CITIZEN

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Consolidated Financial Statements
for the Year Ended March 31, 2024
These financial statements have been prepared for reference only in accordance with accounting principles
and practices generally accepted in Japan. All figures in these statements which are less than 1 million yen
have been rounded down. (English translation)
May 13, 2024
CITIZEN WATCH CO., LTD.

Listings: Prime section of Tokyo Stock Exchange

Code No.: 7762
(URL https://www.citizen.co.jp/global)
Representative: Toshihiko Sato, President and CEO
Contact: Toshiyuki Furukawa, Managing Director, In charge of Public & Investor Relations Department
Tel: +81 -42 -468 -4934
Scheduled ordinary general meeting of shareholders: June 25, 2024
Scheduled start of dividend payment: June 26, 2024
Scheduled release of fiscal 2023 Business Report: June 26, 2024

1. Results for the Year ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Consolidated operating results(Millions of yen; Percentages represent changes over the previous fiscal year)
Net sales

Operating profit

Ordinary profit

Profit attributable toowners of parent

March 31, 2024

312,830

3.8%

25,0685.7%

30,8105.9%

22,958

5.1%

March 31, 2023

301,366

7.1%

23,708

6.4%

29,096

6.4%

21,836(1.4%)

Note: Comprehensive income:As of March 31, 2024: ¥ 45,736 million(43.6%)

As of March 31, 2023: ¥ 31,852 million((15.3%))

Earnings per share(Yen)

Fully diluted
earnings per share(Yen)

Return on equity

March 31, 2024

93.60

-

9.7%

7.7%

8.0%

March 31, 2023

75.25

-

9.6%

7.4%

7.9%

Ratio of Ordinary Ratio of Operating
profit to total assets profit to net sales

Reference: Equity in earnings of unconsolidated subsidiaries and affiliates:
As of March 31, 2024: ¥ 1,361 million As of March 31, 2023: ¥ 1,248 million(2)

Consolidated financial position(Millions of yen)
Total assets

Net assets

Equity ratio

Net assets per
share
(Yen)

March 31, 2024

415,445

256,13459.6%

1,015.74

March 31, 2023

389,982

232,77557.5%

866.68Reference: Shareholders’ Equity:
As of March 31, 2024: ¥ 247,659 million

As of March 31, 2023: ¥ 224,179 million
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Consolidated cash flows(Millions of yen)
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at endof term

March 31, 2024

34,564(12,697)(26,994)

80,338March 31, 2023

16,576(13,526)(40,062)

79,201

2. Dividends
Dividends per share (Yen)

Total
dividends
paid(annual)(Millions ofyen)

Dividends toPay-out ratio consolidated(Consolidated) net assets

First

Second

Third

Year-

Full

quarterquarterquarter

end

year

March 31, 2023

-

15.00

-

19.00

34.00

9,315

45.2%

4.2%

March 31, 2024

-

20.00

-

20.00

40.00

9,761

42.7%

4.2%

March 31, 2025 (E)

-

22.50

22.50

45.00

50.0%

3. Projected Consolidated Results for the Year ending March 31, 2025
(Millions of yen)
(Percentages represent changes over the corresponding period of the previous fiscal year)
Net sales

Operating profit

Ordinary profit

Net income

Earnings
per share(Yen)

Interim term

151,000(1.3%)

11,000(18.8%)

12,200(30.0%)

12,500(6.6%)

51.27

Full term

310,000(0.9%)

23,000(8.3%)

25,500(17.2%)

22,000(4.2%)

90.23

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Others(1)

Important changes of subsidiaries during the term (change of specified subsidiaries that lead to a change inthe scope of consolidation): None(2)

Adoption of simplified accounting method and special accounting methods: None

(3)

Changes in principles, procedures and classifications of accounting standards associated with the
preparation of consolidated financial statements.
(i) Changes associated with revised accounting standards: None(ii) Changes other than those in (i)above: None(iii) Changes in accounting estimate: None(iv) Restatements: None(4)

Number of shares issued and outstanding (common stock)shares(i) Number of shares issued andoutstanding at the end of term
March 31, 2024
246,000,000(including treasury stock)(ii) Number of treasury stock at theend of term(iii) Average number of common
stockssharesMarch 31, 2023

294,000,000

March 31, 2024

2,178,601

March 31, 2023

35,334,190

March 31, 2024

245,277,690

March 31, 2023

290,183,268* The consolidated financial statements are not included in the scope of the audit.
* Explanation about the proper use of financial forecasts and other important notes
Statements above relating to financial forecasts are based on information available to the Company andcertain assumptions the Company considers reasonable as of the date of the announcement of thesestatements. Actual results may differ materially from these forecasts, depending on a variety of factors.
Please refer to the attached “1. ANALYSIS OF OPERATIONG RESULTS, (4) Prospects for the Yearending March 31, 2025” on page 7 for assumptions underlying the above forecasts and precautions
regarding their use.

