Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

May 12, 2023

Consolidated Financial Results

for the Fiscal Year Ended March 31, 2023

(Japanese GAAP)

Company name:

Prestige International Inc.

Listing:

Tokyo Stock Exchange

Securities code:

4290

URL:

http://www.prestigein.com/

Representative:

Shinichi Tamagami, Representative Director, President and Group CEO

Inquiries:

Tsutomu Yoshizawa, Senior manager

Telephone:

+81-3-5213-826

Scheduled date of annual general meeting of shareholders:

June 22, 2023

Scheduled date to commence dividend payments:

June 8, 2023

Scheduled date to file quarterly securities report:

June 23, 2023

Preparation of supplementary material on quarterly financial results Yes

Holding of quarterly financial results briefing:

Yes(for institutional investors and analysts)

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for thefiscal 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

Profit attributable to

owners of parent

Fiscal year ended

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

March 31, 2023

54,562

16.7

7,840

14.6

8,378

17.2

5,318

22.1

March 31, 2022

46,744

15.1

6,842

30.7

7,151

31.2

4,357

46.8

(Note) Comprehensive income

For the Fiscal year ended March 31, 2023:

¥6,354 million

[18.7%]

For the Fiscal year ended March 31, 2022:

¥5,354 million

[37.4%]

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

%

%

%

March 31, 2023

41.62

41.45

14.5

14.7

14.4

March 31, 2022

34.02

33.85

13.4

14.2

14.6

Reference: Share of profit

(loss) of entities

accounted for using

equity method

For the Fiscal year ended March 31, 2023:

¥322 million

For the Fiscal year ended March 31, 2022:

¥165 million

(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

March 31, 2023

60,273

41,817

64.8

305.35

March 31, 2022

54,028

36,566

63.5

268.86

Reference: Equity

As of March 31, 2023 :

¥39,079 million

As of March 31, 2022 :

¥34,309 million

1

(3) Consolidated cash flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash equivalents

operating activities

investing activities

financing activities

at end of period

As of

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2023

7,888

△ 2,637

△ 2,152

21,651

March 31, 2022

6,610

△ 4,345

△ 763

18,218

2. Cash dividends

Annual dividends per share

Ratio of

Total cash

Payout ratio

dividends to

dividends

(Consolidated

net assets

First

Second

Third quarter-

Fiscal

Total

(Total)

)

(Consolidated

quarter-end

quarter-end

end

year-end

)

Yen

Yen

Yen

Yen

Yen

Yen

%

%

Fiscal year ended

－

4.00

－

4.50

8.50

1,086

25.0

3.3

March 31, 2022

Fiscal year ended

－

5.00

－

6.00

11.00

1,407

26.4

3.8

March 31, 2023

Fiscal year ended

March 31, 2024

－

6.00

－

6.00

12.00

29.5

(Forecast)

(Note) Revisions to the

forecast of cash dividends most recently announced: No

3. Forecast of consolidated financial results for the year ending March 31, 2022

Net sales

Operating profit

Ordinary profit

Profit attributable to

Basic earnings

owners of parent

per share

Million yen

%

Million yen

%

Million yen

%

Million yen

%

yen

Half year

26,500

1.2

3,800

△ 1.0

4,000

△ 1.0

2,400

△ 2.4

18.78

Full year

56,500

3.6

8,200

4.6

8,700

3.8

5,200

△ 2.2

40.70

(Note) Revision to the

financial results forecast announced most recently: No

Note:

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

in scope of consolidation):

None

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

(i) Changes in accounting policies due to revisions to accounting standards and other regulations:

Yes

(ii) Changes in accounting policies due to other reasons:

None

(iii) Changes in accounting estimates:

None

(iv) Restatement:

None

  1. Number of issued shares (common shares)
    1. Total number of issued shares at the end of the period (including treasury shares)

As of

March 31, 2023

128,560,700

shares

As of

March 31, 2022

128,192,400

shares

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

As of

March 31, 2023

580,708

shares

As of

March 31, 2022

580,708

shares

(iii) Average number of shares outstanding during the period

Fiscal year ended

March 31, 2023

127,778,100

shares

Fiscal year ended

March 31, 2022

128,069,526

shares

*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 forecasts given in this document are based on the current available information in the company and certain reasonable assumptions to the company. And we don't commit to achieve these forecasting numbers. Actual results may differ from these forecasts by a variety of reasons.

