Financial Results
Presentation for
FYE 3/2021(Appendix)
May 21, 2021

MIRAIT Holdings Corporation

Table of Contents
1. Overview of MIRAIT Holdings･･･ ２

2. Historical Performance･･･ ３― ４

3. Financial Results･･･ ５

4. Orders Received, Net Sales and Construction account carried forward･･･ ６

5. NTT Business･･･ ７― ８

6. Multi-carrier Business･･･ ９―１２

7. Environmental & Social Innovation Business･･･１３―１５

8. ICT Solution Business･･･１６―２２

9. ESG Initiatives･･･２３―２５

10. Supplementary Financial Information･･･２６―２９

11. Share Price･･･３０

12. Major Shareholders･･･３１

Precautionary Statement･･･３２（Note）”Net income attributable to owners of parent” is referred to as “net income” in this presentation.

11. Overview of MIRAIT Holdings (As of March 31, 2021)
Established
Location
President (CEO)October 1, 2010
5-6-36 Toyosu, Koto-ku, Tokyo
Toshiki Nakayama

Stock listing

1st Section of the Tokyo Stock Exchange (Code: 1417)

Business
description

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

Credit ratings

Rating & Investment Information, Inc. (R&I): AJapan Credit Rating Agency, Ltd. (JCR): A

Office network【Domestic】52 locations *Total of MIRAIT, MIRAIT Technologies, TTK, SOLCOM and Shikokutsuken【Overseas】31 locations (Singapore, Sri Lanka, Australia, Philippines, etc.)

Number of
employees【Consolidated】 12,882（MIRAIT Holdings（MIRAIT（MIRAIT Technologies（Lantrovision（TTK（SOLCOM（Shikokutsuken

106): Consolidated: Consolidated: Consolidated: Consolidated: Consolidated: Consolidated

5,236）
3,036）
1,290）
1,079）
1,491）
644）
2

2. Historical Performance(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

02011.32012.32013.32014.32015.32016.32017.32018.32019.32020.32021.3

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

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

0.0

3

2. Historical Performance
Unit: bil. yen※（ ） indicates results for the MIRAIT Group (Mirait, Mirait Technologies and Lantrovision(S) Ltd.)
excluding the impact from the merged companies.

FYE March 2018

Orders received

326.3

Net sales

312.9

Gross profit

39.7

Gross profit margin

12.7%

SG&A

23.0

SG&A ratio

7.4%

Operating income

16.7

Operating income ratio

5.3%

Ordinary income

17.8

Ordinary income ratio

5.7%

Net income

11.5

Net income ratio

3.7%

FYE March 2019

FYE March 2020

392.6

446.5

（320.4）（344.5）

375.9

441.1

（330.8）（344.3）

46.9

52.1

（41.3）（41.4）

12.5%

11.8%

（12.5%）（12.0%）

26.2

30.1

（23.6）（24.4）

7.0%

6.8%（7.1%）（7.1%）

20.6

21.9（17.6）（16.9）

5.5%

5.0%（5.3%）（4.9%）

21.9

23.2（18.7）（17.6）

5.8%

5.3%（5.7%）（5.1%）

25.7

15.2（13.5）（11.0）

6.8%

3.4%（4.1%）（3.2%）(Note)(Note) Upper figure for FYE 3/2019 include extraordinary gains from acquisitions (negative goodwill of 10.0 bil. yen)
* Figures are rounded down to one decimal place.

FYE March 2021

FYE March 2022
(Forecast)

474.9

480.0

463.7

470.0

60.7

62.0

13.1%

13.2%

30.6

31.5

6.6%

6.7%

30.1

30.5

6.5%

6.5%

31.7

32.0

6.8%

6.8%

24.2

21.0

5.2%

4.5%
4

3. Financial Results
FYE March 2020
Units: bil. yen

FYE March 2021

FYE March 2022

YoY Change

YoY Change

Full-year
Forecast(c)

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

Orders received

446.5

474.9

+ 28.4+ 6.4%

480.0

+ 5.1

+ 1.1%Net sales

441.1

463.7

+ 22.6+ 5.1%

470.0

+ 6.3

+ 1.4%

Gross profit(Gross profit
margin)52.1（11.8%）

60.7（13.1%）+ 8.6（+ 1.3p）+ 16.5%

62.0

+ 1.3

+ 2.1%

SG&A(SG&A ratio)

