COPRO : Summary of Consolidated Financial Results for the Year Ended March 31, 2021(Based on Japanese GAAP )

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results

for the Year Ended March 31, 2021

(Based on Japanese GAAP )

May 14, 2021

Company name:

COPRO-HOLDINGS. Co., Ltd.

Stock exchange listing: Tokyo, Nagoya

Stock code:

7059

URL

https://www.copro-h.co.jp/

Representative:

Chief Executive Office

Kosuke Kiyokawa

Inquiries:

Director of Management Strategy Division

Eiji Kawamura

TEL [phone]

Scheduled date of ordinary general meeting of shareholders:

June 24, 2021

Scheduled date to file Securities Report:

June 25, 2021

Scheduled date to commence dividend payments:

June 25, 2021

Preparation of supplementary material on financial results:

Yes

Holding of financial results meeting:

Yes

(Amounts less than one million yen are rounded down)

1.Consolidated financial results for the year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)

(1) Consolidated operating results

Percentages indicate year-on-year changes

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Year ended March 31, 2021

14,836

13.1

1,437

(9.7)

1,439

(9.2)

1,009

(6.9)

Year ended March 31, 2020

13,122

21.3

1,592

18.4

1,585

18.6

1,084

15.5

Earnings per share

Diluted earnings per

Profit attributable to

Ordinary profit/total

Operating profit/net

share

owners of

assetss

sales

parent/equity

Yen

Yen

%

%

%

Year ended March 31, 2021

106.74

104.73

17.2

17.4

9.7

Year ended March 31, 2020

115.08

112.76

21.3

20.4

12.1

（Note） On April 1, 2021, the Company conducted a two-for-one stock split of common stock. Earnings per share and Diluted earnings per share have been calculated as if this stock split had taken place at the beginning of the previous fiscal year.

(2)Consolidated financial position

	Total assets	Net assets	Equity ratio	Net assets per share
	Millions of yen	Millions of yen	%	Yen
As of March 31, 2021	8,514	6,272	73.7	656.54
As of March 31, 2020	8,030	5,487	68.3	582.09

（Note）On April 1, 2021, the Company conducted a two-for-one stock split of common stock. Net assets per share has been calculated as if this stock split had taken place at the beginning of the previous fiscal year.

(3)Consolidated cash flows

	Cash flows from	Cash flows from	Cash flows from	Cash and cash equivalents
	operating activities	investing activities	financing activities	at end of period
	Millions of yen	Millions of yen	Millions of yen	Millions of yen
Year ended March 31, 2021	988	(83)	(417)	5,283
Year ended March 31, 2020	1,125	(144)	(885)	4,795

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2.Cash dividends

		Annual dividends per share		Total cash	Dividend payout	Ratio of dividends
						to net assets
	1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total	dividends (Total)	ratio (Consolidated)	(Consolidated)
	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
Year ended March 31, 2020	-	20.00	-	40.00	60.00	282	26.1	5.6
Year ended March 31, 2021	-	20.00	-	55.00	75.00	356	35.1	6.1
Year ending March 31, 2022	-	10.00	-	30.00	40.00		36.5
(Forecast)

（Note）On April 1, 2021, the Company conducted a two-for-one stock split of common stock. For the fiscal year ended March 31, 2020 and the fiscal year ended March 31, 2021, the actual amounts of dividends prior to the stock split are presented.

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
									Percentages indicate year-on-yearchanges
	Net sales		Operating profit		Ordinary profit		Profit attributable to		Earnings per share
				owners of parent
	Millions of yen	%	Millions of yen	%		Millions of yen	%		Millions of yen	%		Yen
Six months ending	7,446	2.4	487	(8.4)		486	(8.9)		315	(22.2)		32.97
September 30, 2021
Full year	16,343	10.2	1,614	12.3		1,614	12.1		1,048	3.8		109.70

（Note）On April 1, 2021, the Company conducted a two-for-one stock split of common stock. Earnings per share has been calculated as if this stock split had taken place at the beginning of the previous fiscal year.

4. Notes

(1) Changes in significant subsidiaries during the year ended March 31, 2021

Yes

(changes in specified subsidiaries resulting in the change in scope of consolidation): New companies: 1 company（Company name） COPRO GLOBALS PTE. LTD.

