Note: This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

October 27, 2020

Non-consolidated Financial Results
for the Fiscal Year Ended September 30, 2020
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Inquiries:

Makuake, Inc.
Tokyo Stock Exchange4479
http://www.makuake.com/
Ryotaro Nakayama, CEO
Yuki Tamura, Corporate Officer and General Manager of Business Management
DivisionTEL:+81-3-6328-4038 (from overseas)
Scheduled date of annual general meeting of shareholders:
December 10, 2020
Scheduled date to commence dividend payments:–
Scheduled date to file annual securities report:
December 15, 2020
Preparation of supplementary materials for financial results:
Yes
Holding of financial results presentation meeting:
Yes(Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Performance for the fiscal year ended September 30, 2020
(from October 1, 2019 to September 30, 2020)(1) Operating results(Percentages indicate year-on-year changes.)
Net sales

Fiscal year ended
September 30, 2020
September 30, 2019

Fiscal year ended
September 30, 2020
September 30, 2019
Reference:

Operating profit

Millions of yen

3,225
1,344

% Millions of yen

139.9
40.3

510
124

Ordinary profit% Millions of yen

308.5(19.1)

512
127

Profit% Millions of yen

302.2(18.5)

369
89

%

315.3
(21.1)

Basic earnings per
share

Diluted earnings
per share

Return on equity

Ordinary profit/
total assets

Operating profit/
net sales

Yen

Yen

%

%

%

33.03
8.91

30.88
–

25.1
37.0

13.5
10.8

15.8
9.3

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended September 30, 2020:¥– million
For the fiscal year ended September 30, 2019:¥– million
Note: For the diluted earnings per share for the fiscal year ended September 30, 2020, because the Company’s shares werelisted on the Mothers section of the Tokyo Stock Exchange on December 11, 2019, the figure is calculated using the
average share price from the date the shares were newly listed to the end of the fiscal year under review as theaverage share price for the period.

(2) Financial position
Total assets
As of
September 30, 2020
September 30, 2019
Reference:

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen

%

Yen

6,173
1,399

2,673
285

43.1
20.4

228.2028.57

Cash flows fromfinancing activities

Cash and cash
equivalents at end of
periodEquityAs of September 30, 2020
As of September 30, 2019

¥2,662 million¥285 million(3) Cash flows
Cash flows fromoperating activities
Fiscal year ended
September 30, 2020
September 30, 2019

Cash flows frominvesting activities

Millions of yen

Millions of yen

Millions of yen

Millions of yen

2,564
388

(247)
(223)

1,913
20

5,109
879

2. Cash dividends
Annual dividends

Fiscal year ended
September 30, 2019
Fiscal year ended
September 30, 2020
Fiscal year ending
September 30, 2021
(Forecast)

Total cash
dividends(Total)Firstquarterend

Secondquarterend

Third
quarterend

Fiscalyear-end

Yen

Yen

Yen

Yen

Yen Millions of yen

Total

Dividend
payout ratio

Ratio ofdividends to
net assets

%

%

–

0.00

–

0.00

0.00

–

–

–

–

0.00

–

0.00

0.00

–

–

–

–

0.00

–

0.00

0.00

–

3. Earnings forecasts for the fiscal year ending September 30, 2021
(from October 1, 2020 to September 30, 2021)
Net sales

Fiscal year ending
September 30, 2021

(Percentages indicate year-on-year changes.)
Basic
Ordinary profit
Profitearnings per
share

Operating profit

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

5,172

60.4

620

21.5

617

20.6

450

21.8

38.61

Note: As the Company manages its operations on an annual basis, earnings forecasts for the first six months are omitted.
For further details, please refer to the attached materials, “(4) Future outlook” under “1. Overview of operating results
and others.”

* Notes(1) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations:None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(2) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2020

11,667,700 shares

As of September 30, 2019

9,986,000 shares(ii) Number of treasury shares at the end of the period
As of September 30, 202024 shares

As of September 30, 2019– shares(iii) Average number of shares during the period
For the fiscal year ended September 30, 2020

11,190,371 shares

For the fiscal year ended September 30, 2019

9,986,000 shares* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Proper use of earnings forecasts, and other special matters
The forward-looking statements, including earnings forecasts, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable.
These statements do not purport that the Company pledges to realize such statements. Actual businessand other results may differ substantially due to various factors.

