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 Year Ended March 31, 2023
(Based on Japanese GAAP)May 2, 2023
Company name:

ICHINEN HOLDINGS CO., LTD

Stock exchange listing: Tokyo
Stock code:
9619
Representative:

Inquiries:

URL

https://www.ichinenhd.co.jp

President
Director

Masashi Kuroda

Executive Officer
General Manager

Hisako ImotoTELGeneral Planning Dept.
Scheduled date of ordinary general meeting of shareholders:June 20, 2023

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

June 20, 2023
June 21, 2023

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

Yes
Yes

06-6309-7890(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(1) Consolidated operating results
Net salesYear ended March 31, 2023Year ended March 31, 2022

Operating profit

Millions of yen
127,822
120,644%
5.9
7.1

Millions of yen
8,861
8,623

Earnings per share

Diluted earnings pershare

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%
246.1812.9
5.3
6.9
233.40
13.6
5.3
7.1

Yen
246.63234.36

Year ended March 31, 2023
Year ended March 31, 2022

%
2.8
14.7

Percentages indicate year-on-year changes
Profit attributable toOrdinary profit
owners of parent
Millions of yen% Millions of yen%
9,102
4.35,923
4.9
8,728
16.2
5,646
87.2

(2) Consolidated financial position
Total assets
As of March 31, 2023
As of March 31, 2022

Net assets

Equity ratio

Millions of yen
171,888
168,507

Millions of yen
48,37543,673

Cash flows fromoperating activities
Millions of yen
2,716
5,093

Cash flows frominvesting activities
Millions of yen(1,860)(4,671)

Net assets per share%
28.1
25.9

Yen
2,009.64
1,819.55(3) Consolidated cash flows

Year ended March 31, 2023
Year ended March 31, 2022

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(1,778)9,984(1,543)
10,8902. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2022
Year ended March 31, 2023
Year ending March 31, 2024
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen%%

––

23.00
25.00

––

23.00
25.00

46.00
50.00

1,101
1,20219.6
20.3

2.7
2.6

–

25.00

–

25.00

50.00

121.9

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Net sales
Millions of yen
Six months ending
September 30, 2023
Full year

Percentages 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

65,3355.8

4,171(15.2)

4,202(18.2)

2,941(8.9)

122.27131,000

2.5

8,200(7.5)

8,200(9.9)

5,480

(7.5)

227.83

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) 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:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
NoRestatement of prior period financial statements:

No(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2023

24,262,227 shares As of March 31, 2022

24,262,227 shares

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

209,456 shares As of March 31, 2022

314,336 shares

24,017,742 shares Year ended March 31, 2022

24,094,711 shares

Average number of shares during the period
Year ended March 31, 2023

2

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims - operating
Accounts receivable-leasing business and maintenancebusiness
Investments in leases
Merchandise and finished goods
Work in process
Raw materials and supplies
Prepaid expenses
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Assets for lease
Accumulated depreciation
Lease assets,net
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Telephone subscription rightSoftware
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Long-term prepaid expenses
Deferred tax assets
Deposit-recycle
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets

3

As of March 31, 2023

11,03815,825
4,441

10,154
15,961
5,308

2,497

2,536

21,936
8,173
869
1,442
2,407
3,218
(44)
71,80624,389
8,913
1,000
2,042
2,496
3,808
(46)
76,567

136,375(75,494)
60,881
18,290(7,118)
11,172
6,469(4,659)1,809
4,200(3,004)
1,195
10,835
142
(131)
11
24
85,930140,726(80,869)
59,85718,455(7,640)10,815
6,810(4,985)
1,825
4,402(3,269)1,132
10,830
142
(136)
5150
84,618

947
30
409
5
1,392700
30
698
3
1,432

4,690
28
1,685
1,089
797
1,141(117)9,316
96,638

4,672
22
1,564
1,141
819
1,090(81)9,228
95,279(Millions of yen)
As of March 31, 2022
Deferred assets
Bond issuance costs
Total deferred assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Commercial papers
Current portion of bonds payable
Current portion of long-term borrowings
Lease liabilities
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received-leasing business and maintenancebusiness
Provision for bonuses
Reserve for quality assurance
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Lease liabilities
Long-term accounts payable - other
Deferred tax liabilities
Retirement benefit liability
Provision for retirement benefits for directors (and otherofficers)
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earningsTreasury shares
Total shareholders' equity
Accumulated 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
Total accumulated other comprehensive income
Share acquisition rights
Total net assets
Total liabilities and net assets

4

As of March 31, 2023

61
61
168,5074242
171,888

13,542
4,488
4,350
3,500
260
20,042
12
1,283
73
2,578
792

13,017
5,384
4,300
3,500
5,260
20,5717
1,256
100
1,606707491

452

944
9
259
52,629867
19298
57,347

16,49052,386
7
148
121
1,999

11,23051,568
3
194
84
2,034

220

180

489
340
72,204
124,834524
345
66,165
123,513

2,529
1,805
38,201(368)42,166

2,529
1,805
42,956(245)
47,045

1,338
16
72
(20)
1,407
98
43,673
168,5071,317(7)27(46)
1,292
37
48,375
171,888

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Net sales

120,644

127,822

Cost of sales

93,910100,001

Gross profit

26,73327,820

1,031
6,845

1,153
7,082

Provision for bonuses
Retirement benefit expenses

840
276

779
289

Provision for retirement benefits for directors (and otherofficers)

31

31

1,755
88

1,845
140

Provision of allowance for doubtful accounts
Provision for quality assurance

15
3(13)
10

Depreciation
Rent expenses

869
847

861
858

Amortization of goodwill
Other

287
5,218

246
5,674

Total selling, general and administrative expenses

18,11018,959

8,623

8,861

Interest income
Dividend income

295

1112

Purchase discounts
Foreign exchange gains

632555
106

Dividend income of insurance
Subsidy income

1781712

Other60

105

Total non-operating income

275

411

Interest expenses
Interest expenses on bonds

39
2159
13

Interest expenses on commercial papers
Commission expenses

227

123

Amortization of bond issuance costs
Nondeductible consumption tax

1626

1924

Selling, general and administrative expenses
Remuneration for directors (and other officers)
Salaries, allowances and bonuses

Welfare expenses
Entertainment expenses

Operating profitNon-operating income

Non-operating expenses

Other36

29

Total non-operating expenses

169

170

8,728

9,102

Gain on sale of non-current assets
Gain on sale of investment securities

16271

National subsidies
Gain on bargain purchase

–259

106
–

Compensation income

–

40

278

156

Ordinary profit
Extraordinary income

Total extraordinary income5(Millions of yen)

Extraordinary losses
Loss on sale and retirement of non-current assets

Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023
7974

Impairment losses
Loss on tax purpose reduction entry of non-current assets

209–

–
106

Loss on sale of investment securities
Loss on valuation of investment securities

049

349

Loss on disaster–

40339

274

Profit before income taxes

8,668

8,983

Income taxes - current
Income taxes - deferred

3,450(429)

3,120(59)

Total income taxes

3,021

3,060

Profit

5,646

5,923

Profit attributable to owners of parent

5,646

5,923

Total extraordinary losses

6Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023
5,646

5,923

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(351)
15(20)(24)

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

53
5(44)
(25)

(277)

(115)

5,369

5,808

5,369

5,808

Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent

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

Capital surplus

2,529

Retained earnings

1,805

Treasury shares

33,965

Cumulative effects ofchanges in accounting
policies

Total shareholders'equity(340)

37,95935

Restated balance

2,529

1,805

35

34,001(340)

37,995

Changes during period
Dividends of surplus(1,036)(1,036)

Profit attributable to ownersof parent

5,646

5,646

Purchase of treasury shares
Cancellation of treasury
shares

(438)

(438)

(0)

(410)

410

––

(0)

4,199

(28)

4,171

2,529

1,805

38,201(368)

42,166

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Deferred gains
or losses onhedgesForeigncurrencytranslation
adjustment

1,690

118

Total
accumulatedof defined benefit
otherplanscomprehensive
incomeRemeasurements

(25)

1,684

Share
acquisitionrightsTotal net assets

62

39,706

Cumulative effects ofchanges in accounting
policies
Restated balance

35
1,690

118(25)

