First Brothers Co., Ltd.TSE: 3454

Summary of Consolidated Financial Results for the Six Months Ended May 31, 2021(Based on Japanese GAAP)

Jul 12, 2021 at 8:01 AM UTC · Issued by First Brothers Co., Ltd.

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 Six Months Ended May 31, 2021
		(Based on Japanese GAAP)
				July 9, 2021
Company name:	First Brothers Co., Ltd.
Stock exchange listing:	Tokyo
Stock code:	3454	URL https://www.firstbrothers.com/
Representative:	President		Tomoki Yoshihara
Inquiries:	Chief Financial Officer	Yoshinobu Hotta	TEL 03(5219)5370
Scheduled date to file Quarterly Securities Report:	July 12, 2021
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	Yes
Holding of quarterly financial results meeting:	No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the six months ended May 31, 2021 (from December 1, 2020 to May 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		%
Six months ended May 31, 2021	14,176		609.6		2,867	-		2,615			-		1,748	-
Six months ended May 31, 2020	1,997		(51.1)		192	(53.8)		(159)			-		(92)	-

	Earnings per share	Diluted earnings per share
				Yen				Yen
Six months ended May 31, 2021			124.65				-
Six months ended May 31, 2020			(6.63)				-
(2) Consolidated financial position
	Total assets		Net assets	Equity ratio			Net assets per share
	Millions of yen		Millions of yen					%				Yen
As of May 31, 2021		76,623				19,758				25.7		1,401.70
As of November 30, 2020		73,762				18,330				24.7		1,299.88
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 November 30, 2020			-		0.00			-				24.00		24.00
Year ending November 30, 2021			-		0.00
Year ending November 30, 2021									-				27.00		27.00
(Forecast)

3. Forecast of consolidated financial results for the year ending November 30, 2021 (from December 1, 2020 to November 30, 2021) 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	30,100	92.4	4,730	86.1	4,010	120.8	2,550	10.2	181.84

4. Notes

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

(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:	No
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 May 31, 2021	14,445,000	shares	As of November 30, 2020	14,445,000	shares
Number of treasury shares at the end of the period
	As of May 31, 2021	421,710	shares	As of November 30, 2020	421,710	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Six months ended May 31, 2021	14,023,290	shares	Six months ended May 31, 2020	14,022,387	shares

Quarterly consolidated financial statements

Consolidated balance sheets

			(Thousands of yen)
		As of November 30, 2020	As of May 31, 2021
Assets
Current assets
Cash and deposits	6,207,421	9,632,253
Deposits in trust	563,711	818,275
Accounts receivable - trade	329,306	180,452
Real estate for sale	56,205,055	57,976,806
Real estate for sale in process	6,449,266	3,969,321
Operational investment securities	348,034	350,424
Other	1,772,122	1,755,072
Allowance for doubtful accounts	(0)	(0)
Total current assets	71,874,918	74,682,606
Non-current assets
Property, plant and equipment	565,289	554,950
Intangible assets	12,948	9,555
Investments and other assets	1,308,970	1,376,877
Total non-current assets	1,887,208	1,941,383
Total assets	73,762,127	76,623,989
Liabilities
Current liabilities
Short-term borrowings	2,000,000	-
Current portion of long-term borrowings	1,741,206	1,799,393
Current portion of long-termnon-recourse loans payable	15,488	234,000
Income taxes payable	427,724	1,140,541
Provision for bonuses	25,100	151,997
Other	1,800,328	1,474,313
Total current liabilities	6,009,848	4,800,246
Non-current liabilities
Long-term borrowings	43,318,091	43,349,641
Long-termnon-recourse loans payable	582,667	3,420,000
Retirement benefit liability	10,613	11,795
Other	5,510,677	5,283,733
Total non-current liabilities	49,422,048	52,065,170
Total liabilities	55,431,897	56,865,416
Net assets
Shareholders' equity
Share capital	1,589,830	1,589,830
Capital surplus	1,917,257	1,917,257
Retained earnings	14,982,928	16,394,261
Treasury shares	(278,086)	(278,086)
Total shareholders' equity	18,211,930	19,623,263
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	21,182	36,337
Deferred gains or losses on hedges	(4,501)	(3,094)
Total accumulated other comprehensive income	16,681	33,243
Non-controlling interests	101,618	102,066
Total net assets	18,330,230	19,758,573
Total liabilities and net assets		73,762,127	76,623,989

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

Consolidated statements of income (cumulative)

			(Thousands of yen)
		Six months ended	Six months ended
		May 31, 2020	May 31, 2021
Net sales	1,997,770	14,176,519
Cost of sales	991,898	10,404,511
Gross profit	1,005,871	3,772,008
Selling, general and administrative expenses	813,389	904,585
Operating profit	192,482	2,867,422
Non-operating income
Interest income	70	32
Dividend income	49	51
Interest on tax refund	2,700	1,356
Gain on valuation of derivatives	-	30,004
Gain on sales of investment securities	1	-
Other	91	3,936
Total non-operating income	2,911	35,381
Non-operating expenses
Interest expenses	197,674	204,563
Commission expenses	123,906	77,447
Loss on valuation of derivatives	29,372	-
Other	4,325	5,457
Total non-operating expenses	355,279	287,469
Ordinary profit (loss)	(159,884)	2,615,334
Extraordinary losses
Loss on retirement of non-current assets	-	629
Loss on valuation of shares of subsidiaries and associates	1,000	-
Total extraordinary losses	1,000	629
Profit (loss) before income taxes	(160,884)	2,614,704
Income taxes - current	32,515	1,119,865
Income taxes - deferred	(99,316)	(251,470)
Total income taxes	(66,801)	868,394
Profit (loss)	(94,083)	1,746,310
Loss attributable to non-controlling interests	(1,097)	(1,731)
Profit (loss) attributable to owners of parent		(92,986)	1,748,041

Consolidated statements of comprehensive income (cumulative)

		(Thousands of yen)
	Six months ended	Six months ended
	May 31, 2020	May 31, 2021
Profit (loss)	(94,083)	1,746,310
Other comprehensive income
Valuation difference on available-for-sale securities	15,855	15,154
Deferred gains or losses on hedges	(2,230)	1,413
Total other comprehensive income	13,624	16,567
Comprehensive income	(80,458)	1,762,877
Comprehensive income attributable to
Comprehensive income attributable to owners of parent	(79,351)	1,764,603
Comprehensive income attributable to non-controlling	(1,107)	(1,725)
interests

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