NEW JOURNEY, NEW STANDARD
2021 2 12
3688
AGENDA
P.02
P.13
P.17
P.41
P.80
P.87
P.92
2020 12
224.8 YonY 1.2%
34.6 YonY 12.6%
9
DOE5%
15 2020
25 40
2020 12
2019 1 1
CCI
CCI
2018 12 28
601 1 9 a
2020 12 28
2020 12
2019 2020
1 −12
2019
CMerTV (11 10 )
22,213 22,000 22,487 102.2% +1.2%
19,266 19,635 +1.9%
16,191 16,172 -0.1%
3,075 3,250 3,463 106.6% +12.6%
1,639 1,650 1,781 108.0% +8.7%
E B I T D A ※1 3,976 4,000 4,131 103.3% +3.9%
※1 EBITDA
2020 12
72.4 YonY 33.8%
21.5 YonY 71.9%
9
87.5 YonY 15.1%
15.5 YonY 34.8%
64.9 YonY 0.9%
7.3 YonY 167.1%
1.2%
33.8%
22,213 22,487
19,926
8,752
10,308 -15.1%
+8.7%
9,484
-0.9% 6,494
+9.3% 6,553
5,994
+33.8% 7,248
4,624 +17.1% 5,416
-176 -64 -8
2018 2019 2020
4.0
255 16,191 +44.8%
16,172
369
663 635
-4.3%
14,282
3,820 -10.7% 3,411
-8.7%
4,184
1,619 +10.5% 1,790
+19.1%
1,359 -0.5% 1,399
1,406
+25.1%
1,124
+10.7% 8,425 +1.7% 8,565
7,613
2018 2019 2020
12.6 34.6
3,463
3,075
1,552
2,798 -34.8%
2,382
+27.4% 739
1,870
+167.1%
276
+30.7%
211 2,156
1,254 +71.9%
927 +35.2%
-211 -582 -615
-255 -369
2018 2019 2020
3.6 34.6
+368
+ 1,832
+ +
2019 1 −12 2020
22,927 22,487 -1,9%
19,980 19,635 -1.7%
16,987 16,172 -4.3%
3,082 3,463 +12.4%
157 149 -4.9%
195 277 +41.7%
3,044 3,335 +9.6%
141 231 +64.2%
428 511 +19.4%
2,756 3,055 +10.8%
1,622 1,781 +9.8%
E B I T D A ※1 4,033 4,131 +2.4%
※1 EBITDA
156 49%
2019 12 2020 12
36,283 37,004 +720
14,546 15,600 +1,054
14,338 12,255 -2,082
50,621 49,259 -1,361
25,019 23,287 -1,732
1,881 1,417 -463
23,720 24,553 +833
50,621 49,259 -1,361
AGENDA
P.02
P.13
P.17
P.41
P.80
P.87
P.92
2021 12
2020 2021
22,487 24,500 +8.9%
3,463 3,800 +9.7%
1,781 2,400 +34.7%
E B I T D A ※1 4,131 5,000 +21.0%
ATRAC KAIKETSU OKPR
2020 2021
ATRAC KAIKETSU OKPR
ATRAC KAIKETSU OKPR
(*1) 25 /
15 / 48 /
2021 50 / 25 / 25
50
48
15
68.0%
% 25
20
25
15 15 16
10
14.4% 10 16.2% 15.5% 16.0% 8
17.0%
25
10 10 15 15
8 8
2015 9 2016 9 2017 9 2018 9 2019 12 2020 12 2021 12
AGENDA
P.02
P.13
P.17
P.41
P.80
P.87
P.92
/
/
/ /
DSP / SSP
CPC SSP
PMP DMP
Premium
DOOH 4
/ DOOH 1 ID
CPI/CPA
/ 3PAS CM /
CM
EC PR BPO
EC PR
SNS
AD PLATFORM
2014
DSP SSP
/
2021
DSP
SSP
DSP
SSP
/
CM
Google
/ CPC
CPI/CPA
PDCA
PR
16% 18.9
9% 5.1
1,893
567
1,626
516
1,181
135
1,166 1,176 1,100 1,232 1,139 1,417 1,753 1,839 1,761 317 300 174 277 136 354 569 482 588
10-12
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
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 CCI
※
※ 2019 CMerTV
4%
18%
1,893
1,839
1,753 1,761 62
89
1,626
1,417
1,181 1,232
1,166 1,176 1,100 1,139 1,119
1,151 1,154
1,068 1,205
913
625 767 675
703 669 682
638 710
559 564 602 603 544
497 524 521 499 526
-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 10-12
2018 2019 2020
※ 2018 VOYAGE GROUP CCI
※ 2019 CMerTV
2020 4Q
2020 10 5 2020 11 11 2020 12 16
Foursquare SNS SONAR
SNS SONAR 2 YouTube
Instagram
2020 10 2020 11 2020 12
2020 10 29 2020 12 1 2020 12 18
Premium View PORTO tv Adjust
Google DSP CM CM
360
TELECY
CM
VOYAGE GROUP
CM
1000 920
800
560
600
350
400
190
200 50 90
0
2020 2021 2022 2023 2024 2025
