Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending
November 30, 2022 [Japanese GAAP]
October 14, 2022
Company name:
Morito Co., Ltd.
Stock exchange listing: Tokyo Stock Exchange
Code number:
9837
URL https://www.morito.co.jp
Representative: Takaki Ichitsubo, Representative Director, CEO
Kiyomi Akui, Director, Senior Executive Officer, Division
Contact:
Manager of Corporate Administrative Division and Division (Phone) +81-6-6252-3551
Manager of Business Management Division
Scheduled date of filing
Scheduled date of commencing
October 17, 2022
quarterly securities report:
dividend payments:
Availability of supplementary briefing material on quarterly financial results : Available
Schedule of quarterly financial results briefing session: None scheduled(Amounts of less than one million yen are rounded down.)

1. Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending November 30, 2022
(December 1, 2021 to August 31, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toOperating profit
Ordinary profit
owners of parent

Net salesFirst Nine Months of
FY2022First Nine Months of
FY2021(Note) Comprehensive income:Million yen%

Million yen%

Million yen%

Million yen%

35,172

10.6

1,586

43.7

1,747

38.7

1,242

64.1

31,802

6.2

1,104

163.7

1,259

201.9

757

352.1

First Nine Months ¥3,034 million [ 85.9%]
of FY2022

Basic earnings per
shareFirst Nine Months of
FY2022First Nine Months of
FY2021First Nine Months ¥1,632 million [ -%]of FY2021

Diluted earnings per
share

Yen

Yen

46.08

-

27.65

-

(2) Consolidated Financial Position
Total assets

Net assets

Million yen

First Nine Months of
48,448FY2022
FY202145,938(Reference) Equity: First Nine Months of FY2022

Equity ratio

Million yen%

35,64973.5

33,914¥35,593 million FY2021

73.7¥33,858 million

2. Dividends
Annual dividends
1st quarterend

2nd quarterend

3rd quarterend

Yen

Yen

Yen

Yen

Yen

-

17.00

26.00

15.50

29.00

FY2021
9.00
FY202213.50
FY2022 (Forecast)(Note) Revisions to the latest announcement of dividend forecast

Year-end

Total: None3. Consolidated Financial Results Forecast for the Fiscal Year Ending November 30, 2022
(December 1, 2021 to November 30, 2022)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Operating profit
Ordinary profit
owners of parent
per share

Net sales
Million yen%

Million yen%

Yen

Full year
46,0005.4
2,000 23.5
2,100 14.5
(Note) Revisions to the latest announcement of performance forecast: None%Million yen

%

1,550

10.1

57.78

-1-

Million yen

Notes:(1) Changes in significant subsidiaries during the period under review (changes in
specified subsidiaries resulting in changes in the scope of consolidation):

No(2) Adoption of special accounting treatment for preparing quarterly consolidated
financial statements:

No(3) Changes in accounting policies, changes in accounting estimates, and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards:

Yes2) Changes in accounting policies other than 1) above:

No3) Changes in accounting estimates:No4) Retrospective restatement:

No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
August 31, 2022: 30,000,000 shares
FY2021: 30,800,000 shares2) Total number of treasury shares at the end of the period:
August 31, 2022: 3,295,500 shares
FY2021: 3,510,000 shares
3) Average number of shares during the period:
August 31, 2022: 26,960,430 shares
3Q of the fiscal year ended November 30, 2021: 27,381,720 shares
These quarterly consolidated financial results are outside the scope of audit by certified public
accountants or audit firms.
*
Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on information currently
available and certain assumptions judged to be reasonable. Actual results may differ significantly from these
forecasts due to a wide range of factors.
As for suppositions that form the assumptions for the forecast of financial results and cautionary notes
concerning the use thereof, please refer to “(2) Forecast of Consolidated Business Results and other
Forward-looking Information” in “1. Qualitative Information for the Period under Review” on page 5.
The Company and some of the Morito Group companies have introduced the “Japanese version of theemployee stock ownership plan (J-ESOP)” and the “officer remuneration board incentive plan (BIP) trust.”
Consequently, the shares of the Company held by Custody Bank of Japan, Ltd. (trust account E) and The
Master Trust Bank of Japan, Ltd. (officer remuneration BIP trust account), respectively, are included intreasury shares.
*-2-