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WATCH(Attached Documents)○INDEX
1. ANALYSIS OF OPERATIONG RESULTS........................................................................................... 5(1)
Fiscal Year End Operating Results .............................................................................................................5

2.
3.

(2)

Assets Outstanding at Fiscal Year End ......................................................................................................6(3)

Cash Flows at Fiscal Year End ...................................................................................................................6(4)
Prospects for the Year ending March 31, 2025 ..........................................................................................7
FUNDAMENTAL VIEWS ON SELECTING ACCOUNTING STANDARDS ........................................ 8CONSOLIDATED FINANCIAL STATEMENTS AND PRIMARY NOTES ........................................... 9(1)
Consolidated Balance Sheet ......................................................................................................................9(2)

Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ................ 11

Consolidated Statement of Income

11

Consolidated Statement of Comprehensive Income

12

(3)

Consolidated Statements of Changes in Equity .......................................................................................13(4)

Consolidated Statement of Cash Flow .....................................................................................................15(5)

Notes on the Consolidated Financial Statements ....................................................................................16(Notes related to of going concern assumptions)16(Change in presentation method)

16(Segment information)

16(Per Share Information)

18(Significant Subsequent Events)

19

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1. ANALYSIS OF OPERATIONG RESULTS(1) Fiscal Year End Operating Results
During the consolidated fiscal year under review, the Japanese economy continued to experience a moderate
recovery in consumer spending, reflecting the normalization of economic activity. In North America and Europe,
consumer spending remained firm due partly to increases in wages and employment, despite growing concern
over an economic recession linked to inflation and rising interest rates. The Chinese economy experienced asluggish recovery following the resumption of normal economic activity. Meanwhile, recoveries in other Asian
regions were only moderate due to the lack of momentum in exports and weak demand for capital spending.
In this environment, the Citizen Group’s consolidated results for the fiscal year under review showed increases
in sales and profits, with net sales of 312.8 billion yen (up 3.8% year on year) and operating profit of 25.0 billion
yen (up 5.7 year on year). These results were driven mainly by strong performance in Watches. Ordinary profit
increased to 30.8 billion yen (up 5.9% year on year), while profit attributable to owners of parents came to 22.9
billion yen (up 5.1% year on year).
WatchesIn the domestic market, sales of Citizen brand watches increased with the support of the strong performance of
men’s watches such as ATTESA and PROMASTER and the recovery of inbound tourism-related demand,
despite a decline in consumer confidence linked to price increases.
Looking at overseas markets, the North American market showed signs of weakness in sales for distribution
such as jewelry chain stores and department stores amid an increase in budget-minded consumers in responseto the CPI remaining high. Even so, sales increased, reflecting the strong performance of online sales and sales
for travel distribution. Even so, sales increased, chiefly reflecting the strong performance of online sales. The
European market suffered price increases. Despite this, sales climbed due to the strong performance recorded
mainly in the UK and Italy, as well as a steady increase in new retailers selling Citizen watches in France. In Asia,
countries such as India and Singapore showed signs of a recovery, while sales varied by region. Sales grew in
the Chinese market thanks to the success of collaboration merchandise and new initiatives using social media.
Sales of Bulova brand watches rose. This was attributable to, in the mainstay North American market, thecultivation of new sales channels including sales for tourism-related distribution, offsetting weak sales for main
distribution channels such as jewelry chain stores.
Sales of movements climbed due to solid sales of mechanical movements, which offset slow sales of analog
quartz movements due to concerns about a recession in the North American and European markets.
As a result, notwithstanding concerns about a decline in consumer confidence linked to the long-term priceincreases occurring globally, thanks to the progress made in initiatives for the enhancement of sales of global
brands, premium brands and mechanical watches, the watches segment as a whole posted an increase in sales,with net sales of 162.2 billion yen (up 10.8% year on year). Operating profit increased 19.4% year on year, to 19.8
billion yen, given an increase in net sales and ongoing efforts to improve profitability.
Machine Tools
Sales declined in the domestic market with the continuation of a generally cautious stance regarding capital
expenditures, sluggish growth in shipments of automobile-related products and a slump in the semiconductor
equipment and pneumatic equipment markets. As for overseas markets, sales primarily of medical products
remained strong in the European and American markets. However, this was offset by the ongoing sluggishness ofmarkets in China and other Asian countries, which resulted in a decrease in sales.
As a result, the machine tools segment as a whole posted a decrease in sales, with net sales of 81.6 billion yen(down 5.3% year on year). Operating profit decreased to 9.0 billion yen (down 26.0% year on year), due mainly
to rises in raw material prices and transportation expenses.
Devices and Components
Sales of automotive parts increased with the easing of shortages of parts supplies that had been caused bysemiconductor shortages, together with a recovery in production at car manufacturers. Sales of small motors rose,
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reflecting market recoveries in a broad range of areas including medical products. However, sales of crystal
devices decreased, reflecting sluggish demand growth in demand in the personal computer and IoT markets.
Sales of opto-devices decreased due to sluggish demand.
As a result, the devices and components segment overall recorded a decrease in sales and an increase inprofit, with net sales of 42.4 billion yen (down 5.0% year on year) and operating profit of 0.4 billion yen (comparedto operating loss of 0.8 billion yen in the same period of the previous fiscal year).
Electronic and Other Products
In information equipment, the recovery of demand was weak due to the deterioration of the market environment
outlook, resulting in the sluggish growth of POS printers and bar code printers. Even so, sales increased,reflecting strong sales of photo printers due to the growth of demand. Sales of healthcare equipment decreased
given ongoing weakness in demand for thermometers and sales of blood pressure monitors, which fell short ofsales in the previous year despite a recovery trend.
As a result, the electronic and other products segment overall recorded an increase in both sales and profits
with net sales of 22.5 billion yen (up 10.0% year on year) and operating profit of 1.5 billion yen (up 38.7% year onyear).

(2) Assets Outstanding at Fiscal Year End
As of the end of the consolidated fiscal year under review, total assets had increased by 25.4 billion yen fromthe end of the previous consolidated fiscal year, to 415.4 billion yen. Current assets increased by 8.0 billion yen,mainly reflecting rise of 4.0 billion yen and 7.5 billion yen in notes and accounts receivable – trade and inventories,
more than offsetting a 1.1 billion yen decrease in cash and deposits and inventories. Non-current assets
increased by 17.3 billion yen, reflecting an 8.4 billion yen increase in total property, plant and equipment and a 7.5
billion yen increase in investment securities.
Liabilities had increased by 2.1 billion yen from the end of the previous consolidated fiscal year, to 159.3 billion
yen. This was primarily due to increases of 1.6 billion yen in electronically recorded obligations - non-operatingand 2.7 billion yen in lease liabilities, which was partly offset by a decrease of 3.8 billion yen in electronicallyrecorded obligations - operating.
Net assets increased by 23.3 billion yen from the end of the previous consolidated fiscal year, to 256.1 billion
yen, primarily reflecting a 15.8 billion yen increase in foreign currency translation adjustment and a 6.4 billion yen
increase in valuation difference on available-for-sale securities.
(3) Cash Flows at Fiscal Year End
For the cash status of the Citizen Group, cash provided from operating activities was 34.5 billion yen an increaseof 17.9 billion yen in income from the previous fiscal year. This was attributable primarily to factors of increasesuch as 29.3 billion yen in profit before income taxes and 12.3 billion yen in depreciation, which more than offset
factors of decrease such as a decrease of 8.6 billion yen in trade payables and 6.2 billion in income taxes paid.
Cash used in investing activities was 12.6 billion yen, a decrease of 0.8 billion yen in expenditure from theprevious fiscal year. This was due to factors including 1.9 billion yen in purchase of property, plant and equipment,
which more than offset factors such as proceeds from the sale of investment securities of 2.7 billion yen.
Cash used in financing activities was 26.9 billion yen, a decrease of 13.0 billion yen in expenditure from theprevious fiscal year. This resulted chiefly from factors such as 12.8 billion yen in purchase of treasury shares, and9.8 billion yen in dividends paid.
As a result, cash and cash equivalents increased 1.1 billion yen year on year to total 80.3 billion yen at the end of
the fiscal year under review.

