ASKUL : Excerpt from Consolidated Financial Results for the Year Ended May 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 Year Ended May 20, 2022

[Japanese GAAP]*

										July 01, 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 Annual General Meeting of Shareholders: August 04, 2022
Scheduled date of commencing dividend payments: August 05, 2022
Scheduled date of filing annual securities report: July 29, 2022
Availability of supplementary briefing material on annual financial results: Yes
Schedule of annual financial results briefing session: Yes
							(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Fiscal Year Ended May 20, 2022 (May 21, 2021 to May 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
Fiscal year ended		Million yen		%		Million yen	%	Million yen	%	Million yen	%
May 20, 2022		428,517		1.5		14,309	2.8	14,270	3.0	9,206	18.7
May 20, 2021		422,151		5.4		13,923	57.8	13,850	60.0	7,758	37.2

(Note) Comprehensive income:	Fiscal year ended May 20, 2022:
	Fiscal year ended May 20, 2021:

¥	9,255 million	[	19.6%]
¥	7,740 million	[	35.3%]

	Basic earnings per	Diluted earnings per	Rate of return on	Ordinary profit to	Operating profit to
	share	share	equity	total assets ratio	net sales ratio
Fiscal year ended	Yen	Yen	%	%	%
May 20, 2022	90.83	90.77	15.9	7.5	3.3
May 20, 2021	75.83	75.68	14.0	7.6	3.3

(Reference) Equity in earnings (losses) of affiliated companies: Fiscal year ended May 20, 2022: Fiscal year ended May 20, 2021:

• - million
• - million

(2) Consolidated Financial Position

	Total assets	Net assets	Capital adequacy ratio	Net assets per share
As of	Million yen		Million yen	%	Yen
May 20, 2022	188,024		57,271	30.2	582.43
May 20, 2021	190,107		59,203	30.9	573.57
(Reference) Equity: As of	May 20, 2022:	¥	56,755 million
As of	May 20, 2021:	¥	58,777 million
(3) Consolidated Cash Flows
	Cash flows from	Cash flows from	Cash flows from	Cash and cash
	equivalents at the end
	operating activities	investing activities	financing activities
	of period
Fiscal year ended	Million yen		Million yen	Million yen	Million yen
May 20, 2022	17,952		(10,748)	(14,674)	58,789
May 20, 2021	15,998		(9,079)	(3,919)	66,259

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2. Dividends

			Annual dividends				Payout	Dividends
					Total	to net
									ratio
		1st	2nd		3rd		Year-end	Total	dividends	assets
				(consolidated)
		quarter-end	quarter-end	quarter-end			(consolidated)
Fiscal year ended		Yen	Yen		Yen		Yen	Yen	Million yen	%	%
May 20, 2021		-	19.00		-		30.00	49.00	2,508	32.3	4.5
May 20, 2022		-	15.00		-		16.00	31.00	3,095	34.1	5.4
Fiscal year ending
May 20, 2023		-	16.00		-		16.00	32.00		33.2
(Forecast)
(Note) Breakdown of the year-end dividend for the fiscal year ended May 20, 2022 :
Commemorative dividend	-	yen
Special dividend		-	yen

3. Consolidated Financial Results Forecast for the Fiscal Year Ending May 20, 2023 (May 21, 2022 to May 20, 2023)

(% indicates changes from the previous corresponding period.)

	Net sales		Operating profit	Ordinary profit	Profit attributable	Basic earnings per
		to owners of parent	share
NovemberSix months20,ended2022	Million yen		%	Million yen	%	Million yen	%	Million yen	%	Yen
Full year	455,500		6.3	14,500	1.3	14,300	0.2	9,400	2.1	96.46

* Notes:

1. Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes in scope of consolidation): No

New	-	(Company name:	)
Exclusion:	-	(Company name:	)

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: Yes
   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):

May 20, 2022:	97,518,800	shares
May 20, 2021:	102,518,800	shares
2) Total number of treasury shares at the end of the period:
May 20, 2022:	71,871	shares
May 20, 2021:	41,874	shares

3) Average number of shares during the period:
Fiscal Year ended May 20, 2022:	101,358,926	shares
Fiscal Year ended May 20, 2021:	102,303,044	shares