30.1（6.8%）

30.6（6.6%）+ 0.5（- 0.2p）+ 1.7%

31.5

+ 0.9

+ 2.9%

Operating income(Operating income
ratio)

21.9（5.0%）

30.1（6.5%）+ 8.2（+ 1.5p）+ 37.4%

30.5

+ 0.4

+ 1.3%

Ordinary Income(Ordinary income
ratio)

23.2（5.3%）

31.7（6.8%）+ 8.5（+ 1.5p）+ 36.6%

32.0

+ 0.3

+ 0.9%

Profit attributable toowners of parent(Profit margin)

15.2（3.4%）

24.2（5.2%）+ 9.0（+ 1.8p）+ 59.2%

21.0

- 3.2

- 13.2%

150.3

161.6

+ 11.3+ 7.5%―――

Construction
account carriedforwardAmount(b)－(a)%(b)／(a)Amount(c) – (b)%(c)／(b)* Figures are rounded down to one decimal place (bil. yen)5

4. Orders Received, Net Sales and Construction account carried forward
Orders received

FYE March 2020

FYE March 2021
YoY Change
Amount%(b)－(a)(b)／(a)Full-year
Forecast(c)

FYE March 2022
YoY Change
Amount%(c) – (b)(c)／(b)Units: bil. Yen

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

NTT Business

154.8

164.4

＋ 9.6

+ 6.2%

159.0

- 5.4

- 3.3%

Multi-carrier Business

106.2

110.7

＋ 4.5

+ 4.2%

103.0

- 7.7

- 7.0%

Environmental & social
innovation business

54.3

51.0

- 3.3

- 6.1%

71.0+ 20.0+ 39.2%

ICT solution business

131.0

148.7

＋ 17.7+ 13.5%

147.0

- 1.7

- 1.1%

Total

446.5

474.9

＋ 28.4+ 6.4%

480.0

+ 5.1

+ 1.1%Net salesFYE March 2020

FYE March 2021
YoY Change
Amount%(b)－(a)(b)／(a)Full-year
Forecast(c)

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

NTT
Business
Multi-carrier
Business
Environmental & social
innovation business
ICT solution
business

156.3

157.0

＋ 0.7

＋ 0.4%

161.0

+ 4.0

+ 2.5%

97.2

98.2

＋ 1.0

＋ 1.0%

105.0

+ 6.8

+ 6.9%

66.7

58.1

- 8.6

- 12.9%

60.0

+ 1.9

+ 3.3%

120.8

150.3

+ 29.5+ 24.4%

144.0

- 6.3

- 4.2%

Total

441.1

463.7

+ 22.6＋ 5.1%

470.0

+ 6.3

+ 1.4%

Units: bil. Yen

Construction account FYE March 2020
carried forward
Full-year Results
Units: bil. Yen(a)Full-year Results(b)

FYE March 2021
YoY Change
Amount%(b)－(a)(b)／(a)NTT
Business
Multi-carrier
Business
Environmental & social
innovation business
ICT solution
business

33.8

41.2

+ 7.4

＋ 21.9%

47.6

60.1

+ 12.5＋ 26.3%

41.7

34.5

- 7.2

- 17.3%

27.1

25.6

- 1.5

- 5.5%

Total

150.3

161.6

+ 11.3+ 7.5%* Figures are rounded down to one decimal place (bil. yen).

6５. NTT Business Construction, maintenance and operation of fixed communication facilities of NTT.
Centered on the Greater Tokyo and Kansai regions.

（ Net sales ）Capital investments by NTT East and NTT West
（Unit: bil. yen）

（Unit: bil. yen）

156.3 157.0

161.0

128.3
100.5
549.6

541.0

522.5

527.4

510.0

Of which,
optical-related
work

FYE 3/18

FYE 3/19

FYE 3/20

FYE 3/21

FYE 3/22

154.0

161.0

150.0

156.0

154.0

FY2017FY2018FY2019FY2020

FY2021(Forecast)（Plan）(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.
Source: MIRAIT from company information

7

Advanced wireless environment businessBusiness to support telecommunication carriers to extend optical fiber lines towireless stations in geographically challenging locations using subsidies, in order tocreate the advanced wireless environment necessary for 5G, IoT, etc.
Image

Transmission route for high-speed,
high-capacity wireless stations

Tourism
IoT(５G, etc)
Entrance of
wireless station(closures, etc.)