Makuake, Inc. (4479)

Attached materials
Index
1. Overview of operating results and others ................................................................................................. 2(1) Overview of operating results for the fiscal year ............................................................................... 2(2) Overview of financial position for the fiscal year .............................................................................. 2(3) Overview of cash flows for the fiscal year ......................................................................................... 3(4) Future outlook .................................................................................................................................... 3(5) Significant events regarding premise of going concern ..................................................................... 3
2. Basic rationale for selection of accounting standards ............................................................................... 4
3. Financial statements and significant notes thereto .................................................................................... 5(1) Balance sheet ...................................................................................................................................... 5(2) Statement of income ........................................................................................................................... 7(3) Statement of changes in equity ........................................................................................................... 8(4) Statement of cash flows .................................................................................................................... 10(5) Notes to financial statements ............................................................................................................ 11
Notes on premise of going concern .................................................................................................. 11
Notes on significant changes in the amount of shareholders’ equity ................................................ 11
Profit or loss of entities accounted for using equity method ............................................................ 11
Segment information ........................................................................................................................ 11
Per share information ....................................................................................................................... 12
Significant subsequent events........................................................................................................... 12-1-

Makuake, Inc. (4479)

1. Overview of operating results and others(1) Overview of operating results for the fiscal year
Based on its vision of “Create a world where all the good things are born, spread, and continue toexist,” the mission of Makuake, Inc. (the Company) is to “Connect the world through the creation of
new things.” We operate the “Makuake” platform to connect project owners (business operators) who
are providing something new to the world with supporters (consumers) who purchase (support
purchase) new items and experiences based on their knowledge of the background and the ideas of thecreator.
In the fiscal year ended September 30, 2020, the Japanese economy remained on a path of moderate
recovery amid improvements in corporate performance as well as employment and income
environments. However, there are concerns about the impact of the consumption tax hike on consumer
sentiment, and given the global spread of novel coronavirus disease (COVID-19), the outlook forbusiness conditions is uncertain.
The business environment for the Company is affected by multiple markets, including the new productoffline debut market, the e-commerce market for debuting new products, and the e-commerce market
for pre-ordering new services. We believe that the e-commerce market for debuting new products has
extraordinarily high growth potential.
Accordingly, in addition to holding events in partnership with financial institutions throughout Japan to
publicize the brand nationwide during the fiscal year under review, the Company continued a programof exposure in the media and so forth. As a result, brand recognition was broadened among project
owners (business operators), increasing the number of project owners using Makuake for the purposeof new product marketing (surveying customer needs and eliciting feedback before new products go on
sale, branding, etc.) and PR prior to mass production, as well as leading to a rise in the number of new
projects posted. With regard to project supporters (users), online advertisements, media exposure, andthe spreading of information on social media by project owners led to wider awareness of the platform
as a place where new and enjoyable products and services appear every day, resulting in increases inunique users and members. In addition, the use of a tag function to register favorite product genres,newsletters, activity reports on the production process from project owners and other measures resulted
in supporters making return trips to Makuake, thus further establishing the mechanism for support
buying, raising new inflows, and maintaining high repeat rates.
During the third and fourth quarters, which were affected by COVID-19, changes in consumer
lifestyles and working styles generated new needs and an increase in project owners (business
operators) wanting new products to be listed. In addition, there was a strengthening of the trend bybusiness operators struggling to debut new products at exhibitions, trade fairs, or offline physicalstores, to use Makuake as a space to debut new products online, leading to a further acceleration in thegrowth in the number of new projects posted. At the same time, more consumers (project supporters)
have been visiting Makuake, seeking new approaches to consumption in the form of enjoying,searching for and support purchasing new products online that fit their tastes and preferences, and thenumber of unique users has expanded even further.
As a result, for the fiscal year under review, the Company recorded net sales of ¥3,225,281 thousand(up 139.9% year on year), operating profit of ¥510,249 thousand (up 308.5% YoY), ordinary profit of¥512,054 thousand (up 302.2% YoY) and profit of ¥369,670 thousand (up 315.3% YoY).
(2) Overview of financial position for the fiscal year
AssetsAt the end of the fiscal year under review, total assets increased by ¥4,774,407 thousand from theprevious fiscal year-end to ¥6,173,446 thousand.
Current assets increased by ¥4,569,092 thousand to ¥5,647,838 thousand. The main components
included an increase of ¥4,230,011 thousand in cash and deposits.
Non-current assets increased by ¥192,974 thousand to ¥513,267 thousand. The main components
included an increase of ¥155,850 thousand in intangible assets.
-2-

