Disclaimer: This document is an English translation of the original document in Japanese and has been
prepared solely for reference purposes. In the event of any discrepancy between thisEnglish translation and the original in Japanese, the original shall prevail in all respects.

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
[Japanese GAAP]May 8, 2024
Company name: NIHON TOKUSHU TORYO CO., LTD.
Stock exchange listing: Tokyo Stock Exchange
Code number: 4619
URL: https://www.nttoryo.co.jp
Representative: Hiroshi Onda, President, COO
Contact: Yosuke Rikitake, CFO & Managing Executive Officer
Phone: +81-3-3913-6134
Scheduled date of ordinary general shareholders meeting: June 21, 2024
Scheduled date of commencing dividend payments:
June 24, 2024
Scheduled date of filing annual securities report:
June 21, 2024
Availability of supplementary explanatory materials on annual financial results: No
Schedule of annual financial results briefing session: Yes (for analysts and institutional investors)(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 - March 31, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Fiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%
March 31, 2024
64,693
6.5
3,905 139.4
5,963
89.8
3,947
87.7
March 31, 2023
60,738
10.9
1,631
10.0
3,141
19.7
2,103
61.7
Note: Comprehensive income Fiscal year ended March 31, 2024: ¥8,985 million [138.8%]
Fiscal year ended March 31, 2023: ¥3,762 million [4.1%]
DilutedRatio ofRatio of
Basic earnings
Return on
earnings per
ordinary profit
operating profit
per share
equityshare
to total assets
to net sales
Fiscal year ended
Yen
Yen
%
%
%
181.57
–
7.9
7.0
6.0
March 31, 2024
March 31, 2023
96.77
–
4.6
3.9
2.7
Reference: Share of profit (loss) of entities accounted for using equity method
Fiscal year ended March 31, 2024: ¥1,371 million
Fiscal year ended March 31, 2023: ¥983 million(2) Consolidated Financial Position
Total assets
Million yen

Net assets

87,456
As of March 31, 2024
82,033As of March 31, 2023
Reference: Equity As of March 31, 2024: ¥53,397 million
As of March 31, 2023: ¥46,193 million

Equity ratio

Net assets per share

Million yen%

Yen

59,56552,211

61.1
56.3

2,455.58
2,125.01

(3) Consolidated Cash Flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Million yen

Million yen

Million yen

Fiscal year ended
March 31, 2024
March 31, 2023

9,317
6,198

533
(1,588)Cash and cash
equivalents
at end of period
Million yen(5,092)(2,818)15,876
10,853

2. Dividends
1stquarterend
Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025
(forecast)

Annual dividends per share
2nd
3rd
Yearquarter- quarterend
end
end

Total

Total
dividends(annual)Payout ratio(consolidated)

Ratio ofdividends to
net assets(consolidated)

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

–

20.00

–

22.00

42.00

917

43.4

2.0

–

21.00

–

25.00

46.00

1,004

25.3

2.0

–

22.00

–

26.00

48.00

36.0

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 March 31, 2025)(% indicates changes from the previous corresponding period.)
Profit attributable
Basic earnings
Net sales
Operating profit
Ordinary profit
to owners of parent
per shareFirst half
Full year

Million yen

31,50062,100% Million yen

0.5
(4.0)

% Million yen

1,340 (4.6)
2,800 (28.3)

2,340
4,300

% Million yen(9.7)(27.9)

1,650
2,900

%

(8.2)
(26.5)* Notes:(1) Changes in significant subsidiaries during the period under review: No(Changes in specified subsidiaries resulting in changes in scope of consolidation)
Newly included: – (Company name: –)Excluded: –(Company name: –)(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No

Yen

75.89
133.38

(3) Total number of issued and outstanding shares (common shares)
1) Total number of issued and outstanding shares at the end of the period (including treasury shares):
March 31, 2024:
23,611,200 shares
March 31, 2023:
23,611,200 shares2) Total number of treasury shares at the end of the period:
March 31, 2024:
1,865,799 shares
March 31, 2023:
1,873,135 shares
3) Average number of shares during the period:
Year ended March 31, 2024:
Year ended March 31, 2023:

21,742,830 shares
21,731,534 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(% indicates changes from the previous corresponding period.)
Net sales
Operating profit
Ordinary profit
ProfitFiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%
48,83213.4
2,280–
4,815 143.2
3,894
74.0
March 31, 2024
March 31, 2023
43,07312.7(405)–
1,979 12.5
2,238
30.1

Fiscal year ended
March 31, 2024
March 31, 2023

Basic earnings per
share
178.32102.57

Diluted earnings
per shareYen(2) Non-consolidated Financial Position
Total assets

Yen

–
–

Net assets

Million yen

60,889As of March 31, 2024
56,274As of March 31, 2023
(Reference) Equity: As of March 31, 2024: ¥38,827 million
As of March 31, 2023: ¥32,996 million

Equity ratio

Net assets per share

Million yen%

Yen38,82732,99663.8
58.6

1,777.44
1,511.21* These consolidated financial results are outside the scope of audit by certified public accountants or an audit firm.
* Explanation of the proper use of financial results forecast and other notes(Cautionary statement regarding forward-looking statements, etc.)
The forward-looking statements in this document, including the financial results forecast, are based on
information currently available to the Company and certain assumptions that the Company considers reasonable,
and the Company does not promise that it will achieve such results. Actual results may differ significantly due tovarious factors. Please refer to “1. Overview of Operating Results, etc. (4) Future Outlook” on page 3 of theattached materials for the assumptions used in forecasting financial results and precautionary statements
regarding the use of financial results forecasts.

Table of Contents of the Attachments
1. Overview of Operating Results, etc. .................................................................................................. 2(1) Overview of Operating Results for the Fiscal Year under Review ............................................... 2(2) Overview of Financial Position for the Fiscal Year under Review ............................................... 3(3) Overview of Cash Flows for the Fiscal Year under Review ......................................................... 3(4) Future Outlook .............................................................................................................................. 3(5) Basic Policy on Profit Allocation and Dividends for the Current and Following Fiscal Years ..... 4
2. Basic Policy on Selection of Accounting Standards .......................................................................... 4
3. Consolidated Financial Statements and Principal Notes .................................................................... 5(1) Consolidated Balance Sheets ........................................................................................................ 5(2) Consolidated Statements of Income and Comprehensive Income ................................................ 7(3) Consolidated Statements of Changes in Net Assets ........................................................................ 9(4) Consolidated Statements of Cash Flows ..................................................................................... 11(5) Notes to Consolidated Financial Statements ............................................................................... 12(Notes on going concern assumption) ......................................................................................... 12(Segment information) ................................................................................................................. 12(Per share information) ................................................................................................................ 15(Significant subsequent events) ................................................................................................... 15-1-

