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 Nine Months Ended December 31, 2023
(Based on Japanese GAAP)
February 9, 2024
Company name:
Ashimori Industry Co., Ltd.
Stock exchange listing: Tokyo
Stock code:
Representative:

3526
President

URL

https://www.ashimori.co.jp
Shigeyuki Washine

Inquiries:

General Manager , Finance&Accounting
Dept.

Kazuma Shichisawa

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

February 9, 2024–

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

NoNo

TEL

06-6105-1863(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended December 31, 2023 (from April 1, 2023 to December 31, 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%
Nine months ended December 31, 2023
49,601
6.3
2,294
99.8
2,638
51.3
2,004 606.4
Nine months ended December 31, 2022
46,660
22.1
1,148
–
1,743
–
283
–
Earnings per share

Diluted earnings per share

Yen
333.7847.26

Nine months ended December 31, 2023
Nine months ended December 31, 2022

Yen
333.0447.16(2) Consolidated financial position
Total assets

Net assets

Millions of yen
53,75351,552As of December 31, 2023
As of March 31, 2023

Equity ratio

Millions of yen
21,00018,452%39.0
35.7

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
0.00
0.00

Yen––

Yen
50.00

Yen
50.00

100.00100.00Year 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
68,000Percentages 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
3.6
3,200
48.6
3,400
21.6
2,300 126.0
382.971

4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2023
(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 December 31, 2023

6,056,939 shares As of March 31, 2023

6,056,939 shares

51,603 shares As of March 31, 2023

50,838 shares

Number of treasury shares at the end of the period
As of December 31, 2023

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2023

6,005,662 shares Nine months ended December 31, 2022

2

6,005,173 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of December 31, 2023

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

4,42313,105

5,915
12,433

Electronically recorded monetary claims - operating
Merchandise and finished goods

1,653
1,977

1,737
2,784

Work in process
Raw materials and supplies

1,376
8,008

1,464
9,212

Other
Allowance for doubtful accounts

2,015
(8)

1,371
(10)

Total current assets

32,552

34,909Buildings and structures, net
Machinery, equipment and vehicles, net

5,289
3,077

5,527
3,092

Tools, furniture and fixtures, net
Land

1,283
5,790

1,232
5,842

56
312

52134

15,81015,881

598

476

Other274

307

Total intangible assets872784

Investment securities
Deferred tax assets

1,326
366

1,506
136

Retirement benefit asset
Other299
341

317233

Non-current assets
Property, plant and equipment

Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill

Investments and other assets

Allowance for doubtful accounts

(17)

(15)

Total investments and other assets

2,317

2,178

19,00018,84351,55253,753

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2023

As of December 31, 2023

Liabilities
Current liabilities
Notes and accounts payable - trade

7,411

6,331

Electronically recorded obligations - operating
Short-term borrowings

5,102
2,254

5,458
3,094

Current portion of long-term borrowings
Lease liabilities

2,614
18

2,877
14

Accounts payable - other
Income taxes payable

1,095
267

1,245
124

Accrued consumption taxes
Provision for bonuses

393
568

133
564

Provision for bonuses for directors (and other officers)
Provision for product warranties

24
112

–
54

Other provisions
Derivative liabilities

70–

21192

Other

1,566

1,504

Total current liabilities

21,501

21,618

Bonds payable
Long-term borrowings

3,000
6,429

3,000
5,743

Lease liabilities
Retirement benefit liability

50
1,995

57
2,022

Provision for product warranties
Asset retirement obligations

1029

329

Deferred tax liabilities
Other–
84

193
84

11,599

11,134

33,10032,753

Shareholders' equity
Share capital

8,388

8,388

Capital surplus
Retained earnings

1,632
7,985

1,632
9,689

Treasury shares

(148)

(150)

17,857

19,560

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges266–405(192)

Foreign currency translation adjustment
Remeasurements of defined benefit plans

194
95

1,087
90

Total accumulated other comprehensive income

556

1,391

20
1724
23

18,45221,00051,55253,753

Non-current liabilities

Total non-current liabilities
Total liabilities
Net assets

Total shareholders' equity
Accumulated other comprehensive income

Share acquisition rights
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)(Millions of yen)
Nine months ended

Nine months ended

December 31, 2022

December 31, 2023

Net sales
Cost of sales

46,66040,56849,601
41,953Gross profit

6,092

7,647

Selling, general and administrative expenses

4,943

5,353

Operating profit

1,148

2,294

Interest income
Dividend income

828

1433

Rental income
Foreign exchange gains

31573

34368

Subsidy income
Other5697

2384

Total non-operating income

796

559

Non-operating income

Non-operating expenses
Interest expenses

122152

Share of loss of entities accounted for using equity method
Other

43
353527

Total non-operating expenses

201215

1,743

2,638

Gain on sale of investment securities
Gain on sale of land

–
4134
–

Total extraordinary income

4134

662

–

Ordinary profit
Extraordinary income

Extraordinary losses
Impairment losses

662–

Profit before income taxes

Total extraordinary losses

1,085

2,772

Income taxes - current
Income taxes - deferred

284
517

390
371

Total income taxes

801762

Profit

284

2,010

06283

2,004

Profit attributable to non-controlling interestsProfit attributable to owners of parent

5Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitOther comprehensive income

Nine months ended

Nine months ended

December 31, 2022

December 31, 2023
284

2,010

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

23(149)139(192)

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

507
9859
(4)

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

5433

Total other comprehensive income445

834

729

2,845

728

2,839

06

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests6