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 15, 2023

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2023
(Under Japanese GAAP)
Company name:
RIDE ON EXPRESS HOLDINGS Co., Ltd.
Listing:
Tokyo Stock Exchange
Securities code:
6082
URL:
https://www.rideonexpresshd.co.jp/
Representative:
Akira Emi, President and CEO
Inquiries:
Kazumasa Watanabe, Vice President and Director
Telephone:+81-3-5444-3611Scheduled date of annual general meeting of shareholders:June 28, 2023
Scheduled date to commence dividend payments:
June 29, 2023
Scheduled date of filing securities report:
June 28, 2023
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes (for institutional investors and securities
analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2023 (from April 1, 2022 to March 31,2023)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%March 31, 2023

25,353(1.4)

1,251(35.6)

1,099(45.0)546(56.2)

March 31, 2022

25,703

1.3

1,943(19.7)

1,999(17.7)

1,246(16.7)

Note: Comprehensive income

For the fiscal year ended March 31, 2023:
For the fiscal year ended March 31, 2022:

Basic earnings
per share

Diluted earnings
per share¥556 million¥1,274 million

Return on equity[(56.3)%][(17.5)%]

Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales

Fiscal year ended

Yen

Yen%%%March 31, 2023

55.64

–

7.5

8.8

4.9

March 31, 2022

119.30

–

16.9

16.8

7.6

Reference:

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31, 2023: ¥– million
For the fiscal year ended March 31, 2022: ¥– million
Note: Diluted earnings per share are not presented as diluted shares did not exist.

(2) Consolidated financial position
Total assets
As ofNet assets

Equity-to-asset ratio

Net assets per share

Millions of yen

March 31, 2023

13,539

7,131

52.7

732.68March 31, 2022

11,444

7,356

64.3

727.18Reference:

EquityAs of March 31, 2023:
As of March 31, 2022:¥7,130 million¥7,354 million%

Yen

Millions of yen

(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash and cash
equivalents
at end of period

Cash flows fromfinancing activities

Fiscal year ended

Millions of yen

Millions of yenMillions of yen

Millions of yen

March 31, 2023

745573

1,684

7,152

March 31, 2022

1,214(714)(1,761)4,144

2. Cash dividends
Firstquarterend
Fiscal year ended
March 31, 2022
Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024
(Forecast)

Annual dividends per share
SecondThird
Fiscalquarterquarteryear-end
end
end

Ratio ofdividends tonet assets(consolidated)

Total dividends Payout ratio(annual)(consolidated)

TotalYen

Yen

Yen

Yen

Yen

Millions of yen%%–0.00

–

30.00

30.00

303

25.1

4.2–

0.00

–

30.00

30.00

291

53.9

4.1

–

0.00

–

10.00

10.00

26.4

3. Consolidated financial result forecasts for the fiscal year ending March 31, 2024 (from April 1, 2023 toMarch 31, 2024)(Percentages indicate year-on-year changes.)
Net sales
Millions of yen

Operating profit% Millions of yen

Profit attributable toowners of parent

Ordinary profit% Millions of yen% Millions of yen%

Basic earnings
per shareYen

First half

10,998(9.3)

25 (94.6)

18 (95.4)

7 (97.1)

0.79

Full year

23,700(6.5)

623 (50.2)

610 (44.5)

369 (32.4)

37.92

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in change inscope of consolidation): Yes
Newly included: – companies (Company name: –)Excluded:
1 company (Company name: RIDE ON DEMAND Co., Ltd.)(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: Yes(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 March 31, 2023

10,872,086 shares

As of March 31, 2022

10,854,047 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2023

1,140,506 shares

As of March 31, 2022

740,471 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2023
Fiscal year ended March 31, 2022

9,814,509 shares
10,450,399 shares

Reference: Summary of Non-consolidated Financial Results
1. Non-consolidated financial results for the fiscal year ended March 31, 2023 (from April 1, 2022 toMarch 31, 2023)(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%

Millions of yen%

Millions of yen%March 31, 2023

1,639

(3.6)

332(20.2)

238(48.9)107(61.7)

March 31, 2022

1,700

0.5

416

6.0

465

21.6

280

44.9

Basic earningsper share

Diluted earnings
per share

Fiscal year ended

Yen

Yen

March 31, 2023

10.93

–

March 31, 2022
26.82–
Note: Diluted earnings per share are not presented as diluted shares did not exist.

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

Equity-to-asset ratio

Net assets per share

Millions of yen

March 31, 2023

8,733

2,997

34.3

307.99March 31, 2022

23,506

3,660

15.6

361.92

Reference:

EquityAs of March 31, 2023:
As of March 31, 2022:¥2,997 million¥3,660 million%Yen

Millions of yen* These consolidated financial results are outside the scope of audit conducted by certified public accountants oran audit corporation.
* Explanation on the proper use of financial result forecasts and other notes(Notes on forward-looking statements, etc.)
The earnings forecasts and forward-looking statements herein are based on judgements and assumptions
derived from the information currently available to the Company. Actual results may differ significantly fromthese forecasts due to the uncertainties inherent in these judgements and assumptions, and changes in thebusiness operation or domestic and international economic environment. Accordingly, the Company does notguarantee the certainty of these forward-looking statements.

(1) Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Securities
Merchandise
Raw materials and supplies
Accounts receivable - other
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
VehiclesAccumulated depreciation
Vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Allowance for investment loss
Deferred tax assets
Guarantee deposits
Long-term accounts receivable - other
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

1

As of March 31, 2023

4,003,424
1,166,533
1,000,000
100,455
229,693564,578
279,273(30,676)
7,313,281

7,142,744
1,050,117–
142,170
588,910541,050
155,696(20,209)9,600,479

1,248,408(477,385)
771,022
77,213(63,745)
13,467
1,034,601(680,293)
354,308
2,166
1,140,965
473,083

1,252,062(548,072)
703,990
69,279(53,573)
15,706
1,105,146(809,689)
295,456
2,166
1,017,319
379,178

1,653,579(75,000)
229,245
663,146
40,25325,810(20,149)
2,516,886
4,130,935
11,444,217

1,668,168(150,000)
321,546
670,011
51,161
23,023(41,437)
2,542,473
3,938,971
13,539,451

(Thousands of yen)
As of March 31, 2022
Liabilities
Current liabilities
Accounts payable - trade
Current portion of long-term borrowings
Accounts payable - other
Income taxes payable
Accrued consumption taxes
Contract liabilities
Provision for point card certificates
Provision for shareholder benefit program
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Asset retirement obligations
Guarantee deposits received
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

2

As of March 31, 2023

1,209,477
389,259
1,014,623
240,751
64,583306,923
49,14863,355
216,023
3,554,144

1,282,584
616,668
884,598
224,071
47,20547,238230,81171,592
189,8083,594,580

2,960
177,574
353,249
533,783
4,087,928

2,263,395
186,170
363,705
2,813,271
6,407,851

1,055,825
959,4456,434,863(1,200,296)
7,249,838

1,067,207
970,828
6,677,528(1,700,321)
7,015,243

104,590
104,590
1,860
7,356,289
11,444,217

114,893
114,893
1,463
7,131,599
13,539,451

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Thousands of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Subsidy income related to COVID
Outsourcing service income
Foreign exchange gains
Subsidies for employment adjustment
Gain on sale of non-current assets
Gain on sale of investment securities
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on sale and retirement of non-current assets
Loss on valuation of investment securities
Loss on purchase of store(Reversal of) additions to investment loss reserves
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Insurance claim income
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Loss on cancellation of leasesImpairment losses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

For the fiscal year ended
March 31, 2022
25,703,247
13,151,953
12,551,294
10,607,773
1,943,521

For the fiscal year ended
March 31, 2023
25,353,807
13,162,146
12,191,660
10,940,126
1,251,534

2,187
6,160
3,272
4,928
2,992
322
81,52917,104
118,498

2,337
–
5,672
5,967
3,706
–
6,4225,472
29,5781,401
5,524
26,524
14,116–
14,74062,307
1,999,711

3,463
9,711
16,85454,73375,00022,083
181,846
1,099,266

–
9,952
9,952

2,609
7,331
9,941

–
12,82045,00357,823
1,951,840
626,685
78,433705,119
1,246,721
20
1,246,700

16,426
13,365130,286
160,077
949,130
499,977(96,840)
403,137
545,993(78)
546,0723

Consolidated Statements of Comprehensive Income(Thousands of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

For the fiscal year ended
March 31, 2022
1,246,721

For the fiscal year ended
March 31, 2023
545,993

27,56027,5601,274,281

10,284
10,284556,277

1,274,269

556,374

12(96)

