Consolidated Financial Results for the Fiscal Year Ended March 31, 2023
(Under Japanese GAAP）
Company name:Securities code:
Representative:
Inquiries:

May 11, 2023
Listing: Tokyo Stock Exchange

DKK Co., Ltd.
6706
URL https://denkikogyo.co.jp/
President & Representative(Title)Director
Managing Officer and Head of(Title)Finance Department(Name) Tadatoshi Kondo(Name) Toshihisa Takayama Phone: +81-3-3216-1671
Scheduled date tocommence dividend
payments:

Scheduled date of annual
June 29, 2023
general meeting of shareholders:
Scheduled date to file annual
securities report:
Preparation of supplementarymaterial on financial results:
Holding of financial results
briefing:

June 30, 2023

June 30, 2023
Yes
Yes

(Yen amounts are rounded down to millions)
1. Consolidated financial results for the fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(1) Consolidated operating results(Percentages indicate year-on-year changes.)
Net income attributable toshareholders of parent
Net sales
Operating income
Ordinary income
company
Millions of yen% Millions of yen% Millions of yen% Millions of yen
Fiscal year ended
31,817(6.3)(1,510)(1,219)(1,181)－－March 31, 2023
Fiscal Year ended
33,968(18.1)
53(96.6)
448(75.1)
705
March 31, 2022
Note: Comprehensive Fiscal year ended
Fiscal Year ended(841) Millions of yen (－%)
195 Millions of yen (91.2%)
incomeMarch 31, 2023
March 31, 2022
Net income per share
yen
Fiscal year ended(107.75)
March 31, 2023
Fiscal Year ended
59.51
March 31, 2022
(Reference) Equity in earnings Fiscal year endedof affiliates
March 31, 2023
(2) Consolidated financial position
Total assets
Millions of yen
Fiscal year ended
55,134
March 31, 2023
Fiscal Year ended
56,336
March 31, 2022
(Reference) Net asset excluding Fiscal year ended
non-controlling interests
March 31, 2023

Diluted net income per
share
yen

-

Millionsof yen－(38.9)

Ordinary
Operating marginincome/total asset%%%

Return on equity

－

(2.7)

(2.2)

(4.7)

－

1.5

0.8

0.2

Fiscal Year ended
March 31, 2022

Net assets
Millions of yen

41,247%-

Millionsof yen%Net assets per shareyen

41,80174.8

3,942.82

46,60981.5

3,938.79

Millionsof yenEquity ratio

Fiscal Year ended
March 31, 2022

45,903

Millionsof yen(3) Consolidated Cash Flows
Cash flows from business Cash flows from investing Cash flows from financing Cash and cash equivalents
activities
activities
activities
at end of period
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Fiscal year ended
(870)
497
976
14,253
March 31, 2023
Fiscal Year ended
4,166
2,680
(4,139)13,140March 31, 2022

- 1 -

2. Dividends
End of first End of second
quarterquarteryen
yen
Fiscal Year ended March 31,
2022
Fiscal year ended March 31,
2023
Fiscal year ending March
31, 2024 (forecast)

Annual dividends
End of third End of fiscal
quarter
year
yen
yen

Total dividends(Total)Payout ratio(Consolidated)

Dividend on
net asset(consolidated)yenMillions of yen

%

%

Total

－

0.00

－

60.00

60.00

704

100.8

1.5

－

30.00

－

30.00

60.00

646

－

1.5

－

30.00

－

30.00

60.00

139.4

3. Forecast of consolidated operating results for the fiscal year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)(Percentages indicate year-on-year changes.)
Net income
attributable to
Net income per
Net sales
Operating income
Ordinary income
shareholders of parent
share
company
Millions
Millions
Millions
Millions
%
%
%
%
yen
of yenof yenof yenof yenSecond quarter
13,000
(1.4)
(950)
(900)
(650)
(55.94)－－－(cumulative)
Full year
37,000
16.3
500
600
500
43.03
－
－
－

- 2 -

*Notes:(1) Changes in significant subsidiaries during the fiscal year (changes in specific subsidiaries
resulting in changes in scope of consolidation):No(2) Changes in accounting policies and accounting estimates, and restatement(a) Changes in accounting policies due to revisionYesof accounting standards, etc.:(b) Changes in accounting policies other than (a): No(c) Changes in accounting estimates:
No(d) Restatement:
No
Note: For details, refer to "3. Consolidated Financial Statements and Major Notes (5) Notes to Consolidated Financial
Statements (Changes in Accounting Policies)" on page 15 of the attached document.
(3) Number of shares issued (common stock)(a) Shares issued (including treasury
stock) at the end of the period(b) Treasury stock at the end of theperiod(c) Average number of shares during theperiodFiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2023

12,100,000 shares
1,638,476 shares
10,961,348 sharesFiscal Year ended
March 31, 2022
Fiscal Year ended
March 31, 2022
Fiscal Year ended
March 31, 2022

14,084,845 shares
2,430,669 shares
11,861,833 shares(Reference) Summary of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2023 (April 1, 2022 - March 31, 2023)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)
Net sales
Millions of yen
Fiscal year ended
March 31, 2023
Fiscal Year ended
March 31, 2022

Operating income
Ordinary income
Net income% Millions of yen% Millions of yen% Millions of yen

25,254(7.5)(1,171)

－

(452)

－

(277)

－

27,310(20.4)

139(87.6)

759(41.8)

1,032

30.2

yen

Diluted net income per
share
yen

(25.32)

－

87.01

－

Net income per share
Fiscal year ended
March 31, 2023
Fiscal Year ended
March 31, 2022%

(2) Non-consolidated financial position
Total assets
Millions of yen
Fiscal year ended
42,252
March 31, 2023
Fiscal Year ended
42,574
March 31, 2022
(Reference) Net asset excluding Fiscal year ended
non-controlling interests
March 31, 2023

Net assets

Equity ratio

Net assets per share

Millions of yen%

yen

31,06073.5

2,969.04

35,34383.0

3,032.73

31,060 Millions of yen

Fiscal Year ended
March 31, 2022

35,343 Millions of yen*This Consolidated Financial Results report is not subject to audit by certified public accountants or an auditing firm.
*Explanation of appropriate use of earnings forecast, and other special notes
The forecast and other forward-looking statements in this report are based on information currently available to the Company andcertain assumptions the Company believes to be reasonable, and are not intended to be a promise by the Company that they will
be achieved. Actual results may differ significantly due to various factors. Refer to "1. Summary of operating results, etc., (4)Business outlook" on page 4 of the attachment for the assumptions used in earnings forecast and notes on the use of earnings
forecast.
The financial results presentation will be live-streamed. The live-streamed financial results presentation will be available on the
Company's website at a later date.

