Note: This document has been translated from 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.

August 10, 2022

Consolidated Financial Results

for the Three Months Ended June 30, 2022

(Under Japanese GAAP)

Company name:

Polaris Holdings Co., Ltd.

Listing:

Tokyo Stock Exchange

Securities code:

3010

URL:

https://www.polaris holdings.com/en/

Representative:

Atsuo Umeki, President & CEO

Inquiries:

Satoshi Hosono, CFO

Telephone:

+81-3-5822-3010

Scheduled date to file quarterly securities report:

August 12, 2022

Scheduled date to commence dividend payments:

―

Preparation of supplementary material on quarterly financial results: None

Holding of quarterly financial results briefing:

None

(Amounts are rounded off to the nearest million yen.)

1. Consolidated financial results for the three months ended June 30, 2022 (from April 1, 2022 to June 30, 2022)

(1) Consolidated operating results (cumulative)

(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Three months ended

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

June 30, 2022

1,192

56.1

(58)

-

(107)

-

(120)

-

June 30, 2021

764

104.7

(427)

-

(447)

-

(461)

-

Note: Comprehensive income

For the three months ended June 30, 2022:

¥(120) million

[-%]

For the three months ended June 30, 2021:

¥(461) million

[-%]

Basic earnings

Diluted earnings

per share

per share

Three months ended

Yen

Yen

June 30, 2022

(1.30)

-

June 30, 2021

(7.81)

-

(2) Consolidated financial position

Total assets

Net assets

Equity-to-asset ratio

As of

Millions of yen

Millions of yen

%

June 30, 2022

13,030

973

7.4

March 31, 2022

12,036

193

1.5

Reference: Equity

As of June 30, 2022:

¥964 million

As of March 31, 2022:

¥182 million

2. Cash dividends

Annual dividends per share

First quarter-end

Second quarter-end

Third quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

Fiscal year ended

-

0.00

-

0.00

0.00

March 31, 2022

Fiscal year ending

-

March 31, 2023

Fiscal year ending

March 31, 2023

0.00

-

0.00

0.00

(Forecast)

Note: Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2023 (from April 1, 2022 to March 31, 2023)

Given the current situation regarding COVID-19 and the potential impact on the Group's business activities for the fiscal year ending March 31, 2023, it is difficult to reasonably estimate consolidated earnings forecasts at this time. As a result, the Group has made the decision to not disclose earnings forecasts at this time. An announcement will be made as soon as disclosure of earnings forecasts can be made.

* Notes

  1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
  2. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
  3. Changes in accounting policies, changes in accounting estimates, and restatement
    1. Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
    2. Changes in accounting policies due to other reasons: None
    3. Changes in accounting estimates: None
    4. Restatement: None
  5. Number of issued shares (common shares)
    1. Total number of issued shares at the end of the period (including treasury shares)

As of June 30, 2022

102,041,589 shares

As of March 31, 2022

91,576,389 shares

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

As of June 30, 2022

1,674 shares

As of March 31, 2022

1,674 shares

  1. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

Three months ended June 30, 2022

92,494,732 shares

Three months ended June 30, 2021

59,017,264 shares

  • Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
  • Proper use of earnings forecasts, and other special matters
    Given the current situation regarding COVID-19 and the potential impact on the Group's business activities for the fiscal year ending March 31, 2023, it is difficult to reasonably estimate consolidated earnings forecasts at this time. As a result, the Group has made the decision to not disclose earnings forecasts at this time. An announcement will be made as soon as disclosure of earnings forecasts can be made.

Quarterly Consolidated Financial Statements

1) Quarterly Consolidated Balance Sheets

(Thousands of yen)

As of March 31, 2022

As of June 30, 2022

Assets

Current assets

Cash and deposits

2,404,386

3,275,871

Accounts receivable - trade

616,258

762,395

Real estate for sale

5,953,143

5,932,817

Raw materials and supplies

16,487

19,794

Other

372,384

371,158

Allowance for doubtful accounts

△75

△75

Total current assets

9,362,583

10,361,960

Non-current assets

Property, plant and equipment

Buildings and structures, net

434,568

429,753

Land

248,123

248,123

Other, net

348,361

333,813

Total property, plant and equipment

1,031,052

1,011,689

Intangible assets

Other

6,863

5,877

Total intangible assets

6,863

5,877

Investments and other assets

Investment securities

210,001

209,989

Beneficial interests in real estate trust

611,072

603,328

Leasehold and guarantee deposits

755,908

781,908

Other

58,200

54,822

Total investments and other assets

1,635,181

1,650,048

Total non-current assets

2,673,095

2,667,613

Total assets

12,035,678

13,029,573

(Thousands of yen)

As of March 31, 2022

As of June 30, 2022

Liabilities

Current liabilities

Short-term borrowings

1,099,400

786,100

Current portion of long-term borrowings

364,860

381,234

Income taxes payable

29,916

19,736

Provision for shareholder benefit program

3,400

3,400

Other

689,676

1,020,728

Total current liabilities

2,187,253

2,211,197

Non-current liabilities

Convertible-bond-type

bonds with share

900,000

900,000

acquisition rights

Long-term borrowings

6,391,845

6,593,386

Subordinated capital loans

950,000

950,000

Long-term deposits received

1,039,940

1,039,847

Retirement benefit liability

9,070

9,388

Asset retirement obligations

167,119

167,493

Other

197,852

185,690

Total non-current liabilities

9,655,825

9,845,803

Total liabilities

11,843,078

12,057,000

Net assets

Shareholders' equity

Share capital

1,829,803

2,280,800

Capital surplus

2,163,383

2,614,381

Retained earnings

△3,808,387

△3,928,413

Treasury shares

△2,992

△2,992

Total shareholders' equity

181,807

963,776

Accumulated other comprehensive income

Valuation difference

on available-for-sale

143

135

securities

Total accumulated other comprehensive

143

135

income

Share acquisition rights

10,650

8,662

Total net assets

192,600

972,573

Total liabilities and net assets

12,035,678

13,029,573

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KACHIKAIHATSU Co. Ltd. published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 07:05:17 UTC.