Financial Results Briefing for the Fiscal Year Ended...

Financial Results Briefing for the Fiscal Year Ended March 31, 2016（FY2015）

April 28, 2016NEC Capital Solutions Limited

CONTENTS1. Financial Results for Fiscal Year Ended March 31, 2016

1）Highlights of Consolidated Financial Statements2）Business Environment3）Consolidated Financial Summary4）Consolidated Revenues by Business Segment5）Contracts Executed by Business Segment6）Leasing/Installment Sales Business7）Finance Business8）RISA Business (Operating Income)9）Operating Asset Balances (Consolidated)

10）Procurement Funds (Consolidated)11）Credit Costs (Consolidated)

2. Forecasts for March 2017 Term(FY2016)1）Consolidated Earnings Forecasts

3. Status of Progress in the Medium-Term Plan 2014

1. Financial Results for Fiscal Year Ended March 31, 2016

5 © NEC Capital Solutions Limited 2016


【Business Environment】・Total leasing contracts increased Y/Y due to lessening of the effect of factors

such as the consumption tax rate increase implemented in April of last year.・Conditions for procuring funds remained favorable.・The number of bankruptcies fell Y/Y for the 7th straight year.Total liabilities in bankruptcy were at the second lowest level seen since fiscal 2000.【Sales Top Line】・Declined in the Leasing/Installment Sales business, both contract executions

and new transactions.・Finance Business increased Y/Y.＜ Leasing/Installment Sales Business ＞※Figures in parenthesis are on a non-consolidated base.Contracts executed：down 1.8％（down 2.4％） New transactions：down 4.2％（down4.9％）＜ Finance Business ＞Contracts executed：up23.3％（up14.2％） New transactions： up24.0％（up14.9%）

【Business Performance】・Revenue growth reached initial forecasts particularly in the RISA business・Initial ordinary income forecasts were also achieved due to the RISA business

and gains on exchange-rate movements・Net profit for the fiscal year did not reach initial forecasts due to the effect of

tax reforms

1）Highlights of Consolidated Financial Statements


0

3,000

6,000

9,000

12,000

15,000

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

08 09 10 11 12 13 14 15(Source: Bankruptcy information on the website of Teikoku Data Bank; liabilities of companies that filed for bankruptcy)(Source: Lease statistics of the Japan Leasing Association)

(Number)(Unit: JPY bn)▌Bankruptcies (total liabilities/number of bankruptcies)▌Year-on-year change in total leasing contracts


Total Leasing Contracts:-Our mainstay Information and Communication Equipment leasing increased by 3.1% Y/Y.-Total leasing contracts also up by 5.7% Y/Y. Bankruptcies:-Total number of bankruptcy in FY2015 fell for the 7th consecutive year.Total liabilities in bankruptcy were at the second lowest level seen since fiscal 2000.

2）Business Environment

Total liabilities

(Left axis)

-40

-30

-20

-10

0

10

20

30

40

50

60

13/1Q 13/2Q 13/3Q 13/4Q 14/1Q 14/2Q 14/3Q 14/4Q 15/1Q 15/2Q 15/3Q 15/4Q

Volume of leasing

contracts

Information and communication

equipment

Construction machinery

Number of bankruptcies

(Right axis)


(Unit: JPY bn)FY2014 FY2015

Y/Y Change

Revenues 213.9 202.6 -5.2%Operating Income 6.0 4.9 -19.4%Ordinary Income 4.7 6.0 27.4%Profit attributable to owners of parent 2.8 3.3 18.4%

Net Income per Share (JPY) 130.81 154.85 －

Operating Asset Balance 717.8 749.4 4.4%Net Assets 105.9 101.0 -4.6%

Shareholders' Equity 74.4 76.0 2.2%

Equity Ratio (%) 9.2 9.2 -0.0Interim Dividend per Share (JPY) 22 22 －

(Unit: JPY bn)

FY2015FY2014

▌Main Reasons for Y/Y Increase/Decrease in Ordinary Income▌Performance measures


Revenues: Fell by 5.2% Y/Y rebounding from the surge last term due tohealthcare-related salesOrdinary Income: Grew by 27.4% Y/Y, despite such things as reduced reversals of credit costs, and impairment losses on leased assets, due to theinfluence of the exchange rateEquity Ratio: 9.2％（Mar.2015）→9.2％（Mar.2016）

