FY2024 March The 4Q Summary of Accounting Statements[Japanese Standards] (consolidated)
May 15, 2024
Listed company name Tamagawa Holdings Co., Ltd.
Exchange
Tokyo
Code No.
6838
URL https://www.tmex.co.jp
Representative(Title)President(Name) Toru Masuzawa
Contact person(Title)Director(Name) Keita Masuyama(TEL) 03-6435-6933
Ordinary shareholders’ meeting to be held: June 27, 2024
Dividends payment to be started:
June 28, 2024
Securities report to be submitted:
June 27, 2024
Preparation of supplementary explanation document for the accounting statement : Yes
Explanatory meeting for the accounting statement:

Yes(For institutional investors / analysts )(amount under mil. yen rounded off)

1. Consolidated performance of FY Mar. 2024 (from Apr 1, 2024 to Mar 31, 2024)(1) Consolidated management result(% indication: change compared with the same quarter of the previous year)
Current net profit attributable toOperating profit
Ordinary profit
the parent company’s
shareholders

Sales amountFY Mar. 2024
FY Mar. 2023

mil. yen％mil. yen

4,153
3,294

26.1
△47.2

△215
△437

(Note) Comprehensive profit: FYMarch. 2024

△411Mile yen (%mil. yen%mil. yen

－
－

△443
－
△482
－
FYMarch. 2023
△500Mile yen (Current net profit per
Current net profit ratio of Ordinary margin of gross Operating margin of sales
share after dilutive shareown capitalasset
amountadjustment

Current net profit per
share
FY Mar. 2024
FY Mar. 2023

％

－
△215
－
△514
－％) FYMarch. 2023

yen

yen

％

△71.02△80.82

－
－

△9.0
△9.3

(Reference) Investment profit on equity method FYMarch. 2024 －Mile yen

％

％

△2.4
△5.2
△6.1
△13.3
FYMarch. 2023
△20Mile yen(2).Consolidated financial status
Gross asset
FY Mar. 2024
FY Mar. 2023
(Reference)

Net asset

Own capital ratio

mil. yenmil. yen

9,574
8,636

4,888
5,002

Own capital FYMarch. 2024

4,879mil. yen

Gross asset
％

yen

51.0
57.8
4,988mil. yen

FYMarch. 2024

751.47829.73（３）Consolidated cashflow status
Cashflow by sales activities
FY Mar. 2024
FY Mar. 2023

Cashflow by investment activities Cashflow by financial activities

Term-end balance of cash andcash-equivalentmil. yenmil. yenmil. yenmil. yen△1,132△1,883

△0
△273

1,274
1,150

1,210
1,055

Term end

Total dividend(Total)２．Status of dividend
Annual dividend
End 1Qyen

FY Mar. 2024
FY Mar. 2023
FY Mar. 2025(forecast)End 2Qyen

End 3Q
yen

yen

Total
yen

mil. yen

Dividend
Net asset
tendency
dividend rate
(Consolidated) (Consolidated)
％

％

－
0.00
－
5.00
5.00
30
－
0.57
－
0.00
－
3.00
3.00
19
－
0.38
－
0.00
－
3.00
3.00
－
(Note) 1.The dividend resource of the terms ending in March 2023 and March 2024 includes the capital surplus.
See the below described “Breakdown of dividends from the capital surplus” for details of the term ending inMarch.
2. The dividend forecast for the term ending in March 2024 does not describe the dividend tendency since it isdisclosed by the range.

－％)

３．Consolidated performance forecast of FY Mar. 2024 (from Apr 1, 2023 to Mar 31, 2024)(% indication: change compared with the same quarter of the previous year)
Sales amountFull Year

Operating profit

Current net profit
attributable to the parent
company’s shareholders

Ordinary profit

Current net profit per
sharemil. yen％mil. yen％mil. yen％mil. yen

％

yen

5,310

27.8

73

－

42

－

5

－

0.80

※ Notes（１）期 Material transfer of subsidiary during the term (Transfer of the specific subsidiary withchange of scope of consolidation)
Numberof new(Company name)－companies、

Number of excluded companies： No－ (Company name)（２）Change of accounting policy / change of accounting estimate / redisplay of correction① Change of accounting policy along with revision of the： No
accounting standards, etc② Change of accounting policy other than ①： No③ Change of accounting estimate： No④ Redisplay of correction： No（３）Number of shares issued (ordinary shares)① Number of term-end shares issued (including

