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 March 31, 2021
(Based on Japanese GAAP)May 14, 2021
Company name:

Human Holdings Co., Ltd.

Stock exchange listing: Tokyo
Stock code:
2415
Representative:
Inquiries:

URL

https://www.athuman.com/

Representative Director, President and CEO
Director, Corporate Planning Division

Tomonari Sato
Yasuhiro Sato

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

June 29, 2021
June 30, 2021

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

June 30, 2021
Yes

Holding of financial results meeting:

Yes

TEL

03-6846-8002(for institutional investors and analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)(1) Consolidated operating resultsPercentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2021
85,811(0.2)
2,702
35.0
3,253
52.9
1,439
69.7
Year ended March 31, 2020
85,9892.0
2,002(5.2)
2,127(2.1)
848(30.3)

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen%%%
–
12.1
7.8
3.1
–
7.7
5.3
2.3

Diluted earnings pershareYen
132.3678.00

Year ended March 31, 2021
Year ended March 31, 2020
(2) Consolidated financial position

Total assets
As of March 31, 2021
As of March 31, 2020

Net assets

Equity ratio

Millions of yen
43,18740,154

Millions of yen
12,453
11,323

Cash flows fromoperating activities
Millions of yen
2,046
1,400

Cash flows frominvesting activities
Millions of yen(1,022)(1,221)

Net assets per share%
28.8
28.2

Yen
1,144.79
1,040.95(3) Consolidated cash flows

Year ended March 31, 2021
Year ended March 31, 2020

Cash flows fromCash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen
1,674
22,848(333)
20,138

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

Year ended March 31, 2020
Year ended March 31, 2021
Year ending March 31, 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

%%

––

0.00
0.00

––

16.00
26.50

16.00
26.50174288

20.5
20.0

1.6
2.4

–0.00

–

24.00

24.00

120.3

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Net sales
Full year

Millions of yen
88,167

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
2.7
2,265 (16.2)
2,324 (28.6)
1,286 (10.7)
118.25

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2021
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(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:
Changes in accounting policies due to other reasons:

No
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2021

10,987,200 shares As of March 31, 2020

10,987,200 shares

Number of treasury shares at the end of the period
As of March 31, 2021

109,201 shares As of March 31, 2020

109,159 shares

10,878,037 shares Year ended March 31, 2020

10,878,041 shares

Average number of shares during the period
Year ended March 31, 20212

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2020

As of March 31, 2021

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade20,138,690
9,766,497

22,848,737
10,325,422

Merchandise
Supplies

636,71333,787

678,662
21,860Other
Allowance for doubtful accounts

828,126(10,110)1,010,359(4,495)31,393,705

34,880,547

2,446,523
253,497

2,428,591
294,864

502,700
3,412

502,700–

3,206,133

3,226,155

Intangible assets
Software1,313,052

1,065,838

Goodwill
Other

52,034
98,971

27,574
98,740Total intangible assets

1,464,058

1,192,153

Investments and other assets
Investment securities

500,796

222,412340,897
2,272,842

370,713
2,148,646Deferred tax assets
Other

431,215
680,538

489,522881,356

Allowance for doubtful accounts(135,955)(224,276)

Total investments and other assets

4,090,336

3,888,374

8,760,528

8,306,683

40,154,233

43,187,230

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, netTools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment

Long-term loans receivable
Guarantee deposits

Total non-current assets
Total assets3(Thousands of yen)
As of March 31, 2020

As of March 31, 2021

Liabilities
Current liabilities
Accounts payable - trade242,956

333,537

Short-term borrowings
Current portion of long-term borrowings

280,000
2,292,521

150,000
2,848,466

Advances received
Accounts payable - other

10,644,179
5,949,388

9,775,917
6,379,866

Income taxes payable
Accrued consumption taxes

495,426
1,401,707

922,292
1,327,622

Provision for bonuses
Asset retirement obligations

859,006–891,849
8,677

Other

1,538,393

1,491,789

Total current liabilities

23,703,579

24,130,019

4,033,995

5,457,363

489,235

485,282354,570

347,962

Non-current liabilities
Long-term borrowings
Provision for retirement benefits for directors (and otherofficers)
Asset retirement obligations
Other249,319

313,542

5,127,119

6,604,151

28,830,699

30,734,171

Share capital
Capital surplus

1,299,900
809,900

1,299,900
799,691

Retained earnings
Treasury shares

9,286,285(66,794)

10,438,395(66,834)

Total shareholders' equity

11,329,291

12,471,152

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

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

4–719(5,757)(18,812)(5,757)(18,092)

11,323,533

12,453,059

40,154,233

43,187,230

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Thousands of yen)
Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

Net sales

85,989,819

85,811,424

Cost of sales

62,529,695

62,950,517

Gross profit

23,460,124

22,860,906

Selling, general and administrative expenses

21,457,614

20,158,239

Operating profit

2,002,510

2,702,667

Non-operating income
Interest income

11,198

8,977

Dividend income
Subsidy income

112
57,66545531,030

Compensation income
Other

43,236
86,587

14,927
136,472

Total non-operating income

198,800

691,454

13,84817,588Provision of allowance for doubtful accounts
Settlement package

–
6,570

75,575
17,892Foreign exchange losses
Loss on abandonment of supplies

19,572
10,187–
5,175Other

23,841

24,328Non-operating expenses
Interest expenses

Total non-operating expenses

74,020140,561

2,127,290

3,253,560

Extraordinary income
Gain on sale of non-current assets

196

3,741

Gain on transfer of receivables

548–

Total extraordinary income

744

3,741

Loss on retirement of non-current assets
Loss on valuation of investment securities

