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.

Consolidated Financial Results for the Fiscal Year ended February 28, 2023
(Under Japanese GAAP)
April 13, 2023
Company name
Listings
Security code
URL
Representative
Contact
Telephone

Mr Max Holdings Ltd.
Tokyo Stock Exchange, Fukuoka Stock Exchange
8203
https://www.mrmax.co.jp/
Yoshiaki Hirano, President
Hirokazu Ishii, Senior Executive Officer in charge of Finance Division+81-92-623-1111

Scheduled dates:
Ordinary General Meeting of Shareholders
Commencement of dividend payments
Submission of annual securities report
Supplementary materials to the financial results
Earnings results briefing

May 25, 2023
May 26, 2023
May 25, 2023
Available
Yes (targeted at institutional investors and analysts)(Amounts rounded down to the nearest million)

1. Consolidated Financial Results for the Fiscal Year ended February 28, 2023 (March 1, 2022 to February 28, 2023)(1) Operating Results(Percentage figures represent year-on-year changes)

Operating revenue

Year ended February 28,2023
Year ended February 28,2022
Note: Comprehensive income:Operating profit

Profit (loss) attributable toowners of parent

Ordinary profit

million yen%

million yen%

million yen%

million yen%

126,904

1.7

4,632

3.2

4,523

4.1

3,427

20.1

124,831

(5.3)

4,487

(25.4)

4,346(24.4)

2,853(19.5)

Year ended February 28, 2023: 3,628 million yen [26.5%]
Year ended February 28, 2022: 2,867 million yen [(20.2%)]

yenYear ended February 28,2023
Year ended February 28,2022

Ratio of operating
profit to operating
revenue

Earnings per share – Ratio of profit to total Ratio of ordinary
equityprofit to total assets
fully diluted

Earnings per share

yen

%

%

%

103.19

—

11.0

5.5

3.6

85.97

—

9.9

5.3

3.6

Reference: Share of profit (loss) of entities accounted for using the equity method:Year ended February 28, 2023:– million yen

Year ended February 28, 2022:– million yen(2) Financial Position
Total assets
February 28, 2023
February 28, 2022
Reference: Total equity

Net assets

Total equity ratio

Net assets per share

million yen

million yen%

yen

81,932
82,21632,452
29,70639.6
36.1

976.82894.76

February 28, 2023: 32,452 million yen

February 28, 2022: 29,699 million yen(3) Cash Flows
Cash flows from operating
activities

Year ended February 28,2023
Year ended February 28,
2022

Cash flows from investing
activities

Cash flows from financing
activities

Cash and cash equivalents at
end of period

million yen

million yen

million yen

million yen

3,970

(186)

(3,535)

3,136

3,516

(2,774)

(736)

2,887

2. Dividends
Dividend per share
Ratio ofEnd-first
quarterEnd-second
quarter

End-third
quarter

Fiscal yearTotal dividends
Payout ratio dividends to net
Annual total(Annual)(Consolidated)assetsend(Consolidated)yenYear ended February 28,2022
Year ended February 28,2023
Year ending February 29,
2024 (forecast)

yen

yen

yen

yen

million yen

%

%

—

0.00

—

27.00

27.00

896

31.4

3.1

—

0.00

—

27.00

27.00

897

26.2

2.9

—

0.00

—

21.00

21.00

27.9

3. Forecast of Consolidated Earnings for the Fiscal Year ending February 29, 2024 (March 1, 2023 to February 29, 2024)(Percentage figures represent year-on-year changes)

Operating revenue

First half
Full year

Operating profit

Profit (loss) attributableto owners of parent

Ordinary profit

Earnings per
sharemillion yen%

million yen%

million yen%

million yen%

yen

64,700129,500

1.2
2.0

2,100
4,000

(24.2)(13.6)

2,000
3,800

(26.1)(16.0)

1,300
2,500

(29.1)(27.1)

