Summary of Financial Results for the First Quarter of Fiscal Year 2020(Three Months Ended March 31, 2020)[Japanese GAAP]May 1, 2020

Company name: SENSHUKAI CO.,LTD.

Stock exchange: Tokyo Stock Exchange, First Section
Stock code:
8165
URL: https://www.senshukai.co.jp
Representative:
Mr. Kenji Kajiwara, President and Representative Director
Inquiries:
Mr. Tetsuya Takahashi, Director, General Manager, Corporates Headquarters
Tel: +81-6-6881-3220
Scheduled date of filing of Quarterly Report: May 14, 2020
Scheduled date of payment of dividend: Preparation of supplementary materials for quarterly financial results: None
Holding of quarterly financial results meeting: None
(All amounts are rounded down to the nearest millions of yen)

1. Consolidated Financial Results for the 1st Quarter of 2020 (January 1, 2020 – March 31, 2020)(1) Consolidated operating results (cumulative)(Percentages represent changes from the same period of the previous fiscal year)
Profit attributable toOperating profit
Ordinary profit
owners of parent

Net sales

Millions of yen%

Millions of yen%

Millions of yen%

1Q 2020
19,850(5.3)(1,001)
1Q 2019
20,952 (21.4)(395)
Note: Comprehensive income (millions of yen) 1Q 2020: (1,907) (-%)

Millions of yen%-(1,782)141
1Q 2019: 6,561 (-%)

(1,722)
6,974-

Net income per share
1Q 2020
1Q 2019

Diluted net income per share

Yen

Yen

(44.09)173.55121.87(2) Consolidated financial position
Total assets

Net assets

Millions of yen

Equity ratio

Millions of yen

1Q 2020
69,27040,402
Fiscal Year 201973,66442,490
Reference: Shareholders’ equity (millions of yen) 1Q 2020: 40,402

Net assets per share
%

Yen

58.3
57.7
Fiscal Year 2019: 42,490

829.85880.56

2. Dividends
1Q-endDividend per share
3Q-end2Q-endYen

Yen

Year-end

Yen

Total
Yen

Yen

Fiscal Year 2019
0.00
2.00
2.00
Fiscal Year 2020
Fiscal Year 2020 (forecasts)
0.00
Notes: 1. Revision to the most recently announced dividend forecast: None
2. Dividend forecast for the Fiscal Year 2020 has not been determined at this time. For more information, please refer to“Notice of Revisions to Consolidated Outlook and Dividend Forecast” (Japanese version only) that was announced on
April 27, 2020.
3. The dividend figures above show dividends for common shares. Please refer to “Dividends of classified stock”(after-mentioned) for information on dividends for shares whose rights are different from those of the Senshukaicommon shares.

3. Consolidated Outlook for Fiscal Year 2020 (January 1, 2020 – December 31, 2020)
Net sales
Millions of yen(Percentages represent changes from the same period of the previous fiscal year)
Profit attributable to Net income per
Operating profit
Ordinary profit
owners of parent
share% Millions of yen% Millions of yen% Millions of yen%

Yen

Full Year 2020
Notes: 1. Revision to the most recently announced consolidated outlook: None
2. The consolidated outlook for the Fiscal Year 2020 has not been determined because it is not possible to establish areliable forecast at this time. For more information, please refer to “Notice of Revisions to Consolidated Outlook andDividend Forecast” (Japanese version only) that was announced on April 27, 2020.

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes inscope of consolidation): None
(2) Application of special accounting methods for presenting quarterly consolidated financial statements: Yes
Note: Please refer to “2. Quarterly Consolidated Financial Statements and Notes, (3) Notes to Quarterly Consolidated
Financial Statements (Application of Special Accounting Methods for Presenting Quarterly Consolidated Financial
Statements)” on page 9 for further information.

