FLASH REPORT
February. 8, 2023
Company name (official)
Stock listing
Code number
Address of head officeTelephone: KYB Corporation: Tokyo Stock Exchange (Prime Market): 7242: 4-1, Hamamatsu-cho 2-chome, Minato-ku, Tokyo 105-5128, Japan: +81 3- 3435- 3580

URL https://www.kyb.co.jp/english/

For further information, please contact : Tsuyoshi Matsuoka, Manager,
Public Relations & Investor Relations Sect., Executive Office Dept.
The following statements are an English-translation of the original Japanese-language document for your convenience.
In the case that there is any discrepancy between Japanese and English versions, Japanese version is assumed to be correct.

(All amounts are rounded to the nearest million yen, unless otherwise noted.)

1. Consolidated financial results for the nine months ended December 31, 2022
( from April 1, 2022 to December 31, 2022 )(1) Consolidated operating results(Percentages indicate the change of the same period of the previous year)

Net sales
Nine months ended

Millions of yen%

Segment profit

Operating profit

Millions of yen

Millions of yen%%

Profit before taxes
Millions of yen%

December 31, 2022

316,817

10.7

16,948(10.4)

20,419(12.5)

20,139(9.2)

December 31, 2021

286,134

24.5

18,910298.8

23,326299.1

22,181360.0

Nine months ended

Profit for the period

Profit attributable toowners of the parent

Comprehensive
income for the period

Millions of yen

Millions of yen

Millions of yen

%

%

%

Basic earnings
per share
Yen

December 31, 2022

16,101(12.2)

14,974(13.8)

21,5202.4

558.49December 31, 2021

18,334477.6

17,374454.0

21,010157.6

661.39Diluted earnings
per share
Nine months ended

Yen

December 31, 2022

558.37

December 31, 2021－

*Segment profit is calculated by deducting cost of sales and selling, general and administrative expenses from sales.

(2) Consolidated financial position

As ofDecember 31, 2022
March 31, 2022

Total assets

Total equity

Equityattributable toownersof the parent

Millions of yen

Millions of yen

Millions of yen%

Yen

442,381434,187

177,084
160,914

169,368
153,41138.3
35.3

6,140.40
5,508.47

1

Ratio of equity
attributable toowners of the parent
to total assets

Equity attributable toowners of the parent pershare

2. Cash dividends
End offirst quarter
Yen

Annual cash dividends per share
End of
End ofYear-end
second quarter third quarter
Yen
Yen
Yen

45.00
70.00

－
－

Previous fiscal year
Current fiscal year－－

Current fiscal year (forecast)

Total
Yen

60.00

105.0070.00

140.00*The above table shows dividends on common shares. Please refer to "(Reference) Dividends for Class Shares" forinformation regarding dividends on class shares, which are unlisted and have different rights from common shares.

3. Forecasts for the current fiscal year ( April 1, 2022 to March 31, 2023 )(Percentages indicate the change of the same period of the previous year)

Net sales
Millions of yen
Current fiscal year

Current fiscal year

442,000

Segment profit
Millions of yen%%

26,500

13.8

7.2

Profit for the period

Profitattributable toowners of the parent

Millions of yen

Millions of yen

21,700%(9.2)

20,400Operating profit

Profit before taxes

Millions of yen

Millions of yen

29,700%(1.0)

Basic earnings
per share

Yen

%
(9.5)

761.88*Segment profit is calculated by deducting cost of sales and selling, general and administrative expenses from sales.

(Reference) Dividends for Class Shares

Dividends per share related to Class Shares with different rights from those of common shares are as follows.
Class A Shares

End of firstquarter
Yen

Annual cash dividends per share
End of second
End of third
Year-endquarterquarter
Yen

Yen

Yen

Previous fiscal year－

1,952,054.80－

Current fiscal year－

3,760,274.00－

Current fiscal year (forecast)Yen

3,739,726.00

5,691,780.80

3,739,726.00

7,500,000.00* Number of Class A Shares issued are 125 shares. The Class A Shares were issued on 28 June 2021.
Dividend whose reference date is attributed during FY2022 is planned to be 937 million yen.

