TOPICSTSE Securities Code : 7999

MUTOH PRINTER 10 Years Straight!

MUTOH HOLDINGS CO., LTD.

Interim Business Report
April 1, 2021 to September 30, 2021

We would like to express our sincerest gratitude to all the shareholders who have continued to support us.
We hereby present our 73nd (Fiscal Year 2021) 1st Half Financial Report, covering the MUTOH

Five MUTOH large-format inkjet printers won the Product of the Year Awards again this year,
held by the PRINTING United Alliance (USA), which recognizes products that have beenor will be released in 2021 by a panel of distinguished judges from the printing industry.

Group's business performance and activities.

Yasuhiko Isobe
MUTOH HOLDINGS CO., LTD.

MUTOH will continue to provide products that achieve the highest level of quality in the industry.

President and Representative Director

Company Profile (As of September 30, 2021)

Shareholder Benefit

Business Progress and Outcome

Name:
Established:

We have established a shareholder special benefit program to
respond to the daily support of our shareholders and to makeinvestment in our company's stock even more attractive.

In the global economic environment during the first half of FY2021, while the newcoronavirus infection is still in the process of being contained worldwide, economic
activity is beginning to pick up along with the spread of vaccinations. On the other
hand, the outlook remains uncertain due to the emergence of supply chain
problems such as container shortages in marine transportation and shortages ofelectronic components, particularly semiconductors.
Under these circumstances, the Group continued to work on improving profitability
in all divisions, and promoted cash-flow-oriented measures such as appropriate
inventory management, reduction of assets held, and drastic review of fixed costs.
Furthermore, under the COVID disaster, we have been working on reforms in work
styles and exploring new forms of management under the new normal, such as
sales activities utilizing the Internet.
In the area of 3D printers and design/measurement equipment, we are focusing on
Internet sales in addition to traditional commercial sales activities, and are actively
conducting online seminars to introduce actual applications of the Group's
products.
Meanwhile, in our core large-format inkjet printer business, we are sequentiallyexpanding the compatibility of our first in-house developed RIP software
VerteLith™ with the XpertJet series. We have acquired GREENGARAD Goldcertification for its excellent color reproduction, weather resistance, and ease ofmaintenance. XpertJet™ 1341SR Pro for 1.3m wide media is now available with
VJ-MS31, a new eco-friendly and operator-friendly solvent ink. Also, the new color
orange has been added to the MS41 eco-solvent ink series to achieve printing with
"beauty" and "impact,” ideal for sign graphics.
MUTOH’s wide format inkjet printers are also recognized by the Printing United

Capital Stock:
Head Office:Group Business

Website Address:

MUTOH HOLDINGS CO., LTD.
March 5, 1952
(founded: December 1942)
10,199 million yen
1-3, Ikejiri 3-chome, Setagaya-ku, Tokyo 154-8560
TEL: +81-3-6758-7100
Development, manufacturing and sales of Information and Image
Related Equipment (Large format inkjet printer, 3D printer)
Development of Information Services (CAD and system solutions, software)
Development, manufacture, and sales of design, drafting, andmeasurement and control equipment
https://www.mutoh-hd.co.jp

Shareholder Information
Business Year :General Meetingof Shareholders :Year-end Dividend :Interim Dividend :Public Notices :From April 1 to March 31 of the following year
In June each year

[Outline of the shareholder benefit program]□ Target Shareholders
Shareholders who are recorded in the shareholders' register as ofthe end of March each year and who hold at least 100 shares ofstock are eligible for this program.
□ Benefit Details
You can select the product of your choice from the company's
original “Catalogue Gifts” sent after the annual general meetingof shareholders in June of each year.
Please note that there is a time limit for applications.

●Product Image

March 31 each year
September 30 each year
Public notices shall be made on the Company’s
website (https://www.mutoh-hd.co.jp).
* In case the public notices are not available on the
Company’s website due to unavoidable
circumstances, such notices shall be made in the
Nihon Keizai Shimbun

Administrator :Address :Mailing Address :Phone Number :Sumitomo Mitsui Trust Bank, Limited
Stock Transfer Agency Department
4-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-8233
8-4, Izumi 2-chome, Suginami-ku, Tokyo 168-0063
TEL: +81-120-782-031 (toll-free)* Stock transfer agent services are provided at branch
offices in Japan of Sumitomo Mitsui Trust Bank, Limited.

Website :FAQ :Consolidated Financial Highlights■■Interim ■Full-Year● ―● Interim ―● Full-Year―

Support for COVID control & disaster relief

19,202
9,561

Shareholders who use an account at a securities company cannot complete the procedures at Sumitomo Mitsui
Trust Bank, Limited so please contact your securities company.
Shareholders who do not have an account with a securities company should contact the above phone number
for inquiries. For more information and frequently asked questions, please check the "Frequently Asked
Questions (FAQ)" website above.

