NEW JOURNEY, NEW STANDARD
2021 12
3
2021 11 11
3688
AGENDA
2021 12
P.02 3
P.15
P.17
APPENIDIX
P.46
P.53
P.59
3 2021 12 3
+14%
+4% 6.1
EBITDA +25% 9.6
2022 1
9
※ EBITDA
4 PMI
PMI
2019/1 2022/1
2019 2020 2021 2022 2023
CARTA
CARTA2022
HD /
/ / /
CCI / VG /
/ PDCA
2022 1
CARTA COMMUNI
CATIONS (CCI)
CARTA
CCI/VG
VG
2021 7
CARTA COMMUNI
CATIONS (CCI)
VG
2021 6
v
CCI/VG
CCI/VG
5
6 2021 12 3
2021 7-9
2020 7-9
5,208 5,835 +12.0%
4,570 5,213 +14.1%
3,985 4,599 +15.4%
585 613 +4.8%
EBITDA※ 765 960 +25.5%
※ EBITDA
7 2021 12 3
23.5 YonY 23.7%
2.3 YonY 473.2%
18.8 YonY 10.8%
5.1 YonY 13.1%
D2C
16.0 YonY 0.7%
0.2 YonY 80.6%
※
※ 2021 1
8
6,614
6,483
6,166 6,146
5,924 5,944 5,835
3,231
5,169 5,208
4,943
2,593 4,730
2,418
1,857
3
2,458 2,379
2,242
2,746
58.3 +12.0%
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
2018 2019 2020 2021
※ 2018 VOYAGE GROUP CCI
※ 2019 CMerTV
9
CCI
5,617 5,682
5,568
5,498
5,136 5,213
5,088
2,985
4,477 4,570
4,315
4,197
2,452
2,189
1,616 3
1,845 1,910 1,809
2,271
52.1 +14.1%
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9
2018 2019 2020 2021
※ 2018 VOYAGE GROUP CCI
※ 2019 CMerTV
10
CCI 4,613 4,599
4,541
4,302 158
255 369
170 3,985 164 4,007 158
3,863 3,881 3,905
2,227
161 161 170
3,825 3,747
153
164 164 1,010 3
1,030 153 932 924
45.9
825 883
1,895
1,842 1,737
890 975 924 862 791
418 451
520 +15.4%
417
449 416
370 418 337 454
412 464 457 455
395 271
332
418 290
1,921 301 284 326
4Q
1,598 1,594
1,463 563
401
427 504
211 2,431 2,455
1.5
216 2,272 2,213 2,273 2,272
218 2,022 2,030 2,100 2,060 2,018
200 439
200 258 180
1.5
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
2018 2019 2020 2021
※ 2018 VOYAGE GROUP CCI
※ 2019 CMerTV
11
CCI
1,675
%
1,272 1,265
1,263
1,076
757
610 884 3
729
20.7%
452
16.3%
15.4%
24.8%
316
409
19.2%
24.8%
18.5%
585
15.4%
18.5%
29.5%
22.7%
613
6.1 +4.8%
11.9% 11.8%
381 7.5%
9.5%
4Q 11~13
311 349
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
2018 2019 2020 2021
※ =
※ 2018 VOYAGE GROUP CCI
※ 2019 CMerTV
12
+642
+ +
+
+ 6.1
0.3
6.1
※ 2021 1
13
2020 7 −9 2021 7 −9
5,208 5,835 +12.0%
4,570 5,213 +14.1%
3,985 4,599 +15.4%
585 613 +4.8%
24 113 +357.9%
49 9 -79.8%
561 717 +27.8%
0 0
14 65 +342.8%
546 652 +19.3%
376 358 -4.7%
EBITDA※ 765 960 +25.5%
※ EBITDA
14
179 55%
2021 6 2021 9
34,754 34,332 -422
17,949 17,925 -24
12,896 13,152 +256
47,651 47,485 -166
19,740 19,383 -356
1,542 1,666 +124
26,369 26,434 +65
47,651 47,485 -166
AGENDA
2021 12
P.02 3
P.15
P.17
APPENIDIX
P.46
P.53
P.59
16 2021 12
2021 12
3Q
18,464 73.9% 25,000
3,554 79.0% 4,500
2,574 82.5% 3,120
EBITDA 4,994 83.2% 6,000
