藤倉コンポジット（5121） – Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 [Japanese GAAP]

Disclaimer: This document is an English translation of the original document in Japanese and has been prepared solely for reference purposes. In the event of any discrepancy between this English translation and the original in Japanese, the original shall prevail in all respects. Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 [Japanese GAAP] May 13, 2022 Company name: FUJIKURA COMPOSITES Inc. Stock exchange listing: Tokyo Stock Exchange Code number: 5121 URL: https://www.fujikuracomposites.jp/ Representative: Kenji Morita, Representative Director and President Contact: Hidetaka Takahashi, Managing Director, Vice President of Administration Division Phone: +81-3-3527-8111 Scheduled date of general shareholders’ meeting: June 29, 2022 Scheduled date of commencing dividend payments: June 30, 2022 Scheduled date of filing securities report: June 29, 2022 Availability of supplementary explanatory materials on annual financial results: Not available Schedule of annual financial results briefing session: Scheduled (for institutional investors and analysts) (Amounts of less than one million yen are rounded down.) 1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 – March 31, 2022) (1) Consolidated Operating Results (% indicates changes from the previous corresponding period.) Profit attributable to owners of parent Ordinary profit Operating profit Net sales Fiscal year ended March 31, 2022 March 31, 2021 (Note) Comprehensive income: Fiscal year ended March 31, 2022: ¥5,096 million [296.0%] % Million yen 4,160 1,172 % Million yen 4,778 1,557 Million yen 37,190 29,275 255.0 31.5 206.8 86.9 27.0 (8.5) % Million yen 4,062 1,182 % 243.5 202.6 Fiscal year ended March 31, 2021: ¥1,286 million [–%] Basic earnings per share Diluted earnings per share Return on equity Ratio of ordinary profit to total assets Ratio of operating profit to net sales Fiscal year ended March 31, 2022 March 31, 2021 (Reference) Equity in earnings of affiliated companies: Yen 180.58 50.56 Yen – – % 14.8 4.8 % 12.7 4.5 % 11.2 4.0 Fiscal year ended March 31, 2022: ¥– million Fiscal year ended March 31, 2021: ¥– million (2) Consolidated Financial Position Total assets As of March 31, 2022 As of March 31, 2021 (Reference) Equity: As of March 31, 2022: ¥27,464 million As of March 31, 2021: ¥24,819 million Million yen 37,750 34,875 Million yen 27,473 24,819 (3) Consolidated Cash Flows Net assets Equity ratio Net assets per share Yen 1,304.24 1,060.81 % 72.8 71.2 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Fiscal year ended March 31, 2022 March 31, 2021 Million yen 4,795 3,129 Million yen (418) (1,374) Cash and cash equivalents at year-end Million yen 6,905 5,780 Million yen (3,772) (1,449) 2. Dividends Fiscal year ended March 31, 2021 Fiscal year ended March 31, 2022 Fiscal year ending March 31, 2023 (Forecast) 31, 2023) First half Full year Annual dividends 3rd quarter-end 2nd quarter-end Year-end 1st quarter-end Yen Total dividends (annual) Payout ratio (consolidated) Total Yen Million yen Ratio of dividends to net assets (consolidated) % Yen 5.00 10.00 16.00 – – – Yen – – – Yen 7.00 12.00 16.00 26.00 16.00 32.00 280 570 % 23.7 14.1 16.8 1.1 2.1 3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023 (April 1, 2022 – March Net sales Operating profit Ordinary profit (% indicates changes from the previous corresponding period.) Profit attributable to owners of parent Basic earnings per share Million yen 19,000 38,000 % Million yen 2,300 4,500 7.7 2.2 % Million yen 2,400 4,700 4.6 8.2 (3.4) (1.6) % Million yen % 2,200 (19.3) (1.5) 4,000 Yen 104.47 189.96 * Notes: (1) Changes in significant subsidiaries during the fiscal year under review: None (Changes in specified subsidiaries resulting in changes in scope of consolidation) (2) Changes in accounting policies, changes in accounting estimates and retrospective restatement 1) Changes in accounting policies due to the revision of accounting standards: Yes 2) Changes in accounting policies other than 1) above: None 3) Changes in accounting estimates: Yes 4) Retrospective restatement: None (Note) For details, please see “Consolidated Financial