- 3 -Table of Contents of Attachment
1. Summary of operating results, etc.……………………………………………………………………………………………
(1) Summary of operating results for the fiscal year…………………………………………………………………………
(2) Summary of financial position for the fiscal year………………………………………………………………………
(3) Summary of cash flows for the fiscal year………………………………………………………………………………
(4) Business outlook…………………………………………………………………………………………………………
(5) Basic policy on profit distribution and dividends for the current and next fiscal years…………………………………
(6) The Company’s medium- to long-term management strategy……………………………………………………………
2. Our approach to the selection of accounting standards………………………………………………………………………
3. Consolidated financial statements and major notes…………………………………………………………………………
(1) Consolidated balance sheet………………………………………………………………………………………………
(2) Consolidated statement of income and consolidated statement of comprehensive income………………………………
Consolidated statement of income……………………………………………………………………………………
Consolidated statement of comprehensive income……………………………………………………………………
(3) Consolidated statement of changes in equity……………………………………………………………………………
(4) Consolidated statement of cash flows…………………………………………………………………………………
(5) Notes to consolidated financial statements………………………………………………………………………………
(Notes on going concern assumption)…………………………………………………………………………………
(Changes in accounting policies)………………………………………………………………………………………
(Additional information)…………………………………………………………………………………………………
(Segment information, etc.)……………………………………………………………………………………………
(Per-share information)…………………………………………………………………………………………………
(Significant events after balance-sheet date)……………………………………………………………………………
4. Other Businesses………………………………………………………………………………………………………………
(1) Production, orders and sales………………………………………………………………………………………………

- 4 -

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5
6
6
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7
7
8
9
9
11
11
13
14
16
18
18
18
18
19
23
23
24
24

1. Summary of operating results, etc.
(1) Summary of operating results for the fiscal year
During the consolidated fiscal year under review, economy in Japan gradually recovered, mainly in corporate earnings andconsumption, as behavioral restrictions due to COVID-19 alleviated. On the other hand, as seen in production adjustments due
to restricted supply caused by chaos in the global supply chain following surfacing of geopolitical risks, rise in prices of resources,
and slowing down of overseas economy, the outlook remains unpredictable.
In the telecommunications-related industry, where our group is involved, demand for 5G facilities in the mobile communications
field has stagnated or put on hold due to revision of capital investment plans by customers. Meanwhile, in the fixed wirelessrelated field, demand for administrative radio systems for disaster prevention is recovering, and in the broadcasting field, demandfor equipment renewal and maintenance by broadcasters continues to decline. The applied high-frequency devices industry
showed signs of recovery in demand for capital investment in the automotive-related field, but the underlying tone of the recovery
remains moderate. All fields of business are experiencing delay in the work period and delivery due to longer delivery ofmaterials, and the rise in the cost to respond to higher prices of energy and materials, weaker yen, and shortage of materials hada significant impact on the financial results for the fiscal year under review.
As a result, orders received decreased 8.2% year on year to 32,172 million yen, and net sales decreased 6.3% year on year to
31,817 million yen.
As for profits, the Group posted operating loss of 1,510 million yen (compared to operating profit of 53 million yen for the yearearlier period), ordinary loss of 1,219 million yen (compared to ordinary income of 448 million yen for the year-earlier period),
net loss attributable to shareholders of parent company of 1,181 million yen (compared to net income attributable to shareholdersof parent company of 705 million yen for the year-earlier period).
Results by segment are as follows. (Results of reportable segments, etc. include intersegment sales, etc.)(Telecommunication Business)
In the mobile communications-related field, capital investment by mobile communication businesses is limited overall. Demandfor 5G capital investment is also stagnant or put on hold, resulting in significant drop in demand. In the fixed wireless-related
field, demand for administrative radio systems for disaster prevention to improve and digitalize disaster prevention system inlocal governments is recovering due to extension of periods for emergency disaster prevention and reduction bonds. In the
broadcasting-related field, demand for updating and maintaining digital broadcasting equipment among broadcast operators
remains on hold. In the solution-related field, the Company participates in demonstration experiments by the state or local
governments to pioneer use cases for local 5G products and create demand. In other fields, the Company is continuously securing
demand for outdoor construction steel frames and actively pioneering demand for eco-friendly products such as LED airplane
warning lights and fuel cells. Under such environment, we aggressively worked in this business field to capture demand andimprove productivity. However, factors such as delayed delivery of parts and soaring raw material costs had a significant impact
on the Company's performance in the period.
As a result, orders received decreased 16.4% year on year to 22,293 million yen, and net sales decreased 12.8% year on year to
22,613 million yen. Segment income (operating income) was 50 million yen, down 97.5% from the same period last year.
(Radio Frequency Business)
In the mainstay high-frequency induction heating equipment business, demand from capital spending in the automotive industry
is on a recovery track from the impacts of global semiconductor shortages. However, impacts of longer lead time for orders forcomponents, etc. remain. The field of contract heat treating service is recovering from the impacts of the COVID-19 pandemic
but still suffers from stagnant demand due to production adjustment at automobile manufacturers as well as the rise in costs due
to soaring energy costs. In the new radio frequency related field, we are working with various organizations and companies tocreate demand for treatment of food and waste using superheated steam equipment. Under such business environment, thisbusiness also experiences delayed delivery of parts and rising costs due to soaring raw material costs, etc. as in thetelecommunication business. However, we have been striving to increase profit by improving productivity and reviewing thesales price.
As a result, orders received increased 18.0% year on year to 9,879 million yen and net sales increased 14.7% year on year to
9,131 million yen. Segment income (operating income) increased 7.1% year on year to 1,132 million yen.

