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 Three Months Ended June 30, 2022

(Based on Japanese GAAP)

August 9, 2022

Company name:

KAWADA TECHNOLOGIES, INC

Stock exchange listing:

Tokyo

Stock code:

3443

URL https://www.kawada.jp/

Representative:

President

Kawada Tadahiro

Inquiries:

Managing Director and Chief Financial

Watanabe Satoru

TEL 03-3915-7722

Officer

Scheduled date to file Quarterly Securities Report:

August 10, 2022

Scheduled date to commence dividend payments:

-

Preparation of supplementary material on quarterly financial results:

No

Holding of quarterly financial results meeting:

No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the three months ended June 30, 2022 (from April 1, 2022 to June 30, 2022)

(1) Consolidated operating results (cumulative)

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

%

Three months ended June 30, 2022

23,232

(8.3)

(394)

-

15

(99.0)

(155)

-

Three months ended June 30, 2021

25,327

-

966

-

1,577

-

1,208

-

Note: Comprehensive income Three months ended June 30, 2022

¥(38) million

[-%]

Three months ended June 30, 2021

¥1,316 million

[-%]

Earnings per share

Diluted earnings per share

Yen

Yen

Three months ended June 30, 2022

(26.34)

-

Three months ended June 30, 2021

205.23

-

Note: As the Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) and relevant revised ASBJ regulations from the beginning of the first quarter of the fiscal year ended March 31, 2022, each figure for the three months ended June 30, 2021, is the figure after the application of the said standard, etc., and year-on-year changes are not presented.

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen

%

As of June 30, 2022

131,352

71,083

53.5

As of March 31, 2022

133,337

71,921

53.2

Reference: Equity

As of June 30, 2022

¥70,218 million

As of March 31, 2022

¥71,001 million

2. Cash dividends

Annual dividends per share

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

Year ended March 31, 2022

-

-

-

100.00

100.00

Year ending March 31, 2023

-

Year ending March 31, 2023 (Forecast)

-

-

80.00

80.00

Note: Revisions to the cash dividend forecasts most recently announced: None

1

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

Profit attributable to

Earnings per share

owners of parent

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

Full year

116,000

11.8

4,000

(37.6)

4,600

(40.2)

2,800

(45.9)

478.14

Note: Revisions to the consolidated earnings forecasts most recently announced: None

4. Notes

  1. Changes in significant subsidiaries during the three months ended June 30, 2022 (changes in specified subsidiaries resulting in the change in scope of consolidation):
  2. Application of special accounting methods for preparing quarterly consolidated financial statements:

No

No

(3) 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:

Yes

Changes in accounting policies due to other reasons:

No

Changes in accounting estimates:

No

Restatement of prior period financial statements:

No

(4) Number of issued shares (common shares)

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

As of June 30, 2022

5,915,870

shares

As of March 31, 2022

5,915,870

shares

Number of treasury shares at the end of the period

As of June 30, 2022

59,885

shares

As of March 31, 2022

13,279

shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)

Three months ended June 30, 2022

5,892,729

shares

Three months ended June 30, 2021

5,890,429

shares

  • Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
  • Proper use of forecasts of financial results, and other special matters

Forward-looking statements, including the consolidated forecasts stated in these materials, are based on information currently available to the Company and certain assumptions deemed reasonable. Results may differ materially from the consolidated forecasts due to various factors.

