Exeo Group, Inc.TSE: 1951

Summary of Consolidated Financial Results for the Year Ended March 31 2022 (Based on Japanese GAAP)

May 20, 2022 at 7:24 AM UTC · Issued by EXEO Group, Inc.

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 Year Ended March 31, 2022

(Based on Japanese GAAP)

																				May 13, 2022
Company name:	EXEO Group, Inc.
Stock exchange listing:	Tokyo
Stock code:	1951	URL https://www.exeo.co.jp/
Representative:	President and CEO				Tetsuya Funabashi
Inquiries:	Director and Managing Operating,General	Hideo Higuchi	TEL 03-5778-1105
Manager,Accounts & Finance Division

Scheduled date of ordinary general meeting of shareholders:		June 24, 2022
Scheduled date to file Securities Report:				June 24, 2022
Scheduled date to commence dividend payments:				June 27, 2022
Preparation of supplementary material on financial results:		Yes
Holding of financial results meeting:								Yes	(for institutional investors and analysts)
													(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)
(1) Consolidated operating results														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		%
Year ended March 31, 2022		594,840		3.8		42,380		15.7		45,217	18.4	27,766		14.8
Year ended March 31, 2021		573,339		9.3		36,623		17.8		38,186	24.5	24,192		55.0

			Earnings per share		Diluted earnings per	Profit attributable to		Ordinary profit/total	Operating profit/net
						share			owners of				assets				sales
											parent/equity

				Yen				Yen				%					%				%
Year ended March 31, 2022		250.64			250.47				9.4					8.7					7.1
Year ended March 31, 2021		217.33			217.05				8.8					8.2					6.4
(2) Consolidated financial position
			Total assets				Net assets	Equity ratio	Net assets per share
			Millions of yen		Millions of yen					%						Yen
As of March 31, 2022			535,617					307,053					56.6				2,748.21
As of March 31, 2021			491,574					288,884					58.1				2,576.78
(3) Consolidated cash flows
			Cash flows from		Cash flows from	Cash flows from	Cash and cash equivalents
			operating activities		investing activities	financing activities		at end of period
			Millions of yen		Millions of yen	Millions of yen		Millions of yen
Year ended March 31, 2022		26,406					(20,388)					5,023						53,727
Year ended March 31, 2021					6,301					(9,249)					(1,750)					41,246
2. Cash dividends
							Annual dividends per share						Total cash	Dividend payout		Ratio of dividends
																		to net assets
			1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total			dividends (Total)	ratio (Consolidated)	(Consolidated)


			Yen			Yen		Yen				Yen	Yen	Millions of yen	%				%
Year ended March 31, 2021		-		41.00		-			41.00	82.00		9,170	37.7				3.3
Year ended March 31, 2022		-		44.00		-			52.00	96.00		10,617	38.3				3.6
Year ending March 31, 2023		-			51.00		-			51.00	102.00			43.2
(Forecast)

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)

Percentages indicate year-on-year changes

Net sales

Operating profit

Ordinary profit

Profit attributable to

Earnings per share

owners of parent

Millions of yen

Yen

Full year

600,000

0.9

38,500

(9.2)

39,400

(12.9)

25,600

(7.8)

236.02

4. Notes

(1) Changes in significant subsidiaries during the year ended March 31, 2022

(changes in specified subsidiaries resulting in the change in scope of consolidation):

(2) 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:

Changes in accounting estimates:

Restatement of prior period financial statements:

(3) Number of issued shares (common shares)

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

As of March 31, 2022

116,812,419 shares

As of March 31, 2021

117,812,419 shares

Number of treasury shares at the end of the period

As of March 31, 2022

6,424,185 shares

As of March 31, 2021

6,955,251 shares

Average number of shares during the period

Year ended March 31, 2022

110,780,579 shares

Year ended March 31, 2021

111,316,723 shares

Consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2021	As of March 31, 2022
Assets
Current assets
Cash and deposits	42,785	54,860
Notes receivable, accounts receivable from completed	204,657	217,644
construction contracts

