ASKUL : Excerpt from Consolidated Financial Results for the Nine Months Ended February 20, 2022

Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

Excerpt from Consolidated Financial Results

for the Nine Months Ended February 20, 2022

[Japanese GAAP]*

March 15, 2022

Company name: ASKUL Corporation

Stock exchange listing: Tokyo

Code number: 2678

URL: https://www.askul.co.jp/kaisya/ir/

Representative: Akira Yoshioka

President and chief executive officer

Contact: Tsuguhiro Tamai

Executive officer and chief financial officer

Phone: [phone]

Scheduled date of filing quarterly securities report: March 25, 2022

Scheduled date of commencing dividend payments: -

Availability of supplementary briefing material on quarterly financial results: Yes

Schedule of quarterly financial results briefing session: Yes

(Amounts of less than one million yen are rounded down)

1. Consolidated Financial Results for the Nine Months Ended February 20, 2022 (May 21, 2021 to February 20, 2022)

(1) Consolidated Operating Results

(% indicates changes from the previous corresponding period.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Nine months ended

Million yen

%

Million yen

%

Million yen

%

Million yen

%

February 20, 2022

317,994

1.6

10,637

3.4

10,646

4.0

7,131

15.9

February 20, 2021

313,003

4.5

10,286

62.3

10,236

63.8

6,150

49.4

(Note) Comprehensive income:	Nine months ended February 20, 2022:
	Nine months ended February 20, 2021:

¥	7,198 million	[	17.3%]
¥	6,135 million	[	48.9%]

	Basic earnings		Diluted earnings per
	per share		share
Nine months ended		Yen	Yen
February 20, 2022		69.72	69.65
February 20, 2021		60.16	60.03

(2) Consolidated Financial Position

	Total assets	Net assets	Capital adequacy ratio
As of	Million yen		Million yen	%
February 20, 2022	195,547		58,808	29.8
May 20, 2021	190,107		59,203	30.9
(Reference) Equity: As of	February 20, 2022:	¥	58,317 million
As of	May 20, 2021:	¥	58,777 million

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2. Dividends

					Annual dividends
		1st	2nd	3rd		Year-end	Total
	quarter-end	quarter-end	quarter-end
		Yen		Yen	Yen		Yen	Yen
Fiscal year ended May 20, 2021		-		19.00	-		30.00	49.00
Fiscal year ending May 20, 2022		-		15.00	-
Fiscal year ending May 20, 2022							15.00	30.00
(Forecast)
(Note) Revision to the forecast for dividends announced most recently:	No
(Note) Breakdown of the 3rd quarter dividend for the fiscal year ending May 20, 2022 :
Commemorative dividend	-	yen
Special dividend	-	yen

3. Consolidated Financial Results Forecast for the Fiscal Year Ending May 20, 2022(May 21, 2021 to May 20, 2022)

(% indicates changes from the previous corresponding period.)

			Net sales		Operating profit	Ordinary profit	Profit attributable to	Basic earnings
				owners of parent	per share
			Million yen		%	Million yen	%	Million yen		%	Million yen	%	Yen
Full year			430,000		1.9	14,000	0.5	13,900		0.4	9,000	16.0	87.82
(Note) Revision to the financial results forecast announced most recently:	No
* Notes:
(1) Changes in significant subsidiaries during the nine months ended February 20, 2022
(changes in specified subsidiaries resulting in changes in scope of consolidation):	No
New	-	(Company name:									)
Exclusion:	-	(Company name:									)
(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:	No

1. Changes in accounting policies, changes in accounting estimates and retrospective restatement
2. 1. Changes in accounting policies due to the revision of accounting standards: Yes
   2. Changes in accounting policies other than 1) above: No
   3. Changes in accounting estimates: No
   4. Retrospective restatement: No
3. Total number of issued shares (common shares)
4. 1. Total number of issued shares at the end of the period (including treasury shares):

February 20, 2022:	102,518,800	shares
May 20, 2021:	102,518,800	shares
2) Total number of treasury shares at the end of the period:
February 20, 2022:	2,874,339	shares
May 20, 2021:	41,874	shares

3) Average number of shares during the period:
Nine months ended February 20, 2022:	102,288,436	shares
Nine months ended February 20, 2021:	102,246,974	shares

• This excerpt from the Summary of Consolidated Financial Results is not subject to quarterly review.
• Notes for using forecasted information and others Earnings forecasts and other forward-looking statements contained in this document are based on the information ASKUL has obtained to date and on certain assumptions it considers reasonable. As such, these forecasts and statements are not intended as a commitment by the Company to achieve them. Note also that actual results and
  other future events may differ materially from these forecasts and statements due to a variety of factors.

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Quarterly Consolidated Financial Statements

Quarterly Consolidated Balance Sheets

					(Million yen)
				As of May 20,2021	As of February 20,2022
Assets
	Current assets
		Cash and deposits	66,259	64,493
		Notes and accounts receivable - trade	45,582	49,934
		Merchandise and finished goods	17,925	17,910
		Raw materials and supplies	266	309
		Costs on construction contracts in progress	35	39
		Accounts receivable - other	12,013	11,605
		Other	1,242	1,604
		Allowance for doubtful accounts	(34)	(39)
		Total current assets	143,291	145,857
	Non-current assets
		Property, plant and equipment
		Buildings and structures	8,587	9,089
			Accumulated depreciation	(3,599)	(4,045)
			Buildings and structures, net	4,987	5,044
		Land	132	119
		Leased assets	19,787	21,173
			Accumulated depreciation	(7,440)	(8,942)
			Leased assets, net	12,346	12,230
		Other	10,539	10,883
			Accumulated depreciation	(7,430)	(8,090)
			Other, net	3,108	2,792
		Construction in progress	4,391	4,622
		Total property, plant and equipment	24,966	24,808
		Intangible assets
		Software	5,983	6,021
		Software in progress	3,350	6,436
		Goodwill	1,614	1,431
		Other	88	81
		Total intangible assets	11,036	13,971
		Investments and other assets
		Investment securities	183	143
		Deferred tax assets	4,043	3,617
		Other	7,365	7,946
		Allowance for doubtful accounts	(780)	(798)
		Total investments and other assets	10,812	10,909
		Total non-current assets	46,815	49,689
	Total assets	190,107	195,547

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				(Million yen)
			As of May 20,2021	As of February 20,2022
Liabilities
	Current liabilities
	Notes and accounts payable - trade		51,474	55,986
	Electronically recorded obligations - operating	23,497	29,148
	Short-term borrowings		380	380
	Current portion of long-term borrowings	12,649	10,647
	Accounts payable - other		12,369	11,515
	Income taxes payable	2,793	1,445
	Accrued consumption taxes		1,006	607
	Provisions	926	526
	Other		3,688	4,502
	Total current liabilities	108,786	114,759
	Non-current liabilities
	Long-term borrowings	2,115	1,866
	Lease obligations		11,211	10,931
	Retirement benefit liability	4,127	4,274
	Asset retirement obligations		2,714	2,684
	Other	1,948	2,222
	Total non-current liabilities		22,117	21,979
	Total liabilities	130,903	136,738
Net assets
	Shareholders' equity
	Share capital		21,189	21,189
	Capital surplus		14,320	14,320
	Retained earnings		23,391	27,442
	Treasury shares	(81)	(4,601)
	Total shareholders' equity		58,819	58,350
	Accumulated other comprehensive income
	Remeasurements of defined benefit plans		(42)	(33)
	Total accumulated other comprehensive income	(42)	(33)
	Share acquisition rights		(5)	0
	Non-controlling interests	431	489
	Total net assets		59,203	58,808
Total liabilities and net assets	190,107	195,547

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Quarterly Consolidated Statements of Income and Comprehensive Income

Quarterly Consolidated Statements of Income (For the nine months)

				(Million yen)
			For the nine months	For the nine months
			ended February 20,2021	ended February 20,2022
Net sales	313,003	317,994
Cost of sales	235,432	240,543
Gross profit	77,570	77,451
Reversal of provision for sales returns	26	-
Provision for sales returns	31	-
Gross profit - net	77,565	77,451
Selling, general and administrative expenses	67,279	66,813
Operating profit	10,286	10,637
Non-operating income
	Interest income	30	31
	Rental income		141	74
	Subsidy income	67	134
	Other		38	28
	Total non-operating income	278	269
Non-operating expenses
	Interest expenses	174	168
	Rental expenses		132	61
	Other	20	30
	Total non-operating expenses		327	260
Ordinary profit	10,236	10,646
Extraordinary income
	Gain on sale of non-current assets	1	0
	Insurance claim income		-	226
	Gain on reversal of share acquisition rights	1	3
	Total extraordinary income		3	230
Extraordinary losses
	Loss on sale of non-current assets		0	6
	Loss on retirement of non-current assets	7	130
	Loss on valuation of investment securities		48	40
	Loss on sale of shares of subsidiaries	24	-
	Loss on retirement of treasury subscription rights to		-	21
	shares
	Provision of allowance for doubtful accounts	1,000	-
	Loss on disaster		248	-
	Other	6	6
	Total extraordinary losses		1,336	204
Profit before income taxes	8,903	10,672
Income taxes - current	2,652	3,060
Income taxes - deferred	126	421
Total income taxes	2,779	3,482
Profit	6,124	7,189
Profit (loss) attributable to non-controlling interests	(26)	58
Profit attributable to owners of parent	6,150	7,131

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