Consolidated Financial Results
for the Fiscal Year Ended March 31, 2021
[Japanese GAAP]May 14, 2021
Company name: MIRAIT Holdings Corporation
Stock exchange listing: TSE
Code number: 1417
URL: https://www.mirait.co.jp/
Representative: Toshiki Nakayama, President and CEO
Contact: Masakazu Tsukamoto, Director and CFO
Phone: +81-3-6807-3124
Scheduled date of Ordinary General Meeting of Shareholders: June 24, 2021
Scheduled date of commencing dividend payments: June 25, 2021
Scheduled date of filing annual securities report: June 25, 2021
Availability of supplementary briefing material on annual results: available
Schedule of quarterly results briefing session: scheduled (for analysts and institutional investors)(Amounts of less than one million yen are rounded down.)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2021 (April 1, 2020 to March 31, 2021)(1) Consolidated Operating Results(% indicates changes from the previous period.)
Profit attributable to
Net sales
Operating income
Ordinary income
owners of parent
million yen

Fiscal year ended
463,744
March 31, 2021
Fiscal year ended
441,166
March 31, 2020
(Note)
Comprehensive income:%million yen%

million yen%

million yen%

5.1

30,12937.0

31,73936.8

24,20559.0

17.4

21,993

6.3

23,207

5.5

15,220(40.8)

Fiscal year ended March 31, 2021: 25,138 million yen (46.5%)
Fiscal year ended March 31, 2020: 17,156 million yen (-25.8%)

Net income per share

Diluted net
income per
share

yen

yen

Fiscal year ended
229.59March 31, 2021
Fiscal year ended
149.93
March 31, 2020
(Reference)
Equity in earnings (losses) of affiliated companies:(2) Consolidated Financial Position
Total assets

%

%

－

11.0

8.9

6.5

－

7.4

6.8

5.0

Fiscal year ended March 31, 2021: (164) million yen
Fiscal year ended March 31, 2020: 47 million yen

Equity ratio

Fiscal year ended
March 31, 2021
Fiscal year ended
March 31, 2020

Net assets per share

million yen

Fiscal Year Ended
358,751
231,323
March 31, 2021
Fiscal Year Ended
352,134
218,710
March 31, 2020
(Reference)
Equity:Fiscal year ended March 31, 2021: 226,389 million yen
Fiscal year ended March 31, 2020: 215,423 million yen(3) Consolidated Cash FlowsNet cash provided by(used in) operating
activities

Operatingincome to net
sales

%

Net assets

million yen

Ordinary
income to total
assetsReturn on
equityNet cash provided by(used in) investing
activities

%

yen

63.1

2,232.25

61.2

2,006.42

Net cash provided by(used in) financing
activities

Cash and cash equivalents
at end of period

million yen

million yen

million yen

million yen

41,602

1,869(32,200)

42,851

7,936(9,176)(2,814)

31,632

2. Dividends
Annual dividends per share
st

1
2nd
3rd
quarter-end quarter-end quarter-end
yen

Fiscal year ended
March 31, 2020
Fiscal year ended
March 31, 2021
Fiscal year ending
March 31, 2022
(Forecast)yen

Year-end

Total

yen

yen

yen

Total
dividends

Payout ratio(consolidated)

Dividends to
net assets(consolidated)

million yen

%

%

―

20.00

―

20.00

40.00

4,081

26.7

2.0

―

22.50

―

22.50

45.00

4,717

19.6

2.1

―

25.00

―

25.00

50.00

23.9

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022 (April 1, 2021 to March 31, 2022)(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating income
Ordinary income
Net income per shareowners of parent
Full year

million yen% million yen% million yen% million yen

470,000

1.3

1.2

0.8

30,50032,00021,000%(13.2)

yen

208.92* Notes:(1) Changes in significant subsidiaries during the period under review : None
(Changes in specified subsidiaries associated with changes in the scope of consolidation)(2) Changes in accounting policies, changes in accounting estimates and corrections of errors
1) Changes in accounting policies due to the revision of accounting standards, etc.: None
2) Any changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Corrections of errors: None
(3) Total number of issued shares (common stock)1) Total number of issued shares at the end of the period (including treasury stock):
March 31, 2021

108,325,329 shares

March 31, 2020

108,325,329 shares

March 31, 2020

958,390 shares

March 31, 2020

101,517,965 shares2) Total number of treasury stock at the end of the period:
March 31, 2021

6,907,718 shares

3) Average number of shares outstanding during the period:
March 31, 2021

105,429,897 shares(Note) Total number of treasury stock includes the Company’s stock held by the Board Incentive Plan trust under the Company’s
performance-linked stock remuneration program for directors and executive officers.
* Status of execution of the audit of financial statements- This consolidated financial report is not subject to the audit of the financial statements under the Financial Instruments andExchange Act.
*Explanation for the appropriate use of financial forecasts and other special notes- While descriptions in this report regarding financial prospects and other future events are based on the information available atthe time this report was prepared, and based on certain assumptions considered to be reasonable. Accordingly our actual businessperformance may differ significantly from the prospects due to a number of factors.

○ Table of Contents: Supplementary Materials
1. Overview of Operating Results and Financial Position

P. 2(1) Overview of Operating Results for the Fiscal Year Ended March 31, 2020

P. 2(2) Overview of Financial Position for the Fiscal Year Ended March 31, 2020

P. 4(3) Overview of Cash Flows for the Fiscal Year Ended March 31, 2020

P. 4

(4) Future Outlook

P. 5(5) Basic Policy for Earnings Distribution and Dividend Payment for the Fiscal Year Ended March

P. 5

31, 2020 and the Fiscal Year Ending March 31, 2021
(6) Business Risks

P. 6

2. Overview of Corporate Group

P. 8

3. Management Policy

P. 9(1) Basic Management Policy

P. 9(2) Medium-term Management Strategy and Targeted Management Benchmarks

P. 9(3) Issues to be Addressed

P.10

4. Basic Approach Concerning the Selection of Accounting Policies

P.10

5. Consolidated Financial Statements

P.11(1) Consolidated Balance Sheets

P.11(2) Consolidated Statements of Income and Comprehensive Income

P.13(3) Consolidated Statement of Changes in Net Assets

P.15(4) Consolidated Statement of Cash Flows

P.17(5) Notes to Consolidated Financial Statements

P.19(Notes on going concern assumption)

P.19(Changes in accounting principles)

P.19(Changes in methods of presentation)

P.19(Changes in accounting estimates)

P.19(Segment information)

P.20(Per share information)

P.26(Significant subsequent events)