2

Consolidated Financial Statements

(1) Consolidated Balance Sheet

(Thousands of yen)

As of March 31, 2022

As of March 31, 2023

Assets

Current assets

Cash and deposits

18,237,698

21,671,467

Accounts receivable - trade

4,730,591

5,304,236

Advances paid

5,410,483

6,549,144

Merchandise and finished goods

40,462

69,380

Work in process

141,864

173,593

Raw materials and supplies

64,548

63,840

Other

3,360,757

3,354,858

Allowance for doubtful accounts

△783,531

△1,293,676

Total current assets

31,202,874

35,892,843

Non-current assets

Property, plant and equipment

Buildings and structures

15,336,241

15,558,229

Accumulated depreciation

△3,847,699

△4,472,790

Buildings and structures, net

11,488,542

11,085,438

Machinery, equipment and vehicles

1,241,905

1,380,932

Accumulated depreciation

△851,309

△1,013,462

Machinery, equipment and vehicles,

390,595

367,469

net

Tools, furniture and fixtures

2,754,012

3,119,112

Accumulated depreciation

△1,717,116

△2,030,158

Tools, furniture and fixtures, net

1,036,895

1,088,954

Land

118,653

118,653

Leased assets

249,914

250,802

Accumulated depreciation

△127,808

△158,728

Leased assets, net

122,106

92,074

Construction in progress

70,684

944,459

Total property, plant and equipment

13,227,478

13,697,049

Intangible assets

Goodwill

－

135,000

Other

1,811,287

1,890,878

Total intangible assets

1,811,287

2,025,878

Investments and other assets

Investment securities

6,791,947

7,655,097

Long-term loans receivable

20,027

19,679

Deferred tax assets

259,614

272,006

Other

787,985

778,154

Allowance for doubtful accounts

△72,463

△67,619

Total investments and other assets

7,787,111

8,657,318

Total non-current assets

22,825,877

24,380,246

Total assets

54,028,751

60,273,090

3

(Thousands of yen)

As of March 31, 2022

As of March 31, 2023

Liabilities

Current liabilities

Notes and accounts payable - trade

1,085,324

1,349,742

Short-term borrowings

500,000

－

Current portion of long-term borrowings

375,000

125,000

Lease liabilities

20,554

33,407

Income taxes payable

1,513,110

1,365,018

Contract liabilities

4,633,298

5,907,561

Provision for bonuses

920,316

748,606

Reserve for fulfillment of guarantees

124,846

252,391

Other

5,399,503

5,920,006

Total current liabilities

14,571,954

15,701,735

Non-current liabilities

Long-term borrowings

375,000

250,000

Lease liabilities

102,376

60,668

Deferred tax liabilities

427,777

424,852

Retirement benefit liability

6,494

13,545

Asset retirement obligations

1,844,893

1,885,046

Other

134,026

119,403

Total non-current liabilities

2,890,568

2,753,516

Total liabilities

17,462,523

18,455,251

Net assets

Shareholders' equity

Share capital

1,519,708

1,570,641

Capital surplus

2,788,977

2,840,271

Retained earnings

28,685,255

32,788,867

Treasury shares

△418,158

△418,158

Total shareholders' equity

32,575,782

36,781,620

Accumulated other comprehensive income

Valuation difference on available-for-

608,758

591,133

sale securities

Foreign currency translation adjustment

1,124,819

1,706,346

Total accumulated other comprehensive

1,733,577

2,297,480

income

Share acquisition rights

207,798

249,802

Non-controlling interests

2,049,069

2,488,934

Total net assets

36,566,228

41,817,838

Total liabilities and net assets

54,028,751

60,273,090

4

  1. Consolidated Statement of Income and Comprehensive Income (Consolidated Statement of Income)

(Thousands of yen)

Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023

Net sales

46,744,300

54,562,956

Cost of sales

35,440,859

41,263,500

Gross profit

11,303,441

13,299,456

Selling, general and administrative expenses

4,461,254

5,458,871

Operating profit

6,842,187

7,840,584

Non-operating income

Interest income

3,492

6,578

Interest on securities

163,844

225,798

Dividend income

27,366

30,092

Share of profit of entities accounted for

165,481

322,708

using equity method

Other

72,149

50,787

Total non-operating income

432,334

635,964

Non-operating expenses

Interest expenses

6,157

5,327

Provision of allowance for doubtful accounts

－

11,677

Foreign exchange losses

－

40,084

Consumption Taxes Ajustment

59,360

14,561

Other

57,030

26,240

Total non-operating expenses

122,548

97,891

Ordinary profit

7,151,973

8,378,657

Extraordinary income

Gain on sale of non-current assets

1,153

1,855

Subsidy income

310,911

103,857

Other

－

1,130

Total extraordinary income

312,064

106,843

Extraordinary losses

Loss on sale of non-current assets

89

94

Loss on tax purpose reduction entry of non-

310,911

103,857

current assets

Impairment losses

366

2,286

Other

34,464

3,860

Total extraordinary losses

345,831

110,098

Profit before income taxes

7,118,207

8,375,402

Income taxes - current

2,470,452

2,615,696

Income taxes - deferred

△59,257

△15,578

Total income taxes

2,411,194

2,600,117

Profit

4,707,012

5,775,284

Profit attributable to non-controlling

349,846

456,593

interests

Profit attributable to owners of parent

4,357,165

5,318,691

5

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Prestige International Inc. published this content on 12 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2023 07:12:03 UTC.