This document is an English translation of the original document in Japanese and has been prepared for reference purposes
only. In the event of any discrepancy between this English translation and the original in Japanese, the original shallprevail.

April 25, 2024

Non-consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
[Under Japanese GAAP]
Company name: KOMATSU WALL INDUSTRY CO., LTD.
Listing: Tokyo Stock Exchange
Securities code: 7949
URL: https://www.komatsuwall.co.jp/
Representative: Shinya Kano, Representative Director, President & CEO
Contact: Yukio Aya, Director and Managing Executive Officer, General Manager of Administration Headquarters
Telephone: +81-761-21-3131
Scheduled date of annual general meeting of shareholders: June 26, 2024
Scheduled date of commencing dividend payments: June 27, 2024
Scheduled date to file annual securities report: June 26, 2024
Availability of supplementary briefing material on financial results: Available
Schedule of financial results briefing session: Scheduled (for analysts and institutional investors)(Amounts of less than one million yen are rounded down.)
1. 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 changes.)
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Million yen%

43,551
37,772

15.3
9.4

Basic earnings
per share

Million yen

3,640
2,306

Diluted earnings
per share

Ordinary profit
%

57.8
29.6

Million yen

3,732
2,363

Return on
equityFiscal year ended
Yen
Yen
%
March 31, 2024
298.07–
7.5
March 31, 2023
175.28–
4.5(Reference) Share of profit (loss) of entities accounted for using equity method:
For the fiscal year ended March 31, 2024: ¥ – million
For the fiscal year ended March 31, 2023: ¥ – million

Profit%Million yen

57.9
27.9

2,775
1,627

%

70.5
31.2

Ratio ofordinary profit
to total assets

Ratio ofoperating profit
to net sales

%

%

8.1
5.4

8.4
6.1

(2) Non-consolidated Financial Position
Total assets
Million yen

Net assets

As of March 31, 2024
47,455
As of March 31, 2023
44,760(Reference) Equity: As of March 31, 2024: ¥38,067 million
As of March 31, 2023: ¥36,225 million

Million yen

38,06736,225Equity ratio

Net assets per share
%

80.2
80.9

Yen

4,083.25
3,900.42

(3) Non-consolidated Cash Flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Million yen
4,273
1,676

Million yen(1,171)(636)

Million yen(1,056)(810)

Fiscal year ended
March 31, 2024
March 31, 2023
2. Dividends

Cash and cash
equivalents at end of
periodMillion yen
13,521
11,476

Annual dividends
3rdYear-endquarter-end

1stquarter-end

2ndquarter-end

Yen

–
–

Yen

40.00
55.00

Yen

–
–

55.00
70.00

95.00
125.00

–

60.00

–

70.00

130.00Fiscal year ended March 31, 2023
Fiscal year ended March 31, 2024
Fiscal year ending March 31, 2025
(Forecast)

Total cash dividends(Total)

%

899
1,183

Yen

Ratio of dividends to
net assets

Payout ratio

Million yen

Fiscal year ended March 31, 2023
Fiscal year ended March 31, 2024
Fiscal year ending March 31, 2025
(Forecast)

Yen

Total

%

54.2
41.9

2.5
3.1

42.5

3. Non-consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March
31, 2025)(% indicates year-on-year changes.)
Basic earnings
Net sales
Operating profit
Ordinary profit
Profitper shareFirst half
Full year

Million yen

20,80046,000%

5.6
5.6

Million yen%

1,000 (23.1)
3,800 4.4

Million yen%

1,020 (25.7)
3,850
3.2

Million yen%

660 (30.6)
2,850
2.7

* Notes:(1) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to revisions to accounting standards and other regulations: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(2) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
As of March 31, 2024: 10,903,240 shares
As of March 31, 2023: 10,903,240 shares2) Total number of treasury shares at the end of the period:
As of March 31, 2024: 1,580,397 shares
As of March 31, 2023: 1,615,689 shares
3) Average number of shares during the period:
Fiscal year ended March 31, 2024: 9,311,787 sharesFiscal year ended March 31, 2023: 9,287,012 shares

