Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Year Ended March 31, 2021
(Based on Japanese GAAP)May 11, 2021
Company name:
HAMAKYOREX CO., LTD.
Stock exchange listing: Tokyo
Stock code:
9037
URL https://www.hamakyorex.co.jp
Representative:
President
Hidenori Osuka
Inquiries:
Executive officer
Yoshiyuki Takeuchi
Scheduled date of ordinary general meeting of shareholders:June 15, 2021
Scheduled date to file Securities Report:
June 15, 2021
Scheduled date to commence dividend payments:
June 16, 2021
Preparation of supplementary material on financial results:
Yes
Holding of financial results meeting:
NoTEL

053(444)0054(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable toNet salesOperating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2021
118,876(2.9)
10,563
3.7
10,913
2.8
6,427
3.1
Year ended March 31, 2020
122,471
5.7
10,1902.8
10,618
2.5
6,233
5.6
Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%–
10.1
8.7
8.9
–
10.6
8.8
8.3

Diluted earnings pershare

Earnings per shareYen
341.69328.01

Year ended March 31, 2021
Year ended March 31, 2020
(2) Consolidated financial position

Total assets
As of March 31, 2021
As of March 31, 2020

Net assets

Equity ratio

Millions of yen
129,295
122,773

Millions of yen
75,31869,824

Cash flows fromoperating activities
Millions of yen
11,466
12,276

Cash flows frominvesting activities
Millions of yen(7,451)(6,344)

Net assets per share%
51.1
49.9

Yen
3,514.68
3,228.26(3) Consolidated cash flows

Year ended March 31, 2021
Year ended March 31, 2020

Cash and cash equivalents
Cash flows fromfinancing activities
at end of period
Millions of yen
Millions of yen(4,063)14,804(5,401)
14,852

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2020
Year ended March 31, 2021
Year ending March 31, 2022
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%%

––

35.00
35.00

––

35.00
40.00

70.00
75.00

1,329
1,409

21.3
21.9

2.3
2.2

–

40.00

–40.00

80.00

122.3

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
125,000
5.2
11,000
4.1
11,500
5.4
6,750
5.0
358.83
4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2021
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:No
Changes in accounting policies due to other reasons:No
Changes in accounting estimates:
No
Restatement of prior period financial statements:
No(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2021

19,012,000 shares As of March 31, 2020

19,012,000 shares

Number of treasury shares at the end of the period
As of March 31, 2021

224,680 shares As of March 31, 2020

18,515 shares

Average number of shares during the period
Year ended March 31, 2021

18,810,770 shares Year ended March 31, 2020

2

19,004,812 shares

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2020
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise
Supplies
Investments in leases
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
VehiclesAccumulated depreciation
Vehicles, net

As of March 31, 2021

16,143
14,552
5
172
–
1,039
(41)

15,732
15,076
2191
1,531
1,219
(37)

31,872

33,71566,433(37,317)

69,382(39,330)

29,11630,052

5,768(3,315)

5,851(3,589)

2,453

2,262

6,687
(6,200)7,096(6,428)487

668

42,17812,283(5,633)44,564
12,199(5,922)

6,650

6,276

1,106
2,637(2,198)

1,856
2,656
(2,231)439

424

82,431

86,105Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Long-term prepaid expenses
Leasehold and guarantee deposits
Deferred tax assets
Other
Allowance for doubtful accounts

2,632

2,888

2,227
10118
1,892
944
902
(258)

2,628
20160
2,026
1,160
1,049(459)

Total investments and other assets

5,836

6,586

Land
Leased assets
Accumulated depreciation
Leased assets, netConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment

Total non-current assets
Total assets

390,900

95,579122,773

129,295

(Millions of yen)
As of March 31, 2020
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Lease obligations
Income taxes payable
Accrued consumption taxes
Provision for bonuses
Reserve for loss on dissolution of employee's pension fund
Other

As of March 31, 2021

7,039
16,563
2,045
1,818
1,221
1,153
49
4,292

6,965
17,2142,0292,211
1,250
1,219
49
4,543

Total current liabilities

34,18435,482

Non-current liabilities
Long-term borrowings
Lease obligations
Deferred tax liabilities
Retirement benefit liability

5,462
5,074
385
5,997

5,586
4,722
579
5,928

Reserve for loss on dissolution of employee's pension fund
Other

175
1,669

125
1,551

Total non-current liabilities

18,764

18,493

Total liabilities

52,94853,976

Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares

6,547
6,445
48,373(40)

6,5476,445
53,478(643)

61,32565,827

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans

120(129)

270(66)

Total accumulated other comprehensive income

(9)

204

Total shareholders' equity

Non-controlling interests

8,508

9,287

Total net assets

69,82475,318

122,773

129,295

Total liabilities and net assets

4Consolidated statements of income and consolidated statements of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

Operating revenue
Operating costs

122,471
108,812

118,876
104,960

Operating gross profit

13,65813,916

Selling, general and administrative expenses
Provision of allowance for doubtful accounts
Remuneration for directors (and other officers)
Salaries and allowances
Provision for bonuses
Retirement benefit expenses
Taxes and dues
Other(0)
669
922
93
39
462
1,282

19714
732
101
36465
1,282

Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income

3,468

3,353

10,19010,563

11

Dividend income
Rental income
Commission income
Gain on sale of non-current assets
Subsidy income
Electricity sale income
Miscellaneous income

