Financial Results Presentation for
FYE 3/2022(Appendix)
May 24, 2022

MIRAIT Holdings Corporation

Table ofContents

01. Overview of MIRAIT Holdings

・・・・・

2

02. Historical Performance

・・・・・

3-4

03. Financial Results

・・・・・

5- 6

04. Change of business categories

・・・・・

7

05. Communication foundation domain
Enterprise/environmental and06. social foundation domain

・・・・・

8-9

07. topics

・・・・・ 1 2 - 22

08. ESG Initiatives

・・・・・ 2 3 - 25

09. Supplementary Financial Information

・・・・・ 2 6 - 29

10. Share Price trends

・・・・・

30

11. Major Shareholders

・・・・・

31

・・・・・ 1 0 - 11

（Note）”Net income attributable to owners of parent” is referred to as “net income” in this presentation.

1. Overview of MIRAIT Holdings (As of March 31, 2022)
Established
Location
President (CEO)October 1, 2010
5-6-36 Toyosu, Koto-ku, Tokyo
Toshiki Nakayama

Stock listing

Prime Section of the Tokyo Stock Exchange (Code: 1417)

Business
description

Telecommunications engineering work, electrical work, civil engineering work andbuilding construction work; management of subsidiaries and Group companies

Credit ratings

Rating & Investment Information, Inc. (R&I): AJapan Credit Rating Agency, Ltd. (JCR): A【Domestic】59 locations *Total of MIRAIT, MIRAIT Technologies, TTK, SOLCOM, Shikokutsuken and

Office network

Seibu construction【Overseas】29 locations (Singapore, Sri Lanka, Australia, Philippines, etc.)

Number of
employees【Consolidated】 14,006（MIRAIT Holdings（MIRAIT（MIRAIT Technologies（Lantrovision（TTK（SOLCOM（Shikokutsuken（Seibu construction: Tokyo: Osaka: Singapore: Sendai: Hiroshima: Imabari: Tokorozawa

110)
5,480）
3,125）
1,266）
1,101）
1,538）
692）
694）

2

2. Historical Performance①(Unit: bil. yen)

(Unit: bil. yen)

500

35.0

Integration of regional
telecommunication
construction companies

250

17.5

Profit decline due to unprofitable projects⇒Tightened criteria for receiving orders⇒Tightened management of projects

02011.3 2012.3 2013.3 2014.3 2015.3 2016.3 2017.3 2018.3 2019.3 2020.3 2021.3 2022.3

Net sales (LHS)

246.6

236.0

271.0

277.7

283.7

269.5

283.2

312.9

375.9

441.1

463.7

470.3

Operating income (RHS)

4.9

5.2

10.8

11.4

14.1

6.1

10.0

16.7

20.6

21.9

30.1

32.8

Operating income ratio

2.0%

2.2%

4.0%

4.1%

5.0%

2.3%

3.5%

5.3%

5.5%

5.0%

6.5％

7.0%

0.0

3

2. Historical Performance②* Figures are rounded down to one decimal place.

FYE March 2019

FYE March 2020

FYE March 2021

FYE March 2022

FYE March 2023
(Forecast)

Orders received

392.6(320.4)446.5(344.5)

474.9

521.3
(463.2)540.0

Net sales

375.9(330.8)441.1(344.3)

463.7

470.3

540.0

Gross profit

46.9(41.3)

52.1(41.4)

60.7

66.2

69.2

12.5%
(12.5%)

11.8%(12.0%)

13.1%

14.1%

12.8%

SG&A

26.2
(23.6)

30.1(24.4)

30.6

33.4

39.2

SG&A ratio

7.0%(7.1%)

6.8%(7.1%)

6.6%

7.1%

7.3%

Operating income

20.6(17.6)

21.9(16.9)

30.1

32.8

30.0

Operating income ratio

5.5%(5.3%)

5.0%(4.9%)

6.5%

7.0%

5.6%

Ordinary income

21.9(18.7)

23.2(17.6)

31.7

34.1

31.0

Ordinary income ratio

5.8%(5.7%)

