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 29, 2024
(Under Japanese GAAP)
April 11, 2024
Company name
Listings
Security code
URL
Representative
Contact
Telephone

Mr Max Holdings Ltd.
Tokyo Stock Exchange, Fukuoka Stock Exchange
8203
https://www.mrmaxhd.co.jp/
Yoshiaki Hirano, President
Hirokazu Ishii, Senior Executive Officer in charge of Corporate Planning and 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 23, 2024
May 24, 2024
May 23, 2024
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 29, 2024 (March 1, 2023 to February 29, 2024)(1) Operating Results(Percentage figures represent year-on-year changes)

Operating revenue

Year ended February 29,2024
Year ended February 28,2023
Note: Comprehensive income:Operating profit

Profit (loss) attributable toowners of parent

Ordinary profit

million yen%

million yen%

million yen%

million yen%

129,570

2.1

3,021

(34.8)

2,908(35.7)

2,444(28.7)

126,904

1.7

4,632

3.2

4,523

4.1

3,427

20.1

Year ended February 29, 2024: 2,557 million yen [(29.5%)]
Year ended February 28, 2023: 3,628 million yen [26.5%]

yenYear ended February 29,2024
Year ended February 28,
2023

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

%

%

%

73.53

—

7.3

3.5

2.3

103.19

—

11.0

5.5

3.6

Reference: Share of profit (loss) of entities accounted for using the equity method:Year ended February 29, 2024:– million yen

Year ended February 28, 2023:– million yen(2) Financial Position
Total assets
February 29, 2024
February 28, 2023
Reference: Total equity

Net assets

Total equity ratio

Net assets per share

million yen

million yen%

yen

83,511
81,932

34,12932,45240.9
39.6

1,026.47
976.82February 29, 2024: 34,129 million yen

February 28, 2023: 32,452 million yen(3) Cash Flows
Cash flows from operating
activities

Year ended February 29,2024
Year ended February 28,
2023

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

3,934(2,611)(2,070)

2,389

3,970

(186)

(3,535)3,136

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 28,2023
Year ended February 29,2024
Year ending February 28,2025 (forecast)

yen

yen

yen

yen

million yen

%

%

—

0.00

—

27.00

27.00

897

26.2

2.9

—

0.00

—

18.00

18.00

598

24.5

1.8

—

0.00

—

20.00

20.00

30.2

3. Forecast of Consolidated Earnings for the Fiscal Year ending February 28, 2025 (March 1, 2024 to February 28, 2025)(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

67,000132,000

2.3
1.9

2,000
3,300

5.3
9.2

1,900
3,200

2.6
10.0

1,300
2,200

8.7
(10.0)

39.10
66.16

* 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: None
2) Changes other than the above 1): None
3) Changes in accounting estimates: Yes
4) Retrospective restatements: None
(3) Number of shares issued (common stock)1) Number of shares issued at end of period (including treasury shares):February 29, 2024:
39,611,134 shares
February 28, 2023:
39,611,134 shares
2) Number of treasury shares held at end of period:
February 29, 2024:
6,362,036 shares
February 28, 2023:
6,388,805 shares
3) Average number of shares outstanding during the period:
Year ended February 29, 2024:
33,241,049 sharesYear ended February 28, 2023:
33,213,093 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 29, 2024

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(Note on Change in Accounting Estimates) ..................................................................................................................... 12(Changes in Presentation) ................................................................................................................................................ 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 29, 2024