2

Quarterly consolidated financial statements

Consolidated balance sheets

(Millions of yen)

As of March 31, 2022

As of June 30, 2022

Assets

Current assets

Cash and deposits

13,761

17,450

Notes receivable, accounts receivable from completed

48,679

41,749

construction contracts and other

Costs on construction contracts in progress

189

286

Other inventories

921

1,133

Other

2,936

4,334

Allowance for doubtful accounts

(6)

(5)

Total current assets

66,482

64,948

Non-current assets

Property, plant and equipment

Buildings and structures, net

6,070

5,969

Machinery, vehicles, tools, furniture and fixtures, net

3,106

2,944

Aircraft, net

704

922

Land

14,958

14,958

Leased assets, net

1,067

1,000

Construction in progress

74

87

Total property, plant and equipment

25,982

25,883

Intangible assets

1,108

1,118

Investments and other assets

Investment securities

2,343

2,526

Shares of subsidiaries and associates

35,067

34,264

Deferred tax assets

1,644

1,888

Other

724

738

Allowance for doubtful accounts

(15)

(15)

Total investments and other assets

39,764

39,401

Total non-current assets

66,854

66,403

Total assets

133,337

131,352

3

(Millions of yen)

As of March 31, 2022

As of June 30, 2022

Liabilities

Current liabilities

Notes payable, accounts payable for construction contracts

18,880

18,963

and other

Short-term borrowings

5,717

4,950

Current portion of long-term borrowings

4,548

4,265

Current portion of bonds payable

440

440

Lease liabilities

419

417

Income taxes payable

1,114

202

Advances received on construction contracts in progress

3,508

6,124

Unearned revenue

1,820

1,844

Provision for bonuses

2,342

1,081

Provision for warranties for completed construction

178

165

Provision for loss on construction contracts

2,070

2,151

Other

5,694

6,016

Total current liabilities

46,734

46,623

Non-current liabilities

Bonds payable

1,040

965

Long-term borrowings

8,138

7,181

Lease liabilities

758

688

Deferred tax liabilities

90

89

Deferred tax liabilities for land revaluation

1,474

1,474

Provision for retirement benefits for directors (and other

565

611

officers)

Retirement benefit liability

2,331

2,364

Asset retirement obligations

132

132

Negative goodwill

93

88

Other

56

49

Total non-current liabilities

14,680

13,645

Total liabilities

61,415

60,268

Net assets

Shareholders' equity

Share capital

5,285

5,285

Capital surplus

10,769

10,766

Retained earnings

51,605

50,859

Treasury shares

(44)

(208)

Total shareholders' equity

67,616

66,704

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

1,251

1,396

Revaluation reserve for land

977

977

Foreign currency translation adjustment

620

620

Remeasurements of defined benefit plans

536

520

Total accumulated other comprehensive income

3,384

3,514

Share acquisition rights

1

1

Non-controlling interests

918

863

Total net assets

71,921

71,083

Total liabilities and net assets

133,337

131,352

4

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

(Millions of yen)

Three months ended

Three months ended

June 30, 2021

June 30, 2022

Net sales

25,327

23,232

Cost of sales

21,836

20,930

Gross profit

3,491

2,302

Selling, general and administrative expenses

2,524

2,696

Operating profit (loss)

966

(394)

Non-operating income

Interest and dividend income

105

24

Rental income

36

36

Amortization of negative goodwill

5

5

Share of profit of entities accounted for using equity method

612

414

Subsidy income

87

93

Other

25

37

Total non-operating income

873

612

Non-operating expenses

Interest expenses

102

48

Rental expenses

121

123

Other

37

30

Total non-operating expenses

262

202

Ordinary profit

1,577

15

Extraordinary income

Gain on extinguishment of tie-in shares

18

-

Subsidy income

0

0

Total extraordinary income

18

0

Extraordinary losses

Loss on extinguishment of tie-in shares

-

327

Loss on tax purpose reduction entry of non-current assets

0

0

Loss on valuation of investment securities

50

-

Total extraordinary losses

50

328

Profit (loss) before income taxes

1,545

(312)

Income taxes - current

36

146

Income taxes - deferred

277

(293)

Total income taxes

314

(147)

Profit (loss)

1,231

(165)

Profit (loss) attributable to non-controlling interests

22

(9)

Profit (loss) attributable to owners of parent

1,208

(155)

5

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KAWADA Technologies Inc. published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 12:12:14 UTC.