Santec : Financial Statements Fiscal Year 2023

Consolidated Balance Sheets

			(Thousands of yen)
		As of March 31, 2023	As of March 31, 2024
Assets
Current assets
Cash and deposits		6,297,183	9,373,250
Electronically recorded monetary	claims -	36,117	42,026
operating
Accounts receivable - trade		2,917,237	4,694,229
Securities		338,124	75,235
Merchandise and finished goods		572,675	979,106
Work in process		625,482	611,588
Raw materials		988,436	891,952
Other		340,769	1,140,954
Allowance for doubtful accounts		－	△12,872
Total current assets		12,116,027	17,795,470
Non-current assets
Property, plant and equipment
Buildings and structures		4,178,991	4,273,627
Accumulated depreciation		△2,957,878	△3,032,994
Buildings and structures, net	1,221,113	1,240,633
Machinery, equipment and vehicles	259,964	277,211
Accumulated depreciation		△215,332	△235,426
Machinery, equipment and	vehicles,	44,631	41,784
net
Land		1,592,577	1,592,577
Leased assets		40,947	40,947
Accumulated depreciation		△7,363	△10,093
Leased assets, net		33,583	30,853
Construction in progress		22,475	51,353
Other		2,655,931	3,039,514
Accumulated depreciation		△1,996,251	△2,204,679
Other, net		659,679	834,834
Total property, plant and equipment	3,574,061	3,792,036
Intangible assets
Goodwill		739,960	742,528
Other		599,752	530,763
Total intangible assets		1,339,713	1,273,291
Investments and other assets
Investment securities		2,160,940	2,321,399
Long-term loans receivable		156,136	169,175
Deferred tax assets		188,123	402,745
Other		70,290	74,207
Total investments and other assets	2,575,491	2,967,527
Total non-current assets		7,489,265	8,032,855
Total assets		19,605,292	25,828,326

－ 1 －

					(Thousands of yen)
				As of March 31, 2023	As of March 31, 2024
Liabilities
Current liabilities
Notes and accounts payable - trade		483,537	882,196
Electronically	recorded	obligations	-	747,618	783,384
operating
Current portion of long-term borrowings		126,000	253,472
Income taxes payable			951,389	1,891,023
Contract liabilities			250,001	412,738
Provision for bonuses			122,889	190,066
Provision for	bonuses for	directors (and	87,900	95,427
other officers)
Other				682,982	1,094,192
Total current liabilities			3,452,318	5,602,501
Non-current liabilities
Long-term borrowings			995,500	1,717,610
Deferred tax liabilities			135,985	231,019
Retirement benefit liability		614,006	65,506
Asset retirement obligations		27,628	27,949
Other				45,492	447,976
Total non-current liabilities		1,818,613	2,490,062
Total liabilities				5,270,931	8,092,564
Net assets
Shareholders' equity
Share capital				4,978,566	4,978,566
Capital surplus			1,209,465	1,209,465
Retained earnings			7,781,589	10,574,636
Treasury shares			△97,649	△97,649
Total shareholders' equity			13,871,972	16,665,019
Accumulated other comprehensive income
Valuation difference on available-for-sale	97,208	211,107
securities
Foreign currency translation adjustment		365,180	859,634
Total accumulated other	comprehensive	462,388	1,070,742
income
Total net assets				14,334,361	17,735,761
Total liabilities and net assets			19,605,292	25,828,326

－ 2 －

Consolidated Income Statements

							(Thousands of yen)
						Fiscal year ended	Fiscal year ended
						March 31, 2023	March 31, 2024
Net sales					15,246,170	18,867,885
Cost of sales					7,178,646	8,450,464
Gross profit					8,067,524	10,417,421
Selling, general and administrative expenses	4,084,726	4,853,251
Operating profit				3,982,797	5,564,169
Non-operating income
Interest income				148,923	175,225
Dividend income				7,384	6,885
Foreign exchange gains			78,629	455,028
Rental income				48,384	54,174
Gain	on	valuation	of	compound	financial	－	39,280
instruments
Other						41,374	18,949
Total non-operating income		324,696	749,543
Non-operating expenses
Interest expenses				2,332	3,239
Expenses of real estate for rent		36,677	35,708
Loss	on	valuation	of	compound	financial	20,268	－
instruments
Other						1,764	9,667
Total non-operating expenses		61,042	48,615
Ordinary profit				4,246,452	6,265,098
Extraordinary income
Gain on sale of non-current assets		－	92
Gain on sale of investment securities	－	141,894
Gain on redemption of investment securities	－	14,438
Total extraordinary income		－	156,426
Extraordinary losses
Loss on sale of non-current assets		54	－
Loss on retirement of non-current assets	755	309
Loss on sale of investment securities	－	911
Loss on valuation of investment securities	－	485,553
Loss on revision of retirement benefit plan	－	6,094
Total extraordinary losses		809	492,869
Profit before income taxes			4,245,642	5,928,655
Income taxes - current				1,285,332	2,209,084
Income taxes - deferred				△41,564	△131,921
Total income taxes				1,243,768	2,077,163
Profit						3,001,874	3,851,491
Profit attributable to owners of parent	3,001,874	3,851,491

