Financial Results for the Fiscal Year ended March 31, 2018
[Japanese GAAP] (Consolidated)
May 11, 2018
Name of Company
BrightPath Biotherapeutics Co., Ltd.
Listed Market Mothers, TSE
TSE Code4594
URL https://www.brightpathbio.com/english/
Representative(Title)
President & CEO(Name) Kenichi Nagai
Contact(Title)
Director/CFO(Name) Teruhiko Sakai(TEL) +81-3-5840-7697
Scheduled date of annual meeting of stockholders: June 20, 2018
Scheduled date of dividend payment commencement:－Scheduled date of submission of annual securities report : June 21, 2018
Supplementary materials for financial statements: Yes
Scheduled briefing of financial results: Yes ( for analysts and institutional investors )(Millions of yen, rounded down to the nearest million)

1. Consolidated financial results for the fiscal year ended March 31, 2018 (April 1, 2017 – March 31, 2018)(1) Consolidated results of operation(Percentages represent changes from the same period of previous fiscal year)
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Million yen%

Million yen%

Million yen%

Million yen%

Fiscal year ended March 31, 2018
354
-33.1
-1,561―-1,573―-1,577―
Fiscal year ended March 31, 2017529―
-1,113―-1,116―-1,113―(Note) Comprehensive income
Fiscal year ended March 31, 2018
-1,578 Million yen ( ― %)Fiscal year ended March 31, 2017
-1,122 Million yen ( ― %)Return on
Operating
Net income per Fully diluted net
Ordinary income
shareholders’income to net
share
income per shareto total assets
equitysales
Yen

Fiscal year ended March 31, 2018
Fiscal year ended March 31, 2017
(Reference) Equity in net income of affiliates

Yen%-41.25―-32.74―
Fiscal year ended March 31, 2018
Fiscal year ended March 31, 2017

-26.1
-28.2
― Million yen― Million yen%%

-24.9
-27.0

-440.7-210.3(Notes)
1. Year-on-year changes for the fiscal year ended March 31, 2017 is not stated, because the company began preparing quarterly
consolidated financial statements from the third quarter of the fiscal year ended March 31, 2017.
2. Fully diluted net income per share is not stated as net loss was recorded for this period although there are residual shares.

(2) Consolidated financial positionsTotal assets

Net assets

Million yen

As of March 31, 2018
7,235
As of March 31, 2017
5,408
(Reference)
Shareholders’ equity As of March 31, 2018

Equity ratio

Million yen

Net assets per share%

Yen

6,950
95.3
164.785,201
95.8
139.17
6,893 Million yen
As of March 31, 2017 5,179 Million yen(3) Consolidated cash flows
Cash flows
from operating
activities
Fiscal year ended March 31, 2018
Fiscal year ended March 31, 2017

Cash flows
from investing
activities

Cash flows
from financing
activities

Cash and cash
equivalents at end ofperiod

Million yen

Million yen

Million yen

Million yen-1,591-1,067-111
-96

3,281
3,559

6,528
4,950

2. Dividends
Annual Dividends per share

Total dividends Payout
End of 1Q End of 2Q End of 3Q Year-end Annual paid (annual) ratio
Fiscal year ended March 31, 2017
Fiscal year ended March 31, 2018
Fiscal year ending March 31,
2019 (Forecast)

Dividends tonet assets

Yen

Yen

Yen

Yen

Yen

Million yen

%%

―
―

0.00
0.00

―
―

0.00
0.00

0.00
0.00

――――――

―

0.00

―

0.00

0.00

1―

3. Consolidated financial forecast for the fiscal year ending March 31, 2019 (April 1, 2018 – March 31, 2019)(Percentages represent changes from the same period of previous fiscal year)
Profit attributable toNet income
Operating income Ordinary income
owners of parentper share

Net sales
Million yen

Full year

150% Million yen% Million yen%Yen―――-52.59% Million yen-57.7-2,200-2,200-2,200(Note) The Company manages business results on an annual basis, and therefore only the full-year financial forecasts are disclosed.

[Notes](1) Changes in significant subsidiaries during the period (change in scope of consolidation)(2) Changes in significant accounting policies, changes in accounting estimates and restatement
1) Changes in accounting policies due to revisions of accounting standards, etc.

