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 Non-Consolidated Financial Results
for the Nine Months Ended September 30, 2022
(Based on Japanese GAAP)
November 14, 2022
Company name:AIRTECH JAPAN,LTD.
Stock exchange listing: Tokyo
Stock code:
Representative:

6291
President

URL

https://www.airtech.co.jp
Shinya Hirasawa

Inquiries:
Vice President
Scheduled date to file Quarterly Securities Report:

Naoki Watanabe
November 14, 2022

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:–Yes

Holding of quarterly financial results meeting:

Yes

TEL

03(3872)9192(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Non-consolidated financial results for the nine months ended September 30, 2022 (from January 1, 2022 to September 30, 2022)(1) Non-consolidated operating results (cumulative)

Percentages indicate year-on-year changes

Net sales
Millions of yen
9,653
11,366Nine months ended September 30, 2022
Nine months ended September 30, 2021

Operating profit

Ordinary profit

Profit% Millions of yen% Millions of yen% Millions of yen%
(15.1)
840 (53.6)
1,146 (42.8)
844 (40.9)
35.8
1,809 114.5
2,003 102.7
1,428 103.6

Earnings per share

Diluted earnings per share

Yen
82.34
138.04

Nine months ended September 30, 2022
Nine months ended September 30, 2021

Yen
82.20
137.44(2) Non-consolidated financial position
Total assets

Net assetsMillions of yen
19,242
19,968

As of September 30, 2022
As of December 31, 2021

Equity ratio

Millions of yen
13,741
13,456

Net assets per share%
71.3
67.2

Yen
1,333.82
1,293.71

2. Cash dividends
Annual dividends per share

Year ended December 31, 2021
Year ending December 31, 2022

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
0.00
0.00

Yen––

Yen
50.00

Yen
50.00

60.00

60.00

Year ending December 31, 2022 (Forecast)Total

3. Forecast of non-consolidated financial results for the year ending December 31, 2022 (from January 1, 2022 to December 31, 2022)
Percentages indicate year-on-year changes
Net sales
Full year

Millions of yen
12,500Operating profit% Millions of yen(12.5)
1,100

Ordinary profit% Millions of yen(44.8)
1,410

1Profit% Millions of yen(35.8)
1,020

Earnings per share%(35.6)

Yen
99.44

4. Notes(1) Application of special accounting methods for preparing quarterly non-consolidated financial statements: No(2) 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:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

Restatement of prior period financial statements:

No(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2022

10,475,710 shares As of December 31, 2021

10,450,200 shares

Number of treasury shares at the end of the period
As of September 30, 2022

192,127 shares As of December 31, 2021

72,019 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended September 30, 2022

10,256,988 shares Nine months ended September 30, 2021

210,345,963 shares

Quarterly non-consolidated financial statements
Non-consolidated balance sheets(Thousands of yen)
As of December 31, 2021

As of September 30, 2022

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

7,815,177
3,533,716

6,323,890–Notes and accounts receivable - trade, and contract assets
Electronically recorded monetary claims - operating–
1,310,824

3,986,413
1,188,819

Securities
Merchandise and finished goods

499
1,513,461

636
1,060,471

Work in process
Raw materials and supplies

709,156
483,907666,398
661,346

Other
Allowance for doubtful accounts

32,683(4,511)

58,212(691)

15,394,914

13,945,496

Land
Other

2,226,684
1,653,605

2,226,684
2,149,795

Total property, plant and equipment

3,880,289

4,376,479

85,482

67,857

619,064(11,640)

852,815(117)

Total current assetsNon-current assets
Property, plant and equipment

Intangible assets
Investments and other assets
Other
Allowance for doubtful accounts
Total investments and other assets

607,423

852,698

4,573,195

5,297,035

19,968,110

19,242,531

1,066,714

956,433

2,247,096
280,000

1,966,153
280,000

Current portion of bonds payable
Current portion of long-term borrowings

100,000
74,256–74,296

Income taxes payable
Provision for product warranties

427,318
9,083

79,22914,250

Provision for bonuses
Provision for loss on order received

115,449
4,949

285,340
2,793

Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings

Other

1,079,597

836,103

Total current liabilities

5,404,464

4,494,599

Long-term borrowings
Provision for retirement benefits

410,785
659,423

334,323
623,062

Provision for loss on guarantees
Other–37,09913,886
34,835

1,107,307

1,006,107

6,511,771

5,500,706

Non-current liabilities

Total non-current liabilities
Total liabilities3

(Thousands of yen)
As of December 31, 2021

As of September 30, 2022

Net assets
Shareholders' equity
Share capital

2,084,215

2,097,429

Capital surplus
Retained earnings

2,127,262
9,258,257

2,141,764
9,662,892

Treasury shares(47,235)(198,544)

13,422,499

13,703,541

Valuation difference on available-for-sale securities

3,832

12,910Total valuation and translation adjustments

3,832

12,910Total shareholders' equity
Valuation and translation adjustments

Share acquisition rights
Total net assets
Total liabilities and net assets

430,00625,372

13,456,338

13,741,825

19,968,110

19,242,531

Non-consolidated statements of income (cumulative)(Thousands of yen)
Nine months ended

Nine months ended

September 30, 2021

September 30, 2022

Net sales
Cost of sales

11,366,515
7,974,492

9,653,147
7,240,556

Gross profit

3,392,022

2,412,590

495,436

362,797

Remuneration for directors (and other officers)
Salaries

60,603405,098

56,026410,680

Provision of allowance for doubtful accounts
Provision for bonuses(11,635)
79,365(15,344)
77,913Retirement benefit expenses
Provision for product warranties

25,804(42,673)

21,428
5,167

Other

570,022653,576

1,582,022

1,572,246

1,809,999

840,344

Selling, general and administrative expenses
Freight and packing costs

Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income

91315

Dividend income
Other

158,045
42,910265,457
81,300Total non-operating income

201,048

347,072

2,112

2,535

–
39

13,886–

Foreign withholding tax
Other

4,828
981

17,568
6,804

Total non-operating expenses

7,962

40,7952,003,086

1,146,622

–

2,765

–

2,765

2,003,086

1,149,387

Income taxes - current

613,930

375,483

Income taxes - deferred(39,016)(70,651)574,913304,832

1,428,172

844,555

Non-operating expenses
Interest expenses
Provision for loss on guarantees
Share issuance costs

Ordinary profit
Extraordinary income
Gain on reversal of share acquisition rights
Total extraordinary income
Profit before income taxes

Total income taxes
Profit5