Chori : Consolidated Financial Results for the Nine Months Ended December 31, 2022 (473 KB)

Translation－Original text in Japanese

Consolidated Financial Results

for the Nine Months Ended December 31, 2022

(Under Japanese GAAP)

			January 27, 2023
Company name:	CHORI CO., LTD.	Listing:	Tokyo Stock Exchange (Prime)
Securities code:	8014	URL:	https://www.chori.co.jp
Representative:	Kazuo Sakihama, President, CEO & COO
Inquiries:	Yasutaka Kawamura, Manager of Corporate Management Dept.
Telephone:	[phone]
Scheduled date to file quarterly securities report:		February 14, 2023
Scheduled date to commence dividend payments:		―
Preparation of supplementary materials on quarterly financial results:	Yes
Holding of quarterly financial results briefing:		None

(Amounts rounded down to the nearest million yen)

1. Consolidated Financial Results for the Nine Months Ended December 31, 2022 (from April 1, 2022 to December 31, 2022)

(1) Consolidated operating results (cumulative)

										(Percentages	indicated year-on-year changes)
	Net sales	Operating profit	Ordinary profit	Net profit attributable to
	owners of parent
Nine months ended	Millions of yen		%	Millions of yen		%	Millions of yen	%	Millions of yen		%
Dec. 31, 2022	255,379		24.1	10,927		48.1	11,010	35.0	7,548		29.0
Dec. 31, 2021	205,835		30.8	7,377		86.2	8,158	86.7	5,851		213.5
Note: Comprehensive income
For the nine months ended Dec.31, 2022: 9,091 million yen［32.8%］
For the nine months ended Dec.31, 2021: 6,846 million yen［177.8%］
	Basic earnings		Diluted earnings
	per share			per share
Nine months ended			yen				yen
Dec. 31, 2022			306.77				－
Dec. 31, 2021			237.81				－
(2) Consolidated financial position
	Total assets		Net assets				Equity-to-asset ratio
As of	Millions of yen		Millions of yen			%
Dec. 31, 2022			151,364				71,851				47.5
Mar. 31, 2022			134,121				65,096				48.5
Reference: Equity

As of Dec. 31, 2022: 71,846 million yen

As of Mar. 31, 2022: 65,055 million yen

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2. Dividends

		Dividends per share
		Quarter-end		Fiscal year-end	Annual total
	1st	2nd	3rd
	yen	yen	yen	yen	yen
Fiscal year ended Mar. 31, 2022	－	42.00	－	42.00	84.00
Fiscal year ending Mar. 31, 2023	－	50.00	－
Fiscal year ending Mar. 31, 2023 (Forecast)				55.00	105.00

Note: Revisions to the forecast of dividends most recently announced: Yes

For details, please refer to the news release titled "Notice Regarding Revisions to the Forecast of Consolidated Financial Results for the Year Ending March 31, 2023 and Revisions to the Dividend Forecast" announced today (January 27, 2023).

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		Net profit attributable	Basic earnings
			to owners of parent	per share
Full Year	Millions of yen		%	Millions of yen	%	Millions of yen	%		Millions of yen	%	yen
340,000		19.7	12,500	34.0	13,000	26.5		8,600	26.3	349.47

Note: Revisions to the most recently announced forecasts of consolidated financial results: Yes

For details, please refer to the news release titled "Notice Regarding Revisions to the Forecast of Consolidated Financial Results for the Year Ending March 31, 2023 and Revisions to the Dividend Forecast" announced today (January 27, 2023).

* Notes

1. Changes affecting the consolidation status of significant subsidiaries (changes in specified subsidiary resulting in change in scope of consolidations) during this period: None
   Newly included: None
   Excluded: None
2. Adoption of accounting treatment specific to the preparation of quartely consolidated financial statements: None
3. Changes in accounting policies, changes in accounting estimates, and restatements

1. Changes in accounting policies due to the revision of accounting standards, etc.: None
2.	Changes in accounting policies due to other reasons:	None
3.	Changes in accounting estimates:	None
4.	Restatements:	None

(4)	Number of issued shares (common shares)
1.	Total number of issued shares at the end	As of Dec. 31, 2022	25,303,478 shares	As of Mar. 31, 2022	25,303,478 shares
		of the period (including treasury shares)
	2.	Number of treasury shares at the end of	As of Dec. 31, 2022	696,357 shares	As of Mar. 31, 2022	694,494 shares
		the period
	3.	Average number of shares outstanding	Nine months ended	24,607,608 shares	Nine months ended	24,605,597 shares
		during the period	Dec. 31, 2022	Dec. 31, 2021

• 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

The forward-looking statements in this document are based on the information available at the time of publication and certain assumptions that the Company judges as rational. Actual financial results may vary significantly due to various reasons. The Company, therefore, wishes to caution that readers should not place undue reliance on forward-looking statements.

