Consolidated Financial Results for the First Half Ended September 30, 2021(International Financial Reporting Standards)

	Flash Report
LIXIL CORPORATION	October 29, 2021

Consolidated Financial Results for the First Half Ended September 30, 2021

(International Financial Reporting Standards)

Company Name:	LIXIL CORPORATION	Stock Listings:	Tokyo, Nagoya
Code Number:	5938	URL: https://www.lixil.com/en/investor/
Representative:	Kinya Seto, President & CEO	Telephone:	[phone]

Contact:	Kayo Hirano, Senior Vice President, Leader, Investor Relations Office
Scheduled date of issue of quarterly financial report:	November 11, 2021
Schedule date of payment of interim dividends:	November 26, 2021
Preparation of supplementary materials for quarterly financial results:	Yes
Information meeting for quarterly financial results to be held:	Yes (For investment analysts and institutional investors)

(Amounts less than one million yen are rounded)

1. Consolidated Financial Results for the H1 of FY Ending March, 2022 (April 1 through September 30, 2021)

(1) Consolidated Operating Results			(% indicate changes from the figures of corresponding period of the previous fiscal year)
					From Continuing Operations
	Revenue		Core earnings	Operating profit	Profit before tax	Profit for the quarter
	Million yen	%	Million yen	%	Million yen	%	Million yen	%	Million yen	%
FYE 2022 H1	696,213		5.4	37,271	142.5	37,161		210.3	35,593	233.3	25,971	311.7
FYE 2021 H1	660,476		-13.0	15,371	-54.8	11,976		-64.3	10,678	-75.6	6,308	-79.1
					Including Discontinued Operations
				Profit for the quarter	Total comprehensive	Basic earnings	Diluted earnings
	Profit for the quarter	attributable to	income for the
	per share	per share
				owners of the parent	quarter
	Million yen	%	Million yen	%	Million yen	%		Yen		Yen
FYE 2022 H1	25,780		76.1	25,707	136.5	24,685		20.7		88.46		84.02
FYE 2021 H1	14,640		-41.9	10,869	-53.0	20,459		271.8		37.47		35.75

Note: Core earnings is calculated by deducting the cost of sales and selling, general and administrative expenses (SGA) from revenue.

(2) Consolidated Financial Position
				Equity attributable to	Ratio of equity attributable
		Total assets	Total equity	to owners of the parent to
		owners of the parent
				total assets
		Million yen	Million yen	Million yen	%
FYE 2022 H1		1,711,580	568,929	566,535	33.1
FYE 2021		1,741,814	554,767	552,271	31.7
2. Cash Dividends
				Dividends per share
		End of Q1	End of Q2	End of Q3	End of period	For the year
		Yen	Yen	Yen	Yen	Yen
FYE 2021		－	35.00	－	40.00	75.00
FYE 2022		－	40.00
FYE 2022				－	40.00	80.00
(forecast)
Note: Revision	of dividends forecast after the recent announcement: None

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3. Consolidated Forecast for the FY Ending March, 2022 (April 1, 2021 through March 31, 2022)

(% indicate changes from the figures of corresponding period of the previous fiscal year)

					From Continuing Operations
	Revenue		Core earnings	Operating profit	Profit before tax	Profit for the year
	Million yen	%	Million yen	%	Million yen	%	Million yen	%	Million yen	%
FYE 2022	1,440,000		4.5	80,000	39.6	78,000	117.6	75,500	123.3	49,000	199.4
			Including Discontinued Operations
				Profit for the year	Basic earnings
	Profit for the year	attributable to
	per share
				owners of the parent
	Million yen	%	Million yen	%		Yen
FYE 2022	47,000		25.0	47,000	42.2		161.94

Note: Revision of consolidated operating performance forecast after the recent announcement: None

• Notes

1. Changes in significant subsidiaries, which affected the scope of consolidation during this period: None
   Newly consolidated company: None
   Excluded company: None
2. Changes in accounting policies and accounting estimate
3. 1. Changes in accounting policies required by IFRS: None
   2. Other changes: None
   3. Changes in accounting estimate: None
4. Outstanding stocks (Common stocks)

(i) Outstanding stocks including treasury stocks	(September 30, 2021)	313,319,159	shares	(FY ended March 31, 2021)
(ii) Treasury stocks	(September 30, 2021)	22,616,761	shares	(FY ended March 31,	2021)
(iii) Average stocks during the first half	(September 30, 2021)	290,609,099	shares	(September 30,	2020)

313,319,159 shares

23,091,924 shares

290,102,188 shares

* This financial results report is exempt from review procedures under Japan's Financial Instruments and Exchange Law.

