +¥4,876 million[Includes notes and accounts payable (+¥2,853 million)]• Fixed liabilities: +¥3,079 million[Includes deferred tax liabilities (+¥10,250 million) and long-term loans(-¥4,977 million)]¾ Net Assets: +¥ 24,287 million• Shareholders’ equity: +¥5,747 million• Other total comprehensive income (+¥22,200 million)¾ Equity Ratio: 53.3% [+3.4%]¾ Interest-bearing Debt: ¥ 52,114 million [-¥ 6,755 million]¾ Interest-bearing Debt
60,550¾ Cash Flows

58,86949.8%
28,633

19.3%

25,77052,114
43,248
49.9%

18.8%

22,93820,436

53.3%
29,211

15.1%

March 31, 2013
March 31, 2014
March 31, 2015
Interest-bearing debt
Cash and deposits
Equity ratio
Interest-bearing debt ratio
Copyright © 2015 IT Holdings Corporation All rights reserved.

Cash flows frominvesting activities
Cash flows fromoperating activities

5,194

Cash flows fromfinancing activities

Free cash flow
-5,334-5,872-17,744
Fiscal 2014

-19,067
Fiscal 2015

9

Fiscal 2015 Performance Highlights
Fiscal 2016 Performance Forecast
Reference Materials

Copyright © 2015 IT Holdings Corporation All rights reserved.

10Understanding the External Environment¾ Operating environment should remain favorable, buoyed mainly by expanding IT investment needs amongclients, paralleling business recovery.
¾ Ongoing issues include approaches to secure human resources and make project management more efficient.
<IT Infrastructure Services>¾ Inquiries regarding use of data center services will continue, spurred by greater awareness of
the importance of business continuity planning (BCP) and disaster recovery (DR). Use ofcloud services should also expand. Issue is to maintain profitability amid fierce competition.
¾ Outsourced business processing that contributes to improved corporate management is ingreater demand, boosting interest in BPO. Plus, start of My Number social security and tax
identification system should boost demand.

＜To date＞＜From now＞

<Financial IT Services>¾ IT investment among credit card companies continues to increase, buoyed mainly by risingdemand for upgrades to platform systems.
¾ Among banks, investment will continue to be directed into system integration and overhauls
by the majors for improving global responses and enhancing front-office capabilities. But thereins on IT investment for back-office operations will remain tight.

<Industrial IT Services>¾ In manufacturing, service and distribution sectors, companies are keen to invest in frontoffice IT to sharpen competitive edge, especially in marketing activities.
¾ In public sector, My Number system should prompt greater investment in necessary IT
structure.
¾ In utility-related fields, IT investment has been invigorated by companies entering fromother sectors following changes in the power system structure.
Copyright © 2015 IT Holdings Corporation All rights reserved.

*These trends may differ from general industry trends since management’s assumptions also take
into consideration the status of IT investment by clients of the ITHD Group.

11

Fiscal 2016: Group Management Direction
Third Medium-termManagement Plan
Basic concepts

Fiscal 2016 Group Management Direction

ProfitEmphasis

1. Emphasize ROE as a key performance indicator and strive to boost
corporate value
2. Improve profitability from business activities by raising productivity
3. Shift to management emphasizing return on invested capital

IT Brain

1. Sharpen forte strengths and prime the growth engine
2. Promote proposal-type business (value-added business)
3. Promote industry platform business (market-cultivating business)

Portfolio
Management

1. Take first step toward business portfolio management
2. Promote reforms in corporate governance
3. Promote integration and centralization of shared Group functions

Copyright © 2015 IT Holdings Corporation All rights reserved.

12

Fiscal 2016: Performance Forecasts[Millions of yen]

¾ Anticipating favorable business environment to continue, fueling higher sales and profits¾ Will expand business while improving productivity and promoting efforts to prevent projects from turning
unprofitable.

Net Sales ¥370,000 million

Operating Income ¥ 23,500million

Net Income ¥ 12,800 million

YOY change: +¥8,975 million [+ 2.5%]

YOY change: +¥2,379 million [+ 11.3%]

YOY change: +¥2,525 million [+ 24.6%]

370,000

23,500361,025[Estimate]

21,121

10,275+2,379[+11.3%]+8,975[+2.5%]
5.9%

12,800[Estimate]

Operatingmargin

6.4%

Fiscal 2016

Emphasizing financial IT services and industrial
IT services, we will expand our business reach byaccurately responding to our customers’ IT
investment needs. This should pave the way tohigher net sales.

