Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Three Months Ended March 31, 2024
(Based on Japanese GAAP)May 14, 2024
Company name:

Aoyama Zaisan Networks Co., Ltd.

Stock exchange listing: Tokyo
Stock code:

8929

Representative:

President

URL

https://www.azn.co.jp/
Masazumi Hasumi

Inquiries:

Director, Managing Executive Officer, andCorporate Finance Division

Shintaro Hashiba

Scheduled date to file Quarterly Securities Report:

TEL

03-6439-5800

May 14, 2024

Scheduled date to commence dividend payments:–Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:Yes
No(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended March 31, 2024 (from January 1, 2024 to March 31, 2024)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Three months ended March 31, 2024
9,301
27.1
832
78.2
834
78.9
608 108.7
Three months ended March 31, 2023
7,318 (42.1)
467 (30.8)
466 (25.7)
291 (36.4)
Earnings per share

Diluted earnings per share

Yen
25.01
12.00

Three months ended March 31, 2024
Three months ended March 31, 2023

Yen
25.00
11.99

(2) Consolidated financial position
Total assets
As of March 31, 2024
As of December 31, 2023

Net assets

Millions of yen
25,13923,491Equity ratio

Millions of yen
9,618
9,584

Net assets per share
%
37.9
40.4

Yen
391.65390.42

2. Cash dividends
Annual dividends per share

Year ended December 31, 2023
Year ending December 31, 2024

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
15.00

Yen–

Yen
26.00

Yen
41.00

18.00

–

28.00

46.00

Year ending December 31, 2024 (Forecast)Total

3. Forecast of consolidated financial results for the year ending December 31, 2024 (from January 1, 2024 to December 31, 2024)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
38,000
5.3
3,500
7.2
3,400
1.2
2,240
8.6
92.06

1

4. Notes(1) Changes in significant subsidiaries during the three months ended March 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoNo(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:No

Changes in accounting policies due to other reasons:No

Changes in accounting estimates:

No

Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

24,520,859 shares As of December 31, 2023

24,520,859 shares

Number of treasury shares at the end of the period
As of March 31, 2024

189,246 shares As of December 31, 2023

189,246 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended March 31, 2024

24,331,613 shares Three months ended March 31, 2023

224,300,531 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of December 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade

14,696910

15,686
586

Real estate for sale

1,677

2,820

Other inventories

1213

Other

290

245

Allowance for doubtful accounts

(9)

(9)

17,57819,343

2,205
195
93

2,175
195
88

2,494

2,460

10255
23

8226
22

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Software
Other

289

257

Investments and other assets
Investment securities
Shares of subsidiaries and associates
Deferred tax assets
OtherTotal intangible assets

2,51438178
395

2,594
38
51
392

Total investments and other assets

3,128

3,078

Total non-current assets
Total assets

3

5,912

5,796

23,491

25,139(Millions of yen)
As of December 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings

308

217

200
2,160

2,594
2,215

Current portion of bonds payable

30–

Income taxes payable

755

89

Accounts payable - other

1,070

652

Provision for bonuses
Other–
935

314
768

Total current liabilities5,460

6,851

5,781
2,595
45
23

5,860
2,740
45
22

Non-current liabilities
Long-term borrowings
Long-term leasehold and guarantee deposits received
Long-term accounts payable - other
Other

8,445

8,668

Total liabilities

Total non-current liabilities

13,906

15,520Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares

1,210
1,381
6,756
(144)

1,210
1,381
6,732
(144)

9,204

9,180

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment

333(38)395(46)

Total accumulated other comprehensive income

294

348

48
37

53
35

Total shareholders' equity

Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

49,584

9,618

23,491

25,139

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Three months ended

Three months ended

March 31, 2023

March 31, 2024

Net sales
Cost of sales

7,318
6,126

9,301
7,680

Gross profit

1,192

1,620

Selling, general and administrative expenses

724

787

Operating profit

467

832

18

22

Non-operating income
Foreign exchange gains
Other

54

Total non-operating income

23

27

18
50

19
502425

Ordinary profit

466

834

Profit before income taxes

466

834

Income taxes - current
Income taxes - deferred

112
59

127
99

Total income taxes

171

227

Profit

295

607

3(1)

291

608

Non-operating expenses
Interest expenses
Commission expenses
Other
Total non-operating expenses

Profit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

5Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitThree months ended

Three months ended

March 31, 2023

March 31, 2024
295

607

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

6061(7)

Total other comprehensive income

754302

661

299

662

3(1)

Other comprehensive income

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests6