Annual Report 2022
Published July 2023

Creating Value,
The AMITA Way

Table of Contents
Message from the CVO ........................................................... 2

About this report
In this annual report, we discuss what the AMITA Group accomplishedduring the fiscal year ended December 31, 2022 (FY 2022), andpresent an overview of the Group's medium-term management planfor FY 2023-2025, which provides a basis for AMITA Vision 2030,
announced in November 2022.
Today’s world faces many challenges—such as climate change,
fast-depleting resources, pandemics, military conflicts, and lonelinessepidemics and divisions among people. They are all intertwined witheach other and must be met with a comprehensive, not isolated,
approach. AMITA proposes that one such approach is to build an
ecosystem society that draws inspiration from ecosystems in nature to
thrive. We believe that an ecosystem society and ecosystem-driven
business management define a post-SDGs society.
Since its founding in 1977, the AMITA Group has been providing
industry-leading commercial solutions to unmet social needs. While
this stance will remain unchanged, we need to keep pace with social
and lifestyle changes in order to stay relevant in society for years tocome. This report updates you on how we create value in our business
and where we go from here as a future-design company.
We hope you embrace the concept of a social ecosystem and join us
in our efforts to design and create an ecosystem society. Your
feedback and suggestions are much appreciated.
July 2023
Editorial Team of AMITA HOLDINGS Co., Ltd.

● AMITA’s ValueAMITA’s History of Creating Value ........................................................ 6

The AMITA Group aspires to create an

AMITA Group by the Numbers ............................................................. 8

ecosystem society that brings people,

How AMITA Creates Value.................................................................. 12

nature, tangibles, and information all
together.

AMITA’s Value Drivers......................................................................... 10
AMITA’s Social Systems Design Business ......................................... 14● Financial Performance for FY 2022
Financial Highlights ............................................................................ 16
Raising Funds to Achieve AMITA Vision 2030.................................... 18● Achievements in the Social Systems Design
Business in FY 2022
Cyano Project..................................................................................... 20
Environmental Assessment and Certification Business andOperations Outside Japan ................................................................. 24
MEGURU STATION ® .......................................................................... 25
Working with Corporate Partners to Create Greater Value
Strategic Partnerships ................................................................... 26
Japan Circular Economy Partnership ( J-CEP ) ............................ 27● Nonfinancial Information for FY 2022
Natural Capital.................................................................................... 28
Human Capital.................................................................................... 30
Social Engagement Capital ................................................................ 32● Business Strategy
Message from the CIOO..................................................................... 34
Medium-Term Management Plan for FY 2023-2025 .......................... 36

Our Leadership .......................................................................... 40

1

Message from the CVO

Social Ecosystem Defines
Post-SDGs Society
AMITA pursues collaborative
effort to create an ideal future
KUMANO Eisuke

In November 2022, we announced “AMITA Vision 2030,” ourstrategic initiative and commitment to creating an ecosystemsociety by 2030.

The AMITA Group believes in diverse engagement among peopleinteraction. No degree of material affluence will bring happinessto people if they have to live in isolation.
We at AMITA have drawn inspiration from ecosystems in nature
to put this misguided modern society back on the right track. In
natural ecosystems, there is no such thing as “average,” as avariety of life forms with diverse individuality coexist and interact
with each other. That has been how a natural world works allalong. Individuality in this context is not the same as aself-centered individuality, where each person is entitled to do
whatever they want at their own risk. We define an ecosystemsociety as one that emulates ecosystems in nature by facilitating
engagement among its diverse members. The AMITA Group’s
mission is to develop and provide solutions for achieving such asociety.

Moreover, when only people having above-average skills arerespected, those who do not may be left to feel inferior or
jealous. Today’s society seems to be driving an increasing
number of people to isolation because they refuse to be judged
by others; they shut themselves off from person-to-person

Review of FY 2022: Challenging but rewarding second year of
the Business Development Phaseachieve greater sustainability, establishing partnerships withother companies, local governments, and universities, andcontinuing to invest in making our operating foundation more
solid. In Phase 2, from 2024 through 2026, we will continue
developing the market for the new business, and in Phase 3,
from 2027 through 2029, we will expand the service offerings toaccelerate the growth of the business into a solid revenue andprofit source for the Group.

In January 2021, the AMITA Group consolidated its B2B and
B2C (community) businesses into the Social Systems Design
Business, which addresses increasingly complex social issues
from a broader perspective. The Group intends to grow its
Social Systems Design Business into a core business line by2030. In Phase 1, from 2021 through 2023, we have been laying
the groundwork for the business. This includes developing newservice products that help businesses and municipalities

2021
Announced commitment tobecoming the Future-design
Company.

2

2022

2023

Announced AMITA
Vision 2030.

2024

2025

2026

2027

2028

On a positive note, we achieved a year-on-year increase inconsolidated net sales, operating profit, and ordinary profit. Thiswas primarily because of solid performance of our high-margin
services, including consulting on corporate sustainability andrecycling of silicon slurry waste. The Group’s operating profit
margin jumped from 10.9% for FY 2021 to 12.6% for FY 2022,
and its equity capital ratio from 32.9% to 41.4%. This strong
financial performance for FY 2022 enabled us to increase thedividend rate to 3.00 yen for the year, with a payout ratio of
9.9%.

Biomimicry is key to achieving a sustainable society

Chairman and Chief Visionary Officer (CVO)
AMITA HOLDINGS CO., LTD.

Since its founding in 1977, the AMITA Group has been providing
industry-leading commercial solutions to unmet social needs.
To be sure, a modern industrialized society has broughtmonetary and material prosperity to a great many people. But at
the same time, it has created wide-ranging social issues,
including environmental pollution and deteriorating
person-to-person relationships. In a society that blindly pursues
economic growth, having considerable knowledge and skill at
work is more valued than caring for and engaging with others or
having the courage to venture into the unknown.

During FY 2022, the AMITA Group continued to operate in avolatile business environment brought about by the COVID-19
pandemic and the prolonged military conflict between Russia
and Ukraine. The Group missed its initial consolidated
performance guidance for the year partly because corporateclients rescheduled the implementation of their ESG initiatives,
due to this fast-changing operating environment, and delayed
placing project orders with us.

2029

2030

In ecosystems in nature, 1.75 million species of plants, animals,
and other organisms interact with and depend on each other forsurvival. Natural ecosystems are everywhere around us, varying
in size from a small pond to a large rain forest to the entire earth.
What can we learn from them? The AMITA Group looks at theirthree essential elements.
The first is circular design. Circular economy and circular society
have become buzz phrases in today's business. The irony is thata poorly designed circular economy could do more harm to asustainable society than a linear economy does. That is because
the earth can accommodate a finite number of life forms and hasa finite capacity for energy release, and the more materials are
circulated above the threshold, the greater the chance of abreakdown in stability.
In circular ecosystems in nature, the metabolism in organisms
collectively keeps the input and output of energy at an optimallevel at all times to prevent an explosive release of energy into
the environment. That is the second element of ecosystems innature. When aged organisms wane, new organisms take over.
This continuous circulation keeps the release of life forms andenergy into a natural environment below the explosive level.

This process of discarding what is unnecessary to make room
for its replacement is called maintaining a dynamic balance.
Ecosystems in nature have a built-in mechanism for maintaining
stability while constantly changing. That is the third element of
natural ecosystems.
To summarize, ecosystems in nature have a built-in circular
design mechanism that produces no waste. This circular
process is supported by a mechanism for pursuing the bestinterests of the whole ecosystem that outweigh those of its parts,
as well as by metabolism that maintains a dynamic balance.
Interactions among all life forms drive this process ofmaintaining stability while constantly changing.
In a modern society, however, vested interest groups andorganizations that bask in the glory of past successes tend topreserve the status quo and resist change. They refuse toinnovate, content with only making small incremental changes.
That is not the right way to keep up with fast changes taking
place around them. We must embrace change to survive, just as
natural ecosystems do. The first step to take is to increase theextent of interaction and engagement with others and give up
the sense of individuality gained through past experiences. The
second step is to rebuild from scratch through innovation tofacilitate dynamic changes in a fast-changing environment.

Three Essential Elements of Ecosystems in Nature

1

A circular designthat produces no waste

2

The best interests of
the whole system
outweighing those of its
parts

3

Dynamic balance thatmaintains stability whileconstantly changing

AMITA Group to celebrate its 50th anniversary

Phase 1: Business Development

Phase 2: Business Expansion● Develop service products for the Social
Systems Design Business● Make the Group's profit structure more robust● Transform the Group's organizational structure
and culture● Assist businesses and municipalities in
adopting a circular platform

Phase 3: Accelerated Business Growth AMITA Group to establish
the Social Systems● Create novel value to achieve
greater social sustainability
Design Business3

Message from the CVO

An ecosystem society transforms industry and people’s everyday lives
An ecosystem society draws inspiration from ecosystems innature that maintain an optimal state as a whole while constantly
and dynamically changing. It is a circular society that supplies
just the right amount of goods to meet the demand andproduces no waste. This is a radical departure from a traditional
industrialized society characterized by mass production, massconsumption, and mass waste. To make a circular society work,
compiling information and putting it to good use is criticallyimportant. If you collect and analyze real-world information foran extended period, regarding how much and how often local
residents buy and consume which goods, you will be able topredict with reasonable accuracy local demand for those goods
and residents’ behavior patterns several weeks and months out.
Businesses and municipalities can use this information toprovide the right products and services in the right amount tolocal residents, free of waste.
Moreover, in an ecosystem society, consumers have easy
access to sustainability information–including the content ofrecycled materials, supply-chain CO2 emissions, and recycling

methods–and social value of products they buy. They can use
this information to make socially motivated purchasing decisions
on eco-friendly products that benefit their communities. Simply
by buying and using goods every day, consumers can play anactive role in helping to achieve a circular society.
Such a virtuous circle of production and consumption is
supported by a circular platform that brings people, nature,tangibles, and information all together. Building a circular
platform is the first step toward achieving an ecosystem society
in which, as we live longer, work harder, sell more, and buy more,
our interaction and engagement with each other becomesstronger and deeper and every aspect of nature becomes richer.

Scan the code towatch a video of
AMITA Vision 2030.

Scan the code tovisit a microsite for
AMITA Vision 2030.

Our business strategy for developing and establishing a circular platform
The AMITA Group’s business strategy is focused on developing
and establishing a circular platform.

Social background for a circular platform
The market for consumer goods in Japan is no longer sustainedby quantitative growth. This is partly because the aging andshrinking population, combined with the increasingly matureeconomy, has been diminishing domestic demand for consumer
goods, and partly because the shrinking working-age population
has resulted in a labor shortage and has continued to drive up
labor costs. In addition, the global supply chain, having longserved as a key growth driver for the Japanese economy, haslost its stability, causing prices of fuels and raw materials toskyrocket. As a result, the cost-of-goods percentage of products
sold in Japan has continued to rise, forcing Japanese
consumer-goods companies to slash their profit margins, which
are already slimmer than those of their counterparts in Europe
and the United States.

AMITA’s recommended growth strategy for Japanesecompanies
To get out of this trap and sustain the growth of business,
Japanese companies must drive their profit margins up by
reducing per-unit fixed and variable costs. A traditional way of
increasing sales of consumer goods in an unpredictable market
was running mass print and TV advertising campaigns to create
fuel demand. In a shrinking market, however, that is no longer a
viable model. Total annual ad spending is 7 trillion yen in Japan,

4

Infrastructure to turn our business strategy into
actionable steps

Scan the code toaccess thepresentation deckon AMITA Vision
2030 (PDF).

part of which could be diverted to demand-prediction services.
The AMITA Group intends to develop and establish a circular
platform based on demand prediction.
By making a switch from a traditional linear
produce-sell-and-consume business model to one that makes acircular use of materials and products based on reliable demandprediction, consumer products companies will have a greater
chance to bolster their profit margins–even from a flat or
declining volume of sales–by cutting back on ad budgets andpersonnel costs, as well as by curbing the rising cost of sales.

Transition from a Linear Business Model to a
Circular One

Traditional linear
produce-and-sellbusiness model
A shrinking population means ashrinking market

Circularbusiness model“Servicising” and “sharing” models

To make a circular platform work, we must have an infrastructure tocompile and analyze relevant information, which enables us to turnthe unpredictable into the predictable.
The AMITA Group has accumulated a solid track record in
identifying unmet social needs and developing and offering services
and solutions to manage the unpredictable.
They include:
1. Closed-loop resource-recycling services: Using data-driven
supply and demand prediction to turn waste streams intovalue streams, converting industrial waste and byproducts ofunpredictable quantity and quality into value-added materials tomeet the needs of commercial users and optimize thesupply-and-demand balance
2. Environmental assessment and certification services:
Visualizing traceability information of products to enable end
users to make well-informed product choices

3. Environmental management services: Assisting corporate clientsin making better use of their environmental data compiled byour digital ICT solutions
By combining the value provided by these services, we can build an
information-compilation infrastructure designed to handle a vast
amount of data.
In addition, we have partnered with other companies to combine
business expertise and technical resources and pursue moreinnovative and greater value. (See page 26)
To keep information flowing in a constructive way, we need toencourage continued participation and contribution of end users.
The more residents use this platform, the higher quality of services
businesses and municipalities can deliver for the benefit of theirwell-being. AMIDAO CORPORATION, an AMITA Group company
established in January 2023, leverages Web3 technology to uncover
implicit social relationships. The AMITA Group will use AMIDAO's
expertise to build a system that leverages user information to help
businesses and municipalities improve their service quality.