5910852
98
72369
171

57
109
55
67
33373
144

Total non-operating income

933

842

158
49
18237
42

146
51
33
230
30505

492

10,618

10,913

385
–––
213
158

385

372

Non-operating expenses
Interest expenses
Rental Expense
Loss on sale and retirement of non-current assets
Cost of electricity sales
Miscellaneous losses
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Subsidy income related to COVID-19
Gain on sale of investment securities
Total extraordinary income5(Millions of yen)
Fiscal year ended
March 31, 2020
Extraordinary losses
Impairment losses
Loss on valuation of investment securities
Loss on disaster
Loss related to COVID-19
Provision of allowance for doubtful accounts

Fiscal year ended
March 31, 2021
151
1416
–––––
190
185

182

375

Profit before income taxes

10,821

10,910

Income taxes - current
Income taxes - deferred

3,425
139

3,648
(112)

Total income taxes

3,565

3,536

Profit

7,256

7,373

Profit attributable toProfit attributable to owners of parent
Profit attributable to non-controlling interests

6,233
1,022

6,427
946

Other comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax

(152)
119

167
72

Total extraordinary losses

(32)

239

Comprehensive income

Total other comprehensive income

7,223

7,613

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

6,176
1,047

6,640
972

6Consolidated statements of changes in equity
Fiscal year ended March 31, 2020
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

6,547

Retained earnings

6,466

Treasury shares

43,469(10)

Total shareholders'equity
56,472

Changes during period
Dividends of surplus(1,330)(1,330)

Profit attributable to owners ofparent

6,233

6,233

Purchase of treasury shares(29)

Purchase of shares of consolidated
subsidiaries

(21)

(29)
(21)

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

–

(21)

4,903

(29)

4,852

6,5476,445

48,373(40)

61,325

Accumulated other comprehensive income
Valuation difference
on available-for-salesecurities
Balance at beginning of period

Remeasurements ofdefined benefit plans

266

(217)

Total accumulated

Non-controllingother comprehensive
incomeinterests

48

8,093

Total net assets

64,614

Changes during period
Dividends of surplus(1,330)

Profit attributable to owners ofparent

6,233

Purchase of treasury shares(29)

Purchase of shares of consolidated
subsidiaries(21)

Net changes in items other than(146)

88(57)

415

357

Total changes during period(146)

88(57)

415

5,209

Balance at end of period

120(129)

(9)

8,508

69,824

shareholders' equity

7Fiscal year ended March 31, 2021
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

6,547

Retained earnings

6,445

Treasury shares

48,373(40)

Total shareholders'equity
61,325

Changes during period
Dividends of surplus(1,322)(1,322)

Profit attributable to owners ofparent

6,427

6,427

Purchase of treasury shares

(602)

(602)

Purchase of shares of consolidated
subsidiaries
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

––

5,105

(602)

4,502

6,547

6,445

53,478(643)

65,827

Accumulated other comprehensive income
Valuation difference
on available-for-salesecurities
Balance at beginning of period

Remeasurements ofdefined benefit plans

120(129)

Total accumulated

Non-controllingother comprehensive
incomeinterests

(9)

8,508

Total net assets

69,824

Changes during period
Dividends of surplus(1,322)

Profit attributable to owners ofparent

6,427

Purchase of treasury shares(602)

Purchase of shares of consolidated
subsidiaries
Net changes in items other thanshareholders' equity

149

63

213

778

992

Total changes during period

149

63

213

778

5,494

Balance at end of period

270(66)

204

9,287

75,3188

Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
March 31, 2020
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for
directors (and other officers)
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Loss on sales and retirement of noncurrent assets
Loss (gain) on valuation of investment securities
Decrease (increase) in trade receivables
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes

Fiscal year ended
March 31, 2021
10,821
5,190
(39)
69

10,910
5,265
194
63

(28)

–

41(61)
158
18
14
1,278
(895)
336

(5)
(59)
146
36
–
(225)
(293)
121(483)–––(401)
68(67)(213)
190(1,503)
366
(91)

Subtotal

16,088

14,835Interest and dividends received
Interest paid
Subsidy income received related to COVID-19
Loss paid related to COVID-19
Income taxes paid
Income taxes refund

60
(160)
–
–
(3,716)
559
(142)
213
(190)
(3,309)–Net cash provided by (used in) operating activities

12,276

11,466(1,362)614(4,676)
603
(391)
(89)
10(193)
83
(16)

(850)
1,410
(6,884)
67
(223)
(209)
213
(372)
260
(16)

(146)

(826)

(705)
(72)

–
(19)

(6,344)(7,451)Gain on sale of non-current assets
Subsidy income related to COVID-19
Loss related to COVID-19
Decrease (increase) in investments in leases
Increase/decrease in other assets/liabilities
Other, net

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 assets
Purchase of investment securities
Proceeds from sale of investment securities
Payments of leasehold deposits
Proceeds from refund of leasehold deposits
Loan advances
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Purchase of shares of subsidiaries and associates
Other, net
Net cash provided by (used in) investing activities

9(Millions of yen)
Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Net decrease (increase) in treasury shares
Dividends paid
Dividends paid to non-controlling interests
Repayments of lease obligations
Purchase of treasury shares of subsidiaries
Other, net

(97)
2,097
(3,191)(29)(1,330)(191)(2,189)
(462)
(5)

625
1,850
(2,197)(602)(1,322)(193)(2,216)–(5)

Net cash provided by (used in) financing activities(5,401)(4,063)––

Net increase (decrease) in cash and cash equivalents

531

(47)

Cash and cash equivalents at beginning of period

14,32014,852

Cash and cash equivalents at end of period

14,85214,804

Effect of exchange rate change on cash and cashequivalents

10