Tsukuruba : Non-consolidated Financial Results for the Nine Months Ended April 30, 2022

TSUKURUBA Inc.

Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

Non-consolidated Financial Results

for the Nine Months Ended April 30, 2022

[Japanese GAAP]

Company name: TSUKURUBA Inc.	June 13, 2022
Stock exchange listing: Tokyo
Code number: 2978
URL: https://tsukuruba.com/
Representative: Hiroki Murakami	Representative Director, CEO
Contact: Ryohei Koike	Director, CFO

Phone: [phone]

Scheduled date of filing quarterly securities report: June 13, 2022

Scheduled date of commencing dividend payments: -

Availability of supplementary briefing material on quarterly financial results: Yes

Schedule of quarterly financial results briefing session: Yes

(Amounts of less than one million yen are rounded down)

1. Non-consolidated Financial Results for the Nine Months Ended April 30, 2022 (August 01, 2021 to April 30, 2022)

(1) Non-consolidated Operating Results				(% indicates changes from the previous corresponding period.)
	Net sales			Operating profit	Ordinary profit			Net income
Nine months ended	Million yen		%		Million yen	%	Million yen		%		Million yen		%
April 30, 2022	1,933		69.9		(669)	-	(683)		-		(709)		-
April 30, 2021	1,137		(20.8)		(236)	-	(232)		-		(253)		-
	Basic earnings	Diluted earnings per
	per share		share
Nine months ended			Yen			Yen
April 30, 2022			(64.24)			-
April 30, 2021			(26.44)			-
(2) Non-consolidated Financial Position
	Total assets		Net assets	Capital adequacy ratio
As of		Million yen			Million yen				%
April 30, 2022			2,995			1,016				31.1
July 31, 2021			3,037			879				27.5
(Reference) Equity: As of	April 30, 2022:			¥	931 million
As of	July 31, 2021:			¥	835 million

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								TSUKURUBA Inc.
2. Dividends
					Annual dividends
		1st	2nd		3rd		Year-end	Total
	quarter-end	quarter-end	quarter-end
		Yen		Yen	Yen		Yen	Yen
Fiscal year ended July 31, 2021		-		0.00	-		0.00	0.00
Fiscal year ending July 31, 2022		-		0.00	-
Fiscal year ending July 31, 2022							0.00	0.00
(Forecast)
(Note) Revision to the forecast for dividends	announced most	recently:	No
(Note) Breakdown of the 3rd quarter dividend for the fiscal year ending July 31, 2022 :
Commemorative dividend	-	yen
Special dividend	-	yen

3. Non-consolidated Financial Results Forecast for the Fiscal Year Ending July 31, 2022(August 01, 2021 to July 31, 2022)

(% indicates changes from the previous corresponding period.)

	Net sales		Operating profit		Ordinary profit		Net income			Basic earnings
						per share
	Million yen		%	Million yen		%	Million yen		%	Million yen		%		Yen
Full year	2,450		50.8	(890)		-	(911)		-	(911)		-		(93.04)
(Note) Revision to the financial results forecast announced most recently:	No
* Notes:
(1) Accounting policies adopted specially for the preparation of quarterly Non-consolidated financial statements:		No

1. Changes in accounting policies, changes in accounting estimates and retrospective restatement
2. 1. Changes in accounting policies due to the revision of accounting standards: Yes
   2. Changes in accounting policies other than 1) above: No
   3. Changes in accounting estimates: No
   4. Retrospective restatement: No
3. Total number of issued shares (common shares)
4. 1. Total number of issued shares at the end of the period (including treasury shares):

April 30, 2022:	11,449,700	shares
July 31, 2021:	10,126,900	shares
2) Total number of treasury shares at the end of the period:
April 30, 2022:	335,671	shares
July 31, 2021:	335,671	shares

3) Average number of shares during the period:
Nine months ended April 30, 2022:	11,040,285	shares
Nine months ended April 30, 2021:	9,576,284	shares

