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, 2020

Non-consolidated Financial Results
for the Six Months Ended November 30, 2020
(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, 2021
Scheduled date to commence dividend payment:
February 3, 2021
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, 2020 (from June 1,2020 to November 30, 2020)(1) Non-consolidated operating results (cumulative)
Net sales
Six months ended
November 30, 2020
November 30, 2019

Operating profit

Millions of yen% Millions of yen

43,09647,187(8.7)
0.2

Basic earnings
per share
Six months ended
November 30, 2020
November 30, 2019

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

3,210
3,156

1.7
4.8

3,166
3,010

Profit% Millions of yen

5.2
0.9

Diluted earnings
per share

Yen
67.26
64.46

Yen––(2) Non-consolidated financial position
Total assets
As ofNovember 30, 2020
May 31, 2020
Reference:Net assets

Equity-to-asset ratio

Millions of yen

Millions of yen%

91,557
101,576

65,22863,541

71.2
62.6

EquityAs of November 30, 2020:
As of May 31, 2020:¥65,228 million¥63,541 million

2,160
2,070

%

4.3
1.0

2. Cash dividends
Annual dividends per shareFirst quarter-end Second quarter-end Third quarter-end
Yen
Fiscal year ended
May 31, 2020
Fiscal year ending
May 31, 2021

Yen–

16.00

–

16.00

Fiscal year-end

Yen

Fiscal year ending
May 31, 2021
(Forecast)

TotalYen

Yen–

16.00

32.00

–

17.00

33.00

Note: Revisions to the forecast of cash dividends most recently announced: Yes

3. Non-consolidated earnings forecasts for the fiscal year ending May 31, 2021 (from June 1, 2020 toMay 31, 2021)
Net sales
Millions of yen

Fiscal year ending
May 31, 2021

84,000(Percentages indicate year-on-year changes.)
Basic
Ordinary profit
Profitearnings
per share

Operating profit% Millions of yen

(8.8)

6,000

% Millions of yen

1.2

5,900

Note: Revisions to the earnings forecasts most recently announced: Yes% Millions of yen

4.9

4,040%Yen

4.3

125.76

* 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:None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(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, 2020

35,497,183 shares

As of May 31, 2020

35,497,183 shares(ii) Number of treasury shares at the end of the period
As of November 30, 2020

3,371,680 shares

As of May 31, 2020

3,371,224 shares(iii) Average number of shares outstanding during the period
Six months ended November 30, 2020

32,125,686 shares

Six months ended November 30, 201932,126,484 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 thesuppositions that form the assumptions for earnings forecasts and cautions concerning the use ofearnings forecasts, please refer to “(3) Explanation of earnings forecasts and other forward-lookingstatements” of “1. Qualitative information regarding financial results for the six months ended
November 30, 2020” 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, 2020 ......... 2(1) Explanation of operating results ......................................................................................................... 2(2) Explanation of financial position........................................................................................................ 2(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 .................................................................. 8Notes on premise of going concern .................................................................................................... 8Notes when there are significant changes in amounts of equity ......................................................... 8Segment information .......................................................................................................................... 8-1-

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155)

1. Qualitative information regarding financial results for the six months ended
November 30, 2020
(1) Explanation of operating results
During the six months ended November 30, 2020, the Japanese economy continued to face challenging
circumstances due to the impact of the novel coronavirus disease (COVID-19), yet production andpersonal consumption have been showing improvement as economic activity has resumed.
Despite rebounding capital investment among semiconductor-related companies, primary users of theproducts of MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (the “Company”), investment
momentum overall remained sluggish, reflecting a cautious stance. On the other hand, even during theCOVID-19 pandemic, production of semiconductor silicon wafers remained strong overall.
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, although net sales for the six months ended November 30, 2020 decreased by 8.7% year onyear to ¥43,096 million, operating profit was ¥3,210 million (up 1.7% year on year), ordinary profit
was ¥3,166 million (up 5.2%), and profit was ¥2,160 million (up 4.3%).
Semiconductor Division
In this division, production as a whole was steady, mainly for 300-millimeter wafers (includingreclaimed wafers), and sales in this division have been on an upward trend since bottoming out in thefourth quarter of the previous fiscal year. Under these circumstances, we have further promoted quality
improvement and cost reduction.
Industrial Sales Division
In this division, we actively engaged in sales promotions of products developed in-house and otherproducts handled by the division. However, sales for both products decreased.
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.
(2) Explanation of financial position(i) Status of assets, liabilities, and net assets
Total assets as of November 30, 2020 were ¥91,557 million, down ¥10,019 million from the end of
the previous fiscal year, mainly reflecting a decrease in property, plant and equipment. Total
liabilities were ¥26,328 million, down ¥11,706 million, mainly reflecting a decrease in trade
payables. Total net assets were ¥65,228 million, mainly reflecting an increase of ¥1,646 million inretained earnings.
(ii) Status of cash flows
Cash and cash equivalents (“cash”) as of November 30, 2020 amounted to ¥11,734 million, adecrease of ¥598 million from the end of the previous fiscal year. Net cash provided by operating
activities amounted to ¥11,698 million. This was mainly due to an increase in cash largely
attributable to profit before income taxes of ¥3,166 million and depreciation of ¥8,319 million,
despite a decrease in cash largely attributable to a decrease in trade payables of ¥3,130 million.
Net cash used in investing activities amounted to ¥11,731 million. This was mainly due to-2-

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155)

purchase of property, plant and equipment of ¥11,661 million. Net cash used in financing activities
amounted to ¥564 million. This was mainly due to dividends paid of ¥513 million.
(3) Explanation of earnings forecasts and other forward-looking statements
As for the outlook ahead, despite concerns of the spread of COVID-19 affecting the global economy,
the Japanese economy is likely to continue its gradual recovery due to factors including resumption ofeconomic activity and various economic measures taking hold.
Under such circumstances, the semiconductor industry is expected to see an increase in demand forsemiconductors over the medium to long term in association with the penetration of artificial
intelligence (AI) and next-generation telecommunication standard (5G).
In this business environment, the Company will strive to improve its operating results by actively
proceeding to promote sales particularly of in-house products, while endeavoring to enhance its
competitive strengths by establishing fabrication processes featuring greater precision and substantialproductivity.
The previously pending earnings and cash dividend forecasts for the fiscal year ending May 31, 2021,
have been separately disclosed today in the “Notice Regarding Earnings and Cash Dividend Forecasts.”
With respect to the full-year operating results, we forecast net sales of ¥84.0 billion, operating profit of¥6.0 billion, ordinary profit of ¥5.9 billion, and profit of ¥4.04 billion.
In addition, the Company intends to pay a year-end dividend of ¥17 per share, which is ¥1 per sharehigher than the interim dividend. Therefore, annual dividends will amount to ¥33 per share, an increaseof ¥1 per share in comparison with the previous fiscal year.

-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, 2020
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
OtherAllowance 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
Short-term borrowings
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, 2020

18,33327,308
1,053
1,007
2,398
1,029
(4)
51,126

17,73424,729
263
656
2,332
521
(2)
46,23423,545
16,3977,365
47,3081,135

23,26014,807
4,261
42,329
1,049

2,007
(0)
2,006
50,450101,576

1,944
(0)
1,944
45,322
91,557

20,284100
387
151
16,09637,02017,154
50
1,106
111
6,964
25,387

849
165
1,015
38,035775
165
941
26,328MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155)(Millions of yen)
As of May 31, 2020
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, 2020

18,824
18,77830,648(4,767)63,482

18,824
18,77832,294(4,768)65,12858
058
63,541
101,57686
13100
65,22891,557MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155)(2) Quarterly non-consolidated statement of income(Millions of yen)Six months ended
November 30, 2019
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Gain on sale of non-current assets
OtherTotal non-operating income
Non-operating expenses
Interest expenses
Loss on sale and retirement of non-current assets
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit-6-Six months ended
November 30, 2020

47,187
41,749
5,438
2,281
3,156

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

18
11426

1
720
1745

0
163
8172
3,010
3,010
1,192(253)
939
2,070

075
1489
3,166
3,166
949
56
1,005
2,160

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155)(3) Quarterly non-consolidated statement of cash flows(Millions of yen)Six months ended
November 30, 2019
Cash flows from operating activities
Profit before income taxes
Depreciation
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, netNet 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, 2020

3,010
9,411
(10)
00(1,609)
2,121(1,507)566
11,98310(0)(1,038)
10,955

3,166
8,319
(8)
0
1
2,579
1,207
(3,130)(188)
11,9458(0)(255)
11,698(6,000)
6,000(10,125)
13(120)(111)(10,342)(6,000)6,000(11,661)
19
(32)
(57)
(11,731)

(50)
(481)
(0)
(532)

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

(0)

(1)

79
11,415
11,494(598)
12,333
11,734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.
Segment information
Information on the amounts of net sales for each reportable segment
Six months ended November 30, 2019
Reportable segments

Net sales
Sales from externalcustomers
Intersegment sales ortransfers
Total(Millions of yen)Amounts inthe quarterly
nonAdjustments
consolidated
statement ofincome

Semiconductor
Division

Industrial
Sales
Division

Engineering
Division

23,122

24,064–47,187–47,187

266

2,285

2,354

(2,354)–

23,124

24,1302,285

49,541(2,354)47,187Total

Six months ended November 30, 2020
Reportable segments

Net sales
Sales from externalcustomers
Intersegment sales ortransfers
Total(Millions of yen)Amounts inthe quarterly
nonAdjustments
consolidated
statement ofincome

Semiconductor
Division

Industrial
SalesDivision

Engineering
Division

23,00020,095–43,096–43,096

1296

1,950

2,248

(2,248)–23,002

20,392

1,950

45,345(2,248)43,096-8-Total