P.26

-1-

1. Overview of Operating Results and Financial Position(1) Overview of Operating Results for the Fiscal Year Ended March 31, 2021
During the fiscal year ended March 31, 2021, the Japanese economy faced difficult conditions given the
prolonged impact of the novel coronavirus disease (COVID-19). Although the vaccine roll-out is expected
to contain the pandemic, there remain concerns that the uncertainties may persist for some time with the
spread of the new variant, among other developments.
As for the business environment for the MIRAIT Group (“the Group”), some projects were delayed due
to voluntary restraints and disruptions in the delivery of construction materials with the resurge in COVID19 cases. The Group also faced some impact on new orders received. However, in the medium- to long-term,
fifth-generation mobile telecommunication (5G) services should expand with the accelerated build-out of
5G base stations, and the demand for new ICT solutions should be boosted with the penetration of online
classrooms and teleworking under the “new normal”. Moreover, policies to promote the use of renewableenergy should move forward as Japan endeavors to realize a carbon-neutral society.
Against this backdrop, the MIRAIT Group has continued business operations as a “Comprehensive
Engineering and Services Company” engaged in the building of social infrastructure that are essential tocommunities, cooperating with telecommunication carriers and other business partners in taking proactive
measures to prevent the spread of COVID-19. At the same time, the Group promoted workstyle reforms
such as staggered commuting, work-from-home and the use of satellite office locations, while working to
improve operational efficiency.
In the NTT business, the Group enjoyed increases in access work on the back of the strong demand forfacility management operations and the penetration of teleworking, while striving to win orders forgovernment-supported projects to expand advanced wireless telecommunication networks. The Group also
made efforts to improve profitability by benchmarking and consolidating office locations.
In the Multi-carrier business, the MIRAIT Group focused on achieving orders for 5G-related and Rakuten
Mobile projects, while strengthening technological and human resources by developing multi-skilled
engineers that are able to handle both fixed and mobile construction and maintenance work.
In the Environmental and Social Innovation business, sales and orders decreased due to the drop in largescale solar power projects, but air conditioning work increased. Moreover, Tokaikoei Inc. was acquired on
April 1, 2021 to strengthen the Group’s cost competitiveness in water utility and civil engineering work.
In the ICT Solutions business, sales increased with the growth in demand for domestic LAN/ Wi-Fi workand sale of goods such as PCs/servers for educational facilities and construction materials. In the aim ofgrowing the global business in the medium- to long-term, the Group acquired YL Integrated Pte Ltd, aSingaporean electrical construction company, and its two subsidiaries, as well as Shanghai Changling
Communication Equipment Co. Ltd, a company that operates telecommunication tower construction andsharing businesses primarily in Shanghai, China.
Meanwhile, the MIRAIT Group commenced discussions on the proposed merger of MIRAIT Holdings
Corporation, MIRAIT Corporation, and MIRAIT Technologies Corporation scheduled for early FY2022
and embarked on the restructuring of the companies within the Group, in an effort to accelerate thetransformation the business structure in response to changes in the business environment.
Moreover, during the period under review, MIRAIT Holdings Corporation repurchased its own shares (6million shares/ 9,570 million yen) to enhance shareholder returns and based on its flexible capital policy torespond to changes in the management environment.
As for the consolidated financial results for the fiscal year ended March 31, 2021, orders received
increased by 6.4% year-on-year to 474,984 million yen, net sales increased by 5.1% year-on-year to 463,744
million yen, operating income increased by 37.0% year-on-year to 30,129 million yen, and ordinary income
increased by 36.8% year-on-year to 31,739 million yen. Net income attributable to owners of parent
increased by 59.0% year-on-year to 24,205 million yen, partly due to the sale of policy shareholdings.
Operating income ratio came in at 6.5%, and ROE at 11.0%.
-2-

Business results by reporting segment are as mentioned below.
[Business Results of MIRAIT]
Despite facing voluntary restraints and taking measures to prevent the spread of COVID-19 given the
declaration of the state of emergency, MIRAIT Corporation (“MIRAIT”) enjoyed an increase in 5Grelated work and government-supported projects to expand advanced wireless telecommunication
networks, as well as air conditioning work in the environmental business. Sales of mobile-related goods
and construction materials also increased. In the fiscal year ended March 31, 2021, orders received
increased by 6.2% year-on-year to 229,664 million yen and net sales increased by 7.2% year-on-year to225,774 million yen, and operating income increased by 30.6% year-on-year to 16,468 million yen.
[Business Results of MIRAIT Technologies]
MIRAIT Technologies Corporation (“MIRAIT Technologies”) benefited from the growth ingovernment-supported projects to expand advanced wireless telecommunication networks and basestation work, while expanding other businesses such as the shelf tag and GIGA school-related businesses.
However, the company faced a decrease in large-scale solar power projects. In the fiscal year ended March
31, 2021, orders received decreased by 1.7% year-on-year to 117,502 million yen and net sales decreased
by 5.1% year-on-year to 119,377 million yen. Operating income increased by 24.5% year-on-year to 4,937
million yen due to efforts to reduce cost of sales.
[Business Results of Lantrovision]
Lantrovision(S)Ltd Group (“Lantrovision”) expanded its business domains through M&A. As a result,orders received increased by 4.7% year-on-year to 19,176 million yen. However, net sales decreased by
13.0% year-on-year to 15,140 million yen due to the impact of lockdowns in its coverage markets given
the spread of COVID-19, among other reasons. Operating income increased by 72.3% year-on-year to656 million yen due to factors such as government subsidies to maintain employment.
[Business Results of TTK]TTK Co., Ltd. (“TTK”) grew its ICT Solutions business, thanks to government-supported projects to
expand advanced wireless telecommunication networks, NCC carrier facility work and GIGA school
projects. In the fiscal year ended March 31, 2021, orders received increased by 6.2% year-on-year to38,661 million yen, net sales increased by 5.1% year-on-year to 37,590 million yen, and operating income
increased by 21.3% year-on-year to 2,497 million yen.
[Business Results of SOLCOM]SOLCOM Co., Ltd. (“SOLCOM”) strived to expand its business in government-led projects to build
advanced wireless telecommunication networks and facility management operations, while also
benefitting from growth in frontier businesses such as work for GIGA school projects, highway IT
infrastructure, and the upgrading of water utility infrastructure. In the fiscal year ended March 31, 2021,
orders received increased 11.1% year-on-year to 46,291 million yen, net sales increased by 9.7% year-onyear to 41,301 million yen, and operating income increased by 75.8% year-on-year to 2,073 million yen.
[Business Results of Shikokutsuken]
Shikokutsuken Co., Ltd. (“Shikokutsuken”) made efforts to reduce costs in the NTT business, whileachieving growth in mobile base station work and the ICT Solutions business, including an order for alarge GIGA school project. In the fiscal year ended March 31, 2021, orders received increased by 37.9%
year-on-year to 33,841 million yen, net sales increased by 42.1% year-on-year to 34,286 million yen, andoperating income increased by 95.4% year-on-year to 3,453 million yen.
-3-

