Summary of Consolidated Financial Results

For the First Quarter of the Year Ending March 31, 2023

(Based on Japanese GAAP)

August 5, 2022

Company name:

KYOKUYO CO., LTD.

Stock exchange listing:

Tokyo Stock Exchange

Stock code:

1301

URL https://www.kyokuyo.co.jp/en/

(Yen in millions, rounded down)

1. Consolidated Financial Results for the First Quarter of the Year Ending March 31, 2023 (April 1, 2022- June 30, 2022)

(1) Consolidated Result of Operations (cumulative)

(% figures denote change from the same period in the previous fiscal year)

Net Sales

Operating Profit

Ordinary Profit

Profit attributable to

owners of parent

1st Quarter of the Year

Million yen

%

Million yen

%

Million yen

%

Million yen

%

65,282

11.6

2,432

68.2

2,654

66.2

1,828

55.6

Ending March 31, 2023

1st Quarter of the Year

58,473

7.6

1,446

128.5

1,596

128.9

1,175

107.9

Ended March 31, 2022

(Note) Comprehensive Income: First Quarter of the year ending March 31, 2023

¥2,069million (131.9% )

First Quarter of the year ended March 31, 2022

¥892million (-17.1% )

Profit per Share

Diluted Profit

Per Share

1st Quarter of the Year

Yen

Yen

Ending March 31, 2023

170.13

－

1st Quarter of the Year

109.29

－

Ended March 31, 2022

(2) Consolidated Financial Position

Total Assets

Net Assets

Equity Ratio

Million yen

Million yen

%

As at June 30,2022

137,402

43,208

31.8

As at March 31,2022

130,460

42,174

32.7

(Reference) Shareholders' Equity : As at June 30,2022 ¥43,737million

As at March 31,2022 ¥42,705 million

2. Dividends

Dividend per share

1st Quarter

2nd Quarter

3rd Quarter

Year End

Total

Year Ended March 31, 2022

Yen

Yen

Yen

Yen

Yen

－

－

－

90.00

90.00

Year Ending March 31, 2023

－

Year Ending March,2023

－

－

90.00

90.00

(Forecast)

(Note) Revisions to the most recently announced dividends : None

- 1 -

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

(% figures denote change from the previous fiscal year)

Net sales

Operating Profit

Ordinary Profit

Profit attributable to

Profit

owners of

parent

Per share

Year

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

Ending

275,000

8.4

7,000

9.5

7,000

1.4

4,900

5.7

455.49

March

31,2023

(Note) Revisions to the most recently announced forecast : None

* Notes

  1. Major changes among subsidiaries during the period under review: None
  2. Application of specific accounting treatments in the preparation of quarterly consolidated financial statements: None
  3. Changes in accounting principles and accounting estimates, retrospective restatements:

(i)Changes due to revisions in accounting standards, etc.: None

(ii)Changes other than(i) : None

(iii)Changes in accounting estimates : None

(iv)Retrospective restatements : None

(4) Number of shares issued (common shares)

(i)Number of shares issued at the end of the period

(including treasury shares)

As at June 30,2022

10,928,283

As at March 31,2022

10,928,283

(ii)Number of treasury shares at the end of the period

As at June 30,2022

187,628

As at March 31,2022

170,523

(iii)Average number of shares during the period

As at June 30,2022

10,750,055

As at June 30,2021

10,757,535

* The summary of quarterly financial results is not subject to audits.

*Explanation about the appropriate use of the forecasts of financial results, and other noteworthy matters.

The projections and other statements with respect to the future included in this material are based on currently available information and certain assumptions that are judged reasonable by the Company. Please be advised that the Company does not guarantee in any way the achievement of the projections and other goals in this material and that cases may occur where the actual results and other situations differ materially from the projections due to various factors.

- 2 -

Quarterly Consolidated Financial Statements

Quarterly Consolidated Balance Sheets

(Million yen)

As at March 31, 2022

As at June 30, 2022

Assets

Current assets

Cash and deposits

6,544

7,087

Notes and accounts receivable - trade

28,683

30,377

Inventories

54,629

62,186

Other

9,678

6,549

Allowance for doubtful accounts

(9)

(49)

Total current assets

99,527

106,151

Non-current assets

Property, plant and equipment

18,897

19,941

Intangible assets

350

360

Investments and other assets

Investment securities

9,272

8,904

Deferred tax assets

1,136

889

Other

2,873

2,752

Allowance for doubtful accounts

(1,597)

(1,597)

Total investments and other assets

11,685

10,949

Total non-current assets

30,932

31,250

Total assets

130,460

137,402

- 3 -

(Million yen)

As at March 31, 2022

As at June 30, 2022

Liabilities

Current liabilities

Notes and accounts payable - trade

9,950

12,301

Short-term borrowings

15,714

22,860

Commercial papers

15,000

15,000

Income taxes payable

1,081

639

Provisions

1,053

511

Accounts payable - other

7,791

5,761

Other

6,344

6,047

Total current liabilities

56,936

63,120

Non-current liabilities

Long-term borrowings

27,021

26,714

Provisions

404

433

Retirement benefit liability

3,648

3,639

Asset retirement obligations

29

29

Other

244

255

Total non-current liabilities

31,348

31,073

Total liabilities

88,285

94,193

Net assets

Shareholders' equity

Share capital

5,664

5,664

Capital surplus

1,330

1,330

Retained earnings

32,507

33,363

Treasury shares

(429)

(486)

Total shareholders' equity

39,072

39,871

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

3,234

2,844

Deferred gains or losses on hedges

343

782

Foreign currency translation adjustment

292

453

Remeasurements of defined benefit plans

(237)

(213)

Total accumulated other comprehensive income

3,632

3,866

Non-controlling interests

(530)

(529)

Total net assets

42,174

43,208

Total liabilities and net assets

130,460

137,402

- 4 -

Quarterly Consolidated Statements of Income and Comprehensive Income

Quarterly Consolidated Statements of Income (For the three months)

(Million yen)

For the three months

For the three months

ended June 30, 2021

ended June 30, 2022

Net sales

58,473

65,282

Cost of sales

51,512

57,051

Gross profit

6,961

8,231

Selling, general and administrative expenses

5,514

5,798

Operating profit

1,446

2,432

Non-operating income

Interest income

1

0

Dividend income

65

72

Share of profit of entities accounted for using equity method

30

50

Foreign exchange gains

64

188

Subsidy income

69

37

Other

44

46

Total non-operating income

276

395

Non-operating expenses

Interest expenses

92

104

Provision of allowance for doubtful accounts

－

40

Provision for loss on litigation

2

2

Other

31

26

Total non-operating expenses

126

173

Ordinary profit

1,596

2,654

Extraordinary income

Gain on disposal of non-current assets

1

－

National subsidy income

35

－

Total extraordinary income

37

－

Extraordinary losses

Loss on disposal of non-current assets

0

0

Impairment losses

2

0

Loss on disaster

－

2

Loss on tax purpose reduction entry of non-current assets

33

－

Loss on valuation of investment securities

7

－

Total extraordinary losses

43

3

Profit before income taxes

1,590

2,650

Income taxes - current

284

600

Income taxes - deferred

179

216

Total income taxes

463

817

Profit

1,127

1,833

Profit (loss) attributable to :

Owners of parent

1,175

1,828

Non-controlling interests

(48)

4

- 5 -

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Kyokuyo Co. Ltd. published this content on 05 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2022 03:00:01 UTC.