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 Non-Consolidated Financial Results
for the Year Ended March 31, 2023
(Based on Japanese GAAP)
April 28, 2023
Company name:

Fundely Co., Ltd.

Stock exchange listing: Tokyo
Stock code:
3137
Representative:
Inquiries:

URL

https://www.fundely.co.jp/

President, FounderDirector and General Manager ofKosuke Abe
Tomonori Kayano

Administration Department
Scheduled date of ordinary general meeting of shareholders:TEL

03-6741-5880

June 20, 2023

Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:

June 21, 2023–

Preparation of supplementary material on financial results:
Holding of financial results meeting:

Yes
Yes

(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Non-consolidated financial results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(1) Non-consolidated operating resultsPercentages indicate year-on-year changes
Net salesYear ended March 31, 2023
Year ended March 31, 2022

Millions of yen
2,810
3,123

Operating profit% Millions of yen(10.0)
(285)
2.0
(177)

Diluted earnings pershare
YenYen(44.79)–(306.54)–Earnings per share
Year ended March 31, 2023
Year ended March 31, 2022

Ordinary profit%––

Millions of yen
(284)
(158)

Profit%––Millions of yen(284)(1,948)%––

Ordinary profit/total Operating profit/net
assetssales%%%(58.7)(5.5)(10.1)(120.7)
(2.4)
(5.7)

Profit/equity(2) Non-consolidated financial position
Total assets
As of March 31, 2023
As of March 31, 2022

Net assets

Equity ratio

Millions of yen
4,935
5,462

Millions of yen
349
643

Cash flows fromoperating activities
Millions of yen
189
738

Cash flows frominvesting activities
Millions of yen
(0)
(50)

Net assets per share%
6.8
11.6

Yen
53.37
99.25

(3) Non-consolidated cash flows

Year ended March 31, 2023
Year ended March 31, 2022

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(279)
975
(289)
1,066

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

Year ended March 31, 2022
Year ended March 31, 2023
Year ending March 31, 2024
(Forecast)

Total

Total cash
dividends (Total)

Dividend payout
ratio (Nonconsolidated)

Ratio of dividends
to net assets (Nonconsolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen%%

–
–

0.00
0.00

–
–

0.00
0.00

0.00
0.00

––––

–
–

–

0.00

–

0.00

0.00

1–

3. Forecast of non-consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Percentages indicate year-on-year changes
Net sales
Millions of yen
Six months ending
September 30, 2023
Full year

Operating profit

Ordinary profit

ProfitEarnings per share% Millions of yen% Millions of yen% Millions of yen%

Yen

1,486

6.3

19–

(3)

–(4)

–

(0.63)

3,037

8.1

52

–51–50–

7.97

4. Notes(1) 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:
Changes in accounting policies due to other reasons:

NoNo

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(2) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2023

6,457,500 shares As of March 31, 2022

6,457,500 shares

132,600 shares As of March 31, 2022

100,000 shares

Number of treasury shares at the end of the period
As of March 31, 2023
Average number of shares during the period
Year ended March 31, 2023

6,347,784 shares Year ended March 31, 2022

26,357,500 sharesNon-consolidated financial statements
Non-consolidated balance sheets(Thousands of yen)
As of March 31, 2022

As of March 31, 2023

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade

1,066,839
187,510975,782
131,738

Merchandise and finished goods
Work in process

374,215
1,548

254,206
1,918

Raw materials and supplies
Prepaid expenses

45,22839,037

12,93144,336

Other
Allowance for doubtful accounts

3,951
(64)

13,552(71)

1,718,265

1,434,395

2,538,445(283,176)

2,538,445(419,028)

2,255,268

2,119,416

528,839(83,061)

528,839(125,093)

445,777

403,746

99,136(80,951)

99,136(88,425)

Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net

18,185

10,710Machinery, equipment and vehicles
Accumulated depreciation

965,927(502,641)

966,430(560,803)

