Consolidated Financial Results for the Nine Months Ended December 31, 2022 (Japanese GAAP)

February 8, 2023

Company name:

Mitsuboshi Belting Ltd.

Stock exchange listing:

Tokyo

Securities code:

5192

URL:

https://www.mitsuboshi.com/

Representative:

Hiroshi Ikeda, President

Inquiries:

Masatsugu Tsuji, Executive Officer, General Manager, Finance & Accounting Department

Phone: +81-78-685-5630

Scheduled date of filing quarterly securities report:

February 13, 2023

Scheduled date of commence dividend payments:

－

(1) Consolidated operating results

(Percentages indicate year-on-year changes)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Nine months ended

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

December 31, 2022

63,827

14.6

7,280

21.3

8,026

20.3

5,609

18.3

December 31, 2021

55,674

17.6

6,001

72.2

6,673

67.7

4,743

73.4

Comprehensive income

Nine months ended December 31, 2022:

¥5,720 million

(

19.3%)

Note:

Nine months ended December 31, 2021:

¥7,092 million

△(71.4%)

Basic earnings

Diluted earnings

per share

per share

Nine months ended

Yen

Yen

December 31, 2022

197.52

－

December 31, 2021

163.39

－

(2) Consolidated financial position

Total assets

Net assets

Equity-to-asset ratio

Millions of yen

Millions of yen

％

As of December 31, 2022

114,660

84,890

74.0

As of March 31, 2022

118,963

86,877

73.0

Reference:

Equity

As of December 31, 2022:

¥84,890 million

As of March 31, 2022:

¥86,877 million

2. Dividends

Annual dividends per share

1st quarter end

2nd quarter end

3rd quarter end

Fiscal year end

Total

Yen

Yen

Yen

Yen

Yen

Fiscal year ended

－

33.00

－

110.00

143.00

March 31, 2022

Fiscal year ending

－

120.00

－

March 31, 2023

Fiscal year ending

120.00

240.00

March 31, 2023(Forecast)

Net sales

Operating profit

Ordinary profit

Profit attributable to

Basic earnings

owners of parent

per share

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

Full year

83,000

10.9

8,700

13.9

9,400

9.9

6,800

6.6

239.55

(Millions of yen)

As of March 31, 2022

As of December 31, 2022

Assets

Current assets

Cash and deposits

34,708

29,544

Notes and accounts receivable - trade, and

17,788

17,794

contract assets

Merchandise and finished goods

15,324

16,380

Work in process

2,115

2,491

Raw materials and supplies

3,892

4,286

Other

833

1,026

Allowance for doubtful accounts

123

145

Total current assets

74,540

71,378

△

△

Non-current assets

Property, plant and equipment

Buildings and structures, net

7,329

7,384

Machinery, equipment and vehicles, net

9,115

9,307

Tools, furniture and fixtures, net

2,054

1,915

Land

3,958

3,972

Leased assets, net

1,409

1,507

Construction in progress

2,804

3,883

Total property, plant and equipment

26,671

27,970

Intangible assets

891

713

Investments and other assets

Investment securities

15,179

12,858

Other

1,698

1,758

Allowance for doubtful accounts

18

18

Total investments and other assets

16,860

14,598

△

△

Total non-current assets

44,423

43,282

Total assets

118,963

114,660

(Millions of yen)

As of March 31, 2022

As of December 31, 2022

Liabilities

Current liabilities

Notes and accounts payable - trade

9,898

10,155

Short-term borrowings

3,227

3,229

Income taxes payable

1,576

546

Provision for bonuses

928

195

Provision for product warranties

508

502

Other

6,075

6,293

Total current liabilities

22,215

20,923

Non-current liabilities

Long-term borrowings

900

225

Retirement benefit liability

2,226

2,637

Provision for retirement benefits for directors

13

15

(and other officers)

Other

6,730

5,968

Total non-current liabilities

9,870

8,846

Total liabilities

32,086

29,770

Net assets

Shareholders' equity

Share capital

8,150

8,150

Capital surplus

2,119

2,143

Retained earnings

70,315

69,355

Treasury shares

6,395

7,559

Total shareholders' equity

74,188

72,090

△

△

Accumulated other comprehensive income

Valuation difference on available-for-sale

9,368

7,793

securities

Foreign currency translation adjustment

3,344

5,084

Remeasurements of defined benefit plans

25

78

Total accumulated other comprehensive

12,688△

12,799△

income

Total net assets

86,877

84,890

Total liabilities and net assets

118,963

114,660

(Millions of yen)

Nine months ended

Nine months ended

December 31, 2021

December 31, 2022

Net sales

55,674

63,827

Cost of sales

37,680

43,303

Gross profit

17,994

20,523

Selling, general and administrative expenses

11,993

13,243

Operating profit

6,001

7,280

Non-operating income

Interest income

70

167

Dividend income

362

394

Foreign exchange gains

278

345

Other

231

247

Total non-operating income

943

1,155

Non-operating expenses

Interest expenses

33

37

Loss on retirement of non-current assets

150

268

Other

86

104

Total non-operating expenses

270

409

Ordinary profit

6,673

8,026

Extraordinary income

Gain on sale of investment securities

151

－

Total extraordinary income

151

－

Profit before income taxes

6,825

8,026

Income taxes

2,082

2,417

Profit

4,743

5,609

Profit attributable to owners of parent

4,743

5,609