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

Consolidated Financial Results
for the Second Quarter of Fiscal Year Ending March 31, 2022
[Japanese GAAP]
October 28, 2021
Company name: Sanoyas Holdings Corporation
Stock exchange listing: Tokyo Stock Exchange
Code number: 7022
URL: http://www.sanoyas.co.jp/Representative: Isao Kitatsuji, President
Contact: Naoya Fukui, General Manager, Accounting Department
Phone: +81-6-4803-6171
Email: info@sanoyas.co.jp
Scheduled date of filing quarterly securities report: November 10, 2021
Scheduled date of commencing dividend payments: –Availability of supplementary briefing material on annual financial results: Not available
Schedule of quarterly financial results briefing session: Yes (for investment analysts and institutional investors)(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Second Quarter of Fiscal Year Ending March 31, 2022 (April 1, 2021
to September 30, 2021)(1) Consolidated Operating Results (Cumulative)(% indicates changes from the previous corresponding period.)
Profit (loss)
Operating profit
Ordinary profit
Net sales
attributable to(loss)(loss)
owners of parent
Six months ended
Million yen% Million yen% Million yen% Million yen%
September 30, 2021
8,249
(62.0)(384)–(397)–(70)–
September 30, 2020
21,7103.0(2,234)–(2,104)–(2,134)–(Note) Comprehensive income: Second Quarter of fiscal year ended March 31, 2022: ¥175 million [–%]
Second Quarter of fiscal year ended March 31, 2021: ¥(767)million [–%]
Basic earnings pershare

Six months ended
September 30, 2021
September 30, 2020

Diluted earnings pershare

Yen

Yen

(2.13)(65.28)––(2) Consolidated Financial Position
Total assets
Net assets
Million yen
Million yen
As of7,166
September 30, 2021
26,788
7,098
March 31, 2021
26,401(Reference) Equity: As of September 30, 2021: ¥7,077 million
As of March 31, 2021: ¥7,009 million

Equity ratio%

26.4
26.5

2. Dividends
Annual dividends
1st2nd
3rdYear-end
quarter-end quarter-end quarter-end
Yen

Yen

Yen

Fiscal year ended–
0.00–
March 31, 2021
Fiscal year ending–
0.00
March 31, 2022
Fiscal year ending
March 31, 2022–(Forecast)(Note) Revision to recently disclosed projected cash dividends: NoTotalYen

Yen

5.00

5.00

5.00

5.00

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022 (April 1, 2021 to March31, 2022)(% indicates changes from the previous corresponding period.)
Net sales
Million yen%

Operating profit

Ordinary profit(loss)(loss)

Million yen%

Million yen

Profit (loss)
attributable toowners of parent%

Million yen

Full year
20,000 (55.2)
600–
500–(Note) Revision to recently disclosed projected consolidated financial results: No300

Basic earnings
per share%

Yen–

9.16

* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting inchanges in scope of consolidation): No(2) Adoption of special accounting methods 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: Yes
2) Changes in accounting policies other than 1) above: No
3) 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):
September 30, 2021: 33,122,120 shares
March 31, 2021: 32,890,166 shares2) Total number of treasury shares at the end of the period:
September 30, 2021: 47,214 shares
March 31, 2021: 47,742 shares
3) Average number of shares during the period:
Six months ended September 30, 2021: 32,942,571 shares
Six months ended September 30, 2020: 32,707,027 shares* These consolidated financial results are outside the scope of audit* 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 deemed reasonable. Actual results may differ significantly from these forecasts due to awide range of factors.

2. Quarterly Consolidated Financial Statements [Japanese GAAP](1) Quarterly Consolidated Balance Sheets [Japanese GAAP](Million yen)
As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Contract assets
Electronically recorded monetary claims - operating
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 and structures, net
Machinery and equipment, netLand
Other, net
Total property, plant and equipment
Intangible assetsSoftware
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Net defined benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

1

As of September 30, 2021

5,612
4,155
－559
162
1,108
685
1,364
(9)
13,638

5,809
2,847
298
619
197
1,481
750
1,231
(9)
13,226

2,524
1,497
2,873
476
7,372

2,870
1,615
2,873
374
7,732

114
806
17
938

262
759
17
1,039

3,728
86
306
339
(9)
4,45112,762
26,401

4,039
126
321
310
(9)
4,789
13,561
26,788(Million yen)
As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Current portion of long-term loans payable
Income taxes payable
Advances received
Contract liabilities
Provision for bonuses
Provision for construction warranties
Provision for removal cost of property andequipment
Lease obligations
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Lease obligations
Deferred tax liabilities
Net defined benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition right
Total net assets
Total liabilities and net assets

