Shindengen Electric Manufacturing : Summary of Consolidated Financial Results for the Year Ended March 31, 2023 (Based on Japanese GAAP)（724KB）

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

		Summary of Consolidated Financial Results
		for the Year Ended March 31, 2023
		(Based on Japanese GAAP)
		May 15, 2023
Company name:	Shindengen Electric Manufacturing Co., Ltd
Stock exchange listing:	Tokyo
Stock code:	6844	URL https://www.shindengen.co.jp/
Representative:	President	Nobuyoshi Tanaka

Inquiries:	Manager of Corporate Planning Group,	Isao Matsubara	TEL [phone]
Planning Dept.
Scheduled date of ordinary general meeting of shareholders:	June 29, 2023
Scheduled date to file Securities Report:	June 30, 2023
Scheduled date to commence dividend payments:	June 30, 2023
Preparation of supplementary material on financial results:	Yes
Holding of financial results meeting:	Yes	(for analysts and institutional investors)

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)

(1) Consolidated operating results											Percentages indicate year-on-year changes
			Net sales			Operating profit		Ordinary profit	Profit attributable to
						owners of parent
		Millions of yen		%	Millions of yen		%	Millions of yen	%	Millions of yen		%
Year ended March 31, 2023		101,007		9.6	3,621		(34.9)			4,326	(25.8)	1,644		(72.1)
Year ended March 31, 2022		92,168		14.6	5,562		-			5,828	-	5,902		-
Note: Comprehensive income Year ended March 31, 2023	¥6,333 million	[(18.9)%]
	Year ended March 31, 2022	¥7,808 million	[-%]
						Diluted earnings per	Profit attributable to		Ordinary profit/total	Operating profit/net
		Earnings per share				owners of
							share			parent/equity			assets		sales
			Yen			Yen					%				%			%
Year ended March 31, 2023		159.56		-					2.7				3.2			3.6
Year ended March 31, 2022		572.70		-					11.1				4.4			6.0
Reference: Share of loss (profit) of entities accounted for using equity method
	Year ended March 31, 2023	¥25 million
	Year ended March 31, 2022	¥165 million
(2) Consolidated financial position
		Total assets			Net assets			Equity ratio	Net assets per share
			Millions of yen	Millions of yen					%				Yen
As of March 31, 2023			138,092				62,539					45.3	6,066.34
As of March 31, 2022			135,041				57,229					42.4	5,552.41
Reference: Equity	As of March 31, 2023				¥62,539 million
	As of March 31, 2022				¥57,229 million
(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
			Millions of yen	Millions of yen		Millions of yen		Millions of yen
Year ended March 31, 2023				2,736				(4,088)					(3,549)				25,147
Year ended March 31, 2022				8,290				(7,907)					1,273				29,161

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2. Cash dividends

		Annual dividends per share		Total cash	Dividend payout	Ratio of dividends
						to net assets
	1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total	dividends (Total)	ratio (Consolidated)	(Consolidated)
	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
Year ended March 31, 2022	-	0.00	-	100.00	100.00	1,030	17.5	1.9
Year ended March 31, 2023	-	0.00	-	130.00	130.00	1,340	81.5	2.2
Year ending March 31, 2024	-	0.00	-	130.00	130.00		70.5
(Forecast)

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)

Percentages indicate year-on-year changes

Net sales

Operating profit

Ordinary profit

Profit attributable to

Earnings per share

owners of parent

Six months ending

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

54,300

12.8

800

(45.9)

800

(64.4)

(300)

-

(29.10)

September 30, 2023

Full year

112,200

11.1

3,500

(3.4)

3,500

(19.1)

1,900

15.5

184.30

4. Notes

(1) Changes in significant subsidiaries during the year ended March 31, 2023

No

(changes in specified subsidiaries resulting in the change in scope of consolidation):

(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements

Changes in accounting policies due to revisions to accounting standards and other regulations:

No

Changes in accounting policies due to other reasons:

No

Changes in accounting estimates:

Yes

Restatement of prior period financial statements:

No

(3) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

As of March 31, 2023

10,338,884 shares

As of March 31, 2022

10,338,884 shares

Number of treasury shares at the end of the period

As of March 31, 2023

29,678 shares

As of March 31, 2022

31,820 shares

Average number of shares during the period

Year ended March 31, 2023

10,308,757 shares

Year ended March 31, 2022

10,306,719 shares

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(Reference)								(Amounts less than one million yen are rounded down)
1. Non-consolidated financial results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)
(1) Non-consolidated operating results							Percentages indicate year-on-year changes
			Net sales	Operating profit	Ordinary profit	Profit
		Millions of yen		%	Millions of yen		%	Millions of yen		%	Millions of yen	%
Year ended March 31, 2023		81,793		3.7	(631)		-	1,324		(70.7)	307	(92.8)
Year ended March 31, 2022		78,842		14.7	2,921		-	4,517		60.5	4,275	-
			Earnings per share	Diluted earnings per share
					Yen			Yen
Year ended March 31, 2023			29.88			-
Year ended March 31, 2022			414.83			-
(2) Non-consolidated financial position
			Total assets	Net assets		Equity ratio		Net assets per share
			Millions of yen	Millions of yen			%		Yen
As of March 31, 2023				107,926			42,159			39.1	4,089.48
As of March 31, 2022				111,353			42,712			38.4	4,143.97
Reference: Equity	As of March 31, 2023		¥42,159 million
	As of March 31, 2022		¥42,712 million

• Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
• Explanation of proper use of financial results forecast, and other special matters (Caution concerning forward-looking statements)
  The forward-looking statements, including the financial results forecast shown in this document, are based on information currently available to the Company and on certain assumptions deemed to be reasonable by the Company. As such, they do not constitute guarantees by the Company of future performance. Actual performance and other results may also differ materially due to various factors.
  (How to obtain a copy of the supplementary material on financial results and earnings results briefing materials)
  The Company plans to hold a presentation of the financial results for securities analysts and institutional investors on May 19, 2023.
  The earnings results briefing materials distributed at the meeting will be posted promptly on the Company website after the meeting is held.

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Consolidated financial statements

Consolidated balance sheets

		(Millions of yen)
	As of March 31, 2022	As of March 31, 2023
Assets
Current assets
Cash and deposits	29,613	25,147
Notes and accounts receivable - trade	18,919	19,421
Merchandise and finished goods	8,790	11,318
Work in process	5,561	6,085
Raw materials and supplies	13,938	17,465
Other	5,156	6,026
Allowance for doubtful accounts	(22)	(23)
Total current assets	81,958	85,440
Non-current assets
Property, plant and equipment
Buildings and structures, net	17,962	17,287
Machinery, equipment and vehicles, net	8,907	9,266
Land	4,560	4,357
Leased assets, net	905	693
Construction in progress	1,753	1,820
Other, net	1,984	2,126
Total property, plant and equipment	36,073	35,553
Intangible assets
Software	454	622
Leased assets	8	2
Other	284	59
Total intangible assets	747	684
Investments and other assets
Investment securities	14,807	14,876
Deferred tax assets	703	659
Retirement benefit asset	36	90
Other	760	831
Allowance for doubtful accounts	(46)	(42)
Total investments and other assets	16,262	16,414
Total non-current assets	53,083	52,652
Total assets	135,041	138,092

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		(Millions of yen)
	As of March 31, 2022	As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade	16,657	17,668
Short-term borrowings	5,100	5,895
Current portion of bonds payable	1,450	1,500
Lease liabilities	331	375
Income taxes payable	414	239
Provision for bonuses	951	965
Asset retirement obligations	-	80
Other	4,907	5,737
Total current liabilities	29,813	32,462
Non-current liabilities
Bonds payable	3,850	2,350
Long-term borrowings	28,275	26,780
Lease liabilities	874	629
Deferred tax liabilities	334	2,707
Retirement benefit liability	12,217	8,594
Provision for product warranties	1,589	1,180
Asset retirement obligations	803	801
Other	55	47
Total non-current liabilities	47,999	43,091
Total liabilities	77,812	75,553
Net assets
Shareholders' equity
Share capital	17,823	17,823
Capital surplus	7,733	7,733
Retained earnings	29,949	30,563
Treasury shares	(117)	(109)
Total shareholders' equity	55,388	56,010
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	2,396	2,559
Foreign currency translation adjustment	(871)	893
Remeasurements of defined benefit plans	314	3,076
Total accumulated other comprehensive income	1,840	6,528
Total net assets	57,229	62,539
Total liabilities and net assets	135,041	138,092

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