Greens : 〔Delayed〕Summary of Consolidated Financial Results for the Nine Months Ended March 31,2021

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 13, 2021
Company name:	GREENS CO.,LTD.
Stock exchange listing:	Tokyo, Nagoya
Stock code:	6547	URL https://www.kk-greens.jp/
Representative:	President & Representative Director	Muraki Takeya
Inquiries:	Director and General Manager	Hiroya Ito	TEL [phone]
Administration Div.
Scheduled date to file Quarterly Securities Report:	May 13, 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	11,933	(43.2)	(6,353)		-		(6,227)			-		(6,486)		-
Nine months ended March 31, 2020	21,016		(8.9)	(392)		-		(349)			-		(469)		-
	Earnings per share		Diluted earnings per share
			Yen				Yen
Nine months ended March 31, 2021			(503.72)					-
Nine months ended March 31, 2020			(36.47)					-
(2) Consolidated financial position
	Total assets			Net assets		Equity ratio
	Millions of yen		Millions of yen					%
As of March 31, 2021		18,064					(613)					(3.4)
As of June 30, 2020		17,422					6,003				34.5
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				-				10.00			10.00
Year ending June 30, 2021		-		0.00				-
Year ending June 30, 2021 (Forecast)													0.00			0.00

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

-

-

-

-

-

-

-

-

-

1

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

Yes

(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:	Yes
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	12,886,200	shares	As of June 30, 2020	12,886,200	shares
Number of treasury shares at the end of the period
	As of March 31, 2021	9,742	shares	As of June 30, 2020	9,742	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Nine months ended March 31, 2021	12,876,458	shares	Nine months ended March 31, 2020	12,878,155	shares

2

Quarterly consolidated financial statements

Consolidated balance sheets

			(Thousands of yen)
		As of June 30, 2020	As of March 31, 2021
Assets
Current assets
Cash and deposits	4,295,298	4,727,086
Accounts receivable - trade	444,945	933,831
Raw materials and supplies	93,861	96,933
Consumption taxes receivable	459,533	270,051
Other	1,195,396	999,120
Allowance for doubtful accounts	(410)	(1,090)
Total current assets	6,488,625	7,025,933
Non-current assets
Property, plant and equipment
Buildings and structures, net	2,417,498	2,378,009
Tools, furniture and fixtures, net	332,834	398,416
Land	1,965,426	1,965,426
Leased assets, net	110,200	136,907
Construction in progress	412	754
Total property, plant and equipment	4,826,373	4,879,514
Intangible assets	265,011	208,336
Investments and other assets
Investment securities	51,665	55,333
Long-term loans receivable	36,478	29,876
Guarantee deposits	5,581,170	5,815,905
Other	230,321	99,622
Allowance for doubtful accounts	(57,000)	(50,000)
Total investments and other assets	5,842,635	5,950,738
Total non-current assets	10,934,021	11,038,589
Total assets		17,422,646	18,064,523

3

			(Thousands of yen)
		As of June 30, 2020	As of March 31, 2021
Liabilities
Current liabilities
Accounts payable - trade	532,599	757,757
Short-term borrowings	5,000,000	5,600,000
Current portion of long-term borrowings	731,628	731,628
Accounts payable - other	539,318	805,524
Accrued expenses	534,229	524,435
Income taxes payable	57,969	55,305
Accrued consumption taxes	4,419	-
Provision for bonuses	-	161,489
Other	259,770	228,079
Total current liabilities	7,659,936	8,864,219
Non-current liabilities
Long-term borrowings	3,054,853	9,006,132
Asset retirement obligations	526,374	549,056
Other	178,352	258,334
Total non-current liabilities	3,759,579	9,813,522
Total liabilities	11,419,515	18,677,742
Net assets
Shareholders' equity
Share capital	1,948,025	1,948,025
Capital surplus	1,949,813	1,949,813
Retained earnings	2,119,758	(4,495,161)
Treasury shares	(8,917)	(8,917)
Total shareholders' equity	6,008,679	(606,240)
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	(5,548)	(6,979)
Total accumulated other comprehensive income	(5,548)	(6,979)
Total net assets	6,003,130	(613,219)
Total liabilities and net assets		17,422,646	18,064,523

4

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

Consolidated statements of income (cumulative)

			(Thousands of yen)
		Nine months ended	Nine months ended
		March 31, 2020	March 31, 2021
Net sales	21,016,494	11,933,493
Cost of sales	17,195,034	14,928,124
Gross profit (loss)	3,821,460	(2,994,630)
Selling, general and administrative expenses	4,213,571	3,358,605
Operating loss	(392,110)	(6,353,235)
Non-operating income
Interest income	679	535
Penalty income	22,688	128,247
Subsidy income	-	180,452
Other	31,581	27,726
Total non-operating income	54,950	336,961
Non-operating expenses
Interest expenses	9,781	30,760
Borrowing fee	-	180,597
Other	2,217	8
Total non-operating expenses	11,998	211,366
Ordinary loss	(349,159)	(6,227,640)
Extraordinary income
Gain on sales of non-current assets	-	37
Total extraordinary income	-	37
Extraordinary losses
Loss on retirement of non-current assets	6,929	3,125
Impairment loss	63,093	11,845
Total extraordinary losses	70,023	14,971
Loss before income taxes	(419,182)	(6,242,574)
Income taxes - current	50,491	47,613
Income taxes - deferred	-	195,967
Total income taxes	50,491	243,580
Loss	(469,674)	(6,486,154)
Loss attributable to owners of parent		(469,674)	(6,486,154)

5