Contents
Page

Corporate Profile

2

Corporation Information and Information for Investors

3

Financial and Operational Highlights

4Management Discussion and Analysis

6

Corporate Governance and Other Information

13

Report on Review of Interim Financial Information

17

Interim Condensed Consolidated Statement ofComprehensive Income

19Interim Condensed Consolidated Statement of
Financial Position

21

Interim Condensed Consolidated Statement of
Changes in Equity

23

Interim Condensed Consolidated Statement of
Cash Flows24

Notes to the Condensed Consolidated Interim
Financial Information25

Corporate Profile
株式会社ニラク ジー シー ホールディングス NIRAKU GC HOLDINGS, INC.* (“NIRAKU” or the “Company”, Hong Kongstock code: 1245, together with its subsidiaries, the “Group”) is a leading pachinko hall operator in Fukushima Prefecture in
Japan with over 60 years of pachinko hall operation experience. The Company was listed on the Main Board of The Stock
Exchange of Hong Kong Limited (the “Stock Exchange”) on 8 April 2015 (the “Listing Date”).
Since the opening of the first pachinko hall in 1950, NIRAKU has been aiming in bringing enjoyable experience tocustomers, which forms our slogan of “Happy Time, Creation”.
NIRAKU has a strong pachinko hall network with 47 halls at present, stretching from Tokyo Metropolitan Area to Northeast
Honshu, equipped with over 27,000 pachinko and pachislot machines serving customers in ten prefectures in Japan.

* For identification purpose only

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Corporation Information and Information for Investors
CORPORATE INFORMATION
Executive Directors

Mr. Hisanori TANIGUCHI (Chairman)
Mr. Akinori OHISHI
Mr. Masataka WATANABE

Non-Executive Director

Mr. Hiroshi BANNAI

Independent Non-Executive Directors

Mr. Michio MINAKATA
Mr. Yoshihiro KOIZUMIMr. Kuraji KUTSUWATA
Mr. Akihito TANAKA

Audit Committee

Mr. Michio MINAKATA (Committee Chairman)
Mr. Hiroshi BANNAI
Mr. Yoshihiro KOIZUMIRemuneration Committee

Mr. Yoshihiro KOIZUMI (Committee Chairman)
Mr. Hisanori TANIGUCHI
Mr. Michio MINAKATA

Nomination Committee

Mr. Hisanori TANIGUCHI (Committee Chairman)
Mr. Kuraji KUTSUWATA
Mr. Akihito TANAKAINFORMATION FOR INVESTORS
Principal Bankers

Mizuho Bank, Ltd.
Sumitomo Mitsui Bank Corporation
The Toho Bank, Ltd.

AuditorPricewaterhouseCoopers
Certified Public Accountants
Registered Public Interest Entity Auditor

Legal Adviser

Deacons

Share Registrar

Computershare Hong Kong Investor Services Limited
Shops 1712–1716
17/F Hopewell Centre
183 Queen’s Road East
Wan Chai, Hong Kong

Principal Place of Business in Hong Kong

805B, 8/F Tsim Sha Tsui Centre
66 Mody Road, Tsim Sha Tsui
Kowloon, Hong Kong

Headquarter in Japan and Registered Office

1-1-39 Hohaccho
Koriyama-shi, Fukushima
Japan 963-8811

Stock Code

1245

Investor and Media Relations Consultant

Strategic Financial Relations Limited

Websitewww.ngch.co.jp

Investor Relation Inquiry

e-mail: niraku@sprg.com.hk
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Financial and Operational Highlights
The following table summarises the results of the Group for the financial periods ended 30 September 2021 and 2020.
For the six months ended 30 September
2021
2020
¥ million
HK$ million¥ million
HK$ million
Gross pay-ins
Gross pay-outs
Revenue from pachinko and pachislot business
Revenue from amusement arcade business
Other revenue

53,181(42,781)
10,400
97
298

3,698
(2,975)723
7
2142,082(34,598)
7,484
526
292

3,083
(2,535)548
39
21

Revenue

10,795

751

8,302

608

Hall operating expenses
Administrative and other operating expenses
Profit/(loss) before income tax
Profit/(loss) attributable to the shareholdersof the Company
Profit/(loss) per share (expressed inJapanese Yen or Hong Kong dollar)(8,523)(1,786)
1,625

(593)
(124)
113

(7,950)(1,679)(1,738)

(582)
(123)
(127)

1,209

84

(1,648)

(121)

1.01

0.07

(1.38)(0.10)Overall revenue margin

19.6%

–

17.8%

–

Net profit/(loss) margin

11.1%

–

(21.1%)–

As at 30 September 2021
¥ million
HK$ million
Current assets
Current liabilities
Net current assets/(liabilities)
Total assets
Total assets less current liabilities
Gearing ratio

4

NIRAKU GC HOLDINGS, INC.

12,815
11,132
1,683
71,03659,904
1.49

Interim Report 2021/2022

891
774
117
4,940
4,166
–

As at 31 March 2021
¥ million
HK$ million
17,93723,805(5,868)77,49153,686
1.69

1,260
1,672
(412)
5,442
3,770
–

Financial and Operational Highlights
CURRENCY TRANSLATIONS
For the purpose of illustration only and unless otherwise specified in this interim report, certain amounts denominated inJapanese Yen (“¥”) are translated into Hong Kong dollar (“HK$”) at the rates (as the case may be) described below:
1.

¥14.38 to HK$1.00, the exchange rate prevailing on 30 September 2021 (i.e. the last business day in September 2021);2.

¥13.65 to HK$1.00, the exchange rate prevailing on 30 September 2020 (i.e. the last business day in September 2020);3.

¥14.24 to HK$1.00, the exchange rate prevailing on 31 March 2021 (i.e. the last business day in March 2021);

No representation is made that the amounts in Japanese Yen could have been, or could be, converted into Hong Kong dollar
or vice versa, at such rates or at any other rates on such date or on any other dates.

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Management Discussion and Analysis
BUSINESS OVERVIEW
With the rollout of vaccines and increasing number of people received vaccinations, Japan has seen a downtrend inCoronavirus Disease 2019 (“COVID-19”) infections. Tapering off the coronavirus countermeasures as previously imposed by
the local government, the domestic consumer spending in Japan has seen an improving sign. Howbeit the upside in Japan,
the impact of COVID-19 continues to be severe in Southeast Asian countries including the Group’s investments in Vietnam
and Cambodia, where social-distancing measures and district-level lockdowns have led to a huge damage on the Group’sbusiness as all amusement arcades were required to suspend their operations during the current financial period.
Nevertheless, YOKOCHO restaurants have resumed their operations in August 2021 providing Japanese mid-end food andbeverages to customers. For the six months ended 30 September 2021, revenue of the Group amounted to ¥10,795 million,
recording a surge of ¥2,493 million, as compared to ¥8,302 million for the six months ended 30 September 2020. The
Group’s revenue margin was improved by 1.8%, turning around the Group’s net margin from a loss margin of 21.1% for thesix months ended 30 September 2020 to a net profit margin of 11.1% in current period, generating a net profit attributableto owners of ¥1,209 million for the six months ended 30 September 2021 as compared to a net loss of ¥1,648 million inprior period. Effective cost controls continue to be an important measure to the Group for achieving a stable positive return.

BUSINESS SEGMENT ANALYSIS
Pachinko business
Pachinko revenue recorded an increase of ¥2,916 million for the six months ended 30 September 2021 from ¥7,484 million
in prior period to ¥10,400 million in current period. As COVID-19 panic subsided and the state of emergency in Japan was
subsequently lifted, the pachinko business has noted a steady improvement, but the overall hall traffic has yet to rebound to
pre-pandemic level. This phenomenon can be explained as the impact of change of consumer behavior during the pandemic
and the enduring pachinko industry recession. Expanding the market share through opening new or acquiring existing halls;
increasing customer turnover via providing a wide variety of game machines; and prudent spending to maintain a stable
positive return remain to be the Group’s business strategies. In August 2020, a large size hall named Oomachi was openedin the Koriyama city, contributing to an additional gross pay-in of ¥1,778 million for the six months ended 30 September
2021. Machine replacement exercise was largely restored. The amount invested in machine replacement had increased from
¥1,533 million for the six months ended 30 September 2020 to ¥2,835 million in current period, enabling customers toenjoy new model machines and in return, increasing hall traffic. With the implementation of effective cost saving measures
such as streamlining operating structure, bargain for rental concession and review expenditure thoroughly, the administrativeand other operating expenses were able to maintain at the same level as prior period.

Amusement arcades business
The pandemic has deeply cracked the amusement arcade business where the Group operated in Vietnam and Cambodia.
Since the announcement of district-level lockdown by Vietnamese government and Cambodian government to curb
COVID-19 surge, all arcades, in Vietnam and in Cambodia, were forced to suspend their operations. Prolonged restrictions
imposed by local government had caused hardest-hit on the amusement segment leading to a tremendous fall of 81.6% inrevenue from ¥526 million for the six months ended 30 September 2020 to ¥97 million in current period. Albeit theunderperformed results in current period, the management foresees a steady pick-up in the fourth quarter of the financial
year after the local governments announced the lifting of restrictions and reopening cross-border activities, allowing allamusement arcades to resume their businesses in 2021.

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Management Discussion and Analysis
Restaurant business
Complying with the request from Tokyo Metropolitan government, according to declaration of the State of Emergency, all 3
franchised Spanish restaurants under the name “LIZARRAN” were required to shorten their business days and businesshours. As a result, income generated from this sector was plunged by 70% to ¥15 million for the six months ended 30
September 2021 as compared to ¥50 million for the same period in prior year. The management expects a gradualimprovement in this sector after the ease of restriction was announced by the Japanese government in late October 2021.
Benefiting from the full operation of pachinko halls, the 2 franchised cafés, “KOMEDA”, locating in the vicinity of pachinkohalls had recorded a stable increase of income of 10%, to ¥77 million for the six months ended 30 September 2021.
“YOKOCHO”, an array of Japanese restaurants situated in Shenzhen Upper Hills commercial building in China, hadresumed its business since August 2021, generating an income of ¥23 million in current period. The management had
shifted their business strategy from providing high-end food and beverage to positioning on mid-end products, which better
meets the demand of customers in China.

PROSPECT AND FUTURE DEVELOPMENTAs the spread of the infections contains, governments around the world are preparing for exit strategies to reanimate theireconomies. Despite the negative impact of the pandemic may continue to last for months, with the invincible belief, flexible
and adaptable to change, the Group is positive in restoring hall traffic and starting new investments. A new hall equippedwith 600 game machines is scheduled to open in the fourth quarter in Ibaraki province, northern part of Kanto area.
Seeing the increasing popularity of bubble tea in Japan, during the interim period, Niraku Corporation, a wholly-owned
subsidiary of the Group, entered into a franchise agreement with Gong Cha, a renowned Taiwanese tea chain store
company, to open the Group’s first ever bubble tea café. The two pioneer Gong Cha cafés will commence their business inthe third quarter.
Stepping into human resources business, an indirect wholly-owned subsidiary, OOCube Inc., was established in Japan in
July 2021, providing manpower dispatching and introduction service.
Allying with large Japanese shopping mall developers, like Aeon, as the paramount for selecting new outlet location remains
the business strategy of the Group in its Southeast Asian investments. The management is planning to open 2 new gamecentres in Vietnam in the coming year, bringing in new revenue and strengthening Dream Games’s market share.
With the relaxation of restrictions across countries, global economy is expected to recover at a steady pace. The Group
looks forward to a post-pandemic era and is prepared to grab every opportunity in a rapid changing environment. The
Group continues to uphold its motto — “Happy, Time, Creation”; bring joy to players; establish a rapport, long-term
relationship with customers and business partners; and strive for sustainable returns to shareholders.

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Management Discussion and Analysis
FINANCIAL REVIEWRevenue from Pachinko and Pachislot Business
Revenue from pachinko and pachislot business is derived from gross pay-ins netted with gross pay-outs.
Revenue from pachinko and pachislot business recorded a surge of ¥2,916 million, or 39.0%, from ¥7,484 million for thesix months ended 30 September 2020 to ¥10,400 million for the same period in 2021. The hike in revenue was attributable
to the resumption of pachinko hall operations and gradual recovery of hall traffic after the removal of state of emergency
order imposed by the government of Japan in early 2021.
Gross pay-ins
Gross pay-ins recorded a notable increase of ¥11,099 million, or 26.4%, from ¥42,082 million for the six months ended 30
September 2020 to ¥53,181 million for the same period in current year.
Gross pay-outs
Gross pay-outs, being the aggregate cost of G-prizes and general prizes exchanged by customers, increased by ¥8,183
million, or 23.7%, from ¥34,598 million for the six months ended 30 September 2020 to ¥42,781 million for the same
period in 2021 which corresponded to the rise in gross pay-ins.
Revenue margin
The revenue margin increased by 1.8% from 17.8% for the six months ended 30 September 2020 to 19.6% for the same
period in current year. The increase in revenue margin was due to slight adjustment of pay-out ratio to stimulate customers’
visit.

Revenue from amusement arcade business
Revenue from amusement arcade business dropped from ¥526 million for the six months ended 30 September 2020 to ¥97
million for the same period in 2021. The amount comprised revenue derived from Vietnam and Cambodia amounting to ¥93
million and ¥4 million, respectively (30 September 2020: ¥459 million and ¥67 million, respectively). The plunge inrevenue was due to the lockdown and social distancing measures imposed by local governments, causing a relatively
prolonged closure of game centres in both Vietnam and Cambodia.

Other revenue
Other revenue represents incomes from vending machines, hotel and restaurant operations.
Vending machine income amounted to ¥180 million for the six months ended 30 September 2021. The increase of ¥30
million, or 20.0%, as compared to ¥150 million for the six months ended 30 September 2020 was attributable to the upliftof the state of emergency previously declared by the government in Japan, allowing all pachinko halls to resume theirbusinesses.
Income from hotel operation amounted to ¥3 million for the six months ended 30 September 2021, recording a significant
drop of ¥17 million, or 85%, as compared to the six months ended 30 September 2020 of ¥20 million. The hit on hotel
income was due to the earthquake that happened in February 2021 causing a large scale of damages on the building itself
which led to a six months’ closure for hotel retrofit.

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Management Discussion and Analysis
Revenue from restaurant operations amounted to ¥115 million for the six months ended 30 September 2021. The fall of ¥7
million, or 5.0% as compared to ¥122 million for the six months ended 30 September 2020 was resulted from theresumption of YOKOCHO business in August 2021 bringing in an additional revenue of ¥23 million; netted with thedecrease in income from Lizarran as a result of COVID-19 impact.

Hall operating expenses
Hall operating expenses increased by ¥573 million, or 7.2%, from ¥7,950 million for the six months ended 30 September
2020 to ¥8,523 million for the same period in current year. Major components of hall operating expenses are pachinko andpachislot machine expenses, staff cost for hall staff and depreciation expenses, amounting to ¥2,835 million, ¥2,280 millionand ¥1,894 million, respectively, for the six months ended 30 September 2021 (30 September 2020: ¥1,533 million, ¥2,456
million and ¥2,220 million, respectively).
The rise in hall operating expenses was mainly resulted from more frequent replacement of new pachinko and pachislot
machines to attract customers’ visit and to comply with gaming regulations.

Administrative and other operating expenses
Administrative and other operating expenses amounted to ¥1,786 million for the six months ended 30 September 2021
recorded an increase of ¥107 million, or 6.4%, as compared to same period in prior year of ¥1,679 million. The rise ismainly due to impairment loss of ¥339 million which was provided for during the current period, netted with drop in
administrative expense as effective cost control continues to be the major measure of the Group in maintaining a stable net
return.

Finance costs
Finance costs, net amounted to ¥568 million for the six months ended 30 September 2021, recorded a drop of ¥101 million,or 15.1%, as compared to ¥669 million for the same period in 2020 as less bank borrowings were made during the current
period.

Profit/(loss) attributable to shareholders of the Company, basic earnings/(loss) per share and dividend
Profit attributable to shareholders of the Company of ¥1,209 million was recorded for the six months ended 30 September
2021, as compared to the loss of ¥1,648 million for the six months ended 30 September 2020. The turnaround was resulted
from full operations of all pachinko halls and regaining of customer visit as mentioned above.
Basic earnings per share for the six months ended 30 September 2021 was ¥1.01 (basic loss per share for the six months
ended 30 September 2020: ¥1.38). The Board has resolved not to declare an interim dividend for the six months ended 30
September 2021 (30 September 2020: nil).

CAPITAL STRUCTURE
The Group principally meets its working capital and other liquidity requirements through a combination of capital
contributions, including cash flow from operations and bank borrowings. The Group’s daily operation is mainly financed byoperating cash flows, and relied on short- and long-term borrowings for financing working capital, future expansion plans
and unexpected needs. The Group’s treasury objective is mainly to ensure there is sufficient cash flow to meet the paymentof expenses, loans and to fund any capital expenditure and commitment that the Group may have from time to time. The
Group’s cash surpluses are placed in short-term and long-term fixed deposits to maintain liquidity. The Group has notexperienced any difficulty in repaying its borrowings.
The Group’s principal business activities are carried out in Japan, with income, expenditure, assets and liabilities mainly
denominated in Japanese Yen, as such, the Group does not have any material foreign exchange exposure.

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Management Discussion and Analysis
The table below sets forth the information regarding the cash and bank balances, borrowings, lease liabilities, working
capital, total equity and gearing ratio of the Group as at 30 September 2021 and 31 March 2021, and operating cash flows
before movements in working capital of the Group for the six months ended 30 September 2021 and 2020, respectively:

Cash and cash equivalents
Bank deposits with maturity over 3 months

Bank loans
Syndicated loans
Lease liabilities

Working capital (Note 1)
Total equity
Gearing ratio (Note 2)

As at
30 September
2021¥ million

As at
31 March2021¥ million

11,19271

15,90342

11,263

15,945

5,213
6,417
31,4604,478
12,18933,44043,09050,107

1,683
21,391
1.5(5,868)20,206
1.7

For the six months ended
30 September
2021
2020
¥ million¥ million
Operating cash flows before movements in working capital

3,245

861

Note 1: Working capital being current assets less current liabilities.

