Aichi : Consolidated Financial Results for the Nine Months Ended December 31, 2022

Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results

for the Nine Months Ended December 31, 2022

[Japanese GAAP]

January 31, 2023

Company name: AICHI CORPORATION

Stock exchange listing: Tokyo ,Nagoya

Code number: 6345

URL: https://www.aichi-corp.co.jp

Representative: Toshiya Yamagishi, President and Representative Director

Contact: Tadashi Okumura, Accounting General Manager

Phone: [phone]

Scheduled date of filing quarterly securities report: February 10, 2023

Scheduled date of commencing dividend payments: -

Availability of supplementary briefing material on quarterly financial results: No

Schedule of quarterly financial results briefing session: No

					(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Nine Months Ended December 31, 2022 (April 01, 2022 to December 31, 2022)
(1) Consolidated Operating Results			(% indicates changes from the previous corresponding period.)
	Net sales		Operating profit	Ordinary profit	Profit attributable to
		owners of parent
Nine months ended	Million yen		%	Million yen	%	Million yen	%	Million yen		%
December 31, 2022	39,881		3.3	3,582	(14.4)	4,195	(15.2)	2,982		(16.6)
December 31, 2021	38,612		(4.8)	4,184	(1.6)	4,947	4.4	3,576		(6.5)

(Note) Comprehensive income:	Nine months ended December 31, 2022:
	Nine months ended December 31, 2021:

¥	2,456 million	[	(36.8) %]
¥	3,885 million	[	(27.3) %]

	Basic earnings	Diluted earnings per
	per share		share
Nine months ended	Yen			Yen
December 31, 2022	39.61			-
December 31, 2021	46.85			-
(2) Consolidated Financial Position
	Total assets		Net assets	Capital adequacy ratio
As of	Million yen			Million yen	%
December 31, 2022	90,212			75,378	83.6
March 31, 2022	90,559			76,043	84.0
(Reference) Equity: As of	December 31, 2022:	¥	75,378 million
As of	March 31, 2022:	¥	76,043 million

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2. Dividends

Annual dividends

1st

2nd

3rd

Year-end

Total

quarter-end

quarter-end

quarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2022

-

14.00

-

20.00

34.00

Fiscal year ending March 31, 2023

-

17.00

-

Fiscal year ending March 31, 2023

19.00

36.00

(Forecast)

(Note) Revision to the forecast for dividends announced most recently:

Yes

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023(April 01, 2022 to March 31, 2023)

(% indicates changes from the previous corresponding period.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

Basic earnings

owners of parent

per share

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

Full year

61,500

8.7

7,600

10.8

8,100

4.7

5,700

1.0

75.73

(Note) Revision to the financial results forecast announced most recently:

No

* Notes:

(1) Changes in significant subsidiaries during the nine months ended December 31, 2022

(changes in specified subsidiaries resulting in changes in scope of consolidation):

No

(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

No

1. Changes in accounting policies, changes in accounting estimates and retrospective restatement
2. 1. Changes in accounting policies due to the revision of accounting standards: Yes
   2. Changes in accounting policies other than 1) above: No
   3. Changes in accounting estimates: No
   4. Retrospective restatement: No
3. Total number of issued shares (common shares)
4. 1. Total number of issued shares at the end of the period (including treasury shares):

December 31, 2022:	76,395,901	shares
March 31, 2022:	76,395,901	shares
2) Total number of treasury shares at the end of the period:
December 31, 2022:	1,184,643	shares
March 31, 2022:	809,314	shares

3) Average number of shares during the period:
Nine months ended December 31, 2022:	75,285,429	shares
Nine months ended December 31, 2021:	76,338,268	shares

• This quarterly financial results are not subject to quarterly review procedure by certified public accountants or auditing firms.
• Explanation regarding the proper use of performance forecasts and other special items

・All projections are based on the information available to management at the time of making this report and are not guarantees of future performance. Uncertainties could cause the actual results of AICHI CORPORATION to differ materially from any projections discussed in this report.

