Financial Report 2022 
Fiscal year ended March 31, 2022 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
YAMADA HOLDINGS CO., LTD. 
1-1, Sakae-cho, Takasaki-shi, 
Gunma 370-0841 Japan

TABLE OF CONTENTS 
OVERVIEW OF OPERATIONS ···························································································································· 1 
1. KEY INFORMATION ·································································································································· 1 
2. MANAGEMENT POLICY, MANAGEMENT ENVIRONMENT, ISSUES TO BE ADDRESSED BY 
THE GROUP, ETC. ······································································································································ 2 
3. RISK FACTORS ········································································································································· 12 
4. MANAGEMENT ANALYSIS OF FINANCIAL POSITION, RESULTS OF OPERATIONS AND 
CASH FLOWS ··········································································································································· 24 
5. IMPORTANT AGREEMENTS ···················································································································· 32 
6. RESEARCH AND DEVELOPMENT ············································································································ 32 
7. CORPORATE GOVERNANCE ··················································································································· 33 
CONSOLIDATED BALANCE SHEETS ················································································································ 46 
CONSOLIDATED STATEMENTS OF INCOME ··································································································· 48 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ····································································· 49 
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS ········································································ 50 
CONSOLIDATED STATEMENTS OF CASH FLOWS ··························································································· 52 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ··················································································· 54 
1. BASIS OF PRESENTING CONSOLIDATED FINANCIAL STATEMENTS ······················································· 54 
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ············································································ 54 
3. SIGNIFICANT ACCOUNTING ESTIMATES ································································································ 59 
4. CHANGES IN ACCOUNTING POLICIES ····································································································· 60 
5. ACCOUNTING STANDARDS AND GUIDANCE ISSUED BUT NOT YET APPLIED ········································· 62 
6. CHANGE IN PRESENTATION ···················································································································· 63 
7. BUSINESS COMBINATIONS ······················································································································ 63 
8. CASH AND CASH EQUIVALENTS ·············································································································· 68 
9. SUPPLEMENTAL CASH FLOW INFORMATION ························································································ 68 
10. FINANCIAL INSTRUMENTS ······················································································································ 69 
11. SECURITIES INFORMATION ···················································································································· 76 
12. DERIVATIVE FINANCIAL INSTRUMENTS ································································································ 78 
13. INVENTORIES ·········································································································································· 79 
14. ACCUMULATED DEPRECIATION ON PROPERTY AND EQUIPMENT ······················································· 79 
15. IMPAIRMENT LOSS ·································································································································· 79 
16. LEASE INFORMATION ····························································································································· 80 
17. SHORT-TERM AND LONG-TERM DEBT ···································································································· 81 
18. INCOME TAXES ······································································································································· 82 
19. CONTINGENT LIABILITIES ······················································································································ 85 
20. OTHER PROVISIONS ································································································································ 85 
21. RETIREMENT BENEFITS ·························································································································· 86 
22. ASSET RETIREMENT OBLIGATIONS ········································································································ 89 
23. NET ASSETS ············································································································································· 89 
24. STOCK OPTIONS ······································································································································ 91 
25. REVENUE RECOGNITION ························································································································ 98 
26. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES ······································································· 100 
27. OTHER INCOME (EXPENSES) ················································································································· 100 
28. OTHER COMPREHENSIVE INCOME ······································································································ 102 
29. SEGMENT INFORMATION ····················································································································· 102 
30. RELATED PARTIES ································································································································ 109 
31. SUBSEQUENT EVENTS ··························································································································· 109 
INDEPENDENT AUDITOR’S REPORT ··········································································································· 113

1 
OVERVIEW OF OPERATIONS 
YAMADA HOLDINGS CO., LTD. and Consolidated Subsidiaries 
March 31, 2022 
 
1. 
KEY INFORMATION 
 
Millions of yen, unless otherwise noted 
Thousands 
of  
U.S. dollars, 
unless 
otherwise 
noted 
(Note 2) 
 
As of and year ended March 31 
 
 
2018 
2019 
2020 
2021 
2022 
2022 
Net sales (Note 1) ··········  
1,573,873 
1,600,583 
1,611,538 
1,752,506 
1,619,379 
13,229,143 
Ordinary profit ···········  
47,336 
36,889 
46,075 
98,876 
74,137 
605,640 
Profit attributable to 
owners of parent ·····  
29,780 
14,692 
24,605 
51,799 
50,556 
413,001 
Comprehensive income ·  
29,263 
13,674 
22,549 
53,443 
51,087 
417,346 
Net assets ··················  
588,740 
591,593 
645,166 
672,545 
676,278 
5,524,694 
Total assets ················  
1,175,568 
1,184,042 
1,163,494 
1,252,600 
1,271,668 
10,388,597 
Net assets per share 
(yen) ···················  
731.57 
723.56 
721.37 
792.26 
785.50 
6.42 
(dollars) 
Basic earnings per share 
(yen) ···················  
36.78 
18.19 
28.38 
62.82 
60.96 
0.50 
(dollars) 
Diluted earnings per 
share (yen) ············  
36.66 
18.08 
27.01 
62.53 
60.67 
0.50 
(dollars) 
Equity ratio (%) ··········  
49.8 
49.7 
54.6 
51.8 
51.6 
 
Return on equity (%) ····  
5.2 
2.5 
4.0 
8.1 
7.9 
 
Price earnings ratio 
(times) ·················  
17.35 
30.02 
15.19 
9.50 
6.23 
 
Cash flows from 
operating activities ···  
61,689 
36,023 
62,434 
122,281 
21,085 
172,247 
Cash flows from 
investing activities ···  
(12,668) 
(8,469) 
(8,235) 
(14,778) 
(22,266) 
(181,892) 
Cash flows from 
financing activities ···  
(32,920) 
(27,461) 
(58,091) 
(82,837) 
(16,647) 
(135,997) 
Cash and cash 
equivalents at end of 
year ····················  
51,327 
51,176 
48,398 
73,760 
56,470 
461,321 
Employees (persons) ·····  
[Average number of 
temporary employees 
not included in the 
above number 
(persons)] ················  
19,752 
 
 
 
 
[9,577] 
18,853 
 
 
 
 
[9,520] 
19,985 
 
 
 
 
[9,496] 
24,300 
 
 
 
 
[9,258] 
22,951 
 
 
 
 
[8,441] 
 
 
Notes: 1. The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ 
Statement No. 29, March 31, 2020) and relevant revised ASBJ regulations from the beginning of 
the current fiscal year, and the key management indicators for the fiscal year under review are 
those after applying the accounting standard and relevant revised ASBJ regulations. 
2. For the convenience of readers outside Japan, U.S. dollar amounts have been converted from yen 
using the prevailing exchange rate at March 31, 2022, which was ¥122.41 to U.S. $1.

2 
2. 
MANAGEMENT 
POLICY, 
MANAGEMENT 
ENVIRONMENT, 
ISSUES 
TO 
BE 
ADDRESSED BY THE GROUP, ETC. 
Items in the text below that concern the future were determined by YAMADA HOLDINGS Group (the 
“Group”) as of the end of the fiscal year under review. 
(1) 
Basic Policy of Corporate Management 
With sustainable corporate growth as its basic policy, the Group believes in the basic principle of 
rapidly responding to increasingly sophisticated and diversified consumer needs, and it aims to increase 
corporate value through practicing its management philosophy of “Creation and Challenge” and 
“Appreciation and Trust,” by constantly sticking to the “Principle of Customer (Market) First.”  In 
addition, the Group strives for low-cost management with importance placed on cash flow while it aims to 
be a “Strong Company” that can contribute to society by actively promoting ESG-oriented operations as a 
leading company in the consumer electrical appliance retail industry. 
(2) 
Management Indicator Used as Target  
The Group sets its targets using a net sales increasing ratio of 5.0% or higher, an ordinary profit to net 
sales ratio of 6.5% or higher, and a ROE of 10% or higher as a target management indicator. 
(3) 
Medium- to Long-Term Management Strategy 
The Group aims to achieve business growth by restructuring the store network it has built throughout 
Japan (opening new stores, expanding and increasing floor space, changing business formats, S&B, etc.) 
and increasing the annual sales floor space by 5% or higher. Specifically, the Group will rebuild its network 
that is unlike any other in the world, capable of meeting every need of our customers through various store 
formats, from the opening of LIFE SELECT stores, covering in a single trade area with a population of 
250,000 people and surrounded by urban-format stores such as LABI, to suburban-format stores such as 
TeccLand, outlet stores and YAMADA web.com, as well as small-scale trading areas stores and community-
based stores. Thus, as an industry-leading company, the Group will proactively engage in flexible 
approaches to address issues faced not just by the electrical appliance retail industry but by the entire retail 
and distribution industry, such as the future effects of the declining birthrate and rapidly aging population, 
population decline, and the Internet-based society and digital society.  The Group will continue to take on 
various challenges such as these with the aim of achieving sustainable growth and development in the future.  
In addition, centering on the retail sale of electric appliances, the Group is working to amplify our proposals 
available under its “Total-Living (Kurashi-Marugoto)” concept, entailing residences, renovations, housing 
equipment, and furniture and accessories with respect to living spaces designed to be coordinated with 
electrical appliances.  In addition, to differentiate from competitors, the Group is expanding its outlet 
stores which handle used electric appliances with a goal of creating a recycling-oriented society, utilizing 
multiple channels (stores, websites, TV shopping, smartphone apps, digital advertising, etc.), e-commerce 
business by making use of the strength of the Company’s logistics network, and strengthening SPA product 
development to create customer value, etc. 
The Group expects the future will bring more tremendous change to the retail and distribution industry.  
In order to respond flexibly to these changes with the appropriate sense of urgency, the Group is improving 
the efficiency of business resources by optimizing and maximizing the people (human resources), things 
(products), money, services, logistics, information systems, etc. among the companies of the Group to 
improve the profit margin, reduce various costs, enhance inventory efficiency, and generate cash flows, 
thereby reinforcing the Group’s financial standing and strengthening the foundation for business resources. 
(4) 
Business and Financial Priority Issues to Be Addressed 
For the fiscal year ending March 31, 2023, in addition to the risk of a resurgence in infections due to 
new COVID-19 variants, attention needs to be paid to the downside risks from semiconductor supply 
shortages, higher prices of raw materials and the increasingly tense situation in Ukraine.  There remain

3 
concerns for economic slowdown in not only Japan but also globally, so the economic outlook is expected 
to continue to be unclear. 
In addition, the retail industry overall is expected to remain under challenging circumstances amid 
factors including increasing defensive spending patterns and deteriorating consumer sentiment due to the 
risk of resurgence of COVID-19 and higher prices caused by higher energy prices and depreciation of the 
yen, as well as increased management costs and product supply concerns due to semiconductor shortages. 
Despite the challenging market environment, the Company continues to build a structure for increased 
sales and profits through implementation of the following key measures in each segment in the first year of 
the YAMADA HLDGS 2025 Mid-term business plan. 
Electrical Business 
(1) Aggressively develop stores with an annual increase of at least 5% in total sales floor area, (2) 
develop store formats with distinctive features with LIFE SELECT stores at the core, (3) expand the e-
commerce business by utilizing the most of our group infrastructure, (4) increase the product profit ratio 
through enhancement of SPA products, and (5) expand the growth businesses of renovation and furniture 
and home interiors businesses 
The business infrastructure to support the realization of these key measures include (1) completion of 
the installation of electronic shelf labels at all stores and digital marketing utilizing extensive customer data, 
(2) logistics reforms using stores nationwide, (3) IT sales system able to conduct onsite investigations and 
quotes for renovations using smartphones, and (4) enhance sales engineers (SE) who are close to customers 
Utilize these infrastructure, which belong to the Company, to improve productivity and achieve greater 
operating efficiency. 
Housing Business 
(1) Strengthen the system for receiving orders through expansion of sales offices, (2) reform costs and 
cash flows through substantial reduction of the number of construction days, (3) double the sale of used 
property business, (4) enhance comprehensive initiatives with Nice Corporation, (5) reap group synergies 
such as with development and procurement at the Hinokiya Group and YAMADA HOMES, and (6) 
measures to attract visitors to Yamada Stores including selling benefits of home electrical appliances and 
furniture to owners 
Financial Business 
Financial product development that is well-versed in NEOBANK services and the “Total-Living 
(Kurashi-Marugoto)” strategy 
Environment Business 
(1) Double the production of reuse products through operation of the new recycling plant (scheduled 
for June 2022), and (2) complete the development of self-circulating environmental resources through the 
start of construction of the incineration power generation system 
Under these circumstances and measures, for the fiscal year ending March 31, 2023, the Company 
forecasts net sales of ¥1,694,000 million, up 4.6% year on year, operating profit of ¥73,900 million, up 
12.5% year on year, ordinary profit of ¥80,000 million, up 7.9% year on year, and profit attributable to 
owners of parent of ¥51,900 million, up 2.7% year on year.

4 
(5) 
Capital Policy 
In order to enhance the return to shareholders, the Company resolved on May 6, 2022 to purchase 
treasury stock (total number of shares to be purchased: 200,000,000 shares (maximum), total amount for 
share purchase: ¥100 billion (maximum), purchase period: from May 9, 2022 to May 8, 2023), and 
disclosed this matter on May 6, 2022.

5 
(6) 
ESG and Sustainability 
The YAMADA HOLDINGS Group aims to proactively contribute to solving social issues by 
accommodating the needs of various stakeholders including customers, as a retailing group that provides a 
wide variety of products and services including home electrical appliances in the fields of housing and 
lifestyles. 
In December 2019, the Company announced its policy to focus on three themes in the key areas of 
sustainable development goals (SDGs): (1) Provide comfortable living space and establish a social system; 
(2) Develop employees and improve the work environment; and (3) Build a circular economy and protect 
the global environment. 
Recently, sustainability initiatives have played a significant role when customers select brands.  
Setting “Total-Living (Kurashi-Marugoto)” as its concept ranging from home electrical appliances, 
furniture, home interior products, housing, renovation, finance to circulation of environmental resources, 
the Group has determined the following KPIs as primary indicators for solving these issues through its 
business activities.  Moving forward, the Group will report the progress of these KPIs regularly. 
Materiality 
Impact 
KPI items 
Targets and policies 
SDGs 
Provide 
comfortable 
living spaces 
and establish 
social systems 
Residence 
Ratio of introducing ZEH  
FY2030: 50% 
 
 
Number of introducing Z Air 
Conditioning 
FY2022 targets 
Shipment of solar panels 
FY2030:  
50,000 
Develop 
employees and 
improve the 
work 
environment 
(diversity, 
equity, and 
inclusion 
[DE&I]) 
Employee-friendly 
workplaces 
Indicators used in an employee 
satisfaction survey 
FY2022 targets 
 
 
 
 
Initiatives to curb long working 
hours 
Every year: 
Engage in initiatives continuously 
Increase the percentage of 
employees taking paid leave 
Every year: 
Higher than the previous year 
Inclusive and 
healthy economy 
Ratio of female managers 
FY2030:  
10% or more 
Percentage of female and male 
employees taking childcare 
leave 
FY2023: 
Female: 85% or more 
Male: 7% or more 
Build a circular 
economy and 
protect the 
global 
environment 
・Responses to 
climate changes 
・Reduction in 
CO2 emissions 
Reduction in electricity usage 
and CO2 emissions by users 
backed by the spread and 
promotion of energy-saving 
electronic appliances 
FY2022 targets 
 
The ratio of renewable energies 
in the total electricity used 
(scope 2) 
Every year: 
Higher than the previous year 
CO2 emissions per floor space 
(scope 2) 
Every year: 
10.2% lower than the previous year 
・Volume 
reduction in waste 
・Circular 
economy 
Reuse of four types of home 
electronic appliances 
(televisions, refrigerators, 
washing machines, and air 
conditioners) 
FY2030: 
300,000 
Reuse of computers 
FY2030: 
400,000

6 
[Climate change initiatives and TCFD] 
1) On responses toward climate change 
Under the “Total-Living (Kurashi-Marugoto)” concept, the Group offers various home electronic 
appliances, household equipment, and furniture/home interiors that support the foundations of customers’ 
living infrastructure.  These products are manufactured and processed in Japan and around the world, and 
use various resources in each region.  Accordingly, the Group believes that responses to climate changes 
and conservation of the natural environment are key themes for its sustainable growth. 
To disclose information based on the Task Force on Climate-Related Financial Disclosures (TCFD), 
the Group has taken measures to understand the current situations of the Group, build its governance system, 
engage in risk management, and consider its strategies/indicators and targets. 
Along with properly managing risks following climate changes, the Group will proactively engage in 
its climate change initiatives by considering various changes toward decarbonization as its business 
opportunities to grow sustainably. 
(The Group will disclose the details of climate change-related information and relevant indicators and 
targets based on TCFD.) 
Classification 
Major initiatives 
Reduction in greenhouse gases in the 
Group 
(Scopes 1 and 2) 
 Purchase the electricity generated by renewable energies 
 PPA after selling internal existing solar power output 
 Internal consumption of the electricity generated by the YAMADA 
Resource Energy Plant 
 Introduction of EVs as commercial vehicles, etc. 
Reduction in greenhouse gases 
emitted when customers use 
products, etc. 
(Scope 3) 
 Promote wider use of energy-saving home electrical appliances 
 Introduction of ZEH for new custom-built houses 
 Installation of solar panels for new custom-built houses 
 
2) Governance 
The YAMADA HOLDINGS Group has established the ESG & Sustainability Promotion Committee 
as an organ to deliberate policies and measures on environmental and social issues, monitor the progress of 
its targets, report to the Board of Directors, and engage in other activities.  Chaired by the Representative 
Director of the YAMADA HOLDINGS, committee members consist of general managers and persons in 
charge of each division (Electrical Business, Housing Business, Finance Business, Environment Business, 
and other businesses) and the Head of Sustainability Promotion Office.  These members make decisions 
on important matters.  Four subcommittees are established under the ESG & Sustainability Promotion 
Committee: Group CSR Subcommittee, Work Environment Improvement Subcommittee, CS Improvement 
Subcommittee, and Environmental Measures Subcommittee.  These four subcommittees discuss the 
details of individual activities and monitor their progress and targets.  Envisioning more disclosure of 
climate change-related information, a project team has engaged in analyzing the current situations of CO2 
emissions regarding scopes 1, 2, and 3 and managing the progress against the targets.

7 
ESG & Sustainability Promotion System Chart

8 
3) CO2 emissions in scopes 1, 2, and 3 (FY2020) 
Scope 
Calculation method 
Emission 
(t-CO2) 
Ratio 
Scope 1 
Direct emissions from the 
combustion of fuels 
Multiplying the quantity of fuels used by 
the emission factors 
54,317 
0.204% 
Scope 2 
Indirect emissions from 
consumption of electricity 
Multiplying the quantity of electricity used 
by the emission factors 
257,443 
0.965% 
Scope 3 
Other indirect emissions 
Refer to categories 1 to 15 below 
26,370,549 
98.832% 
Total of scopes 1, 2, and 3 
26,682,309 
100.000% 
1 
Procurement of raw 
materials 
Multiplying the total amount of 
procurement by material, by the emission 
factors 
4,910,896 
18.405% 
2 
Increase in capital 
goods and production 
facilities 
Multiplying the total investment amount for 
facilities, etc. by the emission factors 
20,809 
0.078% 
3 
Fuel- and energy-
related activities 
Multiplying the consumption of fuels and 
electricity used that are not included in 
scopes 1 and 2, by the emission factors 
45,561 
0.171% 
4 
Procurement logistics 
and logistics outsourced 
by the Company as a 
consignor 
Out of scope in this chart because it takes 
time to specify the scope of the obligations 
borne by a specified consignor 
Out of scope 
5 
Waste generated from 
operations 
Multiplying the quantity of waste generated 
by the emission factors 
206,099 
0.772% 
6 
Business travel of 
employees 
Multiplying the total amount of travel 
expenses by the emission factors 
1,633 
0.006% 
7 
Employee commuting 
Multiplying the total amount paid by the 
emission factors 
3,814 
0.014% 
8 
Operations of the assets 
the Company leased 
from owners 
Out of scope because this category is 
included in scopes 1 and 2 
Out of scope 
9 
Transportation in which 
the Company ships 
goods as a consignor 
Out of scope in this chart because it takes 
time to specify the scope of the obligations 
borne by a specified consignor 
Out of scope 
10 
Processing of 
intermediate products 
Out of scope because the Company does 
not sell intermediate products 
Out of scope 
11 
Use of products by 
users 
Multiplying the annual energy 
consumption, useful life, and sales volume 
of products, by the emission factors 
20,906,986 
78.355% 
12 
Disposal of products by 
users 
Multiplying the total weight of products by 
the emission factors 
272,614 
1.022% 
13 
Assets leased to other 
companies 
Out of scope because the Company does 
not hold leased assets 
Out of scope 
14 
Emissions that fall 
under scopes 1 and 2 
among franchised stores 
Multiplying the total floor space of 
franchised stores, by the emissions of 
YAMADA DENKI stores per square meter 
2,137 
0.008% 
15 
Stock and bond 
investments 
Out of scope because the Company does 
not hold stocks for the investment purpose 
to the degree that impacts the calculation of 
emissions 
Out of scope

9 
[Promotion and initiatives of diversity, equity, and inclusion (DE&I)] 
1) Policy 
Talents are the most important management resources for the YAMADA HOLDINGS Group.  
Regardless of race, nationality, age, gender, sexual orientation/gender identity, religion, credo, culture, 
disabilities, career, and lifestyle, corporate growth derives from the environment where employees of 
various backgrounds respect each other, exert their capabilities and individuality, and feel their fulfillment 
and growth through work. 
Casual conversations among employees can trigger innovations.  Meanwhile, the organizational 
strength where diverse talents play a role by leveraging their backgrounds functions as the driver to 
accommodate various social needs.  To grow sustainably with stakeholders through providing products 
and services that cater to the changes in the social environment, the YAMADA HOLDINGS Group will 
deem DE&I as its growth strategy itself and promote these initiatives across the Group. 
2) Roadmap 
 
3) Specific initiatives and policy

10 
Specific initiatives 
Major initiatives 
Support work-life balance 
Establish a flexible working system corresponding to life stages and promote 
diverse work styles 
Success of female workers 
Build an environment to encourage female workers to play an active role by 
responding to changes in their life stages while supporting their work-life 
balance 
Eliminate the division of roles by gender based on the code of conduct that 
pursues gender equality 
Bolster recruitment activities, train next-generation executives, promote 
female workers to administrative positions, and support upgrading skills 
Success of people with disabilities 
Achieve an inclusive society through proactively employing people with 
disabilities 
Success of senior workers 
Extend the retirement age to 63 years old (this system was revised in April 
2022) 
Support seniors to continue their work taking advantage of their careers 
Success of global talents 
Continue to employ people of foreign nationality proactively 
Further understanding of LGBTQ+ 
Promote further understanding of LGBTQ+ and eliminate unconscious biases 
through training 
Build a workplace where psychological safety is secured for diverse 
individuality to shine based on respect for others 
 
4) Concept of personnel training

11 
5) Stratified skills and training themes 
 
 
 
 
 
 
Top management 
 
 
 
 
 
Middle management 
 
 
 
 
Lower management 
 
 
 
Member 
 
 
Partner 
Human skills 
Conceptual skills 
70% 
 Skills required for 
working adults 
 Behavior as a 
working adult 
 Basic conduct of 
working adults 
 Basic conduct of 
working adults 
 Behavior as a 
working adult 
 Way of engaging 
in work 
 Think of future 
 Experience and 
growth after 
entering the 
Company 
 Meet expectations 
 Instruct younger 
colleagues 
 Enhance problem-
solving skills 
 Team building 
 Remove mental 
blocks 
 For further growth 
 Skills required for 
managers 
 Operation 
management 
 Personnel training 
management 
 Envision the future 
 Management of 
senior managers 
 Formulate 
management 
philosophy and 
visions 
 Account 
management 
 Labor management 
 Develop action 
plans 
 Guide directions 
 Thinking processes 
leading to 
decision-makings 
 Common sense 
 Basic skills as 
working adults 
 Business 
communication 
 Business manners 
in general 
 Enhance own 
motivation 
 Compliance 
knowledge 
 Basic information 
security knowledge 
 Way of engaging 
in team operations 
 Motivation 
management as a 
leader 
 Training method 
for younger 
colleagues and new 
employees 
 Basic knowledge 
about harassment 
 Assist the boss and 
help younger 
colleagues 
 Ensure compliance 
in his/her work 
 Training of team 
leaders 
 Eliminate 
harassment in the 
workplace 
 Leadership skills 
for managers 
 Team motivation 
management 
 Legal obligations 
borne by senior 
managers 
 Training of 
managers 
 Essence of 
strategic planning 
Technical skills 
Expertise 
20% 
 Customer 
satisfaction 
 Compliance 
 Mental health 
 Build favorable 
relationships with 
people around you 
 Basic sales 
knowledge 
 Understand the 
significance and 
operations of sales 
activities 
 Basic onsite CS 
knowledge 
 Hospitality 
 Customer services 
in general 
 Customer services 
in the service 
industry 
 Psychological 
service skills for 
acquiring repeat 
customers 
 Practical theory to 
increase per-
customer spending 
 Store manager 
training 
 Marketing theory 
for increasing sales 
 Profit management 
 Manager training 
within the area 
 Manager mindset 
within the area 
 CS enhancement 
within the area 
 Sales increase 
within the area 
 ES enhancement 
within the area 
Corporate 
knowledge 
10% 
Basics of YAMADA DENKI, internal regulations and rules, internet literacy, and societal initiatives

12 
3. 
RISK FACTORS 
Of the items relating to the status of the business and accounting as described in the Annual Securities 
Report, major risks recognized by the management that may materially affect the financial position, results 
of operations and cash flows of the consolidated companies are provided below. 
Items in the text below that concern the future were determined by the Group as of the end of the fiscal 
year under review. 
1. 
Store Openings and Development 
Probability: Low 
Potential occurrence: Anytime 
Potential impact: Strong 
■ 
Risk 
The Group currently has stores in all 47 prefectures of Japan as well as overseas.  The Group 
continues to plan retail store openings and development both in Japan and overseas.  In Japan, the 
Group aims to restructure its store network and improve its market share by opening stores appropriate 
to the size of the Japanese market in urban centers, suburbs, small-scale trading areas, community-based 
retail areas and others through the development of a nationwide chain of stores, as well as by store 
openings in areas with potential.  However, the Group will have to secure for itself adequately priced 
land in favorable locations, which will make it susceptible to competition from competitor companies.  
The Group expects labor outlays and equipment costs to increase mostly in connection with opening 
new stores, implementing a scrap-and-build policy, expanding and increasing floor space or changing 
operations of existing stores centered on LIFE SELECT, TeccLand, YAMADA web.com and outlet 
stores.  The Group also expects competition from competitors in areas where its stores have been 
already established to be fierce.  It is also possible that the profitability of existing stores will be affected 
by new store openings depending on the region, due to saturated markets and conditions of the area in 
which such consumer electrical appliance retail stores are opened.  With regard to stores that are closed 
due to our revised nationwide store network strategy we decided for the purpose of improving store 
efficiency in light of the market environment including competitions among our own stores and with 
other companies, loss on disposal of or contract cancellation of the closed stores may be incurred or the 
closed stores may not be subleased or sold off.  The Group will generally weigh conditions such as rent 
expenses and guarantee deposits for store openings, as well as competition, trading area population and 
various laws and regulations in order to make carefully thought-out decisions.  However, there is 
always the possibility that changes or delays could occur in the planning due to issues relating to real 
property.  Conditions such as those described above may obstruct effective store development and 
management efforts and ultimately have a negative impact on the Group’s performance and financial 
position.  Another consideration is the large amounts of capital necessary for store development 
including new store openings, scrap-and-build, expanding and increasing floor space and operational 
changes of existing stores centered on LIFE SELECT, TeccLand, YAMADA web.com and outlet stores.  
At present, it is covered by retained earnings and loans.  However, any circumstance that thwarts capital 
procurement efforts could block the execution of business plans in the future.

13 
2. 
Competition 
Probability: High 
Potential occurrence: As appropriate 
Potential impact: Medium 
■ 
Risk 
The consumer electrical appliance retail industry is intensely competitive where the societal needs 
continue to change reflecting development such as the anticipated declining birth rate and aging of the 
population, population decline, and the transition to the Internet-based and digital society.  Companies 
that have business formats, ranging from large-scale consumer electronics retailers, supermarkets, and 
home centers, to interior stores, furniture stores, miscellaneous goods stores and online shopping sites 
and other various mail-order sites, and offer electrical appliances or products similar to those of the 
Group are our competitors.  Although the Group has a leading position in the industry, it constantly 
faces various forms of competition such as pricing, new store openings and customer and human 
resource acquisition.  The Group coexists with and carries out store openings to meet the needs of a 
wide range of customers, such as LIFE SELECT and urban-format stores, suburban-format stores, 
YAMADA web.com and outlet stores, as well as small-scale trading areas and community-based retail 
areas; however, owing to an unexpected fluctuation in demand for higher unit-priced durable consumer 
goods, the consumer electrical appliance retail industry cannot be said to be stable, and the Group is 
likely to continue to face competition from rival companies in all regional areas.  Furthermore, as the 
Group is the only mass retailer of electrical appliances with a nationwide store network, if competition 
among its own stores occurs and profitability per store falls due to developments such as changes in the 
economy and consumption environment and in the market environment, the Group’s performance and 
investment efficiency, and its financial position may be affected.  The Group believes that there is a 
possibility of aggravated competition due to the entry of new companies, as well as intensified 
competition among stores and in the area of purchasing as a result of M&As and alliances between 
companies vying to compete against the Group.  Inability to successfully adapt to such situations would 
adversely affect the Group’s performance and financial position.  In addition, if other companies start 
offering products at lower prices than the Group, which would mean slashing of sale prices to remain 
competitive, profits may fall as a result, affecting the Group’s performance and financial position. 
 
3. 
Risks Related to M&As and Alliances 
Probability: Low 
Potential occurrence: Anytime 
Potential impact: Weak 
■ 
Risk 
The Company may execute organizational restructurings, M&As, alliances and sales of business in 
order to strengthen its business foundation.  The Company will carefully study and examine the 
conditions before acting in order to alleviate risk.  However, unforeseeable issues including 
contingency liabilities may arise after such actions take place.  The Company also believes that initial 
expectations may not materialize or that investments may not be recovered.  Depending on the 
circumstances, extraordinary loss or extraordinary income may occur, detrimentally affecting the 
performance and financial position of the Group.

14 
4. 
Regulations 
Probability: Medium 
Potential occurrence: Anytime 
Potential impact: Medium 
■ 
Risk 
Similar to other retailers, the Group is subject to laws and regulations such as the “Act on the 
Measures by Large-Scale Retail Stores for Preservation of Living Environment,” the “Designation of 
Specific Unfair Trade Practices by Large-Scale Retailers Relating to Trade with Suppliers” based on the 
“Act on Prohibition of Private Monopolization and Maintenance of Fair Trade” (Antimonopoly Act), the 
“Act against Unjustifiable Premiums and Misleading Representations” (Premiums Law), the “Act 
against Delay in Payment of Subcontract Proceeds, Etc. to Subcontractors” (Subcontract Act) and, as an 
operator engaged in the business of recycling and reuse with the aim of reducing the environmental load 
and creating a recycling-oriented society, the “Act on Recycling of Specified Kinds of Home 
Appliances” (Home Appliance Recycling Act), as applicable. Newly established laws and/or regulations, 
revisions to existing rules or stricter interpretations of laws and regulations by the regulatory authorities 
may lead to a decrease in demand for the products and services offered by the Group or an increase in 
the cost of doing business, thus, negatively affecting the performance and financial position of the Group.  
In relation to the opening of new stores with store area exceeding 1,000 square meters, or the expansion 
of existing stores beyond such size, local governments enact and enforce regulations in accordance with 
the provisions on store openings under the Act on the Measures by Large-Scale Retail Stores for 
Preservation of Living Environment so as to preserve the living environment of the surrounding region.  
The Group is aware that its new store openings and expansion of existing stores are subject to regulations 
based on such Act and will observe such Act for the consideration of the living environment of the 
surrounding region and the like.  Depending on the time required for surveys under such Act, delays or 
the like in the opening of new stores or the expansion planning for existing stores may affect the store 
opening policy of the Group.  Transactions between large-scale retailers and suppliers are subject to 
regulations based on the Designation of Specific Unfair Trade Practices by Large-Scale Retailers 
Relating to Trade with Suppliers, and being a large-scale retailer, the Group is subject to such regulations.  
The Group will observe such regulations.  It is noted that the Group’s operating results may be affected 
if such regulations are tightened in the future.  Increased restrictions under the Construction Business 
Act, the Building Standards Act, the Building Lots and Buildings Transaction Business Act and/or the 
Insurance Business Act applying to the insurance business, as well as other related laws and regulations 
applicable to the Group’s housing-related business may negatively affect its performance and financial 
position.  Furthermore, centering on the retail sale of electric appliances, the Group has been working 
to amplify our proposals of “Total-Living (Kurashi-Marugoto) Proposal.”  In operating our various 
services and businesses, we have conducted the required procedures, such as acquisition of the proper 
approvals and licenses from regulatory agencies, lawfully and appropriately, and at present, no serious 
issues have occurred.  However, in the future, if these approvals and licenses are cancelled, or if their 
renewal is not recognized, or, if we do not receive the approvals and licenses to further expand services 
or launch new businesses, or, if there are delays in the acquisition of these approvals and licenses, it may 
negatively affect the Group’s performance and financial position.

15 
5. 
Economic Trends 
Probability: Medium 
Potential occurrence: Anytime 
Potential impact: Strong 
■ 
Risk 
The Group depends on the Japanese market for most of its sales, and domestic consumer trends 
impact its performance.  Various revisions in laws and regulations or changes in domestic and/or 
overseas economic factors, such as fluctuations in interest rates, fuel prices, the number of housing 
projects started, unemployment figures, increases in tax rates, changes in demographics, changes in 
exchange rates or stock prices, changes in consumption tax, a slowdown in the global economy or 
materializing risk of an economic slowdown in emerging markets, may not only push up the cost of sales 
and business expenses but also reduce disposable incomes and drive down the demands for the Group’s 
products.  Furthermore, we must respond to distribution market changes as a result of the future 
challenges in Japan, such as the declining birth rate and aging of the population, population decline, and 
the transition to the digital and Internet-based society.  The weakening of disposable income and 
consumer spending in Japan may negatively impact sales of the Group’s products, resulting in a decline 
in net sales.  The Group’s performance may also be affected when, due to an impact of the economic 
trends on its recruiting activities, it is not able to acquire human resources as required.  There are also 
many causes for concern in the global economy such as materializing risk of an economic slowdown in 
newly emerging economies and political instability in Europe.  As a result, the situation remains 
unpredictable.  Under the current conditions, with overseas political and economic instability 
continuing, economic prospects are clouded with uncertainty, particularly in the financial markets.  In 
view of these factors, there is absolutely no guarantee that the Japanese economy will continue growing 
or stop receding.  The Group’s business, performance and financial position may be affected by the 
decrease in domestic consumer spending.  In addition, as most of the interior, furniture, accessories and 
other products are imported from Asian countries, factors such as the Asian countries’ political situation 
or economy may also have a negative effect.  Furthermore, the Group’s housing business is strongly 
affected by trends in personal consumption driven by employment conditions, trends in land prices and 
interest rates, policies relating to housing and the housing tax system, and the increase in consumption 
tax.  Depending on such conditions or trends, the Group’s performance may be affected, particularly if 
there is a substantial decline in orders for houses resulting from an unforeseen deterioration in the market 
climate. 
 
6. 
Demand Associated with Seasonal and Weather Factors or Events, etc. 
Probability: Medium 
Potential occurrence: Anytime 
Potential impact: Strong 
■ 
Risk 
As with other retailers, sales and revenue fluctuate monthly.  Generally, the Group sees increases 
during the bonus season, at the end of the fiscal year and during months with many holidays.  There 
are also increases when sales of seasonal products fare well.  Meanwhile, sales of seasonal products 
such as air conditioners, heaters, refrigerators, electric fans and drying machines fluctuate greatly with 
the weather.  Sales are known to drop during cool summers, warm winters, dry rainy seasons and 
prolonged rainy seasons.  Also, there are products, such as televisions, recorders, and the like, that tend 
to go up whenever there is a special event such as the Olympics or the World Cup.  Sadly, it is difficult 
to accurately predict irregular demands springing up due to seasonal changes, weather conditions or 
other events, not to mention demand for the Group’s products in general.  Any significant deviation 
from such predictions may impact the Group’s business, performance and financial position.

16 
7. 
Changes in Consumer Wants and Preferences 
Probability: Medium 
Potential occurrence: Anytime 
Potential impact: Medium 
■ 
Risk 
In order to maintain and increase the Group’s net sales and income, it is necessary to predict which 
products consumers will want or prefer and make sure that sufficient quantities of such products are in 
stock to meet consumer needs.  It is considered important to spur demand by regularly introducing new 
products and technologies to consumers.  If these activities fail to bear fruit, the Group’s performance 
and financial position may be affected.  Such failure can be caused by a lack of certain products due to 
competition from other retailers, change in the Group’s relationship with manufacturers or new product 
or technology on which a manufacturer is focusing being inconsistent with consumer needs.  Also, the 
introduction of a new product may result in a decrease in the sales of existing equivalent products. 
 
8. 
Product Purchasing and Inventories 
Probability: High 
Potential occurrence: Within 1 year 
Potential impact: Strong 
■ 
Risk 
To ensure favorable performance, the Group should have in place a system under which the 
necessary products are purchased in necessary quantities at appropriate prices.  Unfortunately, if 
product supplies become unstable due to such factors as a change in the relationship with business 
partners, global shortages of resources and materials, and disruption of supply chains or maintaining 
regular product supplies becomes difficult due to, among other matters, fragmentation in the distribution 
network caused by a natural disaster or traffic accident, product purchasing according to a preconceived 
plan may become unfeasible.  If these events occur, the Group’s performance and financial position 
may be negatively affected. 
■ 
Response 
The Group always sources each product category from multiple suppliers.  By selecting the 
products that are carried at any time and having a system that does not rely on a specific supplier for the 
best product at the right time, we aim to diversify the risk for sourcing product. 
In addition, by assigning persons in charge and responsible for sourcing by product category, we 
maintain close exchange of information on product orders with each customer to prevent unforeseen 
circumstances.  Consequently, we have built a structure that always allows us to understand and 
consider when there is a problem with product supply and to quickly make the necessary response when 
unforeseen circumstances arise (understand the cause, implement corrective actions, plan for alternative 
products, confirm the status of recovery, etc.) to minimize the impact on the Group. 
Furthermore, a confirmation meeting for purchases and inventory attended by Directors in charge 
of products and all persons responsible for sourcing each product category is held weekly, in an effort to 
understand and share the status of the ever-changing market and manage the progress relative to plans 
so that there is no divergence from the business plans.

17 
9. 
Risks Regarding Quality Assurance for Housing 
Probability: Low 
Potential occurrence: Anytime 
Potential impact: Strong 
■ 
Risk 
The Group thoroughly manages the quality of housing as producer of housing.  Even so, the 
operating results and financial position of the Group may be negatively affected if a serious issue with 
quality arises due to unforeseen circumstances. 
■ 
Response 
The Group’s YAMADA HOMES Co., LTD. has built a structure to minimize the impact on the 
Group through the establishment of a specialist department to design an appropriate construction system 
with the use of legally compliant materials.  In the event of unforeseen circumstances, the 
aforementioned specialist department will promptly issue a response to the relevant departments.  In 
addition, the CS Promotion Department has been established, which analyses aspects such as customer 
evaluation and desires for construction quality and the quality of response to customers through customer 
surveys, etc., evaluating each office, making such information well-known and generating awareness to 
increase quality consciousness.  Moreover, the Company also strives to prevent the materialization of 
such risk through the implementation of after service, such as periodic inspections. 
For housing quality control, the Group’s Hinokiya Group Co., Ltd. undertakes construction controls 
and inspections for each construction process based on operating standards, etc., at the construction and 
inspection department of each housing business company, while a third-party inspection institution 
conducts quality inspections.  For serious matters that could impact earnings, etc., there is a system for 
information to be gathered at the Quality and Safety Office, etc. and reported to that company, with 
discussion of measures and decisions made at that company’s Board of Directors, as necessary.  Matters 
concerning building materials and housing facilities are discussed with the seller as necessary and the 
relevant department decides the measures at the monthly meeting of housing business company 
presidents.  Information concerning decisions is shared with the representatives of each housing 
business company at the Compliance Committee and group executive meeting, etc.  The response to 
these issues includes setting deadlines, implementing counter-measures and measures to prevent 
reoccurrence and monitoring the status of improvement. 
 
10. Impairment on Long-Lived Assets 
Probability: Medium 
Potential occurrence: Anytime 
Potential impact: Medium 
■ 
Risk 
The Group possesses a large number of long-lived assets, including property and equipment and 
goodwill, and carries out impairment accounting regarding these assets.  However, further recognition 
of impairment losses may become necessary if there is deterioration in the profitability of the Group’s 
stores, a dramatic fall in the market price of the assets possessed by the Group or the like.  Such 
circumstances may negatively affect the Group’s performance and financial position.

18 
11. Managing Franchises 
Probability: Low 
Potential occurrence: Anytime 
Potential impact: Weak 
■ 
Risk 
The Group is increasing the number of franchises managed as small, community-based retail stores.  
However, it cannot guarantee that it will be able to continually open franchises in favorable locations or 
renew existing franchise agreements.  If the number of franchises does not increase as planned or 
decreases, royalties may decline, which will negatively affect the Group’s performance and financial 
position.  Also, because franchises are not completely under the control of the Group, they may be 
managed in a manner that is inconsistent with the Group standards.  In addition, with regard to franchise 
claims, despite the claims preservation contract concluded for each contract and our monthly claims 
status management, there may be uncollectable claims including payments receivable for goods in the 
event of business failure of any franchisee due to a decline in business results.  This may not only 
negatively affect the Group’s performance and financial position, but also the Company’s reputation. 
■ 
Response 
The operating status of the Group’s Matsuya Denki Ltd. franchises are managed with patrols by the 
headquarters as well as the area sales manager, interviews with owners and confirmation of 
circumstances, etc.  As key matters, the status of receivables and finance are recognized as risk, and 
guidance and management are provided. 
Headquarters and the supervisor for each area aim for close communication with the Group’s BEST 
DENKI CO., LTD. franchises and provide guidance on operations for opening new stores and for stores 
of FC companies.  In addition, the Company puts effort into risk management, regularly checking the 
status of management and receivables at FC companies. 
 
12. Information Security 
Probability: Medium 
Potential occurrence: Anytime 
Potential impact: Strong 
■ 
Risk 
The Group handles point card certificates, registrations for YAMADA Digital Membership and 
YAMADA plus Premium, the processing of credit card applications, paid service subscription of several 
long-term product warranties and other services, customer information related to various support 
services, customer information related to distribution, construction or repairs, customer information 
associated with online shopping and a significant amount of customers’ personal information.  In 
addition, headquarters handles various confidential information concerning management.  When 
handling such information, ample caution is taken to prevent information leaks; however, any 
unpredictable natural disaster, infection by computer virus, manipulation through malicious access, or 
information leak may damage the reputation of the Group and affect its performance and financial 
position. 
■ 
Response 
The Group (1) prescribes detailed rules concerning information security in the information security 
policies (basic policy on information security and information security standards), and implements risk 
measures and responds in the event of compliance or occurrence; and (2) prescribes detailed rules 
concerning personal information in the privacy policies (basic policy on personal information and basic 
rules on protection of personal information), and implements risk measures and responds in the event of 
compliance or occurrence.  Matters concerning (1) and (2) are always available for browsing through 
the SmartDB, while study groups are provided on an ad hoc basis to all employees.  (3) The Company 
has obtained “ISO27001 (ISMS)” in relation to information security (including in relation to personal 
information).  The Company’s activities are subject to annual review by an international accreditation 
institution, and it retains its certification.

19 
13. Major Earthquakes and Natural Disasters 
Probability: High 
Potential occurrence: Within 1 year 
Potential impact: Strong 
■ 
Risk 
In cases where the Group’s operations are interrupted by damages to its store facilities or blackouts 
as a result of natural disasters from typhoons, earthquakes or localized torrential rain, products cannot 
be procured due to an obstruction, the Group is required to close its stores in accordance with evacuation 
advice due to the effects of radioactive materials from an accident at a nuclear power station, or if it 
becomes difficult to enter the affected area due to delays in recovery and restoration, there may be a 
significant decrease in the Group’s net sales, which may in turn have a significant impact on the Group’s 
performance. 
■ 
Response 
The Group has built a system so that in the event of there being information about a disaster, 
infection, disputes or similar matters, each person in charge of management (*) gathers as appropriate, 
with the Disaster Response Headquarters having centralized control to take the appropriate response 
while prioritizing the safety of customers and employees.  In particular, the Group aims to increase the 
practical abilities for responses from the perspective of precaution, mitigation and disaster prevention 
measures, the initial response, and the recovery and restoration measures based on the disaster response 
measures manual to deal with torrential rain, floods, major earthquakes and other disasters. 
Specifically, the Group revises and reorganizes the disaster response measures manual to ensure 
effectiveness though regular verification so that employees take autonomous behavior at business offices 
to (1) ensure the safety of customers, (2) ensure the safety of employees, (3) continue sales, and (4) 
preserve assets.  The latest version of that disaster response measures manual is always available on 
the SmartDB.  We have built a system of organizational response and not individual response, while 
also aiming to educate about and make the relevant employees aware of the manual. 
Moreover, the Group, in preparation for disasters such as major earthquakes, has stored emergency 
goods in 218 locations, at stores and logistic centers starting in Tokyo, Saitama Prefecture, Chiba 
Prefecture, Kanagawa Prefecture, Shizuoka Prefecture, Aichi Prefecture and Yamanashi Prefecture.  In 
future, we will progressively store emergency goods in areas anticipated to be affected by a Nankai 
Trough earthquake, as well as the Tohoku and Hokkaido areas. 
In addition, in anticipation of an earthquake in excess of magnitude 5, we are steadily responding 
by increasing the strength of the wires for fixing LCD TVs to minimize products falling down and the 
damage from falling, while taking measures such as fixed screws for displays and shelves. 
* Sales offices: 
Branch managers, store managers (person in charge of implementation) 
 
Group companies: 
President and person in charge of management

20 
14. Risks Pertaining to the Housing Equipment Business 
Probability: Low 
Potential occurrence: Anytime 
Potential impact: Medium 
■ 
Risk 
The Group works to check the status of its quality control for housing equipment and strives to 
maintain the quality of such equipment, but in the unlikely event of a problem with product quality 
occurring or a failure of equipment in the production facility occurring, this may negatively affect the 
Group’s operating results and financial position. 
■ 
Response 
As a manufacturer of housing equipment, and as a repairer, installer and builder and a sales entity, 
the Group’s Housetec Inc. provides and sells safety products to consumers, while being aware of the 
importance of safety in repairs, installation and building in accordance with a basic management policy 
to be “consumer focused” and “ensure product safety.”  Specifically, we have prescribed the “Voluntary 
Action Plan for Product Safety” and the “Quality Assurance Rules” for quality control in the Code of 
Conduct, which should be observed by each Group company and department to ensure the safety of 
products.  We know the suppliers of raw materials and components and have an information sharing 
system concerning the design of products with such suppliers and have established rules and regulations 
necessary to ensure product safety.  This includes product repair and installation standards, an incident 
report manual, a complaint response manual and requirements for invoking a recall such as for a product 
recall.  We take measures to improve and control quality in each manufacturing, construction and 
service department.  We have established the Headquarter Quality Assurance Department as the 
department with overall responsibility for quality and evaluate the initiatives for improving and 
controlling quality and give guidance for improvements through (1) a company-wide quality assurance 
meeting (quarterly), (2) a quality insurance audit (annual), and (3) a construction quality meeting 
(weekly). 
All the products manufactured by that company are insured with “Product Liability Insurance” in 
preparation to deal with liability for damages in the event of an incident caused by defectiveness in that 
company’s products.  In addition, a system has been created so that when a product incident occurs, an 
Incident Response Committee is established based on the “PS Incident Response Rules” to respond to 
the incident. 
When entering into contracts with manufacturers, the Group’s Yamada Trading Co., Ltd. clarify 
quality assurance, non-conformance liabilities, measures following the contracted non-conformance 
liability period has passed, product liability, complaint handling and supply of repair parts.  The system 
has been prepared to minimize the impact in the unlikely event of a problem.

21 
15. Overseas Operations 
Probability: Low 
Potential occurrence: Anytime 
Potential impact: Medium 
■ 
Risk 
The Group operates an overseas store network centered in Asia, mainly in Singapore and Malaysia.  
Although the Group carries out careful advance studies prior to starting operations overseas, there may 
be differences in business customs, revisions to laws, tightening of environmental regulations, dramatic 
economic changes or unanticipated changes in foreign exchange rates in any of the relevant countries 
after the start of operations, and it may become difficult to secure local human resources in any such 
countries.  Such circumstances may make it difficult for the Group to conduct business operations or 
secure business revenue as initially expected.  Other than the above, it is conceivable that damage 
caused by deterioration in orders or deliberate damage to store facilities resulting from changes in the 
internal political situations of the relevant countries, the occurrence of national disputes, or the 
occurrence of terrorism or demonstrations in the areas surrounding the stores caused by political or 
economic problems between Japan and the relevant countries may necessitate suspensions of store 
operations or make it difficult to continue operations in the relevant areas depending on the 
circumstances.  These factors may negatively affect the Group’s operating results and financial 
position. 
■ 
Response 
When commencing the Group’s overseas expansion, advice and support are received from experts 
in legal matters, accounting and taxation, labor and other laws, with consideration given to cooperation 
with partners well-versed in the local economy, environment and customs, etc.  Communication takes 
place with most likely customers and the feasibility is determined after formulating detailed business 
plans. 
Through close communications with local partners and customers, we collect information 
concerning each country’s risk as quickly as possible, striving to prepare a system able to make timely 
and appropriate management decisions. 
 
16. Supply of the Company’s Original Brand Products 
Probability: Medium 
Potential occurrence: Within 1 year 
Potential impact: Medium 
■ 
Risk 
The Group designs original products under brand names such as “YAMADA SELECT,” and 
outsources their manufacturing thereof and sells the finished products.  Given such circumstances, a 
shortage or suspension of product supplies due to a disaster, etc. in China, the location of our main 
contract manufacturers, may negatively affect the Group’s operating results and financial position. 
■ 
Response 
To respond to the risks concerning supplies of the Company’s original brand products, the Company 
(1) requests contract manufacturers to build systems for reducing risk when a disaster occurs and 
appropriately survey to confirm the current status, and requests that manufacturing plants, etc. be 
distributed in multiple locations and that multiple systems are built for component supply; (2) promotes 
the development of new outsourcers and does not rely on a single contract manufacturer (currently, 2 
companies for washing machines and 3 companies for refrigerators); (3) participates in marine insurance 
to reduce the risk of disasters when transporting by sea; and (4) prepares empty boxes for exchange in 
preparation for water damage caused by the activation of sprinklers inside Yamada Denki stores.

22 
17. Guarantee Deposits 
Probability: Low 
Potential occurrence: Anytime 
Potential impact: Weak 
■ 
Risk 
Guarantee deposits under leasing agreements of land and buildings, etc. lodged at the time of 
opening directly-managed stores of the Group are protected with collaterals pledged and other means.  
They may cause, however, a negative impact to performance and financial position of the Group as such 
guarantee deposits may become uncollectable in whole or in part in the event of a business failure of a 
lessee or due to an early termination of the agreement. 
 
18. Risk relating to Money Lending Business Act 
Probability: Low 
Potential occurrence: Anytime 
Potential impact: Weak 
■ 
Risk 
Due to impacts from Money Lending Business Act, which came into effect in 2007, we anticipate a 
loss on returning overpaid interest payments in the credit business of the Group.  Though the estimated 
loss to be incurred in the future is accounted for, this may cause a negative impact to performance and 
financial position of the Group in the event that the economic environment worsens against the backdrop 
of concerns over financial stability and employment conditions. 
 
19. Exchange Rate Volatility 
Probability: Medium 
Potential occurrence: Anytime 
Potential impact: Medium 
■ 
Risk 
The Group develops and imports its original brands under names such as “YAMADA SELECT,” 
and aims to stabilize stocking costs by leveling the foreign exchange contracts and foreign exchange 
rates for imports on foreign-currency-based transactions.  However, any sudden fluctuation in the 
foreign exchange rate for the settlement currency in each country may negatively affect the Group’s 
operating results and financial position. 
 
20. Lawsuits 
Probability: Low 
Potential occurrence: Anytime 
Potential impact: Weak 
■ 
Risk 
At present, the Group has no instances of having received demands for compensation for damages 
nor lawsuits filed against it which could seriously affect its future performance.  However, the Group 
conducts various business activities mainly in the retail sale of electric appliances, and we cannot rule 
out the possibility of lawsuits or disputes occurring in these business activities.  Where they do occur, 
they may negatively affect the Group’s performance and financial position.

23 
21. COVID-19 and Large-Scale Pandemic 
Probability: High 
Potential occurrence: Within 1 year 
Potential impact: Strong 
■ 
Risk 
The Group currently operates its electrical appliance business through stores in all 47 prefectures 
and is opening housing exhibition sites for the housing business in areas nationwide.  Constraints on 
business activities such as closures or shorter operating hours for stores and housing exhibition sites due 
to the large-scale spread of infections in each region or nationwide and the application of the Act on 
Special Measures for Pandemic Influenza and New Infectious Diseases, etc. may negatively affect the 
Group’s operating results and financial position.  In addition, the performance and financial position of 
the Group may be significantly affected if there is an impediment to the operation of stores, etc. due to 
someone becoming infected with an infectious disease such as COVID-19 or a new strain of influenza 
at a store, business office, etc., or if the stable supply of products or purchase price are affected, or the 
release of new products is postponed due to the impact of an infectious disease such as COVID-19 or a 
new strain of influenza on business partners’ management resources (people, things, money, 
information). 
■ 
Response 
Giving priority to the safety and health of all of its stakeholders such as customers, shareholders, 
business connection, partners and employees, the Group has implemented a variety of measures such as 
working from home or staggered working hours at the Company’s headquarters, prohibiting non-
essential and non-urgent visitors, business trips, etc., thoroughly checking the temperature of all 
employees prior to the coming to the office and wearing masks, thoroughly washing hands and gargling, 
understanding health management for employees and stopping employees, etc. who are suspected of 
being infected from coming to work, shortening the operating hours of all stores (a portion of stores 
suspended business), placing alcohol disinfectant at all facilities and diligent disinfecting, placing clear 
partitions at registers, and ensuring space between people waiting in line at the register.

24 
4. 
MANAGEMENT ANALYSIS OF FINANCIAL POSITION, RESULTS OF OPERATIONS 
AND CASH FLOWS 
(1) 
Overview of Operating Results 
Summary of financial position, results of operations and cash flows of the Group (the Company and 
its consolidated subsidiaries and affiliates accounted for by the equity method) for the fiscal year under 
review is as follows. 
In addition, the Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ 
Statement No. 29, March 31, 2020) and relevant revised ASBJ regulations from the fiscal year under review. 
In line with this change, net sales for the fiscal year under review, significantly decreased from the 
previous fiscal year. 
Details are as described in the “NOTES TO CONSOLIDATED FINANCIAL STATEMENTS” Note 4, 
entitled “CHANGES IN ACCOUNTING POLICIES.” 
1) 
Financial position and results of operations 
[On background of economies at home and abroad] 
During the fiscal year under review, the Japanese economy showed signs of recovery as the number of 
COVID-19 cases declined with the progress made in vaccinations.  However, the environment remains 
challenging with the risk of further downward pressures on the economy due to higher prices of energy and 
raw materials and foreign exchange movements caused by an increase in infections due to new virus 
variants and the increasingly serious situation in Ukraine. 
The consumer electrical appliance retail industry has seen a reactionary drop from the transient demand 
generated by the special cash payments, teleworking corresponding to the “new way of life,” and stay-at-
home products in the previous fiscal year and a slump in seasonal products due to the unseasonable weather, 
but replacement demand for durable consumer goods such as refrigerators and washing machines has been 
firm. 
 
[On the Company’s efforts] 
Against the backdrop of this situation, the Company has been carrying out measures against the spread 
of COVID-19 in stores and business offices as it believes that its priority is to take the safety and security 
of customers and employees as well as the aspect of health into consideration in order to fulfill its role of 
providing social infrastructure and its responsibilities by stably supplying daily necessities.  Furthermore, 
the Company significantly expanded Internet mail order services and shopping channel sales, where 
customers can place orders from home.  In addition, to meet the changing lifestyles and consumer 
preferences, the Company is building a new store network by reviewing the optimal product lineups and 
services of its various store formats and expanding the sales floor space. 
We are aggressively pursuing the Group’s growth strategy to increase the total sales floor area by 
opening new stores, as well as expanding stores and changing the store format.  To strengthen our “Total-
Living (Kurashi-Marugoto)” strategy, we opened a total of 18 stores, beginning with the opening of the 
Kumamoto Kasuga Store on June 18, 2021 as a new store format LIFE SELECT (a store offering the widest 
range of everyday goods in the region, such as home electrical appliances, furniture and home interior 
products, household goods, renovation services, and toys), based on the store concept of “We support you 
living a delightful life. Entirely.”  (Expanded and renovated existing stores: Kumamoto Kasuga Store, 
Himeji Main Store, Sapporo Main Store, Kobe Main Store, Kisarazu Jozai Main Store, Nagano SBC Street 
Store, Kakogawa Main Store, Tokushima Main Store, Kasukabe Main Store, New Kohoku Center Store, 
Morioka Main Store, and Asahikawa Store; Completely renovated stores: LABI1 Takasaki, LABI1 
Ikebukuro, and LABI Shinagawa Oimachi; Newly opened stores: Musashi Kukishobu Store, LABI 
Chigasaki Store, and New Ichinomiya Store)  In addition, the Company is steadily increasing sales floor 
space and its share of home electrical appliance retail sales through the development of various store 
formats including YAMADA Web.com stores, which integrate Internet sales and stores, as well as outlet

25 
stores offering a large selection of outlet and reuse products, and by expanding sales of home-related 
products centered on home electrical appliances in conjunction with existing specialist electric appliance 
stores. 
Net sales in the fiscal year under review decreased 7.6% year on year to ¥1,619,379 million due to the 
following factors: (1) the impact of the Accounting Standard for Revenue Recognition, which was adopted 
from the current fiscal year, (2) a decrease in the number of customers visiting stores due to reduced 
business hours and self-restraint on business promotion caused by the holding of the Tokyo Olympics and 
Paralympics without spectators and COVID-19, (3) unseasonable weather as well as the impact of natural 
disasters such as heavy rain, (4) deteriorating consumer sentiment associated with price increases, and (5) 
a reactionary drop from the previous year’s transient increase in demand for stay-at-home products mainly 
at suburban stores and as generated by the special cash payments.  In comparison to before the application 
of the Accounting Standard for Revenue Recognition, net sales declined 1.7% year on year, from among 
various factors in dampening net sales.  This is due to the efforts the Company has been making for some 
time for “new business lines as the industry for living infrastructure” that is based on the concept of “Total-
Living (Kurashi-Marugoto).” 
As for profits, there have been ongoing improvements in profits as the “Management Reforms to 
Reinforce the Corporate Structure,” the Company’s long-term initiatives, have continued to improve the 
gross profit (rate) and reduce selling and administrative expenses.  However, operating profit decreased 
28.6% year on year to ¥65,704 million due to lower gross profit caused by factors including lower net sales 
and inventory evaluation with an eye to the future, while ordinary profit decreased 25.0% year on year to 
¥74,137 million.  Profit attributable to owners of parent decreased 2.4% year on year to ¥50,556 million, 
at virtually the same level as the previous fiscal year.  All of the Company’s business segments have 
returned to profitability. 
 
[Operating results by segment] 
As the Financial Business and the Environment Business, which were previously included in “Other,” 
were changed to a method that presents them as reportable segments from the fiscal year under review, 
figures for the previous fiscal year used in year-on-year comparisons below were compared and analyzed 
using figures that were reclassified after the change in segment classification. 
(1) Electrical Business 
In the Electrical Business, net sales decreased 14.5% year on year to ¥1,310,802 million, and operating 
profit decreased 34.4% year on year to ¥56,185 million. 
Net sales in the Electrical Business were affected by the aforementioned transient factors and closures 
of stores such as the Shinjuku East Exit Store, the Akihabara Store and the Shimbashi Store.  In 
comparison to before the application of the Accounting Standard for Revenue Recognition, net sales 
declined 7.8% year on year.  There was the transient impact from the decline in profits caused mainly by 
standardization of the month for settlement of accounts with the aforementioned inventory evaluation and 
the reorganization of the Electrical Business, and operating profit decreased 21.5% year on year, when 
excluding this impact. 
 
(2) Housing Business 
In the Housing Business, net sales increased 48.5% year on year to ¥268,231 million, and operating 
profit increased 59.5% year on year to ¥7,362 million. 
The number and the value of orders grew at a high rate of almost double the previous year, as a result 
of the acquisition of LEOHOUSE Co., LTD. (“LEOHOUSE” hereinbelow) on February 1, 2021 by 
YAMADA HOMES CO., LTD. (“YAMADA HOMES” hereinbelow) and conversion of Hinokiya Group 
Co., Ltd. (the “Hinokiya Group” hereinbelow) to a consolidated subsidiary.  The Hinokiya Group received 
a record number of orders and a record value of orders in the fiscal year under review.  Net sales 
significantly increased due to the delivery of orders received by YAMADA HOMES, which increased in 
the second half of FY2020, in the current fiscal year as well as the addition of LeoHouse and the Hinokiya 
Group as consolidated subsidiaries.  Operating profit also increased largely due to the effect of turning the 
Hinokiya Group into a consolidated subsidiary.

26 
The performance of the Housing Business by company was as follows. (1) YAMADA HOMES 
(including LEOHOUSE) reported an increase in net sales and a decrease in profits, with net sales of ¥89,532 
million (up 26.0% year on year) and an operating profit of ¥777 million (down 29.6% year on year).  (2) 
Hinokiya Group reported an increase in revenues and a decrease in profits, with net sales of ¥122,504 
million (up 7.1% year on year) and operating profit of ¥6,259 million (down 5.6% year on year).  (3) 
Housetec Inc., a developer and manufacturer of housing equipment such as bathroom equipment and 
kitchen equipment, was impacted by COVID-19 but nevertheless reported an increase in revenues and 
profits, with net sales of ¥57,938 million (up 6.3% year on year) and operating profit of ¥2,038 million (up 
40.4% year on year) mainly due to online negotiations with customers, synergy effects of the Group, and 
an increase in renovation services. 
The impact of higher prices of housing materials due to the recently soaring lumber prices was absorbed 
by management reforms such as increasing the sales unit price with added value proposals and cost savings, 
and synergies through comprehensive initiatives with Nice Corporation (with which the Company entered 
into a capital and business alliance on July 18, 2021). 
 
(3) Financial Business 
In the Financial Business, net sales increased 39.7% year on year to ¥2,447 million, and operating 
profit increased 43.8% year on year to ¥429 million.  Revenues and profits both increased due to the strong 
performance of housing loans, which are deeply linked to the Housing Business. 
The YAMADA NEOBANK service and the renovation industry’s first original financial service were 
launched in the fiscal year under review, and we will seek to further develop the “Total-Living (Kurashi-
Marugoto)” strategy by providing new financial services. 
 
(4) Environment Business 
In the Environment Business, net sales increased 5.7% year on year to ¥28,493 million, and operating 
profit increased 50.7% year on year to ¥1,229 million.  Revenues and profits both increased due to the 
outcomes of the self-contained initiatives for environmental resource development undertaken by the Group. 
 
(5) Other businesses 
In other businesses, net sales decreased 8.0% year on year to ¥65,109 million, while operating profit 
was ¥275 million (operating loss of ¥1,880 million in the previous fiscal year), an improvement of ¥2,155 
million from the previous fiscal year and a return to profitability. 
The main reasons were improved revenue at OTSUKA KAGU, LTD., with expanding sales of 
OTSUKA KAGU products at Yamada Denki LIFE SELECT stores, a recovery in the number of customers 
visiting stores, synergies between furniture and home electrical appliances through sales of home electrical 
appliances, and the results of ongoing business restructuring. 
OTSUKA KAGU merged with YAMADA DENKI on May 1. In addition to further improvement in 
operating revenue and expenses of OTSUKA KAGU, the entire Group will utilize human resources who 
have many years of knowledge and expertise. 
 
[On number of stores] 
The number of consolidated retail stores, including those overseas at the end of the fiscal year under 
review encompassing 50 new store openings and 38 store closures, was 1,015 directly-managed stores 
(comprising 978 stores directly managed by YAMADA DENKI and 37 stores operated by other 
consolidated subsidiaries).  The total number of stores of the Group, including the stores managed by 
franchise stores, was 12,537. 
 
[On performance summary] 
As a result of the above, consolidated net sales for the fiscal year under review amounted to ¥1,619,379 
million, down 7.6% year on year, operating profit totaled ¥65,704 million, down 28.6% year on year,

27 
ordinary profit was ¥74,137 million, down 25.0% year on year, and profit attributable to owners of parent 
was ¥50,556 million, down 2.4% year on year. 
 
[Financial position] 
Total assets at the end of the fiscal year under review amounted to ¥1,271,668 million, up ¥19,068 
million (1.5%) compared to the end of the previous fiscal year.  This was mainly due to an increase in 
“other current assets” under “current assets” as a result of the application of the Accounting Standard for 
Revenue Recognition and other factors, despite a decrease in merchandise and finished goods resulting 
from a reduction in inventories. 
Total liabilities amounted to ¥595,390 million, up ¥15,335 million (2.6%) compared to the end of the 
previous fiscal year.  This was mainly due to an increase in “contract liabilities” as a result of the 
application of the Accounting Standard for Revenue Recognition and borrowings for working capital. 
Net assets amounted to ¥676,278 million, up ¥3,733 million (0.6%) compared to the end of the previous 
fiscal year.  This was mainly due to a decrease in treasury stock as a result of conversion of OTSUKA 
KAGU, LTD. into a wholly owned subsidiary through share exchange.  As a result, the equity ratio was 
51.6% (down 0.2 point from the end of the previous fiscal year). 
 
2) 
Cash flows 
As of the end of the fiscal year under review, cash and cash equivalents on a consolidated basis stood 
at ¥56,470 million, down ¥17,290 million (23.4%) compared with the end of the previous fiscal year. 
The position of cash flows during the fiscal year under review is as follows: 
Cash flows from operating activities 
Net cash provided by operating activities amounted to ¥21,085 million (¥122,281 million provided in 
the previous fiscal year). 
This was mainly due to an increase in income taxes paid, and decreases in notes and accounts payable 
and contract liabilities. 
Cash flows from investing activities 
Net cash used in investing activities amounted to ¥22,266 million (¥14,778 million used in the previous 
fiscal year). 
This was mainly due to purchase of property and equipment associated with renovations of stores, etc. 
Cash flows from financing activities 
Net cash used in financing activities amounted to ¥16,647 million (¥82,837 million used in the previous 
fiscal year). 
This was mainly due to repayments of long-term loans payable.

28 
(Reference) Trends in company cash flow indicators are as shown below. 
 
Fiscal year  
ended March 
31, 2018 
Fiscal year  
ended March 
31, 2019 
Fiscal year  
ended March 
31, 2020 
Fiscal year  
ended March 
31, 2021 
Fiscal year  
ended March 
31, 2022 
Equity ratio (%) 
49.8 
49.7 
54.6 
51.8 
51.6 
Market value-based 
equity ratio (%) 
43.4 
37.5 
32.6 
39.1 
25.0 
Interest-bearing debt 
to cash flows (year) 
3.7 
6.0 
4.0 
1.9 
11.3 
Interest coverage 
ratio (factor) 
46.3 
28.8 
44.2 
89.5 
14.8 
Equity ratio: equity / total assets 
Market value-based equity ratio: market capitalization / total assets 
Interest-bearing debt to cash flows: interest-bearing debt / operating cash flows 
Interest coverage ratio: operating cash flows / paid interest 
* All indicators are calculated using consolidated-based financial figures. 
* Market capitalization is calculated based on the number of issued shares as of the end of the year 
(excluding treasury stock). 
* The figure used for operating cash flows is “net cash provided by (used in) operating activities” on 
the consolidated statements of cash flows. 
* Interest-bearing debt includes all liabilities recorded on the consolidated balance sheets on which 
we paid interest. 
 
3) 
Sales results 
a. 
Sales results 
Sales results by segment for the fiscal year under review are as follows. 
 
Year ended March 31, 2022 
Segments 
Amount  
(Millions of yen) 
 
Year-on-year 
comparison (%) 
Electrical Business 
1,284,942 
 
(14.5) 
Housing Business 
263,084 
 
49.8 
Financial Business 
2,154 
 
46.2 
Environment Business 
14,615 
 
4.8 
Reportable segments total 
1,564,795 
 
(7.6) 
Other 
54,584 
 
(6.1) 
Total 
1,619,379 
 
(7.6) 
 
Note: Intersegment transactions have been eliminated. 
 
b. 
Sales per unit 
 
Year ended March 31, 2022 
 
Amount 
 
Year-on-year 
comparison (%) 
Net sales - millions of yen 
1,619,379 
 
(7.6) 
Sales floor space (average) - m² 
2,774,089 
 
3.7 
Sales per square meter - thousands of yen 
584 
 
(10.9) 
Employees (average) - persons 
32,470 
 
3.4 
Sales per employee - millions of yen 
50 
 
(10.6) 
 
Notes: 1. “Sales floor space” is the store area based on the Act on the Measures by Large-Scale Retail

29 
Stores for Preservation of Living Environment (or, depending on when the data was submitted, 
the same law prior to its revision). 
2. “Employees” include temporary employees. 
 
 
(2) 
Analysis and Discussion Regarding Status of Operating Results, etc. from a Management 
Perspective 
Recognition, analysis and discussion regarding status of the Group’s operating results from a management 
perspective are as follows.  Items in the text below that concern the future were determined as of the end 
of the fiscal year under review. 
 
1) 
Recognition, analysis and discussion regarding status of financial position and operating results 
a. 
Operating results 
Net sales and gross profit 
Net sales for the fiscal year under review continued to face difficult conditions due to the impact of the 
“Accounting Standard for Revenue Recognition,” etc., which the Company has applied from the current 
fiscal year; a decrease in the number of customers due to declarations of a state of emergency and priority 
measures to prevent the spread of COVID-19; the effect of insufficient summer sunshine hours and natural 
disasters; the impact of special fixed relief payments, demand for teleworking and staying at home in the 
previous fiscal year; a shift in consumer demand regarding tourism, restaurants, hobbies and leisure goods, 
and a decrease in consumer confidence due to rising prices for natural resources, etc.  In terms of products, 
for most products, including large home appliances such as TVs, washing machines, refrigerators, and air 
conditioners, cooking appliances, hair care and beauty appliances, and household appliances such as air 
purifiers and humidifiers, sales were lower than the previous year, despite the effect of higher unit prices 
due to increase focus on energy saving, higher functionality, higher per-unit prices, and larger product sizes.  
As a result, net sales during the fiscal year under review were ¥1,619,379 million (down 7.6% year on year).  
Gross profit was ¥464,961 million (down 10.8% year on year) due to the decrease in net sales, inventory 
evaluation with an eye to the future, and changes in sales strategy (improvement of profit margins through 
the optimal price response using a combination of cash discounts and points). 
 
Selling, general and administrative expenses, other income (expenses) and profit before income 
taxes 
In selling, general and administrative expenses for the fiscal year under review, the Group carried out 
thorough cost cutting and control, but there was an increase in expenses due to the newly consolidation of 
Hinokiya Group Co., Ltd. and LEOHOUSE Co., LTD. (merged with YAMADA HOMES Co., Ltd. on 
February 1, 2021).  As a result, selling, general and administrative expenses amounted to 
¥399,257 million (down 6.9% year on year), and operating profit amounted to ¥65,704 million (down 
28.6% year on year). 
Other income for the fiscal year under review were ¥3,828 million.  Major factor was due to the 
transfer from a defined benefit corporate pension plan to a defined contribution pension plan. 
 
Total income taxes, profit, profit attributable to non-controlling interests and profit attributable to 
owners of parent 
During the fiscal year under review, income taxes stood at ¥17,250 million, profit was ¥52,282 million 
and profit attributable to non-controlling interests amounted to ¥1,726 million.

30 
As a result, profit attributable to owners of parent decreased by ¥1,243 million to ¥50,556 million 
(down 2.4%) compared with the previous fiscal year. 
b. 
Financial position 
Analysis of the Group’s financial position for the fiscal year under review is as described in (1) Overview 
of Operating Results 1) Financial position and results of operations [Financial position]. 
2) 
Analysis and discussion regarding status of cash flows and capital resources and liquidity of 
funds 
Cash flows 
An overview of cash flows for the fiscal year under review is presented in “(1) Overview of Operating 
Results” “2) Cash flows.” 
Funding requirements 
The Group’s main funding requirements are working capital and capital investments. 
Working capital comprises funds used to purchase merchandise for selling as well as expenses such as 
selling, general and administrative expenses.  Capital investments are investments carried out for new 
store openings, store renovations and so forth. 
Financial policy 
It is the Group’s basic policy to allocate funds for working capital and capital investments through cash 
flows from operating activities, and when necessary, to take out loans from financial institutions or issue 
corporate bonds, and so forth. 
To ensure that funds can be procured stably and efficiently, the Company has established suitably large 
lines of credit from financial institutions.  It has entered into a ¥50 billion commitment line agreement and 
has established a reserve for funding requirements. 
The Group generates cash flows from operating activities while further enhancing capital efficiency 
and improving its financial position. 
3) 
Significant accounting estimates and assumptions used 
The Group’s consolidated financial statements have been prepared in accordance with accounting 
principles generally accepted in Japan 
Significant accounting policies used in preparing the consolidated financial statements are as described 
in “NOTES TO CONSOLIDATED FINANCIAL STATEMENTS” Note 2, entitled “SUMMARY OF 
SIGNIFICANT ACCOUNTING POLICIES.” 
In light of historical performance and status of related transactions, the Group has made estimates and 
judgements on evaluation of provisions, assets and other items based on various factors deemed reasonable, 
and the results have been reflected in the consolidated financial statements. 
All the matters that should be described concerning significant accounting estimates used in preparing 
the consolidated financial statements and the assumptions used in such estimates are as described in 
“NOTES TO CONSOLIDATED FINANCIAL STATEMENTS” Note 3, entitled “SIGNIFICANT 
ACCOUNTING ESTIMATES.”

