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.

September 24, 2021

Non-consolidated Financial Results
for the Three Months Ended August 31, 2021
(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:
October 15, 2021
Scheduled date to commence dividend payment:–
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 three months ended August 31, 2021 (from June 1, 2021
to August 31, 2021)(1) Non-consolidated operating results (cumulative)
Net sales
Three months ended
August 31, 2021
August 31, 2020

Operating profit

Millions of yen% Millions of yen

17,06922,913–(3.8)

Basic earnings
per share
Three months ended
August 31, 2021
August 31, 2020

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

1,823
1,593

14.5
0.5

1,843
1,549

Profit% Millions of yen

19.0
2.9

1,280
1,067

%

19.9
3.0

Diluted earnings
per share
Yen

Yen

39.86
33.24

–
–

Note: The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31,2020) and relevant ASBJ regulations from the beginning of the first quarter of the current fiscal year, and each figure
for the first three months of the fiscal year ending May 31, 2022, is the figure after applying the accounting standard
and relevant ASBJ regulations. Year-on-year changes have not been stated with respect to net sales that are
significantly affected by application of said accounting standard and relevant ASBJ regulations.

(2) Non-consolidated financial position
Total assets
As ofAugust 31, 2021
May 31, 2021
Reference:

Net assets

Equity-to-asset ratio

Millions of yen

Millions of yen%

93,77994,13567,434
66,68071.9
70.8

EquityAs of August 31, 2021:
As of May 31, 2021:¥67,434 million¥66,680 million

2. Cash dividends
Annual dividends per shareFirst quarter-end Second quarter-end Third quarter-end
Yen
Fiscal year ended
May 31, 2021
Fiscal year ending
May 31, 2022

Yen–

Fiscal year-end

Yen

Total

Yen

Yen

16.00

–

17.00

33.00

19.00

–

19.00

38.00

–

Fiscal year ending
May 31, 2022
(Forecast)

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

3. Non-consolidated earnings forecasts for the fiscal year ending May 31, 2022 (from June 1, 2021 to
May 31, 2022)
Net sales

Operating profit

Millions of yen

Fiscal year ending
May 31, 2022

73,000(Percentages indicate year-on-year changes.)
Basic
Ordinary profit
Profitearnings
per share% Millions of yen

–

7,300

% Millions of yen

20.0

7,300

% Millions of yen

21.1

5,000

%

Yen

21.0

155.64

Note: Revisions to the earnings forecasts most recently announced: Yes* The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31,2020) and relevant ASBJ regulations from the beginning of the first quarter of the current fiscal year, and each figure of
the earnings forecasts for the fiscal year ending May 31, 2022, is the figure after applying the accounting standard andrelevant ASBJ regulations. Year-on-year changes have not been stated with respect to net sales that are significantly
affected by application of said accounting standard and relevant ASBJ regulations.

* 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: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: Yes(iv) Restatement: None
Note: For details, please refer to “Changes in accounting policies” and “Changes in accounting estimates” under “(3)Notes to quarterly non-consolidated financial statements” of “2. Quarterly non-consolidated financial statements
and significant notes thereto” on pages 7 and 8 of the attached materials of this quarterly financial results report.

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

35,497,183 shares

As of May 31, 2021

35,497,183 shares(ii) Number of treasury shares at the end of the period
As of August 31, 2021

3,372,411 shares

As of May 31, 2021

3,372,221 shares(iii) Average number of shares outstanding during the period
Three months ended August 31, 2021

32,124,899 shares

Three months ended August 31, 2020

32,125,841 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 the
suppositions that form the assumptions for earnings forecasts and cautions concerning the use of
earnings forecasts, please refer to “(3) Explanation of earnings forecasts and other forward-looking
statements” of “1. Qualitative information regarding financial results for the three months ended August
31, 2021” on page 3 of the attached materials.

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155)

Attached Materials
Index
1. Qualitative information regarding financial results for the three months ended August 31, 2021 ........... 2(1) Explanation of operating results ......................................................................................................... 2(2) Explanation of financial position........................................................................................................ 3(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) Notes to quarterly non-consolidated financial statements .................................................................. 7
Notes on premise of going concern .................................................................................................... 7
Notes when there are significant changes in amounts of equity ......................................................... 7
Changes in accounting policies .......................................................................................................... 7
Changes in accounting estimates ........................................................................................................ 8
Segment information .......................................................................................................................... 8-1-

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155)

