Mitani Sangyo : Summary of Consolidated Financial Results for the Nine Months Ended December 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 Nine Months Ended December 31, 2021 (Based on Japanese GAAP)

				January 28, 2022
Company name:	MITANI SANGYO CO., LTD.
Stock exchange listing:	Tokyo, Nagoya
Stock code:	8285	URL https://www.mitani.co.jp/
Representative:	President & CEO	Tadateru Mitani
Inquiries:	Senior Managing Director & CFO	Seiji Nishino	TEL [phone]
Scheduled date to file Quarterly Securities Report:	February 4, 2022
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	No
Holding of quarterly financial results meeting:	No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the nine months ended December 31, 2021 (from April 1, 2021 to December 31, 2021)

(1) Consolidated operating results (cumulative)								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	%
Nine months ended December 31, 2021	60,434		11.2		191	(84.1)		792		(53.0)		287	(69.1)
Nine months ended December 31, 2020	54,340		(1.8)		1,204	(14.4)		1,686		(16.2)		932	(24.8)
	Earnings per share		Diluted earnings per share
			Yen					Yen
Nine months ended December 31, 2021			4.68					-
Nine months ended December 31, 2020			15.14					-
(2) Consolidated financial position
	Total assets				Net assets	Equity ratio			Net assets per share
	Millions of yen			Millions of yen				%				Yen
As of December 31, 2021		84,282					38,968				46.1				631.11
As of March 31, 2021		81,683					41,135				47.7				632.43
2. Cash dividends
						Annual dividends per share
	1st quarter-end	2nd quarter-end		3rd quarter-end	Fiscal year-end	Total
	Yen				Yen			Yen				Yen		Yen
Year ended March 31, 2021		-			4.50			-				4.50		9.00
Year ending March 31, 2022		-			4.50			-
Year ending March 31, 2022 (Forecast)													4.50		9.00

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-year changes

	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
Full year	80,000	(0.7)	1,900	(26.0)	2,500	(25.4)	1,600	(29.3)	25.99

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4. Notes

1. Changes in significant subsidiaries during the nine months ended December 31, 2021 (changes in specified subsidiaries resulting in the change in scope of consolidation):
2. Application of special accounting methods for preparing quarterly consolidated financial statements:

No

Yes

(3) 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:	Yes
Changes in accounting policies due to other reasons:	No
Changes in accounting estimates:	No
Restatement of prior period financial statements:	No

(4) Number of issued shares (common shares)

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

	As of December 31, 2021	61,772,500	shares	As of March 31, 2021	61,772,500	shares
Number of treasury shares at the end of the period
	As of December 31, 2021	201,955	shares	As of March 31, 2021	201,873	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Nine months ended December 31, 2021	61,570,577	shares	Nine months ended December 31, 2020	61,571,662	shares

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Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2021	As of December 31, 2021
Assets
Current assets
Cash and deposits	6,679	7,604
Notes and accounts receivable - trade	18,104	15,583
Electronically recorded monetary claims - operating	3,073	3,631
Accounts receivable from completed construction	4,588	7,450
contracts
Merchandise and finished goods	2,532	3,553
Work in process	2,123	701
Costs on construction contracts in progress	54	188
Raw materials and supplies	1,248	1,299
Other	1,435	1,940
Allowance for doubtful accounts	(1)	(1)
Total current assets	39,837	41,953
Non-current assets
Property, plant and equipment
Buildings and structures, net	9,427	9,198
Land	3,762	3,840
Other, net	3,177	3,269
Total property, plant and equipment	16,367	16,308
Intangible assets
Software	717	706
Other	158	148
Total intangible assets	875	854
Investments and other assets
Investment securities	22,341	22,833
Other	2,262	2,332
Total investments and other assets	24,603	25,166
Total non-current assets	41,846	42,329
Total assets		81,683	84,282

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			(Millions of yen)
		As of March 31, 2021	As of December 31, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade	10,716	10,068
Electronically recorded obligations - operating	1,852	1,917
Accounts payable for construction contracts	1,332	1,756
Short-term borrowings	11,361	15,496
Income taxes payable	636	116
Provision for bonuses for directors (and other officers)	162	80
Provision for loss on order received	4	7
Provision for warranties for completed construction	44	38
Provision for shareholder benefit program	38	38
Other	4,627	4,351
Total current liabilities	30,776	33,871
Non-current liabilities
Long-term borrowings	4,422	5,919
Provision for retirement benefits for directors (and other	737	772
officers)
Retirement benefit liability	227	257
Asset retirement obligations	237	242
Other	4,145	4,250
Total non-current liabilities	9,771	11,442
Total liabilities	40,547	45,314
Net assets
Shareholders' equity
Share capital	4,808	4,808
Capital surplus	3,768	3,357
Retained earnings	23,302	23,217
Treasury shares	(42)	(42)
Total shareholders' equity	31,836	31,339
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	7,552	7,757
Deferred gains or losses on hedges	0	0
Foreign currency translation adjustment	(437)	(229)
Remeasurements of defined benefit plans	(13)	(11)
Total accumulated other comprehensive income	7,102	7,517
Non-controlling interests	2,196	110
Total net assets	41,135	38,968
Total liabilities and net assets		81,683	84,282

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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

			(Millions of yen)
		Nine months ended	Nine months ended
		December 31, 2020	December 31, 2021
Net sales	54,340	60,434
Cost of sales	43,269	49,673
Gross profit	11,070	10,760
Selling, general and administrative expenses	9,866	10,569
Operating profit	1,204	191
Non-operating income
Interest income	17	20
Dividend income	251	306
Share of profit of entities accounted for using equity method	81	136
Rent income on real estate and facilities	136	136
Foreign exchange gains	42	37
Other	135	162
Total non-operating income	665	798
Non-operating expenses
Interest expenses	46	61
Rent expenses on real estate and facilities	95	91
Other	42	43
Total non-operating expenses	183	196
Ordinary profit	1,686	792
Extraordinary income
Gain on sale of non-current assets	1	1
Gain on sale of investment securities	2	51
Subsidy income	6	38
Total extraordinary income	9	91
Extraordinary losses
Loss on sale of non-current assets	0	1
Loss on retirement of non-current assets	1	3
Loss on sale of investment securities	-	0
Loss on valuation of investment securities	-	39
Total extraordinary losses	2	45
Profit before income taxes	1,693	838
Income taxes	603	547
Profit	1,089	291
Profit attributable to non-controlling interests	157	3
Profit attributable to owners of parent		932	287

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