5.3%(5.1%)

6.8%

7.3%

5.7%

Net income

25.7(13.5)

15.2(11.0)

24.2

25.1

20.0

Net income ratio

6.8%(4.1%)

3.4%(3.2%)

5.2%

5.3%

3.7%

Unit: bil. yen

Gross profit margin(Note) Upper figure for FYE 3/2019 include extraordinary gains from acquisitions (negative goodwill of 10.0 bil. yen)※（ ） indicates results for the MIRAIT Group (Mirait, Mirait Technologies and Lantrovision(S) Ltd.) excluding the impact from the merged companies.
※ Figures in ( ) for FYE March 2022 are the figures excluding the amount of Seibu Construction Co., Ltd.

4

3. Financial Results①
FYE March 2022

FYE March 2021
Units: bil. yen

FYE March 2023

YoY Change

YoY Change

Full-year
Forecast(c)

Full-year Results(a)Full-year Results(b)

Orders received

474.9

521.3
【463.2】+46.4【- 11.7】+9.8%【- 2.5%】

540.0

+18.7

+3.6%

Net sales

463.7

470.3

+ 6.6

+1.4%

540.0

+69.7

+14.8%

Gross profit(Gross profit margin)

60.7（13.1%）

66.2（14.1%）+5.5（+ 1.0p）

+9.1%

69.2

+3.0

+4.5%

SG&A
(SG&A ratio)

30.6（6.6%）

33.4（7.1%）+2.8（+ 0.5p）

+9.2%

39.2

+5.8

+17.4%

Operating income(Operating income ratio)

30.1（6.5%）

32.8（7.0%）+ 2.7（+ 0.5p）

+9.0%

30.0

-2.8

-8.5%

Ordinary Income(Ordinary income ratio)

31.7（6.8%）

34.1（7.3%）+2.4（+ 0.5p）

+7.6%

31.0

-3.1

-9.1%

Profit attributable toowners of parent(Profit margin)

24.2（5.2%）

25.1（5.3%）+0.9（+ 0.1p）

+3.7%

20.0

-5.1

-20.3%

161.6

208.4
【150.3】+4 6 . 8【-11.3】+29.0%【- 7.0%】―――Construction accountcarried forward

Amount(b)－(a)%(b)／(a)Amount(c) – (b)%(c)／(b)* Figures are rounded down to one decimal place (bil. yen)
* Figures in 【】 for FYE March 2022 are the figures excluding the amount of construction account carried forward of Seibu Construction Co., Ltd.

5

3. Financial Results②
Orders received
Units: bil. Yen

FYE March 2022
YoY Change
Full-year Results Full-year Results(b)(a)
Amount (b)－(a)% (b)／(a)FYE March 2021

FYE March 2022

FYE March 2023

Full-year Results (b‘) Full-year Forecast（Recombined）(c)

YoY Change
Amount (c) – (b’)% (c)／(b’)

NTT Business

164.4

153.5

-10.9

-6.6%

191.4

177.0

-14.4

-7.5%

Multi-carrier Business

110.7

104.3

-6.4

-5.8%

67.8

57.0

-10.8

-15.9%

Environmental & social
innovation business

51.0

117.4
【59.4】+66.4【+ 8.4】+130.2%【+ 16.5％】

118.7

157.0

+38.3

+32.3%ICT solution business

148.7

145.9

-2.8

-1.9%

143.3

149.0

+5.7

+4.0%

474.9

521.3
【463.2】+46.4【- 11.7】+9.8%【- 2.5％】

521.3

540.0

+18.7

+3.6%

Total

Net sales
Units: bil. Yen

FYE March 2022
YoY Change
Full-year Results Full-year Results(b)(a)
Amount (b)－(a)% (b)／(a)FYE March 2021

FYE March 2023

FYE March 2022
Full-year Results (b‘) Full-year Forecast（Recombined）(c)

YoY Change
Amount (c) – (b’)% (c)／(b’)

NTT Business

157.0

163.4

+6.4

+4.1%

204.3

181.0

-23.3

-11.4%

Multi-carrier Business

98.2

106.2

+8.0

+8.1%

68.6

64.0

-4.6

-6.7%

Environmental & social
innovation business

58.1

55.6

-2.5

-4.3%

56.8

145.5

+88.7

+156.2%

ICT solution business

150.3

145.1

-5.2

-3.5%

140.6

149.5

+8.9

+6 .3%

463.7

470.3

+6.6

+1.4%

470.3

540.0

+69.7

+14.8%

Total

Construction accountcarried forward
Units: bil. Yen

FYE March 2022

FYE March 2021

YoY Change
Full-year Results Full-year Results(b)(a)
Amount (b)－(a)% (b)／(a)《補足》

NTT Business

41.2

28.5

-12.7

-30.8%* Figures are rounded down to one decimal place (bil. yen).

Multi-carrier Business

60.1

57.9

-2.2

-3 .7%* Figures in 【】 for FYE March 2022 are the figures excluding the amountof construction account carried forward of Seibu Construction Co., Ltd.

Environmental & social
innovation business

34.5

95.8
【37.7】+61.3【+ 3.2】+177.7%【+ 9.3％】* For comparison with the FYE March 2023 forecast, the actual results for
FYE March 2022 are recombined into new business categories.

ICT solution business

25.6

26.1

+0.5

+2.0%

161.6

208.4
【150.3】+46.8【- 11.3】+29.0%【- 7.0％】Total

6

4. Change of business categories(From FYE 3/2023)
Previous business categories
Base domains

New business categories
Communication foundation domain

NTT（Fix）
NTT（Mobile）

Frontier domains

Electric, air conditioning
Civil engineering
Solar power
Battery
ＥＶ charging
Stock Business
LAN・PBX
Wi-FiEnterprise/environmental andsocial foundation domain

Electric, air conditioning
civil engineering/ water supply
Renewable energy

Architecture / renovation
Stock Business
DC・cloud

Stock BusinessBroadcasting

LAN, etc

Software

Software

Good Sales, Other

Good Sales, Other

Globalgrowth areas redisplay as “Future domains”

75. Communication foundation domain①：N T T B u s i n e s s Nationwide works on construction, maintenance and operation of wired
and wireless communications facilities of NTT Group.
Net sales

Capital investments by NTT East, NTT West and NTT docomo【New business categories】【Previous】（Unit: bil. yen）

1,134.7

204.3

1,095.3 1,096.5

1,049.2

181.0（Unit: bil. yen）

156.3 157.0

1,016.4

163.4
593.7

572.8

569.1

522.5

527.4

128.3

541.0

548.1

521.4

501.1

495.0
Of which,
optical-related
work

FYE 3/19 FYE 3/20 FYE 3/21 FYE 3/22•

FYE 3/22

FYE 3/23

For comparison with the FYE March 2023 forecast,
the actual results for FYE March 2022 are recombined
into new business categories.

161.0

150.0

156.0

154.0

1,470

FY 2018

FY 2019

FY 2020

FY 2021

FY 2022(Notes) 1. NTT figures based on IFRS from FYE 3/2018 (Regional communications business)
2. Figures for optical-related work from FYE 3/2019 reflect investment plans submitted
to the government.
3. NTT docomo figures for FYE 3/2023 indicate the communication capital investment of
the new docomo Group.
Source: MIRAIT from company information

85. Communication foundation domain②：M u l t i - c a r r i e r B u s i n e s s Nationwide works on construction, maintenance and operation of fixed
and mobile communications facilities of NCCs.
 CATV work, Broadcasting network business.
Capital investments of mobile business by NCC Carrier

Net sales【New business categories】【Previous】

RAKUTEN
SoftBank
KDDI（Unit: bil. yen）

106.2
92.5

97.2 98.2

508.9（Unit: bil. yen）

Unpublished

335.9

68.6

FYE 3/19 FYE 3/20 FYE 3/21 FYE 3/22

FYE 3/22

64.0

FYE 3/23

8.3

187.1
414.2

460.0

381.6

369.7

421.9

601.7

615.0

627.9

676.4

680.0

FY2018FY2019FY2020

FY2021

FY2022(Notes) Rakuten figures reflect total mobile-related capital investments•

For comparison with the FYE March 2023 forecast,
the actual results for FYE March 2022 are recombined
into new business categories.

