Fukoku Co., Ltd. (TSE Prime Market: 5185)
May 22, 2024

Financial Results
Briefing
FY Ended March 31, 2024

Copyright © Fukoku Co., Ltd.
All Rights Reserved.

Agenda2/27

1. Financial Results: Key Points
2. Results for FY Ended March 31, 2024
3. Forecast of Results for FY Ending March 31, 2025
4. Status per Segment/Region
5. Returns to Shareholders
6. Progress of the Medium-Term Management Plan

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

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3/27

1.

Financial Results: Key Points

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

Fukoku Co., Ltd. (TSE Prime Market: 5185) May 2024 Copyright © Fukoku Co., Ltd. All Rights Reserved.

1. Financial Results: Key Points

4/27

Results for FY Ended March 31, 2024
The Company faced impacts such as the economic downturn in China and the continued high cost of
raw materials due to high resource prices. However, mitigation of the impact of production
adjustments by automobile manufacturers, increased sales in yen terms due to the impact of the yen’s
depreciation, as well as rationalization efforts against and price pass-through of the rising raw material
and fuel costs, among others, contributed to the increase in sales and profit.

Forecast for FY Ending March 31, 2025
The trend of price increase is expected to remain the same due to factors such as the continuation ofan unstable situation overseas, global fluctuations in foreign exchange rates, and soaring resource
prices.
We aim to achieve the objectives in the first fiscal year of “New Medium-Term Management Plan
2026.” To this end, we are striving to maximize profitability with continuing efforts to improve profit
margins through a recovery of orders from automobile manufacturers, initiatives to expand sales,rationalization of production processes, and responses to fluctuations, aiming for record-high sales
and profit.

Dividends
Year-end dividend for FY ended March 31, 2024 up 5 yen to 32.5 yen, making for an annual dividend of
60 yen when combined with the interim dividend of 27.5 yen.
Annual dividend for FY ending March 31, 2025 is planned to be up 15 yen year on year to 75 yen.
Financial Results Briefing for the Fiscal Year Ended March 31, 2024

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5/27

2.

Results for FY Ended March 31, 2024

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

Fukoku Co., Ltd. (TSE Prime Market: 5185) May 2024 Copyright © Fukoku Co., Ltd. All Rights Reserved.

2. Results for FY Ended March 31, 2024

6/27

Summary of Results (Consolidated)(JPY Millions)
FY ended
March 31,2023

FY ended
March 31,2024

Results

Results

Net sales

82,31888,847+6,529+7.9%

Operating profit

2,010

3,646

+1,636(Operating profit to net sales)(2.4%)(4.1%)(+1.7pp)+81.4%

3,139

4,094

+955

(3.8%)(4.6%)(+0.8pp)

2,135

3,050

+915

(2.5%)(3.4%)(+0.9pp)

Ordinary profit(Ordinary profit to net sales)

Profit(Profit to net sales)

ChangeChangerate+30.4%+42.9%*pp = percentage point

Sales and profit increased as the effects of rising raw material costs wereabsorbed through rationalization efforts, price pass-through, etc.
Financial Results Briefing for the Fiscal Year Ended March 31, 2024

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2. Results for FY Ended March 31, 2024

7/27

Business performance trends（Consolidated, Half-year financial results）
Operating profit
Net sales(JPY 100M)

30

500
400

20
300

200

10

100
0

0

23/3
H1

23/3
H2

24/3
H1

24/3
H2

23/3
H2

24/3
H1

24/3
H2

ProfitOrdinary profit

30

23/3
H1

30

20

20

10

10

0

0

23/3
H1

23/3
H2

24/3
H1

24/3
H2

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

23/3
H1

23/3
H2

24/3
H1

24/3
H2

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2. Results for FY Ended March 31, 2024

8/27

Difference _ consolidated operating profit (YoY)(JPY 100M)

40

35

30

Responses to fluctuations

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

Rationalization0

Expenses5

Degree of operation

10

FY ended March 31, 2023

15

Costs of raw materials andtransportation

20

FY ended March 31, 2024

25

Fukoku Co., Ltd. (TSE Prime Market: 5185) May 2024 Copyright © Fukoku Co., Ltd. All Rights Reserved.

2. Results for FY Ended March 31, 2024

9/27

Financial Position, Cash Flow（Consolidated）

Cash and deposits

FY ended
March 31, 2023

FY Ended
March 31, 2024

Results

Results

Change (YoY)

9,972

12,011

2,039

Receivables

19,731

20,591860

Inventories

11,054

11,427

373

1,770

1,686

-83

Total current assets
Property, plant andequipment

42,52845,7183,189

25,896

26,695799

Other non-current assets

3,105

3,619

514

Total non-current assets

29,00130,315

1,313

Total assets

71,53076,033

4,503

Borrowings

12,97911,525-1,453

PayablesOther current/noncurrent liabilities

11,342

12,330987

9,255

10,167911

Total liabilities

33,57734,023445

Total shareholders’ equity

32,53434,7802,245

Other current assets(JPY Millions)
FY Ended
March 31, 2024

Results

Results

Profit before tax

3,511

4,093

Depreciation
Increase (-) / decrease (+)
in trade receivables
Increase (-) / decrease (+)
in inventories
Increase (+) / decrease (-)
in trade payables

4,471

4,653

-1,572

-122

-876

122

971

213

-2,990

-118

3,515

8,843

-4,103-4,027114-438-3,988-4,466

Proceeds from borrowings

4,104

2,055

Repayments of borrowings-2,527-3,934

Other
Cash flows from operating
activities
Purchase of property, plantand equipment

Other
Cash flows from investing
activities

Other

Non-controlling interests

2,333

2,472

139

Cash flow from financing
activities

Other

3,084

4,757

1,672

Free cash flow

Total net assets

37,95242,0104,057

Total liabilities andnet assets

71,53076,033

4,503◼
◼

FY ended
March 31, 2023

◼

-823

-902

753

-2,781

-473

4,377

Recovery of core business and collection of tradereceivables improved the free cash flow.

Cash and deposits increased due to currency translation during the depreciation of the yen.
As the Company’s closing date was a financial institution holiday, cash and deposits
temporarily increased due to the inclusion of unsettled payment obligations.
Financial Results Briefing for the Fiscal Year Ended March 31, 2024

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10/273.

Forecast of Results for FY Ending March 31, 2025

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

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3. Forecast of Results for
FY Ending March 31, 2025

11/27

Forecast of Results (Consolidated)(JPY Millions)
FY ended
March 31,2024

FY endingMarch 31,2025

Results

Forecast

Net sales

88,84793,000+4,153+4.7%

Operating profit

3,646

4,800

+1,154(Operating profit to net sales)(4.1%)(5.2%)(+1.1pp)+31.6%

4,094

4,800

+706

(4.6%)(5.2%)(+0.6pp)

3,050

3,750

+700

(3.4%)(4.0%)(+0.6pp)

Ordinary profit(Ordinary profit to net sales)

Profit(Profit to net sales)

ChangeChange rate

+17.2%+22.9%*pp = percentage point

Increase in sales and profit is expected due to favorable orders, rationalization of
production processes, and responses to fluctuations in raw material prices.
Financial Results Briefing for the Fiscal Year Ended March 31, 2024

Fukoku Co., Ltd. (TSE Prime Market: 5185) May 2024 Copyright © Fukoku Co., Ltd. All Rights Reserved.

3. Forecast of Results for
FY Ending March 31, 2025

12/27

Forecast of Results (Consolidated)

Net sales(JPY 100M)

Operating profit

50

1,000
900

40

800
700

30

600
500

20

400

300
10

200
100

0

0

23/3

24/3

25/3

23/3

Ordinary profit
50

50

45

45

40

40

35

35

30

30

25

25

20

20

15

15

10

10

5

5

0

24/3

25/3

Profit

0

23/3

24/3

25/3

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

23/3

24/3

25/3

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3. Forecast of Results for
FY Ending March 31, 2025

13/27

Difference _ consolidated operating profit (YoY)(JPY 100M)

50
45
40

Responses to fluctuations

5

Rationalization

10

Expenses

15

Costs of raw materials andtransportation

20

FY ended March 31, 2024

25

Degree of operation

30

FY ended March 31, 2025

35

0Financial Results Briefing for the Fiscal Year Ended March 31, 2024

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14/27

4.

Status per Segment/Region

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

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4. Status per Segment/Region

15/27

FY ending March 31, 2025

Per segment

FY ended March 31, 2024

*Due to a change in the reporting segment,
the figures for FYs ended March 31, 2023,
and 2024 are after the reclassification of
the industrial equipment segment.

FY ended March 31, 2023

Net sales(JPY Millions)Operating profit

Functional parts

Functional parts

Anti-vibration parts

Anti-vibration parts

Life sciences

Life sciences

Hose

Hose

Metal

Metal

*Before consolidation adjustments

A surplus was achieved in all segments in FY ended March 31, 2024, and this is
expected to continue in the next fiscal year and beyond.
Financial Results Briefing for the Fiscal Year Ended March 31, 2024

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4. Status per Segment/Region

16/27

FY ending March 31, 2025

Per Region

FY ended March 31, 2024

(JPY Millions)

FY ended March 31, 2023

Net sales

Operating profit

Japan

Japan

ASEAN &India

ASEAN &
India

China

China

South Korea

South
Korea

Americas &EuropeAmericas &Europe*Before consolidation adjustments

Increase in sales and profit is planned in all regions for FY ending March 31, 2025.
Financial Results Briefing for the Fiscal Year Ended March 31, 2024

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17/27

5.