FY Mar. 2024

6,554,900shares

FY Mar. 2023

6,073,900shares

FY Mar. 2024
②Number of term-end own shares③Average number of midterm shares (quarterly

61,508shares

FY Mar. 2023

61,508shares

6,242,574shares

FY Mar. 2023

5,973,607shares

own shares)

FY Mar. 2024

accumulation)(Reference) Outline of individual performance
Individual performance of FY Mar. 2024(Apr. 1, 2023 Mar. 31, 2024)(% indication: change compared with the same quarter of the previous year)(1) Individual management result
Sales amountFY Mar. 2024
FY Mar. 2023

Operating profit

Current net profit

Ordinary profit

mil. yen％mil. yen％mil. yen％mil. yen

％

94
161

△41.6
△25.5

△286
△264

－
－

△364
△274

－
－

△452
△288

－
－

Current net profit per share

Current net profit per shareafter dilutive share adjustment

Yen
yen

FY Mar. 2024
FY Mar. 2023

△72.49△48.34－－（２）Individual financial status
Gross asset

FY Mar. 2024
FY Mar. 2023
(RefereOwn capitalnce)

Net asset

Capital ratio

Net asset per sharemil. yenmil. yen

％

yen

3,647
4,028

3,303
3,455

90.3
85.5

507.37572.74FY Mar. 2024

3,294mile. yen

FY Mar. 2023

3,443mile. yen* The summary of accounting statement is exempted from audit by certified public accountant or auditing firm.
* Explanation on appropriate use of the performance forecast and other special notes
Description concerning the future including the perspectives of business performance, etc. described in thisdocument is based on the information we currently hold and the particular precondition to be considered by us asreasonable, and the actual business performance, etc. may greatly deviate from various factors. See p.5 of theattached document “1. Overall status of the management result, etc. (4) Future perspectives” for the assumption as
the precondition for the business forecast and precaution for use of the business forecast.

Breakdown of dividend with the capital surplus as capital resource
Breakdown of dividend with the capital surplus as capital resource among the dividend of FY March 2024 is as follows.
Record dateTerm-end

Total

Dividend per share

３yen

３yen

Total dividend amount

19mil.yen

19mil.yen(Note) Net asset reduction rate 0.006

1. Qualitative information concerning the current quarterly financial statement(1) Explanation on the management result
During the third quarter in the consolidated cumulative period, the Japanese economy showed a gradual recovery inthe domestic economy after the new coronavirus infection was classified as a Type 5 Specified Infectious Disease, andthe restaurant, leisure, accommodation, and department store industries showed signs of recovery.

Furthermore, from

June onwards, increases in wages and other items promoted consumption behavior, accelerating the normalization of
economic activity.
prices soar.

On the other hand, the economic outlook remains uncertain as the yen continues to weaken and

The economy is gradually recovering as the employment and income environment continues to improve.

However, in addition to the prolonged general price rise, there are geopolitical risks such as Russia's prolonged invasionof Ukraine and the increasingly tense situation in the Middle East, as well as interregional risks such as the stagnationof the Chinese economy and moves toward monetary tightening in Western countries.

There are such regional

disparities in recovery and a sense of uncertainty is observed about the future of the economy.
Under such economic circumstances, for the electronic and communication device business, in addition to sales
expansion business mainly in the 5G related market and civil services/public related market, we have been also
dedicated to new markets and client exploration to acquire orders from new fields.
We have also worked on enhancement of proposal of our self-developed products by continuously promoting “effort
for high added-value products,” “expansion and exploration of business field” and “co-development with the company ofbusiness tie-up.”
As a result, newly explored clients and inquiries are increasing from new markets besides the existing analog highfrequency products, including optics related products used for various business-use wireless, digital signal processor,
etc. indispensable for high-speed signal processing, millimeter wave band, terahertz products, etc. necessary for
wireless transmission of data of large volumes.

We are also proactively working on the semiconductor manufacturing

facility market, etc.
In the mobile communication field, since the communication common carriers’ infrastructure investment wascontrolled, the demand for the existing products is decreasing. In the government and public sector markets, we havecome out of a slow period for projects, and this fiscal year is a period of preparation for new projects.