Organizational strategy for creating greater value through deeper
engagement with stakeholders
AMITA HOLDINGS made changes to its leadership teameffective March 2023, as part of its efforts to drive a group-wide
initiative to establish a circular platform. (See pages 40 and 41) I
have assumed the position of the Chairman and Chief Visionary
Officer, and my responsibilities include leading the AMITAGroup’s business development efforts to stay ahead of afast-changing operating environment and enhance its
longer-term enterprise value. I am also responsible for nurturing
and developing relationships with a wide range of current andfuture stakeholders.
The primary role of the CVO is to bring all AMITA Group
companies and their partners together toward building a better
future. Our organizational strategy is to create greater value
through interaction and engagement with stakeholders. As I saidin the previous chapter, AMITA intends to retain its competitive
advantage while partnering with other companies to create evengreater value.
Effective January 2023, we switched to a shorter 32-hour
workweek to bolster organizational efforts to create value. (Seepage 30) We made this change in the belief that, whenemployees have fulfilling lives away from work, they have abetter chance of creating greater value at work. The switch to athree-day weekend is intended to provide employees more time
to gather valuable information from around them for potentialcommercial application.
When like-minded people bring their strong wills together, we
will have a better chance of creating an ideal society. At AMITA,
we believe that a team of ordinary people can do something
extraordinary. Please join us in our journey toward achieving an
ecosystem society and building a better future.

How we fend off potential business risks
associated with the delayed establishmentof a circular platform
There is a risk that our proposed circular platform may not
generate strong enough interest or demand among businesses
and municipalities if society as a whole continues to follow thetraditional industrialization path and is not ready to transition to
circular business models or lifestyles.
One of the options we are considering in order to fend off thisrisk is to relocate our head office to a rural area and develop acircular community around it. This would serve as a model of adecentralized autonomous community in which natural andrelational capital will be enhanced in a virtuous circle over time.
This would be a showcase of a novel community, developedwith the AMITA Group’s wealth of know-how in circular design,and could be presented to municipalities and other communities
as a real-life prototype of what we are aspiring to accomplish.
This proposed community, as a product, will encourage
residents to demonstrate mutually supportive engagement witheach other and enable them to feel more secure andcomfortable. MEGURU STATION® will be an integral part of thecommunity.
If more of these model communities spring up around thecountry, extensive information about residents’ behavior
patterns will be compiled and analyzed on a circular platform
and be used to help businesses achieve greater efficiency andaccuracy in their sales and production planning.
We will consider putting this option into action when stagflation(a combination of slow growth and high inflation) hits the country.
In times of stagflation, businesses and municipalities will likely
become more conservative and less motivated to initiate change.
We will seriously consider this option when overall inflation
doubles year on year and temporary workers increase toaccount for more than 30% of the total workforce in Japan.
Note: This is one of many options under consideration to fend
off potential business risks.

5

AMITA’s ValueAMITA’s History of Creating Value
Providing industry-leading commercial solutions to unmet social needs

AMITA’s History of Providing Commercial Solutions to Unmet Social Needs

The AMITA Group’s purpose is to identify intangible and unmet social needs and provide commercial solutions to them
before anyone else does.

Social issues

Our value proposition is resolving social issues and enhancing corporate and community sustainability. By developing andestablishing a business model to fulfill people's inner hopes, we have been creating one new service after another thatsustains our growth for today and tomorrow.
To identify unmet social needs, we must keep abreast of social and lifestyle trends and gain deep insights to identify
underlying issues. Moreover, we at AMITA have a can-do spirit of never giving up, an innovative mindset, and teams oflike-minded members, so that we can keep developing and delivering commercial solutions to social needs.
To keep creating greater value, we place a high priority on driving employee talent development, as well as on pursuingpartnerships with external parties that relate to AMITA’s mission and business ventures.

((See pages 30 and 31 for details about AMITA's employee development programs)

Increasing public demand
for anti-pollution
measures; soaring
procurement costs ofmaterials in a financial
slump

1980
Need to procure alternative materials in place of natural resources
Turning a volatile input of waste into a
dependable supply of value-added
materials

1990

Fast-paced deteriorationof the natural environment;
widespread depletion ofnatural resources

See page 22)

Assessing and certifying traceability inmaterials procurement

2000

Environmental assessment and certification services(

See page 24)

Need to balance environmental risks and costs

2010

Balancing the risk control and theallocation of operating resources

Cloud-based ICT services for environmental management “AMITA Smart Eco”(
Seepage 23)

End-to-end environmental solutions services

Battle of attrition on the red ocean market▶ Intense price competition

2020
Pervasive anxiety andloneliness epidemic
among people

AMITA identifies unmet social needs and makes advanceinvestments in providing the right commercial solutions tothem before anyone else does.

(

Need to achieve greater environmental stewardshipSee pages 26, 27, 32, and 33 for details about AMITA's partnerships with external parties)

More rigorous enforcement of regulations andinternational standards onenvironmental management

Closed-loop resource-recycling services

Need to switch to a socially driven
circular economy
Establishing a circularsupply chain

AMITA’s approach

Cyano Project, a program for developing
circular business models
Pursue a blue ocean strategy andmarket▶ Working with like-minded
partners to create greater value
Increasingly stringent
environmental
restrictions; widening
global divide

2022
2023

(
See
pages 20 to 23)

J-CEP

(
See
page 27)

MEGURU STATION®, a resource-collection sitethat promotes mutually supportive engagement
among community members(
Seepage 25)

Need to achieve low-carbon business management that meets
globally accepted standards
Need to visualize and deepen
interactionand engagement
AMITA'scommercial
solutionswith stakeholders
Jointly developing and providing moresophisticated services with external parties

Low-carbon transition advisory services(
Seepage 23)

Token services enabled by Web3 technology
6

7

●

AMITA Group by the Numbers

AMITA’s Value

Group overview
Established

Stock listed on
TSE Growth Market

1977 47th

Stock code

anniversary

Number of employees(consolidated)
Employees(As of May 31, 2023)

241

Net sales

2195

Operating profit margin

12.6%

Men

126
52%

115
48%

(in billions of yen)

20.5

Equity capital ratio

Financialperformance

41.4%

4.8

for FY 2022

Return on equity (ROE)

9.9

30.8%

billion yen
WomenMarket capitalization

Return on assets (ROA)

11.0%

Average age

41.0

3.4

2020

6x
2021

2022

Note: Based on the closing quote of
the Company's stock as of the last
trading day of December each year.

Note: Corporate officers or temporary employees not included

during the past 24 months

20%

100%

(Finding from an employee survey conducted in the second half of FY 2022)“I feel somewhat
proud”

Annual employee
turnover rate

17%

“I feel proud” 78%

Clientsfor FY 2022

8%

5%

Offices andfacilities(As of May 31, 2023)

22

Note: Facilities operating on thesame premises and facilities
operated by partners included.

OfficesJapan
Overseas

AMITA-operated
resource-recycling
plants and BIO facility

10

4

3

in Malaysia

in Malaysia, South Korea,
and Taiwan

1Partners’ resourcerecycling plants

4

Wholesaling
and retailing

483
2020

Number of offices
and facilities

Other
industries

Number of listedcompanies(included in thenumber above)

Average of the past
five years“I don't feel proud” andno response combined

Type of corporate clients’ business

1,541

43%

Note: Percentage includes that of full-time employees who took a paid vacation to carefor their children.

Percentage of employees who said they feelproud of working for AMITA

78%

Number of corporate andmunicipal clients

Percentage of employees who took parental
leave
Women
Men

Percentage ofwomen among
managers

Partnerships

2021

2022

Manufacturing

19%

60%

Percentage of our clients among all
listed manufacturers

25%

Note: Among listed companies as ofJanuary 31, 2023, including parent
companies of clients(As of June 30, 2023)

Number of corporate
and municipal partners

12(● Tachiarai, Fukuoka Prefecture● Kobe, Hyogo Prefecture● Kakegawa, Shizuoka Prefecture● MCP Japan Holdings● Sanyu Plant Service● NTT Communications● Sumitomo Mitsui Trust Bank
● Fuyo General Lease● BELL Group● PT Indocement Tunggal Prakarsa Tbk.
● MUFG Bank*● Tokio Marine & Nichido Fire Insurance*

See page 26)*Partnerships signed with Codo Advisory, 50% of which is owned by AMITA HOLDINGS

8

9

●

AMITA’s Value Drivers

AMITA's Value

The AMITA Group has sustained the growth of its business by providing a series of industry-leading
commercial solutions to unmet social needs.
In this section, we discuss our three value drivers and how they work together to sustain ourbusiness growth.

Turning the unpredictable into the predictable

AMITA’s three interconnected value drivers

AMITA’s materials-circulation business model is made possible by our know-how and corecompetency in turning the unpredictable into the predictable. What makes AMITA’s competitive
advantage unique is that we apply this know-how not only to tangibles, such as industrial andhousehold waste, but also to information and people’s thoughtfulness toward others.

AMITA’s value drivers

Tangiblesi. Unique business modelii. Unique core competencyiii. Unique corporate culture

As we grow our business, our core competency
and corporate culture get refined, making ourbusiness model even harder to emulate.
These three value drivers interact with each otherand work together to create even greater value.

Corporate
cultureWhat is Value?
Pursuing
greater value

Business model

P redictable

Providing circularsupply-chain services
and outsourcing
services

Circular supply-chain services and business-process
outsourcing services

UnpredictableCorecompetency

AMITA's hard-to-emulate business model

A supply chain is an uninterrupted flow of materials, components, and finished products, ranging fromprocurement to sales, in which manufacturers, suppliers, and contractors are involved. The AMITAGroup has been providing closed-loop resource-recycling services, environmental assessment andcertification services, and environmental risk management services, which all complement corporateclients' supply chains and enhance their sustainability. We also provide business-process outsourcing
services.

Virgin (primary) materials

Materials traceability

Social motivation

Information about who produces andprocesses materials, as well as how andwhere they are produced and processed,
is not readily available.

While people’s innate desire to help
others may drive social change, its
occurrence is unpredictable.

Recycle waste into circular materials

Visualize traceability links

Socially motivate people with a scientific method

AMITA analyzes a variety of processwaste and byproducts at the elementlevel, turns them into value-added
materials, and blends them to meet
corporate users' specifications for
ingredients.

AMITA tracks how materials aremanaged, processed, and distributed,
and independently certifies parties for
managing and using resources
responsibly, as part of efforts to ensuresustainable procurement and use ofmaterials.

AMITA uses the latest findings in brain
science and sociobehavioral studies tosocially motivate people consistently,
and incorporates the process into abusiness model.

Our know-how in turning the unpredictable into the predictable uses informatics technology tocompile, analyze, and apply information to create greater value.

AMITA's corporate culture of pursuing greater value

Nobody can predict the future. The future is for those who design and build it.
That is AMITA’s stance. All our employees embrace AMITA’s corporate culture of constantly asking
themselves and society the true meaning of value in pursuit of a better future and a true sense offulfillment. This corporate culture drives us to venture into the unknown.
AMITA values deep engagement with stakeholders more than anything else. Our corporate strategy,
as well as business and organizational scheme, is to visualize this intangible engagement withstakeholders and enhance it into operating resources and social capital.

Company A

Waste
disposal

Procurement

Company B

Incineration and landfill

Company A

Waste
disposal

Procurement

Outsourcing

Leveraging a first-mover advantage toestablish a wider business ecosystem

Wastegenerating
manufacturers
Company B

AMITA creates a B2B market forcircular materials.

10

Becoming a provider and player of a circular platform

Recycling

Recycling

Example: MEGURU STATION®

The unpredictable nature of waste interms of quantity, property, ingredients,
and timing of availability makes it
difficult to recycle consistently.

Manufacturers may find it challenging to recycle their industrial waste and byproducts on their own;businesses that use a large amount of underground resources may find it hard to procure alternative
circular materials in large quantity on their own. That is where the AMITA Group come in. We leverage
our nationwide materials-circulation network to assist corporate clients in switching to circular supply
chains by providing closed-loop resource-recycling services and procurement services of circularmaterials.

