Non-consolidated Financial Results

for the Fiscal Year Ended March 31, 2022

[Japanese GAAP]

May 16, 2022

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 28, 2022

Scheduled date of commencing dividend payments: June 29, 2022

Scheduled date of filing annual securities report: June 28, 2022

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, 2022 (April 1, 2021 to March 31, 2022)

(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, 2022

17,020

(9.3)

1,759

64.6

1,511

68.9

1,034

76.8

March 31, 2021

18,774

9.8

1,068

3.3

895

11.3

585

6.7

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, 2022

208.74

-

20.4

10.3

10.3

March 31, 2021

117.49

-

13.2

6.9

5.7

(Reference) Equity in earnings (losses) of affiliated companies: Fiscal year ended March 31, 2022: ¥- million Fiscal year ended March 31, 2021: ¥- million

(2) Financial Position

Total assets

Net assets

Equity ratio

Net assets per

share

Million yen

Million yen

%

Yen

As of March 31, 2022

16,826

5,501

32.7

1,110.58

As of March 31, 2021

12,632

4,650

36.8

933.95

(Reference) Equity: As of March 31, 2022 ¥5,501 million

As of March 31, 2021 ¥4,650 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, 2022

(1,904)

452

2,999

5,539

March 31, 2021

3,441

(614)

(1,213)

3,992

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, 2021

-

0.00

-

32.00

32.00

159

27.2

3.6

March 31, 2022

-

0.00

-

37.00

37.00

183

17.7

3.6

Fiscal year ending

March 31, 2023

-

0.00

-

42.00

42.00

-

(Forecast)

(Note) Year-end dividend breakdown for the fiscal year ended March 31, 2022 Ordinary dividend: ¥35.00; Commemorative dividend: ¥2.00

3. Financial Results Forecast for the Fiscal Year Ending March 31, 2023 (April 1, 2022 to March 31, 2023)

(% 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

21,000

23.4

2,000

13.7

1,700

12.4

1,150

11.2

232.06

* 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: Yes
    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, 2022: 4,980,000 shares

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

  1. Total number of treasury shares at the end of the period: As of March 31, 2022: 26,668 shares
    As of March 31, 2021: 77 shares
  2. Average number of shares during the period:

Fiscal year ended March 31, 2022: 4,955,642 shares

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

As of March 31, 2022

Assets

Current assets

Cash and deposits

3,992,550

5,539,782

Accounts receivable from completed construction

831,565

988,517

contracts

Real estate for sale

1,664,978

152,777

Real estate for sale in process

2,974,062

7,499,533

Advance payments to suppliers

158,417

226,645

Prepaid expenses

20,330

39,691

Other

10,837

105,011

Total current assets

9,652,742

14,551,959

Non-current assets

Property, plant and equipment

Buildings

1,057,544

961,140

Structures

2,406

3,216

Machinery and equipment

101,514

101,514

Vehicles

18,298

18,298

Tools, furniture and fixtures

42,938

47,657

Land

1,289,983

1,236,128

Construction in progress

-

10,335

Accumulated depreciation

(251,427)

(292,839)

Total property, plant and equipment

2,261,260

2,085,453

Intangible assets

Software

22,746

17,371

Total intangible assets

22,746

17,371

Investments and other assets

Shares of subsidiaries and associates

Investments in capital

Investments in capital of subsidiaries and associates

Long-term loans receivable from subsidiaries and associates

2,535

2,535

505,780

3,016

9,000

9,000

10,000

-

Long-term prepaid expenses

11,572

11,436

Deferred tax assets

128,727

94,056

Other

28,464

51,431

Total investments and other assets

696,079

171,477

Total non-current assets

2,980,086

2,274,302

Total assets

12,632,828

16,826,262

1

(Thousand yen)

As of March 31, 2021

As of March 31, 2022

Liabilities

Current liabilities

Accounts payable for construction contracts

371,207

731,808

Short-term borrowings

469,890

434,355

Current portion of long-term borrowings

960,281

1,399,885

Current portion of bonds payable

46,500

74,000

Accounts payable - other

170,392

93,810

Accrued expenses

11,206

17,250

Income taxes payable

236,791

301,785

Advances received

540,907

876

Advances received on construction contracts in

200,795

550,322

progress

Deposits received

233,871

255,519

Unearned revenue

15,674

15,497

Provision for bonuses

90,763

102,304

Provision for costs after sales

13,048

6,540

Provision for loss on construction contracts

57,566

15,454

Provision for shareholder benefit program

2,700

4,642

Other

13,623

8,352

Total current liabilities

3,435,219

4,012,406

Non-current liabilities

Bonds payable

50,000

176,000

Long-term borrowings

4,421,243

7,088,632

Other

75,380

48,171

Total non-current liabilities

4,546,624

7,312,804

Total liabilities

7,981,843

11,325,210

Net assets

Shareholders' equity

Share capital

681,120

681,120

Capital surplus

Legal capital surplus

631,120

631,120

Other capital surplus

220

282

Total capital surplus

631,340

631,402

Retained earnings

Legal retained earnings

10,000

10,000

Other retained earnings

Reserve for special depreciation

5,083

-

Retained earnings brought forward

3,340,154

4,220,339

Total retained earnings

3,355,238

4,230,339

Treasury shares

(101)

(35,662)

Total shareholders' equity

4,667,597

5,507,199

Valuation and translation adjustments

Deferred gains or losses on hedges

(16,612)

(6,147)

Total valuation and translation adjustments

(16,612)

(6,147)

Total net assets

4,650,984

5,501,052

Total liabilities and net assets

12,632,828

16,826,262

2

(2) Statements of Income

Fiscal Year Ended March 31

(Thousand yen)

For the fiscal year

For the fiscal year

ended March 31, 2021

ended March 31, 2022

Net sales

18,774,727

17,020,985

Cost of sales

16,187,680

13,738,070

Gross profit

2,587,046

3,282,914

Selling, general and administrative expenses

1,518,111

1,523,142

Operating profit

1,068,934

1,759,771

Non-operating income

Interest income

33

38

Dividend income

34

36

Subsidy income

2,410

-

Insurance premiums revenue

4,131

12,280

Other

796

1,423

Total non-operating income

7,406

13,779

Non-operating expenses

Interest expenses

121,929

173,519

Interest on bonds

513

190

Commission expenses

31,207

37,436

Registration license taxes and other

23,888

37,233

Other

3,664

13,303

Total non-operating expenses

181,202

261,682

Ordinary profit

895,138

1,511,867

Extraordinary losses

Loss on liquidation of subsidiaries and associates

23,327

-

Loss on valuation of shares of subsidiaries and

7,464

-

associates

Total extraordinary losses

30,792

-

Profit before income taxes

864,346

1,511,867

Income taxes - current

335,563

447,357

Income taxes - deferred

(56,291)

30,051

Total income taxes

279,271

477,409

Profit

585,075

1,034,458

3

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FaithNetwork Co. Ltd. published this content on 24 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 May 2022 07:17:02 UTC.