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, 2022
(Based on Japanese GAAP)
January 13, 2023
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 22, 2023
February 22, 2023

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

February 24, 2023
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, 2022 (from December 1, 2021 to November 30, 2022)(1) Consolidated operating resultsPercentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended November 30, 2022
49,636–
819–
887–
579
–
Year ended November 30, 2021
72,322
10.7
2,233
9.7
2,420
23.0
1,736
(12.4)

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%–2.1
1.4
1.7
46.63
7.1
4.1
3.1

Diluted earnings pershare

Yen14.56
46.86

Year ended November 30, 2022
Year ended November 30, 2021
(2) Consolidated financial position

Total assets
As of November 30, 2022
As of November 30, 2021

Net assets

Equity ratio

Millions of yen
63,551
63,553

Millions of yen
27,06827,006

Cash flows fromoperating activities
Millions of yen
(742)
1,349

Cash flows frominvesting activities
Millions of yen(2,222)(4,380)Net assets per share%
42.5
42.5

Yen
685.24677.09(3) Consolidated cash flows

Year ended November 30, 2022
Year ended November 30, 2021

Cash flows fromCash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(1,093)6,803
6,353
10,807

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

Year ended November 30, 2021
Year ended November 30, 2022
Year ending November 30, 2023
(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

––9.009.00

18.00
18.00

713
727

38.4
123.6

2.7
2.6

–

9.00

–

9.00

18.00

1–

3. Forecast of consolidated financial results for the year ending November 30, 2023 (from December 1, 2022 to November 30, 2023)
Net sales
Millions of yen
Six months ending
May 31, 2023
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

25,5002.3

270(62.5)

280(66.5)20(97.9)

0.51

51,5003.8720(12.2)

410(53.8)

10(98.3)

0.25

4. Notes(1) Changes in significant subsidiaries during the year ended November 30, 2022
(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:

NoNo

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, 2022

40,772,366 shares As of November 30, 2021

40,630,087 shares

Number of treasury shares at the end of the period
As of November 30, 2022

1,389,642 shares As of November 30, 2021

753,787 shares

Average number of shares during the period
Year ended November 30, 2022

39,813,283 shares Year ended November 30, 2021

237,063,254 shares

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of November 30, 2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes receivable - trade
Accounts receivable - trade
Contract assets
Electronically recorded monetary claims - operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Accounts receivable - other
Other
Allowance for doubtful accounts

As of November 30, 2022

10,927,061
13,542,403–––
3,171,123
5,350,885
2,130,371
1,856,915
692,012421,345(35,136)

6,925,821–
1,498,490
12,477,171
1,387,183
3,743,809
5,915,864
1,644,206
1,929,398
696,561
566,706(35,679)

38,056,982

36,749,534

10,445,657(6,361,673)

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

Buildings and structures, net

4,083,983

4,063,030

Machinery, equipment and vehicles
Accumulated depreciation

9,434,943(7,829,996)

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

1,604,946

1,866,343

3,156,172(2,288,333)

3,569,803(2,518,618)

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

Machinery, equipment and vehicles, netTools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net

867,838

1,051,185

3,690,159
596,653(334,548)

3,138,980
520,770(312,797)

262,105

207,972

Construction in progress

1,440,999

2,792,287

Total property, plant and equipment

11,950,032

13,119,799

Intangible assets
Software
Goodwill
Technical assets
Customer relationshipOther938,417
4,394,812
542,3292,183,926
352,358

1,103,537
4,512,067
507,897
2,043,608
118,007

Total intangible assets

8,411,844

8,285,118

3,612,852
393,341
423,226
175,167
554,157(23,954)3,814,234
469,274
583,145
173,865
380,666(23,818)

Investments and other assets
Investment securities
Retirement benefit asset
Deferred tax assets
Long-term deposits
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

5,134,790

5,397,366

25,496,667

26,802,285

63,553,650

63,551,819

(Thousands of yen)
As of November 30, 2021Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Electronically recorded obligations - non-operating
Notes payable - facilities
Short-term borrowings
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Provision for bonuses
Provision for sales returns
Provision for product warranties
Other provisions
Other

As of November 30, 2022

8,851,843
3,265,906
23,077
81,045
9,053,400
300,0212,790,109
875,499
272,351
794,853
24,334
4,914–
301,8898,475,155
3,667,121
3,045
66,19910,035,000
632,5512,508,458
920,241
198,098
419,387–
8,461
59,100799,254

26,639,245

27,792,074

5,812,500
186,697
936,999
66,2552,598,896
306,783

4,777,500
136,819
728,789
66,2552,570,515
411,1639,908,132

8,691,043

Total liabilities

36,547,377

36,483,118

Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares

4,528,304
6,516,607
15,027,322(254,106)4,557,400
6,538,828
15,031,853(531,722)