Pre-materials-circulation model

Example: Environmental assessment andcertification services

Industrial waste

What is Value?

For instance, AMITA became one of the first businesses in Japan in 1979 to offer circular supply-chain
services. In this business model, we turn waste streams into value streams by repeating the processof converting industrial waste and byproducts supplied by manufacturers in diverse industries intovalue-added materials and providing them for other manufacturers to use in their operations. Thisbusiness model is sustained by a business ecosystem that provides a win-win solution for bothwaste-generations manufacturers and corporate users of circular materials along the circular supply
chain.

Launching resource-circulation
services and outsourcing services

People’s thoughtfulness
toward others

Information

Example: Providing circular materials

Turning theunpredictable
into thepredictable

AMITA’s hard-to-match core competency

Corporate
users
Analysis Blending

More participating corporate clients mean moresophisticated circulation of a wider variety of materials.

AMITA has been working to establish a circular supply chain that serves an entire society, including people’s
lifestyle. Our MEGURU STATION® is a case in point. It is a resource-collection site that promotes mutually
supportive engagement among community residents, socially motivates them to bring in their household
waste for recycling into value-added, high-quality materials for commercial use. We analyze data abouthousehold waste and residents’ behavior patterns to predict consumer demand for products and behavior
with reasonable accuracy. The insights and findings from the analysis are shared with businesses andmunicipalities so that they can optimize their production and sales plans and their community services.
We intend to establish the circular platform called MEGURU PLATFORM by 2030 and serve as its provider
to residents, businesses, and municipalities—and as its player.
(

See “Raising Funds to Achieve AMITA Vision 2030” on page 18)

11●

How AMITA Creates ValueAMITA’s Value

Maintaining deep engagement with stakeholders
increases operating capital

Earning a maximum return on minimum
investment

AMITA maintains deep engagement with a broad range of stakeholders. Deep
engagement with them wins their buy-in to our mission and business, increasing
our operating capital, including financial, human, material, and information
capital.

Working with the right partners helps realign the distributionof operating capital inside and outside the AMITA Group in
response to a changing operating environment. As a result,
we will be better poised to transform ourselves to createeven greater value. Maintaining deep engagement withstakeholders enables us to make the most of available timeand financial resources and earn a maximum return on
minimum investment.

By investing acquired operating capital in our business to gain profit andreinvesting the profit in building even stronger relationships with stakeholders,
we can win buy-in from even broader stakeholders. Thus, AMITA’s enterprisevalue is continuously enhanced in a virtuous spiral as illustrated below.

Operating capital keeps gro
wing

Input in FY 2022

throu
gh t

AMITA’s capital as of December 31, 2021

Financial capitalFor

5,157 million yen¹

Operating profit
Equity capital ratio
Market capitalization

560 million yen¹
32.9 %
9.9 billion yen²

Raise operating
capital fromstakeholders that buy
into AMITA’s mission
and business

Examples: Forming strategic partnerships;
establishing a collaborative network among
businesses, municipalities, and universities

Human capital(

222

Tangible and intangible capital・Network of more than 300 recycling service providers

・Infrastructure for gathering and managing information
about industrial waste and recycled materials

1

Information capitalCore
competency

Society
Stakeholders

Outcome・Help corporate clients optimize their supply chains to achievecarbon neutrality and drive a circular economy

・Produce circular materials and collect used materials to reduce
waste bound for incineration and landfill and preserve natural
resources

・Help corporate clients exercise responsible management and useof forest and fishery resources to preserve and restore natural
capital・Operate MEGURU STATION® to help residents extend their healthy
life expectancy and build a mutually supportive autonomous
community

Increase operating
capital and enterprisevalue

For FY 2022

Cyano Project

Business model

What is Value?
Pursuing greater
value

Natural capital and relational
capital are enhanced in a virtuous
spiral as our business grows,
making society wholesome

Output in FY 2022
For FY 2022

YoY change-¹

4,824 million yen²
609 million yen²

up 9 %

41.4 %+8.5 points

20.5 billion yen³

up 107 %Overseas business(

Number of employees

239

Corporate
membership of J-CEP(cumulative)

Business partnerships

9

44

Providing circularsupply-chain services
and outsourcing
services(

See pages 20 to 23)

Comprehensive ESG solutions that assist corporateclients in achieving greater corporate sustainability
and developing circular business models

Activity(

See page 10)

Number of corporate clients

38

Circular materials produced

144,000 t

Number of subscribers to our
ICT services

5,032 offices** Subscribers to Smart Management services

See page 24)

Operating resource-recycling businessand import/export business foralternative materials in Malaysia

Circular materials
produced in Malaysia

40,000 t

See page 16)

MEGURU STATION®

(

Turning theunpredictable into
the predictable

Corporate
cultureAccumulation of robust operating capital enables making soundinvestment decisions and avoiding unnecessary investments

1. Effective at the beginning of FY 2022, the Company adopted the Accounting Standard for Revenue Recognition. (2. Amounts rounded down to the nearest million yen. 3. Amounts rounded down to the second decimal place. Based on
the closing quote of the Company's stock as of the last trading day of December 2022.

AMITA’s value drivers
12sMarket capitalization

・Information about industrial waste and recycledmaterials, gathered from our recycling service network
and information infrastructure
・Information about community residents’ behavior
patterns and waste disposal, gathered from MEGURUSTATION®

ce

Equity capital ratio

For FY 2021

Business partnershippro

Operating profit

・Collaboration with other businesses, municipalities, anduniversities

32

ral

Net sales¹

・AMITA’s website dedicated to sustainability solutions,attracting more than 100,000 visitors a month

Invested capital(interest-bearing debt +shareholders’ equity)

Identify unmet social
needs and formulate
a next-phasemarket-development
strategy

Deeper engagement with abroad range of stakeholders

・System for gathering information about residents’behavior patterns and waste disposal

Corporate membership of J-CEP

See page 26)

Profit generated from highly sustainable and high-margin
business lines supported by a circular supply chain(AMITA Group's ROIC was
13.1% for FY 2022)

Invest inestablishingengagementwithstakeholders

1. Amounts rounded down to the nearest million yen
2. Amounts rounded down to the second decimal place. Based on theclosing quote of the Company's stock as of the last trading day ofDecember 2021.

Number of employees

spi

ROIC =

Operating profit after taxess

Net sales

FY 2021hi sCase in point: Return on Invested Capital (ROIC)

Environmental assessment
and certification services(
See page 24)
Assessing and certifying adherence to standards
established by internationally recognized ecolabels
to ensure sustainable procurement of materials
Number of corporate clientsassessed for forest certification

685

Number of corporate clientsassessed for fishery certification

180

See page 25)

A resource-collection site that promotes
mutually supportive engagement amongcommunity residents and provides
comprehensive solutions to community,
business, and social issues
Number of locations

5 locations in
3 communities

Number of registered users

1,113Household waste collected

22.4 tNote: Assessments extended to processing
and distribution of materials.

13

●

AMITA’s Social Systems Design Business

AMITA’s ValueOur Social Systems Design Business provides transformative solutions to industry
and people’s everyday lives to achieve greater social sustainability as a step toward
creating an ecosystem society.

Assistance indeveloping
transition strategy

Cyano Project is a centerpiece of our Social Systems Design Business. It provides comprehensive ESG solutions
based on a circular design approach to assist businesses in achieving greater corporate sustainability anddeveloping new business models. We offer end-to-end assistance that ranges from formulating strategy todeveloping circular business models and encompasses circular economy, carbon neutrality, and nature positive
See pages 20 to 23)
solutions. (All these services are
driven by a circular
design approach.

Our consulting services include assistance in formulating long-term vision and strategy for greater corporate
sustainability, developing circular business models, conducting feasibility studies, developing a materials-circulation
scheme, and implementing a low-carbon transition strategy.

Operational
assistance
Convert industrial waste andbyproducts into value-added
circular materials, using ourclosed-loop recycling method andproprietary blending technique(

See page 22)

Provide corporate clients withcloud-based environmental
management services to reduce
their environmental risks andadministrative costs(

Our experts handle corporate clients’environmental management tasks to
reduce their risks and ease theirstaff shortage.
(

See page 23)

See page 23)

Assisting municipalities inachieving greater community
sustainability

Operate a biogas facility in
Minamisanriku, Miyagi Prefecture, toconvert organic matter, such as foodwaste, human waste, and sludge, into
biogas, as part of a community
materials circulation scheme

Environmental assessment and certification
services
Assess and certify adherence to standards
established by internationally recognized ecolabels
to ensure sustainable procurement of forest andfishery resources

Operate MEGURU STATION® resource-collection
sites that promote mutually supportive engagement
among community residents in order to addresscommunity, business, and social issues, and toachieve circular, autonomous communities((

See page 24)

See page 25)

Corporate alliance to achieve acircular society

Overseas businessJapan Circular Economy Partnership (J-CEP)
promotes cross-industry and cross-sector
collaboration to develop circular business models.
AMITA HOLDINGS is one of its founding members
and chairs its steering committee.
(

We provide
customized products
and services to meetclients’ diverse
needs.

See page 27)

Leveraging Web3 technology to provide a platform for creating
an ecosystem society

Leverage our resource-recycling technology,
originally developed in Japan, to convert industrial
waste and byproducts into value-added materials in
Malaysia; import and export alternative materials
and fuels; and conduct environmental risk
assessments and business feasibility studies onbehalf of corporate clients considering expanding
their business into overseas markets(

See page 24)

Assist operators of office and commercial complexes in developing a token
economy to encourage residents and customers to engage in socially
responsible behaviors

14

15

Financial Performance for FY 2022
Financial Highlights
Consolidated Financial Results

Key Financial Metrics
Note: Numbers in parentheses in this chart are the initial performance
guidance the Company announced for the year.

(In millions of yen; amounts rounded down to the nearest million yen)

4,744

4,704

4,608

5,157

（5,248）

4,824

Results for FY 2022

● Operating profit
margin (%)

10.9
5.0

2.9

FY 2018

FY 2019

12.6

●

6.3

FY 2020

Effective at the beginning of FY 2022, the Company
adopted the Accounting Standard for Revenue
Recognition.

Gross profit margin was up on revenue from thefollowing services:
Closed-loop recycling, environmental assessment
and certification, consulting, and ICT solutions● Revenue grew from the following high-margin services:
Environmental assessment and certification,and consulting●

FY 2021

FY 2022

Note: Operating profit margin for FY 2022 would have been 11.4%, based on the previous accounting standard.
Net sales

0

FY 2018

FY 2019

FY 2020

FY 2021

FY 2022（892）

560
236 246

136 140
OperatingprofitOrdinary
profitProfit0289 292

629 632（803）715
（604）
609

531

● Return on equity
(ROE)
(%)
● Return on assets
(ROA)
(%)

63.0
47.0

10.1
FY 2018

16

FY 2020

14.3

11.0

FY 2021

FY 2022We expect ROE and ROA for FY 2023 and FY
2024 to decline, as we have been raising funds
through the issuance of share acquisition rights,
which will bolster the equity capital level (netassets).

Net sales

Net sales reported for FY 2022 based on the newly
adopted Accounting Standard for Revenue Recognition
were 4,824 million yen; they would have been up by 172
million yen YoY if reported on the basis of the previous
standard. Revenue increase came from the Cyano Projectand environmental assessment and certification services,
as well as from sales of recycled silicon.

●

7.3

11.1

FY 2019

FY 2020

OperatingprofitOrdinary
profitProfitOrdinary profit for FY 2022 soared to 715 million yen,reflecting increases in operating profit and in the shareof profit of entities accounted for by using the equity
method from Malaysian operations (especially from a
tax credit for green investment).
Profit for FY 2022 decreased to 531 million yen because
a reduction in tax expenses associated with theabsorption-type merger of subsidiaries that had takenplace in the previous year was smaller, which more thanoffset an increase in ordinary profit.

Equity capital (net assets) increased.
The posting of profit for the year bolsteredretained earnings.
Raised funds through the issuance of shareacquisition rights.

18.8

FY 2021

FY 2022

Cash Flows and Financial Position(In millions of yen; amounts rounded down to the nearest million yen)

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

*Assuming that the same accounting standard applied toreporting net sales for FY 2021 and FY 2022

Operating profit for FY 2022 jumped to 609 million yen
from the previous year, reflecting an increase in net sales
before factoring in the impact of the application of the
Accounting Standard for Revenue Recognition.

Results for FY 2022

41.4

32.9

FY 2018*Assuming that the same accounting standard applied to reporting net sales for FY 2021 andFY 2022

FY 20199.0● Equity capital ratio(%)

While we missed the initial performance guidance for FY 2022 due
to a challenging operating environment, we achieved a year-on-yearincrease in net sales*, operating profit, and ordinary profit.