39.13
75.25

* Notes(1) Changes affecting the consolidation status of significant subsidiaries during the period: None
Newly included: ― (company name), Excluded: ― (company name)(2) Changes in accounting policy, changes in accounting estimates, and retrospective restatements:
1) Changes in accordance with amendments to accounting standards: Yes
2) Changes other than the above 1): None
3) Changes in accounting estimates: None
4) Retrospective restatements: None
(3) Number of shares issued (common stock)1) Number of shares issued at end of period (including treasury shares):February 28, 2023:
39,611,134 shares
February 28, 2022:
39,611,134 shares
2) Number of treasury shares held at end of period:
February 28, 2023:
6,388,805 shares
February 28, 2022:
6,418,171 shares
3) Average number of shares outstanding during the period:
Year ended February 28, 2023:
33,213,093 sharesYear ended February 28, 2022:
33,193,360 shares* Review status
This report is exempt from an audit by a certified public accountant or audit firm.
* Appropriate Use of Earnings Forecasts and Other Important Information
The above forecasts, which constitute forward-looking statements, are based on information available to the Company as of the date of the release of this document.
The actual results may differ materially from the above forecasts due to a range of factors. For the assumptions underlying the earnings forecasts and importantnotes on the use of the earnings forecasts, please refer to page 3 of the accompanying materials.

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 28, 2023

Accompanying Materials
Contents
1. Overview of Operating Results and Financial Condition .............................................................................................................. 2(1) Overview of Operating Results for the Fiscal Year under Review............................................................................................ 2(2) Overview of Financial Condition for the Fiscal Year under Review ........................................................................................ 3(3) Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years ....................................................... 4
2. Status of the Corporate Group ....................................................................................................................................................... 5
3. Basic Policy Regarding Selection of Accounting Standards ......................................................................................................... 5
4. Consolidated Financial Statements and Main Notes ..................................................................................................................... 6(1) Consolidated Balance Sheet ..................................................................................................................................................... 6(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ................................................... 8(Consolidated Statement of Income).................................................................................................................................. 8(Consolidated Statement of Comprehensive Income) ........................................................................................................ 9(3) Consolidated Statement of Changes in Equity ........................................................................................................................ 10(4) Consolidated Statement of Cash Flows .................................................................................................................................. 11(5) Notes on the Consolidated Financial Statements .................................................................................................................... 12(Notes on the Going Concern Assumption) ..................................................................................................................... 12(Change in Accounting Policies) ..................................................................................................................................... 12(Segment Information)..................................................................................................................................................... 12(Per Share Information) ................................................................................................................................................... 13(Significant Subsequent Events) ...................................................................................................................................... 14-1-