[Business Results of MIRAIT Holdings Corporation]
MIRAIT Holdings Corporation (“the Company”), as a holding company, handles the Group’s planning
functions including management strategy, and administrative functions such as finance, IR and generalaffairs. The Company engages in business management and the promotion of business strategies, among
other operations, for the entire MIRAIT Group, and in return receives management fees and dividends
from the Group’s business companies. The Company's operating revenue for the fiscal year ended March
31, 2021 increased by 63.0% year-on-year to 13,928 million yen and operating income increased by 81.0%
year-on-year to 12,167 million yen.
(2) Overview of Financial Position for the Fiscal Year Ended March 31, 2021
Total assets at the end of the fiscal year ended March 31, 2021 amounted to 358,751 million yen, an
increase of 6,617 million yen from the end of the previous fiscal year. This consisted of an increase in current
assets of 7,782 million yen and decrease in non-current assets of 1,165 million yen. Within current assets,
cash and deposits increased due to collections on receivables. However, non-current assets decreased due tothe sale of policy shareholdings, which more than offset the increase in buildings and structure in line withcapital expenditures and the increase in construction in progress.
Total liabilities decreased by 5,995 million yen to 127,428 million yen. The consisted of decrease incurrent liabilities of 1,719 million yen and a decrease in non-current liabilities of 4,276 million yen. Thiswas mainly due to the repayment of short-term borrowings, which more than offset the increase in accounts
payable for construction contracts and deferred tax liabilities.
Net assets increased by 12,613 million yen to 231,323 million yen. Although the Company paid dividends
and repurchased its own shares, retained earnings increased by 19,693 million yen due to net income
attributable to owners of parent of 24,205 million yen recorded during the fiscal year under review.
As a result of the above, the equity ratio at the end of the fiscal year ended March 31, 2021 was 63.1%(compared to 61.2% at the end of the previous fiscal year), and net assets per share was 2,232.25 yen.
(3) Overview of Cash Flows for the Fiscal Year Ended March 31, 2021
In the fiscal year ended March 31, 2021, cash and cash equivalents (hereinafter referred to as “funds”)
increased by 11,219 million yen from the previous fiscal year to 42,851 million yen.
Cash flows by business activity and the underlying factors are described below.
1) Cash flow from operating activities
Net cash inflow from operating activities was 41,602 million yen (inflow of 7,936 million yen in theprevious fiscal year). This was mainly attributable to income before income taxes of 36,242 million yen,which more than offset the decrease in funds from income taxes paid of an amount of 9,066 million yen.
2) Cash flow from investment activities
Net cash inflow from investment activities was 1,869 million yen (outflow of 9,176 million yen in theprevious fiscal year). This was mainly attributable to the decrease in funds of 8,383 million yen due topurchases of property, plant and equipment, which was more than offset by the increase in funds of
11,369 million yen due to the sale of investment securities.
3) Cash flow from financing activities
Net cash outflow from financing activities was 32,200 million yen (outflow of 2,814 million yen in
the previous year). This was mainly attributable to the outflow of 16,611 million yen due to therepayment of short-term borrowings, 9,574 million yen due to share repurchases, and 4,579 million yen
due to dividend payments.
-4-

(Reference) Trends in the Group’s cash flow indicators

Equity ratio
Marked-to-market equity
ratio
Ratio of cash flow tointerest-bearing debt
Interest coverage ratio

Fiscal year
ended March
31, 2017

Fiscal year
ended March
31, 2018

Fiscal year
ended March
31, 2019

Fiscal year
ended March
31, 2020

Fiscal year
ended March
31, 2021

57.4

58.5

59.3

61.2

63.1

40.0

57.2

49.6

41.1

51.6

32.8

19.5

208.6

350.7

24.5

100.4

342.2

371.0

146.1

844.3

(Notes) 1. Calculation methods for each indicator are as follows:
Equity ratio: Equity / Total assets
Marked-to-market equity ratio: Total market capitalization / Total assets
Ratio of cash flow to interest-bearing debt: Interest-bearing debt / Cash flows
Interest coverage ratio: Cash flows / Interest payment
2. All indicators are calculated based on consolidated financial data.
3. Total market capitalization is calculated by multiplying the closing share price as at the end of the
fiscal year by the number of shares outstanding as at the end of the fiscal year (after deducting treasury
stock).
4. Cash flow used for the purposes of the calculation is the cash flow from operating activities asreported in the Consolidated Statement of Cash Flows.
5. Interest-bearing debt includes all liabilities reported in the Consolidated Balance Sheets for whichinterest is paid. Interest payment is the amount of interest paid as reported in the Consolidated
Statement of Cash Flows.
(4) Future Outlook
At present, it is unclear as to when COVID-19 will be contained, therefore uncertainties may persist forsome time during the fiscal year ending March 31, 2022. However, the MIRAIT Group expects optical fiber
work to increase on the back of the government’s initiative to expand advanced wireless telecommunication
networks. The Group also expects mobile work to increase given that plans to build out base stations arelikely to be brought forward with the spread of 5G-related services. Meanwhile, the Group will promote
initiatives to transform the business structure by strengthening collaboration among the Group’s companies,
among other measures. As for the consolidated financial performance in the fiscal year ending March 31,
2022, the forecast for orders received is 480.0 billion yen (+1.1% year-on-year), net sales is 470.0 billion
yen (+1.3% year-on-year), operating income is 30.5 billion yen (+1.2% year-on-year), ordinary income is32.0 billion yen (+0.8% year-on-year) and net income attributable to owners of parent is 21.0 billion yen(‐13.2% year-on-year).
(5) Basic Policy for Earnings Distribution and Dividend Payment for the Fiscal Year Ended March 31, 2020 and
the Fiscal Year Ending March 31, 2022
The Company’s basic policy is to pay dividends consistently based on its total shareholder return targetof more than 30%, while taking into consideration the Company’s business results and cash position. It is
the Company’s policy to use internal reserves to reinforce its financial position and to invest in businesses
that will enhance the corporate value of the Company.
Dividends from retained earnings are basically paid twice a year, in the form of an interim dividend and a
year-end dividend. The Board of Directors is the decision-making body for interim dividends, and theGeneral Meeting of Shareholders is that for year-end dividends. Payment of interim dividends as stipulated
under Article 454, Paragraph 5 of the Companies Act has been specified by the Articles of Incorporation of
the Company.
Based on the above, the Company has decided to pay a year-end dividend of 22.5 yen per share for the
fiscal year ended March 31, 2021. Accordingly, the annual dividend including the interim dividend of 22.5
yen per share is 45 yen per share.
-5-The Company also repurchased shares (total of 6.0 million shares/ 9,570 million yen) to enhanceshareholder returns and based on its capital policy to respond flexibly to changes in the business environment.
As a result, the total shareholder return ratio was 59.0%.
As for shareholder returns for the fiscal year ending March 31, 2022, the Company plans to pay an annual
dividend of 50 yen per share (interim dividend of 25 yen and year-end dividend of 25 yen per share), which
is an increase of 5 yen per share from the previous year. In addition, on May 14, 2021, the Company resolved
to repurchase its own shares of up to 1.8 million shares/ 3,000 million yen.
(6) Business Risks
The MIRAIT Group is exposed to the following risks that could affect its operating results and financial
position. Forward-looking statements contained herein are based on the Group’s judgment as at the end of
the fiscal year ended March 31, 2021.
1) Risks associated with excessive dependence on particular clients
The main clients of the MIRAIT Group are telecommunications carriers such as the NTT Group. Owing
to the fact that they account for a large portion of net sales, their capital expenditures or technologicalbreakthroughs and other factors could affect the Group’s business results.
Against this backdrop, the Group is accelerating its efforts in transitioning the business structure byshifting from the telecommunications carrier business to the solutions business and creating new business
opportunities beyond its traditional business domains and technologies.
2) Risks associated with safety and quality issues
In the event of serious accidents, quality issues or other contingencies, there may be severe
consequences which may result in the loss of clients’ confidence and restrictions on the Group’s operating
activities, affecting its business results.
The MIRAIT Group is therefore wholly committed to ensuring safety and quality controls needed todeliver quality engineering and services that deserve customers’ trust and appreciation, by leveraging the
integrated safety and quality management system adopted by its business companies.
3) Risks associated with the management of critical information
The MIRAIT Group may access critical information, such as technical data and personal information
provided by clients.
In the event of unforeseen information leakage or malicious use of such information, the Group may
suffer liability for damages with potential impact on its financial results. Such event may also result inthe loss of client’s confidence, affecting the Group’s business results.
The MIRAIT Group is therefore wholly committed to the prevention of leakage of classified
information through the use of ISMS (information security management system) adopted by its businesscompanies.
4) Risks associated with uncertainties regarding clients’ credit quality
If uncertainties arise regarding the credit quality of a client, the MIRAIT Group may not be able toreceive payments for construction work or may be forced to delay projects, which could affect the Group’sbusiness results.
The MIRAIT Group therefore adopts measures to avoid credit risks, such as the use of external credit
agencies for client credit risk management, and contract document reviews by the legal section.

-6-5) Risks associated with assets held by the Group
The MIRAIT Group holds assets such as securities that are necessary for its business operations.
Significant fluctuation in market prices thereof could affect the Group’s business results.
The MIRAIT Group therefore adopts measures to avoid risks associated with fluctuations in value ofsuch assets, such as by assessing its securities holdings both quantitatively and qualitatively and gradually
reducing those that have less significance for the Group’s business.
6) Risks associated with natural disasters
The occurrence of contingencies such as severe natural disasters and the spread of epidemic diseases
could cause direct damage on the MIRAIT Group’s employees, subcontractors and facilities, or cause
supply chain disruptions delaying the procurement of materials and equipment, which may affect theGroup’s business results.
The MIRAIT Group has adopted countermeasures against events such as natural disasters including
earthquakes and the spread of epidemic diseases, including the formulation of a business continuity plan
(BCP), establishment of a system to confirm the safety of employees, conducting of evacuation drills andadopting of new workstyles.
7) Risks associated with overseas businesses
The MIRAIT Group operates businesses in countries outside of Japan, primarily in Asia and Oceania.
Significant changes in the political and economic climate, currency exchange rate and the legal andregulatory framework, or the spread of epidemic diseases in these countries could cause rapid rises inmaterial prices and labor costs, which may affect the Group’s business results.
The MIRAIT Group is striving to prevent and mitigate such risks by gathering information within theGroup and by appropriately diversifying the countries in which the Group operates.

-7-

2. Overview of Corporate Group
The MIRAIT Group comprises MIRAIT Holdings Corporation as the holding company, and 79 consolidated
subsidiaries including MIRAIT Corporation, MIRAIT Technologies Corporation, Lantrovision(S)Ltd, TTK
Co., Ltd, SOLCOM Co., Ltd and Shikokutsuken Co., Ltd. The main businesses operated by the Group are
NTT business, Multi-carrier business, Environmental & Social Innovation business, and ICT Solutions
business.
The Group’s operational structure is as follows.
(As of March 31, 2021)
Clients
Providing of "Comprehensive engineering & service"・NTT business・Multi-carrier business・Environmental & social innovation business・ICT solution business

MIRAIT GroupMIRAIT Corporation[Consolidated subsidiaries]
M's Frontier Corporation
DAIMEI TECHNO CO., LTD.
Meisei Correspondence Co., Ltd. Nisshin Tsuko Co., Ltd.
SINKO ELECTRIC CORP.
MIRAIT-X Corporation
Nissetsu Co., Ltd.
Okisokou Co., Ltd.
Trust System Inc.
HOPE NET Co.,Ltd.
[Affiliates accounted for using the equity method] 1Company

KOKKO SYSTEMS CO., LTD.
DAIMEI NETWORK CO., LTD.
TODENTSU Access Corporation
Libnet Corporation
Line Connect Corporation

Tohoken System Engineering Corp.
DAIMEI TSUSAN CORP.
TODENTSU Network Corporation
TIMETEC Co.,Ltd.
Tokai-koei Inc.

COTONET ENGINEERING Co., Ltd.
Nishinihon Denko Corporation
MIRAIT Information Systems Co., Ltd.
CREiST Inc.
MIRAIT Technologies Myanmar Co.,Ltd.

Ligare Co., Ltd.
Ground Create Co., Ltd.
ACTIS Co.,Ltd.
MiratecDrone Corp.

MIRAIT Technologies Corporation[Consolidated subsidiaries]
AST-ENG Corp.
Lapisnet Co.,Ltd.
Agility RISE Co.,Ltd
Comlead Co., Ltd.
KATAKURA CONSTRUCTION Co.,Ltd.
Fucom Corp.
Kinki Denki Corp.
MIRAIT Technologies Australia Pty.Limited[Affiliates accounted for using the equity method] 3 Companies

MIRAIT Holdings Corporation

Lantrovision(S)Ltd[Consolidated subsidiaries]
Lantro (S) Pte Ltd
Lantro (Malaysia) Sdn Bhd
Lantrovision Korea Co.Ltd
Lantro (Shanghai) Co.Ltd
Lantro Phils. Inc.
Lantro (Penang) Sdn Bhd
Lantro Technologies India Private Limited
PT. Lantro Technologies Indonesia

Lantro (HK) Limited
VRnet (S) Pte Ltd
Hangzhou Lantro Co.Ltd
Appsilan Asia Pte Ltd
ADNOS SOLUTIEN Pte Ltd
Lantro Myanmar Co. Ltd
Innovative Energy Systems & Technology Pte. Ltd.

Lantro (Taiwan) Ltd
Infilan Pte Ltd

YL Integrated Pte Ltd

Sun Power Electrical Pte Ltd

Nectric Engineering Pte Ltd

Shanghai Changling Communication Equipment Co.,Ltd[Affiliates accounted for using the equity method] 5 Companies

TTK Co., Ltd[Consolidated subsidiaries]
Tobu Telephone Construction Co., Ltd.
Hakko Telecommunication Construcion Co., Ltd.
Fukushima Telephone Construction Co., Ltd.

Hokubu Densetu Co., Ltd.
Sensyu Telecommunication Construction Co., Ltd.
Tsukada Electrical Construction Co., Ltd.

Morioka TelephoneConstruction Co., Ltd.
Yamagata Telecommunication Construction Co., Ltd.

Yuwa Kogyo Co., Ltd.
Chugoku Telecommunication Materials Co., Ltd.

Solcom Business Service Inc.
Dentsu Material Inc.

SOLCOM Co., Ltd[Consolidated subsidiaries]
Solcom Meister Inc.
Seiken Kogyo Co., Ltd.

