Needs Well : Financial Results for the Third Quarter of Fiscal Year 2020

Tokyo Stock Exchange First Section：Securities Code 3992

Needs Well Inc.

Financial Results

for the Third Quarter of Fiscal Year 2020 (October 20１９ - June 2020)

August 21, 2020

１． 2020/09 3Q Financial report summary

２． 2020/09 Forecasts

３． Growth Strategy

４． Action plans of growth strategy

５． Reference

FY2020/9 3Q Financial Results	2

1) Summary

3Q result slumped slightly

due to the negative impact of COVID-19

Net Sales

With ｔemporary waiting, cancellation and postponement

of projectｓ 99.5% year-on-year

Ordinary Profit Due to decrease in sales 91.5% year-on-year

■ ■ １Q ■ ■ ２Q ■ ■ ３Q Unit: million yen

			Net sales				Ordinary profit
	4500								400
	4000								350
	3500		1,373			1,268			300		104			71
	3000
								250
	2500		1,382			1,391				155			174
						200
	2000
								150
	1500
	1000		1,341			1,418			100
						110
	500								50				92
	0								0
	FY'19/9 3Q	FY'20/9 3Q	FY'19/9 3Q	FY'20/9 3Q

FY2020/9 3Q Financial Results	3

２) Performance rate

Performance is expected to improve

by activating new graduates

• 3Q Actual Performance rate FY20 plan (Unit: million yen)

Net sales

Operating Profit

Ordinary Profit

Profit

						5550
4,078 Progress rate73.5%
337 Progress rate65.5%				５１５
339 Progress rate66.5%				5１0
231 Progress rate66.3%				3４9

• Sales by the service lineup

Solution/ Products etc., 224

Embedded		(5.5%)
systems, 239
(5.9%)
Infrastructure	Net sales
4,078
services, 403
(9.9%)
Business Systems SI, 3,210
	(78.7%)	（Unit: million yen）

■ Business Systems SI

Temporary waiting and postponement occurred for some projects. 99.1% year-on-year.

■ Infrastructure services

Continue development relatively stably. 101.1% year-on-year

■ Embedded systems

Orders for manufacturing projects decreased. 83.6% year-on-year

■ Solution/ Products etc.

Expanded AI solution lineup. The various cooperation functions provided by leveraging the strengths of software development are well received. 131.6% year-on-year

FY2020/9 3Q Financial Results	4

3） Analysis of operating profit fluctuation factors

Earnings declined reflecting upfront investment to

increased new graduates

■ Gain ■ Loss Unit： million yen

３７５

337

Gross Profit
decreased due		Decrease due to upfront
to the spread of
	investment
the COVID-19
	(Increase in new
		graduates, etc.)

Profit decreased due to temporal expenses for HQ moving and Nagasaki development center opening

▲10.1% year on year

Thorough cost reduction

FY19/９ 3Q Operating Profit

FY20/９ 3Q Operating Profit

FY2020/9 3Q Financial Results	5

4） Profit & loss results

Ordinary income ratio 8.3% (Still at high level)

Sales fell short of the initial forecast, while Upfront investment remains at the initial forecast level to secure Needswell's future growth.

		FY19/9 3Q		FY20/09 3Q
		Result	Net sales	Result	Net sales ratio	Year
	Millions of JPY	ratio	on year
	Net sales	4,097	-	4,078	-	99.5%
	Business Systems SI	3,240	79.1%	3,210	78.7%	99.1%
	Infrastructure services	399	9.7%	403	9.9%	101.1%
	Embedded systems	286	7.0%	239	5.9%	83.6%
	Solutions / Products etc.	170	4.2%	224	5.5%	131.6%
	Gross profit	970	23.7%	950	23.3%	97.9%
	SG&A expenses	595	14.5%	613	15.0%	102.9%
	Temporary cost	0	0.0%	24	0.6%	ー
	Others	595	14.5%	588	14.4%	98.7%
	Operating profit	375	9.2%	337	8.3%	89.9%
	Non-operating profit	0	0.0%	2	0.1%	14331.2%
	Non-operating expenses	4	0.1%	0	0.0%	3.7%
	Ordinary profit	370	9.1%	339	8.3%	91.5%
	Profit	255	6.2%	231	5.7%	90.8%