11,46816,041

20,464–

Loss on valuation of shares of subsidiaries and associates
Impairment losses

141,942
128,707

6,858
422,341

Ordinary profit

Extraordinary losses

298,159449,663

Profit before income taxes

Total extraordinary losses

1,829,875

2,807,638

Income taxes - current
Income taxes - deferred

995,091(13,654)

1,426,454(58,687)

Total income taxes

981,4361,367,767

Profit848,438

1,439,870

Profit attributable to owners of parent

848,438

1,439,870

5

Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021

848,438

1,439,870

637(42)719(9,724)594(9,004)

849,032

1,430,866

849,032

1,430,866––

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

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2020
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

1,299,900

Retained earnings

809,900

8,682,602

Total shareholders'equity

Treasury shares(66,794)

10,725,608

Changes during period
Dividends of surplus(244,755)(244,755)

Profit attributable to ownersof parent

848,438

848,438

Purchase of treasury shares
Change in scope ofconsolidation
Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period––

603,682–

603,682

1,299,900

809,900

9,286,285(66,794)

11,329,291

Accumulated other comprehensive income
Valuation difference on
Foreign currency
available-for-saletranslation adjustment
securities
Balance at beginning of period(637)(5,714)

Total accumulated
other comprehensive
income(6,351)

Total net assets

10,719,257

Changes during period
Dividends of surplus(244,755)

Profit attributable to ownersof parent

848,438

Purchase of treasury shares–

Change in scope of
consolidation–

Net changes in items otherthan shareholders' equity

637

(42)

594

594

Total changes during period

637

(42)

594

604,276

Balance at end of period–(5,757)(5,757)

11,323,533

7Fiscal year ended March 31, 2021
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

1,299,900

Retained earnings

809,900

9,286,285

Treasury shares(66,794)

Total shareholders'equity
11,329,291

Changes during period
Dividends of surplus(174,048)(174,048)

Profit attributable to ownersof parent

1,439,870

1,439,870

Purchase of treasury shares(39)

Change in scope ofconsolidation(10,208)(113,712)(39)(123,921)

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period–(10,208)

1,152,109(39)

1,141,861

1,299,900

799,691

10,438,395(66,834)

12,471,152

Accumulated other comprehensive income
Valuation difference on
Foreign currency
available-for-saletranslation adjustment
securities
Balance at beginning of period–(5,757)

Total accumulated
other comprehensiveincome(5,757)

Total net assets

11,323,533

Changes during period
Dividends of surplus(174,048)

Profit attributable to ownersof parent

1,439,870

Purchase of treasury shares(39)

Change in scope ofconsolidation(123,921)

Net changes in items otherthan shareholders' equity

719(13,055)(12,335)

Total changes during period

719(13,055)(12,335)

1,129,525

Balance at end of period

719(18,812)(18,092)

12,453,059

8(12,335)

Consolidated statements of cash flows(Thousands of yen)

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021

1,829,875

2,807,638

Depreciation
Impairment losses

888,974
128,707917,509422,341

Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts

85,823
10,59548,29582,369

Increase (decrease) in provision for bonuses
Increase (decrease) in provision for retirement benefits for

23,21032,843

31,466(3,952)

6,570

17,892

Interest and dividend income
Subsidy income(11,311)(57,665)(9,023)(531,030)

Compensation income
Interest expenses(43,236)
13,848(14,927)
17,588Loss on retirement of non-current assets
Gain on sale of non-current assets

11,468(196)

20,464(3,741)

Loss (gain) on valuation of investment securities
Gain on transfer of receivables

16,041(548)––

Loss on valuation of shares of subsidiaries and associatesDecrease (increase) in trade receivables

141,942(259,233)

6,858(533,485)

Decrease (increase) in inventories
Increase (decrease) in trade payables(40,513)(16,830)(25,578)
90,580

Increase (decrease) in advances received
Increase (decrease) in accounts payable - other(84,453)(938,666)(920,438)
433,328

Increase (decrease) in accrued consumption taxes
Other, net

428,989
176,822(75,033)(139,250)

directors (and other officers)
Settlement package

Subtotal

2,341,681

2,641,247

Interest and dividends received
Interest paid11,333(13,843)

10,807(16,877)

Settlement package paid
Proceeds from compensation(7,043)
43,236(17,892)
14,927

Subsidies received
Income taxes refund (paid)

27,615(1,002,382)

449,380(1,035,534)

Net cash provided by (used in) operating activities

1,400,597

2,046,058

Cash flows from investing activities
Purchase of property, plant and equipment(595,130)(830,600)

Purchase of intangible assets
Purchase of investment securities(538,866)(104,338)(260,660)–

Payments for acquisition of businesses
Payments of guarantee deposits(33,399)(110,701)(10,000)(102,648)

Proceeds from refund of guarantee deposits
Loan advances

19,766(76,002)

94,763(149,441)

Proceeds from collection of loans receivable
Subsidy income

81,794135,000

110,692
122,226

186

2,915

(1,221,691)(1,022,753)

Other, net
Net cash provided by (used in) investing activities

9(Thousands of yen)

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

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021
20,000(130,480)

2,250,000(2,358,252)

5,018,453(3,039,246)

Dividends paid
Other, net(244,755)–(174,048)(39)

Net cash provided by (used in) financing activities(333,007)

1,674,638

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

Effect of exchange rate change on cash and cash equivalents(2,203)259

Net increase (decrease) in cash and cash equivalents(156,305)

2,698,203

Cash and cash equivalents at beginning of period

20,294,996

20,138,690–

11,842

20,138,690

22,848,737

Increase in cash and cash equivalents resulting from inclusion ofsubsidiaries in consolidation
Cash and cash equivalents at end of period10