Note: This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

December 24, 2021

Non-consolidated Financial Results
for the Six Months Ended November 30, 2021
(Under Japanese GAAP)
Company name:
MIMASU SEMICONDUCTOR INDUSTRY CO., LTD.
Listing:
Tokyo Stock Exchange
Securities code:
8155
URL:
https://www.mimasu.co.jp/
Representative:
Nobuaki Hosoya, Representative Director and President
Inquiries:
Tatsuro Yako, Senior Managing Director and in charge of Management headquarters
Telephone:+81-27-372-2011
Scheduled date to file quarterly securities report:
January 14, 2022
Scheduled date to commence dividend payment:
February 3, 2022
Preparation of supplementary material on quarterly financial results: None
Holding of quarterly financial results briefing:
None(Millions of yen with fractional amounts rounded down, unless otherwise noted)

1. Non-consolidated financial results for the six months ended November 30, 2021 (from June 1,
2021 to November 30, 2021)(1) Non-consolidated operating results (cumulative)
Net sales
Six months ended
November 30, 2021
November 30, 2020

Operating profit

Millions of yen% Millions of yen

34,72543,096–(8.7)

Basic earnings
per share
Six months ended
November 30, 2021
November 30, 2020

(Percentages indicate year-on-year changes.)
Ordinary profit% Millions of yen

4,119
3,210

28.3
1.7

4,131
3,166

Profit% Millions of yen

30.5
5.2

2,815
2,160

%

30.3
4.3

Diluted earnings
per share
Yen

Yen

87.65
67.26

–
–

Note: The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31,2020) and relevant ASBJ regulations from the beginning of the first quarter of the current fiscal year, and each figure
for the first six months of the fiscal year ending May 31, 2022, is the figure after applying the accounting standard
and relevant ASBJ regulations. Year-on-year changes have not been stated with respect to net sales that are
significantly affected by application of said accounting standard and relevant ASBJ regulations.

(2) Non-consolidated financial position
Total assets
As ofNovember 30, 2021
May 31, 2021
Reference:

Net assets

Equity-to-asset ratio

Millions of yen

Millions of yen%

96,497
94,13568,93966,68071.4
70.8

EquityAs of November 30, 2021:
As of May 31, 2021:¥68,939 million¥66,680 million

2. Cash dividends
Annual dividends per shareFirst quarter-end Second quarter-end Third quarter-end
Yen
Fiscal year ended
May 31, 2021
Fiscal year ending
May 31, 2022

Yen

–

16.00

–

19.00

Fiscal year-end

Yen

Fiscal year ending
May 31, 2022
(Forecast)

Total

Yen

Yen

–

17.00

33.00

–

19.00

38.00

Note: Revisions to the forecast of cash dividends most recently announced: None

3. Non-consolidated earnings forecasts for the fiscal year ending May 31, 2022 (from June 1, 2021 to
May 31, 2022)
Net sales

Operating profit

Millions of yen

Fiscal year ending
May 31, 2022

73,000(Percentages indicate year-on-year changes.)
Basic
Ordinary profit
Profitearnings
per share% Millions of yen

–

7,300

% Millions of yen

20.0

7,300

% Millions of yen

21.1

5,000

%

Yen

21.0

155.64

Note: Revisions to the earnings forecasts most recently announced: None
* The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31,2020) and relevant ASBJ regulations from the beginning of the first quarter of the current fiscal year, and each figure of
the earnings forecasts for the fiscal year ending May 31, 2022, is the figure after applying the accounting standard andrelevant ASBJ regulations. Year-on-year changes have not been stated with respect to net sales that are significantly
affected by application of said accounting standard and relevant ASBJ regulations.

* Notes(1) Adoption of accounting treatment specific to the preparation of quarterly non-consolidated financial
statements: None
(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: Yes(iv) Restatement: None
Note: For details, please refer to “Changes in accounting policies” and “Changes in accounting estimates” under “(4)Notes to quarterly non-consolidated financial statements” of “2. Quarterly non-consolidated financial statements
and significant notes thereto” on pages 8 and 9 of the attached materials of this quarterly financial results report.