FY2020/9 3Q Financial Results	6

5） Balance sheet results

				Sep 30,2019	Jul. 30,2020
							Continuous stable financial structure
	Millions of JPY	Result	Result	Year on Year
			Cash and deposits	1,548	1,735	186				Equity ratio at	７1．2％
			Accounts receivable	705	665	-39
			Prepaid expenses	47	44	-2
		Total current assets	2,326	2,476	149				Assets
	Assets
		Software	65	53	-11				Unit: million yen
			Investment securities	0	70	70
			Deferred tax assets	102	143	40
								Current
			Leasehold and guarantee
			85	86	0				Current		Assets
			deposits				Assets
			Insurance funds	76	76	0					2,476
						2,326
											Non-
		Total non-current assets	361	479	118
					Non-current	current
	Total assets	2,688	2,956	268				Assets		Assets
			Accounts payable	146	106	-40				361		479
			Payable	128	133	5
	Liabilities					End of FY2019	End of FY2020/09 3Q
		Income taxes payable	100	86	-13
			Provision for bonuses	241	138	-102
						Liability. Net Assets
		Total current liabilities	714	851	136
												Unit： million yen
		Total non-current liabilities	0	0	0
				Current		Current
											Liabilities
	Total liabilities	714	851	136				Liabilities
								714		851
		Share capital	414	414	0
	Net assets
	Legal capital surplus	270	271	0						Net Assets
		Retained earnings brought							Net Assets
		1,287	1,40４	117						2,105
		forward			1,973
		Valuation difference on	0	13	13
		available-for-sales securities
	Total net assets	1,973	2,105	131
			End of FY2019/09	End of FY2020/09 3Q
	Total liabilities and net assets	2,688	2,956	268

FY2020/9 3Q Financial Results	7

１． 2020/09 3Q Financial report summary

２． 2020/09 Forecasts

３． Growth Strategy

４． Action plans of growth strategy

５． Reference

FY2020/9 3Q Financial Results	8

１） Earnings forecast①

Despite the downward revision of sales and profit forecast

due to the spread of COVID-19

9 consecutive - year increase in sales and earnings is projected

Net Sales

Operationg Profit

Ordinary Profit

Profit

FY20/09 Forecast

FY19/09 Performance

515 （+１．４％）

508

510 （+１．０％）

505

349 (+0.５％）

347

FY20/09

Unit: million yen

5,550（+0.6％）

5,517

Operating Profit 9.3%

Ordinary Profit 9.2％

Profit ６．３％

FY19/09

FY2020/9 3Q Financial Results	9

１） Earnings forecast②

Continuous growth of IT investment demand is expected in the medium to long term, despite the currently stagnated

achievements

Current situation

NeedsWell aims to win orders and improve profitability.

• Shift from the Resident type to the Remote type

-Promote development at the headquarters and nearshore base in Nagasaki

• Shift sales activities from face-to-face to via-online such as web conference
• Enhancement of product lineup of new solutions
• Expand business domain by developing systems for the logistics industry

After-Corona/With Corona Growth Strategy

Investment

for future growth

NeedsWell responds to development of projects that increase with the recovery of domestic demand.

• Secure excellent human resources and train with existing employees

Other efforts	NeedsWell considers dynamically.

• Research and development of solutions utilizing AI technology
• Search for target companies to proactively pursue M&A growth

FY2020/9 3Q Financial Results	10

２） Dividends and shareholder returns

The dividend forecast remains unchanged

Dividend per share

Increase by +2.50 yen from the previous year

Annual dividend forecast 16.00 yen/per share Payout ratio 38.9％

18.00 yen								45％
						16.00 yen
16.00									40
				13.50
14.00								35
	12.50	12.50			38.9
				％
12.00		30.6	32.2	32.8				30
10.00									25
8.00									20
6.00									15
4.00									10
2.00									5
0.00									0
		FY17/09		FY18/09	FY19/09	FY20/09
Annual dividend per share		Dividend(yen)	Payout Ratio(%)	(Projection) Payout Ratio

• The company conducted stock split on 12th May 2017 at a ratio of 100 shares per share, the company conducted stock split on 1st April 2018 at a ratio of 2 shares per share, the company conducted stock split on 1st January 2019 at a ratio of 2 shares per share. The past annual dividend per share has been adjusted for any stock splits retrospectively.

