Consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (Japanese GAAP)May 12, 2023
Company name:

Mitsuboshi Belting Ltd.

Stock exchange listing:TokyoSecurities code:

5192

URL:

https://www.mitsuboshi.com/

Representative:

Hiroshi Ikeda, President

Inquiries:

Masatsugu Tsuji, Executive Officer, General Manager, Finance & Accounting Department
Phone: +81-78-685-5630

Scheduled date of annual general meeting of shareholders:June 29, 2023

Scheduled date of commence dividend payments:

June 30, 2023

Scheduled date of filing annual securities report:

June 29, 2023
(Amounts less than one million yen are rounded down)

1. Consolidated Financial Results or the Fiscal Year Ended March 31, 2023 (April 1, 2022-March 31, 2023)(1) Consolidated operating results
Net sales

Operating profit(Percentages indicate year-on-year changes)
Profit attributable toOrdinary profit
owners of parent
Millions of yen%
Millions of yen%

Fiscal year ended

Millions of yen%

Millions of yen%March 31, 2023

82,911

10.7

9,030

18.2

10,471

22.4

7,071

10.8

March 31, 2022

74,870

15.4

7,640

53.8

8,552

48.5

6,380

56.9

Note:Comprehensive income

Fiscal year ended March 31, 2023:¥8,432 million(△ 23.7%)

Fiscal year ended March 31, 2022:¥11,045 million(40.1%)

Basic earnings
per share

Operating profit tonet assets ratio

Fiscal year ended

Yen

Diluted earnings
per share
Yen

Ordinary profit tototal assets ratio%%%

March 31, 2023

249.12－

8.1

8.7

10.9

March 31, 2022

220.26－

7.7

7.5

10.2

Return on equity(2) Consolidated financial position
Total assets
As of March 31, 2023
EquityNet assets per share

Equity-to-asset ratio

Millions of yen％

Yen

121,682

87,60172.0

3,089.48

86,87773.0

3,018.44

118,963

As of March 31, 2022
Reference:

Net assets

Millions of yen

As of March 31, 2023:¥87,601 million

As of March 31, 2022:¥86,877 million(3) Consolidated cash flows

Fiscal year ended

Cash flows fromoperating activities
Millions of yen

Cash flows frominvesting activities
Millions of yen

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen

March 31, 2023

8,783

△ 6,439△ 3,741

33,494

March 31, 2022

9,044

△ 7,380△ 3,245

33,063

2. Dividends
1st quarter-end
Yen
Fiscal year ended
March 31, 2022
Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024(Forecast)

Annual dividends per share
3rd quarter
Fiscal year
2nd quarter
-end
-end
-end
Yen
Yen
Yen

Total cash
dividends

Total

Yen Millions of yen%%

143.00

4,127

64.9

5.0

130.00250.00

7,088

100.4

8.2

125.00250.00

－

33.00

－

110.00－120.00－－125.00－３. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2024
(April 1, 2023-March 31, 2024)
Operating profit

Net salesFirst half offiscal year
Full year

Millions of yen%

42,50084,500Ordinary profit

Millions of yen%

△ 0.2

4,300

1.9

9,100

Ratio ofPayout ratio
dividends to net(Consolidatedassets)(Consolidated)

99.8(Percentages indicate year-on-year changes)
Profit attributable to
Basic earnings
owners of parent
per share
Millions of yen%
Yen

Millions of yen%

△ 6.5

4,400

△ 23.2

3,200△ 18.4112.860.8

9,300△ 11.27,100

0.4

250.40Consolidated Financial Statements
1. Consolidated Balance Sheet(Millions of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, andcontract assets
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total 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
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
OtherAllowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

As of March 31, 2023

34,70835,307

17,78816,657

15,324
2,115
3,892
833
△123
74,54017,395
2,513
4,368
1,188
△100
77,331

23,801△16,471
7,329
49,815△40,699
9,115
15,667△13,613
2,054
3,958
1,725
△316
1,409
2,804
26,671

24,059△16,734
7,325
50,360△41,501
8,859
16,071△14,078
1,993
3,978
1,870
△367
1,503
4,738
28,399

823
67891

601
189
791

15,179
1,205
493
△18
16,86044,423
118,963

13,5971,148
422△815,160
44,351
121,682(Millions of yen)
As of March 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Accounts payable - other
Income taxes payable
Provision for bonusesProvision for product warranties
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Long-term accounts payable - other
Deferred tax liabilities
Retirement benefit liability
Provision for retirement benefits for directors(and other officers)
Asset retirement obligations
Long-term guarantee deposits
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
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeTotal net assets
Total liabilities and net assets

