ASKUL : Excerpt from Summary of Consolidated Financial Results for the Nine Months Ended February 20, 2021

Excerpt from Summary of Consolidated Financial Results for the Nine Months Ended February 20, 2021

March 16, 2021

Company name: ASKUL Corporation Stock exchange listing: Tokyo

Code number: 2678

URL:https://www.askul.co.jp/kaisya/ir/ Representative: Akira Yoshioka Contact: Tsuguhiro Tamai Phone: [phone]

President and Chief Executive Officer Director and Chief Financial Officer

Scheduled date of filing quarterly securities report: March 26, 2021 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, 2021 (May 21, 2020 to February 20, 2021)

(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 February 20, 2021 February 20, 2020	Million yen 313,003 299,439	% 4.5 3.8	Million yen 10,286 6,335	% 62.3 160.5	Million yen 10,236 6,248	% 63.8 169.0	Million yen 6,150 4,116	% 49.4 268.9

(Note) Comprehensive income:

Nine months ended February 20, 2021:

Nine months ended February 20, 2020:

¥ ¥

6,135 million 4,119 million

• [ 48.9%]

• [ 251.7%]

Basic earnings per share	Diluted earnings per share
Nine months ended February 20, 2021 February 20, 2020	Yen 120.31 80.68	Yen 120.06 80.34

(2) Consolidated Financial Position

Total assets	Net assets	Capital adequacy ratio
As of February 20, 2021 May 20, 2020	Million yen 195,713 174,146	Million yen 57,612 52,825	% 29.2 30.1

(Reference) Equity:

As of February 20, 2021:

• ¥ 57,197 million

  As of May 20, 2020:

• ¥ 52,434 million

2. Dividends

Annual dividends
1st quarter-end	2nd quarter-end	3rd quarter-end	Year-end	Total
Fiscal year ended May 20, 2020 Fiscal year ending May 20, 2021	Yen - -	Yen 19.00 19.00	Yen - -	Yen 19.00	Yen 38.00
Fiscal year ending May 20, 2021 (Forecast)	25.00	44.00

(Note) Revision to the forecast for dividends announced most recently: Yes

(Note) Breakdown of the 3rd quarter dividend for the fiscal year ending May 20, 2021 :

Commemorative dividend Special dividend

- yen - yen

3. Consolidated Financial Results Forecast for the Fiscal Year Ending May 20, 2021(May 21, 2020 to May 20, 2021)

(% indicates changes from the previous corresponding period.)

Net sales	Operating profit	Ordinary profit	Profit attributable to owners of parent	Basic earnings per share
Full year	Million yen 416,000	% 3.9	Million yen 13,000	% 47.4	Million yen 12,900	% 49.0	Million yen 7,000	% 23.8	Yen 136.92

(Note) Revision to the financial results forecast announced most recently:

Yes

* Notes:

• (1) Changes in significant subsidiaries during the nine months ended February 20, 2021 (changes in specified subsidiaries resulting in changes in scope of consolidation): New - (Company name:

  Exclusion: - (Company name:

  No ) )

• (2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:No

• (3) Changes in accounting policies, changes in accounting estimates and retrospective restatement

• 1) Changes in accounting policies due to the revision of accounting standards:No

• 2) Changes in accounting policies other than 1) above: No

• 3) Changes in accounting estimates: Yes

• 4) Retrospective restatement: No

(4) Total number of issued shares (common shares)

1) Total number of issued shares at the end of the period (including treasury shares):February 20, 2021:

May 20, 2020:

55,259,400 shares 55,259,400 shares

2) Total number of treasury shares at the end of the period:February 20, 2021:

May 20, 2020:

4,020,937 shares 4,221,622 shares

3) Average number of shares during the period:
Nine months ended February 20, 2021:	51,123,487 shares
Nine months ended February 20, 2020:	51,026,883 shares
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* 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.

