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, 2022
(Based on Japanese GAAP)May 10, 2022
Company name:AIPHONE CO., LTD.

Stock exchange listing: Tokyo, Nagoya
Stock code:
6718
URL
Representative:
Inquiries:

https://www.aiphone.co.jp/President
Executive Officer, General Manager,

Corporate Planning Department
Scheduled date of ordinary general meeting of shareholders:

Koji Kato
Tomio Suzuki

TEL052-228-8181

June 29, 2022

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

June 30, 2022
June 30, 2022

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

Yes
Yes

(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(1) Consolidated operating results
Net sales
Millions of yen51,991
46,141Year ended March 31, 2022
Year ended March 31, 2021
Note: Comprehensive income

Operating profit% Millions of yen
12.7
5,538(4.9)
3,622%
52.9
27.8

Percentages indicate year-on-year changes
Profit attributable toOrdinary profit
owners of parent
Millions of yen% Millions of yen
%
5,931
60.6
4,226
40.5
3,693
27.6
3,007
26.8

Year ended March 31, 2022

¥4,782 million [(2.9)%]

Year ended March 31, 2021

¥4,926 million [207.0%]

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen%%%–
7.8
8.9
10.7–
6.0
6.0
7.9

Diluted earnings pershareYen
258.64184.00Year ended March 31, 2022
Year ended March 31, 2021

Note: As the Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant
ASBJ regulations from the beginning of the fiscal year ended March 31, 2022, each figure presented above are figures after the application of thesaid standard.
(2) Consolidated financial position
Total assets
Millions of yen69,453
63,829As of March 31, 2022
As of March 31, 2021
Reference: Equity

Net assets

As of March 31, 2022
As of March 31, 2021

Millions of yen
55,92952,270Equity ratio

Net assets per share%
80.5
81.9

Yen
3,422.87
3,198.52¥55,929 million¥52,270 million

Note: As the Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant
ASBJ regulations from the beginning of the fiscal year ended March 31, 2022, each figure presented above are figures after the application of thesaid standard.

1(3) Consolidated cash flowsYear ended March 31, 2022
Year ended March 31, 2021

Cash flows fromoperating activities
Millions of yen
1,872
3,115

Cash flows frominvesting activities
Millions of yen
3,729(1,296)

Cash and cash equivalents
Cash flows fromat end of period
financing activities
Millions of yen
Millions of yen(1,332)
22,577(939)
17,998

Note: As the Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant
ASBJ regulations from the beginning of the fiscal year ended March 31, 2022, each figure presented above are figures after the application of thesaid standard.
2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2021
Year ended March 31, 2022
Year ending March 31, 2023
(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

%%

––

25.00
35.00

––

40.00
56.00

65.00
91.00

1,062
1,486

35.3
35.2

2.1
2.7

–

40.00

–

40.00

80.00

62.3

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Six months ending
21,500 (15.1)
200 (93.9)
300 (91.3)
200 (92.8)
12.24
September 30, 2022
Full year
49,500(4.8)
2,500 (54.9)
2,800 (52.8)
2,100 (50.3)
128.52
4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2022
(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:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

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 March 31, 2022

18,220,000 shares As of March 31, 2021

18,220,000 shares

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

1,879,987 shares As of March 31, 2021

1,877,971 shares

16,340,488 shares Year ended March 31, 2021

16,342,501 shares

Average number of shares during the period
Year ended March 31, 2022

* Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
* Explanation of proper use of financial results forecast, and other special matters
The forward-looking statements, including the financial results forecast shown in this document, are based on information currently available tothe Company and on certain assumptions deemed to be reasonable by the Company. As such, they do not constitute guarantees by the Companyof future performance. Actual performance and other results may differ materially due to various factors.

