Disclaimer: This is a Japanese-English translation of the summary of financial statements of the Company produced for your convenience. Since
no auditor audited this report, officially only the Japanese version is assumed to be the summary of financial statements of the Company. Thissummary does not constitute any guarantee and will not compensate any losses and/or damage stemming from actions taken based on thesestatements. In the case that there is any discrepancy between the Japanese and English versions, the Japanese version is assumed to be correct.

Consolidated Financial Reportfor the First Quarter of Fiscal 2022 Ending March 31, 2022 (Japanese GAAP)
August 4, 2021
Company Name:Grandy House Corporation
Stock Exchange Listing: Tokyo Stock Exchange
Securities Code:
8999
URL:
https://www.grandy.co.jp
Representative:
Yasuro Hayashi, President
Inquiries:
Takanori Saito, Executive Officer & Administration Manager
TEL: +81-28-650-7777
Scheduled date of quarterly securities report filing:
August 10, 2021
Scheduled date of dividend payment commencement:―
Preparation of quarterly supplementary explanatory materials: None
Quarterly results briefing held:
None(Figures are rounded down to the nearest million yen unless otherwise stated.)

1. Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022
(April 1, 2021 to June 30, 2021)(1) Consolidated Operating Results(Percentage figures show the year-on-year increase (decrease).)Net Sales

Three months ended
June 30, 2021
Three months ended
June 30, 2020
Note: Comprehensive income

Operating Income

Net Income Attributableto Owners of the Parent(¥ million)%

Ordinary Income(¥ million)%(¥ million)%(¥ million)%

13,134

40.1

966

―

918

―

633

―

9,376

―

(57)

―

(114)

―

(111)

―

Three months ended June 30, 2021: ¥619 million (-%)
Three months ended June 30, 2020: (¥96) million (-%)
Net Income per ShareNet Income per Share(Diluted)(¥)(¥)

Three months ended
21.65
21.46
June 30, 2021
Three months ended(3.84)―
June 30, 2020
Note: As the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, issued on March 31, 2020) and other standards havebeen applied since the beginning of the first quarter of the fiscal year ending March 2022, financial results related to the first quarter of the
fiscal year ended March 31, 2021 reflect figures calculated after the retroactive application of such standards. Accordingly, percentagechanges representing the year-on-year increase (decrease) between the first quarter of the fiscal year ended March 31, 2021 and the same
period of the previous fiscal year are not stated.

(2) Consolidated Financial Position
Total Assets
Net Assets
Shareholders' Equity Ratio
Net Assets per Share(¥ million)(¥ million)%(¥)
June 30, 2021
57,18423,07840.1
783.76
March 31, 2021
58,07023,16039.6
786.57
Reference: Shareholders' equity
June 30, 2021:¥22,925 million
March 31, 2021: ¥23,007 million
Note: Figures related to the fiscal year ended March 31, 2021 reflect those calculated after the retroactive application of the "AccountingStandard for Revenue Recognition" (ASBJ Statement No. 29, issued on March 31, 2020) and other standards.

2. Dividends
Annual Dividend per Share
1Q-EndFiscal 2021
Fiscal 2022

2Q-End(¥)――

3Q-End(¥)
0.00

Period-End(¥)―

Fiscal 2022 (Forecast)
0.00―
Note: Revisions to the most recently announced forecast of cash dividends in the current quarter: Yes

Total

(¥)
24.00

(¥)
24.00

24.00

24.00

3. Consolidated Financial Forecasts for Fiscal 2022 (April 1, 2021 to March 31, 2022)(Percentage figures show the year-on-year increase (decrease).)Net Income
Net Sales
Operating Income
Ordinary Income
Attributable to
Net Income per ShareOwners of the Parent(¥ million)% (¥ million)% (¥ million)% (¥ million)%(¥)
Full Fiscal Year
52,400
11.1
3,200
39.2
3,000
43.1
2,000
15.9
68.37
Note: Revisions to the most recently announced financial forecasts in the current quarter: Yes
As the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, issued on March 31, 2020) and other standards havebeen applied since the beginning of the fiscal year ending March 2022, percentage changes representing the year-on-year increase(decrease) show comparisons with figures for the fiscal year ended March 2021 calculated after the retroactive application of suchstandards.