Yen

70.88
306.06

(Note) The total number of treasury shares at the end of the period and the number of treasury shares deducted in
calculating the average number of shares during the period includes the Company’s shares held by Custody
Bank of Japan, Ltd. (Trust E Account) as trust assets related to the Board Benefit Trust (BBT) system(March 31, 2024: 143,000 shares; March 31, 2023: 178,500 shares).
* Financial results are outside the scope of audit by certified public accountants or audit firms.
* Explanation of the proper use of financial results forecast and other notes
The financial results forecasts and other forward-looking statements herein are based on the information currently
available to the Company and certain assumptions deemed reasonable. Actual results may differ significantly fromthese forecasts due to a wide range of factors. For the conditions underlying the financial results forecast and theprecautions for using the financial results forecast, please refer to page 4 of the attached document, “1. Overview ofOperating Results, etc., (4) Future Outlook.”

Table of Contents - Attachments
1. Overview of Operating Results, etc. ............................................................................................................... 2(1) Overview of Operating Results for the Fiscal Year under Review ............................................................. 2(2) Overview of Financial Position for the Fiscal Year under Review ............................................................ 2(3) Overview of Cash Flows for the Fiscal Year under Review ....................................................................... 3(4) Future Outlook ........................................................................................................................................... 4(5) Basic Policy on Profit Distribution and Dividends for Fiscal Year Under Review and Next .................... 4
2. State of the Corporate Group .......................................................................................................................... 4
3. Basic Policy on Selection of Accounting Standards ....................................................................................... 44. Non-consolidated Financial Statements and Primary Notes .......................................................................... 5(1) Non-consolidated Balance Sheets .............................................................................................................. 5(2) Non-consolidated Statements of Income .................................................................................................... 7(3) Non-consolidated Statements of Changes in Equity .................................................................................. 8(4) Non-consolidated Statements of Cash Flows ........................................................................................... 10(5) Notes to Non-consolidated Financial Statements ..................................................................................... 11(Notes on going concern assumption) ....................................................................................................... 11(Segment information, etc.) ...................................................................................................................... 11(Notes - Equity in earnings (losses) of affiliates if equity method is applied) .......................................... 12(Per share information) ............................................................................................................................. 12(Significant subsequent events) ................................................................................................................ 13
5. Other ............................................................................................................................................................ 14(1) Change of Officers ................................................................................................................................... 14(2) Other ......................................................................................................................................................... 14

1

1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Fiscal Year under Review
During the fiscal year ended March 31, 2024, the Japanese economy suffered from concerns regarding theimpact on the domestic economy of the downturn in overseas economic conditions due to global monetary
tightening. On the other hand, thanks to policy changes in response to COVID-19, steady progress was madetowards the normalization of economic activities, and the economy maintained gradual recovery with an
improvement in employment and income conditions.
Under this situation, the Company pursued three basic policies based on the medium-term management plan,“NEXT VISION 2028,” which started in the fiscal year under review: “Growth of existing partition business,”“Creation of new products,” and “Enhancement of production and logistics operations.”
Regarding “Growth of existing partition business,” to further tap into office demand, the Company opened
the Nagoya Showroom in Nagoya, Aichi Prefecture, and committed itself to PR activities. In addition, theCompany has been strengthening its product lineup to meet the demand for office remodeling, including thedevelopment of “Smooth Wall,” a retrofit type movable partition that can be installed without demolishing theceiling.
With regard to “Creation of new products,” in addition to the aforementioned Smooth Wall, the Company
developed and launched nine new products, including “mokumo,” a toilet booth that utilizes the texture of wood,and the “Copper Series,” a new coating series with sparkling metallic grains and a matte finish. For sales
promotion materials, the Company worked on new ones with excellent design to enhance market appeal together
with an external design agency.
With respect to “Enhancement of production and logistics operations,” the Company verified the introductionof industrial robots using test equipment to further automate production processes and reduce manpower.
Regarding operating results, the office segment grew steadily, driven by strong office demand in major urban
areas, particularly in the Tokyo metropolitan area. The segments of school and sports facilities, welfare andhealthcare facilities, and factories also showed favorable progress. As a result, net sales amounted to ¥43,551
million (up 15.3% year on year). By product category, net sales of relocatable partitions were particularly robust
due to the increase in office demand. Orders received totaled ¥43,684 million (up 8.7% year on year), withrelocatable partitions and fixed partitions showing positive growth in particular. Order backlog totaled ¥16,679
million (up 0.8% year on year), maintaining the increasing trend.
On the profitability front, with the adjustment of selling prices widely adopted, the gross profit margin was
33.9% (a 1.0-point improvement year on year), leading to an operating profit of ¥ 3,640 million (up 57.8% year
on year), an ordinary profit of ¥3,732 million (up 57.9% year on year), and a profit of ¥ 2,775 million (up 70.5%
year on year).
Net sales, orders received, and order backlog by item for the fiscal year ended March 31, 2024 are as follows.
Net Sales, Orders Received, and Order Backlog by Item