2

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2021

As of March 31, 2022

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

19,773
8,949

23,649–Notes receivable - trade
Electronically recorded monetary claims - operating

–
2,682

676
3,280––

7,653
41

Securities
Finished goods

595
4,694

689
6,103

Work in process
Raw materials

1,764
4,391

1,824
8,241

361
(34)

421(36)43,17752,545

6,104(4,363)6,231(4,499)

Buildings and structures, net

1,740

1,732

Machinery, equipment and vehicles
Accumulated depreciation

2,397(1,426)

2,683(1,770)Accounts receivable - trade
Contract assets

Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

Machinery, equipment and vehicles, net

971

913

7,537
(6,758)

7,892(7,140)

779

751

5,005
385

1,534
554

Accumulated depreciation

(154)

(255)

Leased assets, net

231

298

Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets

Construction in progress
Total property, plant and equipment
Intangible assets
Other
Total intangible assets

30

1

8,758

5,2320000

Investments and other assets
Investment securities

8,517

8,019

Deferred tax assets
Other

2,014
1,362

2,482
1,173

Allowance for doubtful accounts

(0)

(0)

Total investments and other assets

11,894

11,674

20,652

16,907

63,82969,453

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2021

As of March 31, 2022

Liabilities
Current liabilities
Electronically recorded obligations - operating

602

783

Accounts payable - trade
Lease liabilities

2,230
105

2,248
129

Income taxes payable
Contract liabilities

589
–

1,569
263

Provision for product warranties
Other

618
4,748

1,013
4,655

Total current liabilities

8,896

10,663

106

194

61118

82118

418
1,958

392
2,071

Non-current liabilities
Lease liabilities
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Retirement benefit liability
Other
Total non-current liabilities

2,663

2,859

11,55913,523

Shareholders' equity
Share capital

5,388

5,388

Capital surplus
Retained earnings

5,408
41,372

5,408
44,476

Total liabilities
Net assets

Treasury shares(3,216)(3,217)

Total shareholders' equity

48,95352,056

Valuation difference on available-for-sale securities
Revaluation reserve for land

2,617
(426)

2,101(426)Foreign currency translation adjustment
Remeasurements of defined benefit plans

1,071
54

2,127
70

Accumulated other comprehensive income

Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

4

3,317

3,873

52,27055,92963,82969,453Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

Net sales

46,141

51,991

Cost of sales

25,19828,029Gross profit

20,942

23,962

Selling, general and administrative expenses

17,32018,424

Operating profit

3,622

5,538

Non-operating income
Interest income

22

14

Dividend income
Rental income from buildings

136
49

148
33

Foreign exchange gains
Royalty income

–150

174–

Other

83

70

Total non-operating income

442

441

Interest expenses
Sales discounts

34
248

32
–

Foreign exchange losses
Other

1968

–
15

Total non-operating expenses370

47

3,693

5,931

Gain on sale of non-current assets

0365

Total extraordinary income

0365

Loss on sale of non-current assets
Loss on retirement of non-current assets

06

116

Loss on valuation of investment securities
Impairment losses

––

185
65

Non-operating expenses

Ordinary profit
Extraordinary income

Extraordinary losses

6268

Profit before income taxes

Total extraordinary losses

3,687

6,028

Income taxes - current
Income taxes - deferred

1,043(362)

2,080(278)

Total income taxes

680

1,801

Profit

3,007

4,226

Profit attributable to owners of parent

3,007

4,226

5

Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022
3,007

4,226

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

1,040
670(516)
1,056

Remeasurements of defined benefit plans, net of tax

208

16

1,919

555

Comprehensive income

Total other comprehensive income

4,926

4,782

Comprehensive income attributable toComprehensive income attributable to owners of parent

4,926

4,7826Consolidated statements of changes in equity
Fiscal year ended March 31, 2021
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

5,388

Retained earnings

5,408

Total shareholders'equityTreasury shares

39,198(3,216)

Cumulative effects of changes
in accounting policies

46,779–

Restated balance

5,388

5,408

39,198(3,216)

46,779Changes during period
Dividends of surplus

(833)

(833)