During FY 2022, the AMITA Group operated in a volatilebusiness environment brought about by the COVID-19
pandemic, the prolonged military conflict between Russia andUkraine, and surging prices of raw materials. The Group missed
its initial performance guidance for the year partly because
corporate clients rescheduled the implementation of their ESG
initiatives and delayed placing project orders with us.
Nevertheless, we achieved a year-on-year increase in net sales*,operating profit, and ordinary profit. As a side note, effective atthe beginning of FY 2022, the Company adopted the AccountingStandard for Revenue Recognition and changed the way itrecords net sales and cost of sales in its financial reporting.

4.2

The posting of profit for the year bolstered retained
earnings, which in turn increased equity capital.

162

24

The AMITA Group has maintained flat sales over the past five
years, meeting growing needs for corporate and community
sustainability among businesses and municipalities. Ouroperating profit, ordinary profit, and profit have been following
an upward trend, due to improved profit margins on services
business and growing revenue from high-margin services.

●

30.8

0.7

388

Results for FY 2022
55.9

Cash flows

Financial position

Net cash provided byoperating activities

288

430

Net cash provided by (usedin) investing activities

(79)

(166)

Net cash provided by (usedin) financing activities

(159)

(152)

Total assets

3,665

Liabilities

391

(29)

873

(73)

585
(69)

96

(649)

(142)

3,826

4,311

4,427

4,824

3,398

3,402

3,502

2,972

2,823

Net assets

267

424

809

1,455

2,001

Retained earnings

(455)

(292)

96

728

1,225

Shareholders’ equity

264

426

815

1,448

1,955

Equity capital

267

424

809

1,455

1,995

17

●

Raising Funds to Achieve AMITA Vision 2030

Other Investor Relations Initiatives

Financial Performance for FY 2022

Sharing a broader range of information
with stakeholders

The AMITA Group announced in November 2022 AMITA Vision
2030, its initiative and commitment to creating an ecosystemsociety by 2030. This initiative is based on our conviction that acircular supply chain and a locally networked economy are thekey drivers for economic and social growth. To support thesegrowth drivers, we will establish the MEGURU PLATFORM, onwhich tangibles, information, and thoughtfulness to others are all
circulated. AMITA intends to become a provider and player ofthis platform.

We share as much information as possible about
the AMITA Group’s business and financial
performance with a broader range of stakeholders
in Japan and abroad. We intend to step up ourefforts in investor relations to win wider buy-in toour value-creation initiatives from stakeholders.

To invest in developing the MEGURU PLATFORM, we have beenraising funds by issuing share acquisition rights throughthird-party allotment. As of June 30, 2023, 150 share acquisitionrights have been exercised.

Scan the code to access AMITA Vision 2030.

This fund-raising effort will enable us to increase our tradable
share ratio to meet TSE’s Continued Listing Criteria for tradable
shares.

Number of IR releases publishedFY 2021

FY 2022

H1 of FY 2023

28

39

30

● Providing overseas investors with corporate andfinancial information in English

Scan the code to visit AMITA’s English-language
Investor Relations page.
Publishing quarterly financial reports, annual earnings
briefings, and annual reports in English● Updating investors and analysts on AMITA’s business initiatives

Sharing information in a timely and effective manner● Sharing more information with private investors

IR briefings for private investors
Briefings on AMITA’s medium-term management strategy

In addition, through borrowings from financial institutions, wehave been making our financial foundation robust enough tosustain our business growth.

Outline of issuance of share acquisition rights
through third-party allotment

Making it easier to invest in AMITA

Allotted party: Mizuho Securities Co., Ltd.
Amount of funds to be raised: 2,284 million yen at initial exercise

price

Number of share acquisition rights: 20,000
Exercisable period: 24 months from December 20, 2022, throughDecember 19, 2024

Minimum exercise price established.

Intended use offunds to be raised

1

2

3

18

Accelerate expanding the network of MEGURUSTATION®, which is a resource collection site that
promotes mutually supportive engagement amongcommunity residents and serves as the centerpiece ofthe MEGURU PLATFORM
Develop a blockchain-based system that supports the
MEGURU PLATFORM by sharing open sustainability
information across a supply chain while ensuring thesecurity of sensitive information
Build an additional silicon-recycling line at our Kitakyushu
Sustainable Resource Management Center, to meet thegrowing commercial needs for recycled silicon

AMITA HOLDINGS enacted a stock split twice
during FY 2022 to increase its tradable share ratio,
attract a broader range of investors, and expand
the shareholder base. We have 2,915 shareholders
as of June 30, 2023, which is 11.7 times as many
compared with the same day two years earlier.

5-for-1 split

3-for-1 split

January

January

October

before stock split

after first stock split

after first stock split

Total number ofissued shares

1,169,424

5,847,120

17,541,360

Total number ofauthorized shares

2,400,000

12,000,000

36,000,000

FY 2021(results)

FY 2022(results)

FY 2023(projected)

Year-end dividend rate

30.00 yen

3.00 yen

4.00 yen

Consolidated dividend
payout ratio

5.5%

9.9%

11.3%

2022

1,534 million yen

Dividends

300 million yen

450 million yen

Year-end dividend rates for FY 2022 and FY 2023
(projected) are shown in the table to the right. We
intend to continue operating profitably so that we
can return profit to our shareholders flexibly overthe long term. For the Company’s dividend policy,
refer to the Company’s annual securities report for
FY 2022.

Note: The Company enacted a five-for-one stock split, effective January 1, 2022, and a three-for-one split,
effective October 1, 2022.
The dividend rate for FY 2021 represents a pre-stock-split amount.
The dividend rate would have been 45.00 yen for FY 2022, and would be 60.00 yen for FY 2023
without a stock split.

19

Achievements in the Social Systems Design Business in FY 2022
The centerpiece of our Social Systems Design Business is the Cyano Project services, which assist businesses
in achieving greater corporate sustainability and developing circular business models.

Comprehensive ESG solutions based on acircular design approach

Our
services● Assisting in developing a transition strategy for sustainable, ecosystem-driven
business management*● Assisting in applying a circular design approach to legacy and new businesses● Assisting in optimizing supply chain management● Services for supporting the above solutions, including cloud-based ICT services,business-process outsourcing services, closed-loop resource-recycling services, anddependably supplying circular materials

Achievements in FY 2022

Project contracts(target)Project contracts
signed30

38

Ourcompetitive
advantages

Up● Assisting corporate clients in implementing ecosystem-driven business management thatdraws inspiration from ecosystems in nature● Integrating the following four drivers to offer comprehensive circular design solutions
・Circular economy
・Carbon neutrality

・Nature positivity
・SX and DX (SX: Transforming business to achieve greater profitability and ESG compliance;
DX: Transforming business with ICT solutions)

From the perspectives of ecosystem-driven business management
and circular design, AMITA assists corporate clients in enhancing
their dynamic capabilities to keep creating value.

Actions we took during FY 2022

・Expanded the scope and scale of projects with an integrated
approach.

Service revenue*Ecosystem-driven business management: Business management concept of using a network ofcommitted B2B relationships to fend off business risks, arising from a fast-changing operating
environment and unpredictability, and turn them into business opportunities

80%

We received inquiries into the Cyano Project from an increasing
number of manufacturers that considered venturing into circularbusiness models under a volatile operating environment brought
about by the COVID-19 pandemic and the Russian invasion of
Ukraine.

YoY

・Raised project fees with improvement of project quality.

・Achieved greater productivity by optimizing project duration.

(The number of projects to each of which a dedicated consultant was
assigned increased.)

These actions enabled us to increase the total revenue from the
Cyano Project, as well as per-project revenue.
Note: AMITA started offering the Cyano Project in FY 2020.

Project example
Cosmos More Co., Ltd., a Daiwa Group company specializing in designing and building
offices, signed up for the Cyano Project. AMITA identified the stage in the client's supply chain
with the highest level of CO2 emissions and suggested a reduction target. Using that insight,
AMITA assisted the client in transforming their legacy business models and developing a newone.

What we will do next
1. Offer a broader range of services to achieve nature positivity

CirculareconomySX and DX
Naturepositivity

Carbonneutrality

Four key drivers for a new waveof businesses

Cyano Project: All-encompassing and end-to-end assistance
Strategy development

Consulting Assisting in transitioning to a circular business model
Example: Assisting businesses in defining and refining their low-carbon transition strategy

Framework development

Providing ICT solutions and outsourcing ICT solutions for ongoing monitoring andservices for environmental management business-process reengineering and outsourcing

Implementation and operation

Environmental assessment and Assisting in sustainable management and use ofcertification natural capital
Materials circulation Converting industrial waste and byproducts into value-added
circular materials and supply them for icommercial use
Circular platform Collaborative network to help businesses achieve
low-cost operations

Clients can transform their business models into circular ones
20

When the TNFD* publishes its final framework in September 2023, a sizable number ofcompanies are expected to start disclosing their financial performance in accordance with theframework. AMITA intends to offer a broader range of services to assist corporate clients inachieving nature positivity in their business operations. We will complete the development ofservice packages by the end of 2023.
*TNFD: Taskforce on Nature-related Financial Disclosures. It is an international initiative to provide financial institutions andbusinesses with a framework for disclosing business opportunities and risks from the perspectives of natural capitaland biodiversity.

2. Expand the client basePreviously, we received project orders primarily from client companies' corporate planning and
ESG promotion departments. These days, we have been receiving an increasing number ofinquiries from manufacturers' factories and production management departments. Our
resource management centers have been doing business directly with manufacturers for years.
We intend to approach companies on their customer lists for potential business.
3. Expand service offerings
a. Training program for change agents
In summer of 2023, we will start offering a training program for change agents. This
program is intended to develop innovative talent chosen from among corporate clients'
team members, having a deep insight about sustainability and circular operations andcapable of leading corporate transformation projects in their organizations.
b. Consultant staffing services
We contract professional consultants to temporarily work for our corporate clients on site,tasked with identifying bottlenecks in their business processes, moving forward withtransformation projects, and offering solutions to sustainability issues. These consultants
are expected also to identify clients' unmet business needs from an independent
perspective and offer ideas to turn them into business opportunities for AMITA.

Observers of a trial training programfor change agents21

The Cyano Project offers customized services to better address each corporate client's specific business needs.
This section outlines key achievements by service line in FY 2022.

●
Achievements in the Social Systems Design Business in FY 2022

Assisting in transitioning to a circular economy

Assisting in achieving carbon neutrality

A supply chain is an uninterrupted flow of materials, components, and finished products,
ranging from procurement to sales, in which manufacturers, suppliers, and contractors are
involved. AMITA assists corporate clients in transitioning to a circular economy in their upstream
and downstream supply chains.

Assistance in upstream supply chains
We weighed the potential for circular business models by quantifying corporate clients’ extent of materials
circulation and visualizing material flows of their products. We also assisted them in developing circular
products and services, developing circular business models, and setting up materials circulation schemes.

Achievements in FY 2022

Project example
Client: A leading automaker

Won project contracts from30 companies

Objective

including leading manufacturers

Apply a materials circulation
scheme to its auto production

Outline

The client organized a project team of 13 members
chosen from its environmental management,
production, and business management departments.
AMITA assisted the project team in weighing thepotential for resource circulation in auto production
and formulating an action plan.

Achievements in FY 2022

Codo Advisory established

We won project contracts from 19 corporate clients¹, assisting themin preparing for financial reporting based on the TCFD² framework,
completing a questionnaire provided by CDP³, and reporting GHG
emissions. In addition, we assisted with the development ofcarbon-neutral business plans, optimal supply-chain design, anddecarbonization assessments of new business schemes.

In March 2022, AMITA HOLDINGS established Codo
Advisory, Inc., jointly with MCP Japan Holdings of the MCP
Group, one of the largest independent asset management
firms in Asia. Codo Advisory uses the ACT framework, which
was developed by the ADEME and the CDP, to assist
corporate clients in developing and assessing their
low-carbon transition strategy.

1. Including Codo Advisory’s clients
2. Task Force on Climate-related Financial Disclosures. It is an international initiative toprovide businesses and financial institutions with a framework for disclosing information
about their action against climate change and for reducing GHG emissions.
3. Carbon Disclosure Project. It is an international nonprofit organization that provides
a platform for compiling, managing, and disclosing information about climate change
and other environmental issues.

Note: A circular economy project can be carried out most effectively when the team includes cross-department members all working
together. AMITA recommends such an arrangement in the Cyano Project.

Assistance in downstream supply chains: Producing and supplying circular materials
AMITA boasts proprietary resource circulation technology and a network of recycling service providers in Japan andabroad. We turn waste streams into value streams by converting industrial waste and byproducts into value-added
circular materials and supplying them to corporate users as alternative fuels and materials. Today, businesses faces
soaring prices of fossil fuels and other raw materials and have to deal with risks in procuring resources amid volatileinternational situations. Commercial demand for circular materials, which have been proven to help reduce
supply-chain CO2 emissions and restore ecosystem services, as well as for a materials circulation scheme, is likely tokeep getting stronger among businesses.

