Consolidated Financial Statements for the First Half of the Fiscal YearEnding March 31st, 2023 (FY2023/3), Japan GAAP
November 2nd, 2022
Tokyo Seimitsu Co., Ltd.

Company Name

Stock Listing: Tokyo

ACCRETECH
Code number: 7729
Representative: Ryuichi Kimura, President and COO
Inquiries: Koichi Kawamura, Executive Vice President and CFO
Date of Quarterly Financial Statement Filing (planned) : November 4th, 2022
Dividend Payment Date (planned): December 12th, 2022
Supplementary Document for Quarterly Financial Results : Yes
Holding of Financial Results Meeting: Yes (for Security Analysts, Investors)(URL: https://www.accretech.jp/)
Tel: +81-(0)42-642-1701(Millions of yen, rounded down)

1. Consolidated Results for 1st half of FY2023/3 (April 1st – September 30th, 2022)(1) Consolidated sales and earnings

FY2023/3 1H
FY2022/3 1H(% figures represent changes from the previous year)

Net Sales(Millions of Yen)

Operating Profit(Millions of Yen)

Recurring Profit(Millions of Yen)

71,076
61,19915,685
12,902

16,561
12,965

16.1%
35.7%

21.6%
105.4%Net Profit Attributable to
Owners of the Parent(Millions of Yen)

27.7%
102.1%

11,9089,607

24.0%
105.4%

Note: Comprehensive Income in FY2023/3 1H: 13,462 million yen (34.0%), in FY2022/3 1H: 10,047 million yen (165.6%)

Net Profit per Share (Yen)FY2023/3 1H
FY2022/3 1H

292.86234.36

Net Profit per Share (diluted)(Yen)
290.07232.11(2) Consolidated financial position
Total Assets (Millions of Yen)FY2023/3 1H
FY2022/3

Net Assets (Millions of Yen)

199,824
190,287

Equity Ratio

140,714131,081

69.6%
68.1%

Note: Equity in FY2023/3 1H: 138,997 million yen, FY2022/3: 129,556 million yen

2. Dividends
Q1 EndYen-

FY2022/3
FY2023/3
FY2023/3(Projected)

Per Share Dividend in Fiscal Year
Q2 EndQ3 EndQ4 End
Yen
Yen
Yen
84.00
101.00109.00-109.00

Total
Yen
185.00218.00Note: Changes due to revision of dividend projection: No

3. Forecast for FY2023/3 (April 1st, 2022 - March 31st, 2023)
Net Sales(Millions of Yen)

Operating Profit(Millions of Yen)

Full Year
145,000
10.9%
30,000Note: Changes due to revision of forecast: Yes

5.9%(% figures represent changes from the previous year)
Net Profit attributable to
Net Profit
Recurring Profit
Owners of the Parent
per Share (yen)(Millions of Yen)
(Millions of Yen)

31,1006.6%

22,0003.2%

541.00* Notes(1) Significant changes in subsidiaries during the term under review (ones that changes scope of consolidation): No(2) Accounting procedures specific to the preparation of quarterly consolidated financial statements: No(3) Changes in accounting principles, estimates and restatements
1) Changes due to revision of accounting standards, etc.: No
2) Changes other than 1): Yes
3) Changes in accounting estimates: No4) Restatement: No(4) Number of shares outstanding (common shares)
1) Number of shares outstanding at
FY2023/3 1H
the end of period (including
treasury stock):2) Number of treasury stock at the
FY2023/3 1H
end of period:3) Average Number of shares
FY2023/3 1H
outstanding during the period:

41,892,181 shares

FY2022/3

41,869,581 shares

1,206,662 shares

FY2022/3

1,222,956 shares

40,664,177 shares

FY2022/3 1H

40,994,501 shares* This consolidated financial statements report is not subject to audit procedures.
* Cautionary Statements with respect to Forward-looking Statements
All forecasts and other forward-looking statements in this document are based on information currently available to
the Company and assumptions that the Company considers reasonable. Various uncertainties could cause actual
results to significantly differ from these forecasts. Please refer to supplementary statement.
* Cautionary Statements with respect to the translation of the document
This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail. The Company
assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from thetranslation.

