Konoike Transport : Summary of Consolidated Financial Results for the Year Ended March 31,2023 (Based on Japanese GAAP)

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)

Company name:	Konoike Transport Co.,Ltd.
Stock exchange listing:	Tokyo
Stock code:	9025	URL https://www.konoike.net/

May 12, 2023

Representative:

Representative Director, Chairman, President and Chief Executive Officer

Tadahiko Konoike

Inquiries:

Executive Officer Executive General Manager of Finance/Accounting Division

Yoshihito Nakanishi

TEL [phone]

Scheduled date of ordinary general meeting of shareholders: Scheduled date to file Securities Report:

Scheduled date to commence dividend payments: Preparation of supplementary material on financial results: Holding of financial results meeting:

June 22, 2023
June 23, 2023
June 23, 2023
Yes
Yes	(for institutional investors and analysts)

											(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	311,840			3.5	13,243		28.7		14,281	20.6	8,301		3.9
Year ended March 31, 2022	301,373			3.1	10,288		157.3		11,845	26.1	7,988		65.2
	Earnings per share		Diluted earnings per	Profit attributable to		Ordinary profit/total	Operating profit/net
			share			owners of				assets			sales
									parent/equity
		Yen			Yen				%					%				%
Year ended March 31, 2023		156.74			-				7.1					5.5				4.2
Year ended March 31, 2022		151.33		151.05				7.5					4.6				3.4
(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			266,022				123,793					45.6			2,289.00
As of March 31, 2022			257,764				113,291					43.0			2,096.38
(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			18,793				(5,846)					(3,547)					67,580
Year ended March 31, 2022			16,749				(6,424)					(15,441)					57,628
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	-				11.00	-		18.00	29.00		1,534	19.2			1.4
Year ended March 31, 2023	-				18.00	-		24.00	42.00		2,225	26.8			1.9
Year ending March 31, 2024	-				24.00	-			24.00	48.00			29.9
(Forecast)
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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

159,000

2.2

6,800

(7.8)

6,800

(18.3)

4,100

(20.3)

77.41

September 30, 2023

Full year

321,000

2.9

14,000

5.7

14,000

(2.0)

8,500

2.4

160.49

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:

No

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

56,952,442 shares

As of March 31, 2022

56,952,442 shares

Number of treasury shares at the end of the period

As of March 31, 2023

3,961,817 shares

As of March 31, 2022

4,036,193 shares

Average number of shares during the period

Year ended March 31, 2023

52,963,931 shares

Year ended March 31, 2022

52,790,608 shares

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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	59,092	69,381
Notes and accounts receivable - trade, and contract assets	59,713	57,586
Costs on construction contracts in progress	71	91
Supplies	1,591	1,843
Other	3,739	3,576
Allowance for doubtful accounts	(308)	(224)
Total current assets	123,899	132,254
Non-current assets
Property, plant and equipment
Buildings and structures	117,917	119,509
Accumulated depreciation	(73,119)	(76,114)
Buildings and structures, net	44,797	43,394
Machinery, equipment and vehicles	50,714	52,757
Accumulated depreciation	(39,915)	(41,547)
Machinery, equipment and vehicles, net	10,799	11,209
Land	41,661	41,798
Leased assets	5,700	5,471
Accumulated depreciation	(2,685)	(2,741)
Leased assets, net	3,015	2,729
Construction in progress	657	869
Other	9,077	9,686
Accumulated depreciation	(7,385)	(7,798)
Other, net	1,692	1,887
Total property, plant and equipment	102,623	101,889
Intangible assets
Goodwill	1,800	1,568
Other	4,158	4,528
Total intangible assets	5,959	6,097
Investments and other assets
Investment securities	12,290	12,610
Long-term loans receivable	345	304
Deferred tax assets	5,676	5,593
Retirement benefit asset	170	147
Other	6,975	7,280
Allowance for doubtful accounts	(176)	(155)
Total investments and other assets	25,281	25,781
Total non-current assets	133,864	133,767
Total assets	257,764	266,022

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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	17,618	15,110
Short-term borrowings	4,949	6,636
Current portion of long-term borrowings	2,620	3,869
Provision for bonuses for directors (and other officers)	320	387
Accrued expenses	11,652	11,875
Income taxes payable	2,716	3,501
Other	11,131	11,145
Total current liabilities	51,010	52,526
Non-current liabilities
Bonds payable	55,000	55,000
Long-term borrowings	9,107	5,737
Lease liabilities	2,693	2,488
Deferred tax liabilities	492	581
Deferred tax liabilities for land revaluation	1,219	1,087
Retirement benefit liability	21,502	21,244
Provision for directors' retirement benefits	142	118
Long-term accounts payable - other	682	640
Other	2,622	2,802
Total non-current liabilities	93,462	89,701
Total liabilities	144,472	142,228
Net assets
Shareholders' equity
Share capital	1,723	1,723
Capital surplus	1,908	1,908
Retained earnings	114,564	121,235
Treasury shares	(6,596)	(6,475)
Total shareholders' equity	111,599	118,391
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	4,054	4,284
Revaluation reserve for land	(5,182)	(5,482)
Foreign currency translation adjustment	1,328	4,086
Remeasurements of defined benefit plans	(869)	14
Total accumulated other comprehensive income	(667)	2,903
Non-controlling interests	2,358	2,498
Total net assets	113,291	123,793
Total liabilities and net assets	257,764	266,022

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Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income

		(Millions of yen)
	Fiscal year ended	Fiscal year ended
	March 31, 2022	March 31, 2023
Net sales	301,373	311,840
Cost of sales	275,527	283,769
Gross profit	25,846	28,070
Selling, general and administrative expenses	15,557	14,827
Operating profit	10,288	13,243
Non-operating income
Interest income	65	97
Dividend income	314	458
Foreign exchange gains	215	163
Reversal of allowance for doubtful accounts	7	3
Gain on reversal of loss on valuation of investment securities	0	18
Rental income	144	71
Subsidies for employment adjustment	1,111	324
Other	484	484
Total non-operating income	2,343	1,621
Non-operating expenses
Interest expenses	299	269
Loss on valuation of investment securities	3	0
Share of loss of entities accounted for using equity method	273	217
Provision of allowance for doubtful accounts	91	7
Other	118	88
Total non-operating expenses	785	583
Ordinary profit	11,845	14,281
Extraordinary income
Gain on sale of non-current assets	511	179
Gain on sale of investment securities	1,056	12
Other	47	-
Total extraordinary income	1,616	192
Extraordinary losses
Loss on sale and retirement of non-current assets	308	242
Loss on valuation of investment securities	9	59
Impairment losses	880	407
Other	247	0
Total extraordinary losses	1,446	709
Profit before income taxes	12,014	13,764
Income taxes - current	4,720	5,737
Income taxes - deferred	(515)	(368)
Total income taxes	4,205	5,368
Profit	7,809	8,395
Profit (loss) attributable to non-controlling interests	(179)	94
Profit attributable to owners of parent	7,988	8,301

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