Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Non-Consolidated Financial Results
for the Year Ended March 31, 2024
(Based on Japanese GAAP)
April 30, 2024
Company name:

Fundely Co., Ltd.

Stock exchange listing: Tokyo
Stock code:
3137
Representative:
Inquiries:

URL

https://www.fundely.co.jp/

President, FounderDirector and General Manager ofKosuke Abe
Tomonori Kayano

Administration Department
Scheduled date of ordinary general meeting of shareholders:

TEL03(6741)5880

June 25, 2024

Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:

June 26, 2024–

Preparation of supplementary material on financial results:
Holding of financial results meeting:

Yes
Yes

(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Non-consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Non-consolidated operating resultsPercentages indicate year-on-year changes
Net salesYear ended March 31, 2024
Year ended March 31, 2023

Millions of yen
2,646
2,810

Operating profit% Millions of yen(5.8)
58(10.0)(285)

Diluted earnings pershare
Yen
Yen
10.49
10.47
(44.79)–Earnings per share
Year ended March 31, 2024
Year ended March 31, 2023

Ordinary profit%––

Millions of yen
55
(284)

Profit%––Millions of yen
66(284)%––

Ordinary profit/total Operating profit/net
assetssales%%%
17.9
1.2
2.2
(58.7)(5.5)(10.1)

Profit/equity(2) Non-consolidated financial position
Total assets
As of March 31, 2024
As of March 31, 2023

Net assets

Equity ratio

Millions of yen
4,629
4,935

Millions of yen
405
349

Cash flows fromoperating activities
Millions of yen
71
189

Cash flows frominvesting activities
Millions of yen
3(0)Net assets per share%
8.8
6.8

Yen
64.00
53.37

(3) Non-consolidated cash flows

Year ended March 31, 2024
Year ended March 31, 2023

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(268)781(279)975

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2023
Year ended March 31, 2024
Year ending March 31, 2025
(Forecast)

Total

Total cash
dividends (Total)

Dividend payout
ratio (Nonconsolidated)

Ratio of dividends
to net assets (Nonconsolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%%

–
–

0.00
0.00

––

0.00
0.00

0.00
0.00

––––

––

–

0.00

–

0.00

0.00

1–3. Forecast of non-consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Percentages indicate year-on-year changes
Net sales
Millions of yen
Six months ending
September 30, 2024
Full year

Operating profit

Ordinary profit

ProfitEarnings per share% Millions of yen% Millions of yen% Millions of yen%Yen

1,430

5.0

(11)

–(33)

–(34)

–(5.38)

3,072

16.1

62

6.9

20

(63.1)

19(71.2)

3.01

4. Notes(1) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

NoNo

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(2) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

6,470,100 shares As of March 31, 2023

6,457,500 shares

132,600 shares As of March 31, 2023

132,600 shares

Number of treasury shares at the end of the periodAs of March 31, 2024
Average number of shares during the period
Year ended March 31, 2024

6,326,093 shares Year ended March 31, 2023

26,347,784 sharesNon-consolidated financial statements
Non-consolidated balance sheets(Thousands of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade975,782
131,738

781,536
203,922

Merchandise and finished goods
Work in process

254,206
1,918

330,396664

Raw materials and supplies
Prepaid expenses

12,93144,336

13,91740,179OtherAllowance for doubtful accounts

13,552
(71)

1,784
(123)

1,434,395

1,372,278

2,538,445(419,028)

2,538,030(554,469)

2,119,416

1,983,561

528,839(125,093)

528,839(166,791)

403,746

362,048

99,136(88,425)

85,992(80,336)

Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net

10,7105,655

Machinery, equipment and vehicles
Accumulated depreciation

966,430(560,803)

965,330(617,865)

405,626

347,464

Machinery, equipment and vehicles, netLand
Total property, plant and equipment

516,725

516,725

3,456,225

3,215,455

700
2,393

605
1,930

259

185

3,353

2,720

33,086
8,731

33,086
5,755

46

22

Intangible assets
Patent right
Trademark right
SoftwareTotal intangible assets
Investments and other assets
Leasehold deposits
Guarantee deposits
Other
Total investments and other assets
Total non-current assets
Total assets

341,86538,864

3,501,444

3,257,040

4,935,839

4,629,318

(Thousands of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Accounts payable - trade97,468102,057

Current portion of long-term borrowings
Accounts payable - other270,360
182,982

270,360
58,381

Accrued expenses
Income taxes payable

20,252
1,481

18,105
5,984

Deposits received
Provision for bonuses

6,734
14,731

8,837
14,496

Other

534

24,238594,546

502,460

Long-term borrowings
Asset retirement obligations

3,986,150
5,487

3,715,7905,494

Total non-current liabilities

3,991,637

3,721,284

4,586,183

4,223,745

Total current liabilities
Non-current liabilities

Total liabilities
Net assets
Shareholders' equity
Share capital

279,864

280,708

Capital surplus
Legal capital surplus

229,864

230,708

Total capital surplus

229,864

230,708(75,877)(9,543)(75,877)(9,543)Retained earnings
Other retained earnings
Retained earnings brought forward
Total retained earnings
Treasury shares(96,299)(96,299)

Total shareholders' equity

337,550

405,573

Share acquisition rights

12,105–

Total net assets

349,656

405,573

4,935,839

4,629,318

Total liabilities and net assets

4Non-consolidated statements of income(Thousands of yen)

Net sales
Cost of sales
Beginning inventory of merchandise and finished goods
Cost of purchased goods
Cost of products manufactured
Total

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

2,810,524

2,646,721

1,033,873
966,649

987,421959,462

579,815494,6422,580,337

2,441,526

Transfer to other account52,29230,804Ending inventory of merchandise and finished goods
Valuation loss on goods