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Quarterly consolidated financial statements

Quarterly consolidated balance sheets

				(Unit: Millions of yen)
		As of Mar. 31, 2022		As of Dec. 31, 2022
Assets
Current assets
Cash and deposits	12,242	13,418
Notes and accounts receivable - trade	74,272	88,313
Merchandise and finished goods	17,346	20,984
Work in process	1,045	940
Raw materials and supplies	4	5
Goods in transit	3,704	1,407
Other	6,220	6,634
Allowance for doubtful accounts	(964)	(1,360)
Total current assets	113,871	130,343
Non-current assets
Property, plant and equipment	1,964	2,045
Intangible assets
Goodwill	1,053	688
Customer-related assets	993	918
Other	401	996
Total intangible assets		2,449		2,604
Investments and other assets		15,836		16,370
Total non-current assets		20,249		21,021
Total assets		134,121		151,364
Liabilities
Current liabilities
Notes and accounts payable - trade	52,213	55,776
Short-term borrowings	4,944	11,145
Current portion of long-term borrowings	113	113
Income taxes payable	2,028	1,720
Provision for bonuses	916	534
Provision for loss on liquidation of subsidiaries and affiliates	42	42
Other	5,203	6,760
Total current liabilities	65,461	76,092
Non-current liabilities
Long-term borrowings	245	160
Deferred tax liabilities	843	672
Retirement benefit liability	2,366	2,374
Other	107	212
Total non-current liabilities	3,562	3,420
Total liabilities	69,024	79,513

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		(Unit: Millions of yen)
	As of Mar. 31, 2022	As of Dec. 31, 2022
Net assets
Shareholders' equity
Share capital	6,800	6,800
Capital surplus	1,799	1,804
Retained earnings	54,804	60,057
Treasury shares	(689)	(689)
Total shareholders' equity	62,714	67,972
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	1,221	989
Deferred gains or losses on hedges	285	(605)
Foreign currency translation adjustment	917	3,566
Remeasurements of defined benefit plans	(84)	(76)
Total accumulated other comprehensive income	2,340	3,873
Non-controlling interests	41	5
Total net assets	65,096	71,851
Total liabilities and net assets	134,121	151,364

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Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income Quarterly consolidated statements of income

		（Unit: Millions of yen)
	Nine months ended	Nine months ended
	Dec. 31, 2021	Dec. 31, 2022
Net sales	205,835	255,379
Cost of sales	183,553	226,839
Gross profit	22,282	28,539
Selling, general and administrative expenses	14,904	17,612
Operating profit	7,377	10,927
Non-operating income
Interest income	176	215
Dividend income	281	220
Share of profit of entities accounted for using equity method	131	151
Foreign exchange gains	216	-
Gain on adjustment of account payable	57	36
Miscellaneous income	204	244
Total non-operating income	1,067	868
Non-operating expenses
Interest expenses	57	276
Loss on sale of notes receivable - trade	96	285
Foreign exchange losses	-	61
Miscellaneous expenses	133	162
Total non-operating expenses	287	785
Ordinary profit	8,158	11,010
Extraordinary income
Gain on sale of investment securities	221	390
Gain on sale of non-current assets	318	8
Gain on liquidation of subsidiaries and affiliates	-	7
Gain on sale of shares of subsidiaries and affiliates	18	-
Total extraordinary income	558	406
Extraordinary losses
Loss on disposal of non-current assets	2	8
Loss on valuation of investment securities	-	8
Loss on valuation of golf club membership	-	2
Impairment losses	21	-
Loss on liquidation of subsidiaries and affiliates	16	-
Loss on sale of investment securities	7	-
Total extraordinary losses	48	19
Profit before income taxes	8,668	11,398
Income taxes - current	2,737	3,677
Income taxes - deferred	76	166
Total income taxes	2,814	3,844
Net profit	5,854	7,554
Net profit attributable to non-controlling interests	3	5
Net profit attributable to owners of parent	5,851	7,548

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