FY2018【Change of address, purchase or sale of shares less than one unit, etc.】

Please contact Sumitomo Mitsui Trust Bank, Limited, the shareholder registry administrator.

【About special accounts】

For shareholders who did not use "Hofuri" (Japan Securities Depository Center, Inc.) prior to thecomputerization of stock certificates, an account (called a special account) will be opened at the abovementioned Sumitomo Mitsui Trust Bank, Limited, which is the administrator of the shareholder registry.
For inquiries about special accounts and notification of address changes, etc., please contact the phone number above.

Operating Income

Photos may differ from actual gift content.

Please note that there is a deadline for applications.

16,1248,293

FY2019¥238 million

Ordinary Income(million)160
101【Inquiries about stock-related procedures such as change of address】【Payment of unpaid dividends】¥7,801 million

Net Sales(million)

https://www.smtb.jp/personal/agency/index.html
https://faq-agency.smtb.jp/?site_domain=personal

Please contact the securities company with which you have an account.
For shareholders who have opened special accounts because they do not have an account with a securities
company, please contact Sumitomo Mitsui Trust Bank, Limited, which is the account management institution for
special accounts.

Alliance's 2021 Pinnacle Product Award for five products.
This is the tenth consecutive year that MUTOH printers have received this award.
MUTOH will continue to develop products that meet the demands and expectationsof professionals and provide new added value and applications.
As a result of the above, net sales for the first half of the current fiscal year were
¥7,801 million (up 24.4% year-on-year) and operating income was ¥238 million(compared to a loss of ¥576 million in the same period last year), a significant
recovery from the same period last year, which was greatly affected by the spreadof new coronavirus infection.
Ordinary income came out to be ¥316 million (¥452 million loss in the same periodof the previous year) due to dividend income and increased equity in earnings ofaffiliates. Net income attributable to owners of the parent amounted to ¥744
million (compared with a loss of ¥592 million in the same period of the previousyear), mainly due to the recording of a ¥678 million gain on sales of fixed assets inextraordinary income and ¥151 million in income taxes.
For the full-year forecast for FY2021, the Group is working on businessrestructuring with the improvement of operating income as the most important
issue. In light of recent business performance trends and the continued depreciationof the yen in the foreign exchange environment, the Group now expects to exceed
its previous forecast.
As a result of the above, we expect net sales of ¥16 billion, operating income of¥320 million (up ¥270 million from the previous forecast), ordinary income of ¥420
million (up ¥340 million from the previous forecast), and net income attributable toowners of the parent of ¥500 million (up ¥850 million from the previous forecast).
We greatly appreciate your support and ask for your continued assistance andcooperation.

234
149

238
−65

−576

¥316 million
316

−62

(million)−452

14,151
−291

7,801

6,272

FY2020

FY2021(Interim)

FY2018

Profit (Loss) Attributableto Owners of Parent

−597

−564

FY2019FY2020¥744 million−600
FY2018FY2021(Interim)

Capital-to-asset Ratio(million)

64

−111

(%)

−592

77.3
75.1

−1,015FY2018FY201974.4−1,200
FY2020

FY2021(Interim)

77.8 %

80.9

744

205

FY2019FY2018

77.8

75.9
73.6
FY2019FY2020

FY2021(Interim)

FY2020

FY2021(Interim)

Overview of Business Segments
Imaging & Information Equipment Busine
esss
Net Sales¥5,908 million

Segment Profit¥127 million●Net Sales(million)

6,160

In the overall business, net sales increased due to the favorable businessenvironment resulting from the spread of vaccinations under the COVID
disaster and increased economic activity, as well as a favorable foreignexchange environment. Net sales increased to ¥5,908 million (up 36.4%
year-on-year) and segment income was ¥127 million (compared with a lossof ¥557 million in the same period of the previous year).
Operating results by region are as follows:

5,908

Asia: Net sales totaled ¥1,872 million (up 19.7% year-on-year), withsegment income of ¥68 million (compared with a loss of ¥450 million in
the same period of the previous year).

4,330

Sales Ratio

TOPICS

75.7%

High productivity, high image quality, high cost performance
Eco solvent printer for 1.3m wide media is here!

North America: Net sales totaled ¥1,635 million (up 36.8% year on year),with segment income of ¥48 million (up 52.5% year on year).
FY2019FY2020

FY2021(Interim)

Pursue cost-effectiveness at affordable
prices with the latest high image quality
technology in a compact body.
Achieve a more efficient daily workflow
with the functionality and high usability
demanded by many users.