Note 2: Gearing ratio is calculated as total borrowings and lease liabilities less cash and cash equivalents divided by equity.

As at 30 September 2021, net current assets of the Group totalled ¥1,683 million (31 March 2021: net current liabilities ¥5,868
million), and current ratio was 1.15 as at 30 September 2021 (31 March 2021: 0.75). As at 30 September 2021, there were
cash and cash equivalents of ¥11,192 million (31 March 2021: ¥15,903 million), in which ¥10,105 million was denominatedin Japanese Yen, ¥764 million was denominated in United States dollar, ¥261 million was denominated in Hong Kong dollar
and ¥62 million was denominated in other currencies. As at 30 September 2021, the Group had total borrowings and leaseliabilities of ¥43,090 million (31 March 2021: ¥50,107 million). Current portion of bank borrowings and current portion oflease liabilities amounted to ¥6,760 million as at 30 September 2021 (31 March 2021: ¥18,835 million).
The Group’s bank borrowings during the current period comprised bank loans and syndicated loans. As at 30 September
2021, the total bank borrowings amounted to ¥11,630 million (31 March 2021: ¥16,667 million), with average effective
interest rates on bank borrowings ranged from 0.98% to 1.65% (31 March 2021: 0.67% to 1.68%) per annum.
Approximately 8.6% of bank borrowings as at 30 September 2021 were fixed rate borrowings.

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Management Discussion and Analysis
HEDGING OF FLOATING RATE BORROWINGS AND FOREIGN EXCHANGE
As at 30 September 2021, the Group had three floating to fixed interest rate swap contracts with banks in Japan (i.e. theGroup pays fixed interest rates and receives interests at floating rate). These interest rate swap contracts were entered into asa measure to manage interest rate risk in relation to loans of the Group. As interest rates of some of the Group’s loans are on
a floating rate basis, the floating to fixed interest rate swap contracts enabled the Group to reduce the volatility in theamount of interest being paid. For the six months ended 30 September 2021, gain on fair value for interest rate swap
contracts amounted to ¥3 million (for the six months ended 30 September 2020: Nil).
The Group did not carry out significant foreign currency investment and its debts were all denominated in Japanese Yen as
at 30 September 2021. As the functional currency of certain subsidiaries are different from the Company, the Group will be
exposed to foreign exchange risk arising from such exposure, namely in Singapore Dollar, Vietnamese Dong, Cambodian
Riel and Renminbi against Japanese Yen. The management is assessing the significance of the foreign currency exposures
faced by the Group and will consider adopting appropriate measures to mitigate the risk, including but not limited toentering into currency hedges.

GEARING RATIOThe gearing ratio, defined as the aggregate of interest-bearing loans and lease liabilities less cash and cash equivalents,
divided by total equity, was 1.5 as at 30 September 2021 (31 March 2021: 1.7).

CAPITAL EXPENDITURE
Capital expenditure mainly comprised of expenditure for (i) the purchase of property, plant and equipment mainly used forconstruction of buildings, and (ii) the purchase of equipment and tools for the maintenance of our pachinko and pachislot
hall and amusement arcade operations. The table below shows a breakdown of the capital expenditure for the indicatedperiods:

Property, plant and equipment
Right-of-use assets
Investment properties
Intangible assets

NIRAKU GC HOLDINGS, INC.

As at
30 September
2021¥ million

As at
31 March2021¥ million

388
1,975
–
2

1,718
2,293
183
40

2,365

4,234

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Management Discussion and Analysis
CHARGES ON ASSETS
As at 30 September 2021 and 31 March 2021, the carrying values of charged assets were as below:

Property, plant and equipment
Investment properties
Deposits and other receivables

As at
30 September
2021¥ million

As at
31 March2021¥ million

9,572
603
168

9,790
611
170

10,343

10,571CONTINGENT LIABILITIESThe Group did not have any material contingent liabilities as at 30 September 2021 and 31 March 2021.

CAPITAL COMMITMENTS
Details of the Group’s capital commitments as at 30 September 2021 and 31 March 2021 are set out in Note 22 to thecondensed consolidated interim financial information.

SIGNIFICANT INVESTMENTS, MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES,AND FUTURE PLANS FOR MATERIAL INVESTMENTS OR CAPITAL ASSETS
During the six months ended 30 September 2021, the Group did not conduct any significant investments, material
acquisitions or disposals. Save for those disclosed in this interim report, the Group had no plan authorised by the Board forother material investments or additions of capital assets as at the date of this interim report.

EMPLOYEES AND REMUNERATION POLICY
As at 30 September 2021, the Group had 1,571 employees. The remuneration policy of the Group (including those fordirectors and employees) is determined by the Remuneration Committee under the Board as per the performance,
qualifications and competence of the employees. Details of the key management remuneration of the Company are set forthin Note 23(b) to the condensed consolidated interim financial information.

FINANCIAL KEY PERFORMANCE INDICATORS
Certain financial key performance indicators which complement and supplement the financial disclosures are set out in“Management Discussion and Analysis” on pages 6 to 12 and the “Condensed Consolidated Financial Statements” on pages
19 to 44 of this interim report.

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Corporate Governance and Other Information
CORPORATE GOVERNANCE
During the six months ended 30 September 2021, the Company has adopted and complied with all the applicable principles
and code provisions of the Corporate Governance Code and Corporate Governance Report (the “CG Code”) contained inAppendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock
Exchange”) (the “Listing Rules”), with the exception for code provision A.2.1, which requires the roles of chairman and chief
executive to be separated and should be performed by different individuals, and code provision E.1.3, which requires that
notice for an annual general meeting should be sent to the shareholders at least 20 clear business days before the meeting.

Code Provision A.2.1
Under code provision A.2.1 of the CG Code, the roles of chairman and chief executive should be separate and should not
be performed by the same individual. Our Chairman currently holds both positions. Since April 2010, our Chairman has
been the key leadership figure of our Group who has been primarily involved in the formulation of business strategies anddetermination of the overall direction of our Group. He has also been chiefly responsible for our Group’s operations as hedirectly supervises our Executive Officers (other than himself) and members of our senior management. Taking into accountthe continuation of the implementation of our business plans, the directors of the Company (including our IndependentNon-executive Directors) consider our Chairman is the best candidate for both positions and the present arrangements are
beneficial to and in the interests of our Company and our shareholders as a whole.

Code Provision E.1.3
Code provision E.1.3 stipulates that notice for an annual general meeting (the “AGM”) should be sent to its shareholders by
the issuer at least 20 clear business days before the meeting. The AGM of the Company for the year ended 31 March 2021
was held on 29 July 2021 (the “2021 AGM”), while the notice for the 2021 AGM was despatched on 7 July 2021. The above
arrangement complied with the articles of incorporation of the Company (the “Articles of Incorporation”) prepared pursuant
to the Companies Act in respect of the minimum notice period of 21 calendar days (the date of sending and the date of themeeting shall not be included within this period) for AGM but the notice period for the 2021 AGM was less than 20 clear
business days before the 2021 AGM.
The Companies Act also requires the notice for the AGM to be despatched together with the audited financial statements
under the Japanese Generally Accepted Accounting Principles, which must be approved by the Board. On the other hand,the annual report must contain audited financial statements prepared under the IFRS as required under the Listing Rules. As
a result, more time was required to finalise the annual report which accompanied the AGM notice despatched to theshareholders of the Company.

DIRECTORS’ SECURITIES TRANSACTIONSThe Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix
10 to the Listing Rules (the “Model Code”) as its own code of conduct regarding securities transactions by Directors. Having
made specific enquiry with all Directors, the Directors confirmed that they had complied with the required standard set out
in the Model Code and the Company’s code of conduct during the six months ended 30 September 2021.

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Corporate Governance and Other Information
PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIESThe Company did not redeem any of its listed securities during the six months ended 30 September 2021. Neither theCompany nor any of its subsidiaries purchased or sold any of the Company’s listed securities during the six months ended
30 September 2021.

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND/OR SHORT POSITIONS IN THE SHARES,UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY SPECIFIEDUNDERTAKING OF THE COMPANY OR ANY OTHER ASSOCIATED CORPORATIONAs at 30 September 2021, the interests and short positions of the Directors and the chief executives of the Company andtheir associates in the shares, underlying shares and debentures of the Company and its associated corporations (within themeaning of Part XV of the Securities and Futures Ordinance (the “SFO”)) which have been notified to the Company and theStock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they weretaken or deemed to have under such provisions of the SFO), or which were recorded in the register as required to be kept by
the Company pursuant to Section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant
to the Model Code set out in Appendix 10 to the Listing Rules were as follows:

Capacity/Nature of interest

Total

Approximate %of shareholding

Hisanori TANIGUCHI (谷口久徳)

Beneficial owner

85,624,184
common shares

7.16%

Hiroshi BANNAI (坂內弘)Beneficial owner

216,000
common shares

0.02%

Notes:(1)

All interests stated are long positions.

