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, 2024
(Based on Japanese GAAP)
July 12, 2024
Company name:Astena Holdings Co.,Ltd.
Stock exchange listing: Tokyo
Stock code:
Representative:

8095
President

URL

https://www.astena-hd.com
Satoshi Setoguchi

Inquiries:
Board Director Business Management
Scheduled date to file Quarterly Securities Report:

Takeshi Kawano
July 12, 2024

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

August 9, 2024
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, 2024 (from December 1, 2023 to May 31, 2024)(1) Consolidated operating results (cumulative)
Net sales
Six months ended May 31, 2024Six months ended May 31, 2023

Millions of yen
28,091
26,857

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
4.6
1,345 551.6
1,375 388.5
704
–
7.7
206 (71.3)
281 (66.3)(228)–

Earnings per share

Diluted earnings per share

Yen
17.75
(5.81)

Six months ended May 31, 2024
Six months ended May 31, 2023

Yen––(2) Consolidated financial position
Total assets

Net assets

Millions of yen
66,502
67,254As of May 31, 2024
As of November 30, 2023

Equity ratio

Millions of yen
29,05228,601

Net assets per share%
43.5
42.3

Yen
717.87719.53

2. Cash dividends
Annual dividends per share

Year ended November 30, 2023
Year ending November 30, 2024
Year ending November 30, 2024(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, 2024 (from December 1, 2023 to November 30, 2024)
Net sales
Full year

Millions of yen
57,500Percentages 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
10.6
1,600
41.8
1,600
17.3
800 (31.2)
20.01

1

4. Notes(1) Changes in significant subsidiaries during the six months ended May 31, 2024
(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:

No
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, 2024

40,982,832 shares As of November 30, 2023

40,884,504 shares

Number of treasury shares at the end of the period
As of May 31, 2024

727,037 shares As of November 30, 2023

1,385,833 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended May 31, 2024

39,724,673 shares Six months ended May 31, 2023

239,428,011 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of November 30, 2023

As of May 31, 2024

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

6,881,270
15,169,749

5,711,886
15,039,127

Electronically recorded monetary claims - operating
Merchandise and finished goods

4,041,390
6,348,158

4,458,980
6,345,881

Work in process
Raw materials and supplies

2,319,531
2,128,242

2,019,760
2,375,389

Other
Allowance for doubtful accounts

1,016,769(11,055)

928,444(7,815)

Total current assets

37,894,056

36,871,654

10,269,781(6,394,067)

10,390,789(6,479,929)

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

3,875,713

3,910,859

Machinery, equipment and vehicles
Accumulated depreciation

10,663,559(8,631,375)

10,717,371(8,813,153)

2,032,183

1,904,217

2,439,883
4,318,405

2,442,207
4,564,560

Accumulated depreciation(3,069,659)(3,172,026)

Other, net

1,248,746

1,392,534

Machinery, equipment and vehicles, net
Land
Other

Construction in progress

5,215,630

5,750,795

Total property, plant and equipment

14,812,158

15,400,614

4,031,9683,892,213

Technical assets
Customer relationship473,465
1,821,991

456,249
1,719,682

Other1,131,294

1,054,755

Total intangible assets

7,458,719

7,122,901

Investment securities
Retirement benefit asset

4,842,272
748,601

4,897,439
732,351

Other
Allowance for doubtful accounts

1,523,091(24,383)

1,501,127(23,883)

Total investments and other assets

7,089,582

7,107,034

29,360,460

29,630,550

233

205

Intangible assets
Goodwill

Investments and other assets

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

3233

205

67,254,750

66,502,410

(Thousands of yen)
As of November 30, 2023

As of May 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade8,503,064

8,750,005

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

3,570,394
16,7044,010,262
17,993

Short-term borrowings
Accrued expenses

12,266,984
2,534,995

11,256,984
2,798,834

Income taxes payable
Provision for bonuses

572,640628,277

487,348
318,007

6,143
–

9,733
18,950

Other provisions
Other

41,4601,840,956–
1,724,298

Total current liabilities

29,981,620

29,392,417

Non-current liabilities
Long-term borrowings

4,493,332

3,969,340

965,738
104,846

979,674
105,559

Retirement benefit liability
Other2,553,267
554,4212,489,520
513,454

Total non-current liabilities

8,671,606

8,057,548

38,653,227

37,449,966

Shareholders' equity
Share capital

4,581,397

4,605,094

Capital surplus
Retained earnings

6,574,102
15,462,238

6,320,723
15,805,798

Treasury shares(525,872)(255,081)

26,091,866

26,476,534

1,703,144(94)

1,780,631(147)

