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.

October 26, 2021

Non-consolidated Financial Results
for the Fiscal Year Ended September 30, 2021
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Inquiries:

Makuake, Inc.
Tokyo Stock Exchange4479
http://www.makuake.com/
Ryotaro Nakayama, CEO
Yuki Tamura, Corporate Officer and General Manager of Business Management
DivisionTEL:+81-3-6328-4038 (from overseas)
Scheduled date of annual general meeting of shareholders:
December 9, 2021
Scheduled date to commence dividend payments:–
Scheduled date to file annual securities report:
December 10, 2021
Preparation of supplementary materials for financial results:
Yes
Holding of financial results presentation meeting:
Yes(Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Performance for the fiscal year ended September 30, 2021 (from October 1, 2020 to September
30, 2021)(1) Operating results(Percentages indicate year-on-year changes.)
Net sales

Fiscal year ended
September 30, 2021
September 30, 2020

Fiscal year ended
September 30, 2021
September 30, 2020
Reference:

Operating profit

Millions of yen

4,621
3,225

% Millions of yen

43.3
139.9

329
510

Ordinary profit% Millions of yen(35.5)
308.5

326
512

Profit% Millions of yen(36.3)
302.2

246
369

%

(33.3)
315.3

Basic earnings per
share

Diluted earnings
per share

Return on equity

Ordinary
profit/total assets

Yen

Yen

%

%

%

20.44
33.03

19.58
30.88

5.2
25.1

4.0
13.5

7.1
15.8

Operatingprofit/net sales

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended September 30, 2021:¥– million
For the fiscal year ended September 30, 2020:¥– million
Note: For the diluted earnings per share for the fiscal year ended September 30, 2020, because the Company’s shares werelisted on the Mothers section of the Tokyo Stock Exchange on December 11, 2019, the figure is calculated using the
average share price from the date the shares were newly listed to the end of the fiscal year under review as theaverage share price for the period.

(2) Financial position
Total assets
As of
September 30, 2021
September 30, 2020
Reference:

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

10,331
6,173

6,873
2,673

66.2
43.1

551.56228.20Cash flows fromfinancing activities

Cash and cash
equivalents at end of
periodEquityAs of September 30, 2021
As of September 30, 2020

¥6,841 million¥2,662 million(3) Cash flows
Cash flows fromoperating activities
Fiscal year ended
September 30, 2021
September 30, 2020

Cash flows frominvesting activities

Millions of yen

Millions of yen

Millions of yen

Millions of yen

151
2,564

(586)
(247)

3,915
1,913

8,591
5,109

2. Cash dividends
Annual dividends

Fiscal year ended
September 30, 2020
Fiscal year ended
September 30, 2021
Fiscal year ending
September 30, 2022
(Forecast)

Total cash
dividends(Total)Firstquarterend

Secondquarterend

Third
quarterend

Fiscalyear-end

Yen

Yen

Yen

Yen

Yen Millions of yen

Total

Dividend
payout ratio

Ratio ofdividends to
net assets

%

%

–

0.00

–

0.00

0.00

–

–

–

–

0.00

–

0.00

0.00

–

–

–

–

0.00

–

0.00

0.00

–

3. Earnings forecasts for the fiscal year ending September 30, 2022
(from October 1, 2021 to September 30, 2022)
Net sales

Fiscal year ending
September 30, 2022

(Percentages indicate year-on-year changes.)
Basic
Ordinary profit
Profitearnings per
share

Operating profit

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

6,200

34.2

465

41.3

460

41.1

350

41.9

28.22

Note: As the Company manages its operations on an annual basis, earnings forecasts for the first six months are omitted.
For further details, please refer to the attached materials, “(4) Future outlook” under “1. Overview of operating results
and others.”

* Notes(1) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations:None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(2) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2021

12,404,700 shares

As of September 30, 2020

11,667,700 shares(ii) Number of treasury shares at the end of the period
As of September 30, 2021

87 shares

As of September 30, 202024 shares(iii) Average number of shares during the period
For the fiscal year ended September 30, 2021

12,068,819 shares

For the fiscal year ended September 30, 2020

11,190,361 shares* 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 earnings forecasts, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable.
These statements do not purport that the Company pledges to realize such statements. Actual businessand other results may differ substantially due to various factors.