31 
4) 
Objective target indicators, etc. for assessing achievement of management goals 
Achievement of management goals 
The Company’s target management indicator was an ordinary profit to net sales ratio of 5% or higher, 
but due to the various factors mentioned above, the ratio was 4.6% for the fiscal year under review.  For 
the fiscal year ending March 31, 2023, the Company aims to achieve sales and profit growth by 
implementing the above-mentioned priority measures in each of its businesses to establish a structure for 
continued sales and profit growth. However, the Company is targeting a sales growth rate of 4.6% or higher, 
an ordinary profit margin of 4.7% or higher, and a ROE of 7.9% or higher, considering that the timing of 
the end of the COVID-19 pandemic is uncertain, costs are expected to increase due to price hikes caused 
by soaring energy prices, the weak yen, and other factors, and thus consumer confidence is likely to decline, 
while supply chain disruptions could lead to product supply instability.

32 
5. 
IMPORTANT AGREEMENTS 
(1) 
Credit Sales Franchise Agreements 
Some of consolidated subsidiaries of the Company has executed franchise agreements with consumer 
credit companies regarding credit sales. 
a. Agreement details 
Consumer credit companies conduct credit checks on the customers of 
the Company’s subsidiaries and, based on the results of such checks, 
such companies pay the amount owed by the approved customers for 
purchases in lieu of such customers.  The consumer credit companies 
then become responsible for collecting such advances from such 
customers. 
b. Franchisee 
JCB Co., Ltd., Orient Corporation, Mitsubishi UFJ NICOS Co., Ltd., 
UC Card Co., Ltd. 
c. Contract period 
Upon request for cancellation by one of the parties with three months 
advanced notice 
 
(2) 
Conversion Into a Wholly Owned Subsidiary Through Simplified Share Exchange 
The Company resolved at the meeting of the Board of Directors held on February 10, 2022 to execute 
a share exchange, whereby the Company becomes the wholly owning parent company and Hinokiya Group 
Co., Ltd. becomes the wholly owned subsidiary, and the two companies concluded a share exchange 
agreement and executed the share exchange on April 27, 2022. 
Details are as described in the “NOTES TO CONSOLIDATED FINANCIAL STATEMENTS” Note 
31, entitled “SUBSEQUENT EVENTS.” 
 
(3) 
Merger Between Subsidiaries 
The Company resolved at the meeting of the Board of Directors held on February 14, 2022 to conduct 
an absorption-type merger, whereby YAMADA DENKI CO., LTD., a consolidated subsidiary of the 
Company, will be the surviving company and OTSUKA KAGU, LTD., a consolidated subsidiary of the 
Company, will be the disappearing company as of May 1, 2022. 
Details are as described in the “NOTES TO CONSOLIDATED FINANCIAL STATEMENTS” Note 
31, entitled “SUBSEQUENT EVENTS.” 
6. 
RESEARCH AND DEVELOPMENT 
The total cost of the Group’s research and development activities during the fiscal year under review 
was ¥351 million.  Such activities were mainly research and development activities for the housing-related 
businesses of the subsidiary Housetec Inc.

33 
7. 
CORPORATE GOVERNANCE 
1) 
Overview of Corporate Governance 
(1) 
Basic Ideals on Corporate Governance 
The Company’s basic ideals of corporate governance are to improve management transparency, 
conduct fair corporate activities and continue to maintain and increase corporate and shareholder value. 
(2) 
Overview of Corporate Governance Structures and Reasons for Adopting Such Structures 
The Company has adopted the Audit & Supervisory Board system, and it conducts supervision and 
monitoring of the execution of operations through its Board of Directors and the Audit & Supervisory Board.  
Also, as part of the efforts to facilitate rapid responses to changes in the business environment, the Company 
has adopted a system under which the execution of operations is carried out by several executive officers, 
which establishes a clear separation between the execution of operations and the business decision-making 
and management oversight functions.  The senior executives who serve for business departments and on 
management committees and sectional meetings are the Representative Director, Chairperson and President 
CEO, and two Representative Directors (all of them with representative authority).  Operating under these 
senior executives, the executive officers concentrate on their execution of operations and assume 
responsibility for the management of specified functions.  The Company has established a 
ESG/Sustainability Promotion Committee, in addition to the existing Compliance Committee, Audit Office 
and Risk Management Committee, to oversee the formulation of specific CSR-related policies and 
standards covering areas such as business ethics and the like.  The ESG/Sustainability Promotion 
Committee conducts ongoing activities aimed at enhancing internal and external awareness of CSR-related 
issues. 
The Company adopted the above-described structures in order to implement concrete corporate 
governance structures that would lead to the realization of the basic ideals of “improving management 
transparency, conducting fair corporate activities and continuing to maintain and increase corporate and 
shareholder value.” 
The corporate governance structures of the Company are as follows. 
(i) 
General Meeting of Shareholders 
The General Meeting of Shareholders, the Company’s top decision-making body chaired by the 
Representative Director, provides an important forum for shareholders, as owners of the Company, to obtain 
and exchange information as well as to exercise their rights.  The Company has an active IR program, and 
it is intent on disclosing information in a timely manner to ensure its shareholders the opportunity to 
exercise their rights appropriately.  Because foreigners make up a large percentage of the shareholders, the 
Company strives to figure out ways to meet their needs, in addition to preparing and delivering notices 
regarding the General Meeting of Shareholders in English in a timely manner. 
(ii) 
Board of Directors 
The Company’s Board of Directors, chaired by the Representative Director, convenes meetings once a 
month.  Extraordinary Board meetings are also convened when necessary.  The Company’s Board of 
Directors reviews any important issues related to the Company’s business, discusses the status of the 
Company’s performance and takes prompt action as required.  
(iii) Audit & Supervisory Board 
The Company’s Audit & Supervisory Board system relies on four Audit & Supervisory Board members 
(including two Outside Audit & Supervisory Board member).  The status of audits by the Audit & 
Supervisory Board members is described in “3) Status of Audit (1) Audits by Audit & Supervisory Board 
Members.”

34 
(iv) 
Management Meetings 
Management meetings are held monthly to receive reports and proposals such as on management policy, 
strategy, issues and execution of operations, etc., which are then discussed and evaluated and decisions 
made on various management policies and strategies, etc. 
(v) 
Executive Officers Meetings 
Once a month, the plans, policies and strategies, etc. decided at the Board of Directors and management 
meetings shall be widely publicized with reports on the progress of execution of operations based thereon 
and the prompt implementation of measures. 
(vi) 
Audit Office 
The Company has established the Audit Office to strengthen its internal auditing functions.  Reporting 
directly to the President and employing nine full-time staff, such office engages in internal auditing.  The 
status of internal auditing is described in “3) Status of Audit (2) Internal Auditing.” 
(vii) Others 
The Company contracts with a law firm for legal advice, as needed. 
 
(3) 
Other Items Related to Corporate Governance 
The Company has developed a system of internal control for ensuring the proper operation of its 
business, in accordance with the basic policy below, pursuant to the Companies Act of Japan and the 
Regulation for Enforcement of the Companies Act. 
(i) 
System for ensuring that directors and employees perform their duties in compliance with the 
applicable laws and regulations and the Articles of Incorporation 
(a) 
Compliance Committee 
Directors in charge of compliance shall organize the Compliance Committee, which is involved 
in formulating corporate ethics policies and basic policy and standards on compliance with laws and 
regulations (compliance provisions), and establish codes of conduct on that basis requiring that 
directors and employees act in accordance with laws and regulations, the Articles of Incorporation 
and the Company’s employment rules and other internal rules. 
Education to directors and employees shall be provided to ensure thorough implementation in 
this regard led by the Compliance Committee.  These initiatives are reported on a regular basis to 
the Board of Directors and the Audit & Supervisory Board. 
(b) 
Establishment of the ESG/Sustainability Promotion Committee 
The Company shall establish the ESG/Sustainability Promotion Committee, in full recognition 
of the significance of corporate social responsibility, as a means of putting ESG and Sustainability 
Promotion management into practice as part of the management policy.  The CSR Committee shall 
pursue initiatives based on the Code of Conduct and Code of CSR Ethics in areas that include 
compliance, labor, customer satisfaction, local communities, resource recycling, and environmental 
issues and the progress status shall be confirmed at each sectional meeting. 
(c) 
Whistle-blowing system

35 
Upon becoming aware of incidents involving the performance of duties by the Company’s 
directors and employees that are questionable in terms of laws and regulations, individuals regardless 
of their position shall report such matters directly to the organizational contact set up to receive 
internal reports, pursuant to the Regulations on Protecting Whistleblowers.  The Compliance 
Committee shall endeavor to make the existence of the whistle-blowing system known. 
(d) 
Audit Office 
The Audit Office shall operate independently of the Company’s operating divisions.  It shall 
perform internal audits on legal compliance of individual sectors and audits encompassing areas such 
as, information security management systems (ISMS), information systems, information security and 
personal information protection.  It shall also audit work processes and other operations of 
individual sectors, and take steps to uncover and prevent improprieties and to improve processes. 
(ii) 
System for storage and control of information concerning the directors’ performance of their 
duties 
(a) 
Manager in charge of information storage and management 
With respect to the storage and management of information pertaining to the directors’ 
performance of duties, the Company shall store the documents set forth below (including electro and 
magnetic records thereof) along with related materials under the responsibility of the director in 
charge of general affairs and in accordance with the Company’s Regulations on Document 
Management and Handling. 
a. Minutes of General Meetings of Shareholders 
b. Minutes of meetings of the Board of Directors 
c. Financial statements 
d. Internal circulars for managerial decision (ringi-sho) 
e. Minutes of meetings of respective committees 
f. Documents otherwise designated in the Company’s Regulations on Document Management and 
Handling 
(b) 
Amendments to the Regulations on Document Management and Handling 
Approval of the Board of Directors shall be obtained when amending the Regulations on 
Document Management and Handling. 
(c) 
The Company shall develop regulations related to protection of personal information and 
management of trade secrets, and store and manage personal information and important trade 
secrets in an appropriate and safe manner. 
(iii) Regulations on management of risk of loss and other systems 
(a) 
Risk Management Basic Regulations 
The director in charge of risk management shall organize the Risk Management Committee and 
formulate the Risk Management Basic Regulations.  Accordingly, the committee shall categorize 
risks in the regulations and establish specific risk management systems. 
(b) 
Crisis management system in the event of disaster 
The director in charge of risk management shall prepare a disaster response measures manual 
and develop crisis management system in accordance with the manual.  The director in charge of 
risk management shall endeavor to make details of the manual known and provide education

36 
regarding disaster response. 
(iv) 
System to ensure that directors perform their duties efficiently 
When making decisions on allocating duties of directors and conferring segregations of duties and 
authority of individual sectors, the Board of Directors (or the representative directors) shall be careful not 
to make decisions that would result in bloated back-office operations, overlapping administrative sectors, 
intertwined areas of authority or would otherwise significantly impede efficiency. 
(v) 
System for ensuring the properness of business operations of the Group consisting of the 
Company, its parent company and its subsidiaries 
(a) 
The Company shall establish a system in which the directors of the Company shall each 
oversee the management and performance of subsidiaries under their respective control and 
ensure the properness of such business operations. 
(b) 
The Company’s subsidiaries shall execute their business operations in accordance with basic 
agreements for operating companies and internal regulations of the respective subsidiaries, and 
such agreements and regulations shall be reviewed as needed. 
(c) 
To achieve optimal performance and budget management of its subsidiaries, the Company 
shall hold monthly sectional meetings for each operating company for managing subsidiaries’ 
overall performance and budgets on the basis of medium-term business plans and annual 
budgets, and furthermore hold sectional meetings with its principal subsidiaries as appropriate. 
(d) 
When deemed necessary, the Audit Office may conduct audits related to business operations 
of subsidiaries. 
(vi) 
System for reporting to the Company on matters pertaining to performance of duties by 
subsidiaries’ directors, etc. 
(a) 
The Company shall stipulate the procedures and content of reporting to the Company from 
subsidiaries in basic agreements for operating companies and provide appropriate guidance 
and advice on matters reported, while respecting the autonomy of subsidiary management. 
(b) 
The Company shall ensure the properness of subsidiary business operations by receiving 
reports on the status of subsidiary management and financial position at Executive Officers 
Meetings or monthly sectional meetings for each business segment. 
(vii) Regulations on management of risk of loss of subsidiaries and other systems 
(a) 
The Company shall make its Risk Management Basic Regulations thoroughly known to its 
subsidiaries. 
(b) 
The Company shall receive weekly risk management and compliance status reports from all of 
its subsidiaries, by receiving checklists for monitoring compliance. 
(c) 
Each subsidiary of the Company shall establish basic policies on risk management. 
(d) 
In the event that a Director of the Company receives a report on risk of loss from a subsidiary 
under their respective control, it shall investigate the relevant facts in the case and report the 
matter to the director in charge of risk management. 
(viii) System for ensuring that subsidiaries’ directors, etc. perform their duties efficiently 
(a) 
The Company’s Board of Directors shall formulate medium-term business plans, medium- to 
long-term business strategy in which subsidiaries are involved, and coordinate with 
subsidiaries in establishing key management goals based on such plans and strategies, and

37 
making progress in that regard. 
(b) 
The Company shall stipulate procedures in its basic agreements for operating companies with 
respect to individual matters for approval involving its subsidiaries, and take steps to 
streamline decision-making in that regard. 
(ix) 
System for ensuring that subsidiaries’ directors, etc. and employees perform their duties in 
compliance with the applicable laws and regulations and the Articles of Incorporation 
(a) 
The Company shall verify the status of subsidiaries’ operations using weekly checklists for 
monitoring compliance, and report such outcomes to the Compliance Committee as necessary. 
(b) 
The Company’s whistle-blowing system shall also be used by its subsidiaries to prevent 
violations of laws and regulations and the Articles of Incorporation.  The Company shall 
receive reports regarding the status of any disciplinary action taken on the basis of violations 
of laws and regulations or the Articles of Incorporation. 
(c) 
In order to perform audits on the appropriateness of the execution of duties by directors and 
employees in coordination with Audit & Supervisory Board members of a subsidiary, directors, 
Audit & Supervisory Board members or employees of the Company may concurrently serve 
as Audit & Supervisory Board members of a subsidiary. 
(x) 
System regarding employees to assist duties of Audit & Supervisory Board members when the 
Audit & Supervisory Board members request to assign such employees, and matters regarding 
the independence of such employees from the directors 
(a) 
Assigning an employee to act as an audit assistant 
When an Audit & Supervisory Board member requests directors that an employee be assigned 
as an audit assistant to assist in his or her duties, the directors shall make the necessary organizational 
changes and personnel rotations upon consulting with the Audit & Supervisory Board member. 
(b) 
Duties of an audit assistant 
Audit assistants shall be formally posted as assistant to Audit & Supervisory Board member and 
assist with duties of Audit & Supervisory Board members and Audit & Supervisory Board operations 
as instructed and ordered. 
(c) 
Independence of an audit assistant 
a. An audit assistant shall work under the instructions and orders of an Audit & Supervisory 
Board member, and as such is not subject to the instructions or orders of directors or any 
person positioned as his or her superior or the like in the organization unit to which the audit 
assistant belongs. 
b. In performing their tasks, audit assistants may gather all information necessary for the audit. 
c. Consent of the relevant Audit & Supervisory Board member must be obtained for matters 
involving personnel rotations (this includes consent for the transfer destination in case of 
personnel transfer), personnel evaluation and disciplinary action of an audit assistant. 
(xi) 
Matters regarding ensuring effectiveness of Audit & Supervisory Board members’ instructions 
to employees to assist them in their duties 
(a) 
Supervisory authority 
Audit & Supervisory Board members may instruct audit assistants as necessary for conducting

38 
audit work, and audit assistants shall have the authority to conduct necessary investigations based on 
such instructions. 
(b) 
Cooperative framework 
When an audit assistant concurrently serves as an employee of another department, priority must 
be given to the employee’s duties pertaining to the Audit & Supervisory Board member.  Moreover, 
superiors of the other department with which the employee concurrently serves, and directors, must 
provide support as necessary upon request with respect to performance of such duties. 
(xii) System for directors and employees to report to Audit & Supervisory Board members and the 
system concerning other reports to Audit & Supervisory Board members 
(a) 
Directors’ obligation to report 
A director must promptly report to an Audit & Supervisory Board member with respect to any 
discovery of an incident where work performed by another director or an employee is in violation of 
laws and regulations, or threatens to cause significant damage to the Company. 
(b) 
Employees’ right to report 
An employee may report to an Audit & Supervisory Board member with respect to any discovery 
of an incident where work performed by a director or another employee is in violation of laws and 
regulations, or threatens to cause significant damage to the Company. 
(c) 
Internal reporting 
The organizational contact set up to receive internal reports shall report matters involving the 
status of internal reporting to an Audit & Supervisory Board member. 
(xiii) System for reporting to Audit & Supervisory Board members by the following in subsidiaries: 
directors, accounting advisors, audit & supervisory board members, executive officers, 
executive members, persons executing duties set forth in Article 598, Paragraph 1 of the 
Companies Act, persons equivalent to such persons, and employees, or persons who receive 
reports from the foregoing persons 
(a) 
Directors and employees of a subsidiary shall immediately report to the director of the 
Company, in charge of the subsidiary under its respective control, if they discover an incident 
that significantly damages the subsidiary or threatens to do so, or otherwise if they discover a 
material incident involving violation of laws and regulations, the articles of incorporation or 
internal regulations within the subsidiary. 
(b) 
With respect to matters involving reports received from directors of subsidiaries, any matters 
that directors are to report to Audit & Supervisory Board members of the Company shall be 
those determined through mutual consultation between directors and Audit & Supervisory 
Board members. 
(xiv) System for ensuring that persons who have reported matters are not treated disadvantageously 
on the grounds of their reporting 
(a) 
Persons who have reported matters to an Audit & Supervisory Board member shall not be 
treated disadvantageously in any way on the grounds of their reporting as set forth in the 
preceding paragraphs. 
(b) 
When making decisions regarding the whistleblower with respect to personnel rotation, 
performance evaluation and disciplinary action, the fact of whistleblowing must not be a

39 
consideration, and the whistleblower may request an Audit & Supervisory Board member to 
conduct an inquiry into the reason for personnel rotation, performance evaluation and 
disciplinary action. 
(xv) Matters regarding policies pertaining to procedures for prepayment or reimbursement of 
expenses arising with respect to performance of an Audit & Supervisory Board member’s 
duties, or otherwise processing of expenses or debt obligations arising with respect to 
performance of such duties 
(a) 
Presentation of budget 
The Audit & Supervisory Board shall present a preliminary budget to the Company with respect 
to expenses deemed necessary in performing duties. 
(b) 
Claims for expenses, etc. 
Directors may not reject the hereinafter listed claims made by an Audit & Supervisory Board 
member, etc. with respect to performance of his or her duties, unless it has been demonstrated that 
an expense or debt obligation pertaining to the claim is unnecessary with respect to performance of 
the Audit & Supervisory Board member’s duties. 
a. Claim for prepayment of expenses 
b. Claim for reimbursement of expenses already paid and interest on such amounts accrued after 
the date of payment 
c. Claim for making repayment to a person to whom a debt obligation is owed (or provision of 
reasonable guarantee of such amount in cases where the repayment due date of the obligation 
has not yet arrived). 
(xvi) System for ensuring that Audit & Supervisory Board members perform audits effectively 
Audit & Supervisory Board members are provided preliminary explanations with respect to annual 
plans to be implemented by the Audit Office, and may ask for revisions to such plans and make other such 
requests.  Moreover, Audit & Supervisory Board members may be appropriately provided reports 
regarding the status of internal audit implementation, and may call for performance of additional audits, 
improvement of business operations and other such requests, when deemed necessary. 
(4) 
Overview of Directors and Officers Liability Insurance Policy 
The Company has entered into a directors and officers liability insurance policy as stipulated in Article 
430-3, Paragraph 1 of the Companies Act with an insurance company.  The scope of the insurance policy 
includes officers of the Company and its subsidiaries (excluding listed companies) (directors, Audit & 
Supervisory Board members, executive officers and other significant employees under the Companies Act), 
and the insurance premiums are not borne by the insureds.  The insurance policy covers costs for 
compensation for damages and litigation costs incurred by the insured person arising from claims for 
compensation for damages related to the execution of his/her duties.  However, to ensure that the 
appropriateness of the execution of duties by the insureds is not impaired, the insurance policy does not 
cover losses in the event of damages for the insureds themselves in relation to acts carried out by the 
insureds with knowledge that they violate laws or regulations. 
(5) 
Number of Directors and Election Rules 
The Company’s Articles of Incorporation limit the maximum number of directors to 11.  An approval 
of resolution to elect directors requires a simple majority vote in favor at a General Meeting of Shareholders 
attended by shareholders representing at least one-third of the total voting rights.  Directors may not be 
elected by cumulative voting.

40 
(6) 
Requirements for Special Resolutions by the General Meeting of Shareholders 
For requirements for special resolutions by the General Meeting of Shareholders as set forth in Article 
309, Paragraph 2 of the Companies Act, the Company’s Articles of Incorporation stipulate that shareholders 
holding one third or more of the voting rights of the shareholders who are entitled to exercise their voting 
rights must attend, and that special resolutions will be passed with two third or more of those voting rights 
cast in favor.  The goal of this policy is to ensure the smooth operations of the General Meeting of 
Shareholders by lowering the quorum required for special resolutions at the General Meeting of 
Shareholders. 
(7) 
Basic Policy on Control of Stock Company 
The Company has not established a basic policy on matters listed in Article 118, Item 3 of the 
Regulation for Enforcement of the Companies Act. 
(8) 
Acquisition of Treasury Stock 
As set forth in Article 165, Paragraph 2 of the Companies Act, the Company’s Articles of Incorporation 
stipulate that the Company can acquire treasury stock through a resolution by its Board of Directors.  The 
goal of this policy is to allow the flexible execution of capital policy in response to changes in the 
management environment by acquiring treasury stock through market trading, etc. 
(9) 
Interim Dividends 
As set forth in Article 454, Paragraph 5 of the Companies Act, the Company’s Articles of Incorporation 
stipulate that the Company can pay interim dividends to shareholders and registered stock pledgees listed 
or registered in the final shareholder registry as of September 30 of each year.  The goal of this policy is 
to allow the flexible execution of capital policy in response to changes in the management environment.

41 
2) 
Status of Officers 
(1) 
Status of Outside Directors and Outside Audit & Supervisory Board Members 
The Company has three outside directors.  Outside Director Mr. Tsukasa Tokuhira provides valuable 
opinions and suggestions to management of the Company as an outside director based on his abundant 
experience as a long-standing leader in the distribution industry.  Mr. Tsukasa Tokuhira concurrently 
serves as Representative Director of Cross Co., Ltd. and Representative Director of Fic Limited.  There is 
no special relationship between the Company and the entities at which he holds the significant concurrent 
positions.  Outside Director Ms. Miki Mitsunari has expertise in corporate ESG management, 
environmental issues involving real estate, and environmental regulations in Japan and overseas.  She also 
conducts surveys and engages in consulting activities for companies regarding their environmental business 
and risk management, and provides the Company with advice to promote diversity of the Company’s Board 
of Directors and the Group’s ESG initiatives.  Ms. Miki Mitsunari serves as the president of FINEV inc., 
Outside Director of Funai Soken Holdings Inc., Outside Director of Solasto Corporation, and Director of 
Japan Accreditation Board.  There is no special relationship between the Company and the entities at 
which she holds the significant concurrent positions.  Outside Director Mr. Kunimitsu Yoshinaga’s career 
history includes the Ministry of Finance, Vice-Governor of Iwate Prefecture and Director-General of the 
Kanto Local Finance Bureau. We seek his election since we have judged that he will provide advice and 
fulfill his role from a supervisory perspective based on his many years of experience and wealth of 
knowledge, such as in the finance area.  Mr. Kunimitsu Yoshinaga has been a business executor of THE 
TOWA BANK, LTD., which has been a specified associated service provider (a major business partner) of 
the Company for the past ten years.  Further, he became Honorary Advisor to THE TOWA BANK, LTD. 
in June 2022. Such Honorary Advisor position does not have any decision-making authority within THE 
TOWA BANK, LTD. organizational structure nor is it remunerated. 
The Company has two outside Audit & Supervisory Board members.  Outside Audit & Supervisory 
Board Member Mr. Masamitsu Takahashi concurrently serves as Representative Partner of Kanata Certified 
Public Tax Accountants Corporation and Representative Director of Takahashi Tax & Management Co., 
Ltd.  Although the Company has a business relationship related to works for the preparation of tax reports, 
etc. with Kanata Certified Public Tax Accountants Corporation, because the scale of annual transactions 
was small at less than 0.001% of the Company’s consolidated net sales, the Company believes that it is not 
significant enough to cause a conflict of interest.  There is no special relationship between the Company 
and Takahashi Tax & Management Co., Ltd.  Mr. Masamitsu Takahashi provides the Company with advice 
and suggestions primarily from a perspective as a tax accountant to serve ensuring adequacy and 
appropriateness in decision-making by the Board of Directors, and that he also provides opinions and 
suggestions with regard to the accounting system and internal audit of the Company.  Outside Audit & 
Supervisory Board Member Mr. Somuku Iimura concurrently serves as Executive Partner of ITN Partners.  
Although the Company is receiving legal and other advice from him when necessary, because the scale of 
annual transactions was small at less than 0.001% of the Company’s consolidated net sales, the Company 
believes that it is not significant enough to cause a conflict of interest.  Mr. Somuku Iimura also serves as 
an outside Director at Maruha Nichiro Corporation, an outside Director at The Furukawa Battery Co., Ltd. 
and an outside Audit & Supervisory Board Member at SANYO SHOKAI LTD.  However, there is no 
special relationship between the Company and each of Maruha Nichiro Corporation, The Furukawa Battery 
Co., Ltd. and SANYO SHOKAI LTD.  He has contributed to the corporate governance and management 
of the Company by providing his opinion relating to management from a different viewpoint based on his 
abundant experience and outstanding knowledge from a fair and neutral position as an Attorney.  Although 
the Company has not established its own criteria or policies regarding the independence of outside directors 
and outside Audit & Supervisory Board members to be applied when appointing such persons, the Company 
refers to criteria established by other institutions, such as of the securities exchange and the like, in assessing 
the independence of independent director/auditor considered for appointment. 
(2) 
Coordination between supervision by Outside Directors or auditing by Outside Audit & 
Supervisory Board Members and Internal Auditing, Audits by Audit & Supervisory Board

42 
Members and by Accounting Auditor, and Relationship with Internal Control Divisions 
Based on their expert knowledge and abundant experience, outside directors supervise the business 
execution of directors, provide valuable opinions and suggestion on the Company’s management policy 
and management plan, etc., and supervise transactions that conflict with the interests of the directors and 
major shareholders, etc. 
Outside Audit & Supervisory Board members may be present at meetings of the Board of Directors 
and/or Audit & Supervisory Board and may work with the Audit Office and the accounting auditor in 
carrying out audits, during which such members may state their opinions or demand explanations.

43 
3) 
Status of Audit 
(1) 
Audits by Audit & Supervisory Board Members 
The Company’s Audit & Supervisory Board system relies on four Audit & Supervisory Board members 
(including two outside Audit & Supervisory Board members).  These auditors participate in the Board of 
Directors meetings and other important business meetings to monitor the directors’ performance of their 
duties.  The Audit & Supervisory Board can work together with the Audit Office and the auditing firm in 
carrying out audits such as by exchanging information as necessary and the like.  The standing Audit & 
Supervisory Board member, or his or her designee, can be present at meetings of the Board of Directors 
and other meetings where the execution of operations is discussed, at which such person may state his/her 
opinions or demand explanations. 
The Company’s Audit & Supervisory Board is held, in principle, once a month and as needed.  The 
Audit & Supervisory Boards held and status of attendance of Audit & Supervisory Board Members during 
the fiscal year under review are as follows: 
Position 
Name 
Audit & Supervisory Board (held 12 times) 
Attendance (times) 
Attendance (rate) 
Audit & Supervisory 
Board Member 
Makoto Igarashi 
12 
100% 
Audit & Supervisory 
Board Member 
Jun Okamoto 
12 
100% 
Outside Audit & 
Supervisory Board 
Member 
Masamitsu Takahashi 
12 
100% 
Outside Audit & 
Supervisory Board 
Member 
Somuku Iimura 
12 
100% 
Major items reviewed at the meetings of the Audit & Supervisory Board during the fiscal year under 
review are as follows. 
- 
Election of Chairperson of the Audit & Supervisory Board 
- 
Auditing policies and plans for Audit & Supervisory Board Members 
- 
Items to be resolved at the Board of Directors 
- 
Monthly regular financial reports 
- 
Status of implementation of audits by the accounting auditor and execution of duties 
- 
Regular reports from the internal audit division 
 
Activities conducted by the standing Audit & Supervisory Board Member during the fiscal year under 
review are as follows. 
- 
Attendance to the Board of Directors and other meetings and committees 
- 
Hearing of various reports from Directors and related departments 
- 
Inspection of important approval documents, contracts and other documents 
- 
Investigation of status of operations and properties of the headquarters and major sales offices 
- 
Regular meetings with the accounting auditor 
 
During the audit planning stage for the fiscal year under review and during the year, we communicated 
matters to which the accounting auditor should pay particular attention in the audit.  These matters include 
risks that require special consideration and areas in which there is high uncertainty in the estimates.  
During this process, we exchanged opinions and received detailed explanations from the accounting auditor 
concerning matters of key audit consideration for which particular attention is required when the accounting 
auditor conduct the audit such as the appropriateness of the decisions concerning the requirement to

44 
recognize impairment loss on non-current assets in the electrical business and the key assumptions used 
and the accounting response when making accounting estimates. 
 
(2) 
Internal Auditing 
The Company has established the Audit Office to strengthen its internal auditing functions.  Reporting 
directly to the President and employing nine full-time staff, such office engages in the auditing of daily 
business activities, observation of inventory count or the like, internal checks and internal auditing.  
Functioning in cooperation with the Audit & Supervisory Board members and the auditing firm, such as by 
exchanging information as necessary and the like, such office provides an audit perspective to ensure that 
the Company’s business activities are conducted properly and efficiently. 
(3) 
Status of Accounting Audits 
(i) 
Auditing Firm 
KPMG AZSA LLC 
(ii) 
Consecutive Auditing Period 
33 years 
The above period represents the period beginning from the fiscal year covered by an audit in the 
securities registration statements filed at the time of the Company’s initial listing since it is extremely 
difficult to investigate auditing information prior to this period.  The actual consecutive auditing period 
may exceed the period stated above. 
(iii) Certified Public Accountants Who Performed the Audit 
Designated limited liability partners Engagement partners: Naoya Miyaki, Tsutomu Fukushima 
(iv) 
Composition of Assistants in Auditing Operations 
13 certified public accountants, 19 other members 
(v) 
Policy and Reasons for Selection of Auditing Firm 
Where the accounting auditor is unable to execute their duties and the Audit & Supervisory Board 
deems necessary, it will decide on the contents of an agenda item for the dismissal or non-reappointment 
of the accounting auditor to be submitted to the General Meeting of Shareholders. 
Furthermore, where the accounting auditor is recognized to fall under the items stipulated in Article 
340, Paragraph 1 of the Companies Act, the accounting auditor will be dismissed base on the unanimous 
agreement of the Audit & Supervisory Board.  In this case, at the first General Meeting of Shareholders 
convened after the dismissal, an Audit & Supervisory Board member selected by the Audit & Supervisory 
Board will report that the accounting auditor has been dismissed and provide the reasons for such. 
As there were no incidents corresponding to the dismissal or non-reappointment of KPMG AZSA 
LLC, the Audit & Supervisory Board has reappointed it as the Company’s auditing firm. 
(vi) 
Evaluation of the Auditing Firm by the Audit & Supervisory Board Members and Audit & 
Supervisory Board 
The Audit & Supervisory Board performs evaluations of the auditing firm.  In these evaluations, the 
Audit & Supervisory Board monitors and evaluates whether the accounting auditor maintains an 
independent position and whether he/she is properly implementing audits, receives reports on the status of 
the execution of duties from the accounting auditor, and requests explanations where necessary.

45 
Furthermore, the Audit & Supervisory Board receives notifications from the accounting auditor stating that 
“systems for ensuring that the performance of the duties of Financial Auditor(s) is being carried out 
correctly” (items listed in Article 131 of the Regulation on Corporate Accounting) are in place according to 
“Quality Control Standards concerning Audit” (October 28, 2005, Business Accounting Council), and 
requests explanations where necessary.  As a result of this process, the evaluation of the Audit & 
Supervisory Board discovered no problems in the execution of duties by the accounting auditor. 
(vii) Auditing Firm Transfers 
No items to report

46 
CONSOLIDATED BALANCE SHEETS 
YAMADA HOLDINGS CO., LTD. and Consolidated Subsidiaries 
As of March 31, 2022 and 2021 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
ASSETS 
 
 
 
 
 
 
 
 
 
Current assets: 
 
 
 
 
 
 
 
 
 
Cash and time deposits (Notes 8 and 10) ······················  
 
¥ 
57,184 
 
¥ 
74,438 
 
$ 
467,153 
Notes receivable-trade (Note 10) ·······························  
 
 
4,647 
 
 
– 
 
 
37,965 
Accounts receivable-trade (Note 10) ···························  
 
 
68,753 
 
 
– 
 
 
561,665 
Notes and accounts receivable (Note 10): 
 
 
 
 
 
 
 
 
 
- Trade ·····························································  
 
 
– 
 
 
72,962 
 
 
- 
- Completed construction contracts ···························  
 
 
2,379 
 
 
2,050 
 
 
19,432 
Sub-total ·····················································  
 
 
75,779 
 
 
75,012 
 
 
619,062 
Operating loans ····················································  
 
 
6,322 
 
 
4,255 
 
 
51,649 
Inventories (Note 13) ·············································  
 
 
404,791 
 
 
408,575 
 
 
3,306,845 
Other current assets (Notes 10 and 19) ·························  
 
 
78,825 
 
 
54,382 
 
 
643,940 
Allowance for doubtful accounts ·······························  
 
 
(1,622)  
 
(2,027)  
 
(13,251) 
Total current assets ·········································  
 
 
621,279 
 
 
614,635 
 
 
5,075,398 
 
 
 
 
 
 
 
 
 
 
Property and equipment: 
 
 
 
 
 
 
 
 
 
Buildings and structures, net (Notes 14, 15 and 22) ··········  
 
 
201,122 
 
 
197,027 
 
 
1,643,022 
Land (Notes 15 and 17) ··········································  
 
 
203,087 
 
 
199,382 
 
 
1,659,072 
Lease assets, net (Notes 14, 15 and 16) ························  
 
 
13,510 
 
 
14,113 
 
 
110,363 
Others, net (Notes 14 and 15) ···································  
 
 
19,772 
 
 
18,079 
 
 
161,522 
Total property and equipment, net ·······················  
 
 
437,491 
 
 
428,601 
 
 
3,573,979 
Intangible assets (Note 15) ············································  
 
 
40,956 
 
 
42,778 
 
 
334,578 
Investments and other assets (Note 15): 
 
 
 
 
 
 
 
 
 
Investment securities (Notes 10 and 11) ·······················  
 
 
10,385 
 
 
6,715 
 
 
84,838 
Long-term loans receivable ······································  
 
 
3,019 
 
 
3,676 
 
 
24,665 
Guarantee deposits (Notes 10, 11, 19 and 30) ·················  
 
 
77,424 
 
 
85,752 
 
 
632,493 
Net defined benefit asset (Note 21) ·····························  
 
 
1,789 
 
 
1,839 
 
 
14,616 
Deferred tax assets (Note 18) ····································  
 
 
54,102 
 
 
40,363 
 
 
441,976 
Other assets ························································  
 
 
28,081 
 
 
30,836 
 
 
229,403 
Allowance for doubtful accounts ·······························  
 
 
(2,858)  
 
(2,595)  
 
(23,349) 
Total investments and other assets ·······················  
 
 
171,942 
 
 
166,586 
 
 
1,404,642 
 
 
 
 
 
 
 
 
 
 
Total assets ······························································  
 
¥ 1,271,668 
 
¥ 
1,252,600 
 
$ 10,388,597

47 
CONSOLIDATED BALANCE SHEETS 
YAMADA HOLDINGS CO., LTD. and Consolidated Subsidiaries 
As of March 31, 2022 and 2021 
 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
LIABILITIES AND NET ASSETS 
 
 
 
 
 
 
 
 
 
Current liabilities: 
 
 
 
 
 
 
 
 
 
Notes and accounts payable (Note 10): 
 
 
 
 
 
 
 
 
 
- Trade ··························································  
 
¥ 
94,564 
 
¥ 
106,929 
 
$ 
772,520 
- Construction contracts ······································  
 
 
15,037 
 
 
13,720 
 
 
122,846 
Sub-total ··················································  
 
 
109,601 
 
 
120,649 
 
 
895,366 
Short-term loans payable (Notes 10 and 17) ················  
 
 
60,755 
 
 
44,199 
 
 
496,325 
Current portion of long-term loans payable (Notes 10, 17 
and 19) ···························································  
 
 
50,301 
 
 
50,860 
 
 
410,921 
Lease obligations (Notes 16 and 17) ·························  
 
 
4,871 
 
 
4,448 
 
 
39,791 
Income taxes payable (Note 18) ······························  
 
 
4,677 
 
 
29,986 
 
 
38,212 
Contract liabilities ··············································  
 
 
58,530 
 
 
- 
 
 
478,147 
Advances received on construction contracts in progress 
 
 
23,371 
 
 
17,285 
 
 
190,923 
Provision for bonuses ··········································  
 
 
12,063 
 
 
10,794 
 
 
98,543 
Other provisions (Note 20) ····································  
 
 
4,178 
 
 
14,989 
 
 
34,133 
Other current liabilities (Notes 21 and 30) ··················  
 
 
63,341 
 
 
64,106 
 
 
517,446 
Total current liabilities ··································  
 
 
391,688 
 
 
357,316 
 
 
3,199,807 
 
 
 
 
 
 
 
 
 
 
Long-term liabilities: 
 
 
 
 
 
 
 
 
 
Long-term loans payable (Notes 10, 17 and 19) ···········  
 
 
111,112 
 
 
123,430 
 
 
907,703 
Lease obligations (Notes 16 and 17) ·························  
 
 
11,102 
 
 
12,319 
 
 
90,699 
Asset retirement obligations (Note 22) ······················  
 
 
35,787 
 
 
35,488 
 
 
292,351 
Provision for directors’ retirement benefits ·················  
 
 
796 
 
 
1,083 
 
 
6,504 
Provision for product warranties ·····························  
 
 
1,675 
 
 
7,913 
 
 
13,686 
Other provisions (Note 20) ····································  
 
 
218 
 
 
400 
 
 
1,778 
Net defined benefit liability (Note 21) ······················  
 
 
31,523 
 
 
30,607 
 
 
257,522 
Other long-term liabilities (Notes 17 and 18) ··············  
 
 
11,489 
 
 
11,499 
 
 
93,853 
Total long-term liabilities ······························  
 
 
203,702 
 
 
222,739 
 
 
1,664,096 
Total liabilities ·······················································  
 
 
595,390 
 
 
580,055 
 
 
4,863,903 
 
 
 
 
 
 
 
 
 
 
Contingent liabilities (Note 19) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net assets (Note 23): 
 
 
 
 
 
 
 
 
 
Common stock: 
authorized – 2,000,000,000 shares 
issued – 966,647,930 shares in 2022 and 966,560,272 
shares in 2021 ·············································  
 
 
71,101 
 
 
71,078 
 
 
580,839 
Capital surplus ··················································  
 
 
80,989 
 
 
84,236 
 
 
661,622 
Retained earnings···············································  
 
 
564,883 
 
 
560,958 
 
 
4,614,675 
Treasury stock, at cost – 130,619,777 shares in 2022 and 
146,871,443 shares in 2021 ······························  
 
 
(61,252) 
 
 
(68,883) 
 
 
(500,380) 
Accumulated other comprehensive income: 
Valuation difference on available-for-sale securities, net 
of taxes (Note 11) ··········································  
 
 
(25) 
 
 
(269) 
 
 
(202) 
Foreign currency translation adjustments ···················  
 
 
1,404 
 
 
609 
 
 
11,470 
Remeasurements of defined benefit plans (Note 21) ······  
 
 
(397) 
 
 
1,685 
 
 
(3,244) 
Subscription rights to shares (Note 24) ···························  
 
 
1,726 
 
 
1,579 
 
 
14,098 
Non-controlling interests ···········································  
 
 
17,849 
 
 
21,552 
 
 
145,816 
Total net assets ·······················································  
 
 
676,278 
 
 
672,545 
 
 
5,524,694 
 
 
 
 
 
 
 
 
 
 
Total liabilities and net assets ······································  
 
¥ 1,271,668 
 
¥ 1,252,600 
 
$ 10,388,597 
 
 
The accompanying notes are an integral part of these financial statements.

