Consolidated Financial Results < under Japanese GAAP >For Three Months Ended June 30 ,2022
August 10 ,2022

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
Hiroo Monden, Director and Senior Executive Officer,
Inquiries:
Manager of Accounting Department,Business Management Division
Telephone:+81-847-45-4560
August 10 ,2022
Scheduled date to file quarterly securities report:―
Scheduled date to commence dividend payments:―
Preparation of supplementary material on quarterly financial results:―
Holding 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 ,2022(from April 1 ,2022 to June 30 ,2022)（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 ,2022
13,267(0.5)
248(56.0)
June 30 ,2021
13,333
41.1
563―
Comprehensive income :For three months ended June 30 ,2022
NoteMillions of yen

714
718

For three months ended June 30 ,2021

Basic earnings
per share

Three Months ended
June 30 ,2022
June 30 ,2021

Diluted earnings
per share

Yen
36.26
51.26

Profit attributable toowners of parent

Ordinary profit% Millions of yen%(0.6)
337(29.6)―479―
585 million yen(51.2) %1,198 million yen― %Ratio of ordinary
profit to total assets

Return on equity

Yen――%0.9
1.3

Ratio of operating
profit to net sales%
1.0
1.0%
1.9
4.2(2) Consolidated financial position
Total assets
As ofJune 30 ,2022
March 31 ,2022
Reference:

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

yen

73,591
73,311

36,94436,73549.5
49.6

3,935.41
3,880.59

Equity2. Dividends

As of June 30 ,2022

36,450 million yen

As of March 31 ,2022

36,326 million yen

dividends per share

Dividends to net
assets(consolidated)

End of 3Q

Yen

Yen

Yen

Yen

Yen

Millions of yen%%

FY March 2022

―25.00

―

25.00

50.00

468

97.5

1.2

FY March 2023
FY March 2023
(forecast)―0165.5

1.5

30.00

―

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:

60.00

46.3
No－1－

3. Consolidated Financial Forecast(April 1 ,2022 through March 31 ,2023)(％ 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:

28,00061,000Operating income%1.44.0Millions of yen

400
2,000

Profit attributable toowners of parent

ordinary income%(59.0)(4.8)

Millions of yen

800
2,700%(35.3)(11.8)

Revisions to the financial results forcast announced most recently:

Millions of yen

200
1,200%(69.5)
―

yen

21.48
128.87

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 share

No―

(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
NoNo

(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 ,2022
As of March 31 ,2022

9,650,803
9,650,803

shares388,722289,782

shares9,311,914
9,361,992

sharesshares(ii) Number of treasury shares at the end of the period
As of June 30 ,2022
As of March 31 ,2022

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

June 30 ,2022

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

8,812
9,995
7,704
4,743
5,423
2,756
1,066
(16)
40,485

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

6,610
11,216
7,100
24,928594
7,583
33,10573,591

(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
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' 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 ,2022

June 30 ,2022

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

4,361
6,870
3,197
1,354
12
195
99
5,887
21,978

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

9,107445,042
473
14,66836,647

8,640
5,091
21,032(617)34,146

8,640
5,091
21,136(760)34,1071,240
1,099(160)
2,179
408
36,73573,311

1,222
1,252(131)
2,342
494
36,94473,591

(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 income
Dividend income
Share of profit of entities accounted for using equity method
Foreign exchange gains
Gain on sale of scraps
Subsidy income
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
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Provision for product warranties
Extra retirement payments
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent－5－

June 30 ,2021

June 30 ,2022

13,333
11,319
2,014
1,450
563

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

6368―
72
0
118
241

13
55
98
212
76
―
41
497

1956
1086
718

29―
0
30
714

―
―

95
95

14
38―
52
666
63
113
177
488
9479

118
―
178
296
513
22139
161
351
14337

( Consolidated Statements of Comprehensive Income)(Millions of yen)
For the three months ended
ProfitOther 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－

June 30 ,2021

June 30 ,2022

488

351

(93)
(2)
757
39(18)
―211
29

8

11709
1,198

233
585

1,059
13950085

Segment Information
Industry Segment Information
The three months ended June 30 ,20211.Sales and Profit or Loss by reportable segments(Millions of yen)
Reportable segment
Kitagawa
MaterialTechnologyCompany

Kitagawa
SunTechCompany

Kitagawa
GlobalhandCompany

OtherTotal

Total

Net sales
6,883

Unaffiliated customers

Operating profit (loss)

2,288

13,26964

13,333

59

0

1

61

7

68

6,943

4,097

2,289

13,33072

13,402

258

326

237

822

(70)

752

Intersegment
Total

4,097

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 ,2021

Reportable segment total

822

Earnings for Other(70)

Corporate expenses（note）(188)

Operating profit in consolidated financial statements

563

Note:

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

The three months ended June 30 ,2022
1.Sales and Profit or Loss by reportable segments(Millions of yen)
Reportable segment
Kitagawa
MaterialTechnologyCompany

Kitagawa
SunTechCompany

Kitagawa
GlobalhandCompany

OtherTotalTotal

Net sales
6,233

4,551

2,374

13,159108

13,267510254―54

Total

6,284

4,551

2,377

13,213108

13,321

Operating profit (loss)

(370)

521

324

476

(61)

414

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

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.

－7－