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, 2021
(Based on Japanese GAAP)
April 30, 2021
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:

TEL03-6741-5880

June 22, 2021

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

June 23, 2021
June 23, 2021

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, 2021 (from April 1, 2020 to March 31, 2021)(1) Non-consolidated operating results

Percentages indicate year-on-year changes
Net salesYear ended March 31, 2021
Year ended March 31, 2020

Millions of yen
3,062
3,348

Operating profit% Millions of yen
(8.5)
(553)
(1.4)
539

Diluted earnings pershare
Yen
Yen(58.79)
–
53.81
53.40

Earnings per share
Year ended March 31, 2021
Year ended March 31, 2020

Ordinary profit% Millions of yen–(559)(24.3)
536

Profit% Millions of yen–(374)(23.2)
345%–(21.8)

Ordinary profit/total Operating profit/net
assetssales%%%(13.2)(6.8)(18.1)
11.9
8.3
16.1

Profit/equity(2) Non-consolidated financial position
Total assets
As of March 31, 2021
As of March 31, 2020

Net assets

Equity ratio

Millions of yen
7,732
8,713

Millions of yen
2,613
3,096

Cash flows fromoperating activities
Millions of yen
(278)
205

Cash flows frominvesting activities
Millions of yen(667)(4,092)

Net assets per share%
33.6
35.3

Yen
408.82477.13(3) Non-consolidated cash flows

Year ended March 31, 2021
Year ended March 31, 2020

Cash flows from
Cash and cash equivalents
at end of periodfinancing activities
Millions of yen
Millions of yen(308)
668
3,859
1,923

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

Year ended March 31, 2020
Year ended March 31, 2021
Year ending March 31, 2022
(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

––

3.00
3.00

3.00
3.00

1919

5.6
–

0.70.7–

0.00

–

3.00

3.00

127.7

3. Forecast of non-consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Percentages indicate year-on-year changes
Net sales
Millions of yen
Six months ending
September 30, 2021
Full year

Operating profit% Millions of yen

Ordinary profit

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

1,885

24.6

(39)

–(43)

–(32)

–(5.06)

3,874

26.5

100–92

–

68

–

10.83

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, 2021

6,457,500 shares As of March 31, 2020

6,455,100 shares

100,000 shares As of March 31, 2020

– shares

Number of treasury shares at the end of the period
As of March 31, 2021
Average number of shares during the period
Year ended March 31, 2021

6,372,440 shares Year ended March 31, 2020

2

6,418,238 sharesNon-consolidated financial statements
Non-consolidated balance sheets(Thousands of yen)
As of March 31, 2020

As of March 31, 2021

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade

1,923,057
209,669

668,474
187,692

Merchandise and finished goods
Work in process

196,889
1,621

327,850147

Raw materials and supplies
Prepaid expenses7,072
52,17595,47539,964

Other
Allowance for doubtful accounts

291,990(60)

396,810(90)

2,682,416

1,716,325

16,248(11,954)2,538,445(147,279)

4,293

2,391,165––

528,839(41,530)

Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net–

487,308

27,776(16,545)

99,136(48,632)

Tools, furniture and fixtures, net

11,23050,504

Machinery, equipment and vehicles
Accumulated depreciation––

2,688,660(233,775)

Tools, furniture and fixtures
Accumulated depreciation–

2,454,884

LandConstruction in progress

Machinery, equipment and vehicles, net

516,725
5,434,045

516,725–

Total property, plant and equipment

5,966,295

5,900,588

Intangible assets
Trademark right

2,506

2,639

Software

1,350

73,426

Total intangible assets

3,856

76,065

Leasehold deposits
Guarantee deposits

30,8506,617

30,832
8,685

Deferred tax assets
Other

23,267––
95

Investments and other assets

Total investments and other assets
Total non-current assets
Total assets

360,734

39,6136,030,887

6,016,267

8,713,303

7,732,592

(Thousands of yen)
As of March 31, 2020

As of March 31, 2021

Liabilities
Current liabilities
Accounts payable - trade112,137

136,9175,000,000––
270,360

Accounts payable - otherAccrued expenses

384,454
20,661

127,931
21,637

Income taxes payable
Deposits received

62,733
7,644

3,426
7,949

Short-term borrowings
Current portion of long-term borrowings

Provision for bonuses

23,526

18,975

Total current liabilities

5,611,158

587,197

Long-term borrowings
Asset retirement obligations

–
5,465

4,526,870
5,472

Total non-current liabilities

5,465

4,532,342

5,616,624

5,119,540

279,703279,864

Capital surplus
Legal capital surplus

229,703229,864

Total capital surplus

229,703229,864

2,570,529

2,176,501

2,570,529

2,176,501

Non-current liabilities

Total liabilities
Net assets
Shareholders' equity
Share capital

Retained earnings
Other retained earnings
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders' equity
Share acquisition rights
Total net assets
Total liabilities and net assets

4–(87,143)

3,079,936

2,599,086

16,743

13,966

3,096,679

2,613,052

8,713,303

7,732,592

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
Total

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021

3,348,269

3,062,696

282,497
1,258,011

196,889
1,265,677–

1,097,001

1,540,508

2,559,568Transfer to other account

11,290131,022

Ending inventory of merchandise and finished goods
Valuation loss on finished goods

