Translation－Original text in Japanese

Consolidated Financial Results for the Fiscal Year Ended March 31, 2023

(Under Japanese GAAP)

April 28, 2023

Company name:

CHORI CO., LTD.

Listing:

Tokyo Stock Exchange (Prime)

Securities code:

8014

URL:

https://www.chori.co.jp

Representative:

Kazuo Sakihama, President, CEO & COO

Inquiries:

Yasutaka Kawamura, Manager of Corporate Management Dept.

Telephone:

+81-3-5781-6201

Scheduled date of annual general meeting of shareholders:

June 16, 2023

Scheduled date to commence dividend payments:

June 1, 2023

Scheduled date to file annual securities report:

June 19, 2023

Preparation of supplementary materials on financial results:

Yes

Holding of financial results briefing:

Yes (for institutional investors and analysts)

(Amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (from April 1, 2022 to March 31, 2023)

(1) Consolidated operating results

(Percentages indicate year-on-year changes)

Net sales

Operating profit

Ordinary profit

Net profit attributable

to owners of parent

Fiscal year ended

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Mar. 31, 2023

329,389

15.9

12,656

35.7

12,437

21.1

8,124

19.3

Mar. 31, 2022

284,096

31.4

9,328

154.6

10,274

120.6

6,811

446.2

Note: Comprehensive income

For the fiscal year ended Mar.31, 2023: 9,397 million yen [15.2%]

For the fiscal year ended Mar.31, 2022: 8,157 million yen [212.3%]

Basic earnings

Diluted earnings

Return on equity

Ratio of ordinary

Ratio of operating

per share

per share

profit to total assets

profit to net sales

Fiscal year ended

yen

yen

%

%

%

Mar. 31, 2023

330.16

－

11.8

9.0

3.8

Mar. 31, 2022

276.82

－

11.0

8.4

3.3

Reference: Share of profit of entities accounted for using equity method

For the fiscal year ended Mar.31, 2023: 185 million yen

For the fiscal year ended Mar.31, 2022: 295 million yen

(2) Consolidated financial position

Total assets

Net assets

Equity-to-asset ratio

Net assets per share

As of

Millions of yen

Millions of yen

%

yen

Mar. 31, 2023

143,200

72,158

50.4

2,932.46

Mar. 31, 2022

134,121

65,096

48.5

2,643.55

Reference: Total Equity

As of Mar.31, 2023: 72,158 million yen

As of Mar.31, 2022: 65,055 million yen

1

(3) Consolidated cash flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash

equivalents at end of

operating activities

investing activities

financing activities

period

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Mar. 31, 2023

9,596

(261)

(3,099)

18,860

Mar. 31, 2022

(2,330)

197

(4,015)

12,024

2. Dividends

Annual dividends per share

Total cash

Ratio of

Payout ratio

dividends to

1st quarter

2nd quarter

3rd quarter

Fiscal

Total

dividends

(Consolidated)

net assets

year-end

(Consolidated)

Fiscal year ended

yen

yen

yen

yen

yen

Millions of yen

%

%

Mar. 31, 2022

－

42.00

－

42.00

84.00

2,067

30.3

3.3

Mar. 31, 2023

－

50.00

－

55.00

105.00

2,583

31.8

3.8

Fiscal year ending

－

58.00

－

58.00

116.00

30.4

Mar. 31, 2024 (Forecast)

3. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2024 (from April 1, 2023 to March 31, 2024)

(Percentages indicate year-on-year changes)

Net profit

Basic earnings

Net sales

Operating

profit

Ordinary

profit

attributable to

per share

owners of parent

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

yen

Full Year

340,000

3.2

14,200

12.2

14,000

12.6

9,400

15.7

382.00

* Notes

(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes

in scope of consolidation):

None

Newly included: ―

Excluded:

―

(2) Changes in accounting policies, changes in accounting estimates and restatements

1. Changes in accounting policies due to the revision of accounting standards, etc.:

None

2.

Changes in accounting policies due to other reasons:

None

3.

Changes in accounting estimates:

None

4.

Restatements:

None

(3)

Number of issued shares (common shares)

1.

Total number of issued shares at the end

As of Mar. 31, 2023

25,303,478 shares

As of Mar. 31, 2022

25,303,478 shares

of the period (including treasury shares)

2.

Number of treasury shares at the end of

As of Mar. 31, 2023

696,464 shares

As of Mar. 31, 2022

694,494 shares

the period

3.

Average number of shares outstanding

Fiscal year ended

24,607,482 shares

Fiscal year ended

24,606,380 shares

during the period

Mar. 31, 2023

Mar. 31, 2022

2

Reference: Non-consolidated Financial Results

1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (from April 1, 2022 to March 31, 2023)

(1) Non-consolidated operating results

(Percentages indicate year-on-year changes)

Net sales

Operating profit

Ordinary profit

Net profit

Fiscal year ended

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Mar. 31, 2023

163,507

11.3

7,612

23.2

10,060

24.4

7,552

26.9

Mar. 31, 2022

146,897

21.3

6,180

6.3

8,089

268.8

5,950

－

Basic earnings

Diluted earnings

per share

per share

Fiscal year ended

yen

yen

Mar. 31, 2023

306.91

－

Mar. 31, 2022

241.83

－

Note: The percentage change of net profit for the fiscal year ended March 31, 2022 against net profit in the fiscal year ended

Note: March 31, 2021 has not been stated because the change is greater than 1,000%.

