Non-consolidated Financial Results

for the Fiscal Year Ended March 31, 2021

[Japanese GAAP]

May 14, 2021

Company name: FaithNetwork Co., Ltd.

Stock exchange listing: Tokyo Stock Exchange

Code number: 3489

URL: https://faithnetwork.co.jp/en/

Representative: Jiro Hachiya, President and Representative Director

Contact: Yosuke Ishimaru, Director and Executive Officer

Phone: +81-3-6432-9937

Scheduled date of Annual General Meeting of Shareholders: June 25, 2021

Scheduled date of commencing dividend payments: June 28, 2021

Scheduled date of filing annual securities report: June 25, 2021

Availability of supplementary material on annual financial results: Available

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

(Amounts of less than one million yen are rounded down.)

1. Financial Results for the Fiscal Year Ended March 31, 2021 (April 1, 2020 to March 31, 2021)

(1) 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

%

March 31, 2021

18,774

9.8

1,068

3.3

895

11.3

585

6.7

March 31, 2020

17,105

20.8

1,035

2.2

804

(1.6)

548

(14.1)

Basic earnings

Diluted earnings

Rate of return on

Ordinary profit

Operating profit

per share

per share

equity

to total assets

to net sales

Fiscal year ended

Yen

Yen

%

%

%

March 31, 2021

117.49

-

13.2

6.9

5.7

March 31, 2020

110.08

-

13.6

5.9

6.1

(Reference) Equity in earnings (losses) of affiliated companies: Fiscal year ended March 31, 2021: ¥- million Fiscal year ended March 31, 2020: ¥- million

(2) Financial Position

Total assets

Net assets

Equity ratio

Net assets per

share

Million yen

Million yen

%

Yen

As of March 31, 2021

12,632

4,650

36.8

933.95

As of March 31, 2020

13,295

4,229

31.8

849.24

(Reference) Equity: As of March 31, 2021: ¥4,650 million

As of March 31, 2020: ¥4,229 million

(3) Cash Flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash

equivalents at end

operating activities

investing activities

financing activities

of period

Fiscal year ended

Million yen

Million yen

Million yen

Million yen

March 31, 2021

3,476

(614)

(1,248)

3,992

March 31, 2020

1,398

(38)

(1,727)

2,379

2. Dividends

Annual dividends

Total

Payout

Dividends

to net

1st

2nd

3rd

Year-end

Total

dividends

ratio

quarter-end

quarter-end

quarter-end

assets

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

March 31, 2020

-

0.00

-

30.00

30.00

149

27.3

3.7

March 31, 2021

-

0.00

-

32.00

32.00

159

27.2

3.6

Fiscal year ending

March 31, 2022

-

0.00

-

32.00

32.00

-

(Forecast)

(Note) Year-end dividend breakdown for the fiscal year ended March 31, 2021 Ordinary dividend: ¥30.00; Commemorative dividend: ¥2.00

3. Financial Results Forecast for the Fiscal Year Ending March 31, 2022 (April 1, 2021 to March 31, 2022)

(% indicates changes from the previous corresponding period.)

Net sales

Operating profit

Ordinary profit

Profit

Basic earnings

per share

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

Full year

20,000

6.5

1,280

19.7

1,050

17.3

710

21.4

142.57

* Notes:

  1. Changes in accounting policies, changes in accounting estimates and retrospective restatement
    1. Changes in accounting policies due to the revision of accounting standards: No
    2. Changes in accounting policies other than 1) above: No
    3. Changes in accounting estimates: No
    4. Retrospective restatement: No
  3. Total number of issued shares (common shares)
    1. Total number of issued shares at the end of the period (including treasury shares):

As of March 31, 2021: 4,980,000 shares

As of March 31, 2020: 4,980,000 shares

  1. Total number of treasury shares at the end of the period: As of March 31, 2021: 77 shares
    As of March 31, 2020: 77 shares
  2. Average number of shares during the period:

Fiscal year ended March 31, 2021: 4,979,923 shares

Fiscal year ended March 31, 2020: 4,979,970 shares

  • These financial results are outside the scope of audit by certified public accountants or an audit corporation.
  • Explanation of the appropriate use of financial results forecast and other notes

The earnings forecasts and other forward-looking statements herein are based on information available to the Company at the time of preparation and certain assumptions deemed to be reasonable, and actual results may differ significantly from the forecasts due to various factors.