Tokyo Seimitsu Co., Ltd. (7729)
Consolidated Financial Statements for 1st Half of FY2023/3

Contents of supplementary statement
1.

Qualitative information on Business Performance for 1st half of FY2023/3 ............................................... 2(1) Overview of Business Performance ........................................................................................................... 2(2) Analysis of Financial Position ................................................................................................................... 3(3) Financial Estimates such as Consolidated Business Forecasts for current Fiscal Year ............................. 42.

Consolidated Financial Statements and Notes .............................................................................................. 5
(1)
(2)
(3)
(4)

Consolidated Balance Sheet....................................................................................................................... 5
Consolidated Statements of Income, and Comprehensive Income ............................................................ 7
Consolidated Statements of Cash Flows .................................................................................................... 9
Notes to Consolidated Financial Statements............................................................................................ 10(Note on Assumptions for Going Concern) ............................................................................................. 10(Significant Changes in Shareholder’s Equity)........................................................................................ 10(Changes in Accounting Principles) ........................................................................................................ 10(Segment Information and Others) ...........................................................................................................111

Tokyo Seimitsu Co., Ltd. (7729)
Consolidated Financial Statements for 1st Half of FY2023/3

1. Qualitative information on Business Performance for 1st half of FY2023/3(1) Overview of Business Performance

During the 1st half of Fiscal Year ending March, 2023 (FY2023/3), the global economy began to pick up, as thesocial and international travel restrictions, due to the COVID-19 pandemic, were eased. On the other hand, theworsening situation in Ukraine, and stagnant logistics, due to the partial lockdown in China, have caused shortageand inaccessibility of resources, energy, and raw materials; moreover, prices have continued to rise, spurring rapid
inflation, exchange rate fluctuations, and rising interest rates. These factors are leading to concerns that theeconomy may slow down.
Under these circumstances, the Company’s business environment, although orders and sales in the
Semiconductor Production Equipment (SPE) segment remained high, was characterized by signs of a decelerationin capital investment by semiconductor and high-tech related companies, which are the customers of the SPE
segment, due to decreased demand for consumer electronics products, and increased inventories of semiconductor
devices. In contrast, the manufacturing industry, which constitutes the customer base of the Metrology Equipment
segment, by and large, continued to gradually resume capital investment.
As a result, Consolidated Orders in the 1st half (accumulated 2nd quarter) of Fiscal Year 2023/3 (April 1st, 2022
– September 30th, 2022) were ¥80,200 million (down 8.7% YoY), Sales were ¥ 71,076 million (up 16.1% YoY),
Operating Profit was ¥ 15,685 million (up 21.6% YoY), Recurring Profit was ¥ 16,561 million (up 27.7% YoY),
and Net Profit Attributable to Owners of the Parent was ¥ 11,908 million (up 24.0% YoY).
This resulted in a new half-year peak in both Sales and each of the Profits.
Business results during the term in each segment were as follows.
[Semiconductor Production Equipment (SPE) Segment]
In the SPE segment, demand for equipment for logic devices and electronic components showed a decelerating
trend, due to a decline in demand for consumer electronics products, such as mobile terminals. Therefore, Orders
decreased YoY. On the other hand, demand for power devices, such as SiC, and for increased wafer production,
remained steady.
On the production side, although component procurement continued to be difficult, the Company maintained ahigh level of both, the utilization ratio, and shipments, by expanding procurement sources, responding to designchanges, etc. As a result, Sales increased YoY, but were affected by installation delays due to lockdowns in
China, and transportation delays, caused by typhoons.
As a result, Orders for our SPE segment in the same period was ¥61,165 million (down 14.9% YoY), Sales was¥ 55,400 million (up 16.7% YoY), and Operating Profit was ¥ 13,923 million (up 23.5% YoY).