(3) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting-based estimates: None
4) Restatements: None

(4) Number of shares outstanding (common shares)
1) Number of shares outstanding at the end of the period (including treasury shares)
1Q 2020:52,056,993 sharesFiscal Year 2019:52,056,993 sharesFiscal Year 2019:11,865,448 shares

1Q 2019:

40,190,286 shares

2) Number of treasury shares at the end of the period
1Q 2020:

11,865,448 shares

3) Average number of shares outstanding during the period
1Q 2020:

40,191,545 shares

Note: The Senshukai shares held by the trust that are recorded as treasury shares under shareholders’ equity in 1Q 2019 isincluded in the number of treasury shares, and is deducted from the number of shares that is used to calculate theaverage number of shares outstanding. On April 19, 2019, the Board of Directors approved a resolution toterminate the stock compensation plan that is linked to results of operations. As a result, 173,400 shares of
Senshukai stock that were held by the trust were cancelled on June 21, 2019.
* This quarterly financial report is not subject to quarterly review by certified public accountants or auditing firms.
* Cautionary statement with respect to forward-looking statements
The above projections are based on information available at the time of release of this report. Actual results could differ
significantly from these projections due to a variety of factors. For further details regarding the projections, please refer to page4, “1. Qualitative Information on Quarterly Consolidated Financial Performance, (3) Explanation of Consolidated Forecasts
and Other Forward-looking Statements.”.

(Reference) Dividends of classified stock
Breakdown of dividend per share for classified stock whose rights are different from those of common shares areshown below.
Class A preferred stock

1Q-endDividend per share
3Q-end2Q-endYen

Yen

Fiscal Year 2019
20,000,000.00
Fiscal Year 2020
Fiscal Year 2020 (forecasts)
20,000,000.00
Note: Five shares of the Class A preferred stock were issued on March 30, 2018.

Class B preferred stock

1Q-endYen

Yen

Fiscal Year 2019
Fiscal Year 2020
Fiscal Year 2020 (forecasts)
Note: Nine shares of Class B preferred stock were issued on March 30, 2018.

Total
Yen

Yen

-

20,000,000.00

40,000,000.00-

20,000,000.00

40,000,000.00

Dividend per share
3Q-end2Q-endYear-end

Yen

Year-end

Total

Yen

Yen

Yen

-

-

-

-

-

-

(Reference) Breakdown of dividends paid from the capital surplus
Of the dividends for the Fiscal Year 2019, breakdown of dividends paid from the capital surplus is shown below.
Record date2Q-endDividend per share (Yen)
20,000,000.00
Total dividends (Millions of yen)100
Note: Reduction rate in net assets due to the dividends paid from net assets

2Q-end: 0.003

Contents of Attachments
1. Qualitative Information on Quarterly Consolidated Financial Performance2(1) Explanation of Results of Operations

2(2) Explanation of Financial Position

3(3) Explanation of Consolidated Forecasts and Other Forward-looking Statements

4

2. Quarterly Consolidated Financial Statements and Notes

5(1) Quarterly Consolidated Balance Sheet

5(2) Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive
Income7

Quarterly Consolidated Statement of Income(For the Three-month Period)

7

Quarterly Consolidated Statement of Comprehensive Income(For the Three-month Period)(3) Notes to Quarterly Consolidated Financial Statements

89(Going Concern Assumption)

9(Significant Changes in Shareholders’ Equity)

9(Application of Special Accounting Methods for Presenting Quarterly Consolidated Financial Statements)

9(Segment Information)

