Consolidated Financial Results for the Second Quarter of
the Fiscal Year Ending March 31, 2024 (JGAAP)
October 31, 2023
Company name:
Tsuzuki Denki Co., Ltd.
Listing Stock Exchange: Tokyo
Stock code:
8157
URL: https://www.tsuzuki.co.jp/
Representative (title): Isao Emori, Representative Director, President and CEO
Contact (title):
Toshihiro Hirai, Managing Executive Officer
Tel: +81-50-3684-7780
Scheduled date for quarterly report submission:
Scheduled date for dividend payment:
Preparation of supplemental explanatory materials:
Results briefing to be held:

November 7, 2023
November 30, 2023
Yes
Yes (for institutional investors and analysts)

1. Consolidated financial results for the second quarter of the fiscal year ending March 31, 2024
(April 1, 2023, to September 30, 2023)(1) Consolidated operating results

Net sales

Millions of yen (rounded down), % figures are year-on-year change
Quarterly profit
Operating income
Ordinary income
attributable toowners of parent

Second quarter,year ending
60,887 10.6%
2,341
2,361
2,906
314.8%
129.3%
104.6%March 31, 2024
Second quarter,year ended
55,046 3.7%
1,021
1,154
34.9%
700
42.3%
27.8%
March 31, 2023
Note: Comprehensive income was 3,685 million yen (380.6%) in second quarter of year ending March 31, 2024;
766 million yen (-4.5%) in second quarter of year ended March 31, 2023.
Earnings per share
Diluted earnings per(yen)share (yen)Second quarter,year ending
161.94—
March 31, 2024
Second quarter,year ended
39.42—
March 31, 2023
(2) Consolidated financial position
Total assets
Net assets
Shareholders’
Net assets per share(millions of yen)(millions of yen)equity ratio(yen)
Second quarter,year ending
85,59738,29744.3%
2,110.94
March 31, 2024
Year ended
83,20735,38742.0%
1,950.05
March 31, 2023
Reference: Shareholders’ equity at second quarter, year ending March 31, 2024; 37,905 million yen; in year
ended March 31, 2023; 34,945 million yen.

1

2. Dividends
Dividends per share for the fiscal year (yen)End offirstquarter

End ofsecondquarter

End ofthird
quarterYearendTotal

Year ended
—
25.00
—
36.00
61.00
March 31, 2023
Year ending—
38.00
March 31, 2024
Year ending
March 31, 2024
—
38.00
76.00
(forecast)
Note:
1.Revisions to most recent dividend forecast: None
2. The interim dividend for the year ended March 31, 2023 included a commemorative dividend of 2.0 yen
per share to celebrate 90th Anniversary of its founding.
3. Forecast of consolidated financial results for the fiscal year ending March 31, 2024
(April 1, 2023, to March 31, 2024)% figures are year-on-year change
Profit attributable to Earnings
Net sales
Operating income Ordinary income
owners of parent
per share(millions of yen)(millions of yen)(millions of yen)(millions of yen)
(yen)
Full year

126,500

2.1%

5,300

3.6%

5,250

Note: Revisions to most recent earnings forecast: None2(2.0%)

4,450

26.4%

247.90*Notes(1) Changes in significant subsidiaries (which affected scope of consolidation) during the quarter: None
Newly added ___ companies (names)
No longer consolidated ___ companies (names)(2) Special accounting methods used in preparation of quarterly consolidated financial statements: Yes
Note: For details, please refer to Attachment page 16: “2. Consolidated financial statements and notes (4)Notes to quarterly consolidated financial statements (Application of special accounting methods in the
preparation of quarterly consolidated financial statements) "(3) Changes in accounting policies, changes in accounting estimates, and restatements
1. Changes in accounting policies due to changes in accounting standards:
2. Changes in accounting policies not due to changes in accounting standards:
3. Changes in accounting estimates:
4. Restatements:(4) Number of shares outstanding (common stock)
Second quarter,
1. Number of shares outstanding at
year ending
year end (including treasury stock)
March 31, 2024
Second quarter,
2. Number of shares at year end
year ending(treasury stock)
March 31, 2024

None
None
None
None

20,177,894

Year ended
March 31, 2023

20,177,894

2,221,131

Year ended
March 31, 2023

2,257,664

Secondquarter, year
17,772,808
17,945,147
ended March
31, 2023
Note: The number of treasury shares includes those held in the Employee Stock Ownership Plan (ESOP) trust
account (0 in second quarter, year ending March 2024; 13,300 in year ended March 2023), Directors’Compensation Board Incentive Plan (BIP) trust account (290,547 in second quarter, year ending March 2024;
290,547 in year ended March 2023); and Stock-grant ESOP trust account (397,528 in second quarter, year
ending March 2024; 420,865 in year ended March 2023).
3. Average number of shares overthe period

