[Delayed] Summary of Consolidated Financial Results for the Six Months Ended September 30, 2021 (Based on Japanese GAAP)

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

		Summary of Consolidated Financial Results
		for the Six Months Ended September 30, 2021
		(Based on Japanese GAAP)
					November 1, 2021
Company name:	MARUWA UNYU KIKAN CO.,LTD.
Stock exchange listing:	Tokyo
Stock code:	9090	URL https://www.momotaro.co.jp/
Representative:	President		Masaru Wasami
Inquiries:	Director and Managing Executive Officer	Kazumi Kawada	TEL [phone]
Scheduled date to file Quarterly Securities Report:	November 10, 2021
Scheduled date to commence dividend payments:	December 3, 2021
Preparation of supplementary material on quarterly financial results:	Yes
Holding of quarterly financial results meeting:	Yes	(for institutional investors and analysts)

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the six months ended September 30, 2021 (from April 1, 2021 to September 30, 2021)

(1) Consolidated operating results (cumulative)							Percentages indicate year-on-year changes
	Net sales			Operating profit	Ordinary profit	Profit attributable to
			owners of parent
	Millions of yen	%	Millions of yen		%	Millions of yen		%	Millions of yen	%
Six months ended September 30, 2021	59,749	11.1		4,333		(1.0)		4,544		1.5	3,260	5.7
Six months ended September 30, 2020	53,768	13.0		4,376		27.6		4,477		26.5	3,084	26.4
Note: Comprehensive income Six months ended September 30, 2021:			3,288 million yen	[6.0%]
Six months ended September 30, 2020:			3,103 million yen	[15.0%]
	Earnings per share		Diluted earnings per share
		Yen					Yen
Six months ended September 30, 2021		25.94					23.87
Six months ended September 30, 2020		24.18					24.11

Note: The Company conducted 2-for-1 share split on January 1, 2021. Accordingly, assuming that the stock split was conducted at the beginning of the previous fiscal year, the earnings per share and the diluted earnings per share are calculated.

(2) Consolidated financial position
		Total assets		Net assets		Equity ratio
			Millions of yen	Millions of yen		%
As of September 30, 2021		74,272	27,804		37.4
As of March 31, 2021			73,191	25,708		35.1
Reference: Equity	As of September 30, 2021:	27,804 million yen
	As of March 31, 2021:	25,708 million yen
2. Cash dividends
					Annual dividends per share
		1st quarter-end	2nd quarter-end		3rd quarter-end	Fiscal year-end	Total
			Yen		Yen			Yen	Yen	Yen
Year ended March 31, 2021		-		18.95			-	9.48	-
Year ending March 31, 2022		-		9.50
Year ending March 31, 2022 (Forecast)							-	9.50	19.00

Notes: 1. Any revision from the most recently announced dividend forecast: None

2. The Company conducted 2-for-1 share split on January 1, 2021. For the end of the second quarter of the fiscal year ended March 31, 2021, the actual amount of dividends before the stock split is stated. In addition, for the end of the fiscal year ended March 31, 2021, and the second quarter-end and the fiscal year-end (forecast) of the fiscal year ending March 31, 2022, the amount of dividends in consideration of the stock split is stated.

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3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)

Percentages indicate year-on-year changes

	Net sales		Operating profit	Ordinary profit	Profit attributable to	Earnings per share
		owners of parent
	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
Full year	129,500	15.5	8,890	10.9	9,385	13.6	6,250	12.9	49.72

Note: Any revision from the most recently announced earnings forecast: Yes

4. Notes

1. Changes in significant subsidiaries during the six months ended September 30, 2021 (changes in specified subsidiaries resulting in the change in scope of consolidation):
2. Application of special accounting methods for preparing quarterly consolidated financial statements:

No

Yes

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:	Yes
Changes in accounting policies due to other reasons:	No
Changes in accounting estimates:	No
Restatement of prior period financial statements:	No

(4) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

	As of September 30, 2021	128,827,520	shares	As of March 31, 2021	128,797,120	shares
Number of treasury shares at the end of the period
	As of September 30, 2021	3,106,805	shares	As of March 31, 2021	3,108,388	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Six months ended September 30, 2021	125,704,027	shares	Six months ended September 30, 2020	127,539,474	shares

Notes: 1. The Company conducted 2-for-1 share split on January 1, 2021. Accordingly, the number of issued shares is calculated as though the share split was conducted at the beginning of the previous fiscal year.

