Shindengen Electric Manufacturing : Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2021(Based on Japanese GAAP)（288KB）

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 Nine Months Ended December 31, 2022 (Based on Japanese GAAP)

February 9, 2023

Company name:	Shindengen Electric Manufacturing Co., Ltd
Stock exchange listing:	Tokyo
Stock code:	6844	URL https://www.shindengen.co.jp/
Representative:	President	Yoshinori Suzuki

Inquiries:	Manager of Corporate Planning Group,	Isao matsubara	TEL [phone]
Planning Dept.
Scheduled date to file Quarterly Securities Report:	February 10, 2023
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	No
Holding of quarterly financial results meeting:	No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the nine months ended December 31, 2022 (from April 1, 2022 to December 31, 2022)

(1) Consolidated operating results (cumulative)											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	%
Nine months ended December 31, 2022		74,209		8.9			2,920	(30.4)			3,655		(14.9)		2,440	(41.1)
Nine months ended December 31, 2021		68,144		18.9			4,197	-			4,294			-		4,146	-
Note: Comprehensive income Nine months ended December 31, 2022	¥7,358	million	[74.0%]
	Nine months ended December 31, 2021		¥4,230 million	[-%]
		Earnings per share				Diluted earnings per share
						Yen						Yen
Nine months ended December 31, 2022				236.79						-
Nine months ended December 31, 2021				402.35						-
(2) Consolidated financial position
			Total assets					Net assets		Equity ratio
			Millions of yen				Millions of yen						%
As of December 31, 2022		140,418						63,564					45.3
As of March 31, 2022			135,041						57,229					42.4
Reference: Equity	As of December 31, 2022	¥63,564	million
	As of March 31, 2022	¥57,229 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 March 31, 2022			-				0.00				-				100.00		100.00
Year ending March 31, 2023			-				0.00				-
Year ending March 31, 2023 (Forecast)																130.00		130.00

Note: Revision of cash dividend forecast most recently announced: No

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3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)

Percentages indicate year-on-year changes

	Net sales		Operating profit	Ordinary profit		Profit attributable to	Earnings per share
			owners of parent
	Millions of yen	%	Millions of yen	%	Millions of yen		%	Millions of yen	%	Yen
Full year	107,400	16.5	4,800	(13.7)	5,400		(7.4)		4,300	(27.2)	417.12
Note: Revision of consolidated financial results forecast most recently announced: No
4. Notes
(1) Changes in significant subsidiaries during the nine months ended December 31, 2022			No
(changes in specified subsidiaries resulting in the change in scope of consolidation):
(2) Application of special accounting methods for preparing quarterly consolidated financial statements:	No
(3) 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:								Yes
Restatement of prior period financial statements:						No

(4) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

	As of December 31, 2022	10,338,884	shares	As of March 31, 2022	10,338,884	shares
Number of treasury shares at the end of the period
	As of December 31, 2022	29,620	shares	As of March 31, 2022	31,820	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Nine months ended December 31, 2022	10,308,599	shares	Nine months ended December 31, 2021	10,306,606	shares

• Quarterly financial results reports are exempt from quarterly reviews conducted by certified public accountants or an audit corporation.
• Explanation of proper use of financial results forecast, and other special matters (Caution concerning forward-looking statements)
  The forward-looking statements, including the financial results forecast shown in this document, are based on information currently available to the Company and on certain assumptions deemed to be reasonable by the Company. As such, they do not constitute guarantees by the Company of future performance. Actual performance and other results may differ materially due to various factors.

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Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2022	As of December 31, 2022
Assets
Current assets
Cash and deposits	29,613	27,607
Notes and accounts receivable - trade	18,919	19,477
Merchandise and finished goods	8,790	13,252
Work in process	5,561	6,554
Raw materials and supplies	13,938	16,375
Other	5,156	5,217
Allowance for doubtful accounts	(22)	(25)
Total current assets	81,958	88,458
Non-current assets
Property, plant and equipment
Buildings and structures, net	17,962	17,596
Machinery, equipment and vehicles, net	8,907	9,754
Land	4,560	4,606
Leased assets, net	905	789
Construction in progress	1,753	1,303
Other, net	1,984	2,131
Total property, plant and equipment	36,073	36,181
Intangible assets
Software	454	605
Leased assets	8	4
Other	284	62
Total intangible assets	747	672
Investments and other assets
Investment securities	14,807	13,684
Deferred tax assets	703	594
Other	797	869
Allowance for doubtful accounts	(46)	(42)
Total investments and other assets	16,262	15,106
Total non-current assets	53,083	51,959
Total assets	135,041	140,418

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			(Millions of yen)
		As of March 31, 2022	As of December 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade	16,657	17,786
Short-term borrowings	5,100	5,855
Current portion of bonds payable	1,450	1,400
Lease liabilities	331	400
Income taxes payable	414	313
Provision for bonuses	951	-
Other	4,907	6,776
Total current liabilities	29,813	32,532
Non-current liabilities
Bonds payable	3,850	2,800
Long-term borrowings	28,275	28,295
Lease liabilities	874	734
Deferred tax liabilities	334	1,377
Retirement benefit liability	12,217	8,842
Provision for product warranties	1,589	1,430
Asset retirement obligations	803	794
Other	55	46
Total non-current liabilities	47,999	44,321
Total liabilities	77,812	76,853
Net assets
Shareholders' equity
Share capital	17,823	17,823
Capital surplus	7,733	7,733
Retained earnings	29,949	31,359
Treasury shares	(117)	(109)
Total shareholders' equity	55,388	56,806
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	2,396	1,726
Foreign currency translation adjustment	(871)	2,072
Remeasurements of defined benefit plans	314	2,958
Total accumulated other comprehensive income	1,840	6,757
Total net assets	57,229	63,564
Total liabilities and net assets		135,041	140,418

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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

		(Millions of yen)
	Nine months ended	Nine months ended
	December 31, 2021	December 31, 2022
Net sales	68,144	74,209
Cost of sales	54,200	60,642
Gross profit	13,943	13,567
Selling, general and administrative expenses	9,746	10,646
Operating profit	4,197	2,920
Non-operating income
Interest income	44	85
Dividend income	359	399
Foreign exchange gains	-	524
Share of profit of entities accounted for using equity method	143	77
Royalty income	3	3
Other	110	110
Total non-operating income	662	1,201
Non-operating expenses
Interest expenses	182	187
Foreign exchange losses	100	-
Restoration Cost	-	69
Other	282	210
Total non-operating expenses	565	467
Ordinary profit	4,294	3,655
Extraordinary income
Gain on sale of investment securities	1,033	65
Gain on sale of non-current assets	64	-
Total extraordinary income	1,098	65
Extraordinary losses
Loss on valuation of investment securities	36	-
Loss on sale of investment securities	0	-
Total extraordinary losses	37	-
Profit before income taxes	5,354	3,720
Income taxes - current
1,015	988
Income taxes - deferred	192	291
Total income taxes	1,208	1,279
Profit	4,146	2,440
Profit attributable to
Profit attributable to owners of parent	4,146	2,440
Profit attributable to non-controlling interests	-	-
Other comprehensive income
Valuation difference on available-for-sale securities	(891)	(670)
Foreign currency translation adjustment	851	2,956
Remeasurements of defined benefit plans, net of tax	83	2,644
Share of other comprehensive income of entities accounted	39	(12)
for using equity method
Total other comprehensive income	83	4,917
Comprehensive income	4,230	7,358
Comprehensive income attributable to
Comprehensive income attributable to owners of parent	4,230	7,358
Comprehensive income attributable to non-controlling interests	-	-

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