Yashima Denki : Summary of Consolidated Financial Results for the Fiscal Year Ended March 31, 2022

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. The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.

May 13, 2022

Summary of Consolidated Financial Results for the Fiscal Year Ended March 31, 2022

		[Japanese GAAP]
Company name:	Yashima Denki Co., Ltd.	Listing: Tokyo Stock Exchange
Stock code:	3153	URL: https://www.yashimadenki.co.jp/
Representative:	Akio Ota, Chairman and President/CEO
Contact:	Takashiro Anju, Associate General Manager of Management Planning Division
	(in charge of Investor & Public Relations)	Tel: +(81)3-3507-3349
Scheduled date of Annual General Meeting of Shareholders:	June 23, 2022
Scheduled date of payment of dividend:	June 3, 2022
Scheduled date of filing of Annual Securities Report:	June 23, 2022
Preparation of supplementary materials for financial results:	Yes
Holding of financial results meeting:	None
		(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 - March 31, 2022)

(1) Consolidated results of operations				(Percentages represent year-on-year changes)
	Net sales		Operating profit	Ordinary profit	Profit attributable
		to owners of parent
	Million yen		%	Million yen	%	Million yen	%	Million yen	%
Fiscal year ended Mar. 31, 2022	60,038		1.4	2,123	(2.2)	2,251	(2.7)	1,527	(2.8)
Fiscal year ended Mar. 31, 2021	59,194		(15.7)	2,172	(13.4)	2,314	(12.9)	1,571	12.7

Note: Comprehensive income (million yen)	Fiscal year ended Mar. 31, 2022:	1,475	(down 23.4%)
		Fiscal year ended Mar. 31, 2021:	1,925	(up 52.6%)
	Net income per	Diluted net	Return on equity	Ordinary profit	Operating profit
	share	income per share	on total assets	to net sales
		Yen	Yen			%	%	%
Fiscal year ended Mar. 31, 2022		71.63	-			6.8	4.3	3.5
Fiscal year ended Mar. 31, 2021		73.22	-			7.4	4.2	3.7

Reference: Equity in earnings of affiliates (million yen)	Fiscal year ended Mar. 31, 2022: -
			Fiscal year ended Mar. 31, 2021: -
(2) Consolidated financial position
		Total assets	Net assets	Equity ratio		Net assets per share
		Million yen	Million yen		%	Yen
As of Mar. 31, 2022		50,934	23,046		44.8	1,070.92
As of Mar. 31, 2021		53,308	21,969		40.8	1,021.38

Reference: Shareholders' equity (million yen)	As of Mar. 31, 2022: 22,843	As of Mar. 31, 2021: 21,749
(3) Consolidated cash flows
	Cash flows from	Cash flows from	Cash flows from	Cash and cash equivalents
	operating activities	investing activities	financing activities	at end of period
	Million yen	Million yen	Million yen	Million yen
Fiscal year ended Mar. 31, 2022		1,721	(759)	(298)	10,567
Fiscal year ended Mar. 31, 2021		532	342	(12)	9,904

2. Dividends

		Dividend per share			Total	Dividend		Dividend on
							payout ratio		equity
	1Q-end	2Q-end	3Q-end	Year-end	Total		dividends
		(consolidated)	(consolidated)
	Yen	Yen	Yen	Yen	Yen		Million yen	%	%
Fiscal year ended Mar. 31, 2021	-	0.00	-	20.00	20.00	425	27.3	2.0
Fiscal year ended Mar. 31, 2022	-	0.00	-	22.00	22.00	469	30.7	2.1
Fiscal year ending Mar. 31, 2023	-	0.00	-	22.00	22.00			29.3
(forecast)

Note: Breakdown of the year-end dividend for the fiscal year ended March 31, 2022:

Ordinary dividend: 20.00 yen; Commemorative dividend: 2.00 yen

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2023 (April 1, 2022 - March 31, 2023)

