“Daiwa Investment Conference” Tokyo 2018 - exeo.co.jp€¦ · Daiwa Investment Conference Tokyo...

Daiwa Investment Conference Tokyo 2018

URL: http://www.exeo.co.jp/overseas/index.html

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Building a better, brighter future together

“Daiwa Investment Conference” Tokyo 2018

Presentation Material

March 2018


1. About Us ･･･ 2

(1) Corporate Profile ･･･ 3

(2) Profile of President ･･･ 4

(3) Company History ･･･ 5

(4) Segment Overviews ･･･ 6

(5) Our Strengths ･･･ 11

(6) Stock Information ･･･ 12

(7) Governance System ･･･ 13

2. Raising Shareholders’ Value ･･･ 14

(1) Payment of Dividends ･･･ 15

3. Overview for 3Q Results of FY17 ･･･ 16

(1) Medium-Term Management Plan ･･･ 17

(2) Overview for 3Q Results of FY17 and

Plan for Whole Year ･･･ 20

(3) Orders Received and Net Sales ･･･ 21

(4) Operating Income ･･･ 23

Contents (5) Cash Flow ･･･ 25

(6) Measures for greater efficiency ･･･ 26

(ImprovedProductivity)

4. Status by Segment ･･･ 29

(1) NTT Group (Access/Network) ･･･ 30

(2) NTT Group (Mobile) ･･･ 31

(3) NCCs ･･･ 32

(4) Urban Infrastructure ･･･ 33

(5) SYSTEM-SOLUTIONS ･･･ 37

5. Topics ･･･ 43

(1) The National Skills Competition

(Information Network Cabling) ･･･ 44

(2) Visit to Overseas Subsidiary by Minister of

Internal Affairs and Communications ･･･ 45

Appendix ･･･ 46

－1－


(1) Corporate Profile (2) Profile of President (3) Company History (4) Segment Overviews (5) Our Strengths (6) Stock Information (7) Governance System

1. About Us

－2－


Established May 17, 1954

Paid-in capital ¥6,888 million

Stock listing

Tokyo Stock Exchange (First Section) Securities Code: 1951 Unit of trading: 100 Total common stock issued: 117,812,419 shares

Representatives President: Fuminori Kozono Representative Director and Executive Operating Officer: Tsutomu Ota

Net sales (FY 2016)

Consolidated figures: ¥298.8 billion Non-consolidated figures: ¥243.5 billion

Number of employees (as of March 31, 2017)

Parent company: 3,734 Consolidated subsidiaries: 4,340 Total: 8,074

Head office 3-29-20 Shibuya, Shibuya-ku, Tokyo 150-0002, Japan

Number of business offices Branch offices: 15 Sales offices: 17

Consolidated subsidiaries 28

Fiscal year-end March 31

(1) Corporate Profile (as of July 1, 2018) 1. About Us

－3－


Birthplace Kagoshima Prefecture (Kyushu)

Education 1975 Graduated from the Department of Electrical Engineering, Faculty of Engineering,

Kyushu University

Fuminori Kozono

Career 1975 Joined NTT Corporation

1999 Head of NTT Fukushima Branch

2005 Senior Vice President, Nippon Telegraph and Telephone East Corporation (NTT East); Vice

Managing Director, Corporate Business Headquarters

2007 Executive Vice President, NTT East; Vice Managing Director, Network Business Headquarters

2008 Senior Executive Vice President, NTT East; Managing Director, Network Business Headquarters

President, NTT Vietnam Corporation

2009 Senior Executive Vice President, NTT East; Managing Director, Corporate Business Headquarters

2012 Vice President, KYOWA EXEO; Headquarters Chief, Business Solutions Headquarters

2013 President, KYOWA EXEO

1. About Us (2) Profile of President

－4－


1954 1960 1970 2000 1980 1990 2010

1. About Us

¥300 bn

¥200 bn

¥100 bn

Net Sales

(3) Company History 2001: Merger with Showa Technos 2004: Daiwa Densetsu made a Group company Wako Engineering made a Group company 2005: KANAC made a Group company 2010: Ikeno Tsuuken made a Group company 2011: ICOMSYSTECH made a Group company Wako, Daiwa Group, and Ikeno Tsuuken

became wholly owned subsidiaries 2014: Advanced Information Design made a Group company

1954: Company established

1952: Nippon Telegraph and Telephone Public Corporation launched

1972: Listed on Tokyo Stock Exchange (First Section)

1986: Entered the environment business

1982: Entered the SI business

1985: Telecom liberalization; NTT goes private

1979: Nationwide automation for telephone line switching completed

1991: Changed company name to KYOWA EXEO CORPORATION

Sales (on a consolidated basis from 1992)

2001: Optical access service launched

1997: Japan’s telecom network fully digitized

1998: Entered the NI business

2006: Mobile number portability launched

2010: LTE service launched

－5－


22.5%

13.3%

Waste-treatment plant

Optical fiber

Mobile base stations

Agriculture ICT

Cloud/ data center

FTTH

CATV

Optical fiber connected offices

Solar power generators

SOA, billing

CCTV and digital signage

Network/servers, Wi-Fi, security

HEMS, smart community

(4) Segment Overviews 1. About Us

Segment Net Sales FY16

ENGINEERING -SOLUTIONS

Telecom carriers NTT Group 168.3

NCCs 23.3

Urban infrastructure 67.3

SYSTEM-SOLUTIONS 39.7

Total 298.8

NTT Group

NCCs

Urban infrastructure

SYSTEM-SOLUTIONS

Sensor networks (social infrastructure)

(¥ bn)

56.3%

7.8%

Civil engineering (reduction of above-street wiring)

Networks for telecommunication

offices

Mobile base stations

Constructing electrical and air-conditioning facilities

Railroad communications

Mega solar power station

－6－


Total 64.1%

(4) Segment Overviews — Telecom carriers 1. About Us

◆ Kyowa Exeo’s core business, nurtured since the company was founded more than 60 years ago ・NTT Group We build and maintain telecommunications facilities for NTT Group companies. ・NCCs We design, construct, and maintain telecommunications facilities for NCCs (new common carriers), municipal offices, cable television companies, railway companies, and other customers.

We lay optical fiber and cable between phone exchanges and homes and offices and provide construction and maintenance services.

We install switchers and routers/servers at exchanges and construct and maintain related electrical facilities.

We design, construct, test frequencies, and maintain mobile base stations and in-building mobile communication systems.