2

Tokyo Seimitsu Co., Ltd. (7729)
Consolidated Financial Statements for 1st Half of FY2023/3[Metrology Equipment Segment]
In the Metrology Equipment segment, since the trend of recovery in capital investment in the manufacturingindustry, as a whole, continued, it resulted in firm demand for machine parts, robots, semiconductor-related
equipment, etc. Although automotive-related demand has not recovered completely as yet, Orders and Sales
increased YoY.
As a result, Orders for our Metrology Equipment segment in the same period was ¥19,035 million (up 19.2%
YoY), Sales was ¥ 15,675 million (up 14.1% YoY) and Operating Profit was ¥ 1,762 million (up 8.2% YoY).

(2) Analysis of Financial Position[Assets, Liabilities and Net Assets]
Total Assets at September 30th, 2022 amounted to ¥199,824 million, an increase of ¥9,537 million from the endof FY2022/3. The major factors behind this change include an increase in Inventories including finished goods,
Raw materials and supplies and Work in progress of ¥6,979 million, an increase in accounts receivable such as
Notes and accounts, Contract assets, and Electronically recorded monetary claims of ¥ 5,158 million, an increasein Construction in process of ¥3,683 million, and a decrease of Cash and cash equivalents of ¥4,236 million.
Total Liabilities decreased by ¥95 million to ¥59,110 million. This was mainly from a decrease in Long-term
debt of ¥1,000 million, and an increase in accounts payable such as Notes and accounts payable and electronicallyrecorded obligations-operating of ¥1,004 million.
Net Assets increased by ¥9,632 million and totaled ¥ 140,714 million; the Equity Ratio came to 69.6%.
[Overview of Cash Flows]
Cash and cash equivalents at of September 30th, 2022 amounted to ¥44,749 million, a decrease of ¥4,256
million from the end of FY2022/3. The status of cash flows during the period and factors behind them are given
below.
(Cash flows from operating activities)
Net cash earned from operating activities was ¥4,611 million, mainly due to Profit before income taxes andminority interests of ¥16,626 million, an increase in Inventories of ¥6,563 million, Payment of income taxes of¥5,016 million, increases in Notes and accounts receiveable of ¥4,084 million, and Depreciation and amortizationof ¥1,798 million.
(Cash flows from investing activities)
Net cash used in investment activities was ¥4,803 million, mainly reflected by Purchase of tangible fixed assetsof ¥4,903 million.
(Cash flows from financing activities)
Net cash used in financing activities came to ¥5,120 million. The major elements of this were Dividend
payments of ¥4,105 million, and Repayment of long-term debt of ¥1,000 million.

3

Tokyo Seimitsu Co., Ltd. (7729)
Consolidated Financial Statements for 1st Half of FY2023/3(3) Financial Estimates such as Consolidated Business Forecasts for current Fiscal Year
While the Metrology Equipment segment business continues to experience a moderate recovery, the SPE
segment business faces a slowdown in capital investment demand, mainly due to a decline in demand for
consumer electronics products. The Company anticipates this trend to continue throughout the current fiscal year.
There have been some requests for adjustment of shipment timing in the SPE segment, and the Company is
responding to these by adjusting production timing. Although the Company anticipates maintaining a high level ofsales against the backdrop of a high order backlog, in view of the situation in the SPE segment business, it hasrevised the consolidated earnings forecast for the entire year, FY2023/3, as announced on May 10th, 2022.
(FY2023/3 Full Year)

Previous Forecast
Revised Forecast
Change (B-A)
Change ratio (%)
Results for the
FY2022/3
Ended March 31st,
2022

Net Sales(Millions of Yen)

Operating Income(Millions of Yen)

Recurring Profit(Millions of
Yen)

Net Income
Attributable to
Owners of the Parent(Millions of Yen)

150,000
145,000- 5,000- 3.3%

31,10030,000-1,100-3.5%

31,10031,100-22,00022,000-541.00541.00130,702

28,327

29,16021,326522.52Net Income pershare (Yen)

Note: The forecasts contain forward-looking statements based on information available to the management at the timeof this announcement that it has judged to be rational, including such factors as economic conditions in Japan andother countries or fluctuations in exchange rates, which may affect the Company’s performance. These forecasts are
subject to a number of risks and uncertainties, including market conditions, competition, and new product releases.
Accordingly, actual results may differ materially from those projected in this earnings summary.

