FUJI KYUKO CO．，LTD．

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

Consolidated Financial Results
for the Six Months Ended September 30, 2022
[Japanese GAAP]
November 02, 2022
Company name: FUJI KYUKO CO., LTD.
Stock exchange listing: Tokyo
Code number: 9010
URL: https://www.fujikyu.co.jp
Representative: Koichiro Horiuchi

Representative Director and President
Director, Executive Officer, in charge of Management &Administration Department

Contact: Masao Amemiya

Phone: 0555-22-7120
Scheduled date of filing quarterly securities report: November 14, 2022
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: Yes(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Six Months Ended September 30, 2022 (April 01, 2022 to September 30, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toOperating revenues
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%Six months ended
September 30, 2022
20,610
21.6
1,944
420.9
1,807
699.4
941
602.2
September 30, 2021
16,948373
226
134(Note) Comprehensive income:Six months ended September 30, 2022:¥1,126 million [454.9%]
Six months ended September 30, 2021:¥
202 million [-%]
Basic earnings
per share
Six months ended
September 30, 2022
September 30, 2021Diluted earnings pershareYen

Yen

17.73
2.53

-

(2) Consolidated Financial Position
Total assets
As ofSeptember 30, 2022
99,710March 31, 2022
98,336(Reference) Equity: As of September 30, 2022:
As of March 31, 2022:

Net assets

Million yen

Capital adequacy ratio

Million yen¥¥

25,18024,582
24,303 million
23,731 million

%

24.4
24.1

FUJI KYUKO CO．，LTD．

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2022

---

10.00

10.00Fiscal year ending March 31, 2023

--

12.00

12.00

Fiscal year ending March 31, 2023
(Forecast)(Note) Revision to the forecast for dividends announced most recently:
No(Note) Breakdown of the 2nd quarter dividend for the fiscal year ending March 31, 2023 :Commemorative dividend- yenSpecial dividend- yenYear-endTotal

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023(April 01, 2022 to March 31, 2023)(% indicates changes from the previous corresponding period.)
Profit attributable Basic earnings per
Operating revenues Operating profit
Ordinary profit
to owners of parent
shareMillion yen% Million yen% Million yen% Million yen

Full year
41,64018.7
3,520362.2
3,120537.3(Note) Revision to the financial results forecast announced most recently:
No* Notes:(1) Changes in significant subsidiaries during the six months ended September 30, 2022
(changes in specified subsidiaries resulting in changes in scope of consolidation):
New(Company name:
Exclusion:(Company name:1,450%

Yen

285.2

27.31

No

(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
September 30, 2022:
54,884,738 shares
March 31, 2022:
54,884,738 shares2) Total number of treasury shares at the end of the period:
September 30, 2022:
1,784,174 shares
March 31, 2022:
1,785,505 shares
3) Average number of shares during the period:
Six months ended September 30, 2022:
Six months ended September 30, 2021:

53,100,044 shares
53,099,834 shares))No)8-, .<8.2 &2㸬㸪/7'㸬

Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Thousand yen)
As of March 31,2022

As of September 30,2022

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsLand and buildings for sale in lots
Merchandise and finished goods

17,118,113

18,576,046

2,674,903

2,830,622

8,406,132
626,958

8,471,197
658,846

Work in process

19,58558,603

Raw materials and supplies
Costs on construction contracts in progress

752,108
204,489

785,187
236,509

1,365,299

1,442,612

Other
Allowance for doubtful accounts(15,003)(14,944)

31,152,588

33,044,683

Buildings and structures, net
Machinery, equipment and vehicles, net

27,028,121
5,160,722

27,123,942
5,027,929

Land

15,603,865

15,612,422

Total current assets
Non-current assets
Property, plant and equipment

Leased assets, net

2,402,554

1,876,790

Construction in progress
Other, net

3,075,206
1,767,081

3,323,575
1,711,355

Total property, plant and equipment

55,037,551

54,676,015

2,676,684

2,698,527

Intangible assets
Investments and other assets
Investment securities

6,003,800

6,130,938

Deferred tax assets
Other2,584,694
872,789

2,296,314
858,405

Allowance for doubtful accounts(24,660)(24,660)

Total investments and other assets
Total non-current assets
Deferred assets

9,436,624
67,150,860

9,260,998
66,635,541

Bond issuance costs

32,81130,351

Total deferred assets
Total assets

32,811
98,336,260

30,351
99,710,576)8-, .<8.2 &2㸬
㸪/7'㸬(Thousand yen)
As of March 31,2022

As of September 30,2022

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Lease liabilities
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Other
Total current liabilities
Non-current liabilitiesBonds payable
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Retirement benefit liability
Provision for share awards for directors (and otherofficers)
Other

1,698,770
9,115,348
989,802248,377
345,462

1,772,049
11,840,148
838,361
357,803370,2466,500-

3,657,540
16,061,802

4,641,439
19,820,048

5,000,000
44,992,446
1,751,265
26,6535,000,000
42,778,963
1,315,893
26,556927,396825,129