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 28, 2023

1. Overview of Operating Results and Financial Condition(1) Overview of Operating Results for the Fiscal Year under Review
1) Operating results
During the fiscal year ended February 28, 2023, the Japanese economy benefitted from the relaxation of movement
restrictions to control COVID-19, and economic activities started to recover as a result. On the other hand, the economic
outlook continued to be uncertain as consumer sentiment was dampened mainly due to the soaring prices of energy resources
and broader price hikes.
In such an environment, the Group strived to fulfill its function as a social infrastructure that supports people's everyday
lives. By leveraging our strength as an operator of general discount stores, we offered daily necessities and a wide range ofother products at lower prices that give customers a sense of value while focusing on low-cost operation to realize low prices.
During the fiscal year under review, we worked hard to put the ideal of an "everyday low price" (EDLP) discount store thatoffers customers consistently low prices into practice. While promoting the development of private brand products (PB
products), we also kept the prices of 1,000 PB products at their current levels through August 2022. In addition, the discountcampaign to lower the prices of 2,000 national brand products, which started in September 2022, proved very successful assales of products included in the campaign rose 30% year on year.
In terms of capital investment, we renovated 13 existing stores as part of our efforts to develop competitive stores. Throughthese renovations, we have been striving to improve convenience for customers to increase sales, while further improving theefficiency of in-store work to improve the ratio of operating profit to sales.
Sales of existing stores for the fiscal year under review increased 1.6% year on year. Mr Max’s “Valuable Low Prices” washighly appreciated in the market, given the background of a rise in frugality as exemplified by a 20% year-on-year increase insales of its PB products. In addition, refrigerators and washing machines sold well as people sought to replace their home
appliances with those with improved energy-saving features in response to rising electricity rates. Aside from that, sales ofleisure products and beverages in small PET bottles increased as opportunities to go out increased.
As a result, sales of all stores increased 1.8% year on year and the operating revenue (which consists of net sales, real estatelease revenue, and other operating revenue) for the fiscal year ended February 28, 2023 was 126,904 million yen (up 1.7% year
on year).
Gross profit margin improved by 0.3% from the previous fiscal year to 22.7% as a result of successful control ofmerchandise inventory levels and the strong performance of PB products.
In terms of cost, selling, general, and administrative expenses were 27,853 million yen (up 2.5% year on year) due toincreases mainly in power rates and cashless payment charges.
As a result, the Company posted an operating profit of 4,632 million yen (up 3.2% year on year), an ordinary profit of 4,523
million yen (up 4.1% year on year), and profit attributable to owners of parent of 3,427 million yen (up 20.1% year on year).
Both revenue and profit increased as operating profit increased year on year due to improvement in gross profit margin despite
increases in cost during the fiscal year under review caused by changes in market conditions and soaring prices of energy
resource in a post-covid-19 world.
(Net sales by product category)Year ended February 28, 2022
Category

Amount (million yen)

Year ended February 28, 2023

Share

Amount (million yen)

Share

Home appliances

17,97715.0%

17,803

14.6%

Apparel

6,443

5.4%

6,656

5.5%

Life style

16,502

13.8%

17,172

14.1%

Home living

11,611

9.7%

11,581

9.5%

HBC

24,405

20.3%

25,052

20.5%

Foods

42,99235.8%

43,840

35.9%

Other

53

0.0%

4

0.0%

Elimination

(10)

—

(5)

—

119,975

100.0%

122,107100.0%Total-2-

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 28, 2023
2) Forecast for the next fiscal year
The forecast for the next fiscal year is as follows.
(Earnings forecasts)
Operating revenue
129.5 billion yen
Operating profit
4.0 billion yen
Ordinary profit
3.8 billion yen
Profit attributable to owners of parent
2.5 billion yen
Earnings per share
75.25 yen
* The estimated earnings per share is calculated using the number of shares issued at the end of the fiscal year ended
February 28, 2023 (excluding treasury shares), without considering purchases of treasury shares, requests for purchaseor additional purchase of fractional shares, bonuses for directors, and other factors.
* The above forecasts include management decisions and assumptions based on information available as of the filing date.
Accordingly, actual business results may differ materially from the above forecasts due to changes in given conditions.
(2) Overview of Financial Condition for the Fiscal Year under Review
1) Assets, liabilities, and net assets(Total assets)
Current assets as of February 28, 2023 were 18,246 million yen, an increase of 1,233 million yen from the end of theprevious fiscal year (February 28, 2022). The increase is mainly attributable to an increase of 903 million yen in merchandise.
Non-current assets were 63,686 million yen, a decrease of 1,517 million yen from the end of the previous fiscal year. The
decrease is mainly attributable to a decrease of 1,330 million yen in guarantee deposits.
As a result, total assets were 81,932 million yen, a decrease of 283 million yen from the end of the previous fiscal year.
(Liabilities)
Current liabilities as of February 28, 2023 were 25,854 million yen, a decrease of 862 million yen from the end of theprevious fiscal year (February 28, 2022). The decrease is mainly attributable to a decrease of 566 million yen in notes andaccounts payable - trade. Non-current liabilities were 23,625 million yen, a decrease of 2,167 million yen from the end of theprevious fiscal year. The decrease is mainly attributable to a decrease of 1,359 million yen in long-term borrowings.
As a result, liabilities were 49,480 million yen, a decrease of 3,030 million yen from the end of the previous fiscal year.
(Net assets)
Net assets as of February 28, 2023 were 32,452 million yen, an increase of 2,746 million yen from end of the previous fiscal
year (February 28, 2022). The increase is mainly attributable to an increase of 2,531 million yen in retained earnings.
2) Cash flows(Cash flow from operating activities)
Net cash provided by operating activities amounted to 3,970 million yen (up 12.9% year on year). This is mainly attributableto profit before income taxes of 4,380 million yen and depreciation of 2,385 million yen, which were partially offset by anincrease in inventories of 907 million yen and income tax paid of 967 million yen.
(Cash flow from investing activities)
Net cash used in investing activities amounted to 186 million yen (down 93.3% year on year). This is mainly attributable topurchases of property, plants, and equipment of 2,533 million yen, proceeds from collection of leasehold and guarantee
deposits of 1,383 million yen, and proceeds from sales of property, plants, and equipment of 1,272 million yen.
(Cash flow from financing activities)
Net cash used in financing activities amounted to 3,535 million yen (up 379.8% year on year). This is mainly attributable torepayments of long-term borrowings of 6,131 million yen, dividends paid of 895 million yen, and repayments of leaseliabilities of 708 million yen.
As a result, the cash and cash equivalents at the end of the fiscal year ended February 28, 2023 amounted to 3,136 million
yen.