Statements and Principal Notes (5) Notes to Consolidated Financial Statements (Changes in accounting policies) and (Changes in accounting estimates)” on pages 12-13 of the attachments. (3) Total number of issued and outstanding shares (common shares) 1) Total number of issued and outstanding shares at the end of the year (including treasury shares): March 31, 2022: March 31, 2021: March 31, 2022: March 31, 2021: 2) Total number of treasury shares at the end of the year: 23,446,209 shares 23,446,209 shares 2,388,768 shares 49,537 shares 3) Average number of shares during the year: Year ended March 31, 2022: Year ended March 31, 2021: 22,499,431 shares 23,396,695 shares (Reference) Summary of Non-consolidated Financial Results 1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 – March 31, (1) Non-consolidated Operating Results Net sales (% indicates changes from the previous corresponding period.) Operating profit Ordinary profit Net income Million yen 23,476 20,095 % Million yen 1,657 581 16.8 (3.0) 185.1 157.7 % Million yen 2,721 105.8 97.3 1,322 % % Million yen 2,121 70.2 1,246 220.8 2022) Year ended March 31, 2022 March 31, 2021 Year ended March 31, 2022 March 31, 2021 Basic earnings per share Diluted earnings per share Yen 94.29 53.27 Yen – – (2) Non-consolidated Financial Position Total assets As of March 31, 2022 As of March 31, 2021 (Reference) Equity: As of March 31, 2022: ¥20,868 million As of March 31, 2021: ¥21,198 million Million yen 29,588 29,839 Million yen 20,877 21,198 Net assets Equity ratio Net assets per share Yen 991.05 906.04 % 70.5 71.0 * These consolidated financial results are outside the scope of audit by certified public accountants or an audit firm. * Explanation of the proper use of financial results forecast and other notes The earnings forecasts and other forward-looking statements herein are based on information currently available to the Company and certain assumptions deemed reasonable, and the Company does not in any way guarantee the achievement of the projections. In addition, actual results may differ significantly from these forecasts due to various factors. As of March 31, 2021 As of March 31, 2022 (1) Consolidated Balance Sheets Assets Current assets Cash and deposits Notes and accounts receivable – trade Merchandise and finished goods Work in process Raw materials and supplies Other Allowance for doubtful accounts Total current assets Non-current assets Property, plant and equipment Buildings and structures Accumulated depreciation Buildings and structures, net Machinery, equipment and vehicles Accumulated depreciation Machinery, equipment and vehicles, net Land Construction in progress Other Accumulated depreciation Other, net Total property, plant and equipment Intangible assets Software Other Total intangible assets Investments and other assets Investment securities Long-term loans receivable Retirement benefit asset Deferred tax assets Other Allowance for doubtful accounts Total investments and other assets Total non-current assets Total assets (Thousand yen) 6,905,294 10,710,980 2,223,842 2,613,550 836,011 512,947 (66,816) 23,735,810 12,575,474 (7,819,813) 4,755,661 17,959,799 (14,863,218) 3,096,580 3,200,630 206,684 4,418,209 (3,869,276) 548,933 11,808,489 74,696 26,234 100,931 1,217,944 297,686 180,881 14,115 1,794,992 (1,399,993) 2,105,627 14,015,048 37,750,859 5,780,151 9,698,550 1,854,488 2,174,461 695,685 557,311 (53,454) 20,707,194 12,027,122 (7,103,652) 4,923,469 17,571,040 (14,297,312) 3,273,728 3,195,875 104,038 4,309,381 (3,689,128) 620,253 12,117,365 96,516 27,190 123,707 1,219,023 330,157 17,948 11,875 1,591,132 (1,242,426) 1,927,710 14,168,782 34,875,977 1 As of March 31, 2021 As of March 31, 2022 Liabilities Current liabilities Notes and accounts payable – trade Short-term borrowings Income taxes payable Provision for bonuses Provision for loss on disaster Other Total current liabilities Non-current liabilities Long-term borrowings Deferred tax liabilities Provision for environmental measures Retirement benefit liability Asset retirement obligations Other Total non-current liabilities Total liabilities Net assets Shareholders’ equity Share capital Capital surplus Retained earnings Treasury