[Affiliates accounted for using the equity method] 2 Companies

Shikokutsuken Co., Ltd.
[Consolidated subsidiaries]
OchidenkiCorporation-8-

Changes in affiliated companies are as follows:
1) TTK Techno Inc., previously a consolidated subsidiary of TTK, was dissolved following an absorptiontype merger by TTK.
2) YL Integrated Pte Ltd and its two subsidiaries became consolidated subsidiaries Lantrovision(S)Ltd
following the acquisition of shares by Lantrovision. Lantrovision also made Shanghai Changling
Communication Equipment Co a consolidated subsidiary by acquiring its shares.
3) MIRAIT Technologies newly established Miratec Drone Corp as a consolidated subsidiary.
3. Management Policy(1) Basic Management Policy
The MIRAIT Group aims to enhance its corporate value and to achieve sustained growth by:
1) Striving to be a leading Japanese corporation that realizes the highest levels of customer satisfaction
and trust as a "Comprehensive Engineering and Services Company" that continually creates new value
centered on the field of information and telecommunications.
2) Contributing to the realization of an enriched and comfortable society by placing value on safety andquality and offering the highest level of services.
3) Continuing to be an enterprise that coexists and mutually prospers with people and society, fulfillingits corporate social responsibility and respecting humanity.
(2) Medium-term Management Strategy and Targeted Management Benchmarks
As stated in “1.Overview of Operating Results and Financial Position (1) Overview of Operating Results
for the Fiscal Year Ended March 31, 2021”, the MIRAIT Group believes that it must strive to improve
management efficiency and productivity of existing businesses, while expanding and strengthening thecompetitiveness of new businesses (“frontier domains”) in the medium- to long-term, in order to enhance
its corporate value and to achieve sustainable growth as a “Comprehensive Engineering and Services
Company” amid changes in the external environment.
In light of this strategy, the Group had announced its fourth Medium-term Management Plan for the three
years starting in the fiscal year ended March 31, 2020. However, the Group achieved its targets ahead ofschedule in the second year of the Medium-term Management Plan (fiscal year ended March 31, 2021), withthe outbreak of COVID-19 and the subsequent increase in demand to build telecommunication environments
to facilitate teleworking. The Group also benefitted from the government’s initiatives to expand advanced
telecommunication networks for 5G/ IoT and to promote the digitalization of education.
In the fiscal year ending March 31, 2022, the final year of the Medium-term Management Plan, the
MIRAIT Group will continue to focus on serving the needs of customers in response to the acceleration ofdigitalization under the “new normal” and the move to realize a “green society”. The Group will endeavor
to strengthen its management base and to push forward with key initiatives for future growth, aiming tooutperform the previous year’s financial results.
〔Outline of the plan for the fiscal year ending March 31, 2022〕
1) Targets (KPI)
470.0 billion yen
・Net sales
・Operating income 30.5 billion yen (Operating income ratio 6.5％)
2) Key initiatives
・Generate new business opportunities
・Accelerate transformation of business structure
・Enhance productivity and reduce costs through efficient operations
・Strengthen human resources
・Promote ESG-oriented management, safety and quality initiatives
・Capital policy-9-(3) Issues to be Addressed
The business environment for the MIRAIT Group is expected to continue to change dramatically on theback of the expansion of fifth-generation mobile telecommunication (5G) services and the boost in demand
for new ICT solutions with the penetration of online classrooms and teleworking under the “new normal”.
Moreover, policies to promote the use of renewable energy should move forward as Japan endeavors torealize a carbon-neutral society.
Against this backdrop, the MIRAIT Group commenced discussions on the proposed merger of MIRAIT
Holdings Corporation, MIRAIT Corporation, and MIRAIT Technologies Corporation scheduled for early
FY2022 and embarked on the restructuring of the companies within the Group, in an effort to accelerate thetransformation the business structure in response to changes in the business environment. The Group will
also proactively expand businesses in new areas (“frontier businesses”) such as IoT/5G, energy management,
smart cities and global.
It is unclear as to when COVID-19 will be contained, and uncertainties may persist for some time.
However, the MIRAIT Group will strive to remain a trusted Group that creates and protects social(telecommunication and energy) infrastructure into the future, and to enhance its corporate value and achievesustainable growth, by embracing new workstyles to realize an energetic and vibrant corporate group.
In the fiscal year ending March 31, 2022, the Group will take initiatives to achieve the following:1) Expand new business areas (“frontier businesses”)
・Accelerate the transformation of the business structure by adopting a “One Team” approach forsolutions businesses.
・ Improve profitability and strengthen the customer base by way of flexible selection andconcentration.
・Improve operational efficiency by strengthening the management base.
2) Enhance management efficiency and improve productivity of existing businesses
・Continue to reduce costs by benchmarking and maximize integration synergies.
・Develop cross-divisional, multi-skilled engineers to achieve operational efficiency.
・Improve profitability by revisiting operational processes and other initiatives.

4. Basic Approach Concerning the Selection of Accounting Policies
The MIRAIT Group operates its businesses primarily in Japan. Hence, the policy of the Company is toprepare its consolidated financial statements based on Japanese accounting standards for the time being. The
Company will respond appropriately based on developments of its overseas businesses and the situation withother Japanese companies in applying IFRS (International Financial Reporting Standards).
<Notes>This document contains forward-looking statements based on the plans, outlooks, management strategies
and policies of the Group at the time of its issuance. Such forward-looking statements describe management
judgments and assumptions based on information available at this time.
As such, actual business results could be significantly different from those stated in this document due tochanges in the various underlying conditions. Thus, please be advised that the Company cannot guarantee
the accuracy of the forward-looking statements in this document into the future.

- 10 -

5. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

AssetsCurrent assets
Cash and deposits

33,54344,764

Notes receivable - trade
Accounts receivable from completed construction contracts

1,412
137,914

1,458
126,862

Accounts receivable - trade
Costs on construction contracts in progress

8,257
32,75819,28330,789Prepaid expenses
Accounts receivable - other

1,230
1,776

1,166
2,307

Investments in leases
Other

6,123
2,791

5,460
1,428

Allowance for doubtful accounts

(96)

(26)

225,712233,494

56,61858,190Machinery, vehicles, tools, furniture and fixturesLand

16,99732,806

17,94632,891

Leased assets
Construction in progress

7,064
1,383

7,466
5,602

Accumulated depreciation(32,274)(35,442)

82,59686,655

1,943

2,523

2,921
1,729

3,094
1,620

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures

Total property, plant and equipment
Intangible assets
Customer related assets
Goodwill
Software
Other

118

311

6,711

7,549

Investment securities
Retirement benefit asset

30,1391,967

22,562
2,988

Deferred tax assets
Leasehold and guarantee deposits

2,081
1,385

2,504
1,425

Other
Allowance for doubtful accounts

1,687

1,798

(147)

(227)

Total intangible assets
Investments and other assets

Total investments and other assets
Total non-current assets
Total assets- 11 -

37,11431,052

126,422

125,256

352,134

358,751

(Millions of yen)
Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

Liabilities
Current liabilities
Notes payable - trade

1,538

2,507

Accounts payable for construction contracts
Short-term borrowings

57,19916,78960,705186

Accounts payable - other
Income taxes payable

3,405
3,281

4,076
8,086

Advances received on construction contracts in progress
Lease obligations

4,670
3,371

3,150
3,347

Provision for loss on construction contracts
Provision for bonuses

959
7,515

1,299
8,023

120
7

101
10

Provision for bonuses for directors (and other officers)
Provision for warranties for completed construction
Other

5,878

11,523

104,738

103,018

Long-term accounts payable - other
Lease obligations

213
7,607

1,324
6,592

Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for retirement benefits for directors (and otherofficers)
Provision for share-based compensation

1,650
41

1,139
41

128

122

282

310

Retirement benefit liability
Asset retirement obligations

17,635
172

13,974
189

Total current liabilities
Non-current liabilities

Other

953

714

28,68524,409133,424

127,428

Share capital
Capital surplus

7,000
69,3997,000
69,571Retained earnings
Treasury shares

135,546(1,386)

155,239(10,888)

Total shareholders' equity

210,559

220,922

4,967

4,660

Remeasurements of defined benefit plans

(98)
(281)
276

(98)
(1,126)
2,031

Total accumulated other comprehensive income

4,863

5,466

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustment

Non-controlling interests
Total net assets
Total liabilities and net assets- 12 -

3,287

4,934

218,710

231,323

352,134

358,751

(2) Consolidated Statements of Income and Comprehensive Income(Millions of yen)
Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

Net sales of completed construction contracts

441,166

463,744

Cost of sales of completed construction contracts

388,991

402,953

Gross profit on completed construction contracts

52,17460,790

Selling, general and administrative expenses

30,181

30,661

Operating profit

21,99330,129Interest income
Dividend income

158
906

50
971

Surrender value of insurance policies
Share of profit of entities accounted for using equity method

175
47

132

Foreign exchange gains
Other

－
427

－
344
501

1,716

2,001

54

48

262

－
164

Non-operating income

Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Share of loss of entities accounted for using equity method
Provision of allowance for doubtful accounts
Other
Total non-operating expenses

－
0
183

45
132

501

390

23,20731,739Gain on sale of non-current assets
Gain on sale of investment securities

406
56

20
4,642

Gain on revision of retirement benefit plan
Other

－
－

271
4

Total extraordinary income

463

4,938

Extraordinary losses
Compensation for damage

14

Ordinary profit
Extraordinary income

Loss on sale of non-current assets
Loss on retirement of non-current assets

4
106

－
2
185

Impairment losses
Loss on sale of investment securities

3
62

117
5

Loss on valuation of investment securities
Business restructuring expenses

40
41

55
4

Other

64

64

Total extraordinary losses
Profit before income taxes- 13 -

338

436

23,332

36,242

(Millions of yen)
Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

Income taxes - current

8,325

13,479

Income taxes - deferred(574)(1,765)

Total income taxes

7,751

11,713

Profit15,581

24,528360

322

15,22024,205

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

1,925
208

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted forusing equity method
Total other comprehensive income

(560)

(304)
(821)
1,755

0

(19)

Profit attributable toProfit attributable to non-controlling interests
Profit attributable to owners of parent
Other comprehensive income

Comprehensive income

1,574

610

17,15625,13816,811344

24,808329

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests- 14 -

(3) Consolidated Statement of Changes in Net Assets
Fiscal year ended March 31, 2020 (April 1, 2019 to March 31, 2020)(Millions of yen)
Shareholders' equity
Share capital

Capital surplus

7,000

Balance at beginning of period

Retained earnings

71,559Treasury shares

124,287

Total shareholders'equity193,163(9,684)

Changes during period
Dividends of surplus(3,962)(3,962)

Profit attributable to owners ofparent15,22015,220Purchase of treasury shares
Disposal of treasury shares(10,883)(10,883)

19,112

16,891(2,221)－

Increase by merger

53

Changes by share exchanges
Change in ownership interest ofparent due to transactions with
non-controlling interests
Net changes in items other thanshareholders' equity

69

122

7

Total changes during period
Balance at end of period

7－(2,159)11,258

8,298

17,396

7,000

69,399135,546(1,386)

210,559

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period

3,028

Total
Foreign currency Remeasurements accumulated Non-controlling Total net assets
Revaluationinterests
translationof defined
otherreserve for land
adjustment
benefit plans comprehensive
income

(98)

(493)

836

3,272

3,123

199,559

Changes during period
Dividends of surplus(3,962)

Profit attributable to owners ofparent15,220Purchase of treasury shares(10,883)

Disposal of treasury shares

16,891

Increase by merger－

Changes by share exchanges

122

Change in ownership interest ofparent due to transactions with
non-controlling interests
Net changes in items other thanshareholders' equity

7
1,939

－

212

(560)

1,590

163

1,754

Total changes during period

1,939

－

212

(560)

1,590

163

19,151

Balance at end of period

4,967

(98)

(281)

276

4,863

3,287

218,710- 15 -

Fiscal year ended March 31, 2021 (April 1, 2020 to March 31, 2021)(Millions of yen)
Shareholders' equity
Share capital

Capital surplus

7,000

Balance at beginning of period

Retained earnings

69,399Treasury shares

135,546

Total shareholders'equity210,559(1,386)

Changes during period
Dividends of surplus(4,583)(4,583)

Profit attributable to owners ofparent24,20524,205Purchase of treasury shares(0)

Disposal of treasury shares(9,574)(9,574)

72

72

71

Increase by merger

71－

Changes by share exchanges
Change in ownership interest ofparent due to transactions with
non-controlling interests
Net changes in items other thanshareholders' equity

171

Total changes during period
Balance at end of period

171

－

171

19,693(9,501)

10,362

7,000

69,571

155,239(10,888)

220,922

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Revaluation
reserve for land

4,967

(98)

Total
Foreign currency Remeasurements accumulated Non-controlling Total net assetsinterests
translationof definedotheradjustment
benefit plans comprehensive
income

(281)

276

4,863

3,287

218,710

Changes during period
Dividends of surplus(4,583)

Profit attributable to owners ofparent24,205Purchase of treasury shares(9,574)

Disposal of treasury shares

72

Increase by merger

71

Changes by share exchanges－

Change in ownership interest ofparent due to transactions with
non-controlling interests
Net changes in items other thanshareholders' equity

171
(307)

－

(844)

1,755

603

1,646

2,250

Total changes during period

(307)

－

(844)

1,755

603

1,646

12,613

Balance at end of period

4,660

(98)

(1,126)

2,031

5,466

4,934

231,323- 16 -

(4) Consolidated Statement of Cash Flows(Millions of yen)
Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

Cash flows from operating activities
Profit before income taxes
Depreciation

23,332
5,897

36,242
6,298

Impairment losses
Amortization of goodwill

3
499

117
648

Share of loss (profit) of entities accounted for using equity method
Increase (decrease) in allowance for doubtful accounts

(47)
51

164
10

Increase (decrease) in provision for bonuses
Increase (decrease) in provision for loss on construction contracts

479
442

507
339

5

5
1,755

Increase (decrease) in other provisions
Remeasurements of defined benefit plans
Increase (decrease) in net defined benefit asset and liability
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sale of investment securities
Loss (gain) on sale and retirement of non-current assets

(560)
888
(1,065)
54
225
6
(295)

Decrease (increase) in trade receivables
Decrease (increase) in costs on construction contracts in progress(4,681)(1,022)
48(373)(4,636)
168(13,738)(4,300)
7,361

331
1,950

(825)

(1,481)

(775)
381

4,541
1,279

Increase/decrease in other assets/liabilities
Other, net(1,433)
(297)

2,964
87

Subtotal

16,29049,627

Interest and dividends received
Interest paid

1,141

1,090

Increase (decrease) in trade payables
Increase (decrease) in advances received on construction contracts
in progress
Increase (decrease) in accrued consumption taxes
Decrease (increase) in consumption taxes refund receivable

Income taxes paid
Net cash provided by (used in) operating activities- 17 -

4,362

(54)

(49)

(9,440)(9,066)

7,936

41,602

(Millions of yen)
Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits(1,276)2,017(1,370)
1,309

Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment(9,729)716(8,383)
72

(677)
(633)
479

(534)
(133)
11,369

(15)

(271)

208

118

Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of shares of subsidiaries resulting in change in scope of
consolidation
Proceeds from cancellation of insurance funds
Other, net

(264)

(307)

Net cash provided by (used in) investing activities(9,176)

1,869

Cash flows from financing activities
Net increase (decrease) in short-term borrowings

13,154(16,611)(108)(10,802)340(19)(9,574)0(3,953)(4,579)

(170)

(84)

Repayments of long-term borrowings
Purchase of treasury shares
Proceeds from disposal of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Purchase of shares of subsidiaries not resulting in change in scopeof consolidation
Repayments of finance lease obligations
Other, net

(72)

(5)

(1,203)
1(1,324)－

Net cash provided by (used in) financing activities(2,814)(32,200)

Effect of exchange rate change on cash and cash equivalents

4

(202)

Net increase (decrease) in cash and cash equivalents(4,049)11,068Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting from merger withunconsolidated subsidiaries
Cash and cash equivalents at end of period

35,657

31,63224

150

31,63242,851- 18 -

(5) Notes to Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.
(Changes in accounting principles)
Not applicable.
(Changes in methods of presentation)(Consolidated statements of income and comprehensive income)
The Company has decided to present “Provision of allowance for doubtful accounts”, previously
included in “Non-operating expenses – Other”, as a separate item from the consolidated fiscal year underreview, given that it represents more than ten one-hundredths of total non-operating expenses. The
consolidated financial statements for the previous fiscal year have been restated in order to reflect thischange in presentation.
Consequently, “Non-operating expenses – Other” of 183 million yen in the consolidated statements ofincome and comprehensive income of the previous fiscal year has been reclassified as “Provision ofallowance for doubtful accounts” of 0 million yen and “Other” of 183 million yen.
In addition, the Company has decided to present “Impairment losses”, previously included in“Extraordinary losses – Other”, as a separate item from the consolidated fiscal year under review, giventhat it represents more than ten one-hundredths of total extraordinary losses. The consolidated financial
statements for the previous fiscal year have been restated in order to reflect this change in presentation.
Consequently, “Extraordinary losses – Other” of 67 million yen in the consolidated statements ofincome and comprehensive income of the previous fiscal year has been reclassified as “Impairment losses”
of 3 million yen and “Other” of 64 million yen.
(Consolidated cash flow statement)
The Company has decided to present “Impairment losses”, previously included in “Cash flows fromoperating activities – Other, net”, as a separate item from the consolidated fiscal year under review, giventhat its quantitative materiality has increased. The consolidated financial statements for the previous fiscal
year have been restated in order to reflect this change in presentation.
Consequently, “Cash flows from operating activities – Other, net ” of (293) million yen in the
consolidated statement of cash flows of the previous fiscal year has been reclassified as “Impairment
losses” of 3 million yen and “Other, net” of (297) million yen.
(Changes in accounting estimates)
Not applicable.

- 19 -

(Segment information)[Segment information]
1. Description of reportable segments(1) Method of determining reportable segments
The reportable segments of the Company are individual units for which separate financial information isavailable, and that are subject to a periodic review by the Board of Directors for the purposes of determining
the allocation of management resources and evaluating performance.
Under the guidance of the Company as the holding company of the MIRAIT Group, the business groups,
which are centered on the business companies, form comprehensive strategies and engage in activities fortheir respective businesses.
Hence, the six reportable segments of the Company are “MIRAIT”, “MIRAIT Technologies”,“Lantrovision”, “TTK”, “SOLCOM” and “Shikokutsuken”.
(2) Types of products and services attributable to each reportable segment“MIRAIT”, “MIRAIT Technologies”, “Lantrovision”, “TTK”, “SOLCOM” and “Shikokutsuken”
mainly engage in telecommunications engineering work/ electrical work and air conditioning/ sanitary
construction work.
2. Method of calculating sales, income, assets and other items for each reportable segment
Accounting methods applied to the reportable business segments are generally in line with those applied
to the consolidated financial statements.
Segment income reflects the operating income for each reportable segment.
Internal revenue and transfers between segments are based on actual market prices.

- 20 -

3. Sales and income, assets and other items by reportable segment
Fiscal year ended March 31, 2020 (April 1, 2019 to March 31, 2020)(million yen)
Reportable segment
MIRAITMIRAIT
Technologies

Lantrovision

TTK

SOLCOM

ShikokutsukenTotal

Net sales
Net sales toexternal customers
Inter-segment sales
or transfers

209,450

117,474

17,39935,26637,53024,042

441,163

1,243

8,305

－

508

118

93

10,269

Total

210,694

125,779

17,39935,77537,64824,135

451,432

Segment income

12,607

3,966

381

2,059

1,179

1,766

21,960

Segment assets

160,846

112,189

20,42930,64839,81820,826

384,758

1,901

2,136

321

775

655

94

5,884

2,113

5,015

419

625

681

795

9,651

Adjustments(Note 2)

Amount inConsolidated
Financial
Statements(Note 3)

Other items
Depreciation andamortization
Increase inproperty, plant andequipment andintangible assets

Other(Note 1)Total

Net sales
Net sales toexternal customers
Inter-segment sales
or transfers

2

441,166－

441,166

8,542

18,811(18,811)

－

Total

8,545

459,978(18,811)441,166

Segment income

6,723

28,683(6,690)21,993

Segment assets

166,240

550,999(198,865)

352,134

Other items
Depreciation and
12
5,897
5,897
－
amortization
Increase inproperty, plant and
20
9,671
9,671
－
equipment andintangible assets(Notes) 1. The "Other" segment refers to the Company (pure holding company) which does not belong to any business segment.
2. The amounts adjusted are as follows:(1) Adjustments for segment income in the amount of (6,690) million yen include adjustments for dividends in the amountof (6,824) million yen and adjustments for retirement benefits in the amount of 55 million yen, respectively.
(2) Adjustments for segment assets in the amount of (198,865) million yen include the netting of investments and capitalin the amount of (128,322) million yen and the netting of receivables in the amount of (71,486) million yen.
3. Segment income is adjusted to the operating income reported in the Consolidated Statement of Income andComprehensive Income.

