Marubun : FY2023 1Q Supplementary Material

Supplementary Financial Information for the first quarter of fiscal year ending March 2024

Contents	・・・・ P.1
Consolidated Statement of Income
Consolidated Sales by Segment	・・・・ P.1
Consolidated Statement of Income (Forecast)	・・・・ P.2
Consolidated Sales by Segment (Forecast)	・・・・ P.2
Consolidated Statements of Income (Quarterly）	・・・・ P.3
Consolidated Sales by Segment (Quarterly）	・・・・ P.3
Consolidated Balance Sheets (Quarterly）	・・・・ P.4
Consolidated Statements of Cash Flows (Quarterly）	・・・・ P.4

July 31, 2023

https://www.marubun.co.jp/en/ir/ (IR Website)

Information on future performance contained within this document material, such as the results forecasts, is based on the data available and assumptions judged to be reasonable as of when the Company prepared this docment material.

Consolidated Statement of Income

	(Millions of Yen)	FY2022	FY2023	Increase
		22/4-6	23/4-6
		/Decrease
		Results	Results
	Net Sales	46,156	60,414	14,258
	Electronic Devices	35,409	49,383	13,974
	Electronic Systems	10,425	10,700	275
	Electronic Solutions	320	330	10
	Cost of Sales	40,439	53,314	12,875
	Gross Profit	5,716	7,100	1,384
	Electronic Devices	4,008	5,151	1,143
	Electronic Systems	1,618	1,840	222
	Electronic Solutions	89	108	19
	Selling, general and administrative expenses	3,691	3,969	278
	Personal expenses	2,199	2,360	161
	Other	1,492	1,608	116
	Operating profit	2,024	3,131	1,107
	Electronic Devices	2,012	3,002	990
	Electronic Systems	131	253	122
	Electronic Solutions	(117)	(122)	(5)
	Non-operating income	54	149	95
	Non-operating expenses	2,331	3,378	1,047
	Interest expenses	182	863	681
	Foreign exchange losses	2,091	2,348	257
	Ordinary profit(loss)	(252)	(97)	155
	Extraordinary income	1	-	(1)
	Extraordinary losses	0	0	0
	Profit(loss)before income taxes	(251)	(97)	154
	Income taxes	(20)	70	90
	Profit attributable to non-controlling interests	119	162	43
	Profit (loss) attributable to owners of parent	(350)	(330)	20
	Number of Employees	1,147	1,158	11
	Gross Profit Margin	12.4%	11.8%	-0.6%
	Electronic Devices	11.3%	10.4%	-0.9%
	Electronic Systems	15.5%	17.2%	1.7%
	Electronic Solutions	27.8%	32.7%	4.9%
	Operating Profit Margin	4.4%	5.2%	0.8%
	Electronic Devices	5.7%	6.1%	0.4%
	Electronic Systems	1.3%	2.4%	1.1%
	Electronic Solutions	-	-	-
	Ordinary Profit Margin	-	-	-
	Net Profit Margin	-	-	-

Consolidated Sales by Segment

(Millions of Yen)	FY2022	FY2023	Increase
	22/4-6	23/4-6
	/Decrease
	Results	Results
Total Electronic Devices	35,409	49,383	13,974
Semiconductors	25,463	40,364	14,901
Analog IC	10,673	15,506	4,833
Memory IC	1,833	1,875	42
Micro-Processor	1,677	1,855	178
Special-Use IC	8,810	14,084	5,274
Custom IC	2,469	7,042	4,573
Electronic Components	9,945	9,018	(927)
Total Electronic Systems	10,425	10,700	275
Space & Defense Electronics	1,231	735	(496)
Industrial Equipment	3,641	3,899	258
Laser Equipment	1,337	1,670	333
Medical Equipment	4,216	4,395	179
Total Electronic Solutions	320	330	10
ICT Solution	304	309	5
AI & Robotics	16	20	4
Total Net Sales	46,156	60,414	14,258

-1-

Consolidated Statement of Income（Forecast）

		FY2022	FY2023	Increase
		Results	Forecast	/Decrease
Net Sales	226,171	236,000	9,829
Electronic Devices	168,872	176,500	7,628
Electronic Systems	54,494	56,000	1,506
Electronic Solutions	2,805	3,500	695
Cost of Sales	198,907	210,500	11,593
Gross Profit	27,264	25,500	(1,764)
Electronic Devices	17,403	15,150	(2,253)
Electronic Systems	8,932	9,050	118
Electronic Solutions	927	1,300	373
Selling, general and administrative expenses	16,267	16,750	483
Operating profit	10,997	8,750	(2,247)
Electronic Devices	8,521	5,950	(2,571)
Electronic Systems	2,438	2,500	62
Electronic Solutions	42	300	258
Non-operating income		454	300	(154)
Non-operating expenses	3,542	4,050	508
Ordinary profit(loss)	7,909	5,000	(2,909)
Extraordinary income	1	-	(1)
Extraordinary losses	26	-	(26)
Profit(loss)before income taxes	7,884	5,000	(2,884)
Income taxes	2,177	1,500	(677)
Profit attributable to non-controlling interests	505	500	(5)
Profit (loss) attributable to owners of parent	5,201	3,000	(2,201)
Gross Profit Margin	12.1%	10.8%	-1.2%
Electronic Devices	10.3%	8.6%	-1.7%
Electronic Systems	16.4%	16.2%	-0.2%
Electronic Solutions	33.0%	37.1%	4.1%
Operating Profit Margin	4.9%	3.7%	-1.2%
Electronic Devices	5.0%	3.4%	-1.7%
Electronic Systems	4.5%	4.5%	0.0%
Electronic Solutions	1.5%	8.6%	7.1%
Ordinary Profit Margin	3.5%	2.1%	-1.4%
Net Profit Margin	2.3%	1.3%	1.3%

