Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Year Ended March 31, 2021
(Based on Japanese GAAP)May 14, 2021
Company name:

YAMAZEN CORPORATION

Stock exchange listing: Tokyo
Stock code:
8051
Representative:
Inquiries:

URL

https://www.yamazen.co.jp/President, CEOManager, IR & PR Dept.

Yuji NAGAO
Hayato HIRATA

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 24, 2021
June 25, 2021

Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:

June 10, 2021
Yes

Holding of financial results meeting:

Yes

TEL

06-6534-3003(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable toNet salesOperating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2021
434,744(7.9)
11,234(7.1)
11,209
(5.8)
7,572
(6.4)
Year ended March 31, 2020
472,191(10.3)
12,091 (32.8)
11,895(33.4)
8,088(33.6)
Note: Comprehensive income

Year ended March 31, 2021
Year ended March 31, 2020

¥14,530 million [140.9%]¥6,032 million [(48.5)%]
Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equityYen%%%
–7.5
4.7
2.6–
8.6
5.0
2.6

Diluted earnings pershare

Earnings per share
Yen
80.25
85.60

Year ended March 31, 2021
Year ended March 31, 2020

Reference: Share of profit of entities accounted for using equity method
Year ended March 31, 2021¥– million
Year ended March 31, 2020¥– million(2) Consolidated financial position
Total assets
As of March 31, 2021
As of March 31, 2020
Reference: Equity

Net assets

Millions of yen
245,937
230,320

Millions of yen
107,630
95,439As of March 31, 2021

¥107,155 million

As of March 31, 2020¥95,056 million(3) Consolidated cash flows

Year ended March 31, 2021
Year ended March 31, 2020

Cash flows fromoperating activities
Millions of yen
13,566
13,399Cash flows frominvesting activities
Millions of yen(3,911)(1,866)1

Equity ratio

Net assets per share%
43.6
41.3

Yen
1,135.52
1,007.30

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(5,062)74,478(6,382)
68,385

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end
Yen

Yen

Yenof dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Millions of yen%%

Year ended March 31, 2020
–
16.00
–
14.00
30.00
2,837
35.0
3.0
Year ended March 31, 2021
–
10.00
–
10.00
20.00
1,890
24.9
1.9
Year ending March 31, 2022
–
10.00
–
15.00
25.00
29.1
(Forecast)
Note: The Company purchased treasury shares on April 15, 2021 in accordance with a resolution at the meeting of the Board of Directors held onApril 14, 2021.
The consolidated dividend payout ratio for the fiscal year ending March 31, 2022 (forecast) takes into account the impact of this purchaseof treasury shares.
3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Yen
Six months ending
225,000–
4,500–
4,500–3,000–
33.04
September 30, 2021
Full year
485,000–
11,500–11,500
–
7,800
–
85.91
Note 1: As the Company will apply the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29), etc. from the beginning of
the fiscal year ending March 31, 2022, the above forecasts of the consolidated financial results are the amounts after the application of
the said accounting standard, etc., and the percentage change from the previous fiscal year and the same quarter of the previous year arenot stated.
Note 2: The Company purchased treasury shares on April 15, 2021 in accordance with a resolution at the meeting of the Board of Directors heldon April 14, 2021.
“Earnings per share” in the forecasts of the consolidated financial results takes into account the impact of this purchase of treasury
shares.
4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2021
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

NoNo

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2021

95,305,435 shares As of March 31, 2020

95,305,435 shares

Number of treasury shares at the end of the period
As of March 31, 2021

937,995 shares As of March 31, 2020

937,956 shares

94,367,454 shares Year ended March 31, 2020

94,489,461 shares

Average number of shares during the period
Year ended March 31, 2021

Note: The company has introduced Board Benefit Trust (BBT). Number of treasury shares at the end of the period include the Company’s shares
held by Board Benefit Trust (BBT) (180,000 shares as of March 31, 2021, 180,000 shares as of March 31, 2020). In addition, number of treasury
shares excluded for calculating the average number of shares during the period include the Company’s shares held by Board Benefit Trust (BBT)(180,000 shares for the fiscal year ended March 31, 2021, 104,485 shares for the fiscal year ended March 31, 2020).