4Tokyo Seimitsu Co., Ltd. (7729)
Consolidated Financial Statements for 1st Half of FY2023/3

2. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheet(Millions of Yen)ASSETS
Current Assets
Cash and cash equivalents
Notes, accounts receivable and contract assets
Electronically recorded monetary claims
Merchandise and finished goods
Work in progress
Raw materials and supplies
OthersAllowance for doubtful accounts
Total current assets
Fixed Assets
Tangible fixed assets
Building and structures(net)Others(net)Total Tangible Fixed Assets
Intangible Fixed Assets
Goodwill
OthersTotal Intangible Fixed Assets
Investments and other assets
OthersAllowance for doubtful accounts
Total Investments and other assets
Total Fixed Assets
Total Assets

5

FY2022/3

FY2023/3 1H(March 31st, 2022)(September 30th, 2022)

49,03332,204
6,162
2,852
26,222
11,2516,143- 40
133,829

44,79637,924
5,602
3,123
30,00014,181
4,192- 44
139,776

16,614
26,86543,47916,50830,47046,979

210
3,459
3,670

305
3,313
3,619

9,420
- 112
9,307
56,457
190,287

9,562
- 112
9,450
60,048
199,824

Tokyo Seimitsu Co., Ltd. (7729)
Consolidated Financial Statements for 1st Half of FY2023/3(Millions of Yen)

LIABILITIESCurrent Liabilities
Notes and accounts payable
Electronically recorded obligations-operating
Short-term debt
Current portion of long-term debt
Income taxes payable
Contract liabilities
Reserves for bonus
Reserves for director’s bonuses
OthersTotal current liabilities
Fixed Liabilities
Long-term debt
Allowance for director retirement benefits
Net defined benefit liabilities
Asset retirement obligations
OthersTotal fixed liabilities
Total Liabilities
NET ASSETS
Shareholder’s Equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total Shareholder’s Equity
Accumulated other comprehensive income
Holding gain or loss in investment
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share subscription rights
Non-controlling interests
Total Net Assets
Total Liabilities and Net Assets

6

FY2022/3

FY2023/3 1H(March 31st, 2022)(September 30th, 2022)

11,213
18,662
1,300
2,000
4,454
10,308
1,704
14
5,984
55,641

11,274
19,606
1,300
2,000
4,429
10,676
2,702
131
4,429
56,550

2,000
45
1,128
64
325
3,564
59,206

1,000
51
1,176
65
267
2,560
59,11011,00022,11598,914- 5,590
126,439

11,042
22,157
106,717- 5,515
134,402

342
1,789
984
3,116
950
574
131,081
190,287

375
3,271
947
4,595
1,067
648
140,714
199,824

Tokyo Seimitsu Co., Ltd. (7729)
Consolidated Financial Statements for 1st Half of FY2023/3(2) Consolidated Statements of Income, and Comprehensive Income
Consolidated Statements of Income
1st half of FY2023/3 (April 1st, 2022 – September 30th, 2022)(Millions of Yen)

