Consolidated Financial Results
for the Six Months Ended February 28, 2023
[Japanese GAAP]
April 14, 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: April 14, 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 Six Months Ended February 28, 2023 (September 1, 2022 – February
28, 2023)(1) Consolidated Operating Results (Cumulative)(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Six months ended
Million yen%
Million yen%
Million yen%
Million yen%February 28, 2023
14,801 (57.2)
1,510 (44.4)
1,219 (50.3)
1,052 (37.6)
February 28, 2022
34,57130.9
2,716 (19.1)
2,453 (18.8)
1,687 (15.3)
Note: Comprehensive income: Six months ended February 28, 2023: ¥1,088 million [(36.1)%]
Six months ended February 28, 2022: ¥1,705 million [(13.5)%]
Basic earnings
Diluted earnings
per shareper share
Six months ended
Yen
Yen
February 28, 2023
25.88–
February 28, 2022
41.50–
Note: Diluted earnings per share has not been presented since there are no potential shares.
(2) Consolidated Financial PositionTotal assets
Million yen

Net assets

Equity ratio

Million yen%

105,304
As of February 28, 2023
26,406
101,418
As of August 31, 2022
27,552(Reference) Equity: As of February 28, 2023: ¥26,390 million
As of August 31, 2022: ¥27,537 million

25.1
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–0.00
August 31, 2023
Fiscal year ending
August 31, 2023–(Forecast)
Note: Revisions to the dividend forecast most recently announced: None

TotalYen

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 parentper share
Million yen% Million yen% Million yen%

Million yen

Full year
61,276 (8.8)
11,24744.7
10,64746.0
Note: Revisions to the financial results forecast most recently announced: None

7,240%

70.0* 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: None3) 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):February 28, 2023:
46,027,488 shares
August 31, 2022:
46,027,488 shares2) Total number of treasury shares at the end of the period:
February 28, 2023:
5,365,304 shares
August 31, 2022:
5,362,972 shares
3) Average number of shares during the period:
Six months ended February 28, 2023:
Six months ended February 28, 2022:

40,663,248 shares
40,659,666 shares

Yen

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 assetsInvestment securities
Long-term loans receivable
Deferred tax assets
OtherAllowances for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

1

As of February 28, 2023

27,597
1,336
5,411

37,206
700
5,662

9,581

2,406

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

14,427427
3,362
154,251(358)
68,102

19,3189,175
28,494
4,290

19,676
9,252
28,929
4,230

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

1,164
117
1,363
1,524
(127)
4,042
37,202
105,304

(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 surplusRetained 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 February 28, 2023

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

991
2,182
140
14,901
–
185

1,126

727

6,917
28,665

7,763
26,892310
43,584959
13
332
45,19973,865240
50,475962
13314
52,00578,8982,020
734
28,049(3,255)27,5502,020
745
26,865(3,265)26,367

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

28
(5)
23
15
26,406105,304

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Six Months Ended February 28(Million yen)Six months ended
February 28, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Insurance claim income
OtherTotal non-operating income
Non-operating expenses
Interest expenses
Commission expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Reversal of provision for loss on withdrawal fromelectric power businessTotal extraordinary income
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

Six months ended
February 28, 2023

34,571
28,910
5,660
2,944
2,716

14,801
10,065
4,735
3,2241,510

2317－
831

07－
5923235
57－
1294
2,453

305
30
6315
1,219－

263－

263

2,453

1,483

12
2,441
754
1,687－
1,687

14
1,468
415
1,052－
1,052

Consolidated Statements of Comprehensive Income
Six Months Ended February 28(Million yen)Six months ended
February 28, 2022
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

Six months ended
February 28, 2023
1,687

1,052

116
17
1,705

35
036
1,088

1,705

1,088

––

(3) Quarterly Consolidated Statements of Cash Flows(Million yen)Six months ended
February 28, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for warranties forcompleted construction
Increase (decrease) in provision for loss on withdrawal
from electric power businessInterest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in advance payments to suppliers
Increase (decrease) in trade payables
Decrease (increase) in operating guarantee deposit
Increase (decrease) in advances received on construction
contracts in progress
Decrease (increase) in accounts receivable - other
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received
Increase (decrease) in deposits received
Other, netSubtotal
Interest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities

5

Six months ended
February 28, 2023
2,441
662
(10)

1,468
1,044
(39)

(36)

(9)

－

(399)

(5)
235
1,792
(6,508)692(749)(1,263)

(8)
305
7,603
(1,346)(198)(1,673)
－

576

962

(220)
16(36)
507
71(78)(1,912)5(256)(2,440)(4,603)

1,856
(55)
(174)
58
36(659)8,771
9(335)(1351)
7,092

(Million yen)Six months endedFebruary 28, 2022
Cash flows from investing activities
Purchase of investment securities
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from withdrawal of time deposits
Proceeds from refund of leasehold and guarantee deposits
Payments of leasehold and guarantee deposits
Proceeds from collection of long-term loans receivable
Long-term loan advances
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Redemption of bonds
Purchase of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

6Six months ended
February 28, 2023
(503)
(110)
(43)
1,500
4(100)
5－
(270)
482

(280)
(1,268)
(1)
－
9(2)
2(44)
(177)
(1,763)(4,739)16,728(8,498)(120)(26)(2,030)
(81)
1,232
(18)
(2,907)34,34931,441－
15,276(8,688)(70)(9)(2,234)
(9)
4,264
15
9,609
27,70937,318