BELLSYSTEM24 : Consolidated financial results for the Fiscal year ended February 28, 2023

(Figures are rounded to the nearest million yen)

：May 26, 2023

：May 26, 2023 May 29, 2023

：Yes

：Yes

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, 2023

[IFRS]

		April 12, 2023
Company name	：BELLSYSTEM 24 Holdings, Inc.	Stock exchange listing ：Tokyo
Stock exchange code	：6183	URL ：https://www.bell24.co.jp/en/
Representative	：Shunsuke Noda, President and Chief Executive Officer
Contact	：Toyohisa Tsuji, Managing Executive Officer
TEL	：[phone]

Scheduled date of Ordinary General Meeting of Shareholders

Scheduled date of filing of annual securities reports

Scheduled date of start of dividend payment

Supplementary documents for financial results

Financial results briefing

1. Consolidated financial results for the Fiscal year ended February 28, 2023 (From March 1, 2022 to February 28, 2023)

1. Consolidated operating results

(Percentages represent year-on-year changes)

			Revenue			Operating income		Income before		Net income
						income taxes
			Millions of yen		%		Millions of yen		%	Millions of yen	%	Millions of yen	%
		Fiscal year ended
		February 28, 2023	156,054		6.5		14,917		12.7		14,157	5.1		9,586	4.9
		Fiscal year ended
		February 28, 2022	146,479		7.9		13,234		12.2		13,463	19.1		9,138	24.4
			Net income		Total Comprehensive		Basic earnings		Diluted earnings
			attributable to owners
				income			per share		per share
			of the parent
			Millions of yen		%		Millions of yen		%			Yen			Yen
		Fiscal year ended
		February 28, 2023	9,330		4.3		9,888		6.2			126.82			126.00
		Fiscal year ended
		February 28, 2022	8,943		23.3		9,311		29.5			121.65			120.77
			Ratio of Net income	Ratio of Income		Ratio of operating
			attributable to owners	before income taxes
				income to revenue
			of the parent	to total assets
					%				%			%
		Fiscal year ended			15.1				8.0			9.6
		February 28, 2023
		Fiscal year ended			16.0				7.7			9.0
		February 28, 2022
(Reference) Equity in earnings (losses) of affiliates
		Fiscal year ended February 28, 2023 :	(297) Million yen	Fiscal year ended February 28, 2022 : 808 Million yen

(2) Consolidated financial position

			Total equity	Ratio of equity	Equity per share
			attributable to
	Total asset	Total equity	attributable to owners	attribute to owners
	owners of the
			of the parent	of the parent
			parent
	Millions of yen	Millions of yen	Millions of yen	%	yen
As of February 28, 2023	176,250	64,911	64,224	36.4	873.05
As of February 28, 2022	178,312	59,489	58,986	33.1	801.91

1. Consolidated Cash flows

	Operating	Investment	Financial	Cash and cash
	equivalents at
	activities	activities	activities
	end of year
	Millions of yen	Millions of yen	Millions of yen	Millions of yen
Fiscal year ended	18,172	(1,803)	(15,583)	6,998
February 28, 2023
Fiscal year ended	16,278	(2,431)	(13,181)	6,196
February 28, 2022

2．Dividend

		Dividend per share				Ratio of
								dividends to
	First	Second	Third	Fiscal		Total dividends	Payout ratio	equity attribute
	Annual	paid	to owners of
	quarter-end	quarter-end	quarter-end	year-end
			(consolidated)	the parent
						(annual)
						(consolidated)
	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
Fiscal year ended	─		─
February 28, 2022	24.0	30.0	54.0	3,980	44.4	7.1
Fiscal year ended	─		─
February 28, 2023	30.0	30.0	60.0	4,422	47.3	7.2
Fiscal year ended
February 29, 2024	─	30.0	─	30.0	60.0		50.2
(planned)

3 ．Consolidated financial results forecast for the fiscal year ending February 29, 2024

(From March 1, 2023 to February 29, 2024)

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

										Net income	Basic
						Income before			attributable to
	Revenue		Operating income	Net income	earnings per
		income taxes	owners of the
								share
										parent
	Millions of yen		%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen		%	Yen
Fiscal year ending
February 29, 2024	157,000		0.6	13,800	(7.5)	13,400	(5.3)	9,100	(5.1)	8,800		(5.7)	119.63

(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

1. Number of issued shares (common share)

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

As of February 28, 2023	：	73,715,734	shares
As of February 28, 2022	：	73,715,734	shares

• Number of treasury shares at the end of period:

As of February 28, 2023	：	154,106	shares
As of February 28, 2022	：	160,522	shares

③ Average number of shares:
Fiscal year ended February 28, 2023	：	73,560,459	shares
Fiscal year ended February 28, 2022	：	73,524,205	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, 2022 to February 28, 2023)

	Operating revenue	Operating income	Ordinary income	Net income
	Millions of yen		%	Millions of yen		%	Millions of yen	%	Millions of yen	%
Fiscal year ended	16,420		(15.1)	2,180		(58.8)	2,253	(55.2)	174	(94.1)
February 28, 2023
Fiscal year ended	19,351		(6.6)	5,292		(22.2)	5,025	(23.9)	2,947	233.1
February 28, 2022
	Basic earnings per	Diluted earnings per
	share		share
			Yen			Yen
Fiscal year ended			2.36			2.34
February 28, 2023
Fiscal year ended			40.10			39.81
February 28, 2022

(2) Non-consolidated financial position

	Total assets		Total equity		Ratio of shareholders'	Net assets
			equity to total assets	per share
	Millions of yen		Millions of yen		%	yen
Fiscal year ended	121,141		54,131		44.6	735.32
February 28, 2023
Fiscal year ended	126,225		58,366		46.2	792.98
February 28, 2022
(Reference) Shareholders' equity	As of February 28, 2023	54,087	Million yen
		As of February 28, 2022	58,324	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, 2022		February 28, 2023
Assets
Current assets
Cash and cash equivalents	6,196	6,998
Trade and other receivables	21,181	21,232
Other financial assets	289	944
Other current assets	1,143	1,499
Total current assets	28,809	30,673
Non-current assets
Property, plant and equipment	40,067	37,007
Goodwill	94,900	94,900
Intangible assets	2,064	1,668
Investments accounted for using the equity method	2,641	2,181
Deferred tax assets	2,806	2,985
Other financial assets	6,940	6,509
Other non-current assets	85	327
Total non-current assets	149,503	145,577
Total assets	178,312	176,250