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Financial Results Presentation for the Third Quarter Ended May 31, 2020
July 15, 2020
Valuence Holdings Inc.
(Securities Code: TSE Mothers 9270)
Contents
1. Corporate Profile
2. Financial Results
3. Our Response to COVID-19
4. Topics
Appendix
Corporate Profile
Financial Results Presentation for the Third Quarter Ended May 31, 2020
Ⓒ 2020 Valuence Holdings Inc.
Valuence Group
Leverage our expertise gained to offer experiences
of life-changing value through our business activities
to those with whom we interact
4
Value ×Intelligence
Experience
Ⓒ 2020 Valuence Holdings Inc.
Corporate Philosophy
5
Mission
Vision
Encouraging people to live in a way
that is true to themselves.
Providing life-changing value to the world.
Ⓒ 2020 Valuence Holdings Inc.
Corporate Profile
6
Company Name Valuence Holdings Inc.
Representative Shinsuke Sakimoto
Head Office 1 Konan, Minato-ku, Tokyo
Founded December 2011
Capital ¥1,109 million (as of May 2020)
Employees 542(as of May 2020) *Consolidated, full-time only
Segments Luxury brand items, antiques, art,
and other reuse businesses
Subsidiaries
(as of May 2020)
Valuence Japan Inc.
Valuence Art & Antiques Inc.
Valuence Technologies Inc.
Valuence Real Estate Inc.
Valuence International Limited
Valuence International USA Limited
Valuence International Europe S.A.S.
Group Businesses and Brands
Purchasing Auctions (toB)
Retail (toC) Apps
Ⓒ 2020 Valuence Holdings Inc.
Business Model
7
Buy Sell
Online
Customer
Development
90% *1B2B
Sales
90%+
Auction
Sales
Wholesale
In-Store Sales
PurchaseIn-Store/Off-Site
Purchase
Se
ller
Aff
iliate
s
Reta
ilers
Outs
ide
Vendors
Consum
ers
Luxury Brands
Antiques
Auction
Retail
Third-PartyChannels
*1 Based on questionnaire results *2 Valuence Brain: Valuence in-house system/database
Inspection
Shipment
Buying
Appraisal
Sales
Financial Results
Financial Results Presentation for the Third Quarter Ended May 31, 2020
Ⓒ 2020 Valuence Holdings Inc.
Highlights for the Third Quarter Ended May 31, 2020
|Financial results: impact of COVID-19
• In response to the state of emergency and other factors, some buying offices closed temporarily, while offline auctions were suspended.
• We recorded the first loss since our IPO. Both purchases and sales decreased markedly.
|DX promotion and growth investment in preparation for the post-COVID world and the potential second wave of the pandemic
• Originally slated for September 2020, the transition of STAR BUYERS AUCTION (SBA) to an online platform was completed early, in April.
• A Quick Sell buying service based on videoconferencing technologies was launched May 15.
• We adopted a system of working from home. (Some personnel were asked to remain on standby at home after the state of emergency was declared.)
• We expanded our line of credit by 5.7 billion yen (including an increase in June).
• New buying offices continued to open. Four new offices opened during Q3.
9
With an eye on a post-COVID world, accelerating the pace of digital transformation (DX) and moving forward to invest in growth amid the
challenges posed by COVID-19
Ⓒ 2020 Valuence Holdings Inc.
Financial Results for the Third Quarter Ended May 31, 2020
Nine months
ended May 31, 2019
Nine months
ended May 31, 2020Change
Net sales 27,538 25,242 -8.3%
Gross profit 7,074 6,044 -14.6%
Gross profit margin 25.7% 23.9% -1.8pts
SG&A 5,537 6,359 +14.9%
Operating profit 1,537 -315 -
Ordinary profit 1,537 -368 -
Ordinary profit ratio 5.6% - -
Profit attributable to
owners of parent1,015 -585 -
10
(Millions of yen)
✓ Due to the impact of COVID-19, net sales were down 8.3% YoY to 25,242 million yen.✓ Operating losses totaled 315 million yen, as investment in growth continued. The gross profit margin fell significantly,
reaching a point at which gross profit proved insufficient to cover SG&A.
Ⓒ 2020 Valuence Holdings Inc.
