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 Consolidated Financial Results
for the Nine Months Ended December 31, 2022
(Based on Japanese GAAP)
February 10, 2023
Company name:
Ashimori Industry Co., Ltd.
Stock exchange listing: Tokyo
Stock code:
Representative:

3526
President

URL

https://www.ashimori.co.jp
Shigeyuki Washine

Inquiries:

General Manager , Finance&Accounting
Dept.

Hiroki Kane

TEL

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:

February 10, 2023–

Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:NoNo

06-6105-1863(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended December 31, 2022 (from April 1, 2022 to December 31, 2022)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet salesOperating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Nine months ended December 31, 2022
46,660
22.1
1,148
–
1,743
–283
–
Nine months ended December 31, 2021
38,2198.2(581)–(299)–(466)–
Earnings per share

Diluted earnings per share

Yen
47.26
(77.71)

Nine months ended December 31, 2022
Nine months ended December 31, 2021

Yen
47.16
–

(2) Consolidated financial position
Total assets

Net assets

Millions of yen
52,60850,283As of December 31, 2022
As of March 31, 2022

Equity ratio

Millions of yen
17,842
17,263%33.8
34.3

2. Cash dividends
Annual dividends per share

Year ended March 31, 2022
Year ending March 31, 2023

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
0.00
0.00

Yen––

Yen
25.00

Yen
25.00

50.00

50.00

Year ending March 31, 2023 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Net sales
Full year

Millions of yen
64,000Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%
Yen
19.5
1,800 235.8
2,400 257.6
1,00096.0
166.52

1

4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

No
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2022

6,056,939 shares As of March 31, 2022

6,056,939 shares

51,935 shares As of March 31, 2022

51,606 shares

Number of treasury shares at the end of the period
As of December 31, 2022

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2022

6,005,173 shares Nine months ended December 31, 2021

26,004,343 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2022

As of December 31, 2022

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

2,390
13,4204,80712,646

Electronically recorded monetary claims - operating
Merchandise and finished goods

2,013
2,147

1,690
2,620

Work in process
Raw materials and supplies

1,237
7,327

1,613
8,115

Other
Allowance for doubtful accounts

1,718
(194)

1,824
(3)

Total current assets

30,06233,313

Buildings and structures, net
Machinery, equipment and vehicles, net

5,230
3,650

5,479
3,029

Tools, furniture and fixtures, net
Land

1,546
5,606

1,270
5,808

36632

60
623

16,704

16,272

761

639

Non-current assets
Property, plant and equipment

Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Other

275

280

1,037

920

Investment securities
Long-term loans receivable

1,247
0

1,297
–

Deferred tax assets
Retirement benefit asset

760
265

298
287

Other
Allowance for doubtful accounts

226
(20)

236
(17)

Total investments and other assets

2,479

2,102

20,221

19,29450,28352,608

Total intangible assets
Investments and other assets

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2022

As of December 31, 2022Liabilities
Current liabilities
Notes and accounts payable - trade

6,074

6,994

Electronically recorded obligations - operating
Short-term borrowings

4,628
4,960

4,763
3,568

Current portion of long-term borrowings
Lease liabilities

2,158
16

2,750
16

Accounts payable - other
Income taxes payable

1,084
162

1,402
103

Accrued consumption taxes
Derivatives liabilities

25
4237
154

Provision for bonuses
Provision for bonuses for directors (and other officers)

499
8490
–

Provision for product warranties
Other provisions

97
213

78
68

Other1,5001,884

Total current liabilities

21,43522,513

3,000
6,438

3,000
7,025

33
30

57
21

1,969
29

2,033
29

Non-current liabilities
Bonds payable
Long-term borrowings
Lease liabilities
Provision for product warranties
Retirement benefit liability
Asset retirement obligations
Other

84

84

11,584

12,25333,02034,766

Share capital
Capital surplus

8,388
1,632

8,388
1,632

Retained earnings
Treasury shares

7,120
(151)

7,253
(152)

Total shareholders' equity

16,98917,122

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment

212

235

(4)
(4)

(154)
556

Remeasurements of defined benefit plans

32

42

Total accumulated other comprehensive income

235

680

Share acquisition rights

21

21

Non-controlling interests

17

17

17,263

17,84250,28352,608

Total net assets
Total liabilities and net assets

4Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)
Nine months ended

Nine months ended

December 31, 2021

December 31, 2022

Net sales
Cost of sales

38,21934,054

46,66040,568Gross profit

4,165

6,092

Selling, general and administrative expenses

4,746

4,943

Operating profit (loss)

(581)

1,148

Interest income
Dividend income

1119

828

Rental income
Foreign exchange gains

16190

31573

Subsidy income
Other102
86

56
97

Total non-operating income

426

796

Non-operating income

Non-operating expenses
Interest expenses

100122

Share of loss of entities accounted for using equity method
Other

1132

4335

Total non-operating expenses

144

201(299)

1,743

Gain on sale of investment securities
Gain on sale of land

2–

–
4

Total extraordinary income

24–

662

Ordinary profit (loss)
Extraordinary income

Extraordinary losses
Impairment losses
Product warranty loss

50–

Total extraordinary losses

50

662

Profit (loss) before income taxes

(346)

1,085

Income taxes - current

237

284

Income taxes - deferred

(117)

517

Total income taxes

119

801

Profit (loss)

(466)

284

(0)

0(466)283

Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent

5Consolidated statements of comprehensive income (cumulative)(Millions of yen)

Profit (loss)
Other comprehensive income

Nine months ended

Nine months ended

December 31, 2021

December 31, 2022
(466)

284

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges10(94)

23(149)Foreign currency translation adjustment
Remeasurements of defined benefit plans

131
6507
9

Share of other comprehensive income of entities accountedfor using equity method

33

54

Total other comprehensive income
Comprehensive income

86445(380)729(380)728(0)

0Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6