Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Year Ended November 30, 2021
(Based on Japanese GAAP)
January 13, 2022
Company name:Astena Holdings Co.,Ltd.

Stock exchange listing: Tokyo
Stock code:
8095
Representative:
Inquiries:

URL

https://www.astena-hd.com

President & CEO
Board Director Chief Financial Officer

Keitaro Iwaki
Masaaki Atsumi

TEL

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

February 25, 2022
February 25, 2022

Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:

February 28, 2022
Yes

Holding of financial results meeting:Yes

03-3279-0481(for institutional investors and analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended November 30, 2021 (from December 1, 2020 to November 30, 2021)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended November 30, 2021
72,322
10.7
2,283
12.2
2,470
25.5
1,771
(10.7)
Year ended November 30, 2020
65,341
6.0
2,035
(4.1)
1,968
(15.1)
1,983
29.4

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
%
%
%
47.57
7.3
4.2
3.2
–
9.4
4.0
3.1

Diluted earnings per
share

Yen
47.81
60.33

Year ended November 30, 2021
Year ended November 30, 2020
(2) Consolidated financial position

Total assets
As of November 30, 2021
As of November 30, 2020

Net assets

Equity ratio

Millions of yen
63,58854,319Millions of yen
27,041
21,651

Cash flows fromoperating activities
Millions of yen
1,349
4,143

Cash flows frominvesting activities
Millions of yen(4,380)(8,254)

Net assets per share
%
42.5
39.9

Yen
677.96656.54(3) Consolidated cash flows

Year ended November 30, 2021
Year ended November 30, 2020

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen
6,353
10,8076,767
7,447

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended November 30, 2020
Year ended November 30, 2021
Year ending November 30, 2022
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

–
–

7.00
9.00

–
–

9.00
9.00

16.00
18.00

541
713

26.5
37.6

2.5
2.7

–

9.00

–

9.00

18.00

1

47.8

3. Forecast of consolidated financial results for the year ending November 30, 2022 (from December 1, 2021 to November 30, 2022)
Net sales
Millions of yen
Six months ending
May 31, 2022
Full year

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%
Yen

25,000

–

1,000

–

1,000

–

1,000

–

25.08

50,000

–

1,700

–

1,600

–

1,500

–

37.62

4. Notes(1) Changes in significant subsidiaries during the year ended November 30, 2021
(changes in specified subsidiaries resulting in the change in scope of consolidation):Yes(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of November 30, 2021

40,630,087 shares As of November 30, 2020

34,729,839 shares

Number of treasury shares at the end of the period
As of November 30, 2021

753,787 shares As of November 30, 2020

1,752,095 shares

37,063,254 shares Year ended November 30, 2020

32,880,814 shares

Average number of shares during the period
Year ended November 30, 20212

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of November 30, 2020

As of November 30, 2021

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

7,567,703
12,528,667

10,927,061
13,542,403

Electronically recorded monetary claims - operating
Merchandise and finished goods

2,497,229
4,604,066

3,171,123
5,350,885

Work in process
Raw materials and supplies

2,113,904
1,651,465

2,130,371
1,856,915

Accounts receivable - otherOther

569,257
383,946

692,012471,345

Allowance for doubtful accounts(39,932)(35,136)

31,876,308

38,106,982

9,762,155

10,445,657

Accumulated depreciation(6,317,447)(6,361,673)

Buildings and structures, net

3,444,708

4,083,983

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures

Machinery, equipment and vehicles

8,876,793

9,434,943

Accumulated depreciation(7,526,877)(7,829,996)

Machinery, equipment and vehicles, net

1,349,916

1,604,946

Tools, furniture and fixtures

2,838,850

3,156,172

Accumulated depreciation(2,138,487)(2,288,333)

700,363

867,838Land

3,923,065

3,690,159

Leased assets
Accumulated depreciation

549,471(264,317)

596,653(334,548)

