Financial Results for the Fiscal Year Ended March 31, 2024
[Japanese GAAP](Consolidated)
May 14, 2024
Company name: KPP GROUP HOLDINGS CO., LTD
Stock exchange listing: Tokyo Stock Exchange
Code number: 9274
URL: https://www.kpp-gr.com/
Representative: Madoka Tanabe, Representative Director of the Board Chairman & Chief Executive Officer
Contact: Shojiro Adachi, General Manager of Group Finance & Planning Division
Phone: +81-3-3542-9925
Scheduled date of Ordinary General Meeting of Shareholders: June 27, 2024
Scheduled date of commencing dividend payments: June 28, 2024
Scheduled date of filing the securities report: June 27, 2024
Availability of supplementary explanatory materials on financial results: Yes
Schedule of financial results briefing session: Yes (For institutional investors and analysts)(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (From April 1, 2023 to March 31,
2024)(1) Consolidated Operating Results(Percentages represent year-on-year changes.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Million yen

Fiscal year ended
644,435
March 31, 2024
Fiscal year ended
659,656
March 31, 2023
(Note) Comprehensive income:%Million yen%

Million yen%

Million yen

%

(2.3)

15,819(22.5)

12,475(32.2)

10,613(32.5)

17.1

20,401

117.5

18,404108.1

15,722

109.7

Fiscal year ended March 31, 2024: ¥17,709million [36.1%]
Fiscal year ended March 31, 2023: ¥13,012million [(6.4)%]

Profit per share

Profit per share- diluted

Yen

Yen

Profit toshareholders’equityTotal assets
Ordinary profit
marginNet sales
Operating profit
margin

%

%

3.7

2.5

5.9

3.1

%

Fiscal year ended
149.24–
14.2
March 31, 2024
Fiscal year ended
March 31, 2023
219.09–25.4(Reference) Share of profit/loss of entities accounted for using equity method
Fiscal year ended March 31, 2024: ¥37 million
Fiscal year ended March 31, 2023: ¥48 million(2) Consolidated Financial Position
Total assets
As of March 31,2024
As of March 31,
2023(Reference)
Equity:Net assets

Equity ratio

Net assets per share

Million yen

Million yen%

Yen344,562

81,90023.7

1,188.92

330,662
67,808
As of March 31, 2024: ¥81,811 million
As of March 31, 2023: ¥67,730 million

20.5

944.75

(3) Consolidated Cash FlowsNet cash provided by(used in) operating
activities

Net cash provided by(used in) investing
activities

Net cash provided by(used in) financing
activities

Cash and cash
equivalents at end of
periodMillion yen

Million yen

Million yen

Million yen

19,817(5,508)(22,375)

26,244

10,308(8,530)4,205

30,699Fiscal year ended
March 31, 2024
Fiscal year ended
March 31, 2023
2. Dividends

Annual dividends
1st quarterend

2ndquarterend

3rdquarterend

Year-end

Yen

Yen

Yen

Yen

Total
Yen

Ratio of
Dividend
Total
dividends
payoutamount ofto netratio
annualassets(consolidividends(consolidated)
dated)%

Million yen%

Fiscal year ended
–
9.00
–
11.00
20.00
1,464
9.1
2.3
March 31, 2023
Fiscal year ended
–
11.00
–
11.00
22.00
1,578
14.7
2.1
March 31, 2024
Fiscal year ending
March 31, 2025
–
16.00
–
12.00
28.00
18.1
(Forecast)(Note) Breakdown of 2nd quarter-end dividends for the year to 31 March 2023 Regular dividend:¥7.00
Commemorative dividend: ¥2.00
Breakdown of 2nd quarter-end dividends for the year to 31 March 2025(Forecast) Regular dividend: ¥11.00
Commemorative dividend: ¥5.00

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025(April 1, 2024 - March 31,
2025)(Percentages represent year-on-year changes.)
Profit attributable
Basic earnings
Net sales
Operating profit
Ordinary profit
to owners ofper share
parentFull year

Million yen

655,000% Million yen

1.6

16,500% Million yen

4.3

13,500%

8.2

Million yen

11,000

%

3.6

Yen

154.67* Notes:(1) Changes in significant subsidiaries during the fiscal year
(Changes in specified subsidiaries resulting in changes in scope of consolidation): Yes
Excluded 1company (Antalis Participations)*Antalis Participations was dissolved in an absorption-type merger with Antalis S.A.S., a consolidated subsidiary of
the Company, as the surviving company, and is therefore excluded from the scope of consolidation from the second
quarter of the current consolidated fiscal year.
(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: Yes
4) Retrospective restatement: None(3) Total number of issued and outstanding shares (common shares)
1) Total number of issued and outstanding shares at the end of the period (including treasury shares):
As of March 31, 2024:
73,244,408 shares
As of March 31, 2023:
73,244,408 shares2) Total number of treasury shares at the end of the period:
As of March 31, 2024:
4,432,455 shares
As of March 31, 2023:
1,552,732 shares
3) Average number of shares during the period:
Fiscal year ended March 31, 2024:
Fiscal year ended March 31, 2023:

71,117,151 shares
71,762,323 shares(Reference) Summary of Non-Consolidated Financial Results
1. Non-Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (From April 1, 2023 to March 31,2024)(1) Non-Consolidated Operating Results(Percentages represent year-on-year changes.)
Net sales
Operating profit
Ordinary profit
ProfitFiscal year ended
March 31, 2024
Fiscal year ended
March 31, 2023

Million yen%

Million yen%

Million yen%

Million yen

%

3,348

(97.6)

268(81.8)

585(66.1)

1,074(43.8)

136,695(47.0)

1,474(23.4)

1,728(46.8)

1,911

7.3

Profit per share
Yen

Profit per share diluted
Yen

Fiscal year ended
15.11–
March 31, 2024
Fiscal year ended
26.64–
March 31, 2023
(note)In accordance with the transition to a holding company structure, the Company implemented an absorption-typecompany split on October 1, 2022, whereby the Company's paper pulp and other wholesale business was transferredto the successor company (wholly owned subsidiary), Kokusai Pulp & Paper Trading Company Split Preparation
Co.(October 1, 2022 Change of trade name to " Kokusai Pulp & Paper Co., Ltd.).
As a result, there is a difference between the actual results for the previous fiscal year and the actual results for thecurrent fiscal year.

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

As of March 31, 2024
As of March 31, 2023
(Reference) Equity:

Net assets
Million yen

89,612
46,211
79,38845,008
As of March 31, 2024: ¥46,211 million
As of March 31, 2023: ¥45,008 million

Equity ratio

Net assets per share
%

Yen

51.6
56.7

671.57627.81* These financial results are outside the scope of audits by certified public accountants or auditing firms.
* Explanation of the proper use of financial results forecast and other notes(Cautionary notes regarding forward-looking statements)

The results forecast and other forward-looking statements contained in this document are based on the information
currently available to the Company and certain assumptions deemed to be reasonable, and are not intended as aguarantee that the Company will achieve them. Actual results may differ significantly due to various factors.
(How to obtain supplementary explanatory materials for financial results)
The Company plans to hold a briefing for institutional investors and analysts on Friday, May 31, 2024. The
explanatory materials for financial results distributed at the briefing will be posted on the Company’s website assoon as it is held.

○ Table of Contents of Attachments
1.

Consolidated Financial Statements ............................................................................................................. 2(1) Consolidated Balance Sheets .................................................................................................................. 2(2) Consolidated Statements of Income and Comprehensive Income……….…………………………………4(3) Consolidated Statement of Changes in Equity ........................................................................................... 7(4) Consolidated Statement of Cash Flows ........................................................................................ 91

2.

Consolidated Financial Statements(1) Consolidated Balance Sheets(Million yen)Previous fiscal year
(March 31, 2023)

Current fiscal year
(March 31, 2024)

AssetsCurrent assets
Cash and deposits

30,731

26,286

Notes and accounts receivable - trade
Electronically recorded monetary claims operating
Merchandise and finished goods
Other

113,384

112,571

19,48928,86972,237
14,655

66,126
14,653

Allowance for doubtful accounts(6,901)(5,819)Total current assets

243,596242,689

8,163

7,942

Machinery, equipment and vehicles, net
Tools, furniture and fixtures, net

1,721
1,642

2,203
2,130

Land
Leased assets, net

9,189
239

9,072
318

Right-of-use assets, net
Construction in progress

15,706402

19,878146

Total property, plant and equipment

37,063

41,692

5,330

6,958

6,139
2,277

7,676
3,746

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

Intangible assets
Goodwill
Software
Customer related assets
Other

148

288

Total intangible assets

13,896

18,670Investments and other assets
Investment securities

17,971

23,139Long-term loans receivable
Deferred tax assets

16
5,378

4
5,977

Retirement benefit asset
Other

9,554
13,594

10,461
9,850

Allowance for doubtful accounts(10,411)(7,922)

Total investments and other assets

36,10441,51087,065

101,872

330,662

344,562

Total non-current assets
Total assets2

Previous fiscal year
(March 31, 2023)

Current fiscal year
(March 31, 2024)

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations
operating
Short-term borrowings
Commercial papers

93,57095,368

3,848

5,284

52,88410,00038,862
12,000

Lease obligations
Income taxes payable

5,347
4,034

6,395
3,822

Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Provision for point card certificates
Provision for product warranties

