OSG : FY2021 Semi-Annual Consolidated Financial Results(December 1, 2020 - May 31, 2021)

July 9, 2021

FY2021 Semi-Annual Consolidated Financial Results

(December 1, 2020 - May 31, 2021)

Company name	: OSG Corporation
Shares Listed	: 1st section of Tokyo and Nagoya Stock Exchanges
Code Number	: 6136
Location of the head office	: Aichi Prefecture
Representative:	: Nobuaki Osawa, President
Contact person:	: Junichi Kawamura, Executive Officer
	TEL: [phone] URL https://www.osg.co.jp/en/about_us/ir/

1. Consolidated Results for FY2021 Semi-Annual (December 1, 2020 - May 31, 2021)

(1)Consolidated financial results						(Amounts less than one million yen are omitted)
	Net Sales		Operating income	Ordinary income	Net income attributable
		to OSG Corporation
	Million yen	%		Million yen	%	Million yen	%	Million yen	%
FY2021 semi-annual	61,217	10.8		7,091	17.6	7,261	21.7	4,751	35.0
FY2020 semi-annual	55,256	-15.8		6,027	-48.2	5,964	-50.7	3,519	-55.9
(Note) Comprehensive income	FY2021 semi-annual : 10,532 million yen ( - %)
		FY2020 semi-annual :-530 million yen ( - %)
	Net income per share		Diluted net income
		per share
			Yen			Yen
FY2021 semi-annual			48.73		48.22
FY2020 semi-annual			36.19		35.81
(2)Consolidated financial position
	Total assets		Net assets			Equity ratio
		Million yen			Million yen		%
FY2021 semi-annual			207,990		149,828		66.6
FY2020			200,112		140,179		64.6
(Reference) Equity	FY2021 semi-annual: 138,499 million yen		FY2020: 129,338 million yen
2. Dividends
	Dividends per share
	End of Q2		Year-end	Annual
	Yen		Yen	Yen
FY2020	11.00		11.00	22.00
FY2021	14.00
FY2021 forecast			17.00	31.00

3. Forecast of Consolidated Results for FY2021 (December 1, 2020 - November 30, 2021)

	Net sales		Operating income	Ordinary income	Net income attributable	Net income
		to OSG Corporation	per share
	Million yen	%	Million yen	%	Million yen	%	Million yen	%	Yen
Annual	122,000	16.9	15,000	78.6	15,200	69.8	10,000	77.3	102.54

4. Others

(1) Changes in significant subsidiaries during the current period

(Changes in specified subsidiaries that caused a change in the scope of consolidation) : None

1. Adoption of accounting method specific to the preparation of consolidated quarterly financial statements: Yes
2. Changes in accounting principles and accounting estimates and retrospective restatement

(i) Changes in accounting principles due to amendment to accounting standards: None

(ii) Changes other than (3)-(i) above:	None
(iii)	Changes in accounting estimates:	None
(iv)	Retrospective restatement:	None

1. Number of shares issued and outstanding (common stock)
2. 1. Number of shares issued and outstanding at the end of each period (including treasury stock):

FY2021 semi-annual: 98,196,724 shares

FY2020:98,179,742 shares

(ii) Number of treasury stock at the end of each period:

FY2021 semi-annual:	629,147 shares
FY2020:	729,381 shares

1. Average number of shares outstanding in each period: FY2021 semi-annual: 97,519,926 shares FY2020 semi-annual: 97,267,305 shares

[Note regarding forecast]

The above forecasts for financial results are based on information available at the time this report was released. These forecasts and other forward-looking statements are not guarantees of future performance. Actual operating results may differ from the above forecasts due to known and unknown risks, uncertainties, and other factors.