3）Consolidated Financial Summary

4.7 6.0

1.8

1.2 0.7 0.2 0.3 0.4 0.4

0.4 0.9

2.5 GP on otherincreased

Reversals of credit costsdeclined

GP on Leasingdeclined

Non-operating income increased （Profit and loss on exchange-rate fluctuation）

SG&A declined

ImpairmentLoss, Others

Profit on loan increased

Healthcare-relatedprofit increased

Procurement funds cost increased

RISA Businessincreased


▌Revenues by Business Segment

1. Financial Results for the Third Quarter of FY2015

4）Consolidated Revenues by Business Segment

<<Leasing/Installment Sales Business>>･Revenues decreased by 1.1% Y/Y on withdrawal from small-scale business.･Operating income fell by 40.3% Y/Y on factorssuch as higher impairments booked on leasedassets, narrowing of the gross profit on re-leases, and reduced reversals of credit costs.<<Finance Business>>･Revenues increased by 11.1% Y/Y･Operating income fell by 15.2%Y/Y on smallerreversals of credit costs.<<RISA Business>>･Revenues increased by 73.3% Y/Y on sales ofreal estate held for resale and operationalinvestment securities. ･Operating income improved by JPY 1.5bn Y/YOn factors including sales of real estate held for resale and the rebound from last year’sbooking of losses on disposal and evaluationlosses when replacing operating assets. <<Other Business>>·Revenues fell by 46.8% Y/Y because last yearincluded sales of healthcare-related real estateheld for resale.･Operating income improved by JPY 600 millionY/Y, moving into the black, on higher grossprofit.

（単位：億円）

*Excluding adjustment amount


Y/Y Change

Revenues 167.4 165.6 -1.1%Gross Profit 12.8 11.2 -12.3%Operating Income 7.1 4.3 -40.3%Revenues 4.3 4.8 11.1%Gross Profit 3.2 3.8 16.0%Operating Income 2.3 2.0 -15.2%Revenues 8.2 14.3 73.3%Gross Profit 2.9 3.8 33.5%Operating Income -1.6 -0.1 -Revenues 34.0 18.1 -46.8%Gross Profit 1.9 2.5 29.1%Operating Income -0.3 0.3 -Revenues 213.9 202.6 -5.2%Gross Profit 20.8 21.2 2.2%Operating Income 6.0 4.9 -19.4%

Total

Leasing/ Installment Sales Business

Finance Business

RISA Business

Other Business



Y/Y Change

167.0 160.0 -4.2%Leasing Business 157.1 154.1 -1.9%Installment Sales 9.9 5.9 -40.9%

Finance Business 268.0 332.2 24.0%Loans 167.4 238.0 42.2%Bulk Factoring 100.6 94.2 -6.4%

Other Business 3.7 4.2 13.5%

Total 438.7 496.4 13.1%


▌New Transactions by Business Segment▌Contracts Executed by Business Segment


5）Contracts Executed by Business Segment(Consolidated)

<< Contracts Executed >>・ Declined by 1.8% Y/Y in Leasing/Installment Sales Business, despite promoting

a range of measures, on a rebound from booking a large-scale project last year.・ Contracts executed in the Finance Business increased by 23.3% Y/Y on matters

like growth in individual factoring and overseas businesses.<< New Transactions >>・The Leasing/Installment Sales Business and Finance Business both performed in

line with contracts executed in those business segments.


Y/Y Change

175.6 172.6 -1.8%Leasing 166.7 165.4 -0.8%Installment Sales 8.9 7.2 -19.6%



Total 447.1 507.2 13.5%




Y/Y Change

167.0 158.8 -4.9%Leasing Business 157.1 153.0 -2.6%Installment Sales 9.9 5.9 -40.9%



Total 434.2 465.7 7.3%



Y/Y Change

175.6 171.4 -2.4%Leasing 166.7 164.2 -1.5%Installment Sales 8.9 7.2 -19.6%



Total 442.6 476.6 7.7%


▌Contracts Executed by Business Segment


5）Contracts Executed by Business Segment（Non-consolidated）

<< Contracts Executed >>・Declined by 2.4% Y/Y in Leasing/Installment Sales Business, despite promoting

a range of measures, on a rebound from booking a large-scale project last year.・Contracts executed in the Finance Business increased by 14.2% Y/Y on growth in

individual factoring.<< New Transactions >>・The Leasing/Installment Sales Business and Finance Business both performed in

line with contracts executed in those business segments.