196,889–992,599
664,748

1,332,328

2,100,695

2,015,940

962,000

Freight costs
Advertising expenses

411,481
144,605

385,737
352,297

Storage expenses
Provision of allowance for doubtful accounts

159,95354

140,914
74

Remuneration for directors (and other officers)
Salaries and allowances

93,545
263,418

106,198
194,060

Provision for bonuses
Rent expenses on land and buildings

23,52644,553

13,94144,015

DepreciationCommission expenses

7,093
111,024

5,549
130,136

Other

216,799

142,267

1,476,056

1,515,193

539,883(553,192)

882
584

708
1,170

Cost of merchandise and finished goods sold
Gross profit
Selling, general and administrative expenses

Total selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Commission income
Interest on tax refund
Miscellaneous income

367

860

1,834

2,739

Interest expenses
Commission expenses

4,960
–

8,412
312

Miscellaneous losses

8679

Total non-operating income
Non-operating expenses

4,968

9,403

Ordinary profit (loss)

Total non-operating expenses

536,749(559,856)

Extraordinary income
Subsidy income–

84,653Gain on reversal of share acquisition rights

–

2,962

Total extraordinary income–

87,616

Profit (loss) before income taxes

536,749(472,239)

Income taxes - current

188,276(120,844)

Income taxes - deferred

3,098

23,267

Total income taxes

191,374(97,576)

Profit (loss)

345,375(374,663)

5

Non-consolidated statements of changes in equity
Fiscal year ended March 31, 2020
(Thousands of yen)
Shareholders' equity
Capital surplus

Retained earnings
Other retained
earnings

Balance at beginning of period

Share capital

Legal capitalsurplus

Total capitalsurplus274,939

224,939

224,939

4,763

4,763

4,763

Total retained Treasury sharesearnings

Retainedearnings
brought
forward2,225,154

2,225,154–

Total
shareholders'equity2,725,033

Changes during period
Issuance of new shares - exercise ofshare acquisition rights
Dividends of surplus
Profit (loss)

9,527
–

–

–

345,375

345,375

345,375

Purchase of treasury shares––

Net changes in items other thanshareholders' equity
Total changes during period

4,763

4,763

4,763

345,375

345,375–

354,902

Balance at end of period

279,703229,703229,7032,570,529

2,570,529–

3,079,936

ShareacquisitionrightsTotal net assets

9,343

2,734,376

Balance at beginning of period
Changes during period
Issuance of new shares - exercise ofshare acquisition rights

9,527

Dividends of surplus–

Profit (loss)

345,375

Purchase of treasury shares
Net changes in items other thanshareholders' equity–7,4007,400

Total changes during period

7,400

362,302

Balance at end of period

16,743

3,096,679

6Fiscal year ended March 31, 2021
(Thousands of yen)
Shareholders' equity
Capital surplus

Retained earnings
Other retained
earnings

Balance at beginning of period

Share capital

Legal capitalsurplus

Total capitalsurplus279,703229,703229,703

160

160

160

Retainedearnings
brought
forward2,570,529

Total retained Treasury sharesearnings

2,570,529–

Total
shareholders'equity3,079,936

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

321

Dividends of surplus(19,365)(19,365)

Profit (loss)(374,663)(374,663)

Purchase of treasury shares(19,365)(374,663)(87,143)(87,143)

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

Balance at beginning of period

160

160

160

(394,028)(394,028)(87,143)(480,850)

279,864

229,864

229,864

2,176,501

2,176,501(87,143)2,599,085

ShareacquisitionrightsTotal net assets

16,743

3,096,679

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

321Dividends of surplus(19,365)

Profit (loss)(374,663)

Purchase of treasury shares(87,143)

Net changes in items other thanshareholders' equity(2,777)(2,777)

Total changes during period(2,777)(483,627)

Balance at end of period

13,966

2,613,052

7

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

Cash flows from operating activities
Profit (loss) before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021

536,749(472,239)

Depreciation
Increase (decrease) in allowance for doubtful accounts7,093(14)

461,994
29

Increase (decrease) in provision for bonuses
Interest and dividend income(306)(35)(4,550)(32)

Interest expenses
Share-based payment expenses

4,960
7,400

8,412
185

Gain on reversal of share acquisition rights
Decrease (increase) in trade receivables–
38,843(2,962)
21,976

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

80,555
6,938(217,890)
24,779(193,546)–

168,658(84,653)

Other, net(84)(34,731)

Subtotal

488,552(131,021)

22

32

Interest paid
Income taxes paid

(5,601)(277,080)(8,341)(139,388)

Net cash provided by (used in) operating activities

205,892(278,719)(4,091,878)(636,134)

(806)
228

(30,890)
18(4,092,457)(667,007)

Decrease/increase in consumption taxes receivable/payable
Subsidy income

Interest and dividends received

Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from refund of leasehold and guarantee deposits
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of long-term borrowings
Proceeds from exercise of employee share options
Purchase of treasury shares
Dividends paid
Net cash provided by (used in) financing activities

3,850,000

––
9,527

(202,770)
321––(87,143)(19,263)3,859,527(308,855)

Net increase (decrease) in cash and cash equivalents(27,036)(1,254,582)

Cash and cash equivalents at beginning of period

1,950,093

1,923,057

Cash and cash equivalents at end of period

1,923,057

668,4748