LTS : FY2020 Financial Results(Presentation Material)

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FY2020

Financial Results (Securities code 6560)

2/2021

LTS, Inc.

Table of Contents

• 1. Overview of FY2020 Financial Results

• 2. Forecast for FY2021

• 3. Medium-Term Business Plan (2021-2024)

• 4. Reference Material

Open

FY2020 Summary

 LTS Group overall

• • Net sales: ¥5,555 million (up 46.6% YoY) Operating profit: ¥478 million (up 55.5% YoY)

• • Revenues and earnings up four consecutive years

• • Results surpassed forecasts revised upward in third quarter  Professional services business

• • Net sales: ¥5,367 million (up 46.3% YoY) Operating profit: ¥432 million (up 38.8% YoY)

• • All services expanding steadily  Platform business

• • Net sales: ¥237 million (up 47.1% YoY)

  Operating profit: ¥45 million (as opposed to operating loss of ¥4 million the previous year)

• • Due in part to previous year's forward-looking investments (including structural enhancement)

FY2020 Consolidated Profit and Loss Statement

(Millions of yen)

FYE December 2019

Net sales

Gross profit

Gross profit margin

Selling, general and administrative expenses

Operating profit

EBITDA*

Operating margin

Ordinary profit

Profit before income taxes

Profit attributable to owners of parent

39.4%

3,790

1,493

1,185

307

335

8.1%

298

298

201

FYE December 2020 YoY change YoY % change 5,555 + 1,765 + 46.6%
2,046	+ 553	+ 37.1%
36.8%	- 2.6 points	-
1,568	+ 382	+ 32.3%
478	+ 170	+ 55.5%
527	+ 191	+ 57.2%
8.6%	+ 0.5 point	-
447	+ 149	+ 50.0%
428	+ 130	+ 43.7%
270	68	+ 34.0%

* EBITDA = Operating profit + depreciation + amortization of goodwill

Quarterly Trend in Consolidated Net Sales

+15.1% YoY

Quarterly Trend in Consolidated Operating Profit

-8.1%YoY (+19.3% when purchase-related expenses associated with business combination excluded)

Quarterly Trend in Number of Employees (Consolidated)

WAKUTO made group company

*SOFTEC included in scope of consolidation starting in first quarter of 2021

Quarterly Trend in Professional Services Business Results

Net sales +13.3% YoY, Operating profit -11.6% (+19.0% when purchase-related expenses associated with business combination excluded)

(Millions of yen)

１Q

・Active DX demand provided boost for YoY increase in sales and profit ・Strengthened Group collaboration by developing comprehensive DX support system ・SOFTEC contributing to results since January 2021

２Q

３Q

４Q １Q

２Q

３Q

４Q

１Q

２Q

３Q

４Q

１Q

２Q

３Q

４Q

2017

2018

2019

2020

* Net sales includes internal sales

Quarterly Trend in Platform Business Results

Net sales +58.8% YoY

(Millions of yen)

80

Net sales

70

60

50

40

30

20

10

Operating profit

70

0

・Number of Assign

Navi members increasing steadily owing to DX demand

(4,159 corporate members, 6,047 individual members)

・Consultant Job sales up with steady progress on structural enhancement

* Net sales includes internal sales

Factors Behind Change in Consolidated Operating Profitin FY2020

(Millions of yen)

2,200

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

Personnel expenses up due to WAKUTO Co.,

- 634

Ltd. joining and increase in salaries in conjunction with increase in employees and implementation of new personnel systemFY2019 Operating profit

Net salesPersonnel expensesRecruiting expenses

Outsourcing expenses

Commission expensesOther

*Includes work in process and amortization of goodwill

FY2020 Operating profit

Table of Contents

• 1. Overview of FY2020 Financial Results

• 2. Forecast for FY2021

• 3. Medium-Term Business Plan (2021-2024)

• 4. Reference Material

Open

2021 Forecast

(Millions of yen)

Net sales

FY2020 results

5,555

Operating profitEBITDA*Ordinary profit

Profit attributable to owners of parent

478

527

447

270

FY2021 forecast YoY changeYoY % change 7,000 1,444 + 26.0%
580	101	+ 21.2%
656	128	+ 24.3%
530	82	+ 18.5%
341	70	+ 26.1%

