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 Year Ended November 30, 2023
(Based on Japanese GAAP)
January 12, 2024
Company name:Astena Holdings Co.,Ltd.

Stock exchange listing: Tokyo
Stock code:
8095
Representative:
Inquiries:

URL

https://www.astena-hd.com

President
Managing Executive Officer

Keitaro Iwaki
Minoru Kadokura

TEL

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

February 28, 2024
February 28, 2024

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

February 29, 2024
Yes

Holding of financial results meeting:Yes

03-3279-0481(for institutional investors and analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended November 30, 2023 (from December 1, 2022 to November 30, 2023)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended November 30, 2023
51,984
4.7
1,127
37.6
1,363
53.7
1,162 100.6
Year ended November 30, 2022
49,636
–
819
–
887
–
579
–

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
%
%
%
–
4.2
2.1
2.2
–
2.1
1.4
1.7

Diluted earnings per
share

Yen
29.47
14.56

Year ended November 30, 2023
Year ended November 30, 2022
(2) Consolidated financial position

Total assets
As of November 30, 2023
As of November 30, 2022

Net assets

Equity ratio

Millions of yen
67,25463,551Millions of yen
28,601
27,068Cash flows fromoperating activities
Millions of yen
1,643
(742)

Cash flows frominvesting activities
Millions of yen(2,835)(2,222)

Net assets per share
%
42.3
42.5

Yen
719.53685.24(3) Consolidated cash flows

Year ended November 30, 2023
Year ended November 30, 2022

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen
1,077
6,758
(1,093)6,803

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended November 30, 2022
Year ended November 30, 2023
Year ending November 30, 2024
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

–
–

9.00
9.00

–
–

9.00
9.00

18.00
18.00

727
722

123.6
61.1

2.6
2.6

–

9.00

–

9.00

18.00

1

103.0

3. Forecast of consolidated financial results for the year ending November 30, 2024 (from December 1, 2023 to November 30, 2024)
Net sales
Millions of yen
Six months ending
May 31, 2024
Full year

Percentages 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

27,3001.6

35(83.2)

35(87.7)(130)–(3.29)

56,000

7.7

1,150

2.0

1,150

(15.7)

690(40.7)

17.47

4. Notes(1) Changes in significant subsidiaries during the year ended November 30, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) 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:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of November 30, 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 November 30, 2023

1,385,833 shares As of November 30, 2022

1,389,642 shares

39,461,187 shares Year ended November 30, 2022

39,813,283 shares

Average number of shares during the period
Year ended November 30, 2023

2

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

As of November 30, 2023

AssetsCurrent assets
Cash and deposits
Notes receivable - trade

6,925,821
1,498,490

6,881,270
1,002,023

Accounts receivable - trade
Contract assets

12,477,171
1,387,183

12,262,081
1,905,643

Electronically recorded monetary claims - operating
Merchandise and finished goods

3,743,809
5,915,864

4,041,390
6,348,158

Work in process
Raw materials and supplies

1,644,206
1,929,398

2,319,531
2,128,242

Accounts receivable - otherOther

696,561
566,706

358,048
658,721

Allowance for doubtful accounts(35,679)(11,055)

36,749,534

37,894,056

10,427,698

10,269,781(6,364,667)(6,394,067)

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

4,063,030

3,875,713

Machinery, equipment and vehicles

10,079,248

10,663,559

Accumulated depreciation(8,212,905)(8,631,375)

Machinery, equipment and vehicles, net

1,866,343

2,032,183

Tools, furniture and fixtures

3,569,803

3,849,773

Accumulated depreciation(2,518,618)(2,805,445)

Tools, furniture and fixtures, net

1,051,185

1,044,328

Land

3,138,980

2,439,883

Leased assets
Accumulated depreciation

520,770(312,797)

468,632(264,214)

Leased assets, net

207,972

204,418

Construction in progress

2,792,287

5,215,630

Total property, plant and equipment

13,119,799

14,812,158

Software
Goodwill

1,103,537
4,512,067

854,042
4,031,968

Technical assets
Customer relationship507,897
2,043,608

473,465
1,821,991

118,007277,252

8,285,118

7,458,719

3,814,234
469,274

4,842,272
748,601

Deferred tax assets
Long-term deposits

583,145
173,865

1,048,915
124,960

Other
Allowance for doubtful accounts

380,666(23,818)

