芝浦機械株式会社

Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Year Ended March 31, 2022
[Japanese GAAP]May 26, 2022
Company name:
Stock exchange listing:Code number:
Representative:

SHIBAURA MACHINE CO., LTD.
Tokyo6104
URL https://www.shibaura-machine.co.jp
President and Chief Operating Officer
Shigetomo Sakamoto
Public Relations & Investor Relations
Inquiries:
Department
Minoru Aoki
TEL
Senior Manager
Scheduled date of Annual General Meeting of Shareholders:June 30, 2022
Scheduled date of commencing dividend payments:
June 16, 2022
Scheduled date of filing annual securities report:
June 30, 2022
Availability of supplementary briefing material on annual financial results:
Yes
Schedule of annual financial results briefing session:Yes

03(3509)0444(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 01, 2021 to March 31, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
Fiscal year ended
March 31, 2022
107,777
16.3
4,236
4,544
420.6
3,725
March 31, 2021
92,635(20.7)
381(89.2)
872(77.2)(2,898)(Note) Comprehensive income:Fiscal year ended March 31, 2022:¥6,212 million [-%]
Fiscal year ended March 31, 2021:¥43 million [(99.3) %]Basic earnings per Diluted earnings per Rate of return onshare
shareequity
Yen
Fiscal year ended
March 31, 2022
154.27
March 31, 2021
(120.05)(Reference) Equity in earnings (losses) of affiliated companies:

Yen

Ordinary profit tototal assets ratio

%

4.6
(3.4)
Fiscal year ended March 31, 2022:
Fiscal year ended March 31, 2021:

Operating profit tonet sales ratio%%

2.90.6¥¥3.9
0.4
millionmillion(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2022
March 31, 2021
(Reference) Equity:

Net assets

Million yen

166,989
134,296
As of March 31, 2022:
As of March 31, 2021:

Capital adequacy ratio

Million yen¥¥

83,51582,152
83,515 million
82,152 million

Net assets per share%

Yen

50.0
61.2

3,457.58
3,402.36(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2022
March 31, 2021

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Million yen

Million yen

Million yen

Million yen

11,299192(1,264)(1,537)(2,108)(4,956)

51,71042,4171芝浦機械株式会社

2. Dividends
Annual dividends
1st
2nd
3rdquarter-end quarter-end quarter-end

Year-end

Total

Total
dividends

Payoutratio(consolidated)

Dividends
to netassets(consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Million yen%%March 31, 2021

-

37.50

-

37.50

199.304,810-

5.7

March 31, 2022

-

37.50

-

37.50

75.00

1,811

48.6

2.2-

37.50

-

37.50

75.00

Fiscal year ending
March 31, 2023

43.1

(Forecast)(Note) Breakdown of the year-end dividend for the fiscal year ended March 31, 2022 :Commemorative dividend- yen
Special dividend- yen
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023 (April 01, 2022 to March 31, 2023)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings per
Net sales
Operating profit
Ordinary profit
owners of parent
shareMillion yen

Full year

120,000% Million yen

11.3

6,000% Million yen

41.6

5,400% Million yen

18.8

4,200%Yen

12.7

173.88* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): NoNew(Company name:)
Exclusion:(Company name:)(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2022:29,977,106 shares
March 31, 2021:
29,977,106 shares2) Total number of treasury shares at the end of the period:
March 31, 2022:
5,822,705 shares
March 31, 2021:
5,831,373 shares
3) Average number of shares during the period:
Fiscal Year ended March 31, 2022:
Fiscal Year ended March 31, 2021:

24,151,736 shares
24,141,713 shares

2芝浦機械株式会社(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 01, 2021 to March 31, 2022)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
March 31, 2022
March 31, 2021

Operating profit

Ordinary profit

Net income

Million yen%

Million yen%

Million yen%

Million yen%

77,65064,573

20.3(27.9)

630(2,190)-

2,797(851)

-

3,305
(3,714)-

Basic earnings per share Diluted earnings per share
Fiscal year ended
March 31, 2022
March 31, 2021

Yen

Yen

136.87(153.84)-(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2022
March 31, 2021
(Reference) Equity:

Net assets

Million yen

135,928
109,491
As of March 31, 2022:
As of March 31, 2021:

Capital adequacy ratio

Million yen¥¥

366,596
67,391
66,596 million
67,391 million

Net assets per share%

Yen

49.0
61.5

2,757.10
2,791.04

芝浦機械株式会社

Consolidated Financial Statements
Consolidated Balance Sheets(Million yen)
As of March 31,2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods
Work in process
Raw materials and suppliesOther
Allowance for doubtful accounts
Current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Other
Accumulated depreciation
Other, net
Property, plant and equipment
Intangible assets
Other
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Investments and other assets
Non-current assets
Assets4

As of March 31,2022

42,417
27,682

51,710--23,613

6,736
22,327
64
3,560
(37)
102,752

23,00028,541
65
7,566
(37)
134,461

39,252(29,348)
9,903
24,421(21,703)
2,718
7,098
264
(153)
111
474
7,238
(6,786)452
20,75837,040(27,459)
9,581
23,463(20,584)
2,878
7,142
469
(244)
224
842
7,084
(6,607)477
21,146

571
571

843
843

8,341
6409
2,765
(1,310)10,21331,543
134,296

8,6865565
2,718(1,436)
10,53832,528
166,989

芝浦機械株式会社(Million yen)
As of March 31,2021
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Income taxes payable
Accrued expenses
Provision for bonuses
Provision for product warranties
Advances received
Contract liabilities
Other
Current liabilities
Non-current liabilities
Long-term borrowings
Long-term accounts payable - other
Deferred tax liabilities
Provision for retirement benefits for directors (andother officers)
Retirement benefit liability
Asset retirement obligations
OtherNon-current liabilities
Liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Shareholders' equity
Valuation and translation adjustments
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Valuation and translation adjustments
Net assets
Liabilities and net assets

5

As of March 31,2022

17,613
10,590
74
2,341
1,096
591
5,345
1,316
38,96923,72910,917
465
2,248
1,894
618
28,887
2,003
70,766

3,800
5
570

3,3005440

58

63

8,518
105
115
13,174
52,144

8,354
384
158
12,707
83,474

12,484
11,53869,522(16,346)
77,19812,484
11,53868,374(16,322)76,075

3,749

4,350

1,737
(533)
4,953
82,152
134,296

3,348
(259)
7,440
83,515
166,989

芝浦機械株式会社

Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Million yen)
For the fiscal year
ended March 31,2021
Net sales
Cost of sales
Gross profit (loss)
Selling, general and administrative expenses
Sales commission
Packing and transportation costs
Provision for product warrantiesEmployees' salaries and allowances
Retirement benefit expenses
Depreciation
Rent expenses
Travel and transportation expenses
Research and development expenses
Outsourcing expenses
OtherSelling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Rental income
Subsidies for employment adjustment
Subsidy income
Foreign exchange gains
Other
Non-operating income
Non-operating expenses
Interest expenses
Brand fee expense
Outsourcing expenses
Other
Non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Loss on sale of investment securities
Loss on valuation of shares of subsidiaries andassociates
Loss on valuation of investment securities
Impairment losses
Extra retirement payments
Extraordinary losses

6For the fiscal year
ended March 31,2022

92,63567,73024,904

107,777
75,26232,515

1,223
2,842
491
11,195
684
738
911
561
1,404
468
4,000
24,522
381

1,697
4,067
501
11,649
593
788
1,003
671
1,799498
5,008
28,278
4,236

59
212
45
677
220
348
282
1,847

79
266
48
289
363
311
1,358

84
0
655
615
1,356
872

117
118
814
1,050
4,544

13
132
145

15
25
41

78
-136
3

35307

371
264
750

1740505

芝浦機械株式会社(Million yen)
For the fiscal year
ended March 31,2021
Profit (loss) before income taxes
Income taxes - current
Income taxes - deferred
Income taxes
Profit (loss)
Profit (loss) attributable to owners of parent

267
403
2,762
3,165
(2,898)(2,898)

7

For the fiscal year
ended March 31,2022
4,079
847(493)
353
3,725
3,725

芝浦機械株式会社

Consolidated Statements of Comprehensive Income(Million yen)
For the fiscal year
ended March 31,2021
Profit (loss)
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, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests

8For the fiscal year
ended March 31,2022(2,898)3,725

1,415(0)
893
632
2,941
43

601
1,611
273
2,486
6,212

43

6,212--芝浦機械株式会社

Consolidated Statements of Changes in Net Assets
For the fiscal year ended March 31,2021(Million yen)
Shareholders' equity

Balance at beginningof period
Cumulative effects ofchanges in accounting
policies
Restated balance
Changes during
periodDividends ofsurplus
Profit (loss)
attributable toowners of parent
Purchase of treasury
sharesRestricted stock
optionNet changes initems other thanshareholders' equity
Total changes
during period
Balance at end of
periodShare capital