25,818,127

25,596,360

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

985,867(763)
103,839
92,615

1,007,002(4,026)
191,067
196,203

Total accumulated other comprehensive income

1,181,558

1,390,246

Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Provision for share-based compensation
Retirement benefit liability
Other
Total non-current liabilities

Total shareholders' equity

Non-controlling interests
Total net assets
Total liabilities and net assets

46,58682,09427,006,272

27,068,701

63,553,650

63,551,819

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Thousands of yen)
Fiscal year ended
November 30, 2021

Fiscal year ended
November 30, 2022

Net sales

72,322,233

49,636,012

Cost of sales

55,719,570

34,195,567

Gross profit

16,602,662

15,440,444

1,714,463
745,429

1,685,877
988,675

12,001912

1,364–

4,676,871
298,893

4,767,658
291,499

Provision for bonuses
Welfare expenses

137,370
905,885

71,778957,036

Travel and transportation expenses
Depreciation

187,634
874,400

234,539
1,079,587

Rent expenses
Other

266,7554,548,981

295,5314,246,993

Total selling, general and administrative expenses

14,369,599

14,620,543

2,233,063

819,901

Interest income
Dividend income

2,516
65,1062,418
60,881

Rental income
Administrative service fee income

32,353
13,702

17,616
10,991

Reversal of allowance for doubtful accounts
Surrender value of insurance policies

1,329
27,861

226
31,536

Foreign exchange gains
Other–
171,518

74,678129,404

Total non-operating income

314,387

327,753

Selling, general and administrative expenses
Packing and transportation costs
Advertising expenses
Provision of allowance for doubtful accounts
Bad debt expenses
Remuneration, salaries and allowances
Retirement benefit expenses

Operating profit
Non-operating income

Non-operating expenses
Interest expenses

59,811

52,556

Foreign exchange losses
Commission for syndicated loans

7,688
4,066

–
10,894

Rent costs
Share of loss of entities accounted for using equity method

15,0005,142–
58,223––28,57962,595

Guarantee commission
Loss on valuation of goods
Other34,86247,337

Total non-operating expenses

126,573

260,1862,420,877

887,467

Ordinary profit

5

(Thousands of yen)

Extraordinary income
Gain on sale of non-current assets

Fiscal year ended

Fiscal year ended

November 30, 2021

November 30, 2022

640,904

695,990

Gain on sale of investment securities
Gain on donation of a state subsidy

81,232–

261,588
24,900Total extraordinary income722,137

982,479

Extraordinary losses
Loss on sale of non-current assets

1,336

–

62,405–30,511
303,543

Loss on transition of retirement benefit planImpairment losses––

56,36536,201

Loss on withdrawal from business–

25,000Loss on disposal of non-current assets
Loss on valuation of investment securities

63,742451,622

Profit before income taxes

Total extraordinary losses

3,079,272

1,418,325

Income taxes - current
Income taxes - deferred

1,297,478
45,8781,317,815(473,803)

Total income taxes

1,343,356

844,012

Profit

1,735,915

574,312

Loss attributable to non-controlling interests
Profit attributable to owners of parent

6(1,047)(5,292)

1,736,962

579,604

Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

November 30, 2021

November 30, 2022

1,735,915

574,312Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(95,967)(1,016)

21,049(3,362)Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

30,595
83,77387,227
103,588

(432)

184

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

16,951

208,688

1,752,866

783,000

1,753,914

788,293(1,047)(5,292)Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

7

Consolidated statements of changes in equity
Fiscal year ended November 30, 2021
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning ofperiodCapital surplus

Retained earnings

Treasury shares

Total shareholders'equity2,687,078

4,340,560

13,942,575(483,569)

20,486,645

2,687,078

4,340,560

13,942,575(483,569)

20,486,645

1,841,226

1,841,226

Cumulative effects ofchanges in accounting
policies
Restated balance
Changes during period
Issuance of new shares

3,682,452

Dividends of surplus(652,216)(652,216)

Profit attributable toowners of parent

1,736,962

1,736,962

Purchase of treasury
shares
Disposal of treasury
shares

333,375

Change in ownershipinterest of parent due totransactions with noncontrolling interests(4,406)(4,406)

233,869

567,245

1,444

1,444

Net changes in items
other than shareholders'equityTotal changes during
period

1,841,226

2,176,046

1,084,746

229,4625,331,481

Balance at end of period

4,528,304

6,516,607

15,027,322(254,106)

