Consolidated Financial Results
for the Fiscal Year Ended August 31, 2021
[Japanese GAAP]
October 15, 2021
Company name: West Holdings Corporation
Stock exchange listing: Tokyo Stock Exchange
Code number: 1407
URL: https://www. west-gr.co.jp/
Representative: Eiichiro Egashira, Representative Director and President
Contact: Nobuo Katsumata, Managing Director
Phone: +81-3-5358-5757
Scheduled date of general shareholders’ meeting: November 26, 2021
Scheduled date of commencing dividend payments: November 29, 2021
Scheduled date of filing securities report: November 26, 2021
Availability of supplementary explanatory materials on annual financial results: None
Schedule of annual financial results briefing session: Scheduled (for analysts and institutional investors)(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended August 31, 2021 (September 1, 2020 - August 31,2021)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Fiscal year endedMillion yen%
Million yen%
Million yen%
Million yen%August 31, 2021
67,938
9.7
10,148
41.3
9,648
45.9
6,495
47.1
August 31, 2020
61,947
(3.1)
7,180
22.4
6,615
21.9
4,417
21.6
Note: Comprehensive income: Fiscal year ended August 31, 2021: ¥6,476 million [45.4%]
Fiscal year ended August 31, 2020: ¥4,453 million [25.8%]
DilutedRatio ofRatio of
Basic earnings
Return onearnings
ordinary profit operating profit
per share
equityper share
to total assets
to net sales
Fiscal year endedYenYen%%%
August 31, 2021
159.70－28.5
10.7
14.9August 31, 2020
107.66
－23.3
8.0
11.6
(Reference) Equity in earnings of affiliated companies: Fiscal year ended August 31, 2021: ¥ –million
Fiscal year ended August 31, 2020: ¥ –million
Notes: 1. On March 1, 2021, the Company carried out a 1.3-for-1 stock split for its common stock.
Basic earnings per share is calculated on the assumption that the said stock split was implemented at thebeginning of the previous consolidated fiscal year.
2. Diluted earnings per share has not been presented since there are no potential shares.
(2) Consolidated Financial Position
Total assets
Million yen

Net assets
Million yen

Equity ratio

Net assets per share%Yen

97,278
As of August 31, 2021
25,33126.0
622.6682,299As of August 31, 2020
20,35924.7
500.02(Reference) Equity: As of August 31, 2021: ¥25,315 million
As of August 31, 2020: ¥20,343 million
Note: On March 1, 2021, the Company carried out a 1.3-for-1 stock split for its common stock.
Net assets per share is calculated on the assumption that the said stock split was implemented at the beginningof the previous consolidated fiscal year.

(3) Consolidated Cash Flows
Cash and cash
equivalents
at year-end

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Million yen

Million yen

Million yen

Million yen

5,127
1,333

(4,037)
(669)

3,315
(3,412)

34,34929,913Fiscal year ended
August 31, 2021
August 31, 2020
2. Dividends
1stquarterend
Yen

Annual dividends
2nd
3rd
Yearquarter- quarterend
end
end
Yen

Yen

Yen

Total
Yen

Total
dividends(annual)Payout ratio(consolidated)

Ratio ofdividends tonet assets(consolidated)%%Million yen

Fiscal year ended
－0.00
－
45.00
45.00
1,408
32.3
7.5
August 31, 2020
Fiscal year ended
－0.00
－
50.00
50.00
2,032
31.3
8.9
August 31, 2021
Fiscal year ending
August 31, 2022
－
0.00
－
55.00
55.00
31.4
(Forecast)
Note: On March 1, 2020, the Company carried out a 1.3-for-1 stock split for its common stock. On March 1, 2021,
the Company also carried out a 1.3-for-1 stock split for its common stock. The dividends for both the fiscal
year ended August 31, 2020 and for the fiscal year ended August 31, 2021 are the amounts after the stocksplit.
If the stock split is not considered, the total annual dividends for the fiscal year ended August 31, 2021 will be
65.00 yen, which is actually an increase of 15.00 yen.
3. Consolidated Financial Results Forecast for the Fiscal Year Ending August 31, 2022 (September 1, 2021 August 31, 2022)(% indicates changes from the previous corresponding period.)
Profit attributable
Basic earnings
Net sales
Operating profit
Ordinary profit
to owners ofper shareparentFirst half
Full year

Million yen

37,907
91,250%43.5
34.3

Million yen

3,97811,672%

18.5
15.0

Million yen

3,628
10,972%

20.1
13.7

Million yen

2,358
7,132

* Notes:(1) Changes in significant subsidiaries during the fiscal year under review: None
(Changes in specified subsidiaries resulting in changes in scope of consolidation)
Newly included: － (Company name:)
Excluded: － (Company name:)(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the year (including treasury shares):
August 31, 2021:
46,027,488 shares
August 31, 2020:
46,027,488 shares

%

18.4
9.8

Yen

57.97
175.34

2) Total number of treasury shares at the end of the year:
August 31, 2021:
5,369,813 shares
August 31, 2020:
5,342,900 shares
3) Average number of shares during the year:
Year ended August 31, 2021:
40,674,580 sharesYear ended August 31, 2020:
41,026,800 shares
On March 1, 2021, the Company carried out a 1.3-for-1 stock split for its common stock.
Total number of issued shares (common shares) is calculated on the assumption that the said stock split wasimplemented at the beginning of the previous consolidated fiscal year.
(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended August 31, 2021 (September 1, 2020 - August31, 2021)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Operating profit
Ordinary profit
Net income
Year ended
Million yen%
Million yen%
Million yen%
Million yen%August 31, 2021
4,925
24.3
3,442
61.0
3,420
60.5
2,928
56.0
August 31, 2020
3,961
13.0
2,138
31.3
2,132
39.5
1,877
25.8
Basic earnings
per share

Diluted earnings
per share

Year ended
YenYenAugust 31, 2021
71.99－
August 31, 2020
45.76
－Notes: 1. On March 1, 2021, the Company carried out a 1.3-for-1 stock split for its common stock.
Basic earnings per share is calculated on the assumption that the said stock split was implemented at thebeginning of the previous consolidated fiscal year.
2. Diluted earnings per share has not been presented since there are no potential shares.
(2) Non-consolidated Financial Position
Total assets
Million yen

Net assets
Million yen

Equity ratio

Net assets per share%

Yen

As of August 31, 2021
43,152
12,67529.4
311.76
As of August 31, 2020
42,794
11,24426.3
276.39(Reference) Equity: As of August 31, 2021: ¥12,662 million
As of August 31, 2020: ¥11,244 million
Note: On March 1, 2021, the Company carried out a 1.3-for-1 stock split for its common stock.
Net assets per share is calculated on the assumption that the said stock split was implemented at the beginningof the previous consolidated fiscal year.
* These consolidated financial results are outside the scope of audit by certified public accountants or an audit firm.
* Explanation of the proper use of financial results forecast and other notes
Forward-looking statements in this document, including earnings projections, are based on currently available
information and certain premises that are judged to be rational, and the Company does not in any way guarantee theachievement of the projections. Actual results may therefore differ materially depending on various factors. For
assumptions used in forecasting financial results and precautions in using the financial results forecast, please refer
to “1. Overview of Operating Results (4) Future Outlook” on page 4 of the financial results (Attachments).

3. Consolidated Financial Statements and Principal Notes(1) Consolidated Balance Sheets(Million yen)
As of August 31, 2020
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Lease receivables
Accounts receivable from completed construction
contracts
Merchandise
Real estate for sale
Costs on construction contracts in progress
Raw materials and supplies
Other
Allowances for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, netLand
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowances for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

1

As of August 31, 2021

31,0007,017
4,278

35,937
7,847
5,102

4,493

7,696

4,946
2,785
11,142
26
1,951
(198)
67,446

6,613
2,167
11,863
0
2,611
(290)
79,5502,109(1,000)1,109
14,923(6,247)
8,675
1,510
2,913
(1,893)
1,020
12,315234

2,358(1,105)
1,253
14,248(4,669)
9,579
3,521
2,997
(2,265)731
15,086
353

467
110
504
1,319(98)2,303
14,85382,299329
109
497
1,457(104)2,288
17,72897,278(Million yen)
As of August 31, 2020
Liabilities
Current liabilities
Notes and accounts payable - trade
Accounts payable for construction contracts
Current portion of bonds payable
Short-term borrowings
Income taxes payable
Provision for warranties for completed construction
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Asset retirement obligations
Deferred tax liabilitiesOther
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
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

2

As of August 31, 2021

3,818
1,444
140
14,775
718
441
5,772
27,112

6,095
2,061
190
20,725
2,083
194
6,668
38,018190
33,531553
178
374
34,82861,940450
32,409705
37
325
33,92871,9462,020
728
20,737(3,121)
20,3652,020
728
25,824(3,216)25,356(44)
192(22)
15
20,35982,299

(37)
－(3)
(40)
15
25,331
97,278

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Million yen)
For the fiscal year ended
August 31, 2020
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Subsidy incomeConsumption tax difference
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary losses
Loss on valuation of shares of subsidiaries and associates
Loss on valuation of investment securities
Total extraordinary losses
Profit before distributions of profit or loss on silent
partnerships and income taxes
Distributions of profit or loss on silent partnerships
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