Source: MIRAIT from company information

96. Enterprise/environmental and social foundation domain①：E n v i r o n m e n t a l & s o c i a l i n n o v a t i o n b u s i n e s s Offering comprehensive solutions for the construction and maintenance ofenvironmental/ new energy-related facilities, social infrastructure(civilengineering/ water supply), electrical/ air conditioning facilities, etc.
Net sales【New business categories】【Previous】■ Architecture / renovation■ Civil engineering■ Electric, air conditioning■ Renewable energy■ ＥＶ charging■ Battery■ Civil engineering■ Electric, air conditioning■ Solar power

145.5（Unit: bil. yen）

66.7
58.1

56.3

FYE 3/19

FYE 3/20

FYE 3/21

55.6

56.8

FYE 3/22

FYE 3/22•

For comparison with the FYE March 2023 forecast,
the actual results for FYE March 2022 are recombined
into new business categories.

FYE 3/23

10

6. Enterprise/environmental and social foundation domain②：I C T s o l u t i o n b u s i n e s s
 Support to create ICT infrastructure such as cloud, office solutions and
Wi-Fi.
Net sales■ Good Sales, Other■ Software■ Wi-Fi■ Broadcasting■ LAN・PBX■ Lantrovision■ Stock Business（Unit: bil. yen）

【Previous】

150.3
120.8

■ Good Sales, Other■ Software■ Global145.1 ■ LAN, etc■ DC・cloud■ Stock Business【New business categories】

140.6

149.5

98.7

FYE 3/19

FYE 3/20

FYE 3/21

FYE 3/22•

FYE 3/22

For comparison with the FYE March 2023 forecast,
the actual results for FYE March 2022 are recombined
into new business categories.

FYE 3/23

11

7. Topics①

Reducing costs and securing workforce
Expand from maintenance to construction work
and indirect operations

Productivity gains
127. Topics②

Initiatives for smarter NTT facilities inspection operations
Full use of ICT inspection tools

Urban&Periphery

Remote islands andmountainous areas

Conduct inspections combining MMS*/ drone inspections
according to area characteristics※

Improved operational efficiency and ensured safety
A system for acquiring various types of spatial information data, etc., through measurement runs
by vehicles equipped with measuring instruments such as laser scanners, cameras, etc.

13

7. Topics③
FY2020

FY2021

FY2022

FY2023～Frequency reorganization▲2020.4
Tax promoting
5G investments▲2021.12▲2020.8
Request for acceleration of 5G base stations
Framework to convert(Ministry of Internal Affairs and Communications)
4G frequencies to 5G
Installment of 5G base stations in ３G／４G areas

Installment ofbase stations

Capex total (FY2019～2024): approx. 1,734.4 bil, yen (4 cos)
▲2021.6

Launch of commercial
service▲2022.3

10,000
5G basestations▲2020.11
docomo madewholly-owned
sub.

3.7㎓ band 4.5㎓ band 28㎓band

Agreed with JTOWER on basic
contract for infrastructure sharing▲2021.5
Capital/business alliance
between JTOWER/KDDI

Approval of conversion of 4G bands to 5G

3.7㎓ band 28㎓z band
＋1.7㎓band▲2020.3

Launch of commercial
service

Local

5G

Accelerate local 5G area network
deployment

28㎓ band 4.5㎓ band

Raised 35 billion yen
through social loan

▲2020.10

Approval of conversion of 4G bands to 5G

Launch ofcommercial
service

3.7㎓ band 28㎓z band

4G

▲2022.3
5G NW
Population coverage: 90%▲2020.9

Rakuten Mobile

50,000 5G base stations (plan)

Apply for certification related tothe opening plan of a specific basestation in the 2.3GHz band

▲2020.4.1 established 5G JAPAN Co.

