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 Three Months Ended June 30, 2023
(Based on Japanese GAAP)
Company name:July 31, 2023

I-NET Corp.

Stock exchange listing: Tokyo
Stock code:
9600

URL https://www.inet.co.jp

Representative:

Representative Director and Executive
President

Tomomichi Saeki

Inquiries:

Executive Officer, Head of FinanceDepartment

Joji Ishiwata

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:

August 7, 2023–

Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:

Yes
No

TEL

045-682-0806(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)(1) Consolidated operating results (cumulative)
Percentages 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%
Three months ended June 30, 2023
9,184
16.2
657 103.4
702
95.1
438 103.8
Three months ended June 30, 2022
7,905
10.4
323
7.2
360
1.7
215 (10.9)
Earnings per share

Diluted earnings per share

Yen
27.41
13.46

Three months ended June 30, 2023
Three months ended June 30, 2022

Yen––(2) Consolidated financial position
Total assets

Net assets

Millions of yen
34,43032,630

As of June 30, 2023As of March 31, 2023

Equity ratio

Millions of yen
17,86917,581

%
51.9
53.9

2. Cash dividends
Annual dividends per share

Year ended March 31, 2023
Year ending March 31, 2024

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
24.00

Yen–

Yen
24.00

Yen
48.00

26.00

–

26.00

52.00

Year ending March 31, 2024 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Net sales
Full year

Millions of yen
37,700Percentages 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
7.7
2,750
29.2
2,900
33.3
2,020
50.3
126.371

4. Notes(1) Changes in significant subsidiaries during the three months ended June 30, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoYes(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:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2023

16,242,424 shares As of March 31, 2023

16,242,424 shares

Number of treasury shares at the end of the period
As of June 30, 2023

257,541 shares As of March 31, 2023

257,521 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2023

15,984,893 shares Three months ended June 30, 2022

215,976,133 shares

Quarterly consolidated financial statements
Consolidated balance sheets

As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods
Work in process
Raw materials and supplies
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, netLand
Other, net
Total property, plant and equipment
Intangible assets
GoodwillSoftware
Other
Total intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets3(Thousands of yen)
As of June 30, 2023

2,310,183

4,224,601

7,287,412

6,517,879

43,597110,797
48,832445,580(370)
10,246,033

62,038
182,028
90,736611,692(326)
11,688,650

10,362,384
2,966,336
1,622,800
14,951,521

10,402,383
2,966,336
1,522,135
14,890,855

165,433
1,895,013
33,153
2,093,600

158,026
1,975,237
33,153
2,166,417

3,566,869
907,910
892,639(28,259)
5,339,159
22,384,280
32,630,314

3,921,922
926,532
864,767(28,259)5,684,962
22,742,235
34,430,886

As of March 31, 2023
Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Income taxes payable
Provision for bonusesProvision for loss on orders received
Asset retirement obligations
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

4(Thousands of yen)
As of June 30, 2023

1,743,329
3,068,448
282,283
963,633460–
3,236,386
9,294,540

3,350,407
2,954,038
298,737
560,693
1,186
43,9534,207,877
11,416,894

5,239,226
42,020190,961
281,746
5,753,953
15,048,493

4,618,134
47,616
147,742
330,766
5,144,259
16,561,154

3,203,992
3,147,381
11,161,262(304,545)
17,208,090

3,203,992
3,147,381
11,215,721(304,575)
17,262,520

526,977

759,715(153,248)
373,729
17,581,820
32,630,314(152,504)
607,211
17,869,731
34,430,886

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Thousands of yen)Three months ended
Three months ended
June 30, 2022
June 30, 2023
Net sales
7,905,611
9,184,573
Cost of sales
6,309,968
7,155,607
Gross profit
1,595,643
2,028,966
Selling, general and administrative expenses
1,272,503
1,371,799
Operating profit
323,139
657,166
Non-operating income
Interest income
170
Dividend income
27,37434,571Gain on investments in investment partnerships
14,892
15,863
Other
7,381
4,072
Total non-operating income
49,66654,508Non-operating expenses
Interest expenses
10,722
8,860
Share of loss of entities accounted for using equity
33
34
method
Other
1,812
17
Total non-operating expenses
12,568
8,912
Ordinary profit
360,236
702,762
Extraordinary losses
Loss on retirement of non-current assets
72–
Total extraordinary losses
72–
Profit before income taxes
360,164
702,762
Income taxes
145,159
264,665
Profit215,005
438,097
Profit attributable to owners of parent
215,005
438,0975

Consolidated statements of comprehensive income (cumulative)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to noncontrolling interests

6

Three months ended
June 30, 2022
215,005(Thousands of yen)Three months ended
June 30, 2023
438,097(224,668)(6,932)(231,601)(16,595)

232,737744
233,482
671,579(16,595)

671,579––