ULVAC : Summary of Financial Results for 1Q FY2022

ULVAC, Inc. (Securities code: 6728)

Consolidated Financial Results for the Three Months Ended September 30, 2022

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

November 11, 2022

Consolidated Financial Results for the Three Months

Ended September 30, 2022 (Under Japanese GAAP)

Company name:	ULVAC, Inc.
Listing:	Tokyo Stock Exchange
Securities code:	6728
URL:	https://www.ulvac.co.jp/en/
Representative:	Setsuo Iwashita, President and CEO
Inquiries:	Akira Umeda, Officer, General Manager of IR Department
Telephone:	[phone]

Scheduled date to file quarterly securities report:	November 11, 2022
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing:	Yes (for domestic institutional
	investors and analysts)

(Yen amounts are rounded to the nearest million, unless otherwise noted)

1. Consolidated financial results for the three months ended September 30, 2022 (from July 1, 2022 to September 30, 2022)

(1) Consolidated operating results (cumulative)			(Percentages indicate year-on-year changes.)
		Net sales		Operating profit	Ordinary profit	Profit attributable to
			owners of parent
Three months ended	Millions of yen		%	Millions of yen	%		Millions of yen	%	Millions of yen	%
September 30, 2022		56,182		18.5	5,120	43.4		5,245	49.2	4,053	81.5
September 30, 2021		47,419		29.7	3,570	261.0		3,517	242.1	2,233	588.5
Note: Comprehensive income	For the three months ended September 30, 2022: ¥2,992 million	[32.7%]
		For the three months ended September 30, 2021: ¥2,255 million	[-%]
	Basic earnings per	Diluted earnings per
		share		share
Three months ended				Yen		Yen
September 30, 2022				82.29		-
September 30, 2021				45.35		-

Note: As the year-on-year change in comprehensive income for the three months ended September 30, 2021, was over 1,000%, it has been recorded as "-."

(2) Consolidated financial position

		Total assets		Net assets	Equity-to-asset ratio
As of		Millions of yen		Millions of yen	%
September 30, 2022		344,593		192,771	54.2
June 30, 2022		354,304		196,484	53.3
Reference:	Equity
	As of September 30, 2022:	¥186,722 million
	As of June 30, 2022:	¥188,977 million

ULVAC, Inc. (Securities code: 6728)

Consolidated Financial Results for the Three Months Ended September 30, 2022

2. Cash dividends

		Annual dividends per share
	First quarter-end	Second quarter-		Third quarter-end		Fiscal year-end		Total
	end
	Yen	Yen		Yen		Yen		Yen
Fiscal year ended	-	-		-	124.00	124.00
June 30, 2022
Fiscal year ending	-
June 30, 2023
Fiscal year ending		-		-	141.00	141.00
June 30, 2023
(Forecast)

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

3. Consolidated earnings forecasts for the fiscal year ending June 30, 2023 (from July 1, 2022 to June 30, 2023)

(Percentages indicate year-on-year changes.)

								Profit attributable to	Basic
	Net sales		Operating profit	Ordinary profit	earnings per
		owners of parent
								share
	Millions of		%	Millions of	%	Millions of	%	Millions of	%	Yen
	yen		yen	yen	yen
Six months ending	118,000		11.7	13,500	18.3	14,000	16.2	9,200	13.1	186.81
December 31, 2022
Fiscal year ending	250,000		3.6	34,500	14.8	35,500	10.2	23,000	13.8	467.01
June 30, 2023
Note: Revisions to the earnings forecasts most recently announced: None

ULVAC, Inc. (Securities code: 6728)

Consolidated Financial Results for the Three Months Ended September 30, 2022

* Notes

1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): Yes
   New inclusion: None, Exclusion: One company (ULVAC TOHOKU, Inc.)
2. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
3. Changes in accounting policies, changes in accounting estimates, and restatement
4. 1. Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
   2. Changes in accounting policies due to other reasons: None
   3. Changes in accounting estimates: None
   4. Restatement: None
5. Number of issued shares (common shares)
6. 1. Total number of issued shares at the end of the period (including treasury shares)

