BELLSYSTEM24 : Consolidated financial results for the Fiscal year Ended February 28, 2022

This English document was prepared for reference purpose. Should there be any discrepancy between the translation and the original Japanese text, the latter shall prevail.

Consolidated financial results for the Fiscal year Ended February 28, 2022

[IFRS]

April 6, 2022

Company name
Stock exchange code
Representative	：Shunsuke Noda, President and Chief Executive Officer
Contact	：Toyohisa Tsuji, Managing Executive Officer
TEL	：[phone]

：BELLSYSTEM 24 Holdings, Inc. ：6183

Stock exchange listing ：Tokyo URL ：https://www.bell24.co.jp/en/Scheduled date of Ordinary General Meeting of Shareholders ：May 27, 2022

Scheduled date of filing of annual securities reports	：May 27, 2022
Scheduled date of start of dividend payment	May 30, 2022
Supplementary documents for financial results	：Yes
Financial results briefing	：Yes
(Figures are rounded to the nearest million yen)

1. Consolidated financial results for the Fiscal year ended February 28, 2022

(From March 1, 2021 to February 28, 2022)

(1) Consolidated operating results

(Percentages represent year-on-year changes)

Revenue	Operating income	Income before income taxes	Net income
Fiscal year ended February 28, 2022 Fiscal year ended February 28, 2021	Millions of yen 146,479 135,735	% 7.9 7.2	Millions of yen 13,234 11,799	% 12.2 6.3	Millions of yen 13,463 11,305	% 19.1 7.3	Millions of yen 9,138 7,348	% 24.4 3.7

Net income attributable to owners of the parent

Total Comprehensive income

Basic earnings per shareDiluted earnings per share

Millions of yen

Fiscal year ended February 28, 2022 Fiscal year ended February 28, 2021

8,943 7,252

% 23.3

Millions of yen

3.5

9,311 7,193

% 29.5

Yen 121.65 98.64

Yen 120.77 97.92

Ratio of Net income attributable to owners of the parent	Ratio of Income before income taxes to total assets	Ratio of operating income to revenue
Fiscal year ended February 28, 2022 Fiscal year ended February 28, 2021	% 16.0 14.2	% 7.7 6.6	% 9.0 8.7

(Reference) Equity in earnings (losses) of affiliates

Fiscal year ended February 28, 2022 :

808 Million yenFiscal year ended February 28, 2021 :

109 Million yen

(2) Consolidated financial position

Total asset	Total equity	Total equity attributable to owners of the parent	Ratio of equity attributable to owners of the parent	Equity per share attribute to owners of the parent
As of February 28, 2022 As of February 28, 2021	Millions of yen 178,312 172,888	Millions of yen 59,489 53,510	Millions of yen 58,986 53,113	% 33.1 30.7	yen 801.91 722.69

(3) Consolidated Cash flows

Operating activities	Investment activities	Financial activities	Cash and cash equivalents at end of year
Fiscal year ended February 28, 2022 Fiscal year ended February 28, 2021	Millions of yen 16,278 14,886	Millions of yen (2,431) (3,177)	Millions of yen (13,181) (13,955)	Millions of yen 6,196 5,518

2．Dividend

Dividend per share	Total dividends paid (annual)	Payout ratio (consolidated)	Ratio of dividends to equity attribute to owners of the parent (consolidated)
First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Annual
Fiscal year ended February 28, 2021 Fiscal year ended February 28, 2022	Yen ─ ─	Yen 21.0 24.0	Yen ─ ─	Yen 21.0 30.0	Yen 42.0 54.0	Millions of yen 3,093 3,980	% 42.6 44.4	% 6.0 7.1
Fiscal year ended February 28, 2023 (planned)	─	30.0	─	30.0	60.0	48.0

3 ．Consolidated financial results forecast for the fiscal year ending February 28, 2023

(From March 1, 2022 to February 28, 2023)

(Percentages represent changes from the same period of previous fiscal year)

