Aichi : Consolidated Financial Results for the Three Months Ended June 30, 2023

Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results

for the Three Months Ended June 30, 2023

[Japanese GAAP]

July 26, 2023

Company name: AICHI CORPORATION

Stock exchange listing: Tokyo, Nagoya

Code number: 6345

URL: https://www.aichi-corp.co.jp

Representative: Toshiya Yamagishi, President and Representative Director

Contact: Tadashi Okumura, Accounting General Manager

Phone: [phone]

Scheduled date of filing quarterly securities report: August 8, 2023

Scheduled date of commencing dividend payments: -

Availability of supplementary briefing material on quarterly financial results: No

Schedule of quarterly financial results briefing session: No

					(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Three Months Ended June 30, 2023 (April 1, 2023 to June 30, 2023)
(1) Consolidated Operating Results			(% indicates changes from the previous corresponding period.)
	Net sales		Operating profit	Ordinary profit	Profit attributable to
		owners of parent
Three months ended	Millions of yen		%	Millions of yen	%	Millions of yen	%	Millions of yen	%
June 30, 2023	10,606		(0.7)	728	3.7	936	(5.7)	664	(5.5)
June 30, 2022	10,681		13.5	702	35.3	992	29.7	702	32.5

(Note) Comprehensive income:	Three months ended June 30, 2023:
	Three months ended June 30, 2022:

¥	1,759 million	[	119.3%]
¥	802 million	[	147.6%]

	Basic earnings	Diluted earnings per
	per share		share
Three months ended	Yen			Yen
June 30, 2023	8.83			-
June 30, 2022	9.32			-
(2) Consolidated Financial Position
	Total assets		Net assets	Capital adequacy ratio
As of	Millions of yen		Millions of yen	%
June 30, 2023	94,241			78,903	83.7
March 31, 2023	95,695			78,573	82.1
(Reference) Equity: As of	June 30, 2023:	¥	78,903 million
As of	March 31, 2023:	¥	78,573 million

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2. Dividends

Annual dividends

1st

2nd

3rd

Year-end

Total

quarter-end

quarter-end

quarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-

17.00

-

19.00

36.00

Fiscal year ending March 31, 2024

-

Fiscal year ending March 31, 2024

19.00

-

19.00

38.00

(Forecast)

(Note) Revision to the forecast for dividends announced most recently:

No

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024(April 1, 2023 to March 31, 2024)

(% indicates changes from the previous corresponding period.)

Net sales

Operating profit

Ordinary profit

Profit attributable

Basic earnings per

to owners of parent

share

Millions of

Millions of

Millions of

Millions of

yen

%

yen

%

yen

%

yen

%

Yen

Full year

61,000

0.5

7,500

2.0

8,050

0.4

6,000

0.7

79.72

(Note) Revision to the financial results forecast announced most recently:

No

* Notes:

(1) Changes in significant subsidiaries during the three months ended June 30, 2023

(changes in specified subsidiaries resulting in changes in scope of consolidation):

No

(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

No

1. Changes in accounting policies, changes in accounting estimates and retrospective restatement
2. 1. Changes in accounting policies due to the revision of accounting standards: No
   2. Changes in accounting policies other than 1) above: No
   3. Changes in accounting estimates: No
   4. Retrospective restatement: No
3. Total number of issued shares (common shares)
4. 1. Total number of issued shares at the end of the period (including treasury shares):

June 30, 2023:	75,211,400	shares
March 31, 2023:	75,211,400	shares
2) Number of treasury shares at the end of the period:
June 30, 2023:	445	shares
March 31, 2023:	375	shares

3) Average number of shares outstanding during the period:
Three months ended June 30, 2023:	75,211,008	shares
Three months ended June 30, 2022:	75,396,622	shares

• This quarterly financial results are not subject to quarterly review procedure by certified public accountants or auditing firms.
• Explanation regarding the proper use of performance forecasts and other special items

・All projections are based on the information available to management at the time of making this report and are not guarantees of future performance. Uncertainties could cause the actual results of AICHI CORPORATION to differ materially from any projections discussed in this report.

