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, 2024
(Based on Japanese GAAP)May 14, 2024
Company name:

SAN-AI OBBLI CO., LTD.

Stock exchange listing: Tokyo
Stock code:
8097

URL

https://www.san-ai-obbli.com/

Representative:

Representative Director, President
Hiroshi Hayata
Executive Officer, General Manager, General
Inquiries:
Eiichi Nonaka
Accounting Department
Scheduled date of ordinary general meeting of shareholders:June 26, 2024
Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:

June 27, 2024
June 27, 2024

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

Yes
Yes

TEL

03-6880-3100(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results
Net salesYear ended March 31, 2024
Year ended March 31, 2023

Operating profit

Millions of yen
659,588647,833%
1.8
8.2

Millions of yen
16,873
15,211

Earnings per share

Diluted earnings per
share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
%
%
%
–
9.8
8.5
2.6
–
10.0
8.0
2.3

Yen
171.15160.20Year ended March 31, 2024
Year ended March 31, 2023

%
10.9
26.1

Percentages indicate year-on-year changes
Profit attributable toOrdinary profit
owners of parent
Millions of yen% Millions of yen%
17,741
10.6
11,2172.9
16,03822.2
10,901
31.2(2) Consolidated financial position
Total assets
As of March 31, 2024
As of March 31, 2023

Net assets

Equity ratio

Millions of yen
218,607
201,244

Millions of yen
123,829
117,424

Cash flows fromoperating activities
Millions of yen
27,222
18,921

Cash flows frominvesting activities
Millions of yen(8,710)(3,252)

Net assets per share
%
53.9
55.5

Yen
1,830.74
1,668.60(3) Consolidated cash flows

Year ended March 31, 2024
Year ended March 31, 2023

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(11,877)
53,381(6,918)46,747

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2023
Year ended March 31, 2024
Year ending March 31, 2025
(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

%

%

–
–

19.00
30.00

–
–

36.00
50.00

55.00
80.00

3,710
5,182

34.3
46.7

3.4
4.6

–

50.00

–

50.00

100.001

67.7

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Net sales
Full year

Millions of yen
650,000

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
(1.5)
12,500 (25.9)
13,000 (26.7)
9,500 (15.3)
147.72

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024
(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:
Changes in accounting policies due to other reasons:

No
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(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, 2024

66,000,000 shares As of March 31, 2023

68,000,000 shares

Number of treasury shares at the end of the period
As of March 31, 2024

1,688,130 shares As of March 31, 2023

1,034,703 shares

65,540,380 shares Year ended March 31, 2023

68,051,696 shares

Average number of shares during the period
Year ended March 31, 20242

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets

47,017
43,14453,671
46,740

Securities
Merchandise and finished goods

–
7,542

100
7,387

Work in process
Raw materials and supplies

85
146

29
130

Other
Allowance for doubtful accounts

919
(475)

1,046
(486)

98,380108,620

69,516(49,704)

71,938(51,155)

Buildings and structures, net

19,812

20,783

Machinery, equipment and vehicles
Accumulated depreciation

34,671(27,695)

37,178(28,705)

6,976

8,472

18,4203,779

18,762
3,699

Accumulated depreciation(1,737)(1,835)

Leased assets, net

2,042

1,863

Construction in progress

3,371

1,955

Other
Accumulated depreciation

4,361(3,462)

4,604(3,744)898

859

51,522

52,697

Goodwill
Customer-related intangible assets

1,683
1,093

1,881
1,004

Software in progress
Other

2,186
1,232

1,327
2,698

Total intangible assets

6,197

6,912

Investments and other assets
Investment securities

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

Machinery, equipment and vehicles, net
Land
Leased assets

Other, net
Total property, plant and equipment
Intangible assets

17,14020,978Long-term loans receivable
Deferred tax assets

21
606

16
641

Retirement benefit asset
Guarantee deposits

1,991
24,865

3,442
24,813

613
(96)

612
(127)

Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

45,14350,377

102,863

109,987

201,244

218,607

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade44,90855,202

Short-term borrowings
Current portion of long-term borrowings

300
2,346

300
946

Lease liabilities
Income taxes payable

567
3,530

560
2,547

Provision for bonuses
Provision for bonuses for directors (and other officers)

2,041
89

2,226
84

Provision for warranties for completed construction
Other

0
13,667

1
16,618

Total current liabilities

67,45378,488Non-current liabilities
Long-term borrowings

2,115

1,168

Lease liabilities
Deferred tax liabilities

1,687
3,553

1,497
4,786

694

694

208

194

217

227

117
609

95
562

Deferred tax liabilities for land revaluation
Provision for retirement benefits for directors (and otherofficers)
Provision for special repairs
Retirement benefit liability
Asset retirement obligations
Other

7,162

7,063

Total non-current liabilities

16,366

16,29083,81994,778

Share capital
Capital surplus

10,127
2,531

10,1272,531

Retained earnings
Treasury shares

97,862(1,280)101,702(2,605)

Total shareholders' equity

109,241

111,755

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

4,338

7,101

Revaluation reserve for landRemeasurements of defined benefit plans(612)(1,228)

(613)
(505)

Total accumulated other comprehensive income

2,496

5,983

Non-controlling interests
Total net assets
Total liabilities and net assets

4

5,686

6,090

117,424

123,829

201,244

218,607

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Net sales
Net sales of goods
Net sales of completed construction contracts