- 5 -(2) Summary of financial position for the fiscal year
Total assets at the end of the current consolidated fiscal year decreased 1,202 million yen from a year earlier to 55,134 million
yen.
Current assets decreased 327 million yen from a year earlier to 40,662 million yen. The main factors were decreases of 270
million yen in inventories and 2,051 million yen in deposits paid included in “Other businesses” despite increases of 873 million
yen in cash and deposits and 1,188 million yen in trade receivables including notes receivable-trade.
Non-current assets decreased 875 million yen from a year earlier to 14,472 million yen. The main factors were decreases of 378
million yen in property, plant, and equipment and 916 million yen in investment securities despite increases of 106 million yen
in deferred tax assets and 219 million yen in net defined benefit assets.
Current liabilities increased 2,837 million yen from the end of the previous fiscal year to 9,168 million yen. The main factors
were increases of 129 million yen in trade payables including notes payable-trade, 2,120 million yen in short-term loans payable,
and 405 million yen in contract liabilities.
Fixed liabilities increased by 767 million yen from the end of the previous fiscal year to 4,164 million yen. The main factors
were an increase of 981 million yen in long-term loans payable despite a decrease of 213 million yen in net defined benefit
liability.
Net assets decreased 4,807 million yen from the end of the previous fiscal year to 41,801 million yen. The main factors were adecrease of 7,008 million yen in retained earnings despite an increase in net assets following a decrease of 2,042 million yen inpurchase of treasury stock due to purchase and cancellation of treasury stock.

(3) Summary of cash flows for the fiscal year
Cash and cash equivalents (hereinafter, "Funds") at the end of the current fiscal year increased by 1,112 million yen from a year
earlier to 14,253 million yen.
Cash flow situations and factors behind them in the current consolidated fiscal year are as follows.
(Cash flows from business activities)
Funds provided by business activities totaled 870 million yen (4,166 million yen a year earlier). This is mainly due to attributableto decrease factors such as net loss before income taxes of 1,190 million yen and notes and accounts receivable-trade of 1,109
million yen, which were more than increase factors such as depreciation of 1,232 million yen.
(Cash flows from investing activities)
Funds provided by investing activities totaled 497 million yen (2,680 million yen a year earlier). This is mainly due attributable
to increase factors such as a net increase in time deposits of 278 million yen, proceeds from sales of investment securities of
1,108 million yen, and proceeds from redemption of investment securities of 603 million yen, which were more than decrease
factors such as expenses for purchase of property, plant, and equipment and intangible assets of 768 million yen and expenses
for purchase of investment securities of 734 million yen.
(Cash flows from financing activities)
Funds gained in financing activities totaled 976 million yen (4,139 million yen used a year earlier). This is mainly due to increase
factors such as net increase in short-term loans payable of 2,120 million yen, proceeds from long-term loans payable of 1,030
million yen, and increase in deposits for purchase of treasury stock of 2,051 million yen, which exceeded decrease factors suchas purchase of treasury stock of 2,800 million yen and cash dividends paid of 1,030 million yen.

- 6 -(4) Business outlook
Japanese economy is partially on a recovery track. However, due to the rise in raw material costs, etc., changing businessenvironment, and severer price competition, the business environment surrounding our Group is expected to be severe.
Under such circumstances, in the solution business and new radio frequency areas business which are our new fields of business,
we have developed new products and services including ones developed by synergy between technology of our company andother companies, which are gradually bearing fruits. We will strive to grow them steadily. Among the existing businesses, in themobile communications-related field, we expect recovery in demand for antenna products for mobile communication basestations, which are our strength, to improve the quality of 5G areas. We will capture such demand alongside demand for newly
developed wireless devices. We will also respond to demand for maintenance of mobile communication steel towers. In the fixedwireless-related field, we expect demand for administrative radio systems for disaster prevention for local governments torecover, to which we will strive to respond. We will also pay close attention to defense-related budgets and capture demand for
update and maintenance of broadcasting equipment in the broadcasting-related field. In the radio frequency business, we aim tostrengthen coordination with overseas offices while closely monitoring the business environment, further capture capital
investment demand among Japanese automotive manufacturers, and actively promote efforts to stimulate new demand in areas
other than the automotive segment. In the area of contract heat-treatment processing, production adjustment is expected togradually alleviate, and we will strive to respond to demand. In both areas of business, we will work to expand business areas byaccurately grasping needs in the market and developing emerging demand, in anticipation of the next generation, under acoordinated effort across the Group.
Our Group promotes sustainability management and sets five Material issues: (workplace culture and work style reforms,
strengthening corporate governance, contribution to the development of social infrastructure, promotion of environmental
management, and creation of new businesses) as our priority under the Basic Policy on Sustainability. In the medium-termbusiness plan (DKK-Plan2025) formulated in May 2022, we also make it a basic policy to improve corporate value throughpromotion of sustainability management. We will advance our materiality initiatives and conduct business activities to solve
social issues and achieve sustainable growth.
Under these circumstances, for the next consolidated fiscal year, we forecast net sales of 37,000 million yen (up 16.3% year onyear), operating income of 500 million yen (operating loss of 1,510 million yen in the previous consolidated fiscal year),ordinary income of 600 million yen (ordinary loss of 1,219 million yen in the previous consolidated fiscal year), and net
income attributable to shareholders of parent company of 500 million yen (net loss attributable to shareholders of parent
company of 1,181 million yen in the previous consolidated fiscal year).

