[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 Fiscal Year Ended March 31, 2020
(Under Japanese GAAP)May 13, 2020
Company Name Kakuyasu Co., Ltd.
Listing
Tokyo Stock Exchange
Ticker Code7686
URL
https://corp.kakuyasu.co.jp/
Representative Junichi Satou, Representative Director and President
Inquiries
Yoshiyuki Maegaichi, Executive Officer Group Finance and Accounting Manager
Telephone+81-3-5959-3088
Scheduled date of annual general meeting of shareholders:June 26, 2020
Scheduled date to commence dividend payments:
June 11, 2020
Scheduled date to file annual securities report：
June 29, 2020
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes(JPY amounts are rounded down to million, unless otherwise noted.)
1. Consolidated financial results for the fiscal year ended March 31, 2020（From April 1,2019 to March 31, 2020）（Percentages indicate year-on-year changes.)(1) Consolidated operating results (cumulative)
Sales

Operating profit

Profit attributable to ownersof parent

Ordinary profit

Fiscal year ended

JPY million％

JPY million％

JPY million％

JPY million％

March 31, 2020

108,562

△0.1

1,259

△29.2

1,259

△30.3

513

△31.2

March 31, 2019108,715

△1.2

1,779

91.9

68.6

745

71.6

Note: Comprehensive income For the fiscal year ended March 31, 2020:
For the fiscal year ended March 31, 2019:
Basic earnings
per share

Diluted earnings
per share

1,806
JPY 328 million
JPY 701 million[△53.2％][ 52.7％]

Ratio of ordinary profit
to total assets

Return on equity

Ratio of operating
profit to net sales

Fiscal year ended

JPYJPY％％％

March 31, 2020

69.86

67.47

10.4

4.4

1.2

March 31, 2019103.03

-

16.6

6.3

1.6

Reference:

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended
March 31, 2020
JPY － million
For the fiscal year ended
March 31, 2019
JPY － million

Note: 1. The Company conducted a stock split on September 30, 2019 at a ratio of 1 common stock to 20. Net income per share has been
calculated assuming that the stock split took place at the beginning of the previous fiscal year.
2. Diluted net income per share for the fiscal year ending March 31, 2019 is not stated because, although there are diluted shares,
the Company's shares are unlisted and the average stock price during the period cannot be determined. Regarding diluted net
income per share for the fiscal year ending March 31, 2020, the Company's shares were listed on the Second Section of the Tokyo
Stock Exchange on December 23, 2019, and the Company's shares were listed on the Second Section of the Tokyo Stock Exchange
on December 23, 2019. The average stock price up to the end of the fiscal year is considered the average stock price during theperiod.

- 1 -(2) Consolidated financial position
Total assets
As ofMarch 31, 2020
March 31, 2019

Equity-to-asset ratio

Net assets per share

JPY million

JPY million％

JPY

28,472

5,162

18.1

671.02

4,682

16.2

646.82

28,920

Reference: Equity
Note:

Net assets

As of March 31, 2020:
As of March 31, 2019:

JPY 5,162 million
JPY 4,682 million

The Company conducted a stock split on September 30, 2019 at a ratio of 1 common stock to 20. Net assets per share arecalculated assuming that the stock split took place at the beginning of the previous consolidated fiscal year.

(3) Consolidated cash flows
Cash flows from operating
activities

Cash flows from investing
activities

Cash flows from financing
activities

Cash and cash equivalents
at end of period

Fiscal year ended

JPY million

JPY million

JPY million

JPY million

March 31, 2020

1,945

△1,195899

3,489

March 31, 2019

1,975

△1,700438

1,840

2. Cash dividends
Annual dividends per shareFirst quarterSecond
endquarter-end
Fiscal year
ended March 31,2019
Fiscal year
ending March31, 2020
Fiscal year
endingMarch 31, 2021
(Forecast)Third
quarter-end

Fiscalyear-end

Total cash
dividends(Total)Total

Payout ratio(Consolidated)

Ratio ofdividends tonet assets(Consolidated)

JPY

JPY

JPY

JPY

JPY

JPY million%%-

498.00-498.00996.00

360

48.3

8.0

-

24.90

-

24.90

49.80

371

71.3

7.6

------

Note: 1.The Company conducted a stock split on September 30, 2019 at a ratio of 1 common stock to 20. For the fiscal year ending March
2019, the actual dividend amount before the stock split is stated.
2.Dividends for the fiscal year ending March 2021 have not been determined as it is difficult to predict business results at this time.

（From April 1,2020 to March
3. Consolidated financial results for the fiscal year ending March 31, 2021（Forecast）
31, 2021）
Consolidated business forecasts for the fiscal year ending March 31, 2021 have not been determined as it isdifficult to reasonably calculate them at this stage due to the spread of the new coronavirus infection. In thefuture, we will promptly disclose the performance forecast as soon as it becomes
possible to calculate it.
※ Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): No(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：No(ii) Changes in accounting policies due to other reasons：No(iii) Changes in accounting estimates：No(iv) Restatement: No- 2 -(3) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2020

7,693,400

shares

As of March 31, 2019

7,240,000

shares

As of March 31, 2020

－shares

As of March 31, 2019

－shares

Fiscal year ended March 31, 2020

7,344,644

sharesFiscal year ended March 31, 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)※ Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
※ Proper use of earnings forecasts, and other special matters
Consolidated business forecasts for the fiscal year ending March 31, 2021 have not been determined as it isdifficult to reasonably calculate them at this stage due to the spread of the new coronavirus infection. In thefuture, we will promptly disclose the performance forecast as soon as it becomes possible to calculate it.