9

3. Other
Important Information about Going Concern Assumption

1111

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations
In the first quarter (January 1 to March 31) of 2020, the Japanese economy recovered slowly with the support ofstrong corporate earnings. However, the outlook is unclear because of concerns about the impact of the downturnin economic activity caused by the COVID-19 pandemic on the Japanese and global economies.
In Japan’s retail industry, consumer spending was lackluster because of the October 2019 consumption tax rate
hike and warm winter weather. In addition, the rapid spread of COVID-19 during the first quarter has caused
concerns about a drop in consumer spending as people nationwide stay home and become increasingly uncertain
about the economic outlook. Furthermore, COVID-19 is creating problems involving the production andprocurement of merchandise in China and many other countries. As a result, there are major difficulties
concerning the supply of merchandise across the entire retail sector. Although there are no serious production ordelivery delays at this time at Senshukai, there is a risk of problems later in 2020.
In the bridal business, the business climate was extremely challenging because the rapid spread of COVID-19
made couples delay weddings, forced cancelations of marketing events for weddings, and created other problems.
Net sales in the first quarter were down 5.3% year-over-year to 19,850 million yen. This decrease was attributableprimarily to the exclusion from consolidation of Mobacolle Co., Ltd. in the mail-order business. There is steadyprogress with structural reforms in the mail-order business in accordance with the medium-term management plan.
During the first quarter, there were measures to strengthen the catalog-based model for attracting more customers
and other activities. Due to these actions, signs are emerging of an end to the decline in the number of people whopurchase merchandise in the core Belle Maison business.
There was an operating loss of 1,001 million yen compared with a 395 million yen loss in the first quarter of 2019.
This was attributable to an increase in sales promotion expenses because of substantial investments forpromotions aimed at increasing the number of customers in the mail-order business. Ordinary loss was 1,782
million yen compared with a profit of 141 million yen in the first quarter of 2019 due to the share of loss ofentities accounted for using equity method. The loss attributable to owners of parent was 1,722 million yen
compared with a profit of 6,974 million yen in the first quarter of 2019, which includes extraordinary income for again on sales of non-current assets, a gain on sales of investment securities and other items.
Business segment performance was as follows.
In previous years, the insurance and credit card business was included in Others. Due to its increasing importance,
this business became a separate reportable segment beginning with the second quarter of 2019. Prior-year segment
information has been revised to incorporate this new segment to permit comparisons.
(Mail-order Business)
Consolidated sales in the mail-order business, which is primarily the catalog and the Internet businesses,
decreased 4.7% year-over-year to 14,568 million yen in the first quarter. There was an operating loss of 639
million yen compared with a loss of 265 million yen in the first quarter of 2019.
The decrease in sales was attributable mainly to the exclusion from consolidation of Mobacolle Co., Ltd. in March
2019. This business focused on rebuild its membership base, such as by actively contacting customers who havenot made a purchase for a certain length of time. These activities have produced some benefits, including an
increase from one year earlier in the number of customers making purchases in the core Belle Maison business.
(Bridal Business)
Consolidated sales in the bridal business, centered on the house wedding business, decreased 11.7%
year-over-year to 3,562 million yen. There was an operating loss of 505 million yen compared with a loss of 234
million yen in the first quarter of 2019.

First quarter performance was supported by new locations that opened in 2019 and the completion of renovationsat other locations. However, sales and earnings were lower than one year earlier because of wedding
postponements and other effects of COVID-19 late in the first quarter. The business climate for this business islikely to remain challenging because of wedding postponements, the cancelation of events to attract customers
and other effects of COVID-19 until this crisis comes to an end.
(Corporates Business)
Consolidated sales in the corporates business, which provides products and services to corporations, increased
7.1% year-over-year to 1,183 million yen. Operating profit increased 52.0% year-over-year to 110 million yen.
During the first quarter, this business strengthened sales capabilities in order to add new customers and increase
sales to current customers. Higher sales in the sampling business, which provides services such as attaching direct
mail marketing messages to packages used to deliver products, made a big contribution to the sal es growth of thisbusiness.
(Insurance and Credit Card Business)
This business provides information mainly to Belle Maison members about insurance policies and credit cards
with the best reward points. Consolidated sales decreased 23.4% year-over-year to 90 million yen and operating
profit decreased 42.5% to 27 million yen.
In the insurance business, we reviewed our routes for sales activities and started adopting new sales methods, suchas coordination with the bridal business and activities targeting families raising children. However, we are notconducing sales activities due to the spread of COVID-19, and are still under an unpredictable situation until thiscrisis comes to an end.
(Others)
Consolidated sales in other businesses, which include childcare support business and manufacturing and sales ofcosmetics, increased 9.7% year-over-year to 445 million yen. There was an operating profit of 5 million yen
compared with a loss of 16 million yen in the first quarter of 2019.
In the childcare support business, two nursery schools that opened in April 2019 as well as the after school childcare business, which was started as a peripheral business for more added value, are all performing well.
(2) Explanation of Financial Position(Balance sheet position)
Assets totaled 69,270 million yen at the end of the first quarter of 2020, a decrease of 4,393 million yen from theend of 2019.
Current assets decreased 3,083 million yen to 39,210 million yen. The main factor was a decrease of 3,216 million
yen in cash and deposits. Non-current assets decreased 1,309 million yen to 30,060 million yen. The factors
included decreases of 275 million yen in property, plant and equipment and 1,117 million yen in investments andother assets, while there was an increase of 83 million yen in intangible assets.
Current liabilities decreased 1,871 million yen to 18,222 million yen. The main factors were decreases of 1,572
million yen in other and 758 million yen in electronically recorded obligations-operating, while there was anincrease of 399 million yen in accounts payable-trade. Non-current liabilities decreased 433 million yen to 10,645
million yen. The main factor was decreases of 316 million yen in long-term borrowing and 119 million yen inother.
Net assets decreased 2,088 million yen to 40,402 million yen mainly due to booking of loss attributable to ownersof parent of 1,722 million yen. As a result, the equity ratio was 58.3%.