463,286

405,626

Machinery, equipment and vehicles, netLand
Total property, plant and equipment

516,725

516,725

3,699,243

3,456,225

–
2,900

700
2,393

333

259

3,234

3,353

33,104
8,708

33,086
8,731

71

46

Intangible assets
Patent right
Trademark right
SoftwareTotal intangible assets
Investments and other assets
Leasehold deposits
Guarantee deposits
Other
Total investments and other assets
Total non-current assets
Total assets

341,884

41,865

3,744,362

3,501,444

5,462,628

4,935,839

(Thousands of yen)
As of March 31, 2022

As of March 31, 2023

Liabilities
Current liabilities
Accounts payable - trade112,039

97,468Current portion of long-term borrowings
Accounts payable - other270,360
69,775

270,360
182,982

Accrued expenses
Income taxes payable

16,7106,367

20,252
1,481

Deposits received
Provision for bonuses

6,571
13,3696,734
14,731

Other

62,270534

Total current liabilities

557,464594,546

Long-term borrowings
Asset retirement obligations

4,256,510
5,480

3,986,150
5,487

Total non-current liabilities

4,261,990

3,991,637

4,819,454

4,586,183

Non-current liabilities

Total liabilities
Net assets
Shareholders' equity
Share capital

279,864

279,864

Capital surplus
Legal capital surplus

229,864

229,864

Total capital surplus

229,864

229,864

208,410(75,877)

208,410(75,877)

Retained earnings
Other retained earnings
Retained earnings brought forward
Total retained earnings
Treasury shares(87,143)(96,299)

Total shareholders' equity

630,995

337,550

Share acquisition rights

12,177

12,105

Total net assets

643,173

349,656

5,462,628

4,935,839

Total liabilities and net assets

4Non-consolidated statements of income(Thousands of yen)

Net sales
Cost of sales
Beginning inventory of merchandise and finished goods
Cost of purchased goods
Cost of products manufactured

Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023

3,123,619

2,810,524

992,599
1,217,126
867,360

1,033,873
966,649
579,815

Total

3,077,086

2,580,337

Transfer to other accountEnding inventory of merchandise and finished goods
Valuation loss on finished goods

95,9201,033,873(5,090)52,292
987,42173,556

Cost of merchandise and finished goods sold

1,942,202

1,614,180

1,181,417

1,196,343

387,574
233,836
141,92276
108,563
153,294
9,654
43,432
4,117
66,630209,780

348,375
375,312124,04384
101,558
149,707
11,55547,813
2,019
99,405
221,483

1,358,883

1,481,359(177,466)(285,016)

748
56,420767
920

595
47,436–
1,162

58,85549,19439,606699

47,486730

Gross profit
Selling, general and administrative expenses
Freight costs
Advertising expenses
Storage expenses
Provision of allowance for doubtful accounts
Remuneration for directors (and other officers)
Salaries and allowances
Provision for bonuses
Rent expenses on land and buildings
Depreciation
Commission expenses
Other
Total selling, general and administrative expenses
Operating loss
Non-operating income
Commission income
Bounty income
Interest on tax refund
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Miscellaneous losses
Total non-operating expenses
Ordinary loss
Extraordinary income
Gain on reversal of share acquisition rights
Total extraordinary income
Extraordinary losses
Impairment losses
Subsidy reduction loss
Total extraordinary losses
Loss before income taxes
Income taxes - current
Refund of income taxes for prior periods
Total income taxesLoss

540,306

48,217(158,916)(284,039)

2,715

1,232

2,715

1,232

1,777,679
30,897––

1,808,576–(1,964,777)(282,806)

1,480(17,440)

1,481–(15,960)

1,481(1,948,817)(284,288)

Non-consolidated statements of changes in equity
Fiscal year ended March 31, 2022
(Thousands of yen)
Shareholders' equity
Capital surplus

Retained earnings
Other retained
earnings

Balance at beginning of period

Share capital

Legal capitalsurplus

Total capitalsurplus279,864

229,864

229,864

Cumulative effects of changes inaccounting policies
Restated balance

279,864

229,864

229,864Retainedearnings
brought
forward

Total retained
earnings

2,176,501

2,176,501

(201)

(201)

