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.

May 16, 2022

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2022
(Under Japanese GAAP)
Company name: SANIX INCORPORATED
Listing:
Tokyo Stock Exchange / Fukuoka Stock Exchange
Securities code: 4651
URL:
https://sanix.jp/lang_en/
Representative: Hiroshi Munemasa, President and Representative Director
Inquiries:
Hiroshi Soga, Executive officer, Division manager of Corporate Planning Division
Telephone:+81-92-436-8882
Scheduled date of annual general meeting of shareholders: June 29, 2022
Scheduled date to commence dividend payments:
Scheduled date to file annual securities report:
June 29, 2022
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing:
Yes (for Institutional investor)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2022 (from April 1, 2021 toMarch 31, 2022)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Fiscal year ended

Millions of yen%

Millions of yen

March 31, 2022

50,936

3.1(2,618)-March 31,2021

49,416

(5.9)

2,325

(16.7)%

Note: Comprehensive income For the fiscal year ended March 31,2022:
For the fiscal year ended March 31,2021:

Basic earnings
per share

Diluted earnings
per share

Profit attributable toowners of parent

Ordinary profit
Millions of yen%(2,900)-2,091(19.3)

Millions of yen¥(3,360) million¥2,040 million

Return on equity%(3,449)

-

1,965

6.2

[-%]
[9.5%]

Ratio of ordinary
profit to total
assetsRatio of operating
profit to net sales

Fiscal year ended

Yen

%

%

%

March 31,2022(72.16)-(54.0)

(8.5)

(5.1)

March 31,2021

41.11

-

27.9

6.4

4.7

Yen

Reference: Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31,2022: ¥- million
For the fiscal year ended March 31,2021: ¥- million
The Company started to apply the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31,2020), etc. at the beginning of the fiscal year under review. Therefore, figures for the fiscal year ended March 31, 2022
reflect the application of the said Accounting Standard, etc.

(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

March 31,2022

34,953

4,732

13.5

98.52

March 31,2021

32,940

8,097

24.5

168.84

Reference: Equity
As of March 31,2022:¥4,709 million
As of March 31,2021:¥8,071 million
The Company started to apply the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31,2020), etc. at the beginning of the fiscal year under review. Therefore, figures for the fiscal year ended March 31, 2022
reflect the application of the said Accounting Standard, etc.

(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash and cash
equivalents at end of
periodCash flows fromfinancing activities

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31,2022(3,067)(2,937)

4,447

3,243

March 31,2021

2,756(2,564)

(743)

4,760

2. Cash dividends
Annual dividends per share

Fiscal year ended
March 31,2021
Fiscal year ended
March 31,2022
Fiscal year ending
March 31,2023(Forecast)

Total cash
dividends(Total)Ratio of
Payout ratio dividends to(Consolidate net assetsd)(Consolidate
d)

First
quarterend

Secondquarterend

Third
quarterend

Fiscalyear-end

Yen

Yen

Yen

Yen

0.00

0.00

0.00

0.00

0.00

0.00

-

-

0.00

0.00

0.00

0.00

0.00

0.00

-

-

0.00

0.00

0.00

0.00

0.00

Total

Yen Millions of yen

%

%

-

3. Consolidated financial forecasts for the fiscal year ended March 31, 2023(from April 1, 2022 toMarch 31, 2023)
Net sales

Operating Income

Ordinary Income

Profit attributableto owners ofparentBasic earnings
per share

Millions ofYen%Millions ofYen%Millions ofYen%Millions ofYen%First Half

24,279

4.9

779

32.2

666

35.8

562

325.4

11.76

Full Year51,319

0.8

2,113

-

1,841

-

1,441

-

30.16

Yen

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in
the change in scope of consolidation): None
Newly included: - companies (Company name)
Excluded:- companies (Company name)(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
Note :For details, please see 3.Consolidated Financial Statements and Main Notes to theStatements (5) Notes to the Consolidated Financial Statements (Changes in Accounting
Policies) on page 23 of the attachment.
(3) Number of issued shares (common shares)
(i)

(ii)

Total number of issued shares at the end of the period (including treasury shares)
As of March 31,2022

48,919,396 shares

As of March 31,2021

48,919,396 shares

Number of treasury shares at the end of the period
As of March 31,2022

1,114,838 shares

As of March 31,2021

1,114,693 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31,2022

47,804,606 sharesFiscal year ended March 31,2021

47,804,857 shares[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31,2022 (from April 1,2021
to March 31,2022)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Ordinary profit

ProfitFiscal year ended

Millions of yen%

Millions of yen

March 31,2022

45,627(1.9)(3,338)-(3,048)-(3,374)-

March 31,2021

46,518

(5.6)

1,088

(14.4)

1,304(18.4)

1,286

20.4

Basic earnings
per share%

Millions of yen%

Millions of yen%

Diluted earnings
per share

Fiscal year ended

Yen

March 31,2022(70.58)-March 31,2021

26.92

-

Yen

The Company started to apply the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March
31, 2020), etc. at the beginning of the fiscal year under review. Therefore, figures for the fiscal year ended March
31, 2022 reflect the application of the said Accounting Standard, etc.
(2) Non-consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio%

Net assets per share

Millions of yen

Millions of yen

Yen

March 31,2022

27,835

989

3.6

20.71

March 31,2021

25,441

4,386

17.2

91.75

Reference: Equity
As of March 31,2022:
As of March 31,2021:¥989 million¥4,386 million

The Company started to apply the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March
31, 2020), etc. at the beginning of the fiscal year under review. Therefore, figures for the fiscal year ended March
31, 2022 reflect the application of the said Accounting Standard, etc.
* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Proper use of earnings forecasts, and other special matters
The forward-looking statements, including results forecasts, included in this material are based on
the information that the Company has obtained and certain assumptions that the Company considers
reasonable. Actual results may differ significantly for a range of factors. The assumptions for the
results forecasts and cautions in the use of the forecasts are described in 1. Information of BusinessResults & Financial Position for the fiscal year ended March 31, 2022, (4) Information on the Future
Outlook, Including the forecasts of Consolidated Business Results on page 8 of the Attachment