SoftBank▲2022.3▲2022.4▲2020.10

・ Achieves 4G availability in all residential areas（Population outside the 4G area
8,000 at the end of 2020 ⇒ 0 at the end of 2023）

・ Achieve nationwide expansion of master stations,which is the basis for 5G deployment, in almost
all areas where there is a need
（5G infrastructure deployment rate 16.5% at the end of 2020 ⇒98% at the end of 2023）

・ Population coverage

Make NTTcom and NTT Comware a subsidiary

Launch of commercial
service

3.7㎓ band 28㎓z band

20,000 5G base stations (plan)▲2022.1▲2020.3

KDDI

Digitalization

Promotion of infrastructure sharing▲2020.3

５
G・Total + approx. 16GHz width by the end of 2025

5G base station work brought forward with
tax framework to promote investment in 5G

docomo 795.0 bil. yen
KDDI 466.7 bil. yen
SoftBank 206.1 bil. yen
RakutenM 266.6 bil. yen

docomo【Securing new bandwidth(compared to the end of 2020)】
・ Total + approx. 102GHz width by the end of 2030

Leveraging mobile area advancement projects

Installment in under-serviced areas
Deployment of advanced services including
5G Resolving reception interference I n
railway/road tunnels(Ministry of Internal Affairs and Communications)【end of 2023】
Nationwide 95％（Results at the end of 2020: 30% level）
Established 5G base stations in municipalities
nationwide（280,000 stations in total）※5% increase from the immediate target set at the end of 2021

【end of 2025】
Nationwide 97％
About 90% or more of each prefecture（300,000 stations in total）【end of 2030】
Nationwide and each prefecture99%（600,000 stations in total）▲2021.10 Capital alliance between
JTOWER and Rakuten M.

Beyond5G▲2021.12

Population coverage: 90%▲2021.4（Including 4G dedicated base station）
1.7㎓ allocated▲2022.4▲2021.4
Established
Business alliance between Rakuten
Rakuten Mobile EngineeringGroup and Japan Post GroupUse 4G frequencies for 5G▲2022.3
KDDI 3G service end

・Strongly promote social implementationand international standardization from2025 onwards▲2024.1
SoftBank 3G service end

Promote use od local 5G, etc.
Expansion of local 5G frequencies▲2020.12

Introduction of local 5G usage rules based on results of development verification tests(4.7㎓ band / 28㎓ band)

14

7. Topics④

Expanding new business areas using 5G
Contributed to Higashi-Hiroshima City's autonomous
driving demonstration by constructing a 5G basestationConstructed 5G base station environment
for social experiments on
autonomous driving systems

Contributing to Building theSocial Infrastructure of the Future15

7. Topics⑤

Expanding new business areas using 5G
In collaboration with NTT DoCoMo Shikoku, ELP Co.,
Successful trial of multi-angle video transmission using 5G

First case in Japan
5G communication with 8K ROI Camera system(MEC Multi-angle video transmission using
multi-access edge computing)

Enabling a new viewing
style for sports games
16

7. Topics⑥

Rukuten Mobile
Partner of theYear2021-2022

Number 1
Providinghigh quality service
177. Topics⑦

Collaboration with Seibu Construction
Aiming to accelerate proactive business development in
the "Mirai Domain," which comprehensively combines
both companies’ strengths to provide total solutions

Expansion of Business Domain

Strength in expanding business in the information /telecommunications engineering area and solutions
business, mainly for telecommunications carriersStrength in construction and civil engineering forrailway-related work for the Seibu Group and indeveloping areas along railroad lines and resorts, etc.