48 
CONSOLIDATED STATEMENTS OF INCOME 
YAMADA HOLDINGS CO., LTD. and Consolidated Subsidiaries 
Years ended March 31, 2022 and 2021 
 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
Net sales (Note 29): 
 
 
 
 
 
 
 
 
 
- Trade ································································  
 
¥ 1,618,948  
¥ 1,752,453 
 
$ 13,225,621 
- Non-consolidated subsidiaries and affiliated companies ·····  
 
 
431  
 
53 
 
 
3,522 
Sub-total·······················································  
 
 
1,619,379  
 
1,752,506 
 
 
13,229,143 
 
 
 
  
 
 
 
 
 
Cost of sales (Note 30) ···················································  
 
 
1,154,418  
 
1,231,470 
 
 
9,430,756 
 
 
 
  
 
 
 
 
 
Gross profit ································································  
 
 
464,961  
 
521,036 
 
 
3,798,387 
 
 
 
  
 
 
 
 
 
Selling, general and administrative expenses (Notes 26 and 30) ···  
 
 
399,257  
 
428,957 
 
 
3,261,638 
 
 
 
  
 
 
 
 
 
Operating profit ···························································  
 
 
65,704  
 
92,079 
 
 
536,749 
 
 
 
  
 
 
 
 
 
Other income (expenses): 
 
 
  
 
 
 
 
 
Interest income ·······················································  
 
 
589  
 
612 
 
 
4,807 
Interest expenses ·····················································  
 
 
(1,422)  
 
(1,361)  
 
(11,614) 
Purchase discounts ··················································  
 
 
2,453  
 
2,713 
 
 
20,037 
Impairment loss (Note 15)··········································  
 
 
(3,962)  
 
(14,030)  
 
(32,362) 
Loss due to COVID-19 (Note 27) ·································  
 
 
(209)  
 
(639)  
 
(1,707) 
Loss on disaster ······················································  
 
 
(1,345)  
 
(306)  
 
(10,988) 
Retirement benefits for directors (and other officers) ··········  
 
 
(1,010)  
 
(43)  
 
(8,253) 
Gain on revision of retirement benefit plan  
 
 
3,061  
 
- 
 
 
25,011 
Gain on sale of businesses (Note 27) ·····························  
 
 
-  
 
414 
 
 
- 
Others, net (Note 27) ················································  
 
 
5,673  
 
(1,925)  
 
46,342 
Total other (expenses) income ·····························  
 
 
3,828  
 
(14,565)  
 
31,273 
 
 
 
  
 
 
 
 
 
Profit before income taxes···············································  
 
 
69,532  
 
77,514 
 
 
568,022 
 
 
 
  
 
 
 
 
 
Income taxes (Note 18): 
 
 
  
 
 
 
 
 
Current ································································  
 
 
15,960  
 
36,166 
 
 
130,380 
Deferred ·······························································  
 
 
1,290  
 
(10,319)  
 
10,538 
Total income taxes ···········································  
 
 
17,250  
 
25,847 
 
 
140,918 
 
 
 
  
 
 
 
 
 
Profit ·······································································  
 
 
52,282  
 
51,667 
 
 
427,104 
 
 
 
  
 
 
 
 
 
Profit (loss) attributable to non-controlling interests ················  
 
 
1,726  
 
(132)  
 
14,103 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
Profit attributable to owners of parent ·································  
 
¥ 
50,556  
¥ 
51,799 
 
$ 
413,001 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Yen 
 
U.S. dollars 
(Note 1) 
Amounts per share of common stock: 
 
 
 
 
 
 
 
 
 
Basic earnings per share ············································  
 
¥ 
60.96 
 
¥ 
62.82 
 
$ 
0.50 
Diluted earnings per share··········································  
 
 
60.67 
 
 
62.53 
 
 
0.50 
Cash dividends applicable to the year ····························  
 
 
18.00 
 
 
18.00 
 
 
0.15 
 
 
The accompanying notes are an integral part of these financial statements.

49 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
YAMADA HOLDINGS CO., LTD. and Consolidated Subsidiaries 
Years ended March 31, 2022 and 2021 
 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
  
 
 
Profit ······································································  
 
¥ 
52,282 
 
¥ 
51,667 
 
$ 
427,104 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of taxes (Note 28): 
 
 
 
 
 
 
 
 
 
Valuation difference on available-for-sale securities ··········  
 
 
128 
 
 
459 
 
 
1,047 
Foreign currency translation adjustments ·······················  
 
 
764 
 
 
172 
 
 
6,239 
Remeasurements of defined benefit plans, net of tax ··········  
 
 
(2,083)  
 
1,145 
 
 
(17,016) 
Share of other comprehensive loss of associates accounted for 
using equity method ···········································  
 
 
(4)  
 
(0)  
 
(28) 
Total other comprehensive income (loss) ····················  
 
 
(1,195) 
 
 
1,776 
 
 
(9,758) 
 
 
 
 
 
 
 
 
 
 
Comprehensive income ·················································  
 
¥ 
51,087 
 
¥ 
53,443 
 
$ 
417,346 
 
 
 
 
 
 
 
 
 
 
Comprehensive income attributable to: 
 
 
 
 
 
 
 
 
 
Owners of parent ···················································  
 
¥ 
49,512 
 
¥ 
53,579 
 
$ 
404,479 
Non-controlling interests ··········································  
 
 
1,575 
 
 
(136)  
 
12,867 
 
 
The accompanying notes are an integral part of these financial statements.

50 
 
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS 
YAMADA HOLDINGS CO., LTD. and Consolidated Subsidiaries 
Years ended March 31, 2022 and 2021 
 
 
 
Millions of yen 
 
 
Shareholders’ equity 
Accumulated other comprehensive income  
 
 
 
 
Number of 
shares of 
common 
stock 
(Thousands) 
Common 
stock 
Capital 
surplus 
Retained 
earnings 
Treasury 
stock, 
at cost 
Valuation 
difference on 
available-for-sale 
securities, 
net of taxes 
(Note 11) 
Foreign 
currency 
translation 
adjustments 
Remeasurements 
of defined benefit 
plans 
(Note 21) 
 
Subscription 
rights to shares 
(Note 24) 
 
Non- 
controlling 
interests 
Total net assets 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at April 1, 2020 ··········  
966,490 
¥ 71,059 
¥ 84,060 
¥  517,944 
¥ (38,171) 
¥     (733) 
¥     438 
¥     540 
¥    1,872 
¥  8,157 
¥  645,166 
Issuance of new shares ·········  
70 
19 
18 
 
 
 
 
 
 
 
37 
Cash dividends ··················  
 
 
 
(8,805) 
 
 
 
 
 
 
(8,805) 
Profit attributable to owners of 
parent ·························  
 
 
 
51,799 
 
 
 
 
 
 
51,799 
Purchase of treasury stock ······  
 
 
 
 
(31,956) 
 
 
 
 
 
(31,956) 
Disposal of treasury stock ······  
 
 
(77) 
 
609 
 
 
 
 
 
532 
Change in scope of 
consolidation·················  
 
 
 
20 
 
 
 
 
 
 
20 
Purchase of shares of 
consolidated subsidiaries ···  
 
 
232 
 
613 
 
 
 
 
 
845 
Change in ownership interest 
of parent due to 
transactions with non-
controlling interests ·········  
 
 
3 
 
22 
 
 
 
 
 
25 
Other changes in the year, net··  
 
 
 
 
 
464 
171 
1,145 
(293) 
13,395 
14,882 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2021 ·······  
966,560 
¥ 71,078 
¥ 84,236 
¥  560,958 
¥ (68,883) 
¥     (269) 
¥     609 
¥      1,685 
¥    1,579 
¥  21,552 
¥   672,545 
Cumulative effect of changes 
in accounting policies·······  
 
 
 
(31,956) 
 
 
 
 
 
 
(31,956) 
Restated balance as of April 1, 
2021 ·····························  
 
71,078 
84,236 
529,002 
(68,883) 
(269) 
609 
1,685 
1,579 
21,552 
640,589 
Issuance of new shares ·········  
88 
23 
23 
 
 
 
 
 
 
 
46 
Cash dividends ··················  
 
 
 
(14,754) 
 
 
 
 
 
 
(14,754) 
Profit attributable to owners of 
parent ·························  
 
 
 
50,556 
 
 
 
 
 
 
50,556 
Purchase of treasury stock ······  
 
 
 
 
(6) 
 
 
 
 
 
(6) 
Disposal of treasury stock ······  
 
 
(6) 
 
51 
 
 
 
 
 
45 
Change in scope of 
consolidation·················  
 
 
 
17 
 
 
 
 
 
 
17 
Increase by merger ··············  
 
 
 
62 
 
 
 
 
 
 
62 
Purchase of shares of 
consolidated subsidiaries ···  
 
 
(3,264) 
 
7,586 
 
 
 
 
 
4,322 
Other changes in the year, net··  
 
 
 
 
 
244 
795 
(2,082) 
147 
(3,703) 
(4,599) 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2022 ·······  
966,648 
¥ 71,101 
¥ 80,989 
¥  564,883 
¥ (61,252) 
¥      (25) 
¥    1,404 
¥       (397) 
¥    1,726 
¥  17,849 
¥   676,278

51 
 
 
 
 
Thousands of U.S. dollars (Note 1) 
Shareholders’ equity 
Accumulated other comprehensive income 
 
Common 
Stock 
Capital 
surplus 
Retained 
earnings 
Treasury 
stock, 
at cost 
Valuation 
difference on 
available- 
for-sale securities,
net of taxes 
(Note 11) 
Foreign  
currency 
translation 
adjustments 
Remeasurements 
 of defined benefit
plans 
(Note 21) 
Subscription 
rights to shares 
(Note 24) 
Non- 
controlling 
interests 
Total net  
Assets 
 
 
 
 
 
 
 
Balance at April 1, 2021························· $ 580,652 
$ 688,146 
$ 4,582,616 $ (562,720) 
$    (2,200) 
$    4,976 
$      13,771 
$     12,898 $  176,063 
$ 5,494,202 
Cumulative effect of changes in 
accounting policies ·····················  
 
 
(261,057) 
 
 
 
 
 
 
(261,057) 
Restated balance as of April 1, 2021 ···········
580,652 
688,146 
4,321,559 
(562,720) 
(2,200) 
4,976 
13,771 
12,898 
176,063 
5,233,145 
Issuance of new shares ·····················  
187 
187 
 
 
 
 
 
 
 
374 
Cash dividends ······························  
 
 
(120,533) 
 
 
 
 
 
 
(120,533) 
Profit attributable to owners of parent ····  
 
 
413,001 
 
 
 
 
 
 
413,001 
Purchase of treasury stock ·················  
 
 
 
(48) 
 
 
 
 
 
(48) 
Disposal of treasury stock ·················  
 
(47) 
 
419 
 
 
 
 
 
372 
Change in scope of consolidation ·········  
 
 
142 
 
 
 
 
 
 
142 
Increase by merger ··························  
 
 
506 
 
 
 
 
 
 
506 
Purchase of shares of consolidated 
subsidiaries ······························  
 
(26,664) 
 
61,969 
 
 
 
 
 
35,305 
Other changes in the year, net ·············  
 
 
 
 
1,998 
6,494 
(17,015) 
1,200 
(30,247) 
(37,570) 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2022 ····················· $ 580,839 
$ 661,622 
$ 4,614,675 $ (500,380) 
$    (202) $    11,470 
$      (3,244) $     14,098 $  145,816 
$ 5,524,694 
 
 
The accompanying notes are an integral part of these financial statements.

52 
CONSOLIDATED STATEMENTS OF CASH FLOWS 
YAMADA HOLDINGS CO., LTD. and Consolidated Subsidiaries 
Years ended March 31, 2022 and 2021 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities: 
 
 
 
 
 
 
 
 
 
Profit before income taxes ········································  
 
¥ 
69,532 
 
¥ 
77,514 
 
$ 
568,022 
Depreciation·························································  
 
 
23,686 
 
 
21,471 
 
 
193,500 
Amortization of goodwill ·········································  
 
 
742 
 
 
384 
 
 
6,065 
Increase (decrease) in allowance for doubtful accounts·······  
 
 
(219) 
 
 
7 
 
 
(1,786) 
Increase (decrease) in net defined benefit liability·············  
 
 
(954) 
 
 
931 
 
 
(7,793) 
Interest and dividend income ·····································  
 
 
(827) 
 
 
(741)  
 
(6,754) 
Interest expenses ···················································  
 
 
1,422 
 
 
1,361 
 
 
11,614 
Foreign exchange losses (gains) ··································  
 
 
(360) 
 
 
256 
 
 
(2,943) 
Gain on sale of investment securities ····························  
 
 
(216) 
 
 
(41)  
 
(1,766) 
Loss on sale and disposal of property and equipment, net ····  
 
 
587 
 
 
1,099 
 
 
4,798 
Impairment loss ·····················································  
 
 
3,962 
 
 
14,030 
 
 
32,362 
Gain on negative goodwill ········································  
 
 
– 
 
 
(1,163)  
 
- 
(Increase) decrease in notes and accounts receivable ·········  
 
 
(66) 
 
 
(9,817)  
 
(537) 
Decrease in accounts receivable ··································  
 
 
1,050 
 
 
2,069 
 
 
8,575 
Increase in operating loans receivable ···························  
 
 
(2,068) 
 
 
(1,811)  
 
(16,892) 
Decrease in inventories ············································  
 
 
3,041 
 
 
19,428 
 
 
24,844 
Increase (decrease) in notes and accounts payable ············  
 
 
(11,443) 
 
 
4,733 
 
 
(93,486) 
Increase (decrease) in advances received on construction 
contracts in progress ············································  
 
 
5,911 
 
 
(6,016)  
 
48,291 
Increase (decrease) in contract liabilities························  
 
 
(6,788) 
 
 
– 
 
 
(55,457) 
Other, net ····························································  
 
 
(10,421) 
 
 
14,453 
 
 
(85,131) 
Sub-total ·························································  
 
 
76,571 
 
 
138,147 
 
 
625,526 
Interest and dividend income received ··························  
 
 
334 
 
 
208 
 
 
2,731 
Interest expenses paid··············································  
 
 
(1,422) 
 
 
(1,366)  
 
(11,621) 
Income taxes paid ··················································  
 
 
(54,398) 
 
 
(14,708)  
 
(444,389) 
Net cash provided by operating activities ···················  
 
¥ 
21,085 
 
¥ 
122,281 
 
$ 
172,247 
 
(Continued)

53 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities: 
 
 
 
 
 
 
 
 
 
Payments into time deposits ·······································  
 
¥ 
(672) 
 
¥ 
(136)  
$ 
(5,490) 
Proceeds from withdrawal of time deposits ·····················  
 
 
636 
 
 
- 
 
 
5,196 
Proceeds from sale of property and equipment ·················  
 
 
141 
 
 
163 
 
 
1,155 
Proceeds from sales and redemption of investment securities  
 
 
425 
 
 
93 
 
 
3,473 
Payments for purchase of investment securities ················  
 
 
(3,925) 
 
 
(5)  
 
(32,067) 
Proceeds from acquisition of shares in subsidiaries resulting 
in change in scope of consolidation ··························  
 
 
25 
 
 
4,765 
 
 
202 
Purchase of investments in subsidiaries resulting in change 
in scope of consolidation ······································  
 
 
– 
 
 
(53)  
 
- 
Proceeds from sale of shares in subsidiary resulting in 
change in scope of consolidation ·····························  
 
 
1,068 
 
 
- 
 
 
8,722 
Payment of loans receivable ·······································  
 
 
(266) 
 
 
(2,215)  
 
(2,173) 
Collection of loans receivable ·····································  
 
 
683 
 
 
1,041 
 
 
5,577 
Purchases of property and equipment ····························  
 
 
(28,798) 
 
 
(22,766)  
 
(235,256) 
Purchases of intangible assets ·····································  
 
 
(757) 
 
 
(527)  
 
(6,181) 
Payments for guarantee deposits ··································  
 
 
(2,265) 
 
 
(1,619)  
 
(18,501) 
Proceeds from collection of guarantee deposits ·················  
 
 
10,287 
 
 
8,161 
 
 
84,035 
Purchase of investments in subsidiaries and affiliated 
companies ·······················································  
 
 
(2) 
 
 
(1,575)  
 
(16) 
Other, net ·····························································  
 
 
1,154 
 
 
(105)  
 
9,432 
Net cash used in investing activities ·························  
 
 
(22,266) 
 
 
(14,778)  
 
(181,892) 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities: 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in short-term loans payable ···········  
 
 
16,470 
 
 
(20,791)  
 
134,549 
Proceeds from long-term loans payable ··························  
 
 
41,000 
 
 
40,100 
 
 
334,940 
Repayments of long-term loans payable ·························  
 
 
(53,731) 
 
 
(56,647)  
 
(438,946) 
Purchase of treasury stock ·········································  
 
 
(6) 
 
 
(31,956)  
 
(48) 
Repayments of lease obligations ··································  
 
 
(4,573) 
 
 
(4,573)  
 
(37,358) 
Cash dividends paid ·················································  
 
 
(14,744) 
 
 
(8,810)  
 
(120,448) 
Other, net ·····························································  
 
 
(1,063) 
 
 
(160)  
 
(8,686) 
Net cash used in financing activities ························  
 
 
(16,647) 
 
 
(82,837)  
 
(135,997) 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate change on cash and cash equivalents ····  
 
 
485 
 
 
(151)  
 
3,960 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents ··············  
 
 
(17,343) 
 
 
24,515 
 
 
(141,682) 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of year ····················  
 
 
73,760 
 
 
48,398 
 
 
602,567 
 
 
 
 
 
 
 
 
 
 
Increase in cash and cash equivalents resulting from change in 
scope of consolidation ·············································  
 
 
– 
 
 
847 
 
 
- 
Increase in cash and cash equivalents resulting from merger 
with unconsolidated subsidiaries ·································  
 
 
53 
 
 
– 
 
 
436 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of year (Note 8) ·················  
 
¥ 
56,470 
 
¥ 
73,760 
 
$ 
461,321 
 
 
 
 
 
 
 
 
 
 
Supplemental cash flow information (Note 9) 
 
 
 
 
 
 
 
 
 
 
(Concluded) 
The accompanying notes are an integral part of these financial statements.

54 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
YAMADA HOLDINGS CO., LTD. and Consolidated Subsidiaries 
Years ended March 31, 2022 and 2021 
 
1. BASIS OF PRESENTING CONSOLIDATED FINANCIAL STATEMENTS 
The accompanying consolidated financial statements of YAMADA HOLDINGS CO., LTD. (the 
“Company”), and its consolidated subsidiaries, have been prepared in accordance with the provisions set forth 
in the Japanese Financial Instruments and Exchange Act and its related accounting regulations, and in conformity 
with accounting principles generally accepted in Japan (“Japanese GAAP”), which are different in certain 
respects as to application and disclosure requirements of the International Financial Reporting Standards. 
The accompanying consolidated financial statements have been restructured and translated into English 
with some expanded descriptions from the consolidated financial statements of the Company prepared in 
accordance with Japanese GAAP and filed with the appropriate Local Finance Bureau of the Ministry of Finance 
as required by the Japanese Financial Instruments and Exchange Act.  Some supplementary information 
included in the statutory Japanese language consolidated financial statements, but not required for fair 
presentation, is not presented in the accompanying consolidated financial statements. 
The translations of the Japanese yen amounts into U.S. dollars are included solely for the convenience of 
readers outside Japan, using the prevailing exchange rate at March 31, 2022, which was ¥122.41 to U.S. $1.  
Such translations should not be construed as representations that the Japanese yen amounts have been, could 
have been, or could in the future be converted into U.S. dollars at this or any other rate of exchange. 
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
 
(a) Principles of Consolidation 
The consolidated financial statements include the accounts of the Company and its 43 significant 
subsidiaries (together, the “Group”).  Consolidated subsidiary Hinokiya Juutaku Tokai Co., Ltd. has been 
excluded from the scope of consolidation because of an absorption-type merger whereby consolidated subsidiary 
Hinokiya Juutaku Co., Ltd. becomes a surviving company.  Consolidated subsidiary Sakura Home Co., Ltd. 
has been excluded from the scope of consolidation because of an absorption-type merger whereby consolidated 
subsidiary YAMADA HOMES Co., LTD. becomes a surviving company.  Consolidated subsidiaries BEST 
DENKI CO., LTD., Kurokawa Denki Co., Ltd., Kyusyu Tecc Land Co., Ltd., Matsuya Denki Ltd., Seidensha 
Co., Ltd., and Project White Co., Ltd. have been excluded from the scope of consolidation because of an 
absorption-type merger whereby consolidated subsidiary YAMADA DENKI CO., LTD. becomes a surviving 
company.  Consolidated subsidiary Lifesupport Co., Ltd. has been excluded from the scope of consolidation 
due to transfer of all shares.  PT. BEST ELECTRIC INDONESIA has been included in the scope of 
consolidation due to its establishment.  Hinokiya Juutaku Nagoya Co., Ltd. has been included in the scope of 
consolidation due to acquisition of all outstanding shares. 
 
All significant inter-company accounts, transactions and unrealized profits have been eliminated in 
consolidation. 
All of the Company’s non-consolidated subsidiaries have been insignificant in terms of the aggregated 
amount of their assets, net sales, profit and retained earnings and, thus, their impact on the consolidated financial 
statements has been immaterial. 
Investments in one non-consolidated subsidiary and two affiliated companies have been accounted for using 
the equity method. 
Investments in the remaining non-consolidated subsidiaries and affiliated companies were not accounted 
for using the equity method, but instead carried at cost, because their impact on the consolidated financial 
statements has been immaterial.

55 
In the elimination of investments in subsidiaries, the assets and liabilities of the subsidiaries, including the 
portion attributable to non-controlling shareholders, have been recorded based on the fair value at the time the 
Company acquired control of the respective subsidiaries.  Goodwill (including negative goodwill recognized 
before April 1, 2010) is amortized using the straight-line method over 5 to 20 years. 
The fiscal year-end of eight foreign consolidated subsidiaries, and Hinokiya Group Co., Ltd. and its 13 
subsidiaries in Japan is at the end of December.  The fiscal year-end of YAMADA HOUSING HOLDINGS 
CO., LTD. and other 17 consolidated subsidiaries in Japan is at the end of February, that of YAMADA DENKI 
CO., LTD. is at the end of March, that of OTSUKA KAGU, LTD. (“Otsuka Kagu”) is at the end of April, and 
that of Hinokiya Juutaku Nagoya Co., Ltd. (“Hinokiya Juutaku Nagoya”) is at the end of August.  The financial 
statements of these subsidiaries, except Otsuka Kagu and Hinokiya Juutaku Nagoya, as of and for the years 
ended December 31, 2021 and 2020, February 28, 2022 and 2021, or March 31, 2022 and 2021, as applicable, 
were used in preparing the consolidated financial statements.  For Otsuka Kagu and Hinokiya Juutaku Nagoya, 
their financial statements based on a provisional settlement of accounts as of January 31, 2022 and December 
31, 2021, respectively, were used.  All material transactions which occurred during the periods to March 31 
have been accounted for in the consolidation process. 
(b) Cash and Cash Equivalents 
In preparing the consolidated statements of cash flows, cash and cash equivalents include cash on hand, 
readily-available bank deposits and short-term highly liquid investments with minimum risk of value fluctuation 
and maturities not exceeding three months at the time of purchase. 
(c) Securities 
Under Japanese GAAP, companies are required to examine their intent for holding each security and to 
classify their securities as (i) securities held for trading purposes (“Trading Securities”), (ii) debt securities 
intended to be held to maturity (“Held-to-maturity Debt Securities”), (iii) equity securities issued by non-
consolidated subsidiaries and affiliated companies, or (iv) available-for-sale securities for all other securities that 
are not classified in any of the above categories (“Available-for-sale Securities”). 
Equity securities issued by non-consolidated subsidiaries and affiliated companies are stated at moving-
average cost.  Available-for-sale Securities other than shares, etc. that do not have a market price are stated at 
fair market value.  Unrealized gains and losses on such securities are reported, net of applicable income taxes, 
as a separate component of net assets.  Realized gain and loss on sale of such securities is computed using the 
moving-average cost.  Shares, etc. that do not have a market price are stated principally at the moving-average 
cost.  The Company and its consolidated subsidiaries had no Trading Securities or Held-to-maturity Debt 
Securities. 
Investments in limited partnerships (“LPS”) and/or similar ventures (considered as securities under the 
Japanese Financial Instruments and Exchange Act) are stated at the amounts of the corresponding equity portions 
using the most recent financials available based on the reporting date stipulated in the contracts relating to such 
LPS and/or similar ventures. 
(d) Derivative Transactions and Hedge Accounting 
Derivative financial instruments are stated at fair value and changes in fair value are recognized as gains or 
losses unless derivative transactions are used for hedging purposes. 
If an interest rate swap contract is used as a hedge and meets certain hedging criteria, the net amount to be 
paid or received under such interest rate swap contract is added to or deducted from the interest on the assets or 
liabilities for which such swap contact was executed. 
The Company utilizes derivative transactions for the sole purpose of hedging its exposure to adverse 
fluctuation in exchange rates.  These contracts are used for its long-term borrowings.  The Company and its 
consolidated subsidiaries do not enter into such transactions for speculative trading purposes.

56 
Under Japanese GAAP, assessments on the effectiveness of hedges are not required for certain derivatives 
which meet specific criteria. 
(e) Inventories 
Inventories are primarily stated at the lower of moving-average cost or market value.  Real estate for sale 
and costs on uncompleted construction contracts are stated using the specific identification method. 
(f) 
Property and Equipment (except for lease assets) 
Property and equipment are stated at cost.  Depreciation is mainly computed using the straight-line method. 
(g) Intangible Assets (except for lease assets) 
Intangible assets are amortized using the straight-line method.  Software for internal use is amortized using 
the straight-line method over an estimated useful life of five years. 
(h) Impairment 
The Company and its consolidated subsidiaries review their property and equipment for impairment 
whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may 
not be recoverable.  An impairment loss is recognized if the carrying amount of an asset or asset group exceeds 
the sum of the undiscounted future cash flows expected to result from continued use and eventual disposition of 
such asset or asset group.  The impairment loss is measured as the amount by which the carrying amount of an 
asset exceeds its recoverable amount, which should be the higher of the discounted cash flows from continued 
use and eventual disposition of the asset or the net selling price at disposition. 
(i) 
Long-term Prepaid Expenses 
Long-term prepaid expenses are amortized using the straight-line method. 
(j) 
Allowance for Doubtful Accounts 
An allowance for doubtful accounts is provided at an amount sufficient to cover possible losses on 
collection.  It consists of the estimated uncollectible amount with respect to certain identified doubtful 
receivables and the amount calculated based on historical loss experience for other doubtful receivables. 
(k) Provision for Bonuses 
A provision for bonuses is provided at the estimated amount accrued during the current fiscal year to cover 
future bonus payments to employees. 
(l) 
Provision for Directors’ Retirement Benefits 
Some of the consolidated subsidiaries each set aside a provision for directors’ and Audit & Supervisory 
Board members’ retirement benefits based on internal rules.  Such provision is calculated at the estimated 
payable amount if all officers were to retire at the balance sheet date.  The payment of such retirement benefits 
is subject to approval at a shareholders’ meeting. 
(m) Provision for Product Warranties 
Some of the consolidated subsidiaries each set aside a provision for warranty for future repair expenses at 
the estimated amount calculated based on historical repair expense.

57 
(n) Leases 
At some consolidated subsidiaries, leased assets related to finance lease transactions that transfer ownership 
are depreciated using the same method as that applied to property and equipment held by these subsidiaries. 
At the Company and its consolidated subsidiaries, leased assets related to finance lease transactions that do 
not transfer ownership are depreciated over the lease term using the straight-line method with zero residual value. 
(o) Calculation Method of Retirement Benefits 
The Company sets aside the amount based on the estimated amount of retirement benefit obligations at the 
fiscal year-end to cover retirement benefits payments to employees.  Some of the consolidated subsidiaries set 
aside the amount of retirement benefit obligations minus plan assets based on the estimated amount at the fiscal 
year-end to cover retirement benefits payments to employees. 
In determining the retirement benefit obligations, the benefit formula basis is adopted as the attribution 
method of the projected retirement benefit. 
Prior service costs are amortized from the fiscal year in which such costs are incurred using the straight-
line method over a certain period of time (mainly five years) not exceeding the average remaining service period 
of the eligible employees. 
Actuarial gains or losses incurred during the year are amortized from the succeeding fiscal year using the 
straight-line method over a certain period of time (mainly five years) not exceeding the average remaining service 
period of the eligible employees. 
Certain consolidated subsidiaries apply the simplified method in calculating the defined benefit liability 
and retirement benefit costs, which assumes the benefit obligation to be equal to the benefits payable assuming 
the voluntary retirement of all employees at fiscal year-end. 
Additional information 
The Company and its certain consolidated subsidiaries have applied the “Accounting for Transfers between 
Retirement Benefit Plans” (ASBJ Guidance No. 1, December 16, 2016) and the “Practical Solution on 
Accounting for Transfers between Retirement Benefit Plans” (ASBJ Practical Issues Task Force (PITF) No. 2, 
February 7, 2007) following the transfer from a defined benefit corporate pension plan to a defined contribution 
pension plan on November 1, 2021, and have accounted for the termination of retirement benefit plan for the 
portion transferred to the defined contribution pension plan. 
The impact of this transfer has been recorded as other income of ¥3,061 million ($25,011 thousand) in the 
year ended March 31, 2022. 
(p) Recognition of Revenues and Costs 
The details of the main performance obligations in the major businesses related to revenue from contracts 
with the customers of the Company and its consolidated subsidiaries and the timing at which the Company and 
its subsidiaries typically satisfy these performance obligations (when they typically recognize revenue) are as 
follows: 
Electrical Business 
In the Electrical Business, the Group mainly carries out the sale of home electrical appliances and home 
information appliances, as well as the provision of renovation services and the sale of housing-related products 
such as furniture and home interior products.  The Group primarily recognizes revenue from the sales of 
products at the delivery of the products, since the Group judges that a customer obtains control of the products 
and that the Group satisfies a performance obligation at that point.  Revenue is measured at the amount of 
consideration promised in a contract with the customer less discounts, returns, and other factors.

58 
Revenue from renovation services is recognized at a point in time, since such services are very short-term 
work.  For some finished goods sold by the Group, such as home electrical appliances, the Group provides 
extended warranty services free of charge for malfunctions that occur within the scope of normal use within the 
warranty period, as well as long-term warranty services for a fee based on a separate contract.  The Group 
recognizes their revenue over a certain period of time by identifying the performance obligation for such services, 
deferring the period with a manufacturer’s warranty, and prorating it equally according to the period of extended 
warranty. 
With respect to sales of goods under the Customer Loyalty Program, the Group identifies expenditures 
related to sales promotion to customers as performance obligations and allocates transaction prices based on the 
standalone selling price calculated in consideration of expected future lapses and other factors.  The Group 
recognizes revenue when a customer obtains control of a good or service, since a performance obligation is 
deemed to be satisfied at that point. 
When a promise with a customer is a performance obligation to arrange for a good or service to be provided 
by parties other than the Company and its subsidiaries, such as the sale of some mobile phone terminals and 
POSA (Point of Sales Activation) cards, the Group recognizes revenue on a net basis as an agent. 
Housing Business 
In the Housing Business, the Group is primarily engaged in the sale of houses, mainly detached houses, as 
well as the manufacturing and sale of housing equipment such as bathroom equipment and kitchen equipment. 
Revenue from the sale of houses involving construction contracts, such as the contracted construction of 
custom-built houses, is recognized over a certain period of time as performance obligations are satisfied.  
Revenue from renovation services for owners, very short-term work, and the sale of houses, etc. not involving 
construction contracts is recognized at a point in time, since the Group judges that customers obtain control of 
the houses, etc. and that the Group satisfies performance obligations at the delivery of the houses, etc.  Revenue 
from the sale of housing equipment is primarily recognized at the delivery of the products. 
Financial Business 
In the Financial Business, the Group mainly handles housing loans, issues and operates credit cards in 
alliance with credit companies, and provides insurance agency services as an insurance agent. 
The Group recognizes revenue from housing loans at the drawdown of such loans, since the Group judges 
that it satisfies performance obligations at that point as it receives fees for loan procedures from customers.  
Revenue from proceeds from interest on loans is recognized over the loan periods. 
The Group recognizes revenue from credit services when customers use any of the payment methods 
provided by the Group, since the Group judges that it satisfies performance obligations at that point as it receives 
fees from credit companies according to business alliance.  The amount of revenue is measured at the amount 
of payment fees received. 
For insurance agency services, the Group provides agency services for the conclusion of insurance contracts 
and incidental services based on an insurance agency agreement with insurance companies.  The Group 
recognizes the amount of agency fees expected under contracts with customers as revenue when main 
performance obligations are satisfied, since the performance obligations are typically satisfied when insurance 
contracts come into effect. 
Environment Business 
In the Environment Business, the Group is mainly engaged in the commissioned disposal of industrial 
wastes, the collection and recycling of waste home electrical appliances and home information appliances, and 
the sale of reuse products.