(Million yen)

Fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)
Item
Relocatable partitions
Fixed partitions
Toilet booths
Movable partitions
Low partitions
OthersTotal

Net sales
Year-on-year
Amountchange (%)
18,316
117.0
9,184
115.4
8,033
114.5
5,963
110.5
641
109.4
1,410
121.3
43,551
115.3

Orders received
Year-on-year
Amountchange (%)
18,173
110.4
9,902
121.5
8,040
104.7
5,626
92.1
622
103.1
1,320
110.8
43,684
108.7

Order backlog
Year-on-year
Amountchange (%)
4,054
96.6
5,024
116.7
3,138
100.2
4,056
92.3
67
78.0
339
78.9
16,679100.8(2) Overview of Financial Position for the Fiscal Year under Review
Status of assets, liabilities, and net assets
The total amount of assets as of the end of the fiscal year under review increased by ¥2,694 million from theend of the previous fiscal year, to ¥47,455 million. This is mainly due to an increase in current assets of ¥2,539
million, resulting from increases in cash and deposits of ¥2,061 million, accounts receivable - trade of ¥6042

million, and electronically recorded monetary claims - operating of ¥405 million, despite decreases in notes
receivable - trade of ¥293 million and contract assets of ¥281 million, and an increase in non-current assets of¥154 million, resulting from increases in investments and other assets of ¥344 million despite a decrease inproperty, plant and equipment of ¥155 million.
The total amount of liabilities increased by ¥852 million from the end of the previous fiscal year, to ¥9,388
million. This is mainly due to an increase in current liabilities of ¥842 million, resulting from increases inprovision for bonuses of ¥110 million and accrued consumption taxes included in “Other” under current liabilitiesof ¥716 million, and an increase in non-current liabilities of ¥10 million.
Net assets increased by ¥1,842 million from the end of the previous fiscal year, to ¥38,067 million. This ismainly due to an increase in retained earnings of ¥1,734 million.

(3) Overview of Cash Flows for the Fiscal Year under Review
Status of cash flows
Regarding cash flows for the fiscal year under review, the Company allocated funds to working capital, capital
investment, and shareholder returns among other activities, while enhancing internal reserves.
As a result, cash and cash equivalents (hereinafter referred to as “cash”) as of the end of the fiscal year underreview increased by ¥2,044 million from the end of the previous fiscal year, to ¥13,521 million. Described below
are the state of each cash flow and their factors.
(Cash flows from operating activities)
Net cash provided by operating activities amounted to ¥4,273 million (net cash provided of ¥1,676 million
for the previous fiscal year). This is mainly attributable to a net increase due primarily to the recording of profit
before income taxes of ¥3,744 million, depreciation of ¥1,127 million, and accrued consumption taxes included
in “Other” of ¥716 million, as well as a net decrease due primarily to income taxes paid of ¥1,136 million andan increase in trade receivables of ¥434 million.
(Cash flows from investing activities)
Net cash used in investing activities amounted to ¥1,171 million (net cash used of ¥636 million for theprevious fiscal year). This is mainly attributable to a net decrease due primarily to purchase of property, plantand equipment and intangible assets of ¥1,042 million and payments of leasehold and guarantee deposits
included in “Other” of ¥362 million, as well as a net increase due primarily to proceeds from maturity of
insurance funds of ¥249 million.
(Cash flows from financing activities)
Net cash used in financing activities amounted to ¥1,056 million (net cash used of ¥810 million for theprevious fiscal year). This is mainly attributable to a net decrease due primarily to dividends paid of ¥1,041
million.
Changes in cash flow-related indicators
53rd term

