Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results

for the Three Months Ended June 30, 2022

[Japanese GAAP]

August 10, 2022

Company name: RHYTHM CO.,LTD.

Stock exchange listing: Tokyo

Code number: 7769

URL: https://www.rhythm.co.jp/

Representative: Hiromi Hirata

President and Representative Director

Contact: Katsuhiko Yamazaki

Director and Managing Executive Officer

Phone: 048-643-7241

Scheduled date of filing quarterly securities report: August 12, 2022

Scheduled date of commencing dividend payments: -

Availability of supplementary briefing material on quarterly financial results: No

Schedule of quarterly financial results briefing session: No

(Amounts of less than one million yen are rounded down)

1. Consolidated Financial Results for the Three Months Ended June 30, 2022 (April 01, 2022 to June 30, 2022)

(1) Consolidated Operating Results

(% indicates changes from the previous corresponding period.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Three months ended

Million yen

%

Million yen

%

Million yen

%

Million yen

%

June 30, 2022

7,930

11.7

233

(24.7)

388

(5.6)

315

(25.9)

June 30, 2021

7,101

30.4

309

-

411

-

425

-

(Note) Comprehensive income:

Three months ended June 30, 2022:

Three months ended June 30, 2021:

¥

1,661 million

[

268.6%]

¥

450 million

[

-%]

Basic earnings

Diluted earnings per

per share

share

Three months ended

Yen

Yen

June 30, 2022

38.17

-

June 30, 2021

51.53

-

(2) Consolidated Financial Position

Total assets

Net assets

Capital adequacy ratio

As of

Million yen

Million yen

%

June 30, 2022

40,842

28,358

69.4

March 31, 2022

38,293

27,006

70.5

(Reference) Equity: As of

June 30, 2022:

¥

28,353 million

As of

March 31, 2022:

¥

27,000 million

2. Dividends

Annual dividends

1st

2nd

3rd

Year-end

Total

quarter-end

quarter-end

quarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2022

-

0.00

-

37.50

37.50

Fiscal year ending March 31, 2023

-

Fiscal year ending March 31, 2023

0.00

-

36.00

36.00

(Forecast)

(Note) Revision to the forecast for dividends announced most recently:

No

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023(April 01, 2022 to March 31, 2023)

(% indicates changes from the previous corresponding period.)

Net sales

Operating profit

Ordinary profit

Profit attributable

Basic earnings per

to owners of parent

share

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

Six months ended

14,700

6.1

370

38.9

520

20.1

400

(11.4)

48.44

September 30, 2022

Full year

30,700

2.3

1,000

12.0

1,300

1.0

1,000

(3.1)

121.09

(Note) Revision to the financial results forecast announced most recently:

No

* Notes:

(1) Changes in significant subsidiaries during the three months ended June 30, 2022

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

No

New

-

(Company name:

)

Exclusion:

-

(Company name:

)

(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

No

  1. Changes in accounting policies, changes in accounting estimates and retrospective restatement
    1. Changes in accounting policies due to the revision of accounting standards: No
    2. Changes in accounting policies other than 1) above: No
    3. Changes in accounting estimates: No
    4. Retrospective restatement: No
  3. Total number of issued shares (common shares)
    1. Total number of issued shares at the end of the period (including treasury shares):

June 30, 2022:

8,385,093

shares

March 31, 2022:

8,385,093

shares

2) Total number of treasury shares at the end of the period:

June 30, 2022:

127,286

shares

March 31, 2022:

127,150

shares

3) Average number of shares during the period:

Three months ended June 30, 2022:

8,257,882

shares

Three months ended June 30, 2021:

8,258,984

shares

RHYTHM CO.,LTD.

Quarterly Consolidated Financial Statements

Quarterly Consolidated Balance Sheets

(Million yen)

As of March 31,2022

As of June 30,2022

Assets

Current assets

Cash and deposits

9,941

10,611

Notes and accounts receivable - trade, and contract

4,107

4,406

assets

Electronically recorded monetary claims -

1,785

1,810

operating

Inventories

7,397

8,628

Other

838

1,175

Allowance for doubtful accounts

(0)

(1)

Total current assets

24,069

26,630

Non-current assets

Property, plant and equipment

Buildings and structures, net

5,170

5,221

Other, net

4,694

4,965

Total property, plant and equipment

9,864

10,186

Intangible assets

Goodwill

213

190

Other

245

263

Total intangible assets

458

454

Investments and other assets

Investment securities

2,067

2,109

Deferred tax assets

198

177

Other

1,715

1,364

Allowance for doubtful accounts

(81)

(80)

Total investments and other assets

3,900

3,571

Total non-current assets

14,223

14,212

Total assets

38,293

40,842

Liabilities

Current liabilities

Notes and accounts payable - trade

3,563

4,099

Short-term borrowings

70

270

Current portion of long-term borrowings

435

933

Income taxes payable

262

85

Provision for bonuses

334

168

Provision for bonuses for directors (and other

11

-

officers)

Current portion of bonds payable

3,000

-

Other provisions

17

15

Other

1,484

1,774

Total current liabilities

9,178

7,347

Non-current liabilities

Bonds payable

-

1,500

Long-term borrowings

1,074

2,966

Retirement benefit liability

523

203

Other

509

466

Total non-current liabilities

2,107

5,136

Total liabilities

11,286

12,484

RHYTHM CO.,LTD.

(Million yen)

As of March 31,2022

As of June 30,2022

Net assets

Shareholders' equity

Share capital

12,372

12,372

Capital surplus

7,584

7,584

Retained earnings

4,100

4,106

Treasury shares

(276)

(277)

Total shareholders' equity

23,780

23,786

Accumulated other comprehensive income

Valuation difference on available-for-sale

366

407

securities

Foreign currency translation adjustment

2,561

3,865

Remeasurements of defined benefit plans

291

293

Total accumulated other comprehensive income

3,219

4,566

Non-controlling interests

6

5

Total net assets

27,006

28,358

Total liabilities and net assets

38,293

40,842

RHYTHM CO.,LTD.

Quarterly Consolidated Statements of Income and Comprehensive Income

Quarterly Consolidated Statements of Income (For the three months)

(Million yen)

For the three months

For the three months

ended June 30,2021

ended June 30,2022

Net sales

7,101

7,930

Cost of sales

5,389

6,247

Gross profit

1,712

1,682

Selling, general and administrative expenses

1,402

1,449

Operating profit

309

233

Non-operating income

Interest income

0

0

Dividend income

48

61

Rental income

76

84

Foreign exchange gains

-

53

Other

29

24

Total non-operating income

156

224

Non-operating expenses

Interest expenses

7

9

Bond issuance costs

-

16

Rental expenses

28

32

Foreign exchange losses

6

-

Other

11

10

Total non-operating expenses

54

69

Ordinary profit

411

388

Extraordinary income

Gain on sale of non-current assets

-

0

Gain on sale of investment securities

5

-

Total extraordinary income

5

0

Extraordinary losses

Loss on disposal of non-current assets

4

-

Loss on sale of non-current assets

-

1

Total extraordinary losses

4

1

Profit before income taxes

412

387

Income taxes - current

70

78

Income taxes - deferred

(79)

(4)

Total income taxes

(9)

73

Profit

421

314

Loss attributable to non-controlling interests

(3)

(0)

Profit attributable to owners of parent

425

315

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Rhythm Watch Co. Ltd. published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 07:05:14 UTC.