Non-Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
[Japanese GAAP]
April 26, 2024
Company name: NAFCO Corporation
Stock exchange listing: Tokyo Stock Exchange
Code number: 2790
URL: http://www.nafco.tv
Representative: Takumi Ishida, President and CEO
Contact: Kazuomi Kobayashi, General Manager, Accounting Division
Phone: +81-93-521-7030
Scheduled date of Annual General Meeting of Shareholders: June 27, 2024
Scheduled date of filing annual securities report: June 28, 2024
Scheduled date of commencing dividend payments: June 28, 2024
Availability of supplementary briefing material on annual financial results: Available
Schedule of annual financial results briefing session: Scheduled (for institutional investors and securities analysts)(Amounts below one million yen are truncated.)
1. Financial and Operating Results for the Fiscal Year Ended March 31, 2024
(April 1, 2023 to March 31, 2024)(1) Operating Results (Percentages refer to changes from the corresponding period of the preceding fiscal year.)Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Millions of yen(2) Financial Position% Millions of yen

192,116 (5.0)
202,259 (2.1)
Earnings pershare

Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Ordinary profit%

Millions of yen

5,164 (44.0)
9,219 (23.2)

Diluted earnings
per share

Yen%

-%

Net assets

Millions of yen

Millions of yen

As of March 31, 2024
232,246
159,361
As of March 31, 2023
238,408
161,813(Reference) Equity: As of March 31, 2024: ¥159,361 million
As of March 31, 2023: ¥161,813 million

Ratio ofoperating profit
to net sales

2.4
4.1

2.7
4.6%

Equity ratio
%

68.6
67.9

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Millions of yen

Millions of yen

Millions of yen

9,167
9,656

(4,935)(3,427)%

Net assets per share(3) Cash Flows

Fiscal year ended
March 31, 2024
March 31, 2023%

3,107 (44.9)
5,639 (29.2)

Ratio of ordinary
profit to total
assets

1.9
3.5

Total assets

Millions of yen

5,552 (42.5)
9,661 (23.2)

Return on equity

Yen

110.32
197.42

Profit(7,357)(4,217)

Yen

5,951.52
5,665.24

Cash and cash
equivalents at theend of the termMillions of yen

30,10433,2302. Dividends

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

Annual dividends
1st2nd3rdYear-endquarter-end quarter-end quarter-end
Yen

Yen

Total
dividends

Total-

28.00
29.00

Yen

Yen-

28.00
29.00

56.00
58.00

Yen-

29.00

-

29.00

58.00

PayoutNet asset
ratio
payout ratio

Millions of yen

1,599
1,604%

%

28.4
52.6

1.0
1.0

41.1

3. Projected Operating Results for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(% indicates changes from the previous corresponding period.)
Net salesFirst half(Cumulative)
Full year

Millions of yen

Operating profit% Millions of yen

Ordinary profit% Millions of yen

Earnings
per shareProfit%

Millions of yen%

Yen

99,835

(1.2)

4,490

11.3

4,601

9.3

2,830

13.8

105.68

193,000

0.5

6,500

25.9

6,803

22.5

3,780

21.6

141.16* Notes:(1) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No2) 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 term (including treasury shares):
March 31, 2024: 29,784,400 shares
March 31, 2023: 29,784,400 shares2) Total number of treasury shares at the end of the term:
March 31, 2024: 3,007,890 shares
March 31, 2023: 1,221,812 shares
3) Average number of shares during the term:
Fiscal year ended March 31, 2024: 28,169,768 sharesFiscal year ended March 31, 2023: 28,562,588 shares* These financial results are outside the scope of audit by a certified public accountant or an audit corporation.
* Explanation of the proper use of financial results forecast and other notes- The earnings forecasts and other forward-looking statements provided herein are based on information thatis currently available to the Company and certain assumptions that the Company deems reasonable, and theCompany does not in any way guarantee the achievement of the projections. Actual results may differ
significantly from the forecasts due to various factors. For details on the assumptions of the earnings
forecasts and points to be noted in using the earnings forecasts, please refer to “1. Overview of OperatingResults, etc. (1) Overview of Operating Results for the Current Fiscal Year” on page 2 of the attacheddocument.

2

3. Financial Statements and Primary Notes(1) Balance Sheets(Millions of yen)
End of Previous Fiscal year
(March 31, 2023)

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Merchandise
Supplies
Prepaid expenses
Accounts receivable - other
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, netStructures
Accumulated depreciation
Structures, net
VehiclesAccumulated depreciation
Vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Leasehold interests in land
SoftwareTelephone subscription rightLeased assets
Other
Total intangible assets
Investments and other assets
Investment securities
Shares of subsidiaries and associates
Investments in capital
Distressed receivables
Long-term prepaid expenses
Deferred tax assets
Leasehold and guarantee deposits
Construction assistance fund receivables
Other
Allowance for doubtful accounts
Total investments and other assets

1

End of Current Fiscal year
(March 31, 2024)

