〔Delayed〕Summary of Consolidated Financial Results for the Six Months Ended September 30,2021 (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 Six Months Ended September 30, 2021 (Based on Japanese GAAP)

					November 5, 2021
Company name:	GOLDWIN INC.
Stock exchange listing:	Tokyo
Stock code:	8111	URL https://www.goldwin.co.jp
Representative:	President and Representative Director	Takao Watanabe
Inquiries:	Executive Officer	Junzo Shirai	TEL [phone]
Director -Finance Dept.
Scheduled date to file Quarterly Securities Report:	November 12, 2021
Scheduled date to commence dividend payments:	December 6, 2021
Preparation of supplementary material on quarterly financial results:	Yes
Holding of quarterly financial results meeting:	Yes	(for institutional investors and analysts)

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the six months ended September 30, 2021 (from April 1, 2021 to September 30, 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		%
Six months ended September 30, 2021	38,208		21.1		3,299	166.8		3,835		174.8		2,632		321.9
Six months ended September 30, 2020	31,558	(23.3)		1,236	(77.7)		1,395		(73.6)		623		(82.7)
	Earnings per share		Diluted earnings per share
			Yen					Yen
Six months ended September 30, 2021			58.01					-
Six months ended September 30, 2020			13.77					-
(2) Consolidated financial position
	Total assets				Net assets	Equity ratio
	Millions of yen			Millions of yen					%
As of September 30, 2021		86,931					53,173				61.0
As of March 31, 2021		91,376					52,916				57.8
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 March 31, 2021		-			15.00			-				55.00			70.00
Year ending March 31, 2022		-			20.00
Year ending March 31, 2022 (Forecast)									-				50.00			70.00

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)

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	100,000	10.5	14,000	(5.7)	15,200		(4.9)	10,300	(4.0)	227.07

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4. Notes

1. Changes in significant subsidiaries during the six months ended September 30, 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:	Yes
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 September 30, 2021	47,448,172	shares	As of March 31, 2021	47,448,172	shares
Number of treasury shares at the end of the period
	As of September 30, 2021	2,068,800	shares	As of March 31, 2021	2,091,698	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Six months ended September 30, 2021	45,377,536	shares	Six months ended September 30, 2020	45,323,807	shares

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Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2021	As of September 30, 2021
Assets
Current assets
Cash and deposits	21,536	13,372
Notes and accounts receivable - trade	9,281	-
Notes and accounts receivable - trade, and contract assets	-	11,906
Electronically recorded monetary claims - operating	3,175	1,896
Merchandise and finished goods	14,435	16,165
Work in process	199	543
Raw materials and supplies	518	533
Other	2,032	1,471
Allowance for doubtful accounts	(10)	(14)
Total current assets	51,168	45,875
Non-current assets
Property, plant and equipment
Buildings and structures, net	1,681	1,722
Land	4,691	4,691
Other, net	1,860	1,896
Total property, plant and equipment	8,233	8,310
Intangible assets
Trademark right	1,792	1,640
Other	1,120	1,175
Total intangible assets	2,912	2,815
Investments and other assets
Investment securities	21,608	22,462
Guarantee deposits	2,696	2,697
Other	5,021	5,068
Allowance for doubtful accounts	(265)	(297)
Total investments and other assets	29,061	29,930
Total non-current assets	40,207	41,056
Total assets		91,376	86,931

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			(Millions of yen)
		As of March 31, 2021	As of September 30, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade	3,544	6,688
Electronically recorded obligations - operating	10,131	7,977
Short-term borrowings	3,600	3,428
Current portion of long-term borrowings	2,520	2,230
Income taxes payable	3,910	863
Provision for bonuses	1,668	1,078
Provision for sales returns	51	-
Other	6,859	5,679
Total current liabilities	32,285	27,945
Non-current liabilities
Long-term borrowings	3,626	3,298
Retirement benefit liability	232	219
Provision for share awards	807	843
Other	1,508	1,451
Total non-current liabilities	6,173	5,812
Total liabilities	38,459	33,758
Net assets
Shareholders' equity
Share capital	7,079	7,079
Capital surplus	264	276
Retained earnings	50,604	50,576
Treasury shares	(4,138)	(4,569)
Total shareholders' equity	53,810	53,363
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	490	335
Deferred gains or losses on hedges	27	52
Foreign currency translation adjustment	(457)	195
Remeasurements of defined benefit plans	(1,068)	(877)
Total accumulated other comprehensive income	(1,007)	(294)
Non-controlling interests	114	104
Total net assets	52,916	53,173
Total liabilities and net assets		91,376	86,931

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

Consolidated statements of income (cumulative)

			(Millions of yen)
		Six months ended	Six months ended
		September 30, 2020	September 30, 2021
Net sales	31,558	38,208
Cost of sales	15,429	18,708
Gross profit	16,129	19,500
Provision for sales returns	24	-
Gross profit - net	16,105	19,500
Selling, general and administrative expenses	14,868	16,200
Operating profit	1,236	3,299
Non-operating income
Interest income	4	4
Dividend income	37	36
Share of profit of entities accounted for using equity method	197	540
Other	43	60
Total non-operating income	282	641
Non-operating expenses
Interest expenses	57	46
Loss on sale of notes receivable - trade	9	11
Loss on cancellation of insurance policies	18	17
Other	38	29
Total non-operating expenses	123	105
Ordinary profit	1,395	3,835
Extraordinary income
Gain on sale of non-current assets	0	0
Gain on sale of investment securities	-	14
Total extraordinary income	0	15
Extraordinary losses
Loss on disposal of non-current assets	0	0
Loss on valuation of investment securities	267	-
Loss on store closings	19	1
Other	3	0
Total extraordinary losses	290	2
Profit before income taxes	1,105	3,848
Income taxes - current	365	1,174
Income taxes - deferred	84	8
Total income taxes	450	1,183
Profit	655	2,665
Profit attributable to non-controlling interests	31	32
Profit attributable to owners of parent		623	2,632

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