FY2020/9 3Q Financial Results	11

１． 2020/09 3Q Financial report summary

２． 2020/09 Forecasts

３． Growth Strategy

４． Action plans of growth strategy

５． Reference

FY2020/9 3Q Financial Results	12

１） Management philosophy

Extensive Contribution to the Society

Night view from Mt.Inasa, Nagasaki

FY2020/9 3Q Financial Results	13

２） Growth track

					Aug 2019 Started AI business
					Jun 2019 Tokyo Stock Exchange First Section
			Sales		Oct 2017 Started Solution Business
			Number of personal		Jun 2018 Tokyo Stock Exchange Second Section
					Sep 2017 JASDAQ-IPO

Apr 2013 Started developing embedded system

Oct 2012 Started infrastructure services, transaction with leading telecommunication carriers

Apr 2005 Started transaction with leading hotels

Apr 1998 Started transaction with leading insurance company

Aug 1992 Started

developing Business System SI

538

employees

2019/09

Establish

-ed

Oct 1986	▲
Started business consulting	2020/09

FY2020/9 3Q Financial Results	14

３） Fundamental policy

Transformation of business style

from personnel dispatching to

System integration

FY2020/9 3Q Financial Results	15

4) Targets

"2010 Growth"

Sales Growth Ratio ２０％ Ordinary Profit Margin １０％

"2510 Management Structure"

Gross Profit Ratio	２５％
SG&A expenses rate	１０％

2019/09

Near

Target future

Market	25 bil JPY
capitalization
Liquidity-	10 bil JPY
capitalizationmarket
Net	10 bil JPY
Sales

Dispatch business ▶▶▶ System Integration Business

FY2020/9 3Q Financial Results	16

５） Strength

Source of NeedsWell's strength 3 superiorities

• High level of finance system SI ability

50% of sales of NeedsWell's main business system development are for finance sector.

NeedsWell has successfully achieved many system development projects in insurance, bank, and credit card companies.

• More than 50% of direct sales ratio

More than 50% of sales are direct sales to end-users such as life insurance companies / leading hotels / telecommunication carriers.

High quality system development

Knowledge accumulated with more than 20 years of system development experiences

• High ability to propose and provide solutions

NeedsWell provides the most suitable solution service for the customers' business purposes such as 5G, AI, RPA, Remote work.

Wide range of

business field / technical experiences

More than 300 company trade records

FY2020/9 3Q Financial Results	17

6) Growth strategy

6 Key Focus Points

1 Improvement of corporate value

2 Establishment of business foundation

3 Expansion of solution business

4 Increase in direct sales to end-users

5 Launching of AI business

6 Establishment of nearshore development

FY2020/9 3Q Financial Results	18

6) Growth strategy

1. Improve corporate value -1-

Various approaches to improve corporate value

- Institutional investor		Capital	- Public offering
- Individual investors
IR	- Issue of new shares
- Media
policy	- Buyback
- Promotes CI, VI		- M&A

CI: Corporate Identity

VI: Visual Identity

Perfor-	Advancement	Sustain-
mance	of corporate	ability
value

Future Goals

• Sales growth rate 20%
• Ordinary profit margin10%
• Gross profit margin 25%
• SG&A expenses rate 10%
• Net sales 10 billion JPY

• ESG, SDGs
• Corporate governance

FY2020/9 3Q Financial Results	19

6) Growth strategy

1. Improve corporate value -2-

Aggressive alliances

and acquisitions to leverage NeedsWell's strength

Actively pursue alliances and M&A with high synergies to increase corporate value and expand business

Policy

Purpose

Scheme

Collaborate with counter parties, grow and prosper together

Acquire new technologies, customers, and trade regions to strengthen NeedsWell's capability and brands

Secure development staff as a nearshore foothold

Business alliance, Capital alliance, Acquisition, etc.

FY2020/9 3Q Financial Results	20

６） Growth strategy

２．Establishment of business foundation

Establish business foundation to support continuous growth

Business Systems SI

・Accumulate financial business knowledge

・Develop highly skilled technician who can participate in upstream process

Expanding of financial field

Infrastructure services	Winning
	orders for
・Coordination with Business Systems SI	large scale

Embedded systemsWinning

・Specialized in automobile and	orders for
specialized
medical equipment
field

FY2020/9 3Q Financial Results	21

６） Growth strategy

３．Expanding solution business①

Best Solutions for Customers

• Solutions for securing information

Information security measures that will become more important with arrival of 5G and

Remote work

Disarmer

• Solutions for efficient operation

Web Isolation

Promote work style reforming and resolve labor shortages by RPA and cloud Automates routine work and streamlines telework

Short time implementation

Speed EA service

Automate invoice entry

Invoice PAservice

• Solutions utilizing AI

Assist for the DX(Digital Transformation) by AI technology

FY2020/9 3Q Financial Results	22

６） Growth strategy

3．Expansion of solution business②

Cut the introduction period in half！

Speed EA service

The full service of introducing Concur Expense for your company takes 7 months.

