Consolidated Financial Results < under Japanese GAAP >For Nine Months Ended December 31 ,2022
February 10 ,2023

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

Kitagawa Corporation
Tokyo Stock Exchange
6317
https://www.kiw.co.jp/
Yuji Kitagawa, Representative Director, Chairman, President and Executive Officer
Hiroo Monden, Director and Senior Executive Officer,
Inquiries:
Manager of Accounting Department,Business Management Division
Telephone:+81-847-45-4560
February 10 ,2023
Scheduled date to file quarterly securities report:―Scheduled date to commence dividend payments:
No
Preparation 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 nine months ended December 31 ,2022(from April 1 ,2022 to December 31 ,2022)(％ indicate change from same period of the previous fiscal year.)（1）Consolidated operating results

Net sales

Operating profit

Millions of yen
Nine Months ended% Millions of yen%
December 31 ,2022
42,2732.8(380)―
December 31 ,2021
41,11422.7
1,111―Comprehensive income :For nine months ended December 31 ,2022
Note% Millions of yen
253(84.7)
(367)
1,654
―924
2,073 million yen
1,355 million yen

Nine Months ended
December 31 ,2022
December 31 ,2021

Diluted earnings
per shareYen(39.68)
98.74

%
―
―

Millions of yen

For nine months ended December 31 ,2021

Basic earnings
per share

Profit attributable toowners of parent

Ordinary profit

Ratio of ordinary
profit to total assets

Return on equity

Yen――%(1.0)
2.5

53.0 %― %Ratio of operating
profit to net sales

%0.3
2.2%
(0.9)
2.7(2) Consolidated financial position
Total assets
As ofDecember 31 ,2022
March 31 ,2022
Reference:Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%yen

74,991
73,311

38,11536,73550.1
49.6

4,069.84
3,880.59

Equity2. Dividends

As of December 31 ,2022

37,572 million yen

As of March 31 ,2022

36,326 million yen

dividends per share
AnnualPayout ratio（consolidated）

Dividends to netassets(consolidated)

End of 2Q

End of 3Q

Yen

YenYenYen

Yen

Millions of yen%%

FY March 2022

―

25.00

―

25.00

50.00

468

50.6

1.2

FY March 2023
FY March 2023
(forecast)

―

30.00

―

276

―

0.8

Note:

Year-end

Total dividends
paid（annual）

End of 1Q

0.00

Revisions to the forecast of cash dividends most recently announced:

30.00

―
Yes－1－3. Consolidated Financial Forecast(April 1 ,2022 through March 31 ,2023)(％ indicate year-on-year changes from full of fiscal year.)Net sales
Millions of yen

Full year
Note:

58,400Operating income%(0.5)

Millions of yen(400)Profit attributable toowners of parent

ordinary income%―Millions of yen

400

Revisions to the financial results forcast announced most recently:%(86.9)

Millions of yen(500)

Profit per share%―yen(53.97)

Yes

Notes
Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in(1)

scope of consolidation):
Newly included:

No―

Excluded: ―(2)

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

NoNoNoNo(ii) Changes in accounting policies due to other reasons:(iii) Changes in accounting estimates:(iv) Restatement:(4)

No

Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of December 31 ,2022
As of March 31 ,2022

9,650,803
9,650,803

shares418,862
289,782

shares

9,264,468
9,361,623

sharesshares(ii) Number of treasury shares at the end of the period
As of December 31 ,2022
As of March 31 ,2022

shares(iii) Average number of shares outstanding during the period
For nine months ended December 31 ,2022
For nine months ended December 31 ,2021

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 a commitmentby 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)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets
Electronically recorded monetary claims - operating
Merchandise and finished goods
Work in process
Raw materials and supplies
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, netMachinery, equipment and vehicles, net
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Total non-current assets
Total assets

－3－

As of

March 31,2022

December 31 ,2022

8,852
11,959
7,446
4,372
4,560
2,644
755
(18)
40,573

7,689
9,899
7,365
4,741
5,750
3,130
1,258
(16)
39,819

6,154
10,6207,833
24,608606
7,523
32,73873,311

6,823
12,743
6,781
26,349588
8,234
35,172
74,991(Millions of yen)

Liabilities
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
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provision for environmental measures
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equityAccumulated 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－

As of

March 31,2022

December 31 ,2022

5,394
6,420
2,867
1,249
808
684
115
4,508
22,048

5,158
6,498
3,744
1,084
43
225
72
5,445
22,272

9,116
44
4,998
367
14,52836,576

8,678
43
5,182
698
14,60336,8758,640
5,091
21,032(617)34,146

8,640
5,084
20,154(793)
33,0851,240
1,099(160)
2,179
408
36,73573,311

1,443
3,117(73)4,486
543
38,11574,991

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income( Consolidated Statements of Income)For the nine months ended

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Foreign exchange gains
Gain on sale of scraps
Subsidy income
Income from contribution to facilities
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
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 sale of non-current assets
Loss on retirement of non-current assets
Provision for product warranties
Restructuring expenses
Total extraordinary losses
Profit (loss) before income taxes
Income taxes - current
Income taxes - deferred
Total income taxesProfit (loss)
Loss attributable to non-controlling interests
Profit (loss) attributable to owners of parent－5－(Millions of yen)

December 31 ,2021

December 31 ,2022

41,11435,528
5,586
4,475
1,111

42,27337,893
4,379
4,759
(380)

16
78
91
―
248
10
77
131
654

39
111
202
114
150
―
―
133
751

62
25
23
111
1,654

115
―
2117
253

―
44
44

98
―
98

―
60
38
―
98
1,601
555
229
785
815
(108)
924

20
172
16
241
450
(97)
154
267
422
(519)
(152)
(367)

( Consolidated Statements of Comprehensive Income)(Millions of yen)

For the nine months ended

Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
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－

December 31 ,2021

December 31 ,2022

815

(519)

(65)
(3)
484
112

202
―
2,232
89

1068

539
1,355

2,593
2,073

1,312
42

1,939
134

Segment Information
Industry Segment Information
The nine months ended December 31 ,2021
1.Sales and Profit or Loss by reportable segments(Millions of yen)
Reportable segment

Kitagawa
MaterialTechnologyCompany

Kitagawa
Sun
TechCompany

Kitagawa
GlobalhandCompany

Other

Total

Total

Net sales
Unaffiliated customers

19,76913,792

7,277

40,839275

41,114

167

0

6

174

7

181

19,937

13,792

7,284

41,014282

41,296(268)

1,348

826

1,907(205)1,701Intersegment
Total
Operating profit (loss)

2.Difference between reportable segment total and consolidated financial statement amounts and main factors in the difference(related to difference adjustment)(Millions of yen)
Nine months ended December 31 ,2021

Earnings
Reportable segment total

1,907

Earnings for Other(205)Corporate expenses（note）(589)

Operating profit in consolidated financial statements

1,111

Note:

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

The nine months ended December 31 ,2022
1.Sales and Profit or Loss by reportable segments(Millions of yen)
Reportable segment

Kitagawa
MaterialTechnologyCompany

Kitagawa
SunTechCompany

Kitagawa
GlobalhandCompany

OtherTotal

Total

Net sales
19,496

15,291

7,250

42,038235

42,27312807135

0135

Total

19,624

15,291

7,258

42,173235

42,409Operating profit (loss)(1,713)

1,016

890

193

(139)

53

Unaffiliated customers
Intersegment

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

Nine months ended December 31 ,2022

Reportable segment total

193

Earnings for Other(139)

Corporate expenses（note）(434)

Operating loss in consolidated financial statements

(380)

Note:

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

－7－