(3) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of November 30, 2021

35,497,183 shares

As of May 31, 2021

35,497,183 shares(ii) Number of treasury shares at the end of the period
As of November 30, 2021

3,372,509 shares

As of May 31, 2021

3,372,221 shares(iii) Average number of shares outstanding during the period
Six months ended November 30, 2021

32,124,798 shares

Six months ended November 30, 2020

32,125,686 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public
accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters
Forward-looking statements, including the earnings forecasts stated in these materials, are based on
information currently available to the Company and assumptions deemed reasonable. Actual businessand other results may differ materially from the earnings forecasts due to various factors. For the
suppositions that form the assumptions for earnings forecasts and cautions concerning the use of
earnings forecasts, please refer to “(3) Explanation of earnings forecasts and other forward-looking
statements” of “1. Qualitative information regarding financial results for the six months ended
November 30, 2021” on page 3 of the attached materials.

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155

Attached Materials
Index
1. Qualitative information regarding financial results for the six months ended November 30, 2021 ......... 2(1) Explanation of operating results ......................................................................................................... 2(2) Explanation of financial position........................................................................................................ 3(3) Explanation of earnings forecasts and other forward-looking statements .......................................... 3
2. Quarterly non-consolidated financial statements and significant notes thereto ........................................ 4(1) Quarterly non-consolidated balance sheet .......................................................................................... 4(2) Quarterly non-consolidated statement of income ............................................................................... 6(3) Quarterly non-consolidated statement of cash flows .......................................................................... 7(4) Notes to quarterly non-consolidated financial statements .................................................................. 8
Notes on premise of going concern .................................................................................................... 8
Notes when there are significant changes in amounts of equity ......................................................... 8
Changes in accounting policies .......................................................................................................... 8
Changes in accounting estimates ........................................................................................................ 9
Segment information .......................................................................................................................... 9-1-

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155

1. Qualitative information regarding financial results for the six months ended
November 30, 2021
MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (the “Company”) has applied the “AccountingStandard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant ASBJ
regulations from the beginning of the first quarter of the current fiscal year, and each figure for the first six
months of the fiscal year ending May 31, 2022, is the figure after applying the accounting standard andrelevant ASBJ regulations. Year-on-year changes have not been stated with respect to net sales that are
significantly affected by application of said accounting standard and relevant ASBJ regulations.
(1) Explanation of operating results
During the six months ended November 30, 2021, the Japanese economy continued to follow a trend ofrecovery overall given factors that include the effects of various economic policies and more upbeat
overseas economies, despite the persisting effects of the novel coronavirus disease (COVID-19).
Capital investments among semiconductor-related companies, the primary users of the Company’s
products, were vigorous. In addition, production of semiconductor silicon wafers remained at a highlevel, driven by strong demand for semiconductor devices.
Amid such business environment, the Company engaged in concerted efforts to improve its operating
results, which entailed striking a balance between promoting its cutting-edge processing technologies
and lowering costs, while also actively proceeding to promote sales of products developed in-house.
As a result, net sales for the six months ended November 30, 2021 amounted to ¥34,725 million,
operating profit was ¥4,119 million (up 28.3% year on year), ordinary profit was ¥4,131 million (up30.5%), and profit was ¥2,815 million (up 30.3%).
Operating results by segment are as follows. Note that the amounts of net sales and profit include theamounts related to intersegment transactions.
Semiconductor Division
In this division, production was favorable mainly for 300-millimeter wafers (including reclaimed
wafers). Under these circumstances, we have further promoted quality improvement and cost reduction.
As a result, net sales in this division amounted to ¥23,125 million, and segment profit (operating profit)
was ¥3,453 million (up 35.3% year on year).
Industrial Sales Division
In this division, we actively engaged in sales promotions of products developed in-house as well asother products handled by the division.
Nevertheless, sales of other products handled by the division decreased due to application of the
Accounting Standard for Revenue Recognition and relevant ASBJ regulations. As a result, net sales inthis division amounted to ¥11,892 million, and segment profit (operating profit) was ¥494 million(down 8.1% year on year).
Engineering DivisionThis division specifically assumes the role of development and as such has been actively developing inhouse products and selling them through the Industrial Sales Division.
In addition, the division has been actively engaged in developing, designing and manufacturing devices
for use in the Semiconductor Division.
As a result, net sales in this division amounted to ¥2,442 million, and segment profit (operating profit)
was ¥307 million (down 11.8% year on year).