Europe: Net sales totaled ¥2,400 million (up 52.8% year-on-year), withsegment income of ¥10 million (compared with a loss of ¥139 million in
the same period of the previous year).

Information Service Business
Net Sales¥1,112 million

Segment Profit¥106 million●Net Sales(million)

1,174

1,164

1,112

Sales Ratio

Although sales declined slightly due to the impact of the newcoronavirus infection, profits increased significantly, resulting in
net sales of ¥1,112 million (down 4.4% year on year) andsegment income of ¥106 million (up 107.6% year on year).

The XpertJet 1341SR Pro is full of MUTOH print technology that delivers
high quality, high image quality, and high productivity!

14.3%

High-quality printing realized by the trinity
FY2019FY2020Design Measurement Equipment Business, Real-Estate Leasing Business and Other Businesses
Net Sales¥780 million

Segment Profit¥171 million●Net Sales(million)

956
778

780

Sales Ratio

10.0%
FY2019FY2020

FY2021(Interim)

Design and Measurement BusinessDespite the impact of the spread of new coronavirus infection, sales
were generally firm, resulting in net sales of ¥554 million (down 3.1%
year on year) and segment income of ¥87 million (up 18.7% year onyear).
Real Estate Leasing Business
Some of the properties owned by the Company were converted fromproperties for its own use to properties for rent, which resulted in an
increase in both sales and income, with net sales of ¥99 million (up13.8% year-on-year) and segment income of ¥95 million (up 9.4%
year-on-year).
Other Businesses
Despite being significantly affected by the spread of COVID, sales andincome increased due to business restructuring and other factors,
resulting in net sales of ¥126 million (up 6.2% year-on-year) and asegment loss of ¥10 million (14 million yen loss in the same period of
the previous year).

Consolidated Financial Statements■ Consolidated Balance Sheets
PeriodAccount(million)

1st Half Period Ended 1st Half Period EndedYear Ended
September 30, 2021 September 30, 2020 March 31, 2021

Current Assets

15,113

14,182

15,336

Fixed Assets

10,963

10,383

9,886

3,292

3,589

3,455

Tangible Fixed Assets
Intangible Fixed Assets

83

541

75

7,588

6,251

6,355

Total Assets

26,077

24,56525,222

Total Liabilities

5,040

3,981

4,954

3,519

2,519

3,553

Investments and Other Assets

Current Liabilities
Non Current Liabilities
Total Net Assets■ Consolidated Statements of Income
PeriodAccount

Net Sales(million)

7,801

6,272

14,151

Cost of Sales

5,121

4,452

9,873

Selling, General and Administrative Expenses

2,441

2,396

4,842

238

−576

−564

78

124

272

316

−452

−291

Operating Income (Loss)
Non Operating Profit and Loss
Ordinary Income

1,520

1,461

1,400

Extraordinary Profit

678

10

52

20,584

20,268Extraordinary Losses

66

91

833
−1,071

21,99721,98921,381

Total Other Cumulative Comprehensive Income−1,715−2,116−1,872

Non-Controlling Interests

754

711

759

Total Liabilities and Net Assets

26,077

24,56525,222

Genuine RIP Software

Income Before Income Taxes and Other Adjustments
Income Taxes
Profit (Loss) Attributable to Owners of Parent

New print head that enables high-quality solid
printing with less banding even at high speeds

New drawing effects that reduce banding and achievesmooth drawing by arranging dots in consideration of
how they are seen by the human eye

Genuine RIP software VerteLith to maximize printerperformance

Delivers beautiful
image quality withsmooth and reduced
graininess【Conventional head】【AccuFine】【i-screen】【Conventional effects】
Original half tone technology「MUTOH Clear Tone」＊This is different from the actual ink arrangement.

MUTOH's original technologies that implements automation and efficiency
Automatic Bi-D adjustment function
DropMaster 2

Automatic feed correction function
FEED MASTER

Automatic Bi-D adjustment function that automatically adjusts
the ink landing position during bidirectional printing

Automatic paper feed correction function that allows foran automated paper feed correction

1st Half Period Ended 1st Half Period EndedYear Ended
September 30, 2021 September 30, 2020 March 31, 2021

21,036

Shareholders’ Equity

New picture effects
i-screen

New print head
AccuFine

FY2021(Iinterim)

929

−532

−185

−59

−128

744

−592

−1,200＊Before feed correction

Nozzle selection function
Nozzle Area SelectNozzle selection function that enables continuous marking
without downtime＊After feed correction

Remaining media management function
Media Tracker
Efficient management of multiple media
Roll media residual volume management function

We deliver the highest "Made in Japan Quality" to a variety of markets, including indoor andoutdoor signage, trade show graphics, car wrapping, POP, and more.