▌New Transactions by Business Segment



Y/Y Change

97.4 89.3 -8.3%Private Sector 69.6 70.7 1.6%

Services 18.3 17.3 -5.1%Distribution 14.1 18.4 30.4%Manufacturing 19.3 20.4 6.1%Other 18.0 14.6 -19.0%

Total 167.0 160.0 -4.2%

Public Sector: Government & Municipal


Y/Y Change

93.1 95.0 2.0%Private Sector 82.5 77.5 -6.0%


Total 175.6 172.6 -1.8%



Y/Y Change

114.2 123.2 7.9%Computer Hardware 50.8 44.4 -12.5%Computer Software 60.8 76.2 25.3%Telecommunications Equipment 2.6 2.6 1.4%

Office Equipment 5.4 4.1 -23.3%Other 56.0 45.2 -19.4%

Total 175.6 172.6 -1.8%

Information and Communication Equipment


6） Leasing/Installment Sales Business(Consolidated)

・By customer sector, contracts executed inthe public sector grew Y/Y, but private sector demand fell Y/Y rebounding from a large-scale project booked last year. Overall, Contracts Executed decreased by 1.8% Y/Y.

・New transactions the public sector declinedbut private sector roughly unchanged Y/Y Overall, New transactions decreased by 4.2％ Y/Y.

▌Contracts Executed by Customer Sector ▌New Transactions by Customer Sector

▌(For ref.) Contracts Executed by Equipment Type



Y/Y Change

114.2 122.1 6.9%Computer Hardware 50.8 43.3 -14.8%Computer Software 60.8 76.2 25.3%Telecommunications Equipment 2.6 2.6 1.4%

Office Equipment 5.4 4.1 -23.3%Other 56.0 45.2 -19.4%

Total 175.6 171.4 -2.4%

Information and Communication Equipment


Y/Y Change

97.4 89.3 -8.3%Private Sector 69.6 69.6 -0.1%


Total 167.0 158.8 -4.9%



Y/Y Change

93.1 95.0 2.0%Private Sector 82.5 76.4 -7.5%


Total 175.6 171.4 -2.4%


▌(For ref.) Contracts Executed by Equipment Type

▌New Transactions by Customer Sector▌Contracts Executed by Customer Sector


6） Leasing/Installment Sales Business（Non-consolidated）

・By customer sector, contracts executed inthe public sector grew Y/Y, but private sectordemand fell Y/Y rebounding from a large-scale project booked last year. Overall, Contracts Executed decreased by2.4% Y/Y.

・New transactions the public sector declinedbut private sector roughly unchanged Y/Y Overall, New transactions decreased by 4.9％ Y/Y.



Y/Y Change

0.5 0.7 31.5%Private Sector 166.9 235.6 41.2%

Services 15.1 20.1 32.5%Distribution 8.0 14.8 85.2%Manufacturing 67.7 137.3 102.8%Financial 25.5 21.1 -17.1%Real Estate 13.7 11.4 -16.7%Other 36.8 30.9 -16.0%

Total 167.4 236.3 41.2%

Public Sector:Government&Municipal


Y/Y Change

14.8 11.1 -25.1%

58.2 122.6 110.7%

0.2 ― ―

78.8 88.0 11.7%

15.5 14.7 -5.0%

167.4 236.3 41.2%

Business Loans

Reimbursements,APF, Installment Sales,Transaction-Backed

Individual Factoring

Securitization of Medical Institution Receivables

Other

Total


7）Finance Business(Consolidated)

・By form of contract, contracts executed in individual factoring saw a large increase of 110.7％ Y/Y. Foreign business also grew Y/Y, for overall growth of

41.2% Y/Y for the Finance business. ・Private sector increased by 41.2% overall, with growth seen particularly in the Manufacturing and Services industries.

▌Contracts Executed by Form of Contract ▌Contracts Executed by Customer s’ Sector



Y/Y Change

0.5 0.7 31.5%Private Sector 162.3 206.1 27.0%

Services 14.9 17.5 17.1%Distribution 7.8 12.5 59.7%Manufacturing 67.7 113.3 67.4%Financial 24.2 21.1 -12.9%Real Estate 12.4 11.4 -8.1%Other 35.2 30.3 -14.0%

Total 162.9 206.8 27.0%

Public Sector:Government & Municipal


Y/Y Change

14.8 11.1 -25.1%

58.2 99.9 71.8%

0.2 ― ―

74.2 81.1 9.2%

15.5 14.7 -5.0%

162.9 206.8 27.0%

Reimbursements,APF, Installment Sales Transaction-Backed

Individual Factoring

Securitization of Medical Institution Receivables

Business Loans

Other

Total


7）Finance Business（Non-consolidated）

・By form of contract, contracts executed in individual factoring saw a largeincrease of 71.8% Y/Y. Business Loans also grew Y/Y, for overall growth of27.0% Y/Y for the Finance business.

