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 24, 2023

Non-consolidated Financial Results
for the Fiscal Year Ended September 30, 2023
<under Japanese GAAP>
Company name: Makuake, Inc.
Listing:
Tokyo Stock Exchange
Stock code:
4479
URL:
https://www.makuake.co.jp/
Representative:
Ryotaro Nakayama, CEO
Inquiries:
Junghyun Kim, Head of Investor Relations
TEL:+81-3-6328-4038 (from overseas)
Scheduled date of annual general meeting of shareholders:
Scheduled date to commence dividend payments:
Scheduled date to file annual securities report:
Preparation of supplementary materials for financial results:
Holding of financial results presentation meeting:

December 7, 2023–
December 8, 2023
Yes
Yes

(Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Performance for the fiscal year ended September 30, 2023 (from October 1, 2022 to September
30, 2023)(1) Operating results(Percentages indicate year-on-year changes.)
Net sales

Fiscal year ended
September 30, 2023
September 30, 2022

Fiscal year ended
September 30, 2023
September 30, 2022
Reference:

Millions of yen

Operating profit% Millions of yen

3,810
4,206

(9.4)
(9.0)

(489)
(324)

Ordinary profit

Profit% Millions of yen% Millions of yen

%

–
–

–
–

–
–

(482)
(302)

(491)
(1,347)

Basic earnings per
share

Diluted earnings
per share

Yen

Yen

%

%

%

(38.98)(107.55)

–
–

(9.3)
(21.8)

(6.0)
(3.3)

(12.8)(7.7)

Return on equity

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended September 30, 2023:¥– million
For the fiscal year ended September 30, 2022:¥– million

Ordinary
profit/total assets

Operatingprofit/net sales

(2) Financial position
Total assets
As of
September 30, 2023
September 30, 2022
Reference:

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen

%

Yen

7,955
8,255

5,105
5,576

63.5
67.0

399.72439.84

Cash flows fromfinancing activities

Cash and cash
equivalents at end of
periodEquityAs of September 30, 2023
As of September 30, 2022

¥5,051 million¥5,528 million(3) Cash flows
Cash flows fromoperating activities
Fiscal year ended
September 30, 2023
September 30, 2022

Cash flows frominvesting activities

Millions of yen

Millions of yen

Millions of yen

Millions of yen

(339)
(827)

(582)
(475)

14
33

6,414
7,321

2. Cash dividends
Annual dividends

Fiscal year ended
September 30, 2022
Fiscal year ended
September 30, 2023
Fiscal year ending
September 30, 2024
(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, 2024
(from October 1, 2023 to September 30, 2024)
Net sales

Fiscal year ending
September 30, 2024

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

Operating profit

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

%

Yen

3,925

3.0

16

–

21

–

5

–

0.40

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: Yes(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, 2023

12,636,700 shares

As of September 30, 2022

12,568,700 shares(ii) Number of treasury shares at the end of the period
As of September 30, 2023

130 shares

As of September 30, 2022

130 shares(iii) Average number of shares during the period
For the fiscal year ended September 30, 2023

12,598,066 shares

For the fiscal year ended September 30, 2022

12,528,045 shares* Financial results reports are exempt from audits 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 .............................................................................. 3(3) Overview of cash flows for the fiscal year ......................................................................................... 3(4) Future outlook .................................................................................................................................... 4(5) Significant events regarding premise of going concern ..................................................................... 4
2. Basic rationale for selection of accounting standards ............................................................................... 5
3. Financial statements and significant notes thereto ................................................................................... 6(1) Balance sheet ...................................................................................................................................... 6(2) Statement of income ........................................................................................................................... 8(3) Statement of changes in equity ........................................................................................................... 9(4) Statement of cash flows .................................................................................................................... 11(5) Notes to financial statements ............................................................................................................ 12
Notes on premise of going concern .................................................................................................. 12
Changes in accounting policies ........................................................................................................ 12
Profit or loss of entities accounted for using equity method ............................................................ 12
Segment information ........................................................................................................................ 12
Per share information ....................................................................................................................... 13
Significant subsequent events........................................................................................................... 131