2

As of September 30, 2021

3,368
1,800
2,890
69661－333763,162
3,750
2,710
336－
402
348
78

23

9

251
683
10,157266
637
11,702

4,009
1,093
1,618
1,709
704
8
9,145
19,302

3,287
1,043
1,132
1,748
701
6
7,919
19,621

2,563
263
2,679
(9)
5,496

2,580
－
2,747
(9)
5,318

1,566
(5)
(48)
1,512
89
7,098
26,4011,777
18(36)
1,758
89
7,166
26,788

(2) Quarterly Consolidated Statements of Income and Consolidated Statements of Comprehensive Income[Japanese GAAP]
Quarterly Consolidated Statements of Income [Japanese GAAP](Million yen)
Six Months ended September30, 2020

Six Months ended September
30, 2021

21,71021,206504
2,739(2,234)

8,249
6,378
1,871
2,255(384)561

55657－

42184
351－
3193

175
45
220(2,104)(2,104)51(20)
30(2,134)(2,134)73
33
106(397)(397)
298(625)
(327)
(70)
(70)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating loss
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
OtherTotal non-operating income
Non-operating expenses
Interest expenses
OtherTotal non-operating expenses
Ordinary loss
Loss before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Loss
Loss attributable to owners of parent

Quarterly Consolidated Statements of Comprehensive Income [Japanese GAAP](Million yen)Three Months ended September Three Months ended September
30, 2020
30, 2021
Loss
Other comprehensive income loss (loss)
Valuation difference on available-for-sale securities
Deferred gain (loss) on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Comprehensive loss (income) of affiliates accounted forby the equity method attributable to the company
Total other comprehensive income (loss)
Comprehensive income
Comprehensive income (loss) attributable toOwners of the parent
Non-controlling interests

3(2,134)(70)

1,304(13)
46
27

210
－
23
11

4－

1,367
(767)

245
175

(767)
－

175
－

(3) Quarterly Consolidated Statements of Cash Flows [Japanese GAAP](Million yen)Six months ended
September 30, 2020
Cash flows from operating activities
Loss before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in net defined benefit liability
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for construction
warranties
Increase (decrease) in provision for loss on construction
contracts
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Decrease (increase) in notes and accounts receivable trade
Decrease (increase) in inventories
Decrease (increase) in advance payments
Increase (decrease) in notes and accounts payable - trade
Increase (decrease) in advances received
Increase (decrease) in contract liabilities
Decrease (increase) in consumption taxes refund
receivable
Other, net
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities

4Six months ended
September 30, 2021

(2,104)767
47
162(43)
(15)

(397)
315
47
38(0)
15(13)

2

398

－

(67)
175
(25)

(61)
73－

(907)

958

(786)
(304)
(1,754)
49－

(468)
(0)
(350)
－
(264)

754

(174)

(633)
(4,300)67(175)
73(4,334)233(35)62(73)
5(39)(Million yen)Six months ended
September 30, 2019
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Proceeds from redemption of securities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from cancellation of insurance fund
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Cash dividends paid
Proceeds from sales and leaseback transactions
Repayments of lease obligations
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

5Six months ended
September 30, 2020

(142)
142
500
(361)
(81)
(9)
236
49334

(142)
242
－
(494)
(101)
(9)
－
(13)
(518)

(442)
1,606
(1,926)(163)－(182)(1,108)13(5,095)
15,053
9,957

1,950
200
(1,101)(164)80(128)
835
18296
5,452
5,749

(Segment Information)
Ⅰ Six months Ended September 30, 2020 (April 1, 2020 to September 30, 2020)
Information concerning Net sales and Operating profit or loss by Reportable business segment(Million yen)

Adjustments( Note 1)

Amountrecorded inquarterly
consolidated
statements ofincome( Note 2)

Reportable segment
Machinery / Machinery /Shipbuilding & Equipment & Equipment &Engineering Services forServices for
Business
Manufacturing Construction
Industry
Industry

