Makuake : （Updated） Summary of Financial Results for the second quarter 2022

Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

April 26, 2022

Non-consolidated Financial Results for the Six Months Ended March 31, 2022

Company name:	Makuake, Inc.
Listing:	Tokyo Stock Exchange
Stock code:	4479
URL:	http://www.makuake.com/
Representative:	Ryotaro Nakayama, CEO
Inquiries:	Yuki Tamura, Corporate Officer and General Manager of Business Management
Division

TEL: [phone] (from overseas)

Scheduled date to file quarterly securities report: Scheduled date to commence dividend payments:April 27, 2022 -

Preparation of supplementary materials for quarterly financial results: Yes Holding of quarterly financial results presentation meeting: Yes

(Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Performance for the six months ended March 31, 2022 (from October 1, 2021 to March 31, 2022)

(1) Operating results (cumulative)

(Percentages indicate year-on-year changes.)

Net sales	Operating profit	Ordinary profit	Profit
Six months ended March 31, 2022 March 31, 2021	Millions of yen 2,243 2,100	% 6.8 87.2	Millions of yen (17) 63	% - (73.6)	Millions of yen 4 62	% (93.5) (73.9)	Millions of yen 61 40	% 52.3 (75.4)

Basic earnings per share	Diluted earnings per share
Six months ended March 31, 2022 March 31, 2021	Yen 4.95 3.44	Yen 4.84 3.27

(2) Financial position

Total assets	Net assets	Equity ratio
As of March 31, 2022 September 30, 2021	Millions of yen 10,222 10,331	Millions of yen 6,979 6,873	% 67.9 66.2

Reference:	Equity
As of March 31, 2022	¥6,937 million
As of September 30, 2021	¥6,841 million

2. Cash dividends

Annual dividends
First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
Fiscal year ended September 30, 2021 Fiscal year ending September 30, 2022	Yen - -	Yen 0.00 0.00	Yen -	Yen 0.00	Yen 0.00
Fiscal year ending September 30, 2022 (Forecast)	-	0.00	0.00

Note:

Revisions to the cash dividend forecasts most recently announced: None

3. Earnings forecasts for the fiscal year ending September 30, 2022 (from October 1, 2021 to September 30, 2022)

(Percentages indicate year-on-year changes.)

Note:

Millions of yen

Net sales

%Millions of yen

Operating profit

%

Ordinary profit

Millions of yen

4,700

0

Revisions to the earnings forecasts most recently announced: Yes

BasicProfit

earnings per share

%Millions of yen

%

Yen

20

(93.9)

(73.6)

5.19

* Notes

• (1) Application of special accounting treatments for the preparation of quarterly financial statements: None

• (2) Changes in accounting policies, changes in accounting estimates, and restatement

  • (i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes

  • (ii) Changes in accounting policies due to other reasons: None

  • (iii) Changes in accounting estimates: None

  • (iv) Restatement: None

• (3) Number of issued shares (common shares)

  (i) Total number of issued shares at the end of the period (including treasury shares)

  As of March 31, 2022	12,568,700 shares
  As of September 30, 2021	12,404,700 shares

  (ii) Number of treasury shares at the end of the period

  As of March 31, 2022	87 shares
  As of September 30, 2021	87 shares

  (iii) Average number of shares during the period (cumulative from the beginning of the fiscal year)

For the six months ended March 31, 2022	12,487,381 shares
For the six months ended March 31, 2021	11,788,431 shares

* Quarterly financial results reports are exempt from quarterly review conducted by an audit corporation.

* Proper use of earnings forecasts, and other special matters

The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. These statements do not purport that the Company pledges to realize such statements. Actual business and other results may differ substantially due to various factors.

Quarterly financial statements

(1) Quarterly balance sheet

(Thousands of yen)As of September 30, 2021

As of March 31, 2022

Assets
Current assets
Cash and deposits	5,949,943	5,807,312
Segregated deposits	2,641,311	2,513,130
Accounts receivable - trade	551,330	498,637
Other	134,259	149,314
Allowance for doubtful accounts	(7,282)	(7,282)
Total current assets	9,269,563	8,961,113
Non-current assets
Property, plant and equipment	43,119	55,818
Intangible assets	593,873	747,712
Investments and other assets
Other	412,131	450,761
Allowance for doubtful accounts	(7,537)	(7,537)
Total investments and other assets	404,594	443,224
Total non-current assets	1,041,587	1,246,755
Deferred assets	20,396	14,641
Total assets	10,331,547	10,222,509
Liabilities
Current liabilities
Income taxes payable	72,286	67,919
Deposits received	2,652,462	2,526,863
Other	690,611	596,378
Total current liabilities	3,415,360	3,191,161
Non-current liabilities
Provision for retirement benefits	337	883
Provision for continuous services benefits	42,516	51,045
Total non-current liabilities	42,853	51,929
Total liabilities	3,458,214	3,243,090
Net assets
Shareholders' equity
Share capital	3,103,387	3,120,279
Capital surplus	3,103,387	3,120,279
Retained earnings	635,591	697,405
Treasury shares	(499)	(499)
Total shareholders' equity	6,841,867	6,937,465
Share acquisition rights	31,464	41,953
Total net assets	6,873,332	6,979,419
Total liabilities and net assets	10,331,547	10,222,509

(2) Quarterly statement of income

(Thousands of yen)Six months ended March 31, 2021

Six months ended March 31, 2022

Net sales	2,100,387	2,243,204
Cost of sales	361,654	453,463
Gross profit	1,738,733	1,789,740
Selling, general and administrative expenses	1,675,370	1,807,439
Operating profit (loss)	63,362	(17,699)
Non-operating income
Interest income	0	1
Dividend income	-	8
Lecture fees and other income	3,344	5,415
Subsidy income	-	20,744
Other	19	1,553
Total non-operating income	3,364	27,722
Non-operating expenses
Amortization of share issuance costs	3,815	5,755
Other	-	201
Total non-operating expenses	3,815	5,956
Ordinary profit	62,911	4,065
Extraordinary income
Gain on sale of investment securities	-	97,500
Total extraordinary income	-	97,500
Profit before income taxes	62,911	101,565
Income taxes - current	25,206	43,604
Income taxes - deferred	(2,891)	(3,852)
Total income taxes	22,314	39,752
Profit	40,597	61,813