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.

Feb 16, 2022

Non-consolidated Financial Results
for the Three Months Ended December 31, 2021
(Under Japanese GAAP)
Company name:
SHL-JAPAN Ltd.
Listing:
Tokyo Stock Exchange
Securities code:
4327
URL:
http://www.shl.co.jp/
Representative:
Manabu Nara, Managing Director
Inquiries:
Naohiro Nakamura, Director
Telephone:+81-3-5385-8781
Scheduled date to file quarterly securities report:
Feb 14, 2022
Scheduled date to commence dividend payments:
㸫Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:None
The original disclosure in Japanese was released on January 31, 2022 at 15:15 (GMT+9)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Non-consolidated financial results for the three months ended Desember 31, 2021 (from October 1, 2021
to Desember 31, 2021)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)

Net sales
Three months ended
Dec 31, 2021
Dec 31, 2020

Operating profit

Millions of yen%

Millions of yen

597

ʊ

472

16.5

Ordinary profit%

Millions of yen

218

ʊ

97

33.2

Profit%Millions of yen%

218

ʊ

150

ʊ

9733.2

67

34.6

  
Basic earnings
per share
Three months ended

Diluted earnings
per share

YenYenDec 31, 2021

25.14

ʊ

Dec 31, 2020

11.20

ʊ

As the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020), etc., have been applied since the beginning of thefirst quarter of the year ending September 30, 2022, the figures provided for the first quarter of the fiscal year ending September 30, 2022 are figures
to which said accounting standards have been applied. The rates of increase or decrease compared with the same period of the previous fiscal year are
not provided.

(2) Non-consolidated financial position
Total assets
As ofNet assets

Equity-to-asset ratio

Millions of yen

Millions of yen%

Dec 31, 2021

6,227

5,181

83.2

Sep 30, 2021

6,623

5,704

86.1

Reference:

EquityAs of Dec 31, 2021:
As of Sep 30, 2021:¥5,181 million¥5,704 million

2. Cash dividends
Annual dividends per shareFirst quarter-end
Fiscal year ended

Sep 30, 2021
Fiscal year ended

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year-end
Yen

TotalYen

ʊ

38.00

ʊ

62.00

100.00

43.00

ʊ

43.00

86.00

ʊ

Sep 30, 2022
Fiscal year ending

Sep 30, 2022(Forecast)(Note) Revisions to recent dividends forecast: None
The year-end dividend for the fiscal year ended September 2021 includes a special dividend of ¥15.00.

3. Non-Consolidated Forecast for the Year Ending September 30, 2022 (October 1, 2021 to September 30,2022)
Net sales
Fiscal year ended

Millions of yen

Operating profit%

Millions of yen

Sep 30, 2022
3,410 ʊ(Note) Revisions to recent business forecast: None

1,495

Ordinary profit

Basic earnings
per shareProfit%

Millions of yen%

Millions of yen%

yenʊ

1,494

ʊ

1,030

ʊ

172.11As the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020), etc., have been applied since the beginning of thefiscal year ending September 30, 2022, the aforementioned financial results forecasts use figures to which said accounting standards have been
applied. The rates of increase or decrease compared with the same period of the previous fiscal year are not provided. Furthermore, basic earnings pershare have been calculated based on the average number of shares outstanding (5,990,109 shares) for the year ending September 30, 2022, which wascalculated taking into account the number of treasury shares held.

* Notes(1) Adoption of accounting treatment specific to the preparation of quarterly non-consolidated financial
statements: Yes(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: Yes(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 Dec 31, 2021

6,141,158 shares

As of Sep 30, 2021

6,141,158 shares(ii) Number of treasury shares at the end of the period
As of Dec 31, 2021

151,056 sharesAs of Sep 30, 2021

151,029 shares(iii) Average number of shares outstanding during the period(cumulative from the beginning of the fiscalyear)
Three months ended Dec 31, 2021

