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 Six Months Ended September 30, 2023
(Based on Japanese GAAP)
November 9, 2023
Company name:ICHIKEN Co., Ltd.

Stock exchange listing: Tokyo
Stock code:
1847
Representative:
Inquiries:

URL

http://www.ichiken.co.jp

Representative Director & President
General Manager ofHiroyuki HasegawaMasanobu Kato

Finance & Accounting Dept.
Scheduled date to file Quarterly Securities Report:

TEL

03-5931-5642

November 10, 2023

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

November 29, 2023
No

Holding of quarterly financial results meeting:Yes(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Non-consolidated financial results for the six months ended September 30, 2023 (from April 1, 2023 to September 30, 2023)(1) Non-consolidated operating results (cumulative)

Percentages indicate year-on-year changes

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

Millions of yen
49,48744,534

Operating profit% Millions of yen
11.1
1,937
17.5
1,666

Earnings per share

Ordinary profit% Millions of yen
16.2
1,894(27.3)
1,642%
25.9(34.8)

Diluted earnings per share

Yen
191.98152.51

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

Profit% Millions of yen
15.3
1,393(28.1)
1,106

Yen
191.29151.93(2) Non-consolidated financial position
Total assets

Net assets

Millions of yen
63,73755,714As of September 30, 2023
As of March 31, 2023

Equity ratio

Millions of yen
28,672
27,531

%
45.0
49.4

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
40.00
45.00

Yen–

Yen
60.00

Yen
100.00–65.00

110.00Year ending March 31, 2024 (Forecast)Total

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

Millions of yen
92,000Operating profit% Millions of yen
4.5
3,500

Ordinary profit% Millions of yen
31.2
3,400

1Profit% Millions of yen
31.5
2,500

Earnings per share
%
46.4

Yen
344.38

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
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

NoNo

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

NoNo(3) 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

7,284,400 shares As of March 31, 2023

7,284,400 shares

25,111 shares As of March 31, 2023

24,991 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

7,259,362 shares Six months ended September 30, 2022

27,257,626 shares

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

As of September 30, 2023

AssetsCurrent assets
Cash and deposits

11,653

13,500Notes receivable, accounts receivable from completed
construction contracts and other30,902

35,028

Electronically recorded monetary claims - operating
Real estate for sale169
2,181647–

Real estate for sale in process
Costs on construction contracts in progress

–
873

2,079
1,324

Other
Allowance for doubtful accounts

583
(3)

1,628
(4)

46,36054,205

5,846

5,885

109

103

Other
Allowance for doubtful accounts

3,398
(0)

3,543
–

Total investments and other assets

3,397

3,543

9,353

9,532

55,71463,737

Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets

Total non-current assets
Total assets

3(Millions of yen)
As of March 31, 2023

As of September 30, 2023

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
Electronically recorded obligations - operating

10,8596,347

14,508
7,534

Short-term borrowings
Income taxes payable

1,605
56

3,991
594

Advances received on construction contracts in progress
Provision for warranties for completed construction

1,810
185

1,464
161

Provision for loss on construction contracts
Provision for bonuses

276
407

246
587

Other699

472

22,24829,558

4,153
1,564

3,697
1,597

217

211

Total current liabilities
Non-current liabilities
Long-term borrowings
Provision for retirement benefits
Other
Total non-current liabilities

5,935

5,506

28,18335,065

Share capital
Capital surplus

4,329
214

4,329
214

Retained earnings
Treasury shares

22,631(27)

23,589(27)

Total shareholders' equity

27,14828,106

360

544

360

544

22

22

27,531

28,672

55,71463,737

Total liabilities
Net assets
Shareholders' equity

Valuation and translation adjustments
Valuation difference on available-for-sale securities
Total valuation and translation adjustments
Share acquisition rights
Total net assets
Total liabilities and net assets

4Non-consolidated statements of income (cumulative)(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

Net sales

44,53449,487

Cost of sales

41,47346,066Gross profit

3,060

3,420

Selling, general and administrative expenses

1,393

1,483

Operating profit

1,666

1,937

Non-operating income
Interest income
Dividend income
Interest on tax refund

0014–

160

Other58

Total non-operating income

2024Interest expenses
Commission expenses

38545
5Other016

Non-operating expenses

Total non-operating expenses
Ordinary profit
Extraordinary losses
Loss on sale of non-current assets

4467

1,642

1,894

–

2–

2

Profit before income taxes

1,642

1,891

Income taxes - current
Income taxes - deferred

470
66

463
35

Total extraordinary losses

Total income taxes
Profit

5536

498

1,106

1,393

Non-consolidated statements of cash flows(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for warranties for completedconstruction
Increase (decrease) in provision for loss on construction

1,642
79

1,89180–036(24)

contracts
Increase (decrease) in provision for bonuses

31(30)(174)

180

Increase (decrease) in provision for retirement benefits
Interest and dividend income

51(14)

32(16)

Interest expenses
Loss (gain) on sale of non-current assets

38–

45
22,660(4,602)

17–

2,181(2,079)

Decrease (increase) in costs on construction contracts inprogress

(543)

(451)

Increase (decrease) in trade payables
Decrease (increase) in consumption taxes refund receivable(1,295)
(612)

4,835
(512)

Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received on construction

(512)

(155)

(310)

(346)

Decrease (increase) in notes and accounts receivable-tradeand others
Decrease (increase) in real estate for sale
Decrease (increase) in real estate for sale in processcontracts in progress
Other, net

(212)

(675)

Subtotal

881

355Interest and dividends received
Interest paid

14(39)

16(46)

Income taxes refund (paid)

(820)

57

35

382(28)

(17)

56

–

Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from earnest related sales of property, plant andequipment
Purchase of intangible assets

(4)

(12)

Purchase of shares of subsidiaries and associates
Other, net

(119)
(2)

–
11

Net cash provided by (used in) investing activities

(98)

(18)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings

493

2,495

(563)
(722)

(565)
(433)

(6)

(13)

(799)

1,483

Repayments of long-term borrowings
Dividends paid
Other, netNet cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

00

Net increase (decrease) in cash and cash equivalents

(861)

1,847

Cash and cash equivalents at beginning of period

11,657

11,653

Cash and cash equivalents at end of period

10,796

13,5006