Asahi Kogyosha : (Summary)Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2023

Asahi Kogyosha Co., Ltd. (1975) Financial Results for the First Quarter of the Fiscal Year Ending March 2023

Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2023 [Japan GAAP]

(Consolidated)

					August 9, 2022
Company Name	ASAHI KOGYOSHA CO., LTD.	Exchange listed on	Tokyo Stock Exchange
Securities Code	1975		URL	https://www.asahikogyosha.co.jp
Representative	(Title)	President and Representative Director	(Name)	Yasutomo Takasu
Contact	(Title)	Director, Vice President, Executive	(Name)	Michiya Kameda	(TEL) 03-6452-8181
		Officer, and General Manager of General
		Affairs Division

Scheduled filing date of the quarterly securities report		August 9, 2022
Scheduled commencement date of dividends payment		-
Preparation of supplementary materials for quarterly financial results	:	Yes
Convening quarterly financial results briefing	:	None
		(Amounts rounded down to the nearest millions of yen.)

1. Consolidated Results for the First Quarter of the Fiscal Year Ending March 2023 (from April 1, 2022 to June 30, 2022)

(1) Consolidated Operating Results (Cumulative)

(Percentages represent comparison changes from the same quarter in the previous year)

	Net sales			Operating income		Ordinary income	Profit attributable to
				owners of parent
	million yen		%	million yen	%	million yen	%	million yen	%
Q1 of fiscal year ending				-1.5	-356		-	-212	-	-144	-
March 2023	13,482
Q1 of fiscal year ended
March 2022	13,682		14.7	-413			-274		-194
(Note) Comprehensive income:	End of Q1 for fiscal year ended March 2023	199 million	yen	[ %]	-
			-				-	-
	End of Q1 for fiscal year ended March 2022	-507 million yen	[-%]
							-
Net income per		Net income per
	share			share - diluted
	-	yen			yen
End of Q1 for fiscal year				-
ended March 2023	11.29
End of Q1 for fiscal year
ended March 2022	-15.19			-

(Note) The shares of common stock were split at a ratio of 2 shares for 1 share on April 1, 2022. "Net income per share" was calculated assuming that the stock split was conducted at the beginning of the previous consolidated fiscal year.

(2) Consolidated Financial Positions

	Total assets	Net assets	Shareholders' equity	Net assets per share
		ratio
End of Q1 for fiscal year	million yen		million yen		%	yen
		34,111		50.6	2,658.89
ended March 2023	67,448
Fiscal year ended March
2022	72,081		34,360		47.7	2,678.31
(Reference) Shareholders' equity:	End of Q1 for fiscal year
	ended March 2023		34,111million yen
	Fiscal year ended March 2022	34,360 million yen

(Note) The shares of common stock were split at a ratio of 2 shares for 1 share on April 1, 2022. "Net assets per share" was calculated assuming that the stock split was conducted at the beginning of the previous consolidated fiscal year.

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Asahi Kogyosha Co., Ltd. (1975) Financial Results for the First Quarter of the Fiscal Year Ending March 2023

2.

Dividends

Annual dividends

End of Q1

End of Q2

End of Q3

End of Q4

Total

yen

yen

yen

yen

yen

Fiscal year ended March

-

-

2022

50.00

70.00

120.00

Fiscal year ended March

2023

-

Fiscal year ending March

-

2023 (forecast)

25.00

25.00

50.00

(Note) Revisions to the most recently announced earnings forecasts

: None

(Note)1.Breakdown of dividends

End of Q2 for fiscal year ended March 2022

Ordinary dividends: 50.00 yen

End of fiscal year ended March 2022

Ordinary dividends: 50.00 yen; Special dividends: 20.00 yen

End of Q2 for fiscal year ending March 2023 (forecast) Ordinary dividends: 25.00 yen

End of fiscal year ending March 2023 (forecast)

Ordinary dividends: 25.00 yen

2. The shares of common stock were split at a ratio of 2 shares for 1 share on April 1, 2022. For the fiscal year ended March 2022, the actual amount of dividends before the stock split is stated. For the fiscal year ending March 2023 (forecast), the amount of dividends after the stock split is stated.

3. Forecast of Consolidated Results for the Fiscal Year Ending March 2023 (from April 1, 2022 to March 31, 2023)

(Percentages represent comparison changes from the previous year.)

							Net income
	Net sales		Operating income	Ordinary income	attributable to the	Net income per
		parent company's	share
							shareholders
	million yen	%	million yen	%	million yen	%	million yen	%	yen
Full year	79,600	15.7	2,600	13.6	2,800	7.9	2,000	7.5	155.89
(Note) Revisions to the most recently announced earnings forecasts			: None

(Note) The shares of common stock were split at a ratio of 2 shares for 1 share on April 1, 2022. "Net income per share" in the forecast for consolidated results for the fiscal year ending March 2023 takes into account the effect of this stock split.

