[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, 2021
(Under Japanese GAAP)
November 12, 2021
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, Director
Telephone+81-3-5959-3088
Scheduled 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 12, 2021
December 10, 2021
Yes
Yes

(JPY amounts are rounded down to million, unless otherwise noted.)
1. Consolidated financial results for the six months ended September 30, 2021（From April 1,2021 to September 30,2021）（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, 2021

36,906△5.2△2,768－△2,357－△1,898－September 30, 2020

38,923△29.5△1,514－△1,064－△843－

Note: Comprehensive income For the six months ended September 30, 2021:

JPY △1,872 million [－％]For the six months ended September 30, 2020:

JPY △ 836 million [－％]

Basic earnings
per share
Six months ended

Diluted earnings
per shareJPYJPYSeptember 30, 2021

△215.29－

September 30, 2020△109.17－

Note: 1. Diluted net income per share for the second quarter of the fiscal year ending March 2022 and the second quarter of the fiscal
year ending March 31, 2021 is not stated because it is a quarterly net loss per share despite the existence of diluted shares. Notyet.
2. “Accounting Standards for Revenue Recognition” (Corporate Accounting Standards No. 29, March 31, 2020), etc. have been
applied from the beginning of the first quarter consolidated accounting period, and the figures for the third quarter of the fiscalyear ending March 2022. The figures are after applying the relevant accounting standards.

(2) Consolidated financial position
Total assets
As ofNet assets

Equity-to-asset ratio

JPY million

JPY million％

September 30, 2021

25,967

3,379

13.0

March 31, 2021

26,994

3,212

11.9

Reference: Equity

As of September 30, 2021:

JPY 3,379 million

As of March 31, 2021:

JPY 3,212 million- 1 -2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Fiscal year-end

Total

JPYJPYJPYJPYJPY－

24.90

－

24.90

49.80

－

10.00

－－－

Fiscal year ended
March 31, 2021
Fiscal year ending
March 31, 2022
Fiscal year ending
March 31, 2022
(Forecast)

Note: Revisions to the forecast of cash dividends most recently announced: NoRegarding the status of dividends, please refer to the "Notice regarding dividends from surplus (interim dividends)" announced
today.

（From April 1,2021 to March
3. Consolidated financial results for the fiscal year ending March 31, 2022（Forecast）
31, 2022）（Percentages indicate year-on-year changes.）Sales

Fiscal year ending
March 31, 2022

Operating profit

JPY million％

91,81914.5

JPY million△2,294

Profit attributable toowners of parent

Ordinary profit

Earnings
per share％

JPY million％

JPY million％

JPY－△1,886－△1,566－△168.35

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 for the fiscal year
ending March 31, 2022" released today.

※ Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): No(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financialstatements：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：Yes(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, 2021

9,302,100

shares

As of March 31, 2021

7,777,200

shares

As of September 30, 2021

44

shares

As of March 31, 2021

－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 the fiscalyear)
Six months ended September 30, 2021

8,819,640

sharesSix months ended September 30, 2020

7,723,075

shares- 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 based on
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, 2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise
Accounts receivable - others
Income taxes refund receivable
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
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, 2021

2,525
4,745
3,610
1,180
629
1,121
△26
13,785

2,034
3,468
4,028
1,314
318
1,514
△19
12,658

3,516
0
209
3,002
2
6,732

3,679
3
250
3,002
1
6,938

1,485
664
203
3
2,357

1,405
643
115
3
2,168

511
833
2,105
528
273
△133
4,119
13,20826,994537
1,3762,131
48210△1014,202
13,30825,967

（JPY million）
As of March 31, 2021
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
Retirement benefit liability
Asset retirement obligations
OthersTotal 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-salesecurities
Total accumulated other comprehensive
incomeTotal net assets
Total liabilities and net assets- 5 -As of September 30, 2021

10,079
5,614
164
52
329
16
2,278
18,535

9,561
5,361
87
39
339
5
1,529
16,924

4,166
39
76
101
694
168
5,246
23,781

4,598
28
87
101
714
133
5,664
22,588

379
638
2,070
－
3,087

35
3,214
△22△0
3,227

125

151

125

151

3,212
26,994

3,379
25,967

(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, 2020
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
Share issuance costs
OthersTotal non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of investment securitiesTotal extraordinary income
Extraordinary losses
Loss on valuation of investment securities
Loss on retirement of non-current assets
Impairment losses
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, 2021

38,92330,9098,013
9,528△1,51436,90628,9997,906
10,675△2,768

44366
98474

25398
54460

16724
△1,06425
91449△2,357-29296161△1,12528
△311
△282
△843
△843

19091
△2,42023△544△521△1,898△1,898（Quarterly Consolidated Statements of Comprehensive Income）（Second quarter consolidated cumulative period）（JPY million）
Six months ended
September 30, 2020
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, 2021

△843

△1,8986266△83626△1,872△836△1,872－－