Returns to Shareholders

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

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5. Returns to Shareholders

18/27

Views on shareholder returns (basic policy on dividends)◼ Continue providing stable dividends with a consolidated dividend payout ratio of 30% as the standard◼ Provide dividends of 20 yen per share a year as the minimum*Except in the case where performance is extremely sluggish due to rapid changes
in the management environment

Amount of dividend

Increase by 5 yen from theforecast of 55 yen
disclosed on May 15, 2023

Trend of dividends per share

As per the target in
New Medium-Term
Management Plan 2026

75

60

(JPY)

Estimated dividends based on
30% consolidated payout ratio

49

22
35

FY2020

FY2021

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

50

45

FY202255

FY2023

FY2024

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19/27

6. Progress of the Medium-Term Management Plan

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

Fukoku Co., Ltd. (TSE Prime Market: 5185) May 2024 Copyright © Fukoku Co., Ltd. All Rights Reserved.

6. Overview of
the new Medium-Term Management Plan 2026
Structural enhancement

Collaborating with diverse
stakeholders to create new value

Cost
Reduction

GX

Improvingbackofficeworkefficiency

Collaboration

SX-lining

Rapid growth

DX

Corporate value

Production processstreamProfitability improvement

20/27

Defectreduction

Long-Term Management Plan
Previous Medium-Term Management Plan

2021

2022

2023

New Medium-Term Management Plan

2024

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

2025

2026

2027

2028

2029

2030

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6. Review of the previous Medium-Term
Management Plan

21/27

(FY ended March 31, 2022 – FY ended March 31, 2024)
Structural enhancement

Profitability improvement

Rapid growth

SX
GX

DX

Corporate value

Long-Term Management Plan
前中期経営計画

2021

2022

New Medium-Term Management Plan

2023

2024

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

2025

2026

2027

2028

2029

2030

Fukoku Co., Ltd. (TSE Prime Market: 5185) May 2024 Copyright © Fukoku Co., Ltd. All Rights Reserved.

6. Review of the previous Medium-Term
Management Plan

22/27

(FY ended March 31, 2022 – FY ended March 31, 2024)

Consolidated sales・Ordinary profit margin ・ROE・Consolidated payout ratio

TargetResults(Year ending March 2024)(Year ending March 2024)

Consolidated sales (JPY100M)

800

888

Ordinary profit margin

7％

4.6％

ROE

8％

8.1％

Consolidated payout ratio

30％

31.7％

M-Term Plan

(JPY 100 M)

Profit margin (%)

Net sales

Ordinary Profit

1,000

888

823
800

632

715

100

10%

80

8%

600

60

400

40

200

20

3.5%

3.8%

4.6%

4%
2%

0

0

21/3

Results

22/3

M-Term Results
Plan

23/3

M-Term Results
Plan

24/3

M-Term Results
Plan

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

6%

0%

21/3

Results

22/3

M-Term Results
Plan

23/3

M-Term Results
Plan

24/3

M-Term Results
Plan

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6. Review of the previous Medium-Term
Management Plan

23/27

(FY ended March 31, 2022 – FY ended March 31, 2024)

Achievement status

Deepening and Developing
Overview•

Expanding CASE businesses◼

Expansion in sales of battery hold sheets and development of new
structures◼

Efficient cooling of battery cells
Development of “thermally conductive gap filler”■ Battery holder sheets

Developing
to offer solutions for
global challenges andto spread seeds offuture growth■ Thermally conductive gap filler

Battery cells*Illustration of typical battery modules•

Creating life sciences business◼

Applications of liquid media and cosmetics
raw materials
Promoting development and pursuing safety◼

Establishing mass production system of
testing chips for drug-resistant bacteria,
developing new products and publishingpapersDeepening
existing corebusinesses toincrease profit••

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

Cell culture
mediumRaST-TASStrengthening windshield wiper business◼

Significantly shortening development time throughdesigns using simulation technology and in-houseevaluation using actual vehicles◼

Increase production capacity of main plants in Thailand

Selecting and focusing on overseas businesses◼

Restructuring of European bases (closure of the Czech base)◼

Restructuring of American bases

Fukoku Co., Ltd. (TSE Prime Market: 5185) May 2024 Copyright © Fukoku Co., Ltd. All Rights Reserved.

