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.

January 26, 2021

Non-consolidated Financial Results
for the Three Months Ended December 31, 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 ManagementDivisionTEL:+81-3-6328-4038 (from overseas)Scheduled date to file quarterly securities report:
January 27, 2021
Scheduled date to commence dividend payments:–
Preparation of supplementary materials for quarterly financial results: Yes
Holding of quarterly financial results presentation meeting:
Yes(Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Performance for the three months ended December 31, 2020
(from October 1, 2020 to December 31, 2020)(1) Operating results (cumulative)(Percentages indicate year-on-year changes.)

Net sales
Three months ended
December 31, 2020
December 31, 2019

Operating profit

Millions of yen

992
519

% Millions of yen

91.1–

Basic earnings pershare
Three months ended
December 31, 2020
December 31, 2019

Ordinary profit

Yen

9.07
7.06

152
102

% Millions of yen

47.7
–

152
103

Profit% Millions of yen

47.1
–

105
72%

46.7
–

Diluted earnings pershare
Yen

8.60
6.49

Notes: 1. As the Company has not prepared quarterly financial statements for the three months ended December 31, 2018,
the percentage indicating year-on-year changes is not shown for the three months ended December 31, 2019.
2. For the diluted earnings per share for the three months ended December 31, 2019, because the Company’s shareswere listed on the Mothers section of the Tokyo Stock Exchange on December 11, 2019, the figure is calculatedusing the average share price from the date the shares were newly listed to the end of the quarter under review as
the average share price for the period.

(2) Financial position
Total assets
As ofDecember 31, 2020
September 30, 2020
Reference:

Net assets

Equity ratio

Millions of yen

Millions of yen%

5,495
6,173

2,785
2,673

50.4
43.1

EquityAs of December 31, 2020As of September 30, 2020

¥2,769 million¥2,662 million

2. Cash dividends
Annual dividends
Firstquarter-end

Secondquarter-end

Yen
Fiscal year ended
September 30, 2020
Fiscal year ending
September 30, 2021

Thirdquarter-end

Yen–

Fiscal year-end

Yen

Total

Yen

Yen

0.00

–

0.00

0.00

0.00

–

0.00

0.00

–

Fiscal year ending
September 30, 2021 (Forecast)

Note: Revisions to the cash dividend forecasts most recently announced: None

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 pershare

Operating profit

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

Yen

5,172

60.4

620

21.5

617

20.6

450

21.8

38.61

Note: Revisions to the earnings forecasts most recently announced: None* Notes(1) Application of special accounting treatments for the preparation of quarterly financial statements: None
(2) 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
(3) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2020

11,673,700 shares

As of September 30, 2020

11,667,700 shares(ii) Number of treasury shares at the end of the period
As of December 31, 202024 shares

As of September 30, 202024 shares(iii) Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the three months ended December 31, 2020

11,672,502 shares

For the three months ended December 31, 201910,220,348 shares* Quarterly financial results reports are exempt from quarterly review conducted by 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. Qualitative information on quarterly financial results .............................................................................. 2(1) Information on operating results ........................................................................................................ 2(2) Information on financial position ....................................................................................................... 2(3) Explanation of forward-looking information including earnings forecasts ........................................ 3
2. Quarterly financial statements and significant notes thereto .................................................................... 4(1) Quarterly balance sheet ...................................................................................................................... 4(2) Quarterly statement of income ........................................................................................................... 5(3) Notes to quarterly financial statements .............................................................................................. 6
Notes on premise of going concern .................................................................................................... 6Notes on significant changes in the amount of shareholders’ equity .................................................. 6Segment information .......................................................................................................................... 6-1-

Makuake, Inc. (4479)