NeedsWell provides the original installation package service

Speed Expense Assist (Speed EA)

that packages only what is required to start operating Concur Expense and realizes installation in a minimum of 3 months

introduction period

Minimize requirements definition and test process by using templates.

Minimum 3 months

Operation

• Accelerate operation and maximize utilization efficiency of first year license.
• Firm support for 3 months after operation. Brush up while operation.

Standard introduction: 7 months minimum

Operation

FY2020/9 3Q Financial Results	23

６） Growth strategy

3．Expansion of solution business③

Automate invoice input work with AI Invoice PA service

Before introduction

Scan invoices one by one

The operator manually inputs

the payment information

Managed by Concur Invoice

Just scan the

invoices！

Labor saving！

Managed by Concur Invoice

After introduction

Image/character

recognition AI engine

(AI-OCR) reads

automatically

↓

AI determines type of

invoice statement

↓

Automatic registration in Concur Invoice

• Scheduled to be available Oct 2020
• Concur Invoice is SAP® Concur®
  Invoice management system provided

FY2020/9 3Q Financial Results	24

６） Growth strategy

４．Increase in direct sales with end users

Stabilize orders, Improve revenue

and Expand end-user ratio to over 50％

① Maintain and expand existing users	Sales composition
・Secure of repeat customers	ratio End-user ratio
・Develop highly skilled engineers and
expand their expertise
・Develop new work fields

② Cultivation of new users		60％
・Cross expansion by introducing development
experiences and business knowledge	55%
③ Expanding solution business	2019	Future

• Focusing on solution business that shows high ratio in sales to the end-users

FY2020/9 3Q Financial Results	25

６） Growth strategy

５．Launching of AI business

NeedsWell is developing an original brand

for AI solutions which assists the DX（Digital Transformation）,

named " Work AI "

For finance sector		For public		For manufacturing
	infrastructure		industry
For distribution
	For		For other industry
service		telecommunications

First solution of Work AI (sales start on April 9, 2020).

Speak Analyzer analyzes and evaluates business talks of sales staff,

call-center operators, and so on, compares them to the best talk model and clarifies the user's issues. Easy to use in telework.

A model that can analyze facial expressions and emotions will be developed.

FY2020/9 3Q Financial Results	26

６） Growth strategy

６．Establishment of near shore development

Nagasaki Development Center, opened in Oct 2019,

will have 100staff by September 2024

Promote hiring newly grads/ U-turn workers in Nagasaki, and acquire highly competent personnel who seek local employment.

To overcome the lost opportunities caused by the shortage of personnel ｎear shore development

FY2020/9 3Q Financial Results	27

１． 2020/09 3Q Financial report summary

２． 2020/09 Forecasts

３． Growth Strategy

４． Action plans of growth strategy

５． Reference

FY2020/9 3Q Financial Results	28

１） Human resource development

Promoting work style reformation, increase skills and motivation

Utilize various system and tools to develop human resource

Work style reformation

Promote		Premium		Overtime				BPR		Remote-
paid			target 20		Utilize RPA
	Friday				system		work
holidays			hours

Skill improvement

Trainings		Trainings				Qualificati		Operation
for new		for the		ｅLearning		on		improveme		NeedsWell
hire/new		manageme			Promoting		nt		conference
employees		nt				System		committee

Motivation Improvement

Shuffle Mentor Leader President's appointing Special

meeting systemPrize system

FY2020/9 3Q Financial Results	29

２） ESG/SDGｓ

1. Initiatives directly linked to business

In order to realize "Extensive Contribution to the Society",

Aiming for sustainable management with a business strategy that

incorporates SDGs, ESG, and CSR perspectives

Near Shore Development Promotion: Nagasaki Development Center to be 100 staff by 2024

Promote development by committing to QCD with a remote development system utilizing nearshore.

NeedsWell aims to have 100 staff in the Nagasaki Development Center by 2024 and contribute to the creation of a prosperous, industrial bases, technological innovation, and employment by utilizing excellent local human resources.

Development of new solution to assist DX

By building a platform using AI technology, providing a system, analyzing data, and labor saving realized by RPA cooperation, NeedsWell assists client companies in the realization and promotion of DX .

We will contribute to building the industrial base of the digital society.