2

Total

28,900%0.3

Consolidated Statements of Financial Position
KYB Corporation and its Consolidated Subsidiaries(Unit: Millions of yen)
As of March 31, 2022

As of December 31, 2022

AssetsCurrent assets:
Cash and cash equivalents

52,11845,588Trade and other receivables

108,823

117,503

Inventories

66,11471,318Other current financial assets

2,755

4,099

Other current assets

10,611

10,791

Total current assets

240,421249,298

159,803

157,805266

265

Intangible assets

3,549

3,241

Investments accounted for using the equity method

6,484

7,191

Other non-current financial assets

14,545

14,844

Other non-current assets

7,204

7,578

Deferred tax assets

1,916

2,159

193,766

193,084

434,187

442,381

Non-current assets:
Property, plant and equipment
Goodwill

Total non-current assets
Total assets3

(Unit: Millions of yen)
As of March 31, 2022

As of December 31, 2022

Liabilities and equity
Current liabilities:
Trade and other payables

81,737

83,537

Borrowings

65,81568,761

Income tax payables

3,168

1,402

Other current financial liabilities

30,49526,449Provisions

13,92013,881Other current liabilities

3,237

1,720

Total current liabilities

198,371

195,751

Bonds and borrowings

25,041

22,046

Liabilities for retirement benefits

4,629

4,796

Other non-current financial liabilities

27,83025,801

Provisions

8,612

7,785

716

580

Deferred tax liabilities

8,074

8,540

Total non-current liabilities

74,902

69,547273,273

265,298

Share capital

27,64827,648

Capital surplus

38,35138,357Retained earnings

76,00786,618Treasury shares

(605)

(582)

Other components of equity

12,01017,328

Total equity attributable to owners of the parent

153,411

169,368

7,503

7,716

Total equity

160,914

177,084

Total liabilities and equity

434,187

442,381

Non-current liabilities:

Other non-current liabilities

Total liabilities
EquityEquity attributable to owners of the parent:

Non-controlling interests4Consolidated Statements of Income
KYB Corporation and its Consolidated Subsidiaries(Unit: Millions of yen)
For the nine months
ended December 31, 2021
（Apr. 1, 2021 through Dec. 31, 2021)

For the nine months
ended December 31, 2022
（Apr. 1, 2022 through Dec. 31, 2022)

Net sales

286,134

316,817

Cost of sales

227,047

255,289

Gross profit

59,087

61,528Selling, general and administrative expenses

40,17644,579429

781

Other income

1,439

2,338

Other expenses(2,548)(352)

Operating profit

23,326

20,419Finance income

675

881

Finance costs

1,820

1,161

Profit before taxes

22,181

20,139

Income tax expenses

3,847

4,039

Profit for the period

18,334

16,101

17,374

14,974960

1,127

18,334

16,101

Basic earnings per share (in yen)661.39558.49Diluted earnings per share (in yen)-558.37

Equity in profit of affiliates

Profit attributable to:
Owners of the parent
Non-controlling interests
Profit for the period

Earnings per share5Consolidated Statements of Comprehensive Income
KYB Corporation and its Consolidated Subsidiaries(Unit: Millions of yen)
For the nine months
ended December 31, 2021
（Apr. 1, 2021 through Dec. 31, 2021)

For the nine months
ended December 31, 2022
（Apr. 1, 2022 through Dec. 31, 2022)

18,334

16,101(600)

286

Remeasurements of defined benefit plans

5(1)

Share of other comprehensive income of investments
accounted for using the equity method

(5)

(15)

(600)

271

2,785

4,434

491

715

3,276

5,149

Total other comprehensive income

2,676

5,420

Comprehensive income for the period

21,01021,52019,97920,187

Profit for the period

Other comprehensive income:Items that will not be reclassified to profit or loss:
Net changes in financial assets measured at fair value throughother comprehensive income

Total
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations
Share of other comprehensive income of investments
accounted for using the equity method
Total

Comprehensive income for the period attributable to:
Owners of the parent
Non-controlling interests

1,031

1,333

Comprehensive income for the period

21,01021,5206

Consolidated Statements of Changes in Equity
KYB Corporation and its Consolidated Subsidiaries(Unit: Millions of yen)
Share capital
Balance at April 1, 2021

Capital surplus

Retained earnings

Treasury shares

27,64829,41449,579(603)

Profit for the period--

17,374-

Other comprehensive income

-

-

-

-

Total comprehensive income for the period--

17,374

-

6,250

6,250

-

-

-

(254)

-

-

(6,250)

6,250

-

-

Comprehensive income for the period:

Transactions with owners:
Contributions by and distributions to owners
in their capacity as owners:
Issuance of preference shares
Share issuance costs
Transfer of share capital to capital surplus
Acquisition of treasury shares

-

-

-

(1)

Disposal of treasury shares

-

0

-

0

Share-based payment transactions

-

-

-

-

Dividends of surplus-(3,309)--Transfer to retained earnings

-

-

(17)

-

Total contributions by and distributions to owners
in their capacity as owners

-

8,937

(17)

(1)

Dividends of surplus

-

-

-

-

Total changes in equity interest of subsidiaries

-

-

-

-

Changes in equity interest of subsidiaries:

-

8,937

(17)

(1)

Balance at December 31, 2021

Total transactions with owners

27,64838,351

66,935(605)

Balance at April 1, 2022

27,64838,351

76,007(605)

Profit for the period--

14,974-

Other comprehensive income

-

-

-

-

Total comprehensive income for the period--

14,974

-

-

-

-

-

Comprehensive income for the period:

Transactions with owners:
Contributions by and distributions to owners
in their capacity as owners:
Issuance of preference shares
Share issuance costs

-

-

-

-

Transfer of share capital to capital surplus

-

-

-

-

Acquisition of treasury shares

-

-

-

(1)

Disposal of treasury shares

-

(24)

-

24

Share-based payment transactions

-

29

-

-

Dividends of surplus--(4,259)-Transfer to retained earnings

-

-

(105)

-

Total contributions by and distributions to owners
in their capacity as owners-

6(4,363)23

Dividends of surplus

-

-

-

-

Total changes in equity interest of subsidiaries

-

-

-

-

-

6

(4,363)23

27,64838,35786,618(582)

Changes in equity interest of subsidiaries:

Total transactions with owners
Balance at December 31, 2022

7

(Unit: Millions of yen)
Other components of equity

Net changes infinancial assets
Remeasurements
measured at fairof definedvalue throughbenefit plansother comprehensive income

Balance at April 1, 2021

3,805

Exchangedifferenceson translationof foreign
operations-

Comprehensive
income for theyear attributableto ownersof the parent

Total
other
componentsof equity

840

Noncontrollinginterests

Total
equity4,645

110,683

6,043

116,726

Comprehensive income for the period:
Profit for the period

-

-

-

-

17,374960

18,334

Other comprehensive income

(600)

5

3,200

2,605

2,605

71

2,676

Total comprehensive income for the period

(600)

5

3,200

2,605

19,9791,031

21,010Transactions with owners:
Contributions by and distributions to owners
in their capacity as owners:
Issuance of preference shares

-

-

-

-

12,500-12,500Share issuance costs

-

-

-

-

(254)

-

(254)

Transfer of share capital to capital surplus

-

-

-

-

-

-

-

Acquisition of treasury shares

-

-

-

-

(1)

-

(1)

Disposal of treasury shares

-

-

-

-

0

-

0

Share-based payment transactions

-

-

-

-

-

-

-

Dividends of surplus

-

-

-

-

(3,309)-(3,309)Transfer to retained earnings

22

(5)

-

17

-

-

-

Total contributions by and distributions to owners
in their capacity as owners

22

(5)

-

17

8,935

-

8,935

-

-

-

-

-

(351)

(351)

-

-

-

-

-

(351)

(351)

22

(5)

-

17

8,935

(351)

8,584

Changes in equity interest of subsidiaries:
Dividends of surplus
Total changes in equity interest of subsidiaries
Total transactions with owners

8Balance at December 31, 2021

3,227

-

4,040

7,268

139,597

6,723

146,320

Balance at April 1, 2022

3,108

-

8,902

12,010

153,411

7,503

160,914Comprehensive income for the period:
Profit for the period

-

-

-

-

14,974

1,127

16,101Other comprehensive income

286

(15)