Table of Contents
1. Qualitative Information for the Period under Review ............................................................................................. 4(1)

Overview of Business Results for the Period under Review ......................................................................... 4(2)

Forecast of Consolidated Business Results and other Forward-looking Information .................................... 5

2. Quarterly Consolidated Financial Statements and Primary Notes ........................................................................ 6(1)

Quarterly Consolidated Balance Sheets ....................................................................................................... 6(2)

Quarterly Consolidated Statements of Income and Comprehensive Income................................................ 8
Quarterly Consolidated Statements of Income ................................................................................................ 8
Quarterly Consolidated Statements of Comprehensive Income ...................................................................... 9(3)

Notes to the Quarterly Consolidated Financial Statements ........................................................................ 10(Notes on Going Concern Assumption) ......................................................................................................... 10(Notes on Significant Changes in the Amount of Shareholders’ Equity) ........................................................ 10(Changes in Accounting Policies) .................................................................................................................. 11(Additional Information) ................................................................................................................................. 12(Segment Information, Etc.)........................................................................................................................... 13

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1.

Qualitative Information for the Period under Review(1) Overview of Business Results for the Period under Review
After being hit hard by the COVID-19 pandemic, there were signs of an economic recovery in the operating environment
during the first nine months of the fiscal year ending November 30, 2022 (December 1, 2021 to August 31, 2022).
However, the outlook for the future remains uncertain due to a combination of various risks, such as soaring raw
material costs associated with rising crude oil prices triggered by the situation in Ukraine and other factors as well as
currency fluctuations caused by global monetary tightening.
The Morito Group (the “Group”), which is mainly engaged in apparel-, product-, and transportation-related businesses,
faced a number of hurdles that kept profits low, including soaring prices and difficulties in procuring raw materials for
its mainstay products, production cutbacks and stoppages by automakers due to semiconductor shortages, delays inmarine transportation, and rising transportation costs. On the other hand, the Group enjoyed favorable sales ofaccessories and products with superior functionality, including medical wear and working wear, which are unaffectedby trends, as well as yoga, fishing, and other sporting goods, and medical device-related products. Under its newly
coined "Rideeco" initiative aimed at realizing a sustainable society, the Group moved forward with the development
and sales of environmentally friendly products, using discarded fishing nets and fabric scraps from garment factories,
with a focus on winning new business contracts. The Group has also made ongoing efforts to cut transportation andother costs, which has substantially improved its profitability.
As a result, for the first nine months of the fiscal year under review, net sales increased 10.6% year on year to ¥35,172
million. Operating profit was up 43.7% to ¥1,586 million, ordinary profit grew 38.7% to ¥1,747 million, and profit
attributable to owners of the parent increased 64.1% to ¥1,242 million.
The Group has adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020),
etc. effective as of the beginning of the first quarter of the fiscal year under review. This change resulted in a decreaseof ¥252 million in net sales, ¥19 million in operating profit respectively and resulted in an increase of ¥24 million in
ordinary profit and profit attributable to owners of the parent respectively for the first nine months of the fiscal year
under review.
Exchange rates used for the conversion of revenue and expenses of the Group’s overseas subsidiaries during the
preparation of consolidated financial statements for the first nine months of the fiscal year under review are as follows.
1Q

2Q

3Q

USD

113.71(104.51)116.34(106.09)129.73(109.52)EUR

130.04(124.58)130.40(127.80)138.25(131.93)

CNY

17.78

(15.81)

18.31(16.38)19.60(16.96)

HKD

14.60

(13.48)14.90(13.68)16.53(14.10)TWD

4.09(3.67)

4.16(3.78)

4.41(3.91)

VND

0.0050(0.0045)0.0051(0.0046)

0.0056(0.0048)

THB

3.41

(3.42)

3.52(3.50)

3.77(3.50)

MXN

5.48(5.08)

5.67(5.21)

6.48(5.47)(Note) The exchange rate of the same period in the previous fiscal year is stated in parentheses.