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 29, 2024, the Japanese economy saw the impact of the COVID-19 pandemic ease andbusiness recover moderately. On the other hand, the economic outlook remained uncertain mainly due to a surge in prices, rapid
foreign exchange fluctuations, and concerns over a slowdown of economic activity caused by the easing of monetary policy
around the world.
In such an environment, the Group, as an operator of general discount stores, under its management philosophy “Making
everyday life of customers richer, more convenient, and more fun,” thoroughly pursued the ideal of Everyday Low Price (EDLP)– we sell products, mainly daily necessities, at low prices every day, thereby focusing on Every Day Low Cost (EDLC), which
supports the EDLP principle. During the fiscal year under review, we renovated 12 existing stores with the aim of further
enhancing the earnings power of existing stores and customer convenience, and in addition, we opened an online store in March2023.
In the online store, we offer products at the same reasonable prices as we do in physical stores. Regarding the ways forcustomers to receive their purchases, customers can opt for home delivery or in-store pickup. Each customer can choose the
shopping style that suits their individual situation, which has raised convenience. As a result, the number of registered customers
exceeds 100,000 people. From now on, we will further reinforce and broaden the range of merchandise and improve the functions.
In parallel, as the digital transformation (DX) strategy, we will utilize data to carry out efficient sales promotions and lift theefficiency of employee work in order to further reduce our operating costs.
Sales from all stores for the fiscal year under review were 124,514 million yen (up 2.0% year on year). In terms of products,
we strengthened and expanded the lineup of high-performance front-loader washing machines, which drove sales. Furthermore,sales of products that highlighted EDLP, including beverages, instant noodles, and pet goods, remained strong, reflecting thetrend of people becoming more budget-minded in the face of rising prices. Regarding PB products in particular, we offered “lowprices with value” by integrating production plants and revising purchases. As a result, sales of them increased 15.1% year on
year.
Additionally, as consumers increased outings during the fiscal year under review, sales of products such as carry cases,
cosmetics, and shoes increased.
On the other hand, sales of high-profit COVID-19-related goods, including face masks and testing kits, decreased. The grossprofit margin dropped 1.0% partly due to a surge in procurement prices, resulting in a gross profit of 26,949 million yen (down
2.7% year on year)
In terms of costs, selling, general, and administrative expenses totaled 28,984 million yen (up 4.1% year on year) due toincreases in capital expenditure with an eye on future growth, such as e-commerce business and renovations, and cashless
payment charges. Operating profit was 3,021 million yen (down 34.8% year on year), and ordinary profit was 2,908 million yen(down 35.7% year on year). Profit attributable to owners of the parent was 2,444 million yen (down 28.7% year on year).
In the future, we will continue pursuing business expansion with the aim of realizing the goal of “Making everyday life ofcustomers richer, more convenient, and more fun” for as many customers as possible.
(Net sales by product category)Year ended February 28, 2023
Category

Amount (million yen)

Year ended February 29, 2024

Share

Amount (million yen)

Share

Home appliances

17,803

14.6%

17,407

14.0%

Apparel

6,656

5.5%

6,677

5.4%

Life style

17,172

14.1%

17,066

13.7%

Home living

11,581

9.5%

11,5699.3%

HBC

25,052

20.5%

25,514

20.5%

Foods

43,84035.9%

46,507

37.4%

Other

4

0.0%

(220)

(0.2%)

Elimination

(5)

0.0%

(9)