18

7. Topics⑧

DX (digitization) of construction through the use of ICT
DX of construction utilizing Point Cloud 3D Data
Japan’s first advanced example in construction of joint
ditch for power lines✔Civil Engineering Division and FS Promotion Division to begin full-scale construction DX
using 3D point cloud data from 2022
✔CIM utilization based on i-Construction promoted by MLIT is a prerequisite for the target construction projects（CIM：Construction Information Modeling ）Will continue to promote advanced construction DX

19

7. Topics⑨

Built ICT environment for a luxury hotel with NTT Communications⇒Contributed to hotel DX
Example）HOTEL INDIGO INUYAMA URAKUEN GARDEN Server room
（Opened March 1, 2022）

Network Camera【Construction work and facilities】
・Core network ( Voice／ ＬＡＮ ／ Wi-Fi ／ Internet ）・Hotel Solutions✓ＩＰＴＶ System ✓ Network Camera System ✓ Digital signage✓ Congestion display system（Display the usage status of restaurants / public baths / fitness rooms on the TV in the guest rooms）【Business opportunities】
・Expand hotel DX to realize smart cities

207. Topics⑩
Evaluation of MIRAIT's proposed method for buried fortifications ofhighway telecommunication conduit
In the installation of lightweight ducts, which are communication conduits, our proposed construction
method was used as a reference for the draft of the customer's construction procedure. As this wasrecognized as having a significant contribution to the formulation of standards, MIRAIT received acertificate of appreciation 【Client：NEXCO West Japan, Kansai Branch Fukusaki Highway Office 】

Example of light weight duct installation

Certificate of appreciation from NEXCO West Japan

Sandbags and concrete pavement in sloping areas
Reinforcement with piles in underground areas

Other factors, such as our discussing withthe customer the construction method thatwould suit the various installation site
conditions, were also comprehensively
evaluated21

7. Topics⑪

Strengthen partnership with hapi-robo st for sales etc. of"temi" robot
Invested in hapi-robo st and concluded a business alliance agreement on Jan. 31, 2022
MIRAIT and hapi-robo st, will propose DX promotion using "temi", a communication robot,
and will develop this solution to meet the needs for smarter new social infrastructures

Investment from MIRAIT⇒hapi-robo st
Business alliance, strengthen partnership
Autonomous multi-purpose smart robot“temi”
Introduce and verify in the field of
essential workers such as nursing care,
medical care, etc.
Has a track record of cooperation withMIRAIT X
Strengthen partnership22

8. ESG Initiatives【1/3】 － Environment －E

Environment● ISO14001 certification achieved for environmental management system●Protection of biodiversity⇒Contributing to the environment through continued forest preservation
activities, etc.
●Climate change initiatives⇒Work to build renewable energy-related facilities across the group（solar power generation, EV chargers, rechargeable battery systems）⇒Installment of LED lights and solar power generation facilities at branch
offices⇒Eco-driving of company-owned vehicles●Recycling of construction by-products⇒Use of ECO drums⇒Thermal treatment of use work attire and helmets, etc.
⇒Promoting paper-less at meetings●Securing of safe water⇒Work for water utilities across the group⇒Sales of the “Photoruction Water” Water Pipe Construction Management
System⇒Field Trial of Water Pipe Leak Prediction Utilizing AI Technology（Kumamoto City）⇒Water sampling and algae testing using drones⇒Provision of self-cleaning system (Nanogate) for water utility pipes

23

８. ESG Initiatives【2/3】 － Social －S

Society● ISO45001 certification achieved for occupational health& safety management●Well-being and safety⇒Patrolling for safety⇒Training to experience danger⇒Support to manage physical well-being and mental health●Human rights and community⇒Building of social infrastructure（telecom/ surveillance cameras/ highways）⇒Early reconstruction of social infrastructure following severe natural
disasters⇒Promoting diversity（hiring of female/ senior/disabled employees）⇒Active hiring of local staff in overseas offices●Labor standards⇒Promoting workstyle reforms
・Avoiding excessive overtime work and encouraging staff to takeannual paid leave
・Establishment of framework for flexible/ irregular working hours andteleworking
・Improving efficiency through DX24

20-3. ESG Initiatives 【3/3】 － Governance －G

Governance●Complied with all 83 items stipulated in the Corporate Governance Code（December 2021）●Transition to a Company with an Audit and Supervisory Committee(the assumption that it will be approved in the 12 th Ordinary General Meeting of Shareholders to be heldin June 2022, as stated below)●Corporate governance⇒Established Nomination and Compensation Committee chaired by outside director (December 2018)⇒Introduced performance-based stock remuneration system for directors and executive officers(excluding outside directors and non-executive directors) （September 2016）