1. Index of the attachment
1. Information on Business Results & Financial Position for the fiscal year
ended March 31, 2022 ...............................................................................................
2(1) Information on Consolidated Business Results ............................................................................
2(2) Information on Consolidated Financial Position ............................................................................
5(3) Information on Consolidated Cash Flows ......................................................................................
7(4) Information on the Future Outlook, Including the Forecasts of Consolidated BusinessResults ................................................................................................................................................
8(5) Important Matters Related to Going Concern Assumption .....................................................
10

2. Basic Position regarding the Choice of Accounting Standards ...................................
11
3. Consolidated Financial Statements and Main Notes to the Statements ...................
12(1) Consolidated Balance Sheets .........................................................................................................
12(2) Consolidated Statements of Income and Comprehensive Income ............................................
14
Consolidated Statements of Income .............................................................................................
14
Consolidated Statements of Comprehensive Income ................................................................
15(3) Consolidated Statements of Changes in Net Assets .............................................................
16(4) Consolidated Statements of Cash Flows .......................................................................................
18(5) Notes to the Consolidated Financial Statements ..........................................................................
20
Notes to the Assumption of a Going Concern .............................................................................
20
Changes in accounting policy ....................................................................................................20
Segment Information ...................................................................................................................23
Per-share information ..................................................................................................................25
Significant subsequent events ...................................................................................................26

4. Supplemental Information .............................................................................................................
27
Consolidated Net Sales by Division.......................................................................................................27

2

1. Information of Business Results & Financial Position for the fiscal year
ended March 31, 2022
(1) Information on Consolidated Business Results
During the fiscal year under review, the Japanese economy showed signs of recovery
as the state of emergency declared due to the COVID-19 pandemic was ended in October
2021 and economic activity resumed. However, a new highly infectious variant of the
COVID-19 coronavirus caused a sharp increase in the number of new infections
nationwide in January 2022. Moreover, in addition to the impact of the global shortage ofsemiconductors on various industries, there were concerns about the impact of Russia's
invasion of Ukraine, and the outlook remained uncertain. In this situation, SANIXINCORPORATED and its consolidated subsidiaries (hereinafter the “Group”) continued
their respective operations, while ensuring that COVID-19 preventive measures are taken.
Net sales of the Solar Engineering (SE) Division declined reflecting the effects of the
Feed-in Tariff (FIT) System revision in photovoltaic systems. However, net sales for theHome Sanitation (HS) Division, the Establishment Sanitation (ES) Division, theEnvironmental Resources Development (ERD) Division, and the Energy Business (EB)Division increased firmly year on year. As a result, the Group's consolidated net sales forthe consolidated fiscal year under review came to ¥50,936 million (up 3.1% year on year).
As for consolidated operating income, in addition to the decline in net sales for the SE
Division and a rise in material prices, etc., repair expenses were posted in connection withthe legal inspections of Tomakomai power plant in the ERD Division. Further, power
procurement costs increased significantly because the Japan Electric Power Exchange(JEPX) market prices of electric power in the EB Division's PPS (Power Producer and
Supplier) business rose sharply in October 2021 onward, and the tight power supply wascaused by the earthquake off the coast of Fukushima Prefecture and global energy prices
soared due to the Russia-Ukraine conflict in March 2022. In the SE Division and the EB
Division, after considering the current business environment and future prospects, andexamining the future recoverability, the Company recorded ¥226 million in impairment
losses related to non-current assets owned as extraordinary losses.
As a result, the Group posted an operating loss of ¥2,618 million (operating income of¥2,325 million in the previous year), an ordinary loss of ¥2,900 million (ordinary income of¥2,091 million in the previous year), and a loss attributable to owners of parent of ¥3,449
million (profit attributable to owners of parent of ¥1,965 million in the previous year).
At the beginning of the fiscal year under review, the Company began applying the
Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020),
etc. Year-on-year increases (decreases) and percentage changes from the results for theprevious fiscal year based on the previous accounting method are stated to explain
consolidated business results. Please refer to “3. Consolidated Financial Statements and3

the Primary Notes for the Fiscal Year Ended March 31, 2022 (5) Notes regarding theConsolidated Financial Statements (Changes in accounting policies)” for details.
Consolidated results of individual divisions for this fiscal year were as follows:a. Solar Engineering (SE) Division
In the SE Division, net sales for photovoltaic systems decreased 17.9% year on year,
reflecting the effects of a smaller number of investment projects for business
attributable to the FIT system revision, despite an increase in smaller projects for homeuse, etc. by focusing on photovoltaic systems for surplus and self-consumption. As aresult, net sales in this segment decreased to ¥8,780 million (down 17.0% year onyear).
The segment posted an operating loss of ¥473 million (operating income of ¥250
million posted in the previous fiscal year) chiefly due to the impact of the decrease in
net sales and the increase in material prices.
b. Home Sanitation (HS) Division
The HS Division refrained from new sales visits in areas where a state of emergency
and quasi-emergency measures had been declared to prevent the spread of COVID-19.
However, in other areas, sales activities were conducted as usual while taking thoroughpreventive measures. In addition, the number of sales offices increased 5 to a total of
53 for the fiscal year under review. By product, termite extermination services
increased 2.1% year on year, the construction of underfloor/ceiling ventilation systems
increased 5.9% year on year, basic repair work and housing reinforcement construction
increased 16.8% year on year, and others rose 10.1% year on year. As a result, net
sales for the segment totaled ¥12,421 million (up 7.5% year on year).
Operating income for the segment amounted to ¥2,382 million (up 6.0% year onyear) due to an increase of net sales and improvements in the efficiency of installation
offsetting increased personnel and other expenses caused by the expansion of theworkforce resulting from sales office openings.
c. Establishment Sanitation (ES) Division
The ES Division improved relationships with building and condominium owners andpartner companies, including management companies, by expanding business throughan active increase of personnel and the opening of new sales offices. In addition, thenumber of sales offices increased 3 to a total of 12, for the fiscal year under review. Net
sales for the installation of the Company's main anti-rust equipment (brand name:
Daelman Shock) increased 0.6% year on year, and net sales for water supply anddrainage repairs rose 16.8% year on year. Net sales for building water proofing work

4

also rose 13.8% year on year.