Smart mobility

Education
IoT
Agriculture
IoT
Smart housing

Telecom
bldg

Regional hub◆Adjust JV capacity utilization across the group
to take on construction work
➢Allocate capacity in Greater Tokyo
to Hokkaido

Coveragearea➢Allocate capacity in Kansai to
Chugoku and Shikoku
8６. Multi-carrier Business Nationwide works on construction, maintenance and operation of communications
facilities of all mobile carriers.
 Fixed communication equipment for NCCs, CATV work, global business.

（ Net sales ）Capital investments by the three major mobile carriers（Unit: bil. yen）

（Unit: bil. yen）
Docomo

84.1

92.5

97.2

98.2

FYE 3/19

FYE 3/20

FYE 3/22

RAKUTEN
335.9

Unpublished

369.7

421.9

Unpublished

601.7

615.0

627.9

630.0

577.0

593.7

572.8

569.1

550.0

FY2017FY2018FY2019FY2020

FY2021

187.1

381.6

560.8

3.3

FYE 3/21

Soft Bank

8.3

350.0

FYE 3/18

KDDI

105.0

(Forecast)（Plan）(Notes) Rakuten figures reflect total mobile-related capital investments
Source: MIRAIT from company information

9

Mobile market trends
No of ５G base stations installed
60,00 0280,000

docomo32,000(end FY23)
Regional deployment
of ICT infrastructure(end FY22)

Master Plan3.0
MIC

40,00 0docomoSoftBank

KDDI

KDDI・SoftBank
10,000 (end FY20)

docomo20,000docomo10,000

Rakuten Mobile

150,000

150,000

KDDI・SoftBank
50,000 (end FY21)

68,000(end FY21)(end FY20)

20,00 026,000Source: Mirait based on information disclosed by telecommunication
carriers and MIC Telecommunications Bureau00FY2019FY2021▲2019.4

Installment ofbase stations

FY2023

FY2024

Leveraging mobile area advancement projects
5G base station work brought forward with tax framework topromote investment in 5G

Conversion of 4G
frequencies to 5G
docomoKDDI
SoftBank
RakutenM

FY2022

Installment of 5G base stations in ３G／４G areas

Allocation of ５Ｇ frequencies

Installment in under-serviced areas
Deployment of advanced services
including 5G Resolving reception
interference I n railway/road tunnels

５G

FY2020795.0 bil. yen
466.7 bil. yen
206.1 bil. yen
266.6 bil. yen

Promotion of infrastructure sharing▲2020.4 ▲2020.8
Tax promoting
5G investments

Capex total (FY2019～2024): approx. 1,734.4 bil, yen (4 cos)▲2020.3.25

docomo▲2020.11

docomo madewholly-owned sub.

Launch of commercial
service

3.7㎓ band 4.5㎓ band 28㎓band

Framework to convert
4G frequencies to 5G

Launch of commercial
service

3.7㎓ band 28㎓z band

▲2022.3

10,000
5G base stations

20,000 base stations (plan)▲2020.10

Approval of conversion of 4G bands to 5G▲2023.3

32,000 5G base stations (plan)

Population coverage: 70%

Population coverage: 55%

Capex: 1 trn. yen by 2023
▲2021.3▲2022.3
10,000 5G base stations (plan)▲2020.3.26

KDDI▲2021.6

50,000 5G basestations (plan)

Similar service area as
4G LTE by 2023
Capex: 2 trn. yen by 2030

SoftBank

2020.4.1 established 5G JAPAN Co.▲

3.7㎓ band 28㎓z band
＋1.7㎓band▲2020.3.27

Rakuten Mobile
Local

5G

28㎓ band 4.5㎓ band

Approval of conversion of 4G bands to 5G

Launch ofcommercial
service

Framework of local 5G

Expansion of local 5G frequencies▲2019.12 Allocation of
frequencies (28㎓band)▲2022.3

50,000 5G base stations (plan)
Population coverage: 90%+ (plan)