54th term

55th term

56th term

57th term

Fiscal year
ended March
31, 2020

Fiscal year
ended March
31, 2021

Fiscal year
ended March
31, 2022

Fiscal year
ended March
31, 2023

Fiscal year
ended March
31, 2024

Equity ratio (%)

82.4

84.1

84.0

80.9

80.2

Equity ratio based on market
value (%)

43.8

45.0

40.4

41.7

62.7

Equity ratio: Equity/Total assets
Equity ratio based on market value: Market capitalization/Total assets
Interest-bearing debt to cash flow ratio: Interest-bearing debt/Cash flow
Interest coverage ratio: Cash flow/Interest payments
1. Market capitalization is calculated by multiplying the closing share price at the end of the period by the
number of issued shares at the end of the period (after deducting treasury shares). The number of treasury
shares deducted includes the Company’s shares held by the Board Benefit Trust (BBT).
2. As the Company has little interest-bearing debt or interest payments, the interest-bearing debt to cash
3

flow ratio and the interest -bearing debt are omitted.

(4) Future Outlook
Regarding the future economic outlook, although concerns remain about rising prices, instability ininternational affairs, fluctuation of the financial and capital markets and other issues, a gradual economic recovery
is expected to continue with the progress in the normalization of economic activities and against the backdrop of
an improvement in employment and income conditions.
As for the market environment surrounding the Company’s business, investment in office environments for
new work styles is expected to remain strong amid ongoing urban redevelopment projects mainly in the Tokyo
metropolitan area. Meanwhile, in the medium- to long-term, the social environment is expected to undergo
significant and dizzying changes, including a growing labor shortage due to the declining birthrate and aging
population and a shrinking working-age population in Japan, soaring raw material and energy prices, and rapid
progress in digitalization. The need to respond flexibly to such changes is growing.
Under this situation, in the second year of the medium-term management plan, “NEXT VISION 2028,” wewill steadily implement measures based on three basic policies: “Growth of existing partition business,”“Creation of new products,” and “Enhancement of production and logistics operations.” We will strive to expand
our business performance by leveraging our strengths to deepen and upgrade existing businesses, developing
new products that create new space value, introducing the latest facilities, and promoting DX, with the aim ofsustainably increasing our corporate value. We will also promote ESG management by resolving social issues
and addressing key issues for the Company’s sustainable growth to contribute to building a sustainable society.
For the next fiscal year, we forecast net sales of ¥46,000 million, operating profit of ¥3,800 million, ordinary
profit of ¥3,850 million, and profit of ¥2,850 million.
(5) Basic Policy on Profit Distribution and Dividends for Fiscal Year Under Review and Next
The Company considers it most important to provide a stable and continuous return of profits to its
shareholders based on the medium-term management plan “NEXT VISION 2028.” The Company’s basic policy
is to pay dividends with a minimum dividend on equity ratio (DOE) of 3.0% while recognizing the importanceof capital efficiency and maintaining a sound financial position, and to aim for steady improvement in dividendlevels through the realization of sustainable growth and other efforts.
In light of this basic policy, and as a result of comprehensive consideration of its full-year businessperformance and other factors, the Company plans to pay a year-end dividend of ¥70 per share for the fiscal year
under review, as announced in the “Notice of Dividend of Surplus (Dividend Increase),” (available in Japaneseonly) released on April 25, 2024. As the Company paid an interim dividend of ¥55 per share, the annual dividend
for the fiscal year under review is expected to be ¥125 per share.
For the next fiscal year, the Company plans to pay an interim dividend of ¥60 per share and a year-end
dividend of ¥70 per share, for an annual dividend of ¥130 per share, taking into consideration its basic policy,
financial results forecast, and other factors.
*Dividend on equity ratio (DOE) = Dividend per share on common shares with a record date in the fiscal year
under review / Net assets per share (average of the beginning and end of theperiod) x 100

2. State of the Corporate GroupAs of April 25, 2024, the Company does not have any subsidiaries or affiliates, and, therefore, no descriptionof the state of the corporate group is provided.

