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Financial Results Q2 Fiscal Year 2020
Mar 15th 2021
FY 2020
Aug 1st 2020 to Jul 31st 2021
Agenda
1.Company Overview
2.FY2020 Q2 Financial Highlights
3.About cowcamo Business
4.Q&A
5.Reference Materials
2
MISSION
Creating a New Future by Inventing New Places
VISION2025
To become a leading company that
creates businesses which will eventually
turn into a culture
Culture is not created overnight. It is only by envisioning the type of society we want to build, not giving up on that vision and working together with various stakeholders, can we then start to open up the possibilities of creating businesses which will turn into a culture.
We understand that it is, indeed, a long road, and by taking a long-term vision, we aim to create businesses that will form a new culture.
About our business
Through the cowcamo platform, we will innovate the distribution structure of houses and create a business that will eventually become a culture.
cowcamo Business
Property Planning and Design("PPD") Business*
We are working on innovation of the distribution structure of houses by planning, developing and running "cowcamo", our end-to-end real estate brokerage platform for used and renovated properties.
We will create new businesses by utilizing the know-how and assets cultivated in our spatial design and consulting business and our own shared workplace business, and by actively collaborating with external partners.
* The name of the segment of the Shared Workplace Business has been changed to the Property Planning and Design Business from FY2020.
5
cowcamo: Technology-Powered Real Estate Brokerage Platform for Used and Renovated Properties
What is cowcamo?
Develop services for both sellers and buyers utilizing unique and exclusive data from transactions on cowcamo and our own property editorials
6
7
Financial KPIs and Business KPIs in cowcamo Business
Financial
KPIs
Operating profit
PF profit: gross profit generated from Gross Merchandise Value on the platform (PF GMV). A growth indicator for cowcamo platform that corresponds to gross profit until FY2019 PF take rate: the commission rate charged for PF GMV
TKRB take rate: the ratio of PF profit that TSUKURUBA gains
8
FY2021 Q2 Financial and Business KPI Highlights
Company Financials
(Q1-Q2 Total)
RevenueGross Profit
760 M JPY (YoY ▲23%)
593 M JPY (YoY ▲18%)
Business KPI
(Q1-Q2 Total)
cowcamo BusinessPF GMV
11 B JPY*1 (YoY +6%)PF Profit 586 M JPY*2
No. of transactions on PF 248 Registered MAU 67 K*3
cowcamo Business
• PF GMV rose 6% YoY, the effect of COVID-19 bottomed out and our business has progressed as planned
Highlights
• Registered MAU increased 48% YoY, continues to increase the number of users
• Agent Capacity*4 increased by 59% from the end of the previous fiscal year to expand the scale of cowcamo platform over the medium to long term
*1 based on contracts *2 based on payment and settlement *3 registered MAU as of October FY2020 ending in July 2021
*4 Maximum number of customers who can be provided "cowcamo" service by our in-house and external cowcamo agents
9
FY2020 Q2 Quarterly Financial Highlights
Gross profit decreased 18% YoY, impact of COVID-19 has bottomed out and our business has progressed as planned (Unit:M JPY)
Revenue and Gross Profit
Gross profit decreased 18% YoY, impact of COVID-19 has bottomed out and our business has progressed as planned
600.0
500.0
539
400.0
300.0
200.0
100.0
0.0
Q4
389
371
Q1
Q2
Q3
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
(Unit:M JPY)
QoQ+5.0%
YoY ▲27.8%
282
QoQ ▲4.1 % YoY ▲18.9%
Q1
Q2
FY2017
FY2018
FY2019
FY2020
Operating Prodit
Invest as planned while controlling selling, general and administrative expenses
(Unit:M JPY)
400.0
300.0
366
358
-100.0
-200.0
200.0
100.0
0.0
QoQ ▲4.1 % YoY ▲18.9%
-300.0
△254
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
FY2017
FY2018
FY2019
FY2020
FY 2020 Q1 Financial Highlights by Business Segments
Accelerate investment in cowcamo platform while keeping company-wide costs down
(Unit:M JPY)
For Reference:Quarterly Financial Highlights
(Unit:M JPY)
FY2018 | FY2019 | FY2020 | ||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | |
Revenue | 421 | 289 | 374 | 429 | 453 | 539 | 443 | 282 | 371 | 389 |
Gross Profit | 192 | 258 | 282 | 326 | 366 | 358 | 257 | 211 | 302 | 290 |
cowcamo | 175 | 234 | 268 | 282 | 344 | 327 | 227 | 176 | 275 | 268 |
PPD | 17 | 24 | 14 | 44 | 22 | 30 | 30 | 34 | 26 | 21 |
Operating Expense | 244 | 244 | 232 | 318 | 341 | 346 | 327 | 328 | 348 | 363 |
cowcamo | 137 | 148 | 140 | 189 | 203 | 193 | 196 | 198 | 223 | 261 |
PPD | 14 | 14 | 10 | 18 | 17 | 14 | 16 | 15 | 24 | 21 |
Other | 91 | 81 | 81 | 110 | 120 | 138 | 114 | 114 | 99 | 80 |
Operating Profit | -52 | 13 | 49 | 7 | 24 | 11 | -69 | -117 | -45 | -72 |
Future Direction of TSUKURUBA's Growth Strategy
In the long-term, we plan to launch new businesses which can create synergies with our existing businesses
We will expand the Shared Workplace business by investing into new workplaces with discipline
cowcamo will be the driver of growth for the foreseeable future.We will flexibly reinvest gross profit to achieve continuous growth.
