Bewith : Consolidated Financial Results for the Fiscal Year Ended May 31, 2022

Disclaimer: This document is an English translation of the original document in Japanese and has been prepared solely for reference purposes. In the event of any discrepancy between this English translation and the original in Japanese, the original shall prevail in all respects.

Consolidated Financial Results

for the Fiscal Year Ended May 31, 2022

[Japanese GAAP]

July 14, 2022

Company name: Bewith, Inc.

Stock exchange listing: Tokyo Stock Exchange

Securities code: 9216

URL: https://www.bewith.net/

Representative: Koichi Morimoto, President and CEO

Contact: Kenji Ijima, Executive Vice President and Member of the Board

Phone: [phone]

Scheduled date of general shareholders' meeting: August 25, 2022

Scheduled date of commencing dividend payments: August 10, 2022

Scheduled date of filing securities report: August 26, 2022

Availability of supplementary explanatory materials on annual financial results: Available

Schedule of annual financial results briefing session: Scheduled (for analysts and institutional investors)

				(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended May 31, 2022 (June 1, 2021 - May 31, 2022)
(1) Consolidated Operating Results		(% indicates changes from the previous corresponding period.)
		Net sales		Operating profit	Ordinary profit	Profit attributable to
			owners of parent
	Fiscal year ended	Million yen	%	Million yen	%	Million yen	%	Million yen	%
	May 31, 2022	32,405	12.3	2,565	20.3	2,591	19.6	1,776	7.3
	May 31, 2021	28,845	15.8	2,131	54.3	2,167	49.5	1,655	78.4

(Note) Comprehensive income: Fiscal year ended May 31, 2022: ¥1,776 million [6.9%]
		Fiscal year ended May 31, 2021: ¥1,662 million [78.2%]
		Basic earnings	Diluted	Return on	Ratio of	Ratio of
		earnings	ordinary profit	operating profit
		per share	equity
		per share	to total assets	to net sales
	Fiscal year ended	Yen	Yen	%	%	%
	May 31, 2022	136.40	133.74	32.9	27.3	7.9
	May 31, 2021	129.33	-	45.8	27.2	7.4
	(Reference) Equity in	earnings of affiliated	companies:	Fiscal year ended May 31, 2022: ¥- million
				Fiscal year ended May 31, 2021: ¥- million

(Notes) 1. The Company carried out a 10-for-1 stock split for its common share on April 13, 2021, and a 200-for- 1 stock split for its common share on October 22, 2021. The basic earnings per share and diluted earnings per share are calculated on the assumption that these stock splits were conducted at the beginning of the fiscal year ended May 31, 2021.

1. Although there are dilutive shares, diluted earnings per share for the fiscal year ended May 31, 2021 are not indicated as the Company's shares were not listed and the average share price during the period could not be determined.
2. As the Company listed its shares on the first section of the Tokyo Stock Exchange (Prime Market of the Tokyo Stock Exchange as of the date of submission) on March 2, 2022, diluted earnings per share for the fiscal year ended May 31, 2022 are calculated by deeming the average share price from the date of the new listing to May 31, 2022 as the average share price during the period.

(2) Consolidated Financial Position

Total assets

Net assets

Equity ratio

Net assets per share

Million yen

Million yen

%

Yen

As of May 31, 2022

10,490

6,605

62.9

481.82

As of May 31, 2021

8,487

4,214

49.6

328.85

(Reference) Equity: As of

May 31, 2022: ¥6,600

million

As of May 31, 2021: ¥4,209 million

(Note)

The Company carried out a 10-for-1 stock split for its common share on April 13, 2021, and a 200-for-1

stock split for its common share on October 22, 2021. The net assets per share are calculated on the

assumption that these stock splits were conducted at the beginning of the fiscal year ended May 31, 2021.

(3) Consolidated Cash Flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash

equivalents

operating activities

investing activities

financing activities

at end of period

Fiscal year ended

Million yen

Million yen

Million yen

Million yen

May 31, 2022

1,586

(366)

580

4,429

May 31, 2021

1,476

(302)

(713)

2,628

2. Dividends

Annual dividends

Total

Ratio of

Payout ratio

dividends to

1st

2nd

3rd

Year-end

Total

dividends

quarter-

quarter-

quarter-

(annual)

(consolidated)

net assets

end

end

end

(consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

-

0.00

-

8,900.00

8,900.00

569

34.4

15.8

May 31, 2021

Fiscal year ended

-

0.00

-

47.00

47.00

643

34.5

11.6

May 31, 2022

Fiscal year ending

May 31, 2023

-

0.00

-

49.00

49.00

34.4

(Forecast)

(Note)

The Company carried out a 200-for-1 stock split for its common share on October 22, 2021. The figures

for fiscal year ended May 31, 2021 are the actual amounts of dividends before the said stock split. The

amount of dividend after taking into account the said stock split is ¥44.50.