* Notes(1) Significant changes to subsidiaries during the period(Transfers of specific subsidiaries with changes in the scope of consolidation): None
Newly included: —Excluded: —(2) Adoption of specific methods for preparation of the quarterly consolidated financial statements: None
(3) Changes in accounting policies, accounting estimates, and restatement of revisions
1) Changes in accounting policies due to revision to accounting standards, etc.: Yes
2) Changes in accounting policies other than 1):
None3) Changes in accounting estimates:
None4) Restatements:
None
Note: For details, please refer to "(3) Notes to Quarterly Consolidated Financial Statements (Changes in Accounting Policies)" in "2.
QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS AND NOTES" on page 8 of the Attachment Materials.

(4) Number of issued shares (common stock)1) Number of issued shares(including treasury shares)
2) Number of treasury shares
3) Average number of shares during the period

June 30, 2021

30,823,200 shares March 31, 2021

30,823,200 shares

June 30, 2021

1,572,645 shares March 31, 2021

1,572,645 shares

Three months ended
June 30, 2021

Three months ended
29,250,555 shares
June 30, 2020

29,070,755 shares*This consolidated quarterly financial report is not subject to auditing by a certified public accountant or an audit firm.

*

Explanation concerning the appropriate use of financial forecasts and other special instructions
Results forecasts and other forward-looking statements contained in this report are based on assumptions, beliefs, anduncertainties in light of information available to the Company's management as of the publication date. Actual results may
differ materially from forecasts due to a variety of factors. Therefore, the Company does not guarantee the accuracy of
forecasts and other forward-looking statements and its ability to achieve stated targets.