RevenueMillions of yen

148,000 1.0

Operating income

% Millions of yenIncome before income taxes

% Millions of yen

14,000

5.8

% Millions of yen

13,900 3.2

Net incomeNet income attributable to owners of the parent

% Millions of yenBasic earnings per share

9,400 2.9

9,200

% 2.9

Yen 125.08

(Notes)

• (1) Changes in status of significant subsidiaries during the period

  (Changes in specified subsidiaries accompanying changes in scope of consolidation): No

• (2) Changes in accounting policies and accounting estimates

① Changes in accounting policies required by IFRS	：
No
② Changes in accounting policies other than ① above	：	No
③ Changes in accounting estimates	：	No
(3) Number of issued shares (common share)

① Number of issued shares at the end of the period (including treasury shares):

As of February 28,2022

As of February 28,2021

： 73,715,734 shares ： 73,653,107 shares

② Number of treasury shares at the end of period:

As of February 28,2022	：	160,522 shares
As of February 28,2021	：	160,522 shares
③ Average number of shares:
Fiscal year ended February 28, 2022	：	73,524,205 shares
Fiscal year ended February 28, 2021	：	73,514,500 shares
NON CONSOLIDATED FINANCIAL RESULTS

The non-consolidated financial results and financial position were prepared in accordance with generally accepted accounting principles in Japan ("JGAAP").

(1) Non-consolidated Operating Results (From March 1, 2021 to February 28, 2022)

Operating revenue	Operating income	Ordinary income	Net income
Fiscal year ended February 28, 2022 Fiscal year ended February 28, 2021	Millions of yen 19,351 20,729	% (6.6) 7.4	Millions of yen 5,292 6,804	% (22.2) 5.9	Millions of yen 5,025 6,605	% (23.9) 6.3	Millions of yen 2,947 884	% 233.1 (78.7)

Basic earnings per share	Diluted earnings per share
Fiscal year ended February 28, 2022 Fiscal year ended February 28, 2021	Yen 40.10 12.04	Yen 39.81 11.95

(2) Non-consolidated financial position

Total assets	Total equity	Ratio of shareholders' equity to total assets	Net assets per share
Fiscal year ended February 28, 2022 Fiscal year ended February 28, 2021	Millions of yen 126,225 131,184	Millions of yen 58,366 58,691	% 46.2 44.7	yen 792.98 798.02

(Reference) Shareholders' equity	As of February 28, 2022	58,324 Million yen
As of February 28, 2021	58,645 Million yen

※ Disclosure regarding the execution of the quarterly review process

This quarterly financial report is outside the scope of quarterly review procedures under the Financial Instruments and Exchange Act. At the time of disclosure of this financial report, review procedures for the Quarterly Consolidated Financial Statements are in progress.

※ Explanation about the appropriate use of the results forecasts and other special notes (Note on forward-looking statements, etc.)

Forward-looking statements, including the results forecasts contained in this material, are based on information currently available for the Company and certain assumptions which the Company deems reasonable. The Company does not intend to provide any guarantee on the realization on these forecasts. Actual business results August differ materially from the forecasts due to various factors.

Condensed Interim Consolidated Financial Statements

（１） Condensed Interim Consolidated Statement of Financial Position（Unaudited）

(Millions of yen)

As of	As of
February 28, 2021	February 28, 2022
Assets
Current assets
Cash and cash equivalents	5,518	6,196
Trade and other receivables	19,644	21,181
Other financial assets	240	289
Other current assets	979	1,143
Total current assets	26,381	28,809
Non-current assets
Property, plant and equipment	37,284	40,067
Goodwill	95,396	94,900
Intangible assets	2,710	2,064
Investments accounted for using the equity method	1,839	2,641
Deferred tax assets	2,605	2,806
Other financial assets	6,577	6,940
Other non-current assets	96	85
Total non-current assets	146,507	149,503
Total assets	172,888	178,312