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 Nine Months Ended December 31, 2020
[Japanese GAAP]
February 10, 2021
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: 0574-60-0864
Scheduled date of filing quarterly securities report: February 12, 2021
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 Nine Months Ended December 31, 2020 (April 01, 2020 to December 31, 2020)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toOperating revenues
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
Nine months ended
December 31, 2020
553,583
8.5
23,210101.1
25,16493.9
13,148108.4
December 31, 2019
510,065
19.1
11,542(5.6)
12,977(2.9)
6,309(21.8)(Note) Comprehensive income:Nine months ended December 31, 2020:¥
18,397 million [190.3%]
Nine months ended December 31, 2019:¥6,337 million [(19.9) %]Basic earnings
per share
Nine months ended
December 31, 2020
December 31, 2019

Diluted earnings per
shareYen

Yen

244.87117.51

244.78-(2) Consolidated Financial Position
Total assets
Million yen
As ofDecember 31, 2020
420,332
March 31, 2020
383,919(Reference) Equity: As of December 31, 2020:
As of March 31, 2020:

Net assets

Capital adequacy ratio

Million yen¥¥

1

155,826
140,645
143,690 million
130,748 million

%

34.2
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

-25.00

28.00

53.00

Year-end

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

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

Full year
710,000
4.7 24,000
54.7 26,000(Note) Revision to the financial results forecast announced most recently:
No% Million yen

54.0

11,000%Yen

69.8

204.86* Notes:(1) Changes in significant subsidiaries during the nine months ended December 31, 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):December 31, 2020:
53,987,499 shares
March 31, 2020:
53,987,499 shares2) Total number of treasury shares at the end of the period:
December 31, 2020:
291,212 shares
March 31, 2020:
293,255 shares
3) Average number of shares during the period:
Nine months ended December 31, 2020:
Nine months ended December 31, 2019:53,695,544 shares
53,694,274 shares

2NoQuarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Million yen)
As of March 31,2020
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Guarantee deposits
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

As of December 31,2020

24,687
12,77951,284891
14,932(10)
104,565

39,171
16,611
57,791
1,218
13,786(11)
128,567

132,628
51,63625,167
209,431

139,833
52,287
27,040219,160

1,390
14,316
15,706

1,682
14,273
15,95632,102
22,453(341)
54,215279,353
383,919

31,94525,093(391)
56,648291,765
420,332(Million yen)
As of March 31,2020
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Commercial papers
Current portion of bonds payable
Income taxes payable
Provision for bonuses
Provisions
Asset retirement obligations
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Provisions
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-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

4

As of December 31,2020

51,40047,339
20
3,659
3,143
2,458
91
33,673
141,786

58,41942,771
10,00010,010
5,827
2,051
2,494
37
40,143
171,755

10,01053,489627
4,743
12,703
19,911
101,486
243,273

5
53,896660
5,148
13,313
19,72692,750264,506

13,60920,07699,256(566)
132,375

13,60920,054
109,554(561)
142,657(1,865)

859

0
273
(34)
(1,627)142
9,754
140,645
383,919

201
(27)
1,032
134
12,002
155,826
420,332

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the nine months)(Million yen)
For the nine months
ended December 31,2019
Net sales
Cost of sales
Gross profit
Operating revenue
Operating gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest incomeDividend income
Share of profit of entities accounted for using equity
methodAdministrative service fee income
Rental income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Rental costs on real estate
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Gain on bargain purchase
Penalty income
Subsidy income
Other
Total extraordinary income
Extraordinary losses
Loss on sales of non-current assets
Loss on retirement of non-current assets
Impairment loss
Loss on store closings
Loss on disaster
Loss on voluntarily close
Other
Total extraordinary losses
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

5

For the nine months
ended December 31,2020

493,338
366,006
127,331
16,727144,059
132,516
11,542535,450
393,160
142,289
18,132
160,422
137,212
23,210

99
144

98
99

34

48

1,074
617
911
2,882

1,200
647
1,269
3,363

662
514
269
1,447
12,977

645
524
239
1,409
25,164

52
40
133
229
37
449

45
42
17
165
171
141
583

382
583
132
388
402
1,593
11,833
4,537
223
4,760
7,073
763
6,309

22
184
337
2702
168
1,417
24,329
8,791
(187)
8,604
15,725
2,577
13,148

Quarterly Consolidated Statements of Comprehensive Income (For the nine months)(Million yen)
For the nine months
ended December 31,2019ProfitOther 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
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests

6

For the nine months
ended December 31,2020

7,073

15,725

(780)
(0)
34
11

2,761
(0)
(93)
3(0)

0(735)
6,337

2,671
18,3975,550

15,808787

2,589