Feedforce : 【Delayed】Consolidated Financial Results for the Fiscal Year Ended May 31, 2022

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

June 30, 2022

	Consolidated Financial Results
	for the Fiscal Year Ended May 31, 2022
	(Under Japanese GAAP)
Company name:	Feedforce Group Inc．
Listing:	Tokyo Stock Exchange
Securities code:	7068
URL:	https://feedforcegroup.jp
Representative:	Koji Tsukada, Representative Director and President
Inquiries:	Shingo Nishiyama, Director and CFO
Telephone:	[phone]

Scheduled date of annual general meeting of shareholders:	August 26, 2022
Scheduled date to commence dividend payments:	－
Scheduled date to file annual securities report:	August 30, 2022
Preparation of supplementary material on financial results:	Yes
Holding of financial results briefing:	Yes

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended May 31, 2022 (from June 1, 2021 to May 31, 2022)

(1) Consolidated operating results									(Percentages indicate year-on-year changes.)
			Net sales			EBITDA	Operating profit	Ordinary profit		Profit attributable to
						owners of parent
	Fiscal year ended	Millions of yen		%	Millions of yen		%		Millions of yen	%	Millions of yen	%		Millions of yen		%
	May 31, 2022		3,005		－	1,137		7.5		930	4.5		912	4.3		602		27.4
	May 31, 2021		2,587		69.5	1,058		117.0		889	114.0		874	135.5		472		189.6
Note: Comprehensive income	For the fiscal year ended May 31, 2022:	¥597 million	[19.1%]
			For the fiscal year ended May 31, 2021:	¥501 million	[94.8%]
		Basic earnings							Ratio of ordinary		Ratio of operating
				Diluted earnings		Return on equity
		per share			per share			profit to total assets			profit to net sales
	Fiscal year ended			Yen					Yen			%			%					%
	May 31, 2022		23.20				22.63			22.5		12.6		31.0
	May 31, 2021		18.88				18.21			28.5		15.0		34.4
Reference: Share of profit (loss) of entities accounted for using equity method
	For the fiscal year ended May 31, 2022:	¥－ million
	For the fiscal year ended May 31, 2021:	¥△5million

Note: 1. As the "Accounting Standard for Revenue Recognition" will be applied from the fiscal year ending May 31, 2022, the percentage change from the previous fiscal year is not shown for net sales.

1. EBITDA is a sum of operating profit, depreciation, and amortization.
2. The Company conducted a 4-for-1 stock split of common stocks as of December 1, 2020. The "Basic earnings per share" and "Diluted earnings per share" is calculated assuming that the stock split was conducted at the beginning of the previous consolidated fiscal year.

(2) Consolidated financial position

Total assets

Net assets

Equity-to-asset ratio

Net assets per share

As of

Millions of yen

Millions of yen

%

Yen

May 31, 2022

8,019

3,148

37.2

114.06

May 31, 2021

6,467

2,401

36.6

91.34

Reference: Equity

As of May 31, 2022:

¥2,983 million

As of May 31, 2021:

¥2,366 million

(3) Consolidated cash flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash

equivalents at end of

operating activities

investing activities

financing activities

period

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

May 31, 2022

623

△880

699

3,636

May 31, 2021

1,333

△11

△312

3,193

2. Cash dividends

Annual dividends per share

Total cash

Ratio of

Payout ratio

dividends to

First

Second

Third

Fiscal

dividends

Total

(Consolidated)

net assets

quarter-end

quarter-end

quarter-end

year-end

(Total)

(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

Fiscal year ended

－

0.00

－

0.00

0.00

－

－

－

May 31, 2021

Fiscal year ended

－

0.00

－

0.00

0.00

－

－

－

May 31, 2022

Fiscal year ending

0.00

0.00

0.00

May 31, 2023

－

－

－

(Forecast)

3. Consolidated earnings forecasts for the fiscal year ending May 31, 2023 (from June 1, 2022 to May 31, 2023)

(Percentages represent year-on-year changes)

Net sales

EBITDA

Operating profit

Ordinary profit

Profit attributable to

Basic

earnings

owners of parent

per share

Millions of yen

％

Millions of yen

％

Millions of yen

％

Millions of

％

Millions of yen

％

Yen

yen

Fiscal year ending

May 31, 2023

3,681

22.5

－

－

－

－

－

－

－

－

－

(Forecast)

Note: 1. EBITDA is a sum of operating profit, depreciation, and amortization.

2. We will not disclose profit and loss information for the consolidated earnings forecast for the fiscal year ending May 31, 2023, as it is difficult to calculate a reasonable figure. We will disclose the information as soon as the calculation becomes possible.

* Notes

1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): Yes
   Newly included: ３ companies (Shippinno Inc,FEEDFORCE VIETNAM COMPANY LIMITED,FRACTA Inc.)
   Excluded: None
2. Changes in accounting policies, changes in accounting estimates, and restatement
3. 1. Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
   2. Changes in accounting policies due to other reasons: None
   3. Changes in accounting estimates: None
   4. Restatement: None
4. Number of issued shares (common shares)
5. 1. Total number of issued shares at the end of the period (including treasury shares)

As of May 31, 2022	26,159,200 shares
As of May 31, 2021	25,910,400 shares

(ii) Number of treasury shares at the end of the period

As of May 31, 2022	42 shares
As of May 31, 2021	42 shares

(iii) Average number of shares outstanding during the period

Fiscal year ended May 31, 2022	25,976,848 shares
Fiscal year ended May 31, 2021	25,045,016 shares

• Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
• Proper use of earnings forecasts, and other special matters
  Forward-looking statements, including the consolidated forecasts stated in these materials, are based on information currently available to Feedforce Group Inc. and certain assumptions deemed reasonable. Results may differ materially from the consolidated forecasts due to various factors.
  The Company changed its corporate name from Feedforce, Inc. to Feedforce Group Inc. as of September 1, 2021, following the transition to a holding company structure.