2,176,300

2,176,300

Total
shareholders'equityTreasuryshares(87,143)2,599,086(201)(87,143)2,598,885

Changes during period
Issuance of new shares - exercise ofshare acquisition rights–

Dividends of surplus
Loss(19,072)(19,072)(19,072)(1,948,817)(1,948,817)(1,948,817)

Purchase of treasury shares–

Net changes in items other thanshareholders' equity–

Total changes during period
Balance at end of period

Balance at beginning of period

–

–

–

(1,967,889)(1,967,889)–(1,967,889)

279,864

229,864

229,864

208,410

208,410(87,143)

630,995

ShareacquisitionrightsTotal net assets

13,966

2,613,052

Cumulative effects of changes inaccounting policies
Restated balance(201)
13,9662,612,851

Changes during period
Issuance of new shares - exercise ofshare acquisition rights–Dividends of surplus(19,072)

Loss(1,948,817)

Purchase of treasury shares
Net changes in items other thanshareholders' equity–(1,788)(1,788)

Total changes during period(1,788)(1,969,678)

Balance at end of period

12,177643,173

6

Fiscal year ended March 31, 2023
(Thousands of yen)
Shareholders' equity
Capital surplus

Retained earnings
Other retainedearnings

Balance at beginning of period

Share capital

Legal capitalsurplus

Total capitalsurplus279,864

229,864

229,864Retainedearnings
brought
forward208,410

Total retained
earnings

208,410

Treasuryshares(87,143)

Cumulative effects of changes inaccounting policies
Restated balance

Totalshareholders'equity630,995–

279,864

229,864

229,864

208,410

208,410(87,143)

630,995

Changes during period
Issuance of new shares - exercise ofshare acquisition rights–

Dividends of surplus

–

Loss

(284,288)(284,288)

Purchase of treasury shares(284,288)(9,155)

Net changes in items other thanshareholders' equity–

Total changes during period
Balance at end of period

Balance at beginning of period–––(284,288)(284,288)(9,155)(293,444)

279,864

229,864

229,864(75,877)(75,877)(96,299)

337,550

ShareacquisitionrightsTotal net assets

12,177643,173

Cumulative effects of changes inaccounting policies
Restated balance–
12,177643,173

Changes during period
Issuance of new shares - exercise ofshare acquisition rights–

Dividends of surplus–Loss(284,288)

Purchase of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period(9,155)(9,155)
(72)

(72)

(72)

(293,516)

12,105

349,6567

Non-consolidated statements of cash flows(Thousands of yen)

Cash flows from operating activities
Loss before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023

(1,964,777)(282,806)

497,607
1,777,679

244,166–

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses(25)(5,606)61,362

Interest and dividend income
Interest expenses(767)
39,606(34)
47,486

Share-based payment expenses
Gain on reversal of share acquisition rights

926(2,715)

1,160(1,232)

Subsidy reduction loss
Decrease (increase) in trade receivables

30,897
182–
55,771

Decrease (increase) in inventories
Increase (decrease) in trade payables

2,482(24,878)

151,935(14,570)

Increase (decrease) in accounts payable - other
Increase/decrease in consumption taxes payable/consumption(5,591)

113,207

155,511(72,865)

Depreciation
Impairment losses

taxes refund receivable
Bounty income(56,420)(47,436)

Other, net

1,401(6,283)

Subtotal

445,514

189,866

767

34

Bounty income received
Subsidies received

56,42053,75647,436–

Interest paid
Income taxes refund (paid)(42,647)
224,664(47,262)(920)

Net cash provided by (used in) operating activities

738,474

189,153(47,801)

(502)

(620)
(2,272)(210)–

Interest and dividends received

Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Payments of leasehold and guarantee depositsProceeds from refund of leasehold and guarantee deposits
Net cash provided by (used in) investing activities–18(50,693)(694)(270,360)–(270,360)(9,155)

Cash flows from financing activities
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid

(19,055)

0

Net cash provided by (used in) financing activities(289,415)(279,515)

Net increase (decrease) in cash and cash equivalents

398,365(91,056)

Cash and cash equivalents at beginning of period

668,474

1,066,839

1,066,839

975,782

Cash and cash equivalents at end of period8