Translation
Notice: This is a translation of part of the original document in Japanese and is only for reference purposes. In the event of any
discrepancies between this translated document and the original Japanese document, the latter shall prevail.

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
[Japanese GAAP]May 10, 2024
Company name: Seika Corporation
Stock exchange listing: Tokyo Stock Exchange
Code number: 8061
URL: https://seika.com/ir/en/
Representative: Akihiko Sakurai, President and Chief Executive Officer
Contact: Hirohisa Masuda, Director, Managing Executive Officer in charge of administration
Phone: +81-3-5221-7101
Scheduled date of annual general meeting of shareholders: June 26, 2024
Scheduled date of commencing dividend payments: June 27, 2024
Scheduled date of filing annual securities report: June 27, 2024
Availability of supplementary briefing materials for financial results: No
Schedule of financial results briefing session: Yes(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Consolidated Operating Results(% indicates year-on-year change.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Fiscal year ended
Million yen%
Million yen% Million yen%
Million yen%
March 31, 2024
86,785
(7.0)
5,580
20.3
6,255
(0.5)
4,489
(10.2)March 31, 2023
93,311
9.4
4,636
21.2
6,286
62.0
5,001
122.6
(Note) Comprehensive income: Fiscal year ended March 31, 2024: ¥8,704 million [49.0%]
Fiscal year ended March 31, 2023: ¥5,840 million [150.8%]
Sales from agent transactions are shown net of the corresponding purchases. Sales under the old accounting
standards are shown below as “Gross sales”:
Fiscal year ended
Gross sales
Year-on-year change
March 31, 2024
¥205,383 million
16.9 %March 31, 2023
¥175,741 million
30.9 %

Profit per share

Diluted profit
per share

Return on
equityFiscal year ended
Yen
Yen
%
March 31, 2024
372.46370.32
11.6
March 31, 2023
415.79414.84
15.4(Reference) Share of profit (loss) of entities accounted for using equity method:
Fiscal year ended March 31, 2024: ¥310 million
Fiscal year ended March 31, 2023: ¥1,213 million

Ratio ofordinary profit
to total assets

Ratio ofoperating profit
to net sales

%

%

6.3
6.8

6.4
5.0

Share of profit (loss) of entities accounted for using equity method for the fiscal year ended March 31, 2023
includes an amount equivalent to negative goodwill of ¥1,714 million generated as a result of the additional
acquisition of shares in TVE Co., Ltd., making it an equity method affiliate of the Company.

(2) Consolidated Financial Position
Total assets
Net assets
As ofMillion yen
Million yen
118,543
March 31, 2024
43,18079,990March 31, 2023
35,736(Reference) Equity: As of March 31, 2024: ¥42,264 million
As of March 31, 2023: ¥34,994 million

Equity ratio

Net assets per share
%

Yen

35.7
43.7

3,507.42
2,907.20(3) Consolidated Cash Flows
Cash and cash
equivalents
at end of period

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Million yen

Million yen

Million yen

Million yen

2,541
(731)

(88)
(1,068)(3,462)(4,816)

10,42810,653Fiscal year ended
March 31, 2024
March 31, 2023
2. Dividends
1stquarterend
Fiscal year ended
March 31, 2023
March 31, 2024
Fiscal year ending
March 31, 2025
(Forecast)

Annual dividends
2nd
3rd
Yearquarter- quarterend
end
end

Total

Total
dividends(annual)Payout ratio(consolidated)

Ratio ofdividends to
net assets(consolidated)

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

―

35.00

―

55.00

90.00

1,085

21.6

3.3

―

60.00

―

90.00

150.00

1,811

40.3

4.7

―

90.00

―

90.00

180.0040.2

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March
31, 2025)(% indicates year-on-year change.)
Profit attributable toProfit per
Net sales
Operating profit
Ordinary profit
owners of parent
shareFirst half
Full year

Million yen
44,00090,000% Million yen
2,300
5,000

9.9
3.7

% Million yen
2,400
5,400

12.1
(10.4)%

7.0(13.7)

Million yen
3,400
5,400

%

132.0
20.3

Yen
282.01447.82

Sales from agent transactions are shown net of the corresponding purchases. Sales under the old accounting
standards are shown below as “Gross sales”:
Gross sales
Year-on-year changeFirst half
¥121,000 million
24.9%
Full year¥233,000 million
13.4%* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting inchanges in the scope of consolidation): No
Newly added: ― (Name of subsidiary)
Excluded: ― (Name of subsidiary)(2) Changes in accounting policies, changes in accounting estimates and 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: No4) Restatement: No