1,684

6239,742

Changes during period
Dividends of surplus–(1,036)

Profit attributable to ownersof parent–

5,646

Purchase of treasury shares–(438)

Cancellation of treasury
shares––Net changes in items otherthan shareholders' equity

(351)

15

535(277)

36(240)Total changes during period

(351)

15

535(277)

36

3,930

Balance at end of period

1,338

1672(20)

1,407

98

43,6738

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

Capital surplus

2,529

Retained earnings

1,805

Total shareholders'equityTreasury shares

38,201(368)42,166

Changes during period
Dividends of surplus(1,152)(1,152)

Profit attributable to ownersof parent

5,923

5,923

Purchase of treasury shares

(0)

(0)

123

106

Disposal of treasury shares(16)

Transfer from retained
earnings to capital surplus

16

(16)

–

–

4,755

122

4,878

2,529

1,805

42,956(245)

47,045–

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Deferred gains
or losses onhedgesForeigncurrencytranslation
adjustment

1,338

1672

Total
accumulatedof defined benefit
otherplanscomprehensive
incomeRemeasurements

(20)

1,407

Share
acquisitionrightsTotal net assets

98

43,673

Changes during period
Dividends of surplus–(1,152)

Profit attributable to ownersof parent–

5,923

Purchase of treasury shares–(0)

Disposal of treasury shares–

106

Transfer from retained
earnings to capital surplus––

Net changes in items otherthan shareholders' equity

(20)

(24)

(44)

(25)

(115)

(61)

(176)

Total changes during period

(20)

(24)

(44)

(25)

(115)

(61)

4,701

1,317

(7)

27(46)

1,292

37

48,375

Balance at end of period

9Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023
8,668

8,983

16,898209

17,242–

Amortization of goodwill
Gain on bargain purchase

287
(259)

246
–

Increase (decrease) in allowance for doubtful accounts
Interest and dividend income

(36)
(98)

(18)
(113)

Interest expenses
Loss (gain) on sale of investment securities

62(2)

74
2

Loss (gain) on sale and retirement of non-current assets
Other loss (gain)

63
114

66
158

(1,473)(999)

Depreciation
Impairment losses

Decrease (increase) in trade receivables
Decrease (increase) in accounts receivable-leasing businessand maintenance business
Decrease (increase) in inventories

24(39)(1,044)(1,239)Net decrease and increase in lease investment assets
Net decrease and increase in lease business assets(1,518)(15,430)(2,993)(14,079)

(33)

(4)

3(40)

(430)

420

(72)

(38)

Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for retirement benefits for
directors (and other officers)
Increase (decrease) in trade payables
Increase (decrease) in accounts receivable-leasing businessand maintenance business
Increase and decrease in other assets and debt

272

(242)

6,203

7,385

Interest and dividends received

99112

Interest paid
Business security receive(paid)

(33)
123

(53)
11

Income taxes paid
Income taxes refund(1,473)173(4,740)1

Net cash provided by (used in) operating activities

5,093

2,716

(6)

(170)

–

148

(2,446)(1,769)123

16(45)(38)(30)
28(67)
10(2,419)–

Subtotal

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment and intangible
assetsProceeds from sale of property, plant and equipment andintangible assets
Payments for retirement of non-current assets
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of shares of subsidiaries resulting in change in scopeof consolidation
Other, net
Net cash provided by (used in) investing activities10123

9(4,671)(1,860)(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023

Cash flows from financing activities
Repayments of short-term borrowings(4,010)(50)

Proceeds from long-term borrowings
Repayments of long-term borrowings

22,400(23,120)

21,500(21,789)

Proceeds from issuance of bonds
Redemption of bonds

9,951(5,260)–(260)

Repayments of lease liabilities
Cash dividends paid by parent company(7)(1,036)(6)(1,152)

Balance by buying and saling self-stock
Other, net(438)
(21)

(0)
(19)

Net cash provided by (used in) financing activities(1,543)(1,778)

Effect of exchange rate change on cash and cash equivalents

2815

Net increase (decrease) in cash and cash equivalents(1,093)(906)

Cash and cash equivalents at beginning of period

11,984

10,890Cash and cash equivalents at end of period

10,8909,98411