(English Translation)
Financial Results for the Fiscal Year Ended September 30, 2023
(under Japan GAAP) (Consolidated)
October 31, 2023

Company name: M&A Capital Partners Co., Ltd.

Stock exchange listings:
Tokyo Stock Exchange

Securities code: 6080
(URL https://www.ma-cp.com)
Representative: Satoru Nakamura
President and Representative Director
Contact:
Sou Shimoda
Tel: 03-6770-4304
Director and Manager at the Planning Management Department
Scheduled date of annual shareholders’ meeting:
December 22, 2023
Scheduled date of commencement of dividend payment:
December 25, 2023
Scheduled date of filing of annual securities report:
December 25, 2023
Presentation of supplementary materials on financial results: Yes
Holding of financial presentation meeting:Yes (For institutional investors)(Note that all amounts have been rounded down to the nearest one million yen)
1. Financial Results for the Fiscal Year Ended September 30, 2023 (From October 1, 2022 toSeptember 30, 2023)(1)

Consolidated Operating Results (Cumulative)(Percentage figures represent changes from the same period of the previous fiscal year)

Fiscal year
ended
September 30,
2023

Net sales

OperatingincomeOrdinary income

Profit attributableto owners ofparent¥20,851 million(0.7%)¥7,449 million(-23.3%)¥7,470 million(-23.5%)¥4,225 million(-37.8%)

Fiscal year
¥20,706 million¥9,713 million¥9,766 million
ended(47.8%)(48.2%)(36.6%)
September 30,
2022(Note)
Comprehensive income:Fiscal year ended September 30, 2023: 4,226 million yen (-37.9%)
Fiscal year ended September 30, 2022: 6,799 million yen (57.7%)-1-¥6,794 million(57.6%)

Profit per
share

Profit (fully
diluted) per
share

Return on
equityFiscal year
ended¥133.17¥130.40
12.3%
September 30,
2023
Fiscal year
ended
¥214.21¥208.93
23.5%
September 30,
2022(Reference)
Equity in profit of affiliates:
Fiscal Year Ended September 30, 2023: ― million yen
Fiscal Year Ended September 30, 2022: ― million yen(2)

Ratio ofordinary
income tototal assets

Ratio ofoperatingincome to net
sales

17.8%

35.7%

27.6%

46.9%

Consolidated Financial Position
Total assets

Net assets

Equity ratio

Fiscal year
ended
¥43,901 million ¥37,161 million
83.3%
September 30,
2023
Fiscal year
ended
¥39,913 million ¥32,598 million
81.0%
September 30,
2022(Reference)
Equity:Fiscal Year Ended September 30, 2023: 36,591 million yen
Fiscal Year Ended September 30, 2022: 32,320 million yen-2-

Net assets per
share¥1,152.19¥1,018.67

(3)Consolidated Cash Flows
Cash flows from Cash flows fromoperatinginvestingactivities
activities

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

Cash flows fromfinancing
activities

Cash and cash
equivalents at
end of period¥4,741 million- ¥1,323 million¥168 million¥35,255 million¥8,505 million- ¥91 million- ¥12 million¥31,668 million

2. DividendsFirstquarter

Secondquarter

Third
quarterYearend

Total

Total
amount ofcash
dividends(annual)Fiscal year
ended
September
30, 2022

―

¥0.00

―

¥0.00

¥0.00

―

―

―

Fiscal year
ended
September
30, 2023

―

¥0.00

―

¥40.00 ¥40.00¥1,270
million

30.0%

3.7%

Fiscal year
endingSeptember
30, 2024(Forecast)

―

¥0.00

―

¥40.00 ¥40.00

Annual dividends per share

Payout ratio(consolidated)

Ratio ofdividends to
net assets(consolidated)

23.4%

3. Forecast of Financial Results for the Fiscal Year Ending September 30, 2024 (FromOctober 1, 2023 to September 30, 2024)(Percentage figures represent changes from the same period of the previous fiscal year)
Profitattributable toOperating
Ordinary
Profit per
Net sales
owners ofincomeincomeshareparent¥22,835¥8,102¥8,104¥5,436¥171.20
millionmillionmillionmillion(9.5%)(8.8%)(8.5%)(28.7%)(Note) No forecast has been made for the consolidated financial results for the second
quarter (cumulative).
Annual-3-