0.0%

122,107100.0%

124,514100.0%Total-2-

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 29, 2024
2) Forecast for the next fiscal year
The forecast for the next fiscal year is as follows.
(Earnings forecasts)
Operating revenue
132.0 billion yen
Operating profit
3.3 billion yen
Ordinary profit
3.2 billion yen
Profit attributable to owners of parent
2.2 billion yen
Earnings per share
66.16 yen
* The estimated earnings per share is calculated using the number of shares issued at the end of the fiscal year ended February
29, 2024 (excluding treasury shares), without considering purchases of treasury shares, requests for purchase or additionalpurchase 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 29, 2024 were 19,161 million yen, an increase of 914 million yen from the end of the previous
fiscal year (February 28, 2023). The increase is mainly attributable to an increase of 1,093 million yen in merchandise. Noncurrent assets were 64,350 million yen, an increase of 664 million yen from the end of the previous fiscal year. The rise ismainly attributable to an increase of 1,026 million yen in buildings and structures.
As a result, total assets were 83,511 million yen, an increase of 1,579 million yen from the end of the previous fiscal year.
(Liabilities)
Current liabilities as of February 29, 2024 were 26,784 million yen, an increase of 930 million yen from the end of theprevious fiscal year (February 28, 2023). The decrease is mainly attributable to an increase of 1,467 million yen in notes andaccounts payable - trade. Non-current liabilities were 22,597 million yen, a decrease of 1,028 million yen from the end of theprevious fiscal year. The decrease is mainly attributable to a decrease of 695 million yen in long-term borrowings.
As a result, liabilities were 49,382 million yen, a decrease of 97 million yen from the end of the previous fiscal year.
(Net assets)
Net assets as of February 29, 2024 were 34,129 million yen, an increase of 1,677 million yen from end of the previous fiscal
year (February 28, 2023). The increase is mainly attributable to an increase of 1,547 million yen in retained earnings.
2) Cash flows(Cash flow from operating activities)
Net cash provided by operating activities amounted to 3,934 million yen (down 0.9% year on year). This is mainly
attributable to profit before income taxes of 2,843 million yen and depreciation of 2,575 million yen, which were partially
offset by an increase in inventories of 1,091 million yen and income tax paid of 811 million yen.
(Cash flow from investing activities)
Net cash used in investing activities amounted to 2,611 million yen (up 1,298.8% year on year). This is mainly attributable topurchases of property, plants, and equipment of 2,045 million yen, proceeds from collection of leasehold and guarantee
deposits of 492 million yen.
(Cash flow from financing activities)
Net cash used in financing activities amounted to 2,070 million yen (down 41.4% year on year). This is mainly attributableto proceeds of 5,500 million yen from long-term borrowings, 5,845 million yen in repayments of long-term borrowings,
dividends paid of 895 million yen, and 554 million yen in repayments of lease liabilities.
As a result, the cash and cash equivalents at the end of the fiscal year ended February 29, 2024 amounted to 2,389 million
yen.

-3-

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 29, 2024
(Changes in cash flow indicators)
FYE
Feb 2020

FYE
Feb 2021

FYE
Feb 2022

FYE
Feb 2023

FYE
Feb 2024

Shareholders' equity ratio (%)

29.5

33.8

36.1

39.6

40.9

Shareholders' equity ratio based on market value
(%)

14.8

29.1

23.1

26.3

24.2

Interest-bearing debt/cash flow ratio (years)

7.8

2.4

6.6

5.3

5.2

Interest coverage ratio (times)

16.5

44.1

18.7

24.1

29.7

(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. The Company pays dividends, using the profit as thestandard after deducting temporary profits and losses (after income taxes), such as impairment loss, from profit attributable toowners of the parent.
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 29, 2024
The Company plans to pay a year-end dividend of 18 yen per share for the fiscal year ended February 29, 2024.
The scheduled date of commencement of dividend payments is May 24, 2024.
3) Shareholder returns for the fiscal year ending February 28, 2025
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 20 yen per share.

-4-Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 29, 2024

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 29, 2024

4. Consolidated Financial Statements and Main Notes(1) Consolidated Balance Sheet
As of
February 28, 2023
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-6-(Millions of yen)
As ofFebruary 29, 2024

3,136
3,030
10,76945
1,265
18,246

2,389
3,467
11,862
43
1,399
19,16146,491(33,162)
13,328
1
(1)
0
8,321
(6,921)
1,399
30,115
5,743(2,687)3,055
528
48,42848,808(34,453)
14,355
1
(1)
0
8,516
(7,203)
1,313
30,115
5,743(2,989)2,753
048,538

107
1,126
1,233

26
1,534
1,561

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

578
7
2,181
3,841
6,871
805
(34)
14,25164,35083,511Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 29, 2024
(Millions of yen)
As of
As of
February 28, 2023
February 29, 2024
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
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
Total net assets
Total liabilities and net assets

-7-

6,846
7,556
5,570
286
554
407
875
3,757
25,854

8,313
6,830
5,920
286
359
791
725
3,557
26,784

1,428
13,956
2,700
864
1,230
3,445
23,62549,4801,142
13,261
2,340
917
1,572
3,362
22,59749,382

