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 Non-Consolidated Financial Results
for the Six Months Ended June 30, 2024
(Based on Japanese GAAP)
August 14, 2024
Company name:AIRTECH JAPAN,LTD.
Stock exchange listing: Tokyo
Stock code:
Representative:

6291
President

URL

https://www.airtech.co.jp
Shinya Hirasawa

Inquiries:
Director, Administration Department
Scheduled date to file Semi-annual Securities Report:

Naoki Watanabe
August 14, 2024

Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:–Yes

Holding of financial results meeting:

Yes

TEL

03(3872)9192(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Non-consolidated financial results for the six months ended June 30, 2024 (from January 1, 2024 to June 30, 2024)(1) Non-consolidated operating results (cumulative)

Percentages indicate year-on-year changes

Net salesSix months ended June 30, 2024
Six months ended June 30, 2023

Millions of yen
6,758
7,210

Operating profit% Millions of yen
(6.3)
606
19.5506

Earnings per share

Ordinary profit% Millions of yen
19.7
1,044(4.6)
801% Millions of yen
30.4
747
(0.3)
572

%
30.5
(4.5)

Diluted earnings per share

Yen
71.96
55.52

Six months ended June 30, 2024
Six months ended June 30, 2023

ProfitYen–55.47(2) Non-consolidated financial position
Total assets

Net assets

Millions of yen
18,764
19,589As of June 30, 2024As of December 31, 2023

Equity ratio

Millions of yen
14,288
14,107

Net assets per share%
76.1
72.0

Yen
1,371.57
1,360.01

2. Cash dividends
Annual dividends per share

Year ended December 31, 2023
Year ending December 31, 2024

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
0.00
0.00

Yen–

Yen
60.00

Yen
60.00

–

50.00

50.00

Year ending December 31, 2024 (Forecast)Total

3. Forecast of non-consolidated financial results for the year ending December 31, 2024 (from January 1, 2024 to December 31, 2024)
Percentages indicate year-on-year changes
Net sales
Full year

Millions of yen
13,500Operating profit% Millions of yen
(1.1)
930

Ordinary profit% Millions of yen
31.5
1,310

1Profit% Millions of yen
29.7
940

Earnings per share%
28.4

Yen
90.52

4. Notes(1) Application of special accounting methods for preparing interim non-consolidated financial statements: No(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
NoChanges in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

Restatement 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 June 30, 2024

10,538,420 shares As of December 31, 2023

10,508,450 shares

Number of treasury shares at the end of the period
As of June 30, 2024

120,747 shares As of December 31, 2023

142,295 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended June 30, 2024

10,384,141 shares Six months ended June 30, 2023

210,309,868 shares

Interim non-consolidated financial statements
Non-consolidated balance sheets(Thousands of yen)
As of December 31, 2023

As of June 30, 2024

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

5,388,660
4,221,556

3,293,087
4,599,607

Electronically recorded monetary claims - operating
Securities

1,360,882
651

1,499,481
727

Merchandise and finished goods
Work in process

1,324,225
568,747

1,533,509
474,230

Raw materials and supplies
Other

851,361
40,726

977,165
41,169Allowance for doubtful accounts(1,838)(1,986)

13,754,972

12,416,991

2,507,950

2,507,950

Other

2,295,907

2,828,338

Total property, plant and equipment

4,803,857

5,336,288

Intangible assets

44,06939,602

Investments and other assets
Other986,607971,244

Total current assets
Non-current assets
Property, plant and equipment
Land

Allowance for doubtful accounts

(117)

(121)

Total investments and other assets

986,489

971,122

Total non-current assets

5,834,416

6,347,013

19,589,389

18,764,005

828,2292,437,507

575,000
1,291,336

Short-term borrowings
Current portion of long-term borrowings

280,000
54,264

280,000
54,264

Income taxes payable
Provision for product warranties

97,00017,184

303,334
26,341

Provision for bonuses
Provision for loss on orders received

105,371
21,508104,046
21,046

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

Other

850,086

1,118,368

4,691,151

3,773,737

Long-term borrowings
Provision for retirement benefits

203,551
561,409

146,029526,580

Other

25,58029,081

Total current liabilities
Non-current liabilities

Total non-current liabilities
Total liabilities

3

790,541

701,691

5,481,692

4,475,429

(Thousands of yen)
As of December 31, 2023

As of June 30, 2024

Net assets
Shareholders' equity
Share capital

2,116,233

2,133,951

Capital surplus
Retained earnings

2,164,427
9,942,495

2,182,138
10,063,043

Treasury shares(138,116)(110,174)

