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, 2020
(Based on Japanese GAAP)
April 30, 2020
Company name:

Fundely Co.,Ltd.

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

URL

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

President, Founder
Executive Officer, Department Manager ofAccounting
Scheduled date of ordinary general meeting of shareholders:

Kosuke Abe
Masaharu Sugita

TEL03-6741-5880

June 23, 2020

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

June 24, 2020
June 24, 2020

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, 2020 (from April 1, 2019 to March 31, 2020)(1) Non-consolidated operating resultsPercentages indicate year-on-year changes
Net salesYear ended March 31, 2020
Year ended March 31, 2019

Millions of yen
3,348
3,394

Operating profit% Millions of yen
(1.4)
539
2.7713

Diluted earnings pershareYen
Yen
53.81
53.40
69.20
68.33

Earnings per share
Year ended March 31, 2020
Year ended March 31, 2019

Ordinary profit% Millions of yen(24.3)
536
9.9
699

Profit% Millions of yen(23.2)
345
7.2
441%(21.8)
5.0

Ordinary profit/total Operating profit/net
assetssales%%%
11.9
8.3
16.1
17.6
20.1
21.0Profit/equity(2) Non-consolidated financial position
Total assets
As of March 31, 2020
As of March 31, 2019

Net assets

Equity ratio

Millions of yen
8,713
4,279

Millions of yen
3,096
2,734

Cash flows fromoperating activities
Millions of yen
205
299

Cash flows frominvesting activities
Millions of yen(4,092)(1,614)

Net assets per share%
35.3
63.7

Yen
477.13426.85(3) Non-consolidated cash flows

Year ended March 31, 2020
Year ended March 31, 2019

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yenMillions of yen
3,859
1,923
1,136
1,950

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

Year ended March 31, 2019Year ended March 31, 2020
Year ending March 31, 2021
(Forecast)

Dividend payout Ratio of dividends
Total cashratio
to net assets
dividends (Total) (Non-consolidated)(Non-consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%%

–
–

0.00
0.00

–
–

0.00
3.00

0.00
3.00

–
19–
5.6

–
0.7

–

0.00

–

3.00

3.00

16.2

3. Forecast of non-consolidated financial results for the year ending March 31, 2021 (from April 1, 2020 to March 31, 2021)
Percentages indicate year-on-year changes
Net sales
Millions of yen
Six months ending
September 30, 2020
Full year

Operating profit% Millions of yen

Ordinary profit

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

Yen

2,143

26.5

4

–0–

0––

5,028

50.2

500

(7.4)

491(8.4)

314(8.9)

48.77

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, 2020

6,455,100 shares As of March 31, 2019

6,384,000 shares– shares As of March 31, 2019– shares

Number of treasury shares at the end of the period
As of March 31, 2020
Average number of shares during the period
Year ended March 31, 2020

6,418,238 shares Year ended March 31, 2019

26,382,631 sharesNon-consolidated financial statements
Non-consolidated balance sheets(Thousands of yen)
As of March 31, 2019

As of March 31, 2020

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade

1,950,093
248,512

1,923,057
209,669

MerchandiseWork in process

282,497
3,342

196,889
1,621

Supplies
Prepaid expenses

299
28,4507,072
52,175

OtherAllowance for doubtful accounts

69,978(74)291,990(60)

2,583,100

2,682,416

16,248(11,300)

16,248(11,954)

4,947

4,293

17,487(11,853)

27,776(16,545)

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

5,633

11,230Land
Construction in progress

Tools, furniture and fixtures, net

516,725
1,100,216

516,725
5,434,045

Total property, plant and equipment

1,627,523

5,966,295

Intangible assets
Trademark right

2,013

2,506

Software2,782

1,350

Total intangible assets

4,796

3,856

Leasehold deposits
Guarantee deposits

31,0786,604

30,850
6,617

Deferred tax assets

26,36523,267

Total investments and other assets

64,04860,734

1,696,368

6,030,887

4,279,469

8,713,303

Investments and other assets

Total non-current assets
Total assets3

(Thousands of yen)
As of March 31, 2019

As of March 31, 2020

Liabilities
Current liabilities
Accounts payable - trade105,199

112,137

Short-term borrowings
Accounts payable - other

1,150,000
73,1835,000,000
384,454Accrued expenses
Income taxes payable

22,574
154,195

20,66162,733

Deposits received
Provision for bonuses

10,64823,833

7,644
23,526

Total current liabilities

1,539,634

5,611,158

5,458

5,465

Non-current liabilities
Asset retirement obligations
Total non-current liabilities

5,458

5,465

1,545,092

5,616,624

274,939279,703

Capital surplus
Legal capital surplus

224,939229,703

Total capital surpluses

224,939229,7032,225,154

2,570,529

Total retained earnings

2,225,154

2,570,529

Total shareholders' equity

2,725,033

3,079,936

Total liabilities
Net assets
Shareholders' equity
Share capital

Retained earnings
Other retained earnings
Retained earnings brought forward

Share acquisition rights
Total net assets
Total liabilities and net assets

49,343

16,743

2,734,376

3,096,679

4,279,469

8,713,303

Non-consolidated statements of income(Thousands of yen)