Due to the large

increase in the national budget, our company has been receiving orders for large-scale projects one after another since
the latter half of last year. Furthermore, we have a high probability of receiving inquiries at this time, so development
and design will be our main focus this year.

Although the contribution to high performance is limited in this fiscal year,

these are large-scale and repeat projects, and we expect them to make a stable and continuous contribution to businessresults in the following fiscal year and beyond.
Besides, we have won new businesses of drone monitoring device and private satellite project, etc.
Finally in the FA and measurement field, we received an order from a new client at the beginning of the term for thesemiconductor reliability test equipment.

Since the semiconductor industry will be our country’s policy and investment

to advanced process will be more and more expanded hereafter, we will work on sales expansion to the semiconductor
facility market with our high frequency technology which is essential to semiconductors for communication.
By enhancing proposals of self-developed products along with active promotion of the business domain expansion,
we will continue the activities for profit expansion in order to establish the stable business base as the entire electronics
and communication device industry.
In the renewable energy business, we have continuously worked on acceleration of development of small wind power
plants. In the current period, since there has been a global delay of procurement of the equipment in a number ofindustries, we increased the number of units for development by taking the measures such as advance procurement of
the equipment, etc. In addition, as a result of diversification of fund procurement, 29 units of small wind power plants
were newly interconnected in this first quarterly consolidated accumulative period by executing multiple project finances
including sustainable loan, etc. We also sold 4 units of small wind power plants.
We are also aiming to establish a new profit base by accelerating the approach to increase the number of thedeveloped units as well as promoting increase of the possessed units to secure stable profit by power selling. On theother hand, since inquiries are increasing for purchase of the small power wind plants by social demand for spreadingof renewable energy, we will consider sellout depending on the market environment.
In order for the stakeholders surrounding us to secure the precise profit structure and growth, we are aiming to build

the unique business model in the renewable energy business as a domestic company focusing on owning small wind
power plants from this period and expecting to launch various mechanism and structure reformations including theorganizations of the same business. Simultaneously, we will contribute to continuous reduction of greenhouse gas byeasing the business risk and accelerating development of new renewable energy sources with development of small
wind power plants of which unit is small size and risk dispersion and securement of profitability and mobility.
Tokyo Stock Exchange opened the carbon credit market on October 11, 2022 in view of contribution to carbon pricing
as a stock exchange in Japan with the result of verification experiment in 2022 to achieve the decarbonated society.
We will focus on it since establishment of a new “emission right trading” market is considered to contribute to further
expansion of renewable energy market.
As a result of the above, orders received for the current consolidated fiscal year amounted to 5,210 million yen (up5.9% from the same period last year), and sales amounted to 4,153 million yen (up 26.1% from the same period lastyear).

Regarding profit and loss, operating loss was 215 million yen (operating loss 437 million yen in the same period

last year), ordinary loss 215 million yen (ordinary loss 514 million yen in the same period last year), and net loss of thisperiod attributable to shareholders of the parent company was 443 million yen due to the posting of 85 million yen inloss on valuation of investment securities and 91 million yen in income tax adjustment (net loss of this period attributable
to shareholders of the parent company was 482 million yen).
In the electronic / communication device business, we will focus on acquirement of new businesses by setting oursales expansion activities of the mobile communication field (infrastructure sharing) public agency / public related
market which is expected to continue to transit steadily and where the demand is stably increasing as the center.
Furthermore, we will also proactively expand the business domain as well as continuing the activities for profit
expansion in order to establish the stable business base as the entire electronic and communication device businessby enhancement of proposals for self-developed products.
Our group is proactively considering development of the general environmental business in addition to the renewableenergy business not only as domestic expansion but also overseas expansion mainly in Southeast Asia, and will
actively conduct investment activities for expansion of the business operation. Our group will further work on CO2
reduction and the measures for global warming with all the Group employees and will proactively disclose information
to the stakeholders surrounding us for ESG management and will take a positive challenge to achieve SDGs goals.
ａ．Electronic and communication equipment businessIn the electronics and communications equipment business, orders received were 4,217 million yen (down 2.8%)
due to delays in government and public-related contracts.
Sales exceeded the initial plan, reaching 3,195 million yen (17.8% increase compared to the same period lastyear).

Segment profit was 168 million yen (114.9% increase compared to the same period last year).