4,324

4,275

220

140

21
30

17
30

Provision for loss on business liquidation
Provision for risk costs

1,010
362

921
168

Other

32,29130,948

Total current liabilities

207,947

198,235

Corporate bonds
Long-term borrowings

10,00021,42520,00015,167

Lease obligations
Deferred tax liabilities
Provision for retirement benefits for directors(and other officers)
Provision for share awards for directors (andother officers)
Provision for risk costs

12,593
5,346

15,838
6,372

1

2

271

297

432

1,086

Retirement benefit liability

2,111

2,300

Asset retirement obligations

438

441

2,283

2,918

-

Non-current liabilities

Other
Total non-current liabilities

54,90564,426

262,853

262,662

Capital stock
Capital surplus

4,723
7,292

4,723
7,292

Retained earnings
Treasury shares

52,629(788)

61,631(2,799)Total shareholders’ equity

63,857

70,848

4,056

7,902

33
1,405

(98)
6,638

(1,623)(3,478)

3,872

10,963

Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
income3

Previous fiscal year
(March 31, 2023)
Non-controlling interests
Total net assets
Total liabilities and net assets

Current fiscal year
(March 31, 2024)

77

88

67,80881,900330,662

344,562(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statement of Income(Million yen)

Net sales
Cost of sales

Previous fiscal year
(From April 1, 2022
to March 31, 2023)
659,656
539,072

Current fiscal year
(From April 1, 2023
to March 31, 2024)
644,435
524,436

Gross profit

120,584

119,899

Selling, general and administrative expenses
Selling expenses

18,104

18,519

Employees' salaries and allowances
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Retirement benefit expenses

34,8184,235

37,782
4,167

218

138

648

726

Provision of allowance for doubtful accounts
Provision for retirement benefits for directors(and other officers)
Provision for share awards for directors (andother officers)
Other

1,591

876

－

0

208

86

40,35841,781

Total selling, general and administrative expenses

100,182

104,079

20,401

15,819Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using
equity method
Foreign exchange gains
Reversal of allowance for doubtful accounts
Other

53

248

444

470

48

37

－
1,160

458
210

622

561

2,328

1,987

1,634
835

2,114
1,348

Foreign exchange loss
Insurance expenses

675
543

895
489

Other

637

483

Total non-operating income
Non-operating expenses
Interest expenses
Loss on sale of trade receivables

Total non-operating expenses
Ordinary profit

4

4,325

5,332

18,404

12,475

Previous fiscal year
(From April 1, 2022 toMarch 31, 2023)

Current fiscal year
(From April 1, 2023 toMarch 31, 2024)

922

1,429

Gain on sale of investment securities
Other

48
－

836
0

Total extraordinary income

971

2,267

Loss on sale of fixed assets
Loss on retirement of non-current assets

14
31

2
12

Impairment loss
Reversal of foreign currency translation
adjustments
Loss on valuation of investment securities

－

1,009

19

8

－
0

11

Extraordinary income
Gain on sale of non-current assets

Extraordinary losses

Other
Total extraordinary losses

0

66

1,044

Profit before income taxes

19,30913,697

Income taxes - current
Income taxes - deferred

4,568
(984)

4,673
(1,594)

Total income taxes

3,583

3,078

Profit15,725

10,6193

515,722

10,613

Profit attributable to non-controlling interests
Profit attributable to owners of parent

5Consolidated Statement of Comprehensive Income(Million yen)

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Remeasurements of defined benefit plans, net oftax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income

Previous fiscal year
(From April 1, 2022 toMarch 31, 2023)
15,725Current fiscal year
(From April 1, 2023 toMarch 31, 2024)
10,619

575

3,845

146

(132)

2,147

5,192

(5,624)(1,855)40

40(2,713)

7,090

Comprehensive income

13,012

17,709Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

13,00917,7043

5

6

(3) Consolidated Statement of Changes in Equity
Previous fiscal year (From April 1, 2022 to March 31, 2023)(Million yen)
Shareholders’ equity

Balance at beginning of
periodChanges during period
Dividends of surplus
Profit attributable toowners of parent
Cancellation oftreasury shares
Disposal of treasury
sharesCapital stock

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity

4,723

7,292

38,225(535)

49,705

Changes in parent
interest in transactions
with non-controllingshareholders

Net changes in items
other thanshareholders' equity
Total changes during
periodBalance at end of period(1,318)(1,318)15,722

15,722
(354)

(354)

102

102

(0)

(0)

－

(0)

14,403(252)

14,151

4,723

7,292

52,629(788)

63,857

Accumulated other comprehensive income
Valuation
Foreign currency Remeasurements Non-controlling
Total net assets
difference on Deferred gains orinterests
translationof defined benefit
available-for-sale losses on hedges
adjustment
plans
securities
Balance at beginning of
periodChanges during period
Dividends of surplus
Profit attributable toowners of parent
Cancellation oftreasury shares
Disposal of treasury
shares

