FUJI KYUKO CO．，LTD．

Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Year Ended March 31, 2022
[Japanese GAAP]May 11, 2022
Company name: FUJI KYUKO CO., LTD.
Stock exchange listing: Tokyo
Code number: 9010
URL: https://www.fujikyu.co.jp
Representative: Koichiro Horiuchi

Representative Director and President
Director, Executive Officer, General Manager, Management &Administration Department

Contact: Minao Aikawa

Phone: 0555-22-7120
Scheduled date of Annual General Meeting of Shareholders: June 22, 2022
Scheduled date of commencing dividend payments: June 23, 2022
Scheduled date of filing annual securities report: June 23, 2022
Availability of supplementary briefing material on annual financial results: Yes
Schedule of annual financial results briefing session: Yes(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 01, 2021 to March 31, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toOperating revenues
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
Fiscal year ended
March 31, 2022
35,083761
489
376
March 31, 2021
30,451(41.8)(3,098)(3,415)(2,786)(Note) Comprehensive income:Fiscal year ended March 31, 2022:¥
223 million [-%]Fiscal year ended March 31, 2021:¥(2,171) million [-%]Basic earnings per Diluted earnings per Rate of return on
share
share
equityYen
Fiscal year ended
March 31, 2022
7.09
March 31, 2021
(52.47)(Reference) Equity in earnings (losses) of affiliated companies:

Yen

Ordinary profit tototal assets ratio%

1.6(11.0)
Fiscal year ended March 31, 2022:
Fiscal year ended March 31, 2021:

Operating profit to
net sales ratio

%

%

0.5
(3.4)
¥
¥

2.2
(10.2)
29 million(24) million(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2022
March 31, 2021
(Reference) Equity:

Net assets

Million yen

98,336
101,601
As of March 31, 2022:
As of March 31, 2021:

Capital adequacy ratio

Million yen¥¥

24,582
24,682
23,731 million
23,836 million

Net assets per share

%

Yen

24.1
23.5

446.92448.89(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2022
March 31, 2021

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Million yen

Million yen

Million yen

Million yen

6,398
2,888

(4,105)(4,004)(2,978)4,452

17,043
17,729FUJI KYUKO CO．，LTD．

2. Dividends
Annual dividends
1st
2nd
3rd
quarter-end quarter-end quarter-end

Year-end

Total

Total
dividends

Payoutratio(consolidated)

Dividends
to netassets(consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Million yen%%

March 31, 2021

-

-

-

6.00

6.00

318

-

1.3

March 31, 2022

-

-

-

10.00

10.00

530

141.0

2.2

-

-

-

12.00

12.00

Fiscal year ending
March 31, 2023

43.9

(Forecast)(Note) Breakdown of the year-end dividend for the fiscal year ended March 31, 2022 :Commemorative dividend- yenSpecial dividend- yen
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023 (April 01, 2022 to March 31, 2023)(% indicates changes from the previous corresponding period.)
Basic
Profit attributable toOperating revenues
Operating profit
Ordinary profit
earnings perowners of parent
share
Six months ended
September 30, 2022
Full year

Million yen%

Million yen%

Million yen%

Million yen%

Yen

21,520

27.0

2,450

556.4

2,270

904.2

1,150

757.5

21.66

41,640

18.7

3,520

362.2

3,120

537.3

1,450

285.2

27.31

* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): No
New(Company name:)
Exclusion:(Company name:)(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2022:
54,884,738 shares
March 31, 2021:
54,884,738 shares2) Total number of treasury shares at the end of the period:
March 31, 2022:
1,785,505 shares
March 31, 2021:
1,784,751 shares
3) Average number of shares during the period:
Fiscal Year ended March 31, 2022:
Fiscal Year ended March 31, 2021:

53,099,599 shares
53,103,979 shares

FUJI KYUKO CO．，LTD．

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 01, 2021 to March 31, 2022)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Operating revenues
Fiscal year ended
March 31, 2022
March 31, 2021

Operating profit

Ordinary profit

Net income

Million yen%

Million yen%

Million yen%

Million yen%

20,41918,554(35.3)

1,278
(265)

-

1,024
(239)

-

593
(674)

-

Basic earnings per share Diluted earnings per share
Fiscal year ended
March 31, 2022
March 31, 2021

Yen

Yen

11.12
(12.64)-(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2022
March 31, 2021
(Reference) Equity:

Net assets

Million yen

86,06584,838
As of March 31, 2022:
As of March 31, 2021:

Capital adequacy ratio

Million yen¥¥

17,59817,563
17,598 million
17,563 million

Net assets per share

%

Yen

20.4
20.7

329.75329.08

FUJI KYUKO CO．，LTD．

Consolidated Financial Statements
Consolidated Balance Sheets(Thousand yen)
As of March 31,2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes and accounts receivable - trade, and contract
assetsLand and buildings for sale in lots
Merchandise and finished goods
Work in process
Raw materials and supplies
Costs on construction contracts in progress
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Leased assets, net
Construction in progress
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assets
Bond issuance costs
Total deferred assets
Total assets

As of March 31,2022

17,804,250
2,512,301

17,118,113--

2,674,903

8,458,919
645,907
8,151
747,975
80,3242,138,407(7,525)32,388,712

8,406,132
626,958
19,585752,108
204,489
1,365,299(15,003)
31,152,588

27,370,649
6,290,811
15,587,816
3,481,609
1,811,026
2,124,427
56,666,340
2,706,657

27,028,121
5,160,722
15,603,865
2,402,554
3,075,206
1,767,081
55,037,551
2,676,684

6,295,028
2,533,403
998,454(24,660)
9,802,225
69,175,223

6,003,800
2,584,694
872,789(24,660)
9,436,624
67,150,860

37,71737,717
101,601,653

32,81132,811
98,336,260

FUJI KYUKO CO．，LTD．

(Thousand yen)
As of March 31,2021
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Lease liabilities
Accrued consumption taxes
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Retirement benefit liability
Provision for share awards for directors (and otherofficers)
Other
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-salesecurities
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

As of March 31,2022

2,147,109
15,167,099
1,326,418
258,101
187,702347,872

1,698,770
9,115,348
989,802508,693248,377
345,462

7,000

6,500

3,530,777
22,972,080

3,148,847
16,061,802

5,000,000
39,892,044
2,632,203
19,705982,573

5,000,000
44,992,446
1,751,265
26,653927,396

14,126

20,906

5,406,738
53,947,389
76,919,470

4,972,848
57,691,516
73,753,318

9,126,343
3,688,298
11,967,703(1,546,047)
23,236,296

9,126,343
3,688,469
12,025,846(1,548,415)
23,292,243

994,557

749,533(394,753)
599,804
846,082
24,682,183
101,601,653(310,697)
438,836
851,861
24,582,941
98,336,260

FUJI KYUKO CO．，LTD．

Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Thousand yen)
For the fiscal year
ended March 31,2021
Operating revenue
Operating expenses
Operating expenses and cost of sales of transportation
Selling, general and administrative expenses
Total operating expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodSubsidy for rent support
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodMiscellaneous expenses
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Subsidies
Subsidies for employment adjustment
Other
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Impairment losses
Loss on tax purpose reduction entry of non-current
assetsLoss on retirement of non-current assets
Allowance for absence from work
Other
Total extraordinary losses
Profit (loss) before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit (loss)
Profit attributable to non-controlling interests
Profit (loss) attributable to owners of parent

For the fiscal year
ended March 31,2022

30,451,499

35,083,688

32,442,839
1,106,801
33,549,640(3,098,141)

33,043,477
1,278,682
34,322,160
761,528

557
77,434372
80,120-29,95953,299227,613358,904

183,699
294,152

475,882

464,767

24,865-

175,369
676,118(3,415,355)

101,313566,080
489,600

71,07828,217
212,3022,867,219
81,5103,260,327

25,538190,008
321,095
765,458
1,302,100

69,292
736,129

17,783-

134,818

225,380

347,953
2,260,576
24,6583,573,429(3,728,456)
147,047(1,091,116)(944,069)(2,784,387)
1,841(2,786,229)

244,905
580,345
1,068,414
723,286
312,358
26,073
338,432
384,853
8,424
376,428

FUJI KYUKO CO．，LTD．

Consolidated Statements of Comprehensive Income(Thousand yen)
For the fiscal year
ended March 31,2021
Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

For the fiscal year
ended March 31,2022(2,784,387)

384,853

515,920
73,296(235,503)
84,05523,544(9,518)612,761(2,171,625)(160,966)
223,887(2,174,199)

215,460

2,573

8,426

FUJI KYUKO CO．，LTD．

Consolidated Statements of Changes in Net Assets
For the fiscal year ended March 31,2021(Thousand yen)
Shareholders' equity
Share capital
Balance at beginningof period
Changes during
periodDividends ofsurplusProfit (loss)
attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesPurchase of sharesof consolidated
subsidiaries
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodCapital surplus

9,126,343

3,673,532

Retained earnings
15,549,653(1,541,336)

Total shareholders'equity26,808,192(795,720)(795,720)(2,786,229)(2,786,229)

14,765(2,054)(2,054)

3,390

3,390

(6,046)

