Life : ［Delayed］［Full text］Consolidated Financial Results for the Fiscal Year Ended February 28,2022(under Japanese GAAP)

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

Consolidated Financial Results for the Fiscal Year

Ended February 28, 2022

(under Japanese GAAP)

April 11, 2022

Company name:	LIFE CORPORATION
Listing:	Tokyo Stock Exchange
Securities code:	8194
URL:	http://www.lifecorp.jp/
Representative:	Takaharu Iwasaki, Representative Director and President
Inquiries:	Koichi Miyata, General Manager, Investor Relations Department
TEL:	[phone] (from overseas)

Scheduled date of Annual General Meeting of Shareholders:	May 26, 2022
Scheduled date to commence dividend payments:	May 27, 2022
Scheduled date to file Annual Securities Report:	May 27, 2022
Preparation of supplementary material on annual financial results:	Yes
Holding of annual financial results meeting:	Yes (for institutional investors and
analysts)

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

1. Consolidated financial results for the fiscal year ended February 28, 2022

(from March 1, 2021 to February 28, 2022)

(1)Consolidated operating results

(Percentages indicate year-on-year changes.)

Operating profit

Ordinary profit

Profit attributable to owners of parent

Fiscal year ended	Millions of yen	%	%	%	%
February 28, 2022	768,335	1.2	22,932	(16.3)	23,695	(15.8)	15,208	(14.7)
February 28, 2021	759,146	6.2	27,388	97.3	28,156	93.4	17,824	127.5

Millions of yen

Millions of yen

Millions of yen

Note:	Comprehensive income
Fiscal year ended February 28, 2022:	¥15,322 million [(16.3)%]
Fiscal year ended February 28, 2021:	¥18,314 million [139.0%]

Reference: Operating revenue is the total of net sales and receipts from operating revenue.

Net sales

Fiscal year ended February 28, 2022:

Fiscal year ended February 28, 2021:

¥745,080 million [1.2%] ¥736,346 million [6.2%]

Receipts from operating revenue

Fiscal year ended February 28, 2022:

Fiscal year ended February 28, 2021:

¥23,254 million [2.0%] ¥22,800 million [5.5%]

Earnings per share	Diluted earnings per share	Return on equity	Ordinary profit/ total assets	Operating profit/operating revenue
Fiscal year ended February 28, 2022 February 28, 2021	Yen 324.50 380.32	Yen  	% 14.6 19.9	% 8.8 10.6	% 3.0 3.6

Reference: Share of profit (loss) of entities accounted for using equity method Fiscal year ended February 28, 2022: ¥ million

Fiscal year ended February 28, 2021: ¥ million

(2) Consolidated financial position

Total assets	Net assets	Equity ratio	Net assets per share
As of February 28, 2022 February 28, 2021	Millions of yen 270,229 268,307	Millions of yen 110,299 97,560	% 40.8 36.4	Yen 2,353.44 2,081.61

Reference:	Equity
As of February 28, 2022:	¥110,299 million
As of February 28, 2021:	¥97,560 million

(3) Consolidated cash flows

Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at end of period
Fiscal year ended February 28, 2022 February 28, 2021	Millions of yen (7,926) 41,747	Millions of yen (20,303) (20,587)	Millions of yen 22,695 (19,029)	Millions of yen 9,409 14,943

2.

Cash dividends

Annual dividends	Total cash dividends (Annual)	Dividend payout ratio (Consolidated)	Ratio of dividends to net assets (Consolidated)
First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
Fiscal year ended February 28, 2021 Fiscal year ended February 28, 2022	Yen  	Yen 25.00 30.00	Yen  	Yen 25.00 40.00	Yen 50.00 70.00	Millions of yen 2,345 3,287	% 13.1 21.6	% 2.6 3.2
Fiscal year ending February 28, 2023 (Forecast)		35.00		35.00	70.00	21.2

Note:

Breakdown of year-end dividend for the fiscal year ended February 28, 2022: Ordinary dividend of ¥30.00, and the 60th anniversary commemorative dividend of ¥10.00

3.

Consolidated earnings forecasts for the fiscal year ending February 28, 2023 (from March 1, 2022 to February 28, 2023)

(Percentages indicate year-on-year changes.)

Operating revenue	Operating profit	Ordinary profit	Profit attributable to owners of parent	Earnings per share
Fiscal year ending February 28, 2023	Millions of yen 770,000	% -	Millions of yen 23,200	% 1.2	Millions of yen 24,000	% 1.3	Millions of yen 15,500	% 1.9	Yen 330.72

Note:

The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29), etc., from the beginning of the fiscal year ending February 28, 2023. Therefore, the above consolidated earnings forecasts represent the amounts calculated by applying the said accounting standard, etc., but do not include year-on-year changes for operating revenue as the accounting treatment method subject to comparison differs.

The Company expects operating revenue to decrease by approximately ¥22.0 billion due to this change.