*	Notes
	(1) Changes in major subsidiaries during the cumulative quarterly period under review
	(Change in specific subsidiaries that will accompany a change in scope of consolidation)	: None

1. Application of special accounting methods for the preparation of quarterly consolidated

financial statements

: None

1. Change in accounting policies or estimates and retrospective restatements

1） Change in accounting policies in accordance with revision of accounting standards	:	None
2)	Change in accounting policies other than item 1) above	:	None
3)	Change in accounting estimates	:	None
4)	Retrospective restatements	:	None

1. Number of shares issued (common shares)

1)	Number of shares issued at the end of the	Q1 of fiscal year	13,600,000	Fiscal year ended	13,600,000
	period (including treasury shares)	ended March 2023		shares	March 2022		shares
2)	Number of treasury shares at the end of	Q1 of fiscal year		770,870	Fiscal year ended		770,822
	the period	ended March 2023		shares	March 2022		shares
3)	Average number of shares issued during	Q1 of fiscal year	12,829,162	Q1 of fiscal year	12,801,462
	the period (cumulative quarterly period)	ended March 2023		shares	ended March 2022		shares

(Note) The shares of common stock were split at a ratio of 2 shares for 1 share on April 1, 2022. "Number of shares issued at the end of the period," "Number of treasury shares at the end of the period," and "Average number of shares issued during the period" were calculated assuming that the stock split was conducted at the beginning of the previous consolidated fiscal year.

• Quarterly financial results are not subject to quarterly review procedures by a certified public accountant or audit firm.
• Explanation of appropriate use of operating results forecasts and other special notes
  The forward-looking statements in this document, including earnings forecasts, are based on information currently available to the Company and certain assumptions that the Company deems reasonable, and are not intended as a guarantee that the Company will be achieve the targets. Actual results may differ significantly due to various factors. Please refer to "1. Qualitative Information on Quarterly Financial Results (3) Explanation of Consolidated Financial Results Forecast and Other Forward- looking Information" on page 2 of the attached document for the assumptions used in the forecasts and precautions on using the forecasts.

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Asahi Kogyosha Co., Ltd. (1975) Financial Results for the First Quarter of the Fiscal Year Ending March 2023

2. Quarterly Consolidated Financial Statements and Major Notes

1. Quarterly consolidated balance sheet

(Million yen)

		Previous fiscal year	First quarter of current
		fiscal year
		(March 31, 2022)
		(June 30, 2022)
Assets
Current assets
Cash and deposits	19,513	17,691
Notes receivable, accounts receivable from completed
construction contracts and other	24,606	19,164
Electronically recorded monetary claims - operating	5,029	5,981
Finished goods	0	0
Costs on construction contracts in progress	873	1,360
Work in process	635	747
Raw materials and supplies	145	202
Other	1,335	2,177
Allowance for doubtful accounts	-2	-1
Total current assets	52,136	47,325
Non-current assets
Property, plant and equipment	5,383	5,326
Intangible assets	1,031	961
Investments and other assets
Investment securities	12,290	12,730
Other	1,251	1,117
Allowance for doubtful accounts	-12	-12
Total investments and other assets	13,529	13,835
Total non-current assets	19,944	20,123
Total assets	72,081	67,448
Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts and other	17,058	11,663
Electronically recorded obligations - operating	10,051	11,885
Short-term borrowings	3,800	2,880
Income taxes payable	956	31
Advances received on construction contracts in progress	1,936	3,042
Provision for warranties for completed construction	63	89
Provision for loss on construction contracts	381	354
Other	1,328	1,105
Total current liabilities	35,576	31,054
Non-current liabilities
Retirement benefit liability	978	1,035
Other	1,165	1,247
Total non-current liabilities	2,143	2,283
Total liabilities		37,720	33,337

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Asahi Kogyosha Co., Ltd. (1975) Financial Results for the First Quarter of the Fiscal Year Ending March 2023

(Million yen)

	Previous fiscal year	First quarter of current
	fiscal year
	(March 31, 2022)
	(June 30, 2022)
Net assets
Shareholders' equity
Share capital	3,857	3,857
Capital surplus	3,760	3,760
Retained earnings	23,120	22,526
Treasury shares	-691	-691
Total shareholders' equity	30,046	29,452
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	4,652	4,967
Foreign currency translation adjustment	170	181

Remeasurements of defined benefit plans

Total accumulated other comprehensive income

Total net assets

Total liabilities and net assets

-509-490

4,3144,659

34,36034,111

72,08167,448

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Asahi Kogyosha Co., Ltd. (1975) Financial Results for the First Quarter of the Fiscal Year Ending March 2023

1. Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income (Quarterly consolidated statement of income)
   (First Quarter Cumulative Period)

		(Million yen)
	First quarter of the	First quarter of the current
	previous fiscal year	fiscal year
	(From April 1, 2021 to	(From April 1, 2022 to
	June 30, 2021)	June 30, 2022)
Net sales	13,682	13,482
Cost of sales	12,535	12,285
Gross profit	1,146	1,196
Selling, general and administrative expenses	1,560	1,553
Operating profit (loss)	-413	-356
Non-operating income
Interest income	0	0
Dividend income	126	134
Foreign exchange gains	11	7
Other	14	13
Total non-operating income	152	155
Non-operating expenses
Interest expenses	8	7
Commitment fees	3	3

Other

Total non-operating expenses

Ordinary profit (loss)

Extraordinary income

1	0
13	12
-274	-212

Gain on sale of businesses	－	70
Total extraordinary income	－	70
Extraordinary losses
Loss on disposal of non-current assets	0	2
Loss on valuation of investment securities	0	15
Total extraordinary losses	0	17
Profit (loss) before income taxes	-275	-160
Income taxes - current	20	46
Income taxes - deferred	-100	-62
Total income taxes	-80	-15
Profit (loss)	-194	-144
Profit (loss) attributable to owners of parent	-194	-144

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