Makuake, Inc. (4479)

Liabilities
At the end of the fiscal year under review, liabilities increased by ¥2,386,660 thousand from theprevious fiscal year-end to ¥3,500,429 thousand.
Current liabilities increased by ¥2,373,581 thousand to ¥3,472,093 thousand. The main components
included an increase of ¥1,544,786 thousand in deposits received.
Non-current liabilities increased by ¥13,078 thousand to ¥28,336 thousand. This was due to an increaseof ¥13,078 thousand in provision for continuous services benefits.
Net assets
At the end of the fiscal year under review, net assets increased by ¥2,387,747 thousand from theprevious fiscal year-end to ¥2,673,017 thousand. As a result of the public offering accompanying thestock market listing, and a capital increase implemented through the third-party allotment, amongst
other factors, share capital and capital surplus each increased by ¥1,003,852 thousand, while retained
earnings grew by ¥369,670 thousand due to profit recorded.
(3) Overview of cash flows for the fiscal year
The balance of cash and cash equivalents (“cash”) at the end of the fiscal year under review amounted
to ¥5,109,351 thousand, up ¥4,230,011 thousand compared with the previous fiscal year-end. The
respective cash flow positions and the factors thereof in the fiscal year under review are as follows.
Cash flows from operating activities
Net cash provided by operating activities was ¥2,564,340 thousand (¥388,352 thousand was provided
in the previous fiscal year). This was primarily due to profit before income taxes of ¥512,054 thousand
and an increase in deposits received of ¥1,544,786 thousand.
Cash flows from investing activities
Net cash used in investing activities was ¥247,561 thousand (¥223,661 thousand was used in theprevious fiscal year). This was due to purchase of property, plant and equipment of ¥6,736 thousand
and purchase of intangible assets of ¥213,397 thousand.
Cash flows from financing activities
Net cash provided by financing activities was ¥1,913,232 thousand (¥20,000 thousand was provided in
the previous fiscal year). This was primarily due to proceeds from issuance of shares of ¥1,990,848
thousand.
(4) Future outlook
For the fiscal year ending September 30, 2021, the Company expects net sales to rise 60.4% to ¥5,170
million. We forecast operating profit of ¥620 million, ordinary profit of ¥610 million, and profit of¥450 million. Interim earnings forecasts have not been disclosed due to the lack of visibility regarding
the impact of COVID-19 in Japan and overseas.
Furthermore, the above-mentioned earnings forecasts are based on information available at this time,and actual results may differ substantially due to various factors.
(5) Significant events regarding premise of going concern
No applicable items.

-3-

Makuake, Inc. (4479)

2. Basic rationale for selection of accounting standards
The Company adopts the generally accepted accounting standards in Japan (Japanese GAAP), taking into
account the year-on-year comparability and intercompany comparability of financial statements.

-4-

Makuake, Inc. (4479)

3. Financial statements and significant notes thereto(1) Balance sheet(Thousands of yen)
As of September 30, 2019

As of September 30, 2020

879,340
194,694
8,280–(3,569)1,078,746

5,109,351
530,318
12,721
2,443(6,996)
5,647,838

40,010(3,225)36,784
19,149(5,623)
13,52650,31038,404(6,849)31,55425,886(10,471)
15,41446,969116,134
84,474200,608

