NEW JOURNEY, NEW STANDARD
2020 11 10
3688
AGENDA
P.02
P.14
P.17
P.21
P.46
P.51
P.58
P.69
2020 12 3
7
DX
11 10
2020 12 2020 12
(A) (B) B-A)
23,000 22,000 -1,000 -4.3%
2,500 3,250 +750 +30.0%
2,500 3,000 +500 +20.0%
1,600 1,650 +50 +3.1%
E B I T D A ※1 3,700 4,000 +300 +8.1%
※1 EBITDA
2020 12 3
2% EBITDA
2019 7-9 2020 7-9
CMerTV
4,943 5,208 +5.4%
4,315 4,570 +5.9%
3,905 3,985 +2.0%
409 585 +42.9%
E B I T D A ※1 695 823 +18.4%
※1 EBITDA
2020 12 3
2019 7-9 2020 7-9
CMerTV
1,417 1,761 +24.3%
※1
354 588 +65.9%
2,135 1,841 -13.8%
※1
226 47 -79.2%
1,396 1,595 +14.3%
※1
0 104
※1
2.5
0.8 5.8
+255
+ 344
+ +
5% 52.0
CCI 6,614
5,924 5,944
3,231
3,282 5,169 5,208
2,941 4,943
4,730
2,593
2,418
2,286
2,136
1,857
2,746
2,568 2,441 2,458 2,379
2,222 2,132 2,242
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
7-9
10-12
10-12
10-12
2017 2018 2019 2020
※ 2018 VOYAGE GROUP CCI
※ CMerTV 2019 12
5% 45.7
CCI
5,617
5,136 5,088
3,282 2,985
2,941 4,477 4,570
4,197 4,315
2,452
2,286 2,189
2,136
1,616
2,271
2,043
1,906 1,845 1,910 1,809
1,750 1,667
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
7-9
10-12
10-12
10-12
2017 2018 2019 2020
※ 2018 VOYAGE GROUP CCI
※ CMerTV 2019 12
0.8 39.8
CCI
4,541
170
3,985
3,863 3,881 3,905 3,825 3,747
2,227 1,030 164
161 161 170 153
2,444 153
825
1,986 1,895 890 975 924 862
1,925 1,842 1,737 417 791
1,755
395 449
370 418 464 457
412
255 332
1,921 418 301 290 284 326
1,598 1,594
1,397 1,408 1,466 1,495 1,463 563
427 504
411 398 445 401 211
441 2,272 2,213
150 216 2,022 2,030 2,100 2,060 2,018
144 182 200 218 439
134 258
155 163 257 185 200 180
665 689 659 682 661 695 690 707
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
7-9
10-12
10-12
10-12
※ 2018 VOYAGE GROUP CCI
※ CMerTV 2019 12
42 5.8 3
CCI
1,185
1,272 1,263
837 1,076
757
610
729
31.6% 452 585
299 24.8% 24.8%
21.5% 20.7% 409 19.2% 18.5%
645 19.5% 15.4% 316 15.4%
16.3%
211 11.9% 9.5%
342 410 381 7.5%
12.0% 311 349
200 214
-279
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9
2017 2018 2019 2020
※ 2018 VOYAGE GROUP CCI
※ =
※ CMerTV 2019 12
2019 7 9 2020 7 9
5,111 5,208 +1.9%
4,483 4,570 +2.0%
4,091 3,985 -2.6%
392 585 +49.4%
57 24 -56.5%
77 49 -36.9%
371 561 +51.2%
0 0
14 14
357 546 +53.0%
210 376 +78.4%
E B I T D A ※1 689 823 +19.3%
※1 EBITDA
150 54%
/ M&A
2020 6 2020 9
29,343 30,924 +1,581
15,511 15,098 -413
13,174 12,787 -386
42,517 43,711 +1,194
16,520 17,879 +1,359
1,864 1,706 -157
24,133 24,126 -6
42,517 43,711 +1,194
AGENDA
P.02
P.14
P.17
P.21
P.46
P.51
P.58
P.69
7-9 3.5
10-12
1-3 4-6 7-9
2
1.3 5.0 3.5 2.3
CPM
0.3 1.5 0.5 0