1. Qualitative information regarding financial results for the three months ended
August 31, 2021
MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (the “Company”) has applied the “AccountingStandard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant ASBJ
regulations from the beginning of the first quarter of the current fiscal year, and each figure for the first
three months of the fiscal year ending May 31, 2022, is the figure after applying the accounting standard
and relevant ASBJ regulations. Year-on-year changes have not been stated with respect to net sales that are
significantly affected by application of said accounting standard and relevant ASBJ regulations.
(1) Explanation of operating results
During the three months ended August 31, 2021, the Japanese economy exhibited signs ofimprovement particularly with respect to production and exports given factors that include effects ofvarious economic policies and more upbeat overseas economies, even amid persisting effects of thenovel coronavirus disease (COVID-19).
Investment momentum overall also mounted a recovery amid vigorous activity with respect to capital
investment among semiconductor-related companies, primary users of the Company’s products. In
addition, production of semiconductor silicon wafers remained strong.
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, net sales for the three months ended August 31, 2021 amounted to ¥17,069 million,
operating profit was ¥1,823 million (up 14.5% year on year), ordinary profit was ¥1,843 million (up19.0%), and profit was ¥1,280 million (up 19.9%).
Operating results by segment are as follows. Note that the amounts of net sales and profit include theamounts related to intersegment transactions.
Semiconductor Division
In this division, production was steady mainly for 300-millimeter wafers (including reclaimed wafers).
Under these circumstances, we have further promoted quality improvement and cost reduction.
As a result, net sales in this division amounted to ¥11,099 million, and segment profit (operating profit)
was ¥1,403 million (up 25.3% year on year).
Industrial Sales Division
In this division, we actively engaged in sales promotions of products developed in-house as well asother products handled by the division.
Nevertheless, sales of other products handled by the division decreased due to application of the
Accounting Standard for Revenue Recognition and relevant ASBJ regulations. As a result, net sales inthis division amounted to ¥6,157 million, and segment profit (operating profit) was ¥294 million (down
22.6% year on year).
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.
As a result, net sales in this division amounted to ¥1,768 million, and segment profit (operating profit)
was ¥240 million (up 14.3% year on year).
-2-

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155)(2) Explanation of financial position
Total assets as of August 31, 2021 were ¥93,779 million, down ¥355 million from the end of theprevious fiscal year, mainly reflecting a decrease in property, plant and equipment. Total liabilities were¥26,344 million, down ¥1,110 million, mainly reflecting a decrease in income taxes payable. Total net
assets were ¥67,434 million mainly reflecting an increase of ¥720 million in retained earnings.
(3) Explanation of earnings forecasts and other forward-looking statements
As for the outlook ahead, despite ongoing concerns regarding ramifications of infectious disease, theJapanese economy is likely to encounter persisting momentum toward recovery due to factors
including resumption of economic activity in line with proliferation of vaccinations, and various
economic measures taking hold.
Under such circumstances, the semiconductor industry is likely to encounter persistently escalating
semiconductor demand in various sectors.
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 substantial
productivity.
The previously pending earnings and cash dividend forecasts for the fiscal year ending May 31, 2022,
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 ¥73.0 billion, operating profit of¥7.3 billion, ordinary profit of ¥7.3 billion, and profit of ¥5.0 billion.
In addition, the Company intends to pay annual dividends of ¥38 per share, which is ¥5 per sharehigher than in the previous fiscal year, consisting of an interim dividend and a year-end dividend eachamounting to ¥19 per share.

-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, 2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
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, 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
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 August 31, 2021

23,121
24,209
774
1,405
2,623
949
(2)
53,081

23,36725,938
825
1,077
2,543
1,036
(5)
54,783

22,593
8,782
6,725
38,100936

21,5699,640
4,912
36,122
891

2,017
(0)
2,016
41,054
94,135

1,981
(0)
1,981
38,995
93,77918,266
1,472
155
6,695
26,59019,442
572
532
4,970
25,518698
165
864
27,454

659
165
825
26,344MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155)(Millions of yen)
As of May 31, 2021
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 August 31, 2021

18,824
18,77833,754(4,770)66,585

18,824
18,77834,474(4,770)67,306109(14)
94
66,68094,135132(3)
128
67,434
93,779MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155)(2) Quarterly non-consolidated statement of income(Millions of yen)Three months ended
August 31, 2020
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
Other
Total 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-

Three months ended
August 31, 2021

22,913
20,180
2,732
1,139
1,593

17,06914,125
2,944
1,120
1,823

0
6
0
9
17

0
7
7
8
23

0
53
7
61
1,549
1,549
351
129
481
1,067

–
4
0
4
1,843
1,843
493
69
562
1,280

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155)(3) 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.
Changes in accounting policies
Application of Accounting Standard for Revenue Recognition, etc.
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No.
29, March 31, 2020) and relevant ASBJ regulations from the beginning of the first quarter of thecurrent fiscal year, and it has recognized revenue at the time the control of promised goods orservices is transferred to the customer at the amount expected to be received upon exchange of said
goods or services.
Major changes due to the application of the Accounting Standard for Revenue Recognition andrelevant ASBJ regulations are as follows:

Whereas revenue from export sales was previously recognized primarily at the shipping date, theCompany has changed this method such that revenue is to be recognized at the point in time whenassumption of risk transfers to the customer pursuant to the Incoterms and other trade terms.