(3) Explanation of Consolidated Forecasts and Other Forward-looking Statements
Structural reforms for business operations will continue in accordance with the medium-term management plan.
However, due to the COVID-19 pandemic, the Japanese government declared a state of emergency on April 7 andlocal governments nationwide are asking people to stay home. In the bridal business, the number of wedding
postponements is increasing as a result. As one aspect of our social responsibility to support responses to thiscrisis, we will not charge any fees for wedding postponements, as a rule, and will do our best to meet customers’
needs. Furthermore, in all businesses, there will be no marketing events to attract new customers or any othersignificant sales activities. Due to this situation, the number of weddings in the bridal business in the second
quarter of 2020 is currently expected to be 20% below the initially expected level. Determining a forecast for the
performance of all businesses involving weddings, including equity-method affiliates, is not possible because thelength of this crisis cannot be predicted. Consequently, we have canceled the 2020 forecast that was announced on
February 13, 2020 and are unable to determine a revised forecast at this time.
In the core mail-order business, we forecast sales and earnings in 2020 that are generally in line with the initial
outlook. This forecast is based on the increasing importance of this business as a social infrastructure during the
COVID-19 crisis. We remain firmly dedicated to contributing to society by fulfilling our duty as a retail company
that provides support to consumers by supplying merchandise and new ideas that match the needs of ourcustomers.
For more information, please refer to “Notice of Revisions to Consolidated Outlook and Dividend Forecast”(Japanese version only) that was announced on April 27, 2020. We will monitor upcoming events involving
COVID-19 and make an announcement when it becomes possible to determine a revised forecast for 2020.

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheet(Millions of yen)
1Q 2020(As of Mar. 31, 2020)

Fiscal Year 2019
(As of Dec. 31, 2019)
AssetsCurrent assets
Cash and deposits

22,713

19,496

Notes and accounts receivable-trade

3,854

3,994

Merchandise and finished goods

8,641

8,322

Accounts receivable-other

5,285

5,135

Other

1,947

2,373

Allowance for doubtful accounts

(148)

(113)

42,29339,210

Buildings and structures, net

11,703

11,449

Land

6,809

6,809

833

811

19,346

19,070

1,483

1,428

944

1,082

2,427

2,510

Investment securities

6,046

4,874

Other

3,694

3,725

Allowance for doubtful accounts

(143)

(120)

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

Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets

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

9,596

8,479

31,37030,06073,664

69,270(Millions of yen)
1Q 2020(As of Mar. 31, 2020)

Fiscal Year 2019
(As of Dec. 31, 2019)
Liabilities
Current liabilities
Electronically recorded obligations-operating

6,523

5,764

Accounts payable-trade

3,495

3,895

Short-term borrowings

1,240

1,225

Income taxes payable

107

18

Provision for sales promotion expenses
Provision for bonuses for directors (and otherofficers)
Provision for bonuses

225

210

23

-

233

436

Other

8,244

6,671

Total current liabilities

20,094

18,222

Non-current liabilities
Long-term borrowings

8,558

8,242

Retirement benefit liability

3

3

Asset retirement obligations

851

853

Other

1,665

1,545

Total non-current liabilities

11,078

10,64531,173

28,867

Total liabilities
Net assets
Shareholders’ equity
Share capital

100

100

Capital surplus

39,54439,544Retained earnings

10,891

8,989

Treasury shares(6,800)(6,800)Total shareholders’ equity

43,736

41,833366

195

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

49

27(1,516)(1,516)