Net Sales
Cost of goods sold
Gross Profit on Sales
Selling, general and administrative expenses
Operating Profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Subsidy income
Gain on investments in investment partnerships
Compensation income
Reversal of costs to demolish existing buildings
OthersTotal Non-operating income
Non-operating expenses
Interest expenses
Loss on transportation accident
Foreign exchange loss
OthersTotal Non-operating expenses
Recurring Profit
Extraordinary gains
Gain on reversal of subscription rights to shares
Gain on liquidation of subsidiaries
Total Extraordinary gains
Profit before income taxes and minority interests
Income tax and other taxes
Adjustment on income tax
Total Income tax and others
Net Profit before minority interests
Net Profit (loss) attributable to minority interests
Net Profit attributable to Owners of the Parent

7

FY2022/3 1H

FY2023/3 1H(April 1st, 2021September 30th, 2021)
61,19936,54324,655
11,753
12,902(April 1st, 2022September 30th, 2022)
71,076
41,72429,351
13,666
15,685

15
27
23
44
90
201

16
53
388
172
188
101
920

28
94
14
137
12,96519
14
10
44
16,5613
9
13
12,978
3,206
133
3,340
9,637
30
9,607

5
58
64
16,626
4,751
- 71
4,679
11,94738
11,908Tokyo Seimitsu Co., Ltd. (7729)
Consolidated Financial Statements for 1st Half of FY2023/3

Consolidated Statements of Comprehensive Income
1st half of FY2023/3 (April 1st, 2022 – September 30th, 2022)(Millions of Yen)

Net Profit before minority interests
Accumulated other comprehensive income
Holding gain or loss in investment
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Comprehensive Income(breakdown)Comprehensive income attributable to owners of
the parent
Comprehensive income attributable to noncontrolling interests

8

FY2022/3 1H

FY2023/3 1H(April 1st, 2021September 30th, 2021)
9,637(April 1st, 2022September 30th, 2022)
11,947

- 70
567
- 87
409
10,047

33
1,518
- 36
1,515
13,462

10,016

13,38730

74

Tokyo Seimitsu Co., Ltd. (7729)
Consolidated Financial Statements for 1st Half of FY2023/3(3) Consolidated Statements of Cash Flows

Cash flows from operating activities:
Profit before income taxes and minority interests
Depreciation
Amortization of goodwill
Stock related expense
Change in Net defined benefit liability (-: decrease)
Change in allowance for director retirement benefits (-:decrease)
Change in allowance for doubtful accounts (-:decrease)
Interest and dividend income
Interest expense
Subsidy Income
Gain on investments in investment partnerships (- : gain)
Gain on liquidation of subsidiaries
Change in trade notes and accounts receivable (-: increase)
Change in inventories (-: increase)
Change in trade notes and accounts payable(-:decrease)
Change in contract liabilities (-:decrease)
OthersSubtotal
Proceeds from interest and dividend income
Payment of interest
Proceeds from Subsidy Income
Payment/Refund of income taxes (-: payment)
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Payment for time deposits
Proceeds from time deposits
Payment for purchase of tangible fixed assets
Proceeds from sales of tangible fixed assets
Payment for purchase of intangible fixed assets
Acquisition of goodwill
Payment for purchase of investment securities
Payment for investment to investment partnerships
Proceeds from distributions from investment partnerships
Proceeds from liquidation of subsidiaries
Payment for loans receivable
Proceeds from collection of loans receivable
Payments of leasehold and guarantee deposits
Proceeds from refund of leasehold and guarantee deposits
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Repayment of long-term debt
Repayment of lease liability
Proceeds from exercise of stock options
Payments for purchase of treasury stock
Dividend payments
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase/decrease in cash and cash equivalents (-: decrease)
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

9

FY2022/3 1H

FY2023/3 1H(April 1st, 2021September 30th, 2021)(April 1st, 2022September 30th, 2022)

12,978
1,711
14
173
- 12
-8
- 2
- 42
28
- 23
- 0
-9
- 1,220- 2,938
3,357
3,761
717
18,48442- 28
23- 3,930
14,592

16,626
1,798
20
136
53
5
1
- 69
19
- 172
- 58
- 4,084- 6,563
113
45
1,703
9,575
70
- 18
- 5,016
4,611

