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 Six Months Ended September 30, 2023
(Based on Japanese GAAP)
November 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.

Kazuma Shichisawa

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

November 10, 2023–

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

Yes
No

TEL

06-6105-1863(Amounts less than one million yen are rounded down)
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
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Six months ended September 30, 2023
31,182
7.2
1,085 144.1
1,589
36.0
1,294
24.9
Six months ended September 30, 2022
29,087
20.3
444
–
1,169
–
1,036
–
Earnings per share

Diluted earnings per share

Yen
215.56172.58Six months ended September 30, 2023
Six months ended September 30, 2022

Yen
215.11
172.22(2) Consolidated financial position
Total assets

Net assets

Millions of yen
51,95051,552As of September 30, 2023
As of March 31, 2023

Equity ratio

Millions of yen
19,722
18,452%37.9
35.7

2. Cash dividends
Annual dividends per share

Year ended March 31, 2023
Year ending March 31, 2024

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
0.00
0.00

Yen–

Yen
50.00

Yen
50.00

–

75.00

75.00

Year ending March 31, 2024 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Net sales
Full year

Millions of yen
68,000Percentages 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
3.6
2,800
30.1
3,000
7.3
1,800
76.9
299.71

1

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2023
(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 September 30, 2023

6,056,939 shares As of March 31, 2023

6,056,939 shares

51,336 shares As of March 31, 2023

50,838 shares

Number of treasury shares at the end of the period
As of September 30, 2023

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

6,005,799 shares Six months ended September 30, 2022

26,005,246 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of September 30, 2023

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

4,42313,105

4,901
11,707

Electronically recorded monetary claims - operating
Merchandise and finished goods

1,653
1,977

1,340
2,677

Work in process
Raw materials and supplies

1,376
8,008

1,450
9,400

Other
Allowance for doubtful accounts

2,015
(8)

1,444
(8)

Total current assets

32,552

32,912

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

5,289
3,077

5,614
3,190

Tools, furniture and fixtures, net
Land

1,283
5,790

1,250
5,843

56
312

49
148

15,81016,095598

516

Other274

307

Total intangible assets

872824

Investment securities
Deferred tax assets

1,326
366

1,468
116

Retirement benefit asset
Other299
341

312
237

Non-current assets
Property, plant and equipment

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

Investments and other assets

Allowance for doubtful accounts

(17)

(16)

Total investments and other assets

2,317

2,117

19,00019,03751,552

51,950Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2023

As of September 30, 2023

Liabilities
Current liabilitiesNotes and accounts payable - trade

7,411

5,951

Electronically recorded obligations - operating
Short-term borrowings

5,102
2,254

4,926
2,011

Current portion of long-term borrowings
Lease liabilities

2,614
18

2,970
13

Accounts payable - other
Income taxes payable

1,095
267

1,330
150

Accrued consumption taxes
Provision for bonuses

393
568

125
681

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

24
112

–
67

Other provisions
Derivative liabilities

70–

23698

Other

1,566

1,625

Total current liabilities

21,501

20,577

Bonds payable
Long-term borrowings

3,000
6,429

3,000
6,435

Lease liabilities
Retirement benefit liability

50
1,995

46
2,050

1029

429

Non-current liabilities

Provision for product warranties
Asset retirement obligations
Other

84

84

11,59911,651

33,10032,228

Share capital
Capital surplus

8,388
1,632

8,388
1,632

Retained earnings
Treasury shares

7,985
(148)

8,980
(149)

Total shareholders' equity

17,857

18,851

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

266

392–
194(698)
1,038

Remeasurements of defined benefit plans

9592

Total accumulated other comprehensive income

556

823

Share acquisition rights

20

23

Non-controlling interests

1723

18,452

19,72251,552

51,950Total 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)Six months ended

Six months ended

September 30, 2022

September 30, 2023

Net sales
Cost of sales

29,08725,45931,182
26,518Gross profit

3,628

4,664

Selling, general and administrative expenses

3,183

3,579

444

1,085

Interest income
Dividend income

515

1117

Rental income
Foreign exchange gains

18698

23533

Subsidy income
Other5073

1552

Total non-operating income

862654

Operating profit
Non-operating income

Non-operating expenses
Interest expenses

75

100

Share of loss of entities accounted for using equity method
Other

33
2836
13

Total non-operating expenses

137

149

1,169

1,589

Gain on sale of investment securities
Gain on sale of land–
4132–

Total extraordinary income

4132

Profit before income taxes

1,173

1,722

Income taxes - current
Income taxes - deferred

175
(37)

219
202

Total income taxes

137

421

1,036

1,300

Ordinary profit
Extraordinary income

ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

5

0

5

1,036

1,294

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

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2022

September 30, 2023

1,036

1,300

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

15(800)126(698)

Foreign currency translation adjustment
Remeasurements of defined benefit plans

531
6821
(3)

Share of other comprehensive income of entities accounted
for using equity method

54

21

Total other comprehensive income
Comprehensive income

(194)

267

842

1,567

842

1,561

05

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

6Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in net defined benefit asset or liability
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using equity
methodLoss (gain) on sale of investment securities
Loss (gain) on sale of land
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Decrease (increase) in other current assets
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued consumption taxes
Other, net

Six months ended

Six months ended

September 30, 2022

September 30, 2023

1,173
956
81
9(20)
75(524)

1,722
856
81(0)
(28)
100(156)

33

36–
(4)
1,896
(388)
(1,262)
155
(70)
147
132

(132)
–
2,128
(1,534)(2,154)750
229(267)(183)

Subtotal

2,392

1,446

Interest and dividends received
Interest paid
Income taxes paid
Income taxes refund22(75)(172)
266

28(100)(435)
40

Net cash provided by (used in) operating activities

2,433

979

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from collection of loans receivable
Other, net(4)1(902)
146(28)
(21)
–0
6(17)
144(551)
34(50)(6)158–0

Net cash provided by (used in) investing activities

(801)

(287)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Proceeds from disposal of treasury shares
Repayments of lease liabilities
Dividends paid

(1,688)2,911(1,018)
(0)
–(36)
(150)

(480)
1,700
(1,355)
(0)
0(12)
(300)

Net cash provided by (used in) financing activities

17(448)

Effect of exchange rate change on cash and cash equivalents

146239Net increase (decrease) in cash and cash equivalents

1,796

481

Cash and cash equivalents at beginning of period

2,181

4,402

Cash and cash equivalents at end of period

3,978

4,883

7