MODEC : 2021 Half-Year Financial Results［PDF：133.1KB］

Note: This document has been translated from a part of 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.

August 3, 2021

Consolidated Financial Results

for the Six Months Ended June 30, 2021

(Under Japanese GAAP)

Company name:	MODEC, INC.
Listing:	Tokyo Stock Exchange
Securities code:	6269
URL:	http://www.modec.com
Representative:	Takeshi Kanamori, President & CEO
Inquiries:	Yasuhiro Takano, Executive Managing Officer
Telephone:	[phone]

Scheduled date to file quarterly securities report:	August 4, 2021
Scheduled date to commence dividend payments:	September 7, 2021
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing:	Yes

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

1. Consolidated financial results for the six months ended June 30, 2021 (from January 1, 2021 to June 30, 2021)

(1) Consolidated operating results (cumulative)			(Percentages indicate year-on-year changes.)
	Net sales		Operating profit			Ordinary profit		Profit attributable to
					owners of parent
Six months ended	Millions of yen		%	Millions of yen			%	Millions of yen		%	Millions of yen		%
June 30, 2021	228,180		-	(3,341)		-		2,183		-	1,322		-
June 30, 2020	156,446		5.4	(12,090)		-		(8,935)		-	(9,645)		-

Note: Comprehensive income	For the six months ended June 30, 2021:	¥17,268 million	[-%]
		For the six months ended June 30, 2020:	(¥27,497) million	[-%]
	Basic earnings	Diluted earnings
		per share	per share
Six months ended		Yen	Yen
June 30, 2021		23.47	-
June 30, 2020		(171.18)	-

(2) Consolidated financial position

	Total assets		Net assets	Equity-to-asset ratio
As of	Millions of yen	Millions of yen	%
June 30, 2021	380,092		106,535	27.1
December 31, 2020	357,532		95,015	25.6
Reference: Equity
As of June 30, 2021:	¥102,982 million
As of December 31, 2020:		¥91,422 million

2. Cash dividends

		Annual dividends per share
	First quarter-end	Second quarter-end	Third quarter-end		Fiscal year-end	Total
	Yen	Yen	Yen		Yen	Yen
Fiscal year ended	-	23.75			21.25	45.00
December 31, 2020
Fiscal year ending	-	15.00
December 31, 2021
Fiscal year ending			-		15.00	30.00
December 31, 2021
(Forecast)

Note: Revisions to the forecast of cash dividends most recently announced: None

3. Earnings forecast for FY2021 (January 1, 2021 - December 31, 2021)

	Net sales		Operating profit			Ordinary profit			Profit attributable to
						owners of parent
	Millions of yen	%	Millions of yen		%	Millions of yen		%	Millions of yen	%
Full Year	400,000	29.1	-	-		10,000	-		5,000	-

Note: Revisions to the Earnings forecast most recently announced: None

* Notes

1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
2. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes
3. Changes in accounting policies, changes in accounting estimates, and restatement
4. 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
5. Number of issued shares (common shares)
6. 1. Total number of issued shares at the end of the period (including treasury shares)

As of June 30, 2021	56,408,000 shares
As of December 31, 2020	56,408,000 shares

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

As of June 30, 2021	45,100 shares
As of December 31, 2020	54,232 shares

1. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

Six months ended June 30, 2021	56,356,166 shares
Six months ended June 30, 2020	56,349,516 shares

• Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
• Proper use of earnings forecasts, and other special matters
  The forecasts given above are based on information available at the time of compilation and are inherently subject to a variety of risks and uncertainties. Actual results may vary significantly from forecasts due to factors including, but not limited to, changes in the economic or business environment and exchange rate fluctuations.

MODEC, INC. and Consolidated Subsidiaries
CONSOLIDATED BALANCE SHEET
June 30, 2021
A S S E T S
	Millions of
CURRENT ASSETS:	Japanese yen
¥56,944
Cash and deposits
Accounts receivable-trade and contract assets	156,810
Inventories	871
Short-term loans receivable	3,174
Other current assets	19,721
Allowance for doubtful accounts	(1,393)
Total current assets	236,128
PROPERTY AND EQUIPMENT:	33
Machinery and equipment
Other property and equipment	4,340
Total property and equipment	4,374
INTANGIBLE ASSETS:	12,783
INVESTMENTS AND OTHER ASSETS:	75,582
Investment securities
Long-term loans receivable from affiliates	42,937
Other investments	8,287
Total investments and other assets	126,807
Total assets	¥380,092

* The figures are rounded down to the nearest million yen.

LIABILITIES AND NET ASSETS

CURRENT LIABILITIES:

Accounts payable-trade

Short-term loans payable

Current portion of long-term loans payable

Accrued expenses

Income taxes payable

Contract liabilities

Accrued employees' bonuses

Accrued directors' bonuses

Provision for loss on construction contracts

Provision for construction warranties

Provision for repairs

Other current liabilities

Total current liabilities

LONG-TERM LIABILITIES:

Long-term loans payable

Net defined benefit liabilities

Other long-term liabilities

Total long-term liabilities

Total liabilities

NET ASSETS:

SHAREHOLDERS' EQUITY:

Common stock;

Authorized - 102,868,000 shares

Issued - 56,408,000 shares

Capital surplus

Retained earnings

Treasury stock, at cost

Total shareholders' equity

ACCUMULATED OTHER COMPREHENSIVE INCOME: Unrealized gains (losses) on hedging derivatives, net of tax Foreign currency translation adjustment

Retirement liability adjustments for foreign consolidated subsidiaries Total accumulated other comprehensive income

NON-CONTROLLING INTERESTS

Total net assets

Total liabilities and net assets

* The figures are rounded down to the nearest million yen.

Millions of

Japanese yen

¥139,927 6,636 5,950 16,124 5,068 57,454

63

11

4,200

8,643

4,106

9,107

257,295

1,918

912

13,430

16,261

273,557

30,122

29,301

52,244

(140)

111,527

(10,958)

3,702

(1,289)

(8,544)

3,552

106,535 ¥380,092