※ EBITDA
AGENDA
2021 12
P.02 3
P.15
P.17
APPENIDIX
P.46
P.53
P.59
18
/
89.3 15.7
70.7 21.3
64.9 7.3
19 / /
CPC CPI/CPA SSP
Premium
DOOH
/ DOOH
4
CM CM
1 ID
6000 SNS
EC DX
PARTNER SALES
21 ( 2018
CCI
22 (2019
CARTA
23
DX
SNS
24
MC
MC DM
DM
1,680億円 ※4 1.7兆円 ※1
2.7
DM
4
CAGR % CAGR 11 %
(2020-2024) (2017-2021)
DM
※2 4,002 ※5
DM CAGR 4.8 %
4,723 ※3
（2019-2024)
※1,※3 D2C/ /
/
CAGR 14 % 2020
※2
2016-2020)
317 ※6
※4
CAGR 20% EC
(2020-2024) ※5 IDC Japan
2020-2024
※6
25
CARTA
ATRAC/
DataCurrent
CCI
BP
26
23% 23.5 5.7 2.3
3,013 3,064
2,815 1,085
2,729 1,049
2,673
2,490
2,349 2,352 787
713 725
2,136
632
1,864 1,901
287
228 235
188
41
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
2019 2020 2021 2019 2020 2021
※
※ 2021 1
27
3,013 3,064
2,815
2,729
2,673 メディアコミュニケーション
2,490
12.5 %
2,349 2,352
2,136
1,864 1,901
YonY
2,854
3,013 2,431
2,804 2,500
2,406 2,013 デジタルマーケティング
2,349
3
2,122 1,789
1,814
YonY
210 297 338 14%
84 49 112 173
13 11
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9
2019 2020 2021
※ 2021 1
28 2021 3Q
2021 7 1 2021 7 13 2021 8 31
CARTA CCI DX CCI
COMMUNICATIONS TORAMe
D2C
2021 7 2021 8 2021 9
2021 7 6 2021 8 10 2021 9 29
CCI TikTok 2021 CCI
CCI Social EC
AdTrim for TikTok”
AD PLATFORM
30
31
10% 18.8
13% 5.1
1,884
1,819 1,810 594 596
1,785
1,739 1,761 563 565 552
1,701
1,621 482
516
492
351
1,416
277
1,232
1,139 136
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
2019 2020 2021 2019 2020 2021
※
※ 2019 CMerTV
※ 2021 1 ≈
32
1,884
1,785 1,761
1,819 1,701 1,810
1,739
1,621 68
1,416 運用型広告プラットフォーム
7.0 %
1,232 1,121
1,235
1,139 1,119 1,125
1,068
1,151 1,205
1,154 YonY
913
675
682
710 754 717 737
602 603 638
15.5 %
564 499 526 544
-7 -41 -23 -49 -15 -19
YonY
-91 -91 -81 -88
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9
2019 2020 2021
※ 2019 CMerTV
※ 2021 1
33 2021 3Q
2021 7 8 2021 9 1 2021 9 15
Premium View
1.5
1.8
2021 7 2021 8 2021 9
2021 8 19 2021 9 2 2021 9 21
PORTO fluct
1st party data
CM 8 13 Audience Link
35 CM
CM
2025 2020 18 920 6%
1,000 920
800
1.6 600 560
兆円
400 350
190
200
90
CM 50
0
2020年 2021年 2022年 2023年 2024年 2025年
※1 D2C/ / / 2020
※2 / CM
36
CM
CARTA
CARTA
CM
CM /
/ /
/
37
100 CM
2020 8
A P
CPI/CPA
C D / /
CM CM
38
910
3
9.1 70
250
168
116
13
7-9 10-12 1-3 4-6 7-9
2020 2021
39
EC B2B SaaS
anynext ECH Peak
40
CM CM
⚫
SaaS
⚫
CM
CONSUMER
42
M&A
M&A
D2C
DX
43
D2C
/
2,188
447 D2C
336
1,720
1,683
1,626 1,636 1,658 1,607 282 275
1,595
1,494
1,396 211 211
1,342 192
151 213
145
104
71 138
54
20
0
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
2019 2020 2021 2019 2020 2021
※
44