Expanded scope to include the three acquired companies（December 2019）⇒Self-assessment regarding effectiveness of Board of Directors●Anti-corruption measures⇒Established internal governance system for appropriate group management⇒Deliberation of specific issues at Compliance Committee, etc.
⇒Formulation and distribution of compliance manual to enforce corporate ethics⇒Established external contact point for whistleblowing（“nandemo” counselling, compliance comment box）
⇒Payment of taxes in compliance with laws and regulations in each country/ region●Risk management⇒Appropriate risk management by Risk Management Committee, etc.
⇒Thorough management of information using information security management system⇒Formulation of BCP, employee safety confirmation system, execution of safety drills, and other initiatives toprepare for cases of emergency

25

9. Supplementary Financial Information①：Assets, Liabilities and Net Assets
Balance Sheet as of March 31, 2021
(Unit: bil. yen)

Balance Sheet as of March 31, 2022
(Unit: bil. yen)

Liabilities
18 3 . 4
Total assets
35 8 . 7

Liabilities
12 7 . 4
Accounts payable for construction
contracts: and others 63.2
Interest-bearing debt: 10.1

(Breakdown)
Current assets: 233.4
Cash and deposits: 44.7
Accounts receivable from completed
construction contracts: 147.6
Costs on uncompleted construction
contracts and other :30.7

Non-current assets: 125.2
Tangible fixed assets: 86.6
Intangible fixed assets: 7.5
Investments and other assets: 31.0

Net assets
23 1 . 3(Breakdown)
Capital stock: 7.0
Capital surplus: 69.5
Retained earnings: 155.2
Treasury stock: -10.8
Minority interest: 4.9

Total assets
431.3(Breakdown)
Current assets: 276.1
Cash and deposits: 50.9
Accounts receivable from completed
construction contracts: 180.5
Costs on uncompleted construction
contracts and other :30.9

Non-current assets: 156.5
Tangible fixed assets: 91.7
Intangible fixed assets: 33.8
Investments and other assets: 31.1

Accounts payable for construction
contracts: and others 67.7
Interest-bearing debt: 59.9

Net assets
249.2

Equity capital:
242.1
Equity ratio:
56.0%(Breakdown)
Capital stock: 7.0
Capital surplus: 69.6
Retained earnings: 175.8
Treasury stock: -15.8
Minority interest: 7.1

Assets of
Seibu Construction segment：80.726

9. Supplementary Financial Information②：Changes in Cash Position
Cash Flows
Units: bil. yen

FYE March
2019

FYE March
2020

FYE March
2021

FYE March
2022

Operating cash flow

6.4

7.9

41.6

12.9

Investment cash flow

-13.5

- 9.1

1.8

- 46.2Financial cash flow

- 1.9

- 2.8

- 32.2

38.3

Free cash flow

- 7.1

- 1.2

43.4

- 33.3(Note) Free cash flow = operating cash flow + investment cash flow

Cash and Deposits/ Interest-bearing Debt
Units: bil. yen

FYE March
2022

FYE March 2019

FYE March 2020

FYE March 2021

Cash and cash
equivalents

35.6

31.6

42.8

48.9

Interest-bearing debt

- 30.0- 27.8- 10.1- 59.9

5.6

3.8

32.7

- 11.0Net cash(Notes) 1. Net cash is the amount obtained by deducting interest-bearing debt from cash and cash equivalents.
2. Cash and cash equivalents exclude deposits and securities not maturing within three months.
* Figures are rounded down to one decimal place (bil. yen).