291,441
65,017356,458–
48,746
20,626
7,537(7,537)
69,373
320,292–
1,399,039

10,001
63,91935,9187,537(7,537)
109,839513,267
12,3406,173,446

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Prepaid expenses
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Total property, plant and equipment
Intangible assets
Software
Software in progress
Total intangible assets
Investments and other assets
Investment securities
Leasehold and guarantee deposits
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assets
Total assets-5-

Makuake, Inc. (4479)(Thousands of yen)
As of September 30, 2019

As of September 30, 2020

50,00027,500131,100
49,8197,750
31,524
800,817
1,098,511––
793,42177,81999,767
155,480
2,345,603
3,472,093

15,257
15,257
1,113,769

28,33628,3363,500,429

132,995

1,136,847

132,995
132,995

1,136,847
1,136,847

19,27919,279–285,270–
285,270
1,399,039

388,949
388,949(115)
2,662,529
10,4882,673,017
6,173,446

Liabilities
Current liabilities
Short-term borrowings
Current portion of long-term borrowings
Accounts payable - otherAccrued expenses
Accrued consumption taxes
Income taxes payable
Deposits received
Total current liabilities
Non-current liabilities
Provision for continuous services benefits
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Legal capital surplus
Total capital surpluses
Retained earnings
Other retained earnings
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders’ equity
Share acquisition rights
Total net assets
Total liabilities and net assets-6-

Makuake, Inc. (4479)(2) Statement of income(Thousands of yen)
Fiscal year ended
September 30, 2019
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Lecture fees and other income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission expenses
Amortization of share issuance costs
Loss on retirement of non-current assets
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit-7-

Fiscal year ended
September 30, 2020

1,344,217
258,808
1,085,408
960,505
124,9033,225,281
568,845
2,656,435
2,146,185
510,249

3,445
–
333
3,779

4,707
2,225
858
7,790

370
1,000
–
–
1,370
127,312
127,31239,256(959)
38,29789,014

111
–
4,515
1,359
5,985
512,054512,054
157,676(15,291)
142,384
369,670

Makuake, Inc. (4479)(3) Statement of changes in equity
Fiscal year ended September 30, 2019
(Thousands of yen)
Shareholders’ equity
Capital surplus

Total net
assets–196,255

Legal
capitalsurplusTotal
capitalsurplus132,995

132,995

132,995(69,735)

–

–

–

–

–

–

–

–

–

–

–

–

89,01489,014

Total
retainedearnings(69,735)

TreasurysharesTotalshareholders’equity–196,255–

ProfitNet changes
in items otherthanshareholders’equityTotal changes
during period
Balance at endof period

ShareacquisitionrightsOtherretainedearnings
Retainedearnings
brought
forwardSharecapitalBalance at
beginning of
periodChanges during
periodIssuance of
new shares
Issuance of
new shares exercise ofshareacquisitionrightsPurchase oftreasurysharesRetained earnings

89,01489,014

–

–

–

–

–

89,01489,014–89,014–89,014

132,995

132,995

132,995

19,27919,279–285,270–

285,270-8-

Makuake, Inc. (4479)

Fiscal year ended September 30, 2020
(Thousands of yen)
Shareholders’ equity
Capital surplus

Total net
assets–285,270

Total
capitalsurplus132,995

132,995

132,995

19,279970,892

970,892

970,892

1,941,784

1,941,784

32,96032,96032,96065,92065,920

(115)

(115)

369,670369,670

Total
retainedearnings

19,279TreasurysharesTotalshareholders’equity–285,270(115)

ProfitNet changes
in items otherthanshareholders’equityTotal changes
during period
Balance at endof period

ShareacquisitionrightsLegalcapitalsurplusSharecapitalBalance at
beginning of
periodChanges during
periodIssuance of
new shares
Issuance of
new shares exercise ofshareacquisitionrightsPurchase oftreasurysharesRetained earnings
Otherretainedearnings
Retainedearnings
brought
forward369,670369,670

10,488

10,4881,003,852

1,003,852

1,003,852

369,670369,670(115)

2,377,259

10,4882,387,747

1,136,847

1,136,847

1,136,847

388,949

388,949(115)