(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements

Changes in accounting policies due to revisions to accounting standards and other regulations:	No
Changes in accounting policies due to other reasons:	No
Changes in accounting estimates:	No
Restatement of prior period financial statements:	No

(3) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

	As of March 31, 2021	10,000,000	shares	As of March 31, 2020	10,000,000	shares
Number of treasury shares at the end of the period
	As of March 31, 2021	446,334	shares	As of March 31, 2020	572,000	shares
Average number of shares during the period
	Year ended March 31, 2021	9,454,824	shares	Year ended March 31, 2020	9,421,010	shares

（Note） On April 1, 2021, the Company conducted a two-for-one stock split of common stock. Total number of issued shares at the end of the period, Number of treasury shares at the end of the period and Average number of shares during the period have been calculated as if this stock split had taken place at the beginning of the previous fiscal year.

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Consolidated financial statements

Consolidated balance sheets

			(Thousands of yen)
		As of March 31, 2020	As of March 31, 2021
Assets
Current assets
Cash and deposits	4,831,545	5,320,538
Accounts receivable - trade	1,856,412	1,880,186
Other	210,153	207,297
Allowance for doubtful accounts	(438)	(435)
Total current assets	6,897,672	7,407,586
Non-current assets
Property, plant and equipment
Buildings and structures, net	270,645	272,809
Construction in progress	40,665	28,270
Other, net	60,480	56,235
Total property, plant and equipment	371,790	357,315
Intangible assets
Leased assets	28,206	7,776
Other	84,861	152,933
Total intangible assets	113,067	160,709
Investments and other assets
Deferred tax assets	130,309	117,660
Other	517,681	471,072
Total investments and other assets	647,990	588,733
Total non-current assets	1,132,849	1,106,757
Total assets	8,030,522	8,514,344
Liabilities
Current liabilities
Current portion of bonds payable	160,000	70,000
Lease obligations	26,290	14,560
Accounts payable - other	1,145,106	1,130,440
Income taxes payable	310,079	158,746
Accrued consumption taxes	428,522	449,936
Provision for bonuses	120,910	52,661
Asset retirement obligations	7,608	28,169
Other	181,170	258,476
Total current liabilities	2,379,689	2,162,989
Non-current liabilities
Bonds payable	70,000	－
Lease obligations	16,242	4,464
Asset retirement obligations	76,623	74,487
Total non-current liabilities	162,866	78,952
Total liabilities	2,542,555	2,241,942
Net assets
Shareholders' equity
Share capital	30,000	30,000
Capital surplus	1,172,858	1,230,530
Retained earnings	4,286,538	5,012,823
Treasury shares	(1,430)	△1,279
Total shareholders' equity	5,487,966	6,272,073
Accumulated other comprehensive income
Foreign currency translation adjustment	-	328
Total accumulated other comprehensive income	-	328
Total net assets	5,487,966	6,272,402
Total liabilities and net assets		8,030,522	8,514,344

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Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income

			(Thousands of yen)
		Fiscal year ended	Fiscal year ended
		March 31, 2020	March 31, 2021
Net sales	13,122,871	14,836,579
Cost of sales	8,746,605	10,539,032
Gross profit	4,376,265	4,297,547
Selling, general and administrative expenses	2,783,360	2,859,825
Operating profit	1,592,904	1,437,722
Non-operating income
Interest income	51	49
Rental income	1,140	1,140
Settlement received	265	3,762
Other	69	80
Total non-operating income	1,526	5,033
Non-operating expenses
Interest expenses	2,273	841
Loss on redemption of bonds	3,569	-
Foreign exchange losses	-	325
Guarantee commission	2,325	903
Depreciation	750	750
Other	216	216
Total non-operating expenses	9,135	3,037
Ordinary profit	1,585,296	1,439,718
Extraordinary income
Surrender value of insurance policies	17,800	90,676
Total extraordinary income	17,800	90,676
Extraordinary losses
Impairment loss	-	87,150
Loss on retirement of non-current assets	35,654	4,397
Total extraordinary losses	35,654	91,548
Profit before income taxes	1,567,441	1,438,846
Income taxes - current	509,546	417,018
Income taxes - deferred	(26,264)	12,648
Total income taxes	483,281	429,667
Profit	1,084,160	1,009,179
Profit attributable to owners of parent		1,084,160	1,009,179

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Consolidated statements of comprehensive income

		(Thousands of yen)
	Fiscal year ended	Fiscal year ended
	March 31, 2020	March 31, 2021
Profit	1,084,160	1,009,179
Other comprehensive income
Foreign currency translation adjustment	-	328
Total other comprehensive income	-	328
Comprehensive income	1,084,160	1,009,507
Comprehensive income attributable to
Comprehensive income attributable to owners of	1,084,160	1,009,507
parent

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