Consolidated Financial Results (Japanese Accounting Standards)
for the Three Months Ended June 30, 2024
August 9, 2024
Company Name: Ahresty Corporation
Stock Exchange Listing: Tokyo
Code Number: 5852
URL: https://www.ahresty.co.jp
Representative: (Title) President & CEO(Name) Shinichi Takahashi
Director and Managing Executive
Contact for(Title) Officer, Chief of General Administrative (Name) Hideki Nariya TEL 03-6369-8660
inquiries:
CommandPlanned date for start of dividend payment:－
Supplementary documents for financial results: Yes
Financial results briefing:No(Amounts of less than 1 million yen are rounded off)
1. Consolidated results for the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)(% shows year-on-year change from previous year)(1) Consolidated operating results (cumulative)
Net income attributable
Net sales
Operating income
Recurring income
to owners of parent
Three months ended
million yen%
million yen%
million yen%
million yen%
June 30, 2024
38,403
1.1
101 (55.5)
693
94.0
488
8.1
June 30, 2023
37,996
14.7
227
357
452
－
－
－
(Note) Comprehensive income:Three months ended June 30, 2024: 2,749 million yen (65.4%)(Reference) EBITDA:
Three months ended June 30, 2024: 2,922 million yen (-11.7%)* EBITDA = operating income + depreciation and amortization

Three months ended June 30, 2023: 1,662 million yen (-25.1%)
Three months ended June 30, 2023: 3,309 million yen (30.9%)

Net income per share

Fully diluted net income

yen
19.50
17.44

yen
19.38
17.33

Three months ended
June 30, 2024
June 30, 2023
(2) Consolidated financial position
Total assets
million yen
136,903131,763

As of June 30, 2024
As of March 31, 2024
(Reference) Equity:

Net assets

Three months ended June 30, 2024: 53,906 million yen

Equity ratio

million yen
54,02351,617

%
39.4
39.1

Three months ended June 30, 2023: 51,499 million yen

2. Dividend payments
End of first quarter

Dividend per share
End of second
End of third quarter
quarter
yen
yen
10.00
－

yen
Year ended March 2024－
Year ending March 2025－
Year ending March 2025 (Forecast)(Note) Revisions to dividend forecast published most recently: No

10.00

－

End of year

For the year

yen
5.00

yen
15.00

18.00

28.00

3. Forecast of consolidated results for year ending March 2025 (from April 1, 2024 to March 31, 2025)(% shows year-on-year change from previous year)
Net income
Net income per
Net sales
Operating income Recurring income
attributable toshareowners of parent
million yen% million yen% million yen%
million yen%
yenFirst half
77,000 (1.0)
1,300 53.8
1,000
6.1
100 (800.0)
3.90
Full year
159,000
0.5
4,000 42.7
3,500 26.4
2,000
78.07
－
(Note) Revisions to consolidated results forecast published most recently: No-1-

* Notes:(1) Significant changes in the scope of consolidation during the current term: No(2) Application of specific accounting treatment to the preparation of quarterly consolidated financial statements: No(3) Changes in accounting policies and changes in or restatement of accounting estimates(i) Changes in accounting policies associated with revision of accounting standards, etc.:(ii) Changes in accounting policies other than (i):(iii) Changes in accounting estimates:(iv) Restatement:(4) Number of shares outstanding (Common stock)(i) Number of shares
outstanding at end of period June 30, 2024
(including treasury shares)(ii) Number of treasury shares at June 30, 2024
end of period(iii) Average number of shares
Three months ended June 30,2024(cumulative)

Yes
No
No
No

25,546,717 shares

March 31, 2024

25,546,717 shares639,207 shares

March 31, 2024

337,057 shares

25,046,873 shares

Three months ended June30, 2023

25,911,898 shares* Review of the Japanese-language originals of the attached quarterly consolidated financial statements by a certified
public accountant or an audit corporation: No* Explanation for appropriate use of financial forecasts and other special remarks(Note on forward-looking statements)
The forecasts presented herein are based on information currently available and certain assumptions deemed
reasonable by the Company, and actual results may differ significantly from these forecasts due to various factors.
For notes on the use of the results forecasts and assumptions as the basis for the results forecasts, please see “1.
Qualitative Information on Consolidated Operating Results, etc. for Three Months Ended June 30, 2024 (3)Explanation of Consolidated Earnings Forecasts and Other Information for Future Outlook” on page 5 of theaccompanying materials.

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Accompanying Materials - Contents
1. Qualitative Information on Consolidated Operating Results, etc. for Three Months Ended June 30, 2024

4(1) Explanation of Operating Results

4(2) Explanation of Financial Position

5(3) Explanation of Consolidated Earnings Forecasts and Other Information for Future Outlook

5

2. Consolidated Quarterly Financial Statements and Key Notes

6(1) Quarterly Consolidated Balance Sheet

6(2) Quarterly Consolidated Income Statement and Quarterly Consolidated Statement of Comprehensive Income

8

Quarterly Consolidated Income Statement
Three Months Ended June 30, 2024

8

Quarterly Consolidated Statement of Comprehensive Income
Three Months Ended June 30, 2024

9(3) Notes

10(Notes on Going Concern Assumption)

10(Notes on Significant Change in Amount of Shareholders’ Equity)

10(Notes on Quarterly Consolidated Balance Sheet)

10(Notes on Quarterly Consolidated Statement of Cash Flows)

10(Notes on Changes in Accounting Policies)

10(Notes on Segment Information, etc.)

11

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1. Qualitative Information on Consolidated Operating Results, etc. for Three Months Ended June 30, 2024
(1) Explanation of Operating Results
During the three months ended June 30, 2024, the world economy continued on a moderate deceleration trend underfluctuations in financial and capital markets and price increases as central banks of various countries maintained monetary
tightening, resource and raw material prices remained at high levels, and the prolonged unstable international situation andfluctuations in exchange rates, etc. In the U.S., while the labor market and consumer spending will continue to slow down inthe second half of 2024 due to the effects of cumulative monetary tightening, supported by increased profits due mainly tolarge tech companies and strong consumption among high-income earners through stock prices, the economy is expected totrend towards a moderate recovery in 2025. In the Chinese economy, the growth rate is expected to continue to slow due toongoing structural downward pressures, such as prolonged adjustments in the real estate sector, population decline, and the
U.S.-China conflict. In Japan, although consumer spending was weak as people became more conscious of protecting theirlivelihoods due to rising prices due to soaring energy and food prices, a moderate recovery is expected to continue with the
backdrop of high corporate earnings and improvement in real wages.
Under these economic circumstances, although we have made flexible adjustments of days of operation, personnel
structure, etc. in accordance with changes in sales volume for automobile companies in various countries and regions, andworked on reflecting the effects of rising energy prices on prices, due to increased procurement costs due to soaring raw
material prices and intensification of competition between Japanese automobile companies and local manufacturers,
operating income decreased year on year. Recurring income and net income increased year on year mainly due to therecording of foreign currency exchange gain due to the weaking of the yen.
Starting from FY2022, the Ahresty Group has promoted its 10-year Business Plan, a long-term management plan
toward fiscal 2030, and the 2224 Medium-Term Management Plan, the milestone plan for the first three years of the 10-year
Business Plan. Under the 2224 Medium-Term Management Plan, in response to changes in the external environment, suchas the acceleration of electrification of automobiles and moves toward carbon neutrality, we set “establishing low-cost,highly productive MONOZUKURI,” “reducing CO2 emissions in production,” and “shifting the business portfolio to
predominantly parts for electric vehicles” as the pillars of our strategy. Based on these pillars, we are making efforts to boost
sales, improve productivity, and enhance our earnings strength. Furthermore, we formulated financial strategies for the 10year Business Plan in June last year, aiming to achieve, in addition to the income targets that had been released, an equity
ratio of 40%, a dividend payout ratio of 35%, capital investment of ¥140,000 million, and an ROE of 9%, as the four pillar
financial targets for the period of the 10-year Business Plan. Although we recorded a net loss for the previous consolidated
fiscal year, we continue to see a recovery trend in our basic profitability and will continue to strengthen our businessstructure by building an efficient production system and expanding new and existing business relationships with customers
who are strong in electric vehicle parts.
Consequently, for the three months ended June 30, 2024, the Ahresty Group recorded net sales of ¥38,403 million (up1.1% year on year), operating income of ¥101 million (down 55.5% year on year), recurring income of ¥693 million (up94.0% year on year), and net income attributable to owners of parent of ¥488 million (up 8.1% year on year).
Operating results by segment are as follows:(i)

Die Casting Business: Japan
In the Japanese automobile market, as orders significantly decreased due to the decline in domestic car production, our net
sales decreased to ¥14,053 million (down 9.1% year on year). On the profitability side, the segment recorded a loss of ¥299
million (a segment profit of ¥42 million was recorded a year earlier) due to the promotion of the improvement of cost ratio
and the reduction of selling, general and administrative expenses in response to the decrease in orders received as notenough to cover the decline in sales.

(ii) Die Casting Business: North America
In the automobile market in North America, as North American car production recovered, resulting in recovery in thevolume of orders received, as well as the continued depreciation of the yen in the exchange market, our net sales increasedto ¥13,053 million (up 15.4% year on year). On the profitability side, the segment recorded a profit of ¥298 million (down
26.4% year on year) due to the continued rise in manufacturing costs such as labor costs, etc.
(iii) Die Casting Business: Asia
In the automobile market in Asia, despite a decline in the volume of orders received in China Plant, reflecting stagnant sales
from our major customers, net sales increased 13.0% year on year to ¥8,710 million thanks to an increase in the volume oforders received in India Plant, due to the start of mass production of new products and the continued depreciation of the yen
in the exchange rate market. On the profitability side, the segment recorded a profit of ¥252 million (a segment loss of ¥617
million was recorded a year earlier) due to reducing fixed costs associated with the streamlining of the production system in
China Plant, a decrease in depreciation and amortization due to the recording impairment loss in the previous period, etc.,
despite the impact of higher costs pertaining to the ongoing instability in production of some products in India Plant.
(iv) Aluminum BusinessIn the Aluminum Business, net sales decreased 7.8% year on year to ¥1,699 million despite the impact of rising aluminumbullion market prices and the sales weight decreasing by 30.7% year on year. On the profitability side, the segment recorded
a profit of ¥15 million (down 71.5% year on year) due to a decrease in sales weight and soaring raw material prices.

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(v) Proprietary Products BusinessIn the Proprietary Products Business, net sales decreased 47.2% year on year to ¥887 million, mainly reflecting a decrease in
the number of large-scale orders from semiconductor-related companies compared to the same period last year. On the
profitability front, the segment saw a profit of ¥19 million (down 88.7% year on year) due to the decrease in net sales.
(2) Explanation of Financial Position(Assets)
Total assets at the end of the three months ended June 30, 2024 increased by ¥5,139 million from the end of theprevious consolidated fiscal year to ¥136,903 million. Current assets stood at ¥64,173 million, an increase of ¥2,395
million from the end of the previous consolidated fiscal year. This was mainly due to increases of ¥2,848 million in
cash and deposits and ¥615 million in inventories despite a decrease of ¥1,187 million in notes and accounts receivable.
Fixed assets were ¥72,730 million, up ¥2,744 million from the end of the preceding consolidated fiscal year. This wasdue chiefly to an increase of ¥2,544 million in property, plant and equipment.
(Liabilities)
Liabilities at the end of the three months ended June 30, 2024 increased ¥2,733 million from the end of the previous
consolidated fiscal year to ¥82,879 million. Current liabilities stood at ¥61,320 million, an increase of ¥1,578 million
from the end of the previous consolidated fiscal year. The principal factors contributing to this result included increasesof ¥1,598 million in short-term loans payable, ¥403 million in bonus allowances, ¥328 million in the current portion of
long-term loans payable, and ¥323 million in obligations for equipment included in Others, in contrast to decreases of¥1,277 million in notes and accounts payable. Long-term liabilities stood at ¥21,559 million, an increase of ¥1,155
million from the end of the previous consolidated fiscal year. This was mainly due to an increase of ¥1,122 million in
long-term loans.
(Net assets)
Net assets at the end of the three months ended June 30, 2024 increased by ¥2,406 million from the end of the previous
consolidated fiscal year to ¥54,023 million. This was attributable primarily to increases of ¥362 million in retained
earnings and ¥2,239 million in foreign currency translation adjustments.
As a result, the equity ratio was up from 39.08% at the end of the previous consolidated fiscal year to 39.38% at
the end of the three months ended June 30, 2024.
(3) Explanation of Consolidated Earnings Forecasts and Other Information for Future Outlook
No changes have been made to the consolidated financial forecasts for the first half and the full year announced on May 17,
2024.

