August 3, 2022

Summary of Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2023

(Three Months Ended June 30, 2022)

[Japanese GAAP]

Company name: JCU CORPORATION

Listing: Tokyo Stock Exchange

Stock code:

4975

URL: https://www.jcu-i.com/

Representative:

Masashi Kimura, Chairman & CEO

Contact:

Yoji Inoue, Director, Managing Executive Officer, General Manager of Corporate Strategy Office

Tel: +81-3-6895-7004

Scheduled date of filing of Quarterly Report:

August 4, 2022

Scheduled date of payment of dividend:

-

Preparation of supplementary materials for quarterly financial results:

Yes

Holding of quarterly financial results meeting:

None

Note: The original disclosure in Japanese was released on August 3, 2022 at 15:00. (GMT +9).

(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Three Months Ended June 30, 2022 (April 1, 2022 - June 30, 2022)

(1) Consolidated results of operations

(Percentages represent year-over-year changes)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Three months ended Jun. 30, 2022

6,160

11.7

2,020

4.1

2,206

7.8

1,607

15.6

Three months ended Jun. 30, 2021

5,517

12.1

1,940

40.8

2,046

43.9

1,390

42.9

Note: Comprehensive income (million yen)

Three months ended Jun. 30, 2022:

2,815

(up 16.5%)

Three months ended Jun. 30, 2021:

2,416

(up 795.4%)

Net income per share

Diluted net income

per share

Yen

Yen

Three months ended Jun. 30, 2022

61.97

-

Three months ended Jun. 30, 2021

52.95

-

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

Million yen

Million yen

%

As of Jun. 30, 2022

41,720

35,203

84.4

As of Mar. 31, 2022

40,892

33,166

81.1

Reference: Shareholders' equity (million yen)

As of Jun. 30, 2022: 35,203

As of Mar. 31, 2022: 33,166

2. Dividends

Dividends per share

1Q-end

2Q-end

3Q-end

Year-end

Total

Yen

Yen

Yen

Yen

Yen

FY3/22

-

27.00

-

30.00

57.00

FY3/23

-

FY3/23 (forecasts)

33.00

-

33.00

66.00

Note: Revisions to the most recently announced dividend forecast: None

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

(Percentages represent year-over-year changes)

Net sales

Operating profit

Ordinary profit

Profit attributable to

Net income per share

owners of parent

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

First half

12,200

4.7

4,100

(5.8)

4,100

(7.5)

2,850

(7.4)

109.89

Full year

26,500

9.3

9,100

1.2

9,100

(1.4)

6,300

(1.1)

242.90

Note: Revisions to the most recently announced consolidated forecast: None

* Notes

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

Newly added: -

Excluded: -

  1. Application of special accounting methods for presenting quarterly consolidated financial statements: None
  2. Changes in accounting policies and accounting estimates, and restatements

1)

Changes in accounting policies due to revisions in accounting standards, others: Yes

2)

Changes in accounting policies other than 1) above:

None

3)

Changes in accounting estimates:

None

4)

Restatements:

None

(4) Number of outstanding shares (common stock)

1)

Number of shares outstanding at the end of the period (including treasury shares)

As of Jun. 30, 2022:

27,541,754 shares

As of Mar. 31, 2022:

27,541,754 shares

2)

Number of treasury shares at the end of the period

As of Jun. 30, 2022:

1,608,474 shares

As of Mar. 31, 2022:

1,608,474 shares

3) Average number of shares outstanding during the period

Three months ended Jun. 30, 2022:

25,933,280 shares

Three months ended Jun. 30, 2021:

26,256,942 shares

Note 1: The quarterly financial report is not subject to quarterly review by certified public accountants or auditing firms.

Note 2: Cautionary statement with respect to forward-looking statements and other special items

Forecasts of future performance in this report are based on assumptions judged to be valid and information currently available to the Company. Actual results may differ substantially from these forecasts for a number of reasons.

JCU CORPORATION (4975) Financial Results for the First Quarter of FY3/23

Contents of Attachments

1. Qualitative Information on Quarterly Consolidated Financial Performance

2

(1)

Explanation of Results of Operations

2

(2)

Explanation of Financial Position

3

(3)

Explanation of Consolidated Forecast and Other Forward-looking Statements

4

2. Quarterly Consolidated Financial Statements and Notes

5

(1)

Quarterly Consolidated Balance Sheet

5

(2)

Quarterly Consolidated Statements of Income and Comprehensive Income

7

(3)

Notes to Quarterly Consolidated Financial Statements

9

Going Concern Assumption

9

Significant Changes in Shareholders' Equity

9

Changes in Accounting Policies

9

Segment Information

10

1

JCU CORPORATION (4975) Financial Results for the First Quarter of FY3/23

1. Qualitative Information on Quarterly Consolidated Financial Performance

(1) Explanation of Results of Operations

During the first three months of the fiscal year ending March 31, 2023 (hereinafter the "period under review"), the domestic economy saw a recovery of consumer spending thanks to eased behavioral restrictions, however, a decrease in export due to a temporary downward trend in overseas economies, the increased raw material costs that impaired the manufacturing industry, and the supply chain stagnation had a negative impact on business sentiment. Companies continued to show a modest recovery trend in their capital investments by resuming investments that had been postponed.

