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.

Aug 17, 2022

Non-consolidated Financial Results
for the Nine Months Ended June 30, 2022
(Under Japanese GAAP)
Company name:
SHL-JAPAN Ltd.
Listing:
Tokyo Stock Exchange
Securities code:
4327
URL:
http://www.shl.co.jp/
Representative:
Manabu Nara, Managing Director
Inquiries:
Naohiro Nakamura, Director
Telephone:+81-3-5385-8781
Scheduled date to file quarterly securities report:
Aug 10, 2022
Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:None
The original disclosure in Japanese was released on July 29, 2022 at 15:15 (GMT+9)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Non-consolidated financial results for the nine months ended June 30, 2022 (from October 1, 2021 toJune 30, 2022)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)

Net sales
Nine months ended

Operating profitOrdinary profit

ProfitMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%Jun 30, 2022

2,781

ʊ

1,366

ʊ

1,366

ʊ942

ʊ

Jun 30, 2021

2,818

13.4

1,435

12.1

1,434

12.1

989

13.3

  
Basic earnings
per share
Nine months ended

Diluted earnings
per share

Yen

Yen

Jun 30, 2022

157.35

ʊJun 30, 2021

165.19ʊAs the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020), etc., have been applied since the beginning of thefirst quarter of the year ending September 30, 2022, the figures provided for the third quarter of the fiscal year ending September 30, 2022, are figures
to which said accounting standards have been applied. The rates of increase or decrease compared with the same nine-month period of the previous
fiscal year are not provided. As a result of the application of said accounting standards and other standards, net sales, operating profit, and ordinary
profit provided for the nine-month period under review decreased by ¥141 million each compared with the figures calculated using a method to whichthese accounting standards are not applied(2) Non-consolidated financial position
Total assets
As ofNet assets

Equity-to-asset ratio

Millions of yen

Millions of yen%Jun 30, 2022

7,127

5,692

79.9

Sep 30, 2021

6,623

5,704

86.1

Reference:

EquityAs of Jun 30, 2022:
As of Sep 30, 2021:¥5,692 million¥5,704 million

2. Cash dividends
Annual dividends per shareFirst quarter-end
Fiscal year ended

Sep 30, 2021
Fiscal year ended

Sep 30, 2022

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year-end
Yen

TotalYenʊ

38.00

ʊ62.00100.00ʊ43.00ʊ43.0086.00

Fiscal year ending

Sep 30, 2022(Forecast)(Note) Revisions to recent dividends forecast: None
The year-end dividend for the fiscal year ended September 2021 includes a special dividend of ¥15.00.

3. Non-Consolidated Forecast for the Year Ending September 30, 2022 (October 1, 2021 to September 30,2022)
Net sales
Fiscal year ended

Millions of yen

Operating profit%

Millions of yen

Sep 30, 2022
3,410 ʊ(Note) Revisions to recent business forecast: None

1,495

Ordinary profit

Basic earnings
per share

Profit%Millions of yen%

Millions of yen%

yenʊ

1,494

ʊ

1,030

ʊ

172.11As the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020), etc., have been applied since the beginning of thefiscal year ending September 30, 2022, the aforementioned financial results forecasts use figures to which said accounting standards have beenapplied. The rates of increase or decrease compared with the same period of the previous fiscal year are not provided. Furthermore, basic earnings per
share have been calculated based on the average number of shares outstanding (5,990,068 shares) for the year ending September 30, 2022, which wascalculated taking into account the number of treasury shares held.

* Notes(1) Adoption of accounting treatment specific to the preparation of quarterly non-consolidated financial
statements: Yes(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
(3) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of Jun 30, 2022

6,141,158 shares

As of Sep 30, 2021

6,141,158 shares(ii) Number of treasury shares at the end of the period
As of Jun 30, 2022

151,162 shares

As of Sep 30, 2021

151,029 shares(iii) Average number of shares outstanding during the period(cumulative from the beginning of the fiscalyear)
Nine months ended Jun 30, 2022

5,990,092 shares

Nine months ended Jun 30, 2021

5,990,145 shares

* Implementation status of quarterly review proceduresThis financial results summary is not subject to annual review procedures.
* Explanations and other special notes concerning the appropriate use of financial results forecasts
1. The forward-looking statements regarding financial results forecasts, etc., appearing in this financial resultssummary have been prepared based on information currently available to the Company and certain
assumptions that the Company believes to be reasonable. The Company makes no guarantee as to theirrealization. Actual financial results may differ substantially from the forecasts due to various factors.
2. As the Company’s services are often used for the screening of new graduates to be employed by corporate
customers, our sales inevitably involve seasonal fluctuations. Accordingly, the Company’s performance
management is conducted on an annual basis.

Overview of operating results, etc.
The Company has applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March31, 2020; hereinafter the “Revenue Recognition Standard”), etc., since the beginning of the first quarter of theyear ending September 30, 2022. As this will affect net sales, etc., the year-on-year yen and percentage changes in
the qualitative information for the first nine months of the fiscal year ending September 30, 2022 (October 1, 2021,through Jun 30, 2022) are not provided.
(1) Overview of operating results
During the first nine months of the year ending September 30, 2022, net sales of SHL-JAPAN Ltd. (the“Company”) were ¥2,781 million. By business segment, “Product sales” were ¥1,930 million, “Consultancysales” were ¥763 million, and “Training sales” were ¥87 million.
Sales of the Web test of general abilities “C-GAB plus” and the employee assessment tool “MANGEKYO” for“Product sales,” as well as sales of in-house seminars, etc. for “Training sales,” were strong, while sales ofcustomized versions of Web tests and multiple choice tests as well as the testing system “TAMATEBAKO III”
using the internet were stagnant despite steady sales of the agency service for assessment and various analysis
projects for “Consultancy sales.”Operating profit for the nine-month period under review was ¥1,366 million. The cost of goods sold was ¥366
million, while selling, general and administrative expenses were ¥1,049 million. As a result, the operating profit
margin was 49.1%.
Ordinary profit for the nine-month period under review was ¥1,366 million. This is almost equal to operating
profit because both non-operating profit and non-operating expenses were small.
Profit before income taxes for the nine-month period under review was ¥1,366 million, which is equal toordinary profit because no extraordinary gains or extraordinary losses were recorded.
As a result of deducting income taxes from the above figure, profit for the nine-month period under review was¥942 million.

<Reference 1: Sales by business segment>
First nine months of Fiscal 2022
Millions of Yen
ProductConsultancy

Component ratio

1,930

69.4

763

27.5

Training

87

3.1

Total

2,781

100.0

<Reference 2: Sales by quarterly basis>
Fiscal 2022
Fiscal 2021

First Quarter

Second Quarter

Third Quarter

Year-End

Millions ofMillions ofYen

Millions of Yen

Millions of Yen

Millions of Yen

1,120
1,375

1,063
969

ʊ
482

ʊ
3,300

Yen597472

AnnualFiscal 2020
405
1,233
8454792,964*Note 1: For the fiscal years ended September 2020 and 2021, performance figures to which the Revenue Recognition Standard,
etc. have not been applied are provided.
2:As the Company’s services are often used for the screening of new graduates to be employed by corporate customers,
our sales inevitably involve seasonal fluctuations. In recent years, sales have tended to concentrate in the second andthird quarters of the fiscal year.

(2) Projected performance
In the year under review, currently the number of COVID-19 cases is increasing once again, and the early
implementation of booster vaccinations and development of therapeutic drugs are expected. In addition to thissituation, the Ukraine crisis is making global economic recovery trends uncertain. Nevertheless, employment
motivation of companies looking ahead to a post-COVID-19 time is strong, and the Company projects thatscreening activities by companies seeking to hire new graduates will continue to be carried out by proactively
taking measures necessary to avoid risks of the “Three Cs” (Closed spaces, Crowded places, and Close-contactsettings). The Company intends to continue to thoroughly implement infection prevention measures to ensure thehealth and safety of our employees and business associates, and to enhance its operating performance by swiftly
providing optimum services based on a precise analysis and understanding of corporate customers’ needs.
In light of the above, and based on our analysis and study of the business results, financial position and otherbusiness management materials for the nine-month period under review, no changes have been made to thefinancial results forecast for the year ending September 30, 2022, which was released on October 29, 2021.