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, 2022
(Based on Japanese GAAP)
April 28, 2022
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 21, 2022

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

June 22, 2022–

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, 2022 (from April 1, 2021 to March 31, 2022)(1) Non-consolidated operating resultsPercentages indicate year-on-year changes
Net salesYear ended March 31, 2022
Year ended March 31, 2021

Millions of yen
3,123
3,062

Operating profit% Millions of yen
2.0
(177)
(8.5)
(553)

Diluted earnings pershare
Yen
Yen(306.54)–(58.79)–Earnings per share
Year ended March 31, 2022
Year ended March 31, 2021

Ordinary profit%––

Millions of yen
(158)
(559)

Profit%––Millions of yen(1,948)
(374)

%
––

Ordinary profit/total Operating profit/net
assetssales%%%(120.7)(2.4)(5.7)(13.2)(6.8)(18.1)

Profit/equity(2) Non-consolidated financial position
Total assets
As of March 31, 2022
As of March 31, 2021

Net assets

Equity ratio

Millions of yen
5,462
7,732

Millions of yen
643
2,613

Cash flows fromoperating activities
Millions of yen
738
(278)

Cash flows frominvesting activities
Millions of yen
(50)
(667)

Net assets per share%
11.6
33.6

Yen
99.25
408.82(3) Non-consolidated cash flows

Year ended March 31, 2022
Year ended March 31, 2021

Cash flows from
Cash and cash equivalents
at end of period
financing activitiesMillions of yen
Millions of yen(289)
1,066(308)668

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

Year ended March 31, 2021
Year ended March 31, 2022
Year ending March 31, 2023
(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

––

3.00
0.00

3.00
0.00

19–

––

0.7
––

0.00

–

3.00

3.00

124.0

3. Forecast of non-consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Percentages indicate year-on-year changes
Net sales
Millions of yen
Six months ending
September 30, 2022
Full year

Operating profit

Ordinary profit

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

1,527

(4.4)

(35)

–(59)

–(40)

–(6.44)

3,200

2.5

105

–

114

–

79

–

12.49

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:

Yes
No

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, 2022

6,457,500 shares As of March 31, 2021

6,457,500 shares

100,000 shares As of March 31, 2021

100,000 shares

Number of treasury shares at the end of the period
As of March 31, 2022
Average number of shares during the period
Year ended March 31, 2022

6,357,500 shares Year ended March 31, 2021

26,372,440 sharesNon-consolidated financial statements
Non-consolidated balance sheets(Thousands of yen)
As of March 31, 2021

As of March 31, 2022

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade668,474
187,692

1,066,839
187,510Merchandise and finished goods
Work in process

327,850147

374,215
1,548

Raw materials and supplies
Prepaid expenses

95,47539,964

45,22839,037

Other
Allowance for doubtful accounts

396,810
(90)

3,951
(64)

1,716,325

1,718,265

2,538,445(147,279)

2,538,445(283,176)

2,391,165

2,255,268

528,839(41,530)

528,839(83,061)

487,308445,777

99,136(48,632)

99,136(80,951)

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

50,50418,185Machinery, equipment and vehicles
Accumulated depreciation

2,688,660(233,775)

965,927(502,641)

2,454,884

463,286

Machinery, equipment and vehicles, net
Land516,725

516,725

5,900,588

3,699,243

Trademark right
Software

2,639
73,4262,900
333

Total intangible assets

76,065

3,234

Investments and other assets
Leasehold deposits

30,832

33,104

Guarantee deposits
Other

8,685
95

8,708
71

Total investments and other assets

39,61341,884

6,016,267

3,744,362

7,732,592

5,462,628

Total property, plant and equipment
Intangible assets

Total non-current assets
Total assets3

(Thousands of yen)
As of March 31, 2021

As of March 31, 2022

Liabilities
Current liabilities
Accounts payable - trade136,917

112,039

Current portion of long-term borrowings
Accounts payable - other270,360
127,931270,360
69,775

Accrued expenses
Income taxes payable

21,637
3,426

16,7106,367

Deposits received
Provision for bonuses

7,949
18,975

6,571
13,369Other–

62,270587,197

557,464

Long-term borrowings
Asset retirement obligations

4,526,870
5,472

4,256,510
5,480

Total non-current liabilities

4,532,342

4,261,990

5,119,540

4,819,454

Total current liabilities
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

2,176,501

208,410

2,176,501

208,410Retained 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)(87,143)2,599,086

630,995

13,966

12,1772,613,052

643,1737,732,592

5,462,628

Non-consolidated statements of income(Thousands of yen)

