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 11, 2023

Consolidated Financial Results

for the Fiscal Year Ended March 31, 2023

(Under Japanese GAAP)

Company name:

Yonex Co., Ltd.

Listing:

Tokyo Stock Exchange

Securities code:

7906

URL:

https:// www.yonex.co.jp

Representative:

President and Representative Director

Alyssa Yoneyama

Inquiries:

Executive Managing Director

Shuichi Yoneyama

Telephone:

03-3839-7112

Scheduled date of annual general meeting of shareholders:

June 23, 2023

Scheduled date to commence dividend payments:

June 26, 2023

Scheduled date to file annual securities report:

June 26, 2023

Preparation of supplementary material on financial results:

Yes

Holding of financial results briefing:

Yes (for institutional investors and analysts)

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

1. Consolidated financial results for the fiscal 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

107,019

43.7

10,063

49.3

9,961

37.5

7,331

26.8

March 31, 2022

74,485

44.5

6,738

552.7

7,246

297.5

5,780

424.5

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

84.05

－

14.9

13.7

9.4

March 31, 2022

66.11

－

13.6

11.9

9.0

(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

79,421

53,099

66.6

607.28

March 31, 2022

66,299

45,729

68.8

522.72

(3) Consolidated cash flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash

equivalents at end of

operating activities

investing activities

financing activities

period

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2023

2,989

(4,458)

(480)

16,418

March 31, 2022

7,430

(2,286)

(1,964)

17,538

2. Cash dividends

Annual dividends per share

Total cash

Ratio of

Payout ratio

dividends to

First

Second

Third

Fiscal

dividends

Total

(Consolidated)

net assets

quarter-end

quarter-end

quarter-end

year-end

(Total)

(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

Fiscal year ended

－

5.00

－

5.00

10.00

875

15.1

2.1

March 31, 2022

Fiscal year ended

－

6.00

－

7.00

13.00

1,137

15.5

2.3

March 31, 2023

Fiscal year ending

－

7.00

－

7.00

14.00

15.6

March 31, 2024

(Forecast)

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)

Percentages indicate year-on-year changes

Net sales

Operating profit

Ordinary profit

Profit attributable to

Earnings per share

owners of parent

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

Six months ending

57,000

13.8

6,200

(12.9)

6,200

(20.5)

4,400

(21.4)

50.49

September 30, 2023

Full year

116,000

8.4

10,700

6.3

10,700

7.4

7,800

6.4

89.50

* Notes

  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
    1. Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
    2. Changes in accounting policies due to other reasons: None
    3. Changes in accounting estimates: None
    4. Restatement: None
  4. 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

As of March 31, 2022

93,620,800 shares

93,620,800 shares

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

As of March 31, 2023

As of March 31, 2022

6,469,556 shares

6,371,157 shares

(iii) Average number of shares outstanding during the period

Fiscal year ended March 31, 2023

Fiscal year ended March 31, 2022

87,234,170 shares

87,437,886 shares

Consolidated financial statements

Consolidated balance sheets

(Millions of yen)

As of March 31, 2022

As of March 31, 2023

Assets

Current assets

Cash and deposits

17,922

16,912

Notes receivable - trade

3,580

4,410

Accounts receivable - trade

9,096

10,619

Merchandise and finished goods

8,336

14,871

Work in process

1,798

1,941

Raw materials and supplies

1,657

2,019

Other

2,478

2,757

Allowance for doubtful accounts

(29)

(66)

Total current assets

44,841

53,465

Non-current assets

Property, plant and equipment

Buildings and structures

14,945

15,248

Accumulated depreciation

(9,562)

(9,883)

Buildings and structures, net

5,383

5,365

Machinery, equipment and vehicles

7,401

8,060

Accumulated depreciation

(5,621)

(6,042)

Machinery, equipment and vehicles,

1,780

2,017

net

Tools, furniture and fixtures

3,482

3,915

Accumulated depreciation

(3,033)

(3,375)

Tools, furniture and fixtures, net

449

539

Golf courses

189

189

Trees

7

7

Land

8,882

8,916

Leased assets

62

74

Accumulated depreciation

(41)

(37)

Leased assets, net

21

37

Right of use asset

1,075

2,285

Accumulated depreciation

(664)

(388)

Right of use asset,net

411

1,897

Construction in progress

165

2,044

Total property, plant and equipment

17,290

21,014

Intangible assets

Software

259

1,893

Software in progress

977

40

Goodwill

102

43

Other

15

15

Total intangible assets

1,355

1,994

Investments and other assets

Investment securities

208

217

Long-term time deposits

400

400

Deferred tax assets

1,736

1,724

Other

467

605

Allowance for doubtful accounts

(0)

(0)

Total investments and other assets

2,811

2,946

Total non-current assets

21,457

25,955

Total assets

66,299

79,421

(Millions of yen)

As of March 31, 2022

As of March 31, 2023

Liabilities

Current liabilities

Notes and accounts payable - trade

4,790

7,128

Accounts payable - other

2,910

3,382

Current portion of long-term borrowings

535

705

Lease liabilities

212

575

Income taxes payable

966

917

Accrued consumption taxes

40

0

Provision for bonuses

998

1,200

Provision

for

bonuses for

directors (and

63

43

other officers)

Provision for point card certificates

3

4

Other

3,129

3,384

Total current liabilities

13,649

17,342

Non-current liabilities

Long-term borrowings

1,421

2,373

Lease liabilities

278

1,485

Retirement benefit liability

2,811

2,702

Provision

for

retirement

benefits

for

261

209

directors (and other officers)

Provision for share awards

111

139

Long-term guarantee deposits

1,970

2,002

Other

64

67

Total non-current liabilities

6,919

8,979

Total liabilities

20,569

26,321

Net assets

Shareholders' equity

Share capital

4,706

4,706

Capital surplus

7,708

8,202

Retained earnings

34,216

40,586

Treasury shares

(1,544)

(2,190)

Total shareholders' equity

45,086

51,305

Accumulated other comprehensive income

Valuation

difference

on available-for-sale

18

26

securities

Foreign currency translation adjustment

629

1,686

Remeasurements of defined benefit plans

(126)

(92)

Total accumulated

other

comprehensive

521

1,619

income

Non-controlling interests

122

174

Total net assets

45,729

53,099

Total liabilities and net assets

66,299

79,421

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YONEX Co. Ltd. published this content on 11 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2023 06:15:51 UTC.