Ishihara Sangyo Kaisha : Summary of Consolidated Financial Statements for Fiscal Year Ended March 31, 2023 (Japan GAAP)

Summary of Consolidated Financial Statements

for Fiscal Year Ended March 31, 2023 (Japan GAAP)

				May 11, 2023
				Listed Exchanges: TSE
Name of Listed Company: Ishihara Sangyo Kaisha, Ltd.
Code:	4028	URL http://www.iskweb.co.jp/
Representative:	(Title) Executive Director President	(Name) Hideo Takahashi
Contact:	(Title) Director		(Name) Yasunobu Kawazoe	Tel [phone]

Scheduled date of a general meeting of shareholders: June 28, 2023 Scheduled date of dividend payment: June 29, 2023

Scheduled date of securities report submission: June 29, 2023

(Any amount less than one million yen is rounded down to the nearest million yen or nil.)

1. Consolidated Financial Results for Fiscal Year Ended March 31, 2023 (April 1, 2022 to March 31, 2023)

(1) Consolidated Operating Results

(Percentages represent changes from same period in previous year.)

	Net sales		Operating income	Ordinary income	Profit attributable to
		owners of parent
	millions of yen		%	millions of yen	%	millions of yen	%	millions of yen	%
FY ended March 31, 2023	131,238		18.3	8,631	-25.3	10,349	-22.0	6,947	-40.6
FY ended March 31, 2022	110,955		9.0	11,557	123.4	13,272	123.3	11,690	246.6

(Note) Comprehensive income

FY ended March 31, 2023: 8,949million yen (-32.9%), FY ended March 31, 2022: 13,328million yen (265.4%)

Net income per

Net income per share

Return on equity

Ratio of ordinary

Ratio of operating

share

after full dilution

income to total assets

income to net sales

Yen

Yen

%

%

%

FY ended March 31, 2023

175.75

⎯

7.3

5.3

6.6

FY ended March 31, 2022

292.58

⎯

13.6

7.3

10.4

(Reference) Equity in earnings (losses) of affiliates:

FY ended March 31, 2023: 648million yen, FY ended March 31, 2022: 533million yen

(2) Consolidated Financial Position

Total assets

Net assets

Capital adequacy ratio

Net assets per share

millions of yen

Millions of yen

%

Yen

FY ended March 31, 2023

201,913

97,431

48.3

2,554.54

FY ended March 31, 2022

185,758

91,869

49.5

2,299.42

(Reference) Equity capital: FY ended March 31, 2023: 97,431 million yen, FY ended March 31, 2022: 91,869 million yen

(3) Consolidated Cash Flows

Cash flow from operating

Cash flow from investing

Cash flow from financing

Balance of cash and cash

activities

activities

activities

equivalents at period end

millions of yen

millions of yen

millions of yen

millions of yen

FY ended March 31, 2023

-6,022

-5,021

1,048

17,662

FY ended March 31, 2022

16,501

-4,319

-11,601

27,073

2. Dividends

Dividends per share

Total

Dividend

Ratio of

dividends to

June 30

September 30

December 31

March 31

dividends paid

payout ratio

(Record date)

Annual

net assets

(Q1-end)

(Q2-end)

(Q3-end)

(Year-end)

(annual)

(consolidated)

(consolidated)

Yen

Yen

Yen

Yen

Yen

millions of

%

%

yen

Year ended March 31, 2022

⎯

0.00

⎯

36.00

36.00

1,438

12.3

1.7

Year ended March 31, 2023

⎯

0.00

⎯

42.00

42.00

1,601

23.9

1.7

Year ending March 31, 2024

⎯

0.00

⎯

50.00

50.00

25.4

(Forecast)

• This is an English translation of Summary originally written in Japanese and disclosed to TSE. For official purposes, the Japanese version takes preference over this English translation

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3. Forecast for Consolidated Results for the Full Year Ending March 31, 2024 (April 1, 2023 - March 31, 2024)

(Percentages represent forecasted changes from the previous year for the full year results, and forecasted changes from the same period in the previous year for the interim results.)