-3-

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 28, 2023
(Changes in cash flow indicators)
FYE
Feb 2019

FYE
Feb 2020

FYE
Feb 2021

FYE
Feb 2022

FYE
Feb 2023

Shareholders' equity ratio (%)

30.0

29.5

33.8

36.1

39.6

Shareholders' equity ratio based on market value
(%)

19.9

14.8

29.1

23.1

26.3

Interest-bearing debt/cash flow ratio (years)

9.8

7.8

2.4

6.6

5.3

Interest coverage ratio (times)

13.3

16.5

44.1

18.7

24.1

(Notes) Shareholders' equity ratio: Shareholders' equity/Total assets
Shareholders' equity ratio based on market value: Market capitalization/Total assets *1
Interest-bearing debt/cash flow ratio: Interest-bearing debt/Cash flow *2, 3Interest coverage ratio: Cash flow/Interest payments *2, 4
*1
*2
*3
*4

Market capitalization is calculated based on the number of shares issued, excluding treasury shares.
The figure for net cash provided by operating activities in the consolidated statement of cash flows is used as
cash flow.
Interest-bearing debt refers to the sum of all liabilities in the consolidated balance sheet on which interest is
paid.
The figure for interest paid in the consolidated statement of cash flows is used as interest payments.

(3) Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years
1) Basic policy on profit distribution
The Company aims to pay dividends with a target payout ratio of 30% while comprehensively considering such factors as
the Company's operating results, financial position, and future outlook.
Internal reserves will be used mainly for construction and renovation of stores and shopping centers, investment in
information systems for logistics and purchasing, and human resources management activities such as recruitment, training andredeployment to enhance our organizational capabilities, with a view to expanding our business and strengthening businessfoundation.
2) Shareholder returns for the fiscal year ended February 28, 2023
The Company plans to pay a year-end dividend of 27 yen per share for the fiscal year ended February 28, 2023.
The scheduled date of commencement of dividend payments is May 26, 2023.
3) Shareholder returns for the fiscal year ending February 29, 2024
The Company will decide on dividends and use internal reserves in accordance with the basic policy as mentioned above.
The Company plans to pay a year-end dividend of 21 yen per share.

