Astena : Summary of Consolidated Financial Results for the Year Ended November 30, 2021 (Based on Japanese GAAP)

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 November 30, 2021

(Based on Japanese GAAP)

																			January 13, 2022
Company name:	Astena Holdings Co.,Ltd.
Stock exchange listing:	Tokyo
Stock code:	8095	URL https://www.astena-hd.com
Representative:	President & CEO		Keitaro Iwaki
Inquiries:	Board Director Chief Financial Officer	Masaaki Atsumi	TEL [phone]
Scheduled date of ordinary general meeting of shareholders:	February 25, 2022
Scheduled date to file Securities Report:		February 25, 2022
Scheduled date to commence dividend payments:		February 28, 2022
Preparation of supplementary material on financial results:		Yes
Holding of financial results meeting:						Yes	(for institutional investors and analysts)
											(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended November 30, 2021 (from December 1, 2020 to November 30, 2021)
(1) Consolidated operating results												Percentages indicate year-on-year changes
			Net sales		Operating profit	Ordinary profit	Profit attributable to
				owners of parent
			Millions of yen		%	Millions of yen		%	Millions of yen	%		Millions of yen		%
Year ended November 30, 2021		72,322		10.7	2,283		12.2		2,470	25.5		1,771		(10.7)
Year ended November 30, 2020		65,341		6.0	2,035		(4.1)		1,968	(15.1)	1,983		29.4
			Earnings per share	Diluted earnings per	Profit attributable to		Ordinary profit/total	Operating profit/net
				share			owners of				assets			sales
									parent/equity
				Yen		Yen				%						%				%
Year ended November 30, 2021		47.81		47.57				7.3						4.2				3.2
Year ended November 30, 2020		60.33			-				9.4						4.0				3.1
(2) Consolidated financial position
			Total assets		Net assets		Equity ratio	Net assets per share
			Millions of yen	Millions of yen					%						Yen
As of November 30, 2021		63,588					27,041					42.5						677.96
As of November 30, 2020		54,319					21,651					39.9						656.54
(3) Consolidated cash flows
			Cash flows from	Cash flows from	Cash flows from	Cash and cash equivalents
			operating activities	investing activities	financing activities		at end of period
			Millions of yen	Millions of yen	Millions of yen		Millions of yen
Year ended November 30, 2021		1,349					(4,380)					6,353						10,807
Year ended November 30, 2020		4,143					(8,254)					6,767						7,447
2. Cash dividends
						Annual dividends per share					Total cash		Dividend payout	Ratio of dividends
																to net assets
			1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total			dividends (Total)	ratio (Consolidated)	(Consolidated)
			Yen		Yen	Yen				Yen	Yen	Millions of yen		%			%
Year ended November 30, 2020		-		7.00	-				9.00	16.00		541		26.5			2.5
Year ended November 30, 2021		-		9.00	-				9.00	18.00		713		37.6			2.7
Year ending November 30, 2022		-			9.00	-				9.00	18.00				47.8
(Forecast)

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3. Forecast of consolidated financial results for the year ending November 30, 2022 (from December 1, 2021 to November 30, 2022) Percentages indicate year-on-year changes

	Net sales		Operating profit		Ordinary profit			Profit attributable to	Earnings per share
					owners of parent
Six months ending	Millions of yen	%	Millions of yen		%	Millions of yen		%	Millions of yen		%	Yen
25,000	-	1,000		-	1,000		-		1,000		-	25.08
May 31, 2022
Full year	50,000	-	1,700		-	1,600		-		1,500		-	37.62
4. Notes
(1) Changes in significant subsidiaries during the year ended November 30, 2021			Yes
(changes in specified subsidiaries resulting in the change in scope of consolidation):
(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:	No
Changes in accounting policies due to other reasons:						No
Changes in accounting estimates:									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 November 30, 2021	40,630,087	shares	As of November 30, 2020	34,729,839	shares
Number of treasury shares at the end of the period
	As of November 30, 2021	753,787	shares	As of November 30, 2020	1,752,095	shares
Average number of shares during the period
	Year ended November 30, 2021	37,063,254	shares	Year ended November 30, 2020	32,880,814	shares

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Consolidated financial statements

