1H, Fiscal Year Ending March 2023

Financial Results

November 9, 2022

United, Inc.
(TSE Growth: code 2497)

Agenda1

Financial Highlights of 1H FY03/23

P2

2

FY03/23 Growth Strategies for Core Businesses
and Progress

P12

3

Appendix

P35

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time the material was created,
and actual performance and results may differ substantially due to changes in various factors. Company names and product names are trademarks or registered trademarks of
the respective companies.
1

Business Domains and Their Components

DX Platform

Core Businesses

Brewus Inc.

App andsystemdevelopment

Investment

DX Solution Division

KiRAMEX Co.

Provision of
consulting services
and development of
new businesses

The TechAcademy online
programming school, and
TechAcademy Works
through which graduates
andmentors offer
development
support to companies

LIBASE Inc.

Cocodoru, Inc.

Innoop Inc.

Investment Division

JOOi, acrowdsourcing
servicespecializing
in designers

Operation of a workready-humanresources sharing
business and a jobby-job matchingbusiness for those
who take on side jobs

Operation of a
recruitment
support businessand a consulting
service

Investment in startups
and provision of support
to boost their value

Content

Ad Technology

Fogg, inc.

International Sports
Marketing Co., Ltd.

Plus U, Inc.

TREiS, inc.

UNITED MarketingTechnologies Inc.

CHEERZ, a service to help
invigorate artists’ activities

Sports-related business

CocoPPa Play, an avatar gameappDream Mail, a sweepstakes andgift site

Bypass (DPS),
adstir (SSP)

2

Financial Highlights of 1H FY03/23
In Investment, sales and profit declined YoY. This is because, in the previous fiscal year, the sale of securities took place mainly during 1H.
However, sales and profit are expected to increase YoY for the full fiscal year. In DX Platform, sales and profit increased YoY as the Personnel
Matching business expanded and the Education business improved its cost efficiency.

Consolidated
Operating
Performance

Sales:
Operating Profit:¥6,637 million (-18.1% YoY)
¥3,136 million (-31.2% YoY)
KiRAMEX Co.
Brewus, Inc.
LIBASE Inc.
DX Solution Division
Cocodoru, Inc.
Innoop Inc.

For
Details P7

DX Platform

Sales:
Operating Profit:¥1,146 million (+3.7% YoY)-¥69 million (+¥221 million YoY)

Investment

Sales:
Operating Profit:¥3,520 million (-30.2％ YoY)
¥3,292 million (-31.1% YoY)

Investment DivisionFor
Details P8Content

Sales:
Operating Profit:¥1,394 million (-1.9% YoY)-¥4 million (-¥255 million)

Plus U, Inc.
International Sports Marketing Co., Ltd.
Fogg, inc.
TREiS, inc.

詳細はFor
Details
P16P9

Ad Technology

Sales:
Operating Profit:¥578 million (+9.2% YoY)¥326 million (+8.9% YoY)

UNITED Marketing Technologies Inc.

あFor
Details P10
2Q詳細は

3

1H Progress vs. Full-year FY03/23 Forecast
Each indicator is progressing according to plan. Earnings are expected to meet the full-year forecast.

Consolidated
Forecast

Sales:¥12,800 million (+1% YoY)

Operating Profit: ¥5,800 million (+1% YoY)

Ordinary Income: ¥5,800 million (+1% YoY)

Net Income *: ¥4,200 million (+10% YoY)

EPS:

¥208.00 (+12% YoY)

1H Progress vs. Full-year Forecast (as of the end of 1H FY03/23)
Sales

51.9%

Operating Profit

54.1%

Ordinary Income

54.3%

Net Income*

56.5%* Refers to net income attributable to owners of parent.

4

Share buyback completed; additional repurchase planned
We completed a share repurchase program launched in May 2022 after acquiring 550,000 shares, the maximum number of shares
we had planned to purchase. We will buy back additional shares and aim to reach the ¥1,000 million target planned for this fiscal year.

