Newly Listed Company Introduction Report (Issued by The Stock Research Center)

Terminalcare Support Institute (7362 TSE Mothers) - - - - - - - - - - - March 25,2021
Building elderly housing with supportive services and providing care services
This report is an English translation of part of the report issued on March 23, 2021.
For inquiries concerning the report, please contract info@stock-r.org【 7362 Terminalcare Support Institute Sector：Services】
Fiscal YearNet sales

YoY

OperatingprofitYoY

Ordinary
profitYoYProfit

YoY

EPS

BPS

DPS

(mn yen)(%)(mn yen)(%)(mn yen)(%)(mn yen)

(%)

(yen)

(yen)

(yen)

Dec. 2019

2,385

9.8

Dec. 2020

2,930

Dec. 2021 f

3,324

111

63.2

107

78.3

76-6.4

62.3

110.0

0.0

22.9

89-19.8

134

25.2

102

34.2

83.3

193.3

0.0

13.4

179

2.0×

163

21.6

124

21.6

84.9

-0.0

Note: Consolidated basis. Figures for the fiscal year ending December 2021 are the company's forecasts.
It conducted 1-to-100 stock split on April 1, 2020. Per share indicies are adjusted retroactively.

Institution Supporting Terminal Care
Terminalcare Support Institute Group is comprised of Terminalcare Support Institute andits consolidated subsidiary, Kitayama Jutaku Hanbai. It operates elderly housing withsupportive services under the Anges brand as its care business. Kitayama Jutaku Hanbai
designs and constructs Anges buildings as its real estate business and it also owns 6Anges properties. The Group provides residences and care services to the elderly hoping
to be taken care of at their homes until their end, and owns, designs, constructs andoperates elderly housing with supportive services in a comprehensive manner.
The care business accounts for 83.1% of net sales in the fiscal year ended December
2020 and the rest is from the real estate business (Figure 1).

Figure 1: Net Sales Composition
Fiscal year ended Dec. 2019 Fiscal year ended Dec. 2020
Net sales
Care business
Real estate businessNet sales

Composition

Net sales

Composition(million yen)(%)(million yen)

(%)

1,962

82.3

2,436

83.1

422

17.7

494

16.9

2,385

100.0

2,930

100.0

Source: Prepared by Stock Research Center based on the notifiable
prospectus.

Care Business
The company conducts operation of elderly housing with supportive services,home-visit long-term care and home care support as its care business. Net salesof the care business is comprised of revenue related to elderly housing withsupportive services, which includes rent and food expenses, and revenue fromlong-term care insurance due to home-visit long-term care and home care
support. Revenue related to elderly housing with supportive services is basically
fixed rate and revenue from long-term care insurance varies by the service usage
amount and care level.
It owns 24 elderly housing with supportive services centering on Kyoto Prefecture(five housing) and Shiga Prefecture (seven housing).

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accessing and using the report or relying on the report concerning the distribution of the report. Final investment decisions shall be made by the investors themselves, and entire
responsibility for investments lies with investors that accessed the report. In addition, intellectual rights concerning the report belongs to The Stock Research Center and may
not be copied, reprinted, quoted, etc. without permission.

Newly Listed Company Introduction Report (Issued by The Stock Research Center)

Terminalcare Support Institute (7362 TSE Mothers) - - - - - - - - - - - March 25,2021
Real Estate Business
Kitayama Jutaku Hanbai concludes construction contracts with the land owners, which willbe the construction clients, and conducts from design to construction of Anges properties,
elderly housing with supportive services. As the company is rich in expertise on theuniformed model of elderly housing with supportive services under the 29-room format, it
can shorten the design period, suppress building costs and construct buildings appropriate
for residences with long-term care.