(5) Basic policy on profit distribution and dividends for the current and next fiscal years
With regard to profit distribution, we consider the efficiency of shareholders' equity and the return of profits to shareholders asimportant management matters, and our basic policy is to continue to pay dividends to our shareholders through solidmanagement of the Company. Regarding our dividend policy, as a measure to strengthen shareholder returns, the Company
changed its dividend policy in November 2021 to link the consolidated dividend payout ratio to the operating results of therelevant fiscal year, aiming for the ratio of 40%, and to set the minimum consolidated dividends on equity (DOE) ratio of 1.5%.
For the current fiscal year, as disclosed in November 2022, we have paid an interim dividend of 30 yen per share as part of ourefforts to improve shareholder returns. The year-end dividend is scheduled to be 30 yen per share.
As for dividends for the next fiscal year, we plan annual dividends of 60 yen, paid as an interim dividend of 30 yen per share andyear-end dividend of 30 yen per share.
Based on the capital allocation disclosed in February 2022, as part of our efforts to improve shareholder returns and capitalefficiency, we have purchased and cancelled treasury stock. In the future, we will continue to consider using the purchased
treasury stock to expand the areas of business and acquire technology while cancelling the excess treasury stock, in order toimprove shareholder returns.

(6) The Company’s medium- to long-term management strategy
The Company has the basic principles of responding quickly to changes in the management environment, seeking to ensure
continuity of business and stable revenue, and ensuring increase of corporate value by undertaking initiatives for continuous
improvement in corporate governance.
Under our medium- to long-term management strategy, as described in the Medium- and Long-Term Management Strategy
disclosed in March 2021, we are working toward the goal of achieving the Group’s ideal of “Pioneering the Future” by actively
contributing to society, improving corporate value, and achieving growth. For this, we set three growth strategies of “Creationof new business,” “Further expansion of existing business,” and “Strengthening of business foundation” and are working on- 7 -them.
In terms of “Creation of new business,” we set the solution business and new radio frequency areas business as our new fieldsof business and strive to develop them into our next major business by making active investment. In the solution-related field,
we provide solution services using wireless communication technology to pioneer new areas of business. Services using wirelesscommunication technology, including local 5G, have the potential to offer an opportunity for us to find customers that are
different from existing ones. We regard it as a promising market where we can develop markets by taking advantage of ourstrengths based on the technologies we have developed over the years. In the new radio frequency areas business, we will actively
work on initiatives targeting non-automotive areas to capture emerging demand. By finding new uses for high-frequency
induction heating technology, we aim to develop new markets, including the industrial waste processing industry, and contributeto promoting environmental management.
In terms of “Further expansion of existing business,” expansion of existing business areas related to social infrastructure is an
important theme. We aim to expand business in peripheral areas of the businesses regarded as the pillars, including mobile
communication-related, fixed wireless communication-related, broadcasting-related, and radio frequency businesses, seeking to
expand our stable revenue base by introducing products that feature new technologies. Also, to solve issues in the built-to-orderindustry and develop a business base not affected by the economic or social situation, we are optimizing our business portfolio
including our new solution business and new radio frequency areas business. We will select and concentrate our businesses toimprove profitability, contribute to society, and increase our corporate value.
We will also work to strengthen our business foundation to support the growth strategies in these businesses. We will continue
drastic organizational and structural reforms to optimize the business portfolio and implement the growth strategies. The
information communication-related industries, including telecommunication, and the applied high-frequency devices industries
including mainly the automotive industry, where the Company belongs, have entered a phase of major change driven bytechnological innovation. By stepping up forward-looking research and development work, we will carry out capital measuresand financial strategies to put our capital to maximum use and channel our business resources into appropriate areas.
“Strengthening of business foundation” requires a corporate governance perspective. Our fundamental approach to corporate
governance is to increase social credibility and corporate value of the Company by ensuring transparent and sound management.
We remain committed to efforts to strengthen corporate governance, including efforts to maintain soundness, effectiveness andtransparency of the Board of Directors, promotion of a compliance program aimed at realizing compliance management, andreduction in cross-held shares.
In addition, we established the medium-term business plan (DKK-Plan2025) in May 2022 in order to clearly state the goals andwhat to focus on and promote for the three years from fiscal year ending March 2023, as part of the effort to realize the vision of
the Medium- and Long-Term Management Strategy above. DKK-Plan2025 has the basic policy of “Improve corporate value
through promotion of sustainability management” and lays out the priority measures of “Strengthening of business foundation,”“Optimizing business portfolio,” and “Realizing new business creation early.” In order to realize the Company’s ideal(“Pioneering the Future”) of sustainable growth through solution of social issues, we have positioned the three years to the fiscal
year ending March 2025 as a period for “laying the foundation for growth.” We will work to build a solid business foundation
under DKK-Plan2025 to allow the Group to develop and grow permanently.

2. Our approach to the selection of accounting standards
In consideration of periodic comparability and intercompany comparability of consolidated financial statements, the Group has
decided to adopt the Japanese GAAP. With regard to the possibility of adopting IFRS (International Financial Reporting Standards),
the Company will monitor future trends and take appropriate responses, taking into consideration various domestic and international
circumstances.

- 8 -3. Consolidated financial statements and major notes(1) Consolidated balance sheet(Millions of yen)Previous consolidated fiscal year Current consolidated fiscal year
(March 31, 2022)(March 31, 2023)
AssetsCurrent assets
Cash and deposits
Notes receivable-trade
Electronically recorded monetary claims-operating
Accounts receivable from completed construction
contracts
Accounts receivable-trade
Contract assets
Costs on uncompleted construction contracts
Other inventories
Other Businesses
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant, and equipment
Buildings and structures
Machinery, equipment, and vehicles
Tools, furniture, and fixtures
Land
Lease assets
Construction in progress
Accumulated depreciation
Total property, plant, and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Net defined benefit assets
Deferred tax assets
Other Businesses
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 9 -18,886440878

19,759
419
1,537

5,127

5,108

4,489
1,832
117
5,890
3,328
(2)
40,989

3,175
3,715
17
5,720
1,211
(2)
40,662

11,061
9,540
7,510
2,241
237
186
(23,869)6,907
648

11,179
9,799
7,475
2,251
268
169
(24,614)
6,529
598

5,465
2
611
780
980
(49)
7,791
15,34756,336

4,549
1
831
886
1,123
(47)
7,344
14,472
55,134

(Millions of yen)Previous consolidated fiscal year Current consolidated fiscal year
(March 31, 2022)(March 31, 2023)
Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts, and others
Short-term loans payable
Long-term loans payable to be repaid within a year
Lease obligations
Income taxes payable
Contract liabilities
Allowance for warranties on completed
construction contracts
Allowance for product warranties
Allowance for employees’ bonuses
Allowance for directors’ bonuses
Allowances for losses on construction contracts
Allowances for losses on liquidation of subsidiaries
and affiliates
Other Businesses
Total current liabilities
Fixed liabilities
Long-term loans payable
Lease obligations
Allowance for product warranties
Allowances for share-based remuneration for
directors and corporate auditors
Net defined benefit liability
Asset retirement obligations
Other Businesses
Total fixed liabilities
Total liabilities
Net assets
Shareholders’ equity
CapitalCapital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets- 10 -