Attachment Materials: Table of Contents
1. QUALITATIVE INFORMATION ON FINANCIAL STATEMENTS.................................................................. 2(1) Explanation regarding Operating Results ........................................................................................................... 2(2) Explanation regarding Financial Position .......................................................................................................... 3(3) Explanation regarding Future Prospects including Consolidated Financial Forecasts ....................................... 3
2. QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS AND NOTES ................................................. 4(1) Quarterly Consolidated Balance Sheets ............................................................................................................. 4(2) Quarterly Consolidated Statements of Income and Comprehensive Income ..................................................... 6(Quarterly Consolidated Statements of Income)(Consolidated cumulative first quarter) .......................................................................................................6(Quarterly Consolidated Statements of Comprehensive Income)(Consolidated cumulative first quarter) .......................................................................................................7(3) Notes to Quarterly Consolidated Financial Statements ...................................................................................... 8(Notes on Going Concern Assumptions)............................................................................................................8(Notes on Significant Changes in the Amount of Shareholders' Equity) ...........................................................8(Changes in Accounting Policies) ......................................................................................................................8(Additional Information) ....................................................................................................................................8(Segment Information) .......................................................................................................................................9― 1 ―1. QUALITATIVE INFORMATION ON FINANCIAL STATEMENTS
As the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, issued on March 31, 2020) andother standards have been applied since the beginning of the first quarter of the fiscal year ending March 2022, thecomparative analysis with the cumulative same quarter of the previous consolidated fiscal year and the full previous
consolidated fiscal year in "Explanation regarding Operating Results" and "Explanation regarding Financial
Position" for the cumulative first quarter of consolidated fiscal 2022 is based on figures calculated after the
retroactive application of such standards.
(1) Explanation regarding Operating Results
During the cumulative first three months of the consolidated fiscal year under review, the Japanese economy
remains uncertain following the same pattern as the fiscal year ended March 31, 2021, which had recorded theworst negative growth in GDP in the country's post-war era due to the impact of the COVID-19 crisis, andfollowing a state of emergency declared in multiple regions since this April in the face of a surge in COVID-19
infections has caused concerns that the impact on consumer spending and corporate activities will worsen.
In the housing sector, although the number of new housing starts has recovered moderately mainly due toincreased customer interest in detached houses and support measures taken to promote home acquisition, demandhas not returned to its pre-pandemic level yet. Furthermore, the so-called "wood shock," the price hike due totight supply and demand for wood materials, has led to a tough business environment.
Under these circumstances, the Grandy House Group has continued to make efforts to build and expand its
business foundation in line with changes in the corporate management environment through various initiatives,
including reinforcement of purchases and production systems, in response to a rise in housing demand while
implementing thorough infection control measures with top priority on ensuring the safety of customers and thehealth of employees.
With regard to new home sales, one of our core operations, we worked to strengthen our sales structure by
opening a branch in Saitama Prefecture in an effort to expand our sales area and stepped up our advertising withthe aim of raising brand recognition of Grandy House. In existing home sales, we endeavored to expand andreinforce our product inventory by doubling down on purchases to secure an increase in the number of homes
sold.
Through these efforts, both the number of homes sold and the net sales for new homes and existing homes
increased in comparison with the same period of the previous fiscal year, which had been significantly affectedby the impact of the sluggish economic activity caused by the COVID-19 outbreak. Accordingly, profits
recovered significantly, too.
As a result of these factors, the Grandy House Group's consolidated cumulative operating results for the firstquarter of fiscal 2022 under review were as follows: net sales of ¥13,134 million, an increase of 40.1% year-onyear; an operating income of ¥966 million, compared to an operating loss of ¥57 million during the same periodof the previous year; an ordinary income of ¥918 million, compared to an ordinary loss of ¥114 million during
the same period of the previous year; and a net income attributable to owners of the parent of ¥633 million,
compared to a net loss attributable to owners of the parent of ¥111 million during the same period of the previous
year.
Operating results by business segment are presented as follows.
a. Real Estate Sales
In new home sales, we have implemented thorough infection prevention measures and expanded andstrengthened our non-contact sales activities to make better use of IT. In Saitama Prefecture, we opened the
Fujimino Branch (Fujimi City, Saitama Prefecture) to expand our sales area and strengthen our sales structure. In
parallel, we strove to enhance brand recognition of Grandy House through an initiative to start broadcasting a
new commercial. In Kanagawa Prefecture, we have increased our personnel to expand our business and madeefforts to reinforce the in-house construction of homes and its management structure.
In terms of products, we have continued to differentiate ourselves from our competitors by developing highadded-value products, including the following: proposals for new homes that reset the traffic lines inside homes
to accommodate new lifestyles and the trend of spending less time doing housework in response to changing
housing environment needs to cope with the COVID-19 crisis; the creation of a safe and secure townscape inconsideration of families with children; and housing that excels in energy saving and energy creation with a viewto realizing a sustainable future.
Thanks to these efforts, the number of new homes sold in the consolidated cumulative first quarter of fiscal
2022 under review was 363 (an increase of 86 homes year-on-year).
― 2 ―In existing-home sales, we have continued our efforts to expand the number of homes sold by enhancing
product inventory. Despite the persistent impact of the COVID-19 crisis, the number of homes sold for the
consolidated cumulative first quarter of fiscal 2022 under review was 38 (an increase of 5 homes year-on-year).
This was achieved mainly from the expansion and reinforcement of online advertising and increased coordination
with brokers and others, thereby building up both purchases and sales.
As a result, sales in the real estate sales segment in the consolidated cumulative first quarter of fiscal 2022
under review increased by 42.7% year-on-year to ¥12,339 million. We had a segment profit of ¥812 million,
compared to a segment loss of ¥176 million during the same period of the previous year.
b. Construction Material Sales
In the construction material sales, although the number of new housing starts for wooden houses recovered
moderately primarily due to a rise in demand for detached homes, the so-called "wood shock" leading to atightening of the supply and demand for wood materials partly caused wood material prices to continue
increasing.
Under these circumstances, we have focused on measures aimed at adjusting our purchases and sales prices
and maintaining our purchase volume, thereby increasing both net sales and profits year-on-year.
As a result of these factors, sales in the construction material sales segment in the consolidated cumulative
first quarter of fiscal 2022 under review increased 9.5% year-on-year to ¥727 million. We had a segment profit of¥68 million, an increase of 327.6% year-on-year.
c. Real Estate Leasing
In the real estate leasing, more stores were opened in or relocated to the city center in the office building
market in and around Utsunomiya, which is our main market, but vacancy rates are rising mainly because ofbusiness withdrawals. In the parking market, the Grandy House Group continues to face a difficult situation
although the operation rate in parking lots has started to recover.
Under these circumstances, the Group endeavored to improve the operation rate of existing assets and reducemanagement costs. As a result, sales in the real estate leasing segment in the consolidated cumulative first quarterof fiscal 2022 under review were ¥68 million, an increase of 6.1% year-on-year. We had a segment profit of ¥24
million, a decrease of 36.3% year-on-year, mainly due to the occurrence of expenses for renovating properties forleasing.
(2) Explanation regarding Financial Position
As of the end of the first quarter of consolidated fiscal 2022 under review, consolidated total assets fell to¥57,184 million, a decrease of ¥886 million compared to the end of the previous consolidated fiscal year. Thiswas primarily due to a decrease in cash and deposits mainly thanks to loan repayments, although there was anincrease in inventories due to various factors, such as the acquisition of housing lots to reflect the expanded areaof the real estate sales business.
Liabilities stood at ¥34,106 million, a decrease of ¥804 million compared to the end of the previous
consolidated fiscal year. This was mainly due to loan repayments.
Total net assets stood at ¥23,078 million as of June 30, 2021, down ¥82 million compared to the end of theprevious consolidated fiscal year. This was due to the payment of dividends despite the acquisition of net income
attributable to owners of the parent.
(3) Explanation regarding Future Prospects including Consolidated Financial Forecasts
In regard to the consolidated financial forecasts for fiscal 2022, taking recent business performance into
consideration, the Grandy House Group has revised the consolidated financial forecasts for the full fiscal year,
which were originally announced on May 10, 2021. For additional details, please refer to the "Notice of
Adjustment of the Financial Full-Year Forecast and Dividend Forecast" (Japanese language only), which wasannounced today (August 4, 2021).

