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.

November 14, 2023

Consolidated Financial Results
for the Six Months Ended September 30, 2023
(Under Japanese GAAP)
Company name: Commerce One Holdings Inc.
Listing:
Tokyo Stock Exchange
Securities code:
4496
URL:
https://www.cm-one.jp/en/
Representative:
Takaaki Okamoto, CEO
Inquiries:
Kiwamu Shimizu, Director, Administration Headquarters General Manager
Telephone:+81-3-6261-6677
Scheduled date to file quarterly securities report:
November 14, 2023
Scheduled date to commence dividend payments:
December 7, 2023
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing:
Yes (for analysts and institutional investors)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the six months ended September 30, 2023 (from April 1, 2023 to
September 30, 2023)(1) Consolidated operating results (cumulative)
Net sales
Six months ended(Percentages indicate year-on-year changes.)

Operating profit

Millions of yen%

Millions of yen

September 30, 2023

1,741

12.4

September 30, 2022

1,550

8.0

Note: Comprehensive income%Millions of yen

271

(8.3)

296

(14.5)For the six months ended September 30, 2023:
For the six months ended September 30, 2022:

Basic earnings
per share
Six months ended

Profit attributable toowners of parent

Ordinary profit%

Millions of yen%

313

(5.4)

191

(12.2)

331(11.9)

217(14.4)¥221 million¥168 million[31.7%][(1.5)%]

Diluted earnings
per share
Yen

Yen

September 30, 2023

26.43

-

September 30, 2022

28.91-(2) Consolidated financial position
Total assets
As ofNet assets

Equity-to-asset ratio

Millions of yen

Millions of yen%

September 30, 2023

3,689

2,728

74.0

March 31, 2023

3,505

2,616

74.6

Reference:

EquityAs of September 30, 2023:
As of March 31, 2023:¥2,728 million¥2,616 million

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2023Fiscal year ending
March 31, 2024

-0.00

-27.00Fiscal year ending
March 31, 2024
(Forecast)Fiscal year-end

TotalYenYen-

0.00

0.00

-

7.00

34.00

Note: Revisions to the forecast of cash dividends most recently announced: Yes
Note: Dividends at the end of the second quarter of fiscal year ending March 31, 2024
Ordinary dividend: ¥7.00, Commemorative dividend: ¥20.00

3. Consolidated financial results forecast for the fiscal year ending March 31, 2024 (from April 1, 2023 toMarch 31, 2024)(Percentages indicate year-on-year changes.)
Net sales
Millions of yen

Full year

3,558

Operating profit% Millions of yen

11.3

Profit attributable toowners of parent

Ordinary profit% Millions of yen

488 (15.9)% Millions of yen

502 (17.3)

Note: Revisions to the financial results forecast most recently announced: None

Basic earnings
per share%Yen

336 (23.7)

45.85

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes inscope of consolidation): None
(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements:None(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2023

7,523,400 shares

As of March 31, 2023

7,523,400 shares(ii) Number of treasury shares at the end of the period
As of September 30, 2023

330,049 shares

As of March 31, 2023

179,249 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscalyear)
Six months ended September 30, 2023

7,228,952 shares

Six months ended September 30, 2022

7,523,351 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
Results forecasts and other forward-looking statements presented in this document are based on information
currently available to the Company and certain assumptions that are deemed reasonable. The Company does
not intend to guarantee that the said forecasts will be achieved. Actual results may vary significantly due tovarious factors. For more information on the preconditions on which the forecasts are based and the notes on its
use, please see “1. Qualitative Information on Quarterly Financial Results (3) Explanation of Consolidated
Financial Results Forecast and Other Forward-looking Information” on page 3 of the attachments.

Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Six Months Ended September 30, 2023

Table of Contents - Attachments
1. Qualitative Information on Quarterly Financial Results ................................................................................ 2(1) Explanation of Operating Results .............................................................................................................. 2(2) Explanation of Financial Position .............................................................................................................. 3(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information ............ 32. Quarterly Consolidated Financial Statements and Principal Notes ................................................................ 4(1) Quarterly Consolidated Balance Sheets ..................................................................................................... 4(2) Quarterly Consolidated Statements of Income and Comprehensive Income ............................................. 6(3) Quarterly Consolidated Statements of Cash Flows .................................................................................... 8(4) Notes to Quarterly Consolidated Financial Statements .............................................................................. 9(Notes on going concern assumption) ................................................................................................... 9(Notes in case of significant changes in shareholders’ equity) .............................................................. 91Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Six Months Ended September 30, 2023