Structure of cowcamo Business
Innovating the value chain through the brokerage platform for used and renovated properties
cowcamo's value chain
Traditional value chain
Properties flow from sellers to buyers
Buyers can become sellers and vice versa
Growth Cycle of cowcamo Business
Achieve sustainable growth through our user-driven self-sustaining growth cycle
Maximizing the PF Profit by Enhancing the Value of the Platform
Financial
KPIs
Operating profit
PF profit: gross profit generated from Gross Merchandise Value on the platform (PF GMV). A growth indicator for cowcamo platform that corresponds to gross profit until FY2019 PF take rate: the commission rate charged for PF GMV
TKRB take rate: the ratio of PF profit that TSUKURUBA gains
cowcamo's Top-line KPI(PF GMV・PF Profit*1 )
Impact of COVID-19 bottomed out and state of emergency from January has some impact on PF GMV
(Unit:M JPY)
700.0
6,436
7,000.0
QoQ ▲15.6%
FY2017
FY2018
FY2019
FY2020
*1
PF profit: profit generated from Gross Merchandise Value on the platform (PF GMV*PF take rate). A growth indicator for cowcamo platform that corresponds to gross profit until FY2019
Registered MAU*1 and Number of Transaction
Registered MAU, the source of platform value, grows steadily despite Covid-19
80.0
76
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
Q2
Q1
Q3
Q4
Q1
FY2017
※Regarding the change in the definition of registered MAU
Q2
Q3
Q4
Q1
Q2
FY2018
We previously defined a "Registered MAU" as the sum of users using the cowcamo app and visiting the cowcamo website. Hence, a user who used the app and visited the website was calculated as 2 registered MAUs. However, to provide a more accurate disclosure, a "Registered MAU" has been redefined as a user who has both used the cowcamo app and visited the website. Under this new definition, a user who uses the cowcamo app and visits the cowcamo website is calculated as 1 MAU. Please note that we began tracking registered MAUs using the new definition in Q4 FY2017. There are no figures based on the new definition prior to this. Therefore, the graph shows the number of registered MAU from Q4 FY2017.
Q3 Q4
Q1 Q2
FY2019
FY2020
*1 Quarterly average of registered MAU
(Unit:K)
250.0
QoQ +10.2% YoY +48.9 % 200.0
150.0
100.0
50.0
0.0
*2 Sum of registered MAUs who used the cowcamo app and visited the cowcamo website
*3 Distinct number of registered MAUs who used the cowcamo app and visited the cowcamo website
Operating Cost Composition of the cowcamo business
Expand investment in personnel expenses and marketing expenses based on the cowcamo platform strategy with cost control
(Unit:M JPY)
344
350
327
250
150
-50
50
-150
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
FY2017
FY2018
FY2019
FY2020
cowcamo's Growth Roadmap
Focusing on expansion of our userbase and maximizing revenue-generating opportunities
FY20
Growth of Our Userbase
Potential Userbase
*1:Tokyo metropolitan area refers to the 23 wards in Tokyo prefecture *2:Registered users refers to users who have registered on cowcamo by the last day of a given period, including users who have not made any transactions
*3:Registered MAU refers the average number of registered monthly active users in a given period
※Regarding the change in the definition of registered MAU
We previously defined a "Registered MAU" as the sum of users using the cowcamo app and visiting the cowcamo website. However, to provide a more accurate disclosure, a "Registered MAU" has been redefined as a user who has both used the cowcamo app and visited the website.