POINT
CM 1 100 CM
POINT
2021 1 4 2
POINT
CM
3 CM
CM
2020 12 7 27
PORTO
PORTO VOYAGE GROUP
POINT
1
POINT
CARTA
PORTO 2
2021 1 4
POINT
3
PARTNER SALES
1,500
EC
/
DMP DMP
7% 25.9 22% 6.0
3,002
2,810
2,591
842
783
608
702 504 1,085 287 226 708 187 47
2,471 2,284 1,725 3,013 2,349 2,135 2,476 1,843 1,841
-179
10-12
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
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
※
65 51
3,002 3,013
2,810
2,591
2,471 2,476
2,349
2,284 1,177
1,436 2,135
840 911 1,097
1,843 1,841
795 1,725 928 1,859
1,013
728
869
982 1,222
895 665
1,083 1,031
1,063 953
672 402 663
647
345
828
613 670
548 534 466 449 548 449
426 397 325
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12
2018 2019 2020
※ 2018 CCI
CARTA
9
5.1% 5.2%
CARTA Zucks / fluct / PORTO / KAIKETSU
4.4%
4.3%
3.7%
3.6% 4.1%
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 10-12
2018 2019 2020
※ CMerTV 2019 12
2020 4Q
2020 10 9 2020 10 21 2020 12 17
TikTok For Business Award
2020
2020 10 2020 11 2020 12
2020 10 13 2020 12 4 2020 12 18
ABEMA Quark tokyo
Mediator SNS
CONSUMER
/
/
EC EC PeX
/
/ /
EC
/
/
87 2.8
2,188
282
1,818
1,683 180
151
25 11 71 54 0 138 213 104
1,466 1,387 1,322 1,626 1,342 1,396 1,720 1,494 1,595 -6
10-12
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
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
※
27% / / 3%
EC 2,188
437
1,818
1,720 1,683
1,626 1,595
1,466 506 254 1,494
1,387 260
1,342 1,396 420
1,322 378
318 335
249
390 277 298
1,750
1,466
1,311 1,365
1,217 1,262
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 10-12
2018 2019 2020
※ 2018 VOYAGE GROUP
2020 4Q
2020 10 6 2020 10 12 2020 12 19
Amazon
200
EXPO
10
50,000
2020 10 2020 11 2020 12
2020 10 9 2020 12 1 2020 12 8
VOYAGE GROUP
SDGs
AGENDA
P.02
P.13
P.17
P.41
P.80
P.87
P.92
CARTA2022
CARTA2022
EBITDA 2022 60
32,000
EBITDA
20,701
6,000
4,335
3,676
2018 2019 (12 ) 2020 2021 2022
M&A
※ 12 12 2019 15
※ 2018 VOYAGE GROUP CCI
CARTA2022
EBITDA
2019 1 −12 2020
22,800 22,927 26,300 22,487
3,082 3,463
1,622 1,781
EBITDA 3,100 4,033 3,700 4,131
1
VG CCI
CARTA
PORTO
2
IPG
Dentsu Engagement 360™
3
IR 1
1
2
M&A M&A
M&A
3
OOH
CARTA2022
2022
60
EBITDA
※
ROE12 %
DOE 5 %
EBITDA60
2019 2020 2021 2022
26,000
22,927 22,487 24,500
28,000
4,500
3,082 3,463 3,800
4,800
2,700
1,622 1,781 2,400
2,900
EBITDA 4,033 4,131 5,000 6,000
ROE
ROE V
30,000 3,000
16.6%
ROE %
25,000 24,376 2,500
23,444
2,139
20,000 13.6% 2,000
13.4% 1,781
15,000 12.0% 12.0% 1,500
1,161 1,117
10,000 1,000
8,527
7,860
731
6,174
5,000 500
7.5%
0 0
2016 2017 2018 2019 ※1 2020 2021 2022
※1 2019 15
25 DOE 5
35%
1
25 DOE 5%
48 50
15
A 33 15 25
8 25
16
15 33 25
2018 2019 2020 2021 2022
CARTA2022
EBITDA
2022 1
1
2
3
1
2022 1
CARTA CARTA
v
CCI VG
CARTA
CCI/VG CARTA
CARTA
2022 1
CARTA CARTA
CCI VG
3 CARTA
CCI/VG CARTA
/ /
2022 1
CARTA CARTA
CCI VG
1
3
1 3
5 3 2
2
3 4 5
3
2
7
3 4
CFO
5
CTO
SBU SBU SBU SBU
SBU
3
10 2005 dof
1973
2000 6 2016 5
2017
2018
2020 4
1989 5 2
2017
2019 2021
2014
Farfetch 40
2017 Ignite Coaching & Consulting
