FUJI KYUKO CO．，LTD．

Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Year Ended March 31, 2024
[Japanese GAAP]May 8, 2024
Company name: FUJI KYUKO CO., LTD.
Stock exchange listing: Tokyo
Code number: 9010
URL: https://www.fujikyu.co.jp
Representative: Koichiro Horiuchi

Representative Director and President
Director, Executive Officer, in charge of Management &Administration Department

Contact: Masao Amemiya

Phone: +81-555-22-7120
Scheduled date of Annual General Meeting of Shareholders: June 19, 2024
Scheduled date of commencing dividend payments: June 20, 2024
Scheduled date of filing annual securities report: June 20, 2024
Availability of supplementary briefing material on annual financial results: Yes
Schedule of annual 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 changes from the previous corresponding period.)
Profit attributable toOperating revenues
Operating profit
Ordinary profit
owners of parent
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
Fiscal year ended
March 31, 2024
50,701
18.1
8,151
92.1
7,936
98.0
4,571
97.2
March 31, 2023
42,924
22.3
4,243
457.2
4,007
718.5
2,318
516.0
(Note) Comprehensive income:Fiscal year ended March 31, 2024:¥
6,372 million [133.2%]
Fiscal year ended March 31, 2023:¥
2,732 million [-%]Basic earnings per Diluted earnings per Rate of return on
share
share
equityYen
Fiscal year ended
March 31, 2024
86.10
March 31, 2023
43.67
(Reference) Equity in earnings (losses) of affiliated companies:

Yen

Ordinary profit tototal assets ratio

%

16.0
9.3
Fiscal year ended March 31, 2024:
Fiscal year ended March 31, 2023:

Operating profit to
net sales ratio

%

%

7.9
4.0
¥
¥

16.1
9.9
13 million
15 million(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Millions of yen

100,537
100,746
As of March 31, 2024:
As of March 31, 2023:

Capital adequacy ratio

Millions of yen¥¥

32,351
26,784
31,336 million
25,879 million

Net assets per share

%

Yen

31.2
25.7

590.17487.38(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

12,998
8,974(5,703)(4,826)(8,440)(2,206)

17,84018,985FUJI KYUKO CO．，LTD．

2. Dividends
Annual dividends
1st
2nd
3rd
quarter-end quarter-end quarter-end

Year-end

Total

Fiscal year ended

Yen

Yen

Yen

Yen

March 31, 2023

-

-

-

15.00

15.00

March 31, 2024

-

-

-

26.00

26.00

-

-

-

29.00

29.00

Total
dividends

Payoutratio(consolidated)

Yen Millions of yen

Dividends
to netassets(consolidated)

%

%

800

34.3

3.2

1,387

30.2

4.8

Fiscal year ending
March 31, 2025

30.8

(Forecast)(Note) Breakdown of the year-end dividend for the fiscal year ended March 31, 2024 :Commemorative dividend- yenSpecial dividend- yen
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings per
Operating revenues Operating profit
Ordinary profit
owners of parent
share
Six months ending
September 30, 2024
Full year

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

27,900

7.6

5,290

8.1

5,160

7.7

3,290

3.5

61.96

53,500

5.5

8,700

6.7

8,400

5.8

5,000

9.4

94.16

* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): No
New(Company name:)
Exclusion:(Company name:)(2) Changes in accounting policies, changes in accounting estimates and retrospective 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) Retrospective restatement: No(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2024:
54,884,738 shares
March 31, 2023:
54,884,738 shares
2) Number of treasury shares at the end of the period:
March 31, 2024:
1,786,937 shares
March 31, 2023:
1,784,412 shares
3) Average number of shares outstanding during the period:
Fiscal Year ended March 31, 2024:
Fiscal Year ended March 31, 2023:

53,098,896 shares
53,100,211 shares

FUJI KYUKO CO．，LTD．

(Reference) Summary of Non-consolidated Financial Results
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 changes from the previous corresponding period.)
Operating revenues
Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Ordinary profit

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

25,70322,510

14.2
10.2

3,365
2,331

44.4
82.3

3,323
2,224

49.4
117.2

1,306
1,246

4.8
110.1

Basic earnings per share Diluted earnings per share
Fiscal year ended
March 31, 2024
March 31, 2023

Yen

Yen

24.47
23.36

-

(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Millions of yen

82,59984,061
As of March 31, 2024:
As of March 31, 2023:

Capital adequacy ratio

Millions of yen¥¥

20,23818,502
20,238 million
18,502 million

Net assets per share

%

Yen

24.5
22.0

379.20346.66

FUJI KYUKO CO．，LTD．

Consolidated Financial Statements
Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsLand and buildings for sale in lots
Merchandise and finished goods
Work in process
Raw materials and supplies
Costs on construction contracts in progress
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Leased assets, net
Construction in progress
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assets
Bond issuance costs
Total deferred assets
Total assets

As of March 31, 2024

19,060,537

17,914,795

3,990,004

4,233,992

8,528,982
672,946
79,764
775,536
145,916
1,455,003(15,294)
34,693,397

8,527,509
682,088
77,811
754,688
161,045
1,705,289(18,484)
34,038,737

26,747,228
4,963,840
15,759,939
1,528,622
3,664,770
1,667,360
54,331,762
2,763,466

26,281,311
7,875,503
15,639,255
884,589
587,891
1,771,520
53,040,072
2,830,612

6,263,870
1,902,785
788,447(24,660)
8,930,443
66,025,672

8,181,998
1,237,923
375,592
834,525(24,660)
10,605,379
66,476,065

27,90527,905
100,746,975

22,99922,999100,537,801

FUJI KYUKO CO．，LTD．

(Thousands of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Lease liabilities
Accrued consumption taxes
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Retirement benefit liability
Provision for share awards for directors (and otherofficers)
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-salesecurities
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

As of March 31, 2024

2,439,374
12,250,326
724,449
662,461
636,169
448,874

2,751,608
9,628,428
455,020
642,4631,548,470
518,926

18,00032,0003,847,515
21,027,169

4,184,738
19,761,654

5,000,000
41,488,870
1,040,221
42,873752,9075,000,000
37,520,647
584,110105,019
710,579

20,002

26,1044,590,899
52,935,774
73,962,943

4,478,069
48,424,529
68,186,184

9,126,343
3,691,371
13,814,073(1,543,134)
25,088,653

9,126,343
3,696,882
17,589,964(1,548,759)
28,864,431

953,880

2,308,140(162,670)
791,209904,168
26,784,031
100,746,975

164,0132,472,154
1,015,031
32,351,617
100,537,801

FUJI KYUKO CO．，LTD．

Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Thousands of yen)
For the fiscal year
ended March 31, 2023
Operating revenue
Operating expenses
Operating expenses and cost of sales of transportation
Selling, general and administrative expenses
Total operating expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodMiscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Miscellaneous expenses
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Subsidies
Subsidies for employment adjustment
Compensation income
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on tax purpose reduction entry of non-current
assetsLoss on retirement of non-current assets
Loss on valuation of investment securities
Allowance for absence from work
Impairment losses
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

For the fiscal year
ended March 31, 2024

42,924,509

50,701,528

37,406,472
1,274,661
38,681,134
4,243,375

41,089,545
1,460,290
42,549,836
8,151,692

370
95,267339
113,565

15,904

13,253

181,826
293,368

154,360
281,518452,963
76,327529,291
4,007,452

449,337
47,592496,929
7,936,280

12,14080,555449,456
23,974566,126

4,755
5,328
622,464
39,420671,968669-

326,518

516,935

523,091
17,59917,71625,269910,865
3,662,714
769,184
514,997
1,284,181
2,378,532
59,833
2,318,698

207,265
1,283,117
2,007,319
6,600,930
1,892,382
21,957
1,914,340
4,686,590
114,995
4,571,594

FUJI KYUKO CO．，LTD．

Consolidated Statements of Comprehensive Income(Thousands of yen)
For the fiscal year
ended March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
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 ofparentComprehensive income attributable to non-controllinginterests

For the fiscal year
ended March 31, 2024

2,378,532

4,686,590

202,070
148,027

1,289,683
326,684

3,862

70,022353,959
2,732,491

1,686,390
6,372,980

2,671,072

6,252,539

61,419120,440

FUJI KYUKO CO．，LTD．

Consolidated Statements of Changes in Equity
For the fiscal year ended March 31, 2023
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesPurchase of sharesof consolidated
subsidiaries
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodCapital surplus

9,126,343

3,688,469

Retained earnings
12,025,846(1,548,415)

Total shareholders'equity23,292,243(530,471)(530,471)

2,318,698

2,318,698(2,308)(2,308)