Potential for user growth through area expansionTokyo metropolitan areaGreater metropolitan area
*4:In Tokyo metropolitan area (A1) and Greater metropolitan area (A2), calculated based on: the population between the age of 25 to 50 years old x estimated potential home ownership rate (B) x estimated potential used home ownership rate (C)
A1:Tokyo Metropolitan Government Bureau of General Affairs "Census: Population and Households in Tokyo (2019.1)" A2:Tokyo Metropolitan Government Bureau of General Affairs "Current Population Estimates as of October 1, 2018"
B:Ministry of Land, Infrastructure, Transport and Tourism "2019 Real Estate Market Data: 3. Perception of Japanese Citizens Towards" Housing
Exclude respondents who answered "Rented properties" as their desired future property ownership from all respondents who currently live in a rented property(66.2%)
C: Ministry of Land, Infrastructure, Transport and Tourism "2019 Real Estate Market Data: 3. Perception of Japanese Citizens Towards" Housing
Share of respondents who live in a rented property and answered "Used property" or "No preference" as desired future property ownership(44.1%) *5:Calculated based on the target population x share of those who want to move houses within the next 5 years (D)
D:Tokyo Metropolitan Government Bureau of General Affairs Intentions to Relocate Houses/Improve Living Conditions (5 categories)/Age of the Head of Household (8 categories)
Share of households, for which the head of household is under the age of 50, who answered "I want to change residential property" within the next 5 years(23.6%)
Revenue-Generating Opportunities By Leveraging Business Assets
cowcamo's business assets and revenue-generating opportunities
Provision of user data to sellers and flipping companies for optimal property development
Improved property quality and quantity
Expansion of revenue-generating opportunities
Increased revenue sources
Licensing of sales operation models
Create original properties by leveraging our design know-how and brand
Increased take-rate Improved user value
Increased business scalability Increased profits while controlling business risks
Long-term Goal of Leading the Used Property Market
We aim to lead the acceleration of the market expansion by changing the public perception of used properties. This will allow us to change how used properties are priced and increase the frequency of purchases
Increase Price
Increase frequency of home purchases
= Expand
TAM
Fair and accurate assessment of renovated real estate using our own property data Ability to market the quantitative and qualitative value of renovated properties
Promote new home purchases to suit changing lifestyles Improve the economics of new purchases by removing middleman costs
Focus on building competitiveness as a platform rather than short-term profit growth
Business Policy from FY2020 based on the business environment
Business environment
Short-term performance risk expansion and new business opportunities
Impact on business due to COVID-19 under organizational expansion
Steady growth of userbase
Expand supply-side business opportunities
Business policy from FY2020
Focus on building competitiveness as a platform over the medium to long term
Switch to a risk-controlled service provision system by utilizing external partners
While continuing to expand users, focus on improving service value that leads to medium- to long-term competitiveness
Leverage userbase to strengthen supply side, increase platform value and diversify profit structure
Work on service updates, expansion of external partner agents, and strengthening of supply side
Activities from FY2020
Strengthening of supply side
Strengthen property supply and business to businesses through cooperation with resellers and user service businesses in other industries
Expansion of external partner agents
Strengthen cooperation with external agents to create a system that enables flexible growth while controlling business risks
Service Update
Aim to improve service value by expanding service offerings and updating service processes
Accelerate growth as a platform
Relationship between growth drivers as a platform and each activity
Growth driver
Activities
Expansion of Users
Expansion of
Expansion of the number
Platform scaleof agents
Expansion of property supply channelsImprovement of CVRImprovement of take rate
Expansion of External Agents
By strengthening cooperation with external partner agents, we will create a system that enables flexible growth while controlling business risks
External Partner AgentsInternal Agents
2017/7
Agent Capacity*1 increased 59% compared to the end of the previous fiscal year
Utilize external partners to shift to a risk-controlled service provision system
*1: "Agent capacity" means the maximum number of customers that can be provided customer service by our internal agents and external partner agents.
