[Translation]
Note: This document has been translated from the Japanese original for reference purposes only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail.

Consolidated Financial Results for the Six Months Ended September 30, 2020
(Under Japanese GAAP)
November 12, 2020
Company Name Kakuyasu Group Co., Ltd.
Listing
Tokyo Stock Exchange
Ticker Code7686
URL
https://www.kakuyasu-group.co.jp/
Representative Junichi Satou, Representative Director and President
Inquiries
Yoshiyuki Maegaichi, DirectorTelephone+81-3-5959-3088Scheduled date to file quarterly securities report:
Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results briefing:

November 13, 2020
December 4, 2020
Yes
No

(JPY amounts are rounded down to million, unless otherwise noted.)
1. Consolidated financial results for the six months ended September 30, 2020（From April 1,to September 30,2020）（Percentages indicate year-on-year changes.)(1) Consolidated operating results (cumulative)
Sales
Six months ended

Operating profit

Profit attributable to ownersof parent

Ordinary profit

JPY million％

JPY million％

JPY million％

JPY million％

September 30, 2020

38,923△29.5△1,514－△1,064－△843－

September 30, 201955,198－

799－

805－

510－

Note: Comprehensive income For the six months ended September 30, 2020:

JPY△836 million[－％]

For the six months ended September 30, 2019:

JPY 503 million[－％]

Basic earnings
per share

Diluted earnings
per share

Six months endedJPYJPY

September 30, 2020△109.17－

September 30, 201970.53－

Note:1 .Regarding the quarterly diluted net income per share for the second quarter of the fiscal year ending March 31, 2020, although
there are diluted shares, the company's stock was unlisted, so the average stock price during the period cannot be determined,
so it is not stated. yeah.
2. Diluted net income per share for the second quarter of the fiscal year ending March 31, 2021 is not stated because it is aquarterly net loss per share, although there are diluted shares.

(2) Consolidated financial position
Total assets
As ofNet assets

Equity-to-asset ratioJPY million

JPY million％

September 30, 2020

27,070

4,164

15.4

March 31, 2020

28,472

5,162

18.1

Reference: Equity

As of September 30, 2020: JPY 4,164 million
As of March 31, 2020:

JPY 5,162 million- 1 -2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Fiscal year-end

Total

JPY

JPY

JPY

JPY

JPY－24.90

－

24.90

49.80

－

24.90

－

24.90

49.80

Fiscal year ended
March 31, 2020
Fiscal year ending
March 31, 2021
Fiscal year ending
March 31, 2021
(Forecast)

Note: Revisions to the forecast of cash dividends most recently announced: Yes
Regarding the status of dividends, please refer to the "Notice Regarding Announcement of Earnings Forecast and Dividend Forecast
for the Fiscal Year Ending March 2021" and "Notice Regarding Dividend of Surplus (Interim Dividend)" released today.

（From April 1,2020 to March
3. Consolidated financial results for the fiscal year ending March 31, 2021（Forecast）
31, 2021）（Percentages indicate year-on-year changes.）
Sales
JPY million
Fiscal year ending
March 31, 2021

Operating profit％

88,495 △18.5

JPY million△1,516

Profit attributable toowners of parent

Ordinary profit

Earningsper share％

JPY million％

JPY million％

JPY－△1,060－△830－△107.11

Note: Revisions to the forecast of financial results most recently announced: Yes
For consolidated business forecasts, please refer to the "Notice regarding announcement of business forecasts and dividend forecasts
for the fiscal year ending March 31, 2021" released today.

※ Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation)：Yes
New：1company (Sanno Co., Ltd.)
Excluded：1company (KY Management Co., Ltd.)(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial
statements：No(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：No(ii) Changes in accounting policies due to other reasons：No(iii) Changes in accounting estimates：No(iv) Restatement: No(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, 2020

7,748,800

shares

As of March 31, 2020

7,693,400

shares

As of September 30, 2020

－shares

As of March 31, 2020－

sharesSix months ended September 30, 2020

7,723,075

sharesSix months ended September 30, 2019

7,240,000

shares(ii) Number of treasury shares at the end of the period(iii) Average number of shares outstanding during the period (cumulative from the beginning of thefiscal year)- 2 -※ Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants oran audit corporation.
※ Proper use of earnings forecasts, and other special matters
Statements regarding the future such as business performance forecasts contained in this material are basedon information currently available to the Company and certain assumptions that the Company deems to bereasonable, and are intended to be the Company's promise to achieve them. Not. In addition, actual results may
differ significantly due to various factors.

- 3 -4. Quarterly consolidated financial statements and main notes(1) Quarterly Consolidated Balance Sheets（JPY million）
As of March 31, 2020
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise
Accounts receivable - others
OthersAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Vehicles, netTools, furniture and fixtures, net
Land
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
SoftwareLeased assets
OthersTotal intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Leasehold and guarantee deposits
Long-term prepaid expenses
OthersAllowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 4 -As of September 30, 2020

3,489
6,843
4,290
1,191
394
△85
16,123

2,746
5,653
3,936
1,620
454
△28
14,383

3,376
0
178
2,997
8
161
6,723

3,562
0
185
2,997
5
6,751

12
733
358
2
1,106

415
687
265
3
1,372

589
689
2,453
660
249
△124
4,518
12,34828,472

541
1,014
2,235
602
329
△160
4,562
12,687
27,070（JPY million）
As of March 31, 2020
Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Lease liabilities
Income taxes payable
Provision for bonuses
Asset retirement obligations
OthersTotal current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Asset retirement obligations
OthersTotal non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Total shareholders' equity
Accumulated other comprehensive incomeValuation difference on available-for-salesecurities
Total accumulated other comprehensive
incomeTotal net assets
Total liabilities and net assets- 5 -As of September 30, 2020

12,569
4,864
186
341
323
13
1,911
20,211

11,809
4,589
167
86
322
8
1,480
18,465

1,983
181
77
687
168
3,098
23,310

3,370
100
84
686
198
4,440
22,905

355
615
4,056
5,027

371
630
3,021
4,023

135

141

135

141

5,162
28,472

4,164
27,070(2) Quarterly Consolidated Statements of Income and Comprehensive Income（Quarterly Consolidated Statements of Income）（Second quarter consolidated cumulative period）（JPY million）
Six months ended
September 30, 2019
Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Commission income
Subsidy income
OthersTotal non-operating income
Non-operating expenses
Interest expenses
OthersTotal non-operating expenses
Ordinary profit (loss)
Extraordinary losses
Loss on valuation of investment securities
Loss on retirement of non-current assets
Total extraordinary losses
Profit (loss) before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit (loss)
Profit (loss) attributable to owners of parent- 6 -Six months ended
September 30, 2020

55,19844,265
10,933
10,133799

38,92330,9098,013
9,528△1,5144510
214436698474

1411580516724△1,064

11804
286
7293
510
510

61
61
△1,125
28
△311
△282
△843
△843

（Quarterly Consolidated Statements of Comprehensive Income）（Second quarter consolidated cumulative period）（JPY million）
Six months ended
September 30, 2019
Profit (loss)
Other comprehensive income
Valuation difference on available-for-salesecurities
Total other comprehensive income
Comprehensive income（Comprehensive income attributable to）
Comprehensive income attributable to ownersof parent
Comprehensive income attributable to noncontrolling interests- 7 -Six months ended
September 30, 2020
510

△843

△66△6503

6△836503△836－－