1,537
-589
-440
-822
-315
-400
0
400
800
1,200
1,600
Operating Profit Change
11
(Millions of yen)
Decrease
in sales
Increase in
SG&A
✓ Gross profit margin: 25.7% → 23.9% (−1.8 pts)
Mainly due to a significant increase in the share
of scrap gold and bullion
✓ Increase in stock-based compensation
due to FY8/19 RS grants: +0.21B
✓ Increase in advertising expenses: +0.09B
✓ Increase in costs related to
IT investment: +0.10B
✓ Expansion in business scope:
• Personnel expenses: +0.15B
• Rent expenses: +0.07B
FY8/19 Q3
FY8/20 Q3
✓ Domestic SBA sales declined.→ The shift to an online platform began with small-scale auctions during
the April-May migration period.DX moved ahead of schedule, with restrictions imposed on the numbers of items listed.
✓ Sales from THE EIGHT AUCTION declined.→ Three auctions were suspended from March and sales totaled zero for
this period. Plans call for a shift to the online platform beginning in July.
Decrease in
gross profit
margin
Ⓒ 2020 Valuence Holdings Inc.
Balance Sheet
FY8/19 FY8/20 Q3 Change
Current assets 9,874 12,809 +2,935
Cash and deposits 4,103 5,847 +1,744
Merchandise 4,863 6,037 +1,174
Other 907 924 +16
PPE 4,237 4,031 -205
Total assets 14,111 16,841 +2,729
Liabilities 7,416 11,008 +3,592
Interest-bearing debt 5,435 9,570 +4,135
Other 1,981 1,437 -543
Net assets 6,695 5,832 -862
Total liabilities and net
assets14,111 16,841 +2,729
12
Increase in cash on hand in
preparation for state of emergency
Increase in inventory due to the
small scale of independent auctions
and postponements and
cancellations of certain auctions
While buildings and structures (net)
increased with the opening of new
buying offices, other factors
included a decrease in goodwill.
Increase in short-term loans
payable to stabilize Group
management and purchasing in
light of the impact of COVID-19 on
financial results
(Millions of yen)
Decrease in retained earnings due
to the recording of net losses
attributable to owners of parent
Ⓒ 2020 Valuence Holdings Inc.
6,889
8,1347,504
8,110
4,747
8,581
10,260
11,613
8,695
4,933
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
3Q 4Q 1Q 2Q 3Q
2019/8期 2020/8期
仕入高
売上高
Quarterly Purchases and Net Sales
13
(Millions of yen)
• A 41.5% decline quarter on
quarter due to the temporary
closure of as many as 59 buying
offices in April and May
• While the actual numbers were
low, stay-at-home orders
expanded the share of in-home
purchases.
Purchases
• Net sales fell 43.3% quarter on
quarter. Fewer items were listed
in domestic SBA sales due to the
shift to the online platform. THE
EIGHT AUCTION was suspended.
• No auctions were held in Hong
Kong in Q2 or Q3.
Net Sales
Purchases
Net Sales
Q3 Q4 Q1 Q2 Q3
FY8/19 FY8/20
Ⓒ 2020 Valuence Holdings Inc.
37.3% 33.0% 37.7% 32.1% 29.7%
20.1% 24.3%22.9% 29.5% 33.8%
11.1%17.5% 15.7% 12.5% 11.3%
15.2%11.8% 10.8% 10.0% 13.1%
7.2% 5.4% 5.8% 6.4% 3.4%
0%
20%
40%
60%
80%
100%
3Q 4Q 1Q 2Q 3Q
2019/8期 2020/8期
時計 地金 ジュエリー バッグ 骨董品 アパレル・小物 その他
Quarterly Net Sales by Category
14
Sales in the major categories
were slow for various
reasons, including a rise in
the share of purchases
accounted for by scrap gold
and bullion in April and May
and the difficulty of
organizing standard auctions.
The share of scrap gold and
bullion rose higher still from
the previous quarter.
Net Sales by Category
… Jewelry
… Bags
… Antiques
… Scrap gold
… Watches
Q3 Q4 Q1 Q2 Q3
FY8/19 FY8/20
Watches Scrap gold Jewelry Bags Antiques Apparel items Other
Ⓒ 2020 Valuence Holdings Inc.