In addition, the order backlog is 4,261 million yen (32.6% increase compared to the same period last year), andthe reason for the increase is that contracted delivery period with customers is becoming longer due to longer
delivery period for semiconductors and non-ferrous metal materials worldwide.
Similarly, inventories (parts/materials, work in process, and product inventory) increased by 26.6% compared tothe same period last year due to the impact of longer contracted delivery period.

ｂ．Renewable energy business
Due to society's demand for the spread of renewable energy, interest in small wind power plants is increasing,
and we have been promoting the sales.

However, due to stricter certification procedures by the Ministry of

Economy, Trade and Industry, the originally planned interconnection was delayed and the start of power sales wasdelayed, so we had to reduce the number of power plants sold from the initial plan.
consolidated fiscal year, 37 new small wind power plants were interconnected.

As a result, in the current

Additionally, sales increased

compared to the same period last year as we were able to sell 14 small wind power plants. Furthermore, segment
profit is also increasing due to steady sales of electricity from the small wind power plants and low voltage solar
power plants owned by our group.
As a result of the above, orders received were 992 million yen (70.9% increase compared to the same period
last year), sales were 958 million yen (65.0% increase compared to the same period last year), and segment profit
was 16 million yen (segment loss was 69 million yen for the same period last year).

(5) Important events related to going concern assumptions, etc.
Our group has recorded an operating loss for two consecutive years since the previous fiscal year, and recognizes
that there are events or circumstances that cast significant doubt on the going concern assumption.
The main reason is that in the electronics and communications equipment business, due to longer delivery period
for parts and materials including semiconductors, caused by the coronavirus pandemic, the delivery period on the orderforms from customers in anticipation of such situation became longer for one year to one year and a half. This is dueto the fact that the number of projects that can be delivered and recorded as sales during the period has significantly
decreased than before the impact of the coronavirus pandemic.

In addition, in the renewable energy business, wehave diversified our funding sources and have reached the point where we have implemented project finance such assustainable financing, but due to significant changes in the guidelines for applying for administrative procedures, wehave not been able to secure operating profits.
However, for the fiscal year ending March 31, 2025, the electronic and communication equipment business will see
a rapid increase in orders for public infrastructure projects, including defense-related projects, and an improvement in
the semiconductor supply environment, as funding from financial institutions is in sight, we fully expect to secure profits
through improvements and the completion of existing orders.

In addition, in order to support the mass production oflarge-scale projects scheduled after this, we have concluded a factory rental agreement near our main factory in order
to secure a production line and warehouse for parts.

This floor space expansion will enable our company to respondquickly and efficiently to future growth in market demand, and will be an important step in our business strategy.
Regarding the renewable energy business, we will continue to develop solar power plants, small wind power plants,
etc., and expand power grid storage plants, etc., by leveraging our long-standing know-how in this business as well as
obtaining construction business licenses.

We will continue to expand the scheme of stocking and selling our power

plants and develop highly accurate business plans that include securing profits.

We accordingly consider there is noimportant uncertainty regarding the going concern.
2. Basic Policy on Selection of Accounting Standards
For the time being, the Group's policy is to prepare its consolidated financial statements in accordance with Japanese
GAAP, taking into consideration the comparability of consolidated financial statements from period to period and thecomparability among companies.
The Group's policy is to adopt IFRS (International Financial Reporting Standards) as appropriate, taking into
consideration various conditions in Japan and overseas.

３．Consolidated financial statements and Notes（１）Consolidated balance sheet(In thousand yen)
FY 2024 (consolidated)（2024 Mar. 31）

FY 2023 (consolidated)（2023 Mar. 31）
AssetsCurrent Assets
Cash and deposits
Notes and accounts receivable - trade