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2. Consolidated Quarterly Financial Statements and Key Notes(1) Quarterly Consolidated Balance Sheet
Previous consolidated fiscal year
(March 31, 2024)(Assets)
Current assets
Cash and deposits
Trade notes and accounts receivable, and contract
assetsElectronically recorded monetary claims –operatingMerchandise and products
Partly finished goods
Raw materials and supplies
OthersAllowance for doubtful accounts
Total current assets
Fixed assets
Property, plant and equipment
Buildings and structures, net
Machinery and delivery equipment, net
LandConstruction in progress
Others, net
Total property, plant and equipment
Intangible fixed assets
Investments and other assets
Investment securities
OthersAllowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets(Liabilities)
Current liabilities
Notes and accounts payable
Electronically recorded obligations – operating
Short-term loans
Current portion of long-term loans
Accrued income taxes
Bonus allowances
Provision for product warranties
OthersTotal current liabilities
Long-term liabilities
Long-term loans
Long-term accounts payable
Net defined benefit liability
OthersTotal long-term liabilities
Total liabilities-6-(Million yen)Three months ended June 30,
2024(June 30, 2024)

12,323

15,172

28,243*2 27,724

4,015

3,347

5,279
6,009
3,822
2,193
(110)
61,777

5,205
6,791
3,730
2,320
(119)
64,173

13,22630,908
5,128
9,057
5,517
63,838
1,571

13,46331,1795,168
11,0005,569
66,382
1,573

1,541
3,049
(15)
4,576
69,985
131,763

1,538
3,250
(15)
4,773
72,730136,90312,707
9,422
15,638
9,895
265
1,506
206
10,09959,741

12,512
8,339
17,236
10,224
358
1,910
205
10,532
61,32014,990
107
3,034
2,272
20,40480,146

16,112
103
3,040
2,303
21,55982,879

Previous consolidated fiscal year
(March 31, 2024)(Net assets)
Shareholders’ equity
Common stock
Additional paid-in capital
Retained earnings
Treasury stock
Total shareholders’ equity
Other accumulated comprehensive income
Difference on revaluation of other marketablesecurities
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total other accumulated comprehensive income
Share warrants
Total net assets
Total liabilities and net assets-7-(Million yen)Three months ended June 30,
2024(June 30, 2024)

6,964
10,20622,021(246)
38,945

6,964
10,20622,384(463)
39,091754

759

11,901(101)
12,554
117
51,617
131,763

14,141(85)
14,814
117
54,023
136,903(2) Quarterly Consolidated Income Statement and Quarterly Consolidated Statement of Comprehensive Income
Quarterly Consolidated Income Statement(Three months ended June 30, 2024)(Million yen)Three months ended
Three months ended
June 30, 2023
June 30, 2024
(April 1, 2023 to June 30, 2023) (April 1, 2024 to June 30, 2024)
Net sales
Cost of goods sold
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends received
Foreign currency exchange gain
Gain on sales of scraps
OthersTotal non-operating income
Non-operating expenses
Interest expenses
OthersTotal non-operating expenses
Recurring income
Extraordinary gains
Gain on sales of fixed assets
Gain on sales of investment securities
Subsidy income
Total extraordinary gains
Extraordinary losses
Loss on sales and retirement of fixed assets
Total extraordinary losses
Income before income taxes and others
Income taxes and enterprise taxes
Deferred income taxes
Total income taxes
Net income
Net income attributable to owners of parent-8-

37,99634,968
3,027
2,799
227

38,40335,376
3,027
2,926
101

27
24
213
48
23
338

42
21
576
113
26
781

191
17
208
357

171
18
189
693

5
－
27
33

22
40
26
90

53
53
337
261
(376)
(115)
452
452

43
43
740
169
82
252
488
488

Quarterly Consolidated Statement of Comprehensive Income(Three months ended June 30, 2024)(Million yen)Three months ended
Three months ended
June 30, 2023
June 30, 2024
(April 1, 2023 to June 30, 2023) (April 1, 2024 to June 30, 2024)
Net income
Other comprehensive income
Difference on revaluation of other marketablesecurities
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:
Owners of parent
Non-controlling interests

-9-

452

488

53

4

1,130
25
1,210
1,662

2,239
15
2,260
2,749

1,662
－

2,749
－

(3) Notes(Notes on Going Concern Assumption)
Not applicable.
(Notes on Significant Change in the Amount of Shareholders’ Equity)(Acquisition of own shares)
The Company resolved at its Board of Directors’ meeting held on February 8, 2024 to purchase its own shares(purchase period: from February 19, 2024 to August 31, 2024), and purchased ¥216 million of its treasury stock(302,100 shares) during the three-month period of the consolidated fiscal year under review.
(Notes on Quarterly Consolidated Balance Sheet)
1. Trade notes endorsement transfer
Previous consolidated fiscal year
(March 31, 2024)
Trade notes endorsement transfer
245 million yen