Achievements in FY 2022

What we will do next

As Japanese manufacturers cut back their production
volume during FY 2022 amid the destabilizedinternational situation and surging prices of raw
materials, we received less industrial waste to recycle
than in the previous year. However, streamlined
business processes drove the gross profit margin forour resource-recycling business up by one percentage
point, even from a reduced volume.

To meet the growing social and commercial needs for circular materials
and a materials circulation scheme, we will undertake the following three
initiatives:

We recycled 5% more silicon slurry than a year earlier,buoyed by robust semiconductor production in theindustry. Our silicon-recycling business is expected tocontinue growing over the long term, keeping pace withthe growth of the chip market.
Our Minamisanriku BIO facility converted 6% morehousehold food waste into biogas and liquid fertilizer
than in the previous year.

Industrial Waste and Byproducts Received
for Recycling and Gross Profit Margin for Our
Resource-Recycling Business
19,047

19,15634
Waste received (t)FY 2020

FY 2021

FY 2022

We will continue to provide alternative coal fuels and carbon reductant
to the cement, non-iron smelting, and steel industries. In addition, we
will develop new circular materials and establish a new industrial
waste-collection network in order to assist corporate clients insignificantly reducing their use of natural resources.
2. Offer a materials circulation scheme to chip makers and othermanufacturers
We will assess manufacturing processes of corporate clients from theperspectives of circular and carbon-free operations. Based on
assessment findings, we will recommend solutions for reducing
industrial waste and CO2 emissions, as well as for reducing businessrisks and operation costs.

We will build an additional silicon-recycling line at our Kitakyushu
Sustainable Resource Management Center to meet the growing
industrial demand for semiconductors. When it becomes fully
operational in 2024, the center's total silicon-recycling capacity will be
up 50%.

35
0

1. Develop and supply new circular materials that help reduce
supply-chain CO2 emissions

3. Expand our silicon-recycling capacity

17,64636

22

Achieving carbon neutrality is at the top of the agenda for businesses seeking to enhance their corporate sustainability.
To reduce Scope 1, Scope 2, and Scope 3 CO2 emissions, businesses must take a comprehensive approach, which
includes not only updating their manufacturing lines, switching to alternative fuels, and buying renewable energy, but also
completely changing the way they procure raw materials and the way they deliver their products and services.

33
Gross profit margin (%)

The Assessing Low Carbon Transition (ACT) international framework was jointly
developed by the French Environment and Energy Management Agency (ADEME)
and the CDP.

The company also has been providing Climate Fresk
workshops to an increasing number of businesses to raise
their organizational awareness and understanding of climatechange. This is part of its efforts to extend its services toexisting clients of the AMITA Group and expand its client
base.
In November 2022, Codo Advisory entered into a
cooperative business agreement with MUFG Bank and Tokio
Marine & Nichido Fire Insurance. Under this agreement, thecompany will work with the two partners in leveraging
combined business expertise to assist corporate clients indeveloping and assessing a low-carbon transition strategy.

The Climate Fresk workshop to raise
employee awareness of climate change

Providing ICT solutions and outsourcing
services for environmental management
As part of the Cyano Project, we also provide cloud-based ICT services for environmental management. AMITA’s
professional staff review documents prepared by clients on environmental management, including contracts with
suppliers and service providers, as well as waste disposal permits. This service helps clients to reduce compliancerisks and administrative costs and to prevent environmental management tasks from being assigned to selected
few employees. In addition, we analyze clients’ environmental management data to help formulate action plansto reduce waste and CO2 emissions. Furthermore, an increasing number of clients have been signing up for ouroutsourcing services for risk-disposed, labor-intensive environmental management.

Achievements in FY 2022
Number of offices subscribing to ourcloud-based ICT services:
Up by

613

offices YoY

Number of corporate subscribers to ouroutsourcing servies:
up

What we will do next

11% YoY

Growth driver:

Number of Corporate Clients and Offices Subscribing
to our cloud-based Smart Management Services

Wider use of non-contact
management tools at the height of
the COVID-19 pandemic

3,521

429

5,032

445

402

Growth driver:

Understaffing in clients’ environmental
management departments

4,419

380

FY 2020

Number of corporate subscribers

FY 2021

FY 20220

Number of office subscribers

We expect business needs for our ICT services to keep growing, as they help clients achieve greater operational efficiency
while reducing environmental and regulatory risks, as well as helping to quantify CO2 emissions arising from transportationand disposal of waste. We intend to bundle our ICT services with our other services–such as assistance in transitioning to
low-carbon operations and developing a scheme for circular economy–and offer them to a broader range of the Group’s
corporate clients.

23●In our Social Systems Design Business, in addition to offering Cyano Project services, we provide environmental assessment andcertification services to ensure sustainable use of natural capital, produce and supply circular materials in Asia, and develop and operate
MEGURU STATION®, which offers comprehensive solutions to municipal issues.

MEGURU STATION®

Forest and fishery resources are under threat of vanishing and depletion. Many businesses that rely on theseresources seek sustainable sources of procurement and diversify risks in their supply chain management.

MEGURU STATION® is an AMITA-designed resource-collection site that
doubles as a hub to promote mutually supportive engagement amongcommunity residents. It provides comprehensive solutions to the four major
issues that many communities around the country face today: A population
drain; declining employment opportunities; an aging and shrinking population;and the rising costs of social security programs. MEGURU STATION® also
addresses materials procurement risks for businesses. It plays a critical rolein our efforts to achieve AMITA Vision 2030.

AMITA was one of the first companies in Japan to offer environmental assessment and certification
services to ensure responsible management and use of forest and fishery resources. Our certification
services include forest management (FM) certification, certification for sustainable fishery and marine
culture, and chain-of-custody (CoC) certification for responsible management, processing, anddistribution of certified forest and fishery resources.

Achievements in FY 2022

FY 2022
YoY change inparentheses

AMITA’s shareof the JapanesemarketNumber of businesses
assessed by AMITA

FY
2020

FY
2021

FSC® FM certification

22

23

23

70%

FSC® CoC certification

431

502

615 (+23%)

31%

FSC® project certification

34

42

47 (+12%)82%

MSC/ASC CoC certification

151

156

166

(+6%)

50% (est.)

ASC aquaculture certification

12

12

13

(+8%)

Fisherycertification

ASC-MSC seaweed certification

1

1

1

The Marine Stewardship Council (MSC) was recognized
as a global indicator for action on biodiversity loss by the
UN Biodiversity Conference (COP-15) in December 2022.
The Taskforce on Nature-related Financial Disclosure(TNFD) is scheduled to publish its official framework in
September 2023, as part of its efforts to urge businesses
to make sustainable use of natural capital. In addition, therestaurant industry is returning to its pre-COVID-19 level.

see page 28

Malaysia• The company’s export of recycled nickel materials
to Japan soared 20 times YoY.

We are considering developing and supplying additional
types of alternative materials to meet growing industrial
demand for socially responsible alternative materials andbolster our revenue. We are also preparing to build andoperate MEGURU STATION® in Malaysia.

• Favorable financial impact

Indonesia

27,405

Reduce procurement
costs and risks

Make residents feel more secure

Residents

AMITA signed a memorandum of understanding with aleading cement manufacturer in Indonesia on May 19,
2023, to jointly assess the feasibility of carbon-neutral,circular business models in the country.

5 locations in
3 communities

Make a living
environment clean andraise eco-consciousness

Segregating household waste
at MEGURU STATION®

Achievements in FY 2023

proof-of-concept field tests performed in several locations, andconducted a study on the station’s commercial feasibility.

• AMITA Berjaya’s shipment of circular materials jumped
40% year on year in Malaysia.

39,403Businesses

50%

What we will do next

Cement Alternative Materials Produced and Shippedby AMITA BERJAYA

Use information about consumers’
behavior and their resource
consumption

We upgraded MEGURU STATION® based on the results ofAchievements in FY 2022

The company received a preferential tax credit for green investment
sanctioned by the Malaysian government.

Reduce environmental management costs

Achievements in FY 2022

AMITA and the Berjaya Group jointly established AMITA Berjaya in Malaysia in 2015, and started theclosed-loop recycling of industrial waste and byproducts into value-added materials in 2017. It is a good
example of extending to the overseas market the business and technical know-how that AMITA has
amassed in Japan.

Reason: Increasing supply of source materials in Malaysia met surging
demand in Japan.

Municipalities

Promoting intergenerational
engagement

Number of locations

Reason: The Malaysian economy got out of a slump caused by the
COVID-19 pandemic.

Promoting materials circulation

Reduce the cost of running social
security and welfare programs

100%

Overseas Business

28,903

Promoting a mutually supportive community

These developments are expected to drive the demand forfishery certification, and we intend to add more assessors
and use IT solutions to meet increased demand.
For more information about the MSC,

Scan the code towatch a video of
MEGURU STATION®

MEGURU STATION®’s benefits to municipalities, businesses, and residents

What we will do next

• Forest certification: Number of businesses AMITA
assessed for CoC certification was up 23% YoY.
• Fishery certification: Number of businesses AMITA
assessed for CoC certification increased steadily.

Forestcertification

Achievements in the Social Systems Design Business in FY 2022

Environmental Assessment and Certification

Two in Kobe, Hyogo Prefecture
One in Ikoma, Nara Prefecture
Two in Tachiarai, Fukuoka Prefecture
Note: Locations include communities in which MEGURUSTATION® opened in 2021 or earlier.

MEGURU STATION®’s benefit to residents’ well-being verified
Joint research by AMITA and the Center for Preventive Medical Sciences
at Chiba University has found that MEGURU STATION® helps reduce
nursing-care risks among its residential users. Nursing-care costs of an
estimated 9.2 million yen would be saved over six years on 120
residents who regularly visit MEGURU STATION®.

Prototype compact bioenergy generator developed
AMITA has developed a compact bioenergy generator MEGURU-BIO
that converts household food waste into value-added methane andliquid fertilizer. We have tweaked the design of the generator to make iteasier and safer for residents to use and make it run more efficiently. The
generator can be maintained by residents. Liquid fertilizer is madeavailable to residents for use on their gardens and farms.

February● Opened MEGURU STATION® in all four school
districts in Tachiarai.

March● Expanded the scope of partnership with Kobe, to

add more MEGURU STATION® locations in the city.

May● Signed a partnership agreement with Kakegawa,Shizuoka Prefecture, to help develop a circularcommunity.

AMITA became a council member to put the
proposed initiative into action.
June● Set up a compact bioenergy generator

MEGURU-BIO at an elementary school in
Nagakute, Aichi Prefecture.
To evaluate its benefit of helping reduce energy
and resource use in the community

We intend to work with municipalities more closely to
expand the network of MEGURU STATION® into 50
locations in 5 communities by the end of 2023.

By the end of 2023, the two companies plan to complete
evaluating the business feasibility of collecting industrial
and municipal waste and converting it into value-added
alternative fuels and materials for commercial use.

18,154
11,8190
Shipment (t)24

FY 2018

FY 2019 FY 2020

FY 2021 FY 2022

MEGURU STATION® in the
Hongo School District inTachiarai

25

Working with Corporate Partners to Create Greater Value●To expand our business and develop new services and markets, the AMITA Group has been
aggressively pursuing partnerships with other businesses having professional expertise and networks
with key industry players.

Achievements in the Social Systems Design Business in FY 2022

Strategic Partnerships
Achievements in FY 2022
Communications
andinformation
service

October: NTT Communications Corporation

Japan Circular Economy Partnership (J-CEP)

Under J-CEP, dozens of corporate members have joined forces to promote a circular economy incollaboration with community residents, municipal authorities, and universities. AMITA played a leadingrole in establishing it in October 2021. Members carry out joint research projects on the needs forcircular business models and pursue commercial opportunities.

Signed a memorandum of understanding on establishing a circular platform to create a
new market. Agreed to work together to facilitate a circular economy transition.

UpdateWe are considering quantifying implicit value streaming into the MEGURU PLATFORM and developing
business models that leverage gathered information.

J-CEP corporate membership
Membership(As of May 31, 2023)

November: Sumitomo Mitsui Trust Bank, Limited
Financialservice

Signed a memorandum of understanding on jointly conducting an impact assessment of the MEGURU STATION®
business. Agreed to develop a logic model for evaluating and quantifying MEGURU STATION®’s social impact.

UpdateSteering committee members

52(including 28 founding
members)

AMITA HOLDINGS Co., Ltd.,
Kao Corporation, Mitsui Chemicals, Inc.,
NEC Solution Innovators Ltd., Nestle Japan Ltd.

After having designed evaluation criteria and method for MEGURU STATION®’s social impact by the end of2022, we are planning to conduct on-site evaluations by the end of 2023.
Photo taken at the first anniversary gatheringon October 27, 2022

Leasing
serviceNovember: Fuyo General Lease Co., Ltd.