― 3 ―2. QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS AND NOTES(1) Quarterly Consolidated Balance Sheets(Thousands of Yen)
Fiscal 2021
(As of March 31, 2021)

First Quarter of FY2022(As of June 30, 2021)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable – trade and contract assets
Securities
Real estate for sale
Costs on uncompleted construction contracts

13,363,516

11,610,512

496,993

634,042

201,921201,3447,451,307

8,237,125

7,725

6,705

Real estate for sale in process

22,584,961

22,595,426

Merchandise and finished goods

237,434

242,297

Raw materials and supplies

114,678

136,582

Other

920,828

881,586

Allowance for doubtful accounts
Total current assets(2,362)(3,662)45,377,005

44,541,962

3,306,457

3,300,720

29,12426,980Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Tools, furniture and fixtures, net
Land50,85156,005

6,021,604

6,059,297

Leased assets, net

74,39078,495Construction in progress

150,319

146,902

9,632,747

9,668,401

1,165,571

1,131,289

67,19260,4781,232,763

1,191,768

145,500

132,000

Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable

18,993

17,904

Deferred tax assets

562,494

531,975

1,067,323

1,065,763

Other
Allowance for doubtful accounts(4,272)–

Total investments and other assets

1,790,038

1,747,642

12,655,549

12,607,811

Bond issuance costs

38,02534,327

Total deferred assets

38,02534,32758,070,579

57,184,101

Total non-current assets
Deferred assets

Total assets― 4 ―(Thousands of Yen)
Fiscal 2021
(As of March 31, 2021)

First Quarter of FY2022(As of June 30, 2021)

Liabilities
Current liabilities
Accounts payable for construction contracts

3,255,232

3,487,191

Short-term loans payable

20,696,600

17,436,800

Current portion of long-term loans payable

1,014,044

1,256,154

Current portion of bonds

21,00013,500

Lease obligations

30,98030,874

Income taxes payable

399,719

211,261

Provision for warranties for completed construction

185,503

193,369

Other

955,601

1,206,520

26,558,680

23,835,670

Bonds payable

2,303,000

2,300,000

Long-term loans payable

Total current liabilities
Non-current liabilities

4,904,321

6,779,955

Lease obligations

50,55955,259Provision for directors' retirement benefits

218,520

226,720

Net defined benefit liability

810,289

834,868

Other

64,87873,559Total non-current liabilities

8,351,569

10,270,363

34,910,250

34,106,034

Capital stock

2,077,500

2,077,500

Capital surplus

2,343,929

2,343,929

Retained earnings

18,836,131

18,767,369

Treasury shares(270,372)(270,372)