0.7 3.0 2.5 2.0
CPM
0.3 0.5 0.5 0.3
/
PV
2020 12
EBITDA
2020 12
3Q
16,321 74.2% 22,000
2,578 79.3% 3,250
1,372 83.2% 1,650
EBITDA 3,276 81.9% 4,000
AGENDA
P.02
P.14
P.17
P.21
P.46
P.51
P.58
P.69
Enviromental
2008 EC
EC 100
ISO14001
Social
CCI
4,000
Governance
2020 1 1 2
ISO27001
AGENDA
P.02
P.14
P.17
P.21
P.46
P.51
P.58
P.69
/ /
DSP / SSP
CPC SSP
PMP DMP
Premium
DOOH 4
/ DOOH 1 ID
CPI/CPA
/
3PAS CM
TV
EC PR BPO
EC PR
SNS
AD PLATFORM
2014
DSP SSP
/
2020
DSP
SSP
DSP
SSP
/
TV
Google
/
CPC
CPI/CPA
PDCA
PR
24% 17.6
65% 5.8
588
1,761
1,417
354
1,100
174
1,166 1,176 1,181 1,232 1,139 1,626 1,753 1,839 317 300 135 277 136 486 569 482
10-12
10-12
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
7-9
10-12
10-12
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
4-6
2018 2019 2020 2018 2019 2020
※ 2018 VOYAGE GROUP CCI
※
※ CMerTV 2019 12
26%
21%
1,839
1,753 1,761
1,626 89
1,417
1,181 1,232
1,166 1,176 1,100 1,139
1,151 1,154
1,068 1,205
913
625 767 675
703 669 682
559 564 602 603 638
497 524 521 499 526 544
-19 -24 -7 -41 -22 -44 -1 -31
-93 -107
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9
2018 2019 2020
※ 2018 VOYAGE GROUP CCI
※ CMerTV 2019 12
※
2018 1-3 100
554 542
508
404 409
368 360
337
240 251
100
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9
2018 2019 2020
※ CMerTV 2019 12
2020 3Q
2020 7 3 2020 8 6 2020 8 19
aircatalog The Trade Desk DSP RTB
7 D2C PR
Dentsu Engagement 360™
2020 7 2020 8 2020 9
2020 7 7 2020 8 18 2020 9 16
fluct
Bid Lift NORTH AND SOUTH PR
PORTO tv TVCM
a.geniq
TVCM
PARTNER SALES
1,500
EC
/
DMP DMP
14% 18.4 79% 0.4
10
2,135
1,841
1,725
226
2,471 2,284 3,002 3,013 2,349 2,810 2,476 1,843 702 504 842 1,085 287 663 708 187 47
-179
10-12
10-12
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
7-9
10-12
10-12
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
7-9
2018 2019 2020 2018 2019 2020
※ 2018 CCI
※
2 0
3,002 3,013
2,810
2,471 2,476
2,284 2,349
1,177
1,436 2,135
840 911 1,843 1,841
795 1,725 928 1,859
1,013
728
869
982 1,222
1,083 895
1,031
1,063 953
672 402 663
647
345
548 613 548 670
426 534 466 449 449
397 325
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9
2018 2019 2020
※ 2018 CCI
CARTA
CARTA
CARTA Zucks / fluct / PORTO / DataCurrent / EC
5.1%
4.4%
4.3% 4.1%
3.7%
3.6%
3.2%
3.1%
2.4%
2.3%
2.1%
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9
2018 2019 2020
※ CMerTV 2019 12
2020 3Q
2020 7 30 2020 8 27 2020 9 30
BTP
CMP
2020 7 2020 8 2020 9
2020 8 19 2020 9 24 2020 9 30
UX CCI ( ) ( )
CCI EC
Media UX LAB
Commerce container
CCI
AI
ID
2020 2 27
1.
2.
3.