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 worthy things can come to be, grow and endure,” themission of Makuake, Inc. (the Company) is to “Connect the world through the creation of the ‘new.’ ”
We operate the Makuake service, a “support” pre-order platform to connect project owners(Businesses) who are providing something new to the world with project supporters (Consumers) who
purchase new items and experiences based on their knowledge of the background and the ideas of the
project owners.
As ancillary services, we also provide Makuake Incubation Studio, which supports the generation of
new businesses that leverage research and development technology owned by companies; agency
operations for the distribution of advertisements to facilitate the growth of “support” pre-order value at
Makuake; Makuake STORE, which enables continued sales on e-commerce sites even after projects
have ended; Makuake Global, which accepts “support” pre-orders from overseas; and Makuake SHOP,
which works with partner companies in a variety of formats nationwide to enable products launched on
Makuake to be displayed and sold in real-world stores.
During the fiscal year ended September 30, 2023 (from October 1, 2022 to September 30, 2023), theJapanese economy moved slowly toward recovery into a new “co-existence with COVID-19” phaseamid normalizing economic activities due to the effects of various policies. Personal consumption, inparticular, has been on a moderate recovery trend, mainly in terms of travel and dining out, backed by
the government’s domestic travel subsidy program. Meanwhile, uncertainty toward the futureremained, reflecting the risk of a downturn in overseas economies putting downward pressure on theJapanese economy amid ongoing global monetary tightening as well as continuing rising in prices ofraw materials, a continuing rise in commodity prices due to supply constraints, and the fluctuation in
the financial and capital markets.
Our business is affected by the e-commerce market for debuting new products and the e-commercemarket for pre-ordering new services. During the period from 2020 to 2021, demand in these markets
grew rapidly due to changes in lifestyles and working styles, which emerged as a result of the spread of
COVID-19, and subsequently, with the normalization of economic activities in Japan, demand has
calmed down but continues to grow in a more stable and consistent manner. Therefore, going forward,
we believe that the e-commerce market for debuting new products and services has extraordinarily highgrowth potential.
Against this backdrop, in the current fiscal year, as measures to realize the basic growth policy for thecurrent fiscal year of “expanding the foundations for stable business growth generated by repeat
customers through the reinforcement of measures to raise customer satisfaction while at the same timebuilding an organization specializing in capturing repeat customers, further expanding the customer
base, and actualizing the Total Addressable Market (TAM),” the Company went ahead and establishedsystems for repeatable customer experience for owners and supporters.
For owners, we have reduced the burden until the project is published by improving and streamlining
operations based on their needs while developing functions. We have also visualized the opinions ofsupporters toward the owners and created a foundation for the owners themselves to consider measures
to connect supporters who have made purchases with their fans, and we continue to work with them toimprove satisfaction by proposing measures in response to their opinions. We also structured anddeployed a support program based on the likelihood of repeat publication by owners, and for owners
with particularly high target amounts, we strengthened the system to increase the amount of “support”
pre-orders on the first day in order to improve the satisfaction level of owners and increase the unit
price per project.
For supporters, we conducted regular user interviews to improve the quality of services provided incooperation with owners based on the real voices of supporters as well as offered events whereparticipants could trial project products offline to increase opportunities for supporters to gain an indepth understanding of Makuake’s “support” pre-orders. In addition, we provided an opportunity for
repeat “support” pre-orders through various CRM measures, including a coupon function. We havecontinued to provide a fun experience that makes users want to utilize Makuake again, while reducing

