Note : This document has been translated from a part of the Japanese original for reference purposes only. In theevent of any discrepancy between this translated document and the Japanese original, the original shall prevail.

Consolidated Financial Results
for the Fiscal Year Ended December 31, 2021
[Japanese GAAP]
February 10, 2022
Company name: Future Innovation Group, Inc.
Stock exchange listing: Tokyo and Fukuoka
Code number: 4392
URL: http://www.figinc.jp/Representative: MURAI Yuji, President and CEO
Contact: KIBE Kazuhisa, Director and Managing Executive Officer, Manager of President’s OfficePhone: +81-97-576-8730
Scheduled date of holding ordinary general meeting of shareholders: March 29, 2022
Scheduled date of commencing dividend payments: March 30, 2022
Scheduled date of filing securities report: March 30, 2022
Availability of supplementary explanatory materials on annual financial results: Available
Schedule of annual financial results briefing session: Scheduled (for institutional investors and analysts)(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended December 31, 2021 (January 1, 2021 – December
31, 2021)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Fiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%
December 31, 2021
12,26418.7566–
573
–
441
161.3
December 31, 2020
10,3338.7(284)
–
(256)
–
169
222.0
(Note) Comprehensive income: Fiscal year ended December 31, 2021: ¥682 million [125.5%]
Fiscal year ended December 31, 2020: ¥302 million [161.6%]Basic earnings Diluted earnings
Return on
Ordinary profit Operating profit
per shareper shareequity
to total assets
to net sales
Fiscal year ended
Yen
Yen%%%
15.12
14.90
5.2
3.3
4.6
December 31, 2021
December 31, 2020
5.84
5.76
2.1
(1.8)
(2.8)
(2) Consolidated Financial Position
Total assets

Net assets

Fiscal year ended
Million yen
Million yen
18,971
8,878
December 31, 2021
December 31, 2020
15,294
8,311(Reference) Equity: As of December 31, 2021: ¥8,730 million
As of December 31, 2020: ¥8,167 millionNet assets
per share

Equity ratio%

Yen

46.0
53.4

298.42280.05(3) Consolidated Cash Flows

Fiscal year ended
December 31, 2021
December 31, 2020

Cash and cash
equivalents
at end of period

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Million yen

Million yen

Million yen

Million yen

63412(2,523)(1,813)

2,513
1,700

2,376
2,318

2. Dividends
Annual dividends

Fiscal year ended
December 31, 2020
Fiscal year ended
December 31, 2021
Fiscal year ending
December 31, 2022(Forecast)Total
dividend
payment

Dividend
payoutratio(consolidated)

Dividend
to netassets(consolidated)

1stquarterend

2ndquarterend

3rdquarterend

Year-end

Yen

Yen

Yen

Yen

Yen

Million
yen%%

–

0.00

–

5.00

5.00

155

85.6

1.8

–

0.00

–

5.00

5.00

155

33.1

1.7

–

0.00

–

5.00

5.00

Total

30.9

3. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2022 (January 1, 2022 December 31, 2022)(% indicates changes from the previous corresponding period.)
Profit attributable
Basic earnings
Net sales
Operating profit
Ordinary profit
to owners ofper shareparent
Full year

Million yen%

Million yen%

Million yen%

Million yen%

Yen

13,000

6.0

750

32.5

712

24.3

474

7.3

16.20

* Notes:(1) Changes in significant subsidiaries during the period under review: None
(Changes in specified subsidiaries resulting in changes in scope of consolidation):
Newly included: – (), Excluded: – ()(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(3) Total number of issued and outstanding shares (common shares)
1) Total number of issued and outstanding shares at the end of the period (including treasury shares):December 31, 2021:
31,176,015 shares
December 31, 2020:
31,084,515 shares2) Total number of treasury shares at the end of the period:
December 31, 2021:
1,918,322 shares
December 31, 2020:
1,918,220 shares
3) Average number of shares during the period:
Fiscal year ended December 31, 2021:
Fiscal year ended December 31, 2020:

29,224,402 shares
28,959,766 shares(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended December 31, 2021 (January 1, 2021 – December 31,2021)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Operating profit
Ordinary profit
ProfitFiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%
December 31, 2021
850
18.2
168 (30.5)
170 (27.8)
148 (30.5)
December 31, 2020
719
30.2
242 117.7
236 110.1
213 171.6
Basic earnings
per share
Fiscal year ended
December 31, 2021
December 31, 2020

Diluted earnings
per share
YenYen

4.76
6.86

4.69
6.77

(2) Non-consolidated Financial Position
Total assets

Net assets

Fiscal year ended
Million yen
Million yen
13,987
7,732
December 31, 2021
December 31, 2020
10,6697,710(Reference) Equity: As of December 31, 2021: ¥7,601 million
As of December 31, 2020: ¥7,583 million

Net assets
per share

Equity ratio%

Yen

54.3
71.1

243.82243.97

* These consolidated financial results are outside the scope of audit by certified public accountants or an audit firm.
* 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 andcertain assumptions that the Company regards as reasonable, and are not intended as a guarantee that the Company
will achieve these targets. Actual results may therefore differ materially from these statements for various reasons.

(1) Consolidated Balance Sheets(Million yen)
As of December 31, 2020

As of December 31, 2021

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable
Investments in leases
Finished goods
Work in process
Raw materials
Other
Allowance for doubtful accounts
Total current assets

2,341
2,200
1,898
391
905
542
205
(25)
8,461

2,414
3,145
1,955
326
898
838
313

1,133
212
80
156
1,709
2
912
4,206

1,096
204
76
154
1,718
2
2,942

406
408
32
4852

357
381
106
6574
135
886
192
(15)
1,774
6,833
15,294

946
73885
186

(45)
9,846

Non-current assets
Property, plant and equipment
Buildings and structures
Machinery, equipment and vehicles
Tools, furniture and fixtures
Rental assets
Land
Leased assets
Construction in progress
Total property, plant and equipment

6,194

Intangible assets
Goodwill
Software
Software in progress
Other
Total intangible assets

850

Investments and other assets
Investment securities
Deferred tax assets
Long-term accounts receivable
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

1(12)

2,079
9,125
18,971

(Million yen)
As of December 31, 2020

As of December 31, 2021

Liabilities
Current liabilities
Notes and accounts payable
Short-term borrowings
Current portion of bonds payable
Current portion of long-term borrowings
Income taxes payable
Accrued consumption taxes
Provision for bonuses for directors (and otherofficers)
Provision for product warranties
OtherTotal current liabilities

963
1,625
316
811
223
83

1,298
3,833
16
802
81
188

51

53

21
628
4,725

27
766
7,068

33
1,926
89

17
2,731
81

78

65

107
222,257
6,983

128
1
3,024
10,0932,000
3,839
2,739(455)
8,123

2,012
3,852
3,035(455)
8,444

45(0)
44
126
17
8,311
15,294282
4Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Provision for retirement benefits for directors (andother officers)
Retirement benefit liability
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
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

2286
131
16

8,878
18,971

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Million yen)
Fiscal year ended
December 31, 2020
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)

Fiscal year ended
December 31, 2021

10,3338,031
2,302
2,587(284)12,2648,995
3,269
2,703
566

11369
1194

3
16
14
9
44

27
3966(256)

35
1
36
573

756
756-

1080
91
409
273
(30)
243
165
(3)
169

573
190
(57)
133
439
(2)
441

Non-operating income
Interest income
Dividend income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on revision of retirement benefit plan
Total extraordinary income
Extraordinary losses
Loss on step acquisitions
Loss on valuation of investment securities
Total extraordinary losses
Profit (loss) before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit (loss)
Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent

3

Consolidated Statements of Comprehensive Income(Million yen)
Fiscal year ended
December 31, 2020
Profit (loss)