Net sales
Cost of sales

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

3,062,696

3,123,619

Beginning inventory of merchandise and finished goods
Cost of purchased goods

196,889
1,265,677

992,599
1,217,126

Cost of products manufactured

1,097,001

867,360

Total

2,559,568

3,077,086

Transfer to other account131,022

95,920Ending inventory of merchandise and finished goods
Valuation loss on finished goods

992,599
664,748

1,033,873(5,090)2,100,695

1,942,202

962,000

1,181,417

Freight costs
Advertising expenses

385,737
352,297

387,574
233,836

Storage expenses
Provision of allowance for doubtful accounts

140,91474

141,92276

Remuneration for directors (and other officers)
Salaries and allowances

106,198
194,060

108,563
153,294

Provision for bonuses
Rent expenses on land and buildings

13,94144,0159,654
43,432

Depreciation
Commission expenses

5,549130,136

4,117
66,630

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

Other

142,267

209,780

1,515,193

1,358,883(553,192)(177,466)

Commission income
Bounty income

708
–

748
56,420Interest on tax refund
Miscellaneous income

1,170
860

767
920

Total non-operating income

2,739

58,855Non-operating expenses
Interest expenses

8,412

39,606

Commission expenses
Miscellaneous losses

312
679

–
699

Total selling, general and administrative expenses
Operating loss
Non-operating income

Total non-operating expenses

9,403

40,306(559,856)(158,916)

Subsidy income
Gain on reversal of share acquisition rights

84,653
2,962

–
2,715

Total extraordinary income

87,616

2,715

Ordinary loss
Extraordinary income5(Thousands of yen)

Extraordinary losses
Impairment losses
Subsidy reduction loss
Total extraordinary losses

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022–

1,777,679–

30,897–

1,808,576

Loss before income taxes(472,239)(1,964,777)

Income taxes - current
Refund of income taxes for prior periods(120,844)–1,480(17,440)

Income taxes - deferred

23,267–

Total income taxes(97,576)(15,960)

Loss(374,663)(1,948,817)

6

Non-consolidated statements of changes in equity
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

Retainedearnings
brought
forward2,570,529

Total retained
earnings

2,570,529

Total
shareholders'equity

Treasuryshares–Cumulative effects of changes inaccounting policies
Restated balance

3,079,936–

279,703229,703229,703

160

160

160

2,570,529

2,570,529–

3,079,936

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

321

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

Loss(374,663)(374,663)(374,663)

Purchase of treasury shares(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)2,599,086

ShareacquisitionrightsTotal net assets

16,743

3,096,679

Cumulative effects of changes inaccounting policies
Restated balance–
16,743

3,096,679

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

321

Dividends of surplus(19,365)

Loss(374,663)

Purchase of treasury shares(87,143)

Net changes in items other thanshareholders' equity(87,143)(2,777)(2,777)

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

Balance at end of period

13,966

2,613,052

7

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'equity

Treasuryshares(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

Share
acquisitionrightsTotal 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

8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, 2021

March 31, 2022

(472,239)(1,964,777)

Depreciation
Impairment losses

461,994–

497,607
1,777,679

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses

29(4,550)(25)(5,606)

Interest and dividend income
Interest expenses

(32)
8,412

(767)
39,606

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

185(2,962)926(2,715)

Subsidy reduction loss
Decrease (increase) in trade receivables–
21,97630,897182

Decrease (increase) in inventories
Increase (decrease) in trade payables(217,890)
24,7792,482(24,878)

Increase/decrease in consumption taxes payable/consumption
taxes refund receivable

168,658

155,511

Bounty income
Subsidy income–(84,653)(56,420)–

Other, net(34,731)(4,189)Subtotal(131,021)

445,514

Interest and dividends received

32767

Bounty income received
Subsidies received––

56,42053,756

Interest paid
Income taxes refund (paid)(8,341)(139,388)(42,647)
224,664

Net cash provided by (used in) operating activities(278,719)

738,474(636,134)(47,801)(30,890)–(620)(2,272)

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

18–(667,007)(50,693)

Repayments of long-term borrowings
Proceeds from exercise of employee share options(202,770)
321(270,360)–

Purchase of treasury shares
Dividends paid

(87,143)(19,263)–(19,055)

Net cash provided by (used in) investing activities
Cash flows from financing activities(308,855)(289,415)

Net increase (decrease) in cash and cash equivalents

Net cash provided by (used in) financing activities(1,254,582)

398,365

Cash and cash equivalents at beginning of period

1,923,057

668,474

668,474

1,066,839

Cash and cash equivalents at end of period9