644,346
3,486

655,824
3,763

Total net sales

647,833

659,588

Cost of sales
Cost of goods sold586,347

593,912

Cost of sales of completed construction contracts

3,011

3,342

589,359

597,254

Gross profit

58,47462,334

Selling, general and administrative expenses

43,26345,461

Operating profit

15,211

16,873

Interest income
Dividend income

45
439

55
468

Purchase discounts
Light oil delivery tax grant

221
153

217
155

–
7

0
–

318

307

1,186

1,204

Interest expenses
Sales discounts

91
172

85
176

Other

94

74

Total cost of sales

Non-operating income

Reversal of allowance for doubtful accounts
Subsidies for employment adjustment
Other
Total non-operating income
Non-operating expenses

Total non-operating expenses

358

336

16,03817,741

604
535

58
–

1,139

58

219

552

Impairment losses
Loss on sale of investment securities

166
4

111
–

Total extraordinary losses

390

663

Profit before income taxes

16,787

17,136

Income taxes - current

5,384

5,263

Income taxes - deferred

(167)

31

Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets

Total income taxes

5,216

5,294

Profit11,571

11,841

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

5

669

624

10,901

11,217

Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
11,571

11,841

Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax

530(1,547)2,760
723

Total other comprehensive income(1,016)

3,484

10,554

15,326

9,839

14,703714

622

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6

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

Capital surplus

10,127Retained earnings

4,339

Total shareholders'equityTreasury shares

91,563(2,651)

103,378

Changes during period
Dividends of surplus(1,787)(1,787)

MIddle dividends from surplus(1,300)(1,300)236

236

10,901

10,901

Reversal of revaluation reserve for
land
Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares(2)

Cancellation of treasury shares(1,804)(1,751)(2,200)(2,200)

14

12

3,556

–

Net changes in items other thanshareholders' equity–

Total changes during period
Balance at end of period–(1,807)

6,299

1,370

5,863

10,127

2,531

97,862(1,280)109,241

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Revaluation
reserve for landRemeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income

3,853

(376)

318

3,795

Non-controllinginterests

Total net assets

5,184

112,358

Changes during period
Dividends of surplus–(1,787)

MIddle dividends from surplus–(1,300)(236)–

Profit attributable to owners ofparent–10,901

Purchase of treasury shares–(2,200)

Disposal of treasury shares–

12

Cancellation of treasury shares––

Reversal of revaluation reserve forland

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

(236)

485

(1,547)(1,061)

501

(560)

485

(236)

(1,547)(1,298)

501

5,066

4,338

(612)

(1,228)

2,496

5,686

117,424

7

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

10,127Retained earnings

2,531

Total shareholders'equityTreasury shares

97,862(1,280)109,241

Changes during period
Dividends of surplus(2,410)(2,410)MIddle dividends from surplus(1,967)(1,967)0

0

11,217

11,217

Reversal of revaluation reserve for
land
Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares

1

Cancellation of treasury shares(1)(2,999)(4,338)(4,338)

11

12

3,001

–

Net changes in items other thanshareholders' equity–

Total changes during period
Balance at end of period

–

0

3,839

(1,325)2,514

10,127

2,531

101,702(2,605)

111,755

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Revaluation
reserve for landRemeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income

4,338

(612)

(1,228)2,496

Non-controllinginterests

Total net assets

5,686

117,424

Changes during period
Dividends of surplus–(2,410)MIddle dividends from surplus–(1,967)(0)–Profit attributable to owners ofparent–11,217Purchase of treasury shares–(4,338)

Disposal of treasury shares–

12

Cancellation of treasury shares––

Reversal of revaluation reserve forland

Net changes in items other thanshareholders' equity

(0)

2,762

723

3,486

404

3,890

Total changes during period

2,762

(0)

723

3,486

404

6,404

Balance at end of period

7,101

(613)

(505)

5,983

6,090

123,8298

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, 2023

March 31, 2024
16,787

17,136

5,247
382

5,570
432

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses

(1)
339

42
184

Increase (decrease) in provision for bonuses for directors (andother officers)

13

(5)

Increase (decrease) in retirement benefit asset or liability
Interest and dividend income

(387)
(706)

(442)
(740)

Interest expenses
Loss (gain) on sale and retirement of property, plant and

264

261

(411)

446

166

111

Loss (gain) on sale of investment securities
Decrease (increase) in trade receivables

(530)
2,657

–
(3,596)

Decrease (increase) in inventories
Decrease (increase) in other current assets

(155)
1,459

227
(115)

11

(131)

(2,706)
4

10,293
(174)

402
65

3,398
73

22,90332,973

705
(264)

741
(264)

Income taxes paid

(4,423)(6,227)

Net cash provided by (used in) operating activities

18,921

27,222

Payments into time deposits
Proceeds from withdrawal of time deposits

(390)
390

(410)
390

Purchase of investment securities
Proceeds from sale of investment securities

(166)
1,663

(319)
–

Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment(4,027)
1,208(6,488)235

Purchase of intangible assets
Loan advances(2,295)(13)(1,864)
(10)

25
352

27
(271)

(3,252)(8,710)Depreciation
Amortization of goodwill

equipment
Impairment losses

Decrease (increase) in guarantee deposits and claims provablein bankruptcy, claims provable in rehabilitation
Increase (decrease) in trade payables
Increase (decrease) in accrued liabilities
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividends received
Interest paid

Cash flows from investing activities

Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities

9

(Millions of yen)

Cash flows from financing activities
Repayments of long-term borrowings

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
(827)

(2,346)

Purchase of treasury shares
Dividends paid to non-controlling interests(2,200)(213)(4,338)(217)

Dividends paid
Other, net(3,087)(589)(4,377)(597)

Net cash provided by (used in) financing activities(6,918)(11,877)

Net increase (decrease) in cash and cash equivalents

8,750

6,633

Cash and cash equivalents at beginning of period

37,996

46,747

Cash and cash equivalents at end of period

46,74753,38110