* EBITDA = Operating profit + depreciation + amortization of goodwill

FY2021 Consolidated Net Sales Forecast

Up 10th consecutive year

* Figures for FY2012 (11th term) to FY2014

1第1th11te期rm FY2012

1第2t1h 2te期rm 1第3t1h 3te期rm 1第4t1h 4te期rm 第15t1h5te期rm 1第6t1h 6te期rm 1第7t1h 7te期rm 1第8th18te期rm

1第9t1h9te期rm 第20t2h0te期rm

FY2021 2012年 2013年 2014年 2015年 2016年 2017年 2018年 2019年 2020年 2021年

FY2013

FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

FY2020

(13th term) are non-consolidated, and figures for FY2015 (14th term) and later are consolidated.

FY2021 Consolidated Operating Profit Forecast

Record high
July 2020
(Millions of yen)	Listing changed to 1st
700	section of TSE

• 100 77

12 01第1th11te期rm 1第2t1h 2te期rm 1第3th13te期rm 1第4th14te期rm 1第5th15te期rm 1第6th16te期rm 1第7th17te期rm 1第8t1h 8te期rm 1第9th19te期rm 2第0t2h 0te期rm

126

103

FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 2012年 2013年 2014年 2015年 2016年 2017年 2018年 2019年 2020年 2021年

* Figures for FY2012 (11th term) to FY2014

(13th term) are non-consolidated, and figures for FY2015 (14th term) and later are consolidated.

Factors Behind Change in Consolidated Operating Profitin FY2021

(Millions of yen)

2,000 1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

FY2020 Operating profit

Net salesPersonnel expensesRecruiting expenses

Outsourcing expensesAmortization of goodwill

OtherFY2021 Operating profit

FY2021 Forecasts by Segment

Professional services business

Unit: Million yen	results
Net sales	5,367
Operating profit	432
Platform business
FY2020
Unit: Million yen	results
Net sales	237
Operating profit	45
Copyright ©2021 LTS Inc. All rights reserved.

FY2020

FY2021 forecast (Initial) YoY change YoY % change 6,750 1,382 + 25.8%
530	97	+ 22.4%

FY2021 forecast (Initial) YoY change 300 62 YoY % change + 26.3%
50	4	+ 9.6%

* Net sales includes internal sales

Business Structure

Professional services businessPlatform business

ーService providedー

ーService contentsー

Consulting

Corporate reform supportDigital utilization serviceUtilization of robotics/AI in operationsBusiness process management

Visualization and improvement of management and operationsAssign Navi

Matching of IT companies, projects, and professionalsConsultant Job

Matching of projects and independent consultantsCS Clip

Matching of operating companies and DX companies

ーProfit modelー

Project-basedLong-term support-based (Steady revenue)

Membership dues + service fee-basedBeta release in July 2020

Impact of COVID-19 on Results

FYE December 2020 results

Upward revision despite COVID-19

Net sales and operating profit at record highs

Current forecast

No project cancelation or postponement

Many inquiries from new and existing customers about DX support

Customer trends

Major customers retaining their investment appetite

Continuing to monitor impact

Organizational operation

Continuing to promote digitalization of operations and services

Improvement of productivity and service quality

Customer trends can be identified quickly because of BPM services. Business process management (BPM) refers to services to support visualization/improvement of corporate customer management and operations. Being involved in project planning and management means we can find out customer investment policies early. In principle, these are annual contracts part of normal business budgets, offering steady revenue that is not as susceptible to economic cycles.

Table of Contents

• 1. Overview of FY2020 Financial Results

• 2. Forecast for FY2021

• 3. Medium-Term Business Plan (2021-2024)

• 4. Reference Material

Open

Excerpted from Medium-Term Business Plan (2021-2024)
Numerical Targets
Compound average growth rate of net sales	Operating margin
Continuing to exceed 20%	15% by 2024

2020 (results)Consolidated

Net SalesConsolidated Operating ProfitConsolidated operating margin

¥5,500 million

2021 (forecast)

¥7,000 million

⇒

2023

¥10,000 million

2024

vs FY20

¥12,000 million 2.2x

¥470 million

¥580 million

¥1,200 million

¥1,800 million 3.8x

8.6%

8.2%

12%

15% +6.4pt

Human resources

• • Promote enhancement of hiring and education and coordination of knowledge

Enhancement of hiring

•  Aim for net increase of 100 people annually across Group

•  Continue to promote hiring activities separate from M&A

Number of employees

Enhancement of education

•  Enhance educational measures with Group education system and production site initiative

