Consolidated Financial Results for the Fiscal Year Ended March 31, 2024
(Under Japanese GAAP)
Company name:Securities code:
Representative:
Inquiries:

DKK Co., Ltd.
6706
URL https://denkikogyo.co.jp/
President & Representative(Title)Director
Managing Officer and Head of(Title)Finance Department

Scheduled date of annual
June 27, 2024
general meeting of shareholders
Scheduled date to file annual
securities report
Preparation of supplementarymaterial on financial results:
Holding of financial results
briefing:

May 10, 2024
Listing: Tokyo Stock Exchange(Name) Tadatoshi Kondo(Name) Toshihisa Takayama Phone: +81-3-3216-1671
Scheduled date tocommence dividend
payments:

June 28, 2024

June 28, 2024
Yes
Yes(For institutional investors and analysts)(Yen amounts are rounded down to millions)
1. Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results(Percentages indicate year-on-year changes.)
Net income attributable toshareholders of parent
Net sales
Operating income
Ordinary income
company
Millions of yen
Fiscal year ended
28,864
March 31, 2024
Fiscal year ended
31,817
March 31, 2023
Note: Comprehensive Fiscal year ended
incomeMarch 31, 2024

% Millions of yen% Millions of yen% Millions of yen

%

(9.3)

(1,787)-(1,537)-(1,977)-(6.3)(1,510)-(1,219)-(1,181)-

Fiscal year ended
March 31, 2023

(848) Millions of yen (-%)

Net income per share
yen
Fiscal year ended(198.93)
March 31, 2024
Fiscal year ended(107.75)
March 31, 2023
(Reference) Equity in earnings Fiscal year endedof affiliates
March 31, 2024
(2) Consolidated financial position
Total assets
Millions of yen
Fiscal year ended
54,906
March 31, 2024
Fiscal year ended
55,134
March 31, 2023
(Reference) Net asset excluding Fiscal year ended
non-controlling interests
March 31, 2024

Diluted net income per
share
yen

(841) Millions of yen (-%)

Ordinary
Operating marginincome/total asset%%%

Return on equity

-

(5.0)

(2.8)

(6.2)

-

(2.7)

(2.2)

(4.7)

- Millions of yen

Net assets
Millions of yen

Fiscal year ended
March 31, 2023

- Millions of yen%

Net assets per shareyen

38,72369.0

3,917.44

41,80174.8

3,942.82

37,883 Millions of yen

Equity ratio

Fiscal year ended
March 31, 2023

41,247 Millions of 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
(688)
3,797
(770)
17,330March 31, 2024
Fiscal year ended
(870)
497
976
14,253
March 31, 2023

2. Dividends

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

Annual dividends
End of third End of fiscal
quarteryear

Total
Dividend on net
Payout ratio
dividends
asset(Consolidated)(Total)(Consolidated)
Millions of%%yen

End of firstquarter

End of second
quarter

yen

yen

yen

yen

yen

-

30.00

-

30.00

60.00

646

-

1.5

-

30.00

-

30.00

60.00

593

-

1.5

-

30.00

-

30.00

60.00

Total

160.0

3. Forecast of consolidated operating results for the fiscal year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)(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
12,000
(4.2)
(950)
(900)
(650)
(60.92)(cumulative)
Full year
33,000
14.3
500
600
400
37.49

*Notes:(1) Changes in significant subsidiaries during the fiscal year (changes in specific subsidiaries
resulting in changes in scope of consolidation)

No(Note) Although it doesn’t fall under the category of changes in specific subsidiaries, DKC Co., Ltd. (DKC) and Koshuha Co., Ltd. (Koshuha), which
had been consolidated subsidiaries of DKK Co. Ltd. (the Company) were removed from the scope of consolidation from the beginning of thefirst quarter of the current fiscal year. This was due to the fact that as a result of a merger where the Company was the surviving company, and
DKC and Koshuha were dissolved companies. In the second quarter of the fiscal year under review, Cybercore Co., Ltd. was included in thescope of consolidation because the Company acquired shares of Cybercore Co., Ltd. as of September 29, 2023. In addition, Cyber Core Vietnam
Co., Ltd., a subsidiary of the company, was also included to the scope of consolidation. In the fourth quarter of the fiscal year under review, DKK
North America, Inc., a subsidiary of the Company, was included in the scope of consolidation because it increased in importance.

(2) Changes in accounting policies and accounting estimates, and restatement(a) Changes in accounting policies due to revision ofNo
accounting standards, etc.:(b) Changes in accounting policies other than (a): Yes(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 the period(c) Average number of shares during theperiodFiscal year ended
March 31, 2024
Fiscal year ended
March 31, 2024
Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2023
Fiscal year ended
1,229,606 shares
March 31, 2023
Fiscal year ended
9,940,316 shares
March 31, 2023

10,900,000 shares

12,100,000 shares
1,638,476 shares
10,961,348 shares(Reference) Summary of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2024 (April 1, 2023 - March 31, 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)

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

Net sales
Millions of yen

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

20,667(18.2)(1,934)-(1,429)-956-

25,254(7.5)(1,171)

-

(452)

-

(277)

-

yen

Diluted net income per
share
yen

96.22

-

(25.32)-

Net income per share
Fiscal year ended
March 31, 2024
Fiscal year ended
March 31, 2023%

(2) Non-consolidated financial position
Total assets
Millions of yen
Fiscal year ended
43,837
March 31, 2024
Fiscal year ended
42,252
March 31, 2023
(Reference) Net asset excluding Fiscal year ended
non-controlling interests
March 31, 2024

Net assets

Equity ratio

Net assets per share

Millions of yen%

yen

30,01468.5

3,103.78

31,06073.5

2,969.04

30,014 Millions of yen

Fiscal year ended
March 31, 2023

31,060 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 future projections in this report are based on information currently available to the Company and certain
assumptions the Company believes to be reasonable, and are not intended to be a promise by the Company that they will beachieved. 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 Company will have a live webcast of the financial results briefing for institutional investors and analysts on Tuesday, May
14, 2024. The materials used for the briefing will be posted to the Company’s website as soon as the briefing session ends.

○ 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 assumptions) .........................................................................................................................
(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 ..........................................................................................................................................

