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 Year Ended March 31, 2022
(Based on Japanese GAAP)May 13, 2022
Company name:

YAMAZEN CORPORATION

Stock exchange listing: Tokyo
Stock code:
8051
Representative:
Inquiries:

URL

https://www.yamazen.co.jp/

President, CEOManager, IR & PR Dept.

Yuji NAGAO
Hayato HIRATA

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 28, 2022
June 29, 2022

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

June 10, 2022
Yes

Holding of financial results meeting:

Yes

TEL

06-6534-3003(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2022
501,872–
17,133–17,093–
12,023–
Year ended March 31, 2021
434,744(7.9)
11,234(7.1)
11,209
(5.8)
7,572
(6.4)
Note: Comprehensive income

Year ended March 31, 2022
Year ended March 31, 2021

¥14,102 million [–%]
¥14,530 million [140.9%]
Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
%
%
%
123.82
10.9
6.5
3.4
–
7.5
4.7
2.6

Diluted earnings per
share

Earnings per shareYen
133.7480.25

Year ended March 31, 2022
Year ended March 31, 2021

Reference: Share of profit of entities accounted for using equity method
Year ended March 31, 2022¥– million
Year ended March 31, 2021¥– million
Note: The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant
ASBJ regulations from the beginning of the current fiscal year, and each figure for the fiscal year ended March 31, 2022, is the figure after
applying the accounting standard and relevant ASBJ regulations. The percentage of year-on-year change is not shown.
(2) Consolidated financial position
Total assets
As of March 31, 2022
As of March 31, 2021
Reference: Equity

Net assets

Millions of yen
282,654245,937
As of March 31, 2022
As of March 31, 2021

Millions of yen
113,367
107,630

Equity ratio

Net assets per share
%
39.9
43.6

Yen
1,268.98
1,135.52¥112,741 million¥107,155 million

Note: The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant
ASBJ regulations from the beginning of the current fiscal year, and each figure for the fiscal year ended March 31, 2022, is the figure after
applying the accounting standard and relevant ASBJ regulations.

1(3) Consolidated cash flows
Cash flows fromoperating activities
Millions of yen
7,054
13,566

Year ended March 31, 2022
Year ended March 31, 2021

Cash flows frominvesting activities
Millions of yen(2,766)(3,911)

Cash and cash equivalents
Cash flows fromat end of period
financing activities
Millions of yen
Millions of yen
967
81,153(5,062)74,478

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

–
–

10.00
10.00

–
–

10.00
25.00

20.00
35.00

1,890
3,115

24.9
26.2

1.9
2.9

–

20.00

–

20.00

40.00

Year ended March 31, 2021
Year ended March 31, 2022
Year ending March 31, 2023
(Forecast)

32.3

Note: Breakdown of fiscal year-end dividends for the fiscal year ended March 31, 2022
Ordinary dividend of ¥20.00, and commemorative dividend of ¥5.00
3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Net sales
Millions of yen
Six months ending
September 30, 2022
Full year

Percentages 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

250,000

4.8

7,300

(2.5)

7,300

(2.2)

5,000

(10.9)

56.28

530,000

5.6

16,000(6.6)

16,000(6.4)

11,000(8.5)

123.81

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):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:

Yes
Yes

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 March 31, 2022

95,305,435 shares As of March 31, 2021

95,305,435 shares

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

6,461,874 shares As of March 31, 2021

937,995 shares

Average number of shares during the period
Year ended March 31, 2022

89,904,242 shares Year ended March 31, 2021

94,367,454 shares

Note: The company has introduced Board Benefit Trust (BBT). Number of treasury shares at the end of the period include the Company’s shares
held by Board Benefit Trust (BBT) (180,000 shares as of March 31, 2022, 180,000 shares as of March 31, 2021). In addition, number of treasury
shares excluded for calculating the average number of shares during the period include the Company’s shares held by Board Benefit Trust (BBT)(180,000 shares for the fiscal year ended March 31, 2022, 180,000 shares for the fiscal year ended March 31, 2021).

2

Reference: Summary of non-consolidated financial results
Non-consolidated financial results for the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(1) Non-consolidated operating results
Percentages indicate year-on-year changes
Net salesYear ended March 31, 2022
Year ended March 31, 2021

Millions of yen
444,000
388,959

Operating profit% Millions of yen–
12,707(8.3)
9,109

Ordinary profit% Millions of yen–
14,476(3.1)
8,859

Profit% Millions of yen–
10,740(14.1)
6,128%–(16.3)

Diluted earnings per
share
Yen
Yen
119.46110.6064.94–

Earnings per share
Year ended March 31, 2022
Year ended March 31, 2021

Note: The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant
ASBJ regulations from the beginning of the current fiscal year, and each figure for the fiscal year ended March 31, 2022, is the figure after
applying the accounting standard and relevant ASBJ regulations. The percentage of year-on-year change is not shown.
(2) Non-consolidated financial position
Total assets
As of March 31, 2022
As of March 31, 2021
Reference: Equity