2018/7
2019/7
2020/7
2021/1
Q&A
Category | Questions | Answers |
All | What are the effects of COVID-19? | The effects of COVID-19 bottomed out in FY2019 Q4, and the PF GMV, which is our business KPI, is on a recovery trend in this first quarter as planned. Based on the business environment of living with COVID-19, we are shifting to a system that enables growth while controlling business risks by expanding external partner agents, as planned at the beginning of FY2020. The business KPI, PF GMV, is expected to grow by more than 40% YoY. |
All | Why is the deficit of forecast of Financial Results for FY2020 increasing compared to FY2019? | In our cowcamo business, in order to make use of the business opportunity of expanding the supply-side business opportunities through the growth of the userbase and alliances, etc., we are investing for personnel expenses (including business consignment costs) for service update and strengthening supply-side. |
All | What is the status of the progress on the basic agreement with Money Forward (announced on September 14, 2020)? | Service planning is underway to create synergies that utilize the assets of both parties as platformers. |
cowcamo business | Why are revenues expected to be -14.3% YoY, even though PF GMV is expected to grow by 40% in this fiscal year. | The decrease in revenues is due to the fact that revenues from resale transactions are not factored in (in FY2019, the revenues of actual resale transactions are 294 million yen), and that we are increasing outsourcing by utilizing external agents to control risks and improve profitability. |
cowcamo business | What are the growth indicators for cowcamo? | The growth indicators are PF GMV and Registered MAUs. |
cowcamo business | Why is there volatility in PF GMV quarter by quarter? | Quarterly volatility in PF GMV occurs as a result of the number of transactions and the property purchase price, which are affected by market conditions due to seasonal factors. |
PPD business | What is the policy on future investment in the Property Planning and Design(PPD) business? | We will focus on cowcamo for the foreseeable future. We will expand the PPD business by investing into new workplaces with financial discipline, while analyzing the investment return on each property. |
Company Overview
Name | TSUKURUBA Inc. |
Address | 2F Ikura Building, 1-1-5 Kamimeguro, Meguro-ku, Tokyo, Japan |
Founded | August 2011 |
Founders | Hiroki Murakami |
Masahiro Nakamura | |
Employees | 135 full-time employees(As of July 2020) |
Businesses | "cowcamo Business", an end-to-end real estate online brokerage platform for used and renovated properties |
- cowcamo Platform Business | |
- cowcamo Agent Service Business | |
"Property, Planning and Design Business" | |
- working business as a mission in producing new value in the real estate domain. | |
- operating "co-ba", subscription-based co-working offices | |
- spatial design and consulting business | |
Awards | Deloitte Technology Company Japan Technology Fast 50 2017/2018/2019/2020 |
Team of Experienced Management with Backgrounds in Business, Design and Technology
Hiroki Murakami
Co-founder and CEO
Formerly involved with the development and management of LIFULL HOME'S, Japan's No.1 portal site for real estate and housing information. Founded tsukuruba in August 2011 with Masahiro. Graduate of Rikkyo University.
Masahiro Nakamura
Co-founder & CCO
Named in Nikkei Architecture's "100 Next Generation Innovators".
Founded tsukuruba in August 2011 with Hiroki after working in design studios. Received a Masters degree in Architecture and Building Engineering from Tokyo Institute of Technology.
Shinichi Takano
External Director
Served as an Executive Officer at COSMOS INITIA Co., Ltd, before working at Recruit Co., Ltd. In 2010, appointed as an Executive Director at Nihon Kotsu Co., Ltd,, after serving as an Executive Director and General Manager at Gyosei Co.
Hidekazu Suzuki
External Director
Worked at Daiwa Securities, conducting advisory services to establish internal control systems to deal with assessments by the Tokyo Stock Exchange, as well as valuation and fundraising. Joined Atrae Inc. in December 2018 as CFO.
Hiroshi Kitahara
COO
Former consultant at Corporate Directions Inc., Deloitte Tohmatsu Consulting LLC and Deloitte Consulting Southeast Asia. Joined tsukuruba in November 2016 and was appointed as COO in May 2018. Has a PhD in Engineering from Tokyo Institute of Technology, and an MBA from Université Paris-Dauphine.
Ryohei Koike
CFO
Registered as a Certified Public Accountant in 2007. Prior position was at Star Festival Inc. as CFO. Originally tsukuruba's external auditor and was appointed as CFO in May 2018.
Yoshinori Fukushima
External Director
Founded Gunosy Inc. in 2012. In just 2.5 years, it was listed on the Mothers market of the Tokyo Stock Exchange, followed by being listed on the First Section. Became CEO of Layer X in 2018. Selected in Forbes Asia's 30 under 30.
Balance Sheet
(Unit: M JPY)
FY2019 Q4
FY2020 Q2
Current AssetsCash & Deposits
1,660 1,613
2,679 2,632
Non-Current Assets
502
525
Total AssetsCurrent Liabilities
(of which, interest-bearing liabilities )
2,162 305
3,205 395
(155)
(199)
Non-Current Liabilities
(of which, interest-bearing liabilities)
781
(762)
1,816
(1,798)
1,074
Status of business alliance with Star Mica Group
Developing "SELEC" that allows customers to easily get the house they want by easy-order-renovation through utilizing data and know-how
Status of alliance
Overview of business alliance
Handling of more than 15 properties since the announcement of the alliance on December 14, 2019
Although it is pre-renovated property, the minimum period from sale to contract is 13 days, and the average is about 2 months (Reference: 2019 Tokyo second-hand condominium average sale period 3.78 months *)
87.5% closed without reducing the selling price
We provide original properties developed by utilizing pre-renovated properties supplied by Star Mica and easy order renovation of "lifestyle design" with "layout arrangement" developed by utilizing our data and know-how
Creating a new way to buy a house that has never been seen in the distribution structure so far, so that customers can easily get the house they want
Pre-renovatedproperties
・lifestyle design
・Design Proposals ・Design supervision
* Sumitomo Mitsui Trust Realty Co.,Ltd. Real Estate Market Information Vol. Mar. 2020https://smtrc.jp/useful/knowledge/market/2020_03.html (referenced on 3/14/2021)
(original properties) ・Brokerage service
×
Status of alliance of Marui Group
Service planning in progress to create synergies by the capital and business alliance with Marui Group
Overview of capital and business alliance
Investment
MARUI GROUP
Capital Alliance
Benefit from collaboration
TSUKURUBA
Issued corporate bonds with stock acquisition rights worth 700 million yen, underwritten by Marui Group
The conversion price is 1,200 JPY per share
Proceeds will be used to expand the business of cowcamo and to develop new business with Marui Group
Business Alliance
Exploring new businesses that utilize the existing assets of the two companies
As a first step, we are considering new businesses and collaborations in the rental housing area
After that, intending to develop multiple businesses
Used and Renovated Property Market in the Greater Metropolitan Area is Estimated at 1.7T JPY in 2019
Used and renovated property market is growing rapidly
The market has grown 1.37x since 2014
The apartment market has grown 1.42x during the same period
Used properties are fast-becoming a first choice for purchasers over new properties
The number of used apartments sold in 2016 surpassed the number of new apartments sold
Source: Above graph was created using data provided by Real Estate Information Network for East Japan
HousesApartment
(K) 60
Number of new and used properties (apartments) sold in the Greater metropolitan area
50
40
30
20
10
0
Number of existing既設住宅取引 properties sold 戸数
Number of new新設着工戸数 properties sold
2009
2014
2019
Source:Number of existing properties:Real Estate Information Network for East Japan "Market trend of Real Estate Market in the Greater Metropolitan Area" (2018/4/17 Report)
Number of new properties:Real Estate Economic Institute Co., Ltd. "Market Trend of Apartments in the Greater Metropolitan Area"
※Existing and new properties refer to used apartments (exclude used houses)
Growth Expected of the Used Property Market
Growth potential of TAM
The government aims to double the used property market
Share of used property market by countries
2x
Growth Strategy 2017 ー Strategic Areas for Society 5.0
1
Extension of Healthy Lifespan
2
3
Realization of Mobility Revolution Creating of Next-generation Supply Chains
4
5
Building and Developing Pleasant Infrastructure and Towns Advancement of FinTech
6
7
Overcoming energy and environmental constraints and expanding investment Robot Revolution / Bio Material Revolution
8
Revitalization of housing market centering on the existing housing distribution / renovation