Second quarter,year ending
March 31, 2024

*The financial information in this quarterly report is not subject to review by certified public accountants or auditing
firms.
*Appropriate use of earnings forecast and other special notes.
(Note on forward-looking statements)
The earnings forecasts and other forward-looking statements contained in this document are based on
information currently available to the Company, and certain assumptions it considers reasonable, but are notintended to be a promise that the Company will achieve. Actual results may vary materially from forecasts due toa variety of factors.
(How to obtain supplementary explanatory materials for financial results and results briefing materials.)
The Company plans to hold a results briefing for institutional investors and analysts on Wednesday, November 8,2023. The briefing materials will be posted on the Company’s website promptly after the briefing.

3

Content of attachment
1. Qualitative information on quarterly results ..............................................................................................5(1) Earnings ..............................................................................................................................................................5(2) Financial position ...............................................................................................................................................9(3) Consolidated earnings forecasts and other information concerning the outlook .....................................9
2. Consolidated financial statements and notes .........................................................................................10(1) Quarterly consolidated balance sheet ..........................................................................................................10(2) Quarterly consolidated statements of income and comprehensive income ...........................................12(3) Quarterly consolidated statement of cash flows .........................................................................................14(4) Notes to quarterly consolidated financial statements .................................................................................16(Notes on premise of going concern)..............................................................................................................16(Notes on significant changes in the amount of shareholders equity) .......................................................16(Application of special accounting methods in the preparation of quarterly consolidated financial
statements) .........................................................................................................................................................16(Segment and other information).....................................................................................................................174

1. Qualitative information on quarterly results(1) Earnings
In the second half of the fiscal year ending March 2024, the Japanese economy showed signs of a gradual
recovery as economic and social activities began to return to normal. However, the risk of a downturn in overseas
economies due to global monetary tightening and other factors exerted downward pressure on Japan's economy.
This, combined with the effects of rising prices, supply-side constraints, and fluctuations in financial and capital
markets, among other issues, rendered the outlook uncertain.
In the information and communications services industry, to which the Group belongs, companies' appetite forinvestment remained strong, mainly for the maintenance and renewal of aging facilities, which had been
restrained by the pandemic. The trend of expanding ICT capital investment continued, including the promotion ofdigital transformation (DX), which has become increasingly important in recent years. As for the electronic device
industry, while the supply-demand balance for semiconductors was moving toward normalization, there was a
slowdown in market growth due to uncertainty about the future, including a decline in personal consumption due
to rising global prices and geopolitical risks associated with the prolonged Russia–Ukraine conflict.
Under these circumstances, the Group established a long-term vision spanning 10 years from the current fiscal
year, and we are currently in the middle of a three-year medium-term management plan, “Transformation 2026,”
toward achieving the long-term vision. In 10 years’ time, we envision ourselves to be Growth Navigator, anorganization that navigates growth and creates together with stakeholders, including customers. We aim to be acompany that continues to be chosen by customers as an organization that leads the way for growth. Having
positioned the next three years as the first stage toward realizing this goal, we will concentrate and transfer
resources to growth areas and strive to bolster our earnings capability. Further, to enhance corporate value, themost important theme for the Group, we will promote integrated measures spanning all aspects of business,finance, and non-finance, including management mindful of the cost of capital and strengthening of personnel
capital.
In the second quarter of the fiscal year ending March 31, 2024, the Company decided to transfer all shares offour Group companies engaged in the Electronic Devices segment to Restar Holdings based on this strategy.
Going forward, we will concentrate our management resources on the Information Network Solution segment,
which operates in growth areas, to achieve sustainable growth and further enhancement of the corporate value of
the Group.
During the first half of the first year of the medium-term management plan, net sales amounted to ¥60,887 million(up 10.6% year-on-year), operating income was ¥2,341 million (up 129.3% year-on-year), ordinary income totaled¥2,361 million (up 104.6% year-on-year), and quarterly profit attributable to owners of parent was ¥2,906 million(up 314.8% year-on-year).
In the Information Network Solution segment, orders fell below the year-ago level due to a decline in large orders
for equipment. However, net sales increased from the year-ago level on the back of strong sales of equipment
and development/construction related to networks and system infrastructure, as well as growth in the service
business including cloud services. Profits reached a record high for the cumulative period of the second quarterowing to substantial growth in sales, improved cost ratio, and a decline in SG&A expenses.
In the Electronic Devices segment, demand decreased due to production adjustments for some products in thefactory automation equipment and industrial markets, key customers of the Company, in addition to thecompletion of customers' advanced order arrangements due to the elimination of the semiconductor shortage. On
the other hand, in automotive devices, sales of power semiconductors and LCD panels remained robust as the
supply of semiconductors recovered and production stabilized. As a result, orders fell but net sales were up yearon-year. Profits were lower year-on-year due to an increase in SG&A expenses.
For the purposes of effective utilization of management resources and improvement of asset efficiency, theCompany transferred fixed assets held by our company and a consolidated subsidiary. As a result of this transfer,
the Company posted extraordinary income of ¥1,854 million, and quarterly profit attributable to owners of parent
increased significantly year-on-year.