Net assets

Millions of yen
243,376
214,872
As of March 31, 2022
As of March 31, 2021

Equity ratio

Millions of yen
90,721
89,228

Net assets per share
%
37.3
41.5

Yen
1,021.14
945.55¥90,721 million¥89,228 million

Note: The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant
ASBJ regulations from the beginning of the current fiscal year, and each figure for the fiscal year ended March 31, 2022, is the figure after
applying the accounting standard and relevant ASBJ regulations.
* Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
* Proper use of forecasts of financial results, and other special matters(Caution concerning forward-looking statements)
The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to theCompany and on certain assumptions deemed to be reasonable. These statements do not purport that the Company pledges to realize suchstatements. Actual performance and other results may differ materially due to various factors.
(Method of accessing financial summary presentation material)
Financial summary presentation material for the meeting will be provided on the Company’s website.

3Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2021

As of March 31, 2022

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

63,73486,60770,401–––

14,897
78,794

Electronically recorded monetary claims - operating
Securities

11,25912,00015,903
12,000

Merchandise and finished goods
Other

25,425
3,837

36,8197,530

Allowance for doubtful accounts

(388)

(411)

202,475

235,935

8,211

7,809

Accumulated depreciation(4,128)(3,962)

Buildings and structures, net

4,082

3,847

Notes receivable - trade
Accounts receivable - trade

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures

Machinery, equipment and vehicles

497

590

Accumulated depreciation

(425)

(473)

Machinery, equipment and vehicles, net

71

116

Tools, furniture and fixtures

3,056

2,811

Accumulated depreciation(2,057)(1,940)Tools, furniture and fixtures, net

999

870

Land

3,717

3,696

Leased assets
Accumulated depreciation

5,398(1,919)5,599(2,243)

Leased assets, net

3,478

3,355

Other

749

977

13,09812,864

Intangible assets

8,449

11,024

Investments and other assets
Investment securities

18,052

16,336

Distressed receivables
Retirement benefit asset

78
1,977

72
4,460

Deferred tax assets
Other

326
1,639

335
1,715

Allowance for doubtful accounts

(161)

(132)

Total investments and other assets

21,91322,78843,462

46,676–42

Total property, plant and equipment

Total non-current assets
Deferred assets
Bond issuance costs
Total deferred assets
Total assets

4

–

42

245,937

282,654

(Millions of yen)
As of March 31, 2021

As of March 31, 2022

Liabilities
Current liabilities
Notes and accounts payable - trade60,614

69,118

Electronically recorded obligations - operating
Short-term borrowings

51,531
29

56,771
29

Lease liabilities
Income taxes payable

423
2,436

539
2,828

Contract liabilities
Provision for bonuses

–
2,780

9,592
3,495

Provision for voluntary recall of goods
Other

32
9,901

32
6,525

127,749

148,933–

10,040Long-term borrowings
Lease liabilities

135
4,179

106
3,965

Deferred tax liabilities
Retirement benefit liability

4,140
252

4,209
266

Other

1,849

1,764

Total current liabilities
Non-current liabilities
Convertible-bond-type bonds with share acquisition rights

Total non-current liabilities

10,55820,353

138,307169,286

Share capital
Capital surplus

7,909
7,561

7,909
7,561

Retained earnings
Treasury shares

82,887(957)

92,545(6,957)

Total shareholders' equity

97,400101,058

8,891

7,922

Deferred gains or losses on hedges
Foreign currency translation adjustment

87
1,551

199
3,725

Remeasurements of defined benefit plans

(774)

(165)

Total accumulated other comprehensive income

9,755

11,682

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

Non-controlling interests
Total net assets
Total liabilities and net assets

5

474

626

107,630

113,367

245,937

282,654

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

Net sales

434,744

501,872

Cost of sales

372,071

429,133

Gross profit

62,67272,738Selling, general and administrative expenses

51,43855,604

Operating profit

11,234

17,133Non-operating income
Interest income

1,352

61

Dividend income
Subsidy income

205
178

309
80

Other

107

113

1,843

564

1,774
65

277
288

27

37

Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses

1,867

604

11,20917,0930131

Gain on sale of investment securities

106

627

Total extraordinary income

106

758

Loss on sale of non-current assets
Loss on retirement of non-current assets

0
1

–
0

Loss on valuation of investment securities
Loss on liquidation of subsidiaries

–
20

3
–

Other

–

0

Total extraordinary losses

21

4Profit before income taxes

11,294

17,847

Income taxes - current

3,590

5,307

Ordinary profit
Extraordinary income
Gain on sale of non-current assets

Extraordinary losses

Income taxes - deferred

48

422

Total income taxes

3,639

5,730

Profit7,654

12,117

81

93

7,572

12,023

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

6

Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022
7,654

12,117

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

4,443
18

(968)
112

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

1,230
1,182

2,232
609

Total other comprehensive income

6,875

1,985

14,53014,102

14,438

13,95092152Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

7

Consolidated statements of changes in equity
Fiscal year ended March 31, 2021
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