27

9. Supplementary Financial Information③：Key Performance Indicators
Capital Expenditure / Depreciation and Amortization
Unit: bil. yen

FYE March
2019

FYE March
2020

FYE March
2021

FYE March
2022

FYE March2023(Forecast)

Capital expenditure

19.3

9.1

10.5

16.0

10.4

Depreciation andamortization

4.0

5.8

6.2

6.8

6.1

Capital-related IndicatorsFYE March
2019

FYE March
2020

FYE March
2021

FYE March2022

Equity ratio

59.3%

61.2%

63.1%

56.0%

Return on equity
（ＲＯＥ）

15.4%

（9.4%）

7.4%

11.0%

10.7％

Return on assets
（ＲＯＡ)

9.1%

4.5%

6.8%

6. 4%

(Note) FYE 3/2019 figures in () exclude the impact of extraordinary gains from recent acquisitions (negative goodwill of 10.0 bil. yen).
* Figures are rounded down to one decimal place (bil. yen).

28

9. Supplementary Financial Information④：Shareholder Return and Shares Outstanding
Shareholder Return IndicatorsFYE March
2019

FYE March
2020

FYE March
2021

FYE March
2022

FYE March2023(Forecast)

Dividend payout
ratio

13.5%

（23.6%）

26.7%

19.6%

21.9%

29.5%

Total return ratio

13.5%

95.4%

59.0％

41.7％

－

（23.6%）(Note) FYE 3/2019 figures in () exclude the impact of extraordinary gains from the recent acquisitions (negative goodwill of 10.0 bil. yen).

Shares Outstanding
Unit: 1,000 shares

Issued number ofsharesNumber of dilutive
sharesNumber of treasury
shares
Earnings per share（EPS）
Total Shareholder
Return（TSR）

FYE March 2019

FYE March 2020

FYE March 2021

FYE March 2022

108,325

108,325

108,325

108,325

12,098

－

－

－

6,418

479

6,482

8,971

295.34 yen

149.93yen

229.59yen

250.84yen

192.2 %

166.5 %

225.1 %

198.0%（Note） １．EPS for FYE 3/2019 includes impact of extraordinary gains from acquisitions (negative goodwill of 10.0 bil. yen)
２．TSR is based on figures from the past 5 years.

2910. Share price trends（March 31, 2017 - March 31, 2022）■Performance of MIRAIT compared to major indices (Closing price)

110%

90%

TOPIX
N225
MIRAIT

September.14, 2021
2,400 yen (highest)

70%

50%

30%

10%

-10%

 Share Price 1 , 9 4 9 yen
 ＰＥＲ
7.77X
 ＰＢＲ
0.80X
 Dividend yield 2 . 8 2 ％March 31, 2017
1,093 yen

-30%
FYE
March
2017年3月
2017

FYE
March
2018年3月
2018

FYE March
2019年3月
2019

FYE
March
2020年3月
2020

FYE March
2021年3月
2021

FYE
March
2022年3月
2022

30

11. Major Shareholders (As of March 31, 2022)

Shareholder

Number of
Shares Held(thousands)

Shareholding
Ratio
(%)

The Master Trust Bank of Japan, Ltd(Trust Account)

14,665

14.8

Custody Bank of Japan, Ltd. (Trust Account)

10,515

10.6

Sumitomo Electric Industries, Ltd.

3,668

3.7

Shareholder Composition（Treasury stock is excluded）

individuals

Sumitomo Densetsu Co, Ltd.

2,488

2.5

GOVERNMENT OF NORWAY

2,110

2.1

MIRAIT Holdings Employee's Stock Option Plan

1,958

2.0

STATE STREET BANK AND TRUST COMPANY 505001

1,608

1.6

Mizuho Bank, Ltd.

1,300

1.3

STATE STREET BANK WEST CLIENT - TREATY
505234

1,277

1.3

THE BANK OF NEW YORK, TREATY JASDECACCOUNT

1,270

1.3

23.0%

Financial
institutions

37.5%

Japanese
corporations

11.6%

Foreigncorporations

26.7%

Securities
companies

1.2%

31

Precautionary Statement
Statements and quotes relevant to the forecasted values in thishandout are the future prospects based on the plans and prospects of
the Company at this point in time.
The actual business results could be significantly different from thosestated in this handout due to changes in conditions.
As such, please be advised that we will not be able to guarantee theaccuracy of the forecasted values, in this handout and the session,over the period of time to come in the future.

MIRAIT Holdings Corporation