Summary of Consolidated Financial Results (Japanese Accounting Standards)
for the Year Ended December 31, 2022
February 10, 2023
Company name: COACH A Co., Ltd.
Stock exchange listing: Tokyo Stock Exchange
Stock code:9339
URL: http://www.coacha.com
Representative: Yoshiyuki Suzuki, Director CEO
Contact:
Junji Kouketsu, Director Executive Officer CFO
Tel. +81-3-3237-8050
Scheduled date of Annual General Meeting of Shareholders: March 30, 2023
Scheduled date of commencement of dividend payment: March 31, 2023
Scheduled date of filing of Annual Securities Report: March 31, 2023
Supplementary materials for financial results: Yes
Information meeting for financial results: Yes(Figures are rounded down to the nearest one million yen.)

1. Consolidated Financial Results for the Fiscal Year Ended December 31, 2022 (January 1, 2022 – December 31, 2022)(Percentages represent year-on-year changes.)(1) Consolidated Results of Operations
Net salesYear ended

December 31, 2022
December 31, 2021
(Note) Comprehensive income:Operating profit

Million yen%

Million yen%

Million yen

3,600
8.9
473
30.7
517
3,306
35.9361–416
494 million yen (64.6%) for the year ended December 31, 2022
300 million yen (-%) for the year ended December 31, 2021

Profit per share(basic)
Year ended

Profit per share(diluted)

Yen

Profit attributableto owners of parent

Ordinary profit

Million yen

418
245

Ordinary profit
to total assets

Return on equity

Yen%

24.2
–%%

70.8
–

Operating profit
to net sales%%

December 31, 2022
238.61
–
18.6
13.8
13.1
December 31, 2021
142.10
–
16.6
15.5
10.9
(Notes) 1. Due to the 2-for-1 share split of common stock on September 16, 2022, profit per share is calculated assuming that the share
split was conducted at the beginning of the previous fiscal year.
2. Diluted profit per share is not stated because there is no dilutive share.

(2) Consolidated Financial Position
As ofTotal assets

Million yen

Net assets

Equity ratio

Million yen

December 31, 2022
4,399
2,873
December 31, 2021
3,121
1,643
(Reference) Shareholders’ equity: As of December 31, 2022: 2,873 million yen(3) Consolidated Cash Flows
Year ended

Cash flows fromoperating activities

Million yen

December 31, 2022
December 31, 2021Cash flows frominvesting activities

Million yen

470
957%

Net assets per share

Yen

65.3
1,310.62
52.6
943.07
As of December 31, 2021: 1,643 million yen

Cash flows fromfinancing activities

Million yen

(55)
(62)

Cash and cash equivalents
at end of fiscal year

Million yen

708
33

3,260
2,146

2. Dividends
Dividend per share
End of firstquarterYen

End of
End of third
secondquarterquarter
Yen
Yen

Year-end
Yen

AnnualYen

Total amounts
Dividends toPayout ratioof dividends
net assets(consolidated)(annual)(consolidated)
Million yen%%

Year ended
–
0.00
–
30.00
30.00
26
10.6
3.2
December 31, 2022
Year ended
–
0.00
–
20.00
20.00
43
8.4
1.8
December 31, 2021
Year ending
December 31, 2023
–
0.00
–
20.00
20.00
12.2
(forecasts)(Notes) 1. Year-end dividend per share for the fiscal year ended December 31, 2022 has changed from 18 yen to 20 yen.
2. The payout ratio (consolidated), which the Company uses as a guideline for determining dividends, is based on the formula“Total amount of dividends / Profit attributable to owners of parent x 100.” The payout ratios for the fiscal year ended December
31, 2021 and the fiscal year ended December 31, 2022 calculated based on this calculation method are 10.7% and 10.5%,respectively.

3. Consolidated Forecasts for the Fiscal Year Ending December 31, 2023 (January 1, 2023 – December 31, 2023)(Percentages represent year-on-year changes.)

Net sales
Million yen

Operating profit%

Million yen

Ordinary profit%

Million yen%

Profit attributable toowners of parent
Million yen%

Profit per shareYen

Full year
3,938
9.4
560
18.4
5414.5376(10.0)
164.14(Note) Profit per share is calculated based on the scheduled average number of shares outstanding during the period, including a capitalincrease through private placement in connection with the secondary offering through over-allotment (109,500 shares).