*Appropriate use of business forecasts, other special items (Cautionary statements with respect to forward-looking statements)

Performance forecast and other forward-looking statements contained in this report are based on information currently available and on certain assumptions deemed rational at the time of this report's release. Due to various circumstances, however, actual results may differ significantly from such statements.

Note: Regarding presentation material to supplement the financial results announcement has been posted on TDnet and the Company's website.

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LIXIL Corporation (TSE Code 5938) H1 Results for the FY Ending March 2022

4. Consolidated Financial Statements
(1) Consolidated Statement of Financial Position
			(Unit: millions of yen)
				End of H1
	As of March 31, 2021	(As of September 30,
				2021)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	Y	111,061	Y	98,905
Trade and other receivables		284,369		269,129
Inventories		180,417		201,119
Contract assets		17,650		24,477
Income taxes receivable		9,776		1,062
Other financial assets		13,880		18,720
Other current assets		19,262		17,567
Subtotal		636,415		630,979
Assets held for sale		1,358		375
Total current assets		637,773		631,354
NON-CURRENT ASSETS:
Property, plant and equipment		402,669		393,006
Right of use assets		62,417		59,021
Goodwill and other intangible assets		453,456		449,021
Investment property		4,931		5,213
Investments accounted for using the equity method		10,871		10,327
Other financial assets		83,080		74,954
Deferred tax assets		77,939		78,578
Other non-current assets		8,678		10,106
Total non-current assets		1,104,041		1,080,226
Total assets	Y	1,741,814	Y	1,711,580

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LIXIL Corporation (TSE Code 5938) H1 Results for the FY Ending March 2022

			(Unit: millions of yen)
				End of H1
	As of March 31, 2021	(As of September 30,
				2021)
LIABILITIES AND EQUITY
LIABILITIES
CURRENT LIABILITIES:
Trade and other payables		299,363		272,075
Bonds and borrowings		164,204		138,800
Lease liabilities		17,339		16,606
Contract liabilities		9,738		12,590
Income taxes payable		5,220		7,209
Other financial liabilities		5,408		4,795
Provisions		1,313		1,101
Other current liabilities		84,343		84,445
Total current liabilities		586,928		537,621
NON-CURRENT LIABILITIES:
Bonds and borrowings		366,923		373,969
Lease liabilities		47,039		43,829
Other financial liabilities		25,757		27,084
Net defined benefit liabilities		80,939		81,427
Provisions		7,860		7,780
Deferred tax liabilities		56,468		56,310
Other non-current liabilities		15,133		14,631
Total non-current liabilities		600,119		605,030
Total liabilities		1,187,047		1,142,651
EQUITY
Share capital		68,418		68,418
Capital reserves		278,240		278,593
Treasury shares		-48,610		-47,614
Other components of equity		20,415		18,686
Retained earnings		233,808		248,452
Equity attributable to owners of the parent		552,271		566,535
Non-controlling interests		2,496		2,394
Total equity		554,767		568,929
Total liabilities and equity	Y	1,741,814	Y	1,711,580

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LIXIL Corporation (TSE Code 5938) H1 Results for the FY Ending March 2022

1. Consolidated Statements of Profit or Loss and Comprehensive Income Consolidated Statement of Profit or Loss

			(Unit: millions of yen)
	Six months ended	Six months ended
	September 30, 2020	September 30, 2021
Continuing operations
Revenue	Y	660,476	Y	696,213
Cost of sales		-442,805		-452,009
GROSS PROFIT		217,671		244,204
Selling, general and administrative expenses		-202,300		-206,933
Other income		2,495		4,812
Other expenses		-5,890		-4,922
OPERATING PROFIT		11,976		37,161
Finance income		6,574		2,634
Finance costs		-7,771		-3,702
Share of loss of associates and joint ventures accounted		-101		-500
for using the equity method
PROFIT BEFORE TAX FROM CONTINUING OPERATIONS		10,678		35,593
Income tax expenses		-4,370		-9,622
PROFIT FOR THE QUARTER FROM CONTINUING OPERATIONS		6,308		25,971
Discontinued operations
PROFIT (LOSS) FOR THE QUARTER FROM DISCONTINUED OPERATIONS		8,332		-191
PROFIT FOR THE QUARTER		14,640		25,780
Profit (loss) for the year attributable to:
Owners of the parent
Continuing operations		6,283		25,898
Discontinued operations		4,586		-191
Total		10,869		25,707
Non-controlling interests
Continuing operations		25		73
Discontinued operations		3,746		－
Total		3,771		73
PROFIT FOR THE QUARTER		14,640		25,780

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