59 
The Group recognizes revenue from the commissioned disposal of industrial wastes when the 
commissioned disposal of industrial wastes is completed, since performance obligations are deemed to be 
satisfied at that point. 
Revenue from the collection of waste home electrical appliances and home information appliances is 
primarily recognized at the collection of waste home electrical appliances and home information appliances, 
since the Group obtains control of the waste products at that point. 
The Group primarily recognizes revenue from the sale of reuse products at the delivery of the products, 
since the Group judges that a customer obtains control of the products and that the Group satisfies a performance 
obligation at that point. 
(q) Income Taxes 
A provision for income taxes is computed based on the profit before income taxes included in the statements 
of income for the Company and each of its consolidated subsidiaries.  The assets and liabilities approach is used 
to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences 
between the financial statements’ carrying amounts and the tax bases of assets and liabilities. 
(r) Per Share Information 
Basic earnings per share of common stock is computed based upon the weighted-average number of shares 
outstanding during each year.  For diluted earnings per share, both profit and shares outstanding are adjusted 
based on the assumptions that convertible bonds would be converted and stock options (subscription rights to 
shares) exercised.  However, the dilutive effect of the second subscription rights to shares of the Company and 
the first and second subscription rights to shares of consolidated subsidiary Otsuka Kagu was not reflected for 
the fiscal years ended March 31, 2022 and 2021, respectively, because they were anti-dilutive. 
Cash dividends per share represent interim dividends declared by the Board of Directors in each fiscal year 
and year-end dividends approved by the shareholders at an annual meeting held subsequent to the end of each 
fiscal year. 
3. SIGNIFICANT ACCOUNTING ESTIMATES 
Regarding accounting estimates, reasonable amounts are calculated based on information available when 
the consolidated financial statements were prepared.  Of the amounts derived from accounting estimates and 
recorded in the consolidated financial statements for the year ended March 31, 2022, those which may have a 
significant impact on the consolidated financial statements for the year ending March 31, 2023 are as follows: 
-Recognition of impairment loss on property and equipment at stores 
 
(1) Amount recorded on the consolidated financial statements for the year ended March 31, 2022 
In the consolidated balance sheets as of March 31, 2022, the Company recorded property and equipment of 
¥404,005 million ($3,300,421 thousand) related to the electrical business as of March 31, 2022, which were 
31.8% of total assets as of March 31, 2022.  In addition, the Company recorded property and equipment of 
¥398,443 million related to the electrical business as of March 31, 2021, which were 31.8% of total assets as of 
March 31, 2021. 
In the consolidated statements of income for the year ended March 31, 2022, the Company recorded an 
impairment loss on property and equipment of ¥3,962 million ($32,362 thousand) which included ¥3,671 million 
($29,993 thousand) related to the electrical business for the year ended March 31, 2022.  In addition, the 
Company recorded an impairment loss on property and equipment of ¥14,030 million which included ¥12,117 
million related to the electrical business for the year ended March 31, 2021.

60 
(2) Other information on accounting estimates that contributes to the understanding of users of financial 
statements 
As a minimum unit for generating cash flows, each retail store is grouped and assessed. 
These asset groups are tested for impairment whenever there is an impairment indicator in them.  The 
impairment test is performed by comparing the undiscounted future cash flows that are expected to be generated 
from the asset groups with their carrying amounts.  If the recognition of an impairment loss is deemed necessary, 
the carrying amount is reduced to the recoverable amount, and the resulting decrease in the carrying amount is 
recognized as an impairment loss. 
The undiscounted future cash flows are estimated using an assumption of a certain growth rate which takes 
into consideration business climates, based on cash flows of each store for the year ended March 31, 2022.  The 
impact of COVID-19 is continuing even today and it has been affecting the Group’s business activities.  It is 
still uncertain and difficult to predict when the COVID-19 pandemic will end.  The Group has made accounting 
estimates (examination on impairment accounting for long-lived assets and other matters) on the assumption that 
similar situation will continue during the year ending March 31, 2023. 
At some stores, an appraisal value determined by a real estate appraiser is used as the market price of long-
lived assets used for the net selling price that is included in the future cash flows.  The appraisal requires 
judgments based on expertise. 
Such estimate contains a high degree of uncertainty and the Company’s judgment may significantly affect 
the estimates of future cash flows. 
4. 
CHANGES IN ACCOUNTING POLICIES 
Application of Accounting Standard for Revenue Recognition, etc. 
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, 
March 31, 2020) and relevant revised ASBJ regulations from the beginning of the year ended March 31, 2022, 
and it has recognized revenue at the time the control of promised goods or services is transferred to the customer 
at the amount expected to be received upon exchange of said goods or services. 
The main changes resulting from the application of the Accounting Standard for Revenue Recognition and 
relevant revised ASBJ regulations are as follows: 
(1) Revenue recognition from agent transaction 
When a promise to a customer is a performance obligation to arrange for goods or services to be provided 
by another party, the Company is acting as an agent and recognizes revenue on a net basis. 
(2) Revenue recognition for sales promotion to customers 
With respect to sales of goods under the Customer Loyalty Program, revenue was previously recognized at 
the time of sale, and the amount expected to be used in the future was recorded as “Other provisions” to provide 
for expenditures related to sales promotion to customers, and the amount of the other provisions was recorded 
as “Selling, general and administrative expenses.”  However, the Company has changed to a method of 
identifying expenditures related to sales promotion to customers as performance obligations and allocating 
transaction prices based on the standalone selling price calculated in consideration of expected future lapses and 
other factors. 
In addition, with respect to the portion of the consideration paid to customers that was previously recorded 
as promotion expenses in the selling, general and administrative expenses, the Company has changed to a method 
of deducting such consideration paid to customers from net sales.

61 
(3) Revenue recognition for warranty services 
For some finished goods sold by the Group, such as home electrical appliances, the Group provides 
extended warranty services free of charge for malfunctions that occur within the scope of normal use within the 
warranty period, as well as long-term warranty services for a fee based on a separate contract. Such services had 
been recognized as one-time revenue at the time of sale.  However, the Company now recognizes their revenue 
by identifying the performance obligation for such services, deferring the period with a manufacturer’s warranty, 
and prorating it equally according to the period of extended warranty. 
(4) Performance obligations to be met over a certain period of time 
The Group had previously applied the percentage-of-completion method to construction contracts for which 
the outcome of the construction work was deemed certain, and the completed-contract method to other 
construction contracts.  However, the Group has changed to a method of recognizing revenue over a certain 
period of time as performance obligations are satisfied, except for very short-term construction work. 
The application of the Accounting Standard for Revenue Recognition and relevant revised ASBJ regulations 
is subject to the transitional treatment provided for in the proviso to Paragraph 84 of the Accounting Standard 
for Revenue Recognition.  The cumulative effect of the retrospective application, assuming the new accounting 
policy had been applied to periods prior to the beginning of the year ended March 31, 2022, was added to or 
deducted from the opening balance of retained earnings of the year ended March 31, 2022, and thus the new 
accounting policy was applied from such opening balance; provided, however, that the new accounting policy 
was not retrospectively applied to contracts for which all the revenue amounts had been recognized according to 
the previous treatment in periods prior to the beginning of the year ended March 31, 2022, by applying the 
method provided for in Paragraph 86 of the Accounting Standard for Revenue Recognition. 
As a result, compared with the figures before the application of the Accounting Standard for Revenue 
Recognition and relevant revised ASBJ regulations, current assets increased by ¥4,177 million ($34,121 
thousand), current liabilities increased by ¥56,791 million ($463,941 thousand), and long-term liabilities 
decreased by ¥4,793 million ($39,154 thousand) in the consolidated balance sheets for the year ended March 31, 
2022.  In the consolidated statements of income for the year ended March 31, 2022, net sales and gross profit 
decreased by ¥104,073 million ($850,198 thousand) and ¥15,198 million ($124,155 thousand), respectively.  
However, the impact on operating profit, ordinary profit, and profit before income taxes was minimal.  The 
cumulative impact of this change has been reflected on net assets at the beginning of the year ended March 31, 
2022.  As a result, the beginning balance of retained earnings decreased by ¥31,956 million ($261,057 
thousand) in the consolidated statements of changes in net assets.  In the consolidated statements of cash flows 
for the year ended March 31, 2022, increase (decrease) in contract liabilities decreased by ¥6,788 million 
($55,457 thousand) and other, net in cash flows from operating activities increased by ¥7,406 million ($60,505 
thousand).  However, the impact on profit before income taxes was minimal. 
The impact of this change on per share information was minimal. 
In accordance with the transitional treatment provided for in Paragraph 89-3 of the Accounting Standard 
for Revenue Recognition, notes on revenue recognition for the year ended March 31, 2021 are not presented. 
As a result of the application of the Accounting Standard for Revenue Recognition and relevant revised 
ASBJ regulations, “Notes and accounts receivable-trade,” which was presented under “Current assets” in the 
consolidated balance sheets for the year ended March 31, 2021, has been included in “Notes receivable-trade” 
and “Accounts receivable-trade” from the year ended March 31, 2022, and “Other provisions,” which was 
presented under “Current liabilities,” and “Provision for product warranties,” which was presented under “Long-
term liabilities,” have been included in “Contract liabilities,” “Other provisions,” which is presented under 
“Current liabilities,” and “Provision for product warranties,” which is presented under “Long-term liabilities,” 
from the year ended March 31, 2022.  Moreover, “Other, net,” which was presented under “Cash flows from 
operating activities” in the consolidated statements of cash flows for the year ended March 31, 2021, has been 
included in “Other, net” and “Increase (decrease) in contract liabilities” from the year ended March 31, 2022.  
However, in accordance with the transitional treatment provided for in Paragraph 89-2 of the Accounting 
Standard for Revenue Recognition, figures for the year ended March 31, 2021 have not been restated based on 
the new approach to presentation.

62 
Application of Accounting Standard for Fair Value Measurement, etc. 
The Company has applied the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 
30, July 4, 2019) and relevant ASBJ regulations from the beginning of the year ended March 31, 2022, and 
applies the new accounting policy provided for in the Accounting Standard for Fair Value Measurement and 
relevant ASBJ regulations into the future, in accordance with the transitional treatment provided for in Paragraph 
19 of the Accounting Standard for Fair Value Measurement and Paragraph 44-2 of the “Accounting Standard for 
Financial Instruments” (ASBJ Statement No. 10, July 4, 2019).  There are no impacts on profit or loss for the 
year ended March 31, 2022. 
In addition, the Company includes notes on fair value information by level within the fair value hierarchy 
in Note 10, entitled “FINANCIAL INSTRUMENTS.”  However, in accordance with the transitional treatment 
provided in Paragraph 7-4 of the “Implementation Guidance on Disclosures about Fair Value of Financial 
Instruments” (ASBJ Guidance No. 19, July 4, 2019), notes pertaining to the year ended March 31, 2021 are not 
presented. 
5. ACCOUNTING STANDARDS AND GUIDANCE ISSUED BUT NOT YET APPLIED 
• “Practical Solution on the Accounting and Disclosure Under the Group Tax Sharing System” (ASBJ PITF No. 
42, issued on August 12, 2021) 
 
a) Outline: 
In line with the transition from the consolidated taxation system to the group tax sharing system which is 
stipulated in the Act for Partial Revision of the Income Tax Act, etc. (Act No. 8 of 2020) enacted on March 
27, 2020, this PITF was published by the ASBJ for the purpose of clarifying the accounting treatment and 
disclosure of corporate and local income taxes and tax effect accounting in the case of applying the group 
tax sharing system. 
 
b) Planned date of application: 
To be applied from the beginning of the year ending March 31, 2023. 
 
c) Impact of application of the accounting standard: 
The impact of the application of this accounting standard on the Company’s consolidated financial 
statements has not yet been determined. 
 
• “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No. 31, 
revised on June 17, 2021) 
 
a) Outline: 
The revision to the “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ 
Guidance No. 31) as of June 17, 2021 is to revise and publish “determination of the fair value of investment 
trusts” and notes on the fair value of “investments in partnerships, etc. for which equity interests are recorded 
on a net basis on the consolidated balance sheet.”  When the ASBJ published this guidance on July 4, 2019, 
it announced that these issues would be examined for approximately one year after the publication of the 
“Accounting Standard for Fair Value Measurement,” because “determination of the fair value of investment 
trusts” requires certain examination in discussions with relevant parties, and notes on the fair value of 
“investments in partnerships, etc. for which equity interests are recorded on a net basis on the consolidated 
balance sheet” also require certain examination. 
 
b) Planned date of application: 
To be applied from the beginning of the year ending March 31, 2023. 
 
c) Impact of application of the accounting standard: 
The impact of the application of this accounting standard on the Company’s consolidated financial 
statements has not yet been determined.

63 
6. CHANGE IN PRESENTATION 
Consolidated Statements of Income 
 
“Retirement benefits for directors (and other officers)” and “Loss on disaster,” which were previously 
included in “Others, net” in “Other income (expenses),” are now presented individually since their materiality 
in amounts has increased.  “Retirement benefits for directors (and other officers)” and “Loss on disaster” for 
the year ended March 31, 2021 were ¥43 million and ¥306 million, respectively. 
 
“Loss on cancelation of rental contracts” in “Other income (expenses),” which was presented individually 
for the year ended March 31, 2021, is included in “Others, net” in “Other income (expenses)” to provide more 
effective disclosure.  “Loss on cancelation of rental contracts” for the year ended March 31, 2021 was ¥5,657 
million. 
 
Consolidated Statements of Cash Flows 
 
“Increase (decrease) in provision for product warranties” and “Loss on cancellation of rental contracts” in 
“Cash flows from operating activities” and “Proceeds from sales and leasebacks” and “Proceeds from disposal 
of treasury stock” in “Cash flows from financing activities,” which were presented individually for the year 
ended March 31, 2021, are included in “Other, net” in “Cash flows from operating activities” and “Other, net” 
in “Cash flows from financing activities,” respectively, to provide more effective disclosure.  “Increase 
(decrease) in provision for product warranties,” “Loss on cancellation of rental contracts,” “Proceeds from sales 
and leasebacks,” and “Proceeds from disposal of treasury stock” for the year ended March 31, 2021 were ¥254 
million, ¥5,657 million, ¥380 million, and ¥0 million, respectively. 
7. BUSINESS COMBINATIONS 
Business divestiture 
Transfer of shares in Lifesupport Co., Ltd. 
Based on a resolution at the meeting of the board of directors held on September 16, 2021, Hinokiya Group 
Co., Ltd., the Company’s consolidated subsidiary, concluded a share transfer agreement with Merhälsa 
Corporation on the transfer of shares in consolidated subsidiary Lifesupport Co., Ltd. (“Lifesupport”) on the 
same day, and completed the share transfer on October 20, 2021.  As a result of the share transfer, Lifesupport 
has been excluded from the scope of consolidation of the Company. 
1. Summary of the business divestiture 
a) Name of the buyer 
Merhälsa Corporation 
b) Business lines of the divested subsidiary 
Operation of housing facilities for the elderly and nursery schools 
c) Main reasons for the share transfer 
In January 2014, Hinokiya Group Co., Ltd. made Lifesupport, which develops the elderly care and child 
care businesses, its consolidated subsidiary in expectation of synergies with its group business in order 
to expand its business domains and diversify its revenue sources.  Lifesupport develops the child care 
business which operates 54 child care facilities (e.g., nursery schools authorized either by local 
governments or by the Tokyo Metropolitan Government, after school clubs) and the elderly care business 
which operates housing and other facilities for the elderly mainly in Tokyo. 
In recent years, to concentrate management resources on the child care business, which is expected to be 
expended by opening child care facilities due to a strong need partly reflecting the issue of children on 
waiting lists for such facilities, Lifesupport has focused on the provision of high-value-added services, 
such as English language education, and the development of after school child care.  At the same time, 
the company has endeavored to improve its profitability by reducing the elderly care business.

64 
However, as the number of children on the waiting lists has been gradually decreasing in the child care 
industry, the business environment has been becoming severe, such as a chronic shortage of child care 
workers and intensifying competition due to an increase in the number of nursery schools authorized by 
local governments.  On the other hand, recent needs for various child rearing support services have 
required higher expertise and more flexible business operations.  Hinokiya Group Co., Ltd. concluded 
that share transfer to an appropriate business company would be the best choice for the development of 
Lifesupport to further expand its businesses and secure stable revenue over a medium to long term, rather 
than the continuous holding of the shares by Hinokiya Group with which direct synergies cannot be 
expected. 
d) Date of the business divestiture 
October 20, 2021 
e) Summary of the transaction including the legal form of business divestiture 
Share transfer with the consideration in cash or so forth assets only 
2. Summary of accounting applied 
a) Amount of gain (loss) on the share transfer 
Gain on sale of shares of subsidiaries and associates: ¥191 million ($1,558 thousand) 
b) Book values and breakdown of the assets and liabilities of the business transferred 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
Current assets ············································  
¥ 
953  
$ 
7,789 
Non-current assets ······································  
 
1,262  
 
10,307 
Total assets ·········································  
¥ 
2,215  
$ 
18,096 
 
 
  
 
 
Current liabilities ········································  
¥ 
457  
$ 
3,738 
Non-current liabilities ··································  
 
592  
 
4,833 
Total liabilities ····································  
¥ 
1,049  
$ 
8,571 
 
c) Accounting treatment 
The difference between the selling price and the book value on a consolidation basis of the transferred 
shares, adjusted as necessary for the consolidation of the Company, was recorded as “Others, net” in other 
income. 
3. Name of reportable segment in which the divested business was included 
Housing business 
4. Amounts of profit or loss of the divested business included in the consolidated statements of income for the 
year ended March 31, 2022 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
Net sales ··················································  
¥ 
2,981  
$ 
24,357 
Operating loss ···········································  
 
47  
 
382

65 
Transactions under common control 
Reorganization of Electrical Business (former Electrical Appliance Segment) 
Based on a resolution at a meeting of the Board of Directors held on January 18, 2021, the Company 
conducted an absorption-type merger (the “Merger”) on July 1, 2021, whereby Yamada Denki becomes a 
surviving company and the Company’s consolidated subsidiaries, BEST DENKI CO., LTD., Kurokawa Denki 
Co., Ltd., Kyusyu Tecc Land Co., Ltd., Matsuya Denki Ltd., Seidensha Co., Ltd., and Project White Co., Ltd., 
and a non-consolidated subsidiary (Kato Shoji Co., Ltd.) become dissolving companies. 
1. Summary of transaction 
a) Name and description of business of acquired companies 
Name of surviving company: 
YAMADA DENKI CO., LTD. 
Business description: 
Home electrical appliances and home information appliances sales 
business and housing-related product sales business 
Name of dissolved companies: 
BEST DENKI CO., LTD. 
Kurokawa Denki Co., Ltd. 
Kyusyu Tecc Land Co., Ltd. 
Matsuya Denki Ltd. 
Seidensha Co., Ltd. 
Project White Co., Ltd. 
Kato Shoji Co., Ltd. 
Business description: 
Home electrical appliances and home information appliances sales 
business and housing-related product sales business (BEST DENKI 
CO., LTD., Kurokawa Denki Co., Ltd., Kyusyu Tecc Land Co., 
Ltd., Matsuya Denki Ltd. and Seidensha Co., Ltd.) 
Franchise business (BEST DENKI CO., LTD. and Matsuya Denki 
Ltd.) 
PC components and information communication equipment sales 
business and business of manufacturing and sales of original PC 
(Project White Co., Ltd.) 
Real estate leasing business (Kato Shoji Co., Ltd.) 
b) Date of business combination 
July 1, 2021 
c) Legal form of business combination 
An absorption-type merger, whereby Yamada Denki as a surviving company and BEST DENKI CO., 
LTD., Kurokawa Denki Co., Ltd., Kyusyu Tecc Land Co., Ltd., Matsuya Denki Ltd., Seidensha Co., Ltd., 
Project White Co., Ltd., and Kato Shoji Co., Ltd. as dissolving companies 
d) Name of the company after business combination 
YAMADA DENKI CO., LTD. 
e) Other matters relating to the transaction 
As part of an intragroup reorganization, besides integrating expertise and management resources of the 
subsidiaries in the electrical business, the Company intends to introduce an in-house company system 
with 11 new regional divisions at the same time of the Merger.  It aims to facilitate efficiency in terms 
of sales and administration to realize higher corporate value through a prompt implementation of “Total-
Living (Kurashi-Marugoto)” strategy of the Group and SDGs and ESG initiatives.

66 
2. Summary of accounting applied 
The transaction was accounted for as a transaction in the category of under common control in 
accordance with “Accounting Standard for Business Combinations” (ASBJ Statement No. 21) and 
“Implementation Guidance on Accounting Standard for Business Combinations and Accounting Standard for 
and Business Divestitures” (ASBJ Guidance No. 10). 
Conversion into a wholly owned subsidiary through simplified share exchange 
Based on a resolution at the meeting of the Board of Directors held on June 9, 2021, the Company executed 
a share exchange, whereby the Company becomes the wholly owning parent company and Otsuka Kagu becomes 
the wholly owned subsidiary (the “Share Exchange”), as of the effective date of September 1, 2021. 
1. Summary of transaction 
a) Name and description of business of the wholly owned subsidiary resulting from a share exchange 
Name of the wholly owned subsidiary resulting from a share exchange:  OTSUKA KAGU, LTD. 
Description of business: General sales of furniture, home electrical appliances and home interiors 
b) Date of business combination 
September 1, 2021 
c) Legal form of business combination 
The Share Exchange is one whereby the Company becomes the wholly owning parent company and 
Otsuka Kagu becomes the wholly owned subsidiary.  In accordance with Article 796, Paragraph 2 of the 
Companies Act, the Share Exchange was conducted by the Company through a simplified share exchange 
procedure that does not require approval by a resolution of the shareholder’s meeting.  For Otsuka Kagu, 
the Share Exchange Agreement was approved at the Ordinary General Meeting of Shareholders of Otsuka 
Kagu held on July 29, 2021.  The Share Exchange took effect on September 1, 2021. 
d) Name of the company after business combination 
The name will not be changed. 
e) Purpose of the Share Exchange 
- To further strengthen the collaborative relationship 
- To establish a structure that enables swift and flexible decision-making and thorough implementation of 
policies within the Group 
2. Summary of accounting applied 
The transaction was accounted for as a transaction with non-controlling shareholders in the category of 
under common control in accordance with “Accounting Standard for Business Combinations” (ASBJ 
Statement No. 21) and “Implementation Guidance on Accounting Standard for Business Combinations and 
Accounting Standard for and Business Divestitures” (ASBJ Guidance No. 10). 
3. Matters concerning the acquisition of additional shares in subsidiary 
a) Acquisition cost and breakdown by type of consideration 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
Consideration for the acquisition: 
The Company’s common stock ······················  
¥ 
7,650 
 
$ 
62,497 
Acquisition cost ···········································  
¥ 
7,650 
 $ 
62,497

67 
 
b) Stock type, exchange ratio and number of shares delivered 
 
The Company 
(wholly owning parent company) 
Otsuka Kagu 
(wholly owned subsidiary) 
Allotment ratio for the Share 
Exchange 
1 
0.58 
Number of shares delivered in the 
Share Exchange 
Common stock of the Company: 16,174,022 shares 
 
Notes: 1. Share allotment ratio 
 
For each share of Otsuka Kagu, 0.58 shares of the Company’s common stock (the “Company’s 
Shares”) were allotted.  However, no shares were allotted in the Share Exchange for the Otsuka 
Kagu shares of which the Company holds (30,000,000 shares). 
 
2. Number of the Company’s Shares to be delivered in the Share Exchange 
 
Upon the Share Exchange, the Company delivered the number of the Company’s Shares calculated 
based on the Share Exchange Ratio as described in the table above to the shareholders of Otsuka 
Kagu (referring to the shareholders after the cancellation of treasury stock as described below and 
excluding the Company) as of the time immediately prior to the time at which the Company 
acquired all of the issued shares in Otsuka Kagu (excluding the Otsuka Kagu shares held by the 
Company) under the Share Exchange (the “Record Time”), in exchange for Otsuka Kagu shares 
being owned by these shareholders.  The Company used its treasury stock (146,871,443 shares) 
as shares delivered through the Share Exchange, and did not issue new shares upon allotment to 
the Share Exchange. 
 
 
c) Rationale and reason for allotment in the Share Exchange 
In order to ensure fairness and appropriateness in calculating the Share Exchange Ratio described in “b) 
Stock type, exchange ratio, and number of shares delivered” above, the Company and Otsuka Kagu, 
respectively and separately, decided to request a third-party valuation institution independent from them 
to calculate the share exchange ratio.  The Company appointed Nomura Securities Co., Ltd., and Otsuka 
Kagu appointed Deloitte Tohmatsu Financial Advisory LLC as the third-party valuation institutions. 
The Company and Otsuka Kagu conducted careful examinations based on the results of due diligence, 
etc. that each company respectively carried out with respect to the counterparty while referencing the 
calculation result of the share exchange ratio submitted to them by the respective third-party valuation 
institution, and held serious and extensive discussions and negotiations concerning the Share Exchange 
Ratio, giving comprehensive consideration to various factors, such as the financial conditions, business 
performance trends, future outlook and share price trends of both companies.  As a result, the Company 
and Otsuka Kagu judged that the Share Exchange Ratio is appropriate for the respective shareholders and, 
at the respective Board of Directors’ meetings of both companies held on June 9, 2021, decided to conduct 
the Share Exchange at the Share Exchange Ratio and concluded and conducted the Share Exchange 
Agreement between the two companies. 
4. Matters concerning the change in the Company’s equity interest associated with the transaction with non-
controlling shareholders 
a) Main reason for change in capital surplus 
Acquisition of additional shares in subsidiaries 
b) The amount of decrease in capital surplus due to the transactions with non-controlling shareholders 
¥3,264 million ($26,664 thousand)

68 
8. CASH AND CASH EQUIVALENTS 
Cash and cash equivalents as of March 31, 2022 and 2021 in the consolidated statements of cash flows 
consisted of the following: 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
Cash and time deposits ········································  
¥ 
57,184 
 ¥ 
74,438 
 $ 467,153 
Time deposits with maturities exceeding three months ···  
 
(714) 
 
 
(678)  
 
(5,832) 
Cash and cash equivalents ····································  
¥ 
56,470 
 ¥ 
73,760 
 $ 461,321 
 
9. SUPPLEMENTAL CASH FLOW INFORMATION 
Assets and liabilities acquired through finance leases for the year ended March 31, 2022 were ¥3,304 
million ($26,991 thousand) and ¥3,491 million ($28,520 thousand), respectively.  Assets and liabilities acquired 
through finance leases for the year ended March 31, 2021 were ¥4,890 million and ¥5,111 million, respectively. 
Assets retirement obligations for the years ended March 31, 2022 and 2021 were ¥973 million ($7,945 
thousand) and ¥903 million, respectively. 
Acquisition of shares in newly consolidated subsidiary with change in scope of consolidation 
As a result of the acquisition of shares of Leo House, during the year ended March 31, 2021, Leo House 
was included in the scope of consolidation.  The breakdown of the assets and liabilities at the initial 
consolidation and the acquisition price and proceeds from the acquisition are as follows: 
 
Millions of yen 
Current assets ····························································  
¥ 
6,378 
Non-current assets ·······················································  
 
1,721 
Current liabilities ························································  
 
(8,229) 
Non-current liabilities···················································  
 
(850) 
Goodwill ··································································  
 
1,469 
   Acquisition price of the shares ····································  
 
489 
Cash and cash equivalents ··············································  
 
(991) 
   Difference: Proceeds from acquisition of the shares ···········  
¥ 
502 
As a result of the acquisition of shares of Shuken, during the year ended March 31, 2021, Shuken was 
included in the scope of consolidation.  The breakdown of the assets and liabilities at the initial consolidation 
and the acquisition price and proceeds from the acquisition are as follows: 
 
Millions of yen 
Current assets ····························································  
¥ 
2,703 
Non-current assets ·······················································  
 
1,511 
Gain on negative goodwill ·············································  
 
(1,144) 
Current liabilities ························································  
 
(2,266) 
Non-current liabilities···················································  
 
(592) 
Non-controlling interests ···············································  
 
(37) 
Other ······································································  
 
(175) 
   Acquisition price of the shares ····································  
 
0 
Cash and cash equivalents ··············································  
 
(218) 
   Difference: Proceeds from acquisition of the shares ···········  
¥ 
218

69 
As a result of the acquisition of shares of Hinokiya Group during the year ended March 31, 2021, Hinokiya 
Group was included in the scope of consolidation.  The breakdown of the assets and liabilities at the initial 
consolidation and the acquisition price and proceeds from the acquisition are as follows: 
 
Millions of yen 
Current assets ····························································  
¥ 
59,863 
Non-current assets ·······················································  
 
23,593 
Current liabilities ························································  
 
(43,200) 
Non-current liabilities···················································  
 
(14,957) 
Goodwill ··································································  
 
2,000 
Non-controlling interests ···············································  
 
(14,644) 
   Acquisition price of the shares ····································  
 
12,655 
Cash and cash equivalents ··············································  
 
(16,700) 
   Difference: Proceeds from acquisition of the shares ···········  
¥ 
4,045 
Sale of shares in consolidated subsidiary with change in scope of consolidation 
As a result of the sale of shares of Lifesupport Co., Ltd., during the year ended March 31, 2022, Lifesupport 
was excluded from the scope of consolidation.  The breakdown of the assets and liabilities at the sale and the 
selling price and proceeds from the sale are as follows: 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
Current assets ····························································  
¥ 
953 
$ 
7,789 
Non-current assets ·······················································  
 
1,262 
10,307 
Current liabilities ························································  
 
(458) 
(3,738) 
Non-current liabilities···················································  
 
(592) 
(4,833) 
Non-controlling interests ···············································  
 
(367) 
(3,002) 
Unamortized balance of goodwill ·····································  
 
395 
3,227 
Incidental expenses associated with the sale 
 
96 
782 
Gain on sale of the shares 
 
191 
1,558 
Selling price of the shares ·········································  
 
1,480 
12,090 
Cash and cash equivalents ··············································  
 
(412) 
(3,368) 
   Difference: Proceeds from sale of the shares ····················  
¥ 
1,068 
$ 
8,722 
10. FINANCIAL INSTRUMENTS 
I. 
Qualitative Information on Financial Instruments 
(a) Policies for Using Financial Instruments 
The Group raises necessary funds based on capital budgeting, mainly through loans from banks.  
Temporary surplus funds are invested in highly liquid instruments, and working capital is financed through bank 
loans. 
Each operating department of the Company periodically monitors the Company’s counterparties and 
manages the due dates and balances of trade notes, accounts receivable, and long-term loans receivable in order 
to reduce credit risk by early identification of a possible default due to financial trouble of any counterparty. 
The Company continuously reviews portfolios of securities by periodically monitoring fair values of each 
security and the financial condition of the issuer as well as market condition and the relationship with the issuer. 
(b) Details of Financial Instruments and Related Risk 
Trade notes and accounts receivable are exposed to credit risk of customers.

70 
Investment securities, which mainly comprise equity securities issued by those who have business 
relationships with the Company and/or its consolidated subsidiaries, are exposed to market risk. 
Guarantee deposits, which are mostly related to rental of stores, are exposed to credit risk of lessors. 
Most notes and accounts payable are due within two months. 
Bank loans are obtained mainly for capital expenditures. 
For certain loans payable, the Company utilizes interest rate (floating for fixed rate) swaps in order to 
manage interest rate risk.  Some of its consolidated subsidiaries utilize currency swaps and currency options in 
order to reduce the foreign currency risk of foreign-currency-denominated monetary assets and liabilities.  The 
Company also uses derivatives as hedging instruments, which is described in “Derivative Transactions and 
Hedge Accounting” under Note 2, entitled “SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.”  
Interest rate swap transactions entered into by the Company involve interest rate risk and currency swap and 
currency option transactions entered into by some of its consolidated subsidiaries involve foreign currency risk.  
Since the counterparties of derivative transactions are limited to highly credible domestic banks, credit risk that 
arises from contractual default by counterparties is considered to be fairly low. 
(c) Policies and Process of Risk Management 
- 
Credit risk management 
Credit risk refers to the risk that the counterparty will default on its contractual obligation.  In accordance 
with the Company’s sales management policy, each operating department of the Company periodically monitors 
the Company’s counterparties and manages the due dates and balances of trade notes and accounts receivable in 
order to reduce credit risk by early identification of a possible default due to financial trouble of any counterparty.  
The Company’s consolidated subsidiaries also manage their credit risk in the above manner. 
The Company believes that the credit risk under derivative transactions is fairly low because counterparties 
of derivative transactions are limited to financial institutions with high credit ratings. 
- 
Market risk management 
Market risk is the risk that movements in market variables, such as foreign currency exchange rates, interest 
rates and market prices, result in financial loss to the Company and/or its consolidated subsidiaries.  For certain 
loans payable, the Company utilizes interest rate (floating for fixed rate) swaps in order to manage interest rate 
risk.  Moreover, some of its consolidated subsidiaries utilize currency swaps and currency options in order to 
reduce the foreign currency risk of foreign-currency-denominated monetary assets and liabilities. 
The Company continuously reviews portfolios of securities by periodically monitoring fair values of each 
security and the financial condition of the issuer as well as market condition and the relationship with the issuer. 
The basic policy, authority and maximum amount of derivative transactions are determined at a Board of 
Directors’ meeting, and the execution and management of derivative transactions are performed by the Financial 
Division.  The results of transactions are reported at the Board of Directors’ meeting on a regular basis. 
- 
Management of liquidity risk related to fund raising 
Liquidity risk is the risk of being unable to meet obligations as they become due.  The Company manages 
liquidity risk by having liquidity on hand and by formulating and renewing the fund management plan based on 
reports from each department.

71 
(d) Supplemental Information on Fair Value 
Changes in estimates and assumptions used to estimate the fair values of financial instruments could result 
in different values.  Additionally, notional amounts of derivative transactions, which are presented in Note 12, 
entitled “DERIVATIVE FINANCIAL INSTRUMENTS,” do not indicate market risk of derivative transactions. 
 
II. 
Fair Value of Financial Instruments 
The following is a summary of book values and estimated fair values of financial instruments as of March 
31, 2022 and 2021: 
 
 
Millions of yen 
 
 
2022 
 
 
Book value 
 
Fair value 
 
Valuation 
gains/(losses) 
Financial assets: 
  
 
  
 
  
 
(1) Accounts receivable-trade ····················   ¥ 
68,753  ¥ 
  ¥ 
 
Allowance for doubtful accounts (*2) ·····    
(182)   
   
 
 
  
68,571   
67,677   
(894) 
(2) Investment securities (*3) ····················    
7,774   
7,932   
158 
 
  
   
   
 
(3) Guarantee deposits (*4) 
  
   
   
 
(including current portion) ··················    
81,541   
   
 
Allowance for doubtful accounts (*2) ······    
(23)   
   
 
 
  
81,518   
83,119   
1,601 
 
 ¥ 
157,863  ¥ 
158,728  ¥ 
865 
Financial liabilities: 
  
   
   
 
(1) Long-term loans payable 
  
   
   
 
(including current portion) ··················   ¥ 
161,413  ¥ 
160,597  ¥ 
(816) 
 
 ¥ 
161,413  ¥ 
160,597  ¥ 
(816) 
 
 
 
Thousands of U.S. dollars (Note 1) 
 
 
2022 
 
 
Book value 
 
Fair value 
 
Valuation 
gains/(losses) 
Financial assets: 
  
 
  
 
  
 
(1) Accounts receivable-trade ····················   $ 
561,665  $ 
  $ 
 
Allowance for doubtful accounts (*2) ·····    
(1,494)   
   
 
 
  
560,171   
552,873   
(7,298) 
(2) Investment securities (*3) ····················    
63,509   
64,801   
1,292 
 
  
   
   
 
(3) Guarantee deposits (*4) 
  
   
   
 
(including current portion) ··················    
666,131   
   
 
Allowance for doubtful accounts (*2) ······    
(187)   
   
 
 
  
665,944   
679,022   
13,078 
 
 $ 
1,289,624  $ 
1,296,696  $ 
7,072 
Financial liabilities: 
  
   
   
 
(1) Long-term loans payable 
  
   
   
 
(including current portion) ··················   $ 
1,318,625  $ 
1,311,957  $ 
(6,668) 
 
 $ 
1,318,625  $ 
1,311,957  $ 
(6,668)

72 
 
 
Millions of yen 
 
 
2021 
 
 
Book value 
 
Fair value 
 
Valuation 
gains/(losses) 
Financial assets: 
  
 
  
 
  
 
(1) Accounts receivable-trade ····················   ¥ 
69,111  ¥ 
  ¥ 
 
Allowance for doubtful accounts (*2) ·····    
(69)   
   
 
 
  
69,042   
68,151   
(891) 
(2) Investment securities (*3) ····················    
3,854   
4,565   
711 
 
  
   
   
 
(3) Guarantee deposits (*4) 
  
   
   
 
(including current portion) ··················    
70,987   
   
 
Allowance for doubtful accounts (*2) ······    
(27)   
   
 
 
  
70,960   
72,691   
1,731 
 
 ¥ 
143,856  ¥ 
145,407  ¥ 
1,551 
Financial liabilities: 
  
   
   
 
(1) Long-term loans payable 
  
   
   
 
(including current portion) ··················   ¥ 
174,290  ¥ 
173,640  ¥ 
(650) 
 
 ¥ 
174,290  ¥ 
173,640  ¥ 
(650) 
Derivative transactions (*5) ·························   ¥ 
17  ¥ 
17  ¥ 
- 
 
Notes: 
(*1) “Cash and time deposits,” “Notes receivable-trade,” “Notes and accounts receivable-completed 
construction contracts,” “Notes and accounts payable-trade,” “Notes and accounts payable-
construction contracts,” and “Short-term loans payable” are omitted, because they comprise cash and 
short-term instruments whose carrying amount approximates their fair value. 
(*2) An allowance for doubtful accounts estimated and provided with respect to certain identifiable items 
was deducted from each of accounts receivable-trade and guarantee deposits. 
(*3) Investment securities include investments in listed affiliated companies accounted for using the 
equity method.  Valuation gains (losses) represent gains (losses) on valuation of such investments. 
(*4) Government bonds pledged by a certain consolidated subsidiary as security deposit were included. 
(*5) Debt and credit attributed to derivative transactions are indicated as net amounts, and net debt is in 
parenthesis. 
Derivative Transactions 
Details of derivative transactions are described in Note 12, entitled “DERIVATIVE FINANCIAL 
INSTRUMENTS.” 
Explanatory Notes on Fair Value of Financial Instruments 
(i)  Shares, etc. that do not Have a Market Price 
The following financial instruments were excluded from the above table because they are shares, etc. that 
do not have a market price:

73 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
Book value 
Investment securities (*1) 
 
 
  
 
  
 
 
(1) Equity securities of subsidiaries and 
affiliated companies 
 
 
 
 
 
  
 
 
Subsidiaries ····························   
¥ 
2,192  
¥ 
2,190  
$ 
17,904 
Affiliated companies ·················   
 
79  
 
71  
 
649 
(2) Available-for-sale securities 
 
 
  
 
  
 
 
Unlisted equity securities ············   
 
340  
 
600  
 
2,775 
Investments in LPS  ·················   
 
0  
 
0  
 
1 
Guarantee deposits (*2)  ·······················   
 
-  
 
18,820  
 
- 
 
Notes: 
(*1) Shares, etc. that do not have a market price were excluded from “(2) Investment Securities.” 
(*2) Guarantee deposits which are not measured at fair value were excluded from “(3) Guarantee Deposits.” 
 
