Consolidated Financial Results
for the Three Months Ended November 30, 2022
[Japanese GAAP]
January 13, 2023
Company name: West Holdings Corporation
Stock exchange listing: Tokyo Stock Exchange
Code number: 1407
URL: https://www.west-gr.co.jp/
Representative: Eiichiro Egashira, Representative Director and President
Contact: Nobuo Katsumata, Managing Director
Phone: +81-3-6812-2501
Scheduled date of filing quarterly securities report: January 13, 2023
Scheduled date of commencing dividend payments: –Availability of supplementary explanatory materials on quarterly financial results: None
Schedule of quarterly financial results briefing session: Not scheduled(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Three Months Ended November 30, 2022 (September 1, 2022 –November 30, 2022)(1) Consolidated Operating Results (Cumulative)(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Three months ended
Million yen%
Million yen%
Million yen%
Million yen%
November 30, 2022
6,305 (56.6)
353 (26.9)
212 (38.3)
177 (24.3)
November 30, 2021
14,52312.2
483 (72.0)
343 (78.3)
234 (77.8)
Note: Comprehensive income: Three months ended November 30, 2022: ¥189 million [(20.5)%]
Three months ended November 30, 2021: ¥238 million [(76.9)%]
Basic earnings
Diluted earnings
per shareper share
Three months ended
Yen
Yen
November 30, 2022
4.36–
November 30, 2021
5.76–
Notes: Diluted earnings per share has not been presented since there are no potential shares.
(2) Consolidated Financial Position
Total assets
Million yen

Net assets

Equity ratio

Million yen%

102,749
As of November 30, 2022
25,505
101,418
As of August 31, 2022
27,552(Reference) Equity: As of November 30, 2022: ¥25,489 million
As of August 31, 2022: ¥27,537 million

24.8
27.2

2. Dividends
1st quarterend

Annual dividends
3rd quarterend

2nd quarterend

Yen

Yen

Year-end

Yen

Fiscal year ended–
0.00–
August 31, 2022
Fiscal year ending–
August 31, 2023
Fiscal year ending
August 31, 2023
0.00–(Forecast)
Note: Revisions to the dividend forecast most recently announced: NoneTotalYen

Yen

55.00

55.00

55.00

55.00

3. Consolidated Financial Results Forecast for the Fiscal Year Ending August 31, 2023 (September 1, 2022 –August 31, 2023)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Million yen% Million yen% Million yen%

Million yen

First half
20,789 (39.9)
3,033
11.7
2,733
11.4
Full year
61,276 (8.8)
11,24744.7
10,64746.0
Note: Revisions to the financial results forecast most recently announced: None

1,858
7,240%

10.170.0* Notes:(1) Changes in significant subsidiaries during the period under review: None
(Changes in specified subsidiaries resulting in changes in scope of consolidation)
Newly included: – (Company name:)
Excluded: – (Company name:)(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
November 30, 2022:
46,027,488 shares
August 31, 2022:
46,027,488 shares2) Total number of treasury shares at the end of the period:
November 30, 2022:
5,364,359 shares
August 31, 2022:
5,362,972 shares
3) Average number of shares during the period:
Three months ended November 30, 2022:
Three months ended November 30, 2021:

40,663,823 shares
40,655,011 shares

Yen

45.69
178.04

* These quarterly consolidated financial results are outside the scope of quarterly review by certified public accountants
or an audit firm.
* Explanation of the proper use of financial results forecast and other notes
Forward-looking statements in this document, including earnings projections, are based on currently available
information and certain premises that are judged to be rational, and the Company does not in any way guarantee theachievement of the projections. Actual results may therefore differ materially depending on various factors.

(1) Quarterly Consolidated Balance Sheets(Million yen)
As of August 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Lease receivables
Accounts receivable from completed construction
contracts
Merchandise
Real estate for sale
Costs on construction contracts in progress
Raw materials and supplies
Other
Allowances for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Machinery, equipment and vehicles, net
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowances for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

1

As of November 30, 2022

27,597
1,336
5,411

31,126
687
5,369

9,581

8,298

14,266
426
2,161
41
4,605
(407)
65,022

14,845427
2,995
41
3,136(338)
66,58919,3189,175
28,494
4,290

19,011
9,168
28,180
4,261

849
86
1,363
1,429
(118)
3,610
36,395
101,418

86275
1,363
1,540
(124)
3,718
36,159102,749

(Million yen)
As of August 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Accounts payable for construction contracts
Current portion of bonds payable
Short-term borrowings
Income taxes payable
Provision for warranties for completed construction
Provision for loss on withdrawal from electric powerbusiness
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Asset retirement obligations
Deferred tax liabilities
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

2

As of November 30, 2022

2,175
2,634
140
15,031
444
195

763
1,842
140
15,057
66
188

1,126

1,053

6,917
28,665

6,831
25,943310
43,584959
13
332
45,19973,865260
49,746961
13318
51,30077,2442,020
734
28,049(3,255)27,5502,020
740
25,990(3,261)
25,490

(6)
(6)
(13)
15
27,552
101,418

6(7)
(0)
15
25,505
102,749

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Three Months Ended November 30(Million yen)Three months ended
November 30, 2021
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Interest on tax refundInsurance claim income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission expenses
Other
Total non-operating expenses
Ordinary profit
Profit before distributions of profit or loss on silent
partnerships and income taxes
Distributions of profit or loss on silent partnerships
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

3

Three months ended
November 30, 2022

14,523
12,562
1,961
1,478
483

6,305
4,364
1,941
1,587
353

10
54–2130002229117
340152343

149
00150
212343

212

5338
104
234–
234

8203
26
177–
177

Consolidated Statements of Comprehensive Income
Three Months Ended November 30(Million yen)Three months ended
November 30, 2021
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

4

Three months endedNovember 30, 2022
234

177

(1)
6
4
238

13(0)
12
189

238

189

––