Meisei Industrial Co., Ltd.TSE: 1976

Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2022

Feb 4, 2022 at 6:55 AM UTC · Issued by Meisei Industrial Co., Ltd.

[Translation for reference only]

ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT

This is an English translation of the original Japanese-language document and is provided for convenience only. In all cases, the Japanese-language original shall take precedence.

January 31, 2022

Consolidated Financial Results

for the First Nine Months of the Fiscal Year Ending March 31, 2022

Company name:	MEISEI INDUSTRIAL CO., LTD.
Listing:	First Section of Tokyo Securities Exchange
Securities code:	1976
URL:	https://www.meisei-kogyo.co.jp/en/
Representative:	Toshiteru Otani, Representative Director, Chairman and Chief Executive Officer (CEO)
Inquiries:	Susumu Yamamoto, General Manager of Finance Division
	TEL: +81-6-6447-0275

Scheduled date to file quarterly securities report:	February 10, 2022
Scheduled date to commence dividend payments:	－
Preparation of supplementary material on quarterly financial results:	None
Holding of quarterly financial results presentation meeting:		None

(Note: Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Consolidated Financial Results for the First Nine months of the Fiscal Year Ending March 31, 2022

(from April 1, 2021 to December 31, 2021)

(1) Consolidated operating results

(Percentages indicate year-on-year changes.)

		Net sales					Operating profit		Ordinary profit	Profit attributable to
							owners of parent


Nine months ended	Millions of yen		%		Millions of yen	%	Millions of yen	%	Millions of yen	%
December 31, 2021	34,372		(4.5)			3,359	(17.7)		3,640	(14.9)	2,472	(14.6)
December 31, 2020	36,004		(2.5)			4,084	(2.6)		4,276	(4.0)	2,896	(3.0)

Note:	Comprehensive income
	Nine months ended December 31, 2021:	¥2,568 million [	(15.7)%]
	Nine months ended December 31, 2020:	¥3,044 million [	1.3%]

		Net income			Diluted net
		per share		income per share

Nine months ended		Yen				Yen
December 31, 2021	48.31					－
December 31, 2020	56.49					－

(2) Consolidated financial position

	Total assets	Net assets	Equity-to-asset ratio	Net assets per share

As of	Millions of yen	Millions of yen	%	Yen
December 31, 2021	68,564	54,651	79.2	1,085.41
March 31, 2021	68,920	54,365	78.3	1,053.19

Reference: Shareholders' equity
As of December 31, 2021:	¥54,286 million
As of March 31, 2021:	¥53,999 million

Meisei Industrial Co., Ltd.

2. Cash Dividends

				Cash dividends per share

		First quarter-		Second quarter-		Third quarter-	Fiscal year-end		Annual
		end		end		end


Fiscal year ended	Yen		Yen		Yen	Yen		Yen
March 31, 2021	-	10.00		-	20.00	30.00
Fiscal year ending

March 31, 2022	-	10.00		-

Fiscal year ending						14.00	24.00
March 31, 2022 (Forecast)

Note:	Revisions to the cash dividend forecasts most recently announced: None

3. Consolidated Earnings Forecasts for the Fiscal 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	Net income
			owners of parent	per share


		Millions of yen		%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
Fiscal year ending
March 31, 2022	50,000		(1.1)	5,100	(20.3)	5,300	(21.4)	3,550	(22.8)	69.24

Note:	Revisions to the earnings forecasts most recently announced: None

* Notes

Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
Application of special accounting for preparing quarterly consolidated financial statements: None
Changes in accounting policies, changes in accounting estimates and restatements of prior period financial statements after error corrections

a. Changes in accounting policies due to revisions to accounting standards and other regulations: Yes

b. Changes in accounting policies due to other reasons:	None
c. Changes in accounting estimates:	None
d. Restatements of prior period financial statements after error corrections:	None

Number of issued shares (common shares)

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

As of December 31, 2021	59,386,718 shares

As of March 31, 2021	59,386,718 shares

Number of treasury shares at end of period

As of December 31, 2021	9,371,632 shares
As of March 31, 2021	8,114,323 shares

c. Average number of outstanding shares during period

Nine months ended December 31, 2021	51,177,972 shares

Nine months ended December 31, 2020	51,269,331 shares

Note: The figures stated for the number of treasury shares at end of period include shares of the Company that are held by a trust established to distribute shares to officers (Officers' Share Distribution Trust). The calculation used to calculate the average number of outstanding shares during period excludes treasury shares, which include shares of the Company held by the Officers' Share Distribution Trust.

Meisei Industrial Co., Ltd.

The quarterly financial results are not subject to quarterly review.
Proper use of earnings forecasts and other special notes
(Caution regarding forward-looking statements)
The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. These statements do not purport to be a promise by the Company to realize such statements. Actual business and other results may differ substantially due to various factors.

Meisei Industrial Co., Ltd.

Quarterly Consolidated Financial Statements and Key Notes

(1) Quarterly consolidated balance sheets

			(Millions of yen)
		As of March 31, 2021	As of December 31, 2021

Assets
Current assets
Cash and deposits		22,484	25,241
Notes receivable, accounts receivable	from	22,151	19,653
completed construction contracts and other

Securities		400	300
Costs on construction contracts in progress		1,655	1,366
Merchandise and finished goods		251	252
Raw materials and supplies		166	184
Other		339	445
Allowance for doubtful accounts		(20)	(17)
Total current assets		47,428	47,426
Non-current assets
Property, plant and equipment
Buildings and structures		10,031	10,039
Machinery and vehicles		4,805	4,748
Land		11,150	11,150
Other		2,037	2,169
Accumulated depreciation		(12,589)	(13,023)
Total property, plant and equipment		15,436	15,084
Intangible assets		86	78
Investments and other assets
Investment securities		3,492	3,577
Investment property		2,053	2,018
Retirement benefit asset		31	33
Deferred tax assets		45	4
Other		432	430
Allowance for doubtful accounts		(86)	(90)
Total investments and other assets		5,969	5,975
Total non-current assets		21,491	21,137
Total assets		68,920	68,564

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Meisei Industrial Co., Ltd.

				(Millions of yen)
			As of March 31, 2021	As of December 31, 2021

Liabilities
Current liabilities
Notes payable, accounts payable for construction	5,810	6,178
contracts and other

Accounts payable - trade			405	169
Short-term borrowings			60	990
Income taxes payable			1,261	83
Advances received on	construction	contracts in	560	1,204
progress

Provision for bonuses			432	160
Provision for bonuses	for directors	(and other	82	－
officers)

Provision for warranties for completed construction	74	22
Other			1,465	1,630
Total current liabilities			10,153	10,439
Non-current liabilities
Long-term borrowings			960	－
Retirement benefit liability		336	254
Provision for retirement benefits for directors (and	163	164
other officers)

Provision for share awards for directors (and other	75	103
officers)

Deferred tax liabilities			1,886	2,005
Deferred tax liabilities for land revaluation	483	483
Asset retirement obligations		16	16
Other			480	445
Total non-current liabilities		4,401	3,473
Total liabilities			14,555	13,912
Net assets
Shareholders' equity
Share capital			6,889	6,889
Capital surplus			1,179	1,209
Retained earnings			47,116	48,185
Treasury shares			(3,345)	(4,248)
Total shareholders' equity		51,840	52,035
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	896	849
Revaluation reserve for land		958	958
Foreign currency translation adjustment	240	380
Remeasurements of defined benefit plans	63	61
Total accumulated other comprehensive income	2,158	2,250
Non-controlling interests			366	364
Total net assets			54,365	54,651
Total liabilities and net assets			68,920	68,564

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