-4-Business results by segment are as follows.
Japan
The Apparel Division saw increases in sales of accessories for working wear and medical wear sold in Europe and the
U.S. as well as casual wear and sportswear accessories.
The Product Division enjoyed increases in sales of medical device-related products, products for one-coin shops (like100-yen stores), construction safety products, and snowboarding, surfing, and outdoor products.
In the Transportation Division, sales of automotive interior components to Japanese automotive manufacturers
increased.
As a result, net sales grew 9.9% year on year to total ¥24,139 million, and segment profit rose 24.0% year on year toreach ¥1,168 million.
Due to the adoption of the Accounting Standard for Revenue Recognition, etc., net sales and segment profit fell ¥252
million and ¥19 million respectively.
Asia
In China and Hong Kong apparel operations, sales of working wear accessories for the European and U.S. markets
and accessories for casual wear were up while apparel operations in Vietnam enjoyed growing sales of athletic shoes
accessories.
In the Transportation Division, sales of automotive interior components to Japanese automotive manufacturers
decreased in China due to the semiconductor shortage.
As a result, net sales were up 5.3% year on year to total ¥6,277 million, and segment profit increased 107.1% year on
year to reach ¥552 million.
Europe and the U.S.
In the Apparel Division, sales of accessories related to working wear and casual wear as well as accessories for highend down wear increased.
In the Transportation Division, sales of automotive interior components to Japanese automotive manufacturers
decreased due to the semiconductor shortage.
As a result, net sales increased 22.8% year on year to total ¥4,755 million, and segment profit jumped 214.7% year on
year to reach ¥126 million.

(2) Forecast of Consolidated Business Results and other Forward-looking Information
No change has been made to the consolidated financial forecast figures for the fiscal year ending November 30, 2022,
which were announced in the Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending
November 30, 2022 (dated July 14, 2022).

-5-

2.

Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly Consolidated Balance Sheets(Thousand yen)
As of November 30, 2021

As of August 31, 2022

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

11,103,207
10,649,689

9,988,072
11,616,522

Inventory
Other

4,540,605
707,446

6,574,887
844,216(43,235)(48,909)

26,957,713

28,974,789

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Land4,594,174

4,542,843

Other, net

5,282,796

5,552,593

Total property, plant and equipment

9,876,970

10,095,436

Intangible assets
Goodwill

2,432,266

2,652,043

Other

1,037,483

1,158,661

Total intangible assets

3,469,750

3,810,704

Investment securities
Retirement benefit asset

4,485,900
241,832

4,359,436
225,467

Other
Allowance for doubtful accounts

1,014,733(108,676)

1,128,720(146,241)

Investments and other assets

Total investments and other assets

5,633,790

5,567,382

18,980,511

19,473,524

45,938,224

48,448,313

4,453,854
50,0005,379,675
50,000Current portion of long-term borrowings
Income taxes payable

394,620
483,951

280,008
503,877

Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Other

286,425

430,890

86,06598,784

1,752,857

1,809,876

Total current liabilities

7,507,774

8,553,113

Long-term borrowings
Provision for share awards
Provision for retirement benefits for directors(and other officers)
Provision for share awards for directors (andother officers)
Provision for environmental measures

1,703,302
32,274

1,493,296
37,94632,15840,98391,65085,461

20,07524,512Retirement benefit liability
Other

911,7311,724,387

891,000
1,672,752

Total non-current liabilities

4,515,579

4,245,953

12,023,354

12,799,067

Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings

Non-current liabilities

Total liabilities-6-

(Thousand yen)
As of November 30, 2021

As of August 31, 2022

Net assets
Shareholders’ equity
Share capital
Capital surplus

3,532,492
3,507,603

3,532,492
2,962,803

Retained earnings
Treasury shares

26,726,521(2,289,615)

