OXIDE : Summary of Non-Consolidated Financial Results for the Three Months Ended May 31, 2022(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 Non-Consolidated Financial Results

for the Three Months Ended May 31, 2022

(Based on Japanese GAAP)

									July 14, 2022
Company name:	OXIDE Corporation
Stock exchange listing:	Tokyo
Stock code:	6521	URL	https://www.opt-oxide.com
Representative:	President and CEO			Yasunori Furukawa
Inquiries:	Vice President and CFO		Masayuki Yamamoto	TEL [phone]
Scheduled date to file Quarterly Securities Report:		July 14, 2022
Scheduled date to commence dividend payments:		-
Preparation of supplementary material on quarterly financial results:	Yes
Holding of quarterly financial results meeting:		Yes
						(Amounts less than one million yen are rounded down)
1. Non-consolidated financial results for the three months ended May 31, 2022 (from March 1, 2022 to May 31, 2022)
(1) Non-consolidated operating results (cumulative)				Percentages indicate year-on-year changes
			Net sales		Operating profit	Ordinary profit	Profit
			Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
Three months ended May 31, 2022		1,419	23.0	324	164.5	353	172.3	248	101.4
Three months ended May 31, 2021		1,154	-	122	-	129	-	123	-
			Earnings per share	Diluted earnings per share
					Yen		Yen
Three months ended May 31, 2022			50.53		45.74
Three months ended May 31, 2021			28.59		24.43

Notes: 1. As the Company has not prepared quarterly financial statements for the three months ended May 31, 2020, the percentage of year-on- year change of each figure for the three months ended May 31, 2021, is not shown.

1. 2. Regarding the diluted earnings per share for the three months ended May 31, 2021, as the Company's shares were listed on the Mothers section of the Tokyo Stock Exchange on April 5, 2021, the figure is calculated using the average share price from the date the shares were newly listed to the end of the first quarter of the fiscal year ended February 28, 2022, deemed as the average share price during the period.

2. Non-consolidatedfinancial position

			Total assets	Net assets		Equity ratio
			Millions of yen	Millions of yen		%
As of May 31, 2022				9,108		4,855		53.3
As of February 28, 2022		8,710		4,587		52.7
Reference: Equity	As of May 31, 2022	¥4,855 million
	As of February 28, 2022	¥4,587 million
2. Cash dividends
						Annual dividends per share
		1st quarter-end		2nd quarter-end	3rd quarter-end	Fiscal year-end	Total
			Yen	Yen		Yen	Yen	Yen
Year ended February 28, 2022		-	0.00		-	0.00	0.00
Year ending February 28, 2023		-
Year ending February 28, 2023 (Forecast)					0.00		-	0.00	0.00
Note: Revisions to the cash dividend forecast most recently announced: No
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3. Forecast of non-consolidated financial results for the year ending February 28, 2023 (from March 1, 2022 to February 28, 2023)

Percentages indicate year-on-year changes

	Net sales		Operating profit	Ordinary profit	Profit		Earnings per share
	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
Full year	6,339	33.3	706	18.3	695	16.0	487	(1.8)	99.18

Note: Revisions to the financial results forecast most recently announced: No

4. Notes

1. Application of special accounting methods for preparing quarterly non-consolidated financial statements: 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:	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 May 31, 2022	4,921,400	shares	As of February 28, 2022	4,902,900	shares
Number of treasury shares at the end of the period
	As of May 31, 2022	25	shares	As of February 28, 2022	25	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Three months ended May 31, 2022	4,909,940	shares	Three months ended May 31, 2021	4,307,369	shares

• Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
• Proper use of financial results forecasts, and other special matters

(Caution concerning forward-looking statements)

The forward-looking statements, including the financial results forecasts, contained in this document are based on information currently available to the Company and on certain assumptions deemed to be reasonable. These statements do not purport that the Company pledges to achieve the stated performance. Actual business and other results may differ substantially due to various factors.

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Quarterly non-consolidated financial statements

Non-consolidated balance sheets

			(Thousands of yen)
		As of February 28, 2022	As of May 31, 2022
Assets
Current assets
Cash and deposits	2,146,368	1,782,398
Notes and accounts receivable - trade	622,684	623,595
Electronically recorded monetary claims - operating	23,000	31,301
Finished goods	48,762	82,387
Work in process	1,290,021	1,591,794
Raw materials and supplies	460,466	660,309
Other	169,800	223,508
Total current assets	4,761,103	4,995,295
Non-current assets
Property, plant and equipment
Machinery and equipment	3,132,645	3,271,315
Accumulated depreciation	(972,887)	(1,002,827)
Machinery and equipment, net	2,159,758	2,268,488
Other	2,326,501	2,344,830
Accumulated depreciation	(911,140)	(935,430)
Other, net	1,415,360	1,409,400
Total property, plant and equipment	3,575,119	3,677,888
Intangible assets	77,885	73,143
Investments and other assets	296,889	362,080
Total non-current assets	3,949,894	4,113,112
Total assets	8,710,998	9,108,407
Liabilities
Current liabilities
Accounts payable - trade	266,993	433,811
Current portion of bonds payable	7,000	157,000
Current portion of long-term borrowings	272,326	283,946
Income taxes payable	137,666	139,281
Provision for bonuses	102,000	148,000
Provision for repairs	140,277	137,816
Provision for product warranties	17,347	23,588
Other	842,043	825,146
Total current liabilities	1,785,653	2,148,589
Non-current liabilities
Bonds payable	168,500	15,000
Long-term borrowings	2,157,857	2,080,278
Other	11,556	8,655
Total non-current liabilities	2,337,913	2,103,933
Total liabilities	4,123,567	4,252,522
Net assets
Shareholders' equity
Share capital	1,695,621	1,705,796
Capital surplus	2,152,443	2,162,618
Retained earnings	739,554	987,658
Treasury shares	(189)	(189)
Total shareholders' equity	4,587,430	4,855,885
Total net assets	4,587,430	4,855,885
Total liabilities and net assets		8,710,998	9,108,407

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Non-consolidated statements of income (cumulative)

			(Thousands of yen)
		Three months ended	Three months ended
		May 31, 2021	May 31, 2022
Net sales	1,154,336	1,419,954
Cost of sales	773,218	716,614
Gross profit	381,118	703,340
Selling, general and administrative expenses	258,280	378,419
Operating profit	122,837	324,920
Non-operating income
Interest income	21	72
Subsidy income	44,218	41,601
Other	318	6,346
Total non-operating income	44,558	48,020
Non-operating expenses
Interest expenses	12,924	10,831
Foreign exchange losses	-	6,143
Share issuance costs	12,769	260
Listing expenses	11,717	-
Other	289	2,586
Total non-operating expenses	37,701	19,822
Ordinary profit	129,695	353,118
Extraordinary income
Gain on sale of non-current assets	-	5,538
Total extraordinary income	-	5,538
Extraordinary losses
Loss on sale of non-current assets	-	141
Total extraordinary losses	-	141
Profit before income taxes	129,695	358,515
Income taxes - current	56,481	126,322
Income taxes - deferred	(49,963)	(15,911)
Total income taxes	6,517	110,410
Profit	123,177	248,104

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