3

For the fiscal year ended
August 31, 2021

61,94748,256
13,691
6,510
7,180

67,93851,278
16,6606,511
10,148

9
12－
18
14
55

4
10
20
19
26
81

465
122
31
620
6,615

414
145
21
580
9,648

－
－－

29
119
149

6,615

9,499

16
6,598
1,977
203
2,181
4,417
－
4,417

26
9,472
3,115
(138)
2,977
6,495
－
6,495

Consolidated Statements of Comprehensive Income(Million yen)
For the fiscal year ended
August 31, 2020
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

4For the fiscal year ended
August 31, 2021

4,417

6,495

28
4
336
4,453

7(19)
(6)
(18)
6,476

4,453

6,476

－－

(3) Consolidated Statements of Changes in Equity
Fiscal year ended August 31, 2020 (from September 1, 2019 to August 31, 2020)(Million yen)
Shareholders’ equity
Share capital
Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners ofparent
Purchase of treasury shares
Net changes of items other thanshareholders’ equity
Total changes during period
Balance at end of period

Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners ofparent
Purchase of treasury shares
Net changes of items other thanshareholders’ equity
Total changes during period
Balance at end of period

Capital surplus

2,020

Retainedearnings

728－
2,020

Treasury shares

17,420(2,542)(1,100)(1,100)

4,417

4,417

3,316
20,737

－
728

Total
shareholders’equity17,627

Accumulated other comprehensive income
TotalValuation
Foreign
Deferred gains
accumulateddifference on
currency
or losses onotheravailable-fortranslation
hedgescomprehensive
sale securities
adjustment
income
(72)
15
(1)
(58)

(578)

(578)

(578)
(3,121)

2,738
20,365

Noncontrollinginterests
15

Total net
assets

17,584(1,100)
4,417
(578)

28

4

336

28
(44)

419

3
236(22)536－
152,774
20,359Fiscal year ended August 31, 2021 (from September 1, 2020 to August 31, 2021)(Million yen)
Shareholders’ equity
Share capital
Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Net changes of items other thanshareholders’ equity
Total changes during period
Balance at end of period

Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Net changes of items other thanshareholders’ equity
Total changes during period
Balance at end of period

Capital surplus

2,020

Retainedearnings

728

－
2,020

Treasury shares

20,737(3,121)(1,408)(1,408)

6,495

6,495

5,087
25,824

－
728

Total
shareholders’equity20,365

Accumulated other comprehensive income
TotalValuation
Foreign
Deferred gains
accumulateddifference on
currency
or losses onotheravailable-fortranslation
hedgescomprehensive
sale securities
adjustment
income
(44)
19
2
(22)

(95)

(95)

(95)
(3,216)

4,991
25,356

Noncontrollinginterests
15

Total net
assets20,359(1,408)
6,495
(95)

7(19)

(6)

(18)

7(37)

(19)
－(6)
(3)

(18)
(40)

6(18)
－15

4,972
25,331

(4) Consolidated Statements of Cash Flows(Million yen)
For the fiscal year ended
August 31, 2020
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for warranties forcompleted construction
Interest and dividend income
Interest expenses
Loss on valuation of shares of subsidiaries and associates
Loss (gain) on valuation of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in advance payments to suppliers
Increase (decrease) in trade payables
Increase (decrease) in advances received on construction
contracts in progress
Decrease (increase) in accounts receivable - other
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of investment securities
Purchase of property, plant and equipment
Purchase of intangible assets
Payments into time deposits
Proceeds from refund of leasehold and guarantee deposits
Payments of leasehold and guarantee deposits
Proceeds from collection of long-term loans receivable
Long-term loan advances
Decrease (Increase) in derivative deposits
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Increase (decrease) in short-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Other, netNet 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

7

For the fiscal year ended
August 31, 2021

6,598
1,566
94

9,472
1,295
98

(210)

(247)

(21)
465－－818(4,546)299(1,289)(14)41429
119(4,838)(2,244)
(872)
2,944

(8)

19(222)
(117)
(159)
1,009
(115)
4,160
22(472)(2,377)
－
1,333

123
41330
356
442
7,469
15
420
(1,936)
－
5,127

(14)
(669)
(123)
－
6
(5)
14
(11)
123
8(669)(3)(3,256)(138)(500)
16(27)
20(24)－(122)(4,037)

－
200
(420)
12,900(14,212)(578)(1,101)(200)(3,412)(10)(2,759)32,672
29,913

4,500
500
(190)
15,768(15,521)(95)(1,408)
(237)
3,315
29
4,435
29,91334,349