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, 2023
(Based on Japanese GAAP)
November 14, 2023
Company name:AIRTECH JAPAN,LTD.
Stock exchange listing: Tokyo
Stock code:
Representative:

6291
President

URL

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

Inquiries:
Director, Administration Department
Scheduled date to file Quarterly Securities Report:

Naoki Watanabe
November 14, 2023

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

Holding of quarterly financial results meeting:

NoTEL

03(3872)9192(Amounts less than one million yen are rounded down)
1. Non-consolidated financial results for the nine months ended September 30, 2023 (from January 1, 2023 to September 30, 2023)(1) Non-consolidated operating results (cumulative)

Percentages indicate year-on-year changes

Net sales
Nine months ended September 30, 2023
Nine months ended September 30, 2022

Millions of yen
10,524
9,653

Operating profit% Millions of yen
9.0665(15.1)
840

Earnings per share

Ordinary profit% Millions of yen(20.8)
976(53.6)
1,146% Millions of yen(14.9)
701(42.8)844%(17.0)(40.9)

Diluted earnings per share

Yen
67.94
82.34

Nine months ended September 30, 2023
Nine months ended September 30, 2022

Profit

Yen
67.87
82.20

(2) Non-consolidated financial position
Total assets

Net assets

Millions of yen
19,733
19,976

As of September 30, 2023
As of December 31, 2022

Equity ratio

Millions of yen
14,05913,926

Net assets per share
%
71.2
69.6

Yen
1,357.42
1,350.02

2. Cash dividends
Annual dividends per share

Year ended December 31, 2022
Year ending December 31, 2023

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
0.00
0.00

Yen––

Yen
60.00

Yen
60.00

60.00

60.00

Year ending December 31, 2023 (Forecast)Total

3. Forecast of non-consolidated financial results for the year ending December 31, 2023 (from January 1, 2023 to December 31, 2023)
Percentages indicate year-on-year changes
Net sales
Full year

Millions of yen
13,000Operating profit% Millions of yen
(1.3)
950

Ordinary profit% Millions of yen(14.0)
1,100

1Profit% Millions of yen(21.2)
800

Earnings per share%(21.3)

Yen
77.51

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, 2023

10,497,450 shares As of December 31, 2022

10,478,710 shares

Number of treasury shares at the end of the period
As of September 30, 2023

149,413 shares As of December 31, 2022

180,247 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended September 30, 2023

10,321,576 shares Nine months ended September 30, 2022

210,256,988 shares

Quarterly non-consolidated financial statements
Non-consolidated balance sheets(Thousands of yen)
As of December 31, 2022

As of September 30, 2023

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets

6,365,019
4,368,479

5,379,908
4,314,436

Electronically recorded monetary claims - operatingSecurities

1,442,664
586

1,517,507
679

Merchandise and finished goods
Work in process

1,179,158
673,923

1,207,896
558,434

640,80775,301

806,020
74,225(122)(2,153)

14,745,817

13,856,956

2,226,684

2,472,750

Other

2,136,846

2,308,304

Total property, plant and equipment

4,363,531

4,781,054

Intangible assets

65,92549,753

Investments and other assets
Other

801,247

1,046,206

Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
LandAllowance for doubtful accounts

(117)

(117)

Total investments and other assets

801,130

1,046,089

Total non-current assets

5,230,586

5,876,897

19,976,404

19,733,853

1,025,751
2,465,637

940,230
2,340,114

Short-term borrowings
Current portion of long-term borrowings

280,000
69,790280,000
54,756

Income taxes payable
Provision for product warranties

125,064
13,148135,771
38,793

Provision for bonuses
Provision for loss on orders received

111,697
7,067

283,976
15,235

Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating

Other

984,987

762,231

5,083,142

4,851,108

Long-term borrowings
Provision for retirement benefits

304,575
614,031

232,847
563,603

Provision for loss on guarantees
Other

16,17631,880–27,155

Total non-current liabilities

966,662

823,605

6,049,805

5,674,714

Total current liabilities
Non-current liabilities

Total liabilities3

(Thousands of yen)
As of December 31, 2022

As of September 30, 2023

Net assets
Shareholders' equity
Share capital

2,099,181

2,109,809

Capital surplus
Retained earnings

2,145,235
9,835,389

2,158,010
9,911,903

Treasury shares(185,261)(147,514)

13,894,544

14,032,209

Valuation difference on available-for-sale securities

8,552

14,409Total valuation and translation adjustments

8,552

14,409Total shareholders' equity
Valuation and translation adjustments

Share acquisition rights
Total net assets
Total liabilities and net assets

4

23,501

12,51913,926,598

14,059,139

19,976,404

19,733,853

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

September 30, 2022

September 30, 2023

Net sales
Cost of sales

9,653,147
7,240,556

10,524,600
8,077,423

Gross profit

2,412,590

2,447,177

362,797

351,543

Remuneration for directors (and other officers)
Salaries

56,026410,680

55,310414,104

Provision of allowance for doubtful accounts
Provision for bonuses(15,344)
77,913

2,205
72,868Retirement benefit expenses
Provision for product warranties

21,4285,167

22,88325,645

Other653,576

837,094

1,572,246

1,781,656

840,344665,521

Selling, general and administrative expenses
Freight and packing costs

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

315

640

Dividend income
Other

265,457
81,300245,642
76,422

Total non-operating income

347,072

322,705

2,535

1,213

Provision for loss on guarantees
Foreign withholding tax

13,886
17,568

–
8,341

Other

6,804

2,546

Total non-operating expenses

40,795

12,101

1,146,622

976,125

Gain on reversal of share acquisition rights

2,765

8,309

Total extraordinary income

2,765

8,309

Profit before income taxes1,149,387

984,435

Income taxes - current
Income taxes - deferred

375,483(70,651)

324,810(41,624)

Total income taxes

304,832

283,185

Profit844,555

701,249

Non-operating expenses
Interest expenses

Ordinary profit
Extraordinary income5