・Private sector increased by 27.0% overall, with growth seen particularly inthe Manufacturing and Services industries.

・In line with global strategy, foreign projects also saw significant improvements in results.

▌Contracts Executed by Form of Contract ▌Contracts Executed by Customer s’ Sector


(Unit: JPY bn)

FY2014 FY2015

Asset Business Revenues 3.9 7.6 93.9%

Gross profit 2.5 2.5 0.1%

Operating income -0.1 0.6 ―

Real Estate Revenues 3.7 6.2 65.4%

Gross profit -0.0 0.9 ―

Operating income -0.3 0.6 ―

Advisory Revenues 0.6 0.6 -11.0%

Services Gross profit 0.6 0.5 -7.4%

Business Operating income 0.1 -0.1 ―

Goodwill Revenues -0.0 -0.0 ―

Other Gross profit -0.1 -0.1 ―

Operating income -1.2 -1.2 ―

Total Revenues 8.2 14.3 73.3%

(Consolidated) Gross profit 2.9 3.8 33.5%

Operating income -1.6 -0.1 ―

Y/Y Change

Business


8）RISA Business (Operating Income)

（単位：億円）

Large revenue growth Y/Y Consolidated operating income grew significantly taking into account goodwill depreciation

<< Asset Business >>・Income and profits increasedon things like sales of operational investment securities and dividend income.

<< Real Estate Business >>・Income and profits increasedon sales of real estate held forresale

<<Advisory Services Business>>・Secured roughly similar Gross profit to last year.


(Unit: JPY bn)


<< Operating Asset Balances >>・Leasing/Installment Sales Businessbalance grew by 4.0％ or JPY 18.3bn

・The Loan Business balance increasedby 18.4% or JPY 26.6bn Y/Y.

⇒ The Loan Business balance increased on financing denominated in foreigncurrencies associated with developmentof global businesses. Also, IndividualFactoring increased by JPY 14.9bn due to growth in manufacturing industry factoring.

・The balance in Other Business grew byJPY 4.7bn Y/Y.⇒Healthcare-related real estate for sale declined by JPY 4.5bn.JPY 41.3bn (Mar. 2015)

→JPY 36.3bn (Mar. 2015)

437.8 458.6 476.9

110.9 145.1

171.8 24.3

28.9 26.0 42.6 37.9

43.0

42.5 36.8

619.2

717.8 749.4

0

200

400

600

800

Mar.2014 Mar.2015 Mar.2016

RISA Business

Other

Business

Bulk

Factoring

Loan Business

Leasing /

Installment

Sales

Business

9）Operating Asset Balances (Consolidated)

＋4.0%

(Unit: JPY bn)Mar.2015 Mar.2016 Y/Y Change

Public Sector 272.1 279.5 7.3

Private Sector 186.4 197.4 10.9

458.7 477.0 18.3


(Unit: JPY bn)

FY2014 FY2015

CompositionRatio

CompositionRatio Y/Y Change

Short-term Borrowings 12.8 2.0% 24.9 3.7% 12.0Long-term Debts 509.4 77.5% 470.9 69.3% -38.5Commercial Paper 66.0 10.0% 107.0 15.8% 41.0Bonds 55.0 8.4% 60.0 8.8% 5.0Payable UnderSecuritized LeaseReceivables

13.8 2.1% 16.4 2.4% 2.6

Total 657.0 100.0% 679.2 100.0% 22.2▌Composition of Interest-bearing Debt

▌Composition of Interest-bearing Debt▌Funding Cost Ratio

0%10%20%30%40%50%60%70%80%90%

100%

Mar.2014 Mar.2015 Mar.2016

・Funding cost ratio was 0.71％,decreased by 0.12％ Y/Y⇒Declined due to a Commercial Paper shift

on long-term debt, lower fund procurementspread, and various other measures.・Direct funding ratio was increased

by 20.5％ (Mar.2015) → 27.0％ (Mar.2016)⇒ Rose on higher Commercial Paper

balance


0.85%

0.83% 0.71%

0.6%

0.7%

0.8%

0.9%

1.0%

FY2013 FY2014 FY2015

資金原価率（%）

＝資金原価÷有利子負債平残

Short-termborrowings

Long-termDebts

Securitized Lease

Receivable

CommercialPaper

Bonds Directfunding

ratio

27.0％

10）Procurement Funds (Consolidated)

