To All Shareholders

Under these circumstances, the Group’s performance for the fiscal year under review exceeded that of the previous fiscal year. This was due to a recovery in the flow of people following the relaxation of restrictions on movement, as well as the Group's efforts to review prices and make efficient use of expenses in light of the sharp rise in purchasing costs.
As for the return of profits to shareholders during the new Medium-Term Management Plan period from the fiscal year ending March 31, 2025 to the fiscal year ending March 31, 2027, the Company's basic policies are to actively and stably return profits to shareholders while investing in growth to maintain and strengthen competitiveness and working to improve earning capacity and strengthen its financial position.
In addition, to realize management that is conscious of the cost of capital and the share price, and to further advance initiatives to increase corporate value, we will adopt the higher of the consolidated dividend payout ratio of 70% or the dividend on equity ratio (DOE) of 3% and we will improve capital efficiency and increasing dividends over the mid to long term and pay dividends through profit growth.
We look forward to the continued support of our shareholders.

(￥　Millions)

In this segment, despite an increase in shopping transactions, the balance of cash advances decreased. As a result, Net sales were 4,959 million yen (98.9% year on year), and segment income (Operating income) was 2,026 million yen (91.9% year on year).
The Company procures funds by borrowing from its parent company, Aoyama Trading Co., Ltd., etc., and by issuing from Bonds payable.
Number of effective members are 3.91 million as end of February 2024.

In this segment, while closing unprofitable stores, efforts were made to use expenses efficiently. As a result, Net sales were 15,232 million yen (96.8% year on year), and segment income (Operating income) was 245 million yen (105.4% year on year).
As of the end of February 2024, there were 102 stores (113 stores as of the end of February 2023).

In this segment, although sales increased due to a recovery in the flow of people, new services, and price revisions, due to an increase in personnel costs associated with enhanced recruitment, etc., Net sales were 13,362 million yen (107.9% year on year) and segment income (Operating income) was 171 million yen (58.4% year on year).

In this segment, the food service, reuse and fitness businesses generally performed well. As a result, Net sales were 15,157 million yen (115.2% year on year) and segment income (Operating income) was 1,090 million (124.9% year on year).

From the consolidated fiscal year, "Real Estate Business" has been added as a new reportable segment, based on the recognition that real estate leasing revenue is a stable revenue source and that real estate leasing revenue is expected to increase due to an increase in real estate leasing properties, as well as the decision to appropriately manage profitability in the division that centrally manages and operates the Company's real estate for leasing.
In this segment, Net sales were 3,066 million yen (100.5% year on year) and segment income (Operating income) was 557 million yen (281.8% year on year).

In this segment, Net sales were 1,489 million yen (90.0% year on year) and segment loss (operating loss) of 254 million yen (segment loss (operating loss) of 316 million yen in the previous fiscal year).
As of March 31, 2024, WTW has 6 stores.