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 Year Ended March 31, 2023
(Based on Japanese GAAP)May 11, 2023
Company name:

HAMAKYOREX CO., LTD.

Stock exchange listing: Tokyo
Stock code:
9037
Representative:
Inquiries:

URL

https://www.hamakyorex.co.jp

President
Executive officer

Hidenori Osuka
Yoshiyuki Takeuchi

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 14, 2023
June 14, 2023

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

June 15, 2023
Yes

Holding of financial results meeting:

NoTEL

053(444)0054(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable toNet salesOperating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2023
131,912
5.4
11,5483.9
12,306
2.9
7,400
4.0
Year ended March 31, 2022
125,094
5.2
11,114
5.2
11,957
9.6
7,117
10.7
Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%–
9.9
8.8
8.8
–
10.3
9.0
8.9

Diluted earnings pershare

Earnings per shareYen
393.92378.84

Year ended March 31, 2023
Year ended March 31, 2022
(2) Consolidated financial position

Total assets
As of March 31, 2023
As of March 31, 2022

Net assets

Equity ratio

Millions of yen
143,038
135,672

Millions of yen
88,14981,592

Cash flows fromoperating activities
Millions of yen
13,655
13,600Cash flows frominvesting activities
Millions of yen(3,003)(6,033)

Net assets per share%
54.1
52.7

Yen
4,118.72
3,808.86(3) Consolidated cash flows

Year ended March 31, 2023
Year ended March 31, 2022

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(5,772)
23,062(4,189)18,182

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2022
Year ended March 31, 2023
Year ending March 31, 2024
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%%

––

40.00
45.00

––

45.00
50.00

85.00
95.00

1,596
1,784

22.4
24.1

2.3
2.4

–

50.00

–50.00100.00124.4

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

Millions of yen
139,000

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%Yen
5.4
12,1004.8
12,800
4.0
7,700
4.0
409.85

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):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:
Changes in accounting policies due to other reasons:

No
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2023

19,012,000 shares As of March 31, 2022

19,012,000 shares

Number of treasury shares at the end of the period
As of March 31, 2023

224,789 shares As of March 31, 2022

224,751 shares

18,787,222 shares Year ended March 31, 2022

18,787,267 shares

Average number of shares during the period
Year ended March 31, 2023

2

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2022

As of March 31, 2023

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets
Merchandise
Supplies
Investments in leases
Other
Allowance for doubtful accounts

19,604
15,11825,23815,652

2182

3137

2,393
1,176

3,261
1,252

(33)

(35)

38,44545,50973,444

77,394

Accumulated depreciation(41,358)(44,756)

Buildings and structures, net

32,08632,638

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures

Machinery and equipment

6,043

6,074

Accumulated depreciation(3,868)(4,162)

Machinery and equipment, net

2,175

1,911

7,325

7,130

(6,614)(6,456)

711

673

Land

45,04045,984

Leased assets
Accumulated depreciation

11,510(5,676)

12,308(6,517)

Leased assets, net

5,833

5,790

Construction in progress
Other

1,619
2,625

352
2,800

(2,258)(2,407)366

392

87,83287,744

2,938

2,654

Investment securities
Long-term loans receivable

2,642
16

2,731
8

Long-term prepaid expenses
Leasehold and guarantee deposits

140
1,943

170
2,382

Deferred tax assets
Other

1,156
1,012

1,218
1,073

Allowance for doubtful accounts

(457)

(455)

VehiclesAccumulated depreciation
Vehicles, net

Accumulated depreciation
Other, netTotal property, plant and equipment
Intangible assets
Investments and other assets

Total investments and other assets
Total non-current assets
Total assets

3

6,456

7,129

97,227

97,528135,672

143,038(Millions of yen)
As of March 31, 2022

As of March 31, 2023

Liabilities
Current liabilities
Notes and accounts payable - trade

7,316

7,371

Short-term borrowings
Lease liabilities

16,831
1,966

17,031
2,004

Income taxes payable
Accrued consumption taxes

1,803
1,045

2,339
1,209

Provision for bonuses
Reserve for loss on dissolution of employee's pension fund

1,288
49

1,351
49

Other

5,342

5,237

Total current liabilities

35,64436,595Long-term borrowings
Lease liabilities

5,866
4,327

4,669
4,264

Deferred tax liabilities
Retirement benefit liability

695
5,862

887
5,868

Reserve for loss on dissolution of employee's pension fund
Other

76
1,605

27
2,574

Total non-current liabilities

18,435

18,29254,07954,888

Shareholders' equity
Share capital

6,547

6,547

Capital surplus
Retained earnings

6,445
59,0466,445
64,756

Treasury shares

(643)

(643)

71,395

77,105

216
(54)

266
7

Non-current liabilities

Total liabilities
Net assets

Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans

162

273

Non-controlling interests

Total accumulated other comprehensive income

10,034

10,770Total net assets

81,592

88,149135,672

143,038

Total liabilities and net assets

4Consolidated statements of income and consolidated statements of comprehensive income(Millions of yen)
Fiscal year ended

Fiscal year endedMarch 31, 2022

March 31, 2023

Operating revenue
Operating costs

125,094
110,286

131,912
116,448

Operating gross profit

14,80815,464(0)1Remuneration for directors (and other officers)
Salaries and allowances

767
855

809
905

Provision for bonuses
Retirement benefit expenses

98
43

100
73

Taxes and dues
Other474
1,456

485
1,539

Total selling, general and administrative expenses

3,694

3,915

11,114

11,548Interest income
Dividend income

075

099

Rental income
Commission income

112
59

113
58

Gain on sale of non-current assets
Subsidy income

99448

149191Electricity sale income
Miscellaneous income

378
143

370
247

1,318

1,231

Selling, general and administrative expenses
Provision of allowance for doubtful accounts

Operating profit
Non-operating income

Total non-operating income
Non-operating expenses
Interest expenses

142

138

Rental Expense
Loss on sale and retirement of non-current assets

55
2550
40

Cost of electricity sales
Miscellaneous losses

225
26

220
24

Total non-operating expenses

475

473

11,957

12,30618–

Gain on bargain purchase–105

Total extraordinary income

18105

Ordinary profit
Extraordinary income
Gain on sale of investment securities

5(Millions of yen)

Extraordinary losses
Loss on valuation of investment securities

Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023
6–

Settlement payments
Loss on transfer and closing of logistics center

146
16

–
10

Loss on liquidation of subsidiaries and associates
Other–
–

129
34

169

174

Profit before income taxes

11,806

12,238

Income taxes - current

3,496

3,978

Income taxes - deferred218(49)Total income taxes

3,714

3,928

Profit

8,091

8,309

7,117
974

7,400
908

Total extraordinary lossesProfit attributable toProfit attributable to owners of parent
Profit attributable to non-controlling interests
Other comprehensive income
Valuation difference on available-for-sale securities

(75)

53

Remeasurements of defined benefit plans, net of tax

22104

(53)

158

Comprehensive income

Total other comprehensive income

8,038

8,467

Comprehensive income attributable toComprehensive income attributable to owners of parent

7,075

7,512

962

955

Comprehensive income attributable to non-controlling interests

6Consolidated statements of changes in equity
Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

6,547

Retained earnings

6,445

53,478Cumulative effects of changes inaccounting policies
Restated balance

Total shareholders'equityTreasury shares
(643)

(45)
6,547

6,445

53,43265,827(45)(643)

65,781

Changes during period
Dividends of surplus(1,502)(1,502)

Profit attributable to owners ofparent

7,117

7,117

Purchase of treasury shares

(0)

(0)

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period––

5,614

(0)

5,614

6,547

6,445

59,046(643)

71,395

Accumulated other comprehensive income

Balance at beginning of period

Valuation difference
on available-for-salesecurities

Remeasurements ofdefined benefit plans

Total accumulated
other comprehensive
income

270

(66)

204

Cumulative effects of changes inaccounting policies
Restated balance270(66)

204

Non-controllinginterests

Total net assets

9,287

75,318

(16)

(62)

9,270

75,256

Changes during period
Dividends of surplus(1,502)

Profit attributable to owners ofparent

7,117Purchase of treasury shares
Net changes in items other thanshareholders' equity

(0)
(53)

11(41)

764

722

Total changes during period(53)

11(41)

764

6,336

Balance at end of period

216

(54)

162

10,034

81,592

7Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

6,547

Retained earnings

6,445

59,046

Total shareholders'equity

Treasury shares(643)

71,395

Changes during period
Dividends of surplus(1,690)(1,690)

Profit attributable to owners ofparent

7,400

7,400

Purchase of treasury shares

(0)

(0)

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

––

5,709

(0)

5,709

6,547

6,445

64,756(643)

77,105

Accumulated other comprehensive income

Balance at beginning of period

Valuation difference
on available-for-salesecurities

Remeasurements ofdefined benefit plans

Total accumulated
other comprehensive
income216(54)162

Non-controllinginterests
10,034

Total net assets

81,592

Changes during period
Dividends of surplus(1,690)

Profit attributable to owners ofparent

7,400

Purchase of treasury shares
Net changes in items other thanshareholders' equity

(0)
49

61

Total changes during period

49

61

111

735

6,556

Balance at end of period

266

7273

10,77088,149

8111

735

847

Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023
11,806

12,238Depreciation
Increase (decrease) in allowance for doubtful accounts

5,449
(6)

5,614
(1)

Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability60(146)3983

Interest and dividend income
Interest expenses(76)
142(100)
138

Loss on sales and retirement of noncurrent assets
Loss (gain) on valuation of investment securities

25640
–

Decrease (increase) in trade receivables
Increase (decrease) in trade payables

87
305

(209)
(6)

Increase (decrease) in accrued consumption taxes
Gain on sale of non-current assets

(120)
(99)

380(149)

Settlement payments
Decrease (increase) in investments in leases

146(359)–(1,289)

Increase/decrease in other assets/liabilities
Other, net

475
36190
181

17,735

17,15076(142)100(137)

Settlement paid
Income taxes paid

(77)
(3,991)–(3,457)

Net cash provided by (used in) operating activities

13,60013,655(1,275)(2,045)991(5,491)

1,747(2,354)

Proceeds from sale of property, plant and equipment
Purchase of intangible assets

416
(121)

471
(174)

Purchase of investment securities
Proceeds from sale of investment securities(93)
35(12)
0

Payments of leasehold deposits
Proceeds from refund of leasehold deposits

(68)
163

(63)
90

Loan advances
Purchase of shares of subsidiaries resulting in change in

(16)

(17)

(511)

(728)

(20)

–

SubtotalInterest and dividends received
Interest paid

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment

scope of consolidation
Purchase of shares of subsidiaries
Other, net
Net cash provided by (used in) investing activities

9(44)

82

(6,033)(3,003)

(Millions of yen)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings

Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023
(890)

297

Proceeds from long-term borrowings
Repayments of long-term borrowings

2,790(2,188)442(2,441)

Net decrease (increase) in treasury shares
Dividends paid

(0)
(1,502)(0)(1,690)

Dividends paid to non-controlling interests
Repayments of lease liabilities(198)(2,194)(220)(2,157)

Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents

(4)

(1)

(4,189)(5,772)––

Net increase (decrease) in cash and cash equivalents

3,377

4,880

Cash and cash equivalents at beginning of period

14,80418,182

Cash and cash equivalents at end of period

18,182

23,06210