3,480

(112)

(782)

4,000

82

(1,318)15,722(354)
102

Changes in parent
interest in transactions
with non-controllingshareholders

Net changes in items
other thanshareholders' equity
Total changes during
periodBalance at end of period

56,374

(0)

575

146

2,188

(5,624)(4)(2,717)

575

146

2,188

(5,624)(4)

11,433

4,056

33

1,405

(1,623)77

67,8087

Current fiscal year (From April 1, 2023 to March 31, 2024)(Million yen)
Shareholders’ equity

Balance at beginning of
periodChanges during period
Dividends of surplus
Profit attributable toowners of parent
Cancellation oftreasury shares
Disposal of treasury
sharesNet changes in items
other thanshareholders' equity
Total changes during
periodBalance at end of period

Capital stock

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity

4,723

7,292

52,629(788)

63,857(1,611)(1,611)

10,613

10,613(2,072)(2,072)

61

61

－

－

9,002

(2,011)

6,990

4,723

7,292

61,631(2,799)70,848

Accumulated other comprehensive income
Valuation
Foreign currency Remeasurements Non-controlling
Total net assets
difference on Deferred gains orinterests
translationof defined benefit
available-for-sale losses on hedges
adjustment
plans
securities
Balance at beginning of
periodChanges during period
Dividends of surplus
Profit attributable toowners of parent
Cancellation oftreasury shares
Disposal of treasury
sharesNet changes in items
other thanshareholders' equity
Total changes during
periodBalance at end of period

4,056

33

1,405

(1,623)77

67,808(1,611)
10,613(2,072)
61

3,845

(132)

5,232

(1,855)

10

7,101

3,845

(132)

5,232

(1,855)10

14,091

7,902

(98)

6,638

(3,478)88

81,9008

(4) Consolidated Statement of Cash Flows(Million yen)

Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment loss
Amortization of goodwill
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on valuation of investment securities
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for retirement
benefits for directors (and other officers)
Increase (decrease) in provision for share awards
for directors (and other officers)
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for
directors (and other officers)
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in provision for point cardcertificatesInterest and dividend income
Interest expenses
Loss (gain) on sale and retirement of non-current
assetsLoss (gain) on sale of investment securities
Reversal of foreign currency translation
adjustments
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in other assets
Increase (decrease) in trade payables
Increase (decrease) in other liabilities
Other
SubtotalInterest and dividends received
Interest paid
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 andintangible assets
Proceeds from sale of property, plant andequipment and intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Payments for acquisition of businesses
Loan advances
Proceeds from collection of loans receivable

9

Previous fiscal year
(From April 1, 2022 toMarch 31, 2023)

Current fiscal year
(From April 1, 2023 toMarch 31, 2024)

19,309
7,706
－
1,227

13,697
9,057
1,009
1,163

(48)

(37)

－
(803)

11
(1,379)

(16)

0

105

25

815

(397)

30

(87)

179

(4,747)

(1)

(4)

(497)
1,634

(718)
2,114

(876)

(1,414)

(48)

(836)

19

8

(769)
(16,374)
(603)
(272)
2,457
100
13,273516(1,752)(1,728)10,308559
13,321
1,142(955)(3,720)(1,062)
26,748738(2,082)(5,586)
19,817

(28)
－

(437)
429

(5,957)(4,147)

2,617

1,926

(112)
103
(345)
(44)
18

(219)
1,396
(1,100)0302

Purchase of shares of subsidiaries resulting inchange in scope of consolidation
Other
Net cash provided by (used in) investing activities

Previous fiscal year
(From April 1, 2022 toMarch 31, 2023)

Current fiscal year
(From April 1, 2023 toMarch 31, 2024)(4,682)(3,663)(99)(8,530)5(5,508)(Million yen)Previous fiscal year
(From April 1, 2022 toMarch 31, 2023)

Current fiscal year
(From April 1, 2023 toMarch 31, 2024)

Net increase (decrease) in short-term borrowings
Net increase (decrease) in commercial papers

1,475(1,000)(6,103)2,000

Proceeds from long-term borrowings
Repayments of long-term borrowings

2,050(1,565)

7,614(26,687)

Proceeds from issue of bonds
Repayments of lease obligations

10,000(5,427)

10,000(5,515)Purchase of treasury shares
Dividends paid

(0)
(1,326)(2,072)(1,611)

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

4,205(22,375)

2,085

3,610

8,068

(4,455)

Cash and cash equivalents at beginning of period

22,631

30,699Cash and cash equivalents at end of period

30,69926,244

Cash flows from financing activities

10