* Notes(1)(2)

Significant changes in subsidiaries during the consolidated fiscal year underreview:
No
Changes in accounting policies, changes in accounting estimates, and restatements ofprior period financial statements after error corrections(i)

Changes in accounting policies due torevisions to accounting standards andother regulations, etc.:

No

Changes in accounting policies due toother reasons:

No

(iii)

Changes in accounting estimates:

No

(iv)

Restatements of prior period
financial statements after error corrections: No

(ii)

(3)

Total number of issued shares (common shares)(i)

Total number of issued shares as of the end of the period (including treasury
shares):
As of September 30, 2023:
31,759,000 shares
As of September 30, 2022:
31,729,000 shares(ii)

Number of treasury shares as of the end of the period:
As of September 30, 2023:
398 shares
As of September 30, 2022:
398 shares(iii)

Average number of shares during the period:
Fiscal year ended September 30, 2023:
Fiscal year ended September 30, 2022:-4-

31,733,944 shares
31,720,218 shares

(Reference) Overview of Non-Consolidated Financial Results
1. Financial Results for the Fiscal Year Ended September 30, 2023 (From October 1,
2022 to September 30, 2023)(1)

Non-Consolidated Operating Results(Percentage figures represent changes from the same period of the previous fiscal year)
Net sales

OperatingincomeOrdinary
incomeProfitFiscal year
ended
September 30,
2023¥19,666 million(10.4%)¥8,255 million(-8.4%)¥8,227 million(-9.4%)¥5,348 million(-12.8%)

Fiscal year
ended
September 30,
2022¥17,810 million(28.7%)¥9,013 million(31.3%)¥9,076 million(31.7%)¥6,134 million(31.6%)

Profit per share

Profit (fully
diluted) per
share¥168.54¥165.03¥193.40¥188.64

Equity ratio

Net assets per
share

Fiscal year
ended
September 30,
2023
Fiscal year
ended
September 30,
2022
(2)

Non-Consolidated Financial Position
Total assets

Net assets

Fiscal year
ended
¥44,121 million ¥37,845 million
84.5%
September 30,
2023
Fiscal year
ended
¥38,215 million ¥32,160 million
83.4%
September 30,
2022(Reference)
Equity:Fiscal Year Ended September 30, 2023: 37,275 million yen
Fiscal Year Ended September 30, 2022: 31,882 million yen-5-¥1,173.73¥1,004.85

* Consolidated financial results are not subject to audit by certified public accountants
or audit firms.
* Proper usage of the forecast of financial results, and other special matters
Descriptions or statements concerning projected figures and future outlooks contained withinthese materials are based on the decisions and assumptions resulting from information currently
obtainable by the Company. The possibility exists that due to the intrinsic uncertainty of thosedecisions and assumptions and/or changes in terms of business operations as well as situationalchanges occurring internally/externally, the actual results may substantially differ from thecontent of projections. These materials do not constitute a guarantee on the part of the Company
as to the certainty of any and all content concerning forecasts for the future. For more details of
the assumptions on which the financial results forecasts are based, and for matters to note inrelation to these forecasts, please refer to “1. Overview of Operating Results (4) Forecast” on
P.7 of the attachment.

-6-

Attachment – Contents
1. Overview of Operating Results............................................................................ 2(1) Overview of Operating Results ....................................................................... 2(2) Overview of Financial Position....................................................................... 4(3) Overview of Cash Flows .....................................................................................5(4) Forecast............................................................................................................. 7
2. Basic Stance Regarding the Selection of Accounting Standards....................... 7
3. Consolidated Financial Statements and Significant Notes Thereto .................. 8(1) Consolidated Balance Sheet ............................................................................ 8(2) Consolidated Statements of Income and Consolidated Statements ofComprehensive Income ................................................................................ 10(3) Consolidated Statement of Changes in Equity............................................ 12(4) Consolidated Statement of Cash Flows .......................................................... 13(5) Notes to Consolidated Financial Statements ................................................15(Notes on premise of going concern) ...........................................................15(Segment information) ..................................................................................15(Per share information)..................................................................................15(Important events after the reporting period) ................................................17

-1-

1.
(1)