7,589

7,589

2,901

2,901

-

2,901

1,788,227

5,281

1,796,409

9,126,343

3,691,371

13,814,073(1,543,134)

25,088,653

Accumulated other comprehensive income
Valuation difference
Total accumulated
Remeasurements ofon available-for-saleother comprehensive
defined benefit planssecurities
incomeBalance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesPurchase of sharesof consolidated
subsidiaries
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodTreasury shares

749,533(310,697)

438,836

Non-controllinginterests

Total net assets

851,861

24,582,941(530,471)
2,318,698(2,308)
7,589
2,901
204,346

148,027

352,373

52,306404,680

204,346

148,027

352,373

52,3062,201,090

953,880(162,670)

791,209904,168

26,784,031

FUJI KYUKO CO．，LTD．

For the fiscal year ended March 31, 2024
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesPurchase of sharesof consolidated
subsidiaries
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodCapital surplus

9,126,343

3,691,371

Retained earnings
13,814,073(1,543,134)

Total shareholders'equity25,088,653(795,703)(795,703)

4,571,594

4,571,594(5,815)(5,815)

190

190

5,511

5,511

-

5,511

3,775,891(5,625)

3,775,777

9,126,343

3,696,882

17,589,964(1,548,759)

28,864,431

Accumulated other comprehensive income
Valuation difference
Total accumulated
Remeasurements ofon available-for-saleother comprehensive
defined benefit planssecurities
incomeBalance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesPurchase of sharesof consolidated
subsidiaries
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodTreasury shares

953,880(162,670)

791,209

Non-controllinginterests

Total net assets

904,168

26,784,031(795,703)
4,571,594(5,815)190
5,511
1,354,260

326,684

1,680,944

110,863

1,791,807

1,354,260

326,684

1,680,944

110,8635,567,585

2,308,140

164,0132,472,154

1,015,031

32,351,617

FUJI KYUKO CO．，LTD．

Consolidated Statements of Cash Flows(Thousands of yen)
For the fiscal year
ended March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss on retirement of non-current assets
Impairment losses
Loss on tax purpose reduction entry of non-current
assetsIncrease (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for
directors (and other officers)
Increase (decrease) in provision for share awards for
directors (and other officers)
Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sale of non-current assets
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Subsidy income
Compensation income
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes
Increase/decrease in other assets/liabilities
SubtotalInterest and dividends received
Interest paid
Subsidies received
Proceeds from compensation
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Subsidies received
Purchase of property, plant and equipment andintangible assets
Proceeds from sale of property, plant and equipment
and intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of shares of subsidiaries resulting in change
in scope of consolidation
Decrease (increase) in investments and other assets
Net cash provided by (used in) investing activities

For the fiscal year
ended March 31, 2024

3,662,714
5,505,930
253,949-

6,600,930
5,624,592
57,291
1,283,117

326,518

516,935

291
103,4123,189
70,051

11,50014,000

(904)

6,102

38,373(95,637)
452,963

427,444(375,592)(113,904)
449,337(15,904)(13,253)(11,470)(80,555)
17,599(449,456)(1,315,100)(113,942)
740,603
153,767
423,676
9,608,329
107,918(454,903)
91,656(378,043)
8,974,957(4,755)(5,328)(622,464)(39,420)(243,987)(98,596)
312,233(19,997)
382,050
14,209,976
126,189(448,906)
89,19736,510(1,014,797)
12,998,169

226,272

407,924(5,143,901)(6,099,150)

14,571

4,770(2,684)
112,838(12,650)
22,128(33,142)(31,987)(4,826,046)

5,825(5,703,138)

FUJI KYUKO CO．，LTD．

(Thousands of yen)
For the fiscal year
ended March 31, 2023
Cash flows from financing activities
Increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from sale-and-leaseback transactions
Repayments of lease liabilities
Purchase of treasury shares
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
Dividends paid
Dividends paid to non-controlling interests
Other, net
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

For the fiscal year
ended March 31, 2024

(250,000)
6,301,000(6,419,598)
10,583(915,586)(1,396)(1,505,750)
4,780,000(9,864,371)(671,254)(3,857)(4,522)(4,622)(531,001)(1,211)(395,021)(2,206,753)
1,942,157
17,043,667
18,985,825(795,112)(1,211)(374,417)(8,440,597)(1,145,566)
18,985,825
17,840,258