(2)

There were 1,195,850,460 shares in issue as at 30 September 2021.

Save as disclosed above, as at 30 September 2021, none of the Directors and chief executive of the Company had or wasdeemed to have any interest or short position in the shares, underlying shares or debentures of the Company or its associatedcorporations (within the meaning of Part XV of the SFO) that was required to be notified to the Company and the Stock
Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they were taken
or deemed to have under such provisions of the SFO), or required to be recorded in the register to be kept by the Company
under Section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code.

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Corporate Governance and Other Information
SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND/OR SHORT POSITIONS IN THE SHARES AND
UNDERLYING SHARES OF THE COMPANY
As at 30 September 2021, to the best knowledge of the Directors, the following persons (not being a Director or chief
executive of the Company) had interests or short positions in the shares or underlying shares of the Company which fall tobe disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO as recorded in the register
required to be kept by the Company pursuant to section 336 of the SFO:
Approximate %of shareholding

Capacity/Nature of interest

Total

Yoshihiro TANIGUCHI（谷口佳浩）

Beneficial owner; interest ofcontrolled corporation;custodian (1)98,440,000
common shares

8.23%

Seiai TANIGUCHI（谷口正愛）

Interest of a spouse (2)85,624,184
common shares

7.16%

Yurie TANIGUCHI（谷口祐莉恵）

Interest of a spouse (3)98,440,000
common shares

8.23%

Okada Holdings Limited

Beneficial owner (4)80,500,000
common shares

6.73%

Universal Entertainment Corporation

Beneficial owner (4)80,500,000
common shares

6.73%

Tiger Resort Asia Limited

Beneficial owner (4)80,500,000
common shares

6.73%

Densho Limited

Beneficial owner

225,560,460
common shares

18.86%

Jukki Limited

Beneficial owner

181,010,000
common shares

15.14%

Notes:(1)

The interests held by Mr. Yoshihiro TANIGUCHI（谷口佳浩）shown above include: (i) 33,580,000 shares held in his own name for his own benefit; (ii)
11,500,000 shares held by Daiki Limited*（ 有 限 会 社 大 喜 ）, a company collectively wholly-owned by his children, the voting rights of which are
exercisable by Mr. Yoshihiro TANIGUCHI（谷口佳浩）; and (iii) 53,360,000 shares held by the YT Family Trust for the benefit of his children, namely
Mr. Akinori TANIGUCHI（谷口晃紀）and Mr. Masahide TANIGUCHI（谷口昌英）. SMBC Trust Bank Ltd.*（株式会社 SMBC 信託銀行）is the trustee
and assignee*（受託者）of the YT Family Trust and Mr. Yoshihiro TANIGUCHI（谷口佳浩）is entitled to exercise the voting rights attached to the shares
under the YT Family Trust. The interests under the YT Family Trust are equally distributed among the two beneficiaries under the YT Family Trust.

(2)

Ms. Seiai TANIGUCHI（谷口正愛）is the spouse of our Chairman and is therefore deemed to be interested in the shares that our Chairman is interested
in under the SFO.

(3)

Ms. Yurie TANIGUCHI（谷口祐莉恵 ) is the spouse of Mr. Yoshihiro TANIGUCHI（谷口佳浩）and is therefore deemed to be interested in the shares that
Mr. Yoshihiro TANIGUCHI（谷口佳浩）is interested in under the SFO.

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15

Corporate Governance and Other Information(4)

Okada Holdings Limited indirectly holds 74.21% interest in Universal Entertainment Corporation, which directly holds Tiger Resort Asia Limited.
Accordingly, each of the Universal Entertainment Corporation and Okada Holdings Limited is deemed to be interested in such 80,500,000 shares heldby Tiger Resort Asia Limited.

(5)

All interests stated are long positions.

(6)

There were 1,195,850,460 shares in issue as at 30 September 2021.

Save as disclosed above, and as at 30 September 2021, the Directors were not aware of any persons (who were not
Directors or chief executive of the Company) who had an interest or short position in the shares or underlying shares of theCompany which would fall to be disclosed under Divisions 2 and 3 of Part XV of the SFO, or which would be required,pursuant to Section 336 of the SFO, to be entered in the register referred to therein.

CHANGE TO INFORMATION IN RESPECT OF DIRECTORS
There is no change in information of the Directors since the date of the Company’s Annual Report 2021 which required tobe disclosed pursuant to Rule 13.51B(1) of the Listing Rules.

INTERIM DIVIDENDThe Board has resolved not to declare an interim dividend for the six months ended 30 September 2021 (30 September
2020: Nil).

REVIEW OF INTERIM RESULTS
The Audit Committee has reviewed the unaudited condensed consolidated interim financial information and the Interim
Report for the six months ended 30 September 2021 and discussed the financial related matters with the management. The
unaudited condensed consolidated interim financial information of the Group for the six months ended 30 September 2021
has been reviewed by the Company’s auditor, PricewaterhouseCoopers, in accordance with International Standard on
Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”.

* For identification purpose only

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Report on Review of Interim Financial Information

TO THE BOARD OF DIRECTORS OF NIRAKU GC HOLDINGS, INC.*(incorporated in Japan with limited liability)

INTRODUCTION
We have reviewed the interim financial information set out on pages 19 to 44, which comprises the interim condensed
consolidated statement of financial position of 株式会社二ラク•ジー•シー•ホールディングス NIRAKU GC HOLDINGS,
INC.* (the “Company”) and its subsidiaries (together, the “Group”) as at 30 September 2021 and the interim condensed
consolidated statement of comprehensive income, the interim condensed consolidated statement of changes in equity andthe interim condensed consolidated statement of cash flows for the six-month period then ended, and a summary ofsignificant accounting policies and other explanatory notes. The Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliancewith the relevant provisions thereof and International Accounting Standard 34 “Interim Financial Reporting”. The directorsof the Company are responsible for the preparation and presentation of this interim financial information in accordance with
International Accounting Standard 34 “Interim Financial Reporting”. Our responsibility is to express a conclusion on thisinterim financial information based on our review and to report our conclusion solely to you, as a body, in accordance with
our agreed terms of engagement and for no other purpose. We do not assume responsibility towards or accept liability to
any other person for the contents of this report.

SCOPE OF REVIEW
We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim
Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consistsof making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and otherreview procedures. A review is substantially less in scope than an audit conducted in accordance with International
Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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17

Report on Review of Interim Financial Information
CONCLUSION
Based on our review, nothing has come to our attention that causes us to believe that the interim financial information of theGroup is not prepared, in all material respects, in accordance with International Accounting Standard 34 “Interim Financial
Reporting”.

PricewaterhouseCoopers
Certified Public Accountants
Hong Kong, 19 November 2021
* For identification purpose only

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Interim Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2021

Note

Six months ended
30 September
2021
2020
¥ million¥ million(Unaudited)(Unaudited)

Revenue

6

10,795

8,302

Other income
Other gains, net
Hall operating expenses
Administrative and other operating expenses
Impairment loss on loan to an associate

7
7
8
8
20

331
1,376
(8,523)(1,786)–392
137(7,950)(1,679)(271)

Operating profit/(loss)

2,193(1,069)Finance income
Finance costs

39
(607)

47
(716)

9

(568)

(669)

10

1,625
(422)

(1,738)(14)

Profit/(loss) for the period

1,203(1,752)

Profit/(loss) for the period attributable to:
Owners of the Company
Non-controlling interest

1,209
(6)

(1,648)
(104)

1,203

(1,752)1.01(1.38)

Finance costs, net
Profit/(loss) before income tax
Income tax expense

Earnings/(loss) per share for profit/(loss) attributable toowners of the Company— Basic and diluted (expressed in ¥ per share)

11

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Interim Condensed Consolidated Statement of Comprehensive Income (CONTINUED)
For the six months ended 30 September 2021

Note

Profit/(loss) for the period

Six months ended
30 September
2021
2020
¥ million¥ million(Unaudited)(Unaudited)
1,203(1,752)

(10)

24

(8)

(26)

Total comprehensive income/(loss) for the period

1,185(1,754)

Total comprehensive income/(loss) attributable to:
Owners of the Company
Non-controlling interest

1,205
(20)

(1,650)
(104)

1,185

(1,754)

Other comprehensive (loss)/income
Items that will not be subsequently reclassified to profit or loss
Change in value of financial assets at fair value
through other comprehensive income
Items that have been or may be subsequently reclassified to profit or loss
Currency translation differences

The above interim condensed consolidated statement of comprehensive income should be read in conjunction with theaccompanying notes.