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WATCH(4) Prospects for the Year ending March 31, 2025
Year ended March 31,
2024

2025

Year-on-yearchange%Net sales

312,830

310,000(2,830)(0.9%)

Operating profit orloss

25,06823,000(2,068)(8.2%)

Ordinary profit or loss

30,81025,500(5,310)(17.2%)

Profit or loss attributableto owners of parent

22,95822,000(958)(4.2%)

2024

2025

Year-on-yearchange%Watches

166,205

171,500+5,295+3.2%

Machine Tools
Devices andcomponents
Electronic and Other
Products

81,62973,000(8,629)(10.6%)

42,48742,500+13+0.0%

22,50723,000

+493

+2.2%

Total net sales

312,830

310,000(2,830)(0.9%)

2024

2025

Year-on-yearchange%Watches

19,851

20,500

+649

+3.3%

Machine Tools
Devices andcomponents
Electronic and Other
Products
Eliminations or
general corporate
Total Operating profit
or loss

9,029

6,600

(2,429)(26.9%)

463

800

+337

+72.8%

1,588

1,500

(88)

(5.5%)(5,864)(6,400)(536)

₋

25,06823,000(2,068)(8.2%)

Millions of yen

Breakdown of sales by segment
Year ended March 31,
Millions of yen

Breakdown of operating profit by segment
Year ended March 31,
Millions of yen

The Group anticipates weakness in certain sectors of the economy as the post-pandemic recovery in demandruns its course. The economy will still continue to recover moderately. The Group projects that consumer demandand inbound tourism-related demand will recover to a certain degree in Japan, while overseas, consumer
spending will remain firm despite concerns about uncertain market conditions.
Taking this situation into account, the Group forecasts net sales of 310.0 billion yen (down 0.9% year on year),
operating profit of 23.0 billion yen (down 8.2% year on year), ordinary profit of 25.5 billion yen (down 17.2% year
on year) and profit attributable to owners of parent of 22.0 billion yen (down 4.2% year on year) for consolidated
financial results for the next fiscal year.
The foreign exchange rates are assumed to be 145 yen against the U.S. dollar and 155 yen against the euro.
Actual foreign exchange rates were 144 yen against the U.S. dollar and 156 yen against the euro in the
consolidated fiscal year under review.
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2. Fundamental Views on Selecting Accounting Standards
The Citizen Group will continue to compile its consolidated financial statements using Japanese standards forthe foreseeable future, as they enable comparison of fiscal years in the consolidated financial statements as well
as a comparison among companies.
The Group has the policy of appropriately dealing with the application of IFRS, by taking into consideration
circumstances in Japan and overseas.

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3. Consolidated Financial Statements and Primary Notes(1) Consolidated Balance Sheet

As of March 31,
2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims - operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Consumption taxes refund receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Tools, furniture and fixtures, net
Land
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Allowance for investment loss
Total investments and other assets
Total non-current assets
Total assets

9（Millions of yen）
As of March 31,
2024

82,49053,7182,081
58,60424,291
25,595
3,052
10,907(1,099)259,642

81,31257,754
3,056
64,977
26,472
24,6002,659
8,178(1,272)
267,741

41,80815,868
3,899
10,3675,134
2,443
79,52143,146
18,634
4,477
10,5297,722
3,477
87,987

3,951
799
4,751

4,368
837
5,206

39,021
163
5,581
1,675
(236)
(138)
46,066130,340
389,982

46,602
182
6,058
1,979
(313)
－
54,510147,703415,445

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As of March 31,
2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Notes payable - facilities
Electronically recorded obligations - non-operating
Short-term borrowings
Current portion of bonds payable
Income taxes payable
Accrued expenses
Provision for bonuses
Provision for bonuses for directors (and other officers)
Provision for product warranties
Provision for loss on reorganization
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Provision for loss on reorganization
Retirement benefit liability
Lease liabilities
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
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（Millions of yen）
As of March 31,
2024