5The following section discusses earnings by segment in the second quarter.
*Note regarding quarterly earnings for the Group
Many of the Group’s customers have business years from April through March the following year. Further,fulfilment obligations for many transactions are judged to be satisfied at a certain point, so the Group’s sales andprofit tend to be concentrated in September and March, the halfway and endpoints of the fiscal year.

Information Network Solutions
In the first half of the fiscal year ending March 31, 2024, orders totaled ¥48,233 million (down 7.3% year-onyear), net sales were ¥45,653 million (up 12.7% year-on-year), and operating income was ¥1,930 million (up270.0% year-on-year). Orders fell but net sales and operating income were up year-on-year.
Results by business model
Equipment: Orders decreased due to the absence of large-scale projects in the first quarter, while net sales
increased due to the progress in the introduction of infrastructure equipment such as servers andcomputers for customers in the manufacturing industry and the public sector, and sales of network
equipment also remained strong. As a result, orders were ¥18,876 million (down 17.1% year-onyear) and net sales totaled ¥17,951 million (up 22.2% year-on-year).
Development and construction: As a result of strong performance in system development as well as infrastructureand network construction, both orders and sales were up year-on-year, with orders of ¥7,564 million(up 9.7% year-on-year) and net sales of ¥6,500 million (up 8.3% year-on-year).
Service:

Orders continued to decline in the first quarter due to the downsizing of large-scale operational
service projects, but net sales increased due to growth in cloud services, including TCV*, and theacquisition of maintenance service projects in line with an increase in equipment and applications
such as PCs and networks. As a result, orders were ¥21,792 million (down 2.7% year-on-year) andnet sales were ¥21,201 million (up 7.0% year-on-year). With the decrease in orders came adecrease in the order backlog.
*TCV (TCloud for Voice): Cloud-based PBX services provided by the Company

Profits increased year-on-year due to higher sales and improved cost ratio, as well as lower SG&A expenses.

Electronic Devices
In the first half of the fiscal year ending March 31, 2024, orders were ¥14,582 million (down 15.0% year-onyear), net sales totaled ¥15,233 million (up 4.9% year-on-year), and operating income was ¥392 million (down
18.7% year-on-year).
In the devices business, sales of power semiconductors were strong as automotive equipment customers'
production stabilized due to the recovery in semiconductor supply. On the other hand, the decline in production
at factory automation and industrial equipment customers due to the slowdowns in both personal consumption,
caused by inflation, and the Chinese market led to a decrease in demand for semiconductors and electronic
components. As a result, both orders and net sales fell year-on-year.
In the systems business, prices dropped in the memory market due to inventory adjustments, reflecting therecovery in semiconductor supply, and overall demand for consumer equipment applications declined. On theother hand, increased demand for LCD panels for in-vehicle information equipment on the expansion of
automobile production and strong demand for embedded devices for industrial equipment contributed to sales.

6As a result, while orders fell below the year-ago level, net sales rose year-on-year.
Profits decreased year-on-year as a result of increased expenses due to factors such as expansion of existing
businesses and securing personnel for the establishment of new business models.

7

The following tables show sales and orders by segment in the second quarter of the fiscal year ending March,
2024.
(1) Net sales by segment (millions of yen)
Second quarter,year ended
March 2023
Information Network Solutions
40,519Equipment
14,694Development and construction
6,004
Service
19,820Electronic Devices
14,526
Total
55,046
Note:Inter-segment transactions are offset and eliminated.

Second quarter, year ending March 2024
Versus second quarter ofprevious year

45,653
17,951
6,500
21,201
15,23360,887

5,134
3,257
496
1,380
706
5,841

112.7%
122.2%
108.3%
107.0%
104.9%
110.6%(2) Orders by segment (millions of yen)
Second quarter,year ended
March 2023
Information Network Solutions
52,059Equipment
22,763Development and construction
6,894
Service
22,401
Electronic Devices
17,153
Total
69,213
Note:Inter-segment transactions are offset and eliminated.
(3) Order backlog by segment (millions of yen)
Second quarter,year ended
March 2023
Information Network Solutions
28,815Equipment
18,387Development and construction
5,362
Service
5,065Electronic Devices
19,063
Total
47,878
Note: Inter-segment transactions are offset and eliminated.

