Fuyo General Lease : Announces Summary of Results for the First Nine Months of the Fiscal Year Ending March 31, 2022

February 4, 2022

Fuyo General Lease Co., Ltd.

President & Chief Executive Officer: Yasunori Tsujita

Ticker: 8424, First Section, Tokyo Stock Exchange

Inquiries: Mayumi Kimura,

General Manager, Corporate Communication Division

Tel: [phone]

Fuyo General Lease Announces Summary of Results

for the First Nine Months of the Fiscal Year Ending March 31, 2022

Fuyo General Lease Co., Ltd. today announced a summary of results for the first nine months of the fiscal year ending March 31, 2022 (fiscal 2021). This announcement should be read in conjunction with the Consolidated Financial Results for the Nine Months Ended December 31, 2021 (Under Japanese GAAP), also released today.

1. Overview of Results for the First Nine Months of Fiscal 2021

(Consolidated)

Operating profit, ordinary profit, and profit attributable to owners of the parent all exceeded the same period of the previous year, setting new record highs in the third quarter.

Net sales declined due to the application of "Accounting Standards for Revenue Recognition" (ASBJ Statement No. 29) from the first quarter of the current fiscal year, but there was no impact on profit and loss.

The balance of operating assets (net of the deferred profit on installment sales)、 increased by 35.8 billion yen (1.4%) from the end of the previous fiscal year to 2,591.7 billion yen due to growth in real estate leasing and aircraft leasing.

Summary of Consolidated Operating Results for the First Nine Months of

Fiscal 2021

(April 1 - December 31, 2021)

（¥ millions）

Q3 FY 2021	YoY change
Amount	%

Net sales*	463,070	(90,772)	(16.4)
Operating profit	34,518	3,105	9.9
Ordinary profit	38,943	5,107	15.1
Profit attributable to	25,691	5,018	24.3
owners of parent
		1

Full Year Forecast

610,000

46,500

50,000

31,000

• "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) has been applied from the beginning of the first quarter ended June 30, 2021 and net sales for the nine months ended December 31, 2021 is the figure after applying the relevant accounting standards. If net sales is recognized based on conventional standards, it will be at 568.7 billion yen (2.7% increase from the same period of the previous year).

In addition, the application of the "Accounting Standard for Revenue Recognition" had no impact on profit and loss.

2. Year-on-year Comparison (Consolidated)

The following is a comparison of the results for the first nine months of fiscal 2021 with the results for the same period of the previous year.

(¥100 million; amounts are rounded to the nearest 100 million yen）

		Q3 FY 2020	Q3 FY 2021	YoY change
		Apr. 2020- Dec.2020	Apr. 2021- Dec.2021
				Amount		%
Net sales	5,538	4,631	(908)		(16.4)
Cost of sales	4,854	3,900	(953)		(19.6)
（Excl. Interest expenses）
Profit before interest expenses	685	731	46		6.7
Interest expenses	75	72	(3)		(3.9)
Gross profit	610	658	49		8.0
Selling, general	296	313	18		6.0
and administrative expenses
	Credit-related costs	15	23	9		61.9
Operating profit	314	345	31		9.9
Non-operating	24	44	20		82.6
income/expenses
	Reversal of credit-related	2	15	13		653.4
	profits/losses
Ordinary profit	338	389	51		15.1
Extraordinary income/losses	(0)	7	7		－
Profit before income taxes	338	396	58		17.3
Profit attributable to owners of parent	207	257	50		24.3
Basic earnings per share	¥689.58	¥856.63
Net assets per share
（Compared to the end of the	¥10,153.22	¥10,850.20
previous fiscal year）

Note：The year-on-year amount and percentage changes are derived from figures that include amounts less than 100 million yen.

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3. Segment Results (Consolidated)

Operating results for each segment for the first nine months of fiscal 2021 were as follows.

Fiscal 2021 Q3 Consolidated Operating Results (April 1, 2021 - December 31, 2021)

（¥100 million; amounts are rounded to the nearest 100 million yen）

		Profit
Net sales	Costs of	before	Interest	Gross profit
sales	interest	expenses
		expenses

	Lease	3,930	3,512	419	41	378
	Installment sales	243	231	12	2	10
Lease and Installment	4,173	3,743	430	43	388
sales total
Financing	164	2	162	28	134
Other	294	156	138	2	137
	Total	4,631	3,900	731	72	658

For reference:

Fiscal 2020 Q3 Consolidated Operating Results (April 1, 2020 - December 31, 2020）

		(¥100 million; amounts are rounded to the nearest 100 million yen)
				Profit
		Net sales	Costs of	before	Interest	Gross profit
		sales	interest	expenses
				expenses
	Lease	3,755	3,362	393	40	353
	Installment sales	317	304	14	3	11
Lease and Installment	4,072	3,666	407	43	364
sales total
Financing	147	3	144	30	114
Other	1,319	1,185	134	2	131
	Total	5,538	4,854	685	75	610

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4. Operating Assets (Consolidated)

The balance of operating assets increased by 35.8 billion yen (1.4%) from the end of the previous fiscal year to 2,591.7 billion yen.

(¥100 million）

Lease

Installment sales

Financing & Other

２５，５５９

２５，９１７

２３，８４０

７，８４５

７,５９０

６,９１９

６８０

８３５

７８４

		１７,１３３		１７，３９２
１６,１３６

End of Fiscal 2019

End of Fiscal 2020

End of Q3 Fiscal 2021

（December 31 2021）

Note: Installment receivables are net of deferred profit on installment sales.

5. Fund Procurement (Consolidated)

The balance of procurement decreased by 21.8 billion yen (0.9%) from the end of the previous fiscal year to 2,409.2 billion yen. In addition, the direct procurement ratio was 33.2%.

(¥100 million）	Direct procurement	Indirect procurement

２４，３１０２４，０９２

２２，３１０

１４,８５２

１６,３８９１６，０８５

									８，００７
					７,９２１
	７,４５９
							Direct procurement
Direct procurement		Direct procurement
	33.4％			32.6％			33.2％
End of Fiscal 2019		End of Fiscal 2020	End of Q3 Fiscal 2021
							（December 31 2021）

Note: Lease obligations are excluded.

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6. Status of Net Assets (Consolidated)

Net assets increased by 20.7 billion yen (6.0%) from the end of the previous fiscal year to 365.5 billion yen. The shareholder's equity ratio rose to 10.9%.

(¥100 million）	Net assets					Shareholder's equity ratio
						３,４４８			３，６５５
	３,１１８
													10.9%
							10.2%
		10.0%

End of Fiscal 2019	End of Fiscal 2020	End of Q3 Fiscal 2021
		（December 31 2021）

7. Consolidated Full-year Earnings Forecast and Dividend Forecast for Fiscal 2021

The Company's consolidated full-year earnings forecast and cash dividend forecast for fiscal 2021 are unchanged from those announced on May 10, 2021.

(1) Consolidated Full-year Earnings Forecast for Fiscal 2021

（¥ millions, except per share amounts）

		Net sales	Operating profit	Ordinary profit	Profit attributable to	Basic earnings
				per share
							owners of parent
Full year	610,000		46,500		50,000		31,000	￥1,033.44
(2) Cash Dividend Forecast for Fiscal 2021
				Interim results	Year₋end	Full year
		Dividend per share	￥130.00	￥130.00	￥260.00

Note: The above performance and dividend forecasts are based on current forecasts. Actual performance and dividends may differ from the forecasts due to various factors in the future.

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