As of March 31, 2023

9,898
2,327
900
2,646
1,576
928
508
3,429
22,215

9,889
2,329
1,900
1,982
201
974
477
4,107
21,862

900
162
5,206
2,226

4,000
142
4,644
1,948

13

16

363
386
610
9,870
32,086363
393
710
12,21934,0818,150
2,119
70,315△6,39574,1888,150
2,143
70,818△7,55973,552

9,368

8,310

3,344
△255,785△4812,688

14,04886,877
118,963

87,601
121,682

2. Consolidated Statement of Income and Comprehensive Income
Consolidated Statement of Income(Millions of yen)
Fiscal year ended
March 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on retirement of non-current assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Impairment losses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

Fiscal year ended
March 31, 2023

74,87051,442
23,427
15,787
7,640

82,911
56,33826,572
17,542
9,030

92
365
627
262
1,347

281
397
556
688
1,924

43
276
114
435
8,552

51
307
125
484
10,471

187
187

39
39－－
8,740
2,721
△361
2,359
6,380
6,380

695
695
9,814
2,815
△722,742
7,071
7,071

Consolidated Statement of Comprehensive Income(Millions of yen)
Fiscal year ended
March 31, 2022
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net oftax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to noncontrolling interests

Fiscal year ended
March 31, 2023
6,380

7,071

1,385

△1,058

3,097

2,441

182

△224,665
11,045

1,360
8,432

11,0458,432－－

3. Consolidated statements of changes in equity
Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

8,150

Retained earnings

2,111

65,768Treasury shares△5,788

Total shareholders'equity70,241

Changes during period
Dividends of surplus
Profit attributable to ownersof parent△1,833△1,833

6,380

6,380

Purchase of treasury shares
Disposal of treasury shares

7△679△6797280

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period－74,547

△607

3,947

8,150

2,119

70,315△6,39574,188

Accumulated other comprehensive income

Balance at beginning of period

Valuation difference
Foreign currency
Remeasurements ofon available-for-saletranslation adjustment defined benefit planssecurities

Total accumulated
othercomprehensive
income

△207

8,023

7,983

247

Total net assets

78,264

Changes during period△1,833

Dividends of surplus
Profit attributable to ownersof parent

6,380

Purchase of treasury shares△679

Disposal of treasury shares80

Net changes in items otherthan shareholders' equity

1,385

3,097

182

4,665

4,665

Total changes during period

1,385

3,097

182

4,665

8,612

Balance at end of period

9,368

3,344

△25

12,68886,877

Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

8,150

Retained earnings

2,119

70,315

Treasury shares△6,395

Total shareholders'equity
74,188Changes during period
Dividends of surplus
Profit attributable to ownersof parent△6,568△6,568

7,071

7,071

Purchase of treasury shares
Disposal of treasury shares

24△1,204△1,2044065

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period－24503△1,164

△636

8,150

2,143

70,818△7,55973,552

Accumulated other comprehensive income

Balance at beginning of period

Valuation difference
Foreign currency
Remeasurements ofon available-for-saletranslation adjustment defined benefit planssecurities

Total accumulated
othercomprehensive
income△2512,688

9,368

3,344

Total net assets

86,877Changes during period△6,568Dividends of surplus
Profit attributable to ownersof parent

7,071

Purchase of treasury shares△1,204

Disposal of treasury shares

65

Net changes in items otherthan shareholders' equity△1,058

2,441

△22

1,360

1,360

Total changes during period△1,058

2,441

△22

1,360

724

8,310

5,785

△48

14,04887,601

Balance at end of period

4. Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
March 31, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment lossesIncrease (decrease) in allowance for doubtful
accounts
Increase (decrease) in retirement benefit liability
Increase (decrease) in long-term accounts
payable - other
Increase (decrease) in provision for retirement
benefits for directors (and other officers)
Increase (decrease) in provision for bonuses
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sale of property, plant andequipment
Loss on retirement of property, plant andequipment
Loss (gain) on sale of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption
taxes
Decrease (increase) in other current assets
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant andequipment
Purchase of investment securitiesProceeds from sale of investment securities
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Other, net
Net 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

Fiscal year ended
March 31, 2023
8,740
3,867－

9,814
4,104695

13△34231△445△30△20△1229△457
43△12420△67951△95△26276

307△187△921△1,688175△391,949△2,036△632△6857297529△3
10,488457△43△1,857
9,044

△360
△281
△536
12,363679△49△4,208
8,783△1,4965△6,058△3,046
2,136△5,60032

69△4226△84△7,380△550△43△6,439

△0－
△900
△679
△1,833
168△3,245

25,000△900△1,204△6,568△70△3,741904

1,827△677

430

33,74133,06333,06333,494