Makuake, Inc. (4479)

Attached materials
Index
1. Overview of operating results and others ................................................................................................. 2(1) Overview of operating results for the fiscal year ............................................................................... 2(2) Overview of financial position for the fiscal year .............................................................................. 2(3) Overview of cash flows for the fiscal year ......................................................................................... 3(4) Future outlook .................................................................................................................................... 3(5) Significant events regarding premise of going concern ..................................................................... 3
2. Basic rationale for selection of accounting standards ............................................................................... 4
3. Financial statements and significant notes thereto .................................................................................... 5(1) Balance sheet ...................................................................................................................................... 5(2) Statement of income ........................................................................................................................... 7(3) Statement of changes in equity ........................................................................................................... 8(4) Statement of cash flows .................................................................................................................... 10(5) Notes to financial statements ............................................................................................................ 11
Notes on premise of going concern .................................................................................................. 11
Significant accounting estimates ...................................................................................................... 11
Changes in presentation.................................................................................................................... 11
Profit or loss of entities accounted for using equity method ............................................................ 11
Segment information ........................................................................................................................ 11
Per share information ....................................................................................................................... 12
Significant subsequent events........................................................................................................... 12-1-

Makuake, Inc. (4479)

1. Overview of operating results and others(1) Overview of operating results for the fiscal year
Based on its vision of “Create a world where all the good things are born, spread, and continue toexist,” the mission of Makuake, Inc. (the Company) is to “Connect the world through the creation of
new things.” We operate the Makuake platform to connect project owners (business operators) who areproviding something new to the world with supporters (consumers) who purchase (support purchase)
new items and experiences based on their knowledge of the background and the ideas of the creator.
In the fiscal year ended September 30, 2021, despite a resurgence in infections resulting from theemergence of novel coronavirus disease (COVID-19) variants, leading in some regions to declarationsof a state of emergency and the introduction of priority measures to prevent proliferation, the Japanese
economy showed signs of a recovery due to expedited vaccine programs both in Japan and overseas.
However, personal consumption, corporate earnings, and the employment situation remained weak, andthe outlook is still characterized by uncertainty.
The business of the Company is affected through the impact on the e-commerce market for debuting
new products and on the e-commerce market for pre-ordering new services, but due to the changes inlifestyles and working styles we have seen as a result of the spread of COVID-19, demand in thesemarkets is extraordinarily high and growth is continuing.
Under these conditions, during the fiscal year under review, in order to further enhance our quality
assurance system in response to the sharp rise in the number of new projects posted and in the numberof unique users following the growth in demand caused by COVID-19, we took a more defensive
strategic stance and implemented an overhaul of our organizational structure. With the objective of
acquiring new owners, generating inflows of new unique users, and stimulating repeat support
purchases, we continued our program of active upfront investments in television commercials, Internet
advertisements, and app advertisements. Not only did this lead to a rise in Makuake’s brandrecognition, but also to a sustained increase in the number of new projects posted and further expansion
in the number of unique users, resulting in total support purchase value growing by 46.9% year on yearto ¥21,536,980 thousand.
On the other hand, due to the unexpectedly large increase in the number of new projects posted at atime of rapidly expanding sales we continued to experience personnel shortages in the Curator
Division, which provides consulting support for project owners, and in the Quality Assurance Division,
which is responsible for screening projects for feasibility. However, we put in the groundwork forachieving a more optimized organization during the fourth quarter of the fiscal year, by moving rapidly
to secure human resources by modifying and bringing forward our hiring plans, while reorganizing theorganizational structure.
As a result, for the fiscal year under review, the Company recorded net sales of ¥4,621,419 thousand(up 43.3% year on year), operating profit of ¥329,101 thousand (down 35.5% YoY), ordinary profit of¥326,089 thousand (down 36.3% YoY) and profit of ¥246,642 thousand (down 33.3% YoY).
(2) Overview of financial position for the fiscal year
AssetsAt the end of the fiscal year under review, total assets increased by ¥4,158,100 thousand from theprevious fiscal year-end to ¥10,331,547 thousand.
Current assets increased by ¥3,621,724 thousand to ¥9,269,563 thousand. The main components
included an increase of ¥3,188,338 thousand in cash and deposits.
Non-current assets increased by ¥528,320 thousand to ¥1,041,587 thousand. The main components
included an increase of ¥294,755 thousand in investments and other assets.
Liabilities
At the end of the fiscal year under review, liabilities decreased by ¥42,215 thousand from the previous
fiscal year-end to ¥3,458,214 thousand.

