Chori : Consolidated Financial Results for the Three Months Ended June 30, 2023 (390 KB)

Translation－Original text in Japanese

Consolidated Financial Results

for the Three Months Ended June 30, 2023

(Under Japanese GAAP)

			July 28, 2023
Company name:	CHORI CO., LTD.	Listing:	Tokyo Stock Exchange (Prime)
Securities code:	8014	URL:	https://www.chori.co.jp
Representative:	Kazuo Sakihama, President, CEO & COO
Inquiries:	Yasutaka Kawamura, Manager of Corporate Management Dept.
Telephone:	[phone]
Scheduled date to file quarterly securities report:		August 14, 2023
Scheduled date to commence dividend payments:		―
Preparation of supplementary materials on quarterly financial results:	Yes
Holding of quarterly financial results briefing:		None

(Amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Three Months Ended June 30, 2023 (from April 1, 2023 to June 30, 2023)

(1) Consolidated operating results (cumulative)

										(Percentages	indicate year-on-year changes)
	Net sales	Operating profit	Ordinary profit	Net profit attributable to
	owners of parent
Three months ended	Millions of yen		%	Millions of yen		%	Millions of yen	%	Millions of yen		%
Jun. 30, 2023	75,780		(7.5)	3,938		22.6	3,609	(1.3)	2,216		(3.6)
Jun. 30, 2022	81,906		35.0	3,213		25.4	3,658	27.2	2,298		1.4
Note: Comprehensive income
For the three months ended Jun.30, 2023: 3,587 million yen［(5.2)%］
For the three months ended Jun.30, 2022: 3,783 million yen［25.5%］
	Basic earnings		Diluted earnings
	per share			per share
Three months ended			yen				yen
Jun. 30, 2023			90.06				－
Jun. 30, 2022			93.41				－
(2) Consolidated financial position
	Total assets		Net assets				Equity-to-asset ratio
As of	Millions of yen		Millions of yen			%
Jun. 30, 2023			142,279				74,379				52.3
Mar. 31, 2023			143,200				72,158				50.4
Reference: Equity

As of Jun. 30, 2023: 74,366 million yen

As of Mar. 31, 2023: 72,158 million yen

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2. Dividends

			Dividends per share
			Quarter-end		Fiscal year-end	Annual total
	1st		2nd	3rd
		yen	yen	yen	yen	yen
Fiscal year ended Mar. 31, 2023		－	50.00	－	55.00	105.00
Fiscal year ending Mar. 31, 2024		－
Fiscal year ending Mar. 31, 2024 (Forecast)			58.00	－	58.00	116.00

Note: Revisions to the most recently announced forecast of dividends: None

3. Forecast of Consolidated Financial Results for the Year Ending March 31, 2024 (from April 1, 2023 to March 31, 2024)

						(Percentages	indicate year-on-year changes)
	Net sales		Operating	profit	Ordinary	profit		Net profit attributable	Basic earnings
			to owners of parent	per share
Full Year	Millions of yen		%	Millions of yen	%	Millions of yen	%		Millions of yen	%	yen
340,000		3.2	14,200	12.2	14,000	12.6		9,400	15.7	382.00

Note: Revisions to the most recently announced forecasts of consolidated financial results: None

* Notes

1. Changes in significant subsidiaries during this period (changes in specified subsidiaries resulting in change in scope of consolidation): None
   Newly included: ―
   Excluded: ―
2. Adoption of accounting treatment specific to the preparation of quartely consolidated financial statements: None
3. Changes in accounting policies, changes in accounting estimates, and restatements

1. Changes in accounting policies due to the revision of accounting standards, etc.: None
2.	Changes in accounting policies due to other reasons:	None
3.	Changes in accounting estimates:	None
4.	Restatements:	None

(4)	Number of issued shares (common shares)
1.	Total number of issued shares at the end	As of Jun. 30, 2023	25,303,478 shares	As of Mar. 31, 2023	25,303,478 shares
		of the period (including treasury shares)
	2.	Number of treasury shares at the end of	As of Jun. 30, 2023	696,536 shares	As of Mar. 31, 2023	696,464 shares
		the period
	3.	Average number of shares outstanding	Three months ended	24,606,994 shares	Three months ended	24,608,141 shares
		during the period	Jun. 30, 2023	Jun. 30, 2022

• Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
• Proper use of earnings forecasts, and other special matters

The forward-looking statements in this document are based on the information available at the time of publication and certain assumptions that the Company judges as rational. Actual financial results may vary significantly due to various reasons. The Company, therefore, wishes to caution that readers should not place undue reliance on forward-looking statements.