Achievements in FY 2022

Signed a memorandum of understanding on jointly developing circular economy business models, using a leasing
scheme to assist recycling service providers in switching to circular business.

J-CEP launched three joint projects to pursue a circular economy,
including a project to develop alternative ways to design products andprocure materials.

UpdateWe are considering leasing battery-operated heavy machinery with low CO2 emissions to recycling service
providers to assist them in achieving carbon neutrality.

Project to develop recyclable film pouches
Redesign hard-to-recycle, laminated film pouches for food tomake them easier to recycle

Achievements in FY 2023
Emergencyreadiness service

January: BELL Group
Agreed to work with the BELL Group to leverage its emergency stock management platform to create a businessmodel that brings greater safety and security to communities. This includes optimally stocking up MEGURUSTATION® and developing a mutually supportive scheme for residents that works in the event of a disaster.

Project to promote “Bring Your Own Container” retailing

May: PT Indocement Tunggal Prakarsa Tbk.
Signed a memorandum of understanding on conducting a joint feasibility study as a basis for pursuing a partnershipin the resource-recycling business in Indonesia. By the end of 2023, the two companies are to complete evaluating
the business feasibility of collecting industrial and municipal waste and converting it into value-added alternative fuels
and materials for commercial use.

DesignProject to recycle Recycle
plastic caps

Establish a collecting and recycling scheme for plastic caps to meetcommercial demand for recycled plastics in quantity and quality

Procure Project to develop
recyclable
film pouches

Develop optimal
approaches
Manufacture
Collect based on LCA*

Allow consumers to bring their own containers to stores and fillthem with shampoo, sugar, and other consumables to reduce theuse of single-use plastic containers
Project to recycle plastic caps

Manufacturing

Three Project Categories

Consume

Sell

Project to promote“Bring Your Own Container” retailing*LCA: Life cycle assessment. A method to quantify
environmental loads of products and services.

What we will do next
J-CEP plans to conduct feasibility studies on the three projects described above and perform proof-of-concept field tests on proposed
new business models. In addition, J-CEP will start a DPP* workshop and a nature positivity workshop.

What we will do next

*DPP: Digital Product Passport. It is a product-specific data set, or identifier, that establishes a product’s sustainability across its value chain, including information
about its manufacturer, materials used and their recyclability, and method of scrapping. It has been progressively introduced to key industries in the EU.

We will undertake the following three key initiatives to expand the scope and scale of our legacy services and achieve AMITA Vision 2030.

1. Establish a collaborative platform on which businesses, municipal authorities, and universities can work together todesign and materialize a sustainable society

AMITA HOLDINGS has participated in J-CEP’s DPP Project, launchedin May 2023

2. Partner with companies specializing in Web3 technologies, such as enterprise blockchain solutions, that manage
material flows of products and relevant information and predict materials demand and community residents’behavior patterns

In this project, AMITA can learn how to build a circular platform and will provide materials
information to be fed into a DPP scheme. More specifically, we provide information aboutplastic caps collected at MEGURU STATION® and supplied as source materials forrecycled plastics.

3. Accelerate expanding our overseas business by partnering with local businesses and municipal authorities

26

27

Nonfinancial Information for FY 2022
As its articles of incorporation state, the primary purpose of the AMITA Group’s business is to increase
natural and relational capital. Accordingly, we are focused on enhancing three key drivers ofsustainability—natural capital, human capital, and social engagement capital.

Natural Capital

Producing circular materials

This section explains how AMITA enhances natural capital in its Social Systems Design Business.

AMITA recycles industrial waste and byproducts into value-added circular materials as part of its efforts to preserve natural
resources and reduce energy use.

Cyano Project: Comprehensive ESG solutions based on a circular design approach

Equivalent to

Recycled cement fuels producedby AMITA= 362,860 t

96,641 t¹ in FY 2022
Our Cyano Project services take a circular design approachto providing end-to-end assistance to corporate clients indeveloping and implementing a transition strategy forsustainable ESG-driven business management, as well as increating new business models.
(

4,452 t² in FY 2022

See pages 20 to 23 for more information)

Circular business models that the Cyano Project helps create
offer a greater opportunity to make sustainable use of finite
resources, achieve a national target for carbon neutrality, andpreserve and restore biodiversity. They can transform an
industry landscape to enable the growth of natural capital inproportion to economic growth.

Project example
Client: Leading steelmaker

Project
outlineObjective

Create a business model for
carbon circulation andneutrality

Economic
growthEnvironmental impactof economic growth

2030

2050

AMITA assisted the client in developing a business plan and a supply-chain
management scheme, preparing for TCFD*-compliant financial reporting,and procuring and evaluating alternative non-carbon materials.
*Task Force on Climate-related Financial Disclosures. It is an international initiative to provide
businesses and financial institutions with a framework for disclosing information about their action
against climate change and for reducing GHG emissions.

decisions.

● Developed a materials procurement scheme for new business.
● Evaluated the proposed new business model for its

carbon-neutrality performance.

As more and more businesses switch to circular business models, natural capitalincreases in society.

Environmental assessment and certification services
AMITA was one of the first companies in Japan to offer environmental assessment and certification services to ensure responsible
management and use of natural capital. Our services help prevent overharvesting of forests and the overexploitation of marine
products and play an instrumental role in preserving and restoring sustainable natural capital.

Topic for FY 2022: The MSC received greater international recognition
The MSC’s fishery certification program was recognized as a
global indicator for action on biodiversity loss by the UN
Biodiversity Conference (COP-15) in December 2022.
AMITA started MSC CoC assessment services in 2006 andbecame the first MSC CoC certifying authority in Asia in 2010.

MSC-certified fishery is recognized as being environmentally
responsible and sustainable and is expected to maintain ahealthy population size of fish and shellfish and minimize its
impact on endangered marine species.

Number of assessments AMITA conducted in FY 2022 for MSC/ASC CoC certification

166 AMITA’s share of the Japanese market: 50%
For assessments for FSC and other certification,

28

504 t in FY 2022

Equivalent to= 27,026 t

Which isas much as circular materials producedof mined nickel
Equivalent to= 24,437 t

6 times

Which isof mined copper

48.5 times

as much as circular materials produced(● Developed a business case to serve as a basis for investment

OutcomeRecycled copper producedby AMITA

3.8 times

as much as circular materials producedof mined coal

Recycled materials, such as nickel,
produced by AMITA and used for
producing special steel

Designing a business model thatfacilitates economic growth while
reducing its environmental impact

which is(estimated)

AMITA’s environmental performance
Post-recycling waste disposed of by incineration or as landfill:
Consumed energy³0g

Water discharged from manufacturing:
GHG emissions³3

t-CO2 per 1 million yen of net sales,
which is one-twelfth of the industry average4

which is half of the industry average4

Reporting period: From January 1 through December 31, 2022
1. Alternative cement fuels include SlurMix®. 2. Applicable to nickel alternative materials
3. Data compiled from our plants in Ibaraki, Kawasaki, Kitakyushu, Himeji, and Minamisanriku BIO

(

0m

0.5

6 GJ per 1 million yen of net sales net sales,

MEGURU STATION®

See page 22 for total production)

4. Based on data published by the National Institute for Environmental Studies.

See page 25 for more information)

MEGURU STATION® serves as a mutually supportive community hub for materials circulation and helps increase natural capitalin the community.

13 t of household waste collected at MEGURU STATION

Collecting household waste at
MEGURU STATION® for recycling

Example:MEGURU-BIO compact bioenergy generator convertshousehold food waste into value-added liquid fertilizer,
which is made available to farmers as part ofa materials circulation scheme

Example:MEGURU STATION® helps raise community
residents’ environmental awareness

Example: Nearly®

in Tachiarai, Fukuoka Prefecture,

during the twelve months from January through December 2022.

5.4 t of household food waste was collected and 10.8 t
of liquid fertilizer was produced by MEGURU-BIO in Tachiarai,
Fukuoka Prefecture,
during the twelve months from January through December 2022.

70% of residential users of MEGURU STATION®

in Kobe said they have better awareness about household waste
and the environment than before.

Key initiatives to achieve the Group’s climate-positive targets
We established the AMITA Climate-Positive Promotion Committee in 2021 and announced AMITA Climate-Positive Targets in
2022, as long-term targets for achieving carbon neutrality. We have made the following progress:

1. Developed a transition strategy for achieving the targets

2. Reduced Scope 2 GHG emissions down to zeroWith the assistance of Codo Advisory, an AMITA Group
company, we have been reevaluating risks andopportunities and developing a transition strategy basedon the ACT* international initiative.

We signed a corporate power-purchase agreement in June
2022 and switched all electricity used in our own plants torenewable energy. For our offices and other facilities, wepurchased non-fossil certificates and reduced GHG
emissions associated with the purchase of electricity
essentially down to zero.

* For more information about ACT,

see page 23.

see page 24

29

Human Capital●

AMITA develops talent capable of better adapting to a changing operating environment and working autonomously
to create value.

Nonfinancial Information for FY 2022

Switching to a 32-hour workweek
to give employees more time off from work
to make the most of their lives

Training in critical, deeper thinking

OutlineOutline
AMITA offered a shorter 32-hour workweek to full-time employees so that they canenrich their lives away from work and better help the company increase its enterprisevalue.

BackgroundWe believe that employees’ source of value creation comes not just from theknowledge and experience gained at work, but also from interaction and engagementwith people outside the company in their everyday lives.

At AMITA,a team of ordinary people
can dosomething extraordinary.

Assumption
When employees have more time (up to 8 hours more a week) off
from work and spend that time educating themselves, gaining new experience,or interacting with people outside work,

Achievements during
the trial period

Overtimefrom July throughDecember 2022

Down

22%*

Number of cases of employee
receiving a subsidy
for self-development

174

for full FY 2022,
up 110% from FY 2021

Changes in
employees’ mindset

Average actual working
hours per week

Down

In the belief that the future is not something to be sought, but is something to be created, AMITA
trains all its executives and employees in practicing critical, deeper thinking about the true meaningof value, as well as in having an unselfish mindset.

▼ Training
programs
Executive
training

All-employee
training

they are likely to have better-rounded skills and make a greater contribution
to the company’s value-creation efforts.

New-hiretraining

10%**Compared with the previous 24 months

Group training in critical thinking•

Assignments“What is post-modern democracy?”“How does DX relate to war and peace?”

Raison d’être* training•

Assignment“Define equality, fairness, individual, individuality, rights, duties, freedom, andindependence, and how they all relate to each other”

700 hours a year, or 13 hours a week
● To-Be society

Sleep time, meal timeWorking time

Time spent atwork and timespent awayfrom work
interact witheach otherLife and work blend together

Havingbetter-roundedskills to create
greater value

AMITA encourages employees to use the company as a vehicle to pursue the greater good for theirteam members and society. We also encourage management and employees to embrace change
by establishing common ground.

▼ Actions
taken• Dispel the notion that “Time is money” and entertain the notion that “Time is life”

Social time

Time spent with family

Private time

Sleep time, meal time

30

AMITA’s approach to upholding the dignity of human lives
AMITA’s approach to creating value

Workplace in which employees get their motivationfrom embracing the AMITA Group’s mission

Findings from an employee survey• Reduce working hours ultimately down toWorkTraining themes

Employees changed the way they did their jobs, made better use ofworking time, became better team players, and developed a greater
sense of well-being.

● Today’s society

Life

•

Self-development allowance program
AMITA subsidizes employees for the costs of taking external training
courses, acquiring professional qualifications, going to museums, andbuying educational books in order to assist them in developing
better-rounded skills.

● Social recognition
AMITA’s program for enhancing employees’ well-being was included in case studies on corporate
special leave programs, conducted by the Ministry of Health, Labour and Welfare.

Efficiency andvalue creation
at work

Training in management philosophy* The most important reason or justification for someone’s or something’s existence

OutlineOur
long-termgoal

Getting ahead of social and economic changes

Some findings from the survey“I embrace thecompany’s mission
and philosophy.”86%

Up 4 points YoY“Management thoroughly
briefs employees on thecompany’s businessdecisions and policies.”61%

Up 5 points YoY

We intend to continue frequent engagement between
management and employees.
Feedback ・“It’s good that AMITA’s executives makefromthemselves accessible to us.”employees
・“If the company offers employees’ family
members more opportunities to learn
about AMITA, it will benefit the company inthe long run.”Dialogues between the President and employees
AMITA HOLDINGS president Suetsugu held employee meetings at all AMITA offices and plants toshare the Group’s business strategy and receive input from employees.

