Biprogy : Consolidated Financial Report for the First Quarter of Fiscal Year Ending March 31, 2023

Note) This is an English translation of summarized consolidated financial results prepared for readers' convenience. Should there be any inconsistency between the translation and the original Japanese text, the latter shall prevail.

[Summary]Consolidated Financial Report

for the First Quarter of Fiscal Year Ending March 31, 2023 [IFRS]

August 3, 2022

BIPROGY Inc.

Stock Listing:	Tokyo Stock Exchange, Prime Market
Stock Code:	8056
URL:	https://www.biprogy.com/e/
Representative:	Akiyoshi Hiraoka, Representative Director, President & CEO
Scheduled Submission Date for Quarterly Report:	August 12 , 2022
Scheduled Starting Date for Dividend Payment:	－
Earnings Supplementary Explanatory Documents:	yes
Earnings Results Briefing:	yes (for institutional investors and analysts)

(Amounts are rounded down to the nearest million yen.)

1. Consolidated Financial Results for FY2023 Q1(from April 1, 2022 to June 30, 2022)

(1) Consolidated Results of Operations						(Percentage below represents increase (decrease) from previous year)
	Revenue		Operating profit		Profit before tax		Profit attributable to	Comprehensive income
				owners of parent
		％
FY2023 Q1	70,517	4.3	4,778	0.5	5,828	13.3	3,919	11.4	2,172	(41.3)
FY2022 Q1	67,619	(0.4)	4,756	6.6	5,145	12.2	3,516	11.7	3,697	7.5

(Note) Adjusted operating profit FY2023 Q1 : 4,764 Million Yen (1.5%) FY2022 Q1 : 4,693 Million Yen (5.1%)

Adjusted operating profit is the result obtained after deducting selling, general and administrative expenses and cost of sales from revenue.

	Basic earnings per share	Diluted earnings per share
		Yen		Yen
FY2023 Q1		39.02		38.90
FY2022 Q1		35.03		34.91
(2) Consolidated Financial Position
							Ratio of equity
	Total assets	Total equity		Equity attributable to	attributable to owners
		owners of parent	of parent to total
							assets
	Millions of Yen	Millions of Yen		Millions of Yen		%
FY2023 Q1		248,757		127,640		126,104		50.7%
FY2022		268,647		130,674		128,917		48.0%
2. Dividends
					Dividends Per Share
	End of Q1		End of Q2		End of Q3	Year-end		Total
		Yen		Yen		Yen		Yen	Yen
FY2022	―			35.00	―			50.00	85.00
FY2023	―
FY2023				40.00	―			40.00	80.00
(Forecast)
(Note) Revisions to the latest forecast of dividends: No
3. Consolidated Earnings Forecast for FY2023(from April 1, 2022 to March 31, 2023)
							(Percentage below represents increase (decrease) from previous year)
	Revenue		Operating profit	Profit before tax	Profit attributable to	Basic earnings per share
		owners of parent
	Millions of Yen	%	Millions of Yen	%	Millions of Yen	%	Millions of Yen	%	Yen
FY2023	330,000	3.9	29,000	5.7	29,000	(1.9)	20,000	(2.4)	199.16

(Note1) Revisions to the latest forecast of consolidated earnings: No (Note2)Adjusted operating profit (Full Year) 29,000 Million Yen (8.7%)

* Notes

1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in change in scope of consolidation): No
2. Changes in accounting policies, changes in accounting estimates and restatement of corrections
3. 1. Changes in accounting policies as required by IFRS : No
   2. Other changes in accounting policies: No
   3. Changes in accounting estimates: No

(3) Number of shares outstanding (common stock)				(shares)
1.	Number of shares outstanding (including treasury shares)	FY2023 Q1	109,663,524	FY2022	109,663,524
2.	Number of shares of treasury stock	FY2023 Q1	9,201,956	FY2022	9,218,006
3.	Average number of shares outstanding (during the period)	FY2023 Q1	100,453,093	FY2022 Q1	100,394,205

*This consolidated financial report is not subject to quarterly review procedures.

*Comment regarding appropriate usage of earnings forecast, and other special notes

The forward-looking statements such as earnings forecasts contained in this document are based on the information currently available to the Company and certain assumptions which are regarded as legitimate. The Company makes no warranty as to the achievability of what is described in the statements. Actual results may differ from these forecasts due to various factors.

2. Condensed Consolidated Financial Statements and Notes

1. Condensed Consolidated Statements of Financial Position

		Millions of Yen
	FY2022	FY2023 Q1
	(As of March 31, 2022)	(As of June 30, 2022)
Assets
Current assets
Cash and cash equivalents	48,703	49,949
Trade and other receivables	80,249	49,047
Contract assets	6,467	9,970
Inventories	9,550	12,548
Other financial assets	666	679
Other current assets	12,419	16,256
Total current assets	158,056	138,453
Non-current assets
Property, plant and equipment	11,479	11,145
Right-of-use assets	19,888	18,442
Goodwill	1,589	1,903
Intangible assets	21,722	22,835
Investments accounted for using equity method	2,855	3,709
Other financial assets	42,293	41,081
Deferred tax assets	3,222	3,384
Retirement benefit asset	1,623	1,626
Other non-current assets	5,916	6,175
Total non-current assets	110,590	110,304
Total assets	268,647	248,757

		Millions of Yen
	FY2022	FY2023 Q1
	(As of March 31, 2022)	(As of June 30, 2022)
Liabilities and equity
Liabilities
Current liabilities
Trade and other payables	29,771	19,308
Contract liabilities	19,959	26,762
Borrowings	6,275	6,275
Lease liabilities	8,033	7,721
Other financial liabilities	2,203	6,317
Income taxes payable	6,039	233
Provisions	161	56
Other current liabilities	25,704	15,934
Total current liabilities	98,148	82,610
Non-current liabilities
Borrowings	14,575	14,575
Lease liabilities	12,967	11,856
Other financial liabilities	389	370
Retirement benefit liability	9,945	9,694
Provisions	1,652	1,653
Deferred tax liabilities	262	331
Other non-current liabilities	30	26
Total non-current liabilities	39,823	38,506
Total liabilities	137,972	121,117
Equity
Share capital	5,483	5,483
Capital surplus	14,944	14,935
Treasury shares	(13,400)	(13,373)
Other components of equity	8,290	6,559
Retained earnings	113,599	112,499
Total equity attributable to owners of parent	128,917	126,104
Non-controlling interests	1,757	1,535
Total equity	130,674	127,640
Total liabilities and equity	268,647	248,757

1. Condensed Condolidated Statements of Profit or Loss and Comprehensive Income
   (Condensed Consolidated Statements of Profit or Loss)

		Millions of Yen
	FY2022 Q1	FY2023 Q1
	(Three months ended	(Three months ended
	June 30, 2021)	June 30, 2022)
Revenue	67,619	70,517
Cost of sales	49,947	52,289
Gross profit	17,671	18,227
Selling, general and administrative expenses	12,977	13,462
Share of profit (loss) of investments accounted for using equity method	(5)	111
Other income	72	26
Other expenses	4	124
Operating profit	4,756	4,778
Finance income	434	1,200
Finance costs	45	149
Profit before tax	5,145	5,828
Income tax expense	1,634	1,947
Profit	3,510	3,881
Profit attributable to
Owners of parent	3,516	3,919
Non-controlling interests	(5)	(37)
Profit	3,510	3,881
Earnings per share
Basic earnings per share (Yen)	35.03	39.02
Diluted earnings per share (Yen)	34.91	38.90