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Quarterly Consolidated Financial Statements

Quarterly Consolidated Balance Sheets

			(Thousand yen)
		As of March 31,2022	As of December 31,2022
Assets
	Current assets
	Cash and deposits	1,179,626	1,286,135
	Deposits paid	36,897,023	36,659,247
	Notes and accounts receivable - trade	18,608,241	16,742,186
	Merchandise and finished goods	896,832	2,202,733
	Work in process	1,459,508	1,714,201
	Raw materials and supplies	1,345,329	1,659,100
	Other	758,981	1,484,671
	Total current assets	61,145,543	61,748,276
	Non-current assets
	Property, plant and equipment
	Buildings and structures, net	7,051,360	6,687,885
	Machinery, equipment and vehicles, net	2,080,087	1,790,649
	Land	8,524,007	8,524,007
	Other, net	525,767	637,692
	Total property, plant and equipment	18,181,222	17,640,235
	Intangible assets	665,998	604,792
	Investments and other assets
	Investment securities	7,311,005	6,684,996
	Other	3,262,562	3,540,630
	Allowance for doubtful accounts	(6,758)	(6,671)
	Total investments and other assets	10,566,810	10,218,956
	Total non-current assets	29,414,030	28,463,984
	Total assets	90,559,574	90,212,261

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					(Thousand yen)
				As of March 31,2022	As of December 31,2022
Liabilities
	Current liabilities
		Notes and accounts payable - trade		8,633,664	8,936,393
		Income taxes payable	717,737	41,549
		Provision for bonuses for directors (and other		38,000	28,500
		officers)
		Provision for product warranties	228,271	176,379
		Other		2,749,936	3,343,946
		Total current liabilities	12,367,609	12,526,769
	Non-current liabilities
		Deferred tax liabilities for land revaluation	616,302	616,302
		Retirement benefit liability		489,292	489,612
		Deferred tax liabilities	704,782	929,506
		Other		337,835	271,734
		Total non-current liabilities	2,148,213	2,307,155
	Total liabilities		14,515,822	14,833,924
Net assets
	Shareholders' equity
		Share capital	10,425,325	10,425,325
		Capital surplus		9,923,342	9,923,342
		Retained earnings	52,416,619	52,608,635
		Treasury shares		(646,937)	(978,247)
		Total shareholders' equity		72,118,350	71,979,055
	Accumulated other comprehensive income
		Valuation difference on available-for-sale		4,085,430	3,675,667
		securities
		Revaluation reserve for land		(1,624,044)	(1,624,044)
		Foreign currency translation adjustment	758,735	672,011
		Remeasurements of defined benefit plans		705,280	675,646
		Total accumulated other comprehensive income	3,925,401	3,399,280
	Total net assets		76,043,752	75,378,336
Total liabilities and net assets	90,559,574	90,212,261

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Quarterly Consolidated Statements of Income and Comprehensive Income

Quarterly Consolidated Statements of Income (For the nine months)

			(Thousand yen)
		For the nine months	For the nine months
		ended December 31,2021	ended December 31,2022
Net sales	38,612,376	39,881,526
Cost of sales	30,199,606	32,088,278
Gross profit	8,412,769	7,793,247
Selling, general and administrative expenses	4,228,767	4,210,826
Operating profit	4,184,002	3,582,421
Non-operating income
	Interest income	13,069	8,713
	Dividend income	148,385	166,966
	Share of profit of entities accounted for using equity	554,483	347,884
	method
	Foreign exchange gains	11,930	49,107
	Other	36,808	42,780
	Total non-operating income	764,677	615,451
Non-operating expenses
	Other	1,466	2,056
	Total non-operating expenses	1,466	2,056
Ordinary profit	4,947,213	4,195,816
Extraordinary income
	Gain on sale of non-current assets	548	775
	Gain on sale of investment securities	48,410	83,319
	Insurance claim income	31,920	-
	Total extraordinary income	80,879	84,095
Extraordinary losses
	Loss on sale of non-current assets	134	-
	Loss on retirement of non-current assets	10,691	6,425
	Loss on valuation of investment securities	-	6,330
	Compensation for damage	-	103,541
	Total extraordinary losses	10,825	116,297
Profit before income taxes	5,017,267	4,163,614
Income taxes - current	913,845	765,456
Income taxes - deferred	527,309	415,819
Total income taxes	1,441,155	1,181,275
Profit	3,576,112	2,982,338
Profit attributable to owners of parent	3,576,112	2,982,338

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