3. Consolidated Financial Results Forecast for the Fiscal Year Ending May 31, 2023 (June 1, 2022 - May 31, 2023)

				(% indicates changes from the previous corresponding period.)
	Net sales	Operating profit	Ordinary profit	Profit attributable	Basic earnings
	to owners of parent	per share
First half	Million yen	%	Million yen	%	Million yen	%	Million yen	%	Yen
17,400	10.2	1,090	(14.9)	1,090	(16.1)	750	(11.7)	54.75
Full year	36,200	11.7	2,840	10.7	2,840	9.6	1,950	9.7	142.34

* Notes:

1. Changes in significant subsidiaries during the period under review: None (Changes in specified subsidiaries resulting in changes in scope of consolidation):

Newly included: - (

), Excluded: - (

)

1. Changes in accounting policies, changes in accounting estimates and retrospective restatement
2. 1. Changes in accounting policies due to the revision of accounting standards and other regulations: Yes
   2. Changes in accounting policies other than 1) above: None
   3. Changes in accounting estimates: None
   4. Retrospective restatement: None
3. Total number of issued shares (common shares)
4. 1. Total number of issued shares at the end of the period (including treasury shares):

As of May 31, 2022:	13,700,000 shares
As of May 31, 2021:	12,800,000 shares
2) Total number of treasury shares at the end of the period:
As of May 31, 2022:	- shares
As of May 31, 2021:	- shares
3) Average number of shares outstanding during the period:
Fiscal year ended May 31, 2022:	13,026,849 shares
Fiscal year ended May 31, 2021:	12,800,000 shares

(Note) The Company carried out a 10-for-1 stock split for its common share on April 13, 2021, and a 200-for-1 stock split for its common share on October 22, 2021. The total number of issued shares is calculated on the assumption that these stock splits were conducted at the beginning of the fiscal year ended May 31, 2021.

(Reference) Summary of Non-consolidated Financial Results

1. Non-consolidated Financial Results for the Fiscal Year Ended May 31, 2022 (June 1, 2021 - May 31, 2022)

(1) Non-consolidated Operating Results			(% indicates changes from the previous corresponding period.)
		Net sales			Operating profit	Ordinary profit	Profit
	Fiscal year ended	Million yen	%	Million yen	%	Million yen	%	Million yen	%
	May 31, 2022	32,376	12.4	2,484	19.7	2,534	19.9	1,748	7.3
	May 31, 2021	28,811	15.8	2,076	52.4	2,113	47.8	1,630	76.7
		Basic earnings		Diluted earnings
		per share			per share
	Fiscal year ended	Yen			Yen
	May 31, 2022	134.21		131.59
	May 31, 2021	127.34		-

(Notes) 1. The Company carried out a 10-for-1 stock split for its common share on April 13, 2021, and a 200-for- 1 stock split for its common share on October 22, 2021. The basic earnings per share and diluted earnings per share are calculated on the assumption that these stock splits were conducted at the beginning of the fiscal year ended May 31, 2021.

1. 1. Diluted earnings per share are not indicated for the fiscal year ended May 31, 2021 as the Company's shares were not listed at the time and thus the average share price during the period could not be determined, although there were dilutive shares.
   2. As the Company listed its shares on the first section of the Tokyo Stock Exchange (Prime Market of the Tokyo Stock Exchange as of the date of submission) on March 2, 2022, diluted earnings per share for the fiscal year ended May 31, 2022 are calculated by deeming the average share price from the date of the new listing to May 31, 2022 as the average share price during the period.
2. Non-consolidatedFinancial Position

	Total assets	Net assets	Equity ratio	Net assets per share
	Million yen	Million yen	%	Yen
As of May 31, 2022	10,382	6,544	63.0	477.32
As of May 31, 2021	8,441	4,180	49.5	326.26

(Reference) Equity: As of May 31, 2022: ¥6,539 million As of May 31, 2021: ¥4,176 million

(Note) The Company carried out a 10-for-1 stock split for its common share on April 13, 2021, and a 200-for-1 stock split for its common share on October 22, 2021. The net assets per share are calculated on the assumption that these stock splits were conducted at the beginning of the fiscal year ended May 31, 2021.

• These consolidated financial results are outside the scope of audit by certified public accountants or an audit firm.
• Explanation of the proper use of financial results forecast and other notes
  The forward-looking statements contained in this document, including financial results forecasts, are based on the information currently available to the Company and certain assumptions considered reasonable. Actual financial results, etc. may differ significantly from them due to wide-ranging factors. For the assumptions that form the basis for financial results forecasts, etc., please refer to "Future Outlook" on page 4 of the Attachments.

(How to obtain supplementary explanatory materials on annual financial results)

Supplementary explanatory materials on annual financial results will be disclosed on TDnet on the same day, as well as on the Company's website. We also plan to hold an annual financial results briefing session (for analysts and institutional investors) on Wednesday, July 20, 2022.

Table of Contents - Attachments
1. Overview of Operating Results, etc. .................................................................................................... 2
(1)	Overview of Operating Results for the Fiscal Year under Review	.................................................. 2
(2)	Overview of Financial Position for the Fiscal Year under Review	................................................. 3
(3)	Overview of Cash Flows for the Fiscal Year under Review ............................................................	3
(4)	Future Outlook ................................................................................................................................	4
2. Basic Policy on Selection of Accounting Standards ............................................................................	5
3. Consolidated Financial Statements and Principal Notes .....................................................................	6
(1)	Consolidated Balance Sheets ..........................................................................................................	6
(2)	Consolidated Statements of Income and Comprehensive Income ..................................................	8
(3)	Consolidated Statements of Changes in Equity ............................................................................	10
(4)	Consolidated Statements of Cash Flows .......................................................................................	12
(5)	Notes to Consolidated Financial Statements .................................................................................	13
	(Notes on going concern assumption) ......................................................................................	13
	(Changes in accounting policies) ..............................................................................................	13
	(Segment information, etc.) ......................................................................................................	13
	(Per share information) .............................................................................................................	14
	(Significant subsequent events) ................................................................................................	15

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