Consolidated Financial Results < under Japanese GAAP >For Three Months Ended June 30 ,2023
August 10 ,2023

Company name:
Listing:
Securities code:
URL:
Representative:

Kitagawa Corporation
Tokyo Stock Exchange6317
https://www.kiw.co.jp/
Yuji Kitagawa, Representative Director, Chairman, President and Executive Officer
Hiroshi Kitagawa, Representative Director & Vice Chairman and Executive Officer,
Inquiries:
General Manager of Business Management Division
Telephone:+81-847-45-4560
August 10 ,2023
Scheduled date to file quarterly securities report:―Scheduled date to commence dividend payments:
NoPreparation of supplementary material on quarterly financial results:
NoHolding of quarterly financial results briefing:(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for three months ended June 30 ,2023(from April 1 ,2023 to June 30 ,2023)（1）Consolidated operating results(％ indicate change from same period of the previous fiscal year.)Net sales

Operating profit

Millions of yen
Three Months ended% Millions of yen%
June 30 ,2023
14,366
8.3
586
136.5
June 30 ,2022
13,267(0.5)
248(56.0)
Comprehensive income :For three months ended June 30 ,2023
Note% Millions of yen
%
33.7
1,037
207.3
(0.6)
337(29.6)525 million yen(10.3) %585 million yen(51.2) %Millions of yen

955
714

For three months ended June 30 ,2022

Basic earnings
per share

Three Months ended
June 30 ,2023
June 30 ,2022

Diluted earnings
per share

Yen
112.4036.26

Profit attributable toowners of parent

Ordinary profit

Ratio of ordinary
profit to total assets

Return on equity

Yen――%
2.8
0.9

Ratio of operating
profit to net sales%
1.3
1.0%
4.1
1.9(2) Consolidated financial position
Total assets
As ofJune 30 ,2023
March 31 ,2023
Reference:

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%yen

75,98574,48037,59137,06649.2
49.5

4,049.76
3,993.20

EquityAs of June 30 ,2023

37,385 million yen

As of March 31 ,2023

36,864 million yen

2. Dividends
dividends per share

Dividends to net
assets(consolidated)

End of 3Q

Yen

Yen

Yen

Yen

Yen

Millions of yen%%

FY March 2023

―30.00―

0.00

30.00

276

165.5

1.5

FY March 2024
FY March 2024
(forecast)

―

026.7

0.70.00―

AnnualPayout ratio（consolidated）

End of 2Q

Note:

Year-end

Total dividends
paid（annual）

End of 1Q

30.00

Revisions to the forecast of cash dividends most recently announced:

30.00

27.7
No－1－3. Consolidated Financial Forecast(April 1 ,2023 through March 31 ,2024)(％ indicate year-on-year changes from full of fiscal year and first half of the previous fiscal year, respectively.)
Net sales
Millions of yen

2Q(first half)
Full year
Note:

29,83059,350Operating income%6.3(0.6)%900―
1,000 412.9

Millions of yen

Profit attributable toowners of parent

ordinary income%
1,300 114.1
1,600 54.7

Millions of yen

Revisions to the financial results forcast announced most recently:

Millions of yen

1,200
1,000%――yen

129.99108.32

Yes

Notes
Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in(1)
scope of consolidation):
Newly included:
Excluded: ―Profit per shareNo―(2)

Accounting policies adopted specially for the preparation of quarterly consolidated finaicial statements:

No

(3)

Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations:(ii) Changes in accounting policies due to other reasons:(iii) Changes in accounting estimates:(iv) Restatement:

NoNo
No
No

(4)

Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of June 30 ,2023
As of March 31 ,2023

9,650,8039,650,803

shares419,302419,082

shares9,231,518
9,311,914

sharesshares(ii) Number of treasury shares at the end of the period
As of June 30 ,2023
As of March 31 ,2023

shares(iii) Average number of shares outstanding during the period
For three months ended June 30 ,2023
For three months ended June 30 ,2022

sharesQuarterly financial results reports are not audited by certified public accountants or auditing firms.
Explanation for the appropriate use of performance forecasts and other special notes:
The statements regarding forecast of financial results in this report are based on the information that is available, as well as
estimates, assumptions and projections that are believed to be reasonable at the time of publication, and they are not meant to be acommitment by the Company. Therefore, there might be cases in which actual results differ from forecast values.