•  Encourage human resources exchange (including temporary transfers) within Group and create opportunities to experience front lines of change through OJT from various angles

•  Enhance opportunities for consultant and engineer career change and produce human resources with both consulting and engineering skills

Individual skills

Coordination of knowledge

•  Establish special organization for coordinating knowledge within Group

•  Reorganize knowledge, redesign education system, and enhance structure

Organizational ability

Customers

• • Promote strengthening of relationships with progressive companies, expansion of area, industry-academia collaboration, and services for municipalities

Strengthening of relationships with progressive companies

•  Further strengthen relationships with progressive companies with strong intent to change through the provision of LTS Group services

Expansion of area

•  Enhance structure in Chubu (Shizuoka and Aichi) and Kansai (Osaka and Kyoto) and expand area

•  Engage in full-scale service provision in Asia and globally (coordination with FPT)

Promotion of industry-academia collaboration and services for municipalities and SMEs

•  Implement industry-academia collaboration involving customers and research institutes

•  Actively roll out services for municipalities and SMEs

Service development

Customer base

Customer base

Service development

Brand improvement

• • LTS provides support services for introducing RPA at SEVEN-ELEVEN JAPAN: Work hours reduced approximately 80% via support for promoting DX utilizing RPA (January 7, 2021)

• • Saved 1,858 man-hours via support for introducing RPA at SHIZUOKA TOYOPET: Launched RPA development team that utilizes latest technology (June 3, 2019)

• • Notice of establishment of joint venture with FPT Japan Holdings Co., Ltd. (July 18, 2019)

*Related IR news (release date)

• • Launched consulting service for strategic and business planning aimed at utilizing satellite data business: Possibilities of new data utilization taking advantage of published big data (June 12, 2019)

• • Notice of order received from subsidiary Wakuto's outsourcing business in Hiroshima

  Support for management and operations of AI/IoT demonstration platform business (new normal proposal) (December 1, 2020)

Group management

• • Promote increased value and streamlining of each business by strengthening group management

Creation of synergy

•  Optimize sales personnel, improve unit prices, and expand support topics by cultivating customers and acquiring projects utilizing Group assets

  Enhancement of corporate functions

  •  Balance improving functions with optimizing costs by communizing the management functions of group companies

•  Increase project delivery across the Group and further promote the provision of value as an all-around team

•  Establish new work styles and improve productivity by strengthening the Group's IT infrastructure and relocating offices

Increasing value

Streamlining

Increasing value

Streamlining

Platforms

• • Maintain investment level in 2021 and 2022 and move to profit increasing phase in 2023

Investment and development of current servicesand growth of profits

Contribution to Group as a whole

20220121年 （(F見or通ecしas）t)

20220200年

2022022年 （(F見or通ecしas）t)

売Ne上t s高ale（s 百(m万illi円on）yen)

利Pr益ofi（t (m百il万lion円y）en)

20220323年 （(F見or通ecしas）t)

•  Provision of independent consultants to Professional Services

•  Provision of information on excellent IT/DX companies to Professional Services

•  Reference for companies considering M&A using member base and various data

2022042年4 （(F見or通ecしas）t)

Aiming for further growth

• • Look into growth investments for achieving long-term goals while steadily implementing the Medium-Term Business Plan

Net Sales

¥50,000 million

2020

2024

2030

Return to shareholders

• • Prioritize investment for business growth in the aim of becoming a company recognized in prime markets

Return to shareholders through improvementDividend policy in growth process

of corporate value

•  The LTS Group is in the process of growing and will prioritize growth investments for expanding and increasing the efficiency of its business while ensuring adequate internal reserves in preparation for unforeseen circumstances and stabilizing the management foundation

•  In principle, the policy is to not provide dividends until the LTS Group has grown to a certain size and established a stable growth trajectory

•  Work on expanding the size of the company and increasing profitability by actively investing in growth domains and increase corporate value by improving business results

•  Work on maximizing shareholder profits through the improvement of total shareholder return (TSR) while taking into account the balance between strategic investments for growth and shareholder return

*TSR(%) = (Dividend per share + increase in share price) / Initial share price

ESG investments/SDG initiatives

• • We believe that it is necessary to fulfill our social responsibility by building better relationships with customers, employees, shareholders, local communities, and the global environment.

• • As a member of society, we will contribute to solutions to social problems to achieve a sustainable society together with everyone and engage in activities to remain an excellent company that creates new value.

Contribution to solutions to social problems

Continued existence as an excellent company that creates new value

Introduction of activities for contributing to solutions to social problems

Introduction of activities for remaining an excellent companythat creates new value

Diversity & gender equality

Health management

Development of rewarding workplaces

Aiming to obtain certification under Health &

Productivity Management Outstanding Organizations Recognition Program

Corporate governance structure

• • We consider strengthening of corporate governance to be an important management issue and are working on the necessary measures in order to expand our corporate value, ensure our continued existence, and contribute to society.

General Meeting of Shareholders

Efforts to date

•  Transition to company with audit and supervisory committee

•  Increased number of outside directors

•  Establishment of Nominating and Compensation Committee

•  Disclosure of summaries of financial results and briefing material in English

Themes being considered for future efforts

•  Analysis and evaluation of effectiveness of Board of Directors utilizing third-party agency

•  Ensuring of diversity of Board of Directors

•  Establishment and implementation of succession plan for chief executive officer

Table of Contents

• 1. Overview of FY2020 Financial Results

• 2. Forecast for FY2021

• 3. Medium-Term Business Plan (2021-2024)

• 4. Reference Material

Open

Overview of LTS, Inc.

Representative:	Hiroaki Kabashima, President and CEO
Foundation:	March 2002
Capital:	¥529,020,600 (As of December 31, 2020)
Address:	KDX Shinjuku 286 Building 4F, 2-8-6 Shinjuku Shinjuku-ku, Tokyo, 160-0022, Japan
Number of employees:	276 non-consolidated / 323 consolidated (As of December 31, 2020)
Services:	Professional services business
Platform business
Subsidiaries:	Assign Navi, Inc.
LTS ASIA CO., LIMITED (Hong Kong)
(As of December 31, 2020)
WAKUTO Co., Ltd.
IoToI Japan Inc.
SOFTEC Co., Ltd. *Included in scope of consolidation starting in 1Q 2021
Group company:	FPT CONSULTING JAPAN CO., LTD.
(As of December 31, 2020)
Memberships:	Japan Users Association of Information Systems
Japan Institute of Information Technology
(As of December 31, 2020)
Project Management Institute Japan Chapter
The Open Group
Shizuoka Information Industry Association
Hamamatsu Software / Contents Industry Association
Copyright ©2021 LTS Inc. All rights reserved.

Directors

President and CEO	1998	Joined ING Life Insurance Co., Ltd.
(Now NN Life Insurance Company, Ltd.)
Hiroaki	2000	Joined IQ3 Inc.
2001	Joined Learning Technology Consulting Inc.
Kabashima	2002	Founding director of the Company
2002	President and CEO of the Company
Graduated Keio University	2019	Representative Director of Assign Navi, Inc.
Director	2009	Joined Finchjapan Co., Ltd.
2011	Joined the Company
Yu	2017	Head of Business Development & Insights of the
Company
Kamemoto	2018	Executive Officer and Head of Business Development &
Insights of the Company
Graduated Keio University	2019	Director, Executive Officer and Head of Strategy &
Insights of the Company
2020	Director of IoToI Japan Inc.
Director	1999	Joined Andersen Consulting Ltd.
(Now Accenture Japan Ltd.)
Atsushi	2000	Joined IQ3 Inc.
2001	Joined Learning Technology Consulting Inc.
Tsukahara	2002	Founding director of the Company
2005	Resigned as director, joined the Company
Graduated Tsukuba	2014	Head of EA-IT Business Unit of the Company
University	2015	Executive Officer and Assistant to Business
Consulting Division of the Company
2018	Executive Officer and Head of ICT Engineering
Department of the Company
2020	Director, Executive Officer and Head of ICT
Engineering Department of the Company
President and Representative Director of

SOFTEC Co., Ltd.