/
NPV ≧ 0 ( )
ROIC ≧ 9%
IRR 9% ( 30% )
KPI
EVA
ROIC WACC
3
EVA NOPAT ( )
3
M&A
M&A
NPV ROIC
ROIC WACC
M&A
1
2 M&A
( )
3 ( )
DD
4
5 WACC ROIC
1 PeX
M&A
(※1)
※2
DOE 5%
35%
CARTA
✕
CARTA HOLDINGS
CARTA
WEB
/
1,000
imp/
100
/
AI /
DX
CARTA − Phase1−
/
VOYAGE
CCI CARTA
GROUP
/
CARTA − Phase2−
OOH
/ OOH
1.5 2.5
CARTA CARTA
/
DX(
CARTA − Phase3−
/ / OOH
4
CARTA CARTA
CARTA
/
DX(
CARTA
SNS/
CARTA
SNS
CARTA
EC/
1
2
M&A
M&A
3
/
DX)
DX
2019 2020 2022
8,000
5,416 7,248
9,000
2,300
1,254 2,156
2,500
/EC /
2019 2020 2022
10,000
10,308 8,752
11,000
2,000
2,382 1,552
2,200
M&A
/
2019 2020 2022
7,500
6,494 6,595
9,000
600
276 739
800
AGENDA
P.02
P.13
P.17
P.41
P.80
P.87
P.92
2020 12 4
2019 10-12 2020 10-12
CMerTV
6,614 6,166 -6.8%
5,617 5,498 -2.1%
4,541 4,613 +1.6%
1,076 884 -17.8%
E B I T D A ※1 1,363 854 -37.3%
※1 EBITDA
2020 12 4
2019 2020 10-12
10-12
CMerTV
1,626 1,893 +16.4%
※1
567 516 -9.0%
2,810 2,591 -7.8%
※1
783 608 -22.3%
2,188 1,683 -23.1%
※1
151 282 +87.3%
※1
6% 61.6
CCI
6,614
6,166
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 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12
2017 2018 2019 2020
※ 2018 VOYAGE GROUP CCI
※ 2019 CMerTV
2% 54.9
CCI
5,617
5,498
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 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12
2017 2018 2019 2020
※ 2018 VOYAGE GROUP CCI
※ 2019 CMerTV
0.7 46.1
4,541 4,613
255 369
CCI
3,881 3,905 170 3,985 164
2,227 3,863 3,825
3,747 164
2,444 161 161 170 153
1,030 153 932
825
1,895 890 975 924 862
1,986 1,925 1,737 791
1,842
1,755 418
417
449
370 418 464 457
412 395 455
332
418 290 284
1,921 301 326
1,598 1,594
1,495 1,463
1,397 1,408 1,466 563
427 504
411 398 445 401 211
441 2,272 2,213 2,273
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 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12
2017 2018 2019 2019
※ 2018 VOYAGE GROUP CCI
※ 2019 CMerTV
17 8.8
1,185 CCI
%
1,272 1,263
837 1,076
757
884
610
729
452 585
31.6%
299 24.8%
409 24.8%
21.5% 20.7% 19.2% 18.5%
645 19.5% 15.4% 316 15.4%
18.5%
211 16.3%
11.9% 9.5%
12.0% 381
342 410 7.5%
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 10-12
2017 2018 2019 2020
※ 2018 VOYAGE GROUP CCI
※ =
※ 2019 CMerTV
AGENDA
P.02
P.13
P.17
P.41
P.80
P.87
P.92
Q.
A. 2
2022 1
Q.
A. CCI 100%
CARTA
PMP
CARTA /
PORTO TV
/
Q. M&A
A. M&A M&A
Q.
A.
KPI
PL
Q.
A. 2020
GAFA
15%
DX
Q. Google Y FB
A. 5 Google GCPP
Zucks
Zucks
DX GAFA
Q. cookie IDFA
A. cookie IDFA /
cookie IDFA /
IDFA iOS14
2021 Apple
SKAdNetwork
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
EC/ / D2C
CARTA 3
Q.
A.
D2C
Q.
A.
AGENDA
P.02
P.13
P.17
P.41
P.80
P.87
P.92
CARTA HOLDINGS
1999 10 8 1,196
2020 12
1-21-1 15
VOYAGE GROUP
DataCurrent Barriz
Zucks
fluct Zucks China
ATRAC Anchor
VOYAGE MARKETING OKPR
KAIKETSU
VOYAGE SYNC GAMES
VOYAGE GAMES
VOYAGE VENTURES VOYAGE Lighthouse Studio
rakanu
PORTO
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
Environmental
2008 EC
EC 100
2021 1
ISO14001 2015
Social
CCI
4,000
Governance
2021 3 1
3 42%
ISO27001