(2) Non-consolidated financial position

Total assets

Net assets

Equity-to-asset ratio

Net assets per share

As of

Millions of yen

Millions of yen

%

yen

Mar. 31, 2023

86,639

57,601

66.5

2,340.85

Mar. 31, 2022

84,471

52,541

62.2

2,135.07

Reference: Total equity

As of Mar. 31, 2023: 57,601 million yen

As of Mar. 31, 2022: 52,541 million yen

< Reasons for differences in the non-consolidated financial results from the previous fiscal year >

Net sales totaled 163,507 million yen, an increase of 11.3% against the previous fiscal year, mainly due to strong sales in both the Textiles and Chemicals Business. In terms on profit, ordinary profit totaled 10,060 million yen, an increase of 24.4% and net profit came to 7,552 million yen, an increase of 26.9% against the previous fiscal year due to strong performance in overall chemical products and the accurate response to recovering demand for domestic apparel in the Textiles Business.

*Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.

* Proper use of earnings forecasts, and other special matters

The forward-looking statements in this document are based on the information available at the time of publication and certain assumptions that the Company judges as rational. Actual financial results may vary significantly due to various reasons. The Company, therefore, wishes to caution that readers should not place undue reliance on forward- looking statements.

3

Consolidated financial statements

Consolidated balance sheets

(Unit: Millions of yen)

As of Mar. 31, 2022

As of Mar. 31, 2023

Assets

Current assets

Cash and deposits

12,242

16,463

Deposits paid to subsidiaries and affiliates

-

2,500

Notes and accounts receivable - trade

74,272

77,130

Merchandise and finished goods

17,346

19,212

Work in process

1,045

831

Raw materials and supplies

4

17

Goods in transit

3,704

1,967

Other

6,220

6,614

Allowance for doubtful accounts

(964)

(2,656)

Total current assets

113,871

122,081

Non-current assets

Property, plant and equipment

Buildings and structures

859

847

Accumulated depreciation

(546)

(574)

Buildings and structures, net

313

272

Machinery, equipment and vehicles

2,645

2,555

Accumulated depreciation

(1,665)

(1,734)

Machinery, equipment and vehicles, net

979

820

Tools, furniture and fixtures

790

813

Accumulated depreciation

(579)

(619)

Tools, furniture and fixtures, net

210

193

Construction in progress

12

13

Land

262

259

Leased assets

767

764

Accumulated depreciation

(582)

(404)

Leased assets, net

185

359

Total property, plant and equipment

1,964

1,919

Intangible assets

Goodwill

1,053

645

Customer-related assets

993

893

Other

401

1,316

Total intangible assets

2,449

2,855

Investments and other assets

Investment securities

10,616

10,766

Long-term loans receivable

1,258

1,436

Distressed receivables

6,146

6,536

Retirement benefit asset

78

-

Deferred tax assets

692

789

Other

3,186

3,378

Allowance for doubtful accounts

(6,142)

(6,562)

Total investments and other assets

15,836

16,344

Total non-current assets

20,249

21,118

Total assets

134,121

143,200

4

(Unit: Millions of yen)

As of Mar. 31, 2022

As of Mar. 31, 2023

Liabilities

Current liabilities

Notes and accounts payable - trade

52,213

52,919

Short-term borrowings

4,944

4,816

Current portion of long-term borrowings

113

113

Income taxes payable

2,028

2,387

Provision for bonuses

916

927

Provision for loss on liquidation of subsidiaries and affiliates

42

42

Other

5,203

6,456

Total current liabilities

65,461

67,663

Non-current liabilities

Long-term borrowings

245

132

Deferred tax liabilities

843

797

Retirement benefit liability

2,366

2,233

Other

107

215

Total non-current liabilities

3,562

3,378

Total liabilities

69,024

71,041

Net assets

Shareholders' equity

Share capital

6,800

6,800

Capital surplus

1,799

1,804

Retained earnings

54,804

60,634

Treasury shares

(689)

(689)

Total shareholders' equity

62,714

68,549

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

1,221

1,392

Deferred gains or losses on hedges

285

(138)

Foreign currency translation adjustment

917

2,421

Remeasurements of defined benefit plans

(84)

(66)

Total accumulated other comprehensive income

2,340

3,609

Non-controlling interests

41

-

Total net assets

65,096

72,158

Total liabilities and net assets

134,121

143,200

5

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Chori Co. Ltd. published this content on 24 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2023 09:04:01 UTC.