《KPI》 To expand the market size of used property market to 8 trillion JPY by 2025
(4 trillion yen in 2010)
Aim to achieve the above by 2020 as much as possible
Source: Prime Minister's Office of Japan "Growth Strategy 2017"
Comparison of share of used property market
100%
90%
80% 70% 60% 50% 40% 30% 20% 10% 0%
Japan(2018)
US(2009)
UK(2009)
France(2009)
Source:Ministry of Land, Infrastructure, Transport and Tourism "Promotion and Utilization of Used Properties (Appendix)"
Figure of Japan is an estimated figure form the Remodeling Business Journal "Used Property Market Data 2020"
Renovated Properties Will Become a Mainstream Option by 2025
Changes in the market structure as the used property market expands
Properties that are 25 years old or more will occupy half of the market
2The share of such properties will increase from 22% to 50% by 2025
Renovation will become a mainstream option
Number of changes are expected as renovation becomes mainstream in the Greater metropolitan area
Share of used apartments in the Greater metropolitan area by the age of properties(2005-2025)
Purchased
~1~5年15 years old
Supply
252年5~ years old
15~25 15年~25年 years old
2005
2015
2015
2025
Source: Above graph was created using data provided by Real Estate Information Network for East Japan
Formation of renovated apartment market
Fairer pricing of renovated properties Renovate to suit lifestyles and preferences, and not for cheaper prices
Diversification of types of used apartments
Renovate used apartments
Already-renovated apartments
Renovated + additional renovation
Changes in the used property businesses
Increase in the number of flippers Growth of services, specific for renovated apartments
Urban Lifestyle Consumers as Main Target Population
cowcamo's target users
Preferences for used apartments
Over 85% of users considered used apartments at the time of purchase
Importance of interior and spatial design of used apartments
Used apartment purchasers place an emphasis on the design, after the specifications of the property (such as size, number of rooms)
Types of properties compared at the time of purchase(Used apartment purchasers)
Main reasons for the purchase of properties
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Order-made 注ho文u住se宅s
Newly-b分ui譲lt 戸ho建u住se宅sUsed中a古pマarンtmシeョntンsNewly-built 分譲マンション apartmentsUs中e古d 戸ho建u住se宅s
Houses f賃or貸r住en宅t
No an無sw回e答r
Oそthのer他s
85.2%
Layout, Numb間e取r oりf ・ro部om屋s数
35.2%
Prop住er宅tyのsi広zeさ
0%
20%
40%
60%
80%
100%
Safety measures against 火災・地震・水害などへの安全性 earthquakes, fire and flood
住宅のDデeザsiイgnン
Kitchen台fa所cのilit設y備&・si広zeさ
Bathroom浴fa室cのili設ty備&・si広zeさ
Facili高tie齢s 者fo向reけldのe配rly慮
Thermal in高su気la密tio・n高a断nd熱 airtightness
7 | 4.3% |
Source: Ministry of Land, Infrastructure, Transport and Tourism Housing Bureau "Report on the Housing and Property Trend 2016"
Source: Ministry of Land, Infrastructure, Transport and Tourism Housing Bureau "Report on the Housing and Property Trend 2016"
Renewal of Corporate Logo
<Logotype & Monogram >
<Logotype>
Redesigned corporate logo from November 1, 2020
TSUKURUBA's "creation of BA (meaning place in Japanese)" is represented by the "B" and "A" symbols.
Original typeface with monogram details set as new logo
Disclaimer
Handling of this material
This material includes forward-looking statements. These forward-looking statements were created based on the information available at the time they were created. They do not guarantee our future results and involve certain risks and uncertainties. Please note that actual results may differ materially from those discussed in the forward-looking statements due to changes in environments surrounding TSUKURUBA or any other factors.
The factors which may affect actual results include but are not limited to: Japanese and global economic conditions, and conditions of markets in which TSUKURUBA operates.
TSUKURUBA is not obligated to update or revise any contents of the forward-looking statements within this material, even in cases such as where new information becomes available or future events take place.
Information within this material on other topics besides TSUKURUBA is quoted from published information and other sources. As such, the accuracy, appropriateness, etc. of such information has not been verified, nor are any guarantees provided thereof.
Contact Us
Email :ir@tsukuruba.com
IR Information:https://tsukuruba.com/ir/
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tsukuruba Inc. published this content on 15 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 March 2021 07:02:05 UTC.