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 Six Months Ended September 30, 2023
(Based on Japanese GAAP)
November 6, 2023
Company name:
ICHINEN HOLDINGS CO., LTD
Stock exchange listing: Tokyo
Stock code:
Representative:

9619
President

URL

https://www.ichinenhd.co.jp
Masashi Kuroda

Inquiries:

Director Executive Officer General ManagerHisako Imoto
General Planning Dept.

TEL

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

November 14, 2023
November 30, 2023

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

Yes
Yes

06-6309-7890(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2023 (from April 1, 2023 to September 30, 2023)(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%Six months ended September 30, 2023
63,5252.8
4,231 (13.9)
4,540 (11.6)
3,123(3.2)
Six months ended September 30, 2022
61,772
4.6
4,916
4.1
5,138
7.2
3,226
5.3
Earnings per share

Diluted earnings per share

Yen
129.88134.54Six months ended September 30, 2023
Six months ended September 30, 2022

Yen
129.51134.41(2) Consolidated financial positionTotal assets

Net assets

Millions of yen
179,396
171,888

As of September 30, 2023
As of March 31, 2023

Equity ratio

Millions of yen
51,30048,375

Net assets per share%
28.6
28.1

Yen
2,130.23
2,009.64

2. Cash dividends
Annual dividends per share

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

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen
––

Yen
25.00
30.00

Yen–

Yen
25.00

Yen
50.00

–

25.00

55.00

Year ending March 31, 2024 (Forecast)Total

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

Millions of yen
131,000

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
2.5
8,200(7.5)
8,200(9.9)
5,480(7.5)
227.831

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):

No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

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

No
No

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

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2023

24,262,227 shares As of March 31, 2023

24,262,227 shares

Number of treasury shares at the end of the period
As of September 30, 2023

209,476 shares As of March 31, 2023

209,456 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2023

24,052,761 shares Six months ended September 30, 2022

223,982,851 shares

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

As of September 30, 2023

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

10,154
15,961

15,414
15,222

Electronically recorded monetary claims - operating
Accounts receivable-leasing business and maintenance

5,308

2,016

business
Investments in leases

2,536

2,683

24,38928,411

Merchandise and finished goods
Work in process

8,913
1,000

9,114
1,184

Raw materials and supplies
Prepaid expenses

2,042
2,496

2,766
3,461

OtherAllowance for doubtful accounts

3,808(46)3,760(10)Total current assets

76,56784,025

Assets for leaseAccumulated depreciation

140,726(80,869)

142,616(83,333)

Assets for lease,net

59,85759,282

10,83029,962

10,83230,348

Accumulated depreciation(16,032)(16,662)

Other, net

13,93013,686

84,61883,801

700

576

732

815

1,432

1,392

Investment securities
Long-term prepaid expenses

4,672
1,564

5,383
1,563

Deferred tax assets
Other

1,141
1,931

1,327
1,982

(81)

(114)

9,228

10,143

95,27995,338Non-current assets
Property, plant and equipment

Land
Other

Total property, plant and equipment
Intangible assetsGoodwill
Other
Total intangible assets
Investments and other assets

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

34232

171,888

179,396(Millions of yen)
As of March 31, 2023

As of September 30, 2023

Liabilities
Current liabilities
Notes and accounts payable - trade

13,017

11,761

Electronically recorded obligations - operating
Short-term borrowings

5,384
4,300

5,513
11,400Commercial papers
Current portion of bonds payable

3,500
5,260

2,000
10,260Current portion of long-term borrowings
Lease liabilities

20,571
720,837
4

Income taxes payable
Advances received-leasing business and maintenance

1,606

1,623

452

468

business
Provision for bonuses

867

914

Reserve for quality assurance
Other

19
2,362

17
2,137

Total current liabilities

57,347

66,937

Non-current liabilities
Bonds payable

11,2306,100Long-term borrowings
Lease liabilities

51,5683

51,6882

Retirement benefit liability
Provision for retirement benefits for directors (and other2,034