【Access engineering】【Network engineering】【Mobile engineering】

Home

Home Networking

Communications cables (optical fiber)

Mobile phone base station

Communications tunnels (underground conduits, service tunnels)

In-station facilities of telecommunications

carriers

56.3%

7.8%

NTT Group

NCCs

－7－


(after) (before) Waste-treatment plant

Constructing electrical facilities

【Water- and waste-treatment plants】

【Constructing electrical and air-conditioning facilities】

【Renewable energy】

【Reduction of above-street wiring】

Mega solar power station

Reduction of above-street wiring

◆ Using the electrical and civil engineering skills developed in our telecommunications infrastructure business to build a more convenient society ・Building and maintaining telecommunications facilities for local governments and cable TV, railway, and other companies ・Solar power generators, biomass boilers, and other renewable energy technologies ・Constructing electrical and air-conditioning facilities for office buildings, apartments, and data centers ・Eliminating utility poles by laying electrical and telecommunications cable in underground conduits ・Designing, constructing, operating, and maintaining water and waste-treatment plants

(4) Segment Overviews — Urban infrastructure 1. About Us

22.5%

【Road telecommunications construction】

－8－


【Network integration (NI)】【System integration (SI)】

13.3%

◆ Using information and communications technology to provide total solutions in the NI and SI fields ・ Network Integration (NI) Offering network solution services covering servers, wireless networks, security, cloud computing, imaging, EMS , and sensors ・System Integration (SI) Offering system solution services such as service-oriented architecture, billing, and telecommunications in finance and other fields ・Overseas projects Construction and maintenance of overseas telecommunications infrastructure, provision of network solutions services

Customer service center

(4) Segment Overviews — SYSTEM SOLUTIONS 1. About Us

【Overseas projects】

Seminars to discuss examples of system architectures for businesses

－9－

Optical access-engineering work in the Philippines


■ Group Structure KYOWA EXEO CORPORATION

Net Sales: ¥243.5 billion（Non-consolidated figures）

■ Business Bases

Three Major Consolidated Subsidiaries Exeo Tech Corporation

Net Sales: ¥19.6 billion

Daiwa Densetsu Corporation

Net Sales: ¥12.9 billion

26 Other Consolidated Subsidiaries

Access Shinyei Tsushin, Suncrex, FUJI DENSETSU, Ecos Hokuei, Sankyo-Techno, KANAC, K. Technos, Sigmax

Civil Exeo Infra, Infratechno

Networks Exeo Network

Mobile Exeo Mobile, Toho Communications, Yuai Tuken, Kyoei Densetsu Kogyo, Denseisya

IT ICOMSYSTECH, ACCRESCO Advanced Information Design

Other KYOWA SECURITY SYSTEM, Kyokuyoh, Shinwa Seisakusyo, Exeo Butsuryuu Service, Exeo Business, ASAHI DENWA KOGYO, MG EXEO

■ Domestic bases ● Bases of Three Major Consolidated Subsidiaries ▲ Bases of Other Consolidated Subsidiaries

Philippines

【Overseas Bases】

(4) Segment Overviews — Group Structure and Business Bases

Notes : Sales by company are performance for year ended March 31, 2017.

1. About Us

■ ●

■

■

■ ■ ■

■

■ ■ ■

■

■

■

■

■ ■ ■ ■ ■

■ ■

■ ■

■ ■

■ ■

■

■

●

▲

▲

▲ ▲

▲

▲

▲ ▲

▲

■

■

▲

－10－


National framework・Multiple-carrier migration and migration compatibility

Planning and development Construction Operations

and maintenance

Total process coverage (end-to-end process management)

Total solutions

Optical-fiber networks

Home ICT, smart house

NI solutions, SI solutions

Mobile (LTE → LTE-Advanced)

Next-generation networks (NGNs)

Reduction of above-street wiring

Renewable energy (solar power facilities), eco business

Electrical equipment

(5) Our Strengths 1. About Us

－11－


33.1%

0.9% 8.6%

25.1%

13.6%

18.7%

Individuals, others

Financial institutions

Securities companies

Other corporations

Foreign investors

Treasury stock

(6) Stock Information ■ Distribution of shares by owner

1. About Us

44.6%

0.9%

9.6% 17.4%

17.5%

10.0%

Individuals, others

Financial institutions

Securities companies

Other corporations

Foreign investors

Treasury stock (March 31, 2012)

－12－

(September 30, 2017)


Board of Corporate Auditors Statutory Auditors

Board of Directors Directors

President Fuminori Kozono

Representative Director and Executive Operating Officer

Tsutomu Ota

Director and Executive Operating Officer Yoshiaki Matsuzaka

Director and Executive Operating Officer Noritsugu Totani

Director and Managing Operating Officer Yasuo Otsubo

Director and Managing Operating Officer Tomohiro Kurosawa

Director and Managing Operating Officer Yuichi Koyama

Director Yuki Sakuyama

Director (Independent Director)* Kumiko Kitai

Director (Independent Director)*

Kazuteru Kanazawa

Standing Statutory Auditor Haruhiko Watanabe

Standing Statutory Auditor

Yoshiharu Takizawa

Statutory Auditor (Independent Auditor)* Kozo Meguro

Statutory Auditor Haruhiko Yamada

■ Board of Directors ■ Corporate governance system

General meeting of shareholders

Nomination Committee Compensation Committee

Inde

pend

ent A

udito

r

President

Management Council

Operating officers and organizational heads Representatives of Group companies

Risk Management Division

Business and administrative departments and branches

Group companies

Internal Control Committee

CSR Committee

Compliance Committee

Information Security Committee

Internal Audit Division Legal Office

Credit Control Office Information Security Management Office

Cor

pora

te L

awye

r

* Registered with the Tokyo Stock Exchange as independent officers.