1. Qualitative Information on Quarterly Financial Results(1) Explanation of Operating Results
The Group provides a variety of solutions that E-Commerce operators need in order to launch and operate business.
The Group’s goal is the development and growth of a sound E-Commerce market in which everyone, including
consumers and E-Commerce operators, can engage in transactions that are safe and secure. To achieve this, theGroup engages in business activities as a corporate group that offers E-Commerce platforms that provide business
infrastructure for E-Commerce operators.
The domestic E-Commerce market, the Group’s primary business area, has been continually growing, backed by
the diversification of products sold, a rising number of market participants, dramatic reductions in delivery times
by logistics operators, increases in the amount of information shared via social media, and other factors. In thedomestic E-Commerce market, which grew rapidly due to the impact of the COVID-19 pandemic, as economic
activity has normalized from FY2022 onward, the rate of growth has slowed down, but the market is continuing togrow steadily. For consumers, new lifestyles and workstyles appear to have taken firm hold. Due to these changes,
E-Commerce platforms must, more than ever before, expand the range of optional and alliance services they offer
to increase store sales, and they must supply solutions that increase the value of customer experiences, such as web
customer services.
Under this business environment, during the six months ended September 30, 2023, the Group strove to ensure
net sales in line with market growth and actively engaged in growth investment in order to adapt to the future
market environment. Future Shop Co., Ltd., supplier of “futureshop,” has released the “Live cottage,” which is alive commerce function, to vitalize the live commerce market. Softel Inc. developed package solutions forimproving the efficiency of backend operations. We are also enhancing our investment to further improve the skillsof the engineer resources we obtained from SAMURAI TECHNOLOGY Co., Ltd. and SOLAIRO, INC., whichbecame part of the Group during the previous fiscal year. SOLAIRO, INC. is currently developing solutions that
propose new ways of providing web customer services.
As a result of these efforts, the operating results of the Group and the financial results of its main consolidated
subsidiaries during the six months ended September 30, 2023 are as indicated in the table below.
[Consolidated financial results](Thousands of yen)Six months ended
September 30, 2022
(cumulative)

Six months ended
September 30, 2023
(cumulative)

Increase/decrease

Percentage(%)

Net sales

1,550,477

1,741,973

191,496

12.4

EBITDA

353,000

349,472(3,527)(1.0)

Operating profit

296,149

271,617(24,531)(8.3)

Ordinary profit

331,655

313,667(17,987)(5.4)

Profit attributable to owners of parent

217,498

191,066(26,432)(12.2)*EBITDA = Operating profit + Depreciation + Amortization of goodwill[Financial results of major consolidated subsidiaries](Thousands of yen)Six months ended
September 30, 2022
(cumulative)

Six months ended
September 30, 2023
(cumulative)

Increase/decrease

Percentage(%)

1,185,162

1,255,383

70,2205.9

Operating profit

326,297

383,49857,201

17.5

Net sales

360,601

366,834

6,233

1.7

Operating profit

71,741

17,773(53,967)(75.2)Net sales
Future Shop Co., Ltd.

Softel Inc.

2

Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Six Months Ended September 30, 2023

(2) Explanation of Financial Position
Total assets increased by ¥183,261 thousand from the end of the previous fiscal year to ¥3,689,254 thousand.
Current assets increased by ¥133,406 thousand from the end of the previous fiscal year to ¥2,440,184 thousand.
This was primarily due to an increase of ¥347,586 thousand in cash and deposits due to the expansion of ourbusiness.
Non-current assets increased by ¥49,855 thousand from the end of the previous fiscal year to ¥1,249,070
thousand. This was primarily due to an increase of ¥75,280 thousand in investments and other assets due to theadditional purchase of investment securities and a rise in market price.
Liabilities increased by ¥71,415 thousand from the end of the previous fiscal year to ¥961,009 thousand.
This was primarily due to increases of ¥18,310 thousand in accounts payable - trade and ¥24,968 thousand inincome taxes payable.
Net assets increased by ¥111,845 thousand from the end of the previous fiscal year to ¥2,728,245
thousand. This was primarily because of an increase of ¥30,577 thousand in valuation difference on availablefor-sale securities due to the rise in the market price of investment securities and an increase of ¥191,066
thousand in retained earnings due to profit attributable to owners of parent, despite an increase of ¥109,797
thousand in treasury shares.
As a result, the equity-to-asset ratio fell from 74.6% at the end of the previous fiscal year to 74.0%.
The Company operates in a single segment, the E-Commerce platform business segment. Therefore,
descriptive information about its reportable segments is not stated in this document.
(Cash flow)
During the six months ended September 30, 2023, cash and cash equivalents (hereinafter “net cash”) increasedby ¥347,586 thousand from the end of the previous fiscal year to ¥1,956,310 thousand.
The status of cash flows and their contributing factors during the six months ended September 30, 2023
are as follows.
(Cash flows from operating activities)
Net cash provided by operating activities was ¥527,772 thousand.
This was primarily due to ¥313,667 thousand in profit before income taxes, ¥62,597 thousand indepreciation, ¥15,257 thousand in amortization of goodwill, and a decrease of ¥110,272 thousand indeposit paid.
(Cash flows from investing activities)
Net cash used in investing activities was ¥84,049 thousand.
This was primarily due to ¥27,825 thousand in purchase of investment securities and ¥51,151 thousand inpurchase of intangible assets due to software development by Future Shop Co., Ltd. such as thedevelopment of new functions.
(Cash flows from financing activities)
Net cash used in financing activities was ¥111,604 thousand.
This was primarily due to ¥109,797 thousand in purchase of treasury shares.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
The full-year financial forecast for the fiscal year ending March 31, 2024 is unchanged from the forecast
announced in the previous earnings summary (May 15, 2023).
We forecast full-year net sales of ¥3,558 million, operating profit of ¥488 million, ordinary profit of ¥502
million, and profit attributable to owners of parent of ¥336 million.
For the financial results in the six months ended September 30, 2023, we have been making steadyprogress against forecasts.
These forecasts are based on information currently available to the Company and certain assumptions thatare deemed reasonable. Actual results may vary in the future due to various factors.
3

Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Six Months Ended September 30, 2023

2. Quarterly Consolidated Financial Statements and Principal Notes(1) Quarterly Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Trade receivables and contract asset
Work in process
Prepaid expenses
Deposits paid
Income taxes refund receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

4

As of September 30, 2023

1,608,724
290,9775,872
91,027112,220
69,945132,013(4,002)2,306,778

1,956,310
301,235
8,847
99,6501,947
51,05025,583(4,441)2,440,184

90,981

84,34661,031
322,239383,270

45,773
318,708
364,481

563,479
164,524(3,041)
724,962
1,199,215
3,505,993

635,270
168,002(3,030)800,242
1,249,070
3,689,254

Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Six Months Ended September 30, 2023

(Thousands of yen)
As of March 31, 2023
Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Advances received
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Asset retirement obligations
Deferred tax liabilities
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

5As of September 30, 2023

37,44647,000408,635
104,885581
209,699
808,247

55,75747,000421,523
129,853566
216,941
871,643

47,445
21,667
12,232
81,345889,593

47,53730,941
10,88789,366
961,009210,400
160,400
2,123,373(139,224)
2,354,948

210,400
160,400
2,314,439(249,022)
2,436,217

261,450
261,450
2,616,399
3,505,993

292,028
292,028
2,728,245
3,689,254

Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Six Months Ended September 30, 2023

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Six Months Ended September 30(Thousands of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

For the six months ended
September 30, 2022
1,550,477
674,731875,745579,596
296,149

For the six months ended
September 30, 2023
1,741,973
783,569
958,404
686,786
271,61711
25,7159,136
693
35,556

12
23,06815,2693,963
42,31450
50
331,65594
169
264
313,667

10,751
10,751
342,407126,017(1,109)124,908
217,498
217,498

313,667
125,655(3,053)
122,601
191,066
191,066

6

Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Six Months Ended September 30, 2023

Quarterly Consolidated Statements of Comprehensive Income
Six Months Ended September 30(Thousands of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent

For the six months ended
September 30, 2022
217,498

For the six months ended
September 30, 2023
191,066(49,264)(49,264)
168,233

30,57730,577
221,643

168,233

221,643

7

Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Six Months Ended September 30, 2023

(3) Quarterly Consolidated Statements of Cash Flows(Thousands of yen)
For the six months ended
September 30, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sale of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in prepaid expenses
Increase (decrease) in trade payables
Increase (decrease) in advances received
Decrease (increase) in deposits paid
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of lease liabilitiesPurchase of treasury shares
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

8

For the six months ended
September 30, 2023

342,40756,850(309)(26,461)(25,726)(9,390)(10,751)(2,530)(3,101)(19,340)
6,823(7,590)(31,315)
269,561
25,726(141,640)
153,646

313,667
62,597
15,257427(14)(23,081)94(15,269)(10,246)(2,975)(8,622)
18,113
12,888110,272
114,122587,230
23,081(94)(82,445)527,772(4,889)(50,073)(9,996)
243(64,715)(873)(51,151)(27,825)(4,198)(84,049)(1,806)(1,806)
9,343
96,468
1,643,469
1,739,938(1,806)(109,797)(111,604)
15,467
347,586
1,608,724
1,956,310

Commerce One Holdings Inc. (4496) Consolidated Financial Results for the Six Months Ended September 30, 2023

(4) Notes to Quarterly Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.
(Notes in case of significant changes in shareholders’ equity)
In accordance with a resolution of the Board of Directors on February 14, 2023, the Company has purchased
150,800 shares of treasury shares. As a result, during the six months ended September 30, 2023, the value oftreasury shares increased by ¥109,797 thousand, and the value of treasury shares as of September 30, 2023 is¥249,022 thousand.

9