	Net sales		Operating income	Ordinary income	Profit attributable to	Earnings per share
		owners of parent
	millions		%	millions	%	millions	%	millions	%	Yen
	of yen		of yen	of yen	of yen
Interim (First 2Qs)	72,000		12.1	1,200	-64.3	1,400	-78.2	600	-86.4	15.73
Full year	147,000		12.0	11,000	27.4	10,500	1.5	7,500	7.9	196.64

4. Other information

1. Significant changes in subsidiaries during the period

(changes in specified subsidiaries resulting in the change in consolidation scope): No change

(2) Changes in accounting principles, procedures, and the method of presentation

1) Changes due to revisions of accounting standards etc.	: Adopted
2) Changes other than those defined in 1) above	: Not adopted
3) Changes in accounting estimates	: Not adopted
4) Restatement	: Not adopted

1. Issued shares (common shares)
   1) Number of shares outstanding at the end of the period (including repurchased treasury shares)

FY ended March 31, 2023: 40,383,943 shares	FY ended March 31, 2022: 40,383,943 shares
2) Number of treasury shares at the end of the period
FY ended March 31, 2023: 2,243,479 shares	FY ended March 31, 2022:	430,740 shares
3) Average number of shares during the period
FY ended March 31, 2023: 39,532,247 shares	FY ended March 31, 2022:	39,954,783 shares

(Reference) Summary of Non-Consolidated Operating Results

1. Non-Consolidated Financial Results for Fiscal Year Ended March 31, 2023 (April 1,2022 to March 31, 2023)

1. Non-ConsolidatedOperating Results

(Percentages represent changes from same period in previous year.)

	Net sales		Operating income	Ordinary income		Net income
	millions of yen		%	millions of yen		%	millions of yen		%	millions of yen	%
FY ended March 31, 2023	110,498	24.0	7,260		-19.8	9,827		-8.2	7,623	10.8
FY ended March 31, 2022	89,142	7.2	9,051		109.1	10,706		78.0	6,878	79.5
	Net income per share	Net income per share
		after full dilution
		Yen			Yen
FY ended March 31, 2023		192.84		⎯
FY ended March 31, 2022		172.15		⎯
(2) Non-Consolidated Financial Position
	Total assets		Net assets			Capital adequacy ratio	Net assets per share
	millions of yen	millions of yen			%		Yen
FY ended March 31, 2023		172,607			79,774			46.2		2,091.59
FY ended March 31, 2022		159,036			75,559			47.5		1,891.21

(Reference) Equity capital: FY ended March 31, 2023: 79,774 million yen, FY ended March 31, 2022: 75,559 million yen

*This financial results release is not subject to certified public accountants or auditing firm. * Notes on proper use of forecast and other matters

The forecast of financial results presented in this document is the result of management's assessment based upon currently available assumptions, prospects and plans for the future. Actual results and dividend payments may differ from these forecasts, due to risks and uncertain factors, such as the global economy, competition, and foreign currency fluctuations.

• This is an English translation of Summary originally written in Japanese and disclosed to TSE. For official purposes, the Japanese version takes preference over this English translation

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5. Consolidated Financial Statements

(1) Consolidated Balance Sheet

		(Unit: millions of yen)
Account Category	Previous consolidated FY	Current consolidated FY
(March 31, 2022)	(March 31, 2023)
ASSETS
Current Assets
Cash and deposits	27,073	17,662
Notes receivable - trade	2,768	2,233
Accounts receivable - trade	29,525	35,889
Electronically recorded monetary claims - operating	1,000	1,322
Contract assets	441	495
Merchandise and finished goods	32,813	37,558
Work in process	4,633	6,897
Raw materials and supplies	20,051	30,323
Other	4,190	6,292
Allowance for doubtful accounts	-1,109	-1,175
Total current assets	121,389	137,499
Noncurrent Assets
Property, plant and equipment
Buildings and structures	42,395	43,265
Accumulated depreciation	-26,995	-27,876
Buildings and structures, net	15,400	15,389
Machinery, equipment and vehicles	115,277	117,078
Accumulated depreciation	-94,507	-96,640
Machinery,equipment and vechicles, net	20,770	20,437
Land	5,359	6,753
Leased assets	2,106	1,767
Accumulated depreciation	-1,276	-893
Leased assets, net	829	874
Construction in progress	3,327	2,419
Other	3,933	4,002
Accumulated depreciation	-3,086	-3,149
Other, net	847	853
Total property, plant and equipment	46,535	46,728
Intangible asset
Software	519	413
Software in progress	484	969
Leased assets	3	1
Other	11	11
Total intangible assets	1,018	1,396
Investments and other assets
Investment securities	7,456	8,106
Deferred tax assets	8,883	7,308
Net defined benefit asset	10	23
Other	550	900
Allowance for doubtful accounts	-85	-49
Total investments and other assets	16,815	16,289
Total non-current assets	64,369	64,414
Total Assets	185,758	201,913