As a result, net sales for the segment totaled ¥2,487

million (up 5.8% year on year).
Operating income for the segment came to ¥227 million (down 17.8% year on year),with increases in personnel and other expenses by the expansion of staff resulting fromsales office openings.
d. Environmental Resources Development (ERD) Division
In the ERD Division, plastic fuel sales increased 2.4% year on year due to anincrease in the volume of waste accepted, waste water recycling rose 11.3% year on
year, and final disposal increased 27.7％ year on year. In addition, net sales declined
4.0% year on year for power plants, the result of conducting biennial legal inspections
on SANIX ENERGY's Tomakomai power plant in April 2021. As a result, net sales forthe segment totaled ¥17,008 million (up 2.6% year on year).
Operating income for the segment amounted to ¥3,158 million (down 14.0% year onyear) chiefly due to the recording of repair expenses associated with the legal
inspection of the Tomakomai power plant.
e. Energy Business (EB) Division
In the EB Division, in the fiscal year under review, we shifted the Tomakomai power
plant to direct wholesale sales to external customers, not through the PPS business. In
addition, we changed to a method recognizing revenue on a net basis for sometransactions associated with the adoption of the Accounting Standard for Revenue
Recognition (ASBJ Statement No. 29, March 31, 2020), etc. Net sales decreased
mainly because of these factors but the decrease was slight due to a higher negotiatedsales value as a result of higher market prices during the winter season as well as anincrease in the number of electricity retail contracts. As a result, net sales in thissegment decreased to ¥10,296 million (down 1.7% year on year).
The segment posted an operating loss of ¥4,435 million (operating loss of ¥529
million in the previous fiscal year). This was attributable to a cost increase associatedwith a large increase in electricity procurement costs due to an unusually sharp rise in
the unit cost of power procurement in the wholesale electricity trading market (JEPX)
from October 2021 in the PPS business, as well as the tight power supply caused by
the suspension of the operation of thermal power plants due to the earthquake off thecoast of Fukushima Prefecture and soaring global energy prices due to theRussia-Ukraine conflict in March 2022.
New applications for electricity supply and demand contracts have been suspended
since December 2021 due to a sharp rise in electricity procurement prices.

5(2) Information of Consolidated Financial Position
Information on the status of Assets, of Liabilities, and of Net Assets
Total assets as of the end of the fiscal year under review amounted to ¥34,953
million, an increase of ¥2,013 million from the end of the previous consolidated fiscal
year. Total liabilities stood at ¥30,221 million, an increase of ¥5,378 million from theend of the previous fiscal year. Net assets totaled ¥4,732 million, a decrease of ¥3,364
million from the end of the previous consolidated fiscal year. As a consequence, theshareholders' equity ratio stood at 13.5% as of March 31, 2022.
(The status of Assets)
Current assets decreased ¥81 million compared to the end of the previous year,
coming to ¥14,551 million (down 0.6% year on year). This was primarily due toincreases in notes and accounts receivable-trade of ¥1,364 million, work inprocess-construction of ¥137 million, and other under current assets of ¥122 million
due to an increase in consumption taxes refund receivable. Meanwhile, cash anddeposits decreased ¥1,342 million and raw materials and supplies decreased ¥448
million.
Fixed assets increased ¥2,095 million compared to the end of the previous year,
amounting to ¥20,401 million (up 11.4% year on year). Major factors include a
decrease in construction in progress of ¥1,517 million, while increases in machinery,equipment and vehicles of ¥1,233 million, buildings and structures of ¥1,194 million,
and other under investments and other assets of ¥1,009 million due to an increase inlong-term prepaid expenses.
(The status of Liabilities)
Current liabilities increased ¥4,856 million compared to the end of the previous yearto ¥21,718 million (up 28.8% year on year). This result was largely attributable toincreases in short-term loans payable of ¥3,521 million as power procurement funds in
the PPS business and contract liabilities of ¥1,705 million through the application of
Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31,2020), etc., other under current liabilities decreased ¥425 million.
Non-current liabilities increased ¥522 million compared to the end of the previous
year to ¥8,503 million (up 6.5% year on year). Major factors include decreases inlong-term loans payable of ¥119 million and lease obligations of ¥185 million, withincreases in other under non-current liabilities of 471 million due to a rise in long-term
accounts payable, bonds payable of ¥200 million and liability related to retirement
benefits of ¥103 million.

6(The status of Net Assets)
Net assets decreased ¥3,364 million compared to the end of the previous year,
coming to ¥4,732 million (down 41.6% year on year). The key factors contributing to thedecrease included the posting of loss attributable to owners of parent of ¥3,449 million.

7(3) Information of Consolidated Cash Flows
Cash and cash equivalents as of the end of the fiscal year under review decreasedby ¥1,517 million compared to the end of the previous year, amounting to ¥3,243
million.
Cash flows and reasons for changes in cash flows during the period are described
below.
(Net Cash Provided by Operating Activities)
Net cash used in operating activities was ¥3,067 million (proceeds of ¥2,756 million
in the previous year). This is mainly due to loss before income taxes of ¥3,127 million.
(Net Cash Provided by Investment Activities)
Net cash used in investing activities was ¥2,937 million (expenditure of ¥2,564 million
in the previous year). This is mainly due to purchases of property, plant and equipmentof ¥2,494 million.
(Net Cash Provided by Financing Activities)
Net cash provided by financing activities was ¥4,447 million (expenditure of ¥743
million in the previous year). Main factors include ¥3,521 million in short-term loans
payable on the net value basis and ¥1,227 million in proceeds from sale and installment
back.
(Reference: The Cash Flow Indicators)
Fiscal Year
Shareholders’ equity ratio
Shareholders’ equity ratio on a market
price basis
Interest-bearing liabilities ratio to cash
flow
Interest coverage ratio(Note) Shareholder’s equity ratio:

FY2017FY2018FY2019FY2020

FY2021

13.5%

13.4%

18.5%

24.5%

13.5%

43.8%

37.5%

42.0%

47.5%

35.5%

5.85

-

3.04

4.16

-

10.81

-

21.61

13.02

-

Shareholder’s equity/Total assets

Share ratio on a market price basis: Total market value of stock/Total assets
Interest-bearing liabilities ratio to cash flow: Operating cash flow/Interest payment
Interest coverage ratio:

Operating cash flow/Interest payment

1. The basis of the calculation for all values is consolidated financial data.
2. Market capitalization is calculated by multiplying the closing price of SANIX shares at the end of the
fiscal year by the number of shares outstanding at the end of the fiscal year.
3. Operating cash flow refers to Cash Flows from Operating Activities according to the consolidated
statement of cash flows. Interest-bearing liabilities are comprised of all liabilities on the consolidatedbalance sheet on which interest is payable. Interest expenditure refers to interest expenses paid
according to the consolidated statement of cash flows.