- 21 -

Fiscal year ended March 31, 2021 (April 1, 2020 to March 31, 2021)(million yen)
Reportable segment
MIRAITMIRAIT
Technologies

Lantrovision

TTK

SOLCOM

ShikokutsukenTotal

Net sales
Net sales toexternal customers
Inter-segment sales
or transfers

224,644

111,262

15,14037,28841,23934,167463,742

1,130

8,115

－

302

62

118

9,729

Total

225,774

119,377

15,14037,59041,301

34,286473,471

Segment income

16,468

4,937

656

2,497

2,073

3,453

30,086

Segment assets

170,241

103,643

23,32232,31941,51026,590397,627

1,971

2,308

415

787

678

127

6,288

4,571

3,107

843

848

752

425

10,550Adjustments(Note 2)

Amount inConsolidated
Financial
Statements(Note 3)

Other items
Depreciation andamortization
Increase inproperty, plant andequipment andintangible assets

Other(Note 1)Total

Net sales
Net sales toexternal customers
Inter-segment sales
or transfers

2463,744－463,744

13,92623,655(23,655)－

Total

13,928487,399(23,655)

463,744

Segment income

12,16742,253(12,124)

30,129Segment assets

166,364

563,991(205,239)

358,751

Other items
Depreciation and
10
6,298
6,298
－
amortization
Increase inproperty, plant and20
10,571
10,571－equipment andintangible assets(Notes) 1. The "Other" segment refers to the Company (pure holding company) which does not belong to any business segment.
2. The amounts adjusted are as follows:(1) Adjustments for segment income in the amount of (12,124) million yen include adjustments for dividends in theamount of (12,298) million yen and adjustments for retirement benefits in the amount of 191 million yen, respectively.
(2) Adjustments for segment assets in the amount of (205,239) million yen include the netting of investments and capitalin the amount of (129,669) million yen and the netting of receivables in the amount of (76,968) million yen.
3. Segment income is adjusted to the operating income reported in the Consolidated Statement of Income andComprehensive Income.

- 22 -

(Associated information)
Fiscal year ended March 31, 2020 (April 1, 2019 to March 31, 2020)
1. Information for individual products and services
Information for individual products and services is omitted given that telecommunication engineering andelectrical facility work account for more than 90% of net sales reported in the Consolidated Statement of
Income and Comprehensive Income.
2. Information for individual regions(1) Net sales
Information on net sales for individual regions is omitted given that sales to domestic external customers accountfor more than 90% of net sales reported in the Consolidated Statement of Income and Comprehensive Income.
(2) Property, plant and equipment
Information on property, plant and equipment for individual regions is omitted given that domestic assets
represent more than 90% of property, plant and equipment as reported in the Consolidated Balance Sheet.
3. Information regarding major customers
Name of customer(million yen)
Associated business segments

Net sales

MIRAIT

Nippon Telegraph and Telephone
East Corporation

87,368 MIRAIT Technologies
TTK
MIRAIT

Nippon Telegraph and Telephone
West Corporation

55,496MIRAIT Technologies
SOLCOM
Shikokutsuken
MIRAITMIRAIT Technologies

44,167 TTKNTT DOCOMO, INC.

SOLCOM
Shikokutsuken- 23 -

Fiscal year ended March 31, 2021 (April 1, 2020 to March 31, 2021)
1. Information for individual products and services
Information for individual products and services is omitted given that telecommunication engineering andelectrical facility work account for more than 90% of net sales reported in the Consolidated Statement of
Income and Comprehensive Income.
2. Information for individual regions(1) Net sales
Information on net sales for individual regions is omitted given that sales to domestic external customers accountfor more than 90% of net sales reported in the Consolidated Statement of Income and Comprehensive Income.
(2) Property, plant and equipment
Information on property, plant and equipment for individual regions is omitted given that domestic assets
represent more than 90% of property, plant and equipment as reported in the Consolidated Balance Sheet.
3. Information regarding major customers
Name of customer(million yen)
Associated business segments

Net sales

MIRAIT

Nippon Telegraph and Telephone
East Corporation

86,828 MIRAIT Technologies
TTK
MIRAIT

Nippon Telegraph and Telephone
West Corporation

62,108MIRAIT Technologies
SOLCOM
Shikokutsuken
MIRAITMIRAIT Technologies

40,379 TTKNTT DOCOMO, INC.

SOLCOM
Shikokutsuken- 24 -

(Segment information for impairment of non-current assets)
Fiscal year ended March 31, 2020 (April 1, 2019 to March 31, 2020)
Omitted due to immateriality.
Fiscal year ended March 31, 2021 (April 1, 2020 to March 31, 2021)(million yen)
Reportable segment
MIRAITMIRAIT

21

Impairment losses

Impairment losses

MIRAITMIRAITMIRAIT

－

83

11

－

－
Corporate andelimination

OthersMIRAIT－－MIRAIT

117

Total

117

(Segment information for amortized and outstanding amounts of goodwill)
Fiscal year ended March 31, 2020 (April 1, 2019 to March 31, 2020)(million yen)
Reportable segment
MIRAIT(Goodwill)
Amortized amount
Balance at end ofcurrent period

MIRAIT
Lantrovision
Technologies

TTK

SOLCOM

Shikokutsuken

Total

209

42

118

33

－

96

499

396

96

1,944

123

－

360

2,921

Corporate andelimination

OthersTotal(Goodwill)
Amortized amount
Balance at end ofcurrent period

－

－

499

－

－

2,921

Fiscal year ended March 31, 2021 (April 1, 2019 to March 31, 2021)(million yen)
Reportable segment
MIRAIT(Goodwill)
Amortized amount
Balance at end ofcurrent period

MIRAIT
Technologies Lantrovision

TTK

SOLCOM

Total

239

42

236

33

－

96

648

156

53

2,610

9

－

264

3,094

OthersCorporate andelimination

Total(Goodwill)
Amortized amount
Balance at end ofcurrent period

Shikokutsuken

－

－

648

－

－

3,094

(Note): The Company has accounted for a goodwill impairment loss of 80 million yen pertaining to TTK.

- 25 -

(Per share information)
Fiscal year ended March 31, 2020 Fiscal year ended March 31, 2021
(April 1, 2019 to March 31, 2020) (April 1, 2020 to March 31, 2021)
Net assets per share

2,006.42 yen

2,232.25 yen

Net income per share

149.93 yen

229.59 yen(Note) The basis for calculating net income per share and diluted net income per share is as follows:

Fiscal year ended March 31, 2020 Fiscal year ended March 31, 2021
(April 1, 2019 to March 31, 2020) (April 1, 2020 to March 31, 2021)
Net income per share
Net income attributable to owners ofparent (million yen)
Net income not attributable to commonshareholders (million yen)
Net income attributable to owners ofparent attributable to common stock(million yen)
Average number of outstanding shares ofcommon stock during the fiscal year
(thousand shares)

15,22024,205－－

15,22024,205

101,517

105,429(Note) 1. The diluted net income per share for the consolidated fiscal year under review is not stated because there are no dilutive
shares outstanding.
2. In calculating net income per share, treasury shares held in trust accounted for in shareholder’s equity are included in
the number of own shares which is deducted from the average number of outstanding shares of common stock for the
fiscal year. For the fiscal year ended March 31, 2021, the average number of own shares outstanding deducted for the
purposes of calculating net income per share was 441,508. The average number of own shares at the end of the fiscal
year ended March 31, 2020 was 369,494.

(Significant subsequent events)(Repurchase of own shares)
On May 14, 2021, the Board of Directors of the Company resolved to repurchase its own shares pursuant
to Article 156 of the Companies Act of Japan, applied pursuant to Paragraph 3, Article 165 of the Companies
Act.
1. Reasons for share repurchase
To enhance shareholder return and to facilitate flexible implementation of capital policy in responseto changes in the business environment.
2. Type of shares to be repurchased
Common stock
3. Total number of shares to be repurchased
Up to 1,800,000 shares(1.77% of outstanding shares excluding treasury stock)
4. Total repurchase amountUp to 3.0 billion yen
5. Repurchase period
May 17, 2021 to September 30, 2021
6. Repurchase method
Market purchases on the Tokyo Stock Exchange- 26 -