Overview of Operating Results
Overview of Operating Resultsa. Market conditions
According to statistical data collected and published by MACP Group company
RECOF DATA Corporation, the number of M&A deals publicly announced in relation
to Japanese companies was 4,304 for 2022 (January to December), a year-on-yearincrease of 0.6%. This was a record high, but for January to September 2023 thisswitched to a decrease, falling 11.8% year on year to 2,890 deals.
The statistics are an indicator that incorporates M&A in the broad meaning of theword, and do not necessarily show that M&A for non-listed companies has declined in
the same way. Because M&A increased by 11.3% year on year on a value basis, weconclude that the figures do not show that there has been a reduction in overall
willingness to invest, and we also believe that for high-quality deals there is more thanenough potential for significant investments.
According to the recent “8th Review Committee on the Concentration ofManagement Resources, etc. of Small and Medium Enterprises” published on March
16, 2023, by the Small and Medium Enterprise Agency, and materials entitled “Report,
etc. on Results of Establishing the M&A Support Institution Registration System,”
3,403 M&A deals were closed among small and medium enterprises in FY2021 (April
2021 to March 2022). This suggests that there is unreported latent demand for businesssuccession M&A among small and medium enterprises, and we continue to expect
M&A deals to be generated in abundance.
In this environment, we continued to work on bolstering employee education and thetraining system, and on strengthening our information platform for M&A, with theobjective of improving service quality. By continuing to work together both as a groupand in cooperation with our financial institution alliance partners to provide a matching
service, we sought to raise the probability of closing deals. Furthermore, by entering
into business alliances that lead to referrals to deals, primarily for business companies,
we worked to enhance our network of alliances, and we focused on achieving
comprehensive improvements in business efficiency by continuing to enhance our IT
systems.
In addition to M&A boutiques, the number of active new entrants to the market for
M&A intermediation from among banks and other financial institutions continues toincrease, but experience and know-how in this area cannot be replicated overnight. We
expect the organizational capability to provide high-quality advice and a brand backed
by an extensive track record to be factors that enable the Company to clearly
differentiate itself from others, and we will continue to generate high-quality M&A
transactions, including the large deals in which we are particularly strong.
b. Condition of the Group
With regard to the operating results for the Group, net sales rose ¥144 million (0.7%)
year on year to ¥20,851 million. This was primarily due to the fee per closed deal
increasing, which more than offset the year-on-year decline in the number of closed
deals.
The cost of sales declined by ¥501 million (7.1%) year on year to ¥6,572 million due
mainly a significant decrease in bonuses and an increase in provisions for bonuses.
Selling, general and administrative expenses rose by ¥2,909 million (74.2%) year on
year to ¥6,829 million, driven mainly by increases in advertising expenses, directors’compensation, provision for bonuses for directors, rents, commissions paid, anddepreciation.
As a result, operating income decreased by ¥2,263 million (23.3%) year on year to-2-

¥7,449 million, ordinary income decreased by ¥2,295 million (23.5%) year on year to¥7,470 million, and profit attributable to owners of parent decreased by ¥2,568 million(37.8%) year on year to ¥4,225 million.
The details of deals closed by the Group, the Company and RECOF are as follows.
Number of deals (consolidated)
Previous consolidated Current consolidated
fiscal year
fiscal year
(from October 1,(from October 1, Year-on-year change
2021 to September
2022 to September
30, 2022)
30, 2023)

Name of type

M&A deals closed

Whole
Group

Number of deals
among those whereinamount of processing
fees for the deal was
By amount JPY 100 million or
moreofprocessing
Number of deals
feesamong those whereinamount of processing
fees for the deal wasless than JPY 100
million(numberof deals)

199

171

-28

(numberof deals)

48

34

-14

(numberof deals)

151

137

-14

Number of deals (non-consolidated)
Previous fiscal year
(from October 1,
2021 to September
30, 2022)

Name of type

M&A deals closed

M&A
CapitalPartnersCo., Ltd.