2

Reference: Summary of non-consolidated financial results
Non-consolidated financial results for the year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)(1) Non-consolidated operating results
Percentages indicate year-on-year changes
Net salesYear ended March 31, 2021
Year ended March 31, 2020

Millions of yen
388,959
423,958

Operating profit% Millions of yen
(8.3)
9,109
(10.3)
9,397

Earnings per share% Millions of yen
(3.1)
8,859
(32.6)
10,315

Profit% Millions of yen(14.1)
6,128(37.4)
7,324%(16.3)(38.8)

Diluted earnings per share

Yen
64.94
77.52

Year ended March 31, 2021
Year ended March 31, 2020

Ordinary profit

Yen––(2) Non-consolidated financial position
Total assets
As of March 31, 2021
As of March 31, 2020
Reference: Equity

Net assets

Millions of yen
214,872
205,820
As of March 31, 2021
As of March 31, 2020

Millions of yen
89,22880,933Equity ratio

Net assets per share%
41.5
39.3

Yen
945.55857.64¥89,228 million¥80,933 million* Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
* Proper use of forecasts of financial results, and other special matters(Caution concerning forward-looking statements)
The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to theCompany and on certain assumptions deemed to be reasonable. These statements do not purport that the Company pledges to realize suchstatements. Actual performance and other results may differ materially due to various factors.

3

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2020

As of March 31, 2021

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

57,587
85,20063,73486,607

Electronically recorded monetary claims - operating
Securities

14,016
11,000

11,25912,000

Merchandise and finished goods
Other

27,0993,339

25,425
3,837

Allowance for doubtful accounts
Total current assets

(526)

(388)

197,717

202,475

Non-current assets
Property, plant and equipment
Buildings and structures

6,029

8,211

Accumulated depreciation(3,696)(4,128)

Buildings and structures, net

2,333

4,082

Machinery, equipment and vehicles

433

497

Accumulated depreciation

(343)

(425)

90

71

Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net

2,515

3,056

(1,738)(2,057)

776

999

Land

3,580

3,717

Leased assets
Accumulated depreciation

5,449(1,758)

5,398(1,919)Leased assets, net

3,690

3,478

Other

1,562

749

Total property, plant and equipment

12,034

13,098Intangible assets

6,343

8,449

Investments and other assets
Investment securities

11,72018,052Distressed receivables
Retirement benefit asset

85
610

78
1,977

356
1,620

326
1,639

Deferred tax assets
OtherAllowance for doubtful accounts

(167)

(161)

Total investments and other assets

14,225

21,91332,603

43,462

230,320

245,937

Total non-current assets
Total assets

4

(Millions of yen)
As of March 31, 2020

As of March 31, 2021

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Lease obligations
Income taxes payable
Provision for bonuses
Provision for voluntary recall of goods
Other

57,75860,61456,039174

51,531
29

394
662

423
2,436

2,381
32

2,780
32

9,492

9,901

126,935

127,749

Long-term borrowings
Lease obligations

–
4,405

135
4,179

Deferred tax liabilities
Retirement benefit liability

1,652
328

4,140
252

Other

1,558

1,849

Total non-current liabilities

7,945

10,558134,881

138,307

Share capital
Capital surplus

7,909
7,561

7,909
7,561

Retained earnings
Treasury shares

77,604(957)

82,887(957)

Total shareholders' equity

92,11897,400Total current liabilities
Non-current liabilities

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

4,447

8,891

Deferred gains or losses on hedges
Foreign currency translation adjustment

68
379

87
1,551

Remeasurements of defined benefit plans(1,956)(774)

Total accumulated other comprehensive income

2,938

9,755

382

474

95,439107,630

230,320

245,937

Non-controlling interests
Total net assets
Total liabilities and net assets

5Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

Net sales

472,191

434,744

Cost of sales

408,890372,071

Gross profit

63,301

62,672

Selling, general and administrative expenses

51,20951,438Operating profit

12,091

11,234Non-operating income
Interest income

1,564

1,352

Dividend income
Other262
159

205
285

1,986

1,843

2,039

1,774

Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets

14293

2,182

1,867

11,895

11,20900

Gain on sale of investment securities–106

Total extraordinary income

0106

Loss on sale of non-current assets
Loss on retirement of non-current assets–1101

Loss on sale of investment securities
Loss on valuation of investment securities

018––

Loss on valuation of golf club membership
Impairment losses

18113–––

20

Extraordinary losses

Loss on liquidation of subsidiaries

161

21

Profit before income taxes

Total extraordinary losses

11,735

11,294

Income taxes - current

3,386

3,590

Income taxes - deferred

213

48

Total income taxes

3,599

3,639

Profit

8,135

7,654

Profit attributable to non-controlling interests
Profit attributable to owners of parent

646

81

8,088

7,572

Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021
8,135

7,654

Valuation difference on available-for-sale securitiesDeferred gains or losses on hedges(1,034)
103

4,443
18

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

(922)
(249)

1,230
1,182

(2,102)

6,875

6,032

14,5305,992

14,43840

92

Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

7

Consolidated statements of changes in equity
Fiscal year ended March 31, 2020
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

7,909

Retained earnings

7,561

Total shareholders'equity

Treasury shares

73,016(751)

87,735

Changes during period
Dividends of surplus(1,986)(1,986)