Quarterly Consolidated Financial Statements

Quarterly Consolidated Balance Sheets

(Million yen)As of May 20,2020

As of February 20,2021

Assets
Current assets
Cash and deposits	63,260	73,258
Notes and accounts receivable - trade	38,701	47,292
Merchandise and finished goods	16,582	16,918
Raw materials and supplies	257	196
Costs on construction contracts in progress	63	34
Accounts receivable - other	10,340	10,594
Other	1,277	1,312
Allowance for doubtful accounts	(24)	(37)
Total current assets	130,458	149,570
Non-current assets
Property, plant and equipment
Buildings and structures	8,329	8,591
Accumulated depreciation	(3,162)	(3,489)
Buildings and structures, net	5,166	5,101
Land	137	137
Leased assets	19,408	20,110
Accumulated depreciation	(6,405)	(7,378)
Leased assets, net	13,003	12,731
Other	10,065	10,355
Accumulated depreciation	(6,961)	(7,295)
Other, net	3,104	3,060
Construction in progress	461	3,356
Total property, plant and equipment	21,873	24,386
Intangible assets
Software	7,285	7,109
Software in progress	1,116	2,148
Goodwill	2,103	1,674
Other	101	91
Total intangible assets	10,606	11,024
Investments and other assets
Investment securities	808	433
Deferred tax assets	3,873	3,706
Other	6,647	7,678
Allowance for doubtful accounts	(121)	(1,086)
Total investments and other assets	11,208	10,732
Total non-current assets	43,688	46,143
Total assets	174,146	195,713

(Million yen)As of May 20,2020

As of February 20,2021

Liabilities
Current liabilities
Notes and accounts payable - trade	45,549	53,268
Electronically recorded obligations - operating	21,733	30,463
Short-term borrowings	430	380
Current portion of long-term borrowings	1,767	2,489
Accounts payable - other	10,281	10,955
Income taxes payable	1,972	1,720
Accrued consumption taxes	1,140	1,053
Provisions	780	1,482
Other	3,718	3,618
Total current liabilities	87,374	105,431
Non-current liabilities
Long-term borrowings	13,679	12,330
Lease obligations	11,879	11,608
Retirement benefit liability	3,716	4,010
Asset retirement obligations	2,438	2,689
Other	2,232	2,031
Total non-current liabilities	33,947	32,670
Total liabilities	121,321	138,101
Net assets
Shareholders' equity
Share capital	21,189	21,189
Capital surplus	24,220	23,939
Retained earnings	23,769	27,972
Treasury shares	(16,718)	(15,889)
Total shareholders' equity	52,461	57,212
Accumulated other comprehensive income
Remeasurements of defined benefit plans	(26)	(15)
Total accumulated other comprehensive income	(26)	(15)
Share acquisition rights	7	(0)
Non-controlling interests	382	415
Total net assets	52,825	57,612
Total liabilities and net assets	174,146	195,713

Quarterly Consolidated Statements of Income and Comprehensive Income

Quarterly Consolidated Statements of Income (For the nine months)

Net sales	299,439	313,003
Cost of sales	228,436	235,432
Gross profit	71,002	77,570
Reversal of provision for sales returns	26	26
Provision for sales returns	26	31
Gross profit - net	71,002	77,565
Selling, general and administrative expenses	64,666	67,279
Operating profit	6,335	10,286
Non-operating income
Interest income	20	30
Subsidy income	25	67
Rental income	213	141
Other	109	38
Total non-operating income	368	278
Non-operating expenses
Interest expenses	189	174
Rental expenses	217	132
Other	48	20
Total non-operating expenses	455	327
Ordinary profit	6,248	10,236
Extraordinary income
Gain on sales of non-current assets	-	1
Gain on reversal of share acquisition rights	-	1
Total extraordinary income	-	3
Extraordinary losses
Loss on sales of shares of subsidiaries	-	24
Loss on valuation of investment securities	-	48
Impairment loss	10	-
Loss on retirement of non-current assets	115	7
Loss on retirement of treasury subscription rights to shares	29	-
Provision of allowance for doubtful accounts	-	1,000
Loss on disaster	-	248
Other	-	7
Total extraordinary losses	155	1,336
Profit before income taxes	6,093	8,903
Income taxes - current	1,785	2,652
Income taxes - deferred	205	126
Total income taxes	1,991	2,779
Profit	4,101	6,124
Loss attributable to non-controlling interests	(14)	(26)
Profit attributable to owners of parent	4,116	6,150

(Million yen)
For the nine months	For the nine months
ended February 20,2020	ended February 20,2021
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Quarterly Consolidated Statements of Comprehensive Income (For the nine months)

Profit	4,101	6,124
Other comprehensive income
Deferred gains or losses on hedges	0	-
Foreign currency translation adjustment	(1)	-
Remeasurements of defined benefit plans, net of tax	17	10
Total other comprehensive income	17	10
Comprehensive income	4,119	6,135
Comprehensive income attributable to
Comprehensive income attributable to owners of parent	4,134	6,161
Comprehensive income attributable to non-controlling interests	(14)	(26)

(Million yen)
For the nine months	For the nine months
ended February 20,2020	ended February 20,2021
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