18,88913,32518384
3,787
10,0002,179
10,997
6,156
303
1,244
110
11,91879,317

18,712
9,482
115
2,057
10,077－2,315
12,252
6,548
328
1,264
104
12,38175,641－
51,3283,628
616,572
4,679
1,673
77,889157,206

10,00042,4335,334
516,777
7,380
1,737
83,668159,31032,64833,740150,483(28,581)
188,290

32,64833,739124,466(1,698)189,156

10,16125,65967
35,888
8,596
232,775
389,982

16,561
41,558382
58,502
8,475
256,134
415,445

CITIZEN

WATCH(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income（Millions of yen）

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income
Share of profit of entities accounted for using equity method
Foreign exchange gains
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on sale of notes receivable - trade
Depreciation of assets for rent
Commission for purchase of treasury shares
Bond issuance costs
Non-deductible consumption tax
Provision of allowance for doubtful accounts
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Gain on sale of shares of subsidiaries
Gain on sale of non-current assets
Other
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Impairment losses
Reorganization cost
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitLoss attributable to non-controlling interests
Profit attributable to owners of parent

11

Year ended
March 31, 2023
301,366
179,186
122,180
98,472
23,708Year ended
March 31, 2024
312,830
181,447
131,383
106,31425,068

851
1,563
111
1,248
1,237
233
1,002
6,248

1,364
1,292
105
1,361
2,879
81
328
7,413

297
26
19
86
－
126
－
303
860
29,096

334
12
40
586
53
－
173
469
1,670
30,810

1,530
－
1,761
427
3,719

554
414
45
12
1,026

17
501
3,887
32
138
4,576
28,240
6,400
809
7,210
21,029(807)
21,836

28
559
1,677
13
228
2,507
29,3298,213(1,689)6,524
22,805(152)
22,958

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Consolidated Statement of Comprehensive Income（Millions of yen）
Year ended
March 31, 2023
21,029Year ended
March 31, 2024
22,805

1,183
8,731
460
446
10,82331,852

6,400
15,411
345
772
22,93045,73632,496(643)

45,572
163

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

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WATCH(3) Consolidated Statements of Changes in Equity
Financial year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period
Changes during period
Purchase of shares of
consolidated subsidiaries
Dividends of surplus
Profit attributable toowners of parent
Cancellation of treasury shares
Purchase of treasury shares
Disposal of treasury shares
Transfer from retained earnings
to capital surplus
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

32,648Retained earnings

Treasury shares

145,912(8,225)33,74021,836(10,199)

10,199(30,611)55

11－32,648

10,188(10,188)－
33,7404,570
150,483

16,646(394)

204,076

21,836－(30,611)66－(20,356)(28,581)

Accumulated other comprehensive income
Total accumulated
Foreign currency Remeasurements
othertranslationof defined benefit
comprehensive
adjustment
plansincome

8,977

Total
shareholders'equity－(7,078)(7,078)Valuationdifference on
available-for-salesecurities
Balance at beginning of period
Changes during period
Purchase of shares of
consolidated subsidiaries
Dividends of surplus
Profit attributable toowners of parent
Cancellation of treasury shares
Purchase of treasury shares
Disposal of treasury shares
Transfer from retained earnings
to capital surplus
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Capital surplus

25,228(15,785)
188,290

Non-controllinginterests
9,367

Total net assets

238,673－(7,078)21,836－(30,611)
66
－

1,183
1,183
10,161

9,013
9,013
25,659

13

462
462
67

10,65910,65935,888

(770)
(770)
8,596

9,888
(5,897)
232,775

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Financial year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period
Changes during period
Purchase of shares of
consolidated subsidiaries
Dividends of surplus
Profit attributable toowners of parent
Cancellation of treasury shares
Purchase of treasury shares
Disposal of treasury shares
Transfer from retained earnings
to capital surplus
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Balance at beginning of period
Changes during period
Purchase of shares of
consolidated subsidiaries
Dividends of surplus
Profit attributable toowners of parent
Cancellation of treasury shares
Purchase of treasury shares
Disposal of treasury shares
Transfer from retained earnings
to capital surplus
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

32,648

Capital surplus

Retained earnings

Treasury shares

150,483(28,581)

33,740(0)22,95839,166(12,305)22

0－32,64839,166(39,166)(0)33,739(26,017)
124,466

188,290(0)(9,809)(9,809)(39,166)

Total
shareholders'equity22,958－(12,305)22－

26,883(1,698)

Accumulated other comprehensive income
Valuation
Total accumulated
Foreign currency Remeasurements
difference onothertranslationof defined benefit
available-for-salecomprehensive
adjustment
plans
securities
income10,16125,65967
35,888865
189,156

Non-controllinginterests
8,596

Total net assets

232,775(0)(9,809)22,958－(12,305)
22
－

6,400
6,400
16,561

15,89815,89841,558

14

315
315
382

22,614
22,61458,502

(121)
(121)
8,475

22,49323,358256,134

CITIZEN

WATCH(4) Consolidated Statement of Cash Flow
（Millions of yen）

Year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in provision for loss on reorganization
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in other provisions
Increase (decrease) in retirement benefit liability
Interest and dividend income
Subsidy income
Interest expenses
Loss (gain) on valuation of investment securities
Loss (gain) on sale of investment securities
Loss (gain) on sale of shares of subsidiaries
Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets
Impairment losses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Subsidies received
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Loan advances
Proceeds from collection of loans receivable
Payments for sale of shares of subsidiaries resulting in change in scope of consolidation
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Dividends paid
Proceeds from share issuance to non-controlling shareholders
Dividends paid to non-controlling interests
Purchase of treasury shares
Proceeds from sale of treasury shares
Purchase of shares of subsidiaries not resulting in change in scope of consolidation
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

15

Year ended
March 31, 2024

28,240
11,200
(319)
(58)
321
(3,465)(2,415)(233)
297－(1,530)－(1,744)501
3,887(1,302)(7,699)(2,573)
146
23,251
2,426(299)(9,035)233
16,57629,32912,327
(8)
103
27
245
(2,657)
(81)
334
62
(549)
(414)
(16)
559
1,677
972
(74)
(8,627)
5,215
38,4272,659(331)(6,272)
81
34,564(0)
1,811(15,091)
1,827(1,465)
(5)
4
－
(607)
(13,526)(1)
2,721(15,915)210(1,946)
(3)
3
(0)
2,233
(12,697)

1,653
1,000
(3,755)－－(7,078)25(147)(30,697)66－(1,129)(40,062)
4,976(32,036)
111,237
79,201(2,645)1,000(1,029)10,000(10,000)(9,809)－(233)(12,891)0(0)(1,385)(26,994)
6,264
1,137
79,20180,338

CITIZEN

WATCH(5) Notes on the Consolidated Financial Statements(Notes related to of going concern assumptions)Not applicable(Change in presentation method)(Notes to Consolidated Statement of Income)Commission for syndicate loans that was shown separately under non-operating expenses in the previous fiscal
year are included in other in the fiscal year under review because they have become insignificant in monetary
terms. To reflect the change in presentation, it has made reclassification in the consolidated financial statements
for the previous year. As a result, both Commission for syndicate loans amounting to 48 million yen and otheramounting to 382 million yen that were shown separately under non-operating expenses in consolidated
statement of income of the previous fiscal year are reclassified under other, amounting to 430 million yen.

(Segment information)
a. Business segment
The Citizen Group’s reportable segments are group components for which separate financial information
can be obtained. Each segment is subject to periodic examinations to allow the Board of Directors to decide
how to allocate management resources and assess performance.
The Citizen Group has adopted an operating holding company structure and comprehensive strategies areproposed and businesses are pursued by individual operating companies.
Consequently, the Citizen Group, starting from a foundation of operating companies manages its
businesses through five reportable segments – Watches, Machine tools, Devices and components,
Electronic products, and Other products – based on factors like similarity of types and characteristics ofproducts.
Each segment and its major products are as shown below.
Segment

Major products

Watches

Watches, Movements

Machine Tools

CNC automatic lathes

Devices and Components

Auto parts, Crystal devices, Small motors, Chip LEDs

Electronic and Other Products Printers, Health care equipment, etc.

b. Method for calculating sales, income/loss, assets, liabilities, and other items for reportable segments
The accounting methods applied to the business segments reported are generally the same as thosedescribed under basis of Presenting the Consolidated Financial Statements.
Reportable segment income is based on Operating profit.
Inter-segment earnings and transfers are based on market prices.