Approx. 200,000
base stations byaround 2025

Capex: 2.2 trn. yen in 5G and 6G over 10-year period▲2020.9.30

3.7㎓ band 28㎓z band

Accelerate local 5G area
network deployment▲2020.10

Launch of commercial
service▲2021.3
10,000 5G base stations (plan)▲2021. summer 44,000 base stations▲2021.4
1.7㎓ allocated Population coverage 96%(plan)(including 4G-only base stations)▲2021.4 Business alliance between Rakuten Group and Japan Post Group
Promote use od local 5G, etc.
Expansion of local 5G frequencies

Introduction of local 5G usage rules based on results of development verification tests▲2020.12 Allocation of frequencies(4.7㎓ band / 28㎓ band)※As of end 2021.1
43 companies/ municipalities have applied for license

10

Local 5G (1) －Solution Co-Creation Laboー

Opened Local 5G Solution Co-Creation Labowith NTT docomo
5G-related tests for partnercompany products

Use of advanced
technologies

Creating new solutions
through collaboration

Launched of “5G Labo”(MIRAIT Shin-Kiba Building)

5G

Raise awareness of local 5G

Create new opportunities

Showcasing technologies ofpartner companies

Create new values

Exhibition/ negotiation area

promote the use of advanced
technologies

Testing area

11

Local 5G (2) : 5G Golf

Hosted next-generation 5G golf event

8K broadcasting

8K

Landing spot forecasting

Viewing of 3D maps using VR

12

7. Environmental & Social Innovation Business Offering comprehensive solutions for the construction and maintenance ofenvironmental/ new energy-related facilities, social infrastructure, electrical/
air conditioning facilities, etc.

（ Net sales ）（ Breakdown of net sales ）（Unit: bil. yen）

（Unit: bil. yen）

Electric, air conditioning

Civil engineering

Solar power

Battery

EV charging

66.7
58.1

56.3

56.3

58.1

60.0

FYE 3/21

FYE 3/22

43.6

43.6

FYE 3/18

66.7

60.0

FYE 3/19

FYE 3/20

FYE 3/21

FYE 3/22(Forecast)

FYE 3/18

FYE 3/19

FYE 3/20(Forecast)13

EV Charger Installment

One of top Japanese companies in terms of track record for
EV charger installment work

○EV charger installation in NTT station parking lots
NTT Station

Repairs, remote monitoring

Operation check
EVs

Utility poles

After installation

14

Initiatives for underground power line projects
Adopted various new construction methods for work in narrow roads【Key features】
・Use of large construction machinery difficult due to requirement to preserve landscape・New methods adopted to shorten the construction period.
Reducing space undergroud

Completed

Before completion

Installment work

Comparison of Rate of Elimination of Power Poles with Other Countries

London/Paris/ Hong kong(2004）

100%

Singapore（2001）

100%

seoul（2017）
Tokyo 23 wards（2017）49%
8%

Source: Created by MIRAIT based on materials published by the Ministry of Land, Infrastructure, Transport and Tourism

15

８. ICT Solution BusinessSupport to create ICT infrastructure such as cloud, office solutions, Wi-Fi
and broadcasting networks.

（ Net sales ）（ Breakdown of net sales ）（Unit: bil. yen）

（Unit: bil. yen）
Stock Business

Lantrovision

LAN・PBX

Broadcasting

Wi-Fi

Software

Goods Sales, Other

150.3 144.0

150.3 144.0
120.8

120.8
84.6

FYE 3/18

98.7

FYE 3/19

84.6

FYE 3/20

FYE 3/21

FYE 3/22(Forecast)

FYE 3/18

98.7

FYE 3/19

FYE 3/20

FYE 3/21

FYE 3/22(Forecast)16

DX ： Electronic Shelf Tag System
Electronic shelf tag developed for BicCamera ⇒ expanding business
Product can be used to build next-generation displays and as a new communication
tool: potential for growthBusiness opportunities◆Expand customer base through subscription model◆Expand to other customers (new markets)◆Develop common platform in collaboration with software
company

Common platform service
Subscription model
Electronic shelf
tag system

Othermarkets
17

Initiatives in New Domains/ Products (Teleworking Solution)
・Teleworking solutions do not just simply promote “work-life-balance”, but also allow
for work to be done remotely in case of contingencies such as disasters.
・The MIRAIT Group will leverage its knowhow to provide the best teleworking
solution for each customer.

