Consolidated Financial Results
for the Six Months Ended February 28, 2022
[Japanese GAAP]
April 14, 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: +81-3-5358-5757
Scheduled date of filing quarterly securities report: April 14, 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 Six Months Ended February 28, 2022 (September 1, 2021 – February
28, 2022)(1) Consolidated Operating Results (Cumulative)(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Six months ended
Million yen%
Million yen%
Million yen%
Million yen%February 28, 2022
34,57130.9
2,716 (19.1)
2,453 (18.8)
1,687 (15.3)
February 28, 2021
26,409(6.5)
3,358
24.9
3,020
22.5
1,991
20.7
Note: Comprehensive income: Six months ended February 28, 2022: ¥1,705 million [(13.5)%]
Six months ended February 28, 2021: ¥1,970 million [20.9%]
Basic earnings
Diluted earnings
per shareper share
Six months ended
Yen
Yen
February 28, 2022
41.50－
February 28, 2021
48.96－
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
Million yen

Net assets

Equity ratio

Million yen%

98,560
As of February 28, 2022
24,973
97,278
As of August 31, 2021
25,331(Reference) Equity: As of February 28, 2022: ¥24,957 million
As of August 31, 2021: ¥25,315 million

25.3
26.0

2. Dividends
1st quarterend

2nd quarterend

Yen

Annual dividends
3rd quarterend

Yen

Year-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: None

Total

Yen

Yen

50.00

50.00

55.00

55.00

3. Consolidated Financial Results Forecast for the Fiscal Year Ending August 31, 2022 (September1, 2021 August 31, 2022)(% indicates changes from the previous corresponding period.)
Profit attributable
Basic earnings
Net sales
Operating profit
Ordinary profitto owners ofper shareparentMillion yen%

Million yen%

Million yen%

Full year
91,250 34.3
11,672 15.0
10,972 13.7
Note: Revisions to the financial results forecast most recently announced: None

Million yen

7,132%

9.8

Yen

175.34* 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: None
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):February 28, 2022:
46,027,488 shares
August 31, 2021:
46,027,488 shares2) Total number of treasury shares at the end of the period:
February 28, 2022:
5,360,283 shares
August 31, 2021:
5,369,813 shares
3) Average number of shares during the period:
Six months ended February 28, 2022:
40,659,666 shares
Six months ended February 28, 2021:
40,682,130 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 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, 2021
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
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 accounts
Total investments and other assets
Total non-current assets
Total assets

1

As of February 28, 2022

35,937
7,847
5,102

31,32910,738
5,453

7,696

2,631

6,613
2,167
11,863
0
2,611
(290)
79,5509,204
1,860
15,541
18
2,346
(285)
78,8399,579
5,507
15,086
353

9,284
5,772
15,056
325

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

843
95
497
3,001
(98)
4,339
19,72098,560(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
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 February 28, 2022

6,095
2,061
190
20,725
2,083
194
6,668
38,018

6,417
987
140
16,311
348
158
7,687
32,050450
32,409705
37
325
33,92871,946

380
40,233544
37
340
41,53573,9972,020
728
25,824(3,216)25,3562,020
728
25,474(3,243)24,980

(37)
(3)
(40)
15
25,331
97,278(25)2(23)
1524,973
98,560(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Six Months Ended February 28(Million yen)Six months endedFebruary 28, 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
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission expenses
Exchange loss on foreign currencies
Other
Total non-operating expenses
Ordinary profit
Extraordinary lossesLoss on valuation of shares of subsidiaries and associates
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
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

3

Six months ended
February 28, 2022

26,40920,071
6,338
2,980
3,358

34,571
28,910
5,660
2,944
2,716

22－
152023
17
8
31

209
132
510358
3,020

235
57－
1294
2,453

2929－－

2,991

2,453

15
2,976
984
1,991
－
1,991

12
2,441
754
1,687
－
1,687

Consolidated Statements of Comprehensive Income
Six Months Ended February 28(Million yen)Six months ended
February 28, 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-controllinginterests4Six months ended
February 28, 2022
1,991

1,687

0(19)
(2)
(21)
1,970

11－
617
1,705

1,970

1,705－－

(3) Quarterly Consolidated Statements of Cash Flows(Million yen)Six months ended
February 28, 2021
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
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in advance payments to suppliers
Increase (decrease) in trade payables
Decrease (increase) in operating guarantee deposit
Increase (decrease) in advances received on construction
contracts in progress
Decrease (increase) in accounts receivable - other
Increase (decrease) in accounts payable - other
Loss on valuation of shares of subsidiaries and associates
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
Increase (decrease) in deposits received
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities

5Six months ended
February 28, 2022
2,976
741
32

2,441
662(10)

(55)

(36)

(5)
209
1,064
(2,291)
(313)
524
－

(5)
235
1,792
(6,508)692(749)(1,263)

53

576

403
(12)
29
138
217
349
266
4,326
5(208)(1,062)
3,061

(220)
16－
(36)
507
71
(78)
(1,912)5(256)(2,440)(4,603)

(Million yen)Six months ended
February 28, 2021
Cash flows from investing activities
Purchase of investment securities
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from withdrawal of 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
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Purchase of treasury sharesDividends paid
Other, net
Net 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

6

Six months ended
February 28, 2022
－
(120)
(30)
－
16
(14)
7(15)
(40)
(196)

(503)
(110)
(43)
1,500
4(100)
5－
(270)
482

1,750
3,000
(8,718)500(70)(11)(1,407)(196)(5,154)14(2,275)
29,913
27,638(4,739)16,728(8,498)－(120)(26)(2,030)
(81)
1,232
(18)
(2,907)34,34931,441