4,942

5,213

5,213

206

5,420

Total comprehensive income for the period

286

(15)

4,942

5,213

20,187

1,333

21,520Transactions with owners:
Contributions by and distributions to owners
in their capacity as owners:
Issuance of preference shares

-

-

-

-

-

-

-

Share issuance costs

-

-

-

-

-

-

-

Transfer of share capital to capital surplus

-

-

-

-

-

-

-

Acquisition of treasury shares

-

-

-

-

(1)

-

(1)

Disposal of treasury shares

-

-

-

-

-

-

-

Share-based payment transactions

-

-

-

-

29

-

29

Dividends of surplus

-

-

-

-

(4,259)-(4,259)Transfer to retained earnings

90

15

-

105

-

-

-

Total contributions by and distributions to owners
in their capacity as owners

90

15

-

105

(4,230)-(4,230)

Dividends of surplus

-

-

-

-

-

(1,121)(1,121)

Total changes in equity interest of subsidiaries

-

-

-

-

-

(1,121)(1,121)

90
3,483

15
-

13,844105
17,328(4,230)169,368(1,121)
7,716(5,351)
177,084

Changes in equity interest of subsidiaries:

Total transactions with owners
Balance at December 31, 20229

Consolidated Statements of Cash FlowsKYB Corporation and its Consolidated Subsidiaries

For the nine months
ended December 31, 2021
（Apr. 1, 2021 through Dec. 31, 2021)(Unit: Millions of yen)
For the nine months
ended December 31, 2022
（Apr. 1, 2022 through Dec. 31, 2022)

Cash flows from operating activities:
Profit before taxes

22,181

20,139Depreciation and amortization

13,88814,016

Impairment losses

433

672

Reversal gain of impairment losses

(53)

(15)

Gain on sales of fixed asset

(36)

(72)

Increase (decrease) in assets and liabilities for retirement benefits
Increase (decrease) in provisions for product warranties

(84)

(157)

(7,991)(5,149)Finance income

(675)

(881)

Finance costs

1,820

1,161

Equity in profit of affiliates

(429)

(781)

(Increase) decrease in trade and other receivables(9,799)(5,585)(Increase) decrease in inventories(7,167)(2,686)

Increase (decrease) in trade and other payables

1,128

519

272

(524)

13,48920,658

176

312

Other
SubtotalInterest received
Dividends received

615

1,153

Interest paid

(1,531)(1,108)

Income taxes paid

(1,342)(6,127)

Payments of loss associated with the Anti-Trust law
Net cash from operating activities(529)(1,095)

10,878

13,793(1,535)(1,396)

Cash flows from investing activities:
Payment into time deposits
Proceeds from withdrawal of time deposits

177-(6,423)(8,422)

Proceeds from sales of property, plant and equipment

138

144

Payment for purchases of other financial assets

(17)

(4)

Payment for purchases of property, plant and equipment

Proceeds from sale of other financial assets

213

225

Other

(356)

(82)

(7,803)(9,536)

Net cash flows from investing activities

10For the nine months
ended December 31, 2021
（Apr. 1, 2021 through Dec. 31, 2021)(Unit: Millions of yen)
For the nine months
ended December 31, 2022
（Apr. 1, 2022 through Dec. 31, 2022)

Net increase (decrease) in short-term borrowings

3,734

4,767

Repayments of lease liabilities(4,410)(4,640)

Proceeds from long-term borrowings

12,641

1,759

Repayment of long-term borrowings(51,827)(8,201)

Proceeds from issuance of bonds

6,962

-

Proceeds from sale and lease back

1,603

-

Proceeds from issuance of preference shares

12,271-

Payments for purchase of treasury shares

(1)

(1)

Proceeds from sales of treasury shares

0-(3,309)(4,259)Dividends paid to non-controlling interests(351)(1,121)

Net cash flows from financing activities(22,688)(11,696)

Effect of changes in foreign exchange rates

1,024

908

Net increase (decrease) in cash and cash equivalents(18,590)(6,531)

Cash and cash equivalents at beginning of period

68,70052,118Cash and cash equivalents at end of period

50,11045,588Cash flows from financing activities:

Dividends paid

11

Segment InformationKYB Corporation and its Consolidated Subsidiaries

For the nine months ended December 31, 2021
(Unit: Millions of yen)
Reportable segment
Automotive
Hydraulic
Aircraftcomponents components Components

Subtotal

Others(Note 1)

Adjustment
Consolidated(Note 2)Total

Net sales:
Outside customers
Intersegment sales and transfers
Total
Segment profit (loss)

173,514102,0882,898

278,500

7,635

286,134

－

724

563

－

1,288

60

1,347

(1,347)286,134－

174,238

102,651

2,898

279,787

7,694

287,481(1,347)286,134
18,91010,8469,479(2,175)

18,150724

18,87437

Equity in profit of affiliates

429

－

－

429

－

429

－

429

Other income and expenses (net)

725

3,336

(46)

4,015

(28)

3,987

－

3,987

11,99912,815(2,221)

22,594695

23,28937

Operating profit (loss)

23,326

Finance income and costs (net)(1,145)

Profit before taxes

22,181

Notes: 1. “Others” includes “Special-purpose Vehicles”and "Electronic Equipment” that are not included in the three of reportable segment.
2. ¥37 million of adjustment of segment profit is the elimination of intersegment transactions.

For the nine months ended December 31, 2022
(Unit: Millions of yen)
Reportable segment
Automotive
Hydraulic
Aircraftcomponents components Components

Subtotal

Others(Note 1)

Adjustment
Consolidated(Note 2)Total

Net sales:
Outside customers
Intersegment sales and transfers
Total
Segment profit (loss)

203,599

102,691

3,342

309,632

7,184

316,817

－

620

559

－

1,179

57

1,236

(1,236)

316,817－204,219

103,250

3,342

310,811

7,242

318,053(1,236)

316,817
16,948

11,9305,702(1,095)

16,536357

16,89355

Equity in profit (loss) of affiliates

781

－

－

781

－

781

(0)

781

Other income and expenses (net)

731

1,944

(29)

2,646

44

2,690

(0)

2,690

13,441

7,646(1,124)

19,963401

20,36455

20,419Operating profit (loss)
Finance income and costs (net)(280)

Profit before taxes

20,139Notes: 1. “Others” includes “Special-purpose Vehicles”and "Electronic Equipment” that are not included in the three of reportable segment.
2. ¥55 million of adjustment of segment profit is the elimination of intersegment transactions.

*With regard to the changes of reportable segment
We have included "Railroad equipment" related product which was a part of "Hydraulic Components" in the "Automotive Components" from the first quarter,
as a result of reviewing the segment management classification due to the reorganization of the KAYABA Group.
Financial information for the same period of the previous fiscal year has been revised to reflect this change.

128-Feb-23
KYB Corporation

Third Quarter of FY2022 Financial Results Supplementary Information
1．Breakdown of sales
FY2021 3Q
Sales
composition
ratio（¥ million）

FY2022 3Q
Sales
composition
ratio（¥ million）

Differences
Sales
composition
ratio（¥ million）

173,51460.6%

203,59964.3%

30,085

17.3%

Shock absorber for automobiles

123,608

43.2%

147,51946.6%

23,911

19.3%

Shock absorber for motorcycles

25,1348.8%

33,067

10.4%

7,933

31.6%

Hydraulic equipment for automobiles

17,2946.0%

15,7045.0%△ 1,590-9.2%

Others

7,478

2.6%

7,309

2.3%

△ 169

-2.3%

102,08835.7%

102,691

32.4%

604

0.6%

96,242

33.6%

98,041

30.9%

1,799

1.9%

Automotive Components

Hydraulic Components
Hydraulic equipment for industrial use
System products

3,243

1.1%

2,053

0.6%

△ 1,191-36.7%

Others

2,603

0.9%

2,598

0.8%

△5

-0.2%

2,898

1.0%

3,342

1.1%

444

15.3%

2,898

1.0%

3,342

1.1%

444

15.3%

7,635

2.7%

7,184

2.3%

△ 450

-5.9%

Special-purpose Vehicles

6,793

2.4%

6,302

2.0%

△ 492

-7.2%

Electronic Equipment, etc.

