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 Three Months Ended March 31, 2024
(Based on Japanese GAAP)May 15, 2024
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
May 15, 2024

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

Holding of quarterly financial results meeting:

No

TEL

03(3872)9192(Amounts less than one million yen are rounded down)
1. Non-consolidated financial results for the three months ended March 31, 2024 (from January 1, 2024 to March 31, 2024)(1) Non-consolidated operating results (cumulative)

Percentages indicate year-on-year changes

Net sales
Three months ended March 31, 2024
Three months ended March 31, 2023

Millions of yen
3,475
4,023

Operating profit% Millions of yen(13.6)
359
17.3
413

Earnings per share% Millions of yen(13.1)
386
(1.7)
435

Profit% Millions of yen(11.1)
270
1.9
291

%
(7.0)
(1.2)

Diluted earnings per share

Yen
26.11
28.25

Three months ended March 31, 2024
Three months ended March 31, 2023

Ordinary profit

Yen–28.23(2) Non-consolidated financial position
Total assets

Net assets

Millions of yen
19,517
19,589As of March 31, 2024
As of December 31, 2023

Equity ratio

Millions of yen
13,765
14,107

Net assets per share%
70.5
72.0

Yen
1,325.73
1,360.01

2. Cash dividends
Annual dividends per share

Year ended December 31, 2023
Year ending December 31, 2024

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
0.00

Yen–

Yen
60.00

Yen
60.00

0.00

–

50.00

50.00

Year ending December 31, 2024 (Forecast)Total

3. Forecast of non-consolidated financial results for the year ending December 31, 2024 (from January 1, 2024 to December 31, 2024)
Percentages indicate year-on-year changes
Net sales
Full year

Millions of yen
13,500Operating profit% Millions of yen
(1.1)
900

Ordinary profit% Millions of yen
27.3
1,1001Profit% Millions of yen
8.9
800

Earnings per share%
9.3

Yen
77.13

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
NoChanges in accounting policies due to revisions to accounting standards and other regulations:
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 March 31, 2024

10,520,450 shares As of December 31, 2023

10,508,450 shares

Number of treasury shares at the end of the period
As of March 31, 2024

137,095 shares As of December 31, 2023

142,295 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended March 31, 2024

10,372,122 shares Three months ended March 31, 2023

210,300,887 shares

Quarterly non-consolidated financial statements
Non-consolidated balance sheets(Thousands of yen)
As of December 31, 2023

As of March 31, 2024

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

5,388,660
4,221,556

4,679,775
4,555,864

Electronically recorded monetary claims - operating
Securities

1,360,882
651

1,198,247
676

Merchandise and finished goodsWork in process

1,324,225
568,747

1,377,283
564,535

Raw materials and supplies
Other

851,361
40,726

941,430
48,416

Allowance for doubtful accounts(1,838)(1,687)

13,754,972

13,364,542

2,507,950

2,507,950

Other

2,295,907

2,577,360

Total property, plant and equipment

4,803,857

5,085,311

Intangible assets

44,06944,874

Investments and other assets
Other986,607

1,022,720

Total current assets
Non-current assets
Property, plant and equipment
Land

Allowance for doubtful accounts

(117)

(121)

Total investments and other assets986,489

1,022,599

Total non-current assets

5,834,416

6,152,784

19,589,389

19,517,327

828,2292,437,507

881,200
2,260,881

Short-term borrowings
Current portion of long-term borrowings

280,000
54,264

280,000
54,264

Income taxes payable
Provision for product warranties

97,00017,184

183,890
18,261

Provision for bonuses
Provision for loss on orders received

105,371
21,508262,113
10,286

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

Other

850,086

1,042,1834,691,151

4,993,080

Long-term borrowings
Provision for retirement benefits

203,551
561,409

189,985
538,055

Other

25,58030,707

Total current liabilities
Non-current liabilities

Total non-current liabilities
Total liabilities

3

790,541

758,747

5,481,692

5,751,827

(Thousands of yen)
As of December 31, 2023

As of March 31, 2024

Net assets
Shareholders' equity
Share capital

2,116,233

2,123,241

Capital surplus
Retained earnings

2,164,427
9,942,495

2,171,428
9,586,568

Treasury shares(138,116)(131,600)

14,085,040

13,749,637

Valuation difference on available-for-sale securities

13,067

15,861

Total valuation and translation adjustments

13,067

15,861

Total shareholders' equity
Valuation and translation adjustments

Share acquisition rights
Total net assets
Total liabilities and net assets

4

9,589

–

14,107,697

13,765,499

19,589,389

19,517,327

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

Three months ended

March 31, 2023

March 31, 2024

Net sales
Cost of sales

4,023,806
3,018,479

3,475,505
2,542,446

Gross profit

1,005,326

933,059

134,534

111,041

Remuneration for directors (and other officers)
Salaries

18,414
134,401

18,365
152,884

Provision of allowance for doubtful accounts
Provision for bonuses

1,679
43,825(146)
41,536Retirement benefit expenses
Provision for product warranties

7,648
16,320

7,104
1,077

Other

234,537

241,481

Total selling, general and administrative expenses

591,361

573,344

413,964

359,714Selling, general and administrative expenses
Freight and packing costs

Operating profit
Non-operating income
Interest income

159350Dividend income
Foreign exchange gains

125
1,984

125
18,824

Reversal of provision for loss on guarantees
Other

11,582
9,043–
10,211

Total non-operating income

22,89429,511Non-operating expenses
Interest expenses

414

377

Loss on retirement of non-current assets
Loss on amortization of restricted stock compensation

–
402

1,421
53

Other631

444

Total non-operating expenses
Ordinary profit

1,448

2,296

435,410

386,929

8,309

6,393

Extraordinary income
Gain on reversal of share acquisition rights

8,309

6,393

Profit before income taxes

Total extraordinary income

443,720

393,322

Income taxes - current
Income taxes - deferred

188,065(35,392)

164,893(42,341)

Total income taxes

152,672

122,552

Profit291,047

270,7705