- 1 -

2
2
3
3
4
4
4
5
6
6
8
8
10
11
13
15
15
15
15
16
21
21
22
22

1. Summary of operating results, etc.
(1) Summary of operating results for the fiscal year
During the consolidated fiscal year under review, Japanese economy gradually recovered despite some weak trends. Capital
investment remains resilient against the backdrop of high-level corporate income, and production activities show signs ofrecovery due to alleviation of supply restrictions. However, there are multiple risk factors such as uncertainties in overseas
economy, continued spikes in material prices due to high commodity prices and depreciation of yen continue, and weakness inconsumption. As a result, the outlook remains unpredictable.
In the telecommunications-related industry, where our group is involved, capital investment plans of customers remain restrained
overall in the mobile communications-related field. In the fixed wireless communication-related field, demand for administrative
radio systems for disaster prevention is recovering due to enhancement of disaster prevention systems by local governments.
However, in the broadcasting-related field, demand for equipment renewal by broadcasters remains stagnated due to continued
postponement. In the applied high-frequency devices industry, capital investment demand shows signs of recovery in theautomotive-related field, but the underlying tone remains moderate. In all fields of business, cost raising factors such as spikes
in prices of energy and components, etc. as well as labor costs continue to have an impact.
As a result, orders received decreased 0.3% year on year to 32,067 million yen, and net sales decreased 9.3% year on year to
28,864 million yen.
As for profits, the Group posted operating loss of 1,787 million yen (compared to operating loss of 1,510 million yen for the year
earlier period), ordinary loss of 1,537 million yen (compared to ordinary loss of 1,219 million yen for the year-earlier period),
net loss attributable to shareholders of parent company of 1,977 million yen (compared to net loss attributable to shareholders ofparent company of 1,181 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 remained limited overall,and demand for 5G capital investment was also stagnant or put on hold. In the fixed wireless communication-related field,
demand for administrative radio systems for disaster prevention to improve and digitalize disaster prevention system in local
governments was recovering due to extension of periods for emergency disaster prevention and reduction bonds, but pricecompetition in bidding has gotten severer. Defense-related demand is on an increasing trend due to increase in defense budget.
In the broadcasting-related field, demand for maintenance by broadcasters is recovering, but demand for update of digital
broadcasting equipment is still postponed. In the solutions-related field, by combining image AI technology and sensing AI
technology of Cybercore Co., Ltd., acquired on September 29, 2023, and wireless communication technology and sensing
technology centered on various cameras cultivated by the Company, the Company is efficiently and arduously building thesolution business using the strengths of both companies. In other fields, the Company was continuously securing demand foroutdoor construction steel frames and surface treatment for steel structures, 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 and improve productivity. However,factors such as delayed delivery of parts and soaring raw material costs remained.
As a result, orders received decreased 1.0% year on year to 22,070 million yen, and net sales decreased 15.2% year on year to
19,167 million yen. Segment loss (operating loss) came to 56 million yen (compared to segment income of 50 million yen in the
year-earlier period).
(Radio Frequency Business)
In this business, in the mainstay field of high-frequency induction heating equipment, global semiconductor shortages and longer
lead time for orders of components, etc. have been solved, and demand for capital investment was on a recovery track. In thefield of contract heat treating service, demand is on a recovery trend, owing to the end of production adjustment at automobile
manufactures; however, the rise in costs due to soaring energy costs remained. In the new radio frequency related field, we havebeen working on verification of the peripheral technologies for sophistication of superheated steam technology, in a bid to create
demand for treatment of food and waste using superheated steam equipment, and received orders during the consolidated fiscal
year under review. We have overcome challenges and accumulated data and expertise through repeated demonstration
experiments with various companies with which we had not worked before, and we have been making steady progress forpioneering new business domains.
Under such business environment, this business also experiences rising costs due to soaring raw material costs and energy costs,
etc.; however, we have been striving to increase profit by improving productivity and reviewing the sales price.

- 2 -As a result, orders received increased 1.2% year on year to 9,997 million yen and net sales increased 5.4% year on year to 9,623
million yen. Segment income (operating income) decreased 9.7% year on year to 1,023 million yen.

(2) Summary of financial position for the fiscal year
Total assets at the end of the current consolidated fiscal year decreased 227 million yen from a year earlier to 54,906 million yen.
Current assets decreased 2,360 million yen from the end of the previous fiscal year to 38,302 million yen. The main factors weredecreases of 693 million yen in cash and deposits and 1,948 million yen in accounts receivable including notes receivable, despite
an increase of 659 million yen in inventories.
Non-current assets increased 2,132 million yen from the end of the previous fiscal year to 16,604 million yen. The main factors
were increases of 1,689 million yen in intangible assets, 599 million yen in net defined benefit assets, and 1,000 million yen in
long-term time deposits, despite a decrease of 1,341 million yen in property, plant, and equipment.
Current liabilities increased 1,170 million yen from the end of the previous fiscal year to 10,338 million yen. The main factors
were increases of 2,200 million yen in short-term loans payable, despite decreases of 693 million yen in accounts payable
including notes payable and 515 million yen in contract liabilities.
Fixed liabilities increased 1,680 million yen from the end of the previous fiscal year to 5,845 million yen. The main factors wereincreases of 1,781 million yen in long-term unearned revenue, despite a decrease of 106 million yen in net defined benefit
liability.
Net assets decreased 3,078 million yen from the end of the previous fiscal year to 38,723 million yen. The main factors weredecreases of 5,448 million yen in retained earnings, despite increases in net assets due to increases of 479 million yen in valuationdifference on available-for-sale securities, 375 million yen in foreign currency translation adjustment, and 978 million yen intreasury 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 consolidated fiscal year increased by 3,077 million yen
from a year earlier to 17,330 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 688 million yen (870 million yen a year earlier). This is mainly due to decrease
factors such as net loss before income taxes of 2,306 million yen and gain on sales of investment securities of 1,331 million yen,which were more than increase factors such as an increase of 2,078 million yen in notes and accounts receivable-trade andimpairment losses of 1,860 million yen.
(Cash flows from investing activities)
Funds provided by investing activities totaled 3,797 million yen (497 million yen a year earlier). This is mainly due to increase
factors such as a net increase in time deposits of 2,776 million yen, proceeds from sales of investment securities of 2,015 million
yen, and proceeds from sales of property, plant, equipment and intangible assets of 1,829 million yen, which were more thandecrease factors such as expenses for purchase of property, plant, and equipment and intangible assets of 1,292 million yen and
expenses for purchase of shares of subsidiaries resulting in changes in scope of consolidation of 950 million yen.
(Cash flows from financing activities)
Funds provided by business activities totaled 770 million yen (976 million yen a year earlier). This is mainly due to decrease
factors such as purchase of treasury stock of 1,873 million yen and cash dividends paid of 616 million yen, which exceeded
increase factors such as net increase in short-term loans payable of 2,059 million yen and increase in deposits for purchase oftreasury stock of 119 million yen.