Overseas, in China, consumer spending was sluggish and production in the manufacturing industry declined due to strict activity restrictions in some regions. In Europe and the United States, although behavioral restrictions to prevent the spread of COVID-19 were eased, Russia's invasion of Ukraine caused soaring energy and resource prices and supply-chain disruption, which needs close monitoring on an ongoing basis.

As for the business environment surrounding the JCU Group, although the shipments of smartphones decreased, with the 5G commercialization, IoT, and teleworking as keywords, the technological innovation and increased volume of data communications contributed to an increase in demand mainly for semiconductor package substrates for 5G related components, infrastructure such as data centers, and high-performance electronic devices. In the automotive industry, we saw an increase in demand and temporary improvement in semiconductor shortages mainly in China, however, automobile production and sales volume remained unchanged compared to the same period of the previous fiscal year in which the recovery trend was strong.

The results of operations of the JCU Group were as follows.

(Millions of yen, unless otherwise stated)

Previous period

Current period

Year-over-year

(Apr. 1, 2021 - Jun. 30, 2021)

(Apr. 1, 2022 - Jun. 30, 2022)

% change

Net sales

5,517

6,160

Up 11.7%

Operating profit

1,940

2,020

Up 4.1%

Ordinary profit

2,046

2,206

Up 7.8%

Profit attributable to owners of parent

1,390

1,607

Up 15.6%

The results of operations by segment were as follows.

Chemicals Business

Chemicals for electronics industry

China:

Demand for PWBs for high-performance electronic devices other than smartphones increased with

IoT and teleworking as keywords, despite a decrease in shipments of smartphones. As a result,

demand for chemicals remained unchanged.

Taiwan:

Demand for semiconductor package substrates

for high-performance electronic devices and

servers increased. Demand for chemicals increased significantly.

South Korea:

Although the semiconductor market was brisk, demand for chemicals decreased because some

manufactures of semiconductor package substrates began to reduce inventories.

Chemicals for decoration

Japan:

Due to semiconductor shortage and supply chain stagnation, automobile production was adjusted,

and demand for chemicals decreased.

China:

The recovery trend in the automotive industry continued, and demand for chemicals increased

thanks to a temporary improvement in shortage of semiconductors.

(Millions of yen, unless otherwise stated)

Previous period

Current period

Year-over-year

(Apr. 1, 2021 - Jun. 30, 2021)

(Apr. 1, 2022 - Jun. 30, 2022)

% change

Net sales

5,329

5,881

Up 10.4%

Segment profit

2,215

2,239

Up 1.1%

2

JCU CORPORATION (4975) Financial Results for the First Quarter of FY3/23

Machine Business

Net sales and order backlog increased substantially thanks to the resumption of the projects that had been postponed due to the pandemic and an increase in demand for new investments in plating machines for the electronics industry.

(Millions of yen, unless otherwise stated)

Previous period

Current period

Year-over-year

(Apr. 1, 2021 - Jun. 30, 2021)

(Apr. 1, 2022 - Jun. 30, 2022)

% change

Net sales

187

278

Up 48.3%

Segment profit (loss)

(45)

21

-

Orders received

313

165

Down 47.1%

Order backlog

278

1,981

Up 612.3%

Other businesses

The Other businesses posted sales of 0 million yen (down 28.4% year over year) with a segment loss of 4 million yen (as compared with a segment loss of 4 million yen a year earlier).

  1. Explanation of Financial Position 1) Assets, liabilities and net assets Assets

Total assets at the end of the period under review increased 828 million yen (up 2.0%) from the end of the previous fiscal year to 41,720 million yen.

Current assets increased 919 million yen (up 2.8%) to 33,426 million yen mainly due to increases in cash and deposits and notes receivable-trade, which were partially offset by decreases in accounts receivable-trade and contract assets.

Non-current assets decreased 91 million yen (down 1.1%) to 8,293 million yen mainly due to a decrease in deferred tax assets, which was partially offset by increases in buildings and structures, net, and construction in progress.

Liabilities

Total liabilities at the end of the period under review decreased 1,209 million yen (down 15.7%) from the end of the previous fiscal year to 6,516 million yen.

Current liabilities decreased 1,151 million yen (down 17.2%) to 5,560 million yen. This was mainly due to decreases in notes and accounts payable-trade, income taxes payable as a result of the payment of income taxes, and provision for bonuses.

Non-current liabilities decreased 57 million yen (down 5.6%) to 956 million yen mainly due to a decrease in long-term borrowings.

Net assets

Total net assets at the end of the period under review increased 2,037 million yen (up 6.1%) from the end of the previous fiscal year to 35,203 million yen. This was due to increases in retained earnings from profit attributable to owners of parent and foreign currency translation adjustment, which were partially offset by a decrease in retained earnings as a result of payment of cash dividends.

3

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JCU Corporation published this content on 17 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 August 2022 06:23:04 UTC.