- 10
10
- 1,789
15
- 143
-1
- 84
99
33
0
-0
44
- 1,826- 29
10- 4,903
6
- 151
- 77
-1
- 7
320
79
- 1
0
- 50
3
- 4,803- 1,000- 68
134- 2,501- 2,544- 5,979345
7,131
43,62450,755- 1,000- 84
69- 0- 4,105- 5,120
1,055- 4,256
49,00644,749Tokyo Seimitsu Co., Ltd. (7729)
Consolidated Financial Statements for 1st Half of FY2023/3(4) Notes to Consolidated Financial Statements(Note on Assumptions for Going Concern)
Not applicable.
(Significant Changes in Shareholder’s Equity)
Not applicable.
(Changes in Accounting Principles)
1. Accounting Standard for Fair Value Measurement
The Group has also applied “Implementation Guidance on Accounting Standard for Fair Value
Measurement” (ASBJ Guidance No. 31, June 17th, 2021) from the beginning of FY2023/3, and in accordancewith the transitional treatment provided for in Paragraph 27-2 of the Guidance, the Group has applied the
new accounting method prescribed in the Accounting Standard for Fair Value Measurement. There are no
impacts from these changes in the Consolidated Financial Statements.
2.

Change in the method of converting profits and expenses of overseas subsidiaries into Japanese Yen
Previously, income and expenses of overseas subsidiaries were translated into Japanese Yen at the spot
exchange rate prevailing on the date of account settlement. However, since the importance of overseas sales
by overseas subsidiaries and others is expected to increase in the future, the Company changed to a methodof converting business results into Japanese Yen based on the average exchange rate during the period
effective from the 1st quarter of FY2023/3 in order to mitigate the impact of temporary fluctuations in
exchange rates on periodic profit and loss and more appropriately reflect the performance of overseas
subsidiaries in the consolidated financial statements.
Since the retention period of documents related to financial statements at the Company is stipulated to be
10 years, it is practically impossible to apply the principle of retrospective application. Therefore, theCompany has applied the method of translating financial statements into Japanese Yen at the averageexchange rate during the period effective April 1st, 2012.
The change in accounting policy has been applied retrospectively, and the consolidated financial
statements for the FY2022/3 have been prepared on a retrospective basis.
As a result, compared with previous translation method, Sales for the 2nd quarter of FY2022/3 decreasedby ¥264 million, Operating profit decreased by ¥25 million, Recurring profit decreased by ¥26 million, andNet profit before income taxes and minority interests decreased by ¥26 million, respectively.
Due to the cumulative effect on net assets at the beginning of the FY2022/3, Retained earnings of the
beginning of FY2022/3 decreased by ¥207 million, and Foreign currency translation adjustments increasedby the same amount.

10Tokyo Seimitsu Co., Ltd. (7729)
Consolidated Financial Statements for 1st Half of FY2023/3(Segment Information and Others)
Net sales, profit/loss assets/liabilities and/or others in reportable segments
1st half of FY2022/3 (April 1st, 2021 – September 30th, 2021)
Sales and Profit (or loss) information per each reportable segment
Reportable Segments
Metrology
SPE
Equipment
Sales
Sales to third party:
Intersegment sales to transfer
Total(Millions of yen)
Consolidated
Total

47,461-

13,738-61,199-47,461

13,73861,199Segment Profit
11,273
1,628Note) Total Segment profit of reportable segments equals Operating Income of Consolidated Financial
Statement.

12,902

1st half of FY2023/3 (April 1st, 2022 – September 30th, 2022)
Sales and Profit (or loss) information per each reportable segment
Reportable Segments
Metrology
SPE
Equipment
Sales
Sales to third party:
Intersegment sales to transfer
Total(Millions of yen)
Consolidated
Total

55,400-15,675-71,076-55,40015,67571,076

13,923
1,726Note) Total Segment profit of reportable segments equals Operating Income of Consolidated Financial
Statement.
Segment Profit

15,685End of document11