Completion of share repurchaseTotal number ofshares repurchased

550,000 shares (100% of the upper limit of 550,000 shares)

Total amount repurchased¥871 million (87% of the upper limit of ¥1,000 million)

Period of repurchase

May 12, 2022 to October 3, 2022

Additional repurchase
Class of shares to acquire

Common shares of United, Inc.

Total number of shares toacquire100,000 shares (maximum)
Percentage of the total number of shares outstanding, excluding treasury shares: 0.5%

Total value of shares toacquire¥130 million (maximum)

Period of repurchase

November 10, 2022 to December 23, 2022

Method of repurchaseMarket purchases on the Tokyo Stock Exchange(based on a discretionary trading contract)5

Interim Dividend for FY03/23
We have resolved to pay an interim dividend of ¥20.0 a share, in line with our 20% annual consolidated payout ratio. have decided to pay an interim
dividend of ¥20 per share in line with our 20% annua

Details of Annual Dividends

FY03/23

Record date
Dividend per share(Six months)
Total dividends(Six months)
Payout ratio(Annual)

FY03/22

InterimYear-End(Forecast)InterimYear-End

September 30, 2022

March 31, 2023

September 30, 2021

March 31, 2022

¥20.0

NYD

¥17.0

¥20.0

¥392 million

NYD¥360 million¥403 million

20.0% (planned)

20.4％

6

DX Platform: Sales and Operating Profit
Sales and profit increased from 1H of the previous fiscal year as the Personnel Matching business expanded through M&As.
Operating loss shrank compared with the corresponding quarter of the previous fiscal year as the Education business improved its cost efficiency.

Sales Trend (Millions of yen)
Education business

Operating Profit Trend (Millions of yen)

Personnel Matching business

Other businesses+4% YoY+¥221 million YoY

664

540

565

586

564

559
9

～ ～～
-92
-119

0

～

Seasonal factors for the
Education business.
Increase ingoodwill amortization

-78

-170
1Q
Q1

2Q
Q2

3Q
Q3

FY03/22

4Q
Q4

1Q
Q1

2Q
Q2

FY03/23Q1Q2Q3
FY03/22Q4Q1Q2
FY03/237

Investment: Sales and Breakdown of Operational Investment Securities
The sale of securities took place mainly during 1H of the previous fiscal year.
We expect increased sales and profit for the full year because the business progressed according to plan in 1H.

Sales Trend (Millions of yen)

Breakdown of Operational Investment Securities

InvesteeCompanies

As of September
30, 2022(amount on BS)

Listed shares

Mercari, Inc.
Wonder Planet, Inc.
CyberBuzz, Inc.
Socialwire Co., Ltd.,etc.

Approx. ¥7.4 bn*

Unlisted
sharesMore than
65 companies

Approx. ¥3.2 bn

Investment infunds as LP

36 funds

Approx. ¥1.6 bn-85% YoY

3,283

3,258

1,761
1,230

304
1Q
Q1

2Q
Q2

3Q
Q3

FY03/22

4Q
Q4

261
1Q
Q1

2Q
Q2

FY03/23*We have forward contracts for some stocks. Including derivatives in the balance sheet,
the amount was ¥11,457 million as of end-September 2022.
8

Content: Sales and Operating Profit
Sales and profit fell from the corresponding quarter of the previous fiscal year because of the transfer of joint operating rights for Crash Fever.
Compared with the preceding quarter, sales and profit rose thanks to sales expansion at Fogg, Inc. and an improvement in cost efficiency.

Sales Trend (Millions of yen)

Operating Profit Trend (Millions of yen)

-4% YoY-¥156 million YoY
174

765

760
699

660

733
661

82

76

84

17

-22
1Q
Q1

2Q
Q2

3Q
Q3

FY03/22

4Q
Q4

1Q
Q1

2Q
Q2

FY03/23Q1Q2Q3
FY03/22Q4Q1Q2
FY03/239

Ad Technology: Sales and Operating Profit
Sales and profit rose compared with the corresponding quarter of the previous fiscal year as a major advertiser increased its advertising budget.
The results significantly exceeded the 1H forecast.

Sales Trend (Millions of yen)

Operating Profit Trend (Millions of yen)

+20% YoY+18% YoY
307
268

270

261

155

152

144
193

1Q
Q1

174

2Q
Q2

3Q
Q3

FY03/22

195

4Q
Q4

1Q
Q1

2Q
Q2

FY03/23

1Q
Q1

2Q
Q2

FY03/22

76

77

3Q
Q3

4Q
Q4

1Q
Q1

2Q
Q2

FY03/23
10

Agenda1

Financial Highlights of 1H FY03/23

P2

2

FY03/23 Growth Strategies for Core Businesses
and Progress

P12

3

Appendix

P35

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time the material was created,
and actual performance and results may differ substantially due to changes in various factors. Company names and product names are trademarks or registered trademarks of
the respective companies.
11

Purpose
People who push themselves forward.
Businesses that move society forward.
The betterment of society is driven by people andbusinesses with willpower.

Strong willpower is the source of energy thatchanges society for the better.

Maximize willpower andaccelerate the betterment ofsociety.

UNITED will maximize this energy and willpower.
We will provide knowledge and opportunities topeople with willpower.
We will provide funds and know-how to businesses
with willpower.
And when both parties meet, their mutual growth
will spark even further growth.
This cycle of growth will enrich society.
We will move society in a better direction fasterwith willpower.
We will maximize willpower and accelerate thebetterment of society.
12Business Domains and Their Components

DX Platform

Core Businesses

Brewus Inc.

App andsystemdevelopment

Investment

DX Solution Division

KiRAMEX Co.

Provision of
consulting services
and development of
new businesses

The TechAcademy online
programming school, and
TechAcademy Works
through which graduates
andmentors offer
development
support to companies

LIBASE Inc.

Cocodoru, Inc.

JOOi, acrowdsourcing
servicespecializing
in designers

Operation of a workready-humanresources sharing
business and a jobby-job matchingbusiness for those
who take on side jobs

Innoop Inc.

Operation of a
recruitment
support businessand a consulting
service

Content

Investment Division

Investment in startups
and provision of support
to boost their value

Ad Technology

Fogg, inc.

International Sports
Marketing Co., Ltd.

Plus U, Inc.

TREiS, inc.

UNITED MarketingTechnologies Inc.

CHEERZ, a service to help
invigorate artists’ activities

Sports-related business

CocoPPa Play, an avatar gameappDream Mail, a sweepstakes andgift site

Bypass (DPS),
adstir (SSP)

13

Core Businesses

In line with our purpose statement, we designated the Education business, the Personnel Matching business, and the Investment business as core businesses
starting this fiscal year. These businesses will drive our growth going forward. We will tackle social issues through these core businesses and help improvesociety.

Education business

Personnel Matchingbusiness

Investment business

Online education service thatallows students to gain digitalskillsMatching of digital personnel(mainly freelancers and thosetaking on side jobs) with growthoriented companies

Provision of capital andhands-on support toenhance the value of startups

Efforts to address social issues
Fostering ofdigital personnel

Optimal allocation ofhuman resources

Creation of
new businesses

14Collaboration of the Core Businesses

We will create synergies by strengthening collaboration of our core businesses.

Supply trained digital
personnel

Education business

Match personnel who cancontribute to growth ofinvestee companies

Personnel Matchingbusiness

Develop and improveeducational curriculum

Investment business

Provide access to staffing
needs at startups

15

Growth Mechanism

We will build a unique growth mechanism where the growth of each core business will lead to mutual enhancement of competitive
strengths and KPIs.

Education business

Personnel Matching business

Investment business

Increase the levelof skills gained

Improvematching rate

Expand investment
opportunities

Expand/improveeducation service

Expand/improvetalent pool

Discover superior
growth companies

Widen reach to growthcompanies

Accumulate
skills/know-how

Increase matching
opportunities

KPI The number of individual users

KPI The number of corporate users

Build investment
track record

KPI The number of investment projects

Growth of core businesses as a whole16

Education Business17

Education

Personnel Matching

Investment

Education Business: Overview
We operate multiple businesses centered on TechAcademy, an online school operated by KiRAMEX Co.
The school teaches digital skills, such as programming and app development.

Service overview

Wide range of courses

In addition to TechAcademy, which targets individuals, we also
provide IT training for corporations and offer services forchildren.

In addition to website creation, we offer a wide range ofcourses (at least 50*) from introductory courses for nonengineers to courses on advanced technologies such as AI.

Online training for companies

Programming school for children
Online school for programming and app development*Total number of courses for individuals and for corporate users

18

Education

Personnel Matching

Investment

Education Business: Growth Strategy

1. Enhance the value we provide bycollaborating with the Personnel
Matching business
Strengthen collaboration between
TechAcademy and TechAcademy Works tosupport the acquisition of practical skills thatlead to various career paths

2. Expand into new fields

Launch education service in new fields,
leveraging the needs cultivated in theInvestment business and the Personnel
Matching business.

19

Education

Education Business:①Enhance Value through Collaboration with Personnel Matching

Personnel Matching

Investment

We will provide graduates of TechAcademy with the opportunity to acquire practical skills through TechAcademy Works, thereby
supporting the realization of diverse career paths.

(1) Learning

Education business
Takes
classesCompletion

Student learns digital skills
online with the support of anactive engineer who serves asa mentor(2) Practice(3) Career change

Personnel Matching business

Employment/
career change

Practical work
opportunities

Improves
skillsStudent gains practicalskills by working with thementor to provide
development support
to a company

Career path

Side job/
freelancing

20

Education Business:
Expand the number of hands-on opportunities offered at Tech Academy Works

Education

Personnel Matching

Investment

TechAcademy Works is expanding practical work opportunities. There has been an increase in the number of TechAcademy graduates who arebeing compensated for the skills that they have acquired.

Expansion of practical work opportunities

Wide range of projects (Example)

We provide many practical work opportunities toour graduates

We provide a wide range of projects to match theskills of our graduates

More than 1,000 projects have beenoffered since the service began a year ago

Website renewal ata major financial
institution

E-commerce site
creation + system
integration

Creation of a video ad
for a game client

Creation of an advertisingbanner for an
entertainment product21

Personnel Matching Business

22

Education

Personnel Matching

Investment

Personnel Matching Business: Overview

We match digital personnel, particularly those who take on side jobs or work freelance, with growth-oriented companies.

Consolidated subsidiaries
Service began in
September 2021

TechAcademy Works

Provides side-job referrals and support
services for TechAcademy students;
Students work with mentors on
development projects and acquire
practical skills

Consolidated subsidiaries
2021. 62022. 6. 10

LIBASE Inc.

HeaR Inc.

Operates JOOi, a crowdsourcing service
for designers;
Top designers ensure prompt and highquality work (Only 5% pass the selection)

Offers Job Test, a SaaS to test applicants’skills, and operates a recruitment
consulting service

2022. 7. 42022. 6. 23

2022. 8. 3

Innoop Inc.

Cocodoru, Inc.

Lbose, Inc.

Operates “offerBrain,” a scouting service,
and a recruitment consulting service

Operates “Sokusenryoku-kun,” a humanresources sharing business, and “#ME,” ajob-by-job matching service for thosetaking on side jobs

Operates ATTEND biz, a platform for thedevelopment of digital products

23

Education

Personnel Matching

Investment

Personnel Matching Business: Growth Strategy

1. Promote growth ofexisting businesses

Expand operations of
TechAcademy Works (KiRAMEXCo.), LIBASE Inc., Cocodoru, Inc.,and Innoop Inc.

2. Strengthen M&A as wellas capital and businessalliances

3. Strengthen
development of new
businesses

Expand and improve our businessportfolio through M&A as well as
capital and business alliances.

Launch matching service between
digital personnel and growthoriented companies, focusing on
our investee startups, in multiple
fields.