Consolidated balance sheets

			(Thousands of yen)
		As of November 30, 2020	As of November 30, 2021
Assets
Current assets
Cash and deposits	7,567,703	10,927,061
Notes and accounts receivable - trade	12,528,667	13,542,403
Electronically recorded monetary claims - operating	2,497,229	3,171,123
Merchandise and finished goods	4,604,066	5,350,885
Work in process	2,113,904	2,130,371
Raw materials and supplies	1,651,465	1,856,915
Accounts receivable - other	569,257	692,012
Other	383,946	471,345
Allowance for doubtful accounts	(39,932)	(35,136)
Total current assets	31,876,308	38,106,982
Non-current assets
Property, plant and equipment
Buildings and structures	9,762,155	10,445,657
Accumulated depreciation	(6,317,447)	(6,361,673)
Buildings and structures, net	3,444,708	4,083,983
Machinery, equipment and vehicles	8,876,793	9,434,943
Accumulated depreciation	(7,526,877)	(7,829,996)
Machinery, equipment and vehicles, net	1,349,916	1,604,946
Tools, furniture and fixtures	2,838,850	3,156,172
Accumulated depreciation	(2,138,487)	(2,288,333)
Tools, furniture and fixtures, net	700,363	867,838
Land	3,923,065	3,690,159
Leased assets	549,471	596,653
Accumulated depreciation	(264,317)	(334,548)
Leased assets, net	285,154	262,105
Construction in progress	432,833	1,440,999
Total property, plant and equipment	10,136,041	11,950,032
Intangible assets
Software	734,465	938,417
Goodwill	3,967,287	4,394,812
Technical assets	385,875	542,329
Customer relationship	2,152,744	2,183,926
Other	227,455	352,358
Total intangible assets	7,467,828	8,411,844
Investments and other assets
Investment securities	3,693,731	3,612,852
Retirement benefit asset	55,062	393,341
Deferred tax assets	448,319	408,226
Long-term deposits	185,863	175,167
Other	480,317	554,157
Allowance for doubtful accounts	(24,357)	(23,954)
Total investments and other assets	4,838,936	5,119,790
Total non-current assets	22,442,805	25,481,667
Total assets		54,319,113	63,588,650

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			(Thousands of yen)
		As of November 30, 2020	As of November 30, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade	8,180,533	8,851,843
Electronically recorded obligations - operating	3,546,770	3,265,906
Electronically recorded obligations - non-operating	22,267	23,077
Notes payable - facilities	27,596	81,045
Short-term borrowings	5,971,800	9,053,400
Accounts payable - other	408,153	300,021
Accrued expenses	2,693,737	2,790,109
Income taxes payable	495,139	875,499
Accrued consumption taxes	237,264	272,351
Provision for bonuses	825,803	794,853
Provision for sales returns	9,400	24,334
Provision for product warranties	3,119	4,914
Other	504,608	301,889
Total current liabilities	22,926,193	26,639,245
Non-current liabilities
Long-term borrowings	5,965,900	5,812,500
Lease obligations	206,463	186,697
Deferred tax liabilities	815,148	936,999
Provision for share-based compensation	66,255	66,255
Retirement benefit liability	2,382,479	2,598,896
Other	305,421	306,783
Total non-current liabilities	9,741,667	9,908,132
Total liabilities	32,667,860	36,547,377
Net assets
Shareholders' equity
Share capital	2,687,078	4,528,304
Capital surplus	4,340,560	6,516,607
Retained earnings	13,942,575	15,062,322
Treasury shares	(483,569)	(254,106)
Total shareholders' equity	20,486,645	25,853,127
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	1,082,259	985,867
Deferred gains or losses on hedges	261	(763)
Foreign currency translation adjustment	73,244	103,839
Remeasurements of defined benefit plans	8,841	92,615
Total accumulated other comprehensive income	1,164,607	1,181,558
Non-controlling interests	-	6,586
Total net assets	21,651,252	27,041,272
Total liabilities and net assets		54,319,113	63,588,650

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Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income

			(Thousands of yen)
		Fiscal year ended	Fiscal year ended
		November 30, 2020	November 30, 2021
Net sales	65,341,459	72,322,233
Cost of sales	50,859,174	55,719,570
Gross profit	14,482,284	16,602,662
Selling, general and administrative expenses
Packing and transportation costs	1,500,606	1,714,463
Advertising expenses	853,074	745,429
Provision of allowance for doubtful accounts	10,601	12,001
Bad debt expenses	-	912
Remuneration, salaries and allowances	4,117,128	4,676,871
Retirement benefit expenses	253,831	298,893
Provision for bonuses	135,297	137,370
Welfare expenses	749,733	905,885
Travel and transportation expenses	230,915	187,634
Depreciation	634,165	874,400
Rent expenses	218,637	266,755
Other	3,743,119	4,498,981
Total selling, general and administrative expenses	12,447,112	14,319,599
Operating profit	2,035,172	2,283,063
Non-operating income
Interest income	1,089	2,516
Dividend income	58,933	65,106
Rental income	47,431	32,353
Administrative service fee income	15,393	13,702
Share of profit of entities accounted for using equity method	430	-
Reversal of allowance for doubtful accounts	-	1,329
Surrender value of insurance policies	40,185	27,861
Other	105,261	171,518
Total non-operating income	268,724	314,387
Non-operating expenses
Interest expenses	47,266	59,811
Foreign exchange losses	28,132	7,688
Commission for syndicated loans	104,270	4,066
Rent costs	28,450	15,000
Share of loss of entities accounted for using equity method	-	5,142
Taxes and dues	37,702	-
loss due to insurance contract change	34,787	-
Other	54,860	34,862
Total non-operating expenses	335,469	126,573
Ordinary profit		1,968,427	2,470,877

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