* Notes(1) Changes in important subsidiaries during the period (changes of specific subsidiaries in accordance with changes in thescope of consolidation): None
(2) Changes in accounting policies, accounting estimates and restatement(i) Changes in accounting policies caused by revision of accounting standards: Yes(ii) Changes in accounting policies other than (i): None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of shares outstanding (common shares):(i) Number of shares outstanding at end of period (including treasury shares)
As of December 31, 2022:
2,192,400 shares
As of December 31, 2021:
1,742,400 shares(ii) Number of treasury shares at end of period
As of December 31, 2022:
As of December 31, 2021:– shares– shares(iii) Average number of shares outstanding during the period(Note)Fiscal year ended December 31, 2022:
Fiscal year ended December 31, 2021:

1,755,961 shares
1,725,928 shares

Due to the 2-for-1 share split of common stock on September 16, 2022, the number of shares outstanding at end of period andthe average number of shares outstanding during the period are calculated assuming that the share split was conducted at thebeginning of the previous fiscal year.

* Summaries of consolidated financial results are not subject to audit by certified public accountants or audit corporations.
* Explanations and other special notes concerning the appropriate use of business performance forecasts
The forward-looking statements in these materials, including financial prospects included in this report, are based on
information available to the Company when this report was prepared and assumptions that the management considers
reasonable, which do not guarantee the achievement of such projected results. Actual results may differ significantly fromthese statements for a number of reasons.

1. Overview of Results of Operations, Etc.
(1) Overview of Results of Operations for the Fiscal Year under Review (January 1, 2022 to December 31, 2022)
Progress and Results of OperationsThe business environment of the Group during the fiscal year under review continued to face an uncertain outlook, with rising prices
against a backdrop of the rapid depreciation of the yen caused by higher interest rates in the United States and surging resource prices
due to the situation in Ukraine. However, the year saw a gradual improvement in personal consumption with the normalization ofeconomic activities resulting from the easing of the severe restrictions that had been imposed during the COVID-19 pandemic.
In this environment, the “White Paper on Labour Economy 2018 (Analysis of Labour Economy): Human Resource Development to
Meet Diversifying Working Style” published by the Ministry of Health, Labour and Welfare in September 2018 states that “The ratioof corporate skill development expenditures to GDP remains remarkably low in Japan by international standards (Note 1),” and webelieve that investment in human resources development is lagging behind that of European and US companies. However, it is also
stated that “management should formulate and implement a human resources strategy that is linked to the management strategy, afterclarifying the corporate philosophy, meaning of existence (purpose) and management strategy (Note 2),” and we believe that investment
in human resources will further increase in Japan in the future.
In this environment, in our core business of organizational development through Systemic Coaching™, sales remained strong as we
focused on sales activities centered on Executive Coaching (EC) and Driving Corporate Dynamism (DCD). In the coaching personnel
training business, demand also remained high in the previous fiscal year thanks to the impact of an increase in telecommuting as aresult of the outbreak of the pandemic, but the demand has run its course in the fiscal year under review.
As a result of the above, net sales for the fiscal year under review amounted to 3,600,607 thousand yen (up 8.9% year on year), operating
profit was 473,149 thousand yen (up 30.7%), ordinary profit was 517,614 thousand yen (up 24.2%), and profit attributable to ownersof parent was 418,991 thousand yen (up 70.8%).
As the Group has a single segment of the coaching business, the description of each segment has been omitted.
The analysis of results of operations for the fiscal year under review is as follows.
(Net sales)
In the fiscal year ended December 31, 2022, orders for the coaching personnel training business were sluggish as home learningassociated with the spread of COVID-19 has run its course. On the other hand, in the organizational development business through
Systemic Coaching™, the number of orders for the main services, Executive Coaching (EC) and Driving Corporate Dynamism (DCD),
increased steadily in response to corporate demand for organizational development. As a result, net sales for the fiscal year underreview came to 3,600,607 thousand yen (up 8.9% year on year).
(Cost of sales)
Cost of sales for the fiscal year under review was 1,673,106 thousand yen (down 9.0% year on year) due to a decrease in labor costs
resulting from organizational and personnel changes made to expand back-office personnel and the organization in anticipation of thelisting of the Company, and a decrease in rent expenses on land and buildings due to the floor reduction at the head office in April
2022.
(Selling, general and administrative expenses)
Selling, general and administrative expenses for the fiscal year under review were 1,454,351 thousand yen (up 31.4% year on year)
due to an increase in labor costs as a result of organizational and personnel changes, as mentioned above, an increase in the provision
for bonuses as a return to employees in line with the strong performance, and the posting of enterprise taxes due to the application of
pro forma standard taxation in connection with a capital increase through public offering.
(Non-operating income and expenses)
Non-operating income for the fiscal year under review was 89,241 thousand yen (up 62.9% year on year). The main item was a foreignexchange gain of 79,268 thousand yen due to the depreciation of the yen.
Non-operating expenses for the fiscal year under review amounted to 44,777 thousand yen (up 60,677.8% year on year). The main
item was listing expenses of 44,038 thousand yen associated with the listing on the Standard Market of the Tokyo Stock Exchange on
December 22, 2022.
(Extraordinary income and losses, profit attributable to owners of parent)
Extraordinary losses for the fiscal year under review were 8,237 thousand yen (down 72.5% year on year). The main items were a loss
on retirement of non-current assets of 5,086 thousand yen and a loss on valuation of golf club membership of 2,722 thousand yen.