(ii)  Contractual Maturity of Financial Instruments 
The redemption schedule of monetary claims and securities with fixed maturities were as follows: 
 
 
Millions of yen 
 
 
2022 
 
 
Within 
one year 
 
Over one year 
within five 
years 
 
Over five years 
within ten 
years 
 
Over ten years 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and time deposits ·················  
 
¥ 
57,184 
 
¥ 
- 
 
¥ 
- 
 
¥ 
- 
Notes receivable-trade ·················  
 
 
4,647 
 
 
- 
 
 
- 
 
 
- 
Accounts receivable-trade ·············  
 
 
53,162 
 
 
9,740 
 
 
4,955 
 
 
896 
Notes and accounts receivable-
completed construction contracts ···  
 
 
2,379 
 
 
- 
 
 
- 
 
 
- 
Investment securities 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities with 
fixed maturities 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Debt securities 
(Corporate bonds) ············  
 
 
- 
 
 
- 
 
 
- 
 
 
- 
(2) Others ···························  
 
 
0 
 
 
- 
 
 
- 
 
 
- 
Guarantee deposits (*) ·················  
 
 
4,118 
 
 
26,031 
 
 
25,500 
 
 
25,893 
Total ······································  
 
¥ 121,490 
 
¥ 
35,771 
 
¥ 
30,455 
 
¥ 
26,789

74 
 
 
Thousands of U.S. dollars (Note 1) 
 
 
2022 
 
 
Within 
 one year 
 
Over one year 
within five 
years 
 
Over five years 
within ten 
years 
 
Over 
 ten years 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and time deposits ·················  
 
$ 
467,153 
 
$ 
- 
 
$ 
- 
 
$ 
- 
Notes receivable-trade ·················  
 
 
37,965 
 
 
- 
 
 
- 
 
 
- 
Accounts receivable-trade ·············  
 
 
434,300 
 
 
79,569 
 
 
40,480 
 
 
7,316 
Notes and accounts receivable-
completed construction contracts ···  
 
 
19,432 
 
 
- 
 
 
- 
 
 
- 
Investment securities 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities with 
fixed maturities 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Debt securities 
(Corporate bonds) ············  
 
 
- 
 
 
- 
 
 
- 
 
 
- 
(2) Others ···························  
 
 
1 
 
 
- 
 
 
- 
 
 
- 
Guarantee deposits (*) ·················  
 
 
33,638 
 
 
212,653 
 
 
208,315 
 
 
211,525 
Total ··  ···································  
 
$ 
992,489 
 
$ 
292,222 
 
$ 
248,795 
 
$ 
218,841 
 
 
 
Millions of yen 
 
 
2021 
 
 
Within 
one year 
 
Over one year 
within five 
years 
 
Over five years 
within ten 
years 
 
Over ten years 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and time deposits ·················  
 
¥ 
74,438 
 
¥ 
- 
 
¥ 
- 
 
¥ 
- 
Notes and accounts receivable-trade ·  
 
 
60,487 
 
 
8,405 
 
 
3,364 
 
 
706 
Notes and accounts receivable-
completed construction contracts ···  
 
 
2,050 
 
 
- 
 
 
- 
 
 
- 
Investment securities 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities with 
fixed maturities 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Debt securities 
(Corporate bonds) ············  
 
 
- 
 
 
- 
 
 
- 
 
 
- 
(2) Others ···························  
 
 
0 
 
 
- 
 
 
- 
 
 
- 
Guarantee deposits (*) ·················  
 
 
4,055 
 
 
20,316 
 
 
23,543 
 
 
23,073 
Total ······································  
 
¥ 141,030 
 
¥ 
28,721 
 
¥ 
26,907 
 
¥ 
23,779 
 
Note: 
(*) Government bonds pledged by a certain consolidated subsidiary as security deposits were included. 
Contractual maturities of short-term and long-term loans payable are described in Note 17, entitled 
“SHORT-TERM AND LONG-TERM DEBT.” 
III. Fair Value Information by Level within the Fair Value Hierarchy 
The fair value of financial instruments is classified into the following three levels according to the 
observability and materiality of inputs used to measure fair value. 
Level 1 fair value: 
Fair value measured using observable inputs, i.e. quoted prices in active markets for 
assets or liabilities that are the subject of the measurement 
Level 2 fair value: 
Fair value measured using observable inputs other than Level 1 inputs 
Level 3 fair value: 
Fair value measured using unobservable inputs 
If multiple inputs are used that are significant to the fair value measurement, the fair value measurement is 
categorized in its entirety in the level of the lowest level input that is significant to the entire measurement.

75 
(a) Financial Instruments Measured at Fair Value 
Category 
Millions of yen 
2022 
Fair value 
 
Level 1 
Level 2 
Level 3 
 
Total 
Investment securities ··············· ¥ 
7,932 
- 
- 
¥ 
7,932 
Total assets ······················ ¥ 
7,932 
- 
- 
¥ 
7,932 
 
Category 
Thousands of U.S. dollars (Note 1) 
2022 
Fair value 
 
Level 1 
Level 2 
Level 3 
 
Total 
Investment securities ··············· $ 
64,801 
- 
- 
$ 
64,801 
Total assets ······················ $ 
64,801 
- 
- 
$ 
64,801 
(b) Financial Instruments other than those Measured at Fair Value 
Category 
Millions of yen 
2022 
Fair value 
 
Level 1 
Level 2 
Level 3 
 
Total 
Accounts receivable-trade ········· ¥ 
- 
67,677 
- 
¥ 
67,677 
Guarantee deposits  
(including current portion) ·········  
- 
83,119 
- 
 
83,119 
Total assets ······················ ¥ 
- 
150,796 
- 
¥ 
150,796 
Long-term loans payable  
(including current portion) ········· ¥ 
- 
160,597 
- 
¥ 
160,597 
Total liabilities ·················· ¥ 
- 
160,597 
- 
¥ 
160,597 
 
Category 
Thousands of U.S. dollars (Note 1) 
2022 
Fair value 
 
Level 1 
Level 2 
Level 3 
 
Total 
Accounts receivable-trade ········· $ 
- 
552,873 
- 
$ 
552,873 
Guarantee deposits  
(including current portion) ·········  
- 
679,022 
- 
 
679,022 
Total assets ······················ $ 
- 
1,231,895 
- 
$ 
1,231,895 
Long-term loans payable  
(including current portion) ········· $ 
- 
1,311,957 
- 
$ 
1,311,957 
Total liabilities ·················· $ 
- 
1,311,957 
- 
$ 
1,311,957 
 
Notes on a Description of the Valuation Technique(s) and Inputs Used in the Fair Value Measurements 
Accounts receivable-trade 
The fair value of accounts receivable-trade is measured using the discounted cash flow method based on 
the amount of receivables, period to maturity, and an interest rate reflecting credit risk, for each receivable 
categorized by a specified period, and is classified as Level 2.

76 
Investment securities 
Listed shares and government bonds are valued using quoted prices.  As listed shares and government 
bonds are traded in active markets, their fair value is classified as Level 1. 
Guarantee deposits (including current portion) 
The fair value of guarantee deposits is categorized by a specified period and measured using the discounted 
cash flow method based on future cash flows and an interest rate obtained by adding the credit spread to 
government bond yields and other appropriate indicators, and is classified as Level 2. 
Long-term loans payable (including current portion) 
The fair value of long-term loans payable is measured using the discounted cash flow method based on the 
sum of principal and interest, remaining maturities, and an interest rate reflecting credit risk, and is classified as 
Level 2. 
11. SECURITIES INFORMATION 
The acquisition costs and book values of Available-for-sale Securities with available fair values as of March 
31, 2022 and 2021 were as follows: 
 
 
Millions of yen 
 
 
2022 
 
 
Book value 
 
Acquisition cost 
 
Difference 
Securities with book values (fair values) 
exceeding acquisition costs: 
 
 
 
 
 
 
 
 
 
Equity securities·······························  
 
¥ 
4,523 
 
¥ 
4,191 
 
¥ 
332 
Debt securities: 
 
 
 
 
 
 
 
 
 
Government bonds and others (*) ·······  
 
 
469 
 
 
468 
 
 
1 
Sub-total········································  
 
 
4,992 
 
 
4,659 
 
 
333 
Securities with book values (fair values) not 
exceeding acquisition costs: 
 
 
 
 
 
 
 
 
 
Equity securities·······························  
 
 
2,724 
 
 
3,061 
 
 
(337) 
Debt securities ·································  
 
 
- 
 
 
- 
 
 
- 
Sub-total········································  
 
 
2,724 
 
 
3,061 
 
 
(337) 
Total ············································  
 
¥ 
7,716 
 
¥ 
7,720 
 
¥ 
(4) 
 
 
 
Thousands of U.S. dollars (Note 1) 
 
 
2022 
 
 
Book value 
 
Acquisition cost 
 
Difference 
Securities with book values (fair values) 
exceeding acquisition costs: 
 
 
 
 
 
 
 
 
 
Equity securities·······························  
 
$ 
36,950 
 
$ 
34,239 
 
$ 
2,711 
Debt securities: 
 
 
 
 
 
 
 
 
 
Government bonds and others (*) ·······  
 
 
3,828 
 
 
3,820 
 
 
8 
Sub-total········································  
 
 
40,778 
 
 
38,059 
 
 
2,719 
Securities with book values (fair values) not 
exceeding acquisition costs: 
 
 
 
 
 
 
 
 
 
Equity securities·······························  
 
 
22,256 
 
 
25,008 
 
 
(2,752) 
Debt securities ·································  
 
 
- 
 
 
- 
 
 
- 
Sub-total········································  
 
 
22,256 
 
 
25,008 
 
 
(2,752) 
Total ············································  
 
$ 
63,034 
 
$ 
63,067 
 
$ 
(33) 
Note:  
(*)  Government bonds pledged by a certain subsidiary as security deposits were included in guarantee 
deposits in the consolidated balance sheets.

77 
 
Unlisted equity securities of ¥340 million ($2,775 thousand) and investments in LPS of ¥0 million ($1 
thousand), which fall under the definition of shares, etc. that do not have a market price, were excluded from the 
above table. 
 
 
 
Millions of yen 
 
 
2021 
 
 
Book value 
 
Acquisition cost 
 
Difference 
Securities with book values (fair values) 
exceeding acquisition costs: 
 
 
 
 
 
 
 
 
 
Equity securities·······························  
 
¥ 
652 
 
¥ 
420 
 
¥ 
232 
Debt securities: 
 
 
 
 
 
 
 
 
 
Government bonds and others (*) ·······  
 
 
437 
 
 
435 
 
 
2 
Sub-total········································  
 
 
1,089 
 
 
855 
 
 
234 
Securities with book values (fair values) not 
exceeding acquisition costs: 
 
 
 
 
 
 
 
 
 
Equity securities·······························  
 
 
2,786 
 
 
3,118 
 
 
(332) 
Debt securities ·································  
 
 
32 
 
 
32 
 
 
(0) 
Sub-total········································  
 
 
2,818 
 
 
3,150 
 
 
(332) 
Total ············································  
 
¥ 
3,907 
 
¥ 
4,005 
 
¥ 
(98) 
Note: 
(*)  Government bonds pledged by a certain subsidiary as security deposits were included in guarantee 
deposits in the consolidated balance sheets. 
 
Unlisted equity securities of ¥600 million and investments in LPS of ¥0 million, which fall under the 
definition of shares, etc. that do not have a market price, were excluded from the above table. 
Securities sold during the years ended March 31, 2022 and 2021 were as follow: 
 
 
Millions of yen 
 
 
2022 
 
 
 
 
 
Sales amounts 
 
Gain on sale 
 
Loss on sale 
 
 
 
 
 
 
 
 
 
 
Equity securities······························  
 
¥ 
418 
 
¥ 
216 
 
¥ 
- 
               Total ·······················  
¥ 
418 
 
¥ 
216 
 
¥ 
- 
 
 
 
Thousands of U.S. dollars (Note 1) 
 
 
2022 
 
 
 
 
 
Sales amounts 
 
Gain on sale 
 
Loss on sale 
 
 
 
 
 
 
 
 
 
 
Equity securities······························  
 
$ 
3,411 
 
$ 
1,766 
 
$ 
- 
               Total ·······················  
$ 
3,411 
 
$ 
1,766 
 
$ 
- 
 
 
 
Millions of yen 
 
 
2021 
 
 
 
 
 
Sales amounts 
 
Gain on sale 
 
Loss on sale 
 
 
 
 
 
 
 
 
 
 
Equity securities······························  
 
¥ 
79 
 
¥ 
56 
 
¥ 
- 
               Total ·······················  
¥ 
79 
 
¥ 
56 
 
¥ 
- 
If the market value of a security as of the fiscal year-end declines more than 50% compared with the 
acquisition cost of such security, the difference between such security’s fair market value and carrying amount 
is recognized as loss on valuation in the period of such decline.

78 
In addition, if the market value of a security as of the fiscal year-end declines 30% to 50% compared with 
the acquisition cost of such security, and such decline is considered to be material and unrecoverable, the 
difference between such security’s fair market value and carrying amount is recognized as loss on valuation in 
the period of such decline. 
For investments in non-consolidated subsidiaries and affiliated companies, recoverability is considered in 
conjunction with the financial condition of the issuer and the portion regarded as unrecoverable is recognized as 
loss on valuation. 
Loss on valuation of marketable Available-for-sale Securities and investments in non-consolidated 
subsidiaries and affiliated companies were none and ¥183 million ($1,493 thousand), respectively, for the year 
ended March 31, 2022, and ¥549 million and ¥500 million, respectively, for the year ended March 31, 2021. 
12. DERIVATIVE FINANCIAL INSTRUMENTS 
The aggregate amounts contracted to be paid or received under, and the fair values and unrealized gains 
(losses) of, currency-related derivative transactions, other than market trades (and excluding hedging 
transactions) were not applicable as of March 31, 2022 and as follows as of March 31, 2021: 
 
 
Millions of yen 
 
Millions of yen 
 
 
Notional 
Amount 
 
Due 
after 
one year  
Fair 
value 
 
Unrealized 
gains 
 
 
Total 
At March 31, 2021: 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forward 
contracts: 
 
 
 
 
 
 
 
 
 
 
 
 
Buy, call ················  
 
¥ 240 
 
¥ 
- 
 
¥ 
17 
 
¥ 
17 
Total ·······················  
 
 
 
 
 
 
 
¥ 
17 
 
¥ 
17 
 
The fair value has been quoted based on the price information from the contracted financial institution. 
Derivative instruments which qualified as hedging instruments as of March 31, 2022 and 2021 were as 
follows: 
 
Millions of yen 
 
Notional amount 
  
Fair value 
 
Total 
 Over one year  
At March 31, 2022: 
 
   
   
 
Interest rate swap contracts: 
 
   
   
 
Pay fixed, receive floating ································  
¥ 
12,000 
 ¥ 
2,000 
 ¥ 
(*) 
 
 
Thousands of U.S. dollars (Note 1) 
 
Notional amount 
  
Fair value 
 
Total 
 Over one year  
At March 31, 2022: 
 
   
   
 
Interest rate swap contracts: 
 
   
   
 
Pay fixed, receive floating ································  
$ 
98,031 
 $ 
16,339 
 $ 
(*) 
 
 
Millions of yen 
 
Notional amount 
  
Fair value 
 
Total 
 Over one year  
At March 31, 2021: 
 
   
   
 
Interest rate swap contracts: 
 
   
   
 
Pay fixed, receive floating ································  
¥ 
24,000 
 ¥ 
12,000 
 ¥ 
(*) 
(*) 
The fair value of an interest rate swap contract is included in the fair value of the corresponding 
hedged long-term loan payable described under Note 10, entitled “FINANCIAL INSTRUMENTS,” 
since such derivative contract is accounted for as component of the corresponding hedged long-term 
loans payable.

79 
13. INVENTORIES 
Inventories at March 31, 2022 and 2021 consisted of the following: 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
  
 
 
 
 
  
 
Merchandise and finished goods ···························  ¥ 
356,044  
¥ 
368,839  
$ 
2,908,615 
Real estate for sale ···········································   
35,542  
 
28,585  
 
290,356 
Work in process ··············································   
1,235  
 
1,254  
 
10,087 
Costs on construction contracts in progress ··············   
8,172  
 
5,545  
 
66,762 
Raw materials and supplies·································   
3,798  
 
4,352  
 
31,025 
Total ···························································   ¥ 
404,791  
¥ 
408,575  
$ 
3,306,845 
14. ACCUMULATED DEPRECIATION ON PROPERTY AND EQUIPMENT 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Accumulated depreciation ·······························  
 
¥ 
359,376 
 
¥ 
342,307 
 
$ 2,935,841 
15. IMPAIRMENT LOSS 
As a minimum unit for generating cash flows, each retail store or branch office is grouped and assessed.  
For certain consolidated subsidiaries, each company is grouped and assessed as a minimum unit, and the 
headquarters and some factories are grouped and assessed as common assets which do not generate cash flows.  
The book values of cash-generating units which may incur operating losses continuously are written down to 
such units’ respective recoverable amounts.  Investment/rental properties and idle assets are individually 
considered, and an impairment loss is recognized if, with respect to an investment/rental property, the fair value 
becomes significantly lower than the carrying amount, or with respect to an idle asset, there is no prospect for 
future use.  Goodwill and trademark right included in intangible assets are grouped and assessed based on 
businesses according to classification used for managerial accounting. 
An impairment loss is recorded at the amount by which the carrying amount of each group of assets exceeds 
its recoverable value.  The recoverable amounts from such asset groups are mainly based on the net selling 
price, which in turn is based on the value assessed for property tax purposes.  The net selling prices of lease 
assets, intangible assets excluding trademark right, and investments and other assets are set at zero.  The 
recoverable amounts of trademark right are based on the use value, which was measured at zero for the years 
ended March 31, 2022 and 2021.

80 
The summary of impairment losses recorded for the fiscal years ended March 31, 2022 and 2021 is as 
follows: 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
  
 
 
 
 
  
 
Buildings and structures ····································  ¥ 
1,213  
¥ 
6,097  
$ 
9,909 
Land ···························································   
850  
 
2,549  
 
6,943 
Lease assets···················································   
265  
 
507  
 
2,166 
Other tangible assets ········································   
1,284  
 
3,529  
 
10,491 
Intangible assets ·············································   
234  
 
1,232  
 
1,910 
Investments and other assets ·······························   
116  
 
116  
 
943 
Total ···························································   ¥ 
3,962  
¥ 
14,030  
$ 
32,362 
Impairment losses for the year ended March 31, 2022 mainly relate to retail stores and a property for the 
Group’s own business use located mainly in Saitama Prefecture and stores and rental property located mainly in 
Hyogo Prefecture. 
Impairment losses for the year ended March 31, 2021 mainly relate to retail stores and a property for the 
Group’s own business use located mainly in Tokyo, stores located mainly in Yamagata Prefecture and others. 
16. LEASE INFORMATION 
As Lessee 
(i)  Finance lease transactions without title transfer 
The Group leases mainly retail buildings and equipment and a set of computer equipment. 
(ii)  Operating lease transactions 
Future minimum lease payments under non-cancelable operating leases as of March 31, 2022 and 2021 
were as follows: 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Due within one year ······································  
 
¥ 
12,815 
 
¥ 
11,425 
 
$ 
104,692 
Due after one year ········································  
 
 
62,402 
 
 
64,888 
 
 
509,778 
 Total ·····················································  
 
¥ 
75,217 
 
¥ 
76,313 
 
$ 
614,470

81 
As Lessor 
(i)  Operating lease transactions 
Future minimum lease receivables under non-cancelable operating leases as of March 31, 2022 and 2021 
were as follows: 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Due within one year ·······································  
 
¥ 
62 
 
¥ 
147 
 
$ 
510 
Due after one year ·········································  
 
 
125 
 
 
187 
 
 
1,019 
 Total ······················································  
 
¥ 
187 
 
¥ 
334 
 
$ 
1,529 
17. SHORT-TERM AND LONG-TERM DEBT 
The weighted-average rate of interest for short-term loans payable was approximately 0.41% as of March 
31, 2022 and 2021. 
The weighted-average rates of interest for the current portion of long-term loans payable were 
approximately 0.49% and 0.50% as of March 31, 2022 and 2021, respectively. 
The weighted-average rates of interest for long-term loans payable (excluding the current portion thereof) 
were approximately 0.47% and 0.48% as of March 31, 2022 and 2021, respectively.  The long-term loans 
payable were due in 2023 through 2031 and 2022 through 2030 as of March 31, 2022 and 2021, respectively. 
The weighted-average rates of interest for finance lease obligations have not been disclosed since related 
interest charges are allocated using the straight-line method over the lease terms. 
The short-term and long-term debt as of March 31, 2022 and 2021 consisted of the following: 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Short-term loans payable ·································  
 
¥ 
60,755 
 
¥ 
44,199 
 
$ 
496,325 
Long-term loans payable (due within one year) ·······  
 
 
50,301 
 
 
50,860 
 
 
410,921 
Lease obligations (due within one year) ················  
 
 
4,871 
 
 
4,448 
 
 
39,791 
 
Sub-total ················································  
 
 
115,927 
 
 
99,507 
 
 
947,037 
Long-term loans payable (excluding amounts due 
within one year) ············································  
 
 
111,112 
 
 
123,430 
 
 
907,703 
Lease obligations (excluding amounts due within one 
year) ·························································  
 
 
11,102 
 
 
12,319 
 
 
90,699 
 
Sub-total ················································  
 
 
122,214 
 
 
135,749 
 
 
998,402 
 
Total ·····················································  
 
¥ 
238,141 
 
¥ 
235,256 
 
$ 
1,945,439

82 
The following assets were pledged as collateral for the below listed liabilities as of March 31, 2022 and 
2021: 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Cash and deposits ···········································  
 
¥ 
– 
 
¥ 
100 
 
$ 
- 
Land ··························································  
 
 
507 
 
 
43 
 
 
4,143 
 
Note: Land was pledged as collateral at certain consolidated subsidiaries for customers’ housing loans of 
¥20 million ($162 thousand) and ¥22 million as of March 31, 2022 and 2021, respectively, as well 
as for loans from financial institutions of ¥464 million ($3,791 thousand) as of March 31, 2022. 
The aggregate annual maturities of long-term loans payable as of March 31, 2022 were as follows: 
Fiscal year ending March 31, 
 
Millions 
of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
2023 ··········································································  
 
¥ 
50,301 
 
$ 
410,921 
2024 ··········································································  
 
 
40,374 
 
 
329,825 
2025 ··········································································  
 
 
35,420 
 
 
289,358 
2026 ··········································································  
 
 
16,515 
 
 
134,915 
2027 ··········································································  
 
 
8,208 
 
 
67,054 
Thereafter ···································································  
 
 
10,595 
 
 
86,551 
 
Total ····································································  
 
¥ 
161,413 
 
$ 
1,318,624 
The aggregate annual maturities of finance lease obligations as of March 31, 2022 were as follows: 
Fiscal year ending March 31, 
 
Millions 
of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
2023 ··········································································  
 
¥ 
4,871 
 
$ 
39,791 
2024 ··········································································  
 
 
4,908 
 
 
40,097 
2025 ··········································································  
 
 
2,238 
 
 
18,284 
2026 ··········································································  
 
 
1,913 
 
 
15,627 
2027 ··········································································  
 
 
1,364 
 
 
11,144 
Thereafter ···································································  
 
 
679 
 
 
5,547 
 
Total ····································································  
 
¥ 
15,973 
 
$ 
130,490 
The Company has entered into loan commitment agreements amounting to ¥50,000 million ($408,463 
thousand) with seven financial institutions.  Under these credit facilities, no amount has been executed as of 
March 31, 2022 and 2021. 
18. INCOME TAXES 
Taxes on profit consist of corporate income taxes, inhabitant taxes and enterprise taxes.  The aggregate 
statutory tax rates on profit before income taxes were approximately 30.5% for the years ended March 31, 2022 
and 2021.

83 
Significant components of deferred tax assets and liabilities as of March 31, 2022 and 2021 were as follows: 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Deferred tax assets: 
 
 
 
 
 
 
 
 
 
Loss on valuation of inventories  
 
¥ 
2,724  
¥ 
2,513  
$ 
22,250 
Impairment loss  
 
 
17,760  
 
19,055  
 
145,086 
Loss on valuation of investment securities  
 
 
723  
 
750  
 
5,907 
Loss on valuation of stock of subsidiaries  
 
 
1,776  
 
1,845  
 
14,510 
Provision for bonuses  
 
 
4,095  
 
3,592  
 
33,453 
Net defined benefit liability  
 
 
9,046  
 
8,584  
 
73,901 
Provision for directors’ retirement benefits  
 
 
238  
 
312  
 
1,946 
Provision for product warranties  
 
 
574  
 
2,737  
 
4,688 
Other provisions 
 
 
677  
 
4,825  
 
5,529 
Asset retirement obligations  
 
 
11,043  
 
10,855  
 
90,213 
Contract liabilities 
 
 
19,962  
 
-  
 
163,080 
Tax loss carry-forward (Note 2)  
 
 
16,998  
 
19,339  
 
138,860 
Others  
 
 
11,553  
 
11,645  
 
94,380 
Sub-total  
 
 
97,169  
 
86,052  
 
793,803 
Valuation allowance for tax loss carry-forward  
(Note 2)  
 
 
(14,673)  
 
(18,476)  
 
(119,869) 
Valuation allowance for total of deductible temporary 
differences  
 
 
(18,651)  
 
(19,146)  
 
(152,367) 
Valuation allowance (Note 1)  
 
 
(33,324)  
 
(37,622)  
 
(272,236) 
Total deferred tax assets  
 
 
63,845  
 
48,430  
 
521,567 
 
 
 
  
 
  
 
 
Deferred tax liabilities: 
 
 
  
 
  
 
 
Unrealized gains on valuation of land  
 
 
(1,310)  
 
(1,143)  
 
(10,697) 
Loss recognized corresponding to asset retirement 
obligations  
 
 
(5,645)  
 
(5,965)  
 
(46,116) 
Others  
 
 
(4,694)  
 
(3,200)  
 
(38,350) 
Total deferred tax liabilities  
 
 
(11,649)  
 
(10,308)  
 
(95,163) 
Net deferred tax assets (Note 3)  
 
¥ 
52,196  
¥ 
38,122  
$ 
426,404 
 
Notes: 1. Valuation allowance decreased by ¥4,298 million ($35,108 thousand).  The decrease is mainly 
due to elimination of valuation allowance for tax loss carry-forward of ¥1,392 million ($11,370 
thousand) relating to BEST DENKI CO., LTD., the merged company, at YAMADA DENKI CO., 
LTD., the surviving company, in line with reorganization between consolidated subsidiaries, and 
valuation allowance for total of deductible temporary differences of ¥3,722 million ($30,407 
thousand). 
 
2. The expiration of tax loss carry-forward and the resulting deferred tax assets as of March 31, 
2022 and 2021 were as follows: 
 
Millions of yen 
 
2022 
 
 
Within one 
year 
 
Over one 
year within 
two years 
 
Over two 
years 
within three 
years 
 
Over three 
years 
within four 
years 
 
Over four 
years 
within five 
years 
 
Over five 
years 
 
Total 
Tax loss carry-
forward (*1) 
¥ 
348 ¥ 
817 
¥ 
1,013 ¥ 
2,491 ¥ 
2,336 ¥ 
9,993 
¥ 
16,998 
Valuation 
allowance 
 
(326)  
(758)  
(957)  
(2,437)  
(2,306)  
(7,889)  
(14,673) 
Deferred tax assets  
22 
 
59 
 
56 
 
54 
 
30 
 
2,104 
 
(*2) 
2,325

84 
 
Thousands of U.S. dollars (Note 1) 
 
2022 
 
 
Within one 
year 
 
Over one 
year within 
two years 
 
Over two 
years 
within three 
years 
 
Over three 
years 
within four 
years 
 
Over four 
years 
within five 
years 
 
Over five 
years 
 
Total 
Tax loss carry-
forward (*1) 
$ 
2,844 $ 
6,673 
$ 
8,276 $ 
20,350 $ 
19,081 $ 
81,636 
$ 
138,860 
Valuation 
allowance 
 
(2,664)  
(6,193)  
(7,819)  
(19,910)  
(18,840)  
(64,443)  
(119,869) 
Deferred tax assets  
180 
 
480 
 
457 
 
440 
 
241 
 
17,193 
 
(*2) 
18,991 
 
 
Millions of yen 
 
2021 
 
 
Within one 
year 
 
Over one 
year within 
two years 
 
Over two 
years 
within three 
years 
 
Over three 
years 
within four 
years 
 
Over four 
years 
within five 
years 
 
Over five 
years 
 
Total 
Tax loss carry-
forward (*1) 
¥ 
3,235 ¥ 
840 
¥ 
1,220 ¥ 
1,041 ¥ 
4,018 ¥ 
8,985 
¥ 
19,339 
Valuation 
allowance 
 
(2,427)  
(840)  
(1,220)  
(1,041)  
(4,018)  
(8,930)  
(18,476) 
Deferred tax assets  
808 
 
- 
 
- 
 
- 
 
- 
 
55 
 
(*2) 
863 
 
(*1) Tax loss carry-forward was determined by multiplying the statutory income tax rate. 
(*2) As of March 31, 2022, deferred tax assets of ¥2,325 million ($18,991 thousand) were recorded for tax 
loss carry-forward of ¥16,998 million ($138,860 thousand) (multiplied by the statutory income tax rate).  
This amount of deferred tax assets was recognized mainly for the balance of tax loss carry-forward of 
¥1,998 million ($16,326 thousand) at the Company.  The tax loss carry-forward for which deferred tax 
assets were recorded mainly resulted from the completion of the liquidation of YAMADA DENKI 
(CHINA) CO., LTD. in the fiscal year ended March 31, 2022.  Valuation allowance has not been 
recognized since the deferred tax assets for tax loss carry-forward are determined to be recoverable due 
to the expected future taxable income.  As of March 31, 2021, deferred tax assets of ¥863 million were 
recorded for tax loss carry-forward of ¥19,339 million (multiplied by the statutory income tax rate).  This 
amount of deferred tax assets was recognized mainly for part of the balance of tax loss carry-forward of 
¥4,022 million at consolidated subsidiary BEST DENKI CO., LTD.  The tax loss carry-forward for 
which deferred tax assets were recorded mainly resulted from an impairment loss of ¥13,646 million and 
the provision for business restructuring of ¥8,637 million recorded in the fiscal year ended February 28, 
2010 which became deductible in and after the next fiscal year for tax purposes.  Valuation allowance 
has not been recognized since the deferred tax assets for tax loss carry-forward are determined to be 
recoverable due to the expected future taxable income. 
 
 
3. Net deferred tax assets (liabilities) were included in the following accounts in the consolidated 
balance sheets as of March 31, 2022 and 2021: 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Investments and other assets – Deferred tax assets ····  
 
¥ 
54,102 
 
¥ 
40,363 
 
$ 
441,976 
Long-term liabilities – Other long-term liabilities ·····  
 
 
(1,906) 
 
 
(2,241)  
 
(15,572)

85 
Reconciliations between the statutory income tax rate and the actual effective income tax rate, as percentage 
of profit before income taxes, for the years ended March 31, 2022 and 2021 were as follows: 
 
 
2022 
 
2021 
 
Statutory income tax rate 
 
30.5%  
30.5% 
Per capita inhabitants taxes 
 
1.5 
 
1.0 
Change in valuation allowance 
 
0.8 
 
(1.2) 
Tax rate differences for net loss subsidiaries 
 
0.8 
 
2.7 
Tax rate differences for consolidated subsidiaries 
 
3.1 
 
2.7 
Gain on negative goodwill 
 
- 
 
(0.5) 
Entertainment and other non-deductible expenses 
 
0.9 
 
0.6 
Effect of changes in tax rates 
 
- 
 
(2.4) 
Effect of merger of subsidiaries 
 
(7.6) 
 
- 
Effect of liquidation of consolidated subsidiaries 
 
(5.2) 
 
- 
Others, net 
 
0.0 
 
(0.1) 
 
 
 
 
 
Effective income tax rate 
 
24.8 
 
33.3 
19. CONTINGENT LIABILITIES 
The Group was contingently liable for transferred accounts receivable of ¥13,618 million ($111,247 
thousand) and ¥10,063 million to credit card companies as of March 31, 2022 and 2021, respectively. 
The Group was contingently liable for the following guarantees of debt as of March 31, 2022 and 2021: 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Guarantees of debt made to home buyers and the like  
 
¥ 
1,276 
 
¥ 
1,237 
 
$ 
10,422 
Guarantees of debt made to employees ·················  
 
 
3 
 
 
5 
 
 
25 
Receivables securitized through a self-created trust as of March 31, 2022 were as follows: 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
Other current assets ·····················································  
¥ 
3,547 
$ 
28,975 
Guarantee deposits ······················································  
 
15,281 
124,837 
The securitized receivables were accounted for as financial transactions, and the corresponding payables as 
of March 31, 2022 were as follows: 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
Current portion of long-term loans payable ··························  
¥ 
3,368 
$ 
27,513 
Long-term loans payable ···············································  
 
14,673 
119,870 
20. OTHER PROVISIONS 
Other provisions are provided mainly to prepare for, at certain consolidated subsidiaries, payments related 
to sales promotion activities to customers, compensation payments based on warranty against defects for 
delivered buildings, and payments for after-service fees.

86 
21. RETIREMENT BENEFITS 
The Company and its certain consolidated subsidiaries maintain funded contributory and unfunded defined 
benefit plans, as well as defined contribution plans, for their employees’ retirement benefits.  Under the defined 
benefit corporate pension plans, retirement benefits are paid out in the form of a lump-sum payment or annuity 
payments based on the accumulated number of points that are granted according to eligibility and position, etc. 
of employees.  Under a lump-sum retirement payment plan, retirement benefits are paid out in the form of a 
lump-sum payment based on the accumulated number of points that are granted according to eligibility and 
position, etc. of employees. 
The simplified method is applied by certain consolidated subsidiaries in calculating the defined benefit 
liability and retirement benefit costs under lump-sum retirement payment plans. 
The Company and its certain consolidated subsidiaries executed the transfer from a defined benefit 
corporate pension plan to a defined contribution pension plan on November 1, 2021. 
Defined benefit plans 
(1) The changes in retirement benefit obligations for the years ended March 31, 2022 and 2021 
 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Beginning balance ·········································  
 
¥ 
55,037 
 
¥ 
53,934 
 
$ 
449,611 
Service costs ················································  
 
 
4,507 
 
 
4,512 
 
 
36,819 
Interest cost ·················································  
 
 
213 
 
 
204 
 
 
1,742 
Actuarial gains and losses ································  
 
 
571 
 
 
(1,838)  
 
4,663 
Payment of benefit obligations ···························  
 
 
(2,169)  
 
(2,094)  
 
(17,718) 
Prior service costs arising during the year 
 
 
773 
 
 
- 
 
 
6,310 
Effect of change from the simplified method to the 
principle method due to merger ·······················  
 
 
(1)  
 
113 
 
 
(7) 
Increase due to new consolidation ·······················  
 
 
- 
 
 
206 
 
 
- 
Decrease due to exclusion of subsidiaries from 
consolidation 
 
 
(163)  
 
- 
 
 
(1,326) 
Decrease resulting from the termination of defined 
benefit plans 
 
 
(9,998)  
 
- 
 
 
(81,676) 
Ending balance ·············································  
 
¥ 
48,770 
 
¥ 
55,037 
 
$ 
398,418 
 
Note: The simplified method has been applied by certain consolidated subsidiaries. 
 