5,1886,206 6,407
4,693
2,407
2,897
3,617 4,843
3,598
2,320
495
436
362
403
205
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
3Q 4Q 1Q 2Q 3Q
2019/8期 2020/8期
自社オークション
卸売
小売
Quarterly Net Sales by Channel (to B, to C)
15
(Millions of yen)
Down 48.7% quarter on quarter due to restrictions imposed on numbers of items listed in domestic SBA auctions as a result of the shift to the online platform and suspension of THE EIGHT AUCTION
Independent Auctions
• Down 35.5% quarter on quarter due to decreased purchasing
• Lower domestic SBA volume led to lower overseas sales.*
Wholesale
• Down 49.0% quarter on quarter due to the impact of temporary store closures
• Growth in e-commerce
Retail
* The portion of domestic SBA sales to overseas partners is included under Wholesale.
Independent Auctions
Wholesale
Q3 Q4 Q1 Q2 Q3
FY8/19 FY8/20
Retail
Ⓒ 2020 Valuence Holdings Inc.
8,161 9,398
10,551
8,266
4,819
420
862
1,062
429
114
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
3Q 4Q 1Q 2Q 3Q
2019/8期 2020/8期
国内
海外
Quarterly Net Sales by Channel (Japan, Overseas)
16
• Independent auction sales were
down due to restrictions
imposed on the numbers of
items listed in domestic SBA
auctions and the suspension of
THE EIGHT AUCTION.
• Sales fell for all wholesale and
retail channels, resulting in a
quarter-on-quarter decline of
41.7%
Japan
Down 73.4% quarter on quarter
attributed to the smaller share
accounted for by overseas limit-
bid sales due to restrictions
imposed on numbers of items
listed in domestic SBA auctions
Overseas(Millions of yen)
Japan
Overseas
Q3 Q4 Q1 Q2 Q3
FY8/19 FY8/20
Ⓒ 2020 Valuence Holdings Inc.
13,792
17,732
21,489
12,697
710
1,824
2,077
810
95.6% 94.7%90.6% 93.2%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
0
5,000
10,000
15,000
20,000
25,000
30,000
2017/8期 2018/8期 2019/8期 2020/8期 3Q
国内オークション 海外オークション 落札率
Auctions
17
15,785
1,574
Down 48.5% year on year as a result of auctions postponed due to the effects of demonstrations in Hong Kong and COVID-19 and to the effects of differences in category on the scale. (Auction category last year was watches; auction category this year was jewelry.)[Auctions held]Diamond auctions: two events (September, November 2019)Jewelry auctions: two events (September, November 2019)
Overseas Auctions
• Down 19.6% year on year due to auction postponements, auction cancellations, and other factors
[Auctions held]SBA: Online auctions began in March. The transition
to the online platform was completed in April. Volumes fell for several reasons, including restrictions imposed on numbers of items listed.
THE EIGHT AUCTION: Suspended from March• SBA bid rates remain high, even after moving SBA
entirely online.
Japan Auctions
(Millions of yen)
Japan Auctions Overseas Auctions Bid Rates
FY8/17 FY8/19FY8/18 FY8/20
Q3 cumulative
Our Response to COVID-19
Financial Results Presentation for the Third Quarter Ended May 31, 2020
Ⓒ 2020 Valuence Holdings Inc.
Our Response to COVID-19
19
Purchases
In-office buying
Nanboya/BRAND CONCIER• Of 71 total offices, 57 closed temporarily. At one time (April 18-May 6), only 14 offices
were open and operating.• We launched the Quick Sell online buying service on May 15.
Hakkoudo: Operated by appointment only during the state of emergency (Daimaru Umeda and Sendai offices were closed temporarily)
In-home/offsite buying
In-home buying: Operating as usual Offsite buying: Adapting to circumstances
Sales
Auctions
Japan SBA• Online auctions began in March (conducted simultaneously with offline auctions).• Auctions on an experimental basis went completely online in April and May (with
restrictions on the numbers of items listed).
SBA Hong Kong: Planned February auctions were delayed to July (due in part to the effects of demonstrations)
THE EIGHT AUCTION: Suspended March–June
RetailALLU• Both Ginza and Shinsaibashi stores closed temporarily.• The frequency of order shipments from the e-commerce site was reduced to twice weekly.
Other
Employees• In general, employees worked from home, including standby at home, in regions subject
to the state of emergency.