- 3 -4. Consolidated Financial Statements and major notes(1) Consolidated Balance Sheets（JPY million）
As of March 31, 2019
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 securitiesDeferred 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 March 31, 2020

1,840
8,762
4,215
1,325
409
△49
16,503

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

3,358
7
188
2,996
16
－
6,567

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

15500
545
0
1,062

12733
358
2
1,106

876
622
2,438
721
245
△116
4,787
12,41728,920

589
689
2,453
660
249
△1244,518
12,34828,472

（JPY million）
As of March 31, 2019
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 income
Total net assets
Total liabilities and net assets- 5 -As of March 31, 2020

13,727
3,232
201
399
368
1
2,193
20,124

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

2,662
367
161
693
228
4,113
24,237

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

100
359
3,903
4,363

355
615
4,056
5,027

319

135

319
4,682
28,920135
5,162
28,472

(2) Consolidated Statements of Income and Comprehensive Income（Consolidated Statements of Income）（JPY million）
Fiscal year ended
March 31, 2019
Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Outsourcing service income
Commission income
OthersTotal non-operating income
Non-operating expenses
Interest expenses
OthersTotal non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Impairment losses
OthersTotal 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 -Fiscal year ended
March 31, 2020

108,715
87,153
21,562
19,782
1,779

108,56287,04721,514
20,255
1,259

97
9
12
22
61

9
7－
1013
41

28
534
1,806

30
1141
1,259

－－

1616

518
6524
1,282
554
△18536
745
745

381
1383
892
433
△54379513
513

（Consolidated Statements of Comprehensive Income)（JPY million）
Fiscal year ended
March 31, 2019
Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income
Comprehensive income（Comprehensive income attributable to）
Comprehensive income attributable to owners ofparent
Comprehensive income attributable to noncontrolling interests- 7 -Fiscal year ended
March 31, 2020
745

513

△44
△44701

△184
△184
328

701

328－－

(3) Consolidated Statement of Changes in Equity
Previous consolidated fiscal year (April 1, 2018 to March 31, 2019)（JPY million）
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

Retained earnings

Total
shareholders'equity100359

3,491

3,951

Dividends of surplus

－－

△334

△334

Profit (loss) attributable toowners of parent

－－

745

745

Net changes in items otherthan shareholders' equity－－－－

Total changes during period

－－

411

411

Balance at end of period

100

359

3,903

4,363

Accumulated other comprehensive
incomeValuation
Total accumulateddifference on
otheravailable-for-salecomprehensive
securities
incomeTotal net assets

Changes during period

Balance at beginning of period

364

364

4,315

Dividends of surplus

－－

△334

Profit (loss) attributable toowners of parent－－745

Net changes in items otherthan shareholders' equity△44△44△44

Total changes during period△44△44367

Balance at end of period

319

319

4,682

Changes during period- 8 -Current consolidated fiscal year (April 1, 2019 to March 31, 2020)（JPY million）
Shareholders' equity
Capital surplus

Retained earnings

Total
shareholders'equity

100

359

3,903

4,363

Issuance of new shares

255

255

－511

Dividends of surplus

－－

△360

△360

Profit (loss) attributable toowners of parent－－513

513Net changes in items otherthan shareholders' equity－－－－

Total changes during period

255

255

152664

Balance at end of period

355

615

4,056

5,027

Accumulated other comprehensive
incomeValuation
Total accumulateddifference on
otheravailable-for-salecomprehensive
securities
incomeTotal net assets

Share capital
Balance at beginning of period
Changes during period

Balance at beginning of period

319

319

4,682

Issuance of new shares

－－

511

Dividends of surplus

－－

△360

Profit (loss) attributable toowners of parent－－513

Net changes in items otherthan shareholders' equity

△184

△184

△184

Total changes during period△184△184479

135

135

5,162

Changes during period

Balance at end of period- 9 -(4) Consolidated statement of cash flows（JPY million）
Fiscal year ended
March 31, 2019
Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Amortization of goodwill
Impairment losses
Loss (gain) on sale of investment securities
Share issuance costs
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Interest and dividend incomeInterest expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in accounts receivable - other
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other
Others, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of non-current assets
Proceeds from withdrawal of time deposits
Proceeds from sale of investment securities
Payments of leasehold and guarantee depositsProceeds from refund of leasehold and guarantee
deposits
Payments for asset retirement obligations
Others, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of lease liabilities
Proceeds from issuance of shares
Proceeds from issuance of shares resulting fromexercise of share acquisition rights
Proceeds from sale and leaseback transactions
Dividends paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 10 -

Fiscal year ended
March 31, 2020

1,282633
20518－－
1△62△1728316△1280△523
△5937
2,243
15△2749△305
1,975892
701
3381△16443△44△1730
1,919
△75
132
△1,157
△202
39
2,634
17△30
1△677
1,945

△2,8651,220－△163△1,179－28△27

195

14△40△45△1,700△9△21△1,195△416
1,950△734△205－

1,636－△682△201417－89178
△334
438
713
1,127
1,840

－
△360
899
1,648
1,840
3,489