24

Education

Personnel Matching Business:
1. Promote Growth of Existing Businesses

Personnel Matching

Investment

The number of corporate users, a KPI for the Personnel Matching business, expanded steadily.
We aim for continuous growth based on the strategies for each of our businesses.

The number of corporate users

Business strategy+94% YoY
TechAcademy WorksLIBASE Inc.

Cocodoru, Inc.

2022年3月期
Q2 2Q

2022年3月期
Q3 3Q

FY03/222022年3月期
Q4 4Q

2023年3月期
Q1 1Q

2023年3月期
Q2 2Q

Innoop Inc.

Strengthen cooperation with key partners
and expand opportunities available to
TechAcademy graduates so that they canpractice their skills

Expand the number of job matches withcompanies by increasing the number of top
designers

Expand the pool of highly skilled personnel
in diverse fields by strengthening
promotional efforts

Improve the quality of direct recruiting by
optimizing the scouting messages andstrengthen promotional efforts to expand
the number of projects.

FY03/23

25

Education

Personnel Matching Business:
2. M&A and Capital/Business Alliances

Personnel Matching

Investment

We aim to expand our business portfolio through M&As and capital/business alliances.

Reach out to growth companies, Identify their recruiting needs
Develop andimproveeducational
curriculum

HeaR Inc.

Innoop Inc.

Capital and businessalliance formed on June 10, 2022

Became a consolidated
subsidiary on August 3, 2022

Discover andintroduce
growth companies

Mutual supply of corporate needs

Educationbusiness

Investment
business

Supply personnel to growth companies/grasp theexperience and skills of personnel

Supplydigital personnel

TechAcademy WorksLIBASE Inc.

Lbose, Inc.

Cocodoru, Inc.

Service began in
September 2021

Became a consolidated
subsidiary inJune 2021

Capital/businessalliance formedon June 23, 2022

Became a consolidated
subsidiary on
July 4, 2022

Supply personnel
in demand26

Investment Business

27

Education

Personnel Matching

Investment

Investment Business: Overview
We provide funding and hands-on support mainly to seed- to early-stage startups so that their value can be enhanced.

Characteristics of the Investment business

Extensive
track record

Investments
using own
funds

We can reach out to startups that are potential
investees and make forward-looking investment
decisions thanks to our investment/exit
track record.

Wide range of
network

Our network includes managers and venture
capitalists. We have invested in many externalfunds through limited partnerships. Thus, we
maintain ties with various startups.

We can make flexible and speedy decisions
because we invest solely with our own funds.

Knowledge
gained frombusiness
operations

We can execute investments and provide
hands-on support based on our experienceand track record involving various projects.

28

Education

Personnel Matching

Investment

Investment Business: Growth Strategy

1. Strengthen hands-on support
through business collaboration• Provide investees with expertise in valueenhancement through UVS,* our investee
support organization

2. Expand number ofinvestment projects
In line with our purpose statement, boost the
number of investment projects, particularly
those involving seed- to early-stage startups.

• Work with the Personnel Matching businessto provide digital personnel that suit the needsof investee startups.
*UNITED Venture Success
Investee support organization comprised of venture capitalists and consultants

29

Investment Business:
1. Strengthen hands-on support through business collaboration

Education

Personnel Matching

Investment

The Investment Division and the DX Solution Division will jointly operate UVS.*
Venture capitalists and consultants will work together to increase the value of investees. They will provide a wide range of support from strategy
planning to implementation, free of charge.
Formation of UVS,
investee support organization
Investee support
organization UVS*

Investment Division
Capitalist

Support service

Investee

Marketing strategy
development support

Financing support,
business plan/pitch deck
creation

Digital marketing support

KPI design,
dashboard creation

Hands-on support
StartupDX Solution Division
Consultant*UNITED Venture Success
Investee support organization comprised of venture capitalists and consultants

30

Education

Investment Business:
2. Expand number of investment projects

Personnel Matching

Investment

We are actively expanding the number of investment projects. We have invested in nine companies.