6. Overview of the new Medium-Term
Management Plan 2026
Structural enhancement

Collaboration
Collaborating with diverse
stakeholders to create new value

Cost
Reduction

GX

Improvingbackofficeworkefficiency

Rapid growth

SX-lining

Profitability improvement

DX

Corporate value

Production processstream24/27

Defectreduction

Long-Term Management Plan
Previous Medium-Term Management Plan

2021

2022

2023

New Medium-Term Management Plan

2024

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

2025

2026

2027

2028

2029

2030

Fukoku Co., Ltd. (TSE Prime Market: 5185) May 2024 Copyright © Fukoku Co., Ltd. All Rights Reserved.

6. New Medium-Term Management Plan 2026
Strategic Scheme(JPY 100M)

25/27

Net sales

Operating profit margin

ROE

20%
1,500

15%
1,000
10%

500
5%

0

Net sales
Operatingprofit margin
ROE
Financial Results Briefing for the Fiscal Year Ended March 31, 2024

0%

2022

2023

2026

2030

823

888

1,200 1,500

2.4%

4.1%

8.0%

-

6.3%

8.1%

12.0%

-

Fukoku Co., Ltd. (TSE Prime Market: 5185) May 2024 Copyright © Fukoku Co., Ltd. All Rights Reserved.

6. New Medium-Term Management Plan 2026
Balancing business strategies
Growing growth businesses
and new businesses

Enhancing existing businesses
Growing sales through solutions businesses

Growing industrial and other products● Simulation design through in-vehicle evaluation
technologies/enhancing R&D in China

Factory automation● Establishing an R&D function in India● Enhancing technology and production structuresin India and Indonesia● Developing innovative construction methods/
automation/IoT adoption● Enhancing global HR development
Financial Results Briefing for the Fiscal Year Ended March 31, 2024

Development of/establishment of massproduction systems for precision seals

New energy

Development of hydrogen-energy seals andvibration-proofing coatings for wind power

Aerospace

Development of vibration-proofing mounts

Growth in the CASE market

Growing sales to high-growth regions

Manufacturing-ability innovations andenhancing HR development

26/27

Batteries

Development and sales expansion of holding sheets forcontinually evolving EV products
Development and sales expansion of thermal radiation
gap fillers and large-battery vibration-proofing products

Growing life-science products
Bio
Microbiolog
ical testing

Cell-culture bags and cultures and cosmetics raw
materials
Establishment of mass-production systems and sales
expansion for chemical-resistant microbiologicaltesting chips

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6. New Medium-Term Management Plan 2026
Enhancing existing businesses

27/27

Wiper rubber

Technological development
total solution

OEM global market
share expansion

FY2022

FY203045％

65％

Production capacity increaseat main factory in Thailand

Further solidifying our top global market share
Financial Results Briefing for the Fiscal Year Ended March 31, 2024

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28/27

Product introduction of Fukoku Wiper

Please click the link to watch the movie.
fukoku-rubber.co.jp/dcms_media/other/wiper_introduction.mp4
2024年3月期決算説明会
株式会社フコク(東証プライム:5185) 2024年5月 Copyright © Fukoku Co., Ltd. All Rights Reserved.

29/27To transform all wishes into excitement.

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

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30/27

Note◆ This document contains forward-looking statements including strategies and management plans of Fukoku Co., Ltd.
and its group companies. All statements contained in this document, other than statements regarding past andpresent facts, are forward-looking statements. These forward-looking statements are based on assumptions andjudgments that Fukoku Co., Ltd. and the Fukoku Group have made in light of the information currently available,
and are thus inherently subject to risks and uncertainties. As such, the business environment surrounding us, future
performance, and management results may differ from those presented in this document.
◆ Any forward-looking statements contained in this document only speak as of the date of this document, and weundertake no obligation to update any information included in this document to reflect new information or future
events after the date of this document.

May 22, 2024
Fukoku Co., Ltd.
Copyright © Fukoku Co., Ltd. All Rights Reserved.

31/27

Appendix

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

Fukoku Co., Ltd. (TSE Prime Market: 5185) May 2024 Copyright © Fukoku Co., Ltd. All Rights Reserved.

Trend of R&D Expenditures,
Depreciation and Capital investments

32/27

Trend of R&D Expenditures, Depreciation and Capital investments(JPY 100 M)
23/3

24/3

25/3

80
70
60
50
40
30
20
10
0
R&D

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

Capital investments

Depreciation

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Company Profile

33/27

Company Profile
B usi n ess
p ro f i l e

P ro duc ti o n a n d s al es o f Rub b er p ro duc ts,
M eta l p ro duc ts ・ P l asti c p ro duc ts,
OA・ El ec tri c , dev i c es ・ M edi c al dev i c es etc .