4

(3) Consolidated Statements of Changes in Equity
Fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(Thousands of yen)
Shareholders’ equity

Balance at beginning of period
Cumulative effects ofchanges in accounting
policies
Restated balance
Changes during period
Issuance of new shares
Dividends of surplus
Profit attributable to ownersof parent
Purchase of treasury shares
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

Balance at beginning of period
Cumulative effects ofchanges in accounting
policies
Restated balance
Changes during period
Issuance of new shares
Dividends of surplus
Profit attributable to ownersof parent
Purchase of treasury shares
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity1,044,444

948,064

5,509,018(200,303)

7,301,223

529
1,044,444

948,064

11,381

11,381

5,509,547

529(200,303)

7,301,752(321,384)

22,762(321,384)

1,246,700

1,246,700(999,992)(999,992)

925,316
6,434,863(999,992)(1,200,296)(51,913)
7,249,838

Accumulated other comprehensive
incomeValuation
Non-controlling
Total accumulateddifference oninterests
other comprehensive
available-for-saleincomesecurities

Total net assets

11,381
1,055,825

77,022

11,381
959,445

77,022

1,847

7,380,093
529

77,02277,022

1,847

7,380,622
22,762(321,384)
1,246,700(999,992)

27,56827,56812

27,58027,568104,590

27,568104,590

12
1,860(24,333)
7,356,289

5

Fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(Thousands of yen)
Shareholders’ equity

Balance at beginning of period
Changes during period
Issuance of new shares
Dividends of surplus
Profit attributable to ownersof parent
Purchase of treasury shares
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

Balance at beginning of period
Changes during period
Issuance of new shares
Dividends of surplus
Profit attributable to ownersof parent
Purchase of treasury shares
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity

1,055,825

959,4456,434,863(1,200,296)

7,249,838

11,382

11,382(303,407)

22,765(303,407)

546,072

546,072(500,024)(500,024)

242,664
6,677,528(500,024)(1,700,321)(234,594)
7,015,243

Accumulated other comprehensive
incomeValuation
Non-controlling
Total accumulated
interests
difference onother comprehensive
available-for-saleincomesecurities

Total net assets

11,382
1,067,207

104,590

11,382970,828

104,590

1,860

7,356,289
22,765(303,407)
546,072(500,024)

10,302

10,302

(396)

9,905

10,302
114,893

10,302
114,893

(396)
1,463

(224,689)
7,131,599

6

(4) Consolidated Statements of Cash Flows(Thousands of yen)
For the fiscal year ended
March 31, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Share-based payment expenses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for shareholder benefit
programIncrease (decrease) in provision for point card certificates
Increase (decrease) in allowance for investment loss
Interest income
Interest expenses
Gain on sale of non-current assets
Loss for sales and disposed of fixed assets
Loss on purchase of store
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in accounts receivable - other
Increase (decrease) in trade payables
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Increase (decrease) in accounts payable - other
Increase (decrease) in guarantee deposits received
Increase (decrease) in accrued consumption taxes
Increase (decrease) in contract liabilities
Other, net
SubtotalInterest received
Interest paid
Income taxes paidNet cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Proceeds from cancellation of money held in trust
Purchase of investment securities
Proceeds from sale of investment securities
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

7

For the fiscal year ended
March 31, 2023

1,951,840
342,180
45,00342,068(12,077)

949,130
375,825130,286
22,764
10,821

8,780

8,237

(138,061)–(2,187)
1,401
(322)
5,524
14,116(67,777)(17,064)(36,874)
61,884(81,529)
26,524(3,759)16,794(164,563)
306,923(78,935)
2,219,889
2,187(1,448)(1,006,600)
1,214,029

181,663
75,000(2,337)3,463(2,609)26,13754,733
116,416(400,933)
23,52873,107(6,422)
16,854(90,351)
10,456(17,377)(259,684)
7,445
1,306,154
2,337(4,923)(558,338)
745,229(503,061)
3,610(151,462)–(145,186)
104,029(22,050)(714,121)(345,627)
11,428(64,282)
1,000,000(38,428)
17,171(6,884)573,377–(440,280)(999,992)(320,904)(1,761,177)
4,928(1,256,341)
5,400,424
4,144,083

3,000,000(512,156)(500,024)(303,732)
1,684,086
5,967
3,008,660
4,144,083
7,152,744