Foreign currency translation adjustment

(120)

(136)

Remeasurements of defined benefit plans

(24)

-

(1,245)(1,430)42,49040,40273,664

69,270

Revaluation reserve for land

Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

(2) Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive
Income(Quarterly Consolidated Statement of Income)(For the Three-month Period)
1Q 2019(Jan. 1, 2019 – Mar. 31, 2019)(Millions of yen)
1Q 2020(Jan. 1, 2020 – Mar. 31, 2020)

Net sales

20,952

19,850

Cost of sales

10,903

10,092Gross profit

10,049

9,758

Selling, general and administrative expenses

10,445

10,759(395)(1,001)

Interest income

65Dividend income
Share of profit of entities accounted for using equity
methodGain on adjustment of account payable

7

9

476

-

73

56

0

58

Operating loss
Non-operating income

Reversal of allowance for doubtful accounts
Other

38

26

Total non-operating income

601

157

Interest expenses
Share of loss of entities accounted for using equity
methodCommission expenses

33

29

-

841

7

7

Other

22

60

Total non-operating expenses

64

938

141

(1,782)Gain on sales of non-current assets

5,617

-

Gain on sales of investment securities

926-

Gain on sales of shares of subsidiaries and associates

336

-

4

18

6,885

18

Non-operating expenses

Ordinary profit (loss)
Extraordinary income

Subsidy income
Total extraordinary income
Extraordinary losses
Loss on sales and retirement of non-current assets

162

Loss on reduction of non-current assets

418

Impairment loss

1

0

Loss on sales of shares of subsidiaries and associates

4-

Business structure reform expenses

18-

Loss on disaster

0

16

Other

1

-

Total extraordinary losses

46

39

Profit (loss) before income taxes

6,980(1,802)

Income taxes

5

(80)

Profit (loss)

6,974(1,722)

Profit (loss) attributable to owners of parent

6,974(1,722)

(Quarterly Consolidated Statement of Comprehensive Income)(For the Three-month Period)
1Q 2019(Jan. 1, 2019 – Mar. 31, 2019)(Millions of yen)
1Q 2020(Jan. 1, 2020 – Mar. 31, 2020)

6,974(1,722)

Valuation difference on available-for-sale securities

(356)

(168)

Deferred gains or losses on hedges

(30)

(18)

Foreign currency translation adjustment
Share of other comprehensive income of entities
accounted for using equity method

(2)

4

(24)

(2)

(413)

(185)

6,561

(1,907)

6,561(1,907)

Profit (loss)
Other comprehensive income

Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent

(3) Notes to Quarterly Consolidated Financial Statements(Going Concern Assumption)
Not applicable.
(Significant Changes in Shareholders’ Equity)
Not applicable.
(Application of Special Accounting Methods for Presenting Quarterly Consolidated Financial Statements)(Calculation of tax expense)
The tax expenses are calculated by first reasonably estimating the effective tax rate after the application of tax
effect accounting with respect to profit before income taxes for the fiscal year in which the quarter under review
falls, and multiplying that rate by the profit before income taxes for the quarter under review. However,Senshukai uses legally stipulated effective tax rates to calculate tax expenses for cases in which using estimatedtax rates gives a noticeably irrational result.
(Segment Information)
I 1Q 2019 (Jan. 1, 2019 – Mar. 31, 2019)
1. Information related to sales and profit or loss for each reportable segment
Reportable segment

Mail-order Bridal
business businessInsurance
Corporates and credit
Sub-total
businesscardbusiness

Others(Note 1)

Total

(Millions of yen)Amounts
shown onquarterly
Adjustment consolidated
statement ofincome(Note 2)

Net sales
Sales to customers
15,288
4,034
1,105
117
20,546406
20,952
20,952
Inter-segment
226
0
0
227
0
227
(227)
sales or transfers
Total
15,515
4,034
1,106
117
20,773406
21,180(227)
20,952
Segment profit
(265)
(234)
72
47
(379)
(16)
(395)
(395)
(loss)
Notes: 1. Others represent the businesses which are not included in any of the four reportable segments and consist of thechildcare support business and manufacturing and sales of cosmetics.
2. Segment profit (loss) is consistent with the operating loss on the quarterly consolidated statement of income.