Fiscal year ended
December 31, 2021
165

439

50
482
136
302

236
6243
682

304

683

(1)

(0)

Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustmentRemeasurements of defined benefit plans
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests4(3) Consolidated Statement of Changes in Equity
Fiscal Year Ended December 31, 2020 (from January 1, 2020 to December 31, 2020)(Million yen)
Shareholders’ equity
Capital stock
Balance at beginning ofperiod
Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of period

Balance at beginning ofperiod
Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of period

2,000

CapitalsurplusRetainedearnings

Treasuryshares

3,841

2,714

(570)

Total
shareholders’equity

7,985

(143)

(143)

169

169

(2)

(0)

(0)

114

112

-

(2)

25114

137

2,000

3,839

2,739

(455)

8,123

Accumulated other comprehensive income
TotalValuation
Foreign
Remeasureaccumulateddifference on
currency
ments ofother
available-for- translation
definedcomprehensale securities adjustment benefit plans
sive income

Shareacquisitionrights

Noncontrollinginterests

Total net
assets

106

-

8,002

(4)

(3)

(82)

(90)

(143)
169
(0)
112
50

282

135

19

17171

50

282

135

19

17309

45(0)

-

44

126

17

8,311

5

Fiscal Year Ended December 31, 2021 (from January 1, 2021 to December 31, 2021)(Million yen)
Shareholders’ equity
Capital stock
Balance at beginning ofperiod
Changes during period
Issuance of new shares
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesNet changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of period

Capitalsurplus

2,000

3,839

1212

Retainedearnings

Treasuryshares2,739(455)8,12324(145)

(145)

441

441
(0)

(0)

1212296

(0)

320

2,012

3,852

3,035

(455)

8,444

Share
acquisitionrights

Noncontrollinginterests

Total net
assets126

178,311

Accumulated other comprehensive income
TotalValuation
Foreignaccumulateddifference on
currency
otheravailable-for- translation
comprehensale securities adjustment
sive income
Balance at beginning ofperiod
Changes during period

Totalshareholders’equity45(0)4424(145)

Issuance of new shares
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesNet changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of period

441(0)
236

52425(0)

246

236

5242

5(0)

567

282

4286

131

16

8,878

6(4) Consolidated Statements of Cash Flows(Million yen)
Fiscal year ended
December 31, 2020

Fiscal year ended
December 31, 2021

Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Amortization of goodwill
Loss (gain) on step acquisitions
Gain on revision of retirement benefit plan
Increase (decrease) in allowance for doubtful accounts
Decrease (increase) in retirement benefit asset
Increase (decrease) in provision for product warranties
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for retirement benefits
for directors (and other officers)
Loss on valuation of investment securities
Interest and dividend income
Interest expenses
Subsidy income
Loss on retirement of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Net decrease (increase) in investments in leases
OtherSubtotal
Interest and dividends received
Interest paid
Subsidies received
Income taxes refund
Income taxes paid
Net cash provided by (used in) operating activities

7409
440
4810(756)
2187(8)
14(0)

573
382
67
17
5
21
22(12)

80(14)
27(69)
16678(46)
(163)
(245)
73
605
14(27)
54
27(262)412(20)35(14)
0(933)(223)
335(56)215
395
20(38)
19
19(352)63

(Million yen)
Fiscal year ended
December 31, 2020

Fiscal year ended
December 31, 2021

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assetsProceeds from sale of investment securities
Purchase of investment securities
Loan advances
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Other
Net cash provided by (used in) investing activities(21)
27(1,383)6(186)1(1)-(20)
5(2,177)0(216)
1(25)
(100)

(255)

(2)

(0)
(1,813)13(2,523)

1,292
1,072
(612)
(16)
(0)
112
(143)
(2)
1,700
(2)
297
2,021
2,318

2,208
1,630
(860)
(316)
(0)
(145)
(1)
2,513
457
2,318
2,376

Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Redemption of bonds
Purchase of treasury shares
Proceeds from disposal of treasury shares
Dividends paid
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 period8