285,154

262,105

Tools, furniture and fixtures, net

Leased assets, net
Construction in progress

432,833

1,440,999

10,136,041

11,950,032

Software
Goodwill

734,465
3,967,287

938,417
4,394,812

Technical assets
Customer relationship

385,875
2,152,744

542,3292,183,926

Total property, plant and equipment
Intangible assets

Other

227,455

352,358

7,467,828

8,411,844

3,693,731
55,062

3,612,852
393,341

Deferred tax assets
Long-term deposits

448,319
185,863408,226
175,167

Other
Allowance for doubtful accounts

480,317(24,357)

554,157(23,954)

Total investments and other assets

4,838,936

5,119,790

22,442,805

25,481,667

54,319,113

63,588,650

Total intangible assets
Investments and other assets
Investment securities
Retirement benefit asset

Total non-current assets
Total assets3

(Thousands of yen)
As of November 30, 2020

As of November 30, 2021

Liabilities
Current liabilities
Notes and accounts payable - trade8,180,533

8,851,843

Electronically recorded obligations - operating
Electronically recorded obligations - non-operating

3,546,770
22,2673,265,906
23,077

Notes payable - facilities
Short-term borrowings

27,596
5,971,800

81,045
9,053,400

Accounts payable - otherAccrued expenses

408,153
2,693,737

300,0212,790,109

Income taxes payable
Accrued consumption taxes

495,139
237,264

875,499
272,351

Provision for bonuses
Provision for sales returns

825,8039,400

794,853
24,334

Provision for product warranties
Other

3,119
504,608

4,914
301,889

Total current liabilities

22,926,193

26,639,245

Non-current liabilities
Long-term borrowings

5,965,900

5,812,500

Lease obligations
Deferred tax liabilities

206,463815,148

186,697
936,999

66,2552,382,479

66,2552,598,896

Provision for share-based compensation
Retirement benefit liability
Other305,421306,783

9,741,667

9,908,132

32,667,860

36,547,377

Share capital
Capital surplus

2,687,078
4,340,560

4,528,304
6,516,607

Retained earnings
Treasury shares

13,942,575(483,569)

15,062,322(254,106)

Total shareholders' equity

20,486,645

25,853,127

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

1,082,259

985,867

Deferred gains or losses on hedges
Foreign currency translation adjustment

261
73,244(763)
103,839

Remeasurements of defined benefit plans

8,841

92,615

1,164,607

1,181,558

–

6,586

21,651,252

27,041,272

54,319,113

63,588,650

Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

4Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Thousands of yen)
Fiscal year ended
November 30, 2020

Fiscal year ended
November 30, 2021

Net sales

65,341,459

72,322,233

Cost of sales

50,859,174

55,719,570

Gross profit

14,482,284

16,602,662

1,500,606
853,074

1,714,463
745,429

10,601–

12,001912

4,117,128
253,831

4,676,871
298,893

Provision for bonuses
Welfare expenses

135,297749,733

137,370
905,885

Travel and transportation expenses
Depreciation

230,915
634,165

187,634
874,400

Rent expenses
Other

218,637
3,743,119

266,755
4,498,981

Total selling, general and administrative expenses

12,447,112

14,319,599

2,035,172

2,283,063

Interest income
Dividend income

1,089
58,933

2,516
65,106

Rental income
Administrative service fee income

47,431
15,39332,353
13,702

430
–

–
1,329

Surrender value of insurance policies
Other

40,185105,261

27,861
171,518

Total non-operating income

268,724

314,387

Selling, general and administrative expenses
Packing and transportation costs
Advertising expenses
Provision of allowance for doubtful accounts
Bad debt expenses
Remuneration, salaries and allowances
Retirement benefit expenses

Operating profit
Non-operating income

Share of profit of entities accounted for using equity method
Reversal of allowance for doubtful accounts

Non-operating expenses
Interest expenses

47,26659,811

Foreign exchange losses
Commission for syndicated loans

28,132104,270

7,688
4,066

Rent costs
Share of loss of entities accounted for using equity method

28,450–15,0005,142

Taxes and dues
loss due to insurance contract change

37,702
34,787––

Other54,86034,862

Total non-operating expenses

335,469

126,573

1,968,427

2,470,877

Ordinary profit

5

(Thousands of yen)