36,123
4,446
63,553
6
989
90
543
(4)
105,748

32,997
4,513
60,562
10
965
78
449
(3)
99,574132,376(70,347)
62,02823,393(19,608)
3,785
4(4)
0
10,659(10,027)631
48,952
16,309(12,825)3,484
128
119,010

133,710(73,173)
60,537
23,611(20,122)
3,488
4(4)
0
10,725(10,190)534
49,171
18,467(14,001)
4,465
1,013
119,210

2,588
126
47
481
68
3,312

2,607
111
47
385
59
3,210

283
21
0
1
278
3,504
6,241
88(10)
10,337

380
21
0
1223
3,439
6,181
58(10)
10,251

(Millions of yen)
End of Previous Fiscal year
(March 31, 2023)
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes payable - trade
Accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Lease liabilities
Accounts payable - other
Income taxes payable
Accrued consumption taxes
Contract liabilities
Advance deposits received
Deposits received
Unearned revenue
Provision for bonuses
Provision for bonuses for directors (and other officers)
Notes payable - facilities
Advances received
Asset retirement obligations
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Provision for retirement benefits
Provision for retirement benefits for directors (andother officers)Asset retirement obligations
Other
Total non-current liabilities
Total liabilities

2

End of Current Fiscal year
(March 31, 2024)

132,660
238,408

132,672
232,246

14,13213,01518,925
99
1,326
4,236
1,670
446
3,264
1,074
332
55
1,042
31
3,183
106
248
63,19013,177
11,27018,820
8
1,472
4,322
362
840
3,069
943
310
55
955
31
2,462
94
3
245
58,445

8
2,858
3,020

3,769
3,014

686

744

6,454
375
13,404
76,594

6,538
372
14,43972,885

(Millions of yen)
End of Previous Fiscal year(March 31, 2023)
Net assets
Shareholders' equity
Share capital
Capital surplus
Legal capital surplus
Total capital surplus
Retained earnings
Legal retained earnings
Other retained earnings
Reserve for tax purpose reduction entry of noncurrent assets
Reserve for special account 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

3

End of Current Fiscal Year
(March 31, 2024)

3,538

3,538

4,223
4,223

4,223
4,223

37

37605

615

-

47

142,000
13,665
156,308(2,351)
161,718

145,000
12,087
157,788(6,351)
159,198

94
94
161,813238,408

162
162
159,361
232,246

(2) Statements of Income
Statements of Income
Previous Fiscal Year
(From April 1, 2022
to March 31, 2023)
202,259

Net sales
Cost of sales
Beginning merchandise inventory
Cost of purchased goods
Total
Ending merchandise inventory
Total cost of sales
Gross profit
Operating revenueOperating gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income
Administrative service fee income
Commission income
Insurance claim income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Rental costs
Loss on disaster
Business partner compensation costs
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Impairment losses
System failure countermeasure costsTotal extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit4(Millions of yen)
Current Fiscal Year
(From April 1, 2023
to March 31, 2024)
192,116

60,845
135,391
196,237
63,553
132,684
69,575383
69,95860,7399,219

63,553
124,071
187,624
60,562
127,062
65,053331
65,38460,220
5,164

0
13
527
39
106
188
135
1,010

0
14
527
36
99
77
103
858

107
218
120
98
23
567
9,661

125
213
90
40
470
5,552

21
21

180
180

260
368
51
679
9,003
3,288
76
3,364
5,639

273
535
808
4,924
1,781
35
1,816
3,107

(3) Statements of Changes in Net Assets
Previous Fiscal Year (From April 1, 2022 to March 31, 2023)(Millions of yen)
Shareholders’ equity
Capital surplus
Sharecapital

Balance at beginning of period

Legalcapitalsurplus

3,538

4,223

Retained earnings

Total
capitalsurplusLegalretainedearnings

Reserve fortax purpose
reduction
entry ofnon-current
assets

4,223

37

610

Other retained earnings
Reserve for
specialGeneralaccount forreservetax purpose
reduction
entry of noncurrent assets－137,000Retained Total
earnings retainedbrought earnings
forward14,621

152,268

Changes during period
Provision of reserve for tax
purpose reduction entry ofnon-current assets
Reversal of reserve for tax
purpose reduction entry of
non-current assets
Provision of reserve for
special account for tax
purpose reduction entry of
non-current assets

－4(4)

－

－
5,000

Provision of general reserve(5,000)－

Dividends of surplus(1,599)(1,599)Profit

5,639

5,639

Purchase of treasury shares
Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period－－－－(4)－5,000(955)

4,039

3,538

4,223

4,223

37605

－

142,000

13,665

156,3085

Shareholders’ equity
TreasurysharesBalance at beginning of period

Valuation and translation adjustments

Total shareholders’equity(2,351)

157,679

Valuationdifference on
available-forsale securities
83

Total valuation andtranslation
adjustments

Total net assets

83

157,763

Changes during period
Provision of reserve for tax
purpose reduction entry
of non-current assets
Reversal of reserve for tax
purpose reduction entryof non-current assets
Provision of reserve for
special account for tax
purpose reduction entry
of non-current assets－－－－－－－－