14,085,040

14,268,958

Valuation difference on available-for-sale securities

13,067

19,617

Total valuation and translation adjustments

13,067

19,617

Total shareholders' equity
Valuation and translation adjustments

Share acquisition rights
Total net assets
Total liabilities and net assets

4

9,589

–

14,107,697

14,288,576

19,589,389

18,764,005

Non-consolidated statements of income (cumulative)(Thousands of yen)Six months ended

Six months ended

June 30, 2023

June 30, 2024

Net sales
Cost of sales

7,210,747
5,530,906

6,758,796
4,985,659

Gross profit

1,679,841

1,773,136

236,463

213,726

Remuneration for directors (and other officers)
Salaries

36,929271,973

36,989308,065

Provision of allowance for doubtful accounts
Provision for bonuses

1,912
28,675

152
29,318Retirement benefit expenses
Provision for product warranties

15,282
28,568

14,108
9,157

Other

553,098

554,937

1,172,902

1,166,456

506,939

606,680

Selling, general and administrative expenses
Freight and packing costs

Total selling, general and administrative expenses
Operating profit
Non-operating incomeInterest income

334789Dividend income
Other245,642
58,892397,562
68,995

Total non-operating income

304,869

467,348

822

800

8,341
1,645

26,112
2,587

Non-operating expenses
Interest expenses
Foreign withholding tax
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on reversal of share acquisition rights
Total extraordinary income

10,80829,501801,000

1,044,527

8,309

6,393

8,309

6,393

Profit before income taxes

809,3091,050,920

Income taxes - current

229,137

280,576

Income taxes - deferred

7,747

23,099Total income taxes

236,884

303,676

Profit572,425

747,2445

Non-consolidated statements of cash flows(Thousands of yen)

Cash flows from operating activities
Profit before income taxes

Six months ended

Six months ended

June 30, 2023

June 30, 2024
809,3091,050,920

Depreciation
Increase (decrease) in allowance for doubtful accounts

88,057
1,912

97,963
152

Increase (decrease) in provision for bonuses
Increase (decrease) in provision for retirement benefits(2,017)(38,308)(1,325)(34,829)

Increase (decrease) in provision for loss on orders received
Interest and dividend income

25,778(245,976)(462)(398,352)

822

800

(119,144)(516,650)Interest expenses
Decrease (increase) inaccounts receivable - trade, and contract
assetsDecrease (increase) in inventories

86,352(240,571)

Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other(185,362)
49,846(1,399,399)(21,773)

Other, net(115,069)

208,023

Subtotal

356,201(1,255,503)

Interest and dividends received

24,984398,222

Interest paid
Income taxes paid

(834)
(106,561)(794)(78,226)

Net cash provided by (used in) operating activities

273,790(936,301)(268,150)(268,155)

Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment

268,146(260,346)

268,150(551,433)

Purchase of investment securities
Other, net(103,093)
1,659

–205

Net cash provided by (used in) investing activities(361,783)(551,232)

Cash flows from financing activities
Proceeds from short-term borrowings

280,000

280,000

Repayments of short-term borrowings
Repayments of long-term borrowings(280,000)(68,158)(280,000)(57,522)

Dividends paid
Proceeds from issuance of shares(615,510)
3,604(624,563)
10,812

29,082(1,277)

26,291(961)(652,259)(645,943)

Cash flows from investing activities
Payments into time deposits

Proceeds from disposal of treasury shares
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

13,93928,356

Net increase (decrease) in cash and cash equivalents(726,313)(2,105,121)

Cash and cash equivalents at beginning of period

5,673,4864,692,616

Cash and cash equivalents at end of period

4,947,172

2,587,495

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