Extraordinary income
Gain on sale of non-current assets

Fiscal year ended

Fiscal year ended

November 30, 2020

November 30, 2021

8,584

640,904

Gain on sale of investment securities
Gain on bargain purchase

17,412620,868

81,232–

Total extraordinary income

646,865

722,137

868

1,336

Loss on disposal of non-current assets
Loss on sale of golf club membership

18,924149

62,405–

Impairment losses

5,960

–

Extraordinary losses
Loss on sale of non-current assets

25,902

63,742

Profit before income taxes

Total extraordinary losses

2,589,390

3,129,272

Income taxes - current
Income taxes - deferred

877,199(273,143)

1,297,478
60,878

Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

6604,055

1,358,356

1,985,334

1,770,915

1,552(1,047)

1,983,782

1,771,962

Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

November 30, 2020

November 30, 2021

1,985,334

1,770,915

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(331,716)(2,886)(95,967)(1,016)

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax(12,200)(45,807)

30,595
83,773

(198)

(432)

Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income
Comprehensive income(392,809)

16,951

1,592,525

1,787,866

1,591,423

1,788,914

1,101(1,047)

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

7

Consolidated statements of changes in equity
Fiscal year ended November 30, 2020
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of
periodCapital surplus

Retained earnings

2,663,679

4,308,544

23,39823,398

Total shareholders'equityTreasury shares

12,431,620(537,486)

18,866,358

Changes during period
Issuance of new shares

46,796

Dividends of surplus(472,826)(472,826)

Profit attributable toowners of parent

1,983,782

1,983,782

Purchase of treasury
shares(88)(88)

Disposal of treasury
shares54,00554,005

Change in ownershipinterest of parent due totransactions with noncontrolling interests

8,617

8,617

Net changes in items
other than shareholders'equityTotal changes during
period23,39832,0161,510,955

53,917

1,620,287

Balance at end of period

2,687,078

4,340,560

13,942,575(483,569)

20,486,645

Accumulated other comprehensive income
Valuation
Foreign currency Remeasurements
difference on Deferred gains ortranslationof defined
available-for-sale losses on hedges
adjustment
benefit planssecurities
Balance at beginning of
period

1,414,174

3,147

84,99354,649

Total
accumulated
othercomprehensive
income1,556,965

Non-controllinginterests

Total net assets

8,495

20,431,819

Changes during period
Issuance of new shares–

46,796

Dividends of surplus–(472,826)

Profit attributable toowners of parent–

1,983,782

Purchase of treasury
shares–(88)

Disposal of treasury
shares–54,005

Change in ownershipinterest of parent due totransactions with noncontrolling interests

–

8,617

Net changes in items
other than shareholders'equity(331,915)(2,886)(11,748)(45,807)(392,358)(8,495)(400,854)

Total changes during
period(331,915)(2,886)(11,748)(45,807)(392,358)(8,495)

1,219,433

Balance at end of period

1,082,259

261

73,244

8,841

1,164,607–

21,651,252

8

Fiscal year ended November 30, 2021
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of
periodCapital surplus

Retained earnings

2,687,078

4,340,560

1,841,226

1,841,226

Treasury shares

13,942,575

Total shareholders'equity(483,569)

20,486,645

Changes during period
Issuance of new shares

3,682,452

Dividends of surplus(652,216)(652,216)

Profit attributable toowners of parent

1,771,962

1,771,962

Purchase of treasury
shares
Disposal of treasury
shares

333,375

Change in ownershipinterest of parent due totransactions with noncontrolling interests(4,406)(4,406)

233,869

567,245

1,444

1,444

Net changes in items
other than shareholders'equityTotal changes during
period

1,841,226

2,176,046

1,119,746

229,4625,366,481

Balance at end of period

4,528,304

6,516,607

15,062,322(254,106)

25,853,127

Accumulated other comprehensive income
Valuation
Foreign currency Remeasurements
difference on Deferred gains ortranslationof defined
available-for-sale losses on hedges
adjustment
benefit planssecurities
Balance at beginning of
period

1,082,259

261

73,244

8,841

Total
accumulated
othercomprehensive
income1,164,607

Non-controllinginterests

Total net assets–

21,651,252

Changes during period
Issuance of new shares–

3,682,452

Dividends of surplus–(652,216)