(numberof deals)

Number of deals
among those whereinamount of processing (number
fees for the deal was of deals)
By amount JPY 100 million or
moreofprocessing
Number of deals
feesamong those whereinamount of processing (number
fees for the deal was of deals)
less than JPY 100
millionM&A deals closed
Number of deals
among those whereinamount of processing
fees for the deal was
RECOF By amount JPY 100 million or
moreofCorporation
processing
Number of deals
feesamong those whereinamount of processing
fees for the deal wasless than JPY 100
million

171

158

-13

44

34

-10

127

124

-3

Previous fiscal year
(from October 1,
2021 to September
30, 2022)

Name of type

Current fiscal year
(from October 1,
2022 to September Year-on-year change
30, 2023)

Current fiscal year
(from October 1, Year-on-year change
2022 to September
30, 2023)(numberof deals)

28

13

-15

(numberof deals)

4

0

-4

(numberof deals)

24

13

-11

Segment information is omitted because our Group’s reporting segment is only the
M&A-related services business.
-3-

(2)

Overview of Financial Position(Current assets)
As of the end of the consolidated fiscal year under review, current assets amounted to¥39,977 million, an increase of ¥3,260 million (8.9%) year on year. This was primarily
due to a ¥3,586 million increase in cash and deposits.
(Non-current assets)
As of the end of the consolidated fiscal year under review, non-current assets
amounted to ¥3,924 million, an increase of ¥728 million (22.8%) year on year. This was
mainly due to a ¥892 million increase in facilities attached to buildings, net, and a
decline of ¥193 million in goodwill.
(Current liabilities)
As of the end of the consolidated fiscal year under review, current liabilities amounted
to ¥5,431 million, a decrease of ¥990 million (15.4%) year on year. The main factors
behind this were a decrease of ¥545 million in income taxes payable and a decrease of¥414 million in accrued consumption taxes.
(Non-current liabilities)
As of the end of the consolidated fiscal year under review, non-current liabilities
amounted to ¥1,308 million, an increase of ¥416 million (46.6%) year on year. This was
mainly due to provision for bonuses increasing by ¥321 million.
(Net assets)
As of the end of the consolidated fiscal year under review, net assets amounted to¥37,161 million, an increase of ¥4,562 million (14.0%) year on year. This was primarily
due to a ¥4,225 million increase in retained earnings.

-4-

(3)

Overview of Cash Flows
Cash and cash equivalents (hereinafter referred to as “funds”) at the end of theconsolidated fiscal year under review totaled ¥35,255 million, an increase of ¥3,586
million (11.33%) year on year.
Each of the cash flows in the consolidated fiscal year under review and their respective
factors are as follows.
(Cash flows from operating activities)
Funds provided by operating activities amounted to ¥4,741 million, compared to¥8,505 million provided in the same period of the previous fiscal year. This was mainly
due to recording income before income taxes of ¥7,470 million, a decrease in notes andaccounts receivable - trade of ¥582 million, an increase in provision for bonuses of ¥586
million, a decrease in consumption taxes receivable/payable of ¥592 million, andincome taxes paid of ¥3,948 million.
(Cash flows from investing activities)
Funds used in investing activities amounted to ¥1,323 million, compared to ¥91
million used in the same period of the previous fiscal year. This was mainly due topurchase of property, plant and equipment of ¥1,217 million.
(Cash flows from financing activities)
Funds provided by financing activities came to ¥168 million, compared to ¥12 million
used in the same period of the previous fiscal year. These represent the proceeds fromthe exercise of the 10th subscription rights to shares and the issuance of the 15th and16th subscription rights to shares.

-5-

(Reference)

Trends in Cash Flow Indicators
Fiscal year
ended
September
30, 2019

Fiscal year
ended
September
30, 2020

Fiscal year
ended
September
30, 202180.7
85.0
Equity ratio (%)
Equity ratio on
market value
478.5
636.9
basis (%)
Interest-bearing
debt to cash
flows ratio(years)Interest
coverage ratio(times)Equity ratio: Equity / Total assets

Fiscal year
ended
September 30,
2022

Fiscal year
ended
September 30,
2023

82.9

81.0

83.3

638.5

294.9

193.9

-

-

-

-

-

-

Equity ratio on market value basis: Market capitalization / Total assets
Interest-bearing debt to cash flows ratio: Interest-bearing debt / Cash flow
Interest coverage ratio: Cash flow / Interest payment(Notes)1.
Cash flow represents operating cash flow.
2.
“Interest-bearing debt” includes all of those Liabilities reported on thebalance sheet on which interest is paid.
3.
Market capitalization is calculated by multiplying the year-end share price by
the number of shares issued and outstanding at year-end.
4.
We did not have interest-bearing debt in the years ended September 30, 2019
to the year ended September 30, 2023, so we have not provided the interestbearing debt to cash flow ratio.

-6-

(4)

Forecast
The Group believes it is possible to achieve continuous increases in the number ofdeals and to consistently win larger deals by maintaining and enhancing a virtuous
spiral driven by the provision (as a leading company in M&A advisory services toJapan’s small and medium enterprises) of high-quality advice and through further
improvements to its brand, which lead in turn to the winning of even better deals. We
will continue to develop high-quality sales activities and other services aimed atbusiness owners and managements.
The forecast for the fiscal year ending September 30, 2024 is for net sales of ¥22,835
million, operating income of ¥8,102 million, ordinary income of ¥8,104 million andprofit attributable to owners of parent of ¥5,436 million.

2.

Basic Stance Regarding the Selection of Accounting Standards
The Group employs Japanese standards considering comparability of consolidated
financial statements between periods and comparability among companies.
The application of IFRS will be handled appropriately in consideration of various
conditions in Japan and overseas.

-7-

3.

Consolidated Financial Statements and Significant Notes Thereto(1)Consolidated Balance Sheet
Previous consolidated
fiscal year
(as of September 30,
2022)(Unit: thousand yen)
Current consolidated
fiscal year
(as of September 30,
2023)

35,668,284
807,061
241,979
36,717,324

39,255,168
224,553497,650
39,977,372

92,167
77,112
169,280

985,079
197,642
1,182,721

132,236
773,840
62,295968,372

99,207580,380
93,806773,395

1,073,956
969,799
21,905(7,000)2,058,660
3,196,313
39,913,638

935,861
1,011,649
27,959(7,000)1,968,470
3,924,587
43,901,960

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Other
Total current assets
Non-current assets
Property, plant and equipment
Facilities attached to buildings, net
Other
Total property, plant and equipment
Intangible assets
Trademark right
Goodwill
Other
Total intangible assets
Investments and other assets, gross
Lease and guarantee deposits
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-8-

Previous consolidated
fiscal year
(as of September 30,
2022)(Unit: thousand yen)
Current consolidated
fiscal year
(as of September 30,
2023)

861,784
31,568
13,691
2,298,823
2,358,074
645,676
212,601
6,422,220

649,302
297,095
216,541
1,957,554
1,812,229
230,886
268,1885,431,797

128,750
562,306
91,407110,294
892,758
7,314,978110,706
883,567
273,957
40,675
1,308,907
6,740,704

2,893,644
2,883,394
26,539,708(353)
32,316,393

2,916,189
2,905,939
30,765,584(353)
36,587,359

4,424
4,424
277,842
32,598,659
39,913,638

4,570
4,570
569,325
37,161,255
43,901,960

Liabilities
Current liabilities
Contract liabilities
Provision for bonuses
Provision for directors’ bonuses
Accounts payable - other
Income taxes payable
Accrued consumption taxes
Other
Total current liabilities
Non-current liabilities
Net defined benefit liability
Provision for bonuses
Provision for directors’ bonuses
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Other comprehensive income
Foreign currency translation adjustment
Total other comprehensive income
Subscription rights to shares
Total net assets
Total liabilities and net assets

-9-

(2)

Consolidated Statements of Income and Consolidated Statements of Comprehensive
IncomeConsolidated Statements of Income(Unit: thousand yen)Previous consolidated
Current consolidated
fiscal year
fiscal year
(from October 1, 2021
(from October 1, 2022
to September 30, 2022) to September 30, 2023)
20,706,403
20,851,370
Net sales
Cost of sales
7,073,685
6,572,194
Gross profit
13,632,717
14,279,175
Selling, general and administrative
3,919,708
6,829,490
expenses
9,713,008
7,449,684
Operating income
Non-operating income
Interest income
1,266
1,504
Gain on reversal of share acquisition
54,66624,278rightsMiscellaneous income
6,121
403
62,054
26,186
Total non-operating income
Non-operating expenses
Interest expenses
83
Loss on retirement of non-current assets
8,641
2,091
Loss on sale of non-current assets
2,179
Miscellaneous loss
161
748
Total non-operating expenses
8,886
5,020
Ordinary income
9,766,176
7,470,851
Income before income taxes
9,766,176
7,470,851
3,420,057
3,286,825
Income taxes - current
Income taxes - deferred(448,658)(41,850)
Total income taxes
2,971,398
3,244,974
Profit
6,794,777
4,225,876
Profit attributable to owners of parent
6,794,777
4,225,876-10-

