Astena : Summary of Consolidated Financial Results for the Six Months Ended May 31, 2023 (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 Consolidated Financial Results
		for the Six Months Ended May 31, 2023
		(Based on Japanese GAAP)
					July 13, 2023
Company name:	Astena Holdings Co.,Ltd.
Stock exchange listing:	Tokyo
Stock code:	8095	URL https://www.astena-hd.com
Representative:	President		Keitaro Iwaki
Inquiries:	Managing Executive Officer	Minoru Kadokura	TEL [phone]
Scheduled date to file Quarterly Securities Report:	July 13, 2023
Scheduled date to commence dividend payments:	August 10, 2023
Preparation of supplementary material on quarterly financial results:	Yes
Holding of quarterly financial results meeting:	Yes	(for institutional investors and analysts)

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the six months ended May 31, 2023 (from December 1, 2022 to May 31, 2023)

(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	%
Six months ended May 31, 2023	26,857	7.7		208	(71.1)	283		(66.0)	(227)	-
Six months ended May 31, 2022	24,934	-		720	-	835		-	932	-
	Earnings per share			Diluted earnings per share
			Yen			Yen
Six months ended May 31, 2023		(5.78)			-
Six months ended May 31, 2022		23.33			-
(2) Consolidated financial position
	Total assets			Net assets	Equity ratio		Net assets per share
	Millions of yen			Millions of yen				%		Yen
As of May 31, 2023		64,828				26,627				40.9		671.40
As of November 30, 2022		63,551				27,068				42.5		685.24

2. Cash dividends
		Annual dividends per share
	1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end
	Yen	Yen	Yen	Yen
Year ended November 30, 2022	-	9.00	-	9.00
Year ending November 30, 2023	-	9.00
Year ending November 30, 2023			-	9.00
(Forecast)

Total

Yen 18.00

18.00

3. Forecast of consolidated financial results for the year ending November 30, 2023 (from December 1, 2022 to November 30, 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	51,500	3.8	720	(12.2)	410	(53.8)	10	(98.3)	0.25

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4. Notes

1. Changes in significant subsidiaries during the six months ended May 31, 2023 (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

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:	Yes
Changes in accounting policies due to other reasons:	No
Changes in accounting estimates:	No
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 May 31, 2023	40,884,504	shares	As of November 30, 2022	40,772,366	shares
Number of treasury shares at the end of the period
	As of May 31, 2023	1,384,314	shares	As of November 30, 2022	1,389,642	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Six months ended May 31, 2023	39,428,011	shares	Six months ended May 31, 2022	39,982,434	shares

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Quarterly consolidated financial statements

Consolidated balance sheets

		(Thousands of yen)
	As of November 30, 2022	As of May 31, 2023
Assets
Current assets
Cash and deposits	6,925,821	5,428,060
Notes and accounts receivable - trade, and contract assets	15,362,845	15,069,739
Electronically recorded monetary claims - operating	3,743,809	4,498,690
Merchandise and finished goods	5,915,864	5,857,344
Work in process	1,644,206	1,935,687
Raw materials and supplies	1,929,398	2,241,558
Other	1,263,268	1,071,019
Allowance for doubtful accounts	(35,679)	(13,591)
Total current assets	36,749,534	36,088,508
Non-current assets
Property, plant and equipment
Buildings and structures	10,427,698	10,433,223
Accumulated depreciation	(6,364,667)	(6,463,087)
Buildings and structures, net	4,063,030	3,970,135
Machinery, equipment and vehicles	10,079,248	10,316,113
Accumulated depreciation	(8,212,905)	(8,413,363)
Machinery, equipment and vehicles, net	1,866,343	1,902,749
Land	3,138,980	3,100,522
Other	4,090,574	4,231,959
Accumulated depreciation	(2,831,415)	(2,969,070)
Other, net	1,259,158	1,262,889
Construction in progress	2,792,287	5,051,829
Total property, plant and equipment	13,119,799	15,288,126
Intangible assets
Goodwill	4,512,067	4,535,293
Technical assets	507,897	490,681
Customer relationship	2,043,608	1,933,450
Other	1,221,544	1,151,719
Total intangible assets	8,285,118	8,111,144
Investments and other assets
Investment securities	3,814,234	3,778,261
Retirement benefit asset	469,274	441,425
Other	1,137,677	1,144,952
Allowance for doubtful accounts	(23,818)	(23,818)
Total investments and other assets	5,397,366	5,340,820
Total non-current assets	26,802,285	28,740,092
Deferred assets
Organization expenses	-	262
Total deferred assets	-	262
Total assets	63,551,819	64,828,862