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				TSUKURUBA Inc.
Quarterly Non-consolidated Financial Statements
Quarterly Non-consolidated Balance Sheets
				(Thousand yen)
			As of July 31,2021	As of April 30,2022
Assets
	Current assets
		Cash and deposits	2,243,310	1,951,536
		Accounts receivable - trade	30,845	-
		Accounts receivable and contract assets	-	38,734
		Real estate for sale	319,106	530,484
		Work in process	176	-
		Other	53,444	59,139
		Total current assets	2,646,884	2,579,895
	Non-current assets
		Property, plant and equipment	283,595	303,204
		Investments and other assets
		Leasehold and guarantee deposits	95,391	82,503
		Other	12,009	29,749
		Total investments and other assets	107,400	112,253
		Total non-current assets	390,996	415,458
	Total assets	3,037,880	2,995,353
Liabilities
	Current liabilities
		Current portion of bonds payable	80,000	102,000
		Current portion of long-term borrowings	111,193	145,423
		Accounts payable - other	118,962	104,060
		Income taxes payable	690	517
		Provision for bonuses	-	71,798
		Provision for bonuses for directors (and other	-	4,500
		officers)
		Other	119,615	106,297
		Total current liabilities	430,460	534,596
	Non-current liabilities
		Bonds payable	260,000	271,250
		Convertible-bond-type bonds with share	700,000	700,000
		acquisition rights
		Long-term borrowings	746,549	451,266
		Other	21,077	22,014
		Total non-current liabilities	1,727,626	1,444,530
	Total liabilities	2,158,087	1,979,127
Net assets
	Shareholders' equity
		Share capital	30,632	14,029
		Deposits for subscriptions of shares	200,000	-
		Capital surplus	1,149,915	1,692,112
		Retained earnings	(482,465)	(709,220)
		Treasury shares	(62,486)	(62,486)
		Total shareholders' equity	835,596	934,434
	Valuation and translation adjustments
		Valuation difference on available-for-sale	-	(3,331)
		securities
		Total valuation and translation adjustments	-	(3,331)
	Share acquisition rights	44,197	85,122
	Total net assets	879,793	1,016,225
Total liabilities and net assets	3,037,880	2,995,353

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TSUKURUBA Inc.

Quarterly Non-consolidated Statements of Income

Quarterly Non-consolidated Statements of Income (For the nine months)

		(Thousand yen)
	For the nine months	For the nine months
	ended April 30,2021	ended April 30,2022
Net sales	1,137,714	1,933,069
Cost of sales	237,124	668,426
Gross profit	900,590	1,264,643
Selling, general and administrative expenses	1,137,498	1,933,995
Operating loss	(236,908)	(669,351)
Non-operating income
Interest income	20	25
Insurance claim income	-	1,182
Subsidy income	22,305	-
Other	662	350
Total non-operating income	22,989	1,558
Non-operating expenses
Interest expenses	6,294	4,658
Interest on bonds	1,239	3,113
Bond issuance costs	10,017	2,100
Commission expenses	1,063	2,011
Share issuance costs	-	3,595
Other	346	117
Total non-operating expenses	18,961	15,596
Ordinary loss	(232,880)	(683,390)
Extraordinary income
Gain on reversal of share acquisition rights	1,276	-
Gain on sale of non-current assets	961	831
Gain on reversal of asset retirement obligations	1,895	-
Total extraordinary income	4,133	831
Extraordinary losses
Loss on liquidation of investments	3,028	-
Loss on valuation of investment securities	12,395	-
Impairment losses	-	26,141
Office transfer related expenses	8,531	-
Total extraordinary losses	23,955	26,141
Loss before income taxes	(252,703)	(708,699)
Income taxes - current	520	521
Income taxes - deferred	-	-
Total income taxes	520	521
Loss	(253,224)	(709,220)

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