－2－Quarterly Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As ofAssets
Current assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets
Electronically recorded monetary claims - operating
Merchandise and finished goodsWork in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Total non-current assets
Total assets‐3‐March 31,2023

June 30,2023

8,413
12,605
6,502
3,979
4,687
3,038
810
(18)
40,018

8,982
10,941
7,568
4,169
6,060
3,003
910
(17)
41,618

6,635
12,083
6,912
25,631
6048,226
34,461
74,4807,266
12,052
6,368
25,687584
8,095
34,36675,985

(Millions of yen)
As ofLiabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provision for bonuses
Provision for product warranties
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provision for environmental measures
Retirement benefit liability
Other
Total non-current liabilitiesTotal liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets‐4‐March 31,2023

June 30,2023

5,314
6,761
3,810
2,359
279
547
99
24
4,730
23,927

5,165
6,827
4,347
2,547
227
138
57
85,54624,865

7,514
30
5,241
699
13,48637,413

7,274
29
5,311
911
13,52738,3938,640
5,084
20,103(793)
33,034

8,640
5,084
21,141(793)
34,072

1,579
2,259
(9)
3,829
202
37,06674,480

1,489
1,820
2
3,313
206
37,591
75,985

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income( Consolidated Statements of Income)(Millions of yen)
For the three months ended
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest incomeDividend income
Share of profit of entities accounted for using equity method
Foreign exchange gains
Gain on sale of scraps
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Extra retirement payments
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxesProfit
Profit attributable to non-controlling interests
Profit attributable to owners of parent‐5‐

June 30,2022

June 30,2023

13,267
11,486
1,781
1,533
248

14,366
12,262
2,103
1,517
586

13
55
98
212
76
41
497

32
43
34
212
40
78
442

29
0
30
714

63
10
73
955

95
―
95―
587
587

118
178
296
513
22
139
161
351
14
337

28
―
28
1,513
244
229
473
1,040
2
1,037

( Consolidated Statements of Comprehensive Income)(Millions of yen)
For the three months ended
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests‐6‐

June 30 ,2022

June 30 ,2023

351

1,040

(18)
211
29(89)
(437)
12

110

233
585(514)
525

500
85521
3

Segment Information
Industry Segment Information
Since the first quarter of the current consolidated fiscal year, the order in which segment information are listed has been changed.
Accordingly, the order in which segment information are listed for the first quarter of the previous fiscal year has been changed in the same manner.
The three months ended June 30 ,2022
1.Sales and Profit or Loss by reportable segments(Millions of yen)
Reportable segment
Kitagawa
GlobalhandCompany

Kitagawa
SunTechCompany

Kitagawa
MaterialTechnologyCompany

OtherTotalTotal

Net sales
2,374

Unaffiliated customers

Operating profit (loss)

6,233

13,159108

13,267205154―542,377

4,551

6,284

13,213108

13,321324

521(370)

476

(61)

414

Intersegment
Total

4,551

2.Difference between reportable segment total and consolidated financial statement amounts and main factors in the difference(related to difference adjustment)(Millions of yen)
Earnings

Three months ended June 30 ,2022

Reportable segment total

476

Earnings for Other(61)Corporate expenses（note）(166)

Operating profit in consolidated financial statements

248

Note:

Corporate expenses are expenses of administrative divisions of company that are not attributable to reportable segments.

The three months ended June 30 ,2023
1.Sales and Profit or Loss by reportable segments(Millions of yen)
Reportable segment
Kitagawa
GlobalhandCompanyKitagawa
SunTechCompany

Kitagawa
MaterialTechnologyCompany

OtherTotalTotal

Net sales
2,479

Unaffiliated customers

Operating profit (loss)

7,066

14,125

14,366

120

39

52

―52

4,579

7,106

14,177241

14,419

279

398

122

799

(7)

792

2.Difference between reportable segment total and consolidated financial statement amounts and main factors in the difference(related to difference adjustment)(Millions of yen)
Earnings

Three months ended June 30 ,2023
799

Reportable segment total(7)

Earnings for Other
Corporate expenses（note）(206)

Operating profit in consolidated financial statements

586

Note:

241

2,491

Intersegment
Total

4,579

Corporate expenses are expenses of administrative divisions of company that are not attributable to reportable segments.

－7－