3,916

4,045

80
180
53
221
323

2,200
90
48
116
728

26

18

173
621
6
47

83
662
9
6

－

76

680
6,330

1,079
9,168

279
67
29

1,260
75
18

52

75

2,840
49
78
3,397
9,727

2,626
49
58
4,164
13,332

8,774
9,723
32,028(5,940)44,586

8,774
9,693
25,019(3,897)39,589

873
37
87
318
1,317
705
46,60956,336

736
2
494
424
1,658
553
41,801
55,134

(2) Consolidated statement of income and consolidated statement of comprehensive income(Consolidated statement of income)(Millions of yen)Previous consolidated fiscal year Current consolidated fiscal year
(from April 1, 2021
(from April 1, 2022
to March 31, 2022)
to March 31, 2023)
Net sales
Sales of completed construction contracts
Net sales of goods
Sales in other businessTotal net sales
Cost of sales
Cost of sales of completed construction contracts
Cost of finished goods soldCost of sales in other businessTotal cost of sales
Gross profit
Gross profit on completed construction contracts
Gross profit on finished goods
Gross profit on other businessTotal gross profit
Selling, general, and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Interest on securities
Dividend income
Foreign exchange gains
Other Businesses
Total non-operating income
Non-operating expenses
Interest expenses
Commitment fee
Loss on investments in investment partnerships
Other Businesses
Total non-operating expenses
Ordinary income (loss)
Extraordinary income
Gain on sales of investment securities
Total extraordinary income- 11 -

13,183
20,684100
33,96813,037
18,672
107
31,817

10,746
16,97647
27,77011,412
16,27544
27,732

2,436
3,708
52
6,198
6,145
53

1,625
2,397
62
4,084
5,595
(1,510)

3
6
172
147
155
484

22
14
156
231
112
537

26
49
－
13
89
448

33
144
36
31
246
(1,219)

589
589

476
476

(Millions of yen)Previous consolidated fiscal year Current consolidated fiscal year
(from April 1, 2021
(from April 1, 2022
to March 31, 2022)
to March 31, 2023)
Extraordinary losses
Loss on valuation of investment securities
Impairment losses
Allowances for losses on liquidation of subsidiaries
and affiliates
Total extraordinary losses
Net income (loss) before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Net income (loss)
Net loss attributable to non-controlling interests
Net income (loss) attributable to shareholders of parent
company- 12 -

170
－

121
251

－

76

170
867
242
21
264
602
(103)

448
(1,190)130(55)74(1,265)(84)705(1,181)

(Consolidated statement of comprehensive income)(Millions of yen)Previous consolidated fiscal year Current consolidated fiscal year
(from April 1, 2021
(from April 1, 2022
to March 31, 2022)
to March 31, 2023)
Net income (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to shareholders ofparentComprehensive income attributable to non-controllinginterests- 13 -

602(1,265)

(397)
25
47
(83)
(406)
195

(136)
(35)
489
106
424
(841)

298

(836)

(102)

(4)

(3) Consolidated statement of changes in equity
Previous consolidated fiscal year (from April 1, 2021 to March 31, 2022)(Millions of yen)
Shareholders’ equity
CapitalBalance at beginning of current
term

Capital surplus
8,774

Retained earnings

9,731

31,830

Cumulative effect of change inaccounting policy

Total shareholders’equityTreasury stock(5,088)45,24835

Balance at beginning of current
year after change in accounting
policy is applied

8,774

9,731

35

31,865(5,088)45,283

Changes of items during term
Dividends of surplus

(543)

(543)

Net income attributable toshareholders of parent company

705

705

Purchase of treasury stock
Disposal of treasury stock(8)(1,049)(1,049)197

189

Net changes of items other thanshareholders’ equity
Total changes of items during
term

－

(8)

162

(851)

(697)

Balance at end of current term

8,774

9,723

32,028(5,940)44,586

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of current
term

1,270

Total
Remeasurement accumulateds of definedotherbenefit plans comprehensiv
e income

Foreign
Deferred gains
currency
or losses ontranslation
hedgesadjustment
11

40

401

1,724

Noncontrollinginterests

1,018

Cumulative effect of change inaccounting policy
Balance at beginning of current
year after change in accounting
policy is applied

Total net assets

47,991
35

1,270

11

40

401

1,724

1,018

48,026

Changes of items during term
Dividends of surplus(543)

Net income attributable toshareholders of parent company

705

Purchase of treasury stock(1,049)

Disposal of treasury stock189

Net changes of items other thanshareholders’ equity

(397)

25

47

(83)

(407)

(312)

(719)

Total changes of items during
term

(397)

25

47

(83)

(407)

(312)

(1,417)

Balance at end of current term

873

37

87

318

1,317

705

46,609- 14 -

Current consolidated fiscal year (from April 1, 2022 to March 31, 2023)(Millions of yen)
Shareholders’ equity
CapitalBalance at beginning of current
term

Capital surplus
8,774

Retained earnings

9,723

Total shareholders’equityTreasury stock

32,028(5,940)44,586

Changes of items during term
Dividends of surplus(1,034)(1,034)

Net loss attributable toshareholders of parent company(1,181)(1,181)

Purchase of treasury stock
Cancellation of treasury stock(45)

Disposal of treasury stock
Change in ownership interest ofparent due to transactions with
non-controlling interests(2,800)(2,800)(4,793)

4,838

－

(0)

3

3

16

16

Net changes of items other thanshareholders’ equity
Total changes of items during
term

－

(29)

(7,008)2,042(4,996)

Balance at end of current term

8,774

9,693

25,019(3,897)39,589

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of current
term

873

Total
Remeasurement accumulateds of definedotherbenefit plans comprehensiv
e income

Foreign
Deferred gains
currency
or losses ontranslation
hedgesadjustment
37

87

318

1,317

Noncontrollinginterests

705

Total net assets

46,609Changes of items during term
Dividends of surplus(1,034)

Net loss attributable toshareholders of parent company(1,181)

Purchase of treasury stock(2,800)Cancellation of treasury stock－

Disposal of treasury stock

3

Change in ownership interest ofparent due to transactions with
non-controlling interests

16

Net changes of items other thanshareholders’ equity

(136)

(35)

406

106

340

(152)

188

Total changes of items during
term

(136)

(35)

406

106

340

(152)

(4,807)

Balance at end of current term

736

2

494

424

1,658

553

41,801- 15 -

(4) Consolidated statement of cash flows(Millions of yen)Previous consolidated fiscal year Current consolidated fiscal year
(from April 1, 2021
(from April 1, 2022
to March 31, 2022)
to March 31, 2023)
Cash flows from business activities
Net income (loss) before income taxes
Depreciation
Impairment losses
Increase (decrease) in allowance for employees’
bonuses
Increase (decrease) in allowances for directors’
bonuses
Increase (decrease) in net defined benefit liability
Increase (decrease) in allowances for share-based
remuneration to officers for directors and corporate
auditors
Increase (decrease) in allowances for doubtful
accounts
Increase (decrease) in allowances for loss on
construction contracts
Increase (decrease) in allowances for productwarranties
Allowances for losses on liquidation of subsidiaries
and affiliates
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sales of investment securities
Loss (gain) on valuation of investment securities
Decrease (increase) in notes and accounts receivabletrade
Decrease (increase) in costs on uncompleted
construction contracts
Decrease (increase) in inventories
Decrease (increase) in other assets
Increase (decrease) in notes and accounts payabletrade
Increase (decrease) in contract liabilities
Increase (decrease) in accrued consumption taxes
Increase (decrease) in other liabilities
Other Businesses
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Cash flows from business activities- 16 -

867
1,381
－

(1,190)
1,232
251

8

41

(30)

3

(240)

(131)

24

26

0

(1)

12

(40)

96

(71)

－

76

(182)
26
(92)
(589)
170

(193)
33
(230)
(476)
121

8,076

(1,109)221

105(1,375)
251

220
(247)

(3,059)

83

15
(331)
(645)
54
4,661
180
(36)
(639)
4,166

401
235
71
35
(753)
195
(65)
(246)
(870)

(Millions of yen)Previous consolidated fiscal year Current consolidated fiscal year
(from April 1, 2021
(from April 1, 2022
to March 31, 2022)
to March 31, 2023)
Net cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Expenses for purchase of property, plant, andequipment and intangible assets
Proceeds from sale of property, plant, and equipment
and intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Proceeds from redemption of investment securities
Payments of loans receivableCollection of loans receivable
Other Businesses
Net cash flows from investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Repayments of lease obligations
Proceeds from sales of treasury stock
Purchase of treasury stock
Decrease (increase) in deposits for purchase oftreasury stock
Cash dividends paid
Dividends paid to non-controlling interests
Income from sale of shares of subsidiaries not resulting
in changes in scope of consolidation
Cash flows from financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of term
Cash and cash equivalents at end of term

- 17 -(27,849)
30,797(18,520)
18,799(1,408)

(768)

12

11

(659)
1,233
550
(0)
1
4
2,680

(734)
1,108
603
(0)
1
(2)
497

(200)
－
(13)
(67)
114
(1,049)

2,120
1,030
(188)
(69)
0
(2,800)(2,170)

2,051

(543)
(209)

(1,030)
(175)

－

40

(4,139)

976

132

508

2,840
10,30013,1401,112
13,14014,253

(5) Notes to consolidated financial statements(Notes on going concern assumption)
There are no matters to be noted.
(Changes in accounting policies)(Application of Implementation Guidance on Accounting Standard for Fair Value Measurement)
The Company began applying the Implementation Guidance on Accounting Standard for Fair Value Measurement (ASBJ
Guidance No. 31 released June 17, 2021, Accounting Standards Board of Japan; hereinafter, “Guidance”) at the beginningof the consolidated fiscal year under review and decided to continue to apply the new accounting policies prescribed in
the Guidance in accordance with the transitional procedures stipulated in Paragraph 27-2 of the Guidance. There is no
impact on the consolidated financial statements.
(Additional information)(Share-based compensation scheme for directors)
The Company and some of its consolidated subsidiaries have a share-based compensation scheme (the “Scheme” hereafter)
for their directors, excluding outside directors, with a purpose of establishing a clear connection between directors’compensation and stock value of the Company and motivating them to contribute to a medium- to long-term increase inearnings and corporate value.
(1) Overview of transactions
Under the Scheme, the Company’s shares are held in the account of an employee stock ownership plan (ESOP) trust for
officers (the “Trust” hereafter) established on Company funds and the number of shares corresponding to the points
assigned to each director are granted to the director through the Trust in accordance with the share-granting rules
established by the Company’s Board of Directors and those of some of its consolidated subsidiaries. Directors are granted
the Company’s shares when they retire from directorship, in principle.
(2) The Company’s shares remaining in the trust account
The Company’s shares remaining in the trust account are recognized as treasury stock under net assets at the book value
in the trust account (excluding associated expenses). The book value and number of such treasury stock were 199 million
yen and 80,632 shares at the end of the previous fiscal year, and 196 million yen and 79,367 shares at the end of thecurrent fiscal year.
(Impacts of COVID-19 pandemic on accounting estimates)
Impacts of the COVID-19 pandemic on the Group are reducing, but certain impacts are expected to remain in the future.
Although it is difficult to predict when the COVID-19 pandemic will be contained, based on information from internaland external sources, we have made accounting estimates for impairment losses on non-current assets and therecoverability of deferred tax assets, etc.