- 3 -(4) Business outlook
Japanese economy is gradually recovering, but the business environment surrounding our Group is expected to remain severe
despite some signs of recovery, due to the changing business environment and severer price competition.
Under such circumstances, besides steadily developing our existing businesses, we will focus on defense, solution, and radio
frequency businesses to recover our Group’s performance early, as indicated in the rolling plan of the Medium-Term Business
Plan (DKK-Plan2025) announced in March 2024.
Among the telecommunication business, in the defense-related field, we will acquire orders by actively proposing stable supplyof equipment and maintenance and inspection of existing facilities against the backdrop of increase in defense budget. In thesolutions-related field, we will strengthen our proposal and development capacity and collaborate with Cybercore Co., Ltd.,
which became our subsidiary, to receive more orders and solve social issues using AI solutions centering around imaging. Among
the radio frequency business, in the field of high-frequency induction heating equipment, we will obtain orders arising fromelectrification of automobiles and boost demand for maintenance of existing facilities. In the field of contract heat treating
service, we will steadily obtain demand which has been recovering since the lifting of production adjustment. In the new radio
frequency areas, we will accelerate our efforts for early commercialization.
As for the existing businesses, among the telecommunication business, in the mobile communications-related field, we willcapture demand for antenna products for mobile communication base stations as well as newly developed wireless devices. We
will also continue to acquire demand for maintenance of mobile communication steel towers. In the fixed wirelesscommunication-related field, we will strive to capture demand for administrative radio systems for disaster prevention which is
expected to recover due to extension of limitations for emergency disaster prevention and reduction business bonds. In the
broadcasting-related field, we will steadily capture demand for update and maintenance of broadcasting equipment.
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. We will continue to carryout business activities with the aim of solving social issues for sustainable growth.
Under these circumstances, for the next consolidated fiscal year, we forecast net sales of 33,000 million yen (up 14.3% year onyear), operating income of 500 million yen (operating loss of 1,787 million yen in the previous consolidated fiscal year),ordinary income of 600 million yen (ordinary loss of 1,537 million yen in the previous consolidated fiscal year), and net
income attributable to shareholders of parent company of 400 million yen (net loss attributable to shareholders of parent
company of 1,977 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 links
the consolidated dividend payout ratio to the operating results of the relevant fiscal year, aiming for the ratio of 40%, and to set
the minimum consolidated dividends on equity (DOE) ratio of 1.5%. In line with the above basic policy, we plan to pay out ayear-end dividend of 30 yen per share, the same amount as the interim dividend paid previously. The annual dividends for the
fiscal year under review therefore total to 60 yen per share, the same amount as the previous year. 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 and year-end dividend of 30 yen
per share.
As a measure to improve shareholder returns and capital efficiency, we purchased and cancelled treasury shares. In the future,
we will continue to consider using the purchased treasury stock to expand areas of business and acquire technology whilecancelling the excess treasury stock, in order to improve 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, in order to achieve permanent development and growthof the Group.
In addition, we established the Medium-Term Business Plan (DKK-Plan2025) in May 2022 in order to clearly state the goals- 4 -and what to focus on and promote for the three years from fiscal year ending March 2023, as part of the effort to realize thevision 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 businessfoundation,” “Optimizing business portfolio,” and “Realizing new business creation early.”
To develop systems and structures that can respond to changes in external environment, such as the continued rise in prices ofenergy, components, etc. and limited capital investment by existing customers, and recover business results early, we set therolling plan for the medium-term business plan in March 2024. According to the rolling plan, we will drastically reform ourbusiness structure and implement financial strategies to advance business reform, build a profit structure, and achieve andaccelerate growth under the next Medium-Term Business Plan DKK-Plan2028.
Also, regarding our efforts for management conscious of capital cost and stock price, we analyze and assess the current situation,and set and disclose policies on actions for improvement. For management conscious of capital cost and stock price, we will
make efforts from the perspectives of capital profitability and market evaluation to aim for PBR of over 1.0.