Three months ended June 30, 2024
(June 30, 2024)
397 million yen*2. Notes due on the last day of the consolidated quarter
For the accounting treatment for notes due on the last day of the consolidated quarter, settlement processing is
conducted on the note clearing date. Furthermore, as the last day of the consolidated quarter under review was not abusiness day for financial institutions, notes due on the last day of the next consolidated quarter are included in thebalance at the end of the consolidated quarter.
Previous consolidated fiscal year
Three months ended June 30, 2024
(March 31, 2024)(June 30, 2024)
Trade notes
25 million yen
36 million yen(Notes on Quarterly Consolidated Statement of Cash Flows)
A quarterly consolidated statement of cash flows has not been prepared for the three months ended June 30, 2024.
Furthermore, depreciation and amortization (including amortization related to intangible fixed assets excluding
goodwill) for the three months ended June 30, 2024 and 2023 are as follows.
Three months ended June 30, 2023
Three months ended June 30, 2024
(April 1, 2023 to June 30, 2023)(April 1, 2024 to June 30, 2024)
Depreciation and amortization
3,081 million yen
2,821 million yen(Notes on Changes in Accounting Policies)(Application of “Accounting Standard for Current Income Taxes” and others)
The “Accounting Standard for Current Income Taxes” (ASBJ Statement No. 27 of October 28, 2022. Hereinafter,“2022 Revised Accounting Standards”) and others have been applied since the beginning of the three months ended
June 30, 2024.
Regarding the revisions to the recording of classification of income taxes (taxation of other comprehensive income), thetransitional treatment specified in the proviso to Paragraph 20-3 of the 2022 Revised Accounting Standards and theproviso to Paragraph 65-2, Item (2) of the “Guidance on Accounting Standard for Tax Effect Accounting” (ASBJ
Guidance No. 28 of October 28, 2022. Hereinafter, “2022 Revised Accounting Guidance”) have been followed. In
addition, there is no impact on the quarterly consolidated financial statements due to changes in this accounting policy.

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(Notes on Segment Information, etc.)
Segment Information
I. Three months ended June 30, 2023 (April 1, 2023 to June 30, 2023)
1. Information on net sales and profits or losses by reported segment, and information on the breakdown of revenue(Million yen)
Reported segments
Die Casting Business
North
Japan
Asia
America
Net sales
Revenue from contracts withcustomers

Total

11,307

7,707

1,842

1,679

37,996

Sales to external customers

15,45911,307

7,707

1,842

1,679

37,996

Intersegment sales or transfers

787

0

575

586

19

1,969

Total

16,247

11,307

8,283

2,429

1,698

39,965

42

405

(617)

55

174

59

Total amount of profit or loss in reported segments, difference from the amount posted in the quarterly
consolidated statement of income, and important details of the difference (Difference adjustment)(Million yen)
ProfitAmountTotal in reported segments

3.

Proprietary
Products
Business

15,459Segment profit (or loss)
2.

Aluminum
Business

59

Elimination of intersegment transactions

167

Operating income in quarterly consolidated
statement of income

227

Impairment losses in fixed assets or goodwill by reported segment
Not applicable.

II. Three months ended June 30, 2024 (April 1, 2024 to June 30, 2024)
1. Information on net sales and profits or losses by reported segment, and information on the breakdown of revenue(Million yen)
Reported segments
Die Casting Business
North
Japan
Asia
America
Net sales
Revenue from contracts withcustomers

Total

13,053

8,710

1,699

887

38,403

Sales to external customers

14,053

13,053

8,710

1,699

887

38,403

Intersegment sales or transfers

1,563

－

461

795

8

2,829

Total

15,616

13,053

9,171

2,495

896

41,232

(299)

298

252

15

19

287

Total amount of profit or loss in reported segments, difference from the amount posted in the quarterly
consolidated statement of income, and important details of the difference (Difference adjustment)(Million yen)
ProfitAmountTotal in reported segments

3.

Proprietary
Products
Business

14,053

Segment profit (or loss)
2.

Aluminum
Business287

Elimination of intersegment transactions(185)

Operating income in quarterly consolidated
statement of income

101

Impairment losses in fixed assets or goodwill by reported segment
Not applicable- 11 -