ASKUL : Excerpt from Summary of Consolidated Financial Results for the Year Ended May 20,2021

Disclaimer

This is an English translation of the captioned release excerpt. This translation is prepared and provided for the purpose of the reader's convenience. All readers are recommended to refer to the original version in Japanese of the release for complete information.

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Excerpt from Summary of Consolidated Financial Results

for the Year Ended May 20, 2021

[Japanese GAAP]*

July 02, 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 Annual General Meeting of Shareholders: August 04, 2021

Scheduled date of commencing dividend payments: August 05, 2021

Scheduled date of filing annual securities report: July 30, 2021

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, 2021 (May 21, 2020 to May 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

Fiscal year ended

Million yen

%

Million yen

%

Million yen

%

Million yen

%

May 20, 2021

422,151

5.4

13,923

57.8

13,850

60.0

7,758

37.2

May 20, 2020

400,376

3.3

8,821

95.1

8,656

95.9

5,652

-

(Note) Comprehensive income:	Fiscal year ended May 20, 2021:
	Fiscal year ended May 20, 2020:

¥	7,740 million	[	35.3%]
¥	5,720 million	[	-%]

	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, 2021	75.83	75.68	14.0	7.6	3.3
May 20, 2020	55.39	55.14	11.2	5.0	2.2

(Reference) Equity in earnings (losses) of affiliated companies: Fiscal year ended May 20, 2021: Fiscal year ended May 20, 2020:

• - 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, 2021	190,107		59,203	30.9	573.57
May 20, 2020	174,146		52,825	30.1	513.69
(Reference) Equity: As of	May 20, 2021:	¥	58,777 million
As of	May 20, 2020:	¥	52,434 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, 2021	15,998		(9,079)	(3,919)	66,259
May 20, 2020	16,609		(6,055)	(4,761)	63,260

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Disclaimer

This is an English translation of the captioned release excerpt. This translation is prepared and provided for the purpose of the reader's convenience. All readers are recommended to refer to the original version in Japanese of the release for complete information.

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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, 2020	-	19.00		-		19.00	38.00	1,939	34.3	3.8
May 20, 2021	-	19.00		-		30.00	49.00	2,508	32.3	4.5
Fiscal year ending
May 20, 2022	-	15.00		-		15.00	30.00		34.2
(Forecast)
(Note) Breakdown of the year-end dividend for the fiscal year ended May 20, 2021 :
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 per
		owners of parent	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

* 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: No
   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, 2021:	102,518,800	shares
May 20, 2020:	110,518,800	shares
2) Total number of treasury shares at the end of the period:
May 20, 2021:	41,874	shares
May 20, 2020:	8,443,244	shares

3) Average number of shares during the period:
Fiscal Year ended May 20, 2021:	102,303,044	shares
Fiscal Year ended May 20, 2020:	102,058,890	shares

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Disclaimer

This is an English translation of the captioned release excerpt. This translation is prepared and provided for the purpose of the reader's convenience. All readers are recommended to refer to the original version in Japanese of the release for complete information.

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(Reference) Summary of Non-consolidated Financial Results

1. Non-consolidated Financial Results for the Fiscal Year Ended May 20, 2021 (May 21, 2020 to May 20, 2021)
(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, 2021	368,188		5.5		12,108		68.6		12,299	64.4	8,125	65.2
May 20, 2020	349,105		2.5		7,181		70.9		7,480	59.3	4,919	901.8
	Basic earnings per share	Diluted earnings per share
Fiscal year ended			Yen			Yen
May 20, 2021		79.43			79.31
May 20, 2020		48.20			48.18
(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, 2021		173,554			58,855				33.9		574.30
May 20, 2020		158,479			52,101				32.9		510.28
(Reference) Equity: As of	May 20, 2021:				¥		58,852 million
As of	May 20, 2020:				¥		52,086 million

• 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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Disclaimer

This is an English translation of the captioned release excerpt. This translation is prepared and provided for the purpose of the reader's convenience. All readers are recommended to refer to the original version in Japanese of the release for complete information.

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Consolidated Financial Statements

Consolidated Balance Sheets

						(Million yen)
					As of May 20,2020	As of May 20,2021
Assets
	Current assets
		Cash and deposits	63,260	66,259
		Notes and accounts receivable - trade	38,701	45,582
		Merchandise and finished goods	16,582	17,925
		Raw materials and supplies	257	266
		Costs on construction contracts in progress	63	35
		Accounts receivable - other	10,340	12,013
		Other	1,277	1,242
		Allowance for doubtful accounts	(24)	(34)
		Total current assets	130,458	143,291
	Non-current assets
		Property, plant and equipment
		Buildings and structures	8,329	8,587
			Accumulated depreciation	(3,162)	(3,599)
			Buildings and structures, net	5,166	4,987
		Machinery, equipment and vehicles	6,277	6,698
			Accumulated depreciation	(4,021)	(4,476)
			Machinery, equipment and vehicles, net	2,255	2,222
		Land	137	132
		Leased assets	19,408	19,787
			Accumulated depreciation	(6,405)	(7,440)
			Leased assets, net	13,003	12,346
		Other	3,788	3,840
			Accumulated depreciation	(2,939)	(2,954)
			Other, net	848	886
		Construction in progress	461	4,391
		Total property, plant and equipment	21,873	24,966
		Intangible assets
		Software	7,285	5,983
		Software in progress	1,116	3,350
		Goodwill	2,103	1,614
		Other	101	88
		Total intangible assets	10,606	11,036
		Investments and other assets
		Investment securities	808	183
		Long-term prepaid expenses	156	119
		Guarantee deposits	6,344	6,335
		Deferred tax assets	3,873	4,043
		Other	147	911
		Allowance for doubtful accounts	(121)	(780)
		Total investments and other assets	11,208	10,812
		Total non-current assets	43,688	46,815
	Total assets	174,146	190,107

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Disclaimer

This is an English translation of the captioned release excerpt. This translation is prepared and provided for the purpose of the reader's convenience. All readers are recommended to refer to the original version in Japanese of the release for complete information.

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			(Million yen)
		As of May 20,2020	As of May 20,2021
Liabilities
	Current liabilities
	Notes and accounts payable - trade	45,549	51,474
	Electronically recorded obligations - operating	21,733	23,497
	Short-term borrowings	430	380
	Current portion of long-term borrowings	1,767	12,649
	Lease obligations	1,946	2,050
	Accounts payable - other	10,281	12,369
	Income taxes payable	1,972	2,793
	Accrued consumption taxes	1,140	1,006
	Provision for bonuses	204	353
	Provision for sales promotion expenses	549	543
	Provision for sales returns	26	29
	Other	1,771	1,637
	Total current liabilities	87,374	108,786
	Non-current liabilities
	Long-term borrowings	13,679	2,115
	Lease obligations	11,879	11,211
	Retirement benefit liability	3,716	4,127
	Asset retirement obligations	2,438	2,714
	Other	2,232	1,948
	Total non-current liabilities	33,947	22,117
	Total liabilities	121,321	130,903
Net assets
	Shareholders' equity
	Share capital	21,189	21,189
	Capital surplus	24,220	14,320
	Retained earnings	23,769	23,391
	Treasury shares	(16,718)	(81)
	Total shareholders' equity	52,461	58,819
	Accumulated other comprehensive income
	Remeasurements of defined benefit plans	(26)	(42)
	Total accumulated other comprehensive income	(26)	(42)
	Share acquisition rights	7	(5)
	Non-controlling interests	382	431
	Total net assets	52,825	59,203
Total liabilities and net assets	174,146	190,107

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