(2) Changes in pension assets for the years ended March 31, 2022 and 2021 
 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Beginning balance ·········································  
 
¥ 
26,269 
 
¥ 
25,170 
 
$ 
214,603 
Expected return on pension assets ·······················  
 
 
457 
 
 
450 
 
 
3,730 
Actuarial gains and losses ································  
 
 
167 
 
 
368 
 
 
1,362 
Contributions paid by the employer ·····················  
 
 
1,275 
 
 
1,438 
 
 
10,416 
Retirement benefits paid ··································  
 
 
(1,149)  
 
(1,157)  
 
(9,385) 
Decrease resulting from the termination of defined 
benefit plans ·············································  
 
 
(7,983)  
 
- 
 
 
(65,214) 
Ending balance ·············································  
 
¥ 
19,036 
 
¥ 
26,269 
 
$ 
155,512

87 
 
(3) Reconciliation of retirement benefit obligations and pension assets and net defined benefit liability (asset) 
for the years ended March 31, 2022 and 2021 
 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Funded retirement benefit obligations ··················  
 
¥ 
17,750 
 
¥ 
27,410 
 
$ 
145,004 
Amount of pension assets·································  
 
 
(19,036)  
 
(26,269)  
 
(155,512) 
 
 
 
(1,286)  
 
1,141 
 
 
(10,508) 
Unfunded retirement benefit obligations ···············  
 
 
31,020 
 
 
27,627 
 
 
253,414 
Total net defined benefit liability ························  
 
¥ 
29,734 
 
¥ 
28,768 
 
$ 
242,906 
 
 
 
 
 
 
 
 
 
 
Net defined benefit liability ······························  
 
 
31,523 
 
 
30,607 
 
 
257,522 
Net defined benefit asset ··································  
 
 
(1,789)  
 
(1,839)  
 
(14,616) 
Total net defined benefit liability ························  
 
¥ 
29,734 
 
¥ 
28,768 
 
$ 
242,906 
 
Note: The above table includes plans for which the simplified method has been applied. 
 
(4) Components of retirement benefit costs for the years ended March 31, 2022 and 2021 
 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Service costs (*) ···········································  
 
¥ 
4,507 
 
¥ 
4,512 
 
$ 
36,819 
Interest cost ·················································  
 
 
213 
 
 
204 
 
 
1,742 
Expected return on pension assets ·······················  
 
 
(457)  
 
(450)  
 
(3,730) 
Amortization of actuarial differences ···················  
 
 
(394)  
 
141 
 
 
(3,220) 
Amortization of prior service costs ······················  
 
 
38 
 
 
(747)  
 
306 
Total net periodic retirement benefit costs ··············  
 
¥ 
3,907 
 
¥ 
3,660 
 
$ 
31,917 
 
Notes:  
(*1) 
Retirement benefit costs of certain consolidated subsidiaries calculated under the simplified 
method are recorded in service costs. 
(*2) 
In the year ended March 31, 2022, in addition to the items above, gain on revision of retirement 
benefit plan of ¥3,061 million ($25,011 thousand) was recorded as other income following the 
transfer from a defined benefit corporate pension plan to a defined contribution pension plan. 
 
(5) Remeasurements of defined benefit plans for the years ended March 31, 2022 and 2021 
 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Prior service costs ·········································  
 
¥ 
(735)  
¥ 
(747)  
$ 
(6,004) 
Actuarial gains and losses ································  
 
 
(1,845)  
 
2,347 
 
 
(15,071) 
Total ·························································  
 
¥ 
(2,580)  
¥ 
1,600 
 
$ 
(21,075)

88 
(6) Accumulated remeasurements of defined benefit plans for the years ended March 31, 2022 and 2021 
 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Unrealized prior service costs ····························  
 
¥ 
664 
 
¥ 
(70)  
$ 
5,427 
Unrealized actuarial gains and losses ···················  
 
 
(814)  
 
(2,659)  
 
(6,649) 
Total ·························································  
 
¥ 
(150)  
¥ 
(2,729)  
$ 
(1,222) 
 
(7) Pension assets as of March 31, 2022 and 2021 
 
(i) 
The percentages for each classification of total pension assets as of March 31, 2022 and 2021 were as 
follows: 
 
 
 
2022 
 
2021 
 
 
 
 
 
 
 
 
 
Bonds ······················································  
 
 
12.8 
%  
 
33.9 
% 
Stocks ·····················································  
 
 
29.5 
 
 
 
33.4 
 
Cash and time deposits ··································  
 
 
8.1 
 
 
 
0.1 
 
General accounts ·········································  
 
 
39.1 
 
 
 
19.1 
 
Others ·····················································  
 
 
10.5 
 
 
 
13.5 
 
Total ·······················································  
 
 
100.0 
 
 
 
100.0 
 
 
(ii) Method of determining the long-term expected rate of return on plan assets 
The long-term expected rate of return is determined based on the present and projected future allocation of 
plan assets and the present and expected future rate of return on various components of plan assets. 
(8) Basis of actuarial calculation for the years ended March 31, 2022 and 2021 
 
 
 
2022 
 
2021 
 
 
 
 
 
 
 
 
 
Principal discount rate ··································  
 
 
0.30 
%  
 
0.56 
% 
Long-term expected rate of return on plan assets ····  
 
 
2.00 
 
 
 
1.46 
 
 
Note: Estimated rate of salary increase is not presented because the Company and its consolidated 
subsidiaries have adopted a point system. 
Defined contribution plans 
The required contribution amount to the defined contribution plans of the Company and certain 
consolidated subsidiaries was ¥1,756 million ($14,348 thousand) and ¥1,477 million for the years ended March 
31, 2022 and 2021, respectively. 
Other 
The effects of the transfer from a defined benefit corporate pension plan to a defined contribution pension 
plan as of March 31, 2022 were as follows:

89 
 
 
 
Millions of 
yen 
 
 
 
Thousands 
of 
U.S. dollars 
(Note 1) 
 
 
 
 
2022 
 
 
 
2022 
 
Decrease in retirement benefit obligations ···········  
 
¥ 
9,998 
 
 
$ 
81,676 
 
Decrease in pension assets ······························  
 
 
(7,983) 
 
 
 
(65,214) 
 
Unrealized actuarial gains and losses ·················  
 
 
1,046 
 
 
 
8,549 
 
Total ·······················································  
 
¥ 
3,061  
 
$ 
25,011 
 
22. ASSET RETIREMENT OBLIGATIONS 
Asset Retirement Obligations Included in the Consolidated Balance Sheets 
Asset retirement obligations included in the consolidated balance sheets primarily represent contractual 
obligations for restoration related to term leasehold interests in retail stores and the like. 
The Group mainly estimates asset retirement obligations by using discount rates ranging from 0.00% to 
2.29% with a term of 2–47 years. 
Changes in asset retirement obligations for the years ended March 31, 2022 and 2021 were as follows: 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Beginning balance ······································  
 
¥ 
35,570  
¥ 
34,450  
$ 
290,584 
Increase due to purchase of property and 
equipment ·············································  
 
 
313  
 
192  
 
2,559 
Increase due to changes in estimate ····················   
 
233  
 
107  
 
1,901 
Adjustments due to passage of time ····················   
 
427  
 
604  
 
3,485 
Decrease due to implementation of asset retirement 
obligations ············································  
 
 
(748)  
 
(841)  
 
(6,108) 
(Decrease) increase due to exchange translation of 
asset retirement obligations denominated in 
foreign currencies ····································  
 
 
20  
 
(8)  
 
158 
Increase due to new consolidation ····················  
 
 
-  
 
1,066  
 
- 
Ending balance ··········································  
 
¥ 
35,815  
¥ 
35,570  
$ 
292,579 
Asset Retirement Obligations Not Included in the Consolidated Balance Sheets 
Certain other asset retirement obligations for leasehold contracts, for which the related amount could not 
be reasonably estimated due to uncertainty regarding the disbursement schedule and/or the incurrence of expense, 
have not been included in the consolidated balance sheets. 
23. NET ASSETS 
Net assets comprise three subsections, which are shareholders’ equity, accumulated other comprehensive 
income and non-controlling interests. 
Japanese companies are subject to the Companies Act of Japan (the “Companies Act”) and related 
regulations.

90 
Under Japanese laws and regulations, the entire amount paid for new shares is required to be designated as 
common stock.  However, a company may, by a resolution of the Board of Directors, designate an amount not 
exceeding one-half of the prices of the new shares as additional paid-in capital, which is included in capital 
surplus. 
On October 1, 2013, the Company conducted a 10-for-1 stock split by way of a free share distribution. 
Under the Companies Act, in cases where a dividend distribution of surplus is made, the smaller of an 
amount equal to 10% of the dividend or the excess, if any, of 25% of common stock over the total of the additional 
paid-in-capital and legal earnings reserve must be set aside as additional paid-in-capital or legal earnings reserve.  
The legal earnings reserve has been included in retained earnings in the accompanying consolidated balance 
sheets. 
Under the Companies Act, the legal earnings reserve and additional paid-in capital can be used to eliminate 
or reduce a deficit or capitalized by a resolution at the shareholders’ meeting.  Under the Companies Act, all 
paid-in capital and legal earnings reserve may be transferred to other capital surplus and retained earnings, 
respectively, which may become available for distribution as dividends. 
The maximum amount that the Company can distribute as dividends is calculated based on the non-
consolidated financial statements of the Company in accordance with Japanese laws and regulations. 
At the Ordinary General Meeting of Shareholders held on June 29, 2022, the shareholders approved cash 
dividends amounting to ¥15,049 million ($122,935 thousand).  Such appropriations have not been accrued in 
the consolidated financial statements as of March 31, 2022 as they are to be recognized in the period in which 
they are approved by the shareholders.

91 
24. STOCK OPTIONS 
Stock option expenses recognized for the years ended March 31, 2022 and 2021 were ¥215 million ($1,753 
thousand) and ¥238 million, respectively. 
The stock options existing during the years ended March 31, 2022 and 2021 were as follows: 
 
2013 Stock 
Option 
2014 Stock 
Option 
2015 Stock 
Option 
2016 Stock 
Option 
Date of resolution ···················  
June 27, 2013 
June 27, 2014 
June 26, 2015 
June 29, 2016 
Persons granted ·····················  
16 directors 
15 directors 
14 directors 
15 directors 
Number of options granted 
expressed in the number of 
shares by class of stock (*1)(*2)  
Common stock 
483,100 shares 
Common stock 
460,700 shares 
Common stock 
628,900 shares 
Common stock 
784,200 shares 
Date of grant ························  
July 12, 2013 
July 14, 2014 
July 13, 2015 
July 14, 2016 
Vesting condition ···················  
Not set 
Not set 
Not set 
Not set 
Service period covered ·············  
Not prescribed 
Not prescribed 
Not prescribed 
Not prescribed 
Exercise period* ····················  
From July 13, 
2013 to July 12, 
2043 
From July 15, 
2014 to July 14, 
2044 
From July 14, 
2015 to July 13, 
2045 
From July 15, 
2016 to July 14, 
2046 
Number of subscription rights to 
shares* ·······························  
2,966 units 
2,804 units 
4,435 units 
5,724 units 
Class, description and number of 
shares of stock to be allotted upon 
exercise of the subscription rights 
to shares (*3)*·······················  
Common stock 
296,600 shares 
Common stock 
280,400 shares 
Common stock 
443,500 shares 
Common stock 
572,400 shares 
Subscription price to be paid upon 
exercise of each subscription right 
to shares* ····························  
¥1 
¥1 
¥1 
¥1 
Issue price and amount of capital to 
be increased due to the issuance of 
shares upon exercise of the 
subscription rights to shares* ·····  
Issue price: 
¥41,190 per 100 
shares (*4) 
Issue price: ¥292 
(*4) 
Issue price: ¥405 
(*4) 
Issue price: ¥453 
(*4) 
Exercise conditions* ···············  
(*5) 
(*5) 
(*5) 
(*5) 
Matters concerning the transfer of 
subscription rights to shares* ·····  
(*6) 
(*6) 
(*6) 
(*6) 
Matters concerning the allotment 
of subscription rights to shares in 
the event of reorganization* ·······  
(*7) 
(*7) 
(*7) 
(*7)

92 
 
2017 Stock 
Option 
2018 Stock 
Option 
2019 Stock 
Option 
2020 Stock 
Option 
Date of resolution ···················  
June 29, 2017 
June 28, 2018 
July 16, 2019 
June 26, 2020 
Persons granted ·····················  
12 directors 
13 directors 
12 directors 
3 directors 
Number of options granted 
expressed in the number of 
shares by class of stock (*1)(*2)  
Common stock 
707,700 shares 
Common stock 
774,100 shares 
Common stock 
909,300 shares 
Common stock 
428,100 shares 
Date of grant ························  
July 14, 2017 
July 13, 2018 
July 31, 2019 
July 13, 2020 
Vesting condition ···················  
Not set 
Not set 
Not set 
Not set 
Service period covered ·············  
Not prescribed  
Not prescribed  
Not prescribed  
Not prescribed  
Exercise period* ····················  
From July 15, 
2017 to July 14, 
2047 
From July 14, 
2018 to July 13, 
2048 
From August 1, 
2019 to July 31, 
2049 
From July 14, 
2020 to July 13, 
2050 
Number of subscription rights to 
shares* ·······························  
5,165 units 
5,423 units 
6,360 units 
4,218 units 
Class, description and number of 
shares of stock to be allotted upon 
exercise of the subscription rights 
to shares (*3)*·······················  
Common stock 
516,500 shares 
Common stock 
542,300 shares 
Common stock 
636,000 shares 
Common stock 
421,800 shares 
Subscription price to be paid upon 
exercise of each subscription right 
to shares* ····························  
¥1 
¥1 
¥1 
¥1 
Issue price and amount of capital to 
be increased due to the issuance of 
shares upon exercise of the 
subscription rights to shares* ·····  
Issue price: ¥443 
(*4) 
Issue price: ¥452 
(*4) 
Issue price: ¥389 
(*4) 
Issue price: ¥466 
(*4) 
Exercise conditions* ···············  
(*5) 
(*5) 
(*5) 
(*5) 
Matters concerning the transfer of 
subscription rights to shares* ·····  
(*6) 
(*6) 
(*6) 
(*6) 
Matters concerning the allotment 
of subscription rights to shares in 
the event of reorganization* ·······  
(*7) 
(*7) 
(*7) 
(*7)

93 
 
2021 Stock 
Option 
Date of resolution ···················  
June 29, 2021 
Persons granted ·····················  
3 directors 
Number of options granted 
expressed in the number of 
shares by class of stock (*1)(*2)  
Common stock 
479,100 shares 
Date of grant ························  
July 14, 2021 
Vesting condition ···················  
Not set 
Service period covered ·············  
Not prescribed  
Exercise period* ····················  
From July 15, 
2021 to July 14, 
2051 
Number of subscription rights to 
shares* ·······························  
3,541 (4,328) 
units 
Class, description and number of 
shares of stock to be allotted upon 
exercise of the subscription rights 
to shares (*3)*·······················  
Common stock 
354,100 (432,800) 
shares 
Subscription price to be paid upon 
exercise of each subscription right 
to shares* ····························  
¥1 
Issue price and amount of capital to 
be increased due to the issuance of 
shares upon exercise of the 
subscription rights to shares* ·····  
Issue price: ¥464 
(*4) 
Exercise conditions* ···············  
(*5) 
Matters concerning the transfer of 
subscription rights to shares* ·····  
(*6) 
Matters concerning the allotment 
of subscription rights to shares in 
the event of reorganization* ·······  
(*7) 
* Information as of March 31, 2022.  Figures as of May 31, 2022 are also presented in parentheses in 
case of any changes to the date.  Otherwise, no change has occurred between the two dates. 
 
Notes: 
(*1) Number of options granted is expressed in the number of shares of common stock granted. 
(*2) Number of shares of common stock granted reflects 10-for-1 stock split executed by the Company 
on October 1, 2013. 
(*3) Number of shares to be allotted (the “Number of Shares to be Allotted”) upon exercise of the 
subscription rights to shares (the “Subscription Rights to Shares”) is 100 shares for 1 Subscription 
Right to Shares. 
 
In case the Company conducts a share split or a consolidation of shares of its common stock, after 
the date of the allocation of subscription rights to shares (the “Day of Allotment”), the Number of 
Shares to be Allotted will be adjusted according to the formula below.  Such adjustment shall be 
made only to the Subscription Rights to Shares which have not yet been exercised at the time of the 
adjustment. 
 
Number of Shares to be Allotted after adjustment = Number of Shares to be Allotted before 
adjustment × Ratio of share split or consolidation of shares 
 
Other than the above, in the event it becomes necessary to adjust the Number of Shares to be Allotted, 
it may be adjusted by the Company as deemed necessary by its Board of Directors.  Any amount 
less than one share arising from the adjustment shall be rounded down.

94 
(*4) Issue price is the sum of the subscription price to be paid upon exercise of each Subscription Right 
to Shares and the fair value of the Subscription Right to Shares at the grant date.  The amount of 
capital to be increased due to the issuance of shares upon exercise of the Subscription Rights to 
Shares shall be one half (1/2) of the maximum amount of increases in the capital, etc. to be calculated 
according to Article 17, Paragraph 1 of the Corporate Accounting Regulations, with any amount less 
than one yen arising from such calculation to be rounded up.  The amount of capital reserve to be 
increased due to the issuance of shares upon exercise of the Subscription Rights to Shares shall be 
the amount obtained by deducting the amount of capital to be increased set forth in above, from the 
maximum amount of increases in the capital, etc. set forth in above. 
(*5) (a) A holder of the Subscription Rights to Shares (the “Right Holder”) can exercise the Subscription 
Rights to Shares only in a single lump-sum transaction during the 10-day period from the day 
after leaving its position as director, corporate auditor, executive officer or employee of the 
Company or its subsidiaries within the exercise period stated above. 
(b) In case the Right Holder dies, heirs of the Right Holder may exercise the Subscription Rights to 
Shares only in a single lump-sum transaction. 
(*6) Any acquisition of the Subscription Rights to Shares through transfer shall require the approval by 
resolution of the Company’s Board of Directors. 
(*7) In case the Company conducts a merger (limited to the case where the Company is to be extinguished 
as a result of the merger), an absorption-type company split, an incorporation-type company split, a 
share exchange or a share transfer (hereafter collectively referred to as the “reorganization”), 
Subscription Rights to Shares of the companies listed in (a) to (e) of Article 236, Paragraph 1, Item 
8, of the Companies Act (the “Reorganized Company”) shall be delivered, in each of the above cases, 
to the Right Holder holding the Subscription Rights to Shares remaining just before the effective 
date of the reorganization (the “Remaining Subscription Rights to Shares”) according to the 
conditions (a) to (i) described below.  Provided, however, that the foregoing shall be on the 
condition that the delivery of Subscription Rights to Shares of the Reorganized Company in 
accordance with the following conditions is stipulated in an absorption-type merger agreement, a 
consolidation-type merger agreement, an absorption-type company split agreement, an 
incorporation-type company split plan, a stock change agreement, or a stock transfer plan. 
(a) Number of Subscription Rights to Shares of the Reorganized Company to be delivered 
The identical number of Subscription Rights to Shares to the number of the Remaining 
Subscription Rights to Shares held by a Right Holder shall be delivered to said Right Holder. 
(b) Class of shares of the Reorganized Company to be allotted upon exercise of Subscription Rights 
to Shares 
Common stock of the Reorganized Company. 
(c) Number of shares of the Reorganized Company to be allotted upon exercise of Subscription 
Rights to Shares 
It shall be determined in accordance with (*3) above, based on the consideration of conditions 
for the reorganization and other factors. 
(d) Amount of assets to be contributed upon exercise of Subscription Rights to Shares 
The amount of assets to be contributed upon exercise of each of the Subscription Rights to Shares 
to be delivered shall be an amount obtained by multiplying the exercise price after reorganization, 
as specified below, by the number of shares of the Reorganized Company to be allotted, as 
determined in accordance with (c) above.  The exercise price after reorganization shall be ¥1 
per share of the Reorganized Company to be delivered upon exercise of Subscription Rights to 
Shares. 
(e) Period during which Subscription Rights to Shares are exercisable 
From commencing date of the exercise period shown in the table above, or the effective date of 
the reorganization, whichever is later, to expiry date of the exercise period shown in the table 
above. 
(f) The amount of capital to be increased due to the issuance of shares upon exercise of the 
Subscription Rights to Shares  
i) The amount of capital to be increased due to the issuance of shares upon exercise of the 
Subscription Rights to Shares shall be one half (1/2) of the maximum amount of increases 
in the capital, etc. to be calculated according to Article 17, Paragraph 1 of the Corporate 
Accounting Regulations, with any amount less than one yen arising from such calculation 
to be rounded up.

95 
ii) The amount of capital reserve to be increased due to the issuance of shares upon exercise of 
the Subscription Rights to Shares shall be the amount obtained by deducting the amount of 
capital to be increased set forth in i) above, from the maximum amount of increases in the 
capital, etc. set forth in i) above. 
(g) Restriction on the acquisition of Subscription Rights to Shares through transfer 
Any acquisition of the Subscription Rights to Shares through transfer shall require the approval 
by resolution of the Board of Directors of the Reorganized Company. 
(h) Conditions for exercise of Subscription Rights to Shares 
It shall be determined in accordance with (*5) above. 
(i) Conditions for acquisition of the Subscription Rights to Shares 
i) The Company may acquire the Subscription Rights to Shares without compensation at the 
arrival of the day prescribed by its Board of Directors, in case the Right Holder comes to be 
unable to exercise all or part of the Subscription Rights to Shares in accordance with (*5) 
above or the allotment agreement for the Subscription Rights to Shares. 
ii) The Company may acquire the Subscription Rights to Shares without compensation at the 
arrival of the day prescribed by its Board of Directors, in case an agenda for approval of one 
of the following 1, 2, 3, 4, or 5, is approved at the General Meeting of Shareholders of the 
Company (or, if approval of the General Meeting of Shareholders is not required, is resolved 
at the Board of Directors of the Company). 
1. A Merger agreement, under which the Company shall be extinguished 
2. An absorption-type company split agreement or an incorporation-type company split 
plan, under which the Company shall be split. 
3. A share exchange agreement or a share transfer plan, under which the Company shall be 
a wholly owned subsidiary. 
4. An amendment to the articles of incorporation to establish new provisions by which any 
proposed transfer of shares issued by the Company shall require the approval of the 
Company. 
5. An amendment to the articles of incorporation to establish new provisions by which any 
proposed transfer of any class shares to be issued upon exercise of the Subscription 
Rights to Shares shall require the approval of the Company or by which the Company 
may acquire all of the class shares to be issued upon exercise of the Subscription Rights 
to Shares by the General Meeting of Shareholders.

96 
The stock option activity expressed in the number of common stock for the year ended March 31, 2022 was 
as follows: 
Date of resolution 
June 27, 2013 
June 27, 2014 
June 26, 2015 
June 29, 2016 
 
(Shares) 
(Shares) 
(Shares) 
(Shares) 
Number of stock options expressed in the 
number of common stock: 
 
 
 
 
Non-vested 
 
 
 
 
March 31, 2021 –  
 
 
 
 
Outstanding ·····································  
- 
- 
- 
- 
Granted ········································  
- 
- 
- 
- 
Forfeited ·······································  
- 
- 
- 
- 
Vested ··········································  
- 
- 
- 
- 
March 31, 2022 –  
 
 
 
 
Outstanding ·····································  
- 
- 
- 
- 
 
 
 
 
 
Vested 
 
 
 
 
March 31, 2021 – 
 
 
 
 
Outstanding ·····································  
303,100 
286,900 
447,900 
577,600 
Vested ··········································  
- 
- 
- 
- 
Exercised ······································  
6,500 
6,500 
4,400 
5,200 
Forfeited ·······································  
- 
- 
- 
- 
March 31, 2022 – 
 
 
 
 
Outstanding ·····································  
296,600 
280,400 
443,500 
572,400 
 
 
 
 
 
 
Yen 
U.S. 
dollars 
(Note 1) 
Yen 
U.S. 
dollars 
(Note 1) 
Yen 
U.S. 
dollars 
(Note 1) 
Yen 
U.S. 
dollars 
(Note 1) 
Price information: 
 
 
 
 
 
 
 
 
Exercise price ····································  ¥ 
1 
$
0.01 ¥
1 
$
0.01 
¥ 
1 
$ 0.01 
¥ 
1 
$ 0.01 
Average price at the exercise date ·············  ¥ 523 
$
4.27 ¥ 523 
$
4.27 
¥ 523 
$ 4.27 
¥ 523 
$ 4.27 
Fair value at the grant date ·····················  ¥ 410.9 $
3.36 ¥ 291.0 
$
2.38 
¥ 404.0 $ 3.30 
¥ 452.0 $ 3.69

97 
 
Date of resolution 
June 29, 2017 
June 28, 2018 
July 16, 2019 
June 26, 2020 
 
(Shares) 
(Shares) 
(Shares) 
(Shares) 
Number of stock options expressed in the 
number of common stock: 
 
 
 
 
Non-vested 
 
 
 
 
March 31, 2021 –  
 
 
 
 
Outstanding ·····································  
- 
- 
- 
106,800 
Granted ········································  
- 
- 
- 
- 
Forfeited ·······································  
- 
- 
- 
- 
Vested ··········································  
- 
- 
- 
106,800 
March 31, 2022 –  
 
 
 
 
Outstanding ·····································  
- 
- 
- 
- 
 
 
 
 
 
Vested 
 
 
 
 
March 31, 2021 – 
 
 
 
 
Outstanding ·····································  
521,400 
575,500 
675,600 
321,300 
Vested ··········································  
- 
- 
- 
106,800 
Exercised ······································  
4,900 
33,200 
39,600 
6,300 
Forfeited ·······································  
- 
- 
- 
- 
March 31, 2022 – 
 
 
 
 
Outstanding ·····································  
516,500 
542,300 
636,000 
421,800 
 
 
 
 
 
 
Yen 
U.S. 
dollars 
(Note 1) 
Yen 
U.S. 
dollars 
(Note 1) Yen 
U.S. 
dollars 
(Note 1) 
Yen 
U.S. 
dollars 
(Note 1) 
Price information: 
 
 
 
 
 
 
 
 
Exercise price ···································  ¥ 
1 
$ 
0.01 ¥ 
1 
$ 
0.01 ¥ 
1 
$ 0.01 ¥ 
1 
$ 0.01 
Average price at the exercise date ············  ¥ 523 
$ 
4.27 ¥ 464 
$ 
3.79 ¥ 464 
$ 3.79 ¥ 464 
$ 3.79 
Fair value at the grant date ····················  ¥ 442.0 $ 
3.61 ¥ 451.0 $ 
3.68 ¥ 388.0 
$ 3.17 ¥ 465.0 $ 3.80 
 
Date of resolution 
June 29, 2021 
 
(Shares) 
Number of stock options expressed in the 
number of common stock: 
 
Non-vested 
 
March 31, 2021 –  
 
Outstanding ·····································  
- 
Granted ········································  
479,100 
Forfeited ·······································  
5,200 
Vested ··········································  
355,900 
March 31, 2022 –  
 
Outstanding ·····································  
118,000 
 
 
Vested 
 
March 31, 2021 – 
 
Outstanding ·····································  
- 
Vested ··········································  
355,900 
Exercised ······································  
1,800 
Forfeited ·······································  
- 
March 31, 2022 – 
 
Outstanding ·····································  
354,100

98 
 
Yen 
U.S. 
dollars 
(Note 1) 
Price information: 
 
 
Exercise price ···································  ¥ 
1 
$ 
0.01 
Average price at the exercise date ············  ¥ 464 
$ 
3.79 
Fair value at the grant date ····················  ¥ 463.0 $ 
3.78 
Notes: 1. Figures in the above table reflect 10-for-1 stock split executed by the Company on October 1, 
2013. 
 
2. The average price at the exercise date is the average stock price of the Company at the exercise 
of stock options. 
The fair value of stock option granted during the year ended March 31, 2022 is estimated using the Black-
Scholes option pricing model with the assumptions noted in the following table: 
 
 
2021 compensation-type stock 
option 
 
Volatility of stock price (*1) ·································  
28.884% 
Estimated remaining outstanding period (*2) ·············  
3.1 years 
Estimated dividend (*3) ······································  
¥18 per share 
Risk-free interest rate (*4) ···································  
(0.138)% 
Notes: 
(*1) The volatility of stock price is based on the historical weekly volatility of the Company’s stock for the 
period equal to the option’s estimated remaining outstanding period from the grant date. 
(*2) The estimated remaining outstanding period is calculated by weighted averaging the estimated term 
period of each director with the number of options granted. 
(*3) The estimated dividend is based on the actual per share dividend distributed in the preceding year for 
the year ended March 31, 2021. 
(*4) The risk-free interest rate is based on the yield of government bonds having a remaining life equal to 
the option’s estimated remaining outstanding period. 
The actual numbers of forfeited options are used to measure the number of vested options, considering the 
difficulty to reasonably estimate future forfeitures. 
25. REVENUE RECOGNITION 
Disaggregation of revenue from contracts with customers 
Millions of yen 
2022 
 
Reportable segments 
Others 
(Note) 
Total 
 
Electrical  
Business 
Housing 
Business 
Financial 
Business 
Environment 
Business 
Total 
 
 
  
  
  
  
  
  
 
Home electrical 
appliances & Home 
information appliances ...  
1,114,283 
- 
- 
10,593 
1,124,876 
19,536 
1,144,412 
Housing ............................  
48,046 
263,084 
476 
- 
311,606 
9,608 
321,214 
Others ...............................  
122,613 
- 
914 
4,022 
127,549 
25,440 
152,989 
Revenue from 
contracts with customers ..  
1,284,942 
263,084 
1,390 
14,615 
1,564,031 
54,584 
1,618,615 
Revenue from 
other sources ....................  
- 
- 
764 
- 
764 
- 
764 
Sales to 
external customers ...........  
1,284,942 
263,084 
2,154 
14,615 
1,564,795 
54,584 
1,619,379

99 
Thousands of U.S. dollars(Note 1) 
2022 
 
Reportable segments 
Others 
(Note) 
Total 
 
Electrical  
Business 
Housing 
Business 
Financial 
Business 
Environment 
Business 
Total 
 
 
  
  
  
  
  
  
 
Home electrical 
appliances & Home 
information appliances ...  
9,102,874 
- 
- 
86,538 
9,189,412 
159,593 
9,349,005 
Housing ............................  
392,495 
2,149,204 
3,889 
- 
2,545,588 
78,495 
2,624,083 
Others ...............................  
1,001,661 
- 
7,469 
32,859 
1,041,989 
207,825 
1,249,814 
Revenue from 
contracts with customers ..  10,497,030 
2,149,204 
11,358 
119,397 
12,776,989 
445,913 
13,222,902 
Revenue from 
other sources ....................  
- 
- 
6,241 
- 
6,241 
- 
6,241 
Sales to 
external customers ...........  10,497,030 
2,149,204 
17,599 
119,397 
12,783,230 
445,913 
13,229,143 
 
Note: The “others” category includes other business segment not included in reportable segments. 
Useful information in understanding revenue from contracts with customers 
Useful information in understanding revenue from contracts with customers is as presented in “(p) 
Recognition of Revenues and Costs” under Note 2, entitled “SUMMARY OF SIGNIFICANT ACCOUNTING 
POLICIES.” 
Revenue from contracts with customers does not include significant estimates of variable consideration and 
a financing component. 
Contract asset and contract liability balances and the transaction price allocated to the remaining 
performance obligations 
(1) Contract asset and contract liability balances 
 
 
 
Millions of 
yen 
 
 
 
Thousands 
of 
U.S. dollars 
(Note 1) 
 
 
 
 
2022 
 
 
 
2022 
 
Receivables from contracts with customers 
(beginning balance) 
 Notes receivable-trade ·······························  
 
¥ 
3,850 
 
 
$ 
31,455 
 
Accounts receivable-trade ···························  
 
 
69,111 
 
 
 
564,588 
 
Notes and accounts receivable-completed 
construction contracts ································  
 
 
924 
 
 
 
7,550 
 
Receivables from contracts with customers  
(ending balance) 
 Notes receivable-trade ·······························  
 
¥ 
4,647 
 
 
$ 
37,965 
 
Accounts receivable-trade ···························  
 
 
68,753 
 
 
 
561,665 
 
Notes and accounts receivable-completed 
construction contracts ································  
 
 
909 
 
 
 
7,426 
 
Contract assets (beginning balance) ···················  
 
¥ 
1,126 
 
 
$ 
9,195 
 
Contract assets (ending balance) ·······················  
 
 
1,470 
 
 
 
12,007 
 
Contract liabilities (beginning balance) ···············  
 
¥ 
92,583 
 
 
$ 
756,335 
 
Contract liabilities (ending balance) ··················  
 
 
93,590  
 
 
764,565 
Contract assets primarily relate to the right of consolidated subsidiaries to consideration for performance 
obligations satisfied over a certain period of time in the sale of houses involving construction contracts in the 
housing business.  Once the consolidated subsidiaries have an unconditional right to consideration, they

100 
reclassify contract assets to receivables from contracts with customers.  In the consolidated balance sheets, 
contract assets are included in “Notes and accounts receivable-completed construction contracts.” 
Contract liabilities primarily relate to advances received from customers regarding contracts on extended 
warranty services free of charge, contracts on long-term warranty services for a fee, undelivered product sales, 
the Customer Loyalty Program, and the sale of houses involving construction contracts for which revenue is 
recognized over a certain period of time.  Contract liabilities are reversed as revenue is recognized.  In the 
consolidated balance sheets, contract liabilities are included in “Advances received on construction contracts in 
progress,” “Contract liabilities,” and “Other current liabilities.” 
Revenue recognized in the year ended March 31, 2022 that was included in the contract liability balance at 
the beginning of the year was ¥60,322 million ($492,784 thousand). 
The amount of revenue recognized in the year ended March 31, 2022 from performance obligations that 
were satisfied (or partially satisfied) in previous periods (mainly changes in transaction price) is immaterial. 
(2) Transaction price allocated to the remaining performance obligations 
The Group has applied the practical expedient to the notes on transaction prices allocated to the remaining 
performance obligations, and does not disclose contracts with an original expected duration of one year or less.  
The performance obligation relates to warranty service contracts.  The total transaction price allocated to the 
remaining performance obligations and the time frame the Group expects to recognize the amount as revenue 
are as follows: 
 
 
 
Millions of 
yen 
 
 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
 
 
2022 
 
 
 
2022 
 
Within one year ··········································  
 
¥ 
14,914 
 
 
$ 
121,834 
 
Over one year within two years ························  
 
 
12,835 
 
 
 
104,853 
 
Over two years within three years ·····················  
 
 
8,602 
 
 
 
70,273 
 
Over three years within four years ····················  
 
 
5,253 
 
 
 
42,916 
 
Over four years within five years ······················  
 
 
3,033 
 
 
 
24,780 
 
Over five years ···········································  
 
 
4,119 
 
 
 
33,647 
 
Total ·······················································  
 
¥ 
48,756  
 
$ 
398,303 
26. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 
The major components of “selling, general and administrative expenses” for the years ended March 31, 
2022 and 2021 were as follows: 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
  
 
 
 
 
  
 
Advertising ····················································  ¥ 
22,598 
 
¥ 
21,577  $ 
184,608 
Salaries ·························································   
119,359 
 
 
111,811   
975,074 
Rent expenses ·················································   
72,990 
 
 
74,205   
596,277 
Depreciation ···················································   
21,775 
 
 
18,492   
177,885 
Others ··························································   
162,535 
 
 
202,872   
1,327,794 
Total ····························································  ¥ 
399,257 
 
¥ 
428,957  $ 
3,261,638 
27. OTHER INCOME (EXPENSES) 
Gain on sale of business was recorded due to sale of a senior nursing home at a certain consolidated 
subsidiary.

101 
Fixed costs related to stores which were temporarily closed to respond to the requests by local governments 
and expenses for disinfection incurred at stores and other facilities due to the COVID-19 pandemic were recorded 
as loss due to COVID-19 of ¥209 million ($1,707 thousand) in other income (expenses). 
“Others, net” in “other income (expenses)” in the consolidated statements of income for the years ended 
March 31, 2022 and 2021 included the following: 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
  
 
 
 
 
  
 
Sales of electric power ·······································   
1,905 
 
 
1,903   
15,565 
Cost of sales of electric power ······························   
(776)  
 
(772)   
(6,338) 
Gain on sale of non-current assets ··························   
30 
 
 
86   
242 
Loss on disposal of non-current assets ·····················   
(617)  
 
(1,185)   
(5,040) 
Gain on sale of investment securities·······················   
216 
 
 
56   
1,766 
Gain on negative goodwill ···································   
- 
 
 
1,163   
- 
Gain on sale of shares of subsidiaries and associates ····   
191 
 
 
-   
1,558 
Others, net ·····················································   
4,724 
 
 
(3,176)   
38,589 
Total ····························································  ¥ 
5,673 
 
¥ 
(1,925)  $ 
46,342

102 
28. OTHER COMPREHENSIVE INCOME 
Amounts reclassified to profit in the current period that were recognized in other comprehensive income in 
the current or previous periods and tax effects for each component of other comprehensive income were as 
follows: 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
  
 
 
 
 
  
 
Valuation difference on available-for-sale securities: 
  
 
 
 
 
  
 
Amount arising during the year ························  ¥ 
366 
 
¥ 
(82)  $ 
2,987 
Reclassification adjustments ···························   
(214)  
 
548   
(1,745) 
Valuation difference on available-for-sale securities 
before related tax effect ······························   
152 
 
 
466   
1,242 
Related tax effect ········································   
(24)  
 
(7)   
(195) 
Valuation difference on available-for-sale securities, 
net of taxes ············································   
128 
 
 
459   
1,047 
Foreign currency translation adjustments: 
  
 
 
 
   
 
Amount arising during the year ························   
367 
 
 
172   
2,999 
Reclassification adjustments ···························   
397 
 
 
-   
3,240 
Foreign currency translation adjustments before 
related tax effect ······································   
764 
 
 
172   
6,239 
Related tax effect ········································   
- 
 
 
-   
- 
Foreign currency translation adjustments, net of 
taxes ····················································   
764 
 
 
172   
6,239 
Remeasurements of defined benefit plans: 
  
 
 
 
   
 
Amount arising during the year ························   
(1,177)  
 
2,206   
(9,611) 
Reclassification adjustments ···························   
(1,403)  
 
(606)   
(11,464) 
Remeasurements of defined benefit plans before 
related tax effect ······································   
(2,580)  
 
1,600   
(21,075) 
Related tax effect ········································   
497 
 
 
(455)   
4,059 
Remeasurements of defined benefit plans, net of tax   
(2,083)  
 
1,145   
(17,016) 
Share of other comprehensive loss of associates 
accounted for using equity method: 
  
 
 
 
   
 
Amount arising during the year ························   
(4)  
 
(0)   
(28) 
Reclassification adjustments ···························   
- 
 
 
-   
- 
Share of other comprehensive loss of associates 
accounted for using equity method ·················   
(4)  
 
(0)   
(28) 
Total other comprehensive income (loss) ··················  ¥ 
(1,195)  
¥ 
1,776  $ 
(9,758) 
29. SEGMENT INFORMATION 
- 
Segment Information 
1. Overview of reportable segments 
The reportable segments of the Group are constituent units of the Group for which separate financial 
information is obtainable.  These segments are periodically examined by the Board of Directors for the 
purpose of deciding the allocation of management resources and evaluating operating results. 
The Group’s business segments, based on its business domains, comprise its four reportable segments: 
“Electrical Business,” “Housing Business,” “Financial Business,” and “Environment Business.” 
In the “Electrical Business,” the Group carries out the sale of home electrical appliances such as TVs, 
refrigerators and washing machines, and home information appliances such as computers and mobile phones, 
as well as the provision of renovation services and the sale of housing-related products such as furniture and 
home interior products.  In the “Housing Business,” the Group is engaged in the sale of houses, mainly

103 
detached houses, as well as the manufacturing and sale of housing equipment such as bathroom equipment and 
kitchen equipment.  In the “Financial Business,” the Group provides various financial products in the five 
areas of new construction, renovation, fund settlement, insurance products, and life planning as part of the 
services to “Total-Living (Kurashi-Marugoto).”  In the “Environment Business,” the Group provides reuse, 
recycling, and recovery of resource services mainly for home electrical appliances and computers. 
 