Profit attributable to owners ofparent

3,007

3,007

Purchase of treasury shares

(0)

(0)

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

–

–

2,173

(0)

2,173

5,388

5,408

41,372(3,216)

48,953

Accumulated other comprehensive income

Balance at beginning of period

TotalValuationdifference on
available-forsale securities

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

Remeasurements

accumulatedof defined benefit

otherplanscomprehensive

1,576(426)

401

(153)

income

1,398

Cumulative effects of changes
in accounting policies
Restated balance

Total net
assets48,178–1,576(426)401(153)

1,398

48,178Changes during period
Dividends of surplus(833)

Profit attributable to owners ofparent

3,007

Purchase of treasury shares(0)

Net changes in items otherthan shareholders' equity

1,040

Total changes during period

1,040

Balance at end of period

2,617

–

670

208–

670

208

1,919

4,092

(426)

1,071

54

3,317

52,270

7

1,919

1,919

Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

5,388

Retained earnings

5,40841,372

Cumulative effects of changes
in accounting policies

Total shareholders'equityTreasury shares(3,216)

104

Restated balance

5,388

5,408

48,953104

41,476(3,216)49,057

Changes during period
Dividends of surplus(1,225)(1,225)

Profit attributable to owners ofparent

4,226

4,226

Purchase of treasury shares

(1)

(1)

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

––

3,000

(1)

2,999

5,388

5,408

44,476(3,217)52,056

Accumulated other comprehensive income

Balance at beginning of period

TotalValuationdifference on
available-forsale securities

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

Remeasurements

accumulatedof defined benefit

otherplanscomprehensive

2,617(426)

1,071

54

income3,317

Cumulative effects of changes
in accounting policies
Restated balance

Total net
assets52,270104

2,617(426)

1,071

54

3,317

52,374

Changes during period
Dividends of surplus(1,225)

Profit attributable to owners ofparent

4,226

Purchase of treasury shares(1)

Net changes in items otherthan shareholders' equity

(516)

–

1,056

16555

555

Total changes during period

(516)

–

1,056

16555

3,555

Balance at end of period

2,101(426)

2,127

70

3,873

55,9298

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, 2021

March 31, 2022
3,687

6,028

Depreciation
Increase (decrease) in allowance for doubtful accounts

981
(41)

951
(1)

Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for product warranties

42186

(45)
394

Interest income
Dividend income

(22)
(136)

(14)
(148)

Foreign exchange losses (gains)
Interest expenses

234(21)32

Loss (gain) on valuation of investment securities
Loss (gain) on sale of property, plant and equipment–(0)185(364)

Loss on retirement of property, plant and equipment
Impairment losses

6–

1665

Decrease (increase) in trade receivables
Decrease (increase) in inventories(11)(1,367)249(4,771)

Increase (decrease) in trade payables
Other, net946
(351)

34261

Subtotal

3,954

2,852

120(34)

154(38)

Income taxes paid

(925)

(1,096)

Net cash provided by (used in) operating activities

3,115

1,872

(1,881)
1,403(1,517)
2,242

Proceeds from sale and redemption of securities
Purchase of property, plant and equipment

800(682)

199(555)

Proceeds from sale of property, plant and equipment
Purchase of investment securities

0(936)

3,590
(727)

––

(80)
577

(1,296)

3,729

Cash flows from financing activities
Purchase of treasury shares

(0)

(1)

Repayments of lease liabilities
Dividends paid(105)
(833)

(105)
(1,225)

Net cash provided by (used in) financing activities(939)(1,332)

Effect of exchange rate change on cash and cash equivalents

214309Interest and dividends received
Interest paid

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits

Loan advances
Proceeds from sale of investment property
Net cash provided by (used in) investing activities

Net increase (decrease) in cash and cash equivalents

1,094

4,578

Cash and cash equivalents at beginning of period

16,904

17,998Cash and cash equivalents at end of period

17,99822,577

9