2. The number of treasury shares excluded from the calculation of the number of treasury shares at the end of the period and average number of shares during the period includes 358,292 Company shares held as investment assets in a stock benefit trust for officers and a stock benefit ESOP.

* Quarterly financial results reports are exempt from audit conducted by certified public accountants or an audit firm.

* Proper use of earnings forecasts, and other special matters

1. The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. Actual results may differ substantially due to various factors.
2. The amount of accounts and other matters showed in the Company's quarterly consolidated financial statements was previously stated in units of Thousands of yen. From the first quarter financial period and the first quarter cumulative period, the description has been changed to Millions of yen.
   To facilitate comparison, the previous second quarter cumulative period and the previous fiscal year are also changed from Thousands of yen to Millions of yen.

(How to obtain supplementary material on financial results)

As a measure to prevent the spread of novel coronavirus disease (COVID-19), we plan to hold the financial results meeting for institutional investors and analysts via livestream on Monday, November 15, 2021. The supplementary materials on financial results used on the day will promptly be posted on the Company website after the conclusion of the meeting.

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Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2021	As of September 30, 2021
Assets
Current assets
Cash and deposits	26,488	23,612
Notes and accounts receivable - trade	12,339	13,668
Supplies	51	52
Securities	-	3,000
Other	1,126	1,157
Allowance for doubtful accounts	(1)	(1)
Total current assets	40,004	41,489
Non-current assets
Property, plant and equipment
Buildings and structures, net	8,926	8,640
Machinery, equipment and vehicles, net	2,606	2,464
Land	6,582	6,583
Other, net	3,755	3,810
Total property, plant and equipment	21,871	21,499
Intangible assets	1,997	1,860
Investments and other assets
Other	9,366	9,460
Allowance for doubtful accounts	(47)	(37)
Total investments and other assets	9,319	9,423
Total non-current assets	33,187	32,783
Total assets	73,191	74,272
Liabilities
Current liabilities
Notes and accounts payable - trade	7,856	8,180
Short-term borrowings	100	1,800
Current portion of long-term borrowings	2,118	1,878
Income taxes payable	1,693	1,424
Provision for bonuses	960	666
Provision for loss on litigation	17	18
Other	6,116	4,806
Total current liabilities	18,862	18,774
Non-current liabilities
Convertible bonds	21,026	20,916
Long-term borrowings	3,882	3,017
Retirement benefit liability	878	917
Asset retirement obligations	776	780
Provision for share awards for directors (and other	21	20
officers)
Provision for share-based remuneration for employees	25	24
Other	2,009	2,017
Total non-current liabilities	28,620	27,693
Total liabilities		47,483	46,468

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			(Millions of yen)
		As of March 31, 2021	As of September 30, 2021
Net assets
Shareholders' equity
Share capital	2,665	2,666
Capital surplus	2,341	2,342
Retained earnings	24,948	27,014
Treasury shares	(5,758)	(5,758)
Total shareholders' equity	24,197	26,265
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	1,702	1,708
Remeasurements of defined benefit plans	(191)	(169)
Total accumulated other comprehensive income	1,511	1,539
Total net assets	25,708	27,804
Total liabilities and net assets		73,191	74,272

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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

			(Millions of yen)
		Six months ended	Six months ended
		September 30, 2020	September 30, 2021
Net sales	53,768	59,749
Cost of sales	46,881	52,738
Gross profit	6,886	7,010
Selling, general and administrative expenses	2,509	2,677
Operating profit	4,376	4,333
Non-operating income
Interest income	0	110
Dividend income	44	44
Other	73	76
Total non-operating income	118	231
Non-operating expenses
Interest expenses	8	7
Provision of allowance for doubtful accounts	3	-
Loss on retirement of non-current assets	1	8
Other	2	4
Total non-operating expenses	17	20
Ordinary profit	4,477	4,544
Profit before income taxes	4,477	4,544
Income taxes	1,393	1,283
Profit	3,084	3,260
Profit attributable to non-controlling interests	-	-
Profit attributable to owners of parent		3,084	3,260

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