Funding cost ratio (%)= Cost of funding / Average Balance of Interest-bearing debt


(Unit: JPY bn)(Unit: JPY bn)▌Non-performing Loans (Specific reserve)▌Credit Costs (Specific reserve + general reserve)


1.2 0.5

-0.7

0.3

-1.8

-0.4

-1.3 0.5

-3

-2

-1

0

1

2

FY2014 FY2015

Except Loan Business

Loan Business

RISA Business

11）Credit Costs (Consolidated)・Credit costs were increased by JPY 1.8bn Y/Y (of which, general expenses

increased by JPY 0.8bn).・Specific reserve expenses increased by JPY 1bn due to factors such as lower

reversals of allowances for doubtful debts.

Except Loan business

1.2 0.5

-0.7

0.1

-1.1

-0.2

-0.6

0.4

-0.09% 0.05%

-6%

-4%

-2%

0%

-2

-1

0

1

2

FY2014 FY2015


Loan Business

RISA Business

Rate of Client Bankruptcy


The specific reserve ratio (%) = the amount of losses arising as a result of new insolvencies / (average balance of operating assets + average balance of claims in bankruptcy)The amount of losses arising as a result new bankruptcies = claims in bankruptcy + doubtful loans

2. Forecasts for March 2017 Term(FY2016)


(Unit: JPY bn)Actual Forecast

FY2015 FY2016 Y/Y Change

Revenues 202.6 205.0 101%

Operating Income 4.9 6.0 123%

Ordinary Income 6.0 6.0 100%

Profit attributable to owners of parent 3.3 3.5 105%　　　　　　　　　　　　(Unit: JPY)Net Income per Share 154.85 162.54

(Unit: JPY)

Interim Year-end Annual

22.00 22.00 44.00

22.00 22.00 44.00FY2015 Actual

FY2016 Forecast

▌Dividend Per Share

2. Forecasts for March 2017 Term (FY2016)

1）Consolidated Earnings Forecasts

▌Consolidated Earning Forecasts

3. Status of Progress in the Medium-Term Plan 2014


Main Achievements from FY14/FY15 Medium-term Plan Initiatives

ØInternal organizational arrangements at NEC aimed at strengtheningvendor finance programsØExpansion of electrical recharging infrastructure aimed at EV and PHV incollaboration with NECØFinancial support for marine cable project

ØExpanded customer base for private sector demandØImproved results in regional area salesØSet up new vendor finance programØMonetization of global businesses

ØAcquisitions of PFI business projects in new regionsØAchieved listing of Healthcare REITØPromoted development of Tourism Stimulation Fund

▌Objective of improving social value in cooperation with NEC

▌Expanding customer base for creating social value

▌Driving development and commercialization of new needs from a CSV perspective


Main Achievements from FY14/FY15 Medium-term Plan Initiatives

ØBuilding and executing a financial strategy to lower funding costsØInfrastructure development to upgrade management accountingØStrengthening office operations and ITØRestructuring subsidiaries to improve ICT business profitabilityØPlanning and execution of human resource strategies to contribute to new business development

ØAirplane leasing initiativesØExpansion in building leasesØRenewable energy initiatives especially in solarØSetting up renewable energy businesses in collaboration with local governments

▌Initiatives to diversify assets

▌Strategies for improving profitability


Full Term 1H

Domestic Personal Computer Shipments (by Qtr)Medium-term Plan Assumptions

(Note: Forecasts for FY2015 2H and Full Term are from MM Research Institute, Ltd.Source:MM Research Institute, Ltd.)

Changes to Assumptions in Medium-term Plan Forecasts

▌Changes in Japanese Financial Markets

ØDecline in domestic PC shipments andincreased tablet terminal shipmentsØDisappointing release of Windows 10

QQE StartØReduced spreads after quantitative andqualitative easing by BOJ.ØIntroduction of negative interest rates and stagnation in normalization of US fiscal strategy

▌Changes in Japanese ICT Market

(Note: 6 Month Backward Moving Average Source:Bank of Japan)

Trend/Forecasts for Tablet Computer Shipments

New Contract Interest Rates on Loans and Discounts

(year)

(Note: Forecasts after FY2015 2H are from MM Research Institute, Ltd.Source:MM Research Institute, Ltd.)