As of September 30, 2022	49,355,938 shares
As of June 30, 2022	49,355,938 shares

(ii) Number of treasury shares at the end of the period

As of September 30, 2022	106,983 shares
As of June 30, 2022	106,961 shares

1. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

Three months ended September 30, 2022	49,248,963 shares
Three months ended September 30, 2021	49,249,007 shares

• 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 (Cautions on forward-looking statements, etc.)
  The forward-looking statements, including the earnings forecasts shown in this document are based on information currently available to the Company and on certain assumptions deemed to be reasonable. As such, they do not constitute guarantees by the Company of future performance. Actual performance and other results may differ materially from these forecasts due to various factors.

ULVAC, Inc. (Securities code: 6728)

Consolidated Financial Results for the Three Months Ended September 30, 2022

Quarterly consolidated financial statements and significant notes

(1) Quarterly consolidated balance sheet

			(Millions of yen)
		As of June 30, 2022	As of September 30, 2022
Assets
Current assets
Cash and deposits	118,040	111,413
Notes and accounts receivable - trade, and contract	86,331	78,991
assets
Merchandise and finished goods	4,500	5,277
Work in process	29,090	32,230
Raw materials and supplies	15,849	17,009
Other	10,562	8,094
Allowance for doubtful accounts	(525)	(508)
Total current assets	263,847	252,507
Non-current assets
Property, plant and equipment
Buildings and structures, net	26,883	26,546
Machinery, equipment and vehicles, net	15,735	15,547
Tools, furniture and fixtures, net	1,774	1,845
Land	8,360	8,352
Leased assets, net	3,157	3,945
Construction in progress	9,087	11,106
Total property, plant and equipment	64,995	67,340
Intangible assets
Leased assets	27	23
Software	1,603	1,788
Other	2,085	1,879
Total intangible assets	3,715	3,689
Investments and other assets
Investment securities	6,882	7,406
Deferred tax assets	6,990	6,185
Other	9,869	9,449
Allowance for doubtful accounts	(1,995)	(1,983)
Total investments and other assets	21,746	21,057
Total non-current assets	90,457	92,086
Total assets		354,304	344,593

ULVAC, Inc. (Securities code: 6728)

Consolidated Financial Results for the Three Months Ended September 30, 2022

			(Millions of yen)
		As of June 30, 2022	As of September 30, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade	55,030	51,731
Short-term borrowings	9,618	9,644
Lease liabilities	679	917
Income taxes payable	3,813	1,991
Contract liabilities	25,245	24,792
Provision for bonuses	5,918	5,472
Provision for bonuses for directors (and other	404	107
officers)
Provision for product warranties	1,387	1,547
Provision for loss on orders received	16	17
Other	14,651	15,548
Total current liabilities	116,762	111,768
Non-current liabilities
Long-term borrowings	29,910	28,335
Lease liabilities	2,562	3,137
Deferred tax liabilities	128	167
Retirement benefit liability	7,400	7,329
Provision for share awards for directors (and other	272	323
officers)
Asset retirement obligations	416	418
Other	368	346
Total non-current liabilities	41,057	40,055
Total liabilities	157,820	151,822
Net assets
Shareholders' equity
Share capital	20,873	20,873
Capital surplus	3,912	3,912
Retained earnings	152,514	150,447
Treasury shares	(344)	(344)
Total shareholders' equity	176,955	174,888
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	1,440	1,646
Foreign currency translation adjustment	12,282	11,803
Remeasurements of defined benefit plans	(1,700)	(1,615)
Total accumulated other comprehensive income	12,022	11,834
Non-controlling interests	7,508	6,049
Total net assets	196,484	192,771
Total liabilities and net assets		354,304	344,593