Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

November 9, 2023

Consolidated Financial Results
for the Six Months Ended September 30, 2023
(Under Japanese GAAP)
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:
Telephone:

Furukawa Co., Ltd.
Tokyo Stock Exchange5715
https://www.furukawakk.co.jp
Minoru Nakatogawa, President and Representative Director
Tsuyoshi Tajika, General Manager, Accounting Department+81-3-6636-9502

Scheduled date to file quarterly securities report:
Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:

November 13, 2023–
Yes

Holding of quarterly financial results briefing:

Yes(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the six months ended September 30, 2023 (from April 1, 2023 to
September 30, 2023)(1) Consolidated operating results (cumulative)(Percentages indicate year-on-year changes.)
Net sales
Six months ended
September 30, 2023

Millions of yen
94,793September 30, 2022

104,576

Note: Comprehensive income

Operating profit% Millions of yen
(9.4)
4,599

% Millions of yen
36.4
6,074

% Millions of yen
16.4
12,911

%
274.4

6.9

(3.2)

27.6

49.2

3,372

For the six months ended September 30, 2023:
For the six months ended September 30, 2022:

Basic earnings
per share

Profit attributable toowners of parent

Ordinary profit

Diluted earnings
per share

Six months ended
September 30, 2023

Yen
341.52

Yen–

September 30, 2022

89.37

–

5,219

¥ 18,699 million¥ 4,992 million

3,448[274.6%][157.9%](2) Consolidated financial position
Total assets
As of
September 30, 2023

Net assets

Equity-to-asset ratio

Millions of yen
249,979

Millions of yen
121,196%47.2

232,745

106,050

44.2

March 31, 2023
Reference: Equity
As of September 30, 2023:
As of March 31, 2023:¥ 117,929 million¥ 102,946 million

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen
Yen
Fiscal year ended–
0.00
March 31, 2023
Fiscal year ending–
0.00
March 31, 2024
Fiscal year ending
March 31, 2024
(Forecast)
Note: Revisions to the forecast of cash dividends most recently announced: None

Fiscal year-end

Total

Yen

Yen

Yen

–

50.00

50.00

–

50.00

50.00

3. Forecast of consolidated financial results for the fiscal year ending March 31, 2024 (from April 1, 2023 toMarch 31, 2024)(Percentages indicate year-on-year changes.)
Net sales

Fiscal year ending
March 31, 2024

Operating profit

Profit attributable toowners of parent

Ordinary profit

Basic earnings
per share

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

190,000(11.3)

9,700

7.4

10,50012.3

16,500165.6

443.67

Note: Revisions to the forecast of financial results most recently announced: Yes

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements:
None(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: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2023

40,445,568 shares

As of March 31, 2023

40,445,568 shares(ii) Number of treasury shares at the end of the period
As of September 30, 2023

3,255,387 shares

As of March 31, 2023

2,329,563 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2023

37,807,375 shares

Six months ended September 30, 2022

38,587,836 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants oran audit corporation.
* Proper use of earnings forecasts, and other special matters(1) Caution concerning forward-looking statements
The forward-looking statements, including earnings outlook, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable by theCompany. The Company makes no warranty as to the achievability of the projections. Actual business andother results may differ substantially from the statements herein due to a number of factors.
(2) Financial results briefing (for securities analysts and institutional investors)
The Company will hold a financial results briefing through livestreaming. Furthermore, the Company plans topost supplementary materials and a video of the results briefing on its website.

Furukawa Co., Ltd. (5715)

Attached Material
Index
1. Quarterly Consolidated Financial Statements and Significant Notes Thereto ...................................................... 2(1) Quarterly consolidated balance sheet ............................................................................................................. 2(2) Quarterly consolidated statement of income and consolidated statement of comprehensive income ............ 4
Quarterly consolidated statement of income (cumulative) ............................................................................. 4
Quarterly consolidated statement of comprehensive income (cumulative) .................................................... 5(3) Quarterly consolidated statement of cash flows ............................................................................................. 6
Supplementary Material on Financial Results for the Six Months Ended September 30, 2023 .................................. 7-1-

Furukawa Co., Ltd. (5715)

1. Quarterly Consolidated Financial Statements and Significant Notes Thereto(1) Quarterly consolidated balance sheet(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsMerchandise 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
Land
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-2-

As of September 30, 2023

13,606

20,36435,502

29,031

18,705
12,213
15,5844,318(47)
99,882

21,877
13,604
12,7253,439(46)100,997

23,43553,91013,636
90,981317

23,40551,71014,93990,054352

34,711
7,622(769)
41,563
132,862
232,745

40,964
18,442(832)
58,574
148,982249,979

Furukawa Co., Ltd. (5715)(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Income taxes payable
Provisions
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provisions
Retirement benefit liability
Asset retirement obligations
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-salesecurities
Deferred gains or losses on hedges
Revaluation reserve for land
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-3-

As of September 30, 2023

14,397
9,244
16,607
1,711
202
20,947
63,111

13,625
11,977
14,8972,512
292
16,59559,90046,24097
2,481
228
14,53463,583
126,695

47,49942,266
231
18,87968,881
128,782

28,2082
58,847(3,086)
83,971

28,2082
69,860(4,707)93,364

12,32016,625

(77)
2,582
1,564
2,584
18,974
3,103
106,050
232,745

(63)
2,575
2,944
2,483
24,565
3,267
121,196249,979

Furukawa Co., Ltd. (5715)(2) Quarterly consolidated statement of income and consolidated statement of comprehensive income
Quarterly consolidated statement of income (cumulative)(Millions of yen)Six months ended
September 30, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Administrative expenses of inactive mountain
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Other
Total extraordinary income
Extraordinary losses
Demolition expenses of a rental building
Loss on liquidation of subsidiaries
Other
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-4-

Six months ended
September 30, 2023

104,576
91,343
13,232
9,860
3,372

94,79380,184
14,60810,008
4,599

501
2,142
331
2,975

580
1,080
682
2,343

248
401
479
1,128
5,219

245
400
223
869
6,074

5
362
368

13,42367
13,490

470
348
368
1,187
4,399
1,380
(565)
814
3,584
136
3,448

458
200
42
701
18,863
3,300
2,515
5,816
13,046134
12,911

Furukawa Co., Ltd. (5715)

Quarterly consolidated statement of comprehensive income (cumulative)(Millions of yen)Six months ended
September 30, 2022
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 ofparentComprehensive income attributable to non-controllinginterests-5-

Six months ended
September 30, 2023

3,584

13,046

(876)
5
1,863
(89)

4,309
(5)
1,161
(100)

504

288

1,407
4,992

5,653
18,6994,760

18,509231

190

Furukawa Co., Ltd. (5715)(3) Quarterly consolidated statement of cash flows(Millions of yen)Six months ended
September 30, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss (gain) on sale and retirement of property, plant andequipment
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Proceeds from a partial refund of consideration for
acquisition from the seller by adjusting theconsideration of shares of subsidiaries
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period-6-

Six months ended
September 30, 2023

4,399
2,047

18,863
2,161

206(13,397)

(156)
(605)
248
(354)
(985)
(2,573)(3,070)(4,651)(5,493)589(235)(2,129)78(7,191)

(317)
(778)
245
(436)
6,795
(975)
1,372
(3,812)
9,721
784
(243)
(2,632)813
8,443(1,289)15(3,695)
5,461

420

–

256
(597)

180
1,946

26,341(10,331)
3,100(4,446)(888)(1,938)(130)
11,706

7,748(8,247)6,500(6,653)(1,621)(1,902)(136)(4,312)

794

680

4,712
14,46819,181

6,757
13,606
20,364

Furukawa Co., Ltd. (5715)

Supplementary Material on Financial Results
for the Six Months Ended September 30, 2023
November 9, 2023
Furukawa Co., Ltd.
Net sales(Yen amounts are rounded down to millions.)

Machinery businessSix months
ended
September
30,2022Six months
ended
September
30,2023

Fiscal year ending March 31, 2024
Year-on-yearchangePreviously
announced
forecast

Forecast

Year-on-yearchange39,93340,302369

87,00085,6003,941

Industrial Machinery segment
Rock Drill Machinery segment

7,862
18,003

6,054
19,961(1,807)
1,957

18,50036,00017,90038,700(43)
2,947

UNIC Machinery segment

14,067

14,286219

32,50029,000

1,038

Materials business

61,96451,503(10,461)

91,60098,300(28,504)

Metals segment

53,90343,359(10,543)

74,80081,900(29,524)

Electronics segment
Chemicals segment

3,600
4,461

3,540
4,603

(59)
142

7,700
9,100

7,300
9,100

373
645

Real Estate segment

1,067

903

(164)

1,700

1,900

(156)

Others segment

1,610

2,083

473

4,200

4,200

528

104,576

94,793(9,783)

184,500

190,000(24,190)

Six months
ended
September
30,2022Six months
ended
September
30,2023

1,882

2,581

13
1,057

(283)
2,146

811

717

Materials business

1,175

Metals segment

492

Electronics segment
Chemicals segment

Total

Operating profit
Fiscal year ending March 31, 2024
Year-on-yearchangePreviously
announced
forecast

Forecast

698

7,400

6,600

506

(296)
1,089

1,500
3,100

1,000
4,100

(515)
1,069

(93)

2,800

1,500

(47)

1,912

737

1,600

2,800

490

1,254

761

500

1,700

423

321
361

274
383

(46)
22

400
700

400
700

(100)
167

Real Estate segment

424

226

(198)

400

500

(335)

Others segment

(59)

(86)

(26)

(150)

(100)

33

(Subtotal)

3,422

4,634

1,211

9,250

9,800

695

Eliminations/corporate

(50)

(34)

16

(50)

(100)

(26)

3,372

4,599

1,227

9,200

9,700

668

Six months
ended
September
30,2022Six months
ended
September
30,2023

Machinery businessIndustrial Machinery segment
Rock Drill Machinery segment
UNIC Machinery segment

Total

Year-on-yearchangeExchange rate/Copper priceFiscal year ending March 31, 2024
Year-on-yearchangePreviously
announced
forecast

Forecast

Year-on-yearchangeExchange rate

Yen/$

134.0

141.0

7.0

135.6

143.0

7.5

Copper price

$/mt

8,634

8,417

(217)

8,120

8,209

(342)

-7-

Furukawa Co., Ltd. (5715)* Reference Information (the below values are reference values)
1. Industrial Machinery segment order balance
The Industrial Machinery segment mainly provides built-to-order manufacturing, and the order balance as ofthe end of the second quarter is as follows.
As of
September 30,2022
Order backlog¥12.7 billion

As ofYear-on-year change
September 30,2023¥16.0 billion¥3.2 billion

2. Profit or loss from metal price fluctuations in the Metals segment
Six months ended
September 30,2022

Six months ended
Year-on-year change
September 30,2023

Operating profit¥0.49 billion¥1.25 billion¥0.76 billion

Of which was due to pricefluctuations¥0.52 billion¥0.87 billion¥0.34 billion[¥(0.12) billion][¥0.62 billion][¥0.12 billion][¥0.68 billion][¥0.24 billion][¥0.06 billion]

CopperGold-8-