Securities	910	750
Costs on construction contracts in progress	43,564	46,194
Other	8,388	7,279
Allowance for doubtful accounts	(80)	(68)
Total current assets	300,227	326,660
Non-current assets
Property, plant and equipment
Buildings and structures, net	38,394	39,884
Machinery, vehicles, tools, furniture and fixtures, net	13,128	17,083
Land	59,848	61,633
Construction in progress	368	5,599
Other, net	1,635	2,699
Total property, plant and equipment	113,375	126,900
Intangible assets
Goodwill	5,949	9,207
Other	4,229	4,538
Total intangible assets	10,179	13,745
Investments and other assets
Investment securities	37,707	34,274
Retirement benefit asset	21,641	23,757
Deferred tax assets	4,141	5,692
Other	4,852	5,205
Allowance for doubtful accounts	(550)	(618)
Total investments and other assets	67,792	68,311
Total non-current assets	191,347	208,957
Total assets		491,574	535,617

			(Millions of yen)
		As of March 31, 2021	As of March 31, 2022
Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts	74,890	69,579
Short-term borrowings	19,509	30,756
Current portion of bonds payable	10,000	-
Income taxes payable	6,766	10,706
Advances received on construction contracts in progress	8,080	9,404
Provision for bonuses	4,990	2,632
Provision for bonuses for directors (and other officers)	472	475
Provision for warranties for completed construction	148	452
Provision for loss on construction contracts	1,384	1,104
Other	29,967	32,652
Total current liabilities	156,212	157,764
Non-current liabilities
Bonds payable	20,000	30,000
Long-term borrowings	6,837	18,006
Deferred tax liabilities	8,328	9,219
Provision for retirement benefits for directors (and other	648	762
officers)

Retirement benefit liability	7,963	9,548
Other	2,699	3,264
Total non-current liabilities	46,477	70,800
Total liabilities	202,689	228,564
Net assets
Shareholders' equity
Share capital	6,888	6,888
Capital surplus	49,844	48,546
Retained earnings	226,294	244,892
Treasury shares	(13,221)	(13,063)
Total shareholders' equity	269,805	287,263
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	6,451	6,937
Foreign currency translation adjustment	(268)	(985)
Remeasurements of defined benefit plans	9,665	10,154
Total accumulated other comprehensive income	15,848	16,106
Share acquisition rights	262	185
Non-controlling interests	2,968	3,497
Total net assets	288,884	307,053
Total liabilities and net assets		491,574	535,617

Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income

			(Millions of yen)
		Fiscal year ended	Fiscal year ended
		March 31, 2021	March 31, 2022
Net sales	573,339	594,840
Cost of sales	497,474	510,517
Gross profit	75,865	84,323
Selling, general and administrative expenses	39,241	41,942
Operating profit	36,623	42,380
Non-operating income
Interest income	25	36
Dividend income	1,111	810
Foreign exchange gains	483	1,875
Rental income from land and buildings	424	452
Other	815	1,160
Total non-operating income	2,861	4,335
Non-operating expenses
Interest expenses	148	226
Impairment loss	406	471
Loss on retirement of non-current assets	325	208
Other	418	592
Total non-operating expenses	1,297	1,498
Ordinary profit	38,186	45,217
Extraordinary income
Gain on sale of investment securities	478	677
Total extraordinary income	478	677
Extraordinary losses
Loss on sale of investment securities	-	261
Loss on valuation of investment securities	-	1,521
Total extraordinary losses	-	1,782
Profit before income taxes	38,665	44,112
Income taxes - current	14,261	16,430
Income taxes - deferred	73	(735)
Total income taxes	14,335	15,694
Profit	24,330	28,418
Profit attributable to non-controlling interests	137	652
Profit attributable to owners of parent		24,192	27,766

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