20

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Interim Condensed Consolidated Statement of Financial Position
As at 30 September 2021

30 September
2021¥ million(Unaudited)

31 March2021¥ million(Audited)

18,10327,381
726
1,333
4,357
–
563
5,758

18,581
27,949
737
1,400
4,545
–
577
5,765

58,221

59,554

59
36
1,082
108
267
71
11,192

21
64
1,327
106
474
42
15,903

12,815

17,937

71,03677,491

3,000
18,9673,000
17,762

Non-controlling interest

21,967(576)

20,762(556)

Total equity

21,391

20,206

Interim Report 2021/2022

21

Note

ASSETS
Non-current assets
Property, plant and equipment
Right-of-use assets
Investment properties
Intangible assets
Prepayments, deposits and other receivables
Interest in an associate
Financial assets at fair value through other comprehensive income
Deferred income tax assets

Current assets
Inventories
Trade receivables
Prepayments, deposits and other receivables
Financial assets at fair value through profit or loss
Current income tax recoverable
Bank deposits with maturity over 3 months
Cash and cash equivalents

13
14
13
13
20

15

Total assets
EQUITY
Equity attributable to shareholders of the Company
Share capital
Reserves

16
17

NIRAKU GC HOLDINGS, INC.

Interim Condensed Consolidated Statement of Financial Position (CONTINUED)
As at 30 September 2021

30 September
2021¥ million(Unaudited)

31 March2021¥ million(Audited)

7,473
28,857
2,170
13

738
30,5342,192
16

38,51333,480

92
4,157
2,603
3,996
3
281

108
15,929
2,906
4,131
3
728

11,13223,805

Total liabilities

49,64557,285

Total equity and liabilities

71,03677,491Note

LIABILITIES
Non-current liabilities
Borrowings
Lease liabilities
Provisions and other payables
Derivative financial instruments

19
14

Current liabilities
Trade payables
Borrowings
Lease liabilities
Accruals, provisions and other payables
Derivative financial instruments
Current income tax liabilities

18
19
14

The above interim condensed consolidated statement of financial position should be read in conjunction with theaccompanying notes.

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NIRAKU GC HOLDINGS, INC.

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Interim Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 September 2021

Attributable to shareholders of the Company
Investment

Balance at 1 April 2020

CapitalCapitalLegalrevaluation

Share

surplusreserve

reserve

reserve

NonRetained

Exchange

controlling

capital(Note 17(a))(Note 17(b))(Note 17(c))(Note 17(d))

earnings

reserves

Sub-totalinterest

Total¥ million¥ million¥ million¥ million¥ million¥ million¥ million¥ million¥ million¥ million

3,000

13,954(16,028)

107

(177)

25,403(39)

26,220(421)

25,799

–

–

–

–

–

(1,648)–(1,648)(104)(1,752)

–

–

–

–

24

–

–

24

–

24

–

–

–

–

–

–

(26)

(26)

–

(26)

–

–

–

–

24

(1,648)(26)(1,650)(104)(1,754)3,000

13,954(16,028)

107

(153)

23,755(65)

24,570(525)

24,0453,000

13,954(16,028)

107

(160)

19,922(33)

20,762(556)

20,206

–

–

–

–

–

1,209

–

1,209

(6)

1,203

–

–

–

–

(10)

–

–

(10)

–

(10)

–

–

–

–

–

–

6

6

(14)

(8)

–

–

–

–

(10)

1,209

6

1,205

(20)

1,185

3,000

13,954(16,028)

107

(170)

21,131(27)

21,967(576)

21,391

Comprehensive loss
Loss for the period
Other comprehensive income/(loss)
Financial assets at fair value through othercomprehensive income, net of tax
Currency translation difference
Total comprehensive income/(loss)
for the period
Balance at 30 September 2020
(Unaudited)

Balance at 1 April 2021
Comprehensive income
Profit for the period
Other comprehensive (loss)/income
Financial assets at fair value through othercomprehensive income, net of tax
Currency translation difference
Total comprehensive (loss)/income forthe period
Balance at 30 September 2021
(Unaudited)

The above interim condensed consolidated statement of changes in equity should be read in conjunction with theaccompanying notes.

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23

Interim Condensed Consolidated Statement of Cash Flows
For the six months ended 30 September 2021

Six months ended
30 September
2021
2020
¥ million¥ million(Unaudited)(Unaudited)
Cash flows from operating activities
Cash generated from operations
Interest paid
Income tax paid

3,498
(51)
(645)

861
(108)
(281)

Net cash generated from operating activities

2,802

472

Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from disposal of property, plant and equipment
Proceeds from bank deposits with maturity over 3 months
Placement of bank deposits with maturity over 3 months
Interest received
Dividend received

(385)
(2)
36
–
(29)
1
9

(812)
(25)
16
675
–
5
14

Net cash used in investing activities

(370)

(127)

Cash flows from financing activities
Proceeds from borrowings
Repayment of borrowings
Principal elements of lease payments
Interest elements of lease payments

2,183(7,220)(1,661)
(431)

5,925
(2,350)(1,686)(498)

Net cash (used in)/generated from financing activities(7,129)1,391

Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Effect of exchange rate changes on cash and cash equivalents(4,697)
15,903(14)

1,736
14,1281

Cash and cash equivalents at end of the period

11,192

15,865The above interim condensed consolidated statement of cash flows should be read in conjunction with the accompanying
notes.

24

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Notes to the Condensed Consolidated Interim Financial Information
1

GENERAL INFORMATION
株式会社二ラク•ジー•シー•ホールディングス NIRAKU GC HOLDINGS, INC.* was incorporated in Japan under theJapan Companies Act with limited liability on 10 January 2013. The address of its registered office is 1-39 Hohaccho
1-chome, Koriyama-shi, Fukushima, Japan.
The Company is an investment holding company. The Company and its subsidiaries (together, the “Group”) are
principally engaged in pachinko and pachislot hall operations, hotel and restaurant operations in Japan, amusement
arcade operations in Southeast Asian countries, and restaurant operations in China. The Company is listed on the Main
Board of The Stock Exchange of Hong Kong Limited.
This condensed consolidated interim financial information is presented in millions of Japanese Yen (“¥”), unlessotherwise stated.
This condensed consolidated interim financial information was approved for issue on 19 November 2021.

2

BASIS OF PREPARATIONThis condensed consolidated interim financial information for the six months ended 30 September 2021 has been
prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting” issued by theInternational Accounting Standards Board (“IASB”). The condensed consolidated interim financial information does
not include all the notes of the type normally included in an annual financial report. Accordingly, this condensed
consolidated interim financial information should be read in conjunction with the annual financial statements for theyear ended 31 March 2021, which have been prepared in accordance with International Financial Reporting Standards(“IFRSs”).

3

ACCOUNTING POLICIESExcept as described below, the accounting policies adopted are consistent with those of the annual financial
statements for the year ended 31 March 2021, as described in the annual financial statements.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total
annual earnings.

(a)

New and amended standards adopted by the GroupThe Group has applied the following amendments for the first time for their annual reporting period commencing
1 April 2021:
Amendments to IAS 39, IFRS 4, IFRS 7,
IFRS 9 and IFRS 16
Amendments to IFRS 16
Amendments to IFRS 16

Interest Rate Benchmark Reform — Phase 2
COVID-19 Related Rent Concessions
COVID-19-Related Rent Concessions
beyond 30 June 2021 (unaccompanied)The adoption of the amendments did not have any material impact on the Group’s accounting policies.

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Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
3ACCOUNTING POLICIES (CONTINUED)(b)

New and amended standards, improvements and practice statement to existing standards(collectively, the “Amendments”) not yet adopted by the Group
Effective foraccounting periods
beginning on or after
Amendments to IFRS 3
Amendments to IFRS 16
Amendments to IAS 37
Amendments to Annual
Improvement project
Amendments to IAS 1
IFRS 17
Amendments to IFRS 17
Amendments to IAS 8
Amendments to IAS 1 andIFRS Practice Statement 2
Amendments to IAS 12
Amendments to IFRS 10 and IAS 28

Reference to Conceptual Framework
Property, Plant and Equipment: Proceeds
before Intended Use
Onerous Contracts — Cost of Fulfilling a Contract
Annual improvements to IFRSs 2018–2020

1 January 2022
1 January 2022

Classification of Liabilities as Current or
Non-current
Insurance Contracts
Amendments to IFRS 17
Definition of Accounting Estimates
Disclosure of Accounting Policies

1 January 2023

Deferred Tax related to Assets and Liabilities
arising from a Single Transaction
Sale or Contribution of Assets between an Investor
and its Associate or Joint Venture

1 January 2023

1 January 2022
1 January 2022

1 January 2023
1 January 2023
1 January 2023
1 January 2023

To be determined

The related impacts of the adoption of these Amendments to the Group are currently under assessment and theGroup is not yet in a position to state whether any substantial changes to the Group’s significant policies andpresentation of the financial information will result.

26

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Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
4ESTIMATESThe preparation of condensed consolidated interim financial information requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets andliabilities, income and expense. Actual results may differ from these estimates.
In preparing this condensed consolidated interim financial information, the significant judgements made bymanagement in applying the Group’s accounting policies and the key sources of estimation uncertainty were the sameas those that applied to the consolidated financial statements for the year ended 31 March 2021.