- 18 -

(Segment information, etc.)[Segment information]
1 Overview of reportable segments
The Company’s reporting segments are those units of the Company for which separate financial information isavailable and which the Board of Directors regularly conducts reviews to decide allocation of management resources
and assess business performance.
The Company has operational units assigned with specific products and services. Each of them, including Group
companies, designs comprehensive strategies for their respective products and services and operates business.
Therefore, the Company has set telecommunication business and radio frequency business as reportable segments
based on types of their products and services, ways of providing them, product markets, etc., with these operational
units as the basis.
Key business areas of the respective segments are as show in the below table.
Reportable segment
Telecommunication Business

Main business areas
Manufacture, construction, and sale of antennas, reflectors, steel towers, steel structures, etc.
Plating work on telecommunication equipment, steel building framework, etc.
Construction work for telecommunication facilities, etc.

Radio Frequency Business

Manufacture and sale of high-frequency induction heating equipment and related equipment
Manufacture and sale of high-frequency power source devices for plasma, etc.
Contract high-frequency heat treating service

2 Methods for calculating amounts of net sales, profit/loss, assets, liabilities, etc. by reportable segment
The accounting methods of reported business segments are the same as those described in “Important matters thatform basis for preparation of consolidated financial statements.”
Profit in the reportable segments is based on operating income. Intersegment revenues and transfers are calculatedusing prevailing market prices.

- 19 -

3 Information on amounts of net sales, profit/loss, assets, liabilities, etc. by reportable segment
Previous consolidated fiscal year (from April 1, 2021 to March 31, 2022)
Reportable segment(Millions of yen)Amountrecorded in
Adjustments consolidated(Note)2
financialstatements(Note) 3

Others(Note)1

Total

33,867100

33,968－33,968

－

18

229

248

(248)

－

25,926

7,959

33,885330

34,216(248)

33,968Segment income

2,010

1,058

3,068

167

3,235

(3,182)53

Segment assets

23,922

11,59335,516719

36,235

20,101

56,336

954

309

1,264

66

1,330

50

1,381

779

192

972

13

986

97

1,083

Radio
Telecommunication
Frequency
Business
Business

Total

25,9087,959

18

Net sales
Sales to external customers
Intersegment sales or transfers
Total

Other items
Depreciation
Increase in property, plant, andequipment and intangible assets(Notes) 1
2

The “Others” segment, which is not included in reportable segments, includes equipment leasing and electric powersales businesses.
Details of adjustments are as follows.
(1) Adjustment to segment income of (3,182) million yen includes (116) million yen in eliminations of intersegment
transactions and (3,066) million yen in corporate expenses that are not allocated to any particular reportablesegment. Corporate expenses are mainly general and administrative expenses that are not attributable to any
reportable segments.
(2) Adjustment to segment assets is a corporate asset that is not allocated to reportable segments. Corporate assets areprimarily the Company’s cash and deposits, etc. of the headquarters that are not allocated to reportable segments.
(3) Adjustment to depreciation is a corporate expense that is not allocated to reportable segments. Corporate expenses
are mainly general and administrative expenses that are not attributable to any reportable segments.
(4) Adjustment to increase in property, plant, and equipment and intangible assets is the amount of capital
expenditures of the corporate assets that is not allocated to reportable segments. Corporate assets are mainly

3

capital expenditures at the headquarters that are not attributable to any reportable segments.
Adjustments are made to reconcile segment income with operating income in the consolidated statement of income.

- 20 -

Current consolidated fiscal year (from April 1, 2022 to March 31, 2023)
Reportable segment(Millions of yen)Amountrecorded in
Adjustments consolidate(Note) 2
d financial
statements(Note) 3

Others(Note) 1

Total

31,710107

31,817－31,817

－

34

188

223

(223)

－

22,6139,131

31,745296

32,041(223)

31,817

50

1,132

1,183

139

1,323

(2,834)(1,510)23,854

12,10635,961

663

36,62418,50955,134

Depreciation

770

296

1,067

65

1,132

99

1,232

Increase in property, plant, andequipment and intangible assets

402

509

912

9

921

137

1,059

Telecommunication
Business

Radio
Frequency
Business

Total

22,5789,13134

Net sales
Sales to external customers
Intersegment sales or transfers
Total
Segment income (loss)
Segment assets
Other items(Notes) 1

The “Others” segment, which is not included in reportable segments, includes equipment leasing and electric powersales businesses.

2

Details of adjustments are as follows.
(1) The segment income adjustment of (2,834) million yen includes (77) million yen in elimination of intersegment
transactions and (2,757) million yen in corporate expenses that are not allocated to any reportable segment.
Corporate expenses are mainly general and administrative expenses that are not attributable to any reportablesegments.
(2) Adjustment to segment assets is a corporate asset that is not allocated to reportable segments. Corporate assets areprimarily the Company’s cash and deposits, etc. of the headquarters that are not allocated to reportable segments.
(3) Adjustment to depreciation is a corporate expense that is not allocated to reportable segments. Corporate expenses
are mainly general and administrative expenses that are not attributable to any reportable segments.
(4) Adjustment to increase in property, plant, and equipment and intangible assets is the amount of capital
expenditures of the corporate assets that is not allocated to reportable segments. Corporate assets are mainly capital
expenditures at the headquarters that are not attributable to any reportable segments.

3

Adjustments are made to reconcile segment income (loss) with operating loss in the consolidated statement of income.

- 21 -

[Related information]
Previous consolidated fiscal year (from April 1, 2021 to March 31, 2022)
1 Information by product/service
This information is omitted because similar information is shown in “Segment information.”
2 Information by region(1) Net sales(Millions of yen)
Japan

Asia
31,026

North America
1,772EuropeOthers

876

24

Total
269

33,968

Note: Net sales are classified by country or region based on locations of customers.
(2) Property, plant, and equipment
This information is omitted because the amount of property, plant, and equipment in Japan exceeds 90% of theamount of property, plant, and equipment on the consolidated balance sheet.
3 Information by major customer(Millions of yen)
Name of customer

Net sales

Related segment

NTT DOCOMO, INC.