2,662,529

10,4882,673,017-9-

Makuake, Inc. (4479)(4) Statement of cash flows(Thousands of yen)
Fiscal year ended
September 30, 2019
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) provision for continuous services
benefits
Interest expenses
Amortization of share issuance costs
Decrease (increase) in trade receivables
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued expenses
Increase (decrease) in deposits received
Increase (decrease) in accrued consumption taxes
Other, net
SubtotalInterest paid
Income taxes refund
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Payments of leasehold and guarantee deposits
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from issuance of shares
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
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- 10 -

Fiscal year ended
September 30, 2020

127,31230,515512,054
65,409

3,469

3,426

5,896

13,078370–(55,479)
76,819(15,789)
293,393(24,097)3,856
446,266(354)
459(58,019)
388,352

111
4,515(335,624)
663,177
28,0001,544,786
92,017
20,756
2,611,710(97)–(47,272)
2,564,340(56,449)(167,211)––(223,661)(6,736)(213,397)(10,001)(17,426)(247,561)–
50,000–(30,000)–
20,000184,691
694,649879,340

1,990,848–(50,000)(27,500)(115)
1,913,232
4,230,011
879,340
5,109,351

Makuake, Inc. (4479)(5) Notes to financial statements
Notes on premise of going concern
No applicable items.
Notes on significant changes in the amount of shareholders’ equity
The Company’s shares were listed on the Tokyo Stock Exchange Mothers market on December 11,
2019. At the listing, the issuing of 980,000 new shares through a public offering (book-building
method) with a payment date of December 10, 2019, caused share capital and capital surplus toincrease by ¥698,740 thousand each. Also, the capital increase from the third-party allotment of
381,700 new shares in relation to the secondary offering through an over-allotment scheme with apayment date of January 14, 2020, caused share capital and capital surplus to increase by ¥272,152
thousand each.
The exercise of share acquisition rights resulted in share capital and capital surplus increasing by¥32,960 thousand each.
As a result, at the end of the fiscal year under review, share capital came to ¥1,136,847 thousand, andcapital surplus was ¥1,136,847 thousand.
Profit or loss of entities accounted for using equity method
Because the Company has no associates, there are no items to report.
Segment information
As the Company consists of a single business segment, the pre-market platform, this information isomitted.

- 11 -

Makuake, Inc. (4479)

Per share information(Yen)
Fiscal year ended
September 30, 2019

Fiscal year ended
September 30, 2020

Net assets per share

28.57

228.20

Basic earnings per share

8.91

33.03

Diluted earnings per share

–

30.88

Notes: 1. For the diluted earnings per share for the fiscal year ended September 30, 2020, because the Company’s
shares were listed on the Mothers section of the Tokyo Stock Exchange on December 11, 2019, the figure is
calculated using the average share price from the date the shares were newly listed to the end of the fiscal
year under review as the average share price for the period.
2. The basis of calculating basic earnings per share is as follows:
Fiscal year ended
September 30, 2019

Fiscal year ended
September 30, 2020

Basic earnings per share (Yen)

8.91

33.03

Profit (Thousands of yen)

89,014

369,670––

89,014

369,670

9,986,000

11,190,361

–

30.88

Adjustment to profit (Thousands of yen)––

Increase in number of common shares (Shares)–

781,284[Share acquisition rights included in the above](Shares)[–][781,284]

Profit not attributable to common shareholders(Thousands of yen)
Profit available to common shares (Thousands of yen)
Average number of common shares outstanding
during the period (Shares)

Diluted earnings per share (Yen)

Outline of diluted shares not included in the calculationof diluted earnings per share as they are non-dilutive––

As of September 30, 2019

As of September 30, 2020

3. The basis of calculating net assets per share is as follows:

Total net assets (Thousands of yen)

285,270

2,673,017

Amount deducted from total net assets(Thousands of yen)–

10,488[Share acquisition rights included in the above](Thousands of yen)[–]

[10,488]

Net assets attributable to common shares at the fiscal
year-end (Thousands of yen)

285,270

2,662,529

Number of common shares at the fiscal year-end used
for the calculation of net assets per share (Shares)

9,986,000

11,667,676

Significant subsequent events
No applicable items.

- 12 -