-2-

Makuake, Inc. (4479)

Current liabilities decreased by ¥56,732 thousand to ¥3,415,360 thousand. The main components
included a decrease of ¥213,892 thousand in accounts payable - other.
Non-current liabilities increased by ¥14,517 thousand to ¥42,853 thousand. This was due to an increaseof ¥14,180 thousand in provision for continuous services benefits.
Net assets
At the end of the fiscal year under review, net assets increased by ¥4,200,315 thousand from theprevious fiscal year-end to ¥6,873,332 thousand. This was caused by increases in share capital andcapital surplus of ¥1,966,540 thousand each as a result of the issuance of new shares through aninternational offering, among other factors, and an increase of ¥246,642 thousand in retained earnings
due to the recording of profit.
(3) Overview of cash flows for the fiscal year
The balance of cash and cash equivalents (“cash”) at the end of the fiscal year under review amounted
to ¥8,591,254 thousand, up ¥3,480,092 thousand compared with the previous fiscal year-end. The
respective cash flow positions and the factors thereof in the fiscal year under review are as follows.
Cash flows from operating activities
Net cash provided by operating activities was ¥151,414 thousand (¥2,564,340 thousand was provided
in the previous fiscal year). This was primarily due to profit before income taxes of ¥326,089 thousand,an increase in deposits received of ¥306,858 thousand, a decrease in accounts payable - other of¥216,487 thousand, and income taxes paid of ¥214,897 thousand.
Cash flows from investing activities
Net cash used in investing activities was ¥586,413 thousand (¥247,561 thousand was used in theprevious fiscal year). This was primarily due to purchase of intangible assets of ¥306,265 thousand, andpurchase of investment securities of ¥148,731 thousand.
Cash flows from financing activities
Net cash provided by financing activities was ¥3,915,091 thousand (¥1,913,232 thousand was provided
in the previous fiscal year). This was primarily due to proceeds from issuance of shares of ¥3,915,475
thousand.
(4) Future outlook
For the fiscal year ending September 30, 2022, the Company expects net sales to rise 34.2% to ¥6,200
million. We forecast operating profit of ¥460 million, ordinary profit of ¥460 million, and profit of¥350 million. Interim earnings forecasts have not been disclosed due to the continued lack of visibility
regarding the impact of COVID-19 in Japan and overseas.
Furthermore, the above-mentioned earnings forecasts are based on information available at this time,and actual results may differ substantially due to various factors.
(5) Significant events regarding premise of going concern
No applicable items.

-3-

Makuake, Inc. (4479)

2. Basic rationale for selection of accounting standards
The Company adopts the generally accepted accounting standards in Japan (Japanese GAAP), taking into
account the year-on-year comparability and intercompany comparability of financial statements.

-4-

Makuake, Inc. (4479)

3. Financial statements and significant notes thereto(1) Balance sheet(Thousands of yen)
As of September 30, 2020

As of September 30, 2021

2,761,604
2,347,747
530,318
12,721
2,443(6,996)
5,647,838

5,949,943
2,641,311
551,330
79,58554,674(7,282)
9,269,563

38,404(6,849)31,55425,886(10,471)
15,41446,96939,169(10,649)
28,52032,236(17,636)
14,59943,119–291,441
65,017356,458

17,333410,908
165,632
593,873

10,001
63,91935,9187,537(7,537)
109,839513,267

138,733
192,351
73,5087,537(7,537)404,594
1,041,587

12,34012,3406,173,446

20,396
20,396
10,331,547

AssetsCurrent assets
Cash and deposits
Segregated deposits
Accounts receivable - trade
Prepaid expenses
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Total property, plant and equipment
Intangible assets
Goodwill
Software
Software in progress
Total intangible assets
Investments and other assets
Investment securities
Leasehold and guarantee deposits
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assets
Share issuance costs
Total deferred assets
Total assets-5-

Makuake, Inc. (4479)(Thousands of yen)
As of September 30, 2020

As of September 30, 2021

793,42177,819155,480
2,345,603
99,7673,472,093

579,528
61,28872,2862,652,462
49,795
3,415,360–
28,33628,3363,500,429

337
42,51642,853
3,458,214

1,136,847

3,103,387

1,136,847
1,136,847

3,103,387
3,103,387

388,949
388,949(115)
2,662,529
10,4882,673,017
6,173,446

635,591
635,591(499)
6,841,867
31,464
6,873,332
10,331,547

Liabilities
Current liabilities
Accounts payable - otherAccrued expenses
Income taxes payable
Deposits received
Other
Total current liabilities
Non-current liabilities
Provision for retirement benefits
Provision for continuous services benefits
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Legal capital surplus
Total capital surplus
Retained earnings
Other retained earnings
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders’ equity
Share acquisition rights
Total net assets
Total liabilities and net assets-6-

Makuake, Inc. (4479)(2) Statement of income(Thousands of yen)
Fiscal year ended
September 30, 2020
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Lecture fees and other income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Amortization of share issuance costs
Loss on retirement of non-current assets
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit-7-

Fiscal year ended
September 30, 2021

3,225,281
568,845
2,656,435
2,146,185
510,249

4,621,419
815,518
3,805,900
3,476,799
329,101

–
4,707
2,225
858
7,790

0
7,645
–
606
8,252

111
4,515
1,359
–
5,985
512,054512,054
157,676(15,291)
142,384
369,670

–
9,549
1,447
266
11,264
326,089
326,089
117,038(37,590)
79,447
246,642

Makuake, Inc. (4479)(3) Statement of changes in equity
Fiscal year ended September 30, 2020
(Thousands of yen)
Shareholders’ equity
Capital surplus

Total net
assets–285,270

Legal
capitalsurplusTotal
capitalsurplus132,995

132,995

132,995

19,279970,892

970,892

970,892

1,941,784

1,941,784

32,96032,96032,96065,92065,920

(115)

(115)

369,670369,670

Total
retainedearnings

19,279TreasurysharesTotalshareholders’equity–285,270(115)

ProfitNet changes
in items otherthanshareholders’equityTotal changes
during period
Balance at endof period

ShareacquisitionrightsOtherretainedearnings
Retainedearnings
brought
forwardSharecapitalBalance at
beginning of
periodChanges during
periodIssuance of
new shares
Issuance of
new shares exercise ofshareacquisitionrightsIssuance of
new shares restricted
share-based
remuneration
Purchase oftreasurysharesRetained earnings

369,670369,670

10,488

10,4881,003,852

1,003,852

1,003,852

369,670369,670(115)

2,377,259

10,4882,387,747

1,136,847

1,136,847

1,136,847

388,949

388,949(115)

2,662,529

10,4882,673,017-8-

Makuake, Inc. (4479)

Fiscal year ended September 30, 2021
(Thousands of yen)
Shareholders’ equity
Capital surplus

Total net
assets

10,4882,673,017

Total
capitalsurplus1,136,847

1,136,847

1,136,847

388,949

1,937,793

1,937,793

1,937,793

3,875,585

3,875,585

24,30824,30824,30848,616

48,616

4,440

4,440

4,440

8,880

8,880

(384)

(384)

246,642

246,642

Total
retainedearnings

388,949

TreasurysharesTotalshareholders’equity(115)

2,662,529(384)

ProfitNet changes
in items otherthanshareholders’equityTotal changes
during period
Balance at endof period

ShareacquisitionrightsLegalcapitalsurplusSharecapitalBalance at
beginning of
periodChanges during
periodIssuance of
new shares
Issuance of
new shares exercise ofshareacquisitionrightsIssuance of
new shares restricted
share-based
remuneration
Purchase oftreasurysharesRetained earnings
Otherretainedearnings
Retainedearnings
brought
forward

246,642

246,642

20,976

20,976

1,966,540

1,966,540

1,966,540

246,642

246,642(384)

4,179,338

20,9764,200,315

3,103,387

3,103,387

3,103,387

635,591

635,591(499)

6,841,867

31,464

6,873,332-9-

Makuake, Inc. (4479)(4) Statement of cash flows(Thousands of yen)
Fiscal year ended
September 30, 2020
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for retirement benefits
Increase (decrease) provision for continuous services
benefits
Interest expenses
Amortization of share issuance costs
Decrease (increase) in trade receivables
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued expenses
Increase (decrease) in deposits received
Increase (decrease) in accrued consumption taxes
Other, net
SubtotalInterest paid
Income taxes refund
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Payments of leasehold and guarantee deposits
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from issuance of shares
Repayments of short-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting frommergerCash and cash equivalents at end of period- 10 -

Fiscal year ended
September 30, 2021

512,054
65,409–3,426–

326,089
99,305
2,666
285
337

13,07814,180111
4,515(335,624)
663,177
28,0001,544,786
92,017
20,756
2,611,710(97)–(47,272)
2,564,340–
9,549(21,011)(216,487)(16,531)306,858(49,972)(89,106)
366,163–148(214,897)
151,414(6,736)(213,397)(10,001)(17,426)(247,561)(7,114)(306,265)(148,731)(124,301)(586,413)

1,990,848(50,000)(27,500)(115)
1,913,232
4,230,011
879,340

3,915,475––(384)
3,915,091
3,480,092
5,109,351

–

1,810

5,109,351

8,591,254

Makuake, Inc. (4479)(5) Notes to financial statements
Notes on premise of going concern
No applicable items.
Significant accounting estimates
The situation regarding the impact of the spread of COVID-19 remains unclear, but the businessenvironment of the Company has more or less normalized, and at this point in time accounting
estimates are based on the judgment that there is no material impact. Specific details of these estimates
are as follows.
Moreover, the impact of COVID-19 infections is highly unpredictable and, depending on the spread of
infection going forward, there could be a material impact on our financial position or on our operating
results for the next fiscal year.
(1) Amounts recorded in financial statements for the fiscal year under review
Deferred tax assets¥73,508 thousand(2) Information on details of significant accounting estimates related to identified items
For deferred tax assets, the Company makes a reasonable estimate of taxable income in futurefiscal years and determines the amount to record after coming to a judgment regarding
recoverability. Depending on future changes in the business environment, including the impact of
COVID-19, next fiscal year there may be variations in the estimates for taxable income and theamount of deferred tax assets recorded in these future fiscal years.
Changes in presentation
Balance sheet“Segregated deposits” for project owners associated with the Makuake service, which in the previous
fiscal year were included in “cash and deposits” under “current assets,” have been presented as aseparate item for the fiscal year under review due to their growing financial importance and the desire
for greater clarity. In order to reflect this change in presentation, financial statements for the previous
fiscal year have been reclassified.
As a result, the ¥5,109,351 thousand presented as “cash and deposits” under “current assets” in thebalance sheet for the previous fiscal year has been reclassified as “cash and deposits” of ¥2,761,604
thousand and “segregated deposits” of ¥2,347,747 thousand under “current assets.”“Accrued consumption taxes” that were presented as a separate item in the previous fiscal year havebeen included in “other” under “current liabilities” for the fiscal year under review, due to theirdeclining financial importance. In order to reflect this change in presentation, financial statements forthe previous fiscal year have been reclassified.
As a result, the ¥49,795 thousand of “accrued consumption taxes” presented under “current liabilities”
in the balance sheet for the previous fiscal year has been reclassified as “other” under “current
liabilities.”
Profit or loss of entities accounted for using equity method
Because the Company has no associates, there are no items to report.
Segment information
As the Company consists of a single business segment, the Makuake service, a platform for people to
make support purchases of new things and experiences, this information is omitted.

- 11 -

Makuake, Inc. (4479)

Per share information(Yen)
Fiscal year ended
September 30, 2020

Fiscal year ended
September 30, 2021

Net assets per share228.20551.56

Basic earnings per share

33.03

20.44

Diluted earnings per share

30.88

19.58

Notes: 1. For the diluted earnings per share for the previous fiscal year, because the Company’s shares were listed on
the Mothers section of the Tokyo Stock Exchange on December 11, 2019, the figure is calculated using the
average share price from the date the shares were newly listed to the end of the previous fiscal year as theaverage share price for the period.
2. The basis of calculating basic earnings per share and diluted earnings per share is as follows:
Fiscal year ended
September 30, 2020

Fiscal year ended
September 30, 2021

33.03

20.44

369,670

246,642––369,670

246,642

11,190,361

12,068,819

30.88

19.58

–

–

Increase in number of common shares (Shares)

781,284

527,163[Share acquisition rights included in the above](Shares)[781,284][527,163]––

Basic earnings per share
Profit (Thousands of yen)
Profit not attributable to common shareholders(Thousands of yen)
Profit available to common shares (Thousands of yen)
Average number of common shares outstanding
during the period (Shares)

Diluted earnings per share
Adjustment to profit (Thousands of yen)

Outline of diluted shares not included in the calculationof diluted earnings per share as they are non-dilutive

Significant subsequent events
No applicable items.

- 12 -