2

Makuake, Inc. (4479)

negative experiences to zero as much as possible by posting projects in collaboration with major IPs
and releasing new features to improve the experience of obtaining project information.
As a result of these initiatives, the number of publications from repeat owners, which has been the mostimportant indicator since the current fiscal year, totaled 4,378, and the amount of repeat “support” preorders totaled ¥13,325,854 thousand. Meanwhile, the “support” pre-orders declined by 11.0% year on
year to ¥17,609,329 thousand as real consumption accelerated due to the reopening from the second
half of the previous fiscal year and the scale of total “support” pre-orders decreased significantly fromthe fourth quarter of the previous fiscal year.
As a result, for the fiscal year under review, the Company recorded net sales of ¥3,810,185 thousand(down 9.4% year on year), an operating loss of ¥489,032 thousand (operating loss of ¥324,080
thousand in the previous year), an ordinary loss of ¥482,471 thousand (ordinary loss of ¥302,562
thousand in the previous year) and a loss of ¥491,076 thousand (loss of ¥1,347,356 thousand in theprevious year).

(2) Overview of financial position for the fiscal year
AssetsAt the end of the fiscal year under review, total assets decreased by ¥299,923 thousand from theprevious fiscal year-end to ¥7,955,211 thousand.
Current assets decreased by ¥831,240 thousand to ¥7,061,287 thousand. The main components
included a decrease of ¥1044,809 thousand in cash and deposits.
Non-current assets increased by ¥538,278 thousand to ¥891,998 thousand. The main components
included increases of ¥346,386 thousand in software and ¥195,233 thousand in software in progress,
respectively.
Liabilities
At the end of the fiscal year under review, liabilities increased by ¥170,609 thousand from the previous
fiscal year-end to ¥2,849,394 thousand.
Current liabilities increased by ¥174,394 thousand to ¥2,790,834 thousand. The main components
included an increase of ¥162,674 thousand in deposits received.
Non-current liabilities decreased by ¥3,784 thousand to ¥58,560 thousand. The main components
included a decrease of ¥5,553 thousand in provision for continuous services benefits.
Net assets
At the end of the fiscal year under review, net assets decreased by ¥470,532 thousand from the previous
fiscal year-end to ¥5,105,816 thousand. The main components included a decrease of ¥491,076
thousand in retained earnings due to the recording of a loss.
(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 ¥6,414,469 thousand, down ¥907,328 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 used in operating activities was ¥339,218 thousand (¥827,321 thousand was used in theprevious fiscal year). This was primarily due to loss before income taxes of ¥503,768 thousand and anincrease in deposits received of ¥162,674 thousand.

3

Makuake, Inc. (4479)

Cash flows from investing activities
Net cash used in investing activities was ¥582,118 thousand (¥475,792 thousand was used in theprevious fiscal year). This was primarily due to purchase of intangible assets of ¥575,278 thousand.
Cash flows from financing activities
Net cash provided by financing activities was ¥14,008 thousand (¥33,658 thousand was provided in theprevious fiscal year). This was primarily due to proceeds from issuance of shares of ¥14,008 thousand.
(4) Future outlook
For the fiscal year ending September 30, 2024, the Company expects net sales to increase by 3.0%
from the fiscal year under review to ¥3,925 million. We forecast operating profit of ¥16 million,
ordinary profit of ¥21 million, and profit of ¥5 million.
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.

4

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.

5

Makuake, Inc. (4479)

3. Financial statements and significant notes thereto(1) Balance sheet(Thousands of yen)

AssetsCurrent assets
Cash and deposits
Cash segregated as 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
Investments in capital
Long-term prepaid expenses
Leasehold and guarantee deposits
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assets
Share issuance costs
Total deferred assets
Total assets

6

As of September 30, 2022

As of September 30, 2023

5,193,507
2,128,290
339,328
121,814
116,869(7,282)
7,892,528

4,148,698
2,265,771
483,759
79,40890,932(7,282)
7,061,287

15,214(15,214)–
24,429(24,429)––

15,214(15,214)––––
153,984
330
8,073
191,331–7,537(7,537)353,719
353,719

346,386
195,233
541,620

8,886
8,886
8,255,134

1,924
1,924
7,955,211

31,206(26,541)
4,664
4,664

129,587
330
1,153
190,888
23,754
7,537(7,537)345,713891,998

Makuake, Inc. (4479)(Thousands of yen)