Wide range of solutions

OfficeSolutions using cloud

SD-WAN Solutions
Home

Remote classroom solutions foreducational purposes

Satellite officeInternet

Camera solutions
18

Expansion of new businesses (Frontier Domains)

Contribute to a sustainable information society【Investment MORGENROT Inc. 】

IoT/5G① Use of high-speed/ low-cost computing power② Co-development of services using 5G③ Applications for green energy etc.

EnergyManagement

Smart Cities【Investment in MMD Inc. 】① Promotion of DX in energy and ICT【Social implementation of nextgeneration long-distance power
telecommunication】

Socionext’s compact PoC forsystems testing① Started discussions with Socionext Inc.,
NURI Telecom Co. and MMD Inc.

19

Initiatives in global businesses
Group net sales forecast for FYE 3/22: 22.4 bil. yen(+ 2.7 bil. yen yoy)
（ICT category（Lantrovision）

18.2 bil. yen, Multi-carrier category (Australia)

4.2 bil. yen）

GlobalEngineering＜Business strategy for Lantrovision＞
Expand business domains through M&A
Generate synergies with existing businesses① YL Integrated⇒ Electrical facility business in Singapore② Shanghai Changling Communication Equipment⇒ Telecom tower construction/ sharing service in China (Shanghai)⇒ No. 1 share and No. 1 ranked ※ as independent telecom tower operator in
Shanghai (2020)※ Based on share of towers constructed for Shanghai Mobile.

20

Initiatives in datacenter business
Expanding services using know-how accumulated through the operation of own DC
Operation of own DC and Rental DC
6/2018: Launched operations at Osaka No 1. Datacenter
5/2019: All floors occupied and running at full capacity
Know-how from Own DC
4/2020

Launch of leased DC in Osaka City

Osaka No.1 Data Center

Expand services through network DC
Rental DC

Own DC

Establish network in
response to client needs

Expansion※Connect to leased datacenter via
underground cable to expand services
leveraging know-how accumulated
through own datacenter operations.
Floor OEM service
Total DC management service
Virtual network DC service
21Initiatives in drone business
Providing a breadth of services targeting areas such as facility inspection,measurement, agriculture and disaster recovery, leveraging alliances with othercompanies⇒Established “Miratec Drone Corp.” on July 1, 2020
①Human resources/ locations
・Approx. 600 pilots were trained in the 3 years up to 3/2020.
・Established network of pilots through alliances primarily with partner
telecommunication construction companies （11 companies）②Systems
・Won order for all-weather drone systems from Chubu Regional
Development Bureau, and Tohoku Regional Development Bureau
・Won order for drone lease in collaboration with NTT Finance・Won order for drone kitting/ maintenance from Komatsu③Alliances
・Inspection of telecommunication facilities/ station buildings andsurvey of disaster-affected areas outsourced from NTT Group・“Surveying of rice field growing conditions” for Farm Eye
・Kobe City Waterworks Bureau: surveying of water quality andalgae growth at reservoirs

Water utility conduit inspection

Surveying rice field growing
conditions22

９. ESG Initiatives
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

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 DX

24

G

Governance●Complied with all 78 items stipulated in the Corporate Governance Code（before amendment, June 2020）●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

10. Supplementary Financial Information(1) Assets, Liabilities and Net Assets
Balance Sheet as of March 31, 2020
(Unit: bil. yen)

Balance Sheet as of March 31, 2021
(Unit: bil. yen)

Liabilities
127.4

Liabilities
133.4
Total assets
352.1

Accounts payable for construction
contracts: and others 58.7
Interest-bearing debt: 27.7

(Breakdown)
Current assets: 233.4(Breakdown)
Current assets: 225.7
Cash and deposits: 33.5
Accounts receivable from completed
construction contracts: 147.5
Costs on uncompleted construction
contracts and other :32.7

Non-current assets: 126.4
Tangible fixed assets: 82.5
Intangible fixed assets: 6.7
Investments and other assets: 37.1

Total assets
358.7

Accounts payable for construction
contracts: and others 63.2
Interest-bearing debt: 10.1

Net assets
218.7(Breakdown)
Capital stock: 7.0
Capital surplus: 69.3
Retained earnings: 135.5
Treasury stock: -1.3
Minority interest: 3.2* Figures are rounded down to one decimal place (bil. yen).