(3) Number of outstanding shares (common shares)
1) Number of outstanding shares at the end of the period (including treasury shares):
As of March 31, 2024:
12,320,650 shares
As of March 31, 2023:
12,320,650 shares
2) Number of treasury shares at the end of the period:
As of March 31, 2024:
270,720 shares
As of March 31, 2023:
283,532 shares
3) Average number of shares during the period:
Fiscal year ended March 31, 2024:
12,053,072 sharesFiscal year ended March 31, 2023:
12,028,000 shares(Reference) Overview of Non-consolidated Financial Results
Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31,2024)(1) Non-consolidated Operating Results(% indicates year-on-year change.)
Net sales
Operating profit
Ordinary profit
ProfitFiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%
March 31, 2024
57,050(14.3)
1,902
(8.2)
3,026
25.9
2,273
46.8
March 31, 2023
66,58715.2
2,072 66.7
2,404 (32.0)
1,549(38.0)
Sales from agent transactions are shown net of the corresponding purchases. Sales under the old accounting
standards are shown below as “Gross sales”:
Fiscal year ended
Gross sales
Year-on-year change
March 31, 2024
¥175,649 million
17.9 %March 31, 2023
¥149,017 million
39.6 %

Profit per share
Fiscal year ended
March 31, 2024
March 31, 2023

Diluted profit per
share

Yen

Yen

188.29128.66187.21
128.37(2) Non-consolidated Financial Position
Total assets
Net assets
As ofMillion yen
Million yen
March 31, 2024
95,561
27,386
March 31, 2023
59,73823,165(Reference) Equity: As of March 31, 2024: ¥27,136 million
As of March 31, 2023: ¥22,947 million

Equity ratio

Net assets per share
%

28.4
38.4

Yen

2,247.14
1,902.31* These financial results are outside the scope of audits by certified public accountants or audit firms.
* Explanation of the proper use of financial results forecast and other notes
The financial results forecasts in this document are based on information available to the Company as of the dateof disclosure of this document. Actual results may differ from these forecasts due to various factors in the future.
The disclosure of non-consolidated financial results forecasts is omitted in view of its materiality.

4. Consolidated Financial Statements and Primary Notes(1) Consolidated Balance Sheets(Million yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable – trade,and contract assets
Investments in leases
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Advance payments to suppliers
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Machinery, equipment and vehicles
Tools, furniture and fixtures
Fixed assets for rent, net
Leased assets
Land
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Right to use facilities
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

1

As of March 31, 2024

10,653

10,42835,80953,475

64
100
8,216
406
1,620
3,718
972
(133)
61,429

34
100
7,805
442
1,708
21,021736(153)
95,599

1,073
232
383
683
103
2,101
15
4,591

1,084
252
441
674
163
2,039
2
4,658

253
118
314
12
698

156
118
348
18
642

12,052
29
602
604
(18)
13,271
18,561
79,99016,413
34
586
637
(30)
17,642
22,943
118,543

(Million yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable – trade
Short-term borrowings
Lease liabilities
Accounts payable – other
Income taxes payable
Advances received
Provision for bonuses
Provision for bonuses for directors
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Retirement benefit liability
Provision for retirement benefits for directors
Deferred tax liabilities
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
Non-controlling interests
Total net assets
Total liabilities and net assets

2

As of March 31, 2024

31,417
2,006
35
1,219
1,160
3,150
714
119
648
40,47344,588
7
41
1,861
788
20,791
940
123
1,003
70,146

23
76
2,617
22
619
421
3,781
44,254

18
133
2,558
22
2,012
470
5,216
75,3626,728
2,040
22,813(435)
31,146

6,728
2,040
25,992(415)
34,345

3,140
692
15
3,847
218
524
35,73679,990

6,509
1,370
38
7,918
250
666
43,180118,543

(2) Consolidated Statements of Income and Comprehensive Income(Million yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Gain on sale of securities
Share of profit of entities accounted for using equity
methodForeign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on sale of notes receivable – trade
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on sale of shares of subsidiaries and associates
Compensation income
Total extraordinary income
Extraordinary losses
Loss on valuation of investment securities
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net profit

For the fiscal year ended
March 31, 2023
93,31173,37019,941
15,304
4,636

For the fiscal year ended
March 31, 2024
86,78564,12622,65817,078
5,580

17
240
15

18
270
4

1,213

310

75
135
1,697

54
90
749

30
4
13
47
6,286

13
5
55
74
6,255

55
655
711

204
16
56
278

6,998
1,727
201
1,928
5,069

87
87
6,445
1,914
(55)
1,858
4,587

5,001
68

4,489
97

323
430
13

3,291
716
53

3

56

770
5,840

4,117
8,704

5,737

8,560

102

143

Profit attributable to owners of parent
Profit attributable to non-controlling interests
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests3(3) Consolidated Statements of Changes in Equity
For the fiscal year ended March 31, 2023
(Million yen)
Shareholders’ equity
Share capital
Balance at beginning of period

Capital surplus

Retained earnings

Treasury shares

2,097

18,734

(564)

6,728

Total
shareholders’equity26,994

Changes during period
Dividends of surplus(901)

Purchase of shares of
consolidated subsidiaries

(901)

(56)

(56)

Change in scope of
consolidation-

Profit attributable to owners ofparent

5,001

5,001

Purchase of treasury shares

(10)

(10)

Disposal of treasury shares

(0)

0

0

Exercise of share acquisitionrights

(20)