: None: None2) Changes in accounting policies due to other reasons than above 1): None3) Changes in accounting estimates: None4) Restatements(3) Number of shares outstanding (common stock)1) Number of shares outstanding at theAs of March 31,
end of fiscal term (including treasury2018stocks)2) Number of treasury stocks at the end of As of March 31,2018
fiscal term3) Average number of shares during the Year ended
March 31, 2018
fiscal term

: None41,835,400 shares

As of March 31,
201737,218,400 shares― shares

As of March 31,
2017― shares38,234,840 sharesYear ended
March 31, 2017

34,014,937 shares(Reference) Summary of non-consolidated financial results
Non-consolidated financial results for the fiscal year ended March 31, 2018 (April 1, 2017 – March 31, 2018)(1) Non-consolidated results of operations(Percentages represent changes from the same period of previous fiscal year)
Net sales
Fiscal year ended March 31, 2018
Fiscal year ended March 31, 2017

Operating income

Net income

Million yen%

Million yen%

Million yen%

Million yen%354
529-33.1-35.6-1,452-1,094――-1,569-1,089――-1,577-1,113――

Net income per share
Fiscal year ended March 31, 2018
Fiscal year ended March 31, 2017

Ordinary income

Fully diluted net
income per share

Yen

Yen

-41.25-32.74――(2) Non-consolidated financial position
Total assets

Net assets

Million yen

As of March 31, 2018
7,237
As of March 31, 20175,404(Reference)
Shareholders’ equity As of March 31, 2018Million yen

Equity ratio

Net assets per share%

Yen

6,950
95.2
164.785,199
95.8
139.17
6,893 Million yen
As of March 31, 2017 5,179 Million yen* This financial results report is exempt from the audit procedures.
* Explanations regarding appropriate use of forecasts and projections of financial results, and other specific notes.
All forecasts and projections contained in this presentation are based on the information currently available to the management
and they are not intended to represent our promise to attain them as a goal. Furthermore, due to various reasons, actual results
may differ substantially.

2

Consolidated Financial Statements(1) Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2017

As of March 31, 2018

AssetsCurrent assets
Cash and deposits

4,950,570

6,528,759

Accounts receivable - trade
Merchandise and finished products

54,944
180

77,012
990

Work in process
Raw materials and supplies

18,557
23,573

3,006
23,573

Advance payments
Other136,90954,734

194,581
72,203

Total current assets

5,239,469

6,900,127

38,789327

58,563191

Tools, furniture and fixtures, net

76,755

207,594

Total property, plant and equipment

115,872

266,349

13,78913,514

Total intangible assets

13,78913,514

Investments and other assets
Other

39,16955,911

39,16955,911

Non-current assets
Property, plant and equipment
Facilities attached to buildings, net
Machinery and equipment, net

Intangible assets
Other

Total investments and other assets
Total non-current assets
Total assets

3

168,831335,775

5,408,300

7,235,902

(Thousands of yen)
As of March 31, 2017

As of March 31, 2018

Liabilities
Current liabilities
Accounts payable - trade
Income taxes payable

22,554
24,6898,769
35,041

Accounts payable - otherOther

89,17924,846

163,729
21,566

Total current liabilities

161,268

229,107

Non-current liabilities
Deferred tax liabilities

4,110

4,700

Net defined benefit liability
Asset retirement obligations

25,21916,552

31,46520,059Total non-current liabilities

45,88256,225

207,151

285,332

Shareholders' equity
Capital stock

3,774,413

5,419,931

Capital surplus
Retained earnings

3,757,998-2,352,753

5,403,516-3,929,896

Total shareholders' equity

5,179,658

6,893,551

Subscription rights to shares
Non-controlling interests

20,216
1,274

57,0195,201,149

6,950,570

5,408,300

7,235,902

Total liabilities
Net assets

Total net assets
Total liabilities and net assets4－(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Thousands of yen)
For the fiscal year ended
March 31, 2017
Net sales
Cost of sales

For the fiscal year ended
March 31, 2018529,612524,913Gross profit

354,410315,174

4,699

39,235

Selling, general and administrative expenses

1,118,249

1,600,968

Operating loss

-1,113,550-1,561,732

Non-operating income
Interest income
Subsidy income
Foreign exchange gains

33

46

12,928300
246－150

Other
Total non-operating income

28

13,111621

1,953
13,647－
11,772Non-operating expenses
Foreign exchange losses
Stock issuance expenses
Other
Total non-operating expenses
Ordinary loss
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses
Loss before income taxes