27,107,220(2,174,195)

Total shareholders’ equity

31,477,001

31,428,319

1,321,667

1,202,377

4,612
451,115(6,340)442,187

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeShare acquisition rights
Non-controlling interests

641,116(36,922)2,553,704(26,704)

2,381,589

4,165,224

56,280-55,702-

Total net assets

33,914,870

35,649,246

45,938,224

48,448,313

Total liabilities and net assets-7-

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
The first nine-month period(Thousand yen)
December 1, 2020 –August 31, 2021

December 1, 2021 –August 31, 2022

Net sales
Cost of sales

31,802,932
23,530,200

35,172,332
26,036,399

Gross profit

8,272,731

9,135,932

Selling, general and administrative expenses

7,168,609

7,549,389

Operating profit

1,104,122

1,586,542

Interest income
Dividend income

6,476
53,131

6,644
51,998

Rental income from real estate
Foreign exchange gains
Share of profit of entities accounted for using
equity method
Subsidies for employment adjustment

50,299-58,71911,34237,38956,47086,794

4,205

Subsidy income
Other

12,35032,622

18,082
23,021

Total non-operating profit

279,064

230,484

7,946

8,771

Sales discounts
Foreign exchange losses

44,776
8,498

-

Other

62,10060,315Non-operating profit

Non-operating expenses
Interest expenses

Total non-operating expenses

123,32269,087

1,259,864

1,747,939

352

123,1845,960
577

68,444577-

466
70,016

6,891

262,689

Loss on sale of non-current assets
Loss on retirement of non-current assets

29
3,343

569
861

Loss on sale of investment securities
Restructuring loss

138
18,169-Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sales of investment securities
Gain on reversal of share acquisition rights
Gain on sale of golf club membership
Insurance claim income
Total extraordinary income
Extraordinary losses

Complaint settlement-

48,64821,68150,079Profit before income taxes

1,245,074

1,960,550

Income taxes - current
Income taxes - deferred

530,921(43,051)

759,305(41,008)

Total income taxes

487,869

718,297

Profit757,205

1,242,253--

757,205

1,242,253

Total extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent-8-

Quarterly Consolidated Statements of Comprehensive Income
The first nine-month period(Thousand yen)
December 1, 2020 –August 31, 2021
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net oftax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income

December 1, 2021 –August 31, 2022

757,205

1,242,253

393,220(119,290)(694)
464,072(10,952)
1,912,587

18,724

10,2180(0)875,322

1,792,562

Comprehensive income

1,632,527

3,034,815

Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

1,632,527

3,034,815

-

-

-9-

(3) Notes to the Quarterly Consolidated Financial Statements(Notes on Going Concern Assumption)
Not applicable.
(Notes on Significant Changes in the Amount of Shareholders’ Equity)
As of August 31, 2022, the Company’s treasury shares decreased by 800,000 shares due to the retirement of treasury
shares, which was approved at the meeting of the Board of Directors held on August 19, 2021. As a result, capitalsurplus and treasury shares decreased by ¥544,800 thousand, respectively for the first nine months of the fiscal year
under review, and capital surplus and treasury shares at the end of the first nine months of the fiscal year under review
were ¥2,962,803 thousand and ¥2,174,195 thousand yen, respectively.