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.

- 5 -3. Consolidated financial statements and major notes(1) Consolidated balance sheet(Millions of yen)Previous consolidated fiscal year Current consolidated fiscal year
(March 31, 2023)(March 31, 2024)
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
Goodwill
Technology-related assets
Other Businesses
Total Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Net defined benefit assets
Long-term time deposits
Deferred tax assets
Other Businesses
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 6 -19,759419
1,537

19,066
292
1,394

5,108

3,759

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

3,974
2,586
39
6,358
890
(59)
38,302

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

10,824
9,474
6,604
2,221
245
88
(24,269)
5,188

598
598

936
965
386
2,287

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

4,554
1
1,431
1,000
841
1,347
(47)
9,128
16,60454,906

(Millions of yen)Previous consolidated fiscal year Current consolidated fiscal year
(March 31, 2023)(March 31, 2024)
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
Allowances for environmental measures
Asset retirement obligations
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
Allowances for environmental measures
Net defined benefit liability
Asset retirement obligations
Long-term unearned revenue
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

- 7 -

4,045

3,352

2,200
90
48
116
728

4,400
127
42
211
213

18

87

83
662
9
6

42
530
11
27

76

14

1,079
9,168

149
16
1,112
10,338

1,260
75
18

1,250
64
5

75

89

2,626
49
58
4,164
13,332

50
2,520
40
1,781
41
5,845
16,183

8,774
9,693
25,019(3,897)39,5898,774
9,693
19,570(2,919)35,119

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

1,216
870
677
2,763
840
38,72354,906

(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, 2022
(from April 1, 2023
to March 31, 2023)
to March 31, 2024)
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 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 loss
Extraordinary income
Gain on sales of investment securities
Total extraordinary income- 8 -13,037
18,672
107
31,817

10,07918,680104
28,864

11,412
16,27544
27,732

9,195
15,45542
24,693

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

884
3,224
61
4,170
5,958
(1,787)

22
14
156
231
112
537

7
11
144
52
185
401

33
144
36
31
246
(1,219)

40
40
40
29
150
(1,537)

476
476

1,331
1,331

(Millions of yen)Previous consolidated fiscal year Current consolidated fiscal year
(from April 1, 2022
(from April 1, 2023
to March 31, 2023)
to March 31, 2024)
Extraordinary losses
Loss on valuation of investment securities
Impairment losses
Allowances for losses on liquidation of subsidiaries
and affiliates
Allowances for losses on environmental measures
Total extraordinary losses
Net loss before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Net loss
Net loss attributable to non-controlling interests
Net loss attributable to shareholders of parent company

- 9 -

121
251

1,860

76

-

448
(1,190)130(55)74(1,265)(84)(1,181)240
2,100(2,306)
219
(534)
(315)
(1,991)(13)(1,977)