S ecuri ty c o de

Pri m e m arket, To kyo S to c k Exc h an ge (5 1 8 5 )Foundation

1 9 5 3 Dec em b er 2 4 (7 0 years si n c e f o un dati o n )Head office

Saitama, Ageo city

Representative

I kuo Os h i ro , P res i den t
C o n s o l i da ti o n 4 , 5 9 4

No. of employees

No. ofShareholders

Paren t c o m p any 1 ,1 5 7*a s o f M a rc h 3 1 , 2 0 2 4 , exc ep t p art ti m e w o rkers

1 6 ,0 9 7*a s o f M a rc h 3 1 , 2 0 2 4・ Domestic bases
Bases /
Affiliate
companies- 5 plants, 2business offices

・ Affiliate companies- Consolidated subsidiaries: 2 in Japan and 14 overseas- Equity Method Affiliated Companies :1 overseas

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

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Company Profile

34/27

History1953

Dec

Founder, Eiichi Kawamoto established Fukoku Rubber Industry Co.,
Ltd.

1956

Apr

Succeeded in developing Wiper blade rubber technology

1972

Sep

Invested in Sueyoshi Industries Co., Ltd.

1983

Jan

Thai Fukoku Co., Ltd. Was established in Bangkok, Thailand.

1986

Jan

Changed the company name to
Fukoku Co., Ltd.

1994

Oct

Registered with Japan Securities Dealers’
Association (currently JASDAQ) to list stocks for OTC market

1996

Feb

Invested in Tokyo Rubber MFG. Co., Ltd.

2004

Mar

Stock listed on the 2nd section of the Tokyo Stock Exchange

2005

Mar

Stock upgraded to the 1st section of the Tokyo Stock Exchange

2020

Jun

Selected by the METI under the 2020 Global Niche Top Companies
Selection 100 program

2022

Apr

Stock listed on the Prime market of the Tokyo stock exchange

2023

Jul

Ikuo Oshiro was appointed president

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

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Company Profile

35/27

Sales per business (FY2023 Consolidation)
Industrial
Equipment
4%
Metal Hose
6%
8%

88.8

Functional Parts

Wiper blade rubber

CVJ boots

Diaphragm

Anti-Vibration Parts

Functional
parts
40%
Damper pulley

Billion JPY

V-rod

Viscous mount

Metal

Antivibration
42%

Door cover for
Fuel tank forconstruction machinery construction machinery

Hose

Industrial Equipment

Printer roller

Cell culture bag Cell culture medium

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

Intercooler hose

Water hose

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Company Profile

36/27

Sales per region (FY2023 Consolidation)

Global network

Korea
China 7%
8%
Americas ＆Europe
18%

88.8

Japan
46%

Billion JPY

ASEAN ＆
India
21%

Japan
1953

Indonesia
1997

India
2010

Thailand1983

America
2001

Vietnam
2011

Korea
1987

China
2001

Mexico2014*Based on countries or regions of customers locations

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

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Company Profile

37/27

Our strength: Production and sales of a wide variety of products

Financial Results Briefing for the Fiscal Year Ended March 31, 2024

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Company Profile
High share product

38/27

Wiper blade rubber■ Automotive industry

World
Share*（％）

Domestic
share■ Other industries

Over 90%

Viscous mount(for Construction
Machinery)

Crankshaft damper

50%*our estimation

15%
70%

Diaphragm

Cell culture bag

30%
35%

Piston Seals

Ingot wire-saw
main roller

CVJ boots

17%

12%

30%

Producing many products with a high market share in niche fields
Financial Results Briefing for the Fiscal Year Ended March 31, 2024

Fukoku Co., Ltd. (TSE Prime Market: 5185) May 2024 Copyright © Fukoku Co., Ltd. All Rights Reserved.

Company ProfileAward: 2020 Global niche Top 100

39/27

June 2020

Fukoku was selected by the Ministry of Economy, Trade andIndustry under the 2020 Global Niche Top Companies
Selection 100 program that recognizes companies striving

to capture global markets, securing a high market share inniche sectors, and performing good management.

The examination committee consists of external
experts who evaluate and select companies having:
1. both global share and profit,
2. unique and independent technology, and3. importance in the supply chain.
Financial Results Briefing for the Fiscal Year Ended March 31, 2024

Fukoku Co., Ltd. (TSE Prime Market: 5185) May 2024 Copyright © Fukoku Co., Ltd. All Rights Reserved.