1. About Us

－13－

(7) Governance System


2. Raising Shareholders’ Value (1) Payment of Dividends

－14－


147125 145 ￥165

123

FY13 FY14 FY15 FY16 FY17 Plan

◆ Annual dividend up ¥4 YoY to ¥50 ◆ Targeting 3% DOE and continued stable mid- to long-term dividend rise

(1) Payment of Dividends

■ Dividend history (per share) ■ Total shareholder return (Total dividends + total acquisition of treasury stock)

Total dividends Total acquisition of treasury stock

EPS ROE

■ EPS/ROE ■ Acquisition of treasury stock

2. Raising Shareholders’ Value

￥504638

3224


￥4.7bn5.46.1

8.77.3


￥3.0bn

5.0

3.03.0

FY13 FY14 FY15 FY16 FY17

11.6％

8.2％ 8.7％ 8.9％ 9.6％

－15－

4.3

30

3.7

50

3.0 3.0

3.1 2.4 4.7

(as of December 31, 2017)


3. Overview for 3Q Results of FY17

(1) Medium-Term Management Plan (2) Overview for 3Q Results of FY17 and Plan for Whole Year (3) Orders Received and Net Sales (4) Operating Income (5) Cash Flow (6) Measures for greater efficiency (ImprovedProductivity)

－16－


■ Medium-Term Vision

(1) Medium-Term Management Plan(FY16–FY20)

ROE: return on equity EPS: earnings per share

■ Basic Policies

1. Reorganize business portfolio, fostering solutions into second core business

2. Expand engineering peripheral businesses by combining existing technologies and services

3. Expand business through M&A and alliances

4. Bolster profitability by increasing productivity through business improvement and implementing thorough efficiency measures

5. Increase shareholder value by boosting capital efficiency

Net sales ¥400.0bn Operating income ¥30.0bn （Operating income margin 7.5%）

ROE 10%

EPS Over ¥200

■ Achievements and Targets


－17－


0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

FY14 FY15 FY16 FY17 FY18 FY19 FY20

SYSTEM-SOLUTIONS

UrbanInfrastructure

NCCs

NTT Group(Mobile)

NTT Group(Access/Network)

(1) Medium-Term Management Plan ~Image of growth in each segment~

■3.5GHz,700 MHz ■5th generation

■SB FY16–17PJ

■ Railway communication （New Haneda Line, etc.)

■700 MHz Band TV reception measures

■Shift to CATV FTTH (8K-compatible)

■Response to inbound (Wi-Fi, monitoring cameras, signage, etc.)

Vietnam projects

ODA projects in Southeast Asia HEMS, Smart meters Data Center Project

■ NTT maintenance expansion

KDDI synchro (Hokkaido)

Public projects (NEXCO, disaster

prevention wireless etc.)

Response to aging public infrastructure (Waste-treatment plants, water and sewage, etc.)

■Reduction of above-street wiring ■Tokyo redevelopment work

Philippines Project

◇IoT solutions

◇Geo solutions （Mesh Beacon）

◇New energy (Energy Viewer) ◇ MS Cloud

New solutions

■ Maintenance of aging facilities accompanying measures for easing burden for ensuing years

■ Hikari collaboration

(¥bn)

400

350

300

250

200

150

100

50

Indoor Project

Start of Medium-Term Management Plan

■LTE-Advanced

Overseas projects

－18－



739.4

583.7

412.8320.5 TBA


583.4 547.9

690.7626.6

510.0

153.0156.0177.0224.0263.0


Optical fiber

570.0661.8

703.1

597.1595.2

365.4406.7387.8


合計 LTE-related

571.8667.7

344.3

479.1

338.0 325.0 330.0

530.0519.4531.4


合計 Mobile

Reference: Investment Trends of Major Telecom Carriers ■ NTT East/West

■ KDDI ■ SoftBank

■ NTT DoCoMo (¥bn)

(Source: Figures released by the telecommunications carriers)

Note: Trends in FY14 or later include UQ mobile.

On Japanese standards in FY13, and on IFRS in the years after FY14.

Notes: FY12 and FY13 figures are totals for mobile and fixed-line communications (Source: FY13 Results Data Sheet). FY14 and FY15 figures are domestic communications business (Source: FY15 Results Data Sheet). On Japanese standards in FY12, and IFRS standards in the years after FY13.

Note: LTE-related from FY16 onward has not been published

－19－



(2) Overview for 3Q Results of FY17 and Plan for Whole Year

(¥bn)

Notes: All amounts less than ¥100m are disregarded. Figures in parentheses are ratio to net sales.

◆ Both orders received and net sales were strong, increasing YOY ◆ Due to improvements in construction efficiency and the promotion of multiple measures for greater efficiency, all types of income increased significantly

■ Overview for 3Q Results of FY17 (consolidated)

－20－


Actual YOYProgress

rate Plan YOY

A B C C/A C/D D D/B

230.2 324.1 242.4 105% 73% 330.0 102%

182.0 298.8 196.7 108% 61% 320.0 107%

(11.9%) (12.9%) (13.5%) (12.9%)

21.6 38.4 26.6 123% 65% 41.3 107%(6.9%) (5.9%) (6.5%) (5.7%)

12.6 17.6 12.7 101% 70% 18.3 104%(4.9%) (7.0%) (7.1%) (7.2%)

8.9 20.8 13.9 155% 60% 23.0 110%(5.0%) (7.2%) (7.6%) (7.4%)

9.1 21.4 14.9 163% 63% 23.6 110%(2.8%) (4.6%) (5.0%) (4.9%)

5.1 13.7 9.7 192% 62% 15.7 114%

FY 2016 FY 2017

1-3Q Full year1-3Q Full year

Orders received

Net sales

Gross profit

SG&A expenses

Operating income

Ordinary income

Net income attributableto owners of parent


3rd quarter

FY16-3Q FY17-3Q

(3) Orders Received and Net Sales

(¥bn)

Note: All amounts less than ¥100m are disregarded.

○Telecommunications facilities ○Electricity supply ▲Civil engineering ○Environmental engineering

■ Orders Received (consolidated) ■ Net Sales(consolidated)

◆ Orders received were firm despite decline in orders received from the NTT Group. NCCs and Urban Infrastructure orders rose sharply YoY. ◆ Net sales increased YoY in all segments partly due to the consumption of lucrative carried over projects.