Collaboration with partner companies

In March 2020, NeedsWell entered into a core partner agreement with Meiji Yasuda Life Insurance Company ・ Meiji Yasuda System Technology Limited for the purpose of building a strong partner relationship for the future and maintaining long-term development engineers.

FY2020/9 3Q Financial Results	30

２） ESG/SDGｓ

２． Initiatives supported by systems and activities①

Promotion of Remote working

In response to the voices of NeedsWell's employees, we have introduced a work-at-home system for the employees who are working shorter hours for childcare and/or on childcare/family care leave.

Reduction of commuting load

reduces infection risk, stress, and fatigue of employees

Working at home

promotes women's success by reducing the hurdles for both men and women to balance home and work

Utilization of web conference

promotes paperless and protects forest resources

From April 2020, as a countermeasure for Covid-19,

NeedsWell is introducing our solution products related to remote work at home and providing them to customers.

Shut out unauthorized connections to remote work environments

Improve your business talk skills through remote training. AI feeds back weak points

Automates simple tasks and routine tasks by RPA. Improves work efficiency of telework

Settle expenses and manage invoices anytime, anywhere in the cloud

FY2020/9 3Q Financial Results	31

２） ESG/SDGｓ

２． Initiatives supported by systems and activities②

Promotion of diversity and gender equality

20% of NeedsWell's employees are female, compared to ±10% in IT industry. We foster the corporate culture to enable and encourage long-term employment of female workers through changes of their life stage such as marriage, childbirth and child raising. Almost all of NeedsWell's female employees return to work after giving birth and utilize time-saving and/or telework system.

Director	New graduate	employees		Management

1７%	50%	２０%	６%
					Target : 30%
	■ Female	■ Male

In April 2020, at the "Nagasaki Women's Achievement Promotion Council", NeedsWell made voluntary declaration for the active participation of women. We will support women so that they can play an active role.

・Female managers ratio : 30% or more

・Female employee ratio : 30% or more

・Overtime hours of all employees : Within 20 hours on average

・Promote remote work to make it easier for employees on childcare leave to return and realize flexible working styles

FY2020/9 3Q Financial Results	32

２） ESG/SDGｓ

２． Initiatives supported by systems and activities③

Sport promotion support

NeedsWell concluded a sponsorship contract with Soccer J League V. VAREN Nagasaki. We support the promotion of sports culture and revitalization of the region.

©２００５ VVN

©２０１８ VVN

IT education・ IT promotion by utilizing AI

NeedsWell holds an AI experience seminar for students offering a program to experience the appealing aspects of AI.

Support of regional revitalization projects

NeedsWell is supporting the "Human resource development for young people who will bear the future of the region" project that Nagasaki Prefecture is working on.

Reduction of electricity and paper usage

EGS members appointed from each department are engaging in enlightening and fostering eco-consciousness of employees.

Highly transparent governance system

In order to establish a more transparent and fair corporate system, NeedsWell is constantly evaluating and reviewing NeedsWell's governance system.

FY2020/9 3Q Financial Results	33

１． 2020/09 3Q Financial report summary

２． 2020/09 Forecasts

３． Growth Strategy

４． Action plans of growth strategy

５． Reference

FY2020/9 3Q Financial Results	34

１） Company profile

※ As of September 30, 2019

Company Name

Needs Well Inc

Head Office

13F, New Otani Garden Court, 4-1Kioi-cho,Chiyoda-ku, Tokyo, 102-0094 Japan

Office

- Shinjuku Office : 5F, South Tower, 13-15Tomihisa-cho,Shinjuku-ku, Tokyo, 162-0067 Japan

- Nagasaki Office: 5F, Meijiyasudaseimei Nagasakikozenmachi building, 2-21Kozen-machi,

Nagasaki-shi, Nagasaki, 850-0032 Japan

Contact

TEL: [phone]

FAX: [phone] URL: https://www.needswell.com

Representative

President and CEO

Kozo Funatsu

Established

October 1, 1986

Stock Listing

Tokyo Stock Exchange, 1st Section (3992)

Paid-in Capital *

414 million JPY

Net sales *

5,517 million JPY

Number of Employees *

538

Qualification

Worker dispatch business

ISO27001 (ISMS) Certified

Privacy mark

ISO9001 (QMS) Certified

Board of Directors *

President and CEO

Kozo Funatsu

Audit & Supervisory

Executive Director

Takeshi Tsukada

Board Member

Kazuhiko Kato

Executive Director

Nobumasa Goto

Audit & Supervisory

Director

Hiromi Kimura

Board Member

Toshio Yamamoto

E

I

Director

Hiroki Yanagawa

E

I

Audit & Supervisory

Director

Hideaki Sakaue

Board Member

Yuji Dai

E

I

E

Audit & Supervisory

E ：External officer

Board Member

Kotaro Niwa

E

I ：Independent officer

FY2020/9 3Q Financial Results	35

２） Business scope

NeedsWell's 4 services

Business Systems

SI

Finance

Distribution・Service

Infrastructure

Communication

Web

Car・

Medical Equipment

Solutions /

Products etc.