3. Basic Policy on Selection of Accounting Standards

At present, the Company’s business is limited to Japan. Based on this, and after considering the need for future
overseas business development and international financing, the Company currently intends to adopt Japanese
GAAP for the time being. However, the Company intends to take proper actions for adopting IFRS, taking into
account future trends in the capital market and the requests from shareholders and other stakeholders.

44. Non-consolidated Financial Statements and Primary Notes(1) Non-consolidated Balance Sheets(Million yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Contract assets
Electronically recorded monetary claims - operating
Inventories
Prepaid expenses
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Structures
Machinery and equipment
VehiclesTools, furniture and fixtures
Land
Leased assets
Construction in progress
Accumulated depreciation
Total property, plant and equipment
Intangible assets
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Investments in capital
Long-term loans receivable
Distressed receivables
Long-term prepaid expenses
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

5

As of March 31, 2024

15,579
1,731
5,559
2,962
2,929
1,023
115
98
(0)
29,99917,640
1,437
6,164
2,680
3,334
1,123
130
28
(0)
32,53910,446
949
7,476
145
1,360
4,646
202
59
(13,364)
11,922

10,650
949
7,547
145
1,459
4,646
202
119
(13,954)
11,767

398
21
420

363
21
385

407
13
5
7
13
960
1,017
(6)
2,418
14,76044,760

501
13
5
7
5
1,045
1,191
(6)
2,763
14,91547,455

(Million yen)
As of March 31, 2023
Liabilities
Current liabilities
Accounts payable - trade
Lease liabilities
Accounts payable - otherAccrued expenses
Income taxes payable
Contract liabilities
Deposits received
Provision for bonuses
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Lease liabilities
Provision for retirement benefits
Provision for retirement benefits for directors (andother officers)
Provision for share awards for directors (and otherofficers)
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surplus
Retained earnings
Legal retained earnings
Other retained earnings
Reserve for tax purpose reduction entry of
non-current assets
General reserve
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders’ equity
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

As of March 31, 2024

2,345
13
1,256
179
732
121
42
1,250
156
6,098

2,350
15
1,248
222
680
128
41
1,360
21
872
6,940

182
1,810

189
1,887

86

–

209

212

147
2,437
8,535

157
2,447
9,388

3,099

3,099

3,031
3
3,035

3,031
3
3,035

301

301

250

249

14,986
17,08832,627(2,582)
36,18014,986
18,82334,361(2,525)37,970454536,22544,76096
96
38,06747,455–

6

(2) Non-consolidated Statements of Income(Million yen)
For the fiscal year
ended March 31, 2023
Net sales
Cost of sales
Beginning finished goods inventory
Cost of products manufactured
Cost of purchased raw materials on work
Personal expenses on work
General expenses on work
Total
Transfer to other accountEnding finished goods inventory
Total cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Commission income
Insurance claim income
Rental income from buildings
Other
Total non-operating income
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Impairment losses
Loss on sale of investment securities
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit7

For the fiscal year
ended March 31, 2024

37,77243,551

71
15,246
3,492
1,601
5,199
25,609180
66
25,363
12,408
10,101
2,306

66
16,902
4,396
1,802
5,937
29,105233
67
28,804
14,746
11,105
3,640

0
11
4
0
26
13
56
2,363

0
9
3
41
19
16
91
3,732

1
87
89

1
18
19

0
6
–
0
6
2,446
952
(133)
818
1,627

0
0
6
–
7
3,744
1,076
(107)
968
2,775

(3) Non-consolidated Statements of Changes in Equity
Fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)

Share capital
Balance at beginning of period
Changes during period
Dividends of surplus
ProfitReversal of reserve for tax
purpose reduction entry of
non-current assets
Purchase of treasury shares
Disposal of treasury shares
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

3,099

–
3,099

–
3,031

301

Retained earnings
brought forward
16,264
(804)
1,627

(0)

–
301

0

(0)
250

–
14,986

Shareholders’ equity
Treasury shares
Balance at beginning of period
Changes during period
Dividends of surplus
ProfitReversal of reserve for tax
purpose reduction entry of
non-current assets
Purchase of treasury shares
Disposal of treasury shares
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

3–3

Shareholders’ equity
Retained earnings
Other retained earnings
Reserve for tax purpose
General reserve
reduction entry of noncurrent assets
251
14,986

