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, 2022
(Based on Japanese GAAP)
February 10, 2023
Company name:

PUNCH INDUSTRY CO., LTD.

Stock exchange listing: Tokyo
Stock code:
6165
Representative:
Inquiries:

URL

http://www.punch.co.jp/ir/

Chief Executive Officer
Chief Financial Officer

Tetsuji Morikubo
Takao Murata

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

February 13, 2023–

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

NoNo

TEL

03-5753-3130(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended December 31, 2022 (from April 1, 2022 to December 31, 2022)(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, 2022
32,69411.3
2,083 (19.0)
1,983 (22.0)
1,093 (38.5)
Nine months ended December 31, 2021
29,37224.2
2,570 175.5
2,543 153.0
1,778–Earnings per share

Diluted earnings per share

Yen
48.53
81.45

Nine months ended December 31, 2022
Nine months ended December 31, 2021

Yen
48.11
81.29

(2) Consolidated financial position
Total assets

Net assets

Millions of yen
32,93528,774As of December 31, 2022
As of March 31, 2022

Equity ratio

Millions of yen
19,526
16,307

%
59.1
56.5

2. Cash dividends
Annual dividends per share

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

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
4.00
6.50

Yen––

Yen
9.00

Yen
13.00

13.00

19.50

Year ending March 31, 2023 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)Net sales
Full year

Millions of yen
43,100Percentages 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
9.5
2,350 (22.7)
2,300 (23.5)
1,130 (44.6)
46.35

1

4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoNo(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:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(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, 2022

23,722,400 shares As of March 31, 202222,332,400 shares

Number of treasury shares at the end of the period
As of December 31, 2022

241,539 shares As of March 31, 2022

275,868 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2022

22,542,798 shares Nine months ended December 31, 2021

221,832,834 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits

As of December 31, 2022

4,816,271

5,591,542Notes receivable - trade
Accounts receivable - trade
Merchandise and finished goods
Work in process

2,043,258
9,191,812
2,408,754
813,141

1,757,332
10,513,749
3,007,781
869,616

Raw materials and supplies
Other
Allowance for doubtful accounts

1,569,159
485,384(48,002)1,820,622
569,288(32,962)

Total current assets

21,279,780

24,096,970

Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

5,905,167

6,340,455(4,140,358)(4,461,346)

Buildings and structures, net

1,764,809

1,879,108

Machinery, equipment and vehicles
Accumulated depreciation

16,310,582(12,703,869)

18,059,349(13,946,900)

3,606,712

4,112,449

2,514,054(2,081,516)

2,860,804(2,339,265)

Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation

432,538

521,539Land

Tools, furniture and fixtures, net

778,847

831,935

Construction in progress
Other
Accumulated depreciation

168,440
392,570(131,311)

189,613503,952(259,855)

261,259

244,097

7,012,607

7,778,743–
177,903

478,849
235,469

Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other

177,903

714,318

Investments and other assets
Investments and other assets
Allowance for doubtful accounts

Total intangible assets

317,431(13,623)

362,534(16,659)

Total investments and other assets

303,807345,874

7,494,318

8,838,936

28,774,098

32,935,907

Total non-current assets
Total assets3

(Thousands of yen)
As of March 31, 2022

As of December 31, 2022

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating

2,738,725
1,078,059

3,085,974
1,125,665

Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provision for bonuses

1,774,655
710,978
384,126
400,265

2,182,550
792,037
285,676
933,587

Provision for directors’ bonuses
Other17,183
2,897,059

7,309
2,409,280

Total current liabilities

10,001,052

10,822,080

Non-current liabilities
Long-term borrowings
Bonds payable
Retirement benefit liability

907,890–
1,145,220

823,720
15,0001,244,542

412,726

503,593

Other

2,465,836

2,586,856

Total liabilities

Total non-current liabilities

12,466,888

13,408,937

Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares

2,944,776
2,512,189
9,057,592(136,301)

3,222,387
2,787,843
9,805,393(119,343)

14,378,256

15,696,281

1,962,065(75,761)3,909,392(124,967)

1,886,303

3,784,425

26,13016,51822,93323,32916,307,209

19,526,970

28,774,098

32,935,907

Total shareholders' equity
Accumulated other comprehensive income
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total 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)(Thousands of yen)
Nine months ended
December 31, 2021

Nine months ended
December 31, 2022

Net sales

29,372,850

32,694,487

Cost of sales

20,613,837

23,666,410

Gross profit8,759,012

9,028,077

Selling, general and administrative expenses

6,188,481

6,944,671

Operating profit

2,570,531

2,083,406

37,73843,663Gain on sale of scraps
Subsidy income
Other

22,794–
41,46629,94827,48833,017

Total non-operating income

101,999

134,117

42,59560,99024,98537,996
179,121
16,912

128,571

234,029

Non-operating income
Interest income

Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit

2,543,958

1,983,494

Extraordinary income
Gain on sale of non-current assets

5,637

5,538

Total extraordinary income

5,637

5,538

3,633
68,38014,203
223,595

72,014

237,798

Profit before income taxes

2,477,581

1,751,234

Income taxes - current
Income taxes - deferred

513,541
183,777

487,043
166,516

Total income taxes

697,318

653,559

1,780,263

1,097,674

2,020

3,679

1,778,242

1,093,995

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

Net Profit
Profit attributable to non-controlling interests
Profit attributable to owners of parent

5Consolidated statements of comprehensive income (cumulative)(Thousands of yen)
Nine months ended
December 31, 2021
Net Profit
Other comprehensive income
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 of parent
Comprehensive income attributable to non-controllinginterests

6

Nine months ended
December 31, 2022

1,780,263

1,097,674

1,201,959

1,950,459

24,001(49,205)

1,225,9611,901,253

3,006,224

2,998,928

3,003,409

2,992,117

2,814

6,811