○ KDDI ○ SB

○ Reason for increase ▲ Reason for decrease － No increase/decrease

－21－


FY16-3Q FY17-3Q

+12.2

NTT Group -4.2

NCCs +5.2

324.1 330.0

Urban Infrastructure

+8.9

○ NI ○ SI

SYSTEM-SOLUTIONS

+2.3

SYSTEM-SOLUTIONS

+1.9

298.8

320.0

NTT Group +6.9

NCCs +4.1

230.2

242.4

196.7

182.0

Urban Infrastructure

+1.6

○ KDDI ○ SB

+14.7

○ NI － SI

(Actual)

(Plan)

▲ Access ｰ Network ▲ Mobile

○ Access ○ Network ○ Mobile

○Telecommunications facilities ▲Electricity supply ▲Civil engineering ○Environmental engineering

(Actual)

(Plan)

Full year

3rd quarter

Full year


Reference: Status of projects carried over

◆ Work carried over after 3Q at all-time high

(¥bn)


End of 3Q Previous FY End

FY13


FY14


FY16


FY17


FY15

■ Work carried over at end of Previous FY and 3Q by year (consolidated)

－22－


117.9

103.7 105.4

118.3

143.5

136.2

129.4

146.3

166.3

189.2


(4) Operating Income

■ Operating Income (consolidated) (¥bn)


◆ Increased sharply YoY partly due to the higher sales, improvement in construction efficiency, and the effect of multiple measures for greater efficiency

－23－


FY16-3Q FY17-3Q

8.9

13.9

+ 4.9

20.8

23.0

3rd quarter

Full year

(Actual)

(Plan)

Up due to increase in sales

+1.8

Improved construction

efficiency +1.3

Improved efficiency

+0.8

Others -0.1


117

139

8979

109

FY13-3Q FY14-3Q FY15-3Q FY16-3Q FY17-3Q

Reference: Trends in Group company profitability

■ Trends in operating profits over the past five years (consolidated/non-consolidated)

(1.7) (1.8) (2.0) (2.1) (1.9)

(¥bn)

(Ratio of consolidated to

non-consolidated profits)

Exeo alone

Group companies

Notes: Ratio of consolidated to non-consolidated profits = operating profits from consolidated projects ÷operating profits from non-consolidated projects. All amounts less than ¥100m are disregarded.

◆ Profits of Group companies also reached record highs, generating profits on a whole group basis.

4.9

6.2

4.6 3.9

6.5

6.8

4.7

4.0 4.3

7.4

－24－


11.7 10.9

7.9 8.9

13.9


◆ Stable cash flow due to ample cash on hand

(5) Cash Flow

■ Cash flow (consolidated)


(¥bn)

FY14 FY15 FY17Interim Full Interim

Cash at beginning of FY 16.2 24.2 16.0 16.0 15.2

Operating activities 23.1 5.3 17.9 15.5 17.3

Investing activities -2.8 -13.9 -2.0 -6.0 -1.4

Financing activities -12.3 0.3 -12.5 -10.2 -2.3

Cash at end of FY 24.2 16.0 19.3 15.2 28.7

FY16

－25－



Impr

ovem

ent

Aims ¥1.5bn (cumulative ¥5.0bn)

¥1.0bn (cumulative ¥6.0bn)



Results ¥2.0bn (cumulative ¥7.0bn)



3Q Actual ; ¥0.8bn (cumulative ¥10.0bn)

ＦＹ FY2014 FY2015 FY2016 FY2017

◆ Progress of multiple measures for greater efficiency made during the first nine months is in line with the plan ◆ Continued groupwide promotion of improved productivity, cost improvements and workstyle reform

(6) Measures for greater efficiency (Improved Productivity)

■ Enhanced profitability through cost reductions

Note: Amount of improvement represents cost reductions relative to FY10. ■ Recent principal measures

Area Measures

Functional

integration

◇Review of access, network, and engineering construction systems

◇Expansion of shared company work consignments

◇Group-wide unification of audits, MS tasks ◇Reorganization of Group access companies in Kanto area

◇Integrated cross-departmental systems ◇Improved business flow and systems through BPR

◇Construct common bases for system,

automation ◇Continue to improve business flow and systems through BPR

Reorganization

of Group

companies

◇Merger of subsidiary security companies ◇Merger of subsidiary access companies in Kansai/Chugoku regions

◇Merger of subsidiary mobile companies ◇Merger of subsidiary access companies in Tohoku region

◇Merger of major subsidiaries (WAKO and Ikeno) ◇Merger of subsidiary network companies

Consolidation of

bases

◇Sendai General Engineering Center (9 bases → 1) ◇Kagawa Technical Center (5 bases → 1) ◇Ishioka General Technical Center (4 bases → 1) ◇Koshin branches (5 bases → 1) ◇Hyogo General Technical Center (5 bases → 1)

◇Kansai branches （11 bases → 1)

Switchover Feb. 2018

◇Shonan Technical Center （2 bases → 1)

Switchover Nov. 2017

Resource

sharing

◇Resource shift to mobile/solutions area ◇Group-wide cross-sectional projects (mobile, 700 MHz TV reception measures, Data Centers, etc.)

◇Reemployment of the Company’s veteran

employees, etc. across organizations, etc.

－26－



Reference: Image of Promotion of Business Structure Reform

Work style reform

Improved productivity （Business

improvements）

Mission

Diverse employment

patterns

Work-life balance

Creation of innovation

Promotion of diversity

Improved Productivity

Management issues

Sales Construction Desk

ＤＰ

ＡＣ

Problem-Solving Scheme

Subsidiaries

◆ Realize/execute business improvements and workstyle reform across the EXEO Group to build a more resilient management base for achievement of the medium-term management plan

Effect of FY2017 Target

Annual cost reduction

（Cost of sales, SG&A

expenses） of

1 billion

Development of system common

platform

Group of highly skilled ICT engineers

Problem-solving through high level of ICT skills

and software development

capacity

Promotion of BPR

Team EXEO

Promotion of cross-

organizational working teams

Promotion of improvement in business flow

system

Efficient system operation

Business frontline, Group companies

Further challenges Effect of further reform in

building more resilient management base

◆Enhancement of system common platform ◆Introduction of AI and *RPA （software robots) ◆Modularization and digitization of business processes ◆Introduction of telework and creation of futuristic offices

Problem-posing & feedback

Business Structure Reform Team

－27－


*Robotic Process Automation


Reference:Examples of improvement measures ◎Enhancement of system common platform - Automation of data input using RPA ◎Modularization of individual business processes of business divisions/branches/Group companies

－28－


Goal

Automation of data input using RPA

Enhancement of system common platform

・Replacement of work done by humans with robots ・Reduction of duplicate input ・Eradication of data input errors


(1) NTT Group (Access/Network) (2) NTT Group (Mobile) (3) NCCs (4) Urban Infrastructure (5) SYSTEM-SOLUTIONS

4. Status by Segment

－29－


NTT East/West Approx.