shares Total shareholders’ equity Accumulated other comprehensive income Valuation difference on available-for-sale securities Foreign currency translation adjustment Remeasurements of defined benefit plans Total accumulated other comprehensive income Share acquisition rights Total net assets Total liabilities and net assets (Thousand yen) 2,805,854 2,759,004 591,426 545,471 69,528 1,865,072 8,636,357 85,870 509,521 27,780 770,414 164,953 82,873 1,641,414 10,277,772 3,804,298 3,212,485 21,341,327 (2,074,304) 26,283,806 317,556 837,185 25,508 1,180,250 9,030 27,473,087 37,750,859 2,044,873 3,516,967 234,625 363,403 – 1,821,711 7,981,580 560,000 418,846 29,513 804,081 147,258 115,213 2,074,913 10,056,493 3,804,298 3,212,485 17,676,139 (20,473) 24,672,450 316,979 (82,564) (87,381) 147,033 – 24,819,483 34,875,977 2 (2) Consolidated Statements of Income and Comprehensive Income For the fiscal year ended March 31, 2021 For the fiscal year ended March 31, 2022 (Thousand yen) Net sales Cost of sales Gross profit Selling, general and administrative expenses Shipping cost Salaries and allowances Welfare expenses Travel and communication expenses Depreciation Storage cost Research and development expenses Provision of allowance for doubtful accounts Other Total selling, general and administrative expenses Operating profit Non-operating income Interest income Dividend income Foreign exchange gains Rental income Subsidy income Gain on write-off of debts Other Total non-operating income Non-operating expenses Interest expenses Rental costs Loss on abandonment of non-current assets Loss on retirement of non-current assets Other Total non-operating expenses Ordinary profit Extraordinary income Gain on reversal of liabilities Total extraordinary income Extraordinary losses Loss on retirement of non-current assets Impairment losses Loss on disaster Total extraordinary losses Profit before income taxes Income taxes – current Income taxes – deferred Total income taxes Profit Profit attributable to Profit attributable to owners of parent 29,275,488 22,687,824 6,587,664 469,806 2,100,270 445,923 112,709 157,480 235,775 363,840 (9,300) 1,539,014 5,415,520 1,172,144 24,870 37,026 51,586 52,689 126,424 62,534 123,384 478,516 15,851 8,999 1,780 14,744 51,567 92,943 1,557,717 – – 19,453 12,640 – 32,093 1,525,624 333,223 9,556 342,780 1,182,844 1,182,844 3 37,190,751 26,902,255 10,288,496 651,399 2,231,664 557,776 134,918 223,019 252,784 386,827 8,703 1,680,816 6,127,912 4,160,584 32,761 70,384 382,825 65,594 18,471 – 136,056 706,092 10,794 31,945 18,943 8,759 17,419 87,861 4,778,815 452,221 452,221 – – 69,528 69,528 5,161,508 1,061,476 37,101 1,098,578 4,062,930 4,062,930 Other comprehensive income Valuation difference on available-for-sale securities Foreign currency translation adjustment Remeasurements of defined benefit plans, net of tax Total other comprehensive income Comprehensive income Comprehensive income attributable to Comprehensive income attributable to owners of parent For the fiscal year ended March 31, 2021 For the fiscal year ended March 31, 2022 (Thousand yen) 577 919,749 112,890 1,033,217 5,096,147 5,096,147 151,543 (202,867) 155,317 103,993 1,286,837 1,286,837 4 (3) Consolidated Statements of Changes in Equity Fiscal year ended March 31, 2021 (from April 1, 2020 to March 31, 2021) Share capital Capital surplus Treasury shares Shareholders’ equity Retained earnings 16,774,056 (280,760) 1,182,844 3,804,298 3,212,485 (Thousand yen) Total shareholders’ equity 23,770,401 (280,760) 1,182,844 (34) (20,438) (34) – 3,804,298 – 3,212,485 902,083 17,676,139 (34) (20,473) 902,048 24,672,450 Accumulated other comprehensive income Valuation difference on available-for-sale securities Foreign currency translation adjustment Remeasurements of defined benefit plans Total accumulated other comprehensive income 165,436 120,302 (242,699) 43,040 151,543 (202,867) 155,317 103,993 151,543 316,979 (202,867) (82,564) 155,317 (87,381) 103,993 147,033 Share acquisition rights Total net assets – – – 23,813,441 (280,760) 1,182,844 (34) 103,993 1,006,041 24,819,483 Balance at beginning of period Changes during period Dividends of surplus Profit attributable to owners of parent