Ohba : Summary of Consolidated Financial Results for the Nine Months Ended February 28, 2022 (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 Nine Months Ended February 28, 2022

(Based on Japanese GAAP)

Company name: OHBA CO.,LTD.

Stock exchange listing: Tokyo

Shigeru Tsujimoto
Hirofumi Katayama
Scheduled date to file Quarterly Securities Report:	April 13, 2022
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	No
Holding of quarterly financial results meeting:	No

Stock code: Representative: Inquiries:

9765 URLhttp://www.k-ohba.co.jpRepresentative Director,President

Senior Executive Officer

TEL [phone]

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the nine months ended February 28, 2022 (from June 1, 2021 to February 28, 2022)

(1) Consolidated operating results (cumulative)

April 13, 2022

Percentages indicate year-on-year changes

Net sales	Operating profit	Ordinary profit	Profit attributable to owners of parent
Nine months ended February 28, 2022 Nine months ended February 28, 2021	Millions of yen 10,294 5,651	% 82.2 (3.5)	Millions of yen 873 (505)	% - -	Millions of yen 929 (459)	% - -	Millions of yen 570 (305)	% - -

Earnings per share	Diluted earnings per share
Nine months ended February 28, 2022 Nine months ended February 28, 2021	Yen 35.17 (18.63)	Yen 34.07 -

(2) Consolidated financial position

Total assets	Net assets	Equity ratio
As of February 28, 2022 As of May 31, 2021	Millions of yen 16,669 13,674	Millions of yen 9,741 9,299	% 56.1 65.7

2. Cash dividends

Annual dividends per share
1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total
Year ended May 31, 2021 Year ending May 31, 2022	Yen - -	Yen 7.00 8.00	Yen - -	Yen 8.00	Yen 15.00
Year ending May 31, 2022 (Forecast)	15.00	23.00

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

Percentages indicate year-on-year changes

Net sales	Operating profit	Ordinary profit	Profit attributable to owners of parent	Earnings per share
Full year	Millions of yen 16,000	% 0.9	Millions of yen 1,500	% 12.4	Millions of yen 1,550	% 12.3	Millions of yen 1,000	% 17.3	Yen 61.68

4. Notes

• (1) Changes in significant subsidiaries during the nine months ended February 28, 2022

  No

  (changes in specified subsidiaries resulting in the change in scope of consolidation):

• (2) Application of special accounting methods for preparing quarterly consolidated financial statements: 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 February 28, 2022 17,500,000 shares

As of May 31, 2021 18,000,000 shares

As of February 28, 2022

17,500,000 shares As of May 31, 2021

1

Number of treasury shares at the end of the period

As of February 28, 2022 1,298,647 shares

As of May 31, 2021 1,708,716 shares

As of February 28, 2022

1,298,647 shares As of May 31, 2021

1,Average number of shares during the period (cumulative from the beginning of the fiscal year)

Nine months ended February 28, 2022 16,217,163 shares

Nine months ended February 28, 2021 16,400,207 shares

Nine months ended February 28, 2022 16,217,163 shares Nine mon

Quarterly consolidated financial statements Consolidated balance sheets

(Thousands of yen)
As of May 31, 2021	As of February 28, 2022
Assets Current assets Cash and deposits Notes and accounts receivable - trade Notes and accounts receivable - trade, and contract assets Costs on service contracts in progress Real estate for sale Other Allowance for doubtful accounts	3,002,039 2,763,978 - 1,002,566 5,634 119,834 (513)	813,573 - 7,489,048 699,468 5,634 903,642 (196)
Total current assets	6,893,540	9,911,171
Non-current assets Property, plant and equipment Buildings and structures Accumulated depreciation	1,983,570 (774,219)	1,987,241 (809,831)
Buildings and structures, net	1,209,350	1,177,410
Machinery, equipment and vehicles Accumulated depreciation	752,310 (460,571)	751,560 (489,916)
Machinery, equipment and vehicles, net	291,739	261,644
Land Other Accumulated depreciation	2,657,285 848,414 (638,843)	2,659,013 895,949 (688,814)
Other, net	209,570	207,134
Total property, plant and equipment	4,367,946	4,305,202
Intangible assets Software Other	137,161 1,781	121,536 1,689
Total intangible assets	138,942	123,225
Investments and other assets Investment securities Long-term accounts receivable - other Retirement benefit asset Deferred tax assets Other Allowance for doubtful accounts	1,174,022 224,002 600,737 14,784 410,962 (150,170)	1,111,253 - 833,966 22,743 400,449 (38,168)
Total investments and other assets	2,274,339	2,330,243
Total non-current assets	6,781,229	6,758,672
Total assets	13,674,769	16,669,843

(196)

(809,831)

(489,916)

(688,814)

(38,168)

(Thousands of yen)
As of May 31, 2021	As of February 28, 2022
Liabilities Current liabilities Accounts payable - trade Short-term borrowings Current portion of long-term borrowings Income taxes payable Advances received on service contracts in progress Provision for bonuses Provision for loss on order received Provision for shareholder benefit program Other	869,267 - 60,000 462,354 1,103,036 392,136 - 15,955 769,519	868,376 3,450,000 15,000 69,678 1,246,441 119,841 333 - 403,102
Total current liabilities	3,672,270	6,172,774
Non-current liabilities Retirement benefit liability Asset retirement obligations Deferred tax liabilities Other	11,495 250,538 430,635 9,847	13,421 251,370 485,242 5,833
Total non-current liabilities	702,516	755,867
Total liabilities	4,374,787	6,928,642
Net assets Shareholders' equity Share capital Capital surplus Retained earnings Treasury shares	2,131,733 771,471 6,475,454 (939,040)	2,131,733 489,582 6,977,234 (736,560)
Total shareholders' equity	8,439,619	8,861,989
Accumulated other comprehensive income Valuation difference on available-for-sale securities Remeasurements of defined benefit plans	385,765 158,875	342,183 146,401
Total accumulated other comprehensive income	544,640	488,585
Share acquisition rights	315,722	390,626
Total net assets	9,299,982	9,741,201
Total liabilities and net assets	13,674,769	16,669,843

(736,560)

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

(cumulative)

Consolidated statements of income (cumulative)

(Thousands of yen)
Nine months ended February 28, 2021	Nine months ended February 28, 2022
Net sales Cost of sales	5,651,222 4,058,050	10,294,697 7,298,798
Gross profit	1,593,172	2,995,899
Selling, general and administrative expenses	2,098,644	2,122,625
Operating profit (loss)	(505,471)	873,273
Non-operating income Interest income Dividend income Insurance claim and dividend income Gain on sale of securities Other	16 26,966 8,871 4,675 12,433	18 32,486 12,063 5,273 14,083
Total non-operating income	52,964	63,925
Non-operating expenses Interest expenses Guarantee commission Delinquency charges Other	3,695 1,242 - 2,081	2,670 1,892 3,227 11
Total non-operating expenses	7,020	7,802
Ordinary profit (loss)	(459,527)	929,397
Extraordinary income Gain on sale of non-current assets	240	-
Total extraordinary income	240	-
Extraordinary losses Loss on sale of non-current assets Loss on retirement of non-current assets Loss on valuation of investment securities Expenses related to the 100th anniversary of foundation Other	- 445 3,042 - 1,449	1,405 1,006 - 46,454 -
Total extraordinary losses	4,936	48,867
Profit (loss) before income taxes	(464,223)	880,529
Income taxes	(158,762)	310,129
Profit (loss)	(305,461)	570,400
Profit (loss) attributable to owners of parent	(305,461)	570,400