Profit attributable toowners of parent–

1,771,962

Purchase of treasury
shares–(4,406)

Disposal of treasury
shares–567,245

Change in ownershipinterest of parent due totransactions with noncontrolling interests

–

1,444

Net changes in items
other than shareholders'equity(96,391)(1,025)30,595

83,773

16,951

6,586

23,537

Total changes during
period(96,391)(1,025)30,595

83,773

16,951

6,586

5,390,019

Balance at end of period

985,867(763)

103,839

92,615

1,181,558

6,586

27,041,272

9

Consolidated statements of cash flows(Thousands of yen)
Fiscal year ended

Fiscal year ended

November 30, 2020

November 30, 2021

Cash flows from operating activities
Profit before income taxes

2,589,390

3,129,272

Depreciation
Share-based payment expenses

1,369,927
48,397

1,830,238
43,796

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses(12,291)
254,739(6,527)(39,708)

Increase (decrease) in provision for product warranties
increase (decrease) in assets and liabilities related to(2,001)

1,795

48,761(7,322)(60,022)(67,622)47,26659,811

(430)

5,142

(620,868)–

Impairment losses
Foreign exchange losses (gains)

5,960
11,599–(26,527)

Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets(7,715)18,924(639,568)
62,405

Loss (gain) on sale of investment securities
Loss (gain) on sale of golf club membership(17,412)
149(81,232)–

Decrease (increase) in trade receivables
Decrease (increase) in inventories

3,697,745(380,774)(868,688)(574,626)

Increase (decrease) in trade payables
Decrease (increase) in accounts receivable - other(1,988,708)
148,492(172,806)(191,430)

Increase (decrease) in accrued expenses
Increase (decrease) in accrued consumption taxes

174,047
38,13053,20025,955Decrease (increase) in advance payments to suppliers
Other, net

17,664(64,683)

32,316(180,642)

5,316,287

2,387,233

60,682(41,068)

68,018(61,394)(683)(98,440)

Income taxes paid
Income taxes refund(1,194,824)
3,272(1,018,247)
72,063

Net cash provided by (used in) operating activities

4,143,666

1,349,233(1,308,467)(2,935,251)

Purchase of intangible assets
Proceeds from sale of property, plant and equipment(444,867)
7,877(558,975)
930,311Purchase of investment securities
Proceeds from sale of investment securities(334,557)
48,753(80,925)
83,241–(70,000)(6,200,187)(1,681,500)

32,60818,451

retirement benefits
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using equity
methodGain on bargain purchase

SubtotalInterest and dividends received
Interest paid
Payments of retirement benefits for directors (and otherofficers)

Cash flows from investing activities
Purchase of property, plant and equipment

Payments for acquisition of businesses
Purchase of shares of subsidiaries resulting in change in scopeof consolidation
Proceeds from maturity of insurance funds
Other, net
Net cash provided by (used in) investing activities

10(55,415)(85,354)(8,254,255)(4,380,002)

(Thousands of yen)

Cash flows from financing activities
Increase (decrease) in short-term borrowings

Fiscal year ended

Fiscal year ended

November 30, 2020

November 30, 2021

1,900,000

2,900,000

Proceeds from long-term borrowings
Repayments of long-term borrowings

6,350,000(914,300)

1,000,000(971,800)

Repayments of lease obligations
Dividends paid

(133,402)(470,558)(120,420)(650,692)(88)
36,929(4,406)
36,118

–

9,609

–

3,624,932–

529,840(979)–

6,767,601

6,353,182

Purchase of treasury shares
Proceeds from sale of treasury shares
Proceeds from issuance of share acquisition rights
Proceeds from issuance of shares resulting from exercise ofshare acquisition rights
Proceeds from disposal of treasury shares resulting fromexercise of share acquisition rights
Purchase of shares of subsidiaries not resulting in change inscope of consolidation
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents(5,300)36,945

Net increase (decrease) in cash and cash equivalents

2,651,711

3,359,358

Cash and cash equivalents at beginning of period

4,795,991

7,447,703

Cash and cash equivalents at end of period

7,447,703

10,807,061

11