Summary: Consolidated Financial Results for FY3/23 1H

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 9, 2022

Consolidated Financial Results

for the Six Months Ended September 30, 2022

(Under Japanese GAAP)

Company name:	Yonex Co., Ltd.
Listing:	Tokyo Stock Exchange
Securities code:	7906
URL:	https:// www.yonex.co.jp
Representative:	President and Representative Director	Alyssa Yoneyama
Inquiries:	Executive Managing Director	Shuichi Yoneyama
Telephone:	03-3839-7112

Scheduled date to file quarterly securities report:	November 11, 2022
Scheduled date to commence dividend payments:	December 6, 2022
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing:	Yes (for institutional investors and analysts)

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the six months ended September 30, 2022 (from April 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
	Six months ended	Millions of yen		%	Millions of yen		%	Millions of yen		%	Millions of yen	%
	September 30, 2022	50,092		44.0	7,116		69.9	7,796		81.1	5,595	67.3
	September 30, 2021	34,788		57.5	4,189		－	4,305		－	3,344	－
		Basic earnings	Diluted earnings
		per share		per share
	Six months ended			Yen			Yen
	September 30, 2022			64.11			－
	September 30, 2021			38.19			－
(2) Consolidated financial position
		Total assets		Net assets		Equity-to-asset ratio
	As of	Millions of yen	Millions of yen			%
	September 30, 2022			79,245			53,231			67.0
	March 31, 2022			66,299			45,729			68.8

2. Cash dividends

		Annual dividends per share
	First quarter-end	Second quarter-end	Third quarter-end		Fiscal year-end	Total
	Yen	Yen	Yen		Yen	Yen
Fiscal year ended	－	5.00	－		5.00	10.00
March 31, 2022
Fiscal year ending	－	6.00
March 31, 2023
Fiscal year ending
March 31, 2023			－		5.00	11.00
(Forecast)

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

3． Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)

(Percentages indicate year-on-year changes)

	Net sales		Operating profit	Ordinary profit	Profit attributable to	Earnings per share
		owners of parent
	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
Full year	97,000	30.2	9,200	36.5	9,600	32.5	7,000	21.1	80.23

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

* Notes

1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
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	93,620,800 shares
As of March 31, 2022	93,620,800 shares

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

As of September 30, 2022	6,273,775 shares
As of March 31, 2022	6,371,157 shares

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

Six months ended September 30, 2022	87,277,592 shares
Six months ended September 30, 2021	87,563,823 shares

Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2022	As of September 30, 2022
Assets
Current assets
Cash and deposits	17,922	22,967
Notes and accounts receivable - trade	12,676	15,965
Merchandise and finished goods	8,336	10,235
Work in process	1,798	1,807
Raw materials and supplies	1,657	1,864
Other	2,478	2,683
Allowance for doubtful accounts	(29)	(46)
Total current assets	44,841	55,477
Non-current assets
Property, plant and equipment
Buildings, net	5,179	5,107
Land	8,882	8,932
Other, net	3,228	5,170
Total property, plant and equipment	17,290	19,211
Intangible assets
Software	259	229
Software in progress	977	1,564
Goodwill	102	73
Other	15	15
Total intangible assets	1,355	1,882
Investments and other assets
Investment securities	208	211
Long-term time deposits	400	400
Deferred tax assets	1,736	1,533
Other	467	529
Allowance for doubtful accounts	(0)	(0)
Total investments and other assets	2,811	2,673
Total non-current assets	21,457	23,767
Total assets		66,299	79,245

								(Millions of yen)
							As of March 31, 2022	As of September 30, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade			4,790	7,802
Accounts payable - other				2,910	3,114
Current portion of long-term borrowings			535	535
Income taxes payable					966	1,761
Accrued consumption taxes				40	39
Provision for bonuses					998	933
Provision	for	bonuses for	directors (and	63	14
other officers)
Provision for point card certificates			3	4
Other							3,341	3,884
Total current liabilities				13,649	18,092
Non-current liabilities
Long-term borrowings				1,421	1,153
Retirement benefit liability				2,811	2,800
Provision	for	retirement	benefits	for	261	198
directors (and other officers)
Provision for share awards				111	83
Long-term guarantee deposits			1,970	2,041
Other							343	1,644
Total non-current liabilities				6,919	7,921
Total liabilities						20,569	26,013
Net assets
Shareholders' equity
Share capital						4,706	4,706
Capital surplus						7,708	7,751
Retained earnings					34,216	39,374
Treasury shares					(1,544)	(1,476)
Total shareholders' equity				45,086	50,356
Accumulated other comprehensive income
Valuation	difference	on available-for-sale	18	20
securities
Foreign currency translation adjustment			629	2,817
Remeasurements of defined benefit plans			(126)	(114)
Total accumulated	other	comprehensive	521	2,724
income
Non-controlling interests					122	150
Total net assets						45,729	53,231
Total liabilities and net assets				66,299	79,245