8(4) Information on the Future Outlook, Including the forecasts of Consolidated
Business Results
Regarding the outlook for the future, the COVID-19 pandemic is expected to continue
impacting business. In these circumstances, the Group will continue to work to create asustainable society based on its corporate philosophy of “A comfortable environment for
the next generation” by innovating and leveraging its business experience in living
environments, the resource cycle and the energy sector while taking all measures toprevent COVID-19 infections.
The SE Division has changed the concepts behind products and the content ofproposals and has shifted its business activities since FY2020 when a FIT system basedon self-consumption was designed. With the recent surge in energy prices, electricity
generated by photovoltaic systems is attracting attention. The Group will continue toadvance the development of self-consumption photovoltaic systems for corporations andsales of the systems for home-use with storage batteries. Over the medium to long term,
the Division assumes that markets for photovoltaic power generation systems for
self-consumption, which reduce the environmental load through zero CO2 emissions while
lowering electricity bills, the low initial investment PPA model (third-party owned), etc. will
expand and spread across society.
The HS Division will strive to reinforce its business base, increase its personnel throughhiring, open sales offices and increase the number of new customers and the total numberof customers by further enhancing community-based new business development andafter-sales systems for existing customers.
The ES Division will seek to cultivate partners such as management companies,
introduce existing partners through close follow-ups, and increase opportunities forbusiness negotiations with real estate owners, while in parallel facilitating new sales office
openings. By doing so, it will continue to expand sales channels for the mainstay anti-rustequipment installation product (brand name: Daelman Shock).
The ERD Division has been facilitating the improvement of the quality of plastic fuel andthe efficient operation of factories. The Group will continue to strive to improve businessperformance by increasing acceptance volume while focusing on profitability. We will start
selling a new centralized waste management system (product name: Sanix System) at thesource of emissions, which will support not only the waste treatment business but also
cumbersome tasks such as contracts, management forms (manifest slips), andperformance reporting to local governments, leading to continuing business transactions.
The Division will also aim to grow the waste water recycling business by facilitating the
manufacturing of renewable energy while taking into consideration a role of the resource
recycling business in society. Regarding the business environment, there has been a
global increase in awareness of environment pollution issues derived from waste plastics

9

leading to the government's formulation of a Plastic Resources Recycling Strategy in May
2019. The environment-related market is expected to expand in the future as well. The
Group will operate its business with an understanding that the business of appropriately
processing and recycling waste plastics, a business the Group has been active in to date,is a business that is very much needed by society.
In the EB Division, we have decided to downsize the electric power retail business as
we have judged that it will be difficult to secure profitability in the PPS business due tosoaring prices in the wholesale electricity trading market (JEPX) and the prospect ofenergy prices remaining high for the time being due to the invasion of Ukraine by Russia.
We will continue electricity supply and demand management operations with a view
toward the commercialization of renewable energy introduction models such as
self-consumption and PPA in sales of photovoltaic power generation systems, as well as
energy management such as VPP.
The Company's rugby club, the Munakata Sanix Blues, was founded in 1994 and has
been a member of Japan's top rugby league since 2003, enhancing the corporate brandand contributing to the local community. However, as a result of a comprehensive
assessment of the current business environment, we have given up on strengthening andcontinuing the team under the same structure as before, and have suspended theactivities of the rugby club as of the end of the league matches in May 2022.
In these circumstances, as for the forecast of consolidated financial results for the next
fiscal year (ending March 31, 2023), the Group's business performance is expected toachieve net sales of ¥51,319 million (up 0.8％ year on year), operating income of ¥2,113
million (operating loss of ¥2,618 million in the previous year), ordinary income of ¥1,841
million (ordinary loss of ¥2,900 million in the previous year), and profit attributable toowners of parent of ¥1,441 million (loss attributable to owners of parent of ¥3,449 million
in the previous year).
The above forecasts have been prepared based on information available as of the dateof the announcement of the financial report. Actual results of operations may differ fromforecasts due to many factors that may arise in the future.
The

Companyplans

toannounceanewmedium-term

management

plan(FY2022-FY2024) as soon as it has been formulated, as we are reconsidering our
medium-term business development and outlook due to the uncertain outlook in light of
the recent global situation.
With respect to measures to address COVID-19, the Group will make efforts to continue
its business in consideration of the situation that changes daily while prioritizing the safetyof customers, business partners, community residents and employees and their families,
preventing infections and any further spread. (Details of the Company’s measures areposted on its website)10(5) Important Matters Related to Going Concern Assumption
In the consolidated fiscal year under review, the Group posted a significant operating
loss, ordinary loss, and loss attributable to owners of parent, and there are events orcircumstances that may cast significant doubt on the premise of the Company's viability asa going concern.
This is because power procurement costs increased significantly due to the fact that the
JEPX market prices of electric power in the EB Division's PPS business sharply rose in
October 2021 onward, and the tight power supply was caused by the earthquake off thecoast of Fukushima Prefecture, and global energy prices soared due to theRussia-Ukraine conflict in March 2022.
The Group has changed its policy and decided to conclude supply contracts within thescope of negotiated procurement to resolve this situation. By suspending new applications
for electricity supply and demand contracts, shifting some of its electricity retail contracts
to agency contracts, and terminating unprofitable negotiated wholesale contracts in March2022 without renewing them, the risk of price fluctuations in electricity procurement as ofthe end of the fiscal year under review has been significantly reduced.
Meanwhile, business performance in other Divisions remained strong.
In terms of funding, we have explained the situation to the financial institutions andreceived their understanding of financial support. We have already procured thenecessary funds and have obtained their agreement not to exercise the right to claim forforfeiture of the benefit of time with regard to the violation of financial covenants that havearisen in some of our loans. Based on the above, the Group believes that there is nomaterial uncertainty regarding the going concern assumption.

11

2. Basic Position regarding the Choice of Accounting Standards
The Group will use the Japanese standards for the time being. In addition, our policy is
to take proper steps toward the adoption of the International Financial ReportingStandards while giving due consideration to the circumstances in Japan and othercountries.