139

119

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

-

(56)

4,079

129

4,152

6,728

2,040

22,813(435)

31,146

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginning of period

2,813

Total
Foreign
Remeasurements
accumulated
currencyof defined benefit
othertranslationplanscomprehensive
adjustment
income
296

1

3,111

Share
acquisitionrights

Noncontrollinginterests

Total net
assets282

713

31,101

Changes during period
Dividends of surplus(901)

Purchase of shares of
consolidated subsidiaries(56)

Change in scope of
consolidation-

Profit attributable to owners ofparent

5,001

Purchase of treasury shares(10)

Disposal of treasury shares

0

Exercise of share acquisitionrightsNet changes in items otherthan shareholders’ equity

119
326

395

13

Total changes during period

326

395

13

Balance at end of period

3,140

692

15

4

736

(64)

(188)

482

736

(64)

(188)

4,635

3,847

218

524

35,736

For the fiscal year ended March 31, 2024
(Million yen)
Shareholders’ equity
Share capital
Balance at beginning of period

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity2,040

22,813(435)

31,146

6,728

Changes during period
Dividends of surplus(1,388)(1,388)Purchase of shares of
consolidated subsidiaries-

Change in scope of
consolidation
Profit attributable to owners ofparent

80

80

4,489

4,489

Purchase of treasury shares

(2)

(2)

Disposal of treasury shares

0

0

0

Exercise of share acquisitionrights

(3)

22

18

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

-

-

3,178

19

3,198

6,728

2,040

25,992(415)

34,345

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginning of period

3,140

Total
Foreign
Remeasurements
accumulated
currencyof defined benefit
othertranslationplanscomprehensive
adjustment
income
692

15

3,847

Share
acquisitionrights

Noncontrollinginterests

Total net
assets218

524

35,736

Changes during period
Dividends of surplus(1,388)Purchase of shares of
consolidated subsidiaries-

Change in scope of
consolidation

80

Profit attributable to owners ofparent4,489

Purchase of treasury shares(2)

Disposal of treasury shares

0

Exercise of share acquisitionrights18

Net changes in items otherthan shareholders’ equity

3,369

678

23

4,071

32

141

4,245

Total changes during period

3,369

678

23

4,071

32

141

7,443

Balance at end of period

6,509

1,370

38

7,918

250

666

43,1805

(4) Consolidated Statements of Cash Flows(Million yen)
For the fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Share-based payment expenses
Amortization of goodwill
Share of loss (profit) of entities accounted for using equity
methodIncrease (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for directors
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for retirement benefits for
directors
Loss (gain) on sale of securities
Loss (gain) on sale of non-current assets

For the fiscal year ended
March 31, 2024

6,998
491
54
98
(1,213)
(6)
64
39
65
0
(15)
(55)
(655)
(257)
30
389
45
(2,958)24,839(234)(26,232)

Loss (gain) on valuation of investment securities
Loss (gain) on sale of investment securities
Loss (gain) on sale of shares of subsidiaries and associates
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in investments in leases
Decrease (increase) in inventories
Decrease (increase) in advance payments to suppliers
Increase (decrease) in trade payables
Increase (decrease) in advances received
Decrease (increase) in consumption taxes refund
receivable
Increase (decrease) in accrued consumption taxes
Increase/decrease in other assets/liabilities
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Other, net
Net cash provided by (used in) operating activities

6

6,445
580
50
101
(310)
23
239
3
29
(0)

(347)

(4)
87
(204)
(16)
(289)
13
(17,611)30
700(17,267)
13,347
17,595
317

(488)
(254)
398
271
(31)
(1,396)
26
(731)

575
210
4,647
273
(13)
(2,407)42
2,541

(Million yen)
For the fiscal year ended
March 31, 2024

For the fiscal year ended
March 31, 2023
Cash flows from investing activities
Proceeds from withdrawal of time deposits
Purchase of securities
Proceeds from sale of securities
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from sale of shares of subsidiaries resulting inchange in scope of consolidation
Purchase of shares of associates
Proceeds from liquidation of subsidiaries and associates
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of intangible assets
Loan advances
Proceeds from collection of loans receivable
Payments of guarantee deposits
Proceeds from refund of guarantee deposits
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Dividends paid
Purchase of treasury shares
Proceeds from sale of treasury shares
Dividends paid to non-controlling interests
Purchase of shares of subsidiaries not resulting in change
in scope of consolidation
Other, net
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
Increase in cash and cash equivalents resulting from inclusionof subsidiaries in consolidation
Cash and cash equivalents at end of period

358
(352)
422
(169)
1,460

(46)
52
(96)
465

-

29
121
(519)
49
(127)
(14)
7
(53)
49
(6)
(88)

(598)
(2,356)
249
(85)
3
(11)
19
(35)
27
(0)
(1,068)(3,506)
(898)
(0)
0
(70)
(295)
(44)
(4,816)269(6,346)17,0007(2,007)(1,384)
(2)
0
(21)
-

-

(46)
(3,462)335(672)
10,653447

10,653

10,428