November 10, 2022
Matsuda Sangyo Co., Ltd.
Notice on the Differences Between Projections and Actual Resultsof the Consolidated Earnings for the Second Quarter of the Fiscal Year Ending March 31, 2023, andRevision of Consolidated Earnings Projections for the Full Year
Differences have arisen between the projections of the consolidated earnings for FY3/23 2Q, released on August 10,
2022, and the actual results of the same announced today. The details are as follows.
The Board of Directors also decided at its meeting of November 10, 2022, to revise its consolidated earnings
projections for FY3/23, released on August 10, 2022, as follows:Differences between projections and actual results of the consolidated earnings for FY3/23 1H (April 1, 2022 September 30, 2022)(Millions of yen)
Net sales

Operating profit

Profitattributable toowners of parent

Ordinary profit

Earnings per
share (Yen)Previous projections (A)159,000

7,400

7,700

5,300

203.17

Actual Results (B)176,004

7,953

8,128

5,634

215.99Difference (B-A)

17,004

553

428

334

Difference (%)

10.7

7.5

5.6

6.3

136,041

7,269

7,834

5,469

(Reference)Previous first half results (FY3/22 1H)

209.66

Revisions to the consolidated earnings projections for FY3/23 (April 1, 2022 - March 31, 2023)(Millions of yen)
Net sales

Operating profit

Profitattributable toowners of parent

Ordinary profit

Earnings per
share (Yen)Previous projections (A)300,000

12,80013,3009,300

356.51

Revised projections (B)330,000

12,80013,3009,300

356.51

Difference (B-A)

30,000000

Difference (%)

10.0

0.0

0.0

0.0

272,292

12,681

13,734

9,558(Reference)Previous FY results (FY3/22)

366.40Reasons for the difference and the revision
With regard to the cumulative consolidated earnings for FY3/23 2Q, net sales and operating profit exceeded theprojections for both the precious metals business segment and food business segment. In the precious metals businesssegment, in addition to the strong production performance in the semiconductor and electronic devices field, which is thekey customer of this business segment, the increase in the precious metals recycling volume in the jewelry sector also
contributed to an increase in sales volume. In the food business segment, the rise in selling price on the back of a rise in
raw material prices and rapid yen depreciation was a contributing factor, among others.
On the other hand, from FY3/23 3Q and after, amidst concerns of a global economic slowdown as a result of inflationarypressures and other factors, the precious metals business segment is expected to see a decline in the volume handled for
precious metals recycling, which is targeted in the semiconductor and electronic devices field, which is the key customer.
This is due to production and inventory adjustments in response to changes in the demand-supply balance, leading to adownswing in production trends. Moreover, both the precious metals business segment and food business segment areexpected to take on a greater cost burden from the impact of yen depreciation and price increases. Accordingly,
consolidated earnings for FY3/23 3Q and after are expected to fall below the previous projections, with the exception ofnet sales.
In view of these reasons, the consolidated earnings projections for full-year FY3/23 have been revised as shown above.
Note: Forward-looking statements
The above projections are based on information available to the Company as of the date of release. Actual results may differ from projections due to a range offactors.