12

3. Consolidated Financial Statements and Main Notes to the Statements(1) Consolidated Balance Sheets(In Millions of Yen)

As of March 31
FY2020

FY2021

Assets:Current Assets:
Cash and deposits

5,256

Notes and accounts receivable-trade

5,228

-

-

26

-

6,567

36

81

Notes receivable
Accounts receivable
Merchandise and finished goods

3,914Work in process-construction

63

201

Raw materials and supplies

2,910

2,462

Other

1,330

1,453

Allowance for doubtful accounts
Total current assets

(194)

(154)

14,633

14,451

Fixed Assets:
Tangible fixed assets:
Buildings and structures, net
Less: Accumulated depreciation
Buildings and structures (net of depreciation)
Machinery, Equipment and vehicles, net
Less: Accumulated depreciation

9,622

11,096(7,997)(8,277)

1,624

2,818

13,243

14,629(10,241)(10,394)

3,002

4,235

Land

8,094

8,314

Lease assets, net

1,513

1,581

(635)

(780)

Lease Assets, net

877

800

Construction in progress

1,559

41

Machinery, Equipment and vehicles (net of depreciation)

Less: Accumulated depreciation

Other, net
Less: Accumulated depreciation

970

888

(807)

(717)

163

170

15,322

16,382773

701

Investment securities

120

103

Deferred tax assets

666

592

Lease and guarantee deposits

611

794

Other

1,373

2,383

Allowance for doubtful accounts

(560)

(555)

Other, net
Total Tangible fixed assets
Intangible fixed assets
Investments and other assets:

Total investments and other assets

2,210

3,318

Total fixed assets

18,306

20,401

32,94034,953

Total Assets

13(In Millions of Yen)

As of March 31
FY2020

FY2021

Liabilities:
Current Liabilities:
Notes and accounts payable-trade

4,037

3,798

Short-term loans payable

6,630

10,151

230

386

Current portion of long-term loans payable-

200

Accounts payable

2,696

2,964

Accrued expenses

1,121

1,107

Lease obligations

476

510

Accrued income taxes

152

307

Accrued consumption taxes

602

137

Contract liabilities

-

1,705

Provision for bonus

256

273

5

8

Current portion of bonds payable

Allowance for resource-recycling expenses

648

166

16,861

21,718500

700

Long-term loans payable

2,417

2,297

Lease obligations

1,208

1,022

45

45

Other
Total current liabilities
Non-Current Liabilities:
Bonds payable

Long-term lease deposited
Provision for directors’ retirement benefits

94Provision for disposal site closing expenses

675

732

Liability related to retirement benefits

1,859

1,963

Other

1,265

1,737

Total non-current liabilities
Total Liabilities

7,981

8,503

24,84230,221

14,041

14,041Net Assets:
Shareholders’ Equity:
Capital stock

1

1

Retained earnings(4,541)(7,995)

Treasury stock(1,481)(1,481)

Total shareholders’ equity

8,020

4,566

55

43

Foreign currency translation adjustment

1100

Adjustment for retirement benefits (cumulative)

(5)

(0)

Total Accumulated other comprehensive income

50

142

Capital surplus

Accumulated other comprehensive income:
Valuation difference on available-for-sale securities

25

22

Total Net Assets

8,097

4,732

Total Liabilities and Assets

32,94034,953

Non-controlling Interests

14(2) Consolidated Statements of Income and Comprehensive Income(Consolidated Statements of Income)(In Millions of Yen)

From April 1 to March 31
FY202049,416FY202150,936

Cost of Sales

32,26338,842Gross Profit

17,15312,093

Sales commission

642

696

Advertising expenses

276

353

Provision of allowance for doubtful accounts

30

(14)

Salaries and bonuses

7,810

7,406

Provision for bonuses

163

171

Retirement benefit expenses

171

195

Legal welfare expenses

1,082

1,053

Rent expenses

1,007

1,030

Net sales

Selling, General and Administrative expenses

294

345

Other

3,348

3,474

Total selling, general and administrative expenses

14,827

14,711

2,325(2,618)15

12Depreciation

Operating Income (Loss)
Non-Operating Income:Interest income
Dividends income22Land and house rent revenue

63

63

Subsidy income

65

7

Other

47

51

Total non-operating income

195

137

Interest expenses

208

251

Commission expenses

44

25

Loss on retirement of non-current asset

77

75

Non-Operating Expenses:

Other

98

68

Total non-operating expenses

429

420

2,091

(2,900)-226

Ordinary Income (Loss)
Extraordinary losses
Impairment losses

-

226

2,091

(3,127)

Income Taxes-Current

189

246

Income Taxes-Deferred

(62)

78

Total extraordinary losses
Income (Loss) Before Income Taxes and Minority Interests

Total Income Taxes
Net Income
Net Income (Loss) Belonging to the Non-Controlling Shareholders
Net income (Loss) Belonging to the Shareholders of the Parent
Company

127

325

1,964

(3,452)

(0)

(3)

1,965

(3,449)15(Consolidated Statements of Comprehensive Income)(In Millions of Yen)

From April 1 to March 31
FY20201,964

FY2021(3,452)

Valuation difference on available-for-sale securities

23

(11)

Foreign currency translation adjustment

91

99

Retirement benefit adjustment

(39)

5

Total other comprehensive income

75

92

2,040

(3,360)2,041(3,357)(0)(3)

Income Before Minority Interests
Other Comprehensive Income:Comprehensive Net Income
Comprehensive Income Attributable toComprehensive income (loss) belonging to the shareholders of
the parent company
Comprehensive income (loss) belonging to non-controllingshareholders

16(3) Consolidated Statements of Changes in Net Assets
The previous consolidated fiscal year (April 1, 2020 to March 31, 2021)(In Millions of Yen)

Shareholders’ equity
Capital stock
Balance at the beginningof current period

Capitalsurplus14,041Retainedearnings
1(6,506)

Treasury
stock

Total
shareholders’equity(1,481)

6,055

Changes of items during
the period
Net income belonging to
the shareholders of theparent company

1,965

1,965

Purchase of treasury stock

(0)

(0)

Net changes of items otherthan shareholders’ equity
Total changes of items
during the period

-

-

1,965

(0)

1,965

Balance at the end ofcurrent period

14,041

1(4,541)(1,481)

8,020(In Millions of Yen)

Accumulated other comprehensive income

Balance at the
beginning of current
periodValuationdifference
on available
for salesecurities

Foreigncurrencytranslation
adjustment

31

(90)

Retirement
benefits
adjustment

Total
accumulated
othercomprehensive
incomeMinority
interests

Total
net
assets

34

(25)