Purchase of treasury shares Net changes in items other than shareholders’ equity Total changes during period Balance at end of period Balance at beginning of period Changes during period Dividends of surplus Profit attributable to owners of parent Purchase of treasury shares Net changes in items other than shareholders’ equity Total changes during period Balance at end of period 5 Fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022) Balance at beginning of period Changes during period Dividends of surplus Profit attributable to owners of parent Purchase of treasury shares Net changes in items other than shareholders’ equity Total changes during period Balance at end of period Balance at beginning of period Changes during period Dividends of surplus Profit attributable to owners of parent Purchase of treasury shares Net changes in items other than shareholders’ equity Total changes during period Balance at end of period Share capital Capital surplus Treasury shares Shareholders’ equity Retained earnings 17,676,139 (397,742) 4,062,930 (Thousand yen) Total shareholders’ equity 24,672,450 (397,742) 4,062,930 (20,473) (2,053,831) (2,053,831) 3,804,298 3,212,485 – 3,804,298 – 3,212,485 3,665,187 21,341,327 (2,053,831) (2,074,304) 1,611,356 26,283,806 Accumulated other comprehensive income Valuation difference on available-for-sale securities Foreign currency translation adjustment Remeasurements of defined benefit plans Total accumulated other comprehensive income 316,979 (82,564) (87,381) 147,033 Share acquisition rights Total net assets – 24,819,483 (397,742) 4,062,930 (2,053,831) 577 919,749 112,890 1,033,217 9,030 1,042,247 577 317,556 919,749 837,185 112,890 25,508 1,033,217 1,180,250 9,030 9,030 2,653,603 27,473,087 6 (4) Consolidated Statements of Cash Flows Cash flows from operating activities Profit before income taxes Depreciation Impairment losses Increase (decrease) in allowance for doubtful accounts Increase (decrease) in provision for bonuses Increase (decrease) in provision for loss on disaster Increase (decrease) in retirement benefit liability Decrease (increase) in retirement benefit asset Interest and dividend income Interest expenses Foreign exchange losses (gains) Loss on retirement of non-current assets Decrease (increase) in trade receivables Decrease (increase) in inventories Decrease (increase) in other current assets Increase (decrease) in trade payables Increase (decrease) in other current liabilities Other, net Subtotal Interest and dividends received Interest paid Income taxes paid Net cash provided by (used in) operating activities Cash flows from investing activities Proceeds from sale of property, plant and equipment Purchase of property, plant and equipment Purchase of intangible assets Purchase of investment securities Other investments expenditure Other investments revenue Loan advances Proceeds from collection of loans receivable Net cash provided by (used in) investing activities Cash flows from financing activities Net increase (decrease) in short-term borrowings Proceeds from long-term borrowings Repayments of long-term borrowings Proceeds from issuance of share acquisition rights Purchase of treasury shares Dividends paid Repayments of lease liabilities Net cash provided by (used in) financing activities Effect of exchange rate change on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period 7 For the fiscal year ended March 31, 2021 For the fiscal year ended March 31, 2022 (Thousand yen) 1,525,624 1,414,398 12,640 (17,981) (78,589) – 23,858 (17,948) (61,897) 15,851 (142,185) 34,197 (336,489) 542,708 85,766 (58,425) 158,797 171,371 3,271,697 61,892 (15,851) (187,834) 3,129,903 50,045 (1,411,807) (13,690) (209) (1,466) 10,432 (29,000) 21,322 (1,374,373) (212,284) – (930,000) – (34) (280,889) (26,518) (1,449,726) (54,463) 251,340 5,528,810 5,780,151 5,161,508 1,518,849 – (8,146) 182,068 69,528 290,154 (162,932) (103,145) 10,794 (334,800) 8,759 (578,372) (776,940) 43,805 535,789 (495,065) 63,490 5,425,344 102,987 (10,794) (721,977) 4,795,560 487 (280,858) (15,391) (140) (174,976) 633 – 51,270 (418,976) (463,234) 9,686 (856,247) 9,030 (2,053,831) (396,797) (21,094) (3,772,489) 521,047 1,125,142 5,780,151 6,905,294