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

Consolidated Financial Results
for the Three Months Ended June 30, 2020
[Japanese GAAP]
August 13, 2020
Company name: VALOR HOLDINGS CO.,LTD.
Stock exchange listing: Tokyo,Nagoya
Code number: 9956
URL: https://valorholdings.co.jp/
Representative: Masami Tashiro
President and Representative Director
Contact: Akira Shinohana
Executive Director
Phone: 0574-60-0864Scheduled date of filing quarterly securities report: August 14, 2020
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Three Months Ended June 30, 2020 (April 01, 2020 to June 30, 2020)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toOperating revenues
Operating profit
Ordinary profitowners of parent
Million yen%
Million yen%
Million yen%
Million yen%Three months ended
June 30, 2020
183,002
11.0
9,038
176.0
9,485
164.2
4,644
262.9
June 30, 2019
164,86519.4
3,275(17.2)
3,590(18.8)
1,280(54.6)(Note) Comprehensive income:Three months ended June 30, 2020:¥8,597 million [571.2%]
Three months ended June 30, 2019:¥
1,281 million [(56.8) %]Basic earnings
per share
Three months ended
June 30, 2020
June 30, 2019

Diluted earnings pershare
YenYen

86.50
23.83

86.47-(2) Consolidated Financial Position
Total assets
As ofJune 30, 2020
March 31, 2020
(Reference) Equity:

Net assets

Capital adequacy ratio

Million yen

Million yen

407,088383,919

147,603
140,645
136,917 million
130,748 million

As of June 30, 2020:
As of March 31, 2020:

¥¥

%

33.6
34.1

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2020

-24.00-28.0052.00

Fiscal year ending March 31, 2021

24.00

-28.0052.00

Fiscal year ending March 31, 2021
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

Year-end

TotalNo

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2021(April 01, 2020 to March 31, 2021)(% indicates changes from the previous corresponding period.)
Profit attributable Basic earnings per
Operating revenues Operating profit
Ordinary profit
to owners of parent
shareMillion yen% Million yen% Million yen

Six months ended
345,000
2.57,700
3.58,400
September 30, 2020
Full year690,000
1.8 15,700
1.2 17,200(Note) Revision to the financial results forecast announced most recently:
No% Million yenYen

2.5

3,900

2.7

72.63

1.9

7,000

8.1

130.36* Notes:(1) Changes in significant subsidiaries during the three months ended June 30, 2020(changes in specified subsidiaries resulting in changes in scope of consolidation):No(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2020:
53,987,499 shares
March 31, 2020:
53,987,499 shares2) Total number of treasury shares at the end of the period:
June 30, 2020:
293,255 shares
March 31, 2020:
293,255 shares
3) Average number of shares during the period:
Three months ended June 30, 2020:Three months ended June 30, 2019:%53,694,244 shares
53,694,268 sharesNo