5,990,128 shares

Three months ended Dec 31, 2020

5,990,152 shares

* Implementation status of quarterly review proceduresThis financial results summary is not subject to annual review procedures.
* Explanations and other special notes concerning the appropriate use of financial results forecasts
1. The forward-looking statements regarding financial results forecasts, etc., appearing in this financial resultssummary have been prepared based on information currently available to the Company and certain
assumptions that the Company believes to be reasonable. The Company makes no guarantee as to theirrealization. Actual financial results may differ substantially from the forecasts due to various factors.
2. As the Company’s services are often used for the screening of new graduates to be employed by corporate
customers, our sales inevitably involve seasonal fluctuations. Accordingly, the Company’s performance
management is conducted on an annual basis without presenting performance forecasts for the first half.

Overview of operating results, etc.
The Company has applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March31, 2020; hereinafter the “Revenue Recognition Standard”), etc., since the beginning of the first quarter of theyear ending September 30, 2022. As this will affect net sales, etc., the year-on-year yen and percentage changes in
the qualitative information for the first three months of the year ending September 30, 2022 (October 1, 2021,through December 31, 2021) are not provided.
(1) Overview of operating results
During the first three months of the year ending September 30, 2022, net sales of SHL-JAPAN Ltd. (the“Company”) were ¥597 million. By business segment, “Product sales” were ¥368 million, “Consultancy sales”
were ¥208 million and “Training sales” were ¥20 million.
Sales have steadily increased for each business segment, likely due to the Web test of general abilities “C-GABplus” for “Product sales,” various analysis projects for “Consultancy sales,” and in-house seminars for “Trainingsales.”Operating profit for the three-month period under review was ¥218 million. The cost of goods sold was ¥69
million, while selling, general and administrative expenses were ¥309 million. As a result, the operating profit
margin was 36.5%.
Ordinary profit for the three-month period under review was ¥218 million. This is almost equal to operating
profit because both non-operating profit and non-operating expenses were small.
Profit before income taxes for the three-month period under review was ¥218 million, which is equal toordinary profit because no extraordinary gains or extraordinary losses were recorded.
After taking into account the above factors and income taxes̾current and income taxes̾deferred, profit for thethree-month period under review was ¥150 million.

<Reference 1: Sales by business segment>
Fiscal 2022
Millions of Yen

Component ratio

Product368

61.7

Consultancy

208

34.9

Training

20

3.4

Total

597

100.0

<Reference 2: Sales by quarterly basis>
Fiscal 2020
Fiscal 2021

First Quarter

Second Quarter

Third Quarter

Year-End

AnnualMillions ofMillions ofYen

Millions of Yen

Millions of Yen

Millions of Yen

1,233
1,375

845
969

479
482

2,964
3,300

Yen
405
472

Fiscal 2022
597ʊʊʊ
ʊ*Note 1: For the fiscal years ended September 2020 and 2021, performance figures to which the Revenue Recognition Standard,
etc. have not been applied are provided.
2:As the Company’s services are often used for the screening of new graduates to be employed by corporate customers,
our sales inevitably involve seasonal fluctuations. In recent years, sales have tended to concentrate in the second andthird quarters of the fiscal year.

(2) Projected performance
In the year under review, the spread of COVID-19 variants has increased, and while the early implementationof booster vaccinations and development of therapeutic drugs are expected, economic recovery trends are
somewhat uncertain, with the situation in Ukraine becoming increasingly tense. Nevertheless, employment
motivation of companies looking ahead to a post-COVID-19 time is strong, and the Company projects thatscreening activities by companies seeking to hire new graduates will continue to be carried out by proactively
taking measures necessary to avoid risks of the “Three Cs” (Closed spaces, Crowded places, and Close-contact
settings). The Company intends to continue to thoroughly implement infection prevention measures to ensure thehealth and safety of our employees and business associates, and to enhance its operating performance by swiftly
providing optimum services based on a precise analysis and understanding of corporate customers’ needs.
In light of the above, and based on our analysis and study of the business results, financial position and otherbusiness management materials for the three-month period under review, no changes have been made to thefinancial results forecast for the year ending September 30, 2022, which was released on October 29, 2021.