16

CITIZEN

WATCH

c. Net sales, income/loss, assets, liabilities, and other items by segment
Year ended March 31, 2023

WatchesMillions

Machine tools

Devices andcomponentsof yenElectronic and
Other
Products

Eliminations
Segment

or general

totalscorporate

Consolidated
totals(Note:2)(Note:1)

Net sales
Customers

15,002

86,17144,737

20,454

301,366₋

301,366

94

236

1,369

630

2,331

(2,331)₋

Total

150,097

86,408

46,10721,084

303,697(2,331)

301,366

Operating profit

16,632

12,203

(818)

1,145

29,162(5,454)23,708Assets

189,683

92,622

66,362

21,233369,901

20,080389,982

Inter-segment

Notes:
1. Adjustments were made as described below.
(1) The 5,454 million yen negative adjustment to segment income (Operating profit) includes 133 million yen ininter-segment eliminations and 5,588 million yen in corporate expenses that could not be allocated to aparticular segment.
(2) The 20,080 million yen positive adjustment to segment assets includes 52,217 million yen in corporate
assets that could not be allocated to a particular segment and 32,136 million yen to eliminate inter-segment
obligations.
2. Segment profits and losses are adjusted with Operating profit on the consolidated financial statements.
Year ended March 31, 2024

WatchesMillions

Machine tools

Devices andcomponentsof yenElectronic and
Other
Products

Eliminations
Segment

or general

totalscorporate

Consolidated
totals(Note:2)(Note:1)

Net sales
Customers

166,205

81,62942,48722,507

312,830-

312,830

80

304

1,769

636

2,791

(2,791)-

Total

166,286

81,93444,25623,144

315,621(2,791)

312,830

Operating profit

19,851

9,029

463

1,588

30,933(5,864)25,068Assets212,331

93,534

66,41023,366395,643

19,801

415,445

Inter-segment

Notes:
1. Adjustments were made as described below.
(1) The 5,864 million yen negative adjustment to segment income (Operating profit) includes 118 million yen ininter-segment eliminations and 5,983 million yen in corporate expenses that could not be allocated to aparticular segment.
(2) The 19,801 million yen positive adjustment to segment assets includes 60,018 million yen in corporate
assets that could not be allocated to a particular segment and 40,216 million yen to eliminate inter-segment
obligations.
2. Segment profits and losses are adjusted with Operating profit on the consolidated financial statements.
17

CITIZEN

WATCH(Per Share Information)
Year ended March 31, 2023

Year ended March 31, 2024

Net assets per share

866.68 yen

1,015.74 yen

Earnings per share

75.25 yen

93.60 yen

Note: 1. Diluted earnings per share is not reported because there were no dilutive shares.
Note: 2. The basis of calculation of earnings per share information is as follows:
Earnings per share

Year ended March 31, 2023

Year ended March 31, 2024

21,836

22,958--21,836

22,958290,183

245,277

Profit attributable to owners of parent(millions of yen)Amount not attributed to common stock(millions of yen)
Profit attributable to owners of parent oncommon stock (millions of yen)
Average number of common stocks(thousand shares)

Note: 3. The basis of calculation of net assets per share is as follows:Year ended March 31, 2023

Year ended March 31, 2024

232,775

256,134

8,596

8,475

(8,596)(8,475)

224,179

247,659

258,665

243,821

Net assets (millions of yen)Amount deducted from total net assets(millions of yen)(Non-controlling interests (millions of yen))
Net assets on common stock at end of term
(millions of yen)
Number of common shares at end of term
used in the calculation of net assets per
share (thousand shares)

18

CITIZEN

WATCH

Note: 4. The computation of the amount of net assets per share is based on the number of shares calculated bydeducting the number of treasury shares at the end of a term and the number of shares owned under the
BIP trust at the end of the term from the total number of outstanding shares at the end of that term. The
calculation of earnings per share or loss per share is based on the number of shares calculated bydeducting the average number of treasury shares during a term and the average number of shares owned
under the BIP trust during the said term from the average total number of outstanding shares during thesaid term.
The average number of the Company's shares owned under the BIP trust for the previous consolidated
fiscal year was 408,352 and the number of the Company's shares at the end of the fiscal year was 483,762.
The average number of the Company's shares owned under the BIP trust for the consolidated fiscal year
under review was 459,171 and the number of the Company's shares at the end of the fiscal year was
449,254.

(Significant Subsequent Events)
Not applicable19