Chuo Spring : Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2021(Under Japanese GAAP)

Note: This document has been translated from the Japanese original for reference purposes only.

In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2021 (Under Japanese GAAP)

February 1, 2022

Company name:	Chuo Spring Co., Ltd
Listing:	1st Section of the Tokyo Stock Exchange, 1st Section of the Nagoya Stock Exchange
Securities code:	5992	URL:https://www.chkk.co.jp/
Representative:	Satoshi Takae, President
Inquiries:	Fumiki Yazawa, Officer	TEL:[phone]

Scheduled date to file quarterly securities report:	February 10, 2022
Scheduled date to commence dividend payments:	-
Preparation of supplementary	material on quarterly financial results:	None
Holding of quarterly financial	results briefing:	None

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the Nine months ended December 31, 2021 (from April 1, 2021 to December 31, 2021)

(1) Consolidated operating results (cumulative)		(Percentages indicate year-on-year changes.)
	Net sales		Operating profit	Ordinary profit	Profit attributable to
		owners of parent
Nine months ended	Millions of yen		%	Millions of yen	%	Millions of yen	%	Millions of yen	%
December 31, 2021	60,245		12.3	1,014	141.2	2,060	112.8	1,129	385.1
December 31, 2020	53,633		(16.3)	420	(81.7)	968	(65.7)	232	(86.3)

(Note): Comprehensive income

For the Nine months ended December 31, 2021:	4,115 million of yen	[21.9％]
For the Nine months ended December 31, 2020:	3,376 million of yen	[(3.9％)]

	Basic earnings	Diluted earnings
	pre share	per share
Nine months ended	Yen	Yen
December 31, 2021	45.34	-
December 31, 2020	9.33	-

(Note): Company implemented a four-for-one common stock split, as of April 1, 2021.

Basic earnings per share have been calculated as if this stock split had been implemented at the beginning of FY2020.

(2) Consolidated financial position

	Total assets	Net assets	Equity-to-assets ratio
As of	Millions of yen	Millions of yen	%
December 31, 2021	97,552	67,661	65.2
March 31, 2021	94,045	64,514	64.4

(Reference): Equity

As of December 31, 2021: 63,577million of yen As of March 31, 2021: 60,548million of yen

2. Cash dividends

		Annual dividens per share
	First quarter-end	Second quarter-end	Third quareter-end		Fisical year-end	Total
	Yen	Yen	Yen		Yen	Yen
Fisical year ended	-	50.00	-		50.00	100.00
March 31, 2021
Fisical year ending	-	16.00	-
March 31, 2022
Fisical year ending
March 31, 2022					16.00	32.00
(forecast)

(Note): 1. Revisions to the forecast of cash dividends most recently announced: None

2. Company implemented a four-for-one common stock split, as of April 1, 2021.

For the year ended March 31, 2021, the actual amount of dividends prior to the stock split is stated. Cash dividends for the year ending March 31, 2022 (forecast) are stated in consideration

of the effect of the stock split. The dividend per share for the fiscal year ending March 31, 2022 (forecast) , without taking into account the stock split, will be 64 yen at both the end of the second quarter

and the end of the fiscal year, for an annual dividend of 128 yen.

3. Forecast of Consolidated Results for FY2021(April 1, 2021 to March 31, 2022)

(%: Changes from corresponding period of the previous fiscal year)

	Net sales		Operating profit	Ordinary profit	Profit attributable to	Basic earnings
		owners of parent	pre share
	Millions of yen		%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
Full year	80,500		7.8	1,700	34.8	2,050	(9.2)	1,200	(3.9)	48.15

(Note): Changes from the latest announced forecast: None

*Notes

1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
   Newly included: None
   Excluded :None
2. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements : Yes
3. Changes in accounting policies, changes in accounting estimates, and restatement
   (i) Changes in accounting policies due to revisions to accounting standards and other regulations : Yes

1. 1. Changes in accounting policies due to other reasons: None
   2. Changes in accounting estimates: None
   3. Restatement: None
2. Number of issued shares (common shares)
3. 1. Total number of issued shares at the end of the period (including treasury shares)

As of December 31, 2021	25,542,396 Shares
As of March 31, 2021	25,542,396 Shares

(ii) Number of treasury shares at the end of the period

As of December 31, 2021	623,174 Shares
As of March 31, 2021	622,376 Shares

1. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

Nine months ended December 31, 2021		24,919,628 Shares
Nine months ended December 31, 2020		24,975,348 Shares
Note:	Company implemented a four-for-one common stock split, April 1, 2021.
	"Total number of issued shares at the end of the period",
	"Number of the treasury shares at the end of	the period" and

"Average number of shares outstanding during the period" have been calculated as if this stock split had taken place at the beginning of the previous fiscal year.

• Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
• Cautionary statement regarding forecast of operating results and special notes The forward-looking statements contained in this report are based on information currently available to management. As such, these estimates are subject to uncertainties.
  In addition actual results may differ materially from those discussed in the forward-looking statements due to in changes in the economy, markets, stock prices and exchange rates.

References of Financial Results for ３Q of FY2021	February 1, 2022
(from April 1 to December 31, 2021)	Chuo Spring Co., Ltd.
	Securities code:5992
	1st Section of the Tokyo Stock Exchange,
	1st Section of the Nagoya Stock Exchange

（Amounts are rounded down to the nearest 100 million yen）

１．Consolidated Financial Results

（100 million yen）	〔Net Sales･Operating profit〕Foreign Exchange Rate
		('21/4～'21/12)	111.45円／$	Difference +5.91
		('20/4～'20/12)	105.54円／$	（weakening）
		〔Non-operating income〕
		End of period valuation of credits and debts（End of period）
	Net sales
	('21/3) 110.71 → ('21/12) 115.02円／$ Difference +4.31（weakening）

	602			('20/3) 108.83 → ('20/12) 103.50円／$	Difference -5.33（strengthening）
536		＋66		Ordinary	Profit attributable
	(＋12. 3%)			to owners of
		profit
					parent
					20
		Operating
			(3. 4%)
		profit
			10			＋10		11
			9		(+112%)		(1. 9%)
			(1. 7%)
			(1. 8%)
		4	＋5					＋8
		(0. 8%)	(+141%)				2	(+385%)
0						(0. 4%)
FY2020	FY2021	FY2020	FY2021	FY2020	FY2021	FY2020	FY2021
3Q	3Q	3Q	3Q	3Q	3Q		3Q	3Q

２．Net sales breakdown by products		３．Factors of profit change（Year-on-year）
					（100	million yen）	（１）Operating profit	（100 million yen）
250
220			FY2020 ３Q			FY2021 ３Q

200 191

					169
150					149			93	105						85	91
100
50													16	15
0
	Chassis	Precision	Cables	Housing-	Car
		Springs	Springs	related accessories・

products	Chains etc.

（２）Ordinary profit	（３）Profit attributable to owners of parent
（100 million yen）	（100 million yen）

- References1 -

（Amounts are rounded down to the nearest 100 million yen）

４．Change of Financial Reults （1）Net sales

（100 million yen） （2）Operating profit

（100 million yen）	（％）

1,000		40

836	830	833	746	805	33
800
				30
						26
600						22
								17
					20
400					4.0%			12
				602			3.2%		2.1%
				10
200					2.7%
								1.7%	10
0					0
FY2017	FY2018	FY2019	FY2020	FY2021	FY2017	FY2018	FY2019	FY2020	FY2021
				(Projcted)					(Projcted)

（3）Ordinary profit

（100 million yen）	（％）
40

33

（4）Profit attributable to owners of parent

（100 million yen）	（％）
40

30

27 29

20

22

30

20

20

20

17	12
20
			16

4.0% 3.4% 3.6%

10	3.0%	2.5%

0

FY2017 FY2018 FY2019 FY2020 FY2021 (Projcted)

５．Capital investment and depreciation(100 million yen)

40		38	36
33	33	32	32	32	34	34
30	29
20
10
0
	Inv.Depr.	Inv.Depr.	Inv.Depr.	Inv.Depr.	Inv.Depr.
	FY2017	FY2018	FY2019	FY2020	FY2021
						(Projcted)

12

11

10	2.5%
	2.2%	2.0%	1.7%	1.5%
0

FY2017 FY2018 FY2019 FY2020 FY2021 (Projcted)

６．Resarch and development expenditure

（100 million yen）			（％）
40				8.0%
30				6.0%
20				4.0%
Sales ratio	13	13	12	13
11
10				2.0%
1.4%	1.6%	1.6%	1.6%	1.6%
10
0
			0.0%
FY2017	FY2018	FY2019	FY2020	FY2021
				(Projcted)

７．Financial Results Breakdown by Quarter

（１）Net sales breakdown by quarter(100 million yen)

300			221			FY2020		FY2021
			219	210
			203
200			127		187 179
100

0

１Ｑ

２Ｑ

３Ｑ

４Ｑ

（２）Operating profit or loss breakdown by quarter

（100 million yen）			（％）
15
			12
10				8	8
			4	5.4%	3.8%
5	1.7%	3
		2.1%	3.7%
0
	１Ｑ	２Ｑ-1	３Ｑ	４Ｑ
-5			-0.6%
-10		-10.2%		FY2020	FY2021
			FY2020	FY2021
	-13
-15

- References2 -