2-12-21
3 8,300
61.44%
23.53%
15.03%
CONSUMER
/
/
EC EC PeX
/
/ /
EC
/
/
14% 15.9
1.0 1.0
1,595
104
1,396
1,322
1,466 1,387 1,818 1,626 1,342 2,188 1,720 1,494 25 11 180 71 54 0 97 138 213
-6
10-12
10-12
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
7-9
10-12
10-12
1-3
4-6
7-9
1-3
4-6
7-9
1-3
4-6
7-9
2018 2019 2020 2018 2019 2020
※ 2018 VOYAGE GROUP
※
6%
/ / EC 51%
EC
2,188
1,818 437
1,720
1,626 1,595
1,466 254 1,494
506
1,387 260 1,342 1,396
1,322 378
318 335
249
390 277 298
1,750
1,365
1,466
1,311 1,217
1,147 1,147 1,158
997 1,045 1,043
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9
2018 2019 2020
※ 2018 VOYAGE GROUP
※
2020 3Q
2020 7 7 2020 8 18 2020 8 28
EC 20
3 Ta-Ta
2020 7 2020 8 2020 9
2020 8 13 2020 8 26 2020 9 8
( )IPG
( ) SNS
CRM
9 Digital Contents Ad
VOYAGE GROUP
ASP
VOYAGE GROUP
2020 12 1 ( )
1,000
51% VOYAGE GROUP 1-21-1
49% 15F
AGENDA
P.02
P.14
P.17
P.21
P.46
P.51
P.58
P.69
Q.
A. PORTO
CARTA 2020 1
CCI/VG
slack CARTA
Q.
A. CCI 100%
CARTA PORTO
PMP
TV
PORTO tv KAIKETSU SONAR
Q.
A.
Q.
A. CARTA2022
EBITDA60 ROE12%
Q. M&A
A.
Q.
A. GAFA
15%
Zucks
PORTO GAFA
Q. Google Y FB
A. 5 Google GCPP
Zucks
Zucks
Q. SSP fluct
A. SSP SSP
DataStrap BidLift
Google GCPP
Q. DSP Zucks
A. DSP CPC ASP CPI/CPA
Zucks
GAFA
PORTO
Q.
A. 2 SSP
/DSP
imp imp
Q.
A. 15%
CARTA
Q. 2019
A. 2019 2019 Google Y!
⇒
⇒
⇒CCI⇒
⇒
/
CCI
/
2020 ⇒CCI⇒
/
Q.
A.
Q Q
Q.
A. EC/ / 2 CARTA
M&A CARTA 3
Q.
A. 2 /
2016-2019 /
/
Q.
A.
Q.
A.
AGENDA
P.02
P.14
P.17
P.21
P.46
P.51
P.58
P.69
CARTA 2022
NEW JOURNEY, NEW STANDARD
CARTA − Phase1−
/
VOYAGE
CCI CARTA
GROUP
/
CARTA − Phase2−
/ OOH
1.5 2.5
CARTA CARTA
/
CARTA − Phase3−
/ / OOH
4
CARTA CARTA
CARTA
/
CARTA2022
EBITDA 2022 60
EBITDA 32,000
20,701
6,000
4,335
3,676
2018 2019 (12 ) 2020 2021 2022
M&A
※ 12 12 2019 15
※ 2018 VOYAGE GROUP CCI
2022
320
EBITDA
※1
60
ROE 12%
※1 EBITDA
AGENDA
P.02
P.14
P.17
P.21
P.46
P.51
P.58
P.69
CARTA HOLDINGS
CARTA HOLDINGS
1999 10 8 1,192
2020 9
1-21-1 15
VOYAGE GROUP
Barriz
DataCurrent
Zucks
BiztailorPartners
Anchor
fluct
OKPR
ATRAC
KAIKETSU
VOYAGE MARKETING
VOYAGE GAMES
VOYAGE SYNC GAMES
VOYAGE Lighthouse Studio
rakanu
VOYAGE VENTURES
CARTA HOLDINGS
VOYAGE GROUP
2019 1
VOYAGE GROUP
100%
47% v 53%
CCI
VOYAGE GROUP
v
CCI
100% 100%
CARTA
CARTA HOLDINGS
CARTA
✕
CARTA HOLDINGS
CARTA
WEB
/
1,000
imp/
100
/
AI /
2012
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '15 '16 '17 '18
※1
※2 CCI 2015 12 3 12 9
CARTA
SNS/
CARTA
SNS
CARTA
EC/
M&A
CARTA M&A
2019 1 1 2020 2 3
CCI OKPR
CARTA HOLDINGS PR
OKPR
1 2019 6 2020 2 5
2019 6 20 2020 5 19
SNS
rakanu
KAIKETSU
M&A
CARTA2022 M&A
M&A
10%
PMI
AGENDA
P.02
P.14
P.17
P.21
P.46
P.51
P.58
P.69
15 69
2019 12 23 12 25
2020 6 12 6 14
※ 2020.08 n=6,000
※ 2020.08 n=6,000
※ 2020.08 n=6,000
※ 2020.08 n=6,000