349,215(24,383)

Total investments and other assets

5,397,366

7,089,582

Intangible assets

Other
Total intangible assets
Investments and other assets
Investment securities
Retirement benefit asset

3

(Thousands of yen)
As of November 30, 2022

As of November 30, 2023

Total non-current assets

26,802,285

29,360,460

Deferred assets
Organization expenses–

233

Total deferred assets
Total assets

4

–

233

63,551,819

67,254,750

(Thousands of yen)
As of November 30, 2022

As of November 30, 2023

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

8,503,064

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

3,667,121
3,045

3,570,394
16,704

Notes payable - facilities
Short-term borrowings

66,19910,035,000

762
12,266,984

Accounts payable - otherAccrued expenses

632,5512,508,458

526,488
2,534,995

Income taxes payable
Accrued consumption taxes

920,241
198,098

572,640
220,315

Provision for bonuses
Provision for product warranties

419,387
8,461

628,277
6,143

Other provisions
Other

59,100799,254

41,4601,093,390

Total current liabilities

27,792,074

29,981,620

Non-current liabilities
Long-term borrowings

4,777,500

4,493,332

Lease liabilities
Deferred tax liabilities

136,819
728,789

146,283
965,738

66,2552,570,515

104,846
2,553,267

Provision for share-based payments
Retirement benefit liability
Other411,163

408,137

8,691,043

8,671,606

36,483,118

38,653,227

Share capital
Capital surplus

4,557,400
6,538,828

4,581,397
6,574,102

Retained earnings
Treasury shares

15,031,853(531,722)

15,462,238(525,872)

Total shareholders' equity

25,596,360

26,091,866

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

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

1,007,002

1,703,144

Deferred gains or losses on hedges
Foreign currency translation adjustment(4,026)
191,067(94)
271,021

Remeasurements of defined benefit plans

196,203354,348

1,390,246

2,328,419

82,094

181,236

27,068,701

28,601,522

63,551,819

67,254,750

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

5Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Thousands of yen)
Fiscal year ended
November 30, 2022

Fiscal year ended
November 30, 2023

Net sales

49,636,012

51,984,426

Cost of sales

34,195,567

35,666,898

Gross profit

15,440,444

16,317,527

Packing and transportation costs
Advertising expenses

1,685,877
988,675

1,713,058
983,824

Provision of allowance for doubtful accounts
Remuneration, salaries and allowances

1,364
4,767,658(2,273)
4,904,804

Retirement benefit expenses
Provision for bonuses

291,499
71,778

227,569
104,835

Welfare expenses
Travel and transportation expenses

957,036
234,539971,735
333,030

1,079,587
295,531

1,145,642
290,514Selling, general and administrative expenses

Depreciation
Rent expenses
Other

4,246,993

4,516,800

Total selling, general and administrative expenses

14,620,543

15,189,542

819,901

1,127,984

Operating profit
Non-operating income
Interest income

2,418

2,006

Dividend income
Rental income

60,881
17,616

61,254
13,463Administrative service fee income
Reversal of allowance for doubtful accounts

10,991
226

6,015
107

Surrender value of insurance policies
Foreign exchange gains

31,53674,67875,966
20,584Other

129,404

177,246

Total non-operating income

327,753

356,644

Interest expenses
Commission for syndicated loans

52,556
10,89460,826
13,061

Share of loss of entities accounted for using equity method
Guarantee commission

58,22328,5794,145–

Loss on valuation of goods
Other62,59547,337–42,646

Total non-operating expenses

260,186

120,680

887,467

1,363,948

Non-operating expenses

Ordinary profit

6

(Thousands of yen)

Extraordinary income
Gain on sale of non-current assets

Fiscal year ended

Fiscal year ended

November 30, 2022

November 30, 2023

695,990791,695

261,588
24,90051,052
14,827–

17,517

982,479875,091

Loss on sale of non-current assets
Loss on disposal of non-current assets–
30,511

4,135
29,664

Loss on valuation of investment securities
Loss on transition of retirement benefit plan

303,543
56,365

222,622–

Impairment losses
Loss on withdrawal from business

36,201
25,000418,267–

Gain on sale of investment securities
Gain on donation of a state subsidy
Other
Total extraordinary income
Extraordinary losses

