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 Three Months Ended March 31, 2022
(Based on Japanese GAAP)May 10, 2022
Company name:

Aoyama Zaisan Networks Co., Ltd.

Stock exchange listing: Tokyo
Stock code:
8929
Representative:
Inquiries:

URL

https://www.azn.co.jp/

President
Director,Deputy Executive Officer,General

Masazumi HasumiMasayuki Yagi

Manager for Management Headquarters
Scheduled date to file Quarterly Securities Report:

TEL

03-6439-5800

May 10, 2022

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:–Yes

Holding of quarterly financial results meeting:No(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended March 31, 2022 (from January 1, 2022 to March 31, 2022)(1) Consolidated operating results (cumulative)

Three months ended March 31, 2022
Three months ended March 31, 2021

Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
12,651 274.7
675 139.4
627 126.7
458(3.3)
3,376 (52.2)
282 (26.7)
276 (14.0)
474 127.7
Earnings per share

Diluted earnings per share

Yen
18.96
19.52

Three months ended March 31, 2022
Three months ended March 31, 2021

Yen
18.90
19.42(2) Consolidated financial position
Total assets
As of March 31, 2022
As of December 31, 2021

Net assets

Millions of yen
20,644
17,426Equity ratio

Millions of yen
7,252
7,128

Net assets per share%
35.0
40.8

Yen
298.05294.61

2. Cash dividends
Annual dividends per share

Year ended December 31, 2021
Year ending December 31, 2022

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––Yen
22.00

Yen–

Yen
17.00

Yen–

13.00

–

18.00

31.00

Year ending December 31, 2022 (Forecast)Total

3. Forecast of consolidated financial results for the year ending December 31, 2022 (from January 1, 2022 to December 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
36,500
50.7
2,550
37.4
2,420
34.7
1,690
14.1
69.63

1

4. Notes(1) Changes in significant subsidiaries during the three months ended March 31, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoNo(3) 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:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2022

24,491,600 shares As of December 31, 2021

24,362,800 shares

Number of treasury shares at the end of the period
As of March 31, 2022

220,248 shares As of December 31, 2021

220,248 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended March 31, 2022

24,183,903 shares Three months ended March 31, 2021

2

24,293,812 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of December 31, 2021

As of March 31, 2022

AssetsCurrent assets
Cash and deposits

10,865

12,205

Accounts receivable - trade
Real estate for sale

567
118

398
2,278

Other inventories
Income taxes receivable

525

4–

Other
Allowance for doubtful accounts

483
(3)

437
(2)

12,062

15,320

2,369
195

2,415
195

116

131

2,681

2,742

Goodwill
Software

28
495

26
462

Other

27

26

Total intangible assets

551

515

1,587
34

1,581
36

122
386

72
376

2,131

2,066

5,364

5,324

17,426

20,644

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, netLand
Other, net
Total property, plant and equipment
Intangible assets

Investments and other assets
Investment securities
Shares of subsidiaries and associates
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Total assets3

(Millions of yen)
As of December 31, 2021

As of March 31, 2022

Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings

189
200

270
200

1,298
232

1,952
210

Income taxes payable
Accounts payable - other204
986

95739

Provision for bonuses
Other–
736

273
522

Total current liabilities

3,846

4,264

Current portion of long-term borrowings
Current portion of bonds payableNon-current liabilities
Bonds payable

180

120

4,679
1,528

7,159
1,783

57
657
6

6,452

9,127

10,29813,391

Shareholders' equity
Share capital

1,167

1,190

Capital surplus
Retained earnings

1,330
4,625

1,354
4,673

Treasury shares

(167)

(167)

Total shareholders' equity

6,955

7,050

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

181
(24)

178
4

Total accumulated other comprehensive income

156

183

114

14
4

7,128

7,252

17,426

20,644Long-term borrowings
Long-term leasehold and guarantee deposits received
Long-term accounts payable - other
Other
Total non-current liabilities
Total liabilities
Net assets

Accumulated other comprehensive income

Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

4Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Three months ended
March 31, 2021

Three months ended
March 31, 2022

Net sales

3,37612,651

Cost of sales

2,504

11,195Gross profit

871

1,455

Selling, general and administrative expenses

589

780

Operating profit

282

675

Non-operating income
Foreign exchange gains

24

27

Other

64

Total non-operating income

3032Interest expenses
Commission expenses

15
191655

Other

1

7

Non-operating expenses

Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities

36

79

276

627

23–

Gain on reversal of share acquisition rights

190

0Total extraordinary income

2130Profit before income taxes

490

628Income taxes - current

26

117

Income taxes - deferred(9)51Total income taxes

16169

Profit473

458

Profit (loss) attributable to non-controlling interests(0)0Profit attributable to owners of parent

474

458

5Consolidated statements of comprehensive income (cumulative)(Millions of yen)Three months ended
March 31, 2021

Three months ended
March 31, 2022

Profit473

458

Other comprehensive income
Valuation difference on available-for-sale securities

10(2)Foreign currency translation adjustment30

29

Total other comprehensive income

41

26

Comprehensive income515485

Comprehensive income attributable toComprehensive income attributable to owners of parent

515

485(0)

0Comprehensive income attributable to non-controllinginterests6