Finances• Overdraft limit increased by 5.7 billion yen*. *Including June increase
Line of credit of more than 10 billion yen secured, counting existing commitment lines
Ⓒ 2020 Valuence Holdings Inc.
COVID-19’s impact
20
(Offices) (Millions of yen)
✓ Due to the state of emergency, at one time (April 18–May 6), only 14 Nanboya and BRAND CONCIER offices were open and operational.
✓ Japan SBA moved entirely online in April. Sales fell, due in part to restrictions imposed on numbers of items listed during the migration period.
✓ Both purchases and auction sales in June showed signs of recovery. * Monthly figures are for reference only.
* Figures for Nanboya and BRAND CONCIER * Japan SBA sales (excluding overseas vendor sales from limit bids)
0
500
1,000
1,500
2,000
2,500
1月 2月 3月 4月 5月 6月
国内SBA売上高
0
500
1,000
1,500
2,000
2,500
3,000
0
10
20
30
40
50
60
70
80
1月 2月 3月 4月 5月 6月
仕入高 平均稼働店舗数
Results Results
(Millions of yen)
January February March April May June
Japan SBA salesPurchasesAverage number of
offices in operation
January February March April May June
Topics
Financial Results Presentation for the Third Quarter Ended May 31, 2020
Ⓒ 2020 Valuence Holdings Inc.
36 3848
6169
6 6
6
4
4
7 8
9
9
10
0
10
20
30
40
50
60
70
80
90
2016/8期 2017/8期 2018/8期 2019/8期 2020/8期
3Q
2020/8期
計画
なんぼや
BRAND CONCIER
古美術八光堂
New Buying Office Openings
Purchasing
22
49 offices52 offices
63 offices
74 offices
83 offices
85 offices
(planned)
New office openings through Q3
FY8/2020
Nanboya: 11
BRAND CONCIER: 1
Hakkoudo: 1* Three Nanboya offices and one BRAND
CONCIER office closed for various reasons,
including expired term of contract.
* Excludes Hong Kong offices.
Q4 planned store openings
• Nanboya Okayama Ekimae (opened in
June)
• Nanboya Melsa Sakae (relocation of
Nagoya Sakae Office), etc.
Proceeding according to plan, despite
minor delays in openings due to the
temporary closure of commercial
facilities
Nanboya
BRAND CONCIER
Hakkoudo
FY8/16 FY8/17 FY8/18 FY8/19 FY8/20
Q3
FY8/20
planned
Ⓒ 2020 Valuence Holdings Inc.
Overseas subsidiaries (sub-subsidiaries)
Valuence International USA Limited
Location: United States
Established October 2019; investment completed
January 2020
Valuence International Europe S.A.S
Location: France
Established March 2020; investment completed March
2020
Valuence International Singapore Pte. Limited
Location: Singapore
Established December 2019; investment completed
June 2020
Growth in Buying Facilities: Overseas
Purchasing
23
Key roles: Development of business partners taking
part in auctions including consignments
+
Development of local buying offices
Status of Nanboya Hong Kong
• Buying began in July 2019.
• Steady increase in customers through marketing,
primarily on social media
• Number of customers and amount of purchases
increased rapidly due to a strong demand for cash
driven by COVID-19.
• Operating income projected to move into positive
territory about one year after opening
In response to the success of the first office,
plans call for opening a second office to
capture new customers.
Ⓒ 2020 Valuence Holdings Inc.
Expansion and enhancement of buying services
Purchasing
24
✓ Growing need for cash flow to cover living
expenses, company operating expenses
✓ Reluctance to venture out, etc.
Changing consumer needs and behaviors
due to COVID-19
▶✓ Supporting individuals and businesses through
buying services
An opportunity to secure high-quality inventory
Responding through existing services and the
launch of new services
• Enables customer appraisal and sales from home
• Peace of mind secured through videoconferencing with concierges
Launching Quick Sell
• Enhancing structures for buying corporate inventory and office assets, such as works of art
• Enables payments as fast as same-day.
Corporate buying Continued in-office buying
In-home buying: normal operationsOffsite buying: case by case decisionsIn-office buying: certain offices
continuing to operate in accordance with national and local government policies
Operating under a structure that
balances employee health and
customer cash flow needs
▼
Ⓒ 2020 Valuence Holdings Inc.