1. Qualitative information on quarterly financial results(1) Information on operating results
The forward-looking statements in this report were prepared based on information available as of theend of the quarter under review.
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 ofnew things.” We operate the “Makuake” platform to provide a place to discover and acquire something
new to the world.
In the three months of the fiscal year ending September 30, 2021, despite continuing difficult
conditions caused by the global spread of the novel coronavirus disease (COVID-19), the Japanese
economy is expected to follow a path of recovery, as measures to prevent the spread of COVID-19 arebeing taken in Japan and overseas. However, we must pay close attention to the risk of global economic
decline caused by future changes in the spread of infection, and the future remains 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 andservices has extraordinarily high growth potential.
Amid these conditions, business operators (project owners) are continuing to shift from exhibitions,trade fairs, and offline physical stores to online as their venue to debut new products and services.
Additionally, demand is increasing among consumers (project supporters) for new approaches to
consumption in the form of enjoying, searching for, and support purchasing new products online that fit
their tastes and preferences, rather than new goods and services selected, displayed and sold by
distributors in offline physical stores.
Following the rapid business growth in the fiscal year ended September 30, 2020, in the period underreview, we enhanced our quality assurance system for pre-sales and prepared for further growth fromthe second quarter onward. Specifically, in the curator division, which supports maximizing the appealof projects posted, we enhanced our hiring and development system, our system to share knowhow, andour consulting capabilities. At the same time, at the inspection and legal division which screens projectsuitability and feasibility, we enhanced our hiring and development system, reexamined the screening
items by category, and streamlined our screening flow. Additionally, at the monitoring division thatmonitors project progress and responds to trouble, we automated our monitoring system and enhanced
operations to prevent trouble. Furthermore, at the development division, we built and streamlined ouroperations system and enhanced our access platform.
Against this backdrop, as the number of projects posted by project owners continuously increases, tofocus on enhancing our quality assurance system, we reduced promotions for project supporters,resulting in a declining trend of inflow of project supporters to the site. Total support purchase valuerose by 106.7% year on year to ¥4,512,189 thousand, as we steadily continue to expand the scale ofbusiness.
As a result, for the period under review, the Company recorded net sales of ¥992,732 thousand (up91.1% year on year), operating profit of ¥152,009 thousand (up 47.7% YoY), ordinary profit of¥152,232 thousand (up 47.1% YoY) and profit of ¥105,813 thousand (up 46.7% YoY).
As the Company consists of a single business segment, the Makuake service, a platform for people to
make support purchases of new things and experiences, information by segment is omitted.
(2) Information on financial position
AssetsAt the end of the quarter under review, total assets decreased by ¥678,231 thousand from the previous
fiscal year-end to ¥5,495,215 thousand.
Current assets decreased by ¥838,762 thousand to ¥4,809,076 thousand. The main components
included a decrease of ¥691,370 thousand in cash and deposits.
-2-Makuake, Inc. (4479)

Non-current assets increased by ¥161,938 thousand to ¥675,206 thousand. The main components
included an increase of ¥113,732 thousand in investments and other assets.
Liabilities
At the end of the quarter under review, liabilities decreased by ¥790,524 thousand from the previous
fiscal year-end to ¥2,709,904 thousand.
Current liabilities decreased by ¥793,764 thousand to ¥2,678,328 thousand. The main components
included decreases of ¥425,677 thousand in accounts payable - other and ¥203,585 thousand indeposits received.
Non-current liabilities increased by ¥3,240 thousand to ¥31,576 thousand. The main components
included an increase of ¥3,240 thousand in provision for continuous services benefits.
Net assets
At the end of the quarter under review, net assets increased by ¥112,293 thousand from the previous
fiscal year-end to ¥2,785,310 thousand. The main components included an increase of ¥105,813
thousand in retained earnings due to recording of profit.
(3) Explanation of forward-looking information including earnings forecasts
There is no change to the earnings forecasts for the fiscal year ending September 30, 2021 from theforecasts announced on October 27, 2020.

-3-

Makuake, Inc. (4479)

2. Quarterly financial statements and significant notes thereto(1) Quarterly balance sheet(Thousands of yen)
As of September 30, 2020

As of December 31, 2020

5,109,351
530,318
15,164(6,996)
5,647,838

4,417,981
365,639
32,451(6,996)
4,809,076

46,969356,458

49,116
402,518

117,376(7,537)
109,839513,267
12,3406,173,446

231,108(7,537)
223,571675,206
10,933
5,495,215

155,480
2,345,603
971,008
3,472,093

49,492
2,142,018
486,8172,678,328

28,33628,3363,500,429

31,576
31,576
2,709,904

1,136,847
1,136,847
388,949(115)
2,662,529
10,4882,673,017
6,173,446

1,137,465
1,137,465
494,762(115)
2,769,578
15,732
2,785,310
5,495,215

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assetsDeferred assets
Total assets
Liabilities
Current liabilities
Income taxes payable
Deposits received
Other
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
Retained earnings
Treasury shares
Total shareholders’ equity
Share acquisition rights
Total net assets
Total liabilities and net assets-4-Makuake, Inc. (4479)(2) Quarterly statement of income(Thousands of yen)Three months ended
December 31, 2019
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Lecture fees and other income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Amortization of share issuance costs
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit-5-

Three months ended
December 31, 2020

519,503
101,211418,292
315,399
102,893992,732
187,270
805,461
653,451
152,009

833
205
1,039

1,611
19
1,630

85376
461
103,471
103,471
30,819507
31,327
72,144

–
1,407
1,407
152,232
152,232
43,023
3,396
46,419105,813

Makuake, Inc. (4479)(3) Notes to quarterly financial statements
Notes on premise of going concern
No applicable items.
Notes on significant changes in the amount of shareholders’ equity
No applicable items.
Segment information
Segment information
As the Company consists of a single business segment, the Makuake service, a platform for people to
make support purchases of new things and experiences, this information is omitted.

-6-