(Consolidated statement of comprehensive income)(Millions of yen)Previous consolidated fiscal year Current consolidated fiscal year
(from April 1, 2022
(from April 1, 2023
to March 31, 2023)
to March 31, 2024)
Net 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- 10 -(1,265)(1,991)

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

479
(2)
413
252
1,142
(848)

(836)

(870)

(4)

22

(3) Consolidated statement of changes in equity
Previous 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)(2,800)(2,800)(4,793)

4,838

-

(0)

3

3

Disposal of treasury stock
Change in ownership interest ofparent due to transactions with
non-controlling interests

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)39,589Total
Remeasurements accumulatedof definedothercomprehensive
benefit plansincomeNoncontrollinginterests

Total net assets

705

46,609

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

873

Foreign
Deferred gains
currency
or losses ontranslation
hedgesadjustment
37

87

318

1,317

Changes 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- 11 -

Current consolidated fiscal year (from April 1, 2023 to March 31, 2024)(Millions of yen)
Shareholders’ equity
CapitalBalance at beginning of current
term

Capital surplus
8,774

Retained earnings

9,693

Total shareholders’equityTreasury stock

25,019(3,897)39,589Changes of items during term
Dividends of surplus
Net loss attributable toshareholders of parent company

(617)

(617)

(1,977)(1,977)Purchase of treasury stock
Cancellation of treasury stock(2,841)

Disposal of treasury stock
Changes in the scope of
consolidation(1,873)(1,873)

2,841

-

11

11

(12)

(12)

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

-

-

(5,448)

978(4,469)Balance at end of current term

8,774

9,693

19,570(2,919)35,119Total
Remeasurements accumulatedof definedotherbenefit planscomprehensive
incomeNoncontrollinginterests

Total net assets

553

41,801

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

736

Foreign
Deferred gains
currency
or losses ontranslation
hedgesadjustment
2

494

424

1,658

Changes of items during term
Dividends of surplus(617)

Net loss attributable toshareholders of parent company(1,977)Purchase of treasury stock(1,873)Cancellation of treasury stock-

Disposal of treasury stock

11

Changes in the scope of
consolidation
Net changes of items other thanshareholders’ equity

(7)

(7)

(19)

479

(2)

383

252

1,112

286

1,399

Total changes of items during
term

479

(2)

375

252

1,105

286

(3,078)

Balance at end of current term

1,216

-

870

677

2,763

840

38,723- 12 -

(4) Consolidated statement of cash flows(Millions of yen)Previous consolidated fiscal year Current consolidated fiscal year
(from April 1, 2022
(from April 1, 2023
to March 31, 2023)
to March 31, 2024)
Cash flows from business activities
Net loss before income taxes
Depreciation
Depreciation of goodwill
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
Increase (decrease) in allowances for environmental
measuresInterest 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- 13 -(1,190)1,232
251(2,306)
1,203
85
1,860

41

(144)

3

1

(131)

24

26

24

(1)

56

(40)

20

(71)

(54)

76

(62)

-

199

(193)
33
(230)
(476)
121

(163)
40
(22)
(1,331)-(1,109)

2,078

105

(21)

220
(247)

(582)
(453)

83

(787)

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

(519)
(36)
109
30
(750)
163
(40)
(60)
(688)

(Millions of yen)Previous consolidated fiscal year Current consolidated fiscal year
(from April 1, 2022
(from April 1, 2023
to March 31, 2023)
to March 31, 2024)
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
Expenses for purchase of shares of subsidiaries
resulting in changes in scope of consolidation
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
Increase in cash and cash equivalents resulting from newly
consolidated subsidiaries
Cash and cash equivalents at end of term

- 14 -(18,520)
18,799(14,113)
16,889(768)(1,292)

11

1,829

(734)
1,108
603

(655)
2,015
-

-

(950)

(0)
1
(2)
497

(1)
1
75
3,797

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

2,059
(224)
(63)
(1,873)

2,051

119

(1,030)
(175)

(616)
(171)

40

-

976

(770)