2. Information related to impairment of non-current assets, goodwill, etc. for each reportable segment
No major events or changes occurred.

II 1Q 2020 (Jan. 1, 2020 – Mar. 31, 2020)
1. Information related to sales and profit or loss for each reportable segment
Reportable segment
Insurance
Mail-order Bridal Corporates and credit
Sub-total
business business businesscardbusiness

Others(Note 1)

Total

(Millions of yen)Amounts
shown onquarterly
Adjustment
consolidated(Note 2)statement ofincome(Note 3)

Net sales
Sales to customers
14,568
3,562
1,183
90
19,405445
19,85019,850Inter-segment
88
2
29
120
120
(120)
sales or transfers
Total
14,657
3,564
1,213
90
19,525445
19,971(120)
19,850
Segment profit
(639)
(505)
110
27
(1,006)
5(1,001)0(1,001)(loss)
Notes: 1. Others represent the businesses which are not included in any of the four reportable segments and consist of thechildcare support business and manufacturing and sales of cosmetics.
2. The 0 million yen adjustment to segment profit (loss) is an elimination for inter-segment transactions.
3. Segment profit (loss) is adjusted to be consistent with the operating loss on the quarterly consolidated statement ofincome.

2. Information related to revisions for reportable segments
In previous fiscal years, the insurance and credit card business was included in Others. Due to its increasing
importance, this business became a separate reportable segment beginning with the second quarter of 2019.
The segment information for 1Q 2019 is prepared and disclosed based on the reportable segment classification
after the change.

3. Information related to impairment of non-current assets, goodwill, etc. for each reportable segment
No major events or changes occurred.

3. Other
Important Information about Going Concern Assumption
In 2019, there was an operating profit of 772 million yen and a profit attributable to owners of parent of 8,182
million yen. In 2017 and 2018, there was an operating loss and a loss attributable to owners of parent. These losses
create significant doubts about the going concern assumption.
To eliminate these doubts and deal with other issues, business structural reforms centered on the mail -order businessare under way in accordance with a medium-term management plan that started in 2019 and will end in 2021.
In 2019, the first year of this plan, activities were focused on achieving the optimal size of business operations andon operational reforms, mainly in the mail-order business. These activities improved the gross profit margin by
reducing merchandise valuation losses that have been a structural component of business operations. Reforms havealso lowered fixed expenses. Due to these improvements, the consolidated operating profit in 2019 was higher thanour forecast.
In 2020, the second year of the plan, we are continuing to implement operational reforms. We are also strengthening
the catalog-based model for attracting customers and rebuilding the membership base. In the first quarter of 2020,
the number of customers making purchases in the core Belle Maison business was higher than one year earlier,indicating that the downturn in this number has ended.
We will continue to implement numerous measures to make improvements in order to build a solid base for earnings
and return to growth backed by a recovery and stability in the performance of the Senshukai Group.
At the end of the first quarter of 2020, cash and deposits were 19,496 million yen. Senshukai also has a committed
credit line with the total amount of 10 billion yen with financial institutions. Consequently, we believe there are noconcerns about liquidity because we have a sufficient amount of working capital.
For these reasons, we believe there are no significant uncertainties regarding the going concern assumption.
We forecast a downturn in the performance of the bridal business because of the spread of COVID-19 but are unable
to determine a specific monetary impact of the crisis at this time. We will continue to monitor upcoming events
involving this crisis and take actions that comply with the requests of the Japanese government and local
governments. In addition, we are making preparations for growth, such as by reexamining the strategy for the bridal
business and studying the feasibility of starting new services in this business, following the end of the COVID -19
crisis.

* This financial report is solely a translation of summary of “Kessan Tanshin” (in Japanese, incl uding attachments), which has
been prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience ofreaders who prefer an English translation.