-10-

(Changes in Accounting Policies)(Adoption of accounting standards for revenue recognition)
The Group has adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020),
etc. effective as of the beginning of the first quarter of the fiscal year under review. The Group now recognizes revenue
when control of promised goods or services is transferred to customers in an amount that reflects the consideration towhich it expects to be entitled in exchange for those goods or services.
The Group also uses the alternative treatment specified in paragraph 98 of the Implementation Guidance on AccountingStandard for Revenue Recognition, under which revenue is recognized when goods or products sold in Japan areshipped, as long as the period from the time of shipment to the time when control of the goods or products is transferred
to customers is a normal period.
Major changes due to the adoption of the Accounting Standard for Revenue Recognition are as follows.
(Principal vs. agent)
For transactions in which the Group acts as an agent in providing goods or services to customers, the Group previously
recognized revenue in the gross amount of consideration received from the customer, but now recognizes revenue as
the net amount of such gross consideration less amounts paid to suppliers of goods or services.
(Variable consideration for transactions with potential discounts)
For sales that include discounts given to customers at a later date based on past sales, the Group previously reduced
revenue based on historical experience of actual discounts given, but now recognizes revenue by excluding the amountequivalent to revenue from goods and products that are expected to be discounted at the time of sale. The priceexpected to be reduced is included in "other" under "current liabilities" as a refund liability.
(Transactions in which a certain level of returns is expected)
For transactions in which a certain level of returns is expected, the Group previously reduced revenue and cost of sales
based on historical experience of actual customer returns, but now recognizes revenue and cost of sales by excluding
the amount equivalent to revenue and cost of sales of goods and products expected to be returned at the time of sale.
The consideration for goods and products expected to be returned is included in "other" under "current liabilities" as arefund liability, and the asset recognized as the right to recover the goods and products from customers upon settling
the refund liability is included in "other" under "current assets" as a return asset.
(Consideration payable to customers)
The Group previously recognized consideration paid to customers, such as EDI commissions and center fees, asselling, general and administrative expenses, but now treats such consideration as a reduction in the transaction price.
(Transactions involving materials supplied by customers for a fee)
For transactions in which products processed from materials supplied by customers for a fee are sold to thosecustomers, the Group previously recognized revenue and cost of sales by including the amount equivalent to materials
supplied for a fee, but now recognizes the amount excluding the amount equivalent to materials supplied for a fee asrevenue and cost of sales.
(Chargeable subcontracting)
For transactions involving chargeable subcontracting, the Group previously recognized the extinguishment of inventory
for the goods supplied to its subcontractors for a fee. However, when the Group deems that it has an actual obligation
to repurchase the supplied goods, it continues to recognize the inventory and includes the amount equivalent to theending inventory of the supplied goods remaining with subcontractors in "other" under "current liabilities" as a liability
related to chargeable subcontracting.

-11-

The Group uses the Accounting Standard for Revenue Recognition, etc. in accordance with the transitional treatment
set forth in the proviso of paragraph 84 of the standard. The cumulative effect of retrospectively applying the new
accounting policy to periods prior to the beginning of the first quarter of the fiscal year under review is added to or
deducted from retained earnings at the beginning of the first quarter of the fiscal year under review, and the new
accounting policy has been applied starting with the said beginning balance of retained earnings. However, in
accordance with the method set forth in paragraph 86 of the Accounting Standard for Revenue Recognition, the new
accounting policy was not applied retrospectively to contracts for which almost all revenue amounts were recognizedusing the previous treatment prior to the beginning of the first quarter of the fiscal year under review. In addition, theGroup has applied the method set forth in (1) of the second part of paragraph 86 of the Accounting Standard for
Revenue Recognition to account for contract changes made prior to the beginning of the first quarter of the fiscal year
under review based on the contract terms after reflecting all contract changes. The cumulative effect of such changes
has been added to or deducted from retained earnings at the beginning of the first quarter of the fiscal year underreview.
As a result, net sales decreased by ¥252,883 thousand, cost of sales by ¥151,900 thousand, selling, general andadministrative expenses by ¥81,260 thousand, and operating profit by ¥19,722 thousand, while ordinary profit andprofit before income taxes increased by ¥24,598 thousand yen respectively in the first nine months of the fiscal year
under review. The beginning balance of retained earnings decreased ¥27,800 thousand.
In accordance with the transitional treatment set forth in paragraph 28-15 of the Accounting Standard for Quarterly
Financial Reporting (ASBJ Statement No. 12, March 31, 2020), information on disaggregated revenue from contracts
with customers for the first nine months of the previous fiscal year is not provided.
(Adoption of accounting standards for fair value measurement)
The Group has adopted the Accounting Standard for Fair Value Measurement (ASBJ Statement No. 30, July 4, 2019),
etc. effective as of the beginning of the first quarter of the fiscal year under review. In accordance with the transitional
treatment set forth in paragraph 19 of the Accounting Standard for Fair Value Measurement and paragraph 44-2 of the
Accounting Standard for Financial Instruments (ASBJ Statement No. 10, July 4, 2019), the Group will apply the new
accounting policy stipulated by the Accounting Standard for Fair Value Measurement, etc. prospectively. This has noeffect on the consolidated financial statements for the first nine months of the fiscal year under review.
(Additional Information)(Impact of COVID-19 pandemic on accounting estimates)
The assumptions used in the accounting estimates for the impact of COVID-19 have not changed from those describedin the additional information section of the financial results for the previous fiscal year.