Legal retained
earnings
Balance at beginning of period
Changes during period
Dividends of surplus
ProfitReversal of reserve for tax
purpose reduction entry of
non-current assets
Purchase of treasury shares
Disposal of treasury shares
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period(Million yen)

Shareholders’ equity
Capital surplus
Legal capital surplus
Other capital surplus
3,031

Total shareholders’ equity(2,595)35,343823
17,088Valuation and translation adjustments
Valuation difference on
available-for-sale securities
55

(804)
1,627
－
－
13

13

(10)
13
(2,582)836
36,1808(10)45

Fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)

Share capital
Balance at beginning of period
Changes during period
Dividends of surplus
ProfitReversal of reserve for tax
purpose reduction entry of
non-current assets
Purchase of treasury shares
Disposal of treasury shares
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

3,099

–
3,099

–
3,031

301

Retained earnings
brought forward
17,088(1,041)
2,775

(0)

–
301

0

(0)
249

–
14,986

Shareholders’ equity
Treasury shares
Balance at beginning of period
Changes during period
Dividends of surplus
ProfitReversal of reserve for tax
purpose reduction entry of
non-current assets
Purchase of treasury shares
Disposal of treasury shares
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

3–3

Shareholders’ equity
Retained earnings
Other retained earnings
Reserve for tax purpose
General reserve
reduction entry of noncurrent assets
250
14,986

Legal retained
earnings
Balance at beginning of period
Changes during period
Dividends of surplus
ProfitReversal of reserve for tax
purpose reduction entry of
non-current assets
Purchase of treasury shares
Disposal of treasury shares
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period(Million yen)

Shareholders’ equity
Capital surplus
Legal capital surplus
Other capital surplus
3,031

Total shareholders’ equity(2,582)

36,1801,734
18,823

Valuation and translation adjustments
Valuation difference on
available-for-sale securities
45(1,041)
2,775
–
(0)
57

(0)
57
51

56
(2,525)

1,790
37,97095196

(4) Non-consolidated Statements of Cash Flows(Million yen)
For the fiscal year
ended March 31, 2024

For the fiscal year
ended March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in provision for retirement benefits
Increase (decrease) in provision for retirement benefits
for directors (and other officers)
Increase (decrease) in provision for share awards for
directors (and other officers)
Other, net
SubtotalInterest and dividends received
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of investment securities
Proceeds from maturity of insurance funds
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of lease liabilities
Purchase of treasury shares
Dividends paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

10

2,446
1,073
–
(0)
(12)
(2,064)
(204)
389
130

3,744
1,127
6
0
(10)
(434)
(99)
4
77

–

(86)

65

3

333
2,155
12
(491)
1,676

1,068
5,400
9
(1,136)
4,273(8,000)
8,000
(583)
2
(120)
150
–
(84)
(636)

(8,000)
8,000
(916)
4
(125)
47
249
(430)
(1,171)

(5)
–
(804)
(810)
230
11,246
11,476(15)(0)(1,041)(1,056)2,044
11,476
13,521

(5) Notes to Non-consolidated Financial Statements(Notes on going concern assumption)
There are no applicable matters.
(Segment information, etc.)[Segment information]
For the fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)
This information is omitted because the Company operates in a single segment of manufacturing, sales, andinstallation of partition products and their ancillary operations.
For the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)
This information is omitted because the Company operates in a single segment of manufacturing, sales, andinstallation of partition products and their ancillary operations.
[Related information]
For the fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)
1. Information by product and service

Net sales tooutside customers

Relocatablepartitions

Fixedpartitions

15,654

7,958

Toiletbooths7,014Movablepartitions

Low
partitions

5,395

586

(Million yen)
Others

Total

1,163

37,772

2. Information by region(1) Net sales
There are no applicable matters as there are no net sales to outside customers other than in Japan.
(2) Property, plant and equipment
There are no applicable matters as there is no property, plant and equipment located in regions other than Japan.
3. Information by major customer
This information is omitted as there are no outside customers that accounted for 10% or more of total net sales
in the non-consolidated statement of income.
For the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)
1. Information by product and service

Net sales tooutside customers

Relocatablepartitions

Fixedpartitions

18,316

9,184

Toiletbooths8,033

Movablepartitions

Low
partitions

5,963

641

(Million yen)
Others
1,410

Total
43,551

2. Information by region(1) Net sales
There are no applicable matters as there are no net sales to outside customers other than in Japan.
(2) Property, plant and equipment
There are no applicable matters as there is no property, plant and equipment located in regions other than Japan.
3. Information by major customer
This information is omitted as there are no outside customers that accounted for 10% or more of total net sales
in the non-consolidated statement of income.