Fiscal 2015

Fiscal 2016

Anticipating higher income, primarily because of thehigher net sales starting point, enhanced productivity,
successful efforts to prevent the occurrence of
unprofitable projects, and lower goodwill
amortization expenses.

Copyright © 2015 IT Holdings Corporation All rights reserved.

+2,525[+24.6%]Net Income¥117.40 per Share

2.8%

Fiscal 2015

[Estimate]

Net Income

Fiscal 2015

¥146.34

3.5%

Fiscal 2016

Higher operating income, lower extraordinary
expenses and a decrease in minority interests should
lead to a year-on-year increase in net income.

13

Fiscal 2016:
Net Sales and Operating Income Analysis [Forecast][Billions of yen]

Net Sales
361.02IT Infrastructure
Services+ 3.80[118.20→122.00]

Industrial IT
Services+ 4.64

Financial IT
Services+ 0.45370.00Other+ 0.33

Inter-segment- 0.25[14.66→15.00][-17.74→-18.00][Estimate]+8.97[+2.5%][166.35→171.00][79.54→80.00]

Fiscal 2015

Fiscal 2016

23.50

Operating Income[Estimate]

Other+ 0.04

21.12
IT Infrastructure
Services- 0.37[ 7.17→6.80]

Financial IT
Services+ 0.45[ 5.54→6.00]

Fiscal 2015
Copyright © 2015 IT Holdings Corporation All rights reserved.

Industrial IT
Services+ 1.65[ 2.15→2.20]

Inter-segment+ 0.61+2.37[+11.3%][ - 0.81→ - 0.20][ 7.04→8.70]

Fiscal 201614

Fiscal 2016:
Key Business Segment Performances [Forecast]
IT Infrastructure Services[Millions of yen]

Industrial IT Services

Financial IT Services

Net Sales ¥ 122,000million

Net Sales ¥ 80,000million

Net Sales ¥ 171,000million

YOY change: +¥ 3,800 million [+3.2%]

YOY change: +¥ 457 million [+0.6%]

YOY change: +¥ 4,643 million [+2.8%]

122,000

118,200

80,00079,543[Estimate][Estimate][Estimate]+457[+0.6%]+3,800[+3.2%]

Fiscal 2015

Fiscal 2016

171,000

166,357

Fiscal 2015

+4,643[+2.8%]

Fiscal 2016

Fiscal 2015

Fiscal 2016

Operating Income ¥ 6,800million

Operating Income ¥ 6,000million

Operating Income ¥ 8,700million

YOY change: -¥379 million [-5.3%]

YOY change: +¥ 451 million [+8.1%]

YOY change: +¥ 1,651 million [+23.4%]

7,179

6.1%

6,800

-379
[-5.3%][Estimate]

Operatingmargin

5.6%

Fiscal 2015
Fiscal 2016
Segment sales are likely to increase, but operating
income may decrease due to such factors as frontloading costs.
Increase following segment changes due tocareful review of business content.

5,549

7.0%

6,000
+451 [Estimate][+8.1%]
Operatingmargin

7.5%

Fiscal 2015
Fiscal 2016
Greater IT investment, especially by credit cardcompanies, is sure to boost segment sales andincome in fiscal 2016. Decrease due to sale ofsubsidiaries.

Copyright © 2015 IT Holdings Corporation All rights reserved.

7,049

4.2%

8,700
+1,651 [Estimate][+23.4%]
Operatingmargin

5.1%

Fiscal 2015
Fiscal 2016
Efforts to expand business activities paralleling overall
increase in clients’ IT investment as well as measures
to enhance productivity and prevent the occurrence of
unprofitable projects should underpin higher segment
sales and income. Decrease following segmentchanges due to careful review of business content.

*Segment sales include intersegment sales.

15

Fiscal 2016: Dividend Forecast
Change in policy on return to shareholders.
Will adopt total shareholder return measure (total return ratio) to promote shareholder returns throughdividends and an appropriate capital structure through treasury stock buyback.
<Up to now>
• Stable, continuous dividends• Target 30% payout ratio<From now>
• Target 35% total return ratio(Stable, continuous dividends + share buybacks)

Annual dividend per share (planned): ¥ 33 (up ¥3 from fiscal 2015)
Changes in Dividends per Share
Annual: ¥30

Annual: ¥33[Estimate][Anticipated]

Annual: ¥25
Annual: ¥21[Anticipated]

¥20
¥14
31.4%

¥17

30.4%

27.7%

¥7

¥8

25.6%
¥10

Fiscal 2013

Fiscal 2014

Fiscal 2015

Dividends (interim)

Dividends (term-end)

Copyright © 2015 IT Holdings Corporation All rights reserved.