20,906

16,9504,972,848

4,746,986

57,691,516
73,753,318

54,710,477
74,530,526

Share capitalCapital surplus

9,126,343
3,688,469

9,126,343
3,691,371

Retained earnings

12,025,846

12,437,022

Treasury shares
Total shareholders' equity(1,548,415)
23,292,243(1,541,988)
23,712,747

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Remeasurements of defined benefit plans

749,533

844,540(310,697)(253,916)

Total accumulated other comprehensive income
Non-controlling interests

438,836
851,861

590,624876,677

24,582,941

25,180,049

98,336,260

99,710,576

Total net assets
Total liabilities and net assets)8-, .<8.2 &2㸬㸪/7'㸬

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the six months)(Thousand yen)
For the six months
ended September 30,2021
Operating revenue

For the six months
ended September 30,2022

16,948,577

20,610,753

15,960,321
614,999

18,045,894
620,545

16,575,320
373,256

18,666,440
1,944,313

51,22959,8558,200-

Operating expenses
Operating expenses and cost of sales of transportation
Selling, general and administrative expenses
Total operating expenses
Operating profit
Non-operating income
Interest and dividend income
Share of profit of entities accounted for using equity
methodMiscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodMiscellaneous expenses
Total non-operating expenses
Ordinary profit
Extraordinary income

86,14672,317

145,575

132,172

232,232

225,140-340

60,551

43,938292,783

269,418

226,048

1,807,067

Gain on sale of non-current assets

25,3702,209

Subsidies
Subsidies for employment adjustment

108,822542,045

52,932
23,974

Total extraordinary income

676,238

79,116

15,7153,094-60,344

1,532

170,349

299,171

Extraordinary losses
Loss on valuation of investment securities
Loss on sale of non-current assets
Loss on tax purpose reduction entry of non-current
assetsLoss on retirement of non-current assets
Allowance for absence from work
Total extraordinary losses
Profit before income taxes

396,430

17,598642,839
259,447

321,397
1,564,786Income taxes - current

248,386

375,250

Income taxes - deferred
Total income taxes
Profit(122,911)
125,474
133,973

216,421591,672
973,114

Profit (loss) attributable to non-controlling interests
Profit attributable to owners of parent(130)

31,466

134,103

941,647)8-, .<8.2 &2㸬㸪/7'㸬

Quarterly Consolidated Statements of Comprehensive Income (For the six months)(Thousand yen)
For the six months
ended September 30,2021
ProfitOther comprehensive income

For the six months
ended September 30,2022

133,973

973,114

Valuation difference on available-for-sale securities

49,452

102,345

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests

32,75756,781(13,257)(6,137)

68,952
202,925

152,989
1,126,104

202,951

1,093,435(25)

32,668)8-, .<8.2 &2㸬㸪/7'㸬

Quarterly Consolidated Statements of Cash Flows(Thousand yen)
For the six months
ended September 30,2021
Cash flows from operating activities
Profit before income taxes
Depreciation

For the six months
ended September 30,2022

259,447

1,564,786

3,101,097

2,826,887

Loss on retirement of non-current assets
Loss on tax purpose reduction entry of non-current
assetsIncrease (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for
directors (and other officers)
Increase (decrease) in provision for share awards for
directors (and other officers)Increase (decrease) in retirement benefit liability
Interest and dividend income

101,218

106,999

60,344

1,532

3,753
(41,093)(58)
24,783(7,000)(6,500)3,389(3,956)50,740(51,229)(20,615)(59,855)

Interest expenses
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sale of non-current assets
Loss (gain) on valuation of investment securities
Subsidy income
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase/decrease in other assets/liabilities
SubtotalInterest and dividends received
Interest paid
Subsidies received
Income taxes refund (paid)
Net cash provided by (used in) operating activities

232,232

225,140(8,200)340(9,655)(108,822)
437,548(311,287)(805,484)
493,864
3,400,864
58,460(230,396)
65,695
118,870
3,413,494(2,209)3,094(52,932)(155,718)(190,981)
73,278425,687
4,759,703
72,136(226,063)
61,042(253,543)
4,413,275

120,345

134,087(2,019,873)(2,348,103)

32,171

2,794(1,328)(1,332)-(31,001)(1,868,684)(2,243,555)

Cash flows from investing activities
Subsidies received
Purchase of property, plant and equipment andintangible assets
Proceeds from sale of property, plant and equipment
and intangible assets
Purchase of investment securities
Purchase of shares of subsidiaries resulting in change
in scope of consolidation
Net cash provided by (used in) investing activities)8-, .<8.2 &2㸬㸪/7'㸬(Thousand yen)
For the six months
ended September 30,2021

For the six months
ended September 30,2022

Cash flows from financing activities
Increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from sale-and-leaseback transactions
Repayments of lease liabilities
Purchase of treasury shares
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
Dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period(2,000,000)
9,590,000(6,248,646)(250,000)
3,740,000(2,978,683)

-

4,633

(655,503)(790)(496,422)(251)(1,938)(4,522)(319,384)(1,211)(230,859)
131,666(530,655)(1,211)(197,224)(714,337)

1,676,477
17,729,690
19,406,167

1,455,383
17,043,667
18,499,050