Consolidated Sales by Segment (Forecast)

	FY2022	FY2023	Increase
	Results	Forecast	/Decrease
Total Electronic Devices	168,872	176,500	7,628
Semiconductors	126,562	133,433	6,871
Analog IC	50,890	53,395	2,505
Memory IC	7,341	5,671	(1,670)
Micro-Processor	7,740	6,602	(1,138)
Special-Use IC	49,840	54,165	4,325
Custom IC	10,749	13,598	2,849
Electronic Components	42,309	43,066	757
Total Electronic Systems	54,494	56,000	1,506
Space & Defense Electronics	5,613	5,886	273
Industrial Equipment	21,098	20,317	(781)
Laser Equipment	6,745	7,185	440
Medical Equipment	21,035	22,611	1,576
Total Electronic Solutions	2,805	3,500	695
ICT Solution	2,642	2,836	194
AI & Robotics	163	662	499
Total Net Sales	226,171	236,000	9,829

-2-

Consolidated Statements of Income (Quarterly）

(Millions of Yen)

		FY2022
1Q	2Q	3Q	4Q

Full Year

FY2023

1Q

Net Sales	46,156	54,865	62,214	62,935	226,171	60,414
Electronic Devices	35,409	40,910	49,291	43,261	168,872	49,383
Electronic Systems	10,425	13,477	12,208	18,382	54,494	10,700
Electronic Solutions	320	478	715	1,291	2,805	330
Cost of Sales	40,439	47,874	54,628	55,965	198,907	53,314

Gross Profit	5,716	6,991	7,586	6,969	27,264	7,100
Electronic Devices	4,008	4,722	5,178	3,494	17,403	5,151
Electronic Systems	1,618	2,129	2,186	2,998	8,932	1,840
Electronic Solutions	89	140	220	477	927	108
Selling, general and administrative expenses	3,691	3,748	4,142	4,683	16,267	3,969

Operating profit	2,024	3,243	3,443	2,285	10,997	3,131
Electronic Devices	2,012	2,636	2,790	1,081	8,521	3,002
Electronic Systems	131	664	642	999	2,438	253
Electronic Solutions	(117)	(55)	10	205	42	(122)
Non-operating income	54	107	129	163	454	149
Non-operating expenses	2,331	1,962	(1,669)	917	3,542	3,378

	Ordinary profit(loss)	(252)	1,388	5,241	1,532	7,909	(97)
	Extraordinary income	1	0	(0)	0	1	-
	Extraordinary losses	0	2	2	21	26	0
	Profit(loss)before income taxes	(251)	1,386	5,239	1,511	7,884	(97)
	Income taxes	(20)	395	1,587	215	2,177	70
	Profit attributable to non-controlling interests	119	169	160	54	505	162
	Profit (loss) attributable to owners of parent	(350)	820	3,491	1,240	5,201	(330)
	Gross Profit Margin	12.4%	12.7%	12.2%	11.1%	12.1%	11.8%
	Electronic Devices	11.3%	11.5%	10.5%	8.1%	10.3%	10.4%
	Electronic Systems	15.5%	15.8%	17.9%	16.3%	16.4%	17.2%
	Electronic Solutions	-	-	-	-	-	32.7%
	Operating Profit Margin	4.4%	5.9%	5.5%	3.6%	4.9%	5.2%
	Ordinary Profit Margin	-	2.5%	8.4%	2.4%	3.5%	-
	Net Profit Margin	-	1.5%	5.6%	2.0%	2.3%	-

Consolidated Sales by Segment (Quarterly）

(Millions of Yen)