EC
2,188
1,720 1,683
1,636 1,658
メディア・ソリューション
1,626 1,595 1,607
1,342
1,396
1,750
1,494
YonY 2.9 %
1,262 1,258 1,181
1,466 1,217
1,365
1,147
1,158 1,423 EC/ /
1,043
YonY 12.5 %
437 378 420 400 426
D2C
260 298 249 254 335
212
1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 4-6 7-9
2019 2020 2021
45 2021 3Q
2021 7 1 2021 7 15 2021 9 1
7 1
8
2021 7 2021 8 2021 9
2021 7 1 2021 8 31 2021 9 28
Ta-Ta 1 OCR
AGENDA
2021 12
P.02 3
P.15
P.17
APPENIDIX
P.46
P.53
P.59
CARTA 2022
NEW JOURNEY, NEW STANDARD
48 CARTA − Phase1−
VOYAGE
CCI CARTA
GROUP
49 CARTA − Phase2−
/ OOH
1.5 2.5
CARTA CARTA
50 CARTA − Phase3−
/ / OOH
4
CARTA CARTA
51 EBITDA
EBITDA
6,000 6,000
60
EBITDA
※1 EBITDA
EBITDA 5,000
12 4,033 4,131
ROE %
3,700
3,100
※2
DOE 5 %
2019
2019 2020
2020 20212021 2022 2022
※1 EBITDA
※2 2021 2 CARTA2022
52 ROE
ROE V 3,000
24,376 2,500
23,444
16.6%
2,139
2,000
1,781
13.6% 13.4%
12.0% 12.0%
1,500
1,161 1,117
8,527 1,000
731 7,860
6,174
7.5%
500
0
2016
2016 2017
2017 2018
2018 2019 ※
2019 2020
2020 2021
2021 2022
2022
AGENDA
2021 12
P.02 3
P.15
P.17
APPENIDIX
P.46
P.53
P.59
54
55
2020 2 2,290 36.2%
30,000
28,000
26,000
24,000
22,000
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
( )
※ D2C/ / / 2020
56
2020 1.5 80%
17,567
16,630
985
1,049
14,480 2,024
990 2,314
12,207
1,971
10,378 1,049
9,194 1,759
8,245 1,457
1,372 1,538
1,596 14,558
3,139 13,267
11,518
9,400
7,383
6,226
5,106
2014 2015 2016 2017 2018 2019 2020
※ D2C/ / / 2014 −2020
57
TOP
Google Y
b
DSP1 SSP1
z z DSP2 z SSP2
z
DSP3 SSP3
58
AGENDA
2021 12
P.02 3
P.15
P.17
APPENIDIX
P.46
P.53
P.59
60 CARTA HOLDINGS
1,418
1999 1,184
• ※
5.3%
•
196 34.6 4.7% 17.6%
※ D2C/ / / 2020
61
2019 1 VOYAGE GROUP CCI CARTA HOLDINGS
VOYAGE GROUP
CARTA
47% v 53%
100% 100%
CARTA HOLDINGS
62 VOYAGE GROUP CCI
2014 2016
BeyondX IPM
2011
2009
TOB
MBO
100%
2010
2000
fluct
2001 1996
'00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '16 '18
63 CARTA
✕
CARTA HOLDINGS
64
SNS
CARTA
EC/
65
/
89.3 15.7
70.7 21.3
64.9 7.3
66
CARTA KAIKETSU
ATRAC Barriz DataCurrent
COMMUNICATIONS
Zucks China
CARTA AGE fluct PORTO Zucks Zucks China, Inc.
VOYAGE
rakanu VOYAGE GAMES Lighthouse Studio VOYAGE MARKETING
67 M&A
M&A
NPV ROIC
ROIC WACC
1
2
M&A
( )
3
( )
DD
4
5
WACC ROIC
68 M&A
2019 4 2019 6 2019 8 2020 2 2020 4 2020 4 2020 5 2020 12
CM
BPO
2019 2020
2020
2019 1 2019 6 2020 2 2020 5
OKPR
CCI VOYAGE rakanu OKPR
KAIKETSU
M&A
69
2021 2
1
25 25 DOE 5
50
48
15
15
33 25
15 16
33
DOE 5 25
2018 2019 2020 2021 2022
70 ESG – –
2008
EC EC
100
ISO14001 2015
71 ESG – –
CCI
EC
4,000
SDGs
72 ESG – –
2021 3 1 3 42%
ISO27001