Net sales
Cost of sales

Fiscal year ended

Fiscal year ended

March 31, 2019

March 31, 2020

3,394,826

3,348,269

Beginning merchandise inventory
Cost of purchased goods

225,227
1,414,128

282,497
1,258,011

Total

1,639,355

1,540,508

13,142
282,497

11,290196,889

1,343,716

1,332,328

2,051,110

2,015,940

Freight costs
Advertising expenses

353,289
132,826

411,481
144,605

Storage expenses
Provision of allowance for doubtful accounts

162,444
29

159,953
54

Remuneration for directors (and other officers)
Salaries and allowances

95,958
231,552

93,545
263,418

Provision for bonuses
Rent expenses on land and buildings

23,83344,247

23,52644,553

Depreciation
Commission expenses

4,931
91,881

7,093111,024

Other

196,631

216,799

1,337,625

1,476,056

713,485

539,883

720
403

882
952

1,123

1,834

Non-operating expenses
Interest expenses

171

4,960

Commission expenses
Miscellaneous loss

15,000400–
8Transfer to other accountEnding merchandise inventory
Cost of goods sold
Gross profit
Selling, general and administrative expenses

Total selling, general and administrative expenses
Operating profit
Non-operating income
Commission income
Miscellaneous income
Total non-operating income

15,571

4,968

Ordinary profit

Total non-operating expenses

699,038

536,749

Profit before income taxes

699,038

536,749

Income taxes - current

262,348

188,276

Income taxes - deferred(5,004)

3,098

Total income taxes

257,343

191,374

Profit441,694

345,3755

Non-consolidated statements of changes in equity
Fiscal year ended March 31, 2019
(Thousands of yen)
Shareholders' equity
Capital surplus

Retained earnings

Share capital Legal capital Total capitalsurplussurplus

Balance at beginning of period

274,236

224,236

224,236

703

703

703

Other
retainedearnings
Retainedearnings
brought
forward1,783,460

Totalretainedearnings

1,783,460

Total
shareholders'equity2,281,932

ShareacquisitionrightsTotal net
assets97

2,282,029

Changes during period
Issuance of new shares - exercise ofshare acquisition rights
Profit441,694

441,694

1,407

1,407

441,694

441,694

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

9,245

9,245

703

703

703

441,694

441,694

443,101

9,245

452,347

274,939

224,939

224,9392,225,154

2,225,154

2,725,033

9,343

2,734,376

Fiscal year ended March 31, 2020(Thousands of yen)
Shareholders' equity
Capital surplus

Retained earnings

Share capital Legal capital Total capitalsurplussurplus

Balance at beginning of period

274,939

224,939

224,939

4,763

4,763

4,763

Other
retainedearnings
Retainedearnings
brought
forward2,225,154

Total
retainedearnings

2,225,154

Total
shareholders'equity2,725,033

ShareacquisitionrightsTotal net
assets

9,343

2,734,376

Changes during period
Issuance of new shares - exercise ofshare acquisition rights
Profit345,375

345,375

9,527

9,527

345,375

345,375

Net changes in items other thanshareholders' equity

7,400

7,400

Total changes during period

4,763

4,763

4,763

345,375

345,375

354,9027,400

362,302

Balance at end of period

279,703229,703229,7032,570,529

2,570,529

3,079,936

16,743

3,096,679

6

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

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2019

March 31, 2020

699,038

536,749

4,931
(18)

7,093
(14)

621
(37)

(306)
(35)

Interest expenses
Commission expenses

171
15,0004,960–

Share-based remuneration expenses
Decrease (increase) in trade receivables

9,245(50,750)

7,400
38,843

Decrease (increase) in inventories
Increase (decrease) in trade payables(60,456)
256

80,555
6,938

Decrease/increase in consumption taxes receivable/payable
Decrease (increase) in guarantee deposits(85,074)
8,072(193,546)–

Other, net(1,472)(84)

Subtotal

539,527

488,552

21

22

Interest paid
Income taxes paid

(310)
(239,249)(5,601)(277,080)

Net cash provided by (used in) operating activities

299,988

205,892(1,614,206)(4,091,878)

–
(264)

(806)
–

Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Interest and dividend income

Interest and dividends received

Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Payments of leasehold and guarantee deposits
Proceeds from refund of leasehold and guarantee deposits–228(1,614,470)(4,092,457)

Proceeds from short-term borrowings
Proceeds from exercise of employee share options

1,135,000
1,407

3,850,000
9,527

Net cash provided by (used in) financing activities

1,136,407

3,859,527

Net cash provided by (used in) investing activities
Cash flows from financing activities

Net increase (decrease) in cash and cash equivalents(178,074)(27,036)

Cash and cash equivalents at beginning of period

2,128,168

1,950,093

Cash and cash equivalents at end of period

1,950,093

1,923,057

7