1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Fiscal Year under Review
In the fiscal year ended March 31, 2024 (the “fiscal year under review”), the Japanese economy was on amoderate recovery due to the reduction in the impact of COVID-19. However, the outlook for the
economy remained uncertain primarily due to lingering inflation, monetary tightening among the majorcountries, a fluctuation of foreign exchange, and unstable situation in Ukraine and the Middle East.
Under these circumstances, NIHON TOKUSHU TORYO CO., LTD. (the “Company”) and its subsidiaries(collectively, the “Group”) have been striving to enhance its corporate value through continuous focuses on
strengthening its revenue base, developing new technologies and products, and promoting sustainability
management, as set forth in the basic strategies of the medium-term management plan.
As a result, in the fiscal year under review, net sales totaled 64,693 million yen (up 6.5% year on year)
mainly due to a sales increase in the automotive products-related business.
On the profit front, operating profit was 3,905 million yen (up 139.4% year on year). This is mainly
attributable to an increase in net sales thanks to the markup of products along with the continuous initiatives
to reduce costs and expenses. Ordinary profit totaled 5,963 million yen (up 89.8% year on year) due to theimpact of share of profit of entities accounted for using equity method and foreign exchange fluctuations, andprofit attributable to owners of parent totaled 3,947 million yen (up 87.7% year on year).
Performance by reportable segment is as follows (sales for each segment exclude inter-segment net sales).
Paints & coatings-related businessNet sales for the paints & coatings-related segment totaled 20,612 million yen (up 0.2% year on year).
Normalization of social and economic activities and the moderate recovery of the domestic economy,
propelled sales of paints for buildings and structures, especially waterproofing materials and floor coatings,
our main product line. In addition, the markup of products, contributed to the net sales. On the profit front,
segment profit totaled 456 million yen (segment loss of 113 million yen in the previous fiscal year) becauseof the successful cost and expense reduction initiatives.
Automotive products-related businessNet sales for the automotive products-related segment totaled 44,066 million yen (up 9.7% year on year). The
recovery of domestic automobile production volume at the Company’s major customers drove sales of soundabsorbing, sound-insulation parts and coatings such as rust-proof coatings, which are our main products. In
addition, the markup of products, contributed to the net sales. On the profit front, segment profit totaled 3,439
million yen (up 98.0% year on year) due to increased sales and higher productivity and profitability driven bycontinuous cost and expenses reduction initiatives.
Other businessNet sales of the insurance agency business totaled 15 million yen (up 1.1% year on year).

-2-(2) Overview of Financial Position for the Fiscal Year under Review
Total assets
The Company’s total assets as of the end of the fiscal year under review increased by 5,422 million yen year
on year to 87,456 million yen. This was primarily due to an increase in cash and deposits of 5,023 million
yen, a decrease in accounts receivable - trade of 956 million yen, a decrease in property, plant and equipmentof 1,876 million yen, and an increase in investment securities of 4,744 million yen.
Liabilities
Total liabilities decreased by 1,931 million yen year on year to 27,890 million yen. This was primarily due toa decrease in borrowings of 3,414 million yen despite an increase in deferred tax liabilities of 1,461 million
yen.
Net assets
Net assets increased by 7,354 million yen year on year to 59,565 million yen. This was primarily due toincreases in retained earnings of 3,008 million yen, valuation difference on available-for-sale securities of
2,893 million yen, and foreign currency translation adjustment of 1,040 million yen. The equity ratio
increased by 4.7% to 61.1%.

(3) Overview of Cash Flows for the Fiscal Year under Review
Cash and cash equivalents (hereinafter referred to as “funds”) at the end of the fiscal year under review
increased by 5,023 million yen to 15,876 million yen.
Funds from operating activities resulted in an inflow of 9,317 million yen (compared with an inflow of
6,198 million yen in the previous fiscal year). This was primarily due to the recording of profit before income
taxes of 5,966 million yen, a decrease in trade receivables of 1,260 million yen, and interest and dividends
received of 1,814 million yen, the income taxes paid of 876 million yen.
Funds from investing activities resulted in an inflow of 533 million yen (compared with an outflow of
1,588 million yen in the previous fiscal year). This was primarily due to purchase of property, plant andequipment and intangible assets of 1,244 million yen and proceeds from collection of loans receivable of
1,560 million yen.
Funds from financing activities resulted in an outflow of 5,092 million yen (compared with an outflow of
2,818 million yen in the previous fiscal year). This was primarily due to net decrease in short-termborrowings of 2,250 million yen, repayments of long-term borrowings of 1,163 million yen, and dividends
paid of 935 million yen.
(4) Future Outlook
With regard to the outlook for the future, despite an expected gradual economic recovery underpinned by an
improved employment and income environment, we expect a challenging business condition to continue due
to many causes for concern, including prolonged inflation, economic slowdown associated with monetary
tightening, exchange rate fluctuations, and increased geopolitical risks. Especially, sustained high prices ofraw materials and energy as well as expected higher freight and labor costs will weigh on Japan’s economy.
Based on the above, the Company revised the performance targets for the final year (Fiscal year ending
March 31, 2025) set forth in the current medium-term management plan. The consolidated financial results
forecast for the fiscal year ending March 31, 2025 is as follows: net sales of 62,100 million yen (down 4.0%
year on year), operating profit of 2,800 million yen (down 28.3% year on year), ordinary profit of 4,300
million yen (down 27.9% year on year), and profit attributable to owners of parent of 2,900 million yen(down 26.5% year on year).
In principle, the Company maintains the basic strategies outlined in the medium-term management plan,
except for the performance targets. In the tough business environment, the Company will tackle cost-pushfactors by strengthening the development of new technologies and new products focusing on functionality,
weight reduction, and environmental responsiveness, which are the Company’s strengths, streamlining the
production system including the reassessment of production process, and promoting operational efficiency
through the digital transformation initiatives.
Furthermore, in the fiscal year ending March 31, 2025, the Company will prepare a new medium-term
management plan, incorporating forward-looking management strategies including capital and financial
strategies to enhance the price-book value ratio (PBR).