Liabilities
Current liabilities
Accounts payable - otherAccrued expenses
Advances received
Income taxes payable
Deposits received
Total current liabilities
Non-current liabilities
Provision for retirement benefits
Provision for continuous services benefits
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Legal capital surplus
Total capital surplus
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

7

As of September 30, 2022

As of September 30, 2023

381,679
81,027775
14,5652,138,393
2,616,440

372,707
83,9804,211
28,8662,301,067
2,790,834

1,658
60,685–62,344
2,678,784

2,435
55,132992
58,5602,849,394

3,120,279

3,127,283

3,120,279
3,120,279

3,127,283
3,127,283(711,764)(711,764)(625)
5,528,170
48,1795,576,349
8,255,134(1,202,840)(1,202,840)(625)
5,051,101
54,715
5,105,816
7,955,211

Makuake, Inc. (4479)(2) Statement of income(Thousands of yen)
Fiscal year ended
September 30, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating loss
Non-operating income
Interest income
Dividend income
Lecture's fee income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Amortization of share issuance costs
Other
Total non-operating expenses
Ordinary loss
Extraordinary income
Gain on sale of investment securities
Gain on reversal of share acquisition rights
Total extraordinary income
Extraordinary losses
Impairment losses
Loss on valuation of investment securities
Total extraordinary losses
Loss before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Loss

8

Fiscal year ended
September 30, 2023

4,206,839
847,925
3,358,913
3,682,993(324,080)

3,810,185
750,7083,059,477
3,548,509(489,032)

2
17
9,398
20,744
2,916
33,079

5
38
7,529
3,996
1,951
13,522

11,51051
11,561(302,562)

6,961
6,961
(482,471)

97,50097,500

3,100
3,100

1,009,307
49,7681,059,076(1,264,138)
9,708
73,50883,217(1,347,356)

24,397
24,397(503,768)
11,062(23,754)(12,691)(491,076)

Makuake, Inc. (4479)(3) Statement of changes in equity
Fiscal year ended September 30, 2022
(Thousands of yen)
Shareholders’ equity
Capital surplus

LegalcapitalsurplusTotal
capitalsurplusOtherretainedearnings
Retainedearnings
brought
forward3,103,387

3,103,387

3,103,387

635,591

16,892

16,892

16,892

SharecapitalBalance at
beginning of
periodChanges during
periodIssuance of
new shares exercise ofshareacquisitionrightsPurchase oftreasurysharesTotal
retainedearnings

635,591

TreasurysharesTotalshareholders’equity(499)

6,841,867

(125)

Loss
Net changes
in items otherthanshareholders’equityTotal changes
during period
Balance at endof period

Retained earnings(1,347,356)(1,347,356)

ShareacquisitionrightsTotal net
assets31,464

6,873,332

33,78433,784

(125)

(125)

(1,347,356)(1,347,356)

16,714

16,714

16,892

16,892

16,892(1,347,356)(1,347,356)(125)(1,313,697)

16,714(1,296,983)

3,120,279

3,120,279

3,120,279(711,764)(711,764)(625)

5,528,170

48,1795,576,349

9

Makuake, Inc. (4479)

Fiscal year ended September 30, 2023
(Thousands of yen)
Shareholders’ equity
Capital surplus

LegalcapitalsurplusTotal
capitalsurplus3,120,279

3,120,279

3,120,279(711,764)

7,004

7,004

7,004

Share
capitalBalance at
beginning of
periodChanges during
periodIssuance of
new shares exercise ofshareacquisitionrightsLoss
Net changes
in items otherthanshareholders’equityTotal changes
during period
Balance at endof period

Retained earnings
Otherretainedearnings
Retainedearnings
brought
forward(491,076)

Total
retainedearnings(711,764)

TreasurysharesTotalshareholders’equity(625)

5,528,170(491,076)