3. Financial Statements and Primary Notes

(1) Balance Sheets

(Thousand yen)

As of March 31, 2020

As of March 31, 2021

Assets

Current assets

Cash and deposits

2,379,610

3,992,550

Accounts receivable from completed construction

253,449

831,565

contracts

Real estate for sale

549,452

1,664,978

Real estate for sale in process

7,661,249

2,974,062

Advance payments to suppliers

97,966

158,417

Prepaid expenses

62,668

20,330

Other

9,530

10,837

Total current assets

11,013,927

9,652,742

Non-current assets

Property, plant and equipment

Buildings

901,333

1,057,544

Structures

2,406

2,406

Machinery and equipment

101,514

101,514

Vehicles

18,455

18,298

Tools, furniture and fixtures

41,121

42,938

Land

1,215,389

1,289,983

Accumulated depreciation

(191,583)

(251,427)

Total property, plant and equipment

2,088,638

2,261,260

Intangible assets

Software

19,213

22,746

Total intangible assets

19,213

22,746

Investments and other assets

Shares of subsidiaries and associates

13,500

2,535

Investments in capital

1,680

514,780

Long-term prepaid expenses

78,790

11,572

Deferred tax assets

66,336

128,727

Other

13,840

38,464

Total investments and other assets

174,147

696,079

Total non-current assets

2,281,999

2,980,086

Total assets

13,295,926

12,632,828

1

(Thousand yen)

As of March 31, 2020

As of March 31, 2021

Liabilities

Current liabilities

Accounts payable for construction contracts

1,259,057

371,207

Short-term borrowings

339,650

469,890

Current portion of long-term borrowings

2,502,411

960,281

Current portion of bonds payable

73,400

46,500

Accounts payable - other

94,999

170,392

Accrued expenses

10,653

11,206

Income taxes payable

136,465

236,791

Advances received

377

540,907

Advances received on construction contracts in

169,565

200,795

progress

Deposits received

215,310

233,871

Unearned revenue

11,131

15,674

Provision for bonuses

102,214

90,763

Provision for costs after sales

9,809

13,048

Provision for loss on construction contracts

6,916

57,566

Provision for shareholder benefit program

-

2,700

Other

704

13,623

Total current liabilities

4,932,665

3,435,219

Non-current liabilities

Bonds payable

96,500

50,000

Long-term borrowings

4,013,670

4,421,243

Other

23,963

75,380

Total non-current liabilities

4,134,134

4,546,624

Total liabilities

9,066,800

7,981,843

Net assets

Shareholders' equity

Share capital

681,120

681,120

Capital surplus

Legal capital surplus

631,120

631,120

Other capital surplus

220

220

Total capital surplus

631,340

631,340

Retained earnings

Legal retained earnings

10,000

10,000

Other retained earnings

Reserve for special depreciation

8,700

5,083

Retained earnings brought forward

2,900,860

3,340,154

Total retained earnings

2,919,560

3,355,238

Treasury shares

(101)

(101)

Total shareholders' equity

4,231,919

4,667,597

Valuation and translation adjustments

Deferred gains or losses on hedges

(2,793)

(16,612)

Total valuation and translation adjustments

(2,793)

(16,612)

Total net assets

4,229,126

4,650,984

Total liabilities and net assets

13,295,926

12,632,828

2

(2) Statements of Income

Fiscal Year Ended March 31

(Thousand yen)

For the fiscal year

For the fiscal year

ended March 31, 2020

ended March 31, 2021

Net sales

17,105,507

18,774,727

Cost of sales

14,454,239

16,187,680

Gross profit

2,651,267

2,587,046

Selling, general and administrative expenses

1,616,176

1,518,111

Operating profit

1,035,091

1,068,934

Non-operating income

Interest income

33

33

Dividend income

34

34

Subsidy income

3,350

410

Insurance premiums revenue

6,535

4,131

Vending machine income

283

196

Other

1,943

2,600

Total non-operating income

12,179

7,406

Non-operating expenses

Interest expenses

156,303

121,929

Interest on bonds

737

513

Commission expenses

43,884

31,207

Registration license taxes and other

26,950

23,888

Other

15,359

3,664

Total non-operating expenses

243,234

181,202

Ordinary profit

804,035

895,138

Extraordinary losses

Loss on liquidation of subsidiaries and associates

-

23,327

Loss on valuation of shares of subsidiaries and

-

7,464

associates

Impairment losses

2,824

-

Total extraordinary losses

2,824

30,792

Profit before income taxes

801,210

864,346

Income taxes - current

263,076

335,563

Income taxes - deferred

(10,054)

(56,291)

Total income taxes

253,021

279,271

Profit

548,188

585,075

3

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FaithNetwork Co. Ltd. published this content on 24 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 May 2021 07:32:06 UTC.