-4-Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 28, 2023

2. Status of the Corporate GroupThe Group is engaged in retail and associated businesses.
The main businesses of the Group are as follows.
1) Home appliances

Sale of video equipment (e.g., TVs), audio products, communication
devices, kitchen appliances (e.g., refrigerators), household appliances (e.g.,
washers), lighting fixtures, seasonal home appliances (e.g., airconditioners), watches, etc.

2) ApparelSale of practical clothing, kids and baby clothing, men's clothing, women's
clothing, shoes, accessories, etc.

3) Life style

Sale of pet supplies, bicycles, sports gear, automobile supplies, toys,
stationery, gardening and DIY supplies, etc.

4) Home living

Sale of kitchen appliances, daily sundries, interior goods and storage
organizers, etc.

5) HBC (Health and Beauty Care)

Sale of detergents, cosmetics, paper and cotton products, pharmaceuticalproducts, etc.

6) Foods

Sale of confectionery, soft drinks, processed foods, rice, alcoholic
beverages, daily foods, etc.

7) Store leasing in shopping centers

3. Basic Policy Regarding Selection of Accounting Standards
The Group applies Japanese GAAP to ensure comparability with other domestic competitors.

-5-

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 28, 2023

4. Consolidated Financial Statements and Main Notes(1) Consolidated Balance Sheet(Millions of yen)
As ofFebruary 28, 2023

As ofFebruary 28, 2022
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Merchandise
Supplies
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
VehiclesAccumulated depreciation
Vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Lease assets, net
Construction in progress
Total non-current assets
Intangible assets
Leased assets
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Leasehold deposits
Guarantee deposits
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

2,887
2,645
9,866
40
1,573
17,012

3,136
3,030
10,76945
1,265
18,24646,226(32,787)
13,439
1
(1)
0
7,967
(6,739)1,227
31,0935,461(2,368)3,092
48,852

46,491(33,162)
13,328
1
(1)
0
8,321
(6,921)
1,399
30,115
5,743(2,687)3,055
528
48,428

229
806
1,036

107
1,126
1,233

345
19
1,688
3,821
8,614
881
(56)
15,31465,203
82,216

423
14
1,611
3,862
7,284
862
(34)
14,023
63,686
81,932—-6-

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 28, 2023
(Millions of yen)
As ofFebruary 28, 2023

As ofFebruary 28, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Current portion of long-term borrowings
Current portion of bonds payable
Lease liabilities
Income taxes payable
Provision for bonuses
Asset retirement obligations
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Lease liabilities
Retirement benefit liability
Asset retirement obligations
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-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

7,412
7,477
5,842
286
702
361
861
5
3,767
26,717

3,757
25,854

1,714
15,316
2,937
1,082
1,162
3,578
25,79352,5101,428
13,956
2,700
864
1,230
3,445
23,62549,480

10,2297,980
14,081(2,603)29,688

10,2297,986
16,612(2,591)
32,237

53

115
(1)
5
95
215

—

5
(47)
10
6
29,706
82,216

-7-

6,846
7,556
5,570
286
554
407
875
—

—

32,452
81,932

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 28, 2023
(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income(Consolidated Statement of Income)(Millions of yen)
Year ended
Year ended
February 28, 2022
February 28, 2023
Net sales
119,975
122,107
Cost of sales
Beginning merchandise inventory
9,666
9,890
Cost of purchased goods
93,36895,334
Total
103,034
105,224
Ending merchandise inventory
9,871
10,805
Cost of goods sold93,162
94,419Gross profit
26,812
27,687
Operating revenue
Real estate lease revenue
3,832
3,820
Other operating revenue
1,023
976
Total operating revenue
4,856
4,797
Operating gross profit
31,66832,485
Selling, general and administrative expenses
27,181
27,853Operating profit
4,487
4,632
Non-operating income
Interest income
32
27
Dividend income
1213
Reversal of allowance for doubtful accounts
31
1
Income from leaving tenants
34
13
Other
43
50
Total non-operating income
153
107
Non-operating expenses
Interest on bonds
00Interest expenses
191
168
—
Bond issuance costs
23—
Loss on discontinuation of a systems development
16
Other
63
46
Total non-operating expenses
295
215
Ordinary profit
4,346
4,523
Extraordinary income—
Gain on sale of non-current assets
189
Insurance claim income
564Total extraordinary income
5253
Extraordinary losses
Loss on disaster
17
38—
Loss on sale of investment securities
0—
Loss on sale of non-current assets
75
Loss on retirement of non-current assets
1790
Impairment losses
8163—Store closure-related losses
29
Total extraordinary losses
44
397
Profit before income taxes
4,307
4,380
Income taxes - current
1,362
956
Income taxes - deferred
127(0)Total income taxes
1,490
956
Profit2,817
3,423
Loss attributable to non-controlling interests(36)(3)
Profit attributable to owners of parent
2,853
3,427