1,976

180

197

524534

officers)
Asset retirement obligations
Other624

659

66,165

61,158

123,513

128,095

Share capital
Capital surplus

2,529
1,805

2,529
1,805

Retained earnings
Treasury shares

42,956(245)

45,479(245)

Total shareholders' equity

47,04549,5671,317

1,684(7)2726(0)Total non-current liabilities
Total liabilities
Net assets
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(46)

(39)

1,292

1,670

3762

48,37551,300171,888

179,396

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Six months ended

Six months ended

September 30, 2022

September 30, 2023

Net sales
Cost of sales

61,77247,55063,52549,671Gross profit

14,221

13,854

573

613

3,081
797

3,208
694

152

168

15

17(1)

(3)

1123(2)
123

Other

4,562

4,803

Total selling, general and administrative expenses

9,305

9,622

4,916

4,231

61

67

27
124

23
122

Other

78

165

Total non-operating income

291

378

Interest expenses
Commission expenses

34
12

33
13

Other

23

22

Selling, general and administrative expenses
Remuneration for directors (and other officers)
Salaries, allowances and bonuses
Provision for bonuses
Retirement benefit expenses
Provision for retirement benefits for directors (and otherofficers)
Provision of allowance for doubtful accounts
Provision for quality assurance
Amortization of goodwill

Operating profit
Non-operating income
Dividend income
Purchase discounts
Foreign exchange gains

Non-operating expenses

Total non-operating expenses

7069

5,1384,540

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

0–10

Total extraordinary income

02Extraordinary losses
Loss on sale and retirement of non-current assets

2534

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

047––

Loss on disaster
Loss on liquidation of business

38–

170

Total extraordinary losses

111106

Profit before income taxes

5,026

4,436

Income taxes - current

1,844

1,674

Income taxes - deferred

(44)

(362)

Total income taxes

1,799

1,312

Profit

3,226

3,123

Profit attributable to owners of parent

3,226

3,123

Ordinary profit
Extraordinary income

5Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2022

September 30, 2023

3,226

3,123

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

(54)
(0)

36633Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

01(28)
6(52)

377

3,173

3,501

3,173

3,501

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

6

Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes

Six months ended

Six months ended

September 30, 2022

September 30, 2023

5,026

4,436

8,580
123

8,715
123

Increase (decrease) in allowance for doubtful accountsInterest and dividend income(4)
(62)

(3)
(69)

Interest expenses
Loss (gain) on sale and retirement of non-current assets

34
2033
32

Loss on liquidation of business
Decrease (increase) in trade receivables

–
1,715

70
4,034

Decrease (increase) in inventories
Net Decrease (increase) in lease investment assets(1,563)(1,697)(972)(4,378)Decrease(Increase) in lease business assets
Increase (decrease) in trade payables(6,495)(1,641)(6,994)(1,098)

60
(6)

69
(13)

Income taxes paid
Income taxes refund(2,824)1(1,921)
669

Other, net(1,730)(1,666)

(463)

1,067

Purchase of property, plant and equipment and intangible
assets(1,063)(876)

Proceeds from sale of property, plant and equipment andintangible assets

5

1

Payments for retirement of non-current assets
Purchase of investment securities

(10)
(21)

(21)
(172)

Proceeds from sale of investment securities
Other, net

0(86)

1106

(1,175)(960)

Depreciation
Amortization of goodwill

Interest and dividends received
Interest paid

Net cash provided by (used in) operating activities
Cash flows from investing activities

Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings–7,100(50)––(1,500)13,300(10,808)

11,500(11,113)

Redemption of bonds
Repayments of lease liabilities

(130)
(3)

(130)
(2)

Dividends paid
Other, net(550)
94(601)(13)

Net cash provided by (used in) financing activities

1,851

5,239

Effect of exchange rate change on cash and cash equivalents

2913

Net increase (decrease) in cash and cash equivalents

242

5,359

Cash and cash equivalents at beginning of period

10,8909,984

Cash and cash equivalents at end of period

11,133

15,344

Repayments of short-term borrowings
Net increase (decrease) in commercial papers
Proceeds from long-term borrowings
Repayments of long-term borrowings

7