-12-

(Segment Information, Etc.)
Segment information
I For the first nine months of the fiscal year ended November 30, 2021
1. Information on amounts of net sales and profit (loss) by reportable segment
Reportable Segment

Japan

Asia

Europe &the U.S.

Total

Net sales to external customers

21,967,622

5,963,395

3,871,913

31,802,932

Intersegment sales or transfers

1,271,885

1,712,240

Total

23,239,508
942,211(Thousand yen)Amountrecorded in
Adjustment Consolidated(Note 1)
Financial
Statements(Note 2)

Net sales

Segment profit(Note)-

31,802,932

29,1593,013,285 (3,013,285)-

7,675,636

3,901,073

34,816,217 (3,013,285)

31,802,932

266,910

40,271

1,249,393

1,104,122(145,270)1

The adjustment of ¥(145,270) thousand to segment profit includes corporate expenses of ¥(156,738) thousand
not allocated to the reportable segments, and other in the amount of ¥11,467 thousand.

2

The amount of segment profit has been adjusted with operating profit in the Quarterly Consolidated Statementsof Income.

II For the first nine months of the fiscal year ending November 30, 2022
1. Information on amounts of net sales and profit (loss) by reportable segment and disaggregated revenue(Thousand yen)AmountReportable Segment
recorded in
Adjustment Consolidated
Europe &(Note 1)
Financial
Japan
Asia
Total
the U.S.
Statements(Note 2)
Net sales
Apparel

8,262,233

4,275,603

3,971,004

16,508,842-

16,508,842

Product

12,611,999

532,266

30,96813,175,234-

13,175,234

Transportation

3,265,415

1,469,744

753,095

5,488,255-

5,488,255

Revenue from contracts withcustomers

24,139,648

6,277,615

4,755,068

35,172,332-

35,172,332

Net sales to external customers

24,139,648

6,277,615

4,755,068

35,172,332-

35,172,332

Intersegment sales or transfers

1,306,693

2,485,052

92,2953,884,041 (3,884,041)

-

Total

25,446,341

8,762,667

4,847,364

39,056,373 (3,884,041)

35,172,332

1,168,665

552,770

126,725

1,848,161

1,586,542

Segment profit(Note)(261,618)

1

The adjustment of ¥(261,618) thousand to segment profit includes corporate expenses of ¥(167,456) thousand
not allocated to the reportable segments, and other in the amount of ¥(94,162) thousand.

2

The amount of segment profit has been adjusted with operating profit in the Quarterly Consolidated Statementsof Income.

-13-

2. Change of reportable segments
As described in "Changes in Accounting Policies," the Group has applied the Accounting Standard for Revenue
Recognition, etc., from the beginning of the first quarter of the fiscal year under review and changed its accounting
method for revenue recognition. Accordingly, the method of calculating profit or loss by geographic segment has also
been changed.
As a result of this change, net sales and segment profit for Japan for the first nine months of the fiscal year underreview are respectively ¥252,883 thousand and ¥19,722 thousand less than what they would be when calculated using
the previous method.

-14-