26

6,056

Changes of items
during the period
Net income
belonging to theshareholders of theparent company
Purchase oftreasury stock
Net changes of
items other thanshareholders’ equity
Total changes of
items during theperiodBalance at the endof current period

1,965

(0)
23

91

(39)

75

(0)

75

23

91

(39)

75

(0)

2,040

55

1

(5)

50

25

8,097

17

The consolidated fiscal year (April 1, 2021 to March 31, 2022)(In Millions of Yen)

Shareholders’ equity
Capital stock
Balance at the beginning ofcurrent period

Capitalsurplus14,041Retainedearnings
1(4,541)

Cumulative effects ofchanges in accounting
policies

Total
shareholders’equityTreasurystock(1,481)

8,020

(4)

Restated balance

14,041

1(4)(4,545)(1,481)

8,016

Changes of items during theperiodNet loss belonging to theshareholders of the parent
company(3,449)(3,449)Purchase of treasury stock

(0)

(0)

Net changes of items otherthan shareholders’ equity
Total changes of items
during the period--(3,449)(0)(3,449)Balance at the end ofcurrent period

14,041

1(7.995)(1,481)

4,566(In Millions of Yen)

Accumulated other comprehensive income

Balance at the
beginning of current
periodValuationdifference on
available forsale
securities

Foreigncurrencytranslation
adjustment

55

1

Total
Retirement accumulated
benefitsotheradjustment comprehensive
income(5)50Minority
interests

Total
net
assets25

8,097

Cumulative effects
of changes inaccounting policies
Restated balance

(4)
55

1

(5)

50

25

8,092

Changes of items
during the period
Net loss belonging
to the shareholdersof the parent
company
Purchase oftreasury stock
Net changes of
items other thanshareholders’ equity
Total changes of
items during theperiodBalance at the end ofcurrent period(3,449)

(0)
(11)

99

5

92

(3)

89

(11)

99

5

92

(3)

(3,360)

43

100

(0)

142

22

4,732

18

(4) Consolidated Statements of Cash Flows(In Millions of Yen)

April 1 to March 31
FY2020

FY2021Net Cash Provided by (used in) Operating Activities :Income before income taxes and minority interests

2,091(3,127)

Depreciation and amortization

1,097

1,509

-

226

-

(5)

Increase (Decrease) in provision for bonuses

(0)

17

Increase (Decrease) in allowance for disposal site closing expenses

37

57

Increase (Decrease) in allowance for resource-recycling expenses

3(0)

Increase (Decrease) in liabilities in retirement

91

109

Increase (Decrease) in allowance for doubtful accounts

(30)

(44)

Interest and dividends income

(18)

(14)

Interest expenses

208

251

Decrease (Increase) in notes and accounts receivable-trade225(1,332)

Decrease (Increase) in inventories

752

301

Decrease (Increase) in other current assets

73

(88)

Increase (Decrease) in notes and accounts payable-trade

251

(390)

Increase (Decrease) in accounts payable – other

(898)

138

Increase (Decrease) in consumption tax refund receivable

(13)

(465)

Increase (Decrease) in other current liabilities

(368)

71

Other

139

30

Subtotal

3,643(2,756)17

14

Interest expenses paid

(211)

(243)

Income taxes paid

(708)

(172)

Impairment losses
Increase (decrease) in provision for retirement benefits for directors

Interest and dividends income received

15

90

2,756

(3,067)

Payments into time deposits

(702)

(851)

Proceeds from withdrawal of time deposits

909

747

(2,247)(2,494)820

Purchase of intangible assets

(471)

(140)

Other

(62)

(217)

(2,564)(2,937)

Income taxes refund
Net cash provided by operating activities

Net Cash Provided by (used in) Investment Activities:

Purchase of tangible fixed assets
Proceeds from sales of tangible fixed assets

Net cash provided by investing activities

19

April 1 to March 31
FY2020
FY2021Net Cash Provided by (used in) Financing Activities:
Increase (Decrease) in short-term loans payable(2,895)

3,521

Proceeds from long-term loans payable

2,420

297

Repayments of long-term loans payable

(963)

(261)

Proceeds from issuance of bonds

-

1,000

Redemption of bonds

-

(600)

Proceeds from sale and leaseback transactions

635

185

Repayments of finance lease liabilities

(338)

(476)

Proceeds from sale and installment back

681

1,227

Repayments of installment payables

(239)

(420)

Other

(44)

(25)

Net cash provided by financing activities
Effect of Exchange Rate Changes on Cash and Cash
Equivalents

(743)

4,447

52

39

(498)

(1,517)

Balance of Cash and Equivalents at beginning of period

5,259

4,760

Balance of Cash and Equivalents at end of period

4,760

3,243

Net Increase (Decrease) in Cash and Cash Equivalents

20(5) Notes to the Consolidated Financial Statements(Notes to Assumption of Going Concern): None(Changes in accounting policies)(Adoption of the Accounting Standard for Revenue Recognition）
From the beginning of the first quarter of the fiscal year ending March 31, 2022, theCompany began adopting the Accounting Standard for Revenue Recognition (ASBJ
Statement No. 29. March 31, 2020, hereinafter "Revenue Recognition AccountingStandard"), etc. The Company has decided to recognize revenue at the amount it expects
to receive in exchange for the promised goods or services when control of the goods orservices is transferred to the customer.
Major changes due to the adoption of the Revenue Recognition Accounting Standard are
as follows:
1. Revenue Recognition from the Satisfaction of Performance Obligations
For some warrantied parts of solar photovoltaic generation systems sales, revenue waspreviously recognized, including revenue from system sales, at the completion of
installation. However, we have changed to a method recognizing revenue over the warranty
period.
In addition, regarding retail sales of electricity, revenue was previously recognized basedon the meter reading date (a method of recognizing revenue based on the amount of usage
confirmed by meter readings conducted on days other than the end of each month).
However, we have changed to a method estimating and recording the revenue generated
from the date of meter reading conducted in the closing month to the closing date, in
accordance with Paragraph 103-2 of the "Application Guidance on Revenue Recognition
Accounting Standard " (ASBJ Guidance No. 30, March 26, 2021).
2. Recognition of Revenue from Proxy Transactions
For transactions in which the Group's role in the sale to the customer is that of an agent,
the Group previously recognized the total amount of the consideration received from thecustomer as revenue. However, the Group has changed to a method of recognizing
revenue on a net basis deducting the amount paid to third parties from the total amount of
the consideration.
We apply the Revenue Recognition Accounting Standard, etc. in accordance with thetransitional treatment prescribed in the proviso of Paragraph 84 of the Revenue
Recognition Accounting Standard. The cumulative effect of retroactively applying the new
accounting policy prior to the beginning of the fiscal year under review was added to or