11

[Disclosure of impairment losses on non-current assets for each reportable segment]
For the fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)
There are no applicable matters.
For the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)
This information is omitted because the Company operates in a single segment of manufacturing, sales, andinstallation of partition products and their ancillary operations.
[Amortization and unamortized balance of goodwill for each reportable segment]
For the fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023) and the fiscal year ended March
31, 2024 (from April 1, 2023 to March 31, 2024)
There are no applicable matters.

[Information about gain on bargain purchase for each reportable segment]
For the fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023) and the fiscal year ended March
31, 2024 (from April 1, 2023 to March 31, 2024)
There are no applicable matters.
(Notes - Equity in earnings (losses) of affiliates if equity method is applied)
For the fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023) and the fiscal year ended March
31, 2024 (from April 1, 2023 to March 31, 2024)
1. Matters concerning affiliates
There are no applicable matters as the Company has no affiliates.
2. Matters concerning special purpose entities subject to disclosure
There are no applicable matters as the Company has no special purpose entities subject to disclosure.
(Per share information)
Item

For the fiscal year ended
March 31, 2023

Net assets per share
Basic earnings per share

For the fiscal year ended
March 31, 2024

¥3,900.42¥4,083.25¥175.28¥298.07(Notes) 1. Diluted earnings per share is not stated as there are no dilutive shares.
2. In the calculation of the basic earnings per share, the Company’s shares remaining in the Board Benefit
Trust (BBT), which are recorded as treasury shares under shareholders’ equity, are included in thenumber of treasury shares deducted from the average number of shares during the period. In addition,in the calculation of the net assets per share, such shares are included in the number of treasury sharesdeducted from the total number of issued shares at the end of the period.
The average number of such treasury shares during the period deducted in the calculation of the basic
earnings per share was 179,039 shares for the fiscal year ended March 31, 2023 and 154,154 shares forthe fiscal year ended March 31, 2024. The number of treasury shares at the end of the period deductedin the calculation of the net assets per share was 178,500 shares for the fiscal year ended March 31, 2023
and 143,000 shares for the fiscal year ended March 31, 2024.

12

3. The basis of calculation of the basic earnings per share is as follows:
Item

For the fiscal year ended
March 31, 2023

For the fiscal year ended
March 31, 2024

Basic earnings per share
1,627

2,775

–

–

Profit related to common shares (Million yen)

1,627

2,775

Average number of common shares during theperiod (Shares)

9,287,012

9,311,787

Profit (Million yen)Amount not attributable to commonshareholders (Million yen)

4. The basis for calculation of the net assets per share is as follows:
Item

As of March 31, 2023

Total net assets (Million yen)Amount deducted from the total net assets(Million yen)
Net assets related to common shares at the endof the period (Million yen)
Number of common shares used in thecalculation of the net assets per share at the endof the period (Shares)(Significant subsequent events)
There are no applicable matters.

13

As of March 31, 2024

36,22538,067––36,22538,067

9,287,551

9,322,843

5. Other(1) Change of officers
Changes in directors (scheduled for June 26, 2024)
1. Candidates for new directors (directors who are Audit and Supervisory Committee Members)
Masato Higa
Junko Matsuyama(Currently, Executive Officer, Deputy General Manager of Administration
Headquarters)(Currently, Director of Korinbou Law Office;Temporary Director (Audit and Supervisory Committee Member) of theCompany)

Ms. Junko Matsuyama is a candidate for outside director.
2. Retiring director
Shinichi Kaneko(Currently, Director, Audit and Supervisory Committee Member (full-time))

For details, please refer to the “Notice of Change of Officers” (available in Japanese only) dated April 25, 2024.

(2) Other
There are no applicable matters.

14