0.85 million

2,385 2,531 2,661 2,788 2,932

542 447 375 320 251 601 623 643 673 685 1 1 1 1 1

0

1,000

2,000

3,000

4,000


FWA

CATV

DSL

FTTH

(1) NTT Group (Access/Network)

■ Net sales of NTT Group (fixed-line network, consolidated)

(Source: Created by Kyowa Exeo, based on NTT presentation material)

◆ Solid performance despite emergence of trend toward slight slowdown in growth of optical access engineering work ◆ Equipment operation(maintenance) business also increased little by little and orders expected to continue expanding in the future

（bn）


（plan）


■ Trend of number of subscribers to fixed-line broadband

( Source: Created by us based on WHITE PAPER Information and Communications in Japan 2017 of the Telecommunications Bureau of the Ministry of Internal Affairs and Communications)

Note: FWA：Fixed Wireless Access

10,000s of subscribers

－30－

84.9 78.0 70.7 71.0 77.1

127.2

113.1 111.8117.6 114.0

3rd quarter Full year

■ NTT Group’s Share of Fixed-Line Broadband （As of end of Sep. 2017) FTTH

Approx. 29.9 million

Speed ～2Gbps

DSL Approx.

2.3 million

CATV Approx.

6.9 million

～50Mbps ～320Mbps

NTT East/West Approx.

20.3 million

（Plan）


Expansion of collaborative creation with partners for the generation of new

scenarios for using 5G

As of Jan. 25 Participation of more than 500 companies

(2) NTT Group (Mobile)

■ Net sales of NTT Group (mobile network, consolidated)

◆ Active construction of radio base stations using new frequencies for 4G, especially in major cities ◆ Tendency for slight delay in completion of construction due to extension of construction time, etc.

■ NTT DoCoMo LTE Base Stations

(Source: Created by us based on NTT DoCoMo presentation material.)

（bn）


（Plan）

－31－


3rd quarter Full year

34.033.131.436.734.1

46.349.6 48.7 50.6

54.0（Plan）

FY16-3Q FY17-3Q

175,100

95,000

PREMIUM 4G Japan’s fastest

788Mbpsservice To be developed in

241 cities nationwide (Commenced provision in

September 2017)

Total no. of LTE base stations:154,300

ＰＲＥＭＩＵＭ 4G-enabled base stations:38,100

■ NTT DoCoMo’s 5G Open Partner Program

Provision of latest information about 5G From Feb. 2018

Participation in partner workshops From Feb. 2018

Provision of 5G environment From Apr. 2018

Including us


31.0

23.323.2

36.6

44.1

17.513.3

26.8 27.2

15.4

FY13 FY14 FY15

◆ Tendency toward recovery in both orders received and net sales from this fiscal period ◆ Active construction of radio stations operating in the 700MHz and 3.5GHz bands as measure against traffic

(3) NCCs

(¥bn)

■ Net sales of NCCs (consolidated)

FY16 FY17

■ Planned number of specified base stations with 3.5GHz

0

10,000

20,000

30,000

40,000

50,000

16/3 17/3 18/3

SB

KDDI4,188

15,471

40,004

(Source: Created by us based on documents from the Telecommunications Bureau of the Ministry of Internal Affairs and Communications)

（Plan）

3rd

quarter Full year

■ Planned number of specified base stations with 700MHz

0

10,000

20,000

30,000

40,000

50,000

16/3 17/3 18/3

SBKDDI

38,879

29,863

16,235

－32－



◆ Construction jobs for 700MHZ TV reception will be proceeding at full pace towards FY19 ◆ Brisk orders for large-scale electrical construction in the Tokyo metropolitan area, and expansion of investment in power pole elimination projects also expected in the future

(4) Urban Infrastructure

■ Urban Infrastructure net sales (consolidated)

(¥bn)


■ 700 MHz Band TV reception measures

3rd

quarter Full year

（Plan）

(Source: Created by us based on the HP of Association of 700MHz Frequency Promotion)

Installation of filter Or

Install a filter to cancel the radio waves from the 700MHz band

mobile phone base stations

Replacement of booster

Replace a booster with one that amplifies only the bands up to 710MHz (where the situation cannot

be addressed with the installation of a filter)

Construction areas of the Company

Kanto and Koshinetsu

－33－


76.0

67.365.767.965.5

40.038.333.933.7 29.8

■ Power pole elimination projects Future expansion of investment expected given the announcement of

new initiatives by governments to promote projects

100% 100% 100% 95% 93%

46% 35%

8% 6%

London Paris Hong Kong

Taipei Singapore Seoul Jakarta Tokyo’s 23 Wards

Osaka

（Source: Created by us based on data released by Ministry of Land, Infrastructure, Transport and Tourism ）

Current status of power pole elimination in major cities in Europe and Asia


Reference:Other Major Construction Projects in the Urban Infrastructure Business

(1) Construction of electrical facilities

(2) Solar power plant construction

◆Order received in the current fiscal year Note）The above photograph shows a different property.

Dec. 2017 Construction of electrical facilities for data center of a leading company Around ¥3.8 bn

◆Order received in the current fiscal year Note）The above photograph shows a different property.

Jun. 2017 Construction of mega solar system in Kagoshima Prefecture Around ¥5.5 bn


■ Orders Received (¥bn)


－34－


Reference:Other Major Construction Projects in the Urban Infrastructure Business

(3) Expressway communications

(5) Construction and operation of environmental plant

(4) Disaster prevention radio communications





－35－


500

Reference: Involvement in Solar Power Generation Business

300

500

（Millions of yen/year）

20,000 0

15,0000


Output

Amount of electricity

sales

(kW)

700

－36－


(5) SYSTEM-SOLUTIONS

■ SYSTEM-SOLUTIONS net sales (consolidated)


◆ Expansion of added value of the BPM solutions business through fusion with cutting-edge technologies

such as robotics and sensors ◆ Gradual emergence of results in new business areas such as cloud and geosolutions

（Plan）

(¥bn) 3rd

quarter Full year

■ Expand the added value of the BPM solution business

－37－


45.0

39.737.833.635.2

20.228.026.122.1 24.0


0123456

FY16 FY17 Plan

0123456

FY16 FY17 Plan

0123456

FY16 FY17 Plan0123456

FY16 FY17 Plan

Reference: Results of orders received for new solutions and activities going forward

・ Beacon （indoor positioning infrastructure/sensor network）・ Guide application (tourism/disaster)

・ Energy management service ・ Transportable lithium battery ・ Smart meter

・ Global projects ・ Global project investment, etc.