Information security solution

Solutions for operation efficiency

AI

	Infrastructure
IT Platform	services

Embedded systems

FY2020/9 3Q Financial Results	36

３）Business system diagram

ClientsNeedsWell

Business

Direct transaction※ systems

SI

Subcontractor

/Supplier

user-End

System Integrator

Infra-

structure

services

Embedded

systems

Partner

Company

Supplier

Manufactur -er

Solutions /

Products

etc.

Order

Provision of services and products

• High level of direct transactions with end-users. For 55% of transactions.

FY2020/9 3Q Financial Results	37

4） Business results ①

Net sales

Unit: million yen

	2016	2017	2018	2019	2020
		１Q			1,217	1,341	1,418
		２Q			2,470	2,724	2,809
		３Q		3,801	3,739	4,097	4,078
		Total	4,586	5,063	5,140	5,517

Ordinary profit

Unit: million yen

	2016	2017	2018	2019	2020
		１Q			121	110	92
		２Q			255	266	267
		３Q		382	343	370	339
		Total	405	426	467	505

Operating profit

Unit: million yen

	2016	2017	2018	2019	2020
		１Q			121	110	92
		２Q			255	266	267
		３Q		387	354	375	337
		Total	408	443	476	508

Profit

Unit: million yen

	2016	2017	2018	2019	2020
		１Q			82	76	59
		２Q			174	185	179
		３Q		248	236	255	231
		Total	256	287	325	347

FY2020/9 3Q Financial Results	38

4） Business results ②

Profit per share

Unit: yen

	2016	2017	2018	2019	2020
		１Q			9.88	9.04	7.04
		２Q			20.85	22.02	21.19
		３Q		35.51	28.18	30.22	27.30
		Total	36.74	40.81	38.78	41.15

• Figures are after sprit adjusted as of May 12, 2017 ratio of 100 shares per share, as of Apr 1, 2018 ratio of 2 shares per share, as of Jan 1, 2019 ratio of 2 shares per share.

		ROE
					Unit： %
	2016	2017	2018	2019	2020
１Q
２Q
３Q
Total	36.7	24.8	20.2	18.8

* This index is updated every year

Total assets

Unit: million yen

	2016	2017	2018	2019	2020
		１Q			2,220	2,478	2,692
		２Q			2,507	2,764	2,771
		３Q		2,062	2,772	2,629	2,956
		Total	1,661	2,438	2,697	2,688

Net assets

Unit: million yen

	2016	2017	2018	2019	2020
		１Q			1,480	1,697	1,918
		２Q			1,573	1,809	2,040
		３Q		1,042	1,635	1,878	2,105
		Total	820	1,496	1,725	1,973

FY2020/9 3Q Financial Results	39

4） Business results ③

Capital adequacy ratio	Net assets per share
	Unit： %		Unit: yen

	2016	2017	2018	2019	2020			2016	2017	2018	2019	2020
			１Q			66.7	68.5	71.3						１Q
			２Q			62.8	65.4	73.6						２Q
			３Q		50.5	59.0	71.4	71.2						３Q
			Total	49.3	61.4	64.0	73.4							Total	117.21	179.63	204.99	232.63
* 2Q is total of 1Q and 2Q						* Figures are after sprit adjusted as of May 12, 2017 ratio of
											100 shares per share, as of Apr 1, 2018 ratio of 2 shares per

* 3Q is total of 1Q to 3Q	share, as of Jan 1, 2019 ratio of 2 shares per share.
* This index is updated every year

Stock price：yen	Stock chart	■ Volume	■ closing price	volume：shares
900			500,000
800				450,000
			400,000
700
			350,000
600				300,000
			250,000
500
			200,000
400				150,000
300				100,000
			50,000
200				0

FY2020/9 3Q Financial Results	40

• All statements described herein are based on NeedsWell's judgment by currently available information.
• Actual results may differ from forecasts due to various factors in the future.

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