Newly Listed Company Introduction Report

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The contents indicated in the report are based on information as of the date the report was created and are subject to change without prior notice. The Stock Research Center
makes no warranty or representation concerning the accuracy, reliability, completeness, adequacy and reliability of the information indicated in the report, and shall not assume
no responsibility or obligation whatsoever. The Stock Research Center assumes no responsibility for any direct or indirect loss, lost profit, damage or other results from investors
accessing and using the report or relying on the report concerning the distribution of the report. Final investment decisions shall be made by the investors themselves, and entire
responsibility for investments lies with investors that accessed the report. In addition, intellectual rights concerning the report belongs to The Stock Research Center and may
not be copied, reprinted, quoted, etc. without permission.

Newly Listed Company Introduction Report (Issued by The Stock Research Center)

Terminalcare Support Institute (7362 TSE Mothers) - - - - - - - - - - - March 25,2021
Financial Statements

Statement of income

Fiscal Year

Dec. 2018(mn yen)Dec. 2019(%)(mn yen)Dec.2020(%)(mn yen)(%)

Net sales

2,172

100.0

2,385

100.0

2,930

100.0

Cost of sales

1,883

86.7

1,983

83.1

2,46684.2Gross profit

289

13.3

401

16.8

464

15.8

Selling, general and administrative expenses

220

10.1

289

12.1

375

12.8

Operating profit

68

3.1

111

4.7

59

2.0

Non-operating income

17-

29-

69-

Non-operating expenses

25-

33-

24-

Ordinary profit

60

2.8

107

4.5

134

4.6

Profit before income taxes

61

2.8

106

4.4

134

4.6

Profit attributable to owners of parent

78

3.6

76

3.2

102

3.5

Balance sheet

Fiscal Year

Dec. 2018(mn yen)Current assets

Dec. 2019(%)(mn yen)Dec.2020(%)(mn yen)

(%)

662

42.9

817

39.5

932

45.3

Cash and deposits

266

17.2

416

20.1

411

20.0

Accounts receivable-trade

165

10.7

196

9.5

242

11.8

Real estate for sale75

4.9 -122

5.9

Costs on uncompleted construction contracts

52

3.4

53

2.6

1880

57.0

1,249

60.4

1,124

54.7

Property, plant and equipment

811

52.6

1,195

57.8

1,077

52.4

Intangible assets

32

2.1

21

1.0

90.4

Non-current assets

Investments and other assets
Total assets
Current liabilities

-36

2.3

32

1.5

36

1.8

1,543

100.0

2,067

100.02,056

100.0

560

36.3

631

30.5

600

29.2

Accounts payable-trade

100.6

120.6

14

0.7

Short-term borrowings

200

13.0

130

6.3

150

7.3

Current portion of long-term borrowings
Non-current liabilities
Long-term borrowings
Net assets
Owners' equity

56

3.6

67

3.2

74

3.6

924

59.9

1,301

62.9

1,218

59.2

887

57.5

1,279

61.9

1,204

58.6

58

3.8

135

6.5

237

11.5

58

3.8

135

6.5

237

11.5

Dec. 2018

Dec. 2019

Dec.2020(mn yen)(mn yen)(mn yen)

-42

192

124

56

5573

Cash flows from investing activities-3-360-74

Cash flows from financing activities

43317-56----1

149-6260

409403

Statement of cash flows

Fiscal Year

Cash flows from operating activities
Depreciation

Dividends paid
Net increase in cash and cash equivalents
Cash and cash equivalents

Note: Consolidated basis.
Source: Prepared by Stock Research Center based on the notifiable prospectus.

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The contents indicated in the report are based on information as of the date the report was created and are subject to change without prior notice. The Stock Research Center
makes no warranty or representation concerning the accuracy, reliability, completeness, adequacy and reliability of the information indicated in the report, and shall not assume
no responsibility or obligation whatsoever. The Stock Research Center assumes no responsibility for any direct or indirect loss, lost profit, damage or other results from investors
accessing and using the report or relying on the report concerning the distribution of the report. Final investment decisions shall be made by the investors themselves, and entire
responsibility for investments lies with investors that accessed the report. In addition, intellectual rights concerning the report belongs to The Stock Research Center and may
not be copied, reprinted, quoted, etc. without permission.

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