Consolidated Financial Results
for the Nine Months Ended May 31, 2022
[Japanese GAAP]
July 15, 2022
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: +81-3-6812-2501
Scheduled date of filing quarterly securities report: July 15, 2022
Scheduled date of commencing dividend payments: –Availability of supplementary explanatory materials on quarterly financial results: None
Schedule of quarterly financial results briefing session: Not scheduled(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Nine Months Ended May 31, 2022 (September 1, 2021 – May 31,2022)(1) Consolidated Operating Results (Cumulative)(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Nine months ended
Million yen%
Million yen%
Million yen%
Million yen%
May 31, 2022
48,30426.3
2,674 (46.7)
2,268 (50.7)512 (82.5)
May 31, 2021
38,260(4.7)
5,015
26.0
4,596
30.2
2,919
25.6
Note: Comprehensive income: Nine months ended May 31, 2022: ¥527 million [(81.8)%]
Nine months ended May 31, 2021: ¥2,894 million [24.8%]
Basic earnings
Diluted earnings
per shareper share
Nine months ended
Yen
Yen
May 31, 2022
12.59–
May 31, 2021
71.77–
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 fiscal year ended August 31, 2021.
2. Diluted earnings per share has not been presented since there are no potential shares.
(2) Consolidated Financial Position
Total assets

Net assets

Million yen

100,349
As of May 31, 2022
97,278
As of August 31, 2021
(Reference) Equity: As of May 31, 2022: ¥23,779 million
As of August 31, 2021: ¥25,315 million

Equity ratio

Million yen%

23,79525,33123.7
26.0

2. Dividends
1st quarterend

Annual dividends
3rd quarterend

2nd quarterend

YenYenYear-end

Yen

Fiscal year ended–0.00–
August 31, 2021
Fiscal year ending–0.00–
August 31, 2022
Fiscal year ending
August 31, 2022(Forecast)
Note: Revisions to the dividend forecast most recently announced: NoneTotalYen

Yen

50.00

50.00

55.00

55.00

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 to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parentper share
Million yen% Million yen% Million yen%Million yen

Full year
66,500 (2.1)
8,000 (21.2)
7,400 (23.3)
Note: Revisions to the financial results forecast most recently announced: None

4,000%(38.4)

Yen

98.37* Notes:(1) Changes in significant subsidiaries during the period under review: None
(Changes in specified subsidiaries resulting in changes in scope of consolidation)
Newly included: – (Company name:)
Excluded: – (Company name:)(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):May 31, 2022:
46,027,488 shares
August 31, 2021:
46,027,488 shares2) Total number of treasury shares at the end of the period:
May 31, 2022:5,361,473 shares
August 31, 2021:
5,369,813 shares
3) Average number of shares during the period:
Nine months ended May 31, 2022:
40,661,988 shares
Nine months ended May 31, 2021:
40,678,981 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 at the end of the period (including treasury shares) is calculated on theassumption that the said stock split was implemented at the beginning of the fiscal year ended August 31,2021.

* These quarterly consolidated financial results are outside the scope of quarterly review 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.

(1) Quarterly Consolidated Balance Sheets(Million yen)
As of August 31, 2021Assets
Current 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
Machinery, equipment and vehicles, net
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 accountsTotal investments and other assets
Total non-current assets
Total assets

1

As of May 31, 2022

35,937
7,847
5,102

29,474
5,636
5,255

7,696

1,615

6,613
2,167
11,863
0
2,611
(290)
79,55011,6102,618
18,62023
5,300(317)79,838

9,579
5,507
15,086
353

9,754
5,869
15,624
328

329
109
497
1,457(104)2,288
17,72897,278

836
96
497
3,230
(102)
4,558
20,510100,349

(Million yen)
As of August 31, 2021
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
Provision for loss on withdrawal from electric powerbusiness
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Asset retirement obligations
Deferred tax liabilities
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
Foreign currency translation adjustment
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

2

As of May 31, 2022

6,095
2,061
190
20,725
2,083
194

1,936
1,217
140
19,024
–
141

–

1,436

6,668
38,0187,250
31,145450
32,409705
37
325
33,92871,946330
44,18352037
336
45,40776,5532,020
728
25,824(3,216)25,3562,020
729
24,303(3,248)23,805

(37)
(3)
(40)
15
25,331
97,278(22)(3)(25)1523,795
100,349

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Nine Months Ended May 31(Million yen)
Nine months ended
May 31, 2021
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Exchange gain on foreign currencies
Subsidy income
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 investment securities
Loss on valuation of shares of subsidiaries and associates
Loss on withdrawal from electric power businessTotal 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
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

3

Nine months ended
May 31, 2022

38,26028,815
9,445
4,430
5,015

48,30441,047
7,256
4,582
2,674

44
1
19
1647

2427
3
1250

313138
13
465
4,596

368
58
29
456
2,268

119
29–
149–
–
1,500
1,500

4,447

767

26
4,421
1,501
2,919
–
2,919

26
740
228
512–512

Consolidated Statements of Comprehensive Income
Nine Months Ended May 31(Million yen)
Nine months ended
May 31, 2021
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

4

Nine months ended
May 31, 2022
2,919

512

(0)
(19)
(5)
(25)
2,894

14–
015
527

2,894

527

–

–