Loss on liquidation of subsidiaries and associates

–

4,038

451,622678,728

Profit before income taxes

1,418,325

1,560,311

Income taxes - current
Income taxes - deferred

1,317,815(473,803)

1,010,846(603,868)

Total income taxes

844,012406,978

Profit574,312

1,153,333

Total extraordinary losses

Loss attributable to non-controlling interests(5,292)(9,411)

Profit attributable to owners of parent

579,604

1,162,744

7

Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

November 30, 2022

November 30, 2023

574,312

1,153,333

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

21,049(3,362)

695,419
4,099

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

87,227
103,588

79,953
158,144184

556

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

208,688938,172

783,000

2,091,505

788,293

2,100,917(5,292)(9,411)

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

8

Consolidated statements of changes in equity
Fiscal year ended November 30, 2022
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of
period4,528,304

Capital surplus

Retained earnings

6,516,607

Cumulative effects ofchanges in accounting
policies
Restated balance

15,027,322

Treasury shares(254,106)

157,096
4,528,304

6,516,607

29,09629,09615,184,418

Total shareholders'equity25,818,127

157,096(254,106)

25,975,223

Changes during period
Issuance of new shares

58,192

Dividends of surplus(732,428)(732,428)

Profit attributable toowners of parent

579,604

579,604

Purchase of treasury
shares(309,827)(309,827)

Disposal of treasury
shares32,212

32,212

Increase in retained
earnings of subsidiaries
due to change in scopeof consolidation

258

Change in ownershipinterest of parent due totransactions with noncontrolling interests

258(6,874)(6,874)

Net changes in items
other than shareholders'equityTotal changes during
period29,09622,221(152,564)(277,615)(378,863)

Balance at end of period

4,557,400

6,538,828

15,031,853(531,722)

25,596,360

9Accumulated other comprehensive income
Valuation
Foreign currency Remeasurements
difference on Deferred gains ortranslationof defined
available-for-sale losses on hedges
adjustment
benefit planssecurities
Balance at beginning of
period985,867(763)

103,839

92,615

Cumulative effects ofchanges in accounting
policies
Restated balance

Total
accumulated
othercomprehensive
income1,181,558

Non-controllinginterests

Total net assets

6,586

27,006,272–
985,867(763)

103,839

92,615

1,181,558

157,096
6,586

27,163,368

Changes during period
Issuance of new shares–

58,192

Dividends of surplus–(732,428)

Profit attributable toowners of parent–

579,604

Purchase of treasury
shares–(309,827)

Disposal of treasury
shares–32,212

Increase in retained
earnings of subsidiaries
due to change in scopeof consolidation–

258

Change in ownershipinterest of parent due totransactions with noncontrolling interests–(6,874)

Net changes in items
other than shareholders'equity21,134(3,262)87,227

103,588

208,688

75,507284,196

Total changes during
period21,134(3,262)87,227

103,588

208,688

75,507(94,666)

Balance at end of period

1,007,002(4,026)

191,067

196,203

1,390,246

82,09427,068,701

10

Fiscal year ended November 30, 2023
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of
periodCapital surplus

Retained earnings

4,557,400

6,538,828

23,99723,997

Total shareholders'equityTreasury shares

15,031,853(531,722)

25,596,360

Changes during period
Issuance of new shares

47,995

Dividends of surplus(721,846)(721,846)

Profit attributable toowners of parent

1,162,744

1,162,744

Purchase of treasury
shares(58)(58)

Disposal of treasury
shares

5,907

5,907

Changes in equity due
to capital transfer(10,513)

Change in ownershipinterest of parent due totransactions with noncontrolling interests(10,513)

11,276

11,276

Net changes in items
other than shareholders'equityTotal changes during
period23,99735,274

430,3845,849

495,506

Balance at end of period

4,581,397

6,574,102

15,462,238(525,872)

26,091,866

Accumulated other comprehensive income
Valuation
Foreign currency Remeasurements
difference on Deferred gains ortranslationof defined
available-for-sale losses on hedges
adjustment
benefit planssecurities
Balance at beginning of
period1,007,002(4,026)

191,067

196,203

Total
accumulated
othercomprehensive
income1,390,246

Non-controllinginterests

Total net assets

82,09427,068,701

Changes during period
Issuance of new shares–

47,995

Dividends of surplus–(721,846)

Profit attributable toowners of parent–

1,162,744

Purchase of treasury
shares–(58)

Disposal of treasury
shares–5,907

Changes in equity due
to capital transfer–(10,513)

Change in ownershipinterest of parent due totransactions with noncontrolling interests–

11,276

Net changes in items
other than shareholders'equity696,142

3,932

79,953

158,144938,172

99,142

1,037,314

Total changes during
period696,142

3,932

79,953

158,144938,172

99,142

1,532,821

Balance at end of period

1,703,144(94)

271,021354,348

2,328,419

181,236

28,601,522

11

Consolidated statements of cash flows(Thousands of yen)
Fiscal year ended

Fiscal year ended

November 30, 2022

November 30, 2023

Cash flows from operating activities
Profit before income taxes

1,418,325

1,560,311

Depreciation
Share-based payment expenses

2,117,715
50,543

2,216,413
86,436

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses(3,112)
117,502(25,325)
207,719

Increase (decrease) in provision for product warranties
Increase (decrease) in retirement benefit liability

3,547(58,540)(2,318)221,235

Interest and dividend income
Interest expenses(63,299)
52,556(63,261)
60,826

Guarantee Commission
Share of loss (profit) of entities accounted for using equity

28,579–58,223

4,145

36,201

418,267

Loss on transition of retirement benefit plan
Loss on withdrawal from business

56,36525,000––Loss (gain) on liquidation of subsidiaries and associates
Foreign exchange losses (gains)–(71,528)

4,038(40,443)

Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets(695,990)
30,511(787,559)
29,664

Subsidy income
Loss (gain) on sale of investment securities(24,900)(261,588)(21,766)(51,052)

303,543(1,304,007)

222,622
171,711

Decrease (increase) in inventories
Decrease (increase) in returned assets(960,776)(41,181)(1,286,143)
19,862

Increase (decrease) in trade payables
Decrease (increase) in accounts receivable - other(14,649)(95,269)(298,180)
337,798

Increase (decrease) in accrued expenses
Increase (decrease) in accrued consumption taxes(780,613)(21,011)

3,833
29,555Decrease (increase) in advance payments to suppliers
Increase (decrease) in refund liabilities(68,496)
126,712(115,302)
7,297

Decrease (increase) in distressed receivables
Other, net(500)
398,122(564)
84,243

Subtotal

357,9842,994,066

Interest and dividends received
Interest paid

68,090(53,582)

63,261(60,148)–(690)(1,258,524)
143,615(1,443,669)
91,106(742,416)

1,643,927

methodImpairment losses

Loss (gain) on valuation of investment securities
Decrease (increase) in trade receivables and contract assets

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

12(Thousands of yen)

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

Fiscal year ended

Fiscal year ended

November 30, 2022

November 30, 2023

(2,770,969)(3,820,827)

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

1,555,803(259,469)

1,649,690(344,199)

Purchase of investment securities
Proceeds from sale of investment securities(743,820)
449,368(249,260)
68,180

Payments for acquisition of businesses
Subsidies received(627,015)
8,300–
30,066–(75,937)

16,634
148,841

27,804(120,871)(2,222,326)(2,835,354)

Purchase of shares of subsidiaries resulting in change in scopeof consolidation
Proceeds from maturity of insurance funds
Other, net
Net cash provided by (used in) investing activities

13

(Thousands of yen)

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

Fiscal year ended

Fiscal year ended

November 30, 2022

November 30, 2023

1,000,000

1,989,000–(1,053,400)

1,000,000(1,197,984)

Repayments of finance lease liabilities
Proceeds from share issuance to non-controlling shareholders(107,048)
80,800(105,083)
110,900

Dividends paid
Purchase of treasury shares(729,344)(309,827)(719,055)(58)

32,212–(6,874)–

Net cash provided by (used in) financing activities(1,093,483)

1,077,718

Effect of exchange rate change on cash and cash equivalents

52,67065,841

Net increase (decrease) in cash and cash equivalents(4,005,557)(47,866)

Cash and cash equivalents at beginning of period

10,807,061

6,803,817

2,312

2,315

6,803,817

6,758,266

Proceeds from long-term borrowings
Repayments of long-term borrowings

Proceeds from sale of treasury shares
Purchase of shares of subsidiaries not resulting in change inscope of consolidation

Increase in cash and cash equivalents resulting from inclusion ofsubsidiaries in consolidation
Cash and cash equivalents at end of period14