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 Six Months Ended May 31, 2023
(Based on Japanese GAAP)
July 13, 2023
Company name:Astena Holdings Co.,Ltd.
Stock exchange listing: Tokyo
Stock code:
Representative:

8095
President

URL

https://www.astena-hd.com
Keitaro Iwaki

Inquiries:
Managing Executive Officer
Scheduled date to file Quarterly Securities Report:

Minoru Kadokura
July 13, 2023

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

August 10, 2023
Yes

Holding of quarterly financial results meeting:

Yes

TEL

03-3279-0481(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended May 31, 2023 (from December 1, 2022 to May 31, 2023)(1) Consolidated operating results (cumulative)
Net sales
Six months ended May 31, 2023
Six months ended May 31, 2022

Millions of yen
26,857
24,934

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
7.7
208 (71.1)
283 (66.0)
(227)
––
720
–
835
–
932
–

Earnings per share

Diluted earnings per share

Yen(5.78)
23.33

Six months ended May 31, 2023
Six months ended May 31, 2022

Yen––(2) Consolidated financial position
Total assets

Net assets

Millions of yen
64,82863,551

As of May 31, 2023
As of November 30, 2022

Equity ratio

Millions of yen
26,627
27,068

Net assets per share%
40.9
42.5

Yen
671.40685.24

2. Cash dividends
Annual dividends per share

Year ended November 30, 2022
Year ending November 30, 2023
Year ending November 30, 2023
(Forecast)

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––Yen
9.00
9.00

Yen–

Yen
9.00

Total
Yen
18.00

–

9.00

18.00

3. Forecast of consolidated financial results for the year ending November 30, 2023 (from December 1, 2022 to November 30, 2023)
Net sales
Full year

Millions of yen
51,500Percentages 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
3.8
720 (12.2)
410 (53.8)
10 (98.3)
0.25

1

4. Notes(1) Changes in significant subsidiaries during the six months ended May 31, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(3) 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
No

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

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of May 31, 2023

40,884,504 shares As of November 30, 2022

40,772,366 shares

Number of treasury shares at the end of the period
As of May 31, 2023

1,384,314 shares As of November 30, 2022

1,389,642 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended May 31, 2023

39,428,011 shares Six months ended May 31, 2022

239,982,434 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of November 30, 2022

As of May 31, 2023

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets

6,925,821
15,362,845

5,428,060
15,069,739

Electronically recorded monetary claims - operating
Merchandise and finished goods

3,743,809
5,915,864

4,498,690
5,857,344

Work in process
Raw materials and supplies

1,644,206
1,929,398

1,935,687
2,241,558

Other
Allowance for doubtful accounts

1,263,268(35,679)

1,071,019(13,591)

Total current assets

36,749,534

36,088,508

10,427,698(6,364,667)

10,433,223(6,463,087)

Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net

4,063,030

3,970,135

Machinery, equipment and vehicles
Accumulated depreciation

10,079,248(8,212,905)

10,316,113(8,413,363)

1,866,343

1,902,749

3,138,980
4,090,574

3,100,522
4,231,959

Accumulated depreciation(2,831,415)(2,969,070)

Other, net

1,259,158

1,262,889

Machinery, equipment and vehicles, net
Land
Other

Construction in progress

2,792,287

5,051,829

Total property, plant and equipment

13,119,799

15,288,126

4,512,067

4,535,293Technical assets
Customer relationship507,897
2,043,608

490,681
1,933,450

Other

1,221,544

1,151,719

Total intangible assets

8,285,118

8,111,144

Investment securities
Retirement benefit asset

3,814,234
469,274

3,778,261
441,425

Other
Allowance for doubtful accounts

1,137,677(23,818)

1,144,952(23,818)

Total investments and other assets

5,397,366

5,340,820

26,802,285

28,740,092–262

Intangible assets
Goodwill

Investments and other assets

Total non-current assets
Deferred assets
Organization expenses
Total deferred assetsTotal assets

3–262

63,551,819

64,828,862

(Thousands of yen)
As of November 30, 2022

As of May 31, 2023

Liabilities
Current liabilities
Notes and accounts payable - trade8,475,155

8,896,937

Electronically recorded obligations - operating
Electronically recorded obligations - non-operating

3,667,121
3,045

4,238,480
77,808

Short-term borrowings
Accrued expenses

10,035,000
2,508,458

10,912,000
2,730,107

Income taxes payable
Provision for bonuses

920,241
419,387

439,933
226,914

Provision for product warranties
Other provisions

8,461
59,10012,984
101,200

Other

1,696,103

1,646,113

Total current liabilities

27,792,074

29,282,479

Long-term borrowings
Deferred tax liabilities

4,777,500
728,789

5,080,311
687,727

Provision for share-based compensation
Retirement benefit liability

66,2552,570,515

60,4492,547,028

547,983

543,838

Non-current liabilities

Other
Total non-current liabilities

8,691,043

8,919,354

36,483,118

38,201,834

Share capital
Capital surplus

4,557,400
6,538,828

4,581,397
6,569,700

Retained earnings
Treasury shares

15,031,853(531,722)

14,433,056(525,817)

Total shareholders' equity

25,596,360

25,058,337

1,007,002

1,105,590

Deferred gains or losses on hedges
Foreign currency translation adjustment(4,026)
191,067563
222,428

Remeasurements of defined benefit plans

196,203

133,450

1,390,246

1,462,033

Total liabilities
Net assets
Shareholders' equity

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

Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

482,094

106,656

27,068,701

26,627,028

63,551,819

64,828,862

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Thousands of yen)Six months ended

Six months ended

May 31, 2022

May 31, 2023

Net sales
Cost of sales

24,934,991
16,782,199

26,857,511
19,008,028

Gross profit

8,152,791

7,849,482

Selling, general and administrative expenses

7,432,742

7,641,147

720,049

208,334

Interest income
Dividend income

1,215
27,451

1,007
29,190Rental income
Foreign exchange gains

8,896
49,518

7,171
1,330

Other

90,448105,942

Total non-operating income

177,530

144,642Interest expenses
Share of loss of entities accounted for using equity method

26,931
7,415

29,471
11,765

Other

28,21728,223Operating profit
Non-operating income

Non-operating expenses

62,563

69,460Ordinary profit

Total non-operating expenses

835,016

283,516Extraordinary income
Gain on sale of non-current assets

663,894

10,774Gain on donation of a state subsidy

24,90014,827

Total extraordinary income

688,794

25,601

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

–
5,435

39
20,171

Loss on valuation of investment securities
Loss on transition of retirement benefit plan–
54,459216,728
–

–

4,038

59,895240,977

Extraordinary losses

Loss on liquidation of subsidiaries and associates
Total extraordinary losses
Profit before income taxes

1,463,916

68,140

Income taxes - current

800,878

361,600

Income taxes - deferred(264,947)(57,804)

Total income taxes

535,931303,796

Profit (loss)

927,985(235,655)

Loss attributable to non-controlling interests(4,984)(7,843)

Profit (loss) attributable to owners of parent

932,969(227,812)5

Consolidated statements of comprehensive income (cumulative)(Thousands of yen)

Profit (loss)
Other comprehensive income

Six months ended

Six months ended

May 31, 2022

May 31, 2023
927,985(235,655)

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(79,730)
1,519

98,3484,681

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

76,949(6,035)

31,360(62,752)

112

148

Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income
Comprehensive income(7,185)71,786920,799(163,868)

925,784(156,025)(4,984)(7,843)Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6Consolidated statements of cash flows(Thousands of yen)Six months ended

Six months ended

May 31, 2022

May 31, 2023

Cash flows from operating activities
Profit before income taxes

1,463,916

68,140Depreciation
Share-based payment expenses

1,038,167
24,447

1,081,158
18,191

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses(1,046)150,338(22,173)(192,738)

Increase (decrease) in provision for product warranties
Increase (decrease) in retirement benefit liability(1,140)(8,199)4,523(96,105)

Interest and dividend income
Interest expenses(28,667)
26,931(30,198)
29,471

Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using(50,693)

8,315

7,415

11,765–

4,038

Loss (gain) on sale of non-current assets
Loss (gain) on disposal of non-current assets(663,894)
5,435(10,734)
20,171

Subsidy income
Loss (gain) on valuation of investment securities(24,900)–(21,766)
216,728

Decrease (increase) in trade receivables and contract
assets

1,103,647(212,007)

Decrease (increase) in inventories
Decrease (increase) in returned assets(800,689)(40,633)(540,022)
8,410

Decrease (increase) in accounts receivable - other
Increase (decrease) in trade payables

49,881(52,026)

279,684
781,158

Increase (decrease) in accrued expenses
Increase (decrease) in accrued consumption taxes(594,396)(51,373)

200,737(17,858)

Decrease (increase) in advance payments to suppliers
Increase (decrease) in refund liabilities

30,66063,580(100,149)(73,627)

Decrease (increase) in distressed receivables
Decrease (increase) in other current assets(500)
23,377–(28,186)

Increase (decrease) in other current liabilities
Other, net

219,509170,961

126,429
71,548equity method
Loss (gain) on liquidation of subsidiaries and associates

Subtotal

2,060,107

1,584,903

Interest and dividends received
Interest paid

28,667(27,318)

30,198(28,298)

Income taxes paid
Income taxes refund(872,143)
139,515(871,422)
88,843–(690)

1,328,828

803,534

Payments of retirement benefits for directors (and otherofficers)
Net cash provided by (used in) operating activities

7

(Thousands of yen)

Cash flows from investing activities
Purchase of property, plant and equipment

Six months ended

Six months ended

May 31, 2022

May 31, 2023
(689,850)(2,795,376)

Proceeds from sale of property, plant and equipment
Purchase of intangible assets

1,388,441(142,398)

81,980(88,511)Purchase of investment securities
Purchase of shares of subsidiaries resulting in change in(148,130)(73,257)

scope of consolidation
Payments for acquisition of businesses–(76,937)(627,015)–

Subsidies received
Other, net

8,300
187,766

30,066(28,280)

Net cash provided by (used in) investing activities(22,888)(2,950,316)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings(1,000,000)

597,000

Proceeds from long-term borrowings
Repayments of long-term borrowings–(535,900)

1,000,000(573,989)

Purchase of treasury shares
Proceeds from sale of treasury shares(9,858)29,185(2)–

Repayments of finance lease liabilities
Proceeds from share issuance to non-controlling(54,174)(54,850)

40,40030,350(363,973)(359,244)(6,874)–

Net cash provided by (used in) financing activities(1,901,195)

639,263

Effect of exchange rate change on cash and cash equivalents

47,0035,442Net increase (decrease) in cash and cash equivalents(548,251)(1,502,076)

Cash and cash equivalents at beginning of period

10,807,061

6,803,817

2,312

3,315

10,261,123

5,305,056

shareholders
Dividends paid
Purchase of shares of subsidiaries not resulting in change
in scope of consolidation

Increase in cash and cash equivalents resulting from
inclusion of subsidiaries in consolidation
Cash and cash equivalents at end of period8