-2-

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155(2) Explanation of financial position(i) Status of assets, liabilities, and net assets
Total assets as of November 30, 2021 were ¥96,497 million, up ¥2,362 million from the end of theprevious fiscal year, mainly reflecting an increase in trade receivables. Total liabilities were¥27,557 million, up ¥103 million, mainly reflecting an increase in trade payables. Total net assets
were ¥68,939 million, mainly reflecting an increase of ¥2,255 million in retained earnings.
(ii) Status of cash flows
Cash and cash equivalents (“cash”) as of November 30, 2021 amounted to ¥19,446 million, an
increase of ¥2,324 million from the end of the previous fiscal year. Net cash provided by operating
activities amounted to ¥5,379 million. This was mainly due to an increase in cash largely
attributable to profit before income taxes of ¥4,086 million and depreciation of ¥6,588 million,
despite a decrease in cash largely attributable to an increase in trade receivables of ¥4,505 million.
Net cash used in investing activities amounted to ¥2,509 million. This was mainly due to purchaseof property, plant and equipment of ¥2,424 million. Net cash used in financing activities amounted
to ¥546 million. This was mainly due to dividends paid of ¥545 million.
(3) Explanation of earnings forecasts and other forward-looking statements
The earnings forecasts have not been changed from those announced on September 24, 2021.

-3-

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155

2. Quarterly non-consolidated financial statements and significant notes thereto(1) Quarterly non-consolidated balance sheet(Millions of yen)
As of May 31, 2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings, net
Machinery and equipment, net
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Income taxes payable
Provisions
Other
Total current liabilities
Non-current liabilities
Provision for retirement benefits
Other
Total non-current liabilities
Total liabilities-4-

As of November 30, 2021

23,121
24,209
774
1,405
2,623
949
(2)
53,081

25,446
28,691
901
1,034
2,720
1,267
(4)
60,056

22,593
8,782
6,725
38,100936

20,517
7,772
5,031
33,322
837

2,017
(0)
2,016
41,054
94,135

2,281
(0)
2,281
36,441
96,497

18,266
1,472
155
6,695
26,59019,948
1,676
113
5,030
26,770698
165
864
27,454621
165
787
27,557MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155(Millions of yen)
As of May 31, 2021
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets-5-

As of November 30, 2021

18,824
18,77833,754(4,770)66,585

18,824
18,77836,009(4,770)68,841109(14)
94
66,68094,135121(22)
98
68,93996,497MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155(2) Quarterly non-consolidated statement of income(Millions of yen)Six months ended
November 30, 2020
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on sale and retirement of non-current assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary losses
Impairment losses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit-6-

Six months ended
November 30, 2021

43,096
37,832
5,263
2,053
3,210

34,72528,274
6,451
2,331
4,119

1
7
–
37
45

0
8
10
22
42

0
75
14
89
3,166

0
30
0
30
4,131

–
–
3,166
949
56
1,005
2,160

45
45
4,086
1,497
(226)
1,270
2,815

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155(3) Quarterly non-consolidated statement of cash flows(Millions of yen)Six months ended
November 30, 2020
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of long-term borrowings
Dividends 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-7-

Six months ended
November 30, 2021

3,166
8,319
–
(8)
0
1
2,579
1,207
(3,130)(188)
11,9458(0)(255)
11,698

4,086
6,588
45
(9)
0
(0)
(4,505)
162
1,682(1,369)6,679
9(0)(1,309)5,379(6,000)6,000(11,661)
19
(32)
(57)
(11,731)(6,000)6,000(2,424)
13
(71)
(26)
(2,509)

(50)
(513)
(1)
(564)

–
(545)
(0)
(546)

(1)

0

(598)
12,333
11,734

2,324
17,121
19,446MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155(4) Notes to quarterly non-consolidated financial statements
Notes on premise of going concern
Not applicable.
Notes when there are significant changes in amounts of equity
Not applicable.
Changes in accounting policies
Application of Accounting Standard for Revenue Recognition, etc.
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No.
29, March 31, 2020) and relevant ASBJ regulations from the beginning of the first quarter of thecurrent fiscal year, and it has recognized revenue at the time the control of promised goods orservices is transferred to the customer at the amount expected to be received upon exchange of said
goods or services.
Major changes due to the application of the Accounting Standard for Revenue Recognition andrelevant ASBJ regulations are as follows:

Whereas revenue from export sales was previously recognized primarily at the shipping date, theCompany has changed this method such that revenue is to be recognized at the point in time whenassumption of risk transfers to the customer pursuant to the Incoterms and other trade terms.