Employee-engagement survey*
Management and employees have the common understanding about employees’ morale as a basis
for reassessing corporate culture and the way employees work.
* Respondents: 190 AMITA Group employees, out of 242 on payroll
Survey period: From December 14, 2022, through January 9, 2023

● Project examples ・Online radio talk shows “Close Up AMITA,” MC’d by an AMITA employee
・Employee-managed cultural and recreational clubs

31

Social Engagement Capital●

The AMITA Group announced its commitment to pursuing stakeholder-centric business management in March 2022.
It is a commitment to seeking the best interests of society as a whole in our business.

Nonfinancial Information for FY 2022

Achievements in FY 2022 and the first half of FY 2023
2022
January

February•

All stakeholders

April

May

AMITA HOLDINGS’ Japanesewebsite was completely redesigned.

••

Shareholders
and investors

March

•

Scan the code to access our news
and press releases.

Announced a commitment topursuing stakeholder-centricbusiness management.

June

•
•

•

OctoberNovember December•

WE, a mutual-aid association forsocial workers, established.

•

2023
January

February••

Published Annual Report for
FY 2021.

AMITA HOLDINGS and MCP
Japan Holdings jointly
established Codo Advisory, Inc.

••

President Suetsugu started a series of talks withheads of “zebra companies.”•

Published a new edition of AMITA’s
newsletter for shareholders.

•

•

•
•

Signed a partnership withNTT Communications.
(See page 26)

Signed a partnership with Sanyu Plant Service.

•
•
•
•

•

•

Employees

All stakeholders••

Summary•

Made it easier for employees to take leave to participate
in volunteer activities.

Announced AMITA Vision 2030.
Shared AMITA’s corporate mission,philosophy, and business strategy.

Redesigned AMITA HOLDINGS
website. Uploaded interview articles
and videos.

•(

Signed a partnership with Fuyo General Lease. (•Released a hands-on
educational programon ecosystems forjunior high and highschool students.

Held a briefing session on AMITA’s
medium-term management strategy forshareholders.
Launched an English-language IR website.
Expanded the scope of other IR programs.

Number of IR releases published•

Businesses and municipalities••

Accelerated the pace of establishing cross-industry,
cross-regional collaboration

Collaboration
In FY 2022 and3 municipalities
signedthe first half of FY 2023
Business
9 companies¹(
See page 9)
partnerships
signed®
MEGURU STATION in operation
6 locations in 2 communities2(

Corporate membership of J-CEP

See page 25)
See page 27)522 (Switched to a 32-hour
workweek for all full-time (employees.

Signed a partnership with PT
Indocement Tunggal Prakarsa Tbk.
(

See page 26)•

Expanded the scope ofcollaboration with Kobe,
Hyogo Prefecture.

•

Signed a collaboration with Kakegawa,Shizuoka Prefecture.

Started a course on
ecosystem industry at
Meiji University.

•••

Presented a compact
bioenergy generator to anelementary school in
Nagakute, Aichi Prefecture.
Started a social study
course Web3 Lab at
Kyushu Institute ofTechnology.

Donated part of proceeds from our overseas
business to Medecins Sans Frontieres Japan.

See page 30)•

Held management-employee
sessions at all offices andplants.

Raised pay for all employees, including temporary employees.

Students••

See page 26)•

See page 30)

Participated in J-CEP field test of
DPP scheme. (See page 27)

See page 26)

AMITA executives started online talk shows with Generation Z students.

••

See page 26)•

Ran a trial program for a shorter 32-hour
workweek with the pay scale intact.

Shareholders and investors

39 in FY 2022, 30 in the first half of

32

•
(

FY 2023

June

Held a general shareholders
meeting and a briefing session
on AMITA’s medium-term
management strategy.

AMITA CORPORATION split into AMITA CORPORATION and
AMITA CIRCULAR CORPORATION.
Signed a partnership withBELL Group.

Announced AMITA Climate-Positive Targets as
long-term commitment for achieving carbon
neutrality.

Held management-employee
sessions at all offices and plants.

•
••

•

Signed a collaboration with
Kobe, Hyogo Prefecture.

Students

CommunitiesMay

AMIDAO CORPORATION established.

Codo Advisory signed a partnership with
MUFG Bank and Tokio Marine &Nichido Fire Insurance.

•

Signed a collaboration with Tachiarai, Fukuoka Prefecture.

April

Held an earnings briefing session.

Issued share acquisition rights throughthird-party allotment to raise funds to acceleratebusiness growth. (See page 18)

Signed a partnership with Sumitomo Mitsui Trust Bank. (Municipalities

March

Announced AMITA Vision 2030.

Held an IR briefing session
for private investors.

Signed a partnership with MCP Japan Holdings.

Businesses•

September

A website went live that shares asofter side of AMITA.

Held a general shareholders meeting.

•

AugustChairman Kumano published the third
edition of his e-book “Intelligent
Company.”

Held an earnings briefing
session for investors.

•

July

Invested in developing talent in
the long term by working with
universities and providing CSR
programs for junior high andhigh school students.

Opened courses at Meiji
University and Kyushu Instituteof Technology.

Communities•

Encouraged employees’
participation in social programs.

Number of employees who
took paid leave toparticipate in volunteer
activities

Employees•

Implemented employee programs
to put into practice the idea that
fulfilling lives and fulfilling work go
hand in hand.

Switched to a 32-hour workweek
following a trial run.

55 in FY 2022

1. Including partnerships signed by AMITA Group companies 2. As of May 31, 2023

33

Business Strategy
Message from the CIOO
(1) Establish a more robust group company structure
In January 2023, AMITA CORPORATION was split into two
entities, each specializing in developing and providing uniqueservices and solutions. This realignment was intended to:

I’m excited to fulfill
my responsibilities as
Chief Integrated
Operations Officer
SUETSUGU Takahide
President and Chief Integrated Operations Officer (CIOO)AMITA HOLDINGS Co., Ltd.

• Enable each of them to make faster business decisions andbecome more flexible in collaborating with external parties• Enable each of them to better manage their profit-and-loss
performance and business processes to make it easier to
identify issues and risks and take corrective actions faster andmore effectively
As a result, both of them have streamlined business
management and have become more agile in adapting tochanges in an operating environment.
Also in January 2023, another AMITA Group company, AMIDAOCORPORATION, was established, which designs and develops
token economy models using Web3 solutions. AMIDAO andCodo Advisory, AMITA’s joint venture specializing in low-carbon
transition advisory, offer cutting-edge problem-solving methods
and professional solutions. The addition of these entities allows
the AMITA Group to pursue broader partnerships outside theGroup, which is key to offering greater value and accelerating
the pace of new business development.

■ Developing long-lasting, trusting
relationships with corporate partners
The key to getting solid results out of these three initiatives is todevelop long-lasting, trusting relationships with corporate
partners.
Since 2020, AMITA has been entering into partnerships withbusinesses in diverse industries, including financial,communications, and emergency-readiness services. We havealso formed a cross-industry alliance with like-minded
corporate partners.
In May 2023, AMITA agreed to work with Indocement, a leading
cement company in Indonesia, to conduct a joint feasibility
study on low-carbon, circular business models in the country.
We will continue working with the right partners to establish abusiness ecosystem that provides us with a better opportunity
to expand our legacy businesses and enter into new ventures.
This will enable us to attain ambitious goals that we cannot
possibly achieve by going alone.
We appreciate your continued support.

(2) Invest aggressively in enhancing our legacy
revenue-generating business■ My responsibilities as Chief Integrated
Operations Officer
At AMITA HOLDINGS general shareholders meeting held on
March 23, 2023, I was appointed as the Company’s President
and Chief Integrated Operations Officer (CIOO).
To put it simply, the CIOO plays the role of a chief operating
officer (COO) and a chief financial officer (CFO). The CIOO’s
responsibilities include overseeing the AMITA Group’s
day-to-day business operations to achieve its medium-term
management plan, and developing the Group’s medium- andlong-term growth strategy, based on dialogues with investors,
analysts, and financial institutions about social trends and achanging business environment.

My primary missions for FY 2023
1. Achieve the objectives for the first year of themedium-term management plan for FY 2023-2025
2. Undertake key strategic initiatives to lay thegroundwork for business growth for FY 2026 andbeyond
3. Upgrade IR programs to bolster the Company’s
stock price and raise funds through the issuance ofshare acquisition rights
4. Pursue greater organizational excellence to achievethese three missions

34

The Group’s consolidated business performance for the firstquarter of FY 2023 were down nearly 40% from the same
period the year before. To bolster our performance and meetthe expectations of our stakeholders, I am at the forefront oftransforming the Group’s business structure and putting aturnaround strategy into practice across the Group.

■ How we are rising to the challenges

The AMITA Group does not go after a competitive red ocean
market, but pursues a blue ocean strategy for providing
industry-leading commercial solutions to unmet social needs.
(See pages 6 and 7) While this approach has the following
advantages:• Sustain business growth by continually creating a new market• Enjoy a first-mover advantage and sustain a steady revenue
stream• Continually increase social engagement capital
it poses the following challenges:• Take longer to recoup initial investments• Go through a complicated and challenging commercialization
process• Resort to a contingency plan to fend off unforeseeablechanges in social needs or business environments
We will undertake the following three key initiatives to tackle
these challenges during FY 2023:

The circular materials business, which produces circularmaterials to substitute natural resources, is one of our corebusiness segments. To enhance this business, we have been
taking the following actions:• Improve and upgrade production processes• Streamline and automate plant operations• Develop a next-generation system for materials circulation,using big data and AI solutions

SUETSUGU Takahide’s profile

In addition, to meet the growing need to recycle an increasing
amount of silicon slurry generated in a robust semiconductor
industry, we will build an additional silicon-recycling line at our
Kitakyushu Sustainable Resource Management Center. Whenthe additional line becomes fully operational in 2024, thecenter’s silicon-recycling capacity will be up 50%.

• Favorite phrases: Laugh out loud; Smile a beaming smile(3) Consolidate and streamline back-office functions
and reassign employees to revenue-generating
departments
We will consolidate administration, legal affairs, humanresources, and other back-office support functions across the
AMITA Group and achieve greater operational efficiency byemploying conversational AI and DX solutions, as well as
considering business-process-outsourcing options. This will
enable us to continually reassess the effectiveness of ourcorporate strategy to better adapt to a fast-changing operating
environment. At the same time, we will reassign some of theemployees from back-office departments to sales and businessdevelopment departments and other revenue-generating
departments, in order to accelerate the pace of recouping
investments and achieve greater service quality.

• Born in Fukuoka Prefecture in 1981.
• Personal motto: Happiness will come in to a merry house.
• Dreadful word: Purine• Favorite pastime on weekends: Have fun with my kids
• Personal concern: I can’t stick to a diet.
• Aspirations: To see MEGURU STATION® operating all over thecountry
SUETSUGU Takahide started his career at AMITACORPORATION in April 2005. His responsibilities at AMITA,
spanning nearly two decades, have included establishing andoperating the company’s resource-recycling facilities,
developing a community materials circulation model, andproviding integrated solutions for recycling industrial waste andbyproducts. In March 2023, he was appointed as President of
AMITA HOLDINGS. Leveraging his wealth of experience inbusiness and client development, manufacturing operations,and B2B sales, he plays an instrumental role in increasing the
AMITA Group’s operating capital and enhancing theeffectiveness of its business strategy.

35

Key Concept and Initiatives behind the Medium-Term Management Plan for FY 2023-2025●
Business Strategy▼ Key strategic initiatives for FY 2023-2025▼ MTMP updated for FY 2023-2025
The updated MTMP covers the third year of Phase 1 (Business Development) and the first and second years of Phase 2(Business Expansion).
During this three-year period, we will develop and offer services and solutions for redesigning industry and people’s lifestyles
to expand the scope and scale of our Social Systems Design Business.

Build the MEGURU PLATFORM as a basis for achieving AMITA Vision 2030
1. Accelerate the geographical expansion of MEGURU STATION® locations and establish a business model around it
2. Use DX solutions to develop, implement, and monetize an information platform
3. Work with other businesses, municipalities, and universities to establish a circular industrial ecosystem, including MEGURU FACTORIES

2022

2021

2030

2027

Announced
Announced AMITA Vision2030.
commitment
to becoming the
Future-design
Company.