842

0.3%

883

0.3%

41

4.9%

316,817 100.0%

30,682

10.7%

Aircraft Components
Aircraft Components

Special-purpose Vehicles and Electronic Equipment, etc.

Total

286,134 100.0%

2．FOREX Rate（\）
FY2021
Average FOREX Rate

Apr-Jun 2021

JPY/USD
JPY/EUR
JPY/CNY

Apr-Sep 2021

109.49131.9516.95

FY2022

Apr-Dec 2021

109.80130.8916.98

Full year

111.10130.61
17.25

Apr-Jun 2022

112.38130.5617.51

129.57138.1019.57

Apr-Sep 2022

Apr-Dec 2022

133.97138.7219.88

136.53140.5919.88（\）

FOREX Rate prevailingat the end of quarter

FY202130 Jun 2021

JPY/USD
JPY/EUR
JPY/CNY

30 Sep 2021

110.61131.6317.12

FY202231 Dec 2021

111.95129.9017.29

31 Mar 2022

115.02130.5218.07

30 Jun 2022

122.41136.77
19.26

30 Sep 2022

136.69142.6520.39

144.81142.3220.37

64,40232,3791,476

FY2022
2Q
71,344
34,5981,070

31 Dec 2022
132.70141.4419.02

3．Segment sales (*2)
FY2021
1Q
Automotive Components
Hydraulic Components
Aircraft Components
Special-purpose Vehicles andElectronic Equipment, etc.
Total

2Q
58,282
33,173
1,016

3Q
55,19332,295893

4Q
60,03936,619988

1Q
64,26934,548757（\ million）
3Q
67,85335,715
796

2,447

2,581

2,606

2,652

2,151

2,466

2,567

94,91990,963

100,253

102,226

100,409109,477

106,931

4．Segment operating income (*1)(*2)
FY2021
1Q
Automotive Components
Hydraulic Components
Aircraft Components
Special-purpose Vehicles andElectronic Equipment etc.
Total

2Q
3,395
3,178
△ 526

3Q
3,874
2,572
△ 1,353

4Q
3,599
3,743
△ 297

1Q
5,110
2,283
△ 1,785（\ million）

FY2022
2Q
3,935
1,898
△ 146

3Q

4,473
1,905
△ 551

3,557
1,917
△ 398

333

194

198

193

△9

187

180

6,380

5,287

7,243

5,802

5,679

6,014

5,256

5．Capital Expenditure, Depreciation
FY2021
1Q
Capital Expenditure
Depreciation Expenses

2Q
4,217
4,713

3Q
2,798
4,580

4Q
3,262
4,647

1Q
3,737
4,374

（\ million）

FY2022
2Q
2,788
4,587

3Q
3,764
4,630

3,114
4,799

6． R&D Expenses
FY2021
1Q
R&D Expenses

2Q
1,289

3Q
1,628

4Q
1,337

1Q
1,514

（\ million）

FY2022
2Q
1,526

3Q
1,524

1,525

7．Foreign Exchange gain or loss (*3)
FY2021
1Q
Other Income / Other Expenses
Finance Income / Finance Costs
Total

2Q
678
65
743

3Q
△ 465
△ 203
△ 668

4Q
136
189
325

1Q
1,229
376
1,605

（\ million）

FY2022
2Q
1,242
△ 54
1,188

3Q
761
△ 63
698

(*1) “Segment operating income”, which is described above, is different from “Segment profits (losses)” which is described in “Segment Information”
section in the Flash Report. “Segment operating income” amount includes “Adjustment” amount, which is described in the Flash Report”.
(*2) With regard to the changes of reportable segment
We have included "Railroad equipment" related product which was a part of "Hydraulic Components" in the "Automotive Components" from the current first quarter,
as a result of reviewing the segment management classification due to the reorganization of the KAYABA Group.
(*3) “Foreign Exchange Gain or Loss” ,which is described above, comes from the amount of foreign exchange gain or loss in “Other income” ,“Other expense”, “Finance income” and “Finance costs” in the Consolidated Statements of Income. Foreign exchange gain is written as plus
and foreign exchange loss is written as minus.

△ 868
157
△ 711