ShareacquisitionrightsTotal net
assets48,1795,576,349

14,00814,008(491,076)(491,076)

6,535

6,535

7,004

7,004

7,004

(491,076)(491,076)-(477,068)

6,535(470,532)

3,127,283

3,127,283

3,127,283(1,202,840)(1,202,840)(625)

5,051,101

54,715

5,105,816

10

Makuake, Inc. (4479)(4) Statement of cash flows(Thousands of yen)
Fiscal year ended
September 30, 2022
Cash flows from operating activities
Loss before income taxes
Depreciation
Impairment losses
Amortization of goodwill
Increase (decrease) in provision for retirement benefits
Increase (decrease) provision for continuous services
benefits
Amortization of share issuance costs
Interest and dividend income
Decrease (increase) in trade receivables
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Gain on reversal of share acquisition rights
Increase (decrease) in advances received
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued expenses
Increase (decrease) in deposits received
Increase (decrease) in accrued consumption taxes or
consumption taxes refund receivable
Other, net
SubtotalInterest and dividends received
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
Proceeds from sale of investment securities
Payments of leasehold and guarantee deposits
Proceeds from refund of leasehold and guarantee
deposits
Payments for investments in capital
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from issuance of shares
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

11

Fiscal year ended
September 30, 2023

(1,264,138)
157,240
1,009,307
4,000
1,321

(503,768)
28,459776

18,169(5,553)

11,510(20)
212,002(97,500)
49,768775(222,312)
19,738(514,069)

6,961
(44)
(144,431)
24,397(3,100)3,436(1,391)
2,953
162,674(57,660)

4,134(58,754)(730,621)
19
38(96,758)(827,321)

36,094(388,401)
46
51,725(2,588)(339,218)(20,546)(488,544)(80,020)
112,500(4,729)(7,320)(575,278)
(650)

5,877

1,130

(330)
(475,792)(582,118)

33,784(125)
33,658(1,269,455)
8,591,254
7,321,798

14,00814,008(907,328)
7,321,798
6,414,469

Makuake, Inc. (4479)(5) Notes to financial statements
Notes on premise of going concern
No applicable items.
Changes in accounting policies
Application of Implementation Guidance on Accounting Standard for Fair Value Measurement
The Company has applied the “Implementation Guidance on Accounting Standard for Fair Value
Measurement” (ASBJ Guidance No. 31, June 17, 2021; hereinafter, “the Implementation Guidance”)
and relevant ASBJ regulations from the beginning of the fiscal year under review, and it has applied the
new accounting policy provided for by the Implementation Guidance prospectively in accordance withthe transitional measures provided for in paragraph 27-2 of the Implementation Guidance.
There is no effect on the financial statements.
Profit or loss of entities accounted for using equity method
Fiscal year ended
September 30, 2022

(Thousands of yen)
Fiscal year ended
September 30, 2023

Investments in associates

40,000Investments if the equity method is applied

39,331

15,602(668)(23,729)

Investment losses if the equity method is applied

15,602

Segment information
As the Company consists of a single business segment, the Makuake service, a platform for people toplace “support” pre-orders of new things and experiences, this information is omitted.

12

Makuake, Inc. (4479)

Per share information
Fiscal year ended
September 30, 2022

(Yen)
Fiscal year ended
September 30, 2023

Net assets per share

439.84399.72

Basic loss per share(107.55)(38.98)Notes: 1. Although dilutive shares exist, diluted earnings per share for the fiscal year under review have been omitted,
as the Company reported a basic loss per share.
2. The basis of calculating basic loss per share is as follows:
Fiscal year ended
September 30, 2022

Fiscal year ended
September 30, 2023

(1,347,356)(491,076)

Profit (loss) not attributable to common shareholders(Thousands of yen)––

Loss available to common shares (Thousands of yen)

(1,347,356)(491,076)

Average number of common shares outstanding during
the period (Shares)

12,528,045

12,598,066

Basic loss per share
Loss (Thousands of yen)

Significant subsequent events
No applicable items.

13