1,055,068
1,371,660

1,210,571
1,781,193

Merchandise and finished goods
Goods and products

2,208,403
999,891

3,042,172
1,074,378

Work in proces
Raw materials and supplies

843,908
83,993853,874
22,185

Advance payments - trade
Other353,946△28,607

166,620△30,075

Allowance for doubtful accounts

6,888,266

8,120,921

Non-current assets
Property, plant and equipment
Buildings and structures

553,616547,300

Accumulated depreciation△399,192△423,476

Buildings and structures, net

154,423

123,824

Machinery, equipment and vehicles

418,077

394,147

Accumulated depreciation△207,331△198,293

210,745

195,853

1,088,975

1,144,095△863,189△965,700

225,785

178,394

Construction in progress

298,1300298,130
22,435

Total property, plant and equipment

889,085

818,639

Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land

Intangible assets
Goodwill

5,539

5,539

SoftwareOther

51,519038,3990Total intangible assets

57,05943,939Investments and other assets
Investment securities

356,541

272,857

Long-term loans receivable
Deferred tax assets

50,000109,069

50,00017,751

Other

283,615

243,939

Allowance for doubtful accounts

799,226

584,548

Total non-current assets

1,745,371

1,447,126

Deferred assets
Stock issuance cost

1,984

4,999

opening expenses
Founding expenses

671
－

761
266

Total deferred assets

2,656

6,028

8,636,293

9,574,075

Total assets

(In thousand yen)
FY 2023 (consolidated)（2023 Mar. 31）

FY 2024 (consolidated)（2024 Mar. 31）

Liabilities
Current liabilities
Notes and accounts payable - tradeshort-term borrowing

591,995
270,332

467,184
427,043

Short-term loans payable
Current portion of long-term loans payable

100,000
279,298－
271,052

Lease obligations
Accounts payable - other

4,822
90,575

4,899
167,970

Income taxes payable
Advances received

21,27567,51033,612
18,680

Provision for bonuses
Provision for product warranties

23,00947,981

20,143
113,887

Other
Total current liabilities

48,38672,25758,761
129,260

1,617,444

1,712,497

1,566,520
8,810

2,512,033
3,949

Retirement benefit liability
Asset retirement obligations－
277,5791,130
284,828

Other
Total non-current liabilities

13,127
150,664

13,171
157,929

Long-term loans payable

2,016,703

2,973,043

3,634,147

4,685,541

Shareholders' equity
Capital stock2,535,100

2,700,375

Capital surplus
Retained earnings

1,692,213
790,618

1,827,426
347,267

Accounts payable - otherNon-current liabilities
Long-term loans payable
Lease obligations

Total liabilities
Net assets

Treasury shares△61,394△61,394

Total shareholders' equity

4,956,537

4,813,675

Foreign currency translation adjustment△45,035
77,159△48,558
114,512

Accumulated other comprehensive income

32,12465,954

Share acquisition rights

11,767

8,905

Non-controlling interests

1,716

－

5,002,146

4,888,534

8,636,293

9,574,075

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

Total net assets
Total liabilities and net assets

（２）Quarterly consolidated statements of income and Quarterly consolidated statements of comprehensive income
Quarterly
Consolidated statements of income
Consolidates third quarter period(In thousand yen)
FY 2024 (consolidated)（2024 Mar. 31）

FY 2023 (consolidated)（2023 Mar. 31）
Net Sales
Cost of sales

3,294,497
2,404,753

4,153,982
3,059,347

Gross profit

889,743

1,094,634

Selling, general and administrative expenses

1,326,962

1,309,888

Operating profit (loss (△))

△437,218△215,253

4,770

1,476

Insurance income

597
6,238

486
10,553Gain on forgiveness of debts
Other

43,041
11,977

14,181
19,931

Total non-operating income

66,625

46,629Non-operating income
Interest income
Dividend income

Non-operating expenses
Interest expenses

30,31941,052Equity in losses of affiliates
Amortization of stock issuance expenses

20,28843,900－－Non-operating payment fee
Share of loss of entities accounted for using equity
method
Other

6,934

－

29,412

2,869

13,443

2,931

Total non-operating expenses

144,297

46,853

Ordinary profit (loss (△))

△514,890△215,476

special profit
Gain on sale of fixed assets

45,0002,599

Total extraordinary profit
Other

40,305－－90

Gain on sale of fixed assets

85,305

2,690

0

1,827

8,525
17,556－
21,538Extraordinary loss
Loss on disposal of fixed assets
office relocation costs
Total extraordinary loss
Loss on disposal of fixed assets－

85,465

Loss on disposal of fixed assets

26,081

108,832

Profit (loss (△)) before income taxes△455,667△321,618

Income taxes - current
Income taxes - deferred

18,902
6,502

31,70991,739Total income taxes

25,404

123,448△481,071△445,066

1,716△1,716△482,787△443,350

Profit (loss (△))
Quarterly net income attributable to non-controllinginterests
Profit (loss (△)) attributable to non-controlling interests