-3-

(Million yen)
Fiscal year ending March 31, 2025
Performance
Revised targets
targets set forth in(Financial results
the Medium-term
forecast)management plan
65,00062,100
4,300
2,800
6,100
4,300

Fiscal year ended
March 31, 2023
(Actual)Fiscal year ended
March 31, 2024
(Actual)60,7381,631
3,141

64,693
3,905
5,963

2,103

3,947

4,300

4.6%

7.9%

10.0% or more

Net sales
Operating profit
Ordinary profit
Profit attributableto owners ofparent
ROE

2,900

The outlook for business performance for the fiscal year ending March 31, 2025 by reportable segment is
as follows.
(Million yen)
Net sales

Segment profit

YoY change
Paints & coatings-related
business
Automotive products-related
business

YoY change

20,500(0.5)%

430(5.9)%

41,600(5.6)%

2,370(31.1)%(5) Basic Policy on Profit Allocation and Dividends for the Current and Following Fiscal Years
We pursue the substantial return of profit to our shareholders by strengthening profitability and maintaining asound financial condition focused on cash flow, which has been positioned as an important management taskof the Company.
On the other hand, the management environment surrounding the business of the Group is experiencing
further intensifying development competition for catering to the needs of customers and the age amid rapidly
advancing worldwide technological innovation including information and telecommunications technology.
The Group is also required to address various and complicated issues such as carbon neutrality and humanrights.
Under such environment, in order to maintain competitiveness and improve profitability in the future, wemust continue to develop high-value-added technology and products through aggressive R&D investments,
invest in tangible and intangible assets for enhancing productivity in consideration of their environmental
impacts, etc., and furthermore, invest in human resources who will underpin the Group’s sustainable growth.
Accordingly, based on the medium- to long-term management plan, with a focus placed on maintaining
stable dividends and increasing internal funds for strategic investment described above, the distribution of
profits is decided in comprehensive consideration of factors such as financial condition, profit levels, and thepayout ratio as the Company’s basic policy.
Based on the above policy, we plan to pay a year-end dividend of 25 yen per share for the fiscal year underreview. As a result, the annual dividend per share, including an interim dividend of 21 yen, will be 46 yen per
share.
For the fiscal year ending March 31, 2025, we expect to pay an annual dividend of 48 yen per share,including an interim dividend of 22 yen per share and a year-end dividend of 26 yen.

2. Basic Policy on Selection of Accounting Standards
The Group intends to prepare consolidated financial statements based on Japanese accounting standards for thetime being to facilitate comparability between periods and with other companies. However, going forward, theCompany will consider applying international accounting standards depending on various circumstances insideand outside Japan.