4,874

Telecommunication BusinessCurrent consolidated fiscal year (from April 1, 2022 to March 31, 2023)
1 Information by product/service
This information is omitted because similar information is shown in “Segment information.”
2 Information by region(1) Net sales(Millions of yen)
Japan

Asia
28,078

North America
1,780Europe1,338

Others
43

Total
577

31,817

Note: Net sales are classified by country or region based on locations of customers.
(2) Property, plant, and equipment
This information is omitted because the amount of property, plant, and equipment in Japan exceeds 90% of theamount of property, plant, and equipment on the consolidated balance sheet.
3 Information by major customer
This information is omitted because there are no external customers that account for 10% or more of sales in the
consolidated statement of income.
[Information on impairment losses on non-current assets by reportable segment]
Previous consolidated fiscal year (from April 1, 2021 to March 31, 2022)
There are no matters to be noted.
Current consolidated fiscal year (from April 1, 2022 to March 31, 2023)(Millions of yen)

Impairment losses

Telecommunication BusinessRadio Frequency
Business

36

214

Entire Company /Cancellation

Others－[Information on amortization of goodwill and unamortized balances by reportable segment]
There are no matters to be noted.
[Information on gains on negative goodwill by reportable segment]
There are no matters to be noted.

- 22 -

－

Total
251

(Per-share information)
Previous consolidated fiscal year (from
April 1, 2021 to March 31, 2022)

Current consolidated fiscal year (from
April 1, 2022 to March 31, 2023)

3,938.79 yen

3,942.82 yen

59.51 yen

(107.75) yen

Net assets per share
Net income (loss) per share(Notes) 1 Diluted net income per share for the current consolidated fiscal year is net loss per share, and no figures are provided as
there are no dilutive shares.
2 No figures are provided for diluted net income per share for the previous consolidated fiscal year as there were no dilutive
shares.
3

Data used in calculating the net income per share and net loss per share are as follows.
Previous consolidated fiscal
year (from April 1, 2021 toMarch 31, 2022)

Current consolidated fiscal year
(from April 1, 2022 to March
31, 2023)

Net income (loss) attributable to shareholders of parent company(millions of yen)705

(1,181)

Amount not attributable to common shareholders (millions of yen)－－

Net income (loss) attributable to shareholders of parent company(millions of yen)705

(1,181)

11,861,833

10,961,348

Item

Average number of common shares during the period
4

We included the Company’s shares held in the trust account of Custody Bank of Japan, Ltd. as trust assets for the sharebased compensation scheme for directors in the treasury stock deducted in the calculation of the average number of shares
over the period in calculating net income per share (72,808 shares in the previous consolidated fiscal year and 79,611
shares in the current consolidated fiscal year).

5

Data used in calculating the net assets per share are as follows.
Previous consolidated fiscal
year (March 31, 2022)

Current consolidated fiscal year
(March 31, 2023)

46,60941,801

Amount deducted from total net assets (millions of yen)

705

553

(Including non-controlling interests of:)

(705)

(553)

45,903

41,247

11,654,176

10,461,524

Item
Total net assets (millions of yen)

Net assets related to common stock at end of fiscal year (millionsof yen)Number of common shares at end of fiscal year used in calculating
net assets per share
6

We included the Company’s shares held in the trust account of Custody Bank of Japan, Ltd. as trust assets for the sharebased compensation scheme for directors in the treasury stock deducted in the calculation of the number of shares at theend of the fiscal year in calculating net asset per share (80,632 shares in the previous consolidated fiscal year and 79,367
shares in the current consolidated fiscal year).

(Significant events after balance-sheet date)
There are no matters to be noted.

- 23 -

4. Other Businesses(1) Production, orders and sales(a) Production results
Previous consolidated fiscal year

Current consolidated fiscal year

(from April 1, 2021
to March 31, 2022)(from April 1, 2022
to March 31, 2023)

Reportable segment

ChangeAmountConstituent ratio

AmountConstituent ratio

Amount(millions of yen)(%)(millions of yen)(%)(millions of yen)

Ratio (%)

Telecommunication
Business

12,692

61.2

9,962

53.6

(2,730)(21.5)

Radio Frequency
Business

8,055

38.8

8,608

46.4

553

6.9

Total

20,748100.0

18,571100.0(2,177)(10.5)(Notes) 1 Amounts are based on sales prices, and intersegment transactions have been offset.
2 In the Telecommunication Business, production results related to construction projects are excluded from the above
production results due to difficulty in defining the results.
(b) Results of orders received
Previous consolidated fiscal year
(from April 1, 2021

Current consolidated fiscal year
(from April 1, 2022

to March 31, 2022)

to March 31, 2023)

Reportable segment

ChangeOrders received Order backlog Orders received Order backlog Orders received Order backlog(Millions of yen) (Millions of yen) (Millions of yen) (Millions of yen) (Millions of yen) (Millions of yen)
Telecommunication
Business
Radio Frequency
Business
Total

26,682

8,815

22,2938,530(4,388)

(284)

8,370

2,766

9,879

3,513

1,508

747

35,052

11,582

32,172

12,044(2,879)462(c) Sales results

Reportable segment

Previous consolidated fiscal year

Current consolidated fiscal year

(from April 1, 2021
to March 31, 2022)(from April 1, 2022
to March 31, 2023)

ChangeAmountConstituent ratio

AmountConstituent ratio

Amount(millions of yen)(%)(millions of yen)(%)(millions of yen)

Ratio (%)

Telecommunication
Business
Construction work

13,18338.8

13,037

41.0

(145)

(1.1)

Equipment and materials
sales

12,725

37.5

9,540

30.0

(3,184)(25.0)

25,90876.3

22,57871.0(3,330)(12.9)

Radio Frequency Business

7,959

23.4

9,131

28.7

1,172

14.7

Total of reportable segments

33,86799.7

31,71099.7(2,157)(6.4)

Subtotal of
Telecommunication
Business

Others
Total

100

0.3

107

0.3

6

6.7

33,968100.0

31,817100.0(2,150)(6.3)(Notes) 1 Intersegment transactions have been offset.
2 The “Others” segment, which is not included in reportable segments, includes equipment leasing and electric power sales
businesses.

- 24 -