Sanden : Summary of Quarterly Consolidated Financial Statements as of June 30, 2023

SANDEN CORPORATION

August 10, 2023

SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

Fiscal year ending December 31, 2023

SANDEN CORPORATION

20 Kotobuki-cho,Isesaki-shi, Gunma, Japan 372-8502	Code No:	6444
(URL: https://www.sanden.co.jp/english/index.html)	Shares listed:	Tokyo Stock Exchange

Representative Director & President: Dan Zhu For further information, please contact

Junya Takahashi

Division General Manager of

Corporate Financial Management Division Contact Number: [phone]

Scheduled filing date for quarterly report: August 10, 2023

Planned date of dividend payment: -

Supplementary briefing materials created for the quarterly report: Yes

Briefing sessions held on quarterly results: Yes (for securities analysts and institutional investors)

(Fractions less than 1 million omitted)

1. Consolidated Financial Results for the second quarter of current fiscal year (January 1, 2023- June 30, 2023)

(1) Results of operations				(%: percentage change from previous fiscal year)
					Net sales			Operating			Income before	Net income
							income			extraordinary items
				(Millions of , %)				(Millions of , %)
					(Millions of , %)		(Millions of , %)
		2Q of Fiscal year ending December 31, 2023	87,489	6.2	(4,415)	-	(984)	-		(315)	-
		2Q of Fiscal year ended December 31, 2022	82,351	-	(3,458)	-	(1,560)	-		(1,902)	-
Notes: Equity in Comprehensive Income:	2Q of Fiscal year ending December 31, 2023		(417) million -%
Notes: Equity in Comprehensive Income:	2Q of Fiscal year ended December 31, 2022		90million -%
			Net income per	Net income per
			share basic ()	share diluted ()
		2Q of Fiscal year ending December 31, 2023	(2.83)		-
		2Q of Fiscal year ended December 31, 2022	(17.07)		-
(2) Financial positions									(Fractions less than 1 million omitted)
				Total assets			Net assets			Equity Ratio of	Net assets per share
							equity over total assets
				(Millions of )			(Millions of )		()
									(%)
		2Q of Fiscal year ending December 31, 2023	170,740		22,949				12.9			197.76
		Fiscal year ended December 31, 2022	157,428		23,366				14.3			201.75
Notes: Equity capital 2Q of Fiscal year ending December 31, 2023	22,040million
		Fiscal year ended December 31, 2022		22,485million
2. Dividends
							Dividend per share ()
					1Q	2Q		3Q		4Q	Total
		Fiscal year ended December 31, 2022	-	0.00	-		0.00		0.00
		Fiscal year ending December 31, 2023	-	0.00
		Fiscal year ending December 31, 2023 (Forecast)					-		0.00		0.00

Note: Revisions made since the most recently published dividends forecast: None

3. Forecast of business results for the next fiscal year (January 1, 2023-December 31, 2023)

(%: percentage change from the same period of the previous fiscal year)

			Operating		Income before			Net income
	Net sales		Net income		per share
	income		extraordinary items
	(Millions of , %)		(Millions of , %)	basic
	(Millions of , %)	(Millions of , %)
					()
Fiscal year ending December 31, 2023	183,000	4.2	(5,700)	-	(3,700)	-	(1,600)	-	(14.36)

Note:1. Revisions made since the most recently published earnings forecast: None

*Notes

1. Changes in significant subsidiaries during the first quarter of the current fiscal year (Changes in specific subsidiaries accompanied by changes in the scope of consolidation): None
2. Specific accounting treatment used in the creation of the quarterly consolidated financial statements: Yes.
   For details, please refer to "2. Quarterly Consolidated Financial Statements and Major Notes (4) Notes to Quarterly Consolidated Financial Statements (Specific accounting treatment used in the creation of the quarterly consolidated financial statements)" on page 8 of the attached document.
3. Changes in accounting principles and estimates, and retrospective restatement
4. 1. Changes due to revision of accounting standards: Yes
   2. Changes other than in (a): None
   3. Changes in accounting estimates: None
   4. Retrospective restatement: None

For details, please refer to "2. Quarterly Consolidated Financial Statements and Major Notes (4) Notes to Quarterly Consolidated Financial Statements (Changes in accounting principles)" on page 8 of the attached document.

(4) Number of outstanding shares (common stock, shares)
(a) Outstanding shares (including treasury shares)	As of June 30, 2023:	111,693,313	As of December 31, 2022:	111,693,313
(b) Treasury shares	As of June 30, 2023:	242,928	As of December 31, 2022:	242,686
(c) Average number of shares outstanding
As of June 30, 2023:	111,450,498	As of June 30, 2022:	111,439,770
during the first quarter (cumulative)

*Summary of quarterly financial results is exempt from quarterly review of audit procedures of Certified Public Accountant or Audit Firm.

*Cautionary statement regarding forecasts of operating results and special notes (Note regarding the forward-looking statements)

The forward-looking statements contained in this report are based on information currently available to the Company and certain assumptions which are regarded as legitimate. These statements are not promised by the Company regarding future performance. Actual results may differ significantly from these forecasts due to various factors. For information about the forecasts, please see "1.Qualitative Information on Quarterly Financial Results-(3) An explanation of future, predictive data, such as consolidated earnings forecasts" on page 2 of Supplementary Information.