* Notes

(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None

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

  • i. Changes in accounting policies due to revisions to accounting standards and other regulations: None

  • ii. Changes in accounting policies due to other reasons: None

  • iii. Changes in accounting estimates: None

  • iv. Restatement: None

• (3) Number of issued shares (ordinary shares)

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

As of February 28, 2022

As of February 28, 2021

49,450,800 shares 53,450,800 shares

• ii. Number of treasury shares at the end of the periodAs of February 28, 2022

  As of February 28, 2021

  2,583,502 shares 6,583,138 shares

• iii. Average number of shares during the period

  Fiscal year ended February 28, 2022 46,867,560 shares Fiscal year ended February 28, 2021 46,868,068 shares

Note: The number of treasury shares at the end of the period includes the Company's shares (90,300 shares as of February 28, 2022, and 90,300 shares as of February 28, 2021) held by Custody Bank of Japan, Ltd. (Trust Account) as the trust assets for the "Trust for Delivering Shares to Directors."

In addition, the Company's shares held by Custody Bank of Japan, Ltd. (Trust Account) are included in the treasury shares that are excluded from the calculation of the average number of shares during the period. (90,300 shares as of February 28, 2022, and 90,300 shares as of February 28, 2021)

Reference: Overview of non-consolidated financial results

1. Non-consolidated financial results for the fiscal year ended February 28, 2022 (from March 1, 2021 to February 28, 2022)

(1) Non-consolidated operating results

(Percentages indicate year-on-year changes.)

Profit
Fiscal year ended	Millions of yen	%	%	%	Millions of yen	%
February 28, 2022	767,379	1.2	22,808	(16.1)	23,556	(15.8)	15,066	(14.7)
February 28, 2021	758,259	6.2	27,193	96.3	27,972	92.4	17,665	126.9

Millions of yen Millions of yen

Operating revenue

Operating profit

Ordinary profit

Earnings per share	Diluted earnings per share
Fiscal year ended February 28, 2022 February 28, 2021	Yen 321.46 376.93	Yen  

(2) Non-consolidated financial position

Total assets	Net assets	Equity ratio	Net assets per share
As of February 28, 2022 February 28, 2021	Millions of yen 275,299 274,950	Millions of yen 110,634 98,170	% 40.2 35.7	Yen 2,360.60 2,094.63

Reference:	Equity
As of February 28, 2022:	¥110,634 million
As of February 28, 2021:	¥98,170 million

2. Non-consolidated earnings forecasts for the fiscal year ending February 28, 2023 (from March 1, 2022 to February 28, 2023)

(Percentages indicate year-on-year changes.)

Operating revenue	Ordinary profit	Profit	Earnings per share
Fiscal year ending February 28, 2023	Millions of yen 769,000	% -	Millions of yen 23,700	% 0.6	Millions of yen 15,250	% 1.2	Yen 325.39

Note: The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29), etc., from the beginning of the fiscal year ending February 28, 2023. Therefore, the above non-consolidated earnings forecasts represent the amounts calculated by applying the said accounting standard, etc., but do not include year-on-year changes for operating revenue as the accounting treatment method subject to comparison differs.

The Company expects operating revenue to decrease by approximately ¥22.0 billion due to this change.

* Financial results reports are not required to be subjected to audit conducted by certified public accountants or an audit corporation.

* Proper use of earnings forecasts, and other special matters

The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. Actual business and other results may differ substantially due to various factors. Please refer to "(4) Future outlook" in "1. Overview of operating results, etc." on page 4 of the attached material for the suppositions that form the assumptions for earnings forecasts and cautions concerning the use thereof.

Attached material

1. Overview of operating results, etc ........................................................................................................................................ 2

(1) Overview of operating results for the fiscal year under review ...................................................................................... 2

(2) Overview of financial position for the fiscal year under review .................................................................................... 3

(3) Overview of cash flows for the fiscal year under review ............................................................................................... 4

(4) Future outlook ................................................................................................................................................................ 4

• 2. Basic concept regarding selection of accounting standards .................................................................................................. 6

• 3. Consolidated financial statements and significant notes thereto .......................................................................................... 7

  (1) Consolidated balance sheet ............................................................................................................................................ 7

  (2) Consolidated statement of income and consolidated statement of comprehensive income ............................................ 9

  Consolidated statement of income ................................................................................................................................. 9

  Consolidated statement of comprehensive income ...................................................................................................... 10

  (3) Consolidated statement of changes in equity ............................................................................................................... 11

  (4) Consolidated statement of cash flows .......................................................................................................................... 13

  (5) Notes to consolidated financial statements .................................................................................................................. 14

  Notes on premise of going concern .............................................................................................................................. 14

  Significant accounting policies for preparation of consolidated financial statements .................................................. 14

  Changes in presentation ............................................................................................................................................... 16

  Additional information ................................................................................................................................................ 17

  Consolidated balance sheet .......................................................................................................................................... 18

  Consolidated statement of income ............................................................................................................................... 20

  Consolidated statement of comprehensive income ...................................................................................................... 23

  Consolidated statement of changes in equity ............................................................................................................... 23

  Consolidated statement of cash flows .......................................................................................................................... 26

  Segment information, etc . ............................................................................................................................................ 27

  Per share information ................................................................................................................................................... 30

  Significant subsequent events ...................................................................................................................................... 30

• 4. Non-consolidated financial statements and significant notes thereto ................................................................................. 31

  (1) Balance sheet ............................................................................................................................................................... 31

  (2) Statement of income .................................................................................................................................................... 33

  (3) Statement of changes in equity .................................................................................................................................... 34

  (4) Notes to non-consolidated financial statements ........................................................................................................... 36

• 5. Other .................................................................................................................................................................................. 37

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