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		(Thousands of yen)
	As of November 30, 2022	As of May 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade	8,475,155	8,896,937
Electronically recorded obligations - operating	3,667,121	4,238,480
Electronically recorded obligations - non-operating	3,045	77,808
Short-term borrowings	10,035,000	10,912,000
Accrued expenses	2,508,458	2,730,107
Income taxes payable	920,241	439,933
Provision for bonuses	419,387	226,914
Provision for product warranties	8,461	12,984
Other provisions	59,100	101,200
Other	1,696,103	1,646,113
Total current liabilities	27,792,074	29,282,479
Non-current liabilities
Long-term borrowings	4,777,500	5,080,311
Deferred tax liabilities	728,789	687,727
Provision for share-based compensation	66,255	60,449
Retirement benefit liability	2,570,515	2,547,028
Other	547,983	543,838
Total non-current liabilities	8,691,043	8,919,354
Total liabilities	36,483,118	38,201,834
Net assets
Shareholders' equity
Share capital	4,557,400	4,581,397
Capital surplus	6,538,828	6,569,700
Retained earnings	15,031,853	14,433,056
Treasury shares	(531,722)	(525,817)
Total shareholders' equity	25,596,360	25,058,337
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	1,007,002	1,105,590
Deferred gains or losses on hedges	(4,026)	563
Foreign currency translation adjustment	191,067	222,428
Remeasurements of defined benefit plans	196,203	133,450
Total accumulated other comprehensive income	1,390,246	1,462,033
Non-controlling interests	82,094	106,656
Total net assets	27,068,701	26,627,028
Total liabilities and net assets	63,551,819	64,828,862

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

Consolidated statements of income (cumulative)

		(Thousands of yen)
	Six months ended	Six months ended
	May 31, 2022	May 31, 2023
Net sales	24,934,991	26,857,511
Cost of sales	16,782,199	19,008,028
Gross profit	8,152,791	7,849,482
Selling, general and administrative expenses	7,432,742	7,641,147
Operating profit	720,049	208,334
Non-operating income
Interest income	1,215	1,007
Dividend income	27,451	29,190
Rental income	8,896	7,171
Foreign exchange gains	49,518	1,330
Other	90,448	105,942
Total non-operating income	177,530	144,642
Non-operating expenses
Interest expenses	26,931	29,471
Share of loss of entities accounted for using equity method	7,415	11,765
Other	28,217	28,223
Total non-operating expenses	62,563	69,460
Ordinary profit	835,016	283,516
Extraordinary income
Gain on sale of non-current assets	663,894	10,774
Gain on donation of a state subsidy	24,900	14,827
Total extraordinary income	688,794	25,601
Extraordinary losses
Loss on sale of non-current assets	-	39
Loss on disposal of non-current assets	5,435	20,171
Loss on valuation of investment securities	-	216,728
Loss on transition of retirement benefit plan	54,459	-
Loss on liquidation of subsidiaries and associates	-	4,038
Total extraordinary losses	59,895	240,977
Profit before income taxes	1,463,916	68,140
Income taxes - current	800,878	361,600
Income taxes - deferred	(264,947)	(57,804)
Total income taxes	535,931	303,796
Profit (loss)	927,985	(235,655)
Loss attributable to non-controlling interests	(4,984)	(7,843)
Profit (loss) attributable to owners of parent	932,969	(227,812)

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