Consolidated Financial Results

for the Nine Months Ended December 31, 2022

[Japanese GAAP]

February 3, 2023

Company name: DAIHEN Corporation

Stock exchange listing: Tokyo Stock Exchange, Fukuoka Stock Exchange

Stock exchange code: 6622

URL: https://www.daihen.co.jp/

Representative: Shoichiro Minomo, President and Chief Executive Officer

Contact: Shigeo Ozawa, General Manager, Finance & Accounting Department, Planning Division

Phone: +81-6-6390-5506

Scheduled date of filing quarterly securities report: February 6, 2023

Scheduled date of commencing dividend payments: -

Availability of supplementary explanatory materials on quarterly financial results: No

Schedule of quarterly financial results briefing session: No

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

1. Consolidated Financial Results for the Nine Months Ended December 31, 2022 (April 1, 2022 - December 31,

2022)

(1) Consolidated Operating Results (cumulative)

(% indicates changes from the previous corresponding period.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Nine months ended

Million yen

%

Million yen

%

Million yen

%

Million yen

%

December 31, 2022

127,246

14.7

11,201

12.9

12,079

9.5

8,874

12.5

December 31, 2021

110,931

14.0

9,918

60.4

11,027

48.8

7,886

63.1

(Note) Comprehensive income: Nine months ended December 31, 2022: 10,970 million yen [21.0%]

Nine months ended December 31, 2021: 9,069 million yen [49.1%]

Basic earnings

Diluted

earnings

per share

per share

Nine months ended

Yen

Yen

December 31, 2022

361.64

-

December 31, 2021

319.48

-

(2) Consolidated Financial Position

Total assets

Net assets

Equity ratio

Million yen

Million yen

%

As of December 31, 2022

206,298

113,783

52.3

As of March 31, 2022

194,801

105,636

51.2

(Reference) Equity: As of December 31, 2022: 107,869 million yen As of March 31, 2022: 99,693 million yen

2. Dividends

Annual dividends

1st quarter-end

2nd quarter-end

3rd quarter-end

Year-end

Total

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

-

50.00

-

60.00

110.00

March 31, 2022

Fiscal year ending

-

75.00

-

March 31, 2023

Fiscal year ending

March 31, 2023

75.00

150.00

(Forecast)

(Note) Revision to the

forecast for dividends announced most recently: None

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023 (April 1, 2022 - March 31, 2023)

(% indicates changes from the previous corresponding period.)

Profit attributable

Basic earnings

Net sales

Operating profit

Ordinary profit

to owners of

per share

parent

Full year

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

180,000

12.1

16,500

16.3

17,000

7.7

12,000

9.2

489.07

(Note) Revision to the financial results forecast announced most recently: None

* Notes:

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

Newly included: - (), Excluded: - ()

(Note) Even though there are no changes in specified subsidiaries resulting in changes in scope of consolidation, DAIHEN System Corporation, which used to be a consolidated subsidiary, was excluded from the scope of consolidation from the three months ended June 30, 2022 because it was dissolved as of April 1, 2022, due to an absorption-type merger, in which the Company was the surviving company.

  1. Accounting methods adopted particularly for the preparation of quarterly consolidated financial statements: Yes (Note) For details, please see "2. Quarterly Consolidated Financial Statements and Principal Notes (3) Notes to

  2. Quarterly Consolidated Financial Statements (Accounting methods adopted particularly for the preparation of quarterly consolidated financial statements) on page 9 of the attachments.
  3. Changes in accounting policies, changes in accounting estimates and retrospective restatement
    1. Changes in accounting policies due to the revision of accounting standards: None
    2. Changes in accounting policies other than 1) above: None
    3. Changes in accounting estimates: None
    4. Retrospective restatement: None
  5. Total number of issued shares (common shares)
    1. Total number of issued shares at the end of the period (including treasury shares):

December 31, 2022:

27,103,291 shares

March 31, 2022:

27,103,291 shares

2) Total number of treasury shares at the end of the period:

December 31, 2022:

2,563,945 shares

March 31, 2022:

2,567,039 shares

3) Average number of shares during the period:

Nine months ended December 31, 2022:

24,538,474 shares

Nine months ended December 31, 2021:

24,685,599 shares

  • These quarterly consolidated financial results are outside the scope of quarterly review by certified public accountants or an audit firm.
  • Explanation of the proper use of financial results forecast and other notes
    The earnings forecasts and other forward-looking statements contained in this report are based on information available to the Company on the date of this report's release and certain premises that the Company deems to be reasonable. Actual financial results, etc. may differ significantly due to a wide range of factors. For details on the earnings forecasts of the Company, please see "1. Qualitative Information on Quarterly Financial Results (3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information" on page 4 of the attachments.

Table of Contents - Attachments

1. Qualitative Information on Quarterly Financial Results

2

(1)

Explanation of Operating Results

2

(2)

Explanation of Financial Position

4

(3)

Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information

4

2. Quarterly Consolidated Financial Statements and Principal Notes

5

(1)

Quarterly Consolidated Balance Sheets

5

(2)

Quarterly Consolidated Statements of Income and Comprehensive Income

7

(3)

Notes to Quarterly Consolidated Financial Statements

9

(Notes on going concern assumption)

9

(Notes in case of significant changes in shareholders' equity)

9

(Accounting methods adopted particularly for the preparation of quarterly consolidated financial

statements)

9

(Additional information)

9

(Segment information, etc.)

10

(Business combination)

12

1

1. Qualitative Information on Quarterly Financial Results

  1. Explanation of Operating Results
    The performance of DAIHEN Corporation (the "Company") and its subsidiaries (collectively, the "DAIHEN Group") for the nine months ended December 31, 2022 was net sales of 127,246 million yen (up 14.7% year-on- year), due to the expansion of investment in production automation and EV-related investment in addition to generally strong semiconductor-related investment. In income results, the increase in net sales and cost reduction efforts resulted in operating profit of 11,201 million yen (up 1,282 million yen year-on-year), ordinary profit of 12,079 million yen (up 1,051 million yen year-on-year), and profit attributable to owners of parent of 8,874 million yen (up 987 million yen year-on-year). Both net sales and income results reached an all-time high for the third quarter.
    The performance of each segment is as follows.
  1. Power Products Business
    Owing to an increase in investment related to renewable energy toward the achievement of a decarbonized society and an increase in demand for the replacement of power-receiving facilities in the private sector in addition to strong investment in the replacement of power distribution products, net sales were 50,276 million yen (up 7.3% year-on-year). Meanwhile, operating profit was 2,841 million yen (down 1,052 million yen year- on-year) due to the impact of the soaring prices of materials.
  2. Welding & Mechatronics Business
    Owing to the recovery in investment in production automation in Japan and abroad and the expansion of demand associated with full-fledgedEV-related investment, net sales were 36,717 million yen (up 14.2% year-on-year) and operating profit was 3,266 million yen (up 324 million yen year-on-year).
  3. Semiconductor & FPD Related Business
    Amid restricted production due to shortages of semiconductors and other parts, the Company met brisk demand by striving to secure parts through design changes and adoption of substitute products, as well as making company-wide efforts to increase production. As a result, net sales were 40,192 million yen (up 26.4% year-on- year) and operating profit was 7,879 million yen (up 1,984 million yen year-on-year).
  4. Other
    Net sales were 136 million yen and operating profit was 47 million yen. There were no significant changes from the corresponding period of the previous year.

2

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Daihen Corporation published this content on 09 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 February 2023 08:12:04 UTC.