2. Notes relating to changes in reportable segments, etc. 
The Group had previously set forth “Electrical Business” and “Housing Business” as reportable segments.  
However, in order to enhance the disclosure of each segment, the Company has changed to a method of adding 
the following businesses that were included in “Others” as reportable segments: the “Financial Business” and 
the “Environment Business.”  Therefore, from the year ended March 31, 2022, the Company discloses 
information for the reportable segment classifications of the categories of “Electrical Business,” “Housing 
Business,” “Financial Business,” and “Environment Business.”  Furthermore, in line with the intragroup 
reorganization, part of the real estate related business that was previously included in the “Financial Business” 
has been included in the “Housing Business,” and part of the wholesale related business that was included in 
“Housing Business” has been included in “Others” from the year ended March 31, 2022. 
Segment information for the year ended March 31, 2021 has been prepared based on the reportable segment 
classification for the year ended March 31, 2022. 
As described in “CHANGES IN ACCOUNTING POLICIES,” the Company has applied the Accounting 
Standard for Revenue Recognition and relevant revised ASBJ regulations from the beginning of the year ended 
March 31, 2022, and changed the accounting treatment for revenue recognition.  Accordingly, the Company 
has similarly changed the method of measuring profit of business segments. 
With this change, net sales of the “Electrical Business” in the year ended March 31, 2022 decreased by 
¥103,490 million ($845,438 thousand) compared with the previous method, while the impact on net sales of 
the “Housing Business,” “Financial Business,” “Environment Business,” and “Others” was minimal.  The 
impact of this change on the profit of each segment is minimal. 
 
3. Method for calculating net sales, profit or loss, assets, liabilities and other items by reportable segment 
The accounting policies for each reportable segment are consistent with those disclosed in Note 2, entitled 
“SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.” 
Reportable segment profit is based on operating profit. 
Intersegment revenue and transfer are based on arm’s-length transactions.

104 
4. Information about amounts of net sales, profit or loss, assets, liabilities and other items by reportable segment 
 
Millions of yen 
2022 
 
Reportable segments 
 
Electrical 
Business 
Housing 
Business 
Financial 
Business 
Environment 
Business 
Total 
Net sales 
  
 
  
  
  
Sales to external customers .  
¥ 1,284,942 ¥
263,084 ¥
2,154 ¥
14,615 ¥ 1,564,795 
Intersegment sales ...............  
 
25,860 
5,147  
293  
13,878  
45,178 
Total .................  
¥ 1,310,802 ¥
268,231 ¥
2,447 ¥
28,493 ¥ 1,609,973 
Segment profit (loss) .............  
¥ 
56,185 ¥
7,362 ¥
429 ¥
1,229 ¥
65,205 
Segment assets ......................  
 1,007,636 
146,878  
38,474  
15,107  1,208,095 
Other items 
 
 
  
 
 
 
Depreciation ........................  
 
19,601 
3,226  
37  
122  
22,986 
Amortization of goodwill ....  
 
- 
742  
 
-  
742 
Gain on negative goodwill ..  
 
- 
-  
 
-  
- 
Impairment losses ...............  
 
3,671 
221  
 
-  
3,892 
Increase in property and 
equipment and intangible 
assets ...................................  
 
27,589 
4,867  
 
1,694  
34,154 
 
Millions of yen 
2022 
 
Others 
(Note 1) 
Total 
Adjusted 
amounts 
(Notes 2, 3) 
Amount recorded 
 in consolidated 
financial 
statements 
(Note 4) 
 
Net sales 
  
  
  
  
Sales to external customers .  
¥ 
54,584 ¥ 
1,619,379 ¥ 
- ¥
1,619,379 
Intersegment sales ...............  
 
10,525 
 
55,703 
 
(55,703) 
 
- 
Total .................  
¥ 
65,109 ¥ 
1,675,082 ¥ 
(55,703) ¥
1,619,379 
Segment profit (loss) .............  
¥ 
275 ¥ 
65,480 ¥ 
224 ¥
65,704 
Segment assets ......................  
 
27,228 
 
1,235,323 
 
36,345 
 
1,271,668 
Other items 
 
 
 
 
 
 
 
 
Depreciation ........................  
 
59 
 
23,045 
 
641 
 
23,686 
Amortization of goodwill ....  
 
- 
 
742 
 
- 
 
742 
Gain on negative goodwill ..  
 
- 
 
- 
 
- 
 
- 
Impairment losses ...............  
 
26 
 
3,918 
 
44 
 
3,962 
Increase in property and 
equipment and intangible 
assets ...................................  
 
110 
 
34,264 
 
- 
 
34,264

105 
 
Thousands of U.S. dollars (Note 1) 
2022 
 
Reportable segments 
 
Electrical 
Business 
Housing 
Business 
Financial 
Business 
Environment 
Business 
Total 
Net sales 
  
  
  
  
  
Sales to external customers .  
$ 10,497,030 $ 2,149,204 $ 
17,599 $ 
119,397 $ 12,783,230
Intersegment sales ...............  
 
211,256  
42,049  
2,390  
113,373  
369,068
Total .................  
$ 10,708,286 $ 2,191,253 $ 
19,989 $ 
232,770 $ 13,152,298
Segment profit (loss) .............  
$
458,991 $ 
60,145 $ 
3,502 $ 
10,040 $
532,678
Segment assets ......................  
 8,231,645  1,199,886  314,305  
123,411  9,869,247
Other items 
 
 
  
 
 
Depreciation ........................  
 
160,128  
26,355  
305  
996  
187,784
Amortization of goodwill ....  
 
-  
6,065  
 
-  
6,065
Gain on negative goodwill ..  
 
-  
-  
 
-  
-
Impairment losses ...............  
 
29,993  
1,805  
 
-  
31,798
Increase in property and 
equipment and intangible 
assets ...................................  
 
225,385  
39,756  
34  
13,841  
279,016
 
Thousands of U.S. dollars (Note 1) 
2022 
 
Others 
(Note 1) 
Total 
Adjusted 
amounts 
(Notes 2, 3) 
Amount recorded 
 in consolidated 
financial 
statements 
(Note 4) 
 
Net sales 
  
  
  
  
Sales to external customers .  
$ 445,913 $ 13,229,143 $ 
- $
13,229,143 
Intersegment sales ...............  
 
85,983 
 
455,051 
 (455,051) 
 
- 
Total .................  
$ 531,896 $ 13,684,194 $ (455,051) $
13,229,143 
Segment profit (loss) .............  
$ 
2,244 $ 
534,922 $ 
1,827 $
536,749 
Segment assets ......................  
 222,434 
 10,091,681 
 296,916 
 10,388,597 
Other items 
 
 
 
 
 
 
 
 
Depreciation ........................  
 
480 
 
188,264 
 
5,236 
 
193,500 
Amortization of goodwill ....  
 
- 
 
6,065 
 
- 
 
6,065 
Gain on negative goodwill ..  
 
- 
 
- 
 
- 
 
- 
Impairment losses ...............  
 
208 
 
32,006 
 
356 
 
32,362 
Increase in property and 
equipment and intangible 
assets ...................................  
 
897 
 
279,913 
 
- 
 
279,913 
 
Notes: 
1. 
The “others” category includes other business segment not included in reportable 
segments. 
2. 
The adjusted amounts of segment assets amounting to ¥36,345 million ($296,916 
thousand) resulted from corporate assets of ¥47,093 million ($384,718 thousand) that 
have not been allocated to segments and elimination of intersegment transactions of 
¥(10,748) million ($(87,802) thousand). 
3. 
The adjusted amounts of segment profit amounting to ¥224 million ($1,827 thousand) 
resulted mainly from elimination of intersegment transactions. 
4. 
Segment profit is adjusted with operating profit in the consolidated statements of income.

106 
Millions of yen 
2021 
 
Reportable segments 
 
Electrical 
Business 
Housing 
Business 
Financial 
Business 
Environment 
Business 
Total 
Net sales 
  
  
  
  
  
Sales to external customers  
¥ 1,503,272 ¥ 
175,682 ¥ 
1,474 ¥ 
13,948 ¥ 1,694,376
Intersegment sales ...............  
 
30,320  
4,995  
278  
12,998  
48,591
Total .................  
¥ 1,533,592 ¥ 
180,677 ¥ 
1,752 ¥ 
26,946 ¥ 1,742,967
Segment profit (loss) .............  
¥
85,671 ¥ 
4,617 ¥ 
298 ¥ 
815 ¥
91,401
Segment assets ......................  
 1,017,899  
141,729  
14,440  
13,877  1,187,945
Other items 
 
 
  
 
 
Depreciation ........................  
 
18,618  
1,996  
58  
117  
20,789
Amortization of goodwill ....  
 
-  
384  
 
-  
384
Gain on negative goodwill ..  
 
-  
1,144  
 
-  
1,144
Impairment losses ...............  
 
12,117  
1,502  
 
-  
13,619
Increase in property and 
equipment and intangible 
assets ...................................  
 
26,174  
3,477  
37  
195  
29,883
 
Millions of yen 
2021 
 
Others 
(Note 1) 
Total 
Adjusted 
amounts 
(Notes 2, 3) 
Amount recorded 
 in consolidated 
financial 
statements 
(Note 4) 
 
Net sales 
  
  
  
  
Sales to external customers  
¥
58,130 ¥ 
1,752,506 ¥ 
- ¥
1,752,506 
Intersegment sales ...............  
 
12,670 
 
61,261 
 
(61,261) 
 
- 
Total .................  
¥
70,800 ¥ 
1,813,767 ¥ 
(61,261) ¥
1,752,506 
Segment profit (loss) .............  
¥
(1,880) ¥ 
89,521 ¥ 
2,558 ¥
92,079 
Segment assets ......................  
 
31,598 
 
1,219,543 
 
33,057 
 
1,252,600 
Other items 
 
 
 
 
 
 
 
 
Depreciation ........................  
 
46 
 
20,835 
 
636 
 
21,471 
Amortization of goodwill ....  
 
- 
 
384 
 
- 
 
384 
Gain on negative goodwill ..  
 
19 
 
1,163 
 
- 
 
1,163 
Impairment losses ...............  
 
411 
 
14,030 
 
- 
 
14,030 
Increase in property and 
equipment and intangible 
assets ...................................  
 
485 
 
30,368 
 
- 
 
30,368 
 
Notes: 
1. 
The “others” category includes other business segment not included in reportable 
segments. 
2. 
The adjusted amounts of segment assets amounting to ¥33,057 million resulted from 
corporate assets of ¥45,856 million that have not been allocated to segments and 
elimination of intersegment transactions of ¥(12,799) million. 
3. 
The adjusted amounts of segment profit (loss) amounting to ¥2,558 million resulted 
mainly from elimination of intersegment transactions. 
4. 
Segment profit (loss) is adjusted with operating profit in the consolidated statements of 
income.

107 
- 
Supplemental Information on Reportable Segment 
Information about products and services for the years ended March 31, 2022 and 2021 is as follows: 
 
 
Millions of yen 
 
 
2022 
 
 
Home electrical 
appliances &  
Home information 
appliances 
 
Housing 
 
Other 
 
Total 
Sales to external customers ·····  
 
¥ 
1,144,412 
 
¥ 
321,214 
 
¥ 
153,753 
 
¥ 
1,619,379 
 
 
 
 
 
Thousands of U.S. dollars (Note 1) 
 
 
2022 
 
 
Home electrical 
appliances & 
Home information 
appliances 
 
Housing 
 
Other 
 
Total 
Sales to external customers ·····  
 
$ 
9,349,006 
 
$ 
2,624,083 
 
$ 
1,256,054 
 
$ 
13,229,143 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Millions of yen 
 
 
2021 
 
 
Home electrical appliances  
&  
Home information appliances 
 
Other 
 
Total 
Sales to external customers ·····  
 
¥ 
1,443,981 
 
¥ 
308,525 
 
¥ 
1,752,506 
Information about geographic area for the years ended March 31, 2022 and 2021 has not been disclosed 
because sales to domestic customers and total property and equipment located in Japan accounted for more than 
90% of consolidated sales and total property and equipment, respectively. 
Information about major customers for the years ended March 31, 2022 and 2021 has not been disclosed 
since no single customer accounted for more than 10% of consolidated sales. 
- 
Information about Impairment Loss on Long-Lived Assets in Reportable Segment 
Information about impairment loss on long-lived assets in reportable segment for the years ended March 
31, 2022 and 2021 has not been disclosed since the same information is disclosed in segment information.

108 
- 
Information about Amortization and Unamortized Balances of Goodwill by Reportable Segment 
Millions of yen 
2022 
 
Reportable segments 
Others 
Corporate/ 
elimination 
Total 
 
Electrical 
Business 
Housing 
Business 
Financial 
Business 
Environment 
Business 
Total 
 
 
 
  
  
  
  
  
 
 
  
Amortization .................  ¥ 
- ¥ 
742 
¥ 
- 
¥ 
- 
¥ 
742 
¥ 
- 
¥ 
- 
¥ 
742 
Unamortized balance .....  
 
-  
2,359 
 
- 
 
- 
 
2,359 
 
- 
 
- 
 
2,359 
Thousands of U.S. dollars (Note 1) 
2022 
 
Reportable segments 
Others 
Corporate/ 
elimination 
Total 
 
Electrical 
Business 
Housing 
Business 
Financial 
Business 
Environment 
Business 
Total 
 
 
 
  
  
  
  
  
 
 
  
Amortization .................  $ 
- $ 
6,065 
$ 
- 
$ 
- 
$ 
6,065 
$ 
- 
$ 
- 
$ 
6,065 
Unamortized balance .....  
 
-  19,273 
 
- 
 
- 
 19,273 
 
- 
 
- 
 
19,273 
 
Millions of yen 
2021 
 
Reportable segments 
Others 
Corporate/ 
elimination 
Total 
 
Electrical 
Business 
Housing 
Business 
Financial 
Business 
Environment 
Business 
Total 
 
 
 
  
  
  
  
  
 
 
  
Amortization .................  ¥ 
- ¥ 
384 
¥ 
- 
¥ 
- 
¥ 
384 
¥ 
- 
¥ 
- 
¥ 
384 
Unamortized balance .....  
 
-  
3,253 
 
- 
 
- 
 
3,253 
 
- 
 
- 
 
3,253 
 
- 
Information about Gain on Negative Goodwill 
For the year ended March 31, 2022 
Not applicable. 
For the year ended March 31, 2021 
A gain on negative goodwill of ¥1,144 million was recognized in the housing business segment since 
consolidated subsidiary Yamada Homes made Shuken a consolidated subsidiary by acquiring its shares.

109 
30. RELATED PARTIES 
Significant balances with related parties as of March 31, 2022 and 2021 and related transactions for the 
years ended March 31, 2022 and 2021 were as follows: 
 
 
Millions of yen 
 
Thousands of 
U.S. dollars 
(Note 1) 
 
 
2022 
 
2021 
 
2022 
 
 
 
 
 
 
 
 
 
 
Balances of the Company: 
 
 
 
 
 
 
 
 
 
Tecc Planning Co., Ltd., 100% directly owned by Noboru 
Yamada, representative director and chairman, and his 
relatives: 
 
 
 
 
 
 
 
 
 
Prepaid expense (prepaid rent) ······························  
 
¥ 
77 
 
¥ 
89 
 
$ 
627 
Guarantee deposits (due within one year) ·················  
 
 
89 
 
 
139 
 
 
730 
Guarantee deposits············································  
 
 
1,502 
 
 
1,880 
 
 
12,267 
 
 
 
 
 
 
 
 
 
 
Principal transactions of the Company: 
 
 
 
 
 
 
 
 
 
Tecc Planning Co., Ltd., 100% directly owned by Noboru 
Yamada, representative director and chairman, and his 
relatives: 
 
 
 
 
 
 
 
 
 
Payment of company house rent and lease and 
guarantee deposit ·············································  
 
 
939 
 
 
979 
 
 
7,669 
 
 
 
 
 
 
 
 
 
 
Balances of the Company’s consolidated subsidiary: 
 
 
 
 
 
 
 
 
 
Katsuhisa Otsuka, a relative of the Company’s significant 
subsidiary’s officer: 
 
 
 
 
 
 
 
 
 
Guarantee deposits received ································  
¥ 
37 
 
¥ 
37 
 
$ 
302 
 
 
 
 
 
 
 
 
 
 
Principal transactions of the Company’s consolidated 
subsidiaries: 
 
 
 
 
 
 
 
 
 
Katsuhisa Otsuka, a relative of the Company’s significant 
subsidiary’s officer: 
 
 
 
 
 
 
 
 
 
Land leasing ··················································  
 
1 
 
 
1 
 
 
9 
Tecc Planning Co., Ltd., 100% directly owned by Noboru 
Yamada, representative director and chairman, and his 
relatives: 
 
 
 
 
 
 
 
 
 
Trading of land and buildings ······························  
 
1,234 
 
 
- 
 
 
10,083 
31. SUBSEQUENT EVENTS 
I. 
Conversion into a Wholly Owned Subsidiary through Simplified Share Exchange 
Based on a resolution at the meeting of the Board of Directors held on February 10, 2022, the Company 
executed a share exchange, whereby the Company becomes the wholly-owning parent company and Hinokiya 
Group Co., Ltd. (hereinafter referred to as “Hinokiya Group”) becomes the wholly-owned subsidiary (hereinafter 
referred to as the “Share Exchange”), as of the effective date of April 27, 2022. 
1. Summary of transaction 
(1) Name and description of business of the wholly owned subsidiary resulting from a share exchange 
Name of the wholly-owned subsidiary 
resulting from a share exchange: 
Hinokiya Group Co., Ltd.

110 
Description of business: 
Housing, real estate investment, thermal 
insulation materials, renovation, and other 
businesses 
 
(2) Date of business combination 
April 27, 2022 
(3) Legal form of business combination 
The Share Exchange was one whereby the Company became the wholly-owning parent company and 
Hinokiya Group became the wholly-owned subsidiary.  In accordance with Article 796, Paragraph 2 of 
the Companies Act, the Share Exchange was conducted through a simplified share exchange procedure 
that did not require approval by a resolution of the shareholder’s meeting. 
(4) Name of the company after business combination 
The name will not be changed. 
(5) Purpose of the Share Exchange 
- To further strengthen the collaborative relationship 
- To establish a structure that enables swift and flexible decision-making and thorough implementation of 
policies within the Group 
2. Summary of accounting to be applied 
The transaction is accounted for as a transaction with non-controlling shareholders in the category of 
transactions under common control in accordance with “Accounting Standard for Business Combinations” 
(ASBJ Statement No. 21) and “Guidance for Accounting Standard for Business Combination and Divestitures” 
(ASBJ Guidance No. 10). 
3. Matters concerning the acquisition of additional shares in subsidiary 
(1) Acquisition cost and breakdown by type of consideration 
Consideration for the acquisition (common stock) 
¥14,741 million ($120,423 thousand)
Acquisition cost 
¥14,741 million ($120,423 thousand)
 
(2) Stock type, exchange ratio and number of shares delivered 
 
The Company 
(wholly owning parent company) 
Hinokiya Group 
(wholly owned subsidiary) 
Allotment ratio for the Share 
Exchange 
1 
6.2 
Number of shares delivered in the 
Share Exchange 
Common stock of the Company: 39,204,615 shares 
 
Notes: 1. Share allotment ratio 
 
For each share of Hinokiya Group, 6.2 shares of the Company’s common stock (hereinafter 
referred to as the “Company’s Shares”) are allotted.  However, no shares are allotted in the Share 
Exchange for the Hinokiya Group Shares which the Company holds (6,327,659 shares). 
 
2. Number of the Company’s Shares delivered in the Share Exchange 
 
Upon the Share Exchange, the Company delivered the number of the Company’s Shares calculated 
based on the Share Exchange Ratio to the shareholders of Hinokiya Group (referring to the 
shareholders after the cancellation of treasury stock as described below and excluding the 
Company) as of the time immediately prior to the time at which the Company acquired all of the 
issued shares in Hinokiya Group (excluding the Hinokiya Group Shares held by the Company) 
under the Share Exchange (hereinafter referred to as the “Record Time”), in exchange for Hinokiya

111 
Group Shares being owned by these shareholders.  The Company used its 39,204,615 treasury 
shares as shares delivered through the Share Exchange, and did not issue new shares upon 
allotment to the Share Exchange. 
 
(3) Rationale and reason for allotment in the Share Exchange 
In order to ensure fairness and appropriateness in calculating the Share Exchange Ratio described in “(2) 
Stock type, exchange ratio and number of shares delivered” above, the Company and Hinokiya Group, 
respectively and separately, decided to request a third-party valuation institution independent from them 
to calculate the share exchange ratio.  The Company appointed Nomura Securities Co., Ltd., and 
Hinokiya Group appointed YAMADA Consulting Group Co., Ltd. as the third-party valuation institutions. 
The Company and Hinokiya Group conducted careful examinations based on the results of due diligence, 
etc. that each company respectively carried out with respect to the counterparty while referencing the 
calculation result of the share exchange ratio submitted to them by the respective third-party valuation 
institution, and held careful discussions and negotiations concerning the Share Exchange Ratio, giving 
comprehensive consideration to various factors, such as the financial conditions, business performance 
trends, future outlook and share price trends of both companies.  As a result, the Company and Hinokiya 
Group judged that the Share Exchange Ratio is appropriate for the respective shareholders and, at the 
respective Board of Directors’ meetings of both companies held on February 10, 2022, decided to conduct 
the Share Exchange at the Share Exchange Ratio and concluded and conducted the Share Exchange 
Agreement between the two companies. 
II. Merger between Subsidiaries 
Based on a resolution at a meeting of the Board of Directors held on February 14, 2022, the Company 
conducted an absorption-type merger (the “Merger”), whereby YAMADA DENKI CO., LTD. (hereinafter 
referred to as “YAMADA DENKI”), a consolidated subsidiary of the Company, becomes a surviving company 
and OTSUKA KAGU, LTD. (hereinafter referred to as “OTSUKA KAGU”), a consolidated subsidiary of the 
Company, becomes a dissolving company as of the effective date of May 1, 2022. 
1. Summary of transaction 
(1) Name and description of business of companies involved in business combination 
Name of surviving company: 
YAMADA DENKI CO., LTD. 
Business description: 
Home electrical appliances and home information appliances sales 
business and housing-related product sales business 
Name of dissolved company: 
OTSUKA KAGU, LTD. 
Business description: 
General sales of furniture, home electrical appliances and home 
interiors 
(2) Date of business combination 
May 1, 2022 
(3) Legal form of business combination 
Absorption-type merger, with YAMADA DENKI as the surviving company and OTSUKA KAGU as the 
dissolving company 
(4) Name of the company after business combination 
YAMADA DENKI CO., LTD. 
(5) Other matters relating to the transaction 
Both YAMADA DENKI and OTSUKA KAGU, under mutual cooperation, have worked on sale of 
merchandise of OTSUKA KAGU at YAMADA DENKI and handling of electronic appliances at 
OTSUKA KAGU stores, acquisition of orders from corporate customers through collaboration with the 
corporate sector, mutual acquisition of know-how on sale of furniture and electronic appliances through 
temporary assignment of employees from OTSUKA KAGU to YAMADA DENKI and the Company, 
development of human resources, and other initiatives.

112 
The purpose of the Merger is to further deepen these initiatives, and bring together know-how and 
managerial resources of OTSUKA KAGU to YAMADA DENKI under the concept of “We support you 
living a delightful life. Entirely.” to combine furniture and home interior products with electrical 
appliances, as well as to realize higher corporate value through strengthening of seamless marketing and 
sales by integrating the both companies, improvement of convenience for customers, increase in 
efficiency in terms of administration, prompt implementation of the Group’s management strategy, 
achievement of SDGs, and initiatives for ESG, sustainability management, etc. 
2. Summary of accounting to be applied 
The transaction was accounted for as a transaction in the category of under common control in 
accordance with “Accounting Standard for Business Combinations” (ASBJ Statement No. 21) and “Guidance 
for Accounting Standard for Business Combination and Divestitures” (ASBJ Guidance No. 10). 
III. Acquisition of Treasury Stock 
At the meeting of the Board of Directors held on May 6, 2022, the Company approved a resolution regarding 
matters related to acquisition of treasury stock pursuant to the provisions of Article 156 of the Companies Act, 
as applied by replacing the relevant terms pursuant to the provisions of Article 165, paragraph 3 of the same Act, 
as described below. 
1. Reason for conducting purchase of treasury stock 
In order to implement a flexible capital policy that can meet changes in the business environment and 
to enhance the return on profits to shareholders through improvements in capital efficiency 
2. Details of matters relating to purchase 
(1) Class of shares to be purchased 
Common stock 
(2) Total number of shares to be purchased 
200,000,000 shares (maximum) 
(23.9% of total number of issued shares excluding treasury 
stock) 
(3) Total amount for share purchase 
¥100,000 million (maximum) 
(4) Purchase period 
May 9, 2022 to May 8, 2023 
(5) Method of purchase 
Open-market purchase 
 
* Depending on market trends, etc., all or part of the acquisition may not be completed. 
 
 
 
* * * * * *

Independent auditor’s report 
 
To the Board of Directors of YAMADA HOLDINGS Co., LTD.: 
Opinion 
We have audited the accompanying consolidated financial statements of YAMADA HOLDINGS CO., 
LTD. (“the Company”) and its consolidated subsidiaries (collectively referred to as “the Group”), 
which comprise the consolidated balance sheets as at March 31, 2022 and 2021, the consolidated 
statements of income and comprehensive income, changes in net assets and cash flows for the years 
then ended, and notes, comprising a summary of significant accounting policies and other explanatory 
information. 
In our opinion, the accompanying consolidated financial statements present fairly, in all material 
respects, the consolidated financial position of the Group as at March 31, 2022 and 2021, and its 
consolidated financial performance and its consolidated cash flows for the years then ended in 
accordance with accounting principles generally accepted in Japan. 
Basis for Opinion 
We conducted our audit in accordance with auditing standards generally accepted in Japan. Our 
responsibilities under those standards are further described in the Auditor’s Responsibilities for the 
Audit of the Consolidated Financial Statements section of our report. We are independent of the Group 
in accordance with the ethical requirements that are relevant to our audit of the consolidated financial 
statements in Japan, and we have fulfilled our other ethical responsibilities in accordance with these 
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to 
provide a basis for our opinion. 
Emphasis of Matter 
We draw attention to Note 31 of the consolidated financial statements, which describes the resolution 
regarding matters related to acquisition of treasury stock at the meeting of the Board of Directors held 
on May 6, 2022. Our opinion is not modified in respect of this matter. 
Key Audit Matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in our 
audit of the consolidated financial statements of the current period. These matters were addressed in the 
context of our audit of the consolidated financial statements as a whole, and in forming our opinion 
thereon, and we do not provide a separate opinion on these matters.  
Appropriateness of the Group’s judgment as to whether an impairment loss should be recognized 
on the long-lived assets of stores  
The key audit matter 
How the matter was addressed in our audit

As described in Note 3. “SIGNIFICANT 
ACCOUNTING ESTIMATES, Recognition 
of impartment loss on property and equipment 
at stores” to the consolidated financial 
statements, the Group recognized property 
and equipment of ¥404,004 million related to 
the electrical business in the consolidated 
balance sheets as of March 31, 2022, 
accounting for 31.8% of total assets. In the 
consolidated 
statements 
of 
income, 
impairment losses on the long-lived assets of 
¥3,961 million were recognized. Included 
therein were ¥3,671 million of impairment 
losses related to the electrical business. 
While these assets are depreciated in a 
systematic manner, they need to be tested for 
impairment whenever there is an impairment 
indicator in asset groups identified for each 
store. The impairment test is performed by 
comparing the undiscounted future cash flows 
that are expected to be generated from the 
asset groups with their carrying amounts. If 
the recognition of an impairment loss is 
deemed necessary, the carrying amount is 
reduced to the recoverable amount, and the 
resulting decrease in the carrying amount is 
recognized as an impairment loss. 
In the electrical appliance retail business, 
some of the stores have continuously 
recognized losses or negative cash flows 
resulting from the operating activities mainly 
due to the impact of the competitions with 
other companies and the spread of COVID-19 
infections. 
Therefore, 
management 
determined that there was an impairment 
indicator for the business. The Group assessed 
whether the carrying amount related to those 
stores would be recoverable in the current 
fiscal year based on the undiscounted future 
cash flows. The future cash flows used in the 
determination were estimated based on the 
cash flows of each store in the current fiscal 
year, using the assumption of a certain 
growth 
rate 
considering 
the 
business 
environment surrounding the Group. Since the 
assumption involves a high degree of 
uncertainty, management’s judgment thereon 
had a significant effect on the estimated future 
cash flows. 
In addition, for the market value of the long-
lived assets used in the net selling price 
The primary procedures we performed to assess the 
appropriateness of the Group’s judgment as to whether 
an impairment loss should be recognized on the long-
lived assets of stores included the following: 
(1) Internal control testing 
We tested the design and operating effectiveness of 
certain of the Group’s internal controls relevant to the 
determination of an impairment loss to be recognized on 
the long-lived assets of stores. In this assessment, we 
focused in particular our testing on the following 
controls: 
 
controls 
designed 
to 
prevent 
the 
use 
of  
unreasonable assumptions for the growth rate used 
in estimating the future cash flows for each store, 
 
 
controls designed to evaluate the use of an external 
real estate appraiser by management including the 
selection of external experts, and the evaluation of 
their work. 
(2) Assessment of the reasonableness of the 
estimated future cash flows 
In order to assess the appropriateness of key 
assumptions which were used as the basis for estimating 
the future cash flows for each store, we inquired of 
management about the basis on which those 
assumptions were developed, and consideration for the 
cause of variances between the achievements of the past 
estimates of the undiscounted future cash flows for each 
store and the plans. In addition, we: 
 compared the growth rate with the expected market 
growth rates of the sales in the consumer electrical 
appliance retail industry published by an external 
organization, which  were obtained by the auditor; 
and  
 examined the reasonableness of the calculation 
method of the appraisal values of the real estate and 
the appropriateness of input data by engaging a 
specialist within our network firms in order to 
assess the reasonableness of the values which were 
used as the basis for the net selling price included 
in the future cash flows.

included in the future cash flows, some of the 
stores adopted an appraisal value of real estate 
calculated by a real estate appraiser. The 
appraisal value required judgments based on 
expertise.   
We, therefore, determined that our 
assessment of the appropriateness of the 
Group’s judgment as to whether an 
impairment loss should be recognized on the 
long-lived assets of stores was of most 
significance in our audit of the consolidated 
financial statements for this fiscal year, and 
accordingly, a key audit matter. 
 
 
Other Information 
The other information comprises the information included in the Financial Report, but does not include 
the consolidated financial statements, the financial statements, and our auditor’s reports thereon. 
Management is responsible for the preparation and presentation of the other information. Corporate 
auditors and the board of corporate auditors are responsible for overseeing the directors’ performance 
of their duties with regard to the design, implementation and maintenance of the reporting process for 
the other information.   
Our opinion on the consolidated financial statements does not cover the other information and we do 
not express any form of assurance conclusion thereon. 
In connection with our audit of the consolidated financial statements, our responsibility is to read the 
other information and, in doing so, consider whether the other information is materially inconsistent 
with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears 
to be materially misstated.  
If, based on the work we have performed, we conclude that there is a material misstatement of this 
other information, we are required to report that fact.  
We have nothing to report in this regard. 
Responsibilities of Management and Corporate Auditors and the Board of Corporate Auditors  
for the Consolidated Financial Statements  
Management is responsible for the preparation and fair presentation of the consolidated financial 
statements in accordance with accounting principles generally accepted in Japan, and for such internal 
control as management determines is necessary to enable the preparation of consolidated financial 
statements that are free from material misstatement, whether due to fraud or error. 
In preparing the consolidated financial statements, management is responsible for assessing the Group’s 
ability to continue as a going concern, disclosing, as applicable, matters related to going concern in 
accordance with accounting principles generally accepted in Japan and using the going concern basis of 
accounting unless management either intends to liquidate the Group or to cease operations, or has no 
realistic alternative but to do so. 
Corporate auditors and the board of corporate auditors are responsible for overseeing the directors’ 
performance of their duties with regard to the design, implementation and maintenance of the Group’s

financial reporting process.   
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements 
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements 
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 
guarantee that an audit conducted in accordance with auditing standards generally accepted in Japan 
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error 
and are considered material if, individually or in the aggregate, they could reasonably be expected to 
influence the economic decisions of users taken on the basis of these consolidated financial statements.  
As part of our audit in accordance with auditing standards generally accepted in Japan, we exercise 
professional judgment and maintain professional skepticism throughout the audit. We also: 
 
Identify and assess the risks of material misstatement of the consolidated financial statements, 
whether due to fraud or error, design and perform audit procedures responsive to those risks, and 
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk 
of not detecting a material misstatement resulting from fraud is higher than for one resulting from 
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the 
override of internal control.  
 
Obtain an understanding of internal control relevant to the audit in order to design audit procedures 
that are appropriate in the circumstances, while the objective of the audit is not to express an 
opinion on the effectiveness of the Group’s internal control.  
 
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting 
estimates and related disclosures made by management.  
 
Conclude on the appropriateness of management’s use of the going concern basis of accounting 
and based on the audit evidence obtained, whether a material uncertainty exists related to events or 
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If 
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s 
report to the related disclosures in the consolidated financial statements or, if such disclosures are 
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to 
the date of our auditor’s report. However, future events or conditions may cause the Group to 
cease to continue as a going concern.  
 
Evaluate whether the presentation and disclosures in the consolidated financial statements are in 
accordance with accounting standards generally accepted in Japan, the overall presentation, 
structure and content of the consolidated financial statements, including the disclosures, and 
whether the consolidated financial statements represent the underlying transactions and events in a 
manner that achieves fair presentation. 
 
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or 
business activities within the Group to express an opinion on the consolidated financial statements. 
We are responsible for the direction, supervision and performance of the group audit. We remain 
solely responsible for our audit opinion.

We communicate with corporate auditors and the board of corporate auditors regarding, among other 
matters, the planned scope and timing of the audit, significant audit findings, including any significant 
deficiencies in internal control that we identify during our audit.  
We also provide corporate auditors and the board of corporate auditors with a statement that we have 
complied with relevant ethical requirements regarding independence, and communicate with them all 
relationships and other matters that may reasonably be thought to bear on our independence, and where 
applicable, related safeguards.  
From the matters communicated with corporate auditors and the board of corporate auditors, we 
determine those matters that were of most significance in the audit of the consolidated financial 
statements of the current period and are therefore the key audit matters. We describe these matters in 
our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in 
extremely rare circumstances, we determine that a matter should not be communicated in our report 
because the adverse consequences of doing so would reasonably be expected to outweigh the public 
interest benefits of such communication. 
Convenience Translation 
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year 
ended March 31, 2022 are presented solely for convenience. Our audit also included the translation of 
yen amounts into U.S. dollar amounts and, in our opinion, such translation has been made on the basis 
described in Note 1 to the consolidated financial statements. 
Interest required to be disclosed by the Certified Public Accountants Act of Japan  
We do not have any interest in the Group which is required to be disclosed pursuant to the provisions of 
the Certified Public Accountants Act of Japan.  
/S/ Miyaki Naoya 
Designated Engagement Partner 
Certified Public Accountant 
 
/S/ Fukushima Tsutomu 
Designated Engagement Partner 
Certified Public Accountant 
 
KPMG AZSA LLC 
Kitakanto Office, Japan 
September 21, 2022  
Notes to the Reader of Independent Auditor’s Report: 
This is a copy of the Independent Auditor’s Report and the original copies are kept separately by the 
Company and KPMG AZSA LLC.