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

10,2297,992
18,159(2,580)33,800

115
(1)
5
95
215
32,452
81,932

232
3
5
86
328
34,12983,511Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 29, 2024
(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income(Consolidated Statement of Income)(Millions of yen)
Year ended
Year ended
February 28, 2023
February 29, 2024
Net sales
122,107
124,514
Cost of sales
Beginning merchandise inventory
9,890
10,804
Cost of purchased goods
95,334
98,658
Total
105,224
109,462
Ending merchandise inventory
10,805
11,897
Cost of goods sold
94,41997,564Gross profit
27,687
26,949Operating revenue
Real estate lease revenue
3,820
3,862
Other operating revenue
976
1,193
Total operating revenue
4,797
5,056
Operating gross profit
32,48532,005
Selling, general and administrative expenses
27,85328,984
Operating profit
4,632
3,021
Non-operating income
Interest income
27
23
Dividend income
13
15
Income from leaving tenants
13
11
Other
52
65
Total non-operating income
107116
Non-operating expenses
Interest on bonds
00Interest expenses
168
140
Other
46
88
Total non-operating expenses
215
229
Ordinary profit
4,523
2,908
Extraordinary income
Gain on sale of non-current assets
189
Gain on sale of investment securities
4
Insurance claim income
64
Compensation received for damage
120
Total extraordinary income
253
124
Extraordinary losses
Loss on disaster
38
Loss on sale of non-current assets
75
Loss on retirement of non-current assets
90
190
Impairment losses
163
Store closure-related losses
29
Total extraordinary losses
397
190
Profit before income taxes
4,380
2,843
Income taxes - current
956
1,015
Income taxes - deferred
(0)
(616)
Total income taxes
956
399
Profit3,423
2,444
Loss attributable to non-controlling interests(3)
Profit attributable to owners of parent
3,427
2,444

-8-

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 29, 2024
(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, 2023
3,423(Millions of yen)
Year ended
February 29, 2024
2,444

62
(1)
0
142
204
3,628

116
4
0
(8)
113
2,557

3,631
(3)

2,557
-

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 29, 2024
(3) Consolidated Statement of Changes in Equity
Year ended February 28, 2023 (From March 1, 2022 to February 28, 2023)(Millions of yen)

53

-

5

(47)

10

Total net assets

29,688Non-controllinginterests

Valuationdifference on
available-for-salesecurities(2,603)

Total accumulated
othercomprehensive
incomeTotal
shareholders'equity14,081Remeasurementsof defined
benefit plans

Treasury shares

7,980

Foreign currencytranslation
adjustment

Retainedearnings

10,229Deferred gains orlosses on hedges

Capital surplus

Balance at beginning of
periodAccumulated other comprehensive income

Share capital

Shareholders' equity

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)

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

Total changes during period
Balance at end of period(0)Year ended February 29, 2024 (From March 1, 2023 to February 29, 2024)(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
income7,986

16,612(2,591)

32,237

115

(1)

5

95

215

Total net assets

Retainedearnings

10,229Non-controllinginterests

Capital surplus

Balance at beginning of
periodAccumulated other comprehensive income

Share capital

Shareholders' equity-

32,452

Changes during period
Dividends of surplus

(897)

(897)

(897)

Profit attributable toowners of parent

2,444

2,444

2,444

(0)

(0)

(0)

11

17

17

Purchase of treasury
shares
Disposal of treasury
shares5

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

116

4

0

(8)

113

113

-

5

1,547

10

1,563

116

4

0

(8)

113

-

1,677

10,2297,992

18,159(2,580)33,800

232

3

5

86

328

-

34,129- 10 -

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 29, 2024
(4) Consolidated Statement of Cash Flows
Year ended
February 28, 2023
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
Loss (gain) on sales of investment securities
Subsidy income
Insurance claim income
Compensation received for damage
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
Proceeds from compensation for damage
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
Proceeds from sale of investment securities
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
Redemption of bonds
Dividends paid
Repayments of lease liabilities
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 -(Millions of yen)
Year ended
February 29, 2024