516

409

16,11812,181-1,116,556-1,573,292

372－372－-1,116,928-1,573,292

Income taxes - current

2,676

4,534

Income taxes - deferred

2,395

590

Total income taxes

5,071

5,124

-1,122,000-1,578,417-8,339-1,274-1,113,661-1,577,142

Net loss
Net loss attributable to non-controlling interests
Net loss attributable to owners of parent

5Consolidated Statements of Comprehensive Income(Thousands of yen)
For the fiscal year ended
March 31, 2017

For the fiscal year ended
March 31, 2018

Net loss-1,122,000-1,578,417

Comprehensive income-1,122,000-1,578,417-1,113,661-8,339-1,577,142-1,274Comprehensive income attributable to :Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests6(3) Consolidated Statement of Changes in Net Assets
Fiscal year ended March 31, 2017 (From April 1, 2016 to March 31, 2017)(Thousands of yen)
Shareholders’ equity

Balance at beginningof current period

Subscription
rights toshares

Noncontrollinginterests

Total net
assetsCapital stock

CapitalsurplusRetainedearnings

Total
shareholders'equity

1,988,085

1,971,670-1,239,092

2,720,663

2,720,663

1,786,328

1,786,328

3,572,656

3,572,656-1,113,661-1,113,661

Changes of items
during period
Issuance of newshares
Net loss attributableto owners of parent-1,113,661

Net changes of
items other thanshareholders' equity

20,216

1,274

21,490Total changes of
items during period

1,786,328

1,786,328-1,113,661

2,458,995

20,2161,274

2,480,485

Balance at end ofcurrent period

3,774,413

3,757,998-2,352,753

5,179,658

20,2161,274

5,201,149

Fiscal year ended March 31, 2018 (From April 1, 2017 to March 31, 2018)(Thousands of yen)
Shareholders’ equity

Balance at beginningof current period

Capital stock

CapitalsurplusRetainedearnings

Total
shareholders'equity

3,774,413

3,757,998-2,352,753

5,179,658

1,645,517

1,645,517

Subscription
rights toshares

Noncontrollinginterests

20,216

1,274

Total net
assets5,201,149

Changes of items
during period
Issuance of newsharesNet loss attributableto owners of parent-1,577,142

3,291,035

3,291,035-1,577,142-1,577,142

Net changes ofitems other thanshareholders' equity

36,803-1,27435,528

Total changes ofitems during period

1,645,517

1,645,517-1,577,142

1,713,892

36,803-1,274

1,749,421

Balance at end ofcurrent period

5,419,931

5,403,516-3,929,896

6,893,551

57,019―6,950,570

7

Consolidated Statements of Cash Flows(Thousands of yen)

Cash flows from operating activities
Loss before income taxes

For the fiscal year ended
March 31, 2017

For the fiscal year ended
March 31, 2018

-1,116,928-1,573,292

Depreciation
Amortization of goodwill

41,93677173,210

Share-based compensation expenses
Loss on retirement of non-current assets

20,216
372

Increase (decrease) in provision for retirement benefits
Interest and dividend income

6,699
-33

－6,246-46

Subsidy income
Decrease (increase) in accounts receivable - trade-12,928
51,804-300-22,067

Decrease (increase) in inventories
Increase (decrease) in accounts payable - trade-6,070-41,142

14,740-13,785

Increase (decrease) in advances received
Other, net

12,076-34,766-5,455-102,161-1,077,992-1,588,338

SubtotalInterest and dividend income received
Subsidy income recieved
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
Proceeds from purchase of shares of subsidiaries resulting in change
in scope of consolidation
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from issuance of subscription rights to shares
Proceeds from issuance of shares resulting from exercise ofsubscription rights to stock
Net cash provided by (used in) financing activities－34,57433

46

12,928-2,481300-3,345-1,067,512-1,591,336-97,237-108,218-6,605-3,337

7,277－-96,564-111,556

45,09912,174

3,514,088

3,268,908

3,559,188

3,281,082

Net increase (decrease) in cash and cash equivalents

2,395,111

1,578,189

Cash and cash equivalents at beginning of period

2,555,458

4,950,570

Cash and cash equivalents at end of period

4,950,570

6,528,759

8