Non-Consolidated Financial Results
for the Nine Months Ended December 31, 2021
[Japanese GAAP]
January 28, 2022
Company name: NAFCO Corporation
Stock exchange listing: Tokyo Stock Exchange
Code number: 2790
URL: http://www.nafco.tv
Representative: Takumi Ishida, President and CEO
Contact: Kazuomi Kobayashi, General Manager, Accounting Division
Phone: +81-93-521-7030
Scheduled date of filing quarterly securities report: February 10, 2022
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: Available
Schedule of quarterly financial results briefing session: Scheduled (for institutional investors and securities analysts)(Amounts below one million yen are truncated.)
1. Financial and Operating Results for the Nine Months Ended December 31, 2021 (April 1, 2021 to December
31, 2021)(1) Operating Results (cumulative)(Percentages refer to changes from the corresponding period of the preceding fiscal year.)Net sales

Operating profit

Ordinary profit

ProfitNine months ended Millions of yen% Millions of yen% Millions of yen% Millions of yen%
161,991
11,313
11,632
7,245
December 31, 2021
186,892
9.3
18,326 138.9
18,826 130.2
11,564 140.1
December 31, 2020
The Company has applied “Accounting Standard for Revenue Recognition” and others since the beginning of thefiscal year ending March 31, 2022. Therefore, changes from the actual figures before applying such Standard andothers are not presented.
Earnings per
Nine months ended
December 31, 2021
December 31, 2020

share

Diluted earnings
per share

Yen

Yen

253.67404.88-(2) Financial Position
Total assets

Net assets

Millions of yen

Millions of yen

Equity ratio%Net assets per share
Yen157,041
As of December 31, 2021
237,578
152,821
As of March 31, 2021
236,164(Reference) Equity: As of December 31, 2021: ¥157,041 million
As of March 31, 2021: ¥152,821 million

66.1
64.7

5,498.15
5,350.42

2. Dividends
Annual dividends
1st2nd3rdYear-endquarter-end quarter-end quarter-end
Fiscal year ended
March 31, 2021
Fiscal year ending
March 31, 2022
Fiscal year ending
March 31, 2022
(Forecast)

Total

Yen

Yen

Yen

Yen

Yen-23.00-27.00

50.00

-

28.00

28.00

56.00

(Note) Revision from the most recently announced dividend forecast: None
3. Projected Operating Results for the Fiscal Year Ending March 31, 2022 (April 1, 2021 to March 31, 2022)(% indicates changes from the previous corresponding period.)
Net sales
Millions of yen

Operating profit% Millions of yen

Ordinary profit%

Millions of yen

Earnings
per shareProfit%

Millions of yen

Full year
207,600
13,70014,300(Note) Revision from the most recently announced projected operating results: None

8,200%

Yen-287.08

The projected operating results are based on “Accounting Standard for Revenue Recognition” and others, which theCompany has applied since the beginning of the fiscal year ending March 31, 2022. Therefore, changes from theactual figures before applying such Standard and others are not presented.
* Notes:(1) Accounting policies adopted specifically for the preparation of quarterly financial statements: Yes(Note) For details please refer to “2. Quarterly Financial Statements and Primary Notes (3) Notes on Quarterly
Financial Statements (Accounting policies adopted specifically for the preparation of quarterly financial
statements)” on page 7 of the attached document.
(2) 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(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the term (including treasury stock):
December 31, 2021: 29,784,400 shares
March 31, 2021: 29,784,400 shares2) Total number of treasury shares at the end of the term:
December 31, 2021: 1,221,812 shares
March 31, 2021: 1,221,812 shares
3) Average number of shares during the term:
Nine months ended December 31, 2021: 28,562,588 shares
Nine months ended December 31, 2020: 28,562,644 shares* These financial results are outside the scope of the quarterly review by a certified public accountant or an audit
corporation.
* Explanation of the proper use of financial results forecast and other notes(Cautionary note on forward-looking statement)
The earnings forecasts and other forward-looking statements provided herein are based on information that iscurrently available to the Company and certain assumptions that the Company deems reasonable, and the Company
does not in any way guarantee the achievement of the projections. Actual results may differ significantly from theforecasts due to various factors. For details on the assumptions of the earnings forecasts and points to be noted inusing the earnings forecasts, please refer to “1. Qualitative Information on Quarterly Financial Results(3) Explanation of Forecast of Performance Results and Other Forward-Looking Information” on page 3 of theattached document.

2. Financial Statements and Primary Notes(1) Balance Sheets(Millions of yen)
End of Previous Fiscal year
(March 31, 2021)
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Merchandise
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Accounts payable - otherNotes payable - facilities
Provision for bonuses
Provision for bonuses for directors (and other officers)
Provision for point card certificates
Asset retirement obligations
Contract liabilities
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provision for retirement benefits
Provision for retirement benefits for directors(and other officers)
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities

1End of Third Quarter ofCurrent Fiscal Year(December 31, 2021)

40,984
3,034
56,871
1,533(4)
102,419

37,312
4,008
59,9181,931(3)103,166

67,94848,531
104
3,357
119,942
3,204
10,597
133,744
236,164

67,08348,531
35
4,263
119,9143,420
11,077
134,411
237,578

29,98920,245
1,084
5,800
5,081
1,921
1,032
28
1,033
7
4,908
71,131

32,48019,805
699
1,020
4,201
2,238
515
3,226
3,394
67,583

708
3,093

183
3,071

367

377

5,835
2,205
12,21083,342

6,030
3,291
12,95380,536

(Millions of yen)
End of Previous Fiscal year
(March 31, 2021)
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

2

End of Third Quarter ofCurrent Fiscal Year
(December 31, 2021)

3,538
4,223
147,313(2,351)
152,724

3,538
4,223
151,552(2,351)
156,96397
97
152,821236,16478
78
157,041
237,578

(2) Statements of IncomeStatements of Income(Millions of yen)

Net sales
Cost of sales
Gross profit
Operating revenue
Operating gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Commission income
Rental income from buildings
Insurance claim income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Rental costs on real estate
Loss on disaster
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Insurance claim income
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Impairment losses
Loss on disaster
Other
Total extraordinary losses
Profit before income taxes
Income taxes
Profit3

Nine Months Ended
December 31, 2020
(From April 1, 2020
to December 31, 2020)
186,892
122,339
64,55364,55346,22618,326Nine Months Ended
December 31, 2021
(From April 1, 2021
to December 31, 2021)
161,991
105,51756,473240
56,71445,401
11,313

0
10
136
371
141
199
859

0
11
91
391
85
86
666

91
141
98
27
359
18,826

84
158
74
29
346
11,632

11
124
135

-34
48
197
280
18,682
7,118
11,56455
2
58
11,574
4,328
7,245