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

2,843
2,575
(146)
53
(0)
(39)
141
(4)
(120)
190
(437)
(1,091)
946
(240)
4,669
15
(132)
120
(811)
73
3,934

(2,533)
1,272
(490)
452
(87)
1,383
47
(160)
(71)
(186)

(2,045)
(795)
14
(34)
492
94
(160)
(175)
(2,611)

4,500(6,131)
(286)
(895)
(708)
(14)
(3,535)
0
249
2,887
3,136

5,500
(5,845)
(286)
(895)
(554)
11
(2,070)
0
(747)
3,136
2,389

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 29, 2024
(5) Notes on the Consolidated Financial Statements(Notes on the Going Concern Assumption)
Not applicable.
(Note on Change in Accounting Estimates)(Changes in Asset Retirement Obligation Estimates)
Regarding asset retirement obligations appropriated as the obligation to restore sites to their original state in connection withreal estate lease agreements of the Company, the cost estimates of restoring sites to their original state were changed in the
consolidated fiscal year under review as a result of obtaining new information on the costs of restoring such sites to their
original state necessary at the time of vacating the stores.
An increase of 373 million yen due to the estimate change was added to the balance of asset retirement obligations beforechange.
(Changes in Presentation)(Consolidated Statement of Income)“Reversal of allowance for doubtful accounts” separately stated in “Non-operating income” in the previous consolidated
fiscal year is included in “Other” in the consolidated fiscal year under review, since its quantitative materiality diminished. As aresult, 1 million yen stated in “Reversal of allowance for doubtful accounts” in the consolidated statement of income for theprevious consolidated fiscal year is reclassified in “Other.”(Segment Information)[Segment information]
Year ended February 28, 2023
This information is omitted because the Group has a single segment of retail and associated businesses.
Year ended February 29, 2024
This information is omitted because the Group has a single segment of retail and associated businesses.
[Related information]
Year ended February 28, 2023
1. Information by product and service(Millions of yen)

Sales to externalcustomers

Foods

HBC

43,84025,052Home
appliances

Life style

17,803

17,172Home
living

11,581

Apparel

Other

6,656

Elimination

4

Total

(5) 122,107

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 29, 2024
1. Information by product and service(Millions of yen)

Sales to externalcustomers

Foods

HBC

46,50725,514Home
appliances

17,407

Life
style

Home
living

17,066

11,569- 12 -

Apparel

6,677

Other

(220)

Elimination

Total(9) 124,514

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 29, 2024
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, 2023
This information is omitted because the Group has a single segment of retail and associated businesses.
Year ended February 29, 2024
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, 2023

Year ended February 29, 2024

Net assets per share (yen)976.82

1,026.47

Earnings per share (yen)103.1973.53

Notes 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, 2023

Year ended February 29, 2024

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

3,427

2,444

-

-

Profit attributable to common shareholders of parent(million yen)

3,427

2,444

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

33,21333,241

Amount not attributable to common shareholders(million yen)

- 13 -

Mr Max Holdings Ltd. (8203)
Financial Results for the Fiscal Year ended February 29, 2024
(Significant Subsequent Events)(Issuance of Corporate Bonds)
The Company concluded an underwriting agreement with MUFG Bank, Ltd. concerning the issuance of ESG Management
Support Private Bonds (The second round of unsecured corporate bonds of Mr Max Holdings, Ltd.) on March 25, 2024.
(1) Name of bonds:(2) Objective:(3) Category of bonds:(4) Total amount of issue:(5) Issue date:(6) Interest payment dates:(7) Interest rate:(8) Paid-in amount:(9) Redemption amount:(10) Redemption period:(11) Fiscal agent:(12) Underwriter:(13) Transfer institution:

ESG Management Support Private Bonds
Working capital
Unsecured corporate bonds
1,500 million yen
March 29, 2024
March 31 and September 30 each year, with the first payment to be made on September 30,
2024
0.56% per annum
100 yen per par value of 100 yen
100 yen per par value of 100 yen
5 years
MUFG Bank, Ltd.
MUFG Bank, Ltd.
Japan Securities Depository Center, Incorporated- 14 -