－ 3 －

Consolidated Statement of Comprehensive Income

						(Thousands of yen)
					Fiscal year ended	Fiscal year ended
					March 31, 2023	March 31, 2024
Profit					3,001,874	3,851,491
Other comprehensive income
Valuation difference	on available-for-sale	11,832	113,899
securities
Foreign currency translation adjustment		94,040	494,454
Total other comprehensive income			105,873	608,353
Comprehensive income				3,107,747	4,459,845
Comprehensive income attributable to
Comprehensive	income	attributable	to owners	3,107,747	4,459,845
of parent
Comprehensive	income	attributable	to	non-	－	－
controlling interests

－ 4 －

Consolidated Cash Flows

	(Thousands of yen)
Fiscal year ended	Fiscal year ended
March 31, 2023	March 31, 2024

Cash flows from operating activities Profit before income taxes Depreciation

Amortization of goodwill

Increase (decrease) in retirement benefit liability

Increase (decrease) in provision for bonuses Increase (decrease) in provision for bonuses for directors (and other officers)

Increase (decrease) in allowance for doubtful accounts

Interest and dividend income

Interest expenses

Foreign exchange losses (gains)

Loss (gain) on valuation of compound financial instruments

Loss (gain) on sale of investment securities Loss (gain) on redemption of investment securities

Loss (gain) on valuation of investment securities

Loss on retirement of non-current assets

4,245,642	5,928,655
544,412	544,340
87,827	91,733
13,029	△549,163
37,658	59,303
△5,597	7,527
△6,724	12,334
△156,308	△182,111
2,332	3,239
△69,033	△295,096
20,268	△39,280
－	△140,983
－	△14,438

－485,553

755

309

Decrease (increase) in trade	receivables	△583,401	△1,448,481
Decrease (increase) in inventories	△568,349	△241,206
Increase (decrease) in trade	payables	252,943	145,084

Decrease (increase) in consumption taxes refund receivable

Other, net

Subtotal

Interest and dividends received

Interest paid

Income taxes paid

Net cash provided by (used in) operating activities

Cash flows from investing activities Payments into time deposits

Proceeds from withdrawal of time deposits Purchase of property, plant and equipment Purchase of intangible assets

Purchase of short-term and long-term investment securities

Proceeds from sale and redemption of investment securities

Payment Of Conditional Acquisition Consideration For Subsidiary Shares Proceeds from collection of loans receivable Other, net

Net cash provided by (used in) investing activities

Cash flows from financing activities Repayments of lease liabilities Proceeds from long-term borrowings Repayments of long-term borrowings Purchase of treasury shares

4,966	△192,787
4,078	544,708
3,824,500	4,719,242
150,076	182,664
△2,332	△3,239
△858,910	△1,616,673
3,113,333	3,281,993
△200,295	－
138,250	213,900
△496,444	△384,110
△71,770	△28,689
△273,544	△1,337,553
132,880	1,329,534
△46,008	－
7,019	13,967
21,816	△1,858
△788,096	△194,810
△3,002	△3,002
－	1,000,000
△126,000	△150,418
△42	－

－ 5 －

Dividends paid				△644,944	△1,059,922
Net cash	provided by	(used	in)	financing	△773,990	△213,343
activities
Effect of exchange rate change on cash and cash	87,292	402,523
equivalents
Net increase	(decrease)	in	cash	and cash	1,638,538	3,276,362
equivalents
Cash and cash equivalents at beginning of period	4,458,349	6,096,888
Cash and cash equivalents at end of period	6,096,888	9,373,250

－ 6 －