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

Summary of Consolidated Financial Result
for the Three Months Ended March 31, 2023
(Based on Japanese GAAP)May 15, 2023
Company name: WILLs Inc.

Listing exchange: Tokyo Stock Exchange

Securities code: 4482

URL: https://www.wills-net.co.jp/Representative: Mitsuo Sugimoto, President and CEO
Inquiries:

Yasuyuki Hasumoto, Senior Managing Director and CFO

Phone: +81-3-6435-8151

Scheduled date for first quarter report:

May 15, 2023

Scheduled date for commencing dividend payments:－Preparation of supplementary materials on financial results:

Yes

Holding of financial results briefing session:

No(Amounts are rounded down to the nearest million yen, unless otherwise noted)
1. Consolidated Financial Results for the three months ended March 31,2023 (from January 1, 2023 to March 31, 2023)(1) Consolidated Operating Results (Cumulative)(Percentage figures represent year-on-year changes)
Net sales

Operating profit

millions of yen%millions of yen

788

27.5

122

81.6

123

87.2

85

116.4

618(4.9)

67

3.3

66

3.2

39

5.3

Three months ended
March 31, 2023
March 31, 2022

% millions of yen(Note) Comprehensive income: Three months ended March 31, 2023: 85 million yen
Three months ended March 31, 2022: 39 million yen
Basic earnings pershare
Yen

Diluted earnings
per share
Yen

4.11－

2.00

1.90

Three months ended
March 31, 2023
March 31, 2022
(2)

Profit attributable toowners of parent

Ordinary profit% millions of yen

116.4%
5.3%

Consolidated Financial Position
Total assets

As ofMarch 31,2023
December 31, 2022
Reference: Total shareholders’ equity

Net assets

Equity ratio

millions of yen

millions of yen

%

3,102

1,602

51.7

3,261

1,662

51.0

As of March 31, 2023:
As of December 31, 2022:- 1 -1,602 million yen
1,662 million yen%

2. Cash Dividends
1st quarter
Yen－－

Annual dividends per share
2nd quarter3rd quarter
4th quarter
Yen
Yen
Yen
0.00
－7.00

Fiscal year ended December 31, 2022
Fiscal year ended December 31, 2023
Fiscal year ending December 2023
3.50
(forecast)(Note) Revisions to the forecast of dividends most recently announced: None－TotalYen
7.00

3.50

7.00

3. Forecast of Consolidated Financial Results for the Fiscal Year Ending December 31, 2023
(from January 1, 2023 to December 31, 2023)(Percentage figures represent year-on-year changes)
Net sales

Operating profit

millions of yen% millions of yen
Fiscal year ending
4,049
6.1750December 2023
(Note) Revisions to the forecast most recently announced: NoneProfit attributable toowners of parent

Ordinary profit%

millions of yen

6.8745% millions of yen
7.5497

Profit pershare%

Yen

19.2

23.83

*Explanatory notes(1) Changes in significant subsidiaries during the fiscal year (changes in specified subsidiaries resulting in change in scope ofconsolidation): None
(2)

Application of Special Accounting for Preparing Quarterly Consolidated Financial Statements: Yes(3)

Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements(i)
Changes in accounting policies due to amendment of accounting standards, etc.: Yes(ii) Changes in accounting policies other than those in (i) above:None(iii) Changes in accounting estimates:None(iv) Restatements:
None

(4)

Number of issued shares (common shares)(i)
Total number of issued shares at end of period (including treasury shares)
As of March 31, 2023:
21,054,400 shares
As of December 31, 2022:(ii)
Number of treasury shares at end of period
As of March 31, 2023:
160,793 shares
As of December 31, 2022:(iii) Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended
Three months ended
20,893,607 shares
March 31, 2023:
March 31, 2022:

21,054,400 shares
160,793 shares
19,896,386 shares* This summary of financial results is not subject to audit procedures by a public accountant or audit corporation.
* Explanation regarding appropriate use of earnings forecasts, and other notes(Notes on forward-looking statements)
The earnings outlook and other forward-looking statements contained in this document are based on information currently
available to and certain assumptions that are thought to be reasonable by the Company. Accordingly, such statements should not
be construed as a guarantee of achieving the results by the Company. Actual business performance and other results may differ
materially due to various factors. For the conditions forming the assumptions on which earnings forecasts are based andexplanatory notes for use of earnings forecasts, etc.

- 2 -Quarterly Consolidated Financial Statements and Significant Notes Thereto(1) Quarterly Consolidated Balance Sheets(Unit: thousand yen)
As ofDecember 31, 2022
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Electronically recorded monetary claims - operating
MerchandiseWork in process
Supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Software
Software in progress
Goodwill
Customer-related assets
Other
Total intangible assets
Investments and other assets
Claims provable in bankruptcy, claims provablein rehabilitation and other
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 3 -As ofMarch 31, 2023

2,065,368
259,383
11,1981,927
6,19171025,494(2,911)
2,367,362

1,833,159
265,967
16,750
1,750
6,578
1,614
36,094(2,767)
2,159,146

55,61353,942

216,121
188,481
238,728
27,813
399
671,544

196,844
241,055
232,963
27,204384
698,452

2,169

2,169

166,638(2,169)166,638
893,796
3,261,158

190,460(2,169)190,460
942,855
3,102,002

(Unit: thousand yen)
As ofDecember 31, 2022
Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Accounts payable - other
Income taxes payable
Contract liabilities
Provision for point card certificates
Provision for shareholder benefit program
Provision for bonuses
Provision for bonuses for directors
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Asset retirement obligations
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Total net assets
Total liabilities and net assets- 4 -As ofMarch 31, 2023

272,737
276,487
25,192
87,849168,765459,292
103,157
23,32018,018
18,68181,797
1,535,298

258,051
319,835
24,240177,705
38,003439,725
103,484
23,071－－
59,0801,443,196

60,7702,224
62,994
1,598,293

54,2002,226
56,426
1,499,622

246,900
246,447
1,269,072(99,554)
1,662,865
1,662,865
3,261,158

246,900
246,447
1,208,587(99,554)
1,602,380
1,602,380
3,102,002

(2)Quarterly Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income)(Unit: thousand yen)
For the three months
ended March 31, 2022

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Subsidy income
Gain on forfeiture of unclaimed dividends
Refunded consumption taxes
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission fee
Other
Total non-operating expenses
Ordinary profit
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes
Net profit
Profit attributable to owners of parent- 5 -For the three months
ended March 31, 2023

618,947
327,452
291,494
224,204
67,290788,895
417,811
371,084
248,852
122,231

7
8－－
298
314

8
2
88
3,305
112
3,518

1,148
174
149
1,472
66,131

1,221
616
118
1,956
123,792

61
61
66,07026,42839,642
39,64218
18
123,774
38,00485,77085,770(Quarterly Consolidated Statements of Comprehensive Income)(Unit: thousand yen)
For the three months
ended March 31, 2022

Net profit
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to noncontrolling interests- 6 -For the three months
ended March 31, 2023

39,642
39,64285,77085,77039,64285,770－－