1Extraordinary income was not recorded in the fiscal year under review.
As a result, profit attributable to owners of parent came to 418,991 thousand yen (up 70.8% year on year).
(Note 1) Source: The Ministry of Health, Labour and Welfare. “White Paper on Labour Economy 2018 (Analysis of Labour
Economy): Human Resource Development to Meet Diversifying Working Style,” September 2018
(Note 2) Source: The Ministry of Economy, Trade and Industry. “Report of the Study Group on Improvement of Sustainable Corporate
Value and Human Capital,” September 2020

(2) Overview of Financial Position for the Fiscal Year under Review
Total assets at the end of the fiscal year under review were 4,399,922 thousand yen (up 1,278,495 thousand yen from the end of theprevious fiscal year). This primarily reflects an increase of 1,114,989 thousand yen in cash and deposits resulting from the public
offering in connection with the listing on the Standard Market of the Tokyo Stock Exchange, and an increase of 145,800 thousand yen
in investment securities resulting from an increase in the market value of listed shares held.
Liabilities were 1,526,512 thousand yen (up 48,302 thousand yen from the end of the previous fiscal year). This was mainly due to anincrease of 84,441 thousand yen in income taxes payable on income for the period.
Net assets were 2,873,409 thousand yen (up 1,230,192 thousand yen from the end of the previous fiscal year). This was due to anincrease in share capital and capital surplus resulting from a capital increase of 761,760 thousand yen raised through the public offering.

(3) Overview of Cash Flows for the Fiscal Year under Review
Cash and cash equivalents at the end of the fiscal year totaled 3,260,933 thousand yen, an increase of 1,114,199 thousand yen from theend of the previous fiscal year.
The following is a summary of cash flows and major factors for the fiscal year under review.
1) Cash flows from operating activities
Cash provided by operating activities was 470,246 thousand yen, compared with 957,440 thousand yen provided in the previous
fiscal year. This was mainly due to the posting of profit before income taxes.
2) Cash flows from investing activities
Cash used in investing activities was 55,042 thousand yen, compared with 62,115 thousand yen used in the previous fiscal year.
This was mainly due to the purchase of intangible assets.
3) Cash flows from financing activities
Cash provided by financing activities amounted to 708,501 thousand yen, compared with 33,109 thousand yen provided in theprevious fiscal year. This was mainly due to proceeds from the issuance of shares in connection with the public offering.

(4) Future Outlook
With regard to its forecast of results for the fiscal year ending December 31, 2023, the Group expects stable growth and increased sales
in its core business of organizational development through Systemic Coaching™, centered on Executive Coaching (EC) and Driving
Corporate Dynamism (DCD), as its systemic coaching to effectively promote change in client corporate organizations is likely toexpand.
In addition, as the Group expects to actively hire mid-career workers in the current fiscal year in order to secure the human resourcesthat will support the Company’s growth over the medium to long term, the Group anticipates an increase in personnel and hiring
expenses for mid-career workers.
As a result of the above, net sales for the fiscal year ending December 31, 2023 are expected to be 3,938 million yen, up 9.4% year onyear, with operating profit at 560 million yen, up 18.4%, ordinary profit at 541 million yen, up 4.5%, and profit attributable to ownersof parent at 376 million yen, down 10.0%.

(5) Important Events Related to the Going Concern Assumption, etc.
None2

2. Basic Approach to Selection of Accounting Standards
The Group’s policy is to prepare its consolidated financial statements based on Japanese General Accounting Standards for the present
time, taking the comparability of the consolidated financial statements between terms and between companies into consideration.
Regarding the application of International Financial Reporting Standards (IFRS), the Group’s policy is to respond appropriately, taking
into account trends in the ratio of foreign shareholders and various domestic and international circumstances.

3