SANDEN CORPORATION

May 12, 2023

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

Fiscal year ending December 31, 2023

SANDEN CORPORATION

20 Kotobuki-cho,Isesaki-shi, Gunma, Japan 372-8502

Code No:

6444

(URL: https://www.sanden.co.jp/english/index.html)

Shares listed:

Tokyo Stock Exchange

Representative Director & President: Dan Zhu For further information, please contact

Junya Takahashi

Division General Manager of

Corporate Financial Management Division Contact Number: +81-3-5828-5582

Scheduled filing date for quarterly report: May 15, 2023

Planned date of dividend payment: -

Supplementary briefing materials created for the quarterly report: Yes

Briefing sessions held on quarterly results: None

(Fractions less than 1 million omitted)

1. Consolidated Financial Results for the first quarter of current fiscal year (January 1, 2023- March 31, 2023)

(1) Results of operations

(%: percentage change from previous fiscal year)

Net sales

Operating

Income before

Net income

income

extraordinary items

(Millions of , %)

(Millions of , %)

(Millions of , %)

(Millions of , %)

1Q of Fiscal year ending December 31, 2023

42,744

4.9

(1,617)

-

19

(96.5)

492

36.1

1Q of Fiscal year ended December 31, 2022

40,746

-

(976)

-

562

-

361

-

Notes: Equity in Comprehensive Income:

1Q of Fiscal year ending December 31, 2023

600million (62.3)%

Notes: Equity in Comprehensive Income:

1Q of Fiscal year ended December 31, 2022

1,592million -%

Net income per

Net income per

share basic ()

share diluted ()

1Q of Fiscal year ending December 31, 2023

4.42

-

1Q of Fiscal year ended December 31, 2022

3.25

-

(2) Financial positions

(Fractions less than 1 million omitted)

Total assets

Net assets

Equity Ratio of

Net assets per share

equity over total assets

(Millions of )

(Millions of )

()

(%)

1Q of Fiscal year ending December 31, 2023

161,955

23,967

14.3

207.13

Fiscal year ended December 31, 2022

157,428

23,366

14.3

201.75

Notes: Equity capital 1Q of Fiscal year ending December 31, 2023

23,084million

Fiscal year ended December 31, 2022

22,485million

2. Dividends

Dividend per share ()

1Q

2Q

3Q

4Q

Total

Fiscal year ended December 31, 2022

-

0.00

-

0.00

0.00

Fiscal year ending December 31, 2023

-

Fiscal year ending December 31, 2023 (Forecast)

0.00

-

0.00

0.00

Note: Revisions made since the most recently published dividends forecast: None

3. Forecast of business results for the next fiscal year (January 1, 2023-December 31, 2023)

(%: percentage change from the same period of the previous fiscal year)

Operating

Income before

Net income

Net sales

Net income

per share

income

extraordinary items

(Millions of , %)

(Millions of , %)

basic

(Millions of , %)

(Millions of , %)

()

Fiscal year ending December 31, 2023

183,000

4.2

(5,700)

-

(3,700)

-

(1,600)

-

(14.36)

Note:1. Revisions made since the most recently published earnings forecast: None

*Notes

(1)

Changes in significant subsidiaries during the first quarter of the current fiscal year (Changes in specific subsidiaries

accompanied by changes in the scope of consolidation):None

(2) Specific accounting treatment used in the creation of the quarterly consolidated financial statements: Yes.

For details, please refer to "2. Quarterly Consolidated Financial Statements and Major Notes (3) Notes to Quarterly

Consolidated Financial Statements (Specific accounting treatment used in the creation of the quarterly consolidated financial

statements)" on page 7 of the attached document.

(3) Changes in accounting principles and estimates, and retrospective restatement

(a)

Changes due to revision of accounting standards: Yes

(b)

Changes other than in (a): None

(c)

Changes in accounting estimates: None

(d)

Retrospective restatement: None

(4) Number of outstanding shares (common stock, shares)

(a) Outstanding shares (including treasury shares)

As of March 31, 2023:

111,693,313

As of December 31, 2022:

111,693,313

(b) Treasury shares

As of March 31, 2023:

242,862

As of December 31, 2022:

242,686

(c) Average number of shares outstanding

As of March 31, 2023:

111,450,583

As of March 31, 2022:

111,434,634

during the first quarter (cumulative)

*Summary of quarterly financial results is exempt from quarterly review of audit procedures of Certified Public Accountant or Audit Firm.

*Cautionary statement regarding forecasts of operating results and special notes (Note regarding the forward-looking statements)

The forward-looking statements contained in this report are based on information currently available to the Company and certain assumptions which are regarded as legitimate. These statements are not promised by the Company regarding future performance. Actual results may differ significantly from these forecasts due to various factors. For information about the forecasts, please see "1.Qualitative Information on Quarterly Financial Results-(3) An explanation of future, predictive data, such as consolidated earnings forecasts" on page 2 of Supplementary Information.

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Sanden Holdings Corp. 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 07:12:02 UTC.