Total return ratio

¥22
35.0%
22.6%
¥11
Fiscal 2016

Payout ratio*Total return ratio:
Total amount of dividends and treasury stock buybacks as a percentage of net
income.

16

Fiscal 2015 Performance Highlights
Fiscal 2016 Performance Forecast
Reference Materials

Copyright © 2015 IT Holdings Corporation All rights reserved.

17

Fiscal 2016 First Half:
Sales and Income for Key Business Segments [Forecast]
Operating Income

Net Sales
172,851

175,000

7,670[Estimate]+2,149[+1.2%]First Half of
Fiscal 2015

+830
[Estimate][+10.8%]OperatingmarginFirst Half of
Fiscal 2015

First Half of
Fiscal 2016

Financial IT Services

Net Sales

Net Sales
39,00038,839[Estimate][Estimate]+765[+1.3%]First Half of
Fiscal 2015

First Half of
Fiscal 2016

3,510

First Half of
Fiscal 2015

79,00077,205[Estimate]

4.5%First Half of
Fiscal 2016

First Half of
Fiscal 2015

7.0%

2,500

First Half of
Fiscal 2015

Copyright © 2015 IT Holdings Corporation All rights reserved.

Operatingmargin6.4%
First Half of
Fiscal 2016

First Half of
Fiscal 2016

Operating Income+1,571[+189.5%]-232[-8.5%] [Estimate]-860「-24.5%] [Estimate]First Half of
Fiscal 2016

Industrial IT Services
Net Sales

Operating Income

2,650First Half of
Fiscal 2015

First Half of
Fiscal 2015

+1,795[+2.3%]First Half of
Fiscal 2016

2,732

Operatingmargin[Estimate]+711[+18.3%]+161[+0.4%]

Operating Income

6.0%

4,600

3,889

4.9%

IT Infrastructure Services
59,000Net Income

8,500

4.4%
First Half of
Fiscal 2016

58,235[Millions of yen]

829

1.1%

First Half of
Fiscal 2015

*Segment sales include intersegment sales.

Operatingmargin2,400[Estimate]

3.0%First Half of
Fiscal 201618

Fiscal 2016 Second Half:
Sales and Income for Key Business Segments [Forecast]
Net Sales
195,000

188,174

Operating Income
15,00013,451[Estimate]+6,826[+3.6%]

Second Half of
Fiscal 2015

7.1%

Second Half of
Fiscal 2016

+1,549[+11.5%][Estimate]

Operatingmargin

7.7%

Second Half of
Fiscal 2015

Second Half of
Fiscal 2016

IT Infrastructure Services
Net Sales
63,00059,965

Financial IT Services
Net Sales
40,70441,000[Estimate][Estimate]

Second Half of
Fiscal 2016

Operating Income
3,669

6.1%

4,150
[Estimate]+481[+13.1%]
OperatingmarginSecond Half of
Fiscal 2015

Net Income

6.6%

Second Half of
Fiscal 2016

Second Half of
Fiscal 2015

Second Half of
Fiscal 2016

Operating Income
3,500
2,817

+683
[+24.2%]

6.9%

OperatingmarginSecond Half of
Fiscal 2015

8,200

6,386

[Estimate]+1,814[+28.4%]
Second Half of
Fiscal 2015

Second Half of
Fiscal 2016

Industrial IT Services
Net Sales
92,00089,152[Estimate]+2,848[+3.2%]+296[+0.7%]+3,035[+5.1%]
Second Half of
Fiscal 2015

[Millions of yen]

Second Half of
Fiscal 2015

Second Half of
Fiscal 2016

Operating Income
6,300

6,220

[Estimate]+80[+1.3%][Estimate]

Operatingmargin

6.8%

8.5%

7.0%

Second Half of
Fiscal 2016

Second Half of
Fiscal 2015

Second Half of
Fiscal 2016

*Estimated amounts for the second half of Fiscal 2016 are calculated by subtracting the first half

Copyright © 2015 IT Holdings Corporation All rights reserved. estimates from the annual estimates of Fiscal 2016. *Segment sales include intersegment sales.

19Cautionary Statements• In these materials, IT Holdings is abbreviated ITHD.
• All statements described in these materials are based on information available to management regarding the ITHD Group—that is, ITHD
and the subsidiaries under its umbrella—as of the presentation date and certain assumptions deemed reasonable at this time. No intent is
implied of promise by the Company to achieve such forward-looking statements. Indeed, various factors may cause future results to be
substantially different from the assumptions presented in these materials.
•Amounts for each three-month quarter are calculated by subtracting data for the respective period from the cumulative total.