-4-3. Consolidated Financial Statements and Principal Notes(1) Consolidated Balance Sheets(Million yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Electronically recorded monetary claims - operating
Accounts receivable - trade
Contract assets
Merchandise and finished goods
Work in process
Raw materials and supplies
Income 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
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-5-

As of March 31, 2024

10,870694
3,362
11,980
2,456
1,670
888
1,583
37
2,470
(2)
36,013

15,894606
3,876
11,023
1,812
1,768
1,123
1,623
1
827
(2)
38,555

10,234
7,732
4,679
466
1,187
24,299

9,792
6,730
4,679
242
977
22,422

1,247
1,247

1,236
1,236

18,423
156
88
1,863
(57)
20,47346,02082,03323,167
127
102
1,902
(58)
25,241
48,90087,456

(Million yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Lease liabilities
Income taxes payable
Provision for bonuses for directors (and otherofficers)
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Retirement benefit liability
Deferred tax 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-6-

As of March 31, 2024

9,882
3,921
5,314
7
469

9,896
3,469
2,794
11
1,007

75

61

3,924
23,595

4,165
21,405

2,045
17
3,213
842
107
6,226
29,822

1,151
19
2,895
2,303
115
6,485
27,8904,753
4,207
31,734(1,102)
39,592

4,753
4,212
34,742(1,099)42,608

4,273
2,180
147
6,601
6,017
52,211
82,033

7,166
3,220
401
10,7896,168
59,56587,456

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Million yen)
For the fiscal year
ended March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Rental income from real estate
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Insurance claim income
Gain on sale of investment securities
Compensation income
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Loss on sale of investment securities
Settlement payments
Removal cancel loss
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Income taxes - refund
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-7-

For the fiscal year
ended March 31, 2024

60,73849,652
11,0859,454
1,631

64,69350,69813,994
10,089
3,905

101
220
103
52

117
225
221
52

983

1,371

156
1,618

157
2,145

64
43
108
3,141

41
45
87
5,963

68
–
529
44
642

11
23
28
–
63

88
–
–
–
88
3,694
953
41
(128)
866
2,828
725
2,103

24
7
11
16
59
5,966
1,374
71
(1)
1,444
4,522
574
3,947

Consolidated Statements of Comprehensive Income(Million yen)

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-controllinginterests

For the fiscal year
ended March 31, 2023
2,828

For the fiscal year
ended March 31, 2024
4,522

(725)
459
(42)

2,868
551
258

1,242

784

933
3,762

4,463
8,985

2,820

8,135

941

850

-8-

(3) Consolidated Statements of Changes in Net Assets
For the fiscal year ended March 31, 2023

(Million yen)

Shareholders’ equity

Balance at beginning of
periodShare capital

Capital surplus

4,753

4,194

Retainedearnings

30,547

Treasury shares

Total
shareholders’equity(1,112)38,383

Changes during period
Dividends of surplus

(916)

(916)

Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders’ equity

2,103

2,103

Total changes during period
Balance at end of period

12

(2)

12

25
–

–

12

1,186

9

1,209

4,753

4,207

31,734(1,102)

39,592

Accumulated other comprehensive income
Foreign
Total accumulated
Remeasurements
currency
otherof defined benefit
translation
comprehensiveplans
adjustment
incomeNon-controllinginterests

Total net assets

5,458

49,725

Valuationdifference on
available-forsale securities
Restated balance

(2)

4,989

702

191

5,883

Changes during period
Dividends of surplus

–

(916)

Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders’ equity

–

2,103

–

(2)

–

25

(716)

1,477

(43)

717

559

1,277

Total changes during period

(716)

1,477

(43)

717

559

2,486

Balance at end of period

4,273

2,180

147

6,601

6,017

52,211-9-

For the fiscal year ended March 31, 2024

(Million yen)
Shareholders’ equity

Restated balance

Share capital

Capital surplus

4,753

4,207

Retainedearnings

31,734

Treasury shares

Total
shareholders’equity(1,102)

39,592

Changes during period
Dividends of surplus

(939)

(939)

Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders’ equity

3,947

3,947

Total changes during period
Balance at end of period

4

(3)