5

FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
5.1 Financial risk factors
The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, cash
flow and fair value interest rate risk and price risk), credit risk and liquidity risk.
The condensed consolidated interim financial information does not include all financial risk management
information and disclosures required in the annual financial statements, and should be read in conjunction with
the Group’s annual financial statements as at 31 March 2021.
There have been no changes in the risk management policies since year end.

5.2 Liquidity risk
As at 31 March 2021, the Group was not able to comply with certain financial covenants for part of the Group’sbank borrowings amounting to approximately ¥14,758 million (“Relevant Borrowings”). Such non-complianceof the covenants would grant the banks (the “Relevant Banks”) the right to request for immediate repayment of
the borrowings. As a result, the Group reclassified borrowings of approximately ¥7,063 million, representing thenon-current portion of borrowings of approximately ¥14,758 million, to current liabilities. In June 2021, theGroup obtained written consents from Relevant Banks on waiving their rights to request immediate repayment
arising from the aforementioned non-compliance of financial covenants and therefore, the Relevant Borrowings
will only be due for repayment in accordance with the original repayment terms. Upon receipt of the waiver
letter, management reclassified the portion of relevant borrowings that was scheduled to be paid after 12 months
from the date of waiver letter from current to non-current.
Other than the above, there was no material change in the contractual undiscounted cash flows for financial
liabilities.

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27

Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
5FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (CONTINUED)
5.3 Fair value estimation
The table below analyses the Group’s financial instruments carried at fair value by level of the inputs to valuation
techniques used to measure fair value. Such inputs are categorised into three levels within a fair value hierarchy
as follows:•

Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).

•

Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).

•

Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)(level 3).
Level 1¥ million

Level 2¥ million

Level 3¥ million

Total¥ million

–

108

–

108

563

–

–

563

563

108

–

671

–

16

–

16

Level 1¥ million

Level 2¥ million

Level 3¥ million

Total¥ million

–

106

–

106

577

–

–

577

577

106

–

683

–

19

–

19

As at 30 September 2021 (Unaudited)
AssetsFinancial assets at fair value through profit or loss
— Unlisted securities
Financial assets at fair value through othercomprehensive income— Listed securities

Liabilities
Derivative financial liabilities— Interest rate swaps

As at 31 March 2021 (Audited)
AssetsFinancial assets at fair value through profit or loss
— Unlisted securities
Financial assets at fair value through othercomprehensive income— Listed securities

Liabilities
Derivative financial liabilities— Interest rate swaps

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Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
5FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (CONTINUED)
5.3 Fair value estimation (Continued)(i)Financial instruments in level 1
The fair value of financial instruments traded in active markets is based on quoted market prices at thestatement of financial position date. A market is regarded as active if quoted prices are readily andregularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency,
and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The
quoted market price used for financial assets held by the Group is the current bid price. These instruments
are included in level 1. Instruments included in level 1 represent Tokyo Stock Exchange and The Stock
Exchange of Hong Kong equity investments classified as fair value through other comprehensive income
which were not held for trading purpose.

(ii)

Financial instruments in level 2
The fair value of financial instruments that are not traded in an active market is determined by using
valuation techniques. These valuation techniques maximise the use of observable market data where it isavailable and rely as little as possible on entity specific estimates. If all significant inputs required to fairvalue an instrument are observable, the instrument is included in level 2. As at 30 September 2021,
instruments included in level 2 comprise unlisted securities and interest rate swaps issued by financial
institutions in Japan and which were classified as financial assets/liabilities at fair value through profit or
loss.
There were no transfers between levels 1, 2 and 3 during the six months ended 30 September 2021.

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Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
6REVENUE AND SEGMENT INFORMATION(a)

RevenueSix months ended 30 September
2021
2020
¥ million¥ million(Unaudited)(Unaudited)(b)

Revenue
Gross pay-ins
Less: gross pay-outs

53,181(42,781)

42,082(34,598)

Revenue from pachinko and pachislot hall business
Revenue from amusement arcades
Vending machine income
Revenue from hotel operation
Revenue from restaurant operations

10,400
97
180
3
115

7,484
526
150
20
122

10,795

8,302

Segment information
Management has determined the operating segments based on the reports reviewed by the chief operating
decision maker (“CODM”) that are used for making strategic decisions. The CODM is identified as the executive
directors of the Company. The executive directors consider the business from a service perspective and assess
the performance of the operating segments based on a measure of segment results, being adjusted profit/(loss)
before income tax and unallocated corporate expenses for the purposes of allocating resources and assessing
performance. These reports are prepared on the same basis as this condensed consolidated interim financial
information.
Management has identified four reportable segments based on the types of services, namely (i) pachinko andpachislot hall operations, (ii) amusement arcade operations, (iii) restaurant operations in China and (iv) others,
representing hotel and restaurant operations in Japan.
Segment assets consist primarily of property, plant and equipment, investment properties, right-of-use assets,intangible assets, inventories, trade receivables, prepayments, deposits and other receivables, bank deposits andcash and cash equivalents. They exclude deferred income tax assets and assets used for corporate functions
including financial assets at fair value through profit or loss, financial assets at fair value through othercomprehensive income and interest in an associate.
Capital expenditure comprises additions to property, plant and equipment, right-of-use assets, investment
properties and intangible assets. Unallocated corporate expenses and income tax expenses are not included insegment results.

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Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
6REVENUE AND SEGMENT INFORMATION (CONTINUED)(b)

Segment information (Continued)
The segment information provided to the executive directors for the six months ended 30 September 2021 and2020 are as follows:

Pachinko andpachislot halloperations
Japan¥ million

Six months ended 30 September 2021
Amusement
arcadeoperations
Restaurant
Southeast
operations
Other
Asia
China
Japan
¥ million¥ million¥ million

Total¥ million

Segment revenue from external customers
Over time
At a point in time

10,580
–

97
–

–
23

3
92

10,680115

Segment revenue from external customers

10,58097

23

95

10,795

Segment results
Corporate expenses

2,207

(244)

(295)

(35)

1,633
(8)

Profit before income tax
Income tax expense

1,625
(422)

Profit for the period

1,203

Other segment items
Depreciation and amortisation expenses
Impairment loss on right-of-use assets
Impairment loss on property,
plant and equipment
Impairment loss on intangible assets
Impairment loss on irrecoverable
prepayments
Finance income
Finance costs(1,737)
(21)

(193)
–

(49)
(274)

(9)
–

(1,988)
(295)

(42)
–

–
–

(1)
(9)

–
–

(43)
(9)

–
36
(576)

–
3
(31)

(56)
–
–

–
–
–

(56)
39
(607)

NIRAKU GC HOLDINGS, INC.

Interim Report 2021/2022

31

Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
6REVENUE AND SEGMENT INFORMATION (CONTINUED)(b)

Segment information (Continued)
Six months ended 30 September 2020
Pachinko andAmusementpachislot hallarcadeRestaurant
operations
operations
operations
Other
Japan Southeast Asia
China
Japan
¥ million¥ million¥ million¥ million
Segment revenue from external customers
Over time
At a point in time

7,634
–

526
–

–
–

20
122

8,180
122

Segment revenue from external customers

7,634

526

–

142

8,302

Segment results
Corporate expenses(1,161)

(87)

(65)

(113)

(1,426)(312)

Loss before income tax
Income tax credit(1,738)(14)

Loss for the period(1,752)Other segment items
Depreciation and amortisation expenses
Impairment loss on right-of-use assets
Impairment loss on property,
plant and equipment
Finance income
Finance costs

32

Total
¥ million

NIRAKU GC HOLDINGS, INC.

(2,151)
(8)

(225)
–

(10)
–

(10)
–

(2,396)
(8)

(172)
46
(668)

(17)
1
(48)

–
–
–

–
–
–

(189)
47
(716)

Interim Report 2021/2022

Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
6REVENUE AND SEGMENT INFORMATION (CONTINUED)(b)

Segment information (Continued)
The segment assets as at 30 September 2021 and 31 March 2021 are as follows:
Pachinko andAmusementpachislot hallarcadeoperations
operations
Japan Southeast Asia
¥ million¥ million
As at 30 September 2021
Segment assets
Unallocated assets
Deferred income tax assets

56,697

1,378

Restaurant
operations
China¥ million

Other
Japan
¥ million

297

739

Total assets
Addition to non-current assets other thanfinancial instruments and deferred
tax assets

As at 31 March 2021
Segment assets
Unallocated assets
Deferred income tax assets

59,111
6,167
5,758
71,036

2,207

158

–

–

2,365

Pachinko andAmusementpachislot hallarcadeoperations
operations
Japan Southeast Asia
¥ million¥ million

Restaurant
operations
China¥ million

Other
Japan
¥ million

Total¥ million

576

933

62,1501,750

Total assets
Addition to non-current assets other thanfinancial instruments and deferred
tax assets

Total¥ million

65,4096,317
5,765
77,491

3,909

231

NIRAKU GC HOLDINGS, INC.

490

Interim Report 2021/2022

4,234

33

Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
6REVENUE AND SEGMENT INFORMATION (CONTINUED)(b)

Segment information (Continued)
The total non-current assets other than financial instruments and deferred tax assets, analysed by location of theassets, are as follows:Japan
Southeast Asia
China

As at
30 September
2021¥ million(Unaudited)

As at
31 March2021¥ million(Audited)

47,684784–

47,722948
412

48,46849,082

No single external customer contributed more than 10% revenue to the Group’s revenue for the six months
ended 30 September 2021 and 2020.

7

OTHER INCOME AND OTHER GAINS, NET
Six months ended
30 September
2021
2020
¥ million¥ million(Unaudited)(Unaudited)
Other income
Rental income
Income from expired IC and membership cards
Dividend income
Compensation and subsidies (Note)
Income from scrap sales of used pachinko and pachislot machines
OthersOther gains, net
Gain on release of lease liabilities
Gain on fair value changes of financial assets through profit or loss
Gain on fair value changes of derivative financial instruments
Gain/(loss) on disposal of property, plant and equipment, net
Loss on disposal of intangible assets
Others34

NIRAKU GC HOLDINGS, INC.

Interim Report 2021/2022

105
11
9
84
77
45

77
8
14
189
44
60

331

392

1,349
2
3
25
(32)
29

132
4
–
(16)
–
17

1,376

137

Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)7OTHER INCOME AND OTHER GAINS, NET (CONTINUED)
Note:
During the six months ended 30 September 2021 and 2020, compensation and subsidies were mainly received from the Government of Japan as afinancial aid to Japanese corporations during the COVID-19 pandemic.

8

OPERATING PROFIT/(LOSS)
Operating profit/(loss) is stated after charging the following:
Six months ended
30 September
2021
2020
¥ million¥ million(Unaudited)(Unaudited)
Employee benefits expenses— Hall operations— Administrative and others
Short-term operating lease rental expense in respect of land and buildings
Depreciation of property, plant and equipment
Depreciation of right-of-use assets
Depreciation of investment properties
Amortisation of intangible assets
Impairment loss on property, plant and equipment
Impairment loss on right-of-use assets
Impairment loss on intangible assets
Impairment loss on irrecoverable prepayments
Pachinko and pachislot machines expenses (Note)

2,280
618
65
814
1,131
11
32
43
295
9
56
2,835

2,456
570
76
997
1,363
10
26
189
8
–
–
1,533

Note:
Pachinko and pachislot machines are expensed off in the interim condensed consolidated statement of comprehensive income upon installation. The
expected useful lives of these machines are less than one year.

NIRAKU GC HOLDINGS, INC.

Interim Report 2021/2022

35

Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
9FINANCE COSTS, NET
Six months ended
30 September
2021
2020
¥ million¥ million(Unaudited)(Unaudited)
Finance income
Bank interest income
Interest income on lease receivables
Other interest income

Finance costs
Bank borrowings
Lease liabilities
Provision for unwinding discountFinance costs, net

1
18
20

1
19
27

39

47

(51)
(431)
(125)

(108)
(498)
(110)

(607)

(716)

(568)

(669)

10 INCOME TAX EXPENSE
Six months ended
30 September
2021
2020
¥ million¥ million(Unaudited)(Unaudited)
Current tax— Japan— Other Asian countries

408
(3)

10
(3)

Deferred income tax

405
17

7
7

422

14

Taxation has been provided at the appropriate rates prevailing in the countries in which the Group operates. The
Group is subject to national corporate income tax, inhabitant tax and enterprise tax in Japan, which, in aggregate,
resulted in effective statutory income tax rates of approximately 29.9% for the six months ended 30 September 2021
(For the six months ended 30 September 2020: 29.9%).
Taxation on other Asian countries profits has been calculated on the estimated assessable profit/(loss) for the year at
the rate of taxation prevailing in the countries in which the Group operates. These rates range from 17.0% to 20.0%
for the six months ended 30 September 2021 (For the six months ended 30 September 2020: same).

36

NIRAKU GC HOLDINGS, INC.

Interim Report 2021/2022

Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
11 EARNINGS/(LOSS) PER SHARE
Basic earnings/(loss) per share is calculated by dividing the profit/(loss) attributable to shareholders of the Company by
the weighted average number of ordinary shares in issue during the six months ended 30 September 2021 and 2020.
Six months ended
30 September
2021
2020
(Unaudited)(Unaudited)
Profit/(loss) attributable to shareholders of the Company (¥ million)
Weighted average number of shares for the purpose of
calculating basic earnings/(loss) per share (thousands)
Basic and diluted earnings/(loss) per share (¥)

1,209(1,648)

1,195,850

1,195,850

1.01(1.38)

Diluted earnings/(loss) per share is the same as basic earnings/(loss) per share as there was no potential dilutive shares
during the six months ended 30 September 2021.

12 DIVIDENDS
No dividend was paid during the six months ended 30 September 2021 and 30 September 2020.
The Board has resolved not to declare an interim dividend for the six months ended 30 September 2021 (For the six
months ended 30 September 2020: Nil).

13 PROPERTY, PLANT AND EQUIPMENT, INVESTMENT PROPERTIES AND INTANGIBLE ASSETS
During the six months ended 30 September 2021, the Group incurred capital expenditures of approximately ¥388
million and ¥2 million for property, plant and equipment and intangible assets, respectively (For the six months ended
30 September 2020: ¥812 million and ¥25 million, respectively.)
During the six months ended 30 September 2021, the net book value of property, plant and equipment and intangible
assets disposed amounted to approximately ¥11 million and ¥32 million, respectively (For the six months ended 30
September 2020: ¥32 million for properties, plant and equipment).
As at 30 September 2021, property, plant and equipment and investment properties of ¥9,572 million and ¥603
million, respectively, (31 March 2021: ¥9,790 million and ¥611 million, respectively) were pledged to secure bankborrowings.

NIRAKU GC HOLDINGS, INC.

Interim Report 2021/2022

37

Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
13 PROPERTY, PLANT AND EQUIPMENT, INVESTMENT PROPERTIES AND INTANGIBLE ASSETS(CONTINUED)

Impairment reviews on property, plant and equipment, right-of-use assets and other non-current assets
The Group carried out reviews of the recoverable amounts whenever events or changes in circumstances indicate thatthe carrying amount may not be recoverable. The reviews were performed at cash-generating unit (“CGU”) level,
which is determined as each individual pachinko and pachislot hall, a pachinko and pachislot hall with hotel business,
restaurant and amusement arcade.
For the six months ended 30 September 2021, the management regards CGUs that were loss-making for current period
and performed below management’s expectation as having impairment indicator. The management has reviewed therecoverability of the relevant carrying amounts of these CGUs.
The recoverable amount of a CGU is determined based on the fair value less cost of disposal or value-in-use,
whichever is higher.
The value-in-use calculations use pre-tax cash flow projections based on financial budgets approved by management
covering a three-year period. Cash flows beyond the three-year period are extrapolated using the estimated growth
rates stated below. The key assumptions used in the value-in-use calculations for the six months ended 30 September
2021 and 2020 are as follow:
Six months ended 30 September
2021
2020
Revenue
Discount
Revenue
growth rate
rate
growth rate
Pachinko and pachislot hall operations
Amusement arcade operations
Restaurant operations
Other operations

0%
0%
0%
0%

9%
20%
17%
9%

0%
0%
N/A*
N/A*

Discount
rate
9%
19.7%
N/A*
N/A*

* As no impairment indicator was identified as at 30 September 2020, no impairment assessment was performed.

The discount rates applied by the Group are rates that reflect current market assessment of the time value of money
and the risk specific to the CGUs. Revenue growth rate is based on past practices and expectations on market andoperational development.
The fair value less cost of disposal calculation is based on valuation carried out by an independent professionallyqualified valuer, who holds recognised relevant professional qualifications and has recent experiences in the locations
and segments of the property valued. The valuation was determined using the market approach, which largely used
observable and unobservable inputs, including unit price per square meter of sales comparable for land. The fairvalues of the CGU subject to fair value less cost of disposal calculation is within level 3 of the fair value hierarchy.

38

NIRAKU GC HOLDINGS, INC.