Dividends of surplus(1,599)(1,599)Profit5,639

5,639－－

Provision of general reserve

Purchase of treasury shares
Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

111111－

4,039

1111

4,050

(2,351)

161,718

94

94

161,813

6

Current Fiscal Year (From April 1, 2023 to March 31, 2024)(Millions of yen)
Shareholders’ equityCapital surplus
Sharecapital

LegalcapitalsurplusRetained earnings

TotalcapitalsurplusLegalretainedearnings

Reserve fortax purpose
reduction
entry ofnon-current
assets

4,223

37605

Other retained earnings
Reserve for
specialGeneralaccount forreservetax purpose
reduction
entry of noncurrent assets

13,665

156,308

15(15)

－(4)

4－

(47)

－

(3,000)－

Dividends of surplus(1,628)(1,628)

Profit

3,107

3,107

Balance at beginning of period

3,538

4,223－

142,000

Retained Total
earnings retainedbrought earnings
forwardChanges during period
Provision of reserve for tax
purpose reduction entry ofnon-current assets
Reversal of reserve for tax
purpose reduction entry ofnon-current assets
Provision of reserve for
special account for tax
purpose reduction entry of
non-current assets

47
3,000

Provision of general reserve

Purchase of treasury shares
Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

－－－－

10

47

3,000

(1,577)

1,479

3,538

4,223

4,223

37615

47

145,000

12,087

157,7887Shareholders’ equity
TreasurysharesBalance at beginning of period(2,351)

Valuation and translation adjustments

Total shareholders’equity161,718

Valuationdifference on
available-forsale securities
94

Total valuation andtranslation
adjustments

Total net assets

94

161,813

Changes during period
Provision of reserve for tax
purpose reduction entry
of non-current assets
Reversal of reserve for tax
purpose reduction entry
of non-current assets
Provision of reserve for
special account for tax
purpose reduction entry
of non-current assets－－－－－－－－

Dividends of surplus(1,628)(1,628)

Profit

3,107

3,107

(4,000)(4,000)

Provision of general reserve

Purchase of treasury shares(4,000)Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

67

67

67

(4,000)(2,520)6767(2,452)(6,351)

159,198

162

162

159,3618

(4) Statements of Cash Flows(Millions of yen)
Current Fiscal Year
(From April 1, 2023
to March 31, 2024)

Previous Fiscal Year
(From April 1, 2022
to March 31, 2023)
Cash flows from operating activities
Profit before income taxes

9,003

4,924Depreciation

5,629

5,653

Impairment losses

368

535

Amortization of intangible assets

245

244

Amortization of long-term prepaid expenses

5449

Loss on retirement of property, plant and equipment

260

273

Loss (gain) on sale of property, plant and equipment

(21)

(180)

Increase (decrease) in allowance for doubtful accounts

0(1)

(42)

(5)

302

58

2-(0)

(87)

(13)

(14)

Increase (decrease) in provision for retirement benefits
Increase (decrease) in provision for retirement benefits for directors(and other officers)
Increase (decrease) in provision for bonuses for directors (and otherofficers)
Increase (decrease) in provision for bonuses
Interest and dividend income
Interest expenses

107

125

Decrease (increase) in trade receivables

(681)

(398)

Decrease (increase) in inventories(2,715)

2,982

Increase (decrease) in trade payables(1,890)(2,699)

Increase (decrease) in accrued consumption taxes

760

645

Decrease (increase) in other assets

107

129

Increase (decrease) in other liabilities

415

111

Other, net

27

(24)

Subtotal

11,91912,320

1314

(107)

(120)

Income taxes paid

(2,169)(3,046)

Net cash provided by (used in) operating activities

9,656

9,167

Interest and dividends received
Interest paid9

(Millions of yen)
Current Fiscal Year
(From April 1, 2023
to March 31, 2024)

Previous Fiscal Year
(From April 1, 2022
to March 31, 2023)
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment(3,157)(4,938)57272

Purchase of intangible assets

(28)

(62)

Payments for retirement of non-current assets

(240)

(206)

-(54)

(112)

(97)

Proceeds from refund of leasehold and guarantee deposits

96

157

Decrease (increase) in investments and other assets

(42)

(6)

Net cash provided by (used in) investing activities(3,427)(4,935)

(660)

(105)

Payments for asset retirement obligations
Payments of leasehold and guarantee deposits

Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings
Repayments of lease liabilities
Purchase of treasury shares

(599)

(99)

(1,358)(1,524)-(4,000)

Dividends paid

(1,599)(1,627)

Net cash provided by (used in) financing activities(4,217)(7,357)

Net increase (decrease) in cash and cash equivalents

2,011(3,125)

Cash and cash equivalents at beginning of period

31,21833,230Cash and cash equivalents at end of period

33,23030,10410