5

10
–

–

4

3,008

2

3,016

4,753

4,212

34,742(1,099)42,608

Accumulated other comprehensive income
Total accumulated
Foreign
Remeasurements
othercurrencyof defined benefit
comprehensive
translation
plans
incomeadjustment

Non-controllinginterests

Total net assets

6,017

52,211

Valuationdifference on
available-forsale securities
Restated balance

(3)

4,273

2,180

147

6,601

Changes during period
Dividends of surplus

–

(939)

Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders’ equity

–

3,947

–

(3)

–

10

2,893

1,040

253

4,187

150

4,338

Total changes during period

2,893

1,040

253

4,187

150

7,354

Balance at end of period

7,166

3,220

401

10,7896,168

59,565- 10 -

(4) Consolidated Statements of Cash Flows(Million yen)
For the fiscal year
ended March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in retirement benefit liability
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sale of non-current assets
Loss (gain) on disposal of non-current assets
Loss (gain) on sale of investment securities
Insurance claim income
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Proceeds from insurance income
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment andintangible assets
Proceeds from sale of property, plant and equipment andintangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Loan advances
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
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- 11 -For the fiscal year
ended March 31, 2024

3,694
3,179
(162)
0
(322)
64

5,966
3,090
52
1
(342)
41

(983)

(1,371)

(67)
87
(529)
–
(1,619)
551
1,747
106
5,748
1,504
(64)
–
(1,118)
128
6,198

(2)
16
(20)
(23)
1,260
(347)
(471)
512
8,361
1,814
(42)
23
(876)
37
9,317

(2,286)(1,244)

93

34

(10)
574
(7)
29
18
(1,588)

(11)
145
–
1,560
47
533

(11)
(1,456)
–
(912)
(435)
(2)
(2,818)
130
1,922
8,931
10,853(2,250)(1,163)
(0)
(935)
(733)
(8)
(5,092)265
5,023
10,853
15,876

(5) Notes to Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.
(Segment information)
1. Overview of reportable segments
The Company’s reportable segments are components of the Company for which segregated financial
information is available, and are subject to regular review by the Board of Directors to determine how toallocate management resources and evaluate performance.
The Company has established the Paints & Coatings Group and the Automotive Products Group at its head
office, and formulates comprehensive domestic and overseas strategies for the products and services it
handles with the two groups operating business activities in cooperation with subsidiaries and affiliates intheir respective business domains.
As such, the Company comprises individual product and service segments based on each group, and has
two reportable segments, the paints & coatings-related business and the automotive products-related business.
The paints & coatings-related business covers primarily the manufacture and sale of paints and coatings, aswell as contract construction work. The automotive products-related business focuses largely on the
manufacture and sales of automotive parts, such as soundproofing materials and anti-corrosive coatings forautomobiles.
2. Method for calculating the monetary totals for net sales, profit or loss, assets or liabilities, and other items byreportable segment
The accounting method used for reportable business segments is generally the same as those used in the
preparation of the consolidated financial statements.
Segment profit is based on operating profit. Inter-segment net sales and transfers are based on prevailingmarket prices.

- 12 -

3. Information on net sales, profit or loss, assets or liabilities and other items by reportable segment
Fiscal year ended March 31, 2023
(Million yen)
Reportable segment
Paints &Automotive
coatings-related products-related
Net sales
Net sales tooutsidecustomers
Inter-segment net
sales or transfers
Total
Segment profit(loss)
Segment assets
Other items
Depreciation
Share of profit ofentities
accounted forusing equity
methodInvestment inentities
accounted forusing equity
methodIncrease inproperty, plantand equipment
and intangible
assets

Notes:

Other(Note 1)

Total

Adjustment(Note 2)

Total

Consolidation(Note 3)

20,56540,15760,72315

60,738–60,738

3

–

3

–

3

(3)

–

20,56940,15760,72615

60,741(3)

60,738

(113)