Interim Report 2021/2022

Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
13 PROPERTY, PLANT AND EQUIPMENT, INVESTMENT PROPERTIES AND INTANGIBLE ASSETS(CONTINUED)

Impairment reviews on property, plant and equipment, right-of-use assets and other non-current assets(Continued)
The key assumptions used for fair value less costs of disposal calculation for the six months ended 30 September 2021
and 2020 are as follow:
Six months ended
30 September
2021
Sales comparison approach
Land — unit price square meter¥97,200

2020¥97,200

The Group’s finance department includes a team that reviews the valuation performed by the independent valuer for
financial reporting purposes. This team reports directly to the executive directors. Discussions of valuation processes
and results are held between the valuation team and valuer at least annually.
For the six months ended 30 September 2021, as a result of the impairment review, impairment loss of approximately¥43 million (For the six months ended 30 September 2020: ¥189 million), ¥295 million (For the six months ended 30
September 2020: ¥8 million), ¥9 million (For the six months ended 30 September 2020: Nil) and ¥56 million (For thesix months ended 30 September 2020: Nil) has been recognised on property, plant and equipment, right-of-use assets(Note 14), intangible assets and irrecoverable prepayments, respectively.
For pachinko and pachislot hall operations, impairment loss of approximately ¥63 million has been recognised for
current period (For the six months ended 30 September 2020: ¥180 million).
For amusement arcade operations, no impairment loss was recognised for current period (For the six months ended 30
September 2020: ¥17 million).
For restaurant operations, impairment loss of approximately ¥340 million, which represents all of its non-current
assets, has been recognised in current period (For the six months ended 30 September 2020: Nil).
No impairment loss has been recognised for other operations for six months ended 30 September 2021 and 2020.
For pachinko and pachislot operations, if the revenue growth rate in the value-in-use calculations decreased by 2%with other assumptions remain constant, addition in impairment loss of ¥168 million would be recorded. If the
discount rate in the value-in-use calculations increased by 1% with other assumptions remain constant, addition in
impairment loss of ¥184 million would be recorded. If the unit price per square meter in the fair value less cost of
disposal calculation decreased by 1%, with other assumptions remain constant, addition in impairment loss would be
immaterial.
For amusement arcade operations, if the revenue growth rate in the value-in-use calculations decreased by 2% withother assumptions remain constant, addition in impairment loss of ¥11 million would be recorded. If the discount ratein the value-in-use calculations increased by 2% with other assumptions remain constant, addition in impairment lossof ¥10 million would be recorded. If the operation suspensions in Vietnam and Cambodia continue until March 2022,
addition in impairment loss of ¥22 million would be recorded.
For restaurant operations and other operations, if the revenue growth rate decreased by 2%, or the discount rateincreased by 1%, with other assumptions remain constant, addition in impairment loss would be immaterial.

NIRAKU GC HOLDINGS, INC.

Interim Report 2021/2022

39

Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
14 LEASES
During the six months ended 30 September 2021, the Group entered into a number of lease agreements for the use of
equipment, staff quarters and vehicles, and therefore recognised the additions of right-of-use assets of ¥1,975 million.
During the six months ended 30 September 2021, the Group received COVID-19-related rent concessions in the formof wavier or reduction on fixed monthly rental and has accounted such rent concessions as lease modifications.
Amounts recognised in the interim condensed consolidated statement of financial position are as follows:

Right-of-use assets
Buildings
Leasehold improvement
Equipment and tools
VehiclesLease liabilities
Current
Non-current

30 September
2021¥ million(Unaudited)

31 March2021¥ million(Audited)

26,845254
246
36

27,286355
263
4527,381

27,9492,603
28,8572,906
30,534

31,46033,440For the six months ended 30 September 2021, as a result of the impairment review, impairment loss of approximately¥295 million (2020: ¥8 million) has been recognised on right-of-use assets. Refer to Note 13 for details of theimpairment review.

15 TRADE RECEIVABLES

Trade receivables

30 September
2021¥ million(Unaudited)

31 March2021¥ million(Audited)

36

64

Trade receivables represent commission income receivable from vending machines and income receivables from hotel
and restaurant operations. The credit terms granted by the Group generally ranged from 0 to 30 days.

40

NIRAKU GC HOLDINGS, INC.

Interim Report 2021/2022

Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
15 TRADE RECEIVABLES (CONTINUED)
The ageing analysis of the trade receivables, based on invoice date, is as follows:

Less than 30 days

30 September
2021¥ million(Unaudited)

31 March2021¥ million(Audited)

36

64

Number ofshares(thousands)

Sharecapital¥ million

1,195,850

3,000

16 SHARE CAPITAL

Ordinary shares, issued and fully paid:
At 30 September 2020, 1 April 2021 and 30 September 2021

17 RESERVES(a)Capital surplus
Under the Japan Companies Act, certain portion of the consideration from the issuance of share capital shall becredited to the share capital and the remaining of the consideration shall be credited to capital surplus.

(b)

Capital reserve
Capital reserve represents the difference between the value of net assets of the subsidiary acquired by theCompany and the share capitals in acquired subsidiaries under common control.

(c)Legal reserve
The Japan Companies Act provides that a 10% dividend paid during the year shall be appropriated as legal
reserve (a component of either capital surplus or retained earnings) until an aggregate amount of legal capitalreserve and legal retained earnings equals 25% of share capital. The legal reserve may be used to reduce a
deficit or transfer to share capital upon approval of the general meeting of shareholders.

(d)Investment revaluation reserve
The investment revaluation reserve comprises the cumulative net change in the fair value of financial assets
through other comprehensive income held at the end of the reporting period.

NIRAKU GC HOLDINGS, INC.

Interim Report 2021/2022

41

Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
18 TRADE PAYABLES
The ageing analysis of the trade payables, based on invoice dates, is as follows:

Less than 30 days
31–90 days

30 September
2021¥ million(Unaudited)

31 March2021¥ million(Audited)

2
90

108
–

92

108

30 September
2021¥ million(Unaudited)

31 March2021¥ million(Audited)

3,053
4,420

738
–

7,473

738

2,160
1,997

3,740
12,1894,157

15,929

11,63016,66719 BORROWINGS

Non-current portion
Bank loans
Syndicated loans

Current portion
Bank loans
Syndicated loans

Total borrowings

As at 31 March 2021, the Group was not able to comply with certain financial covenants for part of the Group’s bankborrowings and reclassified borrowings of approximately ¥7,063 million, representing the non-current portion of totalborrowings of approximately ¥14,758 million, to current liabilities. In June 2021, subsequent to obtaining writtenconsents from the banks on waiving their rights to request immediate repayment, management reclassified the portionof relevant borrowings that was scheduled to be paid after 12 months from the date of wavier letter from current tonon-current. Refer to Note 5.2 for further details.

42

NIRAKU GC HOLDINGS, INC.

Interim Report 2021/2022

Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
20 INTEREST IN AN ASSOCIATE
30 September
2021¥ million(Unaudited)

31 March2021¥ million(Audited)

Investment in unlisted shares, at cost5

5

Share of results:
At 1 April
Share of loss

(5)
–

(5)
–

Interest in an associate––

Details of the associate as at 30 September 2021 and 31 March 2021 are as follows:

Name

Place of incorporation Principal activities
Particulars ofand kind of legal entity and place of operation issued share capital

Yes! E-Sports Asia Holdings Limited Hong Kong, limited(“YEAH”)
liability company

Provision for e-sports
events services

50,000 shares withpaid up capital of
USD100,000

Interest held
30 September
31 March
2021
2021
40%

40%

There is no contingent liability relating to the Group’s interest in the associate.

21 CONTINGENCIES
As at 30 September 2021, the Group did not have any significant contingent liabilities (31 March 2021: same).

22 COMMITMENTS
Capital commitments
The outstanding capital commitments not provided for in the condensed consolidated interim financial information are
as follows:

Contracted but not provided forPurchase of property, plant and equipment

NIRAKU GC HOLDINGS, INC.

30 September
2021¥ million(Unaudited)

31 March2021¥ million(Audited)

211

5Interim Report 2021/2022

43

Notes to the Condensed Consolidated Interim Financial Information (CONTINUED)
23 RELATED PARTY TRANSACTIONS
For the purposes of this condensed consolidated interim financial information, parties are considered to be related to
the Group if the party has the ability, directly or indirectly, to exercise significant influence over the Group in making
financial and operating decisions. Related parties may be individuals (being members of key management personnel,
significant shareholders and/or their close family members) or other entities and include entities which are under thesignificant influence of related parties of the Group where those parties are individuals. Parties are also considered tobe related if they are subject to common control.

(a)Transactions with related parties
Other than those transactions and balances disclosed elsewhere in the condensed consolidated interim financial
information, the following transactions were carried out with related parties:
Six months ended
30 September
2021
2020
¥ million¥ million(Unaudited)(Unaudited)
Interest income
Yes! E-Sports Asia Holdings Limited–

7

Service fee expenses
Niraku USA, Inc.

12

13

The interest income received during the six months ended 30 September 2020 was in relation to the loan to an
associate, YEAH as disclosed in Note 20.
The service fee paid was related to provision of gaming research services carried out by Niraku USA, Inc. andprovision of training to employees of the Group in USA. Niraku USA, Inc. is a firm controlled by certain parties
among the controlling shareholders of the Company.
The transactions with related parties were conducted in the ordinary course of the business based on terms
mutually agreed between the relevant parties.

(b)

Key management compensation
Key management includes directors (executive, non-executive and external directors) and the senior
management of the Group. The compensation paid or payable to key management for employee services isshown below:
Six months ended
30 September
2021
2020
¥ million¥ million(Unaudited)(Unaudited)
Directors’ fees
Basic salaries, allowances and other benefits in kind
Employee’s contribution to pension scheme

44

NIRAKU GC HOLDINGS, INC.

Interim Report 2021/2022

136
3
3

130
21
3

142

154