・ Thin client/virtual field ・ Security infrastructure ・ Educational apps

Cloud/security field

Solutions field Global, other

New energy field ¥1.3bn

¥5.6bn

¥0.2bn ¥1.2bn

¥2.6bn ¥3.2bn

¥5.1bn

¥13.0bn Orders Received

¥3.0bn ¥1.4bn

・Expand business in the Philippines ・Participate in business in Vietnam ・ Participate in business in Thailand （Establishment of EXEO Asia, a joint venture)

Energy Viewer , Survival Power Supply, Utility cloud for new electric power companies , HEMS, etc.

EXBeacon: (Next-generation beacon equipped with mesh network function) ⇒ Provision of indoor positioning infrastructure and formation of sensor network

EXTravel: (Guide application for tourism, etc.)

・Cloud integration engineering in partnership with Microsoft －Enrichment of lineup of solutions in corporate communication and IoT fields, Capital and business tie-up with Phone Appli Inc.

0

2

4

6

8

10

12

14

16

FY16 FY17 Plan

Computerized parking space certification system

－38－



Reference: Energy Viewer

Distribution board

Temperature sensor

cloud server

Monitor the indoor environment 24 hours a day, 365 days a year by utilizing the IoT devices Automated control of air conditioning units connected to the network from a remote location

Indoor Outdoor

Solutions for air conditioning units utilizing IoT

Accumulation and analysis of data

Indoor environment data (dedicated line) Control information

Current value of air conditioning units

Measurement device

Indoor temperature

Wireless (920Mhz)

Control device for contact connection

Contact connection

CT sensor

－39－


Currently, service

provision planned at

approx. 60 sites

*The Energy Conservation Grand Prize recognizes programs, products and business

models with exceptional energy-saving features. The award program is hosted by the Energy Conservation Center, Japan (ECCJ) and supported by the Ministry of Economy,

Trade and Industry.

◆ Deregulation of electric power and energy saving trend provide an opportunity to enter into the market in the new energy field ◆ “Energy Viewer” is a B2B2X business model through collaboration with the local electric power companies Won 2017 Energy Conservation Grand Prize* for provision of services in collaboration with Tepco Customer Service Corporation ◆ Developed as a tool to reduce power usage through the control of air conditioning and to acquire customers and prevent withdrawal for the local electric power companies


4. Status by Segment Reference: Cloud Integration Engineering*

Development of the market for sound solutions for enterprises and the expansion of the IoT solutions lineup

High

Sales

Low High Shift to cloud

◆ Concept of business development of cloud integration engineering

Trial introduction

Mission-critical system Hybrid

cloud Security/ operation monitoring Full-scale

introduction

Solution to issue

Security/ operation monitorin

g

Shift the business system to the cloud

On-premises

Operation monitoring

Security monitoring

*Offer nationwide, unified, one-stop engineering, including cloud implementation alongside existing network engineering

(1) State of activities[From April 2017 to the end of January 2018] Efforts for cloud integration engineering in collaboration with Microsoft

Japan -Approx. 40 orders received, approx. 120 business deals in progress. -Actual results: Cloud migration of office communication, introduction and assessment of cloud PBX and cloud video conferencing, assessment, etc. （medical institutions, manufacturing industry, trading companies, transport industry, local government, etc.) IoT

Began cooperation with NTT East/West over agriculture IoT using non-electric source sensor network solutions

(2) Train cloud engineers Achieved training of 2,000 Microsoft cloud engineers 1 year ahead of

schedule (as of end of January: 2,026 engineers; Initial plan: end of 2018) (3) Gained approval from Microsoft Japan 17.12 Microsoft365 Business Partner 17.12 Cloud Productivity Silver Partner 17.12 Surface Hub authorized reseller Participation in MRPP(Mixed Reality Partner Program)

(4) Provision of new solution in cooperation with Nextgen 17.11 Began provision of solution using voice recognition service （U3COGNI）

BPM/ System

development

National rollout

(CPBX, Beacon)

PoC introduction

(CPBX, Beacon) Voice/NW

Assessment EXBeacon

Geo/IoT Platform

－40－


Reference: Mesh-Type Beacon

Plant/warehouse , etc. Management of storage place for packages Visualization of employees’ behavior Control of room environment Collection of sensor information of machines,

etc.

<Visualization of situation>

Construction site, etc. Management of workers’ whereabouts Management of gate entrance and exit/

Authentication management Management of the location/taking out of

goods Management system of operation reports, etc.

<Visualization of worksite>

Office , etc. Management of employees’ positions/traffic

lines Management of building entrance and

exit/Authentication of employees Control of office space environment Work style reforms

<Visualization of work style>

※POC stands for Proof of Concept

－41－


(i) Enables indoor positioning (space navigation） (ii)Supports sensors, etc. ・Temperature sensor, motion detector, etc.

(iii) High redundancy ・Even if one beacon breaks, another takes its place

(iv) Simple installation ・No cabling required

Advantages of Mesh-Type Beacon （Enables easy creation of “GPS

space” indoors)

Use Scenarios

Cloud

【Introduced or going to be introduced】８ projects (plant, railway, office, construction site, etc.）【POC*】 25 projects in progress, 31 projects planned（plant, office, construction site, etc.）【Competing for contract】４ projects（manufacturer, real estate consultancy, large-scale office, etc.）【Solutions】 EXOffice，Ibasho-Wakuru-kun （PhoneAppli）［as of Jan. 2018］

EX Beacon

EX Tｘ（Beacon tag）

EX Beacon (Battery/sensor stack-type) EX Gateway

500 yen coin

EX Tx （Beacon tag card-type)

Beacon

Beacon Beacon

Sensor Sensor

GPS cannot reach indoors!


・Development of ICT technology educators in the Philippines → Spread to other SE Asian countries ・Train global staff in the Philippines (One-year local stay) Send trainees from Japan (First group sent in Oct. 2015 (completed); second group in Oct. 2016 (completed) ; Third group in Oct. 2017 (In process))

0

5

10

15

Reference: Global business initiatives （¥100m）

■ MG Exeo sales trends

Philippines Vietnam

Indonesian

Targeting various projects using government ODA

・Airport ICT ・ Expressway communication

・Industrial complex ICT ・ Railway communication

・Data center ICT ・ICT business investment

Trial implementation of Indonesian FTTH project

FY12 FY14 FY15 FY16 FY17 Plan FY13

MG Exeo (Philippines) as a base for development in Asia including ASEAN ＜around 850 employees as of Dec. 2017＞

－42－


N a m e EXEO ASIA COMPANY LIMITED L o c a t i o n Bangkok, Thailand P r e s i d e n t Yutaka Funaki

B u s i n e s s Ac t i v i t i e s

Planning, marketing, design, construction, development, sales and maintenance services in relation to ICT solutions, communication equipment and IP/Internet

C a p i t a l 6,000,000 THB Ownership R a t i o s

KYOWA EXEO 40%, Net Chart 9%, S.E.C.T. 16%, KDTS 10%, Millennium Plus One 25%

D a t e o f Establishme n t

January 3, 2018

Establishment of EXEO ASIA, a new joint venture in Thailand in Jan. 2018

Concluded an agreement to acquire shares of a new company of the IBS (In-Building System) Business in Vietnam in April 2017.