• This is an English translation of Summary originally written in Japanese and disclosed to TSE. For official purposes, the Japanese version takes preference over this English translation

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Account Category	Previous consolidated FY	Current consolidated FY
(March 31, 2022)	(March 31, 2023)
LIABILITIES
Current Liabilities
Notes and accounts payable - trade	16,680	22,682
Electronically recorded obligations - operating	1,058	1,366
Short-term loans payable	7,770	13,470
Current portion of long-term loans payable	8,298	8,956
Current portion of bonds	1,118	938
Lease obligations	355	403
Accrued income taxes	1,242	403
Contract liabilities	20	16
Accrued expenses	4,728	4,529
Provision for bonuses	851	870
Provision for environment and safety improvement	81	―
Provision for repairs	336	―
Provision for loss on business withdrawal	169	54
Other	4,020	5,500
Total current liabilities
46,731	59,192
Long-term Liabilities
Bonds payable	3,898	2,960
Long-term loans payable	24,831	25,647
Lease obligations	555	545
Provision for environment and safety improvement	1,384	1,145
Provision for repairs	83	238
Net defined benefit liability	13,058	12,166
Asset retirement obligations	160	82
Other	3,185	2,503
Total long-term liabilities
47,157	45,289
Total Liabilities
93,889	104,481
NET ASSETS
Shareholders' equity
Capital stock	43,420	43,420
Capital surplus	10,627	10,653
Retained earnings	38,592	44,102
Treasury shares	-734	-2,710
Total shareholders' equity
91,905	95,466
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	405	384
Foreign currency translation adjustment	-297	1,309
Remeasurements of defined benefit plans	-143	271
Total accumulated other comprehensive income
-36	1,965
Total net assets
91,869	97,431
Total Liabilities and Net Assets
185,758	201,913

• This is an English translation of Summary originally written in Japanese and disclosed to TSE. For official purposes, the Japanese version takes preference over this English translation

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(2) Consolidated Statements of Income

		(Unit: millions of yen)
	Previous consolidated FY	Current consolidated FY
Account Category	(April 1, 2021 to	(April 1, 2022 to
	March 31, 2022)	March 31, 2023)
Net sales	110,955	131,238
Cost of sales	78,297	97,973
Gross profit	32,657	33,265
Selling, general and administrative expenses	21,100	24,633
Operating income	11,557	8,631
Non-operating income
Interest income	16	40
Dividend income	180	202
Share of profit of entities accounted for using equity method	533	648
Foreign exchange gains	1,597	1,452
Gain on sales of raw materials	103	113
Other	288	453
Total non-operating income	2,720	2,911
Non-operating expenses
Interest expenses	539	481
Financial fee	258	421
Other	206	290
Total non-operating expenses	1,005	1,194
Ordinary income	13,272	10,349
Extraordinary income
Gain on forgiveness of debts	552	―
Gain on change in equity	2,736	―
Gain on sale of investment securities	41	76
Other	129	―
Total extraordinary income	3,459	76
Extraordinary losses
Loss on disposal of non-current assets	969	862
Impairment loss	163	63
Loss on valuation of investment securities	2,344	―
Other	162	―
Total extraordinary losses	3,640	925
Income before income taxes	13,091	9,499
Income taxes - current	1,533	1,148
Income taxes - deferred	-132	1,403
Total income taxes	1,401	2,551
Net income	11,690	6,947
Profit attributable to owners of parent	11,690	6,947

(Consolidated Comprehensive Income Statement)

• This is an English translation of Summary originally written in Japanese and disclosed to TSE. For official purposes, the Japanese version takes preference over this English translation

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