Consolidated Summary Balance Sheet

OSG Corporation

Assets		(Million yen : amounts less than one million yen are omitted)
			FY2020		FY2021 semi-annual		Change
			As of Nov. 30, 2020		As of May 31, 2021
Current assets
	Cash and deposits	37,807	44,095
	Notes and accounts receivable - trade	19,733	22,423
	Securities	0	1
	Merchandise and finished goods	29,239	28,166
	Work in process	5,464	6,241
	Raw materials and supplies	7,321	7,474
	Other	3,279	2,847
	Allowance for doubtful accounts		(155)		(162)
	Total current assets		102,691		111,086		8,394
Non-current assets
Property, plant and equipment
	Buildings and structures, net	24,685	24,914
	Machinery, equipment and vehicles, net	34,500	33,701
	Land	14,995	15,934
	Other, net		5,417		5,758
	Total property, plant and equipment		79,599		80,308		709
Intangible assets
	Goodwill	4,273	5,122
	Other		1,260		1,273
	Total intangible assets		5,533		6,395		862
Investments and other assets
	Investment securities	6,182	4,385
	Other	6,471	6,190
	Allowance for doubtful accounts		(366)		(377)
	Total investments and other assets		12,287		10,199		(2,087)
	Total non-current assets		97,420		96,904		(516)
Total		200,112		207,990		7,878

Consolidated Summary Balance Sheet

OSG Corporation

Liabilities and Net Assets	(Million yen : amounts less than one million yen are omitted)
			FY2020		FY2021 semi-annual		Change
			As of Nov. 30, 2020		As of May 31, 2021
Liabilities
	Current liabilities
	Notes and accounts payable - trade	4,308	4,844
	Short-term loans payable	4,473	4,718
	Current portion of convertible bond-type bonds
	with share acquisition rights	-	1,670
	Current portion of long-term loans payable	8,522	4,162
	Income taxes payable	630	1,981
	Provision for bonuses	381	297
	Provision for directors' bonuses	146	116
	Other		8,858		9,996
	Total current liabilities		27,323		27,787		464
	Non-current liabilities
	Bonds payable	5,000	5,000
	Convertible bond-type bonds
	with share acquisition rights	1,670	-
	Long-term loans payable	22,103	21,071
	Net defined benefit liability	682	950
	Provision for loss on guarantees	38	40
	Other		3,115		3,312
	Total non-current liabilities		32,609		30,374		(2,235)
	Total liabilities		59,932		58,161		(1,770)
Net assets
	Shareholders' equity
	Capital stock	12,223	12,239
	Capital surplus	12,934	12,961
	Retained earnings	111,594	115,337
	Treasury stock		(1,442)		(1,242)
	Total shareholders' equity		135,309		139,295		3,986
	Accumulated other comprehensive income
	Valuation difference
	on available-for-sale securities	1,105	1,088
	Deferred gains or losses on hedges	0	(15)
	Foreign currency translation adjustment		(7,076)		(1,870)
	Total accumulated other comprehensive income		(5,970)		(796)		5,174
Share acquisition rights		13		-		(13)
Non-controlling interests		10,828		11,329		501
Total net assets		140,179		149,828		9,648
Total liabilities and net assets		200,112		207,990		7,878

Consolidated Summary Statement of Income

OSG Corporation

(Million yen : amounts less than one millionyen are omitted)

			FY2020 semi-annual		FY2021 semi-annual		Change
			(2019/12/1 - 2020/5/31)		(2020/12/1 - 2021/5/31)
Net sales	55,256	61,217	5,961
Cost of sales		33,333		38,013		4,679
Gross profit		21,922		23,204		1,281
Selling, general and administrative expenses		15,894		16,112		218
Operating income		6,027		7,091		1,063
Non-operating income
	Interest income	103	70
	Dividend income	27	17
	Foreign exchange gains	-	108
	Subsidy income	126	225
	Other		599		370
	Total non-operating income	856	793	(63)
Non-operating expenses
	Interest expenses	87	129
	Sales discounts	342	347
	Foreign exchange losses	314	-
	Other		175		146
	Total non-operating expenses		920		623		(297)
Ordinary income		5,964		7,261		1,296
Income before income taxes		5,964		7,261		1,296
Income taxes - current	1,604	2,587	983
Income taxes - deferred		659		(266)		(926)
Total income taxes	2,264	2,321	56
Net income	3,700	4,940	1,240
Net income attributable to non-controllinginterests	180		188		7
Net income attributable to OSG Corporation		3,519		4,751		1,232