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Quarterly consolidated financial statements

Quarterly consolidated balance sheets

				(Unit: Millions of yen)
		As of Mar. 31, 2023		As of Jun. 30, 2023
Assets
Current assets
Cash and deposits	16,463	16,453
Deposits paid to subsidiaries and associates	2,500	2,500
Notes and accounts receivable - trade	77,130	77,093
Merchandise and finished goods	19,212	19,131
Work in process	831	880
Raw materials and supplies	17	16
Goods in transit	1,967	1,055
Other	6,614	6,119
Allowance for doubtful accounts	(2,656)	(3,415)
Total current assets	122,081	119,835
Non-current assets
Property, plant and equipment	1,919	1,837
Intangible assets
Goodwill	645	594
Customer-related assets	893	868
Other		1,316		1,925
Total intangible assets		2,855		3,388
Investments and other assets		16,344		17,217
Total non-current assets		21,118		22,443
Total assets	143,200	142,279
Liabilities
Current liabilities
Notes and accounts payable - trade	52,919	51,797
Short-term borrowings	4,816	4,303
Current portion of long-term borrowings	113	113
Income taxes payable	2,387	1,271
Provision for bonuses	927	434
Provision for loss on liquidation of subsidiaries and associates	42	42
Other	6,456	6,416
Total current liabilities	67,663	64,377
Non-current liabilities
Long-term borrowings	132	103
Deferred tax liabilities	797	1,003
Retirement benefit liability	2,233	2,244
Other	215	169
Total non-current liabilities	3,378	3,521
Total liabilities	71,041	67,899

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		(Unit: Millions of yen)
	As of Mar. 31, 2023	As of Jun. 30, 2023
Net assets
Shareholders' equity
Share capital	6,800	6,800
Capital surplus	1,804	1,804
Retained earnings	60,634	61,483
Treasury shares	(689)	(689)
Total shareholders' equity	68,549	69,398
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	1,392	1,986
Deferred gains or losses on hedges	(138)	236
Foreign currency translation adjustment	2,421	2,808
Remeasurements of defined benefit plans	(66)	(63)
Total accumulated other comprehensive income	3,609	4,967
Non-controlling interests	-	13
Total net assets	72,158	74,379
Total liabilities and net assets	143,200	142,279

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Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income Quarterly consolidated statements of income

		（Unit: Millions of yen)
	Three months ended	Three months ended
	Jun. 30, 2022	Jun. 30, 2023
Net sales	81,906	75,780
Cost of sales	72,778	66,138
Gross profit	9,127	9,642
Selling, general and administrative expenses	5,914	5,703
Operating profit	3,213	3,938
Non-operating income
Interest income	70	225
Dividend income	110	129
Share of profit of entities accounted for using equity method	94	57
Foreign exchange gains	263	-
Gain on adjustment of accounts payable	8	9
Miscellaneous income	54	115
Total non-operating income	601	536
Non-operating expenses
Interest expenses	33	152
Loss on sale of notes receivable - trade	80	214
Foreign exchange losses	-	497
Miscellaneous expenses	42	2
Total non-operating expenses	156	865
Ordinary profit	3,658	3,609
Extraordinary income
Gain on sale of non-current assets	2	0
Gain on liquidation or reorganization of subsidiaries and associates	7	-
Gain on sale of investment securities	3	-
Total extraordinary income	13	0
Extraordinary losses
Loss on valuation of investment securities	8	4
Loss on disposal of non-current assets	2	0
Loss on valuation of golf club membership	2	-
Total extraordinary losses	13	4
Profit before income taxes	3,658	3,605
Income taxes - current	1,205	1,307
Income taxes - deferred	152	68
Total income taxes	1,357	1,376
Net profit	2,300	2,229
Net profit attributable to non-controlling interests	1	13
Net profit attributable to owners of parent	2,298	2,216

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