Capital surplus

12,484

11,538Retainedearnings
77,359Treasury shares

Total
shareholders'equity(16,376)

85,006-

12,484

11,53877,359(16,376)

85,006(4,931)(4,931)(2,898)(2,898)
(0)

(0)

(7)

30

22-

-

(7,837)29(7,807)

12,484

11,53869,522(16,346)

77,198

Accumulated other comprehensive income
Total
Valuation
Foreign currency Remeasurements accumulated Total net assets
difference on Deferred gains ortranslationof defined
otheravailable-for-sale losses on hedgesadjustment
benefit plans comprehensive
securities
incomeBalance at beginningof period
Cumulative effects ofchanges in accounting
policies
Restated balance
Changes during
periodDividends ofsurplus
Profit (loss)
attributable toowners of parent
Purchase of treasury
sharesRestricted stock
optionNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period

2,334

0843

(1,165)2,012

87,018-

2,334

0

843

(1,165)2,012

87,018(4,931)(2,898)
(0)
22
1,415

(0)

893

632

2,941

2,9411,415(0)893632

2,941(4,866)

3,749-

1,737(533)

4,953

82,1529芝浦機械株式会社

For the fiscal year ended March 31,2022(Million yen)
Shareholders' equity

Balance at beginningof period
Cumulative effects ofchanges in accounting
policies
Restated balance
Changes during
periodDividends ofsurplus
Profit (loss)
attributable toowners of parent
Purchase of treasury
sharesRestricted stock
optionNet changes initems other thanshareholders' equity
Total changes
during period
Balance at end ofperiod

Share capital

Capital surplus

12,484

11,538Retainedearnings
69,522

Treasury shares

Total
shareholders'equity(16,346)

77,198(3,059)12,484

11,53866,462(3,059)(16,346)

74,138(1,811)(1,811)

3,725

3,725
(0)

(0)

(2)

24

22--

1,912

24

1,936

12,484

11,53868,374(16,322)76,075

Accumulated other comprehensive income
TotalValuation
Foreign currency Remeasurements accumulated Total net assets
difference on Deferred gains ortranslationof defined
otheravailable-for-sale losses on hedges
adjustment
benefit plans comprehensive
securities
incomeBalance at beginningof period
Cumulative effects ofchanges in accounting
policies
Restated balance
Changes during
periodDividends ofsurplusProfit (loss)
attributable toowners of parent
Purchase of treasury
sharesRestricted stock
optionNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period

3,749

-

1,737

(533)

4,953

82,152(3,059)

3,749

-

1,737

(533)

4,953

79,092(1,811)
3,725
(0)
22
601

-

1,611

273

2,486

2,486

601

-

1,611

273

2,486

4,423

4,350

-

3,348

(259)

7,440

83,51510芝浦機械株式会社

Consolidated Statements of Cash Flows(Million yen)
For the fiscal year
ended March 31,2021
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Extra retirement payments
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for product warranties
Increase (decrease) in provision for retirement benefits
for directors (and other officers)
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Loss on valuation of shares of subsidiaries andassociates
Loss (gain) on sale and retirement of property, plantand equipment and intangible assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in advances received
Increase (decrease) in contract liabilities
Increase (decrease) in accrued expenses
Increase (decrease) in deposits received
Increase (decrease) in accounts payable - other
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Extra retirement payments
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of investment securities
Decrease (increase) in short-term loans receivable
Proceeds from collection of long-term loans receivable
Other, net
Net cash provided by (used in) investing activities

11For the fiscal year
ended March 31,2022

2671,755
371
264
249
1,096
(128)

4,079
1,952
40
125
798
27

16

5(618)(271)
81(132)
-

110
(346)
117
(22)
17

35

307

64

120

8,382
6,868
(3,616)(1,058)(3,003)(49)(38)(1,498)
9,039
271
(88)
(7,857)(1,172)
192(1,815)(8,537)
6,555
10,275262(43)207(3,048)
11,190
346
(88)
(149)
11,299(1,545)16(219)
320
(16)
6(99)
(1,537)(1,252)86(353)209
1142(1,264)

芝浦機械株式会社(Million yen)
For the fiscal year
ended March 31,2021
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Other, netNet cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

12

For the fiscal year
ended March 31,2022(0)(4,931)(24)(4,956)

327
(500)
(0)
(1,811)(123)(2,108)

708

1,365

(5,593)48,01142,417

9,292
42,41751,710