25,818,127

8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
period1,082,259

261

73,244

8,841

Cumulative effects ofchanges in accounting
policies
Restated balance

Total
accumulated
othercomprehensive
income1,164,607

Non-controllinginterests

Total net assets–

21,651,252–
1,082,259

261

73,244

8,841

1,164,607––

21,651,252

Changes during period
Issuance of new shares–

3,682,452

Dividends of surplus–(652,216)

Profit attributable toowners of parent–

1,736,962

Purchase of treasury
shares–(4,406)

Disposal of treasury
shares–567,245

Change in ownershipinterest of parent due totransactions with noncontrolling interests

–

1,444

Net changes in items
other than shareholders'equity(96,391)(1,025)30,595

83,773

16,951

6,586

23,537

Total changes during
period(96,391)(1,025)30,595

83,773

16,951

6,586

5,355,019

Balance at end of period

985,867(763)

103,839

92,615

1,181,558

6,586

27,006,272

9

Fiscal year ended November 30, 2022
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning ofperiod

4,528,304

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

10

Accumulated other comprehensive incomeValuation
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 retainedearnings 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

11

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

Fiscal year endedNovember 30, 2021

November 30, 2022

Cash flows from operating activities
Profit before income taxes

3,079,272

1,418,325

Depreciation
Share-based payment expenses

1,830,238
43,796

2,117,715
50,543

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses(6,527)(39,708)(3,112)
117,502

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

1,795(7,322)

3,547(58,540)

Interest and dividend income
Interest expenses(67,622)59,811(63,299)
52,556–28,5795,142

58,223–36,201––

25,00056,365

Foreign exchange losses (gains)
Loss (gain) on sale of non-current assets(26,527)(639,568)(71,528)(695,990)

Loss on retirement of non-current assets
Subsidy income

62,405–30,511(24,900)

Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities(81,232)–(261,588)
303,543

Decrease (increase) in trade receivables
Decrease (increase) in trade receivables and contract assets(868,688)––(1,304,007)

Decrease (increase) in inventories
Decrease (increase) in returned assets(574,626)–(960,776)(41,181)

Increase (decrease) in trade payables
Decrease (increase) in accounts receivable - other(172,806)(191,430)(14,649)(95,269)

Increase (decrease) in accrued expenses
Increase (decrease) in accrued consumption taxes

53,20025,955(780,613)(21,011)

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

32,316–(68,496)
126,712

Decrease (increase) in distressed receivables
Other, net(0)(130,642)(500)
398,122

Subtotal

2,387,233

357,984

Interest and dividends received
Interest paid

68,018(61,394)

68,090(53,582)

Payments of retirement benefits for directors (and otherofficers)(98,440)–

Income taxes paid
Income taxes refund(1,018,247)
72,063(1,258,524)
143,615

Net cash provided by (used in) operating activities

1,349,233(742,416)

Guarantee Commission
Share of loss (profit) of entities accounted for using equity
methodImpairment losses
Loss on withdrawal from business
Loss on transition of retirement benefit plan12(Thousands of yen)

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

Fiscal year ended

Fiscal year ended

November 30, 2021

November 30, 2022

(2,935,251)(2,770,969)

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

930,311(558,975)

1,555,803(259,469)

Purchase of investment securities
Proceeds from sale of investment securities(80,925)
83,241(743,820)
449,368

Payments for acquisition of businesses
Subsidies received(70,000)–(627,015)
8,300(1,681,500)–

18,451(85,354)

16,634
148,841

Net cash provided by (used in) investing activities(4,380,002)(2,222,326)

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

2,900,000

1,000,000

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

1,000,000(971,800)–(1,053,400)

Repayments of finance lease liabilities
Proceeds from share issuance to non-controlling shareholders(120,420)–(107,048)
80,800

Dividends paid
Purchase of treasury shares(650,692)(4,406)(729,344)(309,827)

36,1189,609

32,212–

Proceeds from issuance of shares resulting from exercise ofshare acquisition rights

3,624,932–

Proceeds from disposal of treasury shares resulting fromexercise of share acquisition rights

529,840––(6,874)

6,353,182(1,093,483)

Purchase of shares of subsidiaries resulting in change in scopeof consolidation
Proceeds from maturity of insurance funds
Other, net

Proceeds from sale of treasury shares
Proceeds from issuance of share acquisition rights

Purchase of shares of subsidiaries not resulting in change inscope of consolidation
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

36,94552,670Net increase (decrease) in cash and cash equivalents

3,359,358(4,005,557)

Cash and cash equivalents at beginning of period

7,447,703

10,807,061

–

2,312

10,807,061

6,803,817

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

13