EF ON : Summary of Consolidated Financial Results for the Nine Months Ended March 31,2021(Based on Japanese GAAP)

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results for the Nine Months Ended March 31, 2021 (Based on Japanese GAAP)

				May 11, 2021
Company name:	EF-ON INC.
Stock exchange listing:	Tokyo
Stock code:	9514	URL http://www.ef-on.co.jp/
Representative:	President and Representative Director	TOMOTADA SHIMAZAKI
Inquiries:	Executive Director	HISAHITO KOIKE	TEL [phone]
Scheduled date to file Quarterly Securities Report:	May 11, 2021
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	No
Holding of quarterly financial results meeting:	No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the nine months ended March 31, 2021 (from July 1, 2020 to March 31, 2021)

(1) Consolidated operating results (cumulative)								Percentages indicate year-on-year changes
	Net sales				Operating profit	Ordinary profit		Profit attributable to
						owners of parent
	Millions of yen		%	Millions of yen	%	Millions of yen		%	Millions of yen		%
Nine months ended March 31, 2021	9,956		10.2		2,058	(10.8)		1,937		(12.0)		1,347		1.4
Nine months ended March 31, 2020	9,032		8.3		2,308	9.3		2,201		16.3			1,329		(10.0)
	Earnings per share		Diluted earnings per share
			Yen					Yen
Nine months ended March 31, 2021			62.29					-
Nine months ended March 31, 2020			61.44					61.40
(2) Consolidated financial position
	Total assets				Net assets	Equity ratio
	Millions of yen			Millions of yen				%
As of March 31, 2021		43,461					16,598				38.2
As of June 30, 2020		39,847					15,434				38.7
2. Cash dividends
						Annual dividends per share
	1st quarter-end	2nd quarter-end		3rd quarter-end	Fiscal year-end	Total
	Yen				Yen			Yen				Yen			Yen
Year ended June 30, 2020		-			0.00			-				8.00			8.00
Year ending June 30, 2021		-			0.00			-
Year ending June 30, 2021 (Forecast)													8.00			8.00

3. Forecast of consolidated financial results for the year ending June 30, 2021 (from July 1, 2020 to June 30, 2021)

Percentages indicate year-on-year changes

	Net sales		Operating profit		Ordinary profit		Profit attributable to	Earnings per share
				owners of parent
	Millions of yen	%	Millions of yen		%	Millions of yen		%	Millions of yen	%	Yen
Full year	14,500	18.7	3,000		2.5	2,700		(4.5)	2,000	13.8	92.43

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4. Notes

1. Changes in significant subsidiaries during the nine months ended March 31, 2021 (changes in specified subsidiaries resulting in the change in scope of consolidation):
2. Application of special accounting methods for preparing quarterly consolidated financial statements:

No

No

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements

Changes in accounting policies due to revisions to accounting standards and other regulations:	No
Changes in accounting policies due to other reasons:	No
Changes in accounting estimates:	No
Restatement of prior period financial statements:	No

(4) Number of issued shares (common shares)

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

As of March 31, 2021 21,638,199 shares As of June 30, 2020 21,638,199 shares Number of treasury shares at the end of the period

	As of March 31, 2021	1,580	shares	As of June 30, 2020	-	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Nine months ended March 31, 2021	21,637,441	shares	Nine months ended March 31, 2020	21,634,676	shares

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Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of June 30, 2020	As of March 31, 2021
Assets
Current assets
Cash and deposits	4,248	4,741
Notes and accounts receivable - trade	1,298	1,143
Supplies	708	854
Consumption taxes receivable	851	19
Other	418	504
Total current assets	7,524	7,264
Non-current assets
Property, plant and equipment
Buildings and structures	8,180	8,841
Accumulated depreciation	(1,279)	(1,505)
Buildings and structures, net	6,900	7,335
Machinery, equipment and vehicles	20,404	21,143
Accumulated depreciation	(5,334)	(6,180)
Machinery, equipment and vehicles, net	15,070	14,962
Tools, furniture and fixtures	217	233
Accumulated depreciation	(126)	(146)
Tools, furniture and fixtures, net	91	87
Land	3,127	3,213
Leased assets	985	772
Accumulated depreciation	(818)	(678)
Leased assets, net	166	93
Trees	539	783
Construction in progress	5,777	9,211
Total property, plant and equipment	31,673	35,687
Intangible assets
Right to use electricity supply facilities	354	336
Other	6	5
Total intangible assets	361	341
Investments and other assets
Deferred tax assets	196	85
Other	92	81
Total investments and other assets	288	167
Total non-current assets	32,322	36,197
Total assets		39,847	43,461

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			(Millions of yen)
		As of June 30, 2020	As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade	948	837
Short-term borrowings	200	700
Current portion of long-term borrowings	1,526	1,701
Accounts payable - other	293	586
Current portion of long-term accounts payable-other	153	94
Lease obligations	103	62
Income taxes payable	197	181
Provision for bonuses	38	72
Provision for maintenance	447	520
Other	149	392
Total current liabilities	4,057	5,149
Non-current liabilities
Long-term borrowings	20,188	21,594
Long-term accounts payable - other	66	15
Lease obligations	90	45
Deferred tax liabilities	9	57
Total non-current liabilities	20,355	21,713
Total liabilities	24,412	26,862
Net assets
Shareholders' equity
Share capital	2,292	2,292
Capital surplus	1,292	1,292
Retained earnings	11,840	13,015
Treasury shares	-	(1)
Total shareholders' equity	15,425	16,598
Share acquisition rights	8	-
Total net assets	15,434	16,598
Total liabilities and net assets		39,847	43,461

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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

			(Millions of yen)
	Nine months ended		Nine months ended
	March 31, 2020		March 31, 2021
Net sales	9,032	9,956
Cost of sales		6,224	7,301
Gross profit		2,807	2,654
Selling, general and administrative expenses		499	596
Operating profit		2,308	2,058
Non-operating income
Interest income	0	0
Insurance claim income	0	-
Gain on sales of scraps	5	2
Subsidy income	3	4
Subsidy income	-	6
Gain on sales of non-current assets	3	-
Other		3	6
Total non-operating income		17	18
Non-operating expenses
Interest expenses	105	111
Commission expenses	4	4
Loss on retirement of non-current assets	4	2
Other		10	20
Total non-operating expenses		124	139
Ordinary profit		2,201	1,937
Extraordinary income
Gain on reversal of share acquisition rights		-	8
Total extraordinary income		-	8
Profit before income taxes		2,201	1,946
Income taxes - current	326	441
Income taxes - deferred		545	157
Total income taxes		871	598
Profit		1,329	1,347
Profit attributable to owners of parent		1,329	1,347

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