FY03/23 New investees ( a s o f e n d - O c t obe r 2 0 2 2 )Seed to early stage

L&F, Inc.
Provides support for theestablishment of family trusts,
manages vacant houses, andprovides DX tools for homerental companies

Gotoschool inc.
Operates LUMO, which
supports children with
developmental disabilities
through physical exercise

Middle to later stage

Flint Inc.

ATOMica Co.

A-cial Design Co., Ltd

Operates an avatar counselingservice for corporate
employees; does not require
hospital visits in person

Provides community services
such as recruitment andbusiness matching throughthe contract operation ofregional coworking spaces

Provides development
support by athlete engineersand human resources
services specializing inathletic students/personnel

Froots inc.

PLAYTHINK,Inc.

Operates WeMeet, which
provides services related to
psychiatric care, psychosomatic
medicine, and mental healthcare, entirely online

Plans, develops, andoperates mobile content,such as electronic tradingcards using non-fungible
tokens (NFT)

Querier Inc.
Provides Querier, a lowcode tool for creating
corporate management
screens for internal use

Stockmark Inc.
Provides information collection
and internal knowledge-sharing
services, and software-as-aservice (SaaS) market researchsupport, using natural language
processing technology
31

Education

Personnel Matching

Investment

Investment Business: Major Startup Investments

Post IPO

Middle to later stage

Seed to early stage

32

Education

Personnel Matching

Investment

Investment Business: Major Funds We Invest in as LP
We expect to record gains on distribution from the multiple external funds we invest in as an LP. These funds, which allow us toreach out to over 1,000 startups, also serve as our source of new investment projects.

Funds we invest in as LP

33

Agenda1

Financial Highlights of 1H FY03/23

P2

2

FY03/23 Growth Strategies for Core Businesses
and Progress

P12

3

Appendix

P35

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time the material was created,
and actual performance and results may differ substantially due to changes in various factors. Company names and product names are trademarks or registered trademarks of
the respective companies.
34

Consolidated P/L Statement for 1H FY03/23
We transferred joint operating rights for Crash Fever on May 1, 2022. This resulted in ¥359 million in extraordinary income.

1H FY03/22

1H FY03/23

YoY (%)(Millions of yen)

Sales

8,100

6,637

-18%

Gross Profit

5,864

4,501

-23%

SG&A Expenses

1,305

1,365

+5%

Operating Profit

4,559

3,136

-31%

Non-operating income

120+1,672%

No-operating expenses

7

10

+45%

4,553

3,146

-31%

Extraordinary profit

-

359

-

Extraordinary losses

-

2

-

Profit before income taxes

4,553

3,503

-23%

Net Income*

3,146

2,374

-25%

Ordinary Income*Refers to net income attributable to owners of parent

35Consolidated P/L Statement for Q2 FY03/23(Millions of yen)

Q2 FY03/22

Difference

Q2 FY03/23
YoY (Amount)

YoY (%)

3,347

1,861

-1,486-44%

DX Platform

565

559

-5

-1%

Investment

1,761

261

-1,499-85%

Content

760

733

-27

-4%

Ad Technology

261

307

+46

+18%

-1

-1

+0

-

2,213

705

-1,508-68%

DX Platform

93

182

+88

+94%

Investment

1,602

103

-1,498-94%

Content

324

185

-139

-43%

Ad Technology

193

234

+40

+21%

-0

-0

+0

-

SG&A Expenses

657

694

+36

+6%

Operating Profit

1,556

11

-1,544-99%

DX Platform

-119

-78

+41

-

Investment

1,577

85

-1,491-95%

Content

174

17

-156

-90%

Ad Technology

144

174

+29

+20%

Other

-220

-187

+33

-

Ordinary Income

1,544

21

-1,523-99%

Net Income*2

1,086

-24

-1,111

-

Sales

Other
Gross Profit*1

Other*1 Cost of sales for each business mainly includes advertising, outsourcing, and personnel expenses. *2 Refers to net income attributable to owners of parent
36Consolidated B/S Statement
Decrease in assets and liabilities mainly due to mark-to-market valuation and sales of listed shares held.