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Quarterly Consolidated Financial Statements

Quarterly Consolidated Balance Sheets

			(Thousands of yen)
		As of March 31, 2023	As of June 30, 2023
Assets
	Current assets
	Cash and deposits	1,162,162	1,611,596
	Deposits paid	37,865,486	42,993,533
	Notes and accounts receivable - trade	23,471,637	14,426,091
	Merchandise and finished goods	1,065,423	2,063,243
	Work in process	1,251,898	1,579,104
	Raw materials and supplies	1,486,946	1,583,193
	Other	1,249,447	447,713
	Total current assets	67,553,002	64,704,476
	Non-current assets
	Property, plant and equipment
	Buildings and structures, net	6,615,115	6,925,875
	Machinery, equipment and vehicles, net	1,696,350	1,623,968
	Land	8,523,400	8,522,936
	Other, net	780,173	561,012
	Total property, plant and equipment	17,615,039	17,633,793
	Intangible assets	601,208	598,320
	Investments and other assets
	Investment securities	6,959,086	8,185,773
	Other	2,973,787	3,125,753
	Allowance for doubtful accounts	(6,653)	(6,752)
	Total investments and other assets	9,926,220	11,304,775
	Total non-current assets	28,142,468	29,536,889
	Total assets	95,695,470	94,241,365

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					(Thousands of yen)
				As of March 31, 2023	As of June 30, 2023
Liabilities
	Current liabilities
		Notes and accounts payable - trade		10,248,973	8,890,503
		Income taxes payable	1,385,807	348,843
		Provision for bonuses for directors (and other		38,000	9,500
		officers)
		Provision for product warranties	153,065	136,163
		Other		3,069,956	3,610,581
		Total current liabilities	14,895,802	12,995,592
	Non-current liabilities
		Deferred tax liabilities for land revaluation	616,302	616,302
		Retirement benefit liability		660,461	507,569
		Deferred tax liabilities	695,862	980,731
		Other		253,294	237,180
		Total non-current liabilities	2,225,920	2,341,784
	Total liabilities		17,121,723	15,337,376
Net assets
	Shareholders' equity
		Share capital	10,425,325	10,425,325
		Capital surplus		9,923,342	9,923,342
		Retained earnings	54,606,278	53,841,430
		Treasury shares		(313)	(372)
		Total shareholders' equity		74,954,632	74,189,725
	Accumulated other comprehensive income
		Valuation difference on available-for-sale		3,882,938	4,736,681
		securities
		Revaluation reserve for land		(1,624,044)	(1,624,044)
		Foreign currency translation adjustment	808,182	961,282
		Remeasurements of defined benefit plans		552,038	640,342
		Total accumulated other comprehensive income	3,619,115	4,714,262
	Total net assets		78,573,747	78,903,988
Total liabilities and net assets	95,695,470	94,241,365

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Quarterly Consolidated Statements of Income and Comprehensive Income

Quarterly Consolidated Statements of Income (For the three months)

					(Thousands of yen)
				For the three months	For the three months
				ended June 30, 2022	ended June 30, 2023
Net sales	10,681,825	10,606,020
Cost of sales	8,731,149	8,508,510
Gross profit	1,950,676	2,097,509
Selling, general and administrative expenses	1,247,958	1,368,605
Operating profit	702,717	728,904
Non-operating income
	Interest income		1,577	1,656
	Dividend income	66,270	64,995
	Share of profit of entities accounted for using equity		162,046	116,394
	method
	Foreign exchange gains	49,809	16,021
	Other		11,572	8,943
	Total non-operating income	291,276	208,011
Non-operating expenses
	Other	1,586	728
	Total non-operating expenses		1,586	728
Ordinary profit	992,407	936,187
Extraordinary income
	Gain on sale of non-current assets	555	763
	Gain on sale of investment securities		2,537	-
	Total extraordinary income	3,093	763
Extraordinary losses
	Loss on retirement of non-current assets		3,087	140
	Loss on valuation of investment securities		5,970	-
	Total extraordinary losses	9,057	140
Profit before income taxes	986,442	936,811
Income taxes - current	236,505	397,875
Income taxes - deferred	47,208	(125,225)
Total income taxes	283,713	272,650
Profit	702,729	664,161
Profit attributable to owners of parent	702,729	664,161

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