(Percentages represent year-on-year changes)

	Net sales		Operating profit		Ordinary profit		Profit attributable to	Net income per
				owners of parent	share
	Million yen		%	Million yen		%	Million yen		%	Million yen	%	Yen
Full year	61,000		1.6	2,300		8.3	2,400		6.6	1,600	4.8	75.00

* Notes

1. Changes in significant subsidiaries during the period (changes in scope of consolidation): None
2. Changes in accounting policies and accounting-based estimates, and restatements

1)	Changes in accounting policies due to revisions in accounting standards, others:	Yes
2)	Changes in accounting policies other than 1) above:	None
3)	Changes in accounting-based estimates:	None
4)	Restatements:	None

(3) Number of outstanding shares (common shares)

1)	Number of shares outstanding at the end of the period (including treasury shares)
	As of Mar. 31, 2022:	21,782,500 shares	As of Mar. 31, 2021:	21,782,500 shares
2)	Number of treasury shares at the end of the period
	As of Mar. 31, 2022:	451,739 shares	As of Mar. 31, 2021:	487,681 shares
3) Average number of shares outstanding during the period
	Fiscal year ended Mar. 31, 2022:	21,319,826 shares	Fiscal year ended Mar. 31, 2021:	21,465,335 shares

Reference: Summary of Non-consolidated Financial Results

1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 - March 31, 2022)

(1) Non-consolidated results of operations							(Percentages represent year-on-year changes)
		Net sales				Operating profit		Ordinary profit	Profit
		Million yen	%			Million yen	%		Million yen	%	Million yen	%
Fiscal year ended Mar. 31, 2022	41,462	0.9	891	10.9	1,473	(11.4)	1,192	(14.5)
Fiscal year ended Mar. 31, 2021	41,074	(6.9)	803	(30.3)	1,663	2.2	1,394	45.7
		Net income per share			Diluted net income per share
			Yen						Yen
Fiscal year ended Mar. 31, 2022			55.94					-
Fiscal year ended Mar. 31, 2021			64.95					-
(2) Non-consolidated financial position
		Total assets			Net assets		Equity ratio	Net assets per share
		Million yen			Million yen				%		Yen
As of Mar. 31, 2022			37,920				18,850				49.7		883.73
As of Mar. 31, 2021			39,632				18,081				45.6		849.11
Reference: Shareholders' equity (million yen)	As of Mar. 31, 2022: 18,850	As of Mar. 31, 2021:	18,081

• The current financial report is not subject to audit by certified public accountants or auditing firms.
• Cautionary statement with respect to forward-looking statements Note concerning forward-looking statements
  Forecasts of future performance in these materials are based on information available to, and on assumption judged to be valid by, Yashima Denki's management at the time the materials were prepared, but are not promises by Yashima Denki regarding future performance. Actual results may differ materially from the forecasts.
  Yashima Denki has canceled this year's financial results meeting for the safety of participants due to the COVID -19 pandemic. Yashima Denki plans to post materials that would have been used for this year's financial results meeting on its website on May 26, 2022.

Yashima Denki Co., Ltd. (3153) Financial Results for FY3/2022

Consolidated Financial Statements

(1) Consolidated Balance Sheet

			(Millions of yen)
		FY3/2021	FY3/2022
		(As of Mar. 31, 2021)	(As of Mar. 31, 2022)
Assets
Current assets
Cash and deposits	10,677	11,450
Notes and accounts receivable-trade	20,300	-
Notes and accounts receivable -trade, and contract assets	-	18,662
Electronically recorded monetary claims-operating	3,913	4,425
Securities	100	-
Merchandise	2,164	1,909
Raw materials	38	63
Costs on construction contracts in progress	243	105
Work in process	286	280
Accounts receivable-other	1,794	1,966
Other	2,157	210
Allowance for doubtful accounts	(2)	(2)
Total current assets	41,674	39,071
Non-current assets
Property, plant and equipment
Buildings	4,477	5,724
Accumulated depreciation	(1,001)	(1,213)
Buildings, net	3,476	4,510
Machinery, equipment and vehicles	437	710
Accumulated depreciation	(377)	(410)
Machinery, equipment and vehicles, net	59	299
Tools, furniture and fixtures	537	573
Accumulated depreciation	(380)	(422)
Tools, furniture and fixtures, net	157	151
Land	3,667	3,652
Construction in progress	822	-
Total property, plant and equipment	8,182	8,614
Intangible assets
Software	312	222
Goodwill	65	43
Other	4	8
Total intangible assets	383	274
Investments and other assets
Investment securities	2404	2,332
Deferred tax assets	326	334
Other	338	308
Allowance for doubtful accounts	(2)	(2)
Total investments and other assets	3,067	2,973
Total non-current assets	11,633	11,862
Total assets	53,308	50,934

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Yashima Denki Co., Ltd. (3153) Financial Results for FY3/2022

(Millions of yen)

		FY3/2021	FY3/2022
		(As of Mar. 31, 2021)	(As of Mar. 31, 2022)
Liabilities
Current liabilities
Notes and accounts payable-trade	19,596	19,163
Advances received	4,577	-
Contract liabilities	-	1,662
Short-term borrowings	795	990
Accounts payable-other	2,434	2,465
Income taxes payable	312	456
Provision for bonuses	858	863
Other	610	487
Total current liabilities	29,183	26,089
Non-current liabilities
Long-term borrowings	290	230
Deferred tax liabilities	24	16
Retirement benefit liability	1,750	1,469
Asset retirement obligations	15	15
Other	75	67
Total non-current liabilities	2,155	1,799
Total liabilities	31,339	27,888
Net assets
Shareholders' equity
Share capital	1,585	1,585
Capital surplus	1,050	1,051
Retained earnings	19,632	20,734
Treasury shares	(458)	(424)
Total shareholders' equity	21,810	22,946
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	423	354
Remeasurements of defined benefit plans	(484)	(457)
Total accumulated other comprehensive income	(60)	(103)
Non-controlling interests	219	202
Total net assets	21,969	23,046
Total liabilities and net assets	53,308	50,934

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Yashima Denki Co., Ltd. (3153) Financial Results for FY3/2022

1. Consolidated Statements of Income and Comprehensive Income Consolidated Statement of Income

			(Millions of yen)
		FY3/2021	FY3/2022
		(Apr. 1, 2020 - Mar. 31, 2021)	(Apr. 1, 2021 - Mar. 31, 2022)
Net sales
Net sales of goods	46,102	45,496
Construction sales	13,092	14,541
Total net sales	59,194	60,038
Cost of sales
Cost of goods sold	37,252	37,122
Cost of construction sales	10,412	11,494
Total cost of sales	47,665	48,617
Gross profit
Gross profit-merchandise	8,850	8,374
Gross profit-construction	2,679	3,047
Total gross profit	11,529	11,421
Selling, general and administrative expenses
Salaries and allowances	4,454	4,523
Provision for bonuses	677	715
Retirement benefit expenses	345	349
Legal welfare expenses	799	799
Rent expenses on land and buildings	262	244
Provision of allowance for doubtful accounts	(0)	(0)
Depreciation	329	345
Transportation and storage costs	135	133
Travel and communication expenses	411	402
Other	1,942	1,784
Total selling, general and administrative expenses	9,357	9,297
Operating profit	2,172	2,123
Non-operating income
Interest income	11	10
Dividend income	36	36
Purchase discounts	6	4
Rental income from real estate	2	2
Outsourcing service income	48	38
Other	43	44
Total non-operating income	148	136
Non-operating expenses
Interest expenses	1	4
Sales discounts	3	-
Foreign exchange losses	0	0
Other	0	4
Total non-operating expenses	6	8
Ordinary profit	2,314	2,251

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