22,987,189

22,918,427

Valuation difference on available-for-sale securities

20,5007,000

Total accumulated other comprehensive income

20,5007,000

152,640

152,640

23,160,329

23,078,067

58,070,579

57,184,101

Total liabilities
Net assets
Shareholders' equity

Total shareholders' equity
Accumulated other comprehensive income

Subscription rights to shares
Total net assets
Total liabilities and net assets― 5 ―(2) Quarterly Consolidated Statements of Income and Comprehensive Income(Quarterly Consolidated Statements of Income)(Consolidated cumulative first quarter)(Thousands of Yen)
Three months ended
June 30, 2020
(From April 1, 2020 toJune 30, 2020)Three months ended
June 30, 2021
(From April 1, 2021 toJune 30, 2021)

Net Sales

9,376,152

13,134,714

Cost of sales

7,940,407

10,594,527

Gross profit

1,435,745

2,540,187

Selling, general and administrative expenses

1,493,117

1,573,813(57,372)

966,374

Operating income (loss)
Non-operating income
Interest income

561

223

Dividends income

2,903

2,861

Office work fee

6,552

8,189

Other

9,706

8,069

Total non-operating income

19,722

19,343

Interest expenses

70,561

60,635

Commission for syndicate loan

2,491

2,866

Non-operating expenses

Other

3,415

3,697

Total non-operating expenses

76,46867,200(114,117)

918,517

Gain on sales of non-current assets–

18,620Total extraordinary income–

18,620

3,598

3,748

Ordinary income (loss)
Extraordinary income

Extraordinary loss
Loss on retirement of non-current assets
Total extraordinary loss

3,598

3,748

(117,715)

933,388

Income taxes – current

24,934

269,617

Income taxes – deferred(30,944)

30,519Total income taxes(6,010)300,137

Net income (loss)(111,704)

633,251

Net income (loss) attributable to owners of the parent(111,704)

633,251

Net income before income taxes (net loss before income taxes)― 6 ―(Quarterly Consolidated Statements of Comprehensive Income)(Consolidated cumulative first quarter)(Thousands of Yen)

Net income (loss)

Three months ended
June 30, 2020
(From April 1, 2020 toJune 30, 2020)Three months ended
June 30, 2021
(From April 1, 2021 toJune 30, 2021)(111,704)

633,251

15,000(13,500)

Other comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income
Comprehensive income

15,000(13,500)(96,704)

619,751(96,704)

619,751––

Comprehensive income attributable to:Comprehensive income attributable to owners of the parent
Comprehensive income attributable to non-controlling interests― 7 ―(3) Notes to Quarterly Consolidated Financial Statements(Notes on Going Concern Assumptions)Not applicable.
(Notes on Significant Changes in the Amount of Shareholders' Equity)
Not applicable.
(Changes in Accounting Policies)(Application of Accounting Standard and Other Standards for Revenue Recognition)
The Grandy House Group has adopted the "Accounting Standard for Revenue Recognition" (ASBJ Statement
No. 29, issued on March 31, 2020; hereinafter, "Revenue Recognition Accounting Standard") and other standards
since the beginning of the first quarter of fiscal 2022 under review. Accordingly, we have decided to recognize
revenue of the amount that we expect to receive in exchange for promised goods or services upon the transfer ofcontrol over such promised goods or services to the customer. With this change of accounting policies being
applied retroactively in principle, the quarters of the previous fiscal year and the previous consolidated fiscal year
are presented in the quarterly consolidated financial statements and the consolidated financial statements after the
relevant retroactive application.
As a result, compared to the figures calculated prior to the retroactive application of such policies, net sales
for the cumulative first quarter of the previous consolidated fiscal year increased by ¥26,900 thousand, cost of
sales decreased by ¥49,637 thousand, selling, general and administrative expenses increased by ¥6,878 thousand,operating loss decreased by ¥69,659 thousand, and ordinary loss and quarterly net loss before income taxes
increased by ¥6,878 thousand, respectively. Furthermore, retained earnings at the beginning of the previous
consolidated fiscal year decreased by ¥125,241 thousand since the cumulative financial impact was reflected in
net assets at the beginning of the previous consolidated fiscal year.
Due to the application of the Revenue Recognition Accounting Standard and other standards, "Notes andaccounts receivable – trade," which was presented under "Current assets" in the consolidated balance sheet forthe previous fiscal year, have been included and presented under "Notes and accounts receivable – trade andcontract assets" since the first quarter of fiscal 2022 under review.
(Additional Information)(Changes in Presentation Methods)(Quarterly Consolidated Balance Sheets)
Housing lots for built-for-sale homes that had yet to be completed were included under "Real estate for sale"in the previous consolidated fiscal year, but they have been included and presented under "Real estate for sale inprocess" since the first quarter of fiscal 2022 under review to enhance the clarity of the consolidated balance
sheet. To reflect this change in our presentation methods, a reclassification of accounts has been conducted forthe consolidated balance sheet of the previous consolidated fiscal year.
As a result, the ¥9,675,070 thousand that was presented under "Real estate for sale" in the consolidatedbalance sheet of the previous consolidated fiscal year has been reclassified into "Real estate for sale in process."(Accounting Estimates concerning the Impact of COVID-19)
Note that there has been no significant change to the assumptions concerning the impact of COVID-19 that
we provided as additional information in our securities report for fiscal 2021.