To mitigate the effects of COVID-19,
plans call for eliminating all offline
activity except viewing (in Japan and
Hong Kong) and holding auctions
based on the advance limit bid method.Full migration online, starting at a small
scale/restrictions on numbers of items listed
Online platform launched
Offline and online auctions held simultaneouslyAuctions
Selling
25
Auctions held/planned
Q1 Q2 Q3 Q4
September-
November
December-
FebruaryMarch April May June July August
SBAHeld once monthly
(offline)
1(Offline +
online)
1(Online)
SBA
Hong
Kong
DiamondsSeptember,
NovemberPostponed
Postponed
again1 1
JewelrySeptember,
NovemberPostponed
Postponed
again1 -
THE EIGHT
AUCTION
Held monthly (offline)
Even months: antiques, tea
utensils
Odd months: paintings,
calligraphy
Suspended1
(Online)
* Current plans shown for July and August
Melee
diamonds
Diamonds of
1 ct and above
Ⓒ 2020 Valuence Holdings Inc.
Auctions
Selling
26
Full migration to online starting April 2020
• Conducted simultaneously with offline auctions in
March and moved completely online from April
Allowed auctions even during the COVID-19
pandemic
• The migration proved smooth, due in part to the
rapid shift toward online services throughout society.
• Acceptance of consignment sales from domestic
and overseas partners has begun.
• Domestic and overseas partners have been able to
participate in auctions under the same conditions
since June. (Schedule moved up from September)
Web viewing,
bidding
Web viewing,
bidding
Web viewing,
bidding
Web viewing,
bidding
Date of month
6 10 11 12 13 14
Accessories
Winning bidder determined
Winning bidder determined
Winning bidder determined
Winning bidder determined
Watches
Jewelry
Bags
Japan SBA
Moving online makes it possible to expand the
volume of items listed.
Goal of holding auctions multiple times
a month in the future
Ⓒ 2020 Valuence Holdings Inc.
Auctions
Selling
27
Japan SBA
Numbers of partner members
• Steady growth in numbers of partners despite
restrictions on sales activities due to COVID-19
• More members means more auction participants.
395408 412
422
7077 89
103
3月 4月 5月 6月
国内 海外
March April May June
Trends in numbers of partner members
Japan Overseas
Ⓒ 2020 Valuence Holdings Inc.
Auctions
Selling
28
SBA Hong Kong
✓ Postponed due to Hong Kong demonstrations and
COVID-19
Planned for July and August
* Jewelry auction
Finished in July; handled since then through SBA
online auctions in Japan
* Diamond auctions
Implemented in light of immigration restrictions
imposed due to COVID-19
• July: Melee diamonds listed for Chinese
partners
• August: Diamonds of 1 ct and above listed for
Indian partners residing in Japan and
Hong Kong
THE EIGHT AUCTION
✓ Suspended in March–June due to COVID-19
Fully resumed online in July
✓ Acceptance and sale of consignment articles have also
begun.
Targeting global sales channel expansion through
merger with STAR BUYERS AUCTION
Ⓒ 2020 Valuence Holdings Inc.
Watches 10,165
Bags 1,939
Users74,329
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
2019/8期4Q
2020/8期1Q
2020/8期2Q
2020/8期3Q
時計バッグアクセサリー小物ブランドジュエリー絵画、骨董・美術品ユーザー数
29
(Millions of yen)
…
32,000 不動産
Trends related to Miney, the Asset Management App
Efforts to improve LTV
Downloads and Total AppraisalsTotal appraisals
43,106 million yen
(Users)Real Estate
3,009
Watches
Bags
Accessories
Designer Jewelry
Paintings, Antiques, Art Objects
Users
Real Estate
FY8/19
Q4
FY8/20
Q1
FY8/20
Q2
FY8/20
Q3
Watches31.9%
Bags31.1%
27.4%
Designer Jewelry7.8%
Paintings, Antiques, Art Objects 1.2%
Real Estate 0.7%
Total number of appraised items reaches approx. 75,000.
Accessories
Appendix
Financial Results for FY8/2020 Q3 (Cumulative)
Ⓒ 2020 Valuence Holdings Inc.