For transactions in which the Company acts as an agent, the full amount of the consideration
received from customers was previously recognized as revenue, but the Company has changed
this method such that revenue is to be recognized at the net consideration amount.

For some sales in which revenue has been recognized at a certain point in time, the Company haschanged its method of recognizing revenue such that revenue is to be recognized over time inaccordance with progress made in satisfying performance obligations.

The application of the Accounting Standard for Revenue Recognition and relevant ASBJ regulations
is subject to the transitional treatment provided for in the proviso to paragraph 84 of the AccountingStandard for Revenue Recognition. The cumulative effect of the retrospective application, assuming
the new accounting policy had been applied to periods prior to the beginning of the first quarter ofthe current fiscal year was added to or deducted from the opening balance of retained earnings of thefirst quarter of the current fiscal year, and thus the new accounting policy was applied from suchopening balance.
As a result of this change, for the six months ended November 30, 2021, net sales decreased by¥9,547 million, cost of sales decreased by ¥9,540 million, and operating profit, ordinary profit andprofit before income taxes each decreased by ¥7 million. In addition, the balance of retained earnings
at beginning of period decreased by ¥13 million.
Application of Accounting Standard for Fair Value Measurement, etc.
The Company has applied the “Accounting Standard for Fair Value Measurement” (ASBJ Statement
No. 30, July 4, 2019) and relevant ASBJ regulations from the beginning of the first quarter of thecurrent fiscal year, and it has applied the new accounting policy provided for by the AccountingStandard for Fair Value Measurement, etc. prospectively in accordance with the transitional measuresprovided for in paragraph 19 of the Accounting Standard For Fair Value Measurement, and paragraph44-2 of the “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019).
There is no effect on the quarterly non-consolidated financial statements.

-8-

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155

Changes in accounting estimates
Changes in useful lives
Having reviewed the usage conditions, etc. of some air-conditioning facilities, the Company has
found that there are differences between numbers of years of useful life applied in the past andexpected economic life with respect to such facilities. Accordingly, from the first quarter of thecurrent fiscal year, the Company has revised figures for useful life and has applied the change
prospectively.
Following this change, for the first six months of the current fiscal year, depreciation increased by¥1,195 million relative to the previous approach, while operating profit, ordinary profit and profit
before income taxes each decreased by ¥1,166 million.
Segment information
Information on the amounts of net sales and profit or loss for each reportable segment
Six months ended November 30, 2020
Reportable segments(Millions of yen)Amounts inthe quarterly
nonAdjustments
consolidated
statement ofincomeSemiconductor
Division

Industrial
Sales
Division

Engineering
Division

23,00020,095–43,096–43,096

1

296

1,950

2,248

(2,248)–

Total

23,002

20,392

1,950

45,345(2,248)43,096

Segment profit

2,552

538

348

3,439

(229)

3,210

Net sales
Sales from externalcustomers
Intersegment sales ortransfers

Total

Notes: 1. The figure of “Adjustments” in “Segment profit” indicates the elimination of intersegment transactions.
2. Segment profit is adjusted with operating profit in the quarterly non-consolidated statement of income.
3. Because the Engineering Division specifically assumes the role of development it does not generate net sales
through business with external customers. Instead, sales with respect to the Engineering Division are conducted
through the Industrial Sales Division.

Six months ended November 30, 2021
Reportable segments(Millions of yen)Amounts inthe quarterly
nonAdjustments
consolidated
statement ofincomeSemiconductor
Division

Industrial
Sales
Division

Engineering
Division

23,125

11,600–34,725–34,725

0

291

2,442

2,734

(2,734)–

Total

23,125

11,892

2,442

37,459(2,734)34,725

Segment profit

3,453

494

307

4,256

(136)

4,119

Net sales
Sales from externalcustomers
Intersegment sales ortransfers

Total

Notes: 1. The figure of “Adjustments” in “Segment profit” indicates the elimination of intersegment transactions.
2. Segment profit is adjusted with operating profit in the quarterly non-consolidated statement of income.
3. Because the Engineering Division specifically assumes the role of development it does not generate net sales
through business with external customers. Instead, sales with respect to the Engineering Division are conducted
through the Industrial Sales Division.

-9-