-8-

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 28, 2023
(Consolidated Statement of Comprehensive Income)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests-9-

Year ended
February 28, 2022
2,817
25

(Millions of yen)
Year ended
February 28, 2023
3,423

7
16
50
2,867

62
(1)
0
142
204
3,628

2,900
(33)

3,631
(3)

—

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 28, 2023
(3) Consolidated Statement of Changes in Equity
Year ended February 28, 2022 (From March 1, 2021 to February 28, 2022)(Millions of yen)

Treasury shares

Total
shareholders'equityValuationdifference on
available-for-salesecurities

Deferred gains orlosses on hedges

Foreign currencytranslation
adjustment

Remeasurementsof defined
benefit plans

Total accumulated
othercomprehensive
income

7,980

12,256(2,602)

27,864

27

—

0

(64)

(36)

Cumulative effects ofchanges in accounting
policies
Restated balance35—

10,2297,980

12,256(2,602)

27,864

Total net assets

Retainedearnings

10,229Non-controllinginterests

Capital surplus

Balance at beginning of
periodAccumulated other comprehensive income

Share capital

Shareholders' equity

27,863

—

27

—

0

(64)

(36)

35

27,863

Changes during period
Dividends of surplus(1,029)(1,029)(1,029)Profit attributable toowners of parent

2,853

2,853

2,853

(0)

(0)

(0)

0

0

0

Purchase of treasury
shares
Disposal of treasury
shares0

Net changes in items
other than shareholders'equityTotal changes during period
Balance at end of period

25

—

4

16

47

(29)

18

—

0

1,824

(0)

1,823

25

—

4

16

47

(29)

1,842

10,2297,980

14,081(2,603)29,688

53

—

5

(47)

10

6

29,706

Year ended February 28, 2023 (From March 1, 2022 to February 28, 2023)(Millions of yen)

Treasury shares

Total
shareholders'equityValuationdifference on
available-for-salesecurities

Deferred gains
or losses onhedgesForeign currencytranslation
adjustment

Remeasurementsof defined
benefit plans

Total accumulated
othercomprehensive
income

7,980

14,081(2,603)29,688

53

—

5

(47)

10

Cumulative effects ofchanges in accounting
policies
Restated balance

6—

10,2297,980

14,081(2,603)29,688

Total net assets

Retainedearnings

10,229Non-controllinginterests

Capital surplus

Balance at beginning of
periodAccumulated other comprehensive income

Share capital

Shareholders' equity

29,706
—

53

—

5

(47)

10

6

29,706

Changes during period
Dividends of surplus

(896)

(896)

(896)

Profit attributable toowners of parent

3,427

3,427

3,427

(0)

(0)

(0)

12

18

18

Purchase of treasury
shares
Disposal of treasury
shares5

Net changes in items
other than shareholders'equity(0)

Total changes during period
Balance at end of period

(0)

62

(1)

0

142

204

(6 )

197

—

5

2,531

11

2,548

62

(1)

0

142

204

(6 )

2,746

10,2297,986

16,612(2,591)

32,237

115

(1)