508

222

1,112
13,1402,562
14,253-514

14,253

17,330(5) Notes to consolidated financial statements(Notes on going concern assumptions)
There are no matters to be noted.
(Changes in accounting policies)(Changes in inventory valuation)
The Company had adopted the moving-average cost method for valuation of inventories held as raw materials andsupplies; however, at the beginning of the current consolidated fiscal year, the Company changed the method to the grossaverage cost method.
The purpose of the change is to reflect more appropriate periodic profit and loss, taking into account longer cycles of raw
materials and supplies and changes in their procurement prices.
The effect of the policy change on the past period is minor.
(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 in earnings 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 196 million
yen and 79,367 shares at the end of the previous consolidated fiscal year, and 185 million yen and 74,918 shares at theend of the current consolidated fiscal year.

- 15 -

(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.
As Cybercore Co., Ltd. and Cyber Core Vietnam Co., Ltd. became consolidated subsidiaries during the current
consolidated fiscal year, we added production and sales of solution systems to the main business areas of thetelecommunication business.
Key business areas of the respective segments are as shown in the below table.
Reportable segment

Main business areas
Manufacture, construction, and sale of antennas, reflectors, steel towers, steel structures, etc.

Telecommunication Business

Plating work on telecommunication equipment, steel building framework, etc.
Construction work for telecommunication facilities, etc.
Production and sales of solution systems

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.

- 16 -

3

Information on amounts of net sales, profit/loss, assets, liabilities, etc. by reportable segment
Previous consolidated fiscal year (from April 1, 2022 to March 31, 2023)
Reportable segment(Millions of yen)Amountrecorded in
Adjustments consolidated(Note) 2
financialstatements(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

770

296

1,067

65

1,132

99

1,232

402

509

912

9

921

137

1,059

Radio
Frequency
Business

Total

22,5789,131

34

Telecommunication
Business
Net sales
Sales to external customers
Intersegment sales or transfers
Total
Segment income (loss)
Segment assets
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) 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

3

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

- 17 -

Current consolidated fiscal year (from April 1, 2023 to March 31, 2024)
Reportable segment(Millions of yen)Amountrecorded in
Adjustments consolidated(Note) 2
financialstatements(Note) 3

Others(Note) 1

Total

28,759104

28,864-

28,864

-

30

160

191

(191)

-

19,167

9,623

28,790265

29,056(191)

28,864

(56)

1,023

966

123

1,089

(2,877)(1,787)22,256

10,60132,857608

33,466

21,43954,906

Depreciation

644

304

948

61

1,009

193

1,203

Depreciation of goodwill

85

-

85

-

85

-

85

936

-

936

-

936

-

936

1,456

848

2,304

15

2,320

62

2,383

Radio
Frequency
Business

Total

19,1369,623

30

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

Balance of undepreciatedgoodwill
Increase in property, plant, andequipment and intangible assets(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 (2,877) million yen includes (65) million yen in elimination of intersegment
transactions and (2,811) 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.

- 18 -

[Related information]
Previous 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

Japan

Asia
28,078(Millions of yen)
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.

Current consolidated fiscal year (from April 1, 2023 to March 31, 2024)
1 Information by product/service
This information is omitted because similar information is shown in “Segment information.”
2

Information by region(1) Net sales

Japan

Asia
24,790(Millions of yen)
North America

2,514Europe1,179

Others
85

Total
294

28,864

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.

- 19 -

[Information on impairment losses on non-current assets by reportable segment]
Previous consolidated fiscal year (from April 1, 2022 to March 31, 2023)
Telecommunication
Business
Impairment losses

36Radio Frequency
Business

Others214(Millions of yen)
Entire Company /Cancellation--

Current consolidated fiscal year (from April 1, 2023 to March 31, 2024)
Telecommunication
Business
Impairment losses

1,060Radio Frequency
Business

251(Millions of yen)
Entire Company /Cancellation

Others

796

Total

-

2

Total
1,860

(Note) The amount in “Entire Company / Cancellation” is impairment losses on assets of the entire company not belonging to any
segment.