Executive Vice President

Sungil Lee

Graduated

The University of Tokyo

Director

Ryosuke Ueno

Graduated Tsukuba University and Advanced Institute of Industrial Technology

• 1998 Joined Andersen Consulting Ltd. (Now Accenture Japan Ltd.)

• 2000 Joined IQ3 Inc.

• 2001 Joined Learning Technology Consulting Inc.

• 2002 Founding director of the Company

• 2005 Executive Vice President of the Company

• 2008 Joined the Company

• 2017 Head of Business Consulting Division II of the Company

• 2018 Executive Officer and Head of Business Consulting Division II of the Company

• 2019 Director, Executive Officer and Head of Business Consulting Division II of the Company

Directors

Outside Director	Outside Director	Outside Director
(Audit and Supervisory Committee Member)	(Audit and Supervisory Committee Member)	(Audit and Supervisory Committee Member)
Fumio Takemura	Toshio Awata	Naoki Takahashi

• 1973 Joined IBM Japan, Ltd.

• 2004 Executive Officer of IBM Japan, Ltd.

• 2007 Senior Managing Director of IBM Japan Services Company Ltd.

• 2008 President and Representative Director of JAL Information Technology Co., Ltd.

• 2011 Advisor to IBM Japan, Ltd.

• 2014 Adjunct Lecturer at Tokyo City University Faculty of Knowledge Engineering

• 2018 Statutory Auditor of the Company

• 2019 Outside Director of the Company (Audit and Supervisory Committee Member)

1972

Joined MITSUI & CO., LTD.

• 2007 Managing Executive Officer and President of Chubu Office of MITSUI & CO., LTD.

• 2015 Auditor of the Company

• 2019 Outside Director of the Company (Audit and Supervisory Committee Member)

• 1985 Joined Nissan Motor Co., Ltd.

• 1993 Licensed as an attorney at law in New York, USA

• 1995 Joined Tokyo Office of White & Case LLP

• 2001 Joined American International Group, Inc.

• 2009 Director and Managing Executive Officer of AIG Japan Holdings

  Kabushiki Kaisha

• 2016 Auditor of the Company

• 2019 Outside Director of the Company

  (Audit and Supervisory Committee Member)

2020

Auditor of IoToI Japan Inc.

FY2020 Consolidated Balance Sheet

End of
(Millions of yen)	FY2019
2,161
Current assets
(Cash and deposits)	1,385
Non-current assets	290
Total assets	2,451
Current liabilities	894
(Income taxes payable)	87
54
Non-current liabilities
1,503
Net assets
Copyright ©2021 LTS Inc. All rights reserved.

FY2020 Change 3,707 + 1,545
2,682	+ 1,297
590	+ 300
4,297	+ 1,845
1,581	+ 687
149	+ 61
983	+ 929
1,732	+ 228

Characteristics of Professional Services Business

Business model

Consulting and digital utilization service

Business process management

Uniqueness/strengths

Seizing opportunities for progressive projects and acquiring ability to attract new customers

Major customers (of 10 years or more)

• • ITOCHU Corporation

• • ORIX Corporation

• • Kirin Holdings Company, Limited

• • Yazaki Corporation

• • DIC Corporation

• • Nissan Motor Co, Ltd.

Major themes

• • Comprehensive DX support

• • Introduction of task performing robots utilizing AI and RPA

• • Support for implementing corporate reform

• • Work style reform including promotion of telecommuting

New customers (2017-2020)

• • Suzuyo System Technology Co., Ltd.

• • SEVEN-ELEVEN JAPAN CO., LTD.

• • Yamaha Motor Co., Ltd.

• • The Nisshin OilliO Group, Ltd.

• • Megabanks, and others

List of Customers

Trade/Retail

ITOCHU Corporation Inabata & Co., Ltd. SEVEN-ELEVEN JAPAN CO., LTD. Mitsubishi Corporation

Mitsubishi Shokuhin Co., Ltd. Metal One Corporation

Energy

i BUSINESS PARTNERS Corp. (Idemitsu Kosan Group) Idemitsu Kosan Co., Ltd.

SHOWA SHELL SEKIYU K. K. Taiyo Oil Company, Limited

TOKYO GAS i NET CORP. (TOKYO GAS Group) Tokyo Gas Co., Ltd.