8

Second quarter, year ending March 2024
Versus second quarter ofprevious year

48,233
18,876
7,564
21,792
14,58262,816(3,826)(3,886)669(609)(2,571)(6,397)

92.7%
82.9%
109.7%
97.3%
85.0%
90.8%

Second quarter, year ending March 2024
Versus second quarter ofprevious year
28,438(376)
98.7%
18,368
(19)
99.9%
5,734
371
106.9%
4,335
(729)
85.6%
17,990(1,072)
94.4%
46,429(1,449)97.0%

(2) Financial position
Assets totaled ¥85,597 million at the end of the quarter under review, up by ¥2,389 million from the end of theprevious fiscal year. The main factors were a ¥4,731 million increase in cash and deposits, a ¥2,962 million
increase in inventory assets, while the main factors of decrease were ¥3,517 million decline in trade notes andaccounts receivable, a ¥1,588 million decline in land.
Liabilities totaled ¥47,300 million at the end of the quarter, down by ¥520 million from the end of the previous
year. The main factors were ¥549 million decline in net defined benefit liability.
Net assets totaled ¥38,297 million at the end of the quarter, up by ¥2,910 million from the end of the previous
year, and the shareholders’ equity ratio was 44.3% (42.0% at the end of the previous year).The main factors were
¥2,906 million increase in capital surplus profit, ¥494 million increase in Valuation difference on available-for-salesecurities, while the main factor of decrease was a reduction in retained earnings of ¥671 million due to thepayment of dividends from surplus.

(3) Consolidated earnings forecasts and other information concerning the outlook
Although the transfer of shares of four Group companies operating in the Electronic Devices segment(announced on September 29, 2023) is expected to have an impact on the business results for the current fiscal
year, there is no change to the consolidated earnings forecast for the fiscal year ending March 31, 2024,
announced on May 12, 2023, due to steady progress in the Information Network Solution segment, etc.
However, in case matters arise that require public disclosure due to changes in the operating environment, etc.,
the Company will promptly make an announcement.

92. Consolidated financial statements and notes(1) Quarterly consolidated balance sheet(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable – trade
Electronically recorded monetary claims
Inventories
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures (net)
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles
(net)
Land
Lease assets
Accumulated depreciation
Lease assets (net)
Construction in progress
Other
Accumulated depreciation
Other (net)Total property, plant and equipment
Intangible assets
Goodwill
Lease assets
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Investments and other assets
Total noncurrent assets
Total assets

10

As of September 30, 2023

20,877
27,866
4,383
11,6832,391(5)67,19625,60924,3484,468
14,6462,259(9)71,3222,122(1,003)
1,118
7
(6)

1,513
(692)
821
7
(6)

1

1

1,804
4,367
(3,260)
1,106
124
1,217
(868)
349
4,504

215
3,003
(2,043)
959
76
1,266
(902)
363
2,439

45
632
1,933
2,610

508
2,370
2,879

3,471
28
4,265
1,180
(49)
8,896
16,011
83,207

3,800
26
4,018
1,169
(57)
8,956
14,27585,597－

(Millions of yen)

As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable – trade
Short-term loans payable
Current portion of long-term loans payable
Lease obligations
Income taxes payable
Provision for bonuses
Provision for loss on order received
Other
Total current liabilities
Noncurrent liabilities
Long-term loans payable
Lease obligations
Deferred tax liabilities
Net defined benefit liability
Long-term accounts payable – other
Provision for share based remuneration
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNoncontrolling interests
Total net assets
Total liabilities and net assets

17,144
4,853
141
888
968
2,513
－
6,550
33,06011

As of September 30, 2023

16,788
4,747
7
729
1,186
2,298
10
7,401
33,171

4,111
998
7
8,826
28
637
149
14,76047,820

4,108
855
7
8,276
28
684
167
14,1289,812
2,581
25,607(1,979)36,0229,812
2,581
27,842(1,934)38,302

1,132

1,627

2
193
(2,405)(12)304(2,315)(1,076)(396)

441
35,387
83,207391
38,29785,59747,300(2) Quarterly consolidated statements of income and comprehensive income(Quarterly consolidated statement of income)Consolidated income statement for the second quarter(Millions of yen)Six months ended
September 30, 2022
Net sales
Cost of sales
Gross profit
Selling, general, and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Insurance income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Facility move out expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Total extraordinary income
Extraordinary loss
Loss on retirement of noncurrent assets
Loss on valuation of investment securities
Loss on valuation of golf club membership
Total extraordinary losses
Income before income taxes and others
Income taxes
ProfitProfit attributable to noncontrolling interests
Profit attributable to owners of parent

Six months ended
September 30, 2023

55,04644,567
10,4789,457
1,021

60,887
49,104
11,782
9,441
2,341

3
52
32
35
75
199

9
43
44
3
25
125

59

47
34
24