987,421–1,004,886
5,923

Valuation loss on finished goods

73,556(64,648)

1,614,180

1,347,110

1,196,343

1,299,610

348,375

310,459

Advertising expenses
Storage expenses

375,312124,043

182,515
120,090

Provision of allowance for doubtful accounts
Remuneration for directors (and other officers)

84
101,558

117
105,849

Salaries and allowances
Provision for bonuses

149,707
11,555160,274
11,506

Rent expenses on land and buildings
Depreciation

47,8132,019

49,3641,337

Commission expenses
Other

99,405
221,483

87,023
212,360

1,481,359

1,240,900(285,016)

58,710595

807

Bounty income
Miscellaneous income

47,436
1,162

39,966
1,063

Total non-operating income

49,194

41,83647,48644,644

Cost of merchandise and finished goods sold
Gross profit
Selling, general and administrative expenses
Freight costs

Total selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Commission income

Non-operating expenses
Interest expenses
Miscellaneous losses
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on reversal of share acquisition rights
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets

730

148,21744,645(284,039)

55,9001,232

12,105

1,232

12,105–

118

Loss on retirement of non-current assets–

23

Total extraordinary losses–

141

Profit (loss) before income taxes(282,806)

67,864

Income taxes - current

1,481

1,530

Total income taxes

1,481

1,530

(284,288)

66,334

Profit (loss)

5Non-consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Thousands of yen)
Shareholders' equity
Capital surplus

Retained earnings
Other retained
earnings

Balance at beginning of period

Share capital

Legal capitalsurplus

Total capitalsurplus279,864

229,864

229,864Retainedearnings
brought
forward208,410

Total retained
earnings

208,410

Treasuryshares(87,143)

Total
shareholders'equity630,995

Changes during period
Issuance of new shares - exercise ofshare acquisition rights
Dividends of surplus–Profit (loss)(284,288)(284,288)

Purchase of treasury shares(284,288)(9,155)

Net changes in items other thanshareholders' equity–

Total changes during period
Balance at end of period

Balance at beginning of period–––(284,288)(284,288)(9,155)(293,444)

279,864

229,864

229,864(75,877)(75,877)(96,299)

337,550

ShareacquisitionrightsTotal net assets

12,177643,173

Changes during period
Issuance of new shares - exercise ofshare acquisition rights
Dividends of surplus–

Profit (loss)(284,288)

Purchase of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period(9,155)(9,155)
(72)

(72)

(72)

(293,516)

12,105

349,656

6

Fiscal year ended March 31, 2024
(Thousands of yen)
Shareholders' equity
Capital surplus

Retained earnings
Other retained
earnings

Balance at beginning of period

Share capital

Legal capitalsurplus

Total capitalsurplus279,864

229,864

229,864

844

844

844

Retainedearnings
brought
forward(75,877)

Total retained
earnings(75,877)

Total
shareholders'equityTreasuryshares(96,299)

337,550

Changes during period
Issuance of new shares - exercise ofshare acquisition rights

1,688

Dividends of surplus–

Profit (loss)

66,334

66,334

66,334Purchase of treasury shares–

Net changes in items other thanshareholders' equity–

Total changes during period
Balance at end of period

Balance at beginning of period

844

844

844

66,334

66,334–68,022

280,708

230,708

230,708(9,543)(9,543)(96,299)405,573

Share
acquisitionrightsTotal net assets

12,105

349,656

Changes during period
Issuance of new shares - exercise ofshare acquisition rights

1,688

Dividends of surplus–

Profit (loss)66,334

Purchase of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period–(12,105)(12,105)(12,105)

55,917–405,5737

Non-consolidated statements of cash flows(Thousands of yen)

Cash flows from operating activities
Loss before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

(282,806)

67,864244,1666

241,219
51

Increase (decrease) in provision for bonuses
Interest and dividend income

1,362
(34)

(235)
(32)

Interest expenses
Share-based payment expenses

47,486
1,160

44,644–Gain on reversal of share acquisition rights
Loss (gain) on sale of non-current assets(1,232)–(12,105)
118

Loss on retirement of non-current assets
Decrease (increase) in trade receivables–
55,771

23(72,184)

Decrease (increase) in inventories
Increase (decrease) in trade payables

151,935(14,570)(75,921)
4,588

Increase (decrease) in accounts payable - other
Increase/decrease in consumption taxes payable/consumption

113,207(124,592)(72,865)

34,727

Depreciation
Increase (decrease) in allowance for doubtful accounts

taxes refund receivable
Bounty income(47,436)(39,966)

Other, net(6,283)

9,808

Subtotal

189,866

78,0073432

47,436(47,262)

39,966(45,277)

Interest and dividends received
Bounty income received
Interest paid
Income taxes refund (paid)(920)(1,386)

189,153

71,343Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment

(502)
–

–
91

Purchase of intangible assets
Payments of leasehold and guarantee deposits

(210)
–––

Net cash provided by (used in) operating activities
Cash flows from investing activities

Proceeds from refund of leasehold and guarantee deposits
Net cash provided by (used in) investing activities

18

3,000(694)3,091(270,360)–(270,360)
1,688(9,155)––(8)

Cash flows from financing activities
Repayments of long-term borrowings
Proceeds from exercise of employee share options
Purchase of treasury shares
Dividends paid

(279,515)(268,680)

Net increase (decrease) in cash and cash equivalents

Net cash provided by (used in) financing activities(91,056)(194,246)

Cash and cash equivalents at beginning of period

1,066,839

975,782

975,782

781,536

Cash and cash equivalents at end of period8