1,737

1,623

7

1,631

–

1,631

13,17652,56865,74474

65,81916,21482,033

260

2,916

3,176

–

3,176

–

3,176

36

947

983

–

983

–

983

353

11,066

11,419–11,419–11,419

126

2,067

2,193

–

2,193

23

2,217

1. “Other” represents businesses not included in reportable segments, namely, the insurance
agency business.
2. “Adjustment” consists of the following.
Adjustment of segment assets of 16,214 million yen and the increase in property, plant andequipment and intangible assets of 23 million yen comprise company-wide assets notallocated to individual reportable segments. Company-wide assets consist mainly of theCompany’s surplus funds (cash and cash equivalents, etc.), funds for longer-term
investments and loans (investment securities, etc.) and assets relating to the Company’s
management departments.
3. Segment profit (loss) is adjusted with operating profit on the consolidated financial
statements.

- 13 -

Fiscal year ended March 31, 2024

(Million yen)

Reportable segment
Paints &Automotive
coatings-related products-related
Net sales
Net sales tooutsidecustomers
Inter-segment net
sales or transfers
Total
Segment profit
Segment assets
Other items
Depreciation
Share of profit ofentities
accounted forusing equity
methodInvestment inentities
accounted forusing equity
methodIncrease inproperty, plantand equipment
and intangible
assets

Notes:

Other(Note 1)

Total

Adjustment(Note 2)

Total

Consolidation(Note 3)

20,61244,06664,67815

64,693–64,693

3

–

3

–

3

(3)

–

20,615456
13,12644,066
3,439
49,96464,682
3,896
63,09115
98564,697
3,905
63,177(3)–
24,27964,693
3,905
87,456

249

2,839

3,088

–

3,088

–

3,088

26

1,344

1,371

–

1,371

–

1,371

379

11,853

12,232–

12,232–

12,232

77

744

822

–

822

48

870

1. “Other” represents businesses not included in reportable segments, namely, the insurance
agency business.
2. “Adjustment” consists of the following.
Adjustment of segment assets of 24,279 million yen and the increase in property, plant andequipment and intangible assets of 48 million yen comprise company-wide assets notallocated to individual reportable segments. Company-wide assets consist mainly of theCompany’s surplus funds (cash and cash equivalents, etc.), funds for longer-term
investments and loans (investment securities, etc.) and assets relating to the Company’s
management departments.
3. Segment profit is adjusted with operating profit on the consolidated financial statements.

- 14 -

(Per share information)
Fiscal year ended
March 31, 2023
Net assets per share (Yen)
2,125.01
Basic earnings per share (Yen)
96.77
Diluted earnings per share is not presented because there
were no potential shares.

Fiscal year ended
March 31, 2024
Net assets per share (Yen)
2,455.58
Basic earnings per share (Yen)
181.57
Diluted earnings per share is not presented because there
were no potential shares.

Note: Basis of calculation
1. The basis for calculating net assets per share is as follows.
As of March 31, 2023
Total of net assets section
52,211(Million yen)Amount deducted from the total
6,017
of net assets (Million yen)[of which, share acquisition–rights][of which, amount attributable
to non-controlling[6,017]
shareholders]
Net assets pertaining to common
46,193
shares (Million yen)
Number of common shares used
to calculate net assets per share
21,738(Thousand shares)
2. The basis for calculating earnings per share is as follows.
Fiscal year ended
March 31, 2023
Basic earnings per share (Yen)

As of March 31, 2024
59,565
6,168–[6,168]53,397
21,745

Fiscal year ended
March 31, 2024

Profit attributable to owners ofparent (Million yen)

2,103

3,947

Amount not attributable tocommon shareholders (Million
yen)

–

–

Profit attributable to owners ofparent relating to commonshares (Million yen)

2,103

3,947

Average number of commonshares during the period(Thousand shares)

21,731

21,742––

Diluted earnings per share (Yen)(Significant subsequent events)
Not applicable.

- 15 -