Consolidated Statements of Comprehensive Income

ProfitOther comprehensive income
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income:(Comprehensive income attributable to:)Comprehensive income attributable toowners of parent

Previous consolidated
fiscal year
(from October 1, 2021
to September 30, 2022)
6,794,777(Unit: thousand yen)
Current consolidated
fiscal year
(from October 1, 2022
to September 30, 2023)
4,225,876

5,080
5,080
6,799,858

145
145
4,226,022

6,799,858

4,226,022

-11-

(3)

Consolidated Statement of Changes in Equity
Previous consolidated fiscal year (from October 1, 2021 to September 30, 2022)(Unit: thousand yen)
Other comprehensive
incomeShareholders’equityBalance at the
beginning of the year

Total othercomprehensive
income

(656)

(656)

Capitalsurplus2,884,626

2,874,376 19,771,460(353) 25,530,109(26,529)(26,529)2,874,376 19,744,930(353) 25,503,579

Cumulative effects
of changes inaccounting policies

2,884,626

Restated balance

Foreigncurrencytranslation
adjustment

Capital stock

Retainedearnings

TreasurysharesTotal shareholders’equitySubscription
rights tosharesTotal net
assets

312,455

25,841,90
8(26,529)

(656)

(656)

312,455

25,815,37
8

Changes of items
during period
Issuance of newshares9,018

Profitattributable toowners of parent
Net changes in
items other thanshareholders’ equity
Total changes of
items during
periodBalance at the end of
the year

9,018
6,794,777

9,018
2,893,644

9,018

6,794,777

2,883,394 26,539,708

18,03618,036

6,794,777

6,794,777
5,080

5,080

(34,613)

6,812,813

5,080

5,080

(34,613) 6,783,280(353) 32,316,393

4,424

4,424

277,842-(29,533)

32,598,65
9Current consolidated fiscal year (From October 1, 2022 to September 30, 2023)(Unit: thousand yen)
Other comprehensive
incomeShareholders’equityBalance at the
beginning of theyear
Changes of items
during period
Issuance of newsharesProfit attributableto owners ofparentNet changes in
items otherthanshareholders’equityTotal changes of
items during period
Balance at theend of the year

Capital stock

CapitalsurplusRetainedearnings

2,893,644

2,883,394

26,539,708

22,54522,545

Treasuryshares(353)

4,225,876

Total shareholders’equityForeigncurrencytranslation
adjustment

Total othercomprehensive
income32,316,393

4,424

4,424

Subscription
Total netrights toassetsshares277,842

32,598,659

45,09045,0904,225,876

4,225,876

145

145

291,483

291,629

22,54522,5454,225,876

04,270,966

145

145

291,483

4,562,595

2,916,189

2,905,939

30,765,584(353)

36,587,359

4,570

4,570

569,325

37,161,255

-12-

(4)

Consolidated Statement of Cash Flows(Unit: thousand yen)Previous consolidated
Current consolidated
fiscal year
fiscal year
(from October 1, 2021 to (from October 1, 2022
September 30, 2022)
to September 30, 2023)

Cash flows from operating activities
Income before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for
doubtful accounts
Depreciation and amortization on other
Loss on retirement of non-current assets
Loss (gain) on sale of non-current assets
Interest income
Interest expenses
Decrease (increase) in notes and accounts
receivable - trade
Increase (decrease) in accounts payable other
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for
directors’ bonuses
Increase (decrease) in net defined benefit
liability
Increase (decrease) in contract liabilities
Increase (decrease) in consumption taxes
receivable/payable
Other
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating
activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant andequipment
Purchase of intangible assets
Payments for asset retirement obligations
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of shares of subsidiaries resulting
in change in scope of consolidation
Payments for lease and guarantee deposits
Proceeds from collection of lease andguarantee deposits
Other
Net cash provided by (used in) investing
activities
Cash flows from financing activities
Repayments of short-term borrowings
Proceeds from issuance of common shares
Proceeds from issuance of subscription
rights to shares-13-