Interim dividends fromsurplus(1,513)(1,513)

Profit attributable to ownersof parent

8,088

8,088

Purchase of treasury shares

(206)

(206)

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

––

4,588

(206)

4,382

7,909

7,561

77,604(957)

92,118

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Deferred gains
or losses onhedgesForeigncurrencytranslation
adjustment

5,481

(35)

1,295

Total
accumulated
otherof defined benefit
comprehensive
plansincomeRemeasurements(1,707)

5,034

Non-controllinginterests

Total net assets

342

93,113

Changes during period
Dividends of surplus(1,986)

Interim dividends fromsurplus(1,513)

Profit attributable to ownersof parent

8,088

Purchase of treasury shares(206)

Net changes in items otherthan shareholders' equity(1,034)

103

(916)

Total changes during period(1,034)

103

Balance at end of period

4,447

68(249)(2,096)

(916)

(249)

(2,096)

40

2,326

379

(1,956)

2,938

382

95,439840(2,055)Fiscal year ended March 31, 2021
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

7,909

Retained earnings

7,561

Total shareholders'equity

Treasury shares

77,604(957)

92,118Changes during period
Dividends of surplus(1,323)(1,323)

Interim dividends fromsurplus

(945)

(945)

Profit attributable to ownersof parent

7,572

7,572

Purchase of treasury shares(0)Change in scope ofconsolidation

(0)

(21)

(21)

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

––

5,282

(0)

5,282

7,909

7,561

82,887(957)

97,400

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Deferred gains
or losses onhedgesForeigncurrencytranslation
adjustment

4,447

68379

Total
accumulated
otherof defined benefit
comprehensive
plansincomeRemeasurements(1,956)

2,938

Non-controllinginterests

Total net assets

382

95,439Changes during period
Dividends of surplus(1,323)

Interim dividends fromsurplus(945)

Profit attributable to ownersof parent

7,572

Purchase of treasury shares(0)Change in scope ofconsolidation(21)

Net changes in items otherthan shareholders' equity

4,443

18

1,172

1,182

6,816

92

6,908

Total changes during period

4,443

18

1,172

1,182

6,816

92

12,190

Balance at end of period

8,891

87

1,551(774)

9,755474

107,630

9Consolidated statements of cash flows(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021

Cash flows from operating activities
Profit before income taxes

11,735

11,294

Depreciation
Retirement benefit expenses

2,013
588

2,054
620

Impairment losses
Increase (decrease) in allowance for doubtful accounts

113
(117)

–(148)

Increase (decrease) in other provisions
Increase (decrease) in retirement benefit liability

(716)
(372)

338
(371)

Decrease (increase) in retirement benefit asset
Interest and dividend income(10)(1,826)9(1,557)

Interest expenses
Foreign exchange losses (gains)

2,039
3

1,774
17

Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities

018(106)–

Loss on retirement of property, plant and equipment andintangible assets

111

Loss (gain) on sale of property, plant and equipment andintangible assets

(0)

(0)

Decrease (increase) in trade receivables
Decrease (increase) in inventories

14,915
3,754

2,125
2,302

Increase (decrease) in trade payables
Other, net(14,667)
1,642(2,869)
184

Subtotal

19,123

15,670

Income taxes paid

(5,723)(2,104)

Net cash provided by (used in) operating activities

13,39913,566

Payments into time deposits
Proceeds from withdrawal of time deposits(27)
59(193)329

Purchase of securities
Proceeds from redemption of securities–500(1,000)–(1,090)
898

(139)
165

(7)
21(9)
19(101)30(92)
55

Purchase of property, plant and equipment and intangible
assets(3,988)(4,599)Proceeds from sale of property, plant and equipment andintangible assets

70

Cash flows from investing activities

Purchase of investment securities
Proceeds from sale and redemption of investment securities
Loan advances
Proceeds from collection of loans receivable
Payments of other investmentsCollection of other investments

Interest and dividends received

1,832

1,553

Net cash provided by (used in) investing activities(1,866)(3,911)

10

(Millions of yen)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of lease obligations
Repayments of long-term borrowings
Dividends paid
Interest paid
Purchase of treasury shares
Other, net
Net cash provided by (used in) financing activities

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021
177

(178)

(485)
–

(438)
(29)

(3,500)(2,038)(2,268)(1,771)

(206)
(329)

(0)
(375)

(6,382)(5,062)

Effect of exchange rate change on cash and cash equivalents

(555)

926

Net increase (decrease) in cash and cash equivalents

4,595

5,518

Cash and cash equivalents at beginning of period

63,78968,385–573

68,38574,478

Increase in cash and cash equivalents resulting from inclusion ofsubsidiaries in consolidation
Cash and cash equivalents at end of period11