		FY2022
1Q	2Q	3Q	4Q

Full Year

FY2023

1Q

Total Electronic Devices	35,409	40,910	49,291	43,261	168,872	49,383
Semiconductors	25,463	30,122	37,789	33,187	126,562	40,364
Analog IC	10,673	11,772	13,914	14,530	50,890	15,506
Memory IC	1,833	1,746	1,755	2,005	7,341	1,875
Micro-Processor	1,677	2,308	1,991	1,762	7,740	1,855
Special-Use IC	8,810	11,483	15,425	14,122	49,840	14,084
Custom IC	2,469	2,811	4,700	767	10,749	7,042
Electronic Components	9,945	10,787	11,502	10,073	42,309	9,018
Total Electronic Systems	10,425	13,477	12,208	18,382	54,494	10,700
Space & Defense Electronics	1,231	1,065	1,543	1,773	5,613	735
Industrial Equipment	3,641	4,978	4,845	7,633	21,098	3,899
Laser Equipment	1,337	1,722	1,890	1,795	6,745	1,670
Medical Equipment	4,216	5,710	3,928	7,181	21,035	4,395
Total Electronic Solutions	320	478	715	1,291	2,805	330
ICT Solution	304	456	694	1,185	2,642	309
AI & Robotics	16	21	20	105	163	20
Total Net Sales	46,156	54,865	62,214	62,935	226,171	60,414

-3-

Consolidated Balance Sheets (Quarterly）

	(Millions of Yen)		FY2022		FY2023
		Jun.30,2022	Sep.30,2022	Dec.31,2022	Mar.31,2023	Jun.30,2023
	Current assets	141,483	151,893	162,170	166,143	165,470
	Cash and deposits	20,750	19,645	16,418	21,253	17,111
	Notes and accounts receivable-trade	45,043	52,106	60,853	59,415	61,914
	Merchandise and finished goods	37,393	44,036	48,711	54,558	54,300
	Work in process	65	277	283	79	175
	Accounts receivable - other	34,630	32,598	33,267	28,914	28,718
	Other	3,605	3,231	2,640	1,940	3,262
	Allowance for doubtful accounts	(6)	(1)	(4)	(17)	(12)
	Non-current assets	10,700	10,714	11,140	9,855	10,205
	Property, plant and equipment	3,141	3,113	3,125	3,203	3,208
	Intangible assets	1,006	920	860	898	864
	Investments and other assets	6,552	6,680	7,154	5,753	6,133
	Total assets	152,183	162,608	173,310	175,998	175,675
	Current liabilities	98,799	107,014	114,039	117,089	118,039
	Notes and accounts payable-trade	20,824	23,718	20,981	28,005	22,556
	Short-term borrowings	65,506	65,544	63,080	69,423	74,520
	Current portion of long-term borrowings	50	50	37	25	12
	Accounts payable - other	8,715	14,264	25,100	14,738	15,238
	Provision for bonuses	537	981	541	1,020	569
	Other	3,164	2,454	4,298	3,875	5,142
	Non-current liabilities	5,802	5,810	5,856	5,824	5,810
	Long-term borrowings	5,012	5,000	5,000	5,000	5,000
	Retirement benefit liability	323	329	329	365	367
	Provision for retirement benefits of directors(and other officcers)	96	101	104	107	108
	Other	369	380	422	351	334
	Total liabilities	104,601	112,825	119,895	122,913	123,850
	Shareholders' equity	40,295	41,115	44,084	45,325	43,426
	Accumulated other comprehensive income	2,021	2,727	2,990	2,422	2,864
	Non-controlling interests	5,265	5,939	6,339	5,336	5,534
	Total net assets	47,582	49,782	53,414	53,084	51,825
	Total liabilities and net assets	152,183	162,608	173,310	175,998	175,675

Consolidated Statements of Cash Flows (Quarterly）

(Millions of Yen)		FY2022			FY2023
	1Q	2Q	3Q	4Q	1Q
Cash flows from operating activities	(15,076)	(13,529)		(18,653)	(18,981)	(2,888)
Profit(loss)bofore income taxes	(251)	1,134		6,373	7,884	(97)
Depreciation	180	361		525	693	159
Foreign exchange losses (gains)	5,957	9,073		4,523	4,584	4,429
Share of loss (profit) of entities accounted for using equity method	6	(60)		(143)	(258)	(77)
Decrease (increase) in trade receivables	(402)	(6,488)		(14,860)	(14,189)	(2,439)
Decrease (increase) in inventories	(6,837)	(13,362)		(17,819)	(23,771)	180
Increase (decrease) in trade payables	(683)	1,463		(1,718)	5,912	(5,515)
Other, net	(12,294)	(4,519)		6,654	2,490	2,185
Subtotal	(14,325)	(12,397)		(16,464)	(16,652)	(1,175)
Interest and dividends received	25	37		69	760	46
Interest paid	(173)	(535)		(1,197)	(1,915)	(772)
Income taxes paid	(604)	(645)		(1,073)	(1,185)	(987)
Income taxes refund	1	11		12	11	-
Cash flows from investing activities	(164)	(271)		(261)	(326)	(412)
Net cash provided by (used in) financing activities	10,049	6,669		8,504	14,071	(1,325)
Effect of exchange rate change on cash and cash equivalents	642	1,386		1,490	1,202	436
Net increase(decrease) in cash and cash equivalents	(4,549)	(5,744)		(8,919)	(4,034)	(4,190)
Cash and cash equivalents at beginning of period	24,693	24,693		24,693	24,693	20,658
Cash and cash equivalents at end of period	20,144	18,949		15,773	20,658	16,468

-4-