Purchases and Net Sales
31
(Millions of yen)
‘
• Grew 0.5% year on year due to various factors, including increased purchases of scrap gold and bullion accompanying rising gold prices
• Slow growth due to the appreciable impact of temporary closure of some buying offices in April and May
Purchases
• Declined 8.3% year on year for various reasons, including decreased purchases in major categories and postponement, suspension, or reduced scale of independent auctions
• However, sales of scrap gold and bullion increased (wholesale).
Sales
18,106
20,270 20,363
23,084
27,538
25,242
0
5,000
10,000
15,000
20,000
25,000
30,000
2018/8期 3Q 2019/8期 3Q 2020/8期 3Q
仕入高
売上高
FY8/2018 Q3 FY8/2019 Q3 FY8/2020 Q3
Purchases
Sales
Ⓒ 2020 Valuence Holdings Inc.
Net Sales by Category
32
• The share of scrap gold grew
9.7 pts. due to expanded sales
of scrap gold and bullion
accompanying rising gold
prices and decreased auction
sales in other major categories.
• Due to various factors,
including postponed auctions in
Hong Kong, jewelry accounted
for a lower share of sales.
Net Sales by Category
37.3% 36.9% 34.2%
20.0% 17.6% 27.3%
18.3%17.2%
13.8%
10.1% 13.5% 11.0%
7.5% 6.5% 5.5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2018/8期 3Q 2019/8期 3Q 2020/8期 3Q
時計 地金 ジュエリー バッグ 骨董品 アパレル・小物 その他
… Jewelry
… Bags
… Scrap gold
… Watches
… Antiques
Scrap gold Jewelry Bags Antiques Apparel, accessories OtherWatches
FY8/2018 Q3 FY8/2019 Q3 FY8/2020 Q3
Ⓒ 2020 Valuence Holdings Inc.
13,703
17,360
13,507
8,347
8,914
10,762
1,034
1,264
971
0
5,000
10,000
15,000
20,000
25,000
30,000
2018/8期 3Q 2019/8期 3Q 2020/8期 3Q
自社オークション
卸売
小売
FY8/2018 Q3 FY8/2019 Q3 FY8/2020 Q3
Net Sales by Channel (to B, to C)
33
(Millions of yen)
Declined 22.2% year on year due to
the effects of various factors, including
decreased purchases in major
categories, suspension of THE EIGHT
AUCTION, and restrictions imposed
on numbers of items listed
accompanying the migration of SBA
online in Japan.
Independent Auctions
Grew 20.7% year on year due to a
dramatic increase in sales of scrap
gold and bullion.
Wholesale
• Declined 23.1% year on year due to
the appreciable impact of
temporary office closures in April
and May.
Retail
Independent Auctions
Wholesale
Retail
* The portion of domestic SBA sales to overseas partners is included under Wholesale.
Ⓒ 2020 Valuence Holdings Inc.
20,780
24,639 23,636
2,304
2,899 1,606
0
5,000
10,000
15,000
20,000
25,000
30,000
2018/8期 3Q 2019/8期 3Q 2020/8期 3Q
国内
海外
FY8/2018 Q3 FY8/2019 Q3 FY8/2020 Q3
Net Sales by Channel (Japan, Overseas)
34
(Millions of yen)
• Fell 4.1% year on year due to
the appreciable impact of
decreased auction sales,
despite growth in sales of scrap
gold and bullion.
Japan
• Declined 44.6% year on year
due to various factors, including
fewer auctions held in Hong
Kong and the smaller sales
scale of jewelry auctions held
this year compared to watch
auctions held last year.
• Lower exhibition sales due to
COVID-19 also had an impact.
Overseas
Japan
Overseas
• Financial information, sales composition by category, sales by channel,
and auction results presented for FY8/2017 are for reference purposes.
This information has not been audited by an independent financial
statement auditor.
• Earnings forecasts and other statements are based on information
available at the time and certain assumptions deemed rational by
company management. Actual earnings and plan implementation may
differ from forecasts due to developments in global conditions, various
risks, uncertainties, and other factors that may arise in the future.
• This document has been prepared in conformance with information
presented in Consolidated Financial Results Presentation for the Six
Months Ended February 29, 2020.
Investor Relations Inquiries:
IR Office
Valuence Holdings Inc.
TEL:+81-3-4580-9983 / Mail:contact@valuence.inc
Ⓒ 2020 Valuence Holdings Inc. 36
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