[Information on amortization of goodwill and unamortized balances by reportable segment]
Previous consolidated fiscal year (from April 1, 2022 to March 31, 2023)
There are no matters to be noted.
Current consolidated fiscal year (from April 1, 2023 to March 31, 2024)
This information is omitted because similar information is shown in “Segment information.”[Information on gains on negative goodwill by reportable segment]
There are no matters to be noted.

- 20 -

(Per-share information)
Previous consolidated fiscal year (from
April 1, 2022 to March 31, 2023)

Current consolidated fiscal year (from
April 1, 2023 to March 31, 2024)

Net assets per share

3,942.82 yen

3,917.44 yen

Net income per share(107.75) yen(198.93) yen(Notes) 1
2

Diluted net income per share for the previous consolidated fiscal year and the current consolidated fiscal year is net loss
per share, and no figures are provided as there are no dilutive shares.
Data used in calculating the net loss per share are as follows.
Previous consolidated fiscal
year (from April 1, 2022 toMarch 31, 2023)

Current consolidated fiscal year
(from April 1, 2023 to March
31, 2024)

Net loss attributable to shareholders of parent company (millions ofyen)(1,181)(1,977)

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

(1,181)(1,977)

10,961,348

9,940,316

Item

Net loss attributable to shareholders of parent pertaining tocommon stock (millions of yen)
Average number of common shares during the period34

We included the Company’s shares held in the trust account of Custody Bank of Japan, Ltd. as trust assets for theshare-based compensation scheme for directors in the treasury stock deducted in the calculation of the average numberof shares over the period in calculating net loss per share (79,611 shares in the previous consolidated fiscal year and
75,289 shares in the current consolidated fiscal year).
Data used in calculating the net assets per share are as follows.
Previous consolidated fiscal
year (March 31, 2023)

Current consolidated fiscal year
(March 31, 2024)

41,801

38,723

Amount deducted from total net assets (millions of yen)

553

840

(Including non-controlling interests of:)

(553)

(840)

Item
Total net assets (millions of yen)

Net assets related to common stock at end of fiscal year (millions
41,24737,883of yen)Number of common shares at end of fiscal year used in calculating
10,461,524
9,670,394
net assets per share5
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 (79,367 shares in the previous consolidated fiscal year and
74,918 shares in the current consolidated fiscal year).
(Significant events after balance-sheet date)
There are no matters to be noted.

- 21 -

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

Current consolidated fiscal year

(from April 1, 2022
to March 31, 2023)(from April 1, 2023
to March 31, 2024)

Reportable segment

ChangeAmountConstituent ratio

AmountConstituent ratio

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

Ratio (%)

Telecommunication
Business

9,962

53.6

9,619

49.9

(343)

(3.4)

Radio Frequency
Business

8,608

46.4

9,666

50.1

1,057

12.3

Total

18,571

100.0

19,285

100.0

714

3.8

(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, 2022

Current consolidated fiscal year
(from April 1, 2023

to March 31, 2023)

to March 31, 2024)

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

22,2938,530

22,07011,464

(223)

2,933

9,879

3,513

9,997

3,887

118

374

32,172

12,04432,067

15,352

(104)

3,308

(c) Sales results

Reportable segment

Previous consolidated fiscal year

Current consolidated fiscal year

(from April 1, 2022
to March 31, 2023)(from April 1, 2023
to March 31, 2024)

ChangeAmountConstituent ratio

AmountConstituent ratio

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

Ratio (%)

Telecommunication
Business
Construction work

13,03741.0

10,07934.9(2,957)(22.7)

Equipment and materials
sales

9,540

30.0

9,056

31.4

(484)

(5.1)

22,57871.0

19,13666.3(3,441)(15.2)

Radio Frequency Business

9,131

28.7

9,623

33.3

491

5.4

Total of reportable segments

31,71099.7

28,75999.6(2,950)(9.3)

Subtotal of
Telecommunication
Business

Others
Total

107

0.3

104

0.4

(3)

(3.0)

31,817100.0

28,864100.0(2,953)(9.3)(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.

- 22 -