7,909

Retained earnings

7,561

Total shareholders'equityTreasury shares

77,604(957)

92,118Cumulative effects ofchanges in accounting
policies–

Restated balance

7,909

7,561

77,604(957)

92,118Changes during period
Dividends of surplus(1,323)(1,323)

Interim dividends fromsurplus

(945)

(945)

Profit attributable to ownersof parent

7,572

7,572

Purchase of treasury shares(0)Change in scope of
consolidation

(0)

(21)

(21)

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

–

–

5,282

(0)

5,282

7,909

7,561

82,887(957)

97,400

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Deferred gains
or losses onhedgesForeigncurrencytranslation
adjustment

4,447

68

379

Total
accumulatedof defined benefit
other
plans
comprehensive
incomeRemeasurements(1,956)

2,938

Non-controllinginterests

Total net assets

382

95,439Cumulative effects ofchanges in accounting
policies
Restated balance

–
4,447

68

379

(1,956)

2,938

382

95,439Changes during period
Dividends of surplus(1,323)

Interim dividends fromsurplus(945)

Profit attributable to ownersof parent

7,572

Purchase of treasury shares(0)Change in scope of
consolidation(21)

Net changes in items otherthan shareholders' equity

4,443

18

1,172

1,182

6,816

92

6,908

Total changes during period

4,443

18

1,172

1,182

6,816

92

12,190

Balance at end of period

8,891

87

1,551

(774)

9,755

474

107,630

8

Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

7,909

Retained earnings

7,561

Treasury shares

82,887

Cumulative effects ofchanges in accounting
policies

Total shareholders'equity(957)

97,400(529)

Restated balance

7,909

7,561

(529)

82,357(957)

96,870Changes during period
Dividends of surplus

(945)

(945)

Interim dividends fromsurplus

(890)

(890)

12,023

12,023

Profit attributable to ownersof parent
Purchase of treasury shares(6,000)(6,000)Change in scope of
consolidation–

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period––

10,188(6,000)

4,187

7,909

7,561

92,545(6,957)101,058

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Deferred gains
or losses onhedgesForeigncurrencytranslation
adjustment

8,891

87

1,551

Total
accumulatedof defined benefit
other
plans
comprehensive
incomeRemeasurements

(774)

9,755

Non-controllinginterests

Total net assets

474

107,630

Cumulative effects ofchanges in accounting
policies
Restated balance

(529)
8,891

87

1,551

(774)

9,755

474

107,100

Changes during period
Dividends of surplus(945)

Interim dividends fromsurplus(890)

Profit attributable to ownersof parent

12,023Purchase of treasury shares(6,000)Change in scope of
consolidation–

Net changes in items otherthan shareholders' equity

(968)

112

2,174

609

1,927

152

2,079

Total changes during period

(968)

112

2,174

609

1,927

152

6,267

Balance at end of period

7,922

199

3,725

(165)

11,682

626

113,3679

Consolidated statements of cash flows(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

Cash flows from operating activities
Profit before income taxes

11,294

17,847

Depreciation
Retirement benefit expenses

2,054
620

2,028
344

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in other provisions

(148)
338

(3)
646

Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset

(371)
9

18
(1,971)(1,557)
1,774

(370)
277

17
(106)

(110)
(627)

–

3

1

0

Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Loss on retirement of property, plant and equipment andintangible assets
Loss (gain) on sale of property, plant and equipment andintangible assets
Decrease (increase) in trade receivables

(0)

(131)

2,125

(10,555)

Decrease (increase) in inventories
Increase (decrease) in trade payables

2,302(2,869)(10,538)
12,680

Other, net

184

2,348

Subtotal

15,67011,889

Income taxes paid

(2,104)(4,834)

Net cash provided by (used in) operating activities

13,566

7,054

(193)

(42)

329
(1,000)56(1,000)

Proceeds from redemption of securities
Purchase of investment securities

–
(139)

1,000
(234)

Proceeds from sale and redemption of investment securities
Loan advances

165
(9)

1,149
(7)

Proceeds from collection of loans receivable
Payments of other investments

19
(92)

15
(402)

Collection of other investments
Purchase of property, plant and equipment and intangible

55

44(4,599)(4,178)0456

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of securities

assetsProceeds from sale of property, plant and equipment andintangible assets
Interest and dividends received

1,553

374

Net cash provided by (used in) investing activities(3,911)(2,766)10

(Millions of yen)
Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of lease liabilities

(178)
(438)

–
(457)

Repayments of long-term borrowings
Proceeds from issuance of convertible bonds with share

(29)

(29)

acquisition rights
Dividends paid

–

9,997

(2,268)(1,841)

Interest paid
Purchase of treasury shares(1,771)(0)(271)(6,006)

Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

(375)

(423)

(5,062)

967

926

1,418

Net increase (decrease) in cash and cash equivalents

5,518

6,675

Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting from inclusion of

68,38574,478573–

74,47881,153subsidiaries in consolidation
Cash and cash equivalents at end of period11