LeisurebusinessTotal

Net sales
13,917

4,092

2,966

734

21,710－21,710

85

－－－

85

(85)

－

Total

14,002

4,092

2,966

734

21,796(85)

21,710

Segment profit (loss)(1,394)

105

(47)

(382)

(1,718)(516)(2,234)External sales
Internal sales ortransfers(Note 1) Details of “Adjustments” are as follows:
Adjustments for the segment profit or loss of ¥(516) million include corporate cost of ¥(535) million not allocated to eachreportable segment, allowance for doubtful accounts of ¥5 million and elimination of inter-segment transaction of ¥14
million.
Corporate cost consists of general and administrative expenses which do not belong to the reporting segment.
(Note 2) Segment profit or loss is adjusted with operating loss recorded in the quarterly consolidated statements of income.

Ⅱ Six months Ended September 30, 2021 (April 1, 2021 to September 30, 2021)
Information concerning Net sales and Operating profit or loss by Reportable business segment(Million yen)

Adjustments( Note 1)

Amountrecorded inquarterly
consolidated
statements ofincome( Note 2)

Reportable segment
Machinery /Equipment &Services for
ManufacturingIndustry

Machinery /Equipment &Services for Leisure business
Construction
Industry

Total

Net sales
Goods transferred at apoint in time
Goods transferred overtime
Revenue from contacts
with customers

4,071

1,785

915

6,772－

6,772

212

1,216

49

1,477

－

1,477

4,283

3,001

964

8,249

－

8,249

4,283

3,001

964

8,249

－

8,249

Internal sales or transfers－－－－－－

Total

4,283

3,001

964

8,249

－

8,249

347

(2)

(81)

263

(647)

(384)

External sales

Segment profit (loss)(Note 1) Details of “Adjustments” are as follows:
Adjustments for the segment loss of ¥(647) million include corporate cost of ¥(654) million not allocated to each reportablesegment, allowance for doubtful accounts of ¥(0) million and elimination of inter-segment transaction of ¥6 million.
Corporate cost consists of general and administrative expenses which do not belong to the reporting segment.

6

(Note 2) Segment loss is adjusted with operating loss recorded in the quarterly consolidated statements of income.
(Note 3) We have changed our business segmentation from "M&T business" to "Machinery / Equipment & Services forManufacturing Industry", "Machinery / Equipment & Services for Construction Industry", and "Leisure business” since thebeginning of the first quarter of the current consolidated fiscal year due to the transfer of shares of Sanoyas Shipbuilding
Corporation to SHIN KURUSHIMA DOCKYARD CO., LTD. The segment information for the previous period is restatedto current period presentation.

7

3. Supplementary information
Status of sales and orders
Segmental sales
Six months ended September 30, 2020
(April 1, 2020 to September 30, 2020)
Segment
Composition ratio(Million yen)（%）
Shipbuilding &13,917
64.1Engineering
Machinery / Equipment& Services for
Manufacturing Industry
Machinery / Equipment& Services forConstruction Industry
Leisure Business

Total

Leisure BusinessTotal－－

4,092

18.8

4,283

51.9

2,966

13.7

3,001

36.4

734

3.4

964

11.7

21,710

100.0

8,249

100.0

Order status and backlog of orders
Six months ended September 30, 2020
(April 1, 2020 to June 30, 2020)
Segment
OrdersBacklog of orders(Million yen)
(Million yen)
Shipbuilding &Engineering
Machinery / Equipment& Services for
Manufacturing Industry
Machinery / Equipment& Services forConstruction Industry

Six months ended September 30, 2021
(April 1, 2021 to September 30, 2021)
Composition ratio(Million yen)（%）

Six months ended September 30, 2021
(April 1, 2021 to September 30, 2021)
Orders(Million yen)Backlog of orders(Million yen)

9,939

32,951

－

－

3,910

4,341

4,108

3,105

3,968

4,910

3,336

4,981

282

219

1,273

1,146

18,10142,422

8,717

9,232

(Note) The amount of orders received and order backlogs for rental of temporary construction-use elevators are included in
Machinery / Equipment & Services for Construction Industry Segment since the beginning of the first quarter of the current
consolidated fiscal year. Following the change, the amounts for the previous period have been changed to include theamount of orders received and order backlogs for rental of temporary construction-use elevators.

8