Thailand


(1) The National Skills Competition (Skill sector: Information Network Cabling) (2) Visit to Overseas Subsidiary by Minister of Internal Affairs and Communications

5. Topics

－43－


(1) The National Skills Competition (Skill sector: Information Network Cabling)

◆ Mr. Yoshiaki Shimizu, one of our employees, won the gold medal in the National Skills Competition held in Abu Dhabi, UAE in October 2017!!

Mr. Shimizu after the commendation ceremony

■ Our employees participated in the same skill sector of the National Skills Competition as representatives of Japan for the fifth time, and they have won the gold medal in all the competitions (including four consecutive victories).

5. Topics

Mr. Shimizu, during the competition

－44－


◆ Seiko Noda, Minister of Internal Affairs and Communications, visited the training center of our consolidated subsidiary in the suburbs of Manilla in the Philippines

■ In January 2018, Minister Noda visited the training center of our consolidated subsidiary MG EXEO NETWORK, Inc. opened in May last year in the suburbs of Manila to inspect the training of local engineers.

From left to right: MG EXEO Chairman Michael Tantoco, Minister Noda, our president Fuminori Kozono, MG EXEO President Eiichi Matsuda

Inspection of training of local employees

5. Topics (2) Visit to Overseas Subsidiary by Minister of Internal Affairs and Communications

－45－


Appendix

－46－


1. Consolidated Figures

(1) Overview

Notes: 1. All amounts less than ¥100m are disregarded. 2. Figures in parentheses are ratio to net sales.

(¥bn)

Actual YOYProgress

rate Plan YOY

A B C C/A C/D D D/B

230.2 324.1 242.4 105% 73% 330.0 102%

182.0 298.8 196.7 108% 61% 320.0 107%

(11.9%) (12.9%) (13.5%) (12.9%)

21.6 38.4 26.6 123% 65% 41.3 107%(6.9%) (5.9%) (6.5%) (5.7%)

12.6 17.6 12.7 101% 70% 18.3 104%(4.9%) (7.0%) (7.1%) (7.2%)

8.9 20.8 13.9 155% 60% 23.0 110%(5.0%) (7.2%) (7.6%) (7.4%)

9.1 21.4 14.9 163% 63% 23.6 110%(2.8%) (4.6%) (5.0%) (4.9%)

5.1 13.7 9.7 192% 62% 15.7 114%

FY 2016 FY 2017


Orders received

Net sales

Gross profit

SG&A expenses

Operating income

Ordinary income

Net income attributableto owners of parent

－47－




(¥bn) (2) Orders Received, Net Sales and Amount Carried Forward

Actual YOYProgress

rate Plan YOY

A B C C/A C/D D D/B

131.2 182.2 127.0 97% 79% 160.0 88% 18.8 28.7 24.0 128% 80% 30.0 104%

Urban infrastructure 50.7 72.7 59.6 118% 66% 90.0 124%

200.9 283.8 210.7 105% 75% 280.0 99% 29.3 40.2 31.6 108% 63% 50.0 124%

230.2 324.1 242.4 105% 73% 330.0 102%

104.2 168.3 111.1 107% 66% 168.0 100% 13.3 23.3 17.5 131% 57% 31.0 133%

Urban infrastructure 38.3 67.3 40.0 104% 53% 76.0 113%

155.9 259.0 168.7 108% 61% 275.0 106% 26.1 39.7 28.0 107% 62% 45.0 113%

182.0 298.8 196.7 108% 61% 320.0 107%

78.9 65.8 81.7 103% - - -10.8 10.7 17.3 160% - - -

Urban infrastructure 67.1 60.1 79.7 119% - - -

156.9 136.7 178.7 114% - - -9.4 6.8 10.4 110% - - -

166.3 143.5 189.2 114% - - -

FY 2016 FY 2017


Orders R

eceived

ENGINEERING-SOLUTIONS

NTT Group engineering

NCCs

Sub-total

SYSTEM-SOLUTIONS

TOTAL

Net S

ales



NCCs

Sub-total

SYSTEM-SOLUTIONS

TOTAL

Am

ount Carried F

orward



NCCs

Sub-total

SYSTEM-SOLUTIONS

TOTAL

－48－



(3) Balance Figures (¥bn)


FY 2016 FY 2017

Interim Year-end Interim

A B B-A

106.2 (52.5%) 142.3 (58.5%) 126.4 (55.0%) -15.9

95.9 (47.5%) 101.0 (41.5%) 103.3 (45.0%) 2.2

202.2 (100%) 243.4 (100%) 229.7 (100%) -13.7

Current 40.8 (20.2%) 61.2 (25.2%) 41.7 (18.2%) -19.5

Long-term 13.7 (6.8%) 23.8 (9.8%) 23.7 (10.3%) -0.1

54.5 (27.0%) 85.1 (35.0%) 65.4 (28.5%) -19.7

147.1 (72.8%) 157.8 (64.8%) 163.8 (71.3%) 6.0

0.5 (0.3%) 0.4 (0.2%) 0.4 (0.2%) -0.0

202.2 (100%) 243.4 (100%) 229.7 (100%) -13.7

Shareholder's equity

Minority interests andstock acquisition rightsTotal liabilities andnet assets

Total assets

Liabilities

Total liabilities

Current assets

Fixed assets

－49－



(4) Cash Flows

Notes 1. All amounts less than ¥100m are disregarded. 2. Free cash flow = Net cash provided by (used in) operating activities + Net cash provided by (used in) investing activities

(5) Interest-bearing Debt

Note: 1. All amounts less than ¥100m are disregarded. 2. Including Lease Liabilities.