21

deducted from retained earnings at the beginning of the fiscal year under review, and the
new accounting policy has been applied from the beginning balance of the fiscal year underreview. However, we have applied the method prescribed in Paragraph 86 of the Revenue
Recognition Accounting Standard and have not retrospectively applied the new accounting
policy to contracts in which almost all of the revenue amount was recognized in accordancewith the previous treatment prior to the beginning of the fiscal year under review. In addition,
we account for all contract changes made prior to the beginning of the fiscal year underreview by applying the method prescribed in (1) of Paragraph 86 of the Revenue
Recognition Accounting Standard based on the contract terms, after reflecting all contractchanges, and added or subtracted their cumulative effect to or from retained earnings at
the beginning of the fiscal year under review.
In addition, notes and accounts receivable - trade, which was indicated under current
assets in the consolidated balance sheets for the previous fiscal year, began to be included
in notes receivables and accounts receivable from the fiscal year under review, andadvances received, which was indicated in other under current liabilities, began to be
included in contract liabilities from the fiscal year under review. In accordance with thetransitional treatment prescribed in Paragraph 89-2 of the Revenue Recognition AccountingStandard, no reclassification has been made to the prior year's consolidated financial
statements to conform to the new presentation.
As a result, compared to before the application of the Revenue Recognition AccountingStandard, etc. in the consolidated balance sheet for the fiscal year under review, accounts
receivable increased ¥102 million, other under current assets increased ¥280 million, other
under investments and other assets increased ¥1,039 million, notes and accounts
payable-trade increased ¥141 million and contract liabilities increased ¥1,705 million,
respectively, while other under current liabilities decreased ¥425 million. In the consolidated
statement of income for the fiscal year under review, net sales, the cost of sales, andselling, general and administrative expenses decreased ¥1,515 million, ¥1,515 million and¥10 million, respectively, while operating income, ordinary income and income before
income taxes all increased ¥10 million. In the consolidated statement of cash flows for the
fiscal year under review, income before income taxed increased ¥10 million. The initialbalance of retained earnings in the consolidated statement of changes in net assets
decreased by ¥4 million due to the application of the cumulative effect to net assets as of
the beginning of the fiscal year under review.
The effect on per-share information is stated in relevant sections.
According to the transitional measures prescribed in Paragraph 89-3 of the Revenue
Recognition Accounting Standard, information that breaks down revenue from contracts
with customers for the previous fiscal year is not presented.

22(Application of the Accounting Standard for Fair Value Measurement, etc.)
The Company began applying the Accounting Standard for Fair Value Measurement(ASBJ Statement No. 30. July 4, 2019), etc. from the first quarter of the current fiscal year.
Accordingly, the Company decided to apply into the future new accounting policies
prescribed in the Accounting Standard for Fair Value Measurement, etc., in accordancewith transitional treatment prescribed in Paragraph 19 of the said Accounting Standard andParagraph 44-2 of the Accounting Standard for Financial Instruments (ASBJ Statement No.
10. July 4, 2019).
The application of the new accounting policies has no effect on quarterly consolidated
financial statements.

23(Segment information)
ⅠInformation concerning the Amount of Net Sales and Operating Income (loss) bysegmenti) FY2020 (From April 1, 2020 to March 31, 2021)(In Millions of Yen)

Segments

Elimination
or Group(note1)

Consolidated(note2)

SE

HS

ES

ERD

EB

Total

10,584

11,5492,351

14,467

10,46349,416-49,416

-

-

-

2,111

12

2,123

(2,123)-

10,584

11,5492,351

16,578

10,47551,540(2,123)49,416

250

2,248

276

3,673

(529)

5,919

(3,593)

2,325

5,450

2,641

348

16,292

1,947

26,6806,259

32,940Depreciation

86

42

2

736

5

873

223

1,097

Increase in property,
plant and equipment
and intangible assets

116

30

8

2,248

13

2,417

666

3,083

Sales:
Sales to customers
Internal sales
Among segments andtransfer accounts
Total
Operating income (loss)
AssetsOthers:(note1) Negative ¥3,593 million for adjustments of Operating income (loss) represents corporate expenses
not allocated to reportable segments. Corporate expenses are mainly general and administrative expenses
note attributable to reportable segments.
(note2) An adjustment of segment assets is the Company assets of ¥6,259 million that are not allocated to
the reportable segments and consist mainly of surplus funds for investment (cash and deposits), long-term
invested funds (investment securities) and assets related to administrative divisions.
(note3) Operating income (loss) is adjusted to operating loss of quarterly consolidated statements ofincome.

24

ⅡInformation concerning the Amount of Net Sales and Operating Income (loss) by
Segmenti) FY2021 (From April 1, 2021 to March 31, 2022)
SE
Sales
Sales and installationof PV system

Segments
ES
ERD

HS

EB

Elimination or Consolidated
Group (note1)(note 2)

Total

8,447

-

-

-

-

8,447

-

8,447

Wholesale of PV
system

261

-

-

-

-

261

-

261

Termite control
construction

-

3,641

-

-

-

3,641

-

3,641

Under-floor/attic
ventilation system

-

3,141

-

-

-

3,141

-

3,141

Foundation Repair/
Home Reinforcement
System

-

2,054

-

-

-

2,054

-

2,054

Anti-rust equipment
installation

-

-

1,221

-

-

1,221

-

1,221

Water supply anddrainage repair

-

-

659

-

-

659

-

659

Waterproofing andrenovation of buildings

-

-

207

-

-

207

-

207

Plastic fuel

-

-

-

10,574-

10,574-

10,574

Power Plant

-

-

-

2,958

-

2,958

-

2,958

Organic Waste liquid
treatment

-

-

-

2,073

-

2,073

-

2,073

Landfill

-

-

-

911

-

911

-

911

Sales of Electricity

-

-

-

-

9,808

9,808

-

9,808

71

3,584

398

461

459

4,976

-

4,976

8,780

12,421

2,487

16,97910,26850,936-50,936

8,780

12,421

2,487

16,97910,26850,936-50,936

-

-

-

28

27

56

(56)

-

8,780

12,421

2,487

17,008

10,29650,993(56)

50,936

(473)

2,382

227

3,158

(4,435)859(3,477)(2,618)AssetsOthersDepreciation
Impairment losses
Increase in property,

5,364

2,595

343

17,686

3,149

29,1405,813

34,953

63
186

44
-

3
-

1,098

3
40

1,212
226

297
-

1,509
226

plant and equipment

26

51

3

2,410

25

2,517

259

2,776

Others
Revenue fromcontracts withcustomers
Sales to customers
Internal sales among
segments and transfer
accounts
Total
Operating income(loss)and intangible assets(note1) Negative ¥3,477 million for adjustments of Operating income (loss) represents corporate expenses
not allocated to reportable segments. Corporate expenses are mainly general and administrative expenses
note attributable to reportable segments.
(note2) An adjustment of segment assets is the Company assets of ¥5,813 million that are not allocated to
the reportable segments and consist mainly of surplus funds for investment (cash and deposits), long-term
invested funds (investment securities) and assets related to administrative divisions.
(note3) Operating income (loss) is adjusted to operating loss of quarterly consolidated statements ofincome.

25ii) Information on changes in reportable segments
As described in (Changes in Accounting Policies), starting from the beginning of the fiscal year underreview, the Company began adopting the Accounting Standard for Revenue Recognition (ASBJ Statement
No. 29, March 31, 2020), etc. The Company has changed its accounting method for revenue recognition.
Net sales in the SE Division increased by ¥145 million, net sales in HS Division, ERD Division, and EB
Division decreased by ¥10 million, ¥206 million, and ¥1,338 million respectively for the fiscal year underreview due to the change, compared with those under the previous accounting method. The impact on
segment income or loss is immaterial.

(Per-share information)
FY2020(Apr.1, 2020 to Mar.31, 2021)

FY2021(Apr.1, 2021 to Mar.31, 2022)

Net assets per share¥168.84¥98.52Net Income per Share, Diluted¥41.11(¥72.16)

1. The diluted earnings per share for the fiscal year under review is not stated because it is net loss per
share and there are no residual shares. The diluted earnings per share for the previous fiscal year is notstated because there are no residual shares.
2. As described in (Changes in Accounting Policies), the Company applied the Revenue Recognition
Accounting Standard, etc. (ASBJ Statement No. 29, March 31, 2020) and followed the transitional
measures prescribed in the proviso of Paragraph 84 of the Revenue Recognition Accounting Standard.
Consequently, net assets per share increased ¥0.11 and net loss per share decreased ¥0.21 during the
fiscal year under review.
FY2020(Apr.1, 2020 to Mar.31, 2021)
Total amount in net assets(¥ million)

FY2021(Apr.1, 2021 to Mar.31, 2022)

8,097

4,732

Amounts deducted from the total
amount in net assets (¥ million)

25

22

Non-controlling interests(¥ million)

(25)

(22)

Net assets at the end of period oncommon shares (¥ million)

8,071

4,709

Number of common shares at theend of period used in calculationof net assets per share (shares)

47,804,703

47,804,558

26

3.The calculation basis of net income per share is as follows.
FY2020(Apr.1, 2020 to Mar.31, 2021)
Net Income per Share,
Diluted (¥ million)
The calculation basis of net
income per share is as follows(¥ million)
Profit attributable to owners ofparent on common shares(¥ million)
Average number of commonshares during the fiscal year
(shares)(Significant subsequent events)
None

FY2021(Apr.1, 2021 to Mar.31, 2022)

1,965(3,449)

－

－

1,965

(3,449)47,804,857

47,804,606

27

4. Supplemental Information
Consolidated Net Sales by Division（In Million of Yen）
From April 1 to December 31
Comparison
Unit
FY2020

FY2021

Item
QTY

AmountQTY

AmountQTY

AmountSales and installation of PV system

kW52,225

10,28430,605

8,447-21,620-1,837Wholesale of PV system

－

－

210

－

261

－

50

Others

－

－

89

－

71

－

-17

－

－

10,584

－

8,780

－

-1,803

tsubo

579

3,568

589

3,641

9

73

－

－

2,965

－

3,141

－

175

4,290

1,759

4,957

2,054

667

294

－

－

3,256

－

3,584

－

327

H ome Sa ni ta ti on D i v i s i on Tota l－－11,549－12,421－871

Anti-rust equipment installation

Piece

1,122

1,214

1,171

1,221

49

7

Water supply and drainage repair

－

－

564

－

659

－

94

Waterproofing and renovation ofbuildings

－

－

182

－

207

－

25

Others

－

－

390

－

398

－

8

－

－

2,351

－

2,487

－

135

Plastic fuelｔ

266,464

10,330281,801

10,574

15,337244

Power Plant

－

－

3,110

－

2,986

－

-123

Waste liquid treatmentｔ95,882

1,863

102,210

2,073

6,328

209

Landfill

－

－

713

－

911

－

197

Others

－

－

561

－

461

－

-99

－

－

16,578－17,008－429

Sales of Electricity

－

－

9,890

－

9,836

－

-54

Others

－

－

585

－

459

－

-125

Energ y B us i nes s D i v i s i on－－

10,475－

10,296－-179

Adjustment of intersegment sales－－-2,123

－

-56

－

2,067

Total Net Sales－－

49,416－50,936－

1,520

Sol a r Eng i neeri ng D i v i s i on Tota l
Termite control construction
Under-floor/attic ventilation system
Foundation Repair/
Home Reinforcement System
OthersEs ta bl i s hment Sa ni ta ti on
D i v i s i on Tota l

Env i ronmenta l R es ources
D ev el opment D i v i s i on Tota l*1,000House(Note 1) Descriptions are omitted for items that are handled in such a wide range that it is difficult to grasp their quantity.
(Note 2) 1,000 tsubo is approximately 3,305.785 ㎡.
(Note 3) From the beginning of the first quarter of fiscal year ending March 31, 2022, the Company began adopting the AccountingStandard for Revenue Recognition (ASBJ Statement No. 29. March 31, 2020), etc. The figures for the first quarter of the fiscal year
ending March 31, 2022 are the figures after the application of the relevant accounting standards.