Tokyo Gas Urban Development Co., Ltd. (TOKYO GAS Group)

Tokyo Gas Auto Service Co, Ltd. (TOKYO GAS Group)

Plant Engineering

Chiyoda Corporation

Manufacturing

IHI Corporation ISHIDA TEC Co., Ltd.

Oki Electric Industry Co., Ltd. Canon Software Inc. (Canon Group)

Canon Business Support Inc. (Canon Group) KOKUYO Co., Ltd.

GE Healthcare Japan Corporation Siemens Japan KK

NIPPON STEEL & SUMITOMO METAL CORPORATION (Now: NIPPON STEEL CORPORATION)

TATSUNO Corporation

DIC Corporation

NEC Corporation BANDAI CO., LTD.

Hitachi Solutions, Ltd. (Hitachi Group) FUSO Corporation

Yamaha Motor Co., Ltd.

Transportation

JALPAK Co., Ltd. (JAL Group)

Japan Airlines Co., Ltd. (JAL)

West Japan Railway Company (JR WEST)

East Japan Railway Company (JR EAST)

Automotive

SHIZUOKA TOYOPET CO., LTD. Nissan Motor Co., Ltd.

Nissan Buhin Chuo Sales Co., Ltd. Yazaki Corporation

Food/Restaurant/Agriculture/Medical/Pharmaceutical

KIRIN BUSINESS SYSTEM COMPANY, LIMITED The Nisshin OilliO Group, Ltd.

Japan Tobacco Inc.

JAPAN NUTRITION Co., Ltd. (ITOCHU Group) NIHON CHOUZAI Co., Ltd.

NH Foods Ltd.

ROYAL HOLDINGS Co., Ltd.

Service

NTT Communications Corporation

The Board Director Training Institute of Japan KOSAIDO Co., Ltd.

Jiji Press Ltd.

Sony Network Communications Inc. Technology Networks Inc. (J: COM Group) TV Asahi Corporation

JAPAN POST HOLDINGS Co., Ltd. JAPAN POST Co., Ltd. famima.com Co., Ltd.

Benesse Corporation MonotaRO Co., Ltd. Yuko Yuko Co., Ltd. Recruit Jobs Co., Ltd. Relia, Inc.

Financial/Securities/Insurance

Aioi Nissay Dowa Insurance Co., Ltd. ORIX Corporation

ORIX Business Center Okinawa Corporation SUMITOMO LIFE INSURANCE COMPANY Nisshin Fire & Marine Insurance Co., Ltd. Mitsui Life Insurance Company Limited

Government

Ministry of Economy, Trade and Industry Shizuoka City Hall

Ministry of Internal Affairs and Communications

Consulting/IT

(KIRIN Group)

ABeam Consulting Ltd.

ITOCHU Techno-Solutions Corporation (ITOCHU Group)

SAP Japan Co., Ltd. EDISON CO., LTD.

NEC Networks & System Integration Corporation CRESCO LTD.

JFE Systems, Inc. SIGMAXYZ Inc.

Suzuyo System Technology Co., Ltd. IBM Japan, Ltd.

IBM Japan Services Company Ltd. Oracle Corporation Japan

Tata Consultancy Services Japan Limited Hewlett-Packard Japan, Ltd.

Microsoft Japan Co., Ltd. PricewaterhouseCoopers LLP

MARUBENI INFORMATION SYSTEMS CO., LTD. (MARUBENI Group)

• • Company names published with permission (hiragana order by industry; some not listed).

Disclaimer and Note

 Disclaimer

•  LTS, Inc. ("the Company") provides financial information, management indicators, and other information only as a reference. No representations or warranties are made, express or implied, with regard to the content herein.

•  The Company prepared this material using current generally known information about social and economic conditions and certain assumptions that we deemed to be reasonable. The information found in this material is subject to change without notice due to changes in business conditions or for other reasons.

 Note on Forward-Looking Statements

•  The material and information provided with this announcement contain forward-looking statements. These forward-looking statements are based on current expectations, forecasts, and assumptions that are subject to risks and include uncertainties, which may cause actual results to differ substantially from these statements.

•  These risks and uncertainties include general industry and market conditions as well as general Japanese and international economic conditions such as changes in interest rates and exchange rates.

•  The Company has no obligation to update or correct the forward-looking statements contained in this material, regardless of any new information, future events, etc.

End of File