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(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended May 20, 2022 (May 21, 2021 to May 20, 2022)
(1) Non-consolidated Operating Results				(% indicates changes from the previous corresponding period.)
	Net sales		Operating profit			Ordinary profit	Net income
Fiscal year ended	Million yen		%		Million yen		%			Million yen	%	Million yen	%
May 20, 2022	371,659		0.9		11,696		(3.4)		12,047	(2.0)	8,281	1.9
May 20, 2021	368,188		5.5		12,108		68.6		12,299	64.4	8,125	65.2
	Basic earnings per share	Diluted earnings per share
Fiscal year ended			Yen			Yen
May 20, 2022		81.70			-
May 20, 2021		79.43			79.31
(2) Non-consolidated Financial Position
	Total assets		Net assets		Capital adequacy ratio	Net assets per share
As of		Million yen			Million yen				%		Yen
May 20, 2022		168,179			55,950				33.3		574.17
May 20, 2021		173,554			58,855				33.9		574.30
(Reference) Equity: As of	May 20, 2022:				¥		55,950 million
As of	May 20, 2021:				¥		58,852 million

• This excerpt from 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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Consolidated Financial Statements

Consolidated Balance Sheets

				(Million yen)
			As of May 20,2021	As of May 20,2022
Assets
	Current assets
		Cash and deposits	66,259	58,789
		Notes and accounts receivable - trade	45,582	-
		Trade receivables and contract assets	-	46,160
		Merchandise and finished goods	17,925	17,770
		Raw materials and supplies	266	484
		Costs on construction contracts in progress	35	82
		Accounts receivable - other	12,013	11,938
		Other	1,242	1,779
		Allowance for doubtful accounts	(34)	(41)
		Total current assets	143,291	136,964
	Non-current assets
		Property, plant and equipment
		Buildings and structures	8,587	8,946
		Accumulated depreciation	(3,599)	(4,126)
		Buildings and structures, net	4,987	4,819
		Machinery, equipment and vehicles	6,698	6,808
		Accumulated depreciation	(4,476)	(5,026)
		Machinery, equipment and vehicles, net	2,222	1,781
		Land	132	119
		Leased assets	19,787	21,176
		Accumulated depreciation	(7,440)	(9,472)
		Leased assets, net	12,346	11,704
		Other	3,840	4,175
		Accumulated depreciation	(2,954)	(3,290)
		Other, net	886	885
		Construction in progress	4,391	4,975
		Total property, plant and equipment	24,966	24,285
		Intangible assets
		Software	5,983	5,672
		Software in progress	3,350	8,332
		Goodwill	1,614	1,370
		Other	88	79
		Total intangible assets	11,036	15,455
		Investments and other assets
		Investment securities	183	143
		Long-term prepaid expenses	119	136
		Guarantee deposits	6,335	6,850
		Deferred tax assets	4,043	4,049
		Other	911	912
		Allowance for doubtful accounts	(780)	(772)
		Total investments and other assets	10,812	11,319
		Total non-current assets	46,815	51,059
	Total assets	190,107	188,024

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			(Million yen)
		As of May 20,2021	As of May 20,2022
Liabilities
	Current liabilities
	Notes and accounts payable - trade	51,474	52,700
	Electronically recorded obligations - operating	23,497	24,475
	Short-term borrowings	380	380
	Current portion of long-term borrowings	12,649	2,124
	Lease liabilities	2,050	2,178
	Accounts payable - other	12,369	12,784
	Income taxes payable	2,793	2,631
	Accrued consumption taxes	1,006	589
	Provision for bonuses	353	261
	Provision for sales promotion expenses	543	-
	Provision for sales returns	29	-
	Other	1,637	2,561
	Total current liabilities	108,786	100,686
	Non-current liabilities
	Long-term borrowings	2,115	10,131
	Lease liabilities	11,211	10,387
	Retirement benefit liability	4,127	4,449
	Asset retirement obligations	2,714	2,600
	Other	1,948	2,498
	Total non-current liabilities	22,117	30,066
	Total liabilities	130,903	130,753
Net assets
	Shareholders' equity
	Share capital	21,189	21,189
	Capital surplus	14,320	14,315
	Retained earnings	23,391	21,452
	Treasury shares	(81)	(118)
	Total shareholders' equity	58,819	56,838
	Accumulated other comprehensive income
	Remeasurements of defined benefit plans	(42)	(82)
	Total accumulated other comprehensive income	(42)	(82)
	Share acquisition rights	(5)	0
	Non-controlling interests	431	514
	Total net assets	59,203	57,271
Total liabilities and net assets	190,107	188,024

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