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

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 Summary of Consolidated Financial Results

for the Three Months Ended August 20, 2021

[Japanese GAAP]*

											September 16, 2021
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: September 28, 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 Three Months Ended August 20, 2021 (May 21, 2021 to August 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
Three months ended		Million yen		%	Million yen	%		Million yen	%		Million yen	%
August 20, 2021		102,442		2.3	3,272	9.4		3,240	8.5		2,153	43.3
August 20, 2020		100,180		2.3	2,989	102.1		2,986	105.1		1,502	65.0

(Note) Comprehensive income:	Three months ended August 20, 2021:
	Three months ended August 20, 2020:

¥	2,174 million	[	50.7%]
¥	1,442 million	[	52.6%]

	Basic earnings		Diluted earnings per
	per share		share
Three months ended		Yen	Yen
August 20, 2021		21.01	20.99
August 20, 2020		14.72	14.65

(2) Consolidated Financial Position

	Total assets	Net assets	Capital adequacy ratio
As of	Million yen		Million yen	%
August 20, 2021	180,242		59,828	33.0
May 20, 2021	190,107		59,203	30.9
(Reference) Equity: As of	August 20, 2021:	¥	59,396 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

-

Fiscal year ending May 20, 2022

15.00

-

15.00

30.00

(Forecast)

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

No

(Note) Breakdown of the 1st 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

Basic earnings per

to owners of parent

share

Million

Million

Million

Million

yen

%

yen

%

yen

%

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 three months ended August 20, 2021

(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):

August 20, 2021:	102,518,800	shares
May 20, 2021:	102,518,800	shares
2) Total number of treasury shares at the end of the period:
August 20, 2021:	42,028	shares
May 20, 2021:	41,874	shares

3) Average number of shares during the period:
Three months ended August 20, 2021:	102,476,782	shares
Three months ended August 20, 2020:	102,103,813	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 August 20,2021
Assets
	Current assets
		Cash and deposits	66,259	58,943
		Notes and accounts receivable - trade	45,582	43,096
		Merchandise and finished goods	17,925	17,523
		Raw materials and supplies	266	185
		Costs on construction contracts in progress	35	41
		Accounts receivable - other	12,013	11,269
		Other	1,242	1,483
		Allowance for doubtful accounts	(34)	(27)
		Total current assets	143,291	132,516
	Non-current assets
		Property, plant and equipment
		Buildings and structures	8,587	8,605
			Accumulated depreciation	(3,599)	(3,749)
			Buildings and structures, net	4,987	4,856
		Land	132	119
		Leased assets	19,787	19,794
			Accumulated depreciation	(7,440)	(7,940)
			Leased assets, net	12,346	11,854
		Other	10,539	10,612
			Accumulated depreciation	(7,430)	(7,641)
			Other, net	3,108	2,970
		Construction in progress	4,391	6,043
		Total property, plant and equipment	24,966	25,843
		Intangible assets
		Software	5,983	6,094
		Software in progress	3,350	4,069
		Goodwill	1,614	1,553
		Other	88	86
		Total intangible assets	11,036	11,803
		Investments and other assets
		Investment securities	183	143
		Deferred tax assets	4,043	3,347
		Other	7,365	7,352
		Allowance for doubtful accounts	(780)	(764)
		Total investments and other assets	10,812	10,078
		Total non-current assets	46,815	47,725
	Total assets	190,107	180,242

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				(Million yen)
			As of May 20,2021	As of August 20,2021
Liabilities
	Current liabilities
	Notes and accounts payable - trade		51,474	49,338
	Electronically recorded obligations - operating	23,497	20,386
	Short-term borrowings		380	380
	Current portion of long-term borrowings	12,649	10,142
	Accounts payable - other		12,369	12,141
	Income taxes payable	2,793	453
	Accrued consumption taxes		1,006	852
	Provisions	926	307
	Other		3,688	4,447
	Total current liabilities	108,786	98,448
	Non-current liabilities
	Long-term borrowings	2,115	2,496
	Lease obligations		11,211	10,711
	Retirement benefit liability	4,127	4,180
	Asset retirement obligations		2,714	2,718
	Other	1,948	1,857
	Total non-current liabilities		22,117	21,964
	Total liabilities		130,903	120,413
Net assets
	Shareholders' equity
	Share capital		21,189	21,189
	Capital surplus	14,320	14,320
	Retained earnings		23,391	24,007
	Treasury shares	(81)	(81)
	Total shareholders' equity		58,819	59,435
	Accumulated other comprehensive income
	Remeasurements of defined benefit plans		(42)	(39)
	Total accumulated other comprehensive income		(42)	(39)
	Share acquisition rights		(5)	(17)
	Non-controlling interests	431	449
	Total net assets		59,203	59,828
Total liabilities and net assets	190,107	180,242

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Quarterly Consolidated Statements of Income and Comprehensive Income

Quarterly Consolidated Statements of Income (For the three months)

		(Million yen)
	For the three months	For the three months
	ended August 20,2020	ended August 20,2021
Net sales	100,180	102,442
Cost of sales	75,323	77,448
Gross profit (loss)	24,856	24,994
Reversal of provision for sales returns	26	-
Provision for sales returns	31	-
Gross profit (loss) - net	24,851	24,994
Selling, general and administrative expenses	21,861	21,721
Operating profit (loss)	2,989	3,272
Non-operating income
Interest income	8	10
Rental income	47	26
Subsidy income	37	11
Other	13	7
Non-operating income	106	56
Non-operating expenses
Interest expenses	58	56
Rental expenses	44	22
Other	8	8
Non-operating expenses	110	87
Ordinary profit (loss)	2,986	3,240
Extraordinary income
Gain on sale of non-current assets	1	-
Extraordinary income	1	-
Extraordinary losses
Loss on sale of non-current assets	0	6
Loss on valuation of investment securities	48	40
Loss on sale of shares of subsidiaries	24	-
Provision of allowance for doubtful accounts	1,000	-
Other	0	0
Extraordinary losses	1,074	47
Profit (loss) before income taxes	1,913	3,193
Income taxes - current	145	327
Income taxes - deferred	329	694
Income taxes	474	1,021
Profit (loss)	1,439	2,171
Profit (loss) attributable to non-controlling interests	(63)	18
Profit (loss) attributable to owners of parent	1,502	2,153

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