For transactions in which the Company acts as an agent, the full amount of the consideration
received from customers was previously recognized as revenue, but the Company has changed
this method such that revenue is to be recognized at the net consideration amount.

For some sales in which revenue has been recognized at a certain point in time, the Company haschanged its method of recognizing revenue such that revenue is to be recognized over time inaccordance with progress made in satisfying performance obligations.

The application of the Accounting Standard for Revenue Recognition and relevant ASBJ regulations
is subject to the transitional treatment provided for in the proviso to paragraph 84 of the AccountingStandard for Revenue Recognition. The cumulative effect of the retrospective application, assuming
the new accounting policy had been applied to periods prior to the beginning of the first quarter ofthe current fiscal year was added to or deducted from the opening balance of retained earnings of thefirst quarter of the current fiscal year, and thus the new accounting policy was applied from suchopening balance.
As a result of this change, for the three months ended August 31, 2021, net sales decreased by ¥4,853
million, cost of sales decreased by ¥4,846 million, and operating profit, ordinary profit and profit
before income taxes each decreased by ¥7 million. In addition, the balance of retained earnings at
beginning of period decreased by ¥13 million.
Application of Accounting Standard for Fair Value Measurement, etc.
The Company has applied the “Accounting Standard for Fair Value Measurement” (ASBJ Statement
No. 30, July 4, 2019) and relevant ASBJ regulations from the beginning of the first quarter of thecurrent fiscal year, and it has applied the new accounting policy provided for by the AccountingStandard for Fair Value Measurement, etc. prospectively in accordance with the transitional measuresprovided for in paragraph 19 of the Accounting Standard For Fair Value Measurement, and paragraph44-2 of the “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019).
There is no effect on the quarterly non-consolidated financial statements.

-7-

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. (8155)

Changes in accounting estimates
Changes in useful lives
Having reviewed the usage conditions, etc. of some air-conditioning facilities, the Company has
found that there are differences between numbers of years of useful life applied in the past andexpected economic life with respect to such facilities. Accordingly, from the first quarter of thecurrent fiscal year, the Company has revised figures for useful life and has applied the change
prospectively.
Following this change, for the first three months of the current fiscal year, depreciation increased by¥597 million relative to the previous approach, while operating profit, ordinary profit and profit
before income taxes each decreased by ¥567 million.
Segment information
Information on the amounts of net sales and profit or loss for each reportable segment
Three months ended August 31, 2020
Reportable segments(Millions of yen)Amounts inthe quarterly
nonAdjustments
consolidated
statement ofincomeSemiconductor
Division

Industrial
Sales
Division

Engineering
Division

11,317

11,595–22,913–

22,913

1

136

1,096

1,234

(1,234)–

Total

11,31911,732

1,096

24,147(1,234)22,913

Segment profit

1,119

380

210

1,710

(117)

1,593

Net sales
Sales from externalcustomers
Intersegment sales ortransfers

Total

Notes: 1. The figure of “Adjustments” in “Segment profit” indicates the elimination of intersegment transactions.
2. Segment profit is adjusted with operating profit in the quarterly non-consolidated statement of income.
3. Because the Engineering Division specifically assumes the role of development it does not generate net sales
through business with external customers. Instead, sales with respect to the Engineering Division are conducted
through the Industrial Sales Division.

Three months ended August 31, 2021
Reportable segments(Millions of yen)Amounts inthe quarterly
nonAdjustments
consolidated
statement ofincomeIndustrial
Sales
Division

Engineering
Division

11,0995,969–

17,069–17,069

0

187

1,768

1,955

(1,955)–

Total

11,099

6,157

1,768

19,025(1,955)

17,069Segment profit

1,403

294

240

1,937

(114)

1,823

Semiconductor
Division
Net sales
Sales from externalcustomers
Intersegment sales ortransfers

Total

Notes: 1. The figure of “Adjustments” in “Segment profit” indicates the elimination of intersegment transactions.
2. Segment profit is adjusted with operating profit in the quarterly non-consolidated statement of income.
3. Because the Engineering Division specifically assumes the role of development it does not generate net sales
through business with external customers. Instead, sales with respect to the Engineering Division are conducted
through the Industrial Sales Division.

-8-