(Millions of yen)

End of FY03/22(March 31, 2022)

End of Q2 FY03/23(September 30, 2022)

Difference

34,17928,627-5,551

Cash & Deposits

12,165

12,595+429

Operating Investment Securities

18,78912,417-6,372

4,521

4,607

+86

327

958

+630

Total Assets

38,701

33,235-5,465Current Liabilities

2,812

2,952

+140

Non Current Liabilities

5,600

3,525

-2,075

5,524

3,450

-2,074

Total Liabilities

8,412

6,477

-1,934

Net Assets

30,28826,757-3,530

9,601

5,025

-4,575Current Assets

Non Current Assets
Amortization of Goodwill

Deferred Tax Liabilities

Unrealized Gain on Securities

※1

※2

※3

Note: Of this amount, the impact of revaluation (mark-to-market) and disposal of operational investment securities (listed shares) was as follows:*1 Operational investment securities: -¥6,654 million*2 Deferred tax liabilities: -¥2,014 million*3 Unrealized Gain on Securities : -¥4,564 million
37

Cash flows
Net cash provided by operating activities decreased from the previous fiscal year. This is because the sale of operational securities in theprevious fiscal year took place mainly in 1H.
Net cash used in investing activities increased from the previous fiscal year. This was due to M&As and capital/business alliances.
(Millions of yen)

1H FY03/22

1H FY03/23

Difference*1*2

Cash Flow from Operating Activities

2,905

2,490

-414

Cash Flow from Investing Activities

-377

-581

-203

*3

*4

Cash Flow from Financing Activities-1,951-1,479+471

Cash and Cash Equivalents at
End of Period

14,35012,595-1,755*1 The amount factors in ¥4,856 million from sale of operational investment securities and -¥1,428 million from income taxes paid
*2 The amount factors in ¥3,275 million from sale of operational investment securities and -¥1,057 million from income taxes paid
*3 the amount factors in -¥1,499 million from share repurchase and -¥415 million from cash dividends paid
*4 the amount factors in -¥1,001 million from share repurchase and -¥402 million from cash dividends paid
38

Sales and Earnings (FY03/13–FY03/23)(Millions of yen)

Recorded gains on the saleof securities accompanying
the listing of Mercari, Inc.

Sales
Operating Profit

Designate corebusinesses in line with
our purpose statement

22,318

Profitability improved despite lower
sales due to the completion of
selection and concentration
16,267

12,80012,714

12,60911,084

8,385

8,383

5,552

5,101

5,606

5,738

5,800

FY03/21

FY03/22

FY03/23(Forecast)

4,325

3,955
2,530

2

FY03/13138

370

FY03/14

FY03/15

1,509

1,395

1,648

FY03/16

FY03/17

FY03/18

FY03/19

FY03/20**We adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29) and the ASBJ Guidance No. 30 (Implementation Guidance on Accounting Standard for
Revenue Recognition) from FY03/22. In this document, we applied this standard to the past earnings of the Ad Technology business in order to make the comparison easier.

39

Number of Consolidated Employees and Directors
Temporary employees
Other full-t ime employees (Investment Segment/HQ staff)
Ad Technology full-t ime employees
Content full-t ime employees
DX Plat form full-t ime employees

Officers (Directors and corporate auditors of parent ,including outside directors/auditors)(Numbers employed)
365
50

348

342

48

332

334

335

331

325

325

331

50

48

54

58

56

51

54

37

37

34

34

30

27

27

40

35

32

32

32

31

31

31

97

94

97

97

94

100

103

93

107

108

112

110

106

106

105

105

49

42
39

41

68
57

101

97

96

99

8

8

8

8

8

8

8

8

11

11

1Q
Q1

2Q
Q2

3Q
Q3

4Q
Q4

1Q
Q1

2Q
Q2

3Q
Q3

4Q
Q4

1Q
Q1

2Q
Q2

FY03/21

FY03/22

FY03/2340