271,021354,348

304,131
337,135

2,328,419

2,421,750

181,236

154,158

28,601,522

29,052,444

67,254,750

66,502,410

Provision for product warranties
Provision for loss on disaster

Deferred tax liabilities
Provision for share-based payments

Total liabilities
Net assets

Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

4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, 2023

May 31, 2024

Net sales
Cost of sales

26,857,511
19,008,028

28,091,676
18,900,450

Gross profit

7,849,482

9,191,225

Selling, general and administrative expenses

7,642,998

7,845,709

206,484

1,345,516

Interest income
Dividend income

1,007
29,190691
27,856

Rental income
Foreign exchange gains

7,171
1,330

2,389
–

Operating profit
Non-operating income

Other

105,942

69,954

Total non-operating income

144,642

100,892

Interest expenses
Share of loss of entities accounted for using equity method

29,471
11,76532,9658,000

Foreign exchange losses
Other–
28,2232,360
27,202

Total non-operating expenses

69,46070,529281,666

1,375,878

Gain on sale of non-current assets
Gain on donation of a state subsidy

10,774
14,827350–

Total extraordinary income

25,601350

39–

20,171
216,728

109,783
98,5504,038––
33,201

240,977

241,536

Profit before income taxes

66,2901,134,693

Income taxes - current
Income taxes - deferred

361,600(58,548)

423,023
10,257

Total income taxes

303,052

433,281

Profit (loss)(236,761)

701,411

Non-operating expenses

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on sale of non-current assets
Loss on disposal of non-current assets
Loss on valuation of investment securities
Loss on liquidation of subsidiaries and associatesLoss on disaster
Total extraordinary losses

Loss attributable to non-controlling interests(7,843)(3,509)Profit (loss) attributable to owners of parent(228,918)

704,9215

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

Profit (loss)
Other comprehensive income

Six months ended

Six months ended

May 31, 2023

May 31, 2024

(236,761)

701,411

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

98,348
4,681

77,248(128)

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

31,360(62,752)

33,110(17,213)148313

Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income
Comprehensive income

71,786

93,331(164,975)

794,743(157,132)

798,252(7,843)(3,509)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, 2023

May 31, 2024

Cash flows from operating activities
Profit before income taxes
Depreciation

66,2901,083,008

1,134,693
1,124,682

Share-based payment expenses
Increase (decrease) in allowance for doubtful accounts

18,191(22,173)

24,410(3,735)

Increase (decrease) in provision for bonuses
Increase (decrease) in provision for product warranties(192,738)
4,523(174,898)
3,590

Increase (decrease) in retirement benefit liability
Interest and dividend income(96,105)(30,198)(89,671)(28,548)

Interest expenses
Foreign exchange losses (gains)

29,471
8,315

32,965(20,881)

Share of loss (profit) of entities accounted for using
equity method

11,7658,000

Loss (gain) on liquidation of subsidiaries and associates
Loss (gain) on sale of non-current assets

4,038(10,734)–(350)

Loss (gain) on disposal of non-current assets
Subsidy income

20,171(21,766)

109,783–

Loss (gain) on valuation of investment securities
Loss on disaster

216,728–

98,55033,201

Decrease (increase) in trade receivables and contract
assets(212,007)(255,519)

Decrease (increase) in inventories
Decrease (increase) in accounts receivable - other(540,022)
279,684

86,758
7,643

Increase (decrease) in trade payables
Increase (decrease) in accrued expenses

781,158
200,737

670,706
126,553

Increase (decrease) in accrued consumption taxes
Decrease (increase) in advance payments to suppliers(17,858)(100,149)

333,001
69,645

Increase (decrease) in refund liabilities
Other, net(73,627)
178,202(80,055)(489,902)

Subtotal

1,584,903

2,720,626

Interest and dividends received
Interest paid

30,198(28,298)

28,548(33,372)

Income taxes paid
Income taxes refund(871,422)
88,843(475,384)
19,012(690)–

803,534

2,259,431(2,795,376)(1,312,243)

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

81,980(88,511)1,436(111,961)

Purchase of investment securities
Purchase of shares of subsidiaries resulting in change in(73,257)(93,300)(76,937)–

Payments of retirement benefits for directors (and otherofficers)
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment

scope of consolidationSubsidies received
Other, net
Net cash provided by (used in) investing activities

730,066

8,300(28,280)(30,092)(2,950,316)(1,537,861)

(Thousands of yen)Six months ended

Six months ended

May 31, 2023

May 31, 2024

Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings

597,000
1,000,000(910,000)–

Repayments of long-term borrowings
Purchase of treasury shares(573,989)(2)(623,992)(6,553)

Repayments of finance lease liabilities
Proceeds from share issuance to non-controlling(54,850)(42,076)

shareholders
Dividends paid

30,35066,200(359,244)(360,669)

Net cash provided by (used in) financing activities

639,263(1,877,091)

Effect of exchange rate change on cash and cash equivalents

5,442

24,592

Net increase (decrease) in cash and cash equivalents(1,502,076)(1,130,928)

Cash and cash equivalents at beginning of period

6,803,817

6,758,266

3,315

––

(38,455)

5,305,056

5,588,882

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