Quarterly consolidated statements of comprehensive income
Consolidated third quarter period(In thousand yen)
FY 2023 (consolidated)（2023 Mar. 31）
Profit (loss (△))
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income

FY 2024 (consolidated)（2024 Mar. 31）△481,071△445,066△60,390
40,874△3,52237,352△19,515

33,829Comprehensive income△500,586△411,236（breakdown）
Comprehensive income attributable to owners of parent
Quarterly comprehensive income attributable to noncontrolling interests△502,302△409,520

1,716△1,716

（５）Notes for the quarterly consolidated financial statements(Notes for precondition of continuing company): NA
Ⅰ. Current consolidated cumulative period (from April 1, 2022 to March 31, 2023)
Information concerning the sales amount and the amount of profit or loss per report segment(unit: thousand yen)Amount recordedin quarterly
Adjusted amount consolidated(Note) 1
profit and loss
statement (Note)2

Report segment
Total

Electronic /communication
device business

Renewableenergy business

Sales amount
Mobile communications
infrastructure
Government office909,169－

909,169－

909,169

584,956－

584,956－

584,956

Public project

650,427－

650,427－

650,427

FA・Measurement・Other

569,218－

569,218－

569,218

Solar power plant－

246,503

246,503－

246,503

Wind power plant
Revenue from Contracts with
Customers
Other profit－

323,211323,211－323,2112,713,772

569,7143,283,487－

3,283,487－

11,01011,010－11,010

Sales amount to external clients

2,713,772

580,725

3,294,497－

3,294,497

Between segments
Internal sales or transfer amount

－

－

－

－

－

2,713,772

580,725

3,294,497－

3,294,497

78,214△69,5818,632△445,851△437,218

4,272,533

3,498,708

7,771,241

865,052

8,636,293

132,460

61,215

193,676

4,040

197,717

Public project－△20,288△20,288－△20,288

FA・Measurement・Other－

17,556

17,556－

17,556

Solar power plant

－

－

－

－

－

Wind power plant

186,704－

186,704

24,503

211,207

Total
Segment profit
Sales amount
Mobile communications
infrastructure
Government office(注) １．(1) The segment income adjustment of (445,851) thousand yen consists of unrealized income and other adjustments of
1,464 thousand yen and group administrative expenses of (447,315) thousand yen that are not allocated to businesssegments.
(2) Adjustment of segment assets of 865,052 thousand yen is assets of group administrative divisions that are not allocatedto business segments.
2. Segment income (loss) is consistent with operating loss in the consolidated statements of income.

Current

consolidated cumulative period (from April 1, 2023 to March 31, 2024)(unit: thousand yen)Amount recordedin quarterly
Adjusted amountconsolidated(Note) 1
profit and loss
statement

Report segment
Total

Electronic /communication
device business

Renewableenergy business

1,267,677－

1,267,677－

1,267,677

819,302－819,302－819,302

Public project535,832－

535,832－

535,832

FA・Measurement・Other

572,710－572,710－572,710

Solar power plant－

202,266

202,266－

202,266Wind power plant
Revenue from Contracts with
Customers
Other profit－

745,226

745,226－

745,226

3,195,522

947,493

4,143,015－

4,143,015－

10,967

10,967－

10,967

Sales amount to external clients

3,195,522

958,460

4,153,982－

4,153,982

Between segments
Internal sales or transfer amount

－

－

－

－

－

3,195,522

958,460

4,153,982－

4,153,982

168,089

16,633

184,723△399,977△215,253

4,968,646

3,929,508

8,898,154

675,9219,574,075

139,272

139,097

278,370

11,853

290,223

Public project

－

－

－

－

－

FA・Measurement・Other

－

－

－

21,53821,538

Solar power plant

－

－

－

－

－

Wind power plant

70,950－70,95017,734

88,684

Sales amount
Mobile communications
infrastructure
Government office

Total
Segment profit
Sales amount
Mobile communications
infrastructure
Government office(Notes) 1. (1) The segment income adjustment of (399,977) thousand yen consists of unrealized income and other adjustments of 1,556
thousand yen and group administrative expenses of (401,534) thousand yen that are not allocated to business segments.
(2) Adjustment of segment assets of 675,921 thousand yen is assets of group administrative divisions that are not allocated tobusiness segments.
2. Segment income (loss) is consistent with operating loss in the consolidated statements of income.