(¥bn)

(¥bn)

FY 2017Interim Ful l year In terim

Net cash provided by (used in)operating activities 23.1 5.3 17.9 15.5 17.3Net cash provided by (used in)investing activities -2.8 -13.9 -2.0 -6.0 -1.4Net cash provided by (used in)financial activities -12.3 0.3 -12.5 -10.2 -2.3

Free cash flow (Note 2) 20.3 -8.5 15.9 9.4 15.8Cash and cash equivalentsat end of period 24.2 16.0 19.3 15.2 28.7

FY 2014 FY 2015FY 2016

FY 2017

Interim Ful l year In terim

Short-term 2.3 13.5 6.1 1.0 0.9 Long-term 6.3 2.7 2.2 11.8 11.1 Total 8.6 16.2 8.4 12.8 12.0

FY 2014 FY 2015FY 2016

－50－



(6) Capital Expenditures

(7) Depreciation and Amortization



(¥bn)

(¥bn)

FY 2017


Tangible fixed assets 3.2 11.0 0.8 5.1 1.4 Intangible fixed assets 1.0 2.1 1.5 2.0 0.4 Total 4.2 13.2 2.4 7.1 1.8

FY 2014 FY 2015FY 2016

FY 2017


2.6 3.0 1.5 3.2 1.5

FY 2014 FY 2015FY 2016

Depreciation and amortization

－51－



(¥bn) (8) Business Overview of Main Subsidiaries


FY 2016 FY 2017 FY 2016 FY 2017

1-3Q Full year 1-3Q YOY 1-3Q Full year 1-3Q YOY

A B C C/A D E F F/D

14.4 20.2 15.2 105% 10.0 13.4 10.3 103%

11.0 19.6 12.5 114% 7.3 12.9 8.1 111%

(6.3%) (7.8%) (7.3%) (9.0%) (10.9%) (10.2%)

0.6 1.5 0.9 131% 0.6 1.4 0.8 125%(8.3%) (6.2%) (6.6%) (6.8%) (5.4%) (6.4%)

0.9 1.2 0.8 91% 0.5 0.7 0.5 105%(-2.0%) (1.6%) (0.6%) (2.2%) (5.5%) (3.8%)

-0.22 0.32 0.07 - 0.16 0.70 0.30 185%(-3.1%) (1.8%) (1.0%) (2.7%) (5.8%) (4.2%)

-0.33 0.35 0.12 - 0.19 0.74 0.34 172%(-0.8%) (2.1%) (0.7%) (4.6%) (5.8%) (2.7%)

-0.09 0.40 0.08 - 0.33 0.74 0.22 66%

Net sales

EXEO TECH Daiwa Densetsu

Orders received

Gross profit

SG&A expenses

Operating income

Ordinary income

Net income

－52－


2. Non-consolidated Figures

(1) Overview (¥bn)


Actual YOYProgress

rate Plan YOY

A B C C/A C/D D D/B

189.0 268.3 200.9 106% 74% 273.0 102%

149.4 243.5 160.9 108% 61% 264.0 108%

(8.5%) (9.5%) (10.2%) (9.8%)

12.6 23.2 16.3 129% 63% 26.0 112%(5.6%) (4.9%) (5.6%) (4.9%)

8.3 12.0 8.9 107% 69% 13.0 108%(2.9%) (4.6%) (4.6%) (4.9%)

4.3 11.2 7.4 172% 57% 13.0 116%(3.3%) (5.0%) (7.3%) (6.6%)

4.8 12.2 11.7 241% 67% 17.4 142%(8.0%) (7.0%) (5.6%) (4.9%)

11.9 17.1 9.0 76% 70% 13.0 76%

FY 2016 FY 2017


Orders received

Net sales

Gross profit

SG&A expenses

Operating income

Ordinary income

Net income

－53－


2. Non-consolidated Figures

(2) Orders Received, Net Sales and Amount Carried Forward


(¥bn)

Actual YOY Progressrate Plan YOY

A B C C/A C/D D D/BAccess engineering 54.0 77.0 53.5 99% 76% 70.0 91% Network engineering 14.6 22.1 14.9 102% 83% 18.0 81% Mobile engineering 45.9 60.4 43.0 94% 81% 53.0 88%

Sub-total 114.6 159.6 111.5 97% 79% 141.0 88% 18.2 27.5 23.4 128% 81% 29.0 105% 39.4 58.8 48.3 123% 67% 72.0 122%

172.3 246.0 183.3 106% 76% 242.0 98% 　　SYSTEM-SOLUTIONS 16.6 22.2 17.6 106% 57% 31.0 139%

189.0 268.3 200.9 106% 74% 273.0 102% Access engineering 46.7 74.7 49.3 105% 67% 74.0 99% Network engineering 11.6 21.1 13.7 118% 64% 21.5 101% Mobile engineering 33.1 50.6 34.0 103% 63% 54.0 107%

Sub-total 91.6 146.5 97.1 106% 65% 149.5 102% 13.0 22.6 16.9 130% 56% 30.5 135% 30.3 51.7 31.5 104% 54% 59.0 114%

134.9 220.9 145.6 108% 61% 239.0 108% 　　SYSTEM-SOLUTIONS 14.4 22.5 15.2 106% 61% 25.0 111%

149.4 243.5 160.9 108% 61% 264.0 108% Access engineering 23.7 18.8 23.0 97% - - -Network engineering 11.3 9.2 10.3 92% - - -Mobile engineering 35.8 32.8 41.8 117% - - -

Sub-total 70.9 60.8 75.2 106% - - -10.6 10.3 16.7 158% - - -56.5 54.5 71.3 126% - - -

138.0 125.7 163.4 118% - - -　　SYSTEM-SOLUTIONS 7.5 4.9 7.2 97% - - -

145.6 130.7 170.7 117% - - -

FY 2016 FY 2017


Orders R

eceived

EN

GIN

EE

RIN

G-S

OLU

TIO

NS

NTT Groupengineering

NCCsUrban infrastructure

Sub-total

TOTAL

Net S

ales

EN

GIN

EE

RIN

G-S

OLU

TIO

NS



Sub-total

TOTAL

Am

ount Carried F

orward

EN

GIN

EE

RIN

G-S

OLU

TIO

NS



Sub-total

TOTAL

－54－


A variety of IR materials is available for consultation on our company website.

Management of the Company has made estimates and assumptions relating to financial forecasts based on information available as of the reporting date. Actual results could differ from those estimates.

Disclaimer Regarding Forward-Looking Statements

3-29-20 Shibuya, Shibuya-ku, Tokyo 150-0002 JAPAN

http://www.exeo.co.jp/overseas/index.html

TEL: (81)3-5778-1073 FAX: (81)3-5778-1228

－55－

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