2Ｈ

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

（Unit：million,Number ）

Medium-term PlanAssumptions

（Unit：million,Number ）


FY2016 Forecasts for Profit and Operating Indicators

▌Considering business environment changes, the Medium-term Plan consolidated ordinary income target was revised from JPY 7bn to JPY 6bn

▌Consolidated net profit was revised from JPY 4.5bn to JPY 3.5bn

Item FY2014Plan

FY2016Plan

Ordinary Profit (Consol.)

4.0 7.0

Net Profit (Consol.) 2.0 4.5

ROA 0.6% 1.0%

Equity Ratio 10.5% 11.0%

FY2014Result

FY2015Result

FY2016Forcast

FY2016Gap from

Plan

4.7 6.0 6.0 -1.0

2.8 3.3 3.5 -1.0

0.6% 0.7% 0.7％ -0.3％

9.2% 9.2% 9.0％ -2.0％

Plan Result/Forcast(Unit: JPY bn) (Unit: JPY bn)


More Initiatives Aimed at Promoting Medium-term Plan

Ø Specifying the following 8 categories as the most material in terms of thepivotal aims of expanding the profits base, strengthening the operating base, and reforming corporate cultureØ “Strengthening collaboration with NEC,” “Expanding our own customer base,” “Creating new businesses,” “Strengthening funds procurement base,” “Promoting global business,” “Improving operational quality,” “Rigorous compliance,” “Improving satisfaction levels of staff”

Ø Establish a new “System Integration service Promotion Section” in order toproceed with proposing and commercializing new public and municipal SI services in NEC’sareas of public sector business, and to plan commercialization with NEC

Ø Bolstering the “Private Finance Initiative Promotion Section” into the “Private Finance Initiative Promotion・Public Private Partnership Section,” with the aim of developing both PFI and PPP businesses

Ø Set up an “Environment & Energy Department” as a specialized sales department aimed at putting into effect and expanding profits in environment andrenewable energy businesses, with the goal of strengthened profitability

▌Specific materiality and promotion of various policies

▌Full-scale engagement in Environment and Renewables businesses

▌Proposals and commercializations of SI services

▌Strengthening expansion of PFI business


The presentation materials are solely for the purpose of providing corporateinformation of NEC Capital Solutions Limited and not for soliciting purchase, sale, orinvestment in securities issued by the Company. We ask for the discretion ofinvestors in making investment decisions.The presentation materials contain forward-looking statements pertaining to theCompany’s plans, strategies and financial targets, which are created based oncurrently available assumptions, data, or methods and contain a certain level of riskor uncertain factors.Investors are advised not to place undue reliance on the forward-looking statementsas they only reflect the Company’s analysis and expectations. A number of importantfactors that could cause actual results to differ materially from such statementsinclude (i) change in general economic conditions and laws/regulations in theCompany’s market, (ii) potential legal liabilities relating to the Company’s businessand operations, (iii) fluctuating demand for and competitive pricing pressure on theCompany’s services, (iv) deterioration of the global economic and financialenvironment, (v) downturn of domestic and international stock markets, and soforth. Risks and uncertainties also include any future events with materialunforeseen impacts.Forward-looking statements contain the most updated information as of the date ofcompilation. New risks and uncertainties constantly arise, and it is impossible for theCompany to predict such events or how they may affect the Company.


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ものではありません。実際に投資を行う際は、ご利用者ご自身のご判断において行われるよ

うお願い致します。

本資料に記載されている当社の計画、戦略および業績見通しは、将来の予測であって、リス

クや不確定な要因を含んでおります。

また、本資料に記載されている経営目標は予想ではなく、将来の業績に関する経営陣の現在

の予想を反映したものでもありません。むしろ、経営陣が事業戦略の実行を通じて達成しよ

うとする目標であります。

実際の業績等は、さまざまな要因により、見通し等と大きく異なる結果となりうることをあ

らかじめご承知願います。実際の業績等に影響を与えうる重要な要因としては、当社の事業

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ありえます。また、世界経済の悪化、世界の金融情勢の悪化、国内外の株式市場の低迷など

により、実際の業績等が経営目標その他の見通しと異なる結果となる可能性もあります。

当社による将来予測に関する記述は、その日現在のものであることをご承知おきください。

新たなリスクや不確定要因は随時生じるものであり、その発生や影響を予測することは不可

能であります。また、リスクや不確定要因があるため、将来予測に関して記述されているこ

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ようお願いします。

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NEC Capital Solutions Group Vision

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