5

95

215

—

32,452- 10 -

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 28, 2023
(4) Consolidated Statement of Cash Flows(Millions of yen)
Year ended
February 28, 2023

Year ended
February 28, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses
Subsidy income
Insurance claim income
Store closure-related losses
Loss on disaster
Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets
Impairment losses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other
SubtotalInterest and dividends received
Interest paid
Subsidies received
Proceeds from insurance income
Payments associated with store closure-related losses
Payments associated with disaster loss
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of intangible assets
Payments of leasehold and guarantee deposits
Proceeds from refund of leasehold and guarantee deposits
Proceeds from leasehold and guarantee deposits received
Refund of leasehold and guarantee deposits received
Other
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Dividends paid
Repayments of lease liabilities
Proceeds from share issuance to non-controlling shareholders
Other
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 11 -

4,307
2,340
(122)
19
(11)
(44)
192
—

(3)
—

17
—

17
8
429
(192)
(264)
(84)
6,610
12
(187)
—

3
—

(17)
(2,904)
—

3,516
(642)
—

(526)
—

(1,986)
535
111
(228)
(38)
(2,774)

4,380
2,385
14
(218)
(21)
(41)
169
(6)
(64)
29
38
75
90
163
(384)
(907)
(597)
(42)
5,062
13
(165)
6
64
(29)
(38)
(967)
24
3,970
(2,533)
1,272
(490)
452
(87)
1,383
47
(160)
(71)
(186)

6,500
(7,506)
2,000

4,500
(6,131)

—

(286)
(895)
(708)

(1,026)
(707)
4
0
(736)
7
12
2,874
2,887

—

—

(14)
(3,535)
0
249
2,887
3,136

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 28, 2023
(5) Notes on the Consolidated Financial Statements(Notes on the Going Concern Assumption)
Not applicable.
(Change in Accounting Policies)(Application of the Accounting Standard for Revenue Recognition, etc.)
The "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020; hereinafter the "AccountingStandard for Revenue Recognition"), etc. has been applied since the beginning of the current fiscal year. Under this accounting
standard, the Company recognizes revenue at the time of the transfer of control of promised goods or services to the customer
at the price expected to be received in exchange for those goods or services.
The application of the Accounting Standard for Revenue Recognition, etc. has no impact on the consolidated financial
statements for the current fiscal year.
While the Accounting Standard for Revenue Recognition, etc. has been applied in accordance with the transitional
provisions of the proviso of paragraph 84 of the Accounting Standard for Revenue Recognition, this has no impact on the
beginning balance of retained earnings.
(Application of the Accounting Standard for Fair Value Measurement, etc.)
The "Accounting Standard for Fair Value Measurement" (ASBJ Statement No. 30, July 4, 2019; hereinafter the "AccountingStandard for Fair Value Measurement"), etc. has been applied since the beginning of the current fiscal year, and the new
accounting policy prescribed by the Accounting Standard for Fair Value Measurement, etc. will be applied prospectively inaccordance with the transitional provisions prescribed in paragraph 19 of the Accounting Standard for Fair Value Measurement
and paragraph 44-2 of the "Accounting Standard for Financial Instruments" (ASBJ Statement No. 10, July 4, 2019). The
application of the Accounting Standard for Fair Value Measurement, etc. has no impact on the consolidated financial statements
for the current fiscal year.
(Segment Information)[Segment information]
Year ended February 28, 2022
This information is omitted because the Group has a single segment of retail and associated businesses.
Year ended February 28, 2023
This information is omitted because the Group has a single segment of retail and associated businesses.
[Related information]
Year ended February 28, 2022
1. Information by product and service(Millions of yen)