9,766,176
136,091
202,396(16,200)
33,0298,641(1,266)
83(563,330)

7,470,851
315,283
193,460
33,0292,091
2,179(1,504)
582,507655,742
567,415
98,629(341,714)
586,788385,400(11,272)(12,895)
241,878
99,015
11,204,137
1,266
(83)
(2,700,235)(18,043)(212,482)(592,261)
282,6128,688,196
1,504(3,948,207)

8,505,084

4,741,494(45,529)(39,140)(4,000,000)
4,000,000(9,688)(1,399)13,775(10,000)(1,217,623)
2,514(59,897)(84,200)(4,000,000)
4,000,000(320,972)
354,117
3,027(91,981)(1,323,032)(30,000)
17,616-44,040124,163

Net cash provided by (used in) financing
activities
Effect of exchange rate change on cash andcash equivalents
Increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of
periodCash and cash equivalents at end of period-14-(12,384)

168,203

6,087

220

8,406,806

3,586,884

23,261,477

31,668,284

31,668,284

35,255,168

(5)Notes to Consolidated Financial Statements(Notes on premise of going concern)
Not applicable.
(Segment information)
Our business is comprised of a singular segment of M&A-related services and auxiliary
businesses. Thus, segment information has been omitted.
(Per share information)(yen)

Net assets per share
Profit per share
Profit (fully diluted) per share

Previous consolidated
fiscal year
(from October 1, 2021 toSeptember 30, 2022)
1,018.67
214.21208.93-15-

Current consolidated
fiscal year
(from October 1, 2022 toSeptember 30, 2023)
1,152.19
133.17130.40(Note)1. The basis for calculation of the amount of profit per share and the amount of fully diluted
profit per share are as shown below.

Previous consolidated
fiscal year
(from October 1, 2021 toSeptember 30, 2022)

Current consolidated
fiscal year
(from October 1, 2022 toSeptember 30, 2023)

Profit per share
Profit attributable to owners ofparent (thousand yen)Amount not attributable toholders of common shares(thousand yen)
Profit attributable to owners ofparent pertaining to commonshares (thousand yen)
Average number of commonshares during the period(shares)

6,794,777

4,225,876--

6,794,777

4,225,876

31,720,218

31,733,944--

800,884

673,617(800,884)(673,617)

Profit per share (fully diluted)
Adjustment of profit
attributable to owners of parent(thousand yen)
Number of increased commonshares (shares)(Of which subscription rights toshares (shares))

Outline of dilutive shares notincluded in the calculation of
profit (fully diluted) per share
due to having no dilutive effectNovember 13, 2020 resolutionof board of directors
13th subscription rights toshares (number of subscription
rights to shares: 584)
(Common shares: 58,400)
November 13, 2020 resolutionof board of directors
14th subscription rights toshares (number of subscription
rights to shares: 44)(Common shares: 4,400)-16-

November 13, 2020 resolutionof board of directors
13th subscription rights toshares (number of subscription
rights to shares: 525)
(Common shares: 52,500)
November 13, 2020 resolutionof board of directors
14th subscription rights toshares (number of subscription
rights to shares: 14)(Common shares: 1,400)
November 15, 2022 resolutionof board of directors
15th subscription rights toshares (number of subscription
rights to shares: 2,701)(Common shares:
270,100)
November 15, 2022 resolutionof board of directors
16th subscription rights toshares (number of subscription
rights to shares: 56)(Common shares: 5,600)

2.

The basis for the calculation of net assets per share is as follows:
Previous consolidated
fiscal year
(as of September 30,
2022)
Total net assets (thousand yen)Amount deducted from total net
assets (thousand yen)
(Of which subscription rights toshares (thousand yen))
Net assets attributable to commonshares at the end of the period(thousand yen)
Number of common shares used
for the calculation of net assets
per share (shares)(Important events after the reporting period)
Not applicable.

-17-

Current consolidated
fiscal year
(as of September 30, 2023)

32,598,659

37,161,255

277,842569,325(277,842)(569,325)

32,320,817

36,591,929

31,728,602

31,758,602