8,719-

14,765(3,581,950)(4,711)(3,571,895)

9,126,343

3,688,298

11,967,703(1,546,047)

23,236,296

Accumulated other comprehensive income
Valuation difference
Total accumulated
Remeasurements ofon available-for-saleother comprehensive
defined benefit planssecurities
incomeBalance at beginningof period
Changes during
periodDividends ofsurplusProfit (loss)
attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesPurchase of sharesof consolidated
subsidiaries
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodTreasury shares

455,824(468,050)(12,225)

Non-controllinginterests

Total net assets

868,461

27,664,428(795,720)(2,786,229)(2,054)
3,390
8,719
538,732

73,296

612,029(22,379)

589,650

538,732

73,296

612,029(22,379)(2,982,245)

994,557(394,753)

599,804

846,082

24,682,183

FUJI KYUKO CO．，LTD．

For the fiscal year ended March 31,2022(Thousand yen)
Shareholders' equity
Share capital
Balance at beginningof period
Changes during
periodDividends ofsurplusProfit (loss)
attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesPurchase of sharesof consolidated
subsidiaries
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodCapital surplus

9,126,343

3,688,298

Retained earnings
11,967,703(1,546,047)

Total shareholders'equity23,236,296(318,285)(318,285)

376,428

376,428(2,712)(2,712)

344

344

171

171

-

171

58,142(2,367)55,946

9,126,343

3,688,469

12,025,846(1,548,415)

23,292,243

Accumulated other comprehensive income
Valuation difference
Total accumulated
Remeasurements ofon available-for-saleother comprehensive
defined benefit planssecurities
incomeBalance at beginningof period
Changes during
periodDividends ofsurplusProfit (loss)
attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesPurchase of sharesof consolidated
subsidiaries
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodTreasury shares

994,557(394,753)

599,804

Non-controllinginterests

Total net assets

846,082

24,682,183(318,285)
376,428(2,712)344
171(245,023)

84,055(160,967)

5,779(155,188)(245,023)

84,055(160,967)

5,779(99,241)

749,533(310,697)

438,836

851,861

24,582,941

FUJI KYUKO CO．，LTD．

Consolidated Statements of Cash Flows(Thousand yen)
For the fiscal year
ended March 31,2021
Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Impairment losses
Loss on retirement of non-current assets
Loss on tax purpose reduction entry of non-current
assetsIncrease (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for
directors (and other officers)
Increase (decrease) in provision for share awards for
directors (and other officers)
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sale of non-current assets
Loss (gain) on sale of investment securities
Subsidy income
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes
Increase/decrease in other assets/liabilities
SubtotalInterest and dividends received
Interest paid
Subsidies received
Income taxes refund (paid)
Net cash provided by (used in) operating activities
Cash flows from investing activities
Subsidies received
Purchase of property, plant and equipment andintangible assets
Proceeds from sale of property, plant and equipment
and intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from purchase of shares of subsidiaries
resulting in change in scope of consolidation
Decrease (increase) in investments and other assets
Net cash provided by (used in) investing activities

For the fiscal year
ended March 31,2022(3,728,456)
6,775,009
736,129
144,409723,286
5,995,257
155,141

134,818

225,380(7,159)(128,665)

7,477(2,409)(11,000)

(500)

3,333

6,780

(95,203)(77,991)
475,882

65,695(80,493)464,767

24,865(29,959)(1,785)(28,217)(212,302)(70,106)
204,927
324,334(205,840)(707,966)
3,549,015
92,292(467,704)
117,550(402,163)
2,888,989(7,755)(190,008)(321,095)(162,601)(67,996)(448,338)
250,592
55,604
6,638,823
87,723(464,789)
95,297
41,532
6,398,588

358,991

230,002(4,520,237)(4,533,316)

177,085

35,024(33,200)
37,895(71,823)
224,815-

13,543(25,408)(4,004,874)(4,025)(4,105,780)

FUJI KYUKO CO．，LTD．

(Thousand yen)
For the fiscal year
ended March 31,2021
Cash flows from financing activities
Increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from sale-and-leaseback transactions
Repayments of lease liabilities
Purchase of treasury shares
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
Dividends paid
Dividends paid to non-controlling interests
Liquidation dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

For the fiscal year
ended March 31,2022

3,000,000
11,120,000(6,992,192)
108,289(1,505,666)(2,054)(2,250,000)
11,520,000(10,221,349)(1,258,300)(2,035)(4,652)(1,938)(795,929)(2,161)(9,478)(463,312)
4,452,842
3,336,957
14,392,733
17,729,690(319,512)(1,211)(444,483)(2,978,830)(686,022)
17,729,690
17,043,667