AMITA
Group tocelebrate its
50th
anniversary

MTMP updated for
FY 2023-2025
2023

Phase 1: Business Development

2024

2025

AMITA Group toestablish the Social
Systems Design
Business

2026

2028

2029

Phase 2: Business Expansion Phase 3: Accelerated Business Growth

4,824

5,283

6,010

8,400

Operating profit

609

774

1,040

2,100

Ordinary profit

715

887

1,230

2,300

Profit

531

620

860

1,600

12.6%

14.7%

17.3%

25.0%

FY 2024

FY 2025

36

•
•
•
•

Provide Circular Design solutions to maximize the Group’s profitability

3. Achieve greater profitability by capturing a larger share of customer wallet and increase the average customer spend

FY 2022 (results) FY 2023 (targets) FY 2024 (targets) FY 2025 (targets)

FY 2023

Online browser for a system tovisualize a materials flow (concept)

2. Expand silicon-recycling capacity at AMITA’s Kitakyushu Sustainable Resource Management Center to promotea circular approach in the chip industry(
See pages 22)(In millions of yen; amounts rounded down to the nearest million yen)

Operating profit margin

Community residents
segregating household waste
at MEGURU STATION®

1. Accelerate assisting businesses with their transition strategy to address wide-ranging issues on carbon
neutrality, circular economy, and nature positivity(
See pages 20 to 23)▼ Financial targets

Net sales

Opening ceremony
for MEGURU STATION®
in Tachiarai, Fukuoka Prefecture

There has been a growing corporate need to switch to circular business models amid
surging materials and energy costs. We intend to increase operating profit by 20% YoY
to 774 million yen, with an operating profit margin of 14.7%, by leveraging Cyano Project
services to assist businesses with their transition strategies and meet their needs forcircular design solutions.
We will make advance investment in accelerating the geographical expansion of
MEGURU STATION® locations and establishing a business model around it.

4. Expand AMITA’s business in Malaysia; develop new markets in Indonesia and other fast-growing Asian countries

Seminars on carbon
neutrality for corporateclients

AMITA’s sustainability website(attracting 90,000 visitors amonth)(

See page 24)

Signing an MOU with a leading
cement company in Indonesia

Establish industry-leading ecosystem-driven business management
before celebrating the Group’s 50th anniversary in 2027
1. Split existing subsidiaries and establish new ones, to achieve greater agility in corporate decision-making and
See pages 34, 35, 40, and 41)
develop next-generation leadership (2. Switch to a 32-hour workweek, to provide employees with a greater opportunity to create value (See page 30)

3. Increase robust operating capital, including the human, financial, and social engagement capital, that isnecessary to achieve AMITA Vision 2030, by partnering with a broader range of businesses, municipalities, andSee pages 32 and 33)
universities (We intend to achieve an operating profit of 1.0 plus billion yen, and a higher operating
profit margin than a year earlier, by further growing the legacy business and achieving
greater profitability in new business ventures.
We will establish the MEGURU PLATFORM to move forward with partnershiparrangements with other businesses. This will enable us to expand the scope and scaleof our business and achieve a much higher level of revenue and profit than in theprevious year.

Split a subsidiary
into two entities andestablish a new one in
January 2023

Used plastics that residentsbrought in to a materials
collection project

A social study course Web3 Lab
at Kyushu Institute of Technology

37

MTMP for FY 2023-2025: How we can expand the scope and scale of our businesswith circular design solutions●
Business Strategy▼ Key concept of our business expansion for FY 2023-2025

Businesschallenges

Deteriorating corporate sustainability
and profitability in industry
Many businesses will likely suffer from deteriorating profitability amidsoaring materials and labor costs in a shrinking market.

How can AMITA help?

AMITA’sbusiness▼ How AMITA offers circular design solutions to assist corporate clients in transitioning
to ESG-driven business management
Cost ofgoods sold
SG&A

Cost ofgoods sold
SG&A

ProfitCost ofgoods sold
SG&A

Cost of goods sold
SG&A

ProfitProfit••Circular economy•

Bolster profitability of both AMITA and corporate clients▼ Five strategies to drive our business expansion• Provide corporate clients with comprehensive solutions for resolving their wide-ranging andinterrelated issues, including carbon neutrality, circular economy, and nature positivity• End-to-end assistance, ranging from formulating business strategy to developing andimplementing new business models

Point

Procurement
strategy••

Nature positivity•

SX and DX•

Partner with other companies and use blockchain and other Web3 technologies to assist
clients in developing business models and operations systems that serve enterprise-wide
interests
Assist clients in designing circular business models to bring down their fixed and variable
costs and bolster their bottom line••

Implement transition
strategy

Determine the scope andaccuracy of measuring CO2
emissions
Evaluate the viability oftarget and strategy
Evaluate flows of raw
materials, secondary
materials, and products, aswell as their materials
circulation rates

Research and evaluatebusiness case for pursuing
ESG initiatives and developing
a new market

Share findings from evaluations withinstitutional investors and otherexternal parties

Develop a circularbusiness model thatoffers comprehensive
solutions, and formulate
a transition strategy for it

Evaluate risks andopportunities for natural
ecosystems along theclient’s supply chain andfacilities

Implement transition strategy
Advise clients to use an externalbusiness ecosystem, as it would
take a vast amount of time andmoney if they choose to rely
solely on their internal operating
resources

External partners

Evaluate the extent of use
of SX and DX solutions in
legacy business models(Work closely with external partners
when developing and implementing strategy)

AMITA’s broad range of extensive expertise and integrated,
end-to-end solutions are essential to helping corporateclients implement ESG-driven business management.

Build a robust and dependable procurement network (business ecosystem) to fend off
rising procurement costs and risks

Point

Evaluate business
case

Develop transition strategy
Carbon neutralitythat generate maximum profit from minimum investment

Service andsolution strategy

Conduct as-is
analysis

ProfitAssist corporate clients in switching to circular business models

Providing comprehensive ESG
solutions based on a circular
design approach

Overall project
coordination

Build a dependable business ecosystem to bring transaction costs down
Assist clients in developing a transition model from a high-risk global supply chain to a
local circular supply chain that circulates materials, financial resources, and information▼ What happened to corporate clients before and after successfully switching
to a circular design approach
Production
strategy

Sales strategy

Organizational
strategy• Transform our manufacturing and back-office operations through automation,
streamlining, and AI implementation to achieve greater safety and efficiency• Design and implement business processes that maximize the value of our human capital
Sales

Sales were falling in a shrinking
market.

Cost of sales

Raw materials and labor costs
fluctuated at short intervals on afundamentally upward trend.

SG&A

Time and expenses, such as forbusiness process outsourcing andadvertising, increased to develop
new business and enhanceenterprise value.

Establish a robust sales network by fostering greater collaboration among AMITA Group
companies and partnering with other companies in diverse industries

Point

•

Pursue partnerships aggressively to improve our service quality and develop a new market

Increase social engagement capital that supports solutions, procurement, production, andsales strategies so as to contain unproductive transaction costs and add more value(profit margin)

Point

38

Before•Pursue opportunities for splitting Group companies and forming a cross-industry
consortium to establish a business ecosystem more flexible and responsive to a
fast-changing operating environment

After
Sales are flat, or up with added value.

Circular business models keep these costs from fluctuating andplace them under better control.
Cost reduction through local procurement of circular materials⇒ Flat or improved profit margin
A dependable business ecosystem helps ease the burden of
SG&A expenses and achieve greater agility.
Trial-and-error costs for increasing social engagement capitalchange in nature from expenses to investments.

39

Our Leadership
AMITA Group’s Leadership Teams for FY 2023

Working together towarda shared goal of
creating greater value

Ready to lead the AMITA Group to a new level of excellencein a volatile operating environment▼ AMITA HOLDINGS Co., Ltd. leadership

Scan the code for more information about
each member of the leadership team

Chairman and Chief Visionary Officer

TAKANO Masaharu

Non-executive Director

SUETSUGU Takahide

President and Chief Integrated
Operations Officer (CIOO)

SHIMIZU Nahoko

Non-executive Director

SATO Hiroyuki

Vice Chairman and Chief Engagement
and Partnerships Officer (CEPO)

HASEGAWA Takafumi

Audit & Supervisory Board Member

NAKAHIGASHI Masafumi

Audit & Supervisory Board Member

YAMOTO Hironori

Audit & Supervisory Board Member

KUMANO Eisuke

OKADA Kenichi
KARAKAMA Shinichi(CVO)

Director and Chief Strategy Officer(CSO)

Director and Chief Growth Officer(CGO)

KUMANO Eisuke● Chairman and CVO
Develops long-term Groupmanagement strategy andbusiness ideas.

SUETSUGU Takahide● President and CIOO
Develops and implements
integrated business andfinancial strategies.

Coordinated approach to achieving
stakeholder-centric business management

SATO Hiroyuki● Vice Chairman and CEPO
Coordinates engagement withinternal and external
stakeholders.

OKADA Kenichi● Director and CSO
Turns corporate strategy intobusiness strategy.

On the AMITA HOLDINGS leadership team, KUMANO Eisuke, who serves as Chairman and
CVO, leads the Group’s business development efforts to enhance its longer-term enterprisevalue. He is also responsible for developing relationships with a wide range of future
stakeholders.
SUETSUGU Takahide, who serves as President and CIOO, oversees the Group’s day-to-day
business operations and financial management, implements its long-term growth strategy, andengages with investors, analysts, and financial institutions.
The AMITA HOLDINGS leadership team fulfills its duty to increase the Group’s enterprise value,
which represents the sum of the value of its operations provided to all its stakeholders.

KARAKAMA Shinichi● Director and CGO

TAKANO Masaharu

SHIMIZU Nahoko● Non-executive Director (newly appointed)● Non-executive Director (newly appointed)
Brings a network of key players and a wealthof expertise in creating an inclusive society
to help design a mutually supportive society.

Brings wealth of experience and expertise in ICT
solutions and publishing business to help designa circular social infrastructure.

Develops and implements
short- and long-term growthstrategy.

2021 Director of SIP, Inc. (current)
Director of SVI Promotion Council (current)
2019 Director of Mirai Fes (currently
Participatory Society Academy) (current)

2021 Member of Readership and Reporting
Committee organized by Kumamoto Daily(current)
2018 Auditor of Arts and Sports for Everyone(current)

President of SDGsTech Co., Ltd. (current)

2016 Joint Representative of Kumamoto
Children & Women Support Network(current)

2000 President of Bitmedia Co., Ltd. (current)

2013 Representative Director of Yuzuriha (current)
1996 Joins AMITA CORPORATION(leaves in 2000)▼ AMITA Group companies’ leadership teams
Wholly owned subsidiary of AMITA HOLDINGSTABEI Shinichi

Wholly owned subsidiary of AMITA HOLDINGS

President

SUETSUGU Takahide

Director

OKADA Kenichi

Director

HASEGAWA Takafumi

Audit & Supervisory
Board Member

YAMAMOTO Shigeki

Audit & Supervisory
Board Member

TSUCHIMOTO Kenji

TABEI Shinichi

Engages in the Social Systems Design Business, which redesigns
industry and community to assist businesses and municipalities inachieving greater corporate and community sustainability.

40

Wholly owned subsidiary of AMITA HOLDINGS

President

SUETSUGU Takahide

Director

OKADA Kenichi

Director

HASEGAWA Takafumi

Audit & Supervisory
Board Member

YAMAMOTO Shigeki

Audit & Supervisory
Board Member

TSUCHIMOTO Kenji

Upgrades closed-loop resource recycling method to produce circularmaterials proven to reduce supply-chain CO2 emissions and help restore
ecosystem services.

KUMANO Eisuke

President and Chief
Ecosystem Organizer (CEO)HAYASHI Atsushi

Chief Director

OKADA Kenichi

Director and Organizer

HASEGAWA Takafumi

Audit & Supervisory
Board Member

Joint venture between AMITA HOLDINGS and MCP Japan Holdings

KUMANO Eisuke

Uses Web3 technology to design and develop a token economy as partof creating an ecosystem society.

SUZUKI Kaori

Representative Director & CEO

FUJII Shun

Representative Director

OCHI Tetsuo

Director

SATO Hiroyuki

Director

YAMASHITA Keisuke

Director

TABEI Shinichi

Director

SUZUKI KaoriAssists corporate clients in developing and assessing a low-carbon
transition strategy.
Leadership team effective August 1, 2023

41

Our Mission II

Wisdom and Life are Inﬁnite.
Through changes in our surroundings and the evolution of sympathy, the formation of
external and internal relationships creates us.
There are no stable phenomena; the universe is in ﬂux.

Because we are who we are, we need to have a good relationship with inﬁnite life.
Our hearts hold everything that humanity seeks.
What humanity seeks is to protect the dignity of our future children.
We have the passion to give this goal a form and oﬀer it.

We declare:
To attest that life is capital to create value, To give priority to building cyclicalrelationships for realizing a sustainable society, To conduct only business that
contributes to increasing natural capital and relational capital,
and To protect the dignity of living systems.

AMITA HOLDINGS Co., Ltd.
535 Akinono-cho, Oshikoji-agaru-Karasuma-dori, Nakagyo-ku, Kyoto 604-0847, Japan
TEL: +81-75-277-0378 (main switchboard number) E-MAIL press@amita-net.co.jp
Listed on the Tokyo Stock Exchange Growth Market (stock code: 2195)
https://en.amita-hd.co.jp

Published by AMITA HOLDINGS Co., Ltd.
Editorial responsibility acknowledged by
the editorial team of AMITA HOLDINGS Co., Ltd.
© 2023 AMITA HOLDINGS CO., LTD. All Rights Reserved.