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
231.3

Equity capital:
226.3
Equity ratio:
63.1%(Breakdown)
Capital stock: 7.0
Capital surplus: 69.5
Retained earnings: 155.2
Treasury stock: -10.8
Minority interest: 4.9

26

(2) Changes in Cash Position
Cash Flows
Units: bil. yen

FYE March 2018

FYE March 2019

FYE March 2020

FYE March 2021

Operating cash flow

12.5

6.4

7.9

41.6

Investment cash flow

- 10.0- 13.5- 9.1

1.8

Financial cash flow

- 3.6

- 1.9

- 2.8

- 32.2

Free cash flow

2.5

- 7.1

- 1.2

43.4

FYE March 2018

FYE March 2019

FYE March 2020

FYE March 2021

Cash and cash equivalents

32.2

35.6

31.6

42.8

Interest-bearing debt

- 19.0- 30.0- 27.8- 10.1

Net cash

13.2

5.6

3.8

32.7

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

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

(3) Key Performance Indicators
Capital Expenditure / Depreciation and AmortizationFYE March 2018

FYE March 2019

FYE March 2020

FYE March 2021

FYE March 2022
(Forecast)

Capital expenditure

12.6

19.3

9.1

10.5

9.5

Depreciation andamortization

3.0

4.0

5.8

6.2

6.0

FYE March 2018

FYE March 2019

FYE March 2020

FYE March 2021

Equity ratio

58.5%

59.3%

61.2%

63.1%

Return on equity (ROE)

8.8%

15.4%

7.4%

11.0%

Return on assets
(ROA)

5.1%

4.5%

6.8%

Unit: bil. yen

Capital-related Indicators（9.4%）

9.1%(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

(4) Shareholder Return and Shares Outstanding
Shareholder Return IndicatorsFYE March 2018
Dividend payout ratio

24.1%

Total return ratio

24.1%

FYE March 2019

13.5%
（23.6%）

13.5%（23.6%）FYE March 2020

FYE March 2021

FYE March 2022
(Forecast)

26.7%

19.6%

23.9%

95.4%

59.0％

―

(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

FYE March 2018

FYE March 2019

FYE March 2020

FYE March 2021

Issued number ofshares85,381

108,325

108,325

108,325

Number of dilutive
shares

12,061

12,098－－

Number of treasury
shares

5,840

6,418

479

6,482

Earnings per share（EPS）

145.41yen

295.34yen

149.93yen

229.59yen

Total Shareholder
Return（TSR）

196.3%

192.2%

166.5%

225.1%（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11. Share price trends（March 31, 2016 - March 31, 2021）■Performance of MIRAIT compared to major indices (Closing price)
140%

TOPIX

N225

MIRAIT

September.26, 2018
1,970 yen (highest)

Closing price on
March 31, 2021
1,827 yen

60%

March 31, 2016
896 yen-20%

2016/3/31

2017/3/31

2018/3/31

Closing price on March 31, 2021
Share Price 1,827 yen
■ PER
10.7x
■ PBR
0.9x
■ Dividend yield
2.5%

2019/3/31

2020/3/31

2021/3/31

Rate of increase as of March 31, 2021
■MIRAIT■TOPIX■N225

103.9％
45.0％
74.1％
30

12. Major Shareholders (As of March 31, 2021)

Shareholder

Number of
Shares Held(thousands)

Shareholding
Ratio
(%)

Shareholder Composition（Treasury stock is excluded）
Government / Local public bodies

Custody Bank of Japan, Ltd. (Trust Account)

10,936

10.7

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

9,557

9.4

Sumitomo Electric Industries, Ltd.

3,668

3.6

2,504

2.5

GOVERNMENT OF NORWAY
Sumitomo Densetsu Co, Ltd.

2,488

2.4

MIRAIT Holdings Employee's Stock Option Plan

1,930

1.9

Custody Bank of Japan, Ltd. (Trust Account 5)

1,443

1.4

0.0%

Financial

Individuals

institutions

23.2%

38.6%

Japanese
corporations
Foreign

Custody Bank of Japan, Ltd. (Trust Account 9)

1,385

1.4

STATE STREET BANK AND TRUST COMPANY 505001

1,317

1.3

Mizuho Bank, Ltd.

1,300

1.3

12.2%

corporations
24.0%
Securities Companies
1.9%*1 The ratio of shares held is calculated after subtracting the treasury shares (6,482,718).
*2 The number of shares held shown is rounded down to the nearest 100 shares and the ownership is calculated by rounding off to one decimal place.

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
32