― 8 ―(Segment Information)
Segment Information
I. The cumulative three months ended June 30, 2020 (April 1, 2020 to June 30, 2020)
1. Information relating to the amounts of net sales and profit or loss by reportable segment(Thousands of Yen)
AmountRecorded on
Adjustments
Quarterly(Note 1)
Consolidated
Statements ofIncome (Note 2)

Reportable Segment
Real Estate
Sales

Construction
Material Sales

Real Estate
Leasing

Total

Net Sales
Sales to external
8,647,816
664,165
64,1709,376,152–
customers
Inter-segment sales
13,920598,621
20,228632,770(632,770)
and transfers
Total
8,661,736
1,262,787
84,39910,008,923(632,770)
Segment profit (loss)(176,022)
16,13439,061(120,825)
6,708
Notes: 1 Adjustments of segment profit or loss (¥6,708 thousand) are eliminations of inter-segment transactions.
2 Segment profit or loss has been adjusted with ordinary loss described in quarterly consolidated statements of income.

9,376,152–
9,376,152(114,117)

2. Information concerning the impairment loss of non-current assets and goodwill by reportable segment
Not applicable.
II. The cumulative three months ended June 30, 2021 (April 1, 2021 to June 30, 2021)
1. Information relating to the amounts of net sales and profit or loss by reportable segment
Reportable Segment
Real Estate
Sales

Construction
Material Sales

Real Estate
Leasing

Total(Thousands of Yen)
AmountRecorded on
Adjustments
Quarterly
Consolidated(Note 1)
Statements ofIncome (Note 2)

Net Sales
Sales to external
12,339,107
727,533
68,074
13,134,714–
customers
Inter-segment sales
12,510804,641
20,266
837,417(837,417)
and transfers
Total
12,351,617
1,532,174
88,34013,972,132(837,417)
Segment profit (loss)
812,765
68,991
24,889906,645
11,871
Notes: 1 Adjustments of segment profit or loss (¥11,871 thousand) are eliminations of inter-segment transactions.
2 Segment profit or loss has been adjusted to ordinary loss described in quarterly consolidated statements of income.

13,134,714–
13,134,714
918,517

2. Information concerning the impairment loss of non-current assets and goodwill by reportable segment
Not applicable.
3. Matters related to reportable segment changes
As described in "(Changes in Accounting Policies)," the "Accounting Standard for Revenue
Recognition" (ASBJ Statement No. 29, issued on March 31, 2020) and other standards have been applied
since the beginning of the first quarter of the fiscal year ending March 2022, and the accounting method
concerning revenue recognition has been changed. Accordingly, the method used to measure income or loss
in business segments has also been changed.
Segment information for the cumulative first quarter of the previous consolidated fiscal year is based on
the method of measuring income or loss that has been adopted since the change.

― 9 ―