Sales to externalcustomers

Foods

HBC

42,992

24,405Home
appliances

Life style

17,977

16,502Home
living11,611

Apparel

Other

6,443

Elimination

53

Total

(10) 119,975

2. Information by geographic region(1) Net sales
This section is omitted because sales to external customers in Japan account for over 90% of net sales stated on the
consolidated statement of income.
(2) Property, plant and equipment
This section is omitted because the balance of property, plant and equipment located in Japan accounts for over 90% of
property, plant and equipment stated on the consolidated balance sheet.
3. Information by major customer
This section is omitted because no external customer accounts for more than 10% of net sales stated on the consolidated
statement of income.
Year ended February 28, 2023
1. Information by product and service(Millions of yen)

Sales to externalcustomers

Foods

HBC

43,84025,052Home
appliances

17,803

Life
style

Home
living17,172

11,581- 12 -

Apparel

6,656

Other

Elimination

4

Total

(5) 122,107

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 28, 2023
2. Information by geographic region(1) Net sales
This section is omitted because sales to external customers in Japan account for over 90% of net sales stated on the
consolidated statement of income.
(2) Property, plant and equipment
This section is omitted because the balance of property, plant and equipment located in Japan accounts for over 90% of
property, plant and equipment stated on the consolidated balance sheet.
3. Information by major customer
This section is omitted because no external customer accounts for more than 10% of net sales stated on the consolidated
statement of income.
[Information relating to impairment loss on fixed assets by reportable segment]
Year ended February 28, 2022
This information is omitted because the Group has a single segment of retail and associated businesses.
Year ended February 28, 2023
This information is omitted because the Group has a single segment of retail and associated businesses.
[Information regarding goodwill amortization and unamortized balance by reportable segment]
Not applicable.
[Information regarding profit arising from negative goodwill by reportable segment]
Not applicable.
(Per Share Information)
Year ended February 28, 2022

Year ended February 28, 2023

Net assets per share

894.76976.82

Earnings per share

85.97

103.19Notes 1. Diluted earnings per share is not presented because the Company has no dilutive shares.
2. The basis for the calculation of earnings per share is as follows:Year ended February 28, 2022

Year ended February 28, 2023

Earnings per share
Profit attributable to owners of parent(million yen)

2,853

3,427

Amount not attributable to common shareholders(million yen)——

Profit attributable to common shareholders of parent(million yen)

2,853

3,427

Average number of common shares outstanding
during the period (thousand shares)

33,19333,213- 13 -

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 28, 2023
(Significant Subsequent Events)(A company split between consolidated subsidiaries)
On December 7, 2022, an absorption-type company split agreement was entered into by and between two consolidated
subsidiaries of the Company, Logidea Co., Ltd. and Mr Max Ltd., for the succession of logistics business, and the company
split was approved at the extraordinary general meetings of shareholders of both companies held on February 8, 2023.
The company split was consummated on March 1, 2023 based on the agreement.
The outline of the company split is as follows:1.
Outline of the transaction(1)
Name and business of the constituent enterprise
Name of the constituent enterprise
Logidea Co., Ltd.
Business
Third-party logistics business within the supply chain of the Group(2)
Effective date
March 1, 2023
(3)
Company split method
A method of absorption-type company split in which Mr Max Ltd. is the splitting company and Logidea Co., Ltd. is
the succeeding company.
(4)
Name of the combined enterprise
Logidea Co., Ltd.
(5)
Purpose of the company split
The Group intends to expand its business by enhancing its logistics support services through a structure in which
Logidea Co., Ltd. contracts to provide cargo collection, inventory control, etc., on behalf of other companies including
its existing business partners. It is also our intention to realize speedier decision making and agile business operations
through the transfer of the logistics business, which has been operated as part of the discount store business of Mr Max
Ltd., to Logidea Co., Ltd. by way of business succession in order to further increase the corporate value of the Group.
2.

Outline of the accounting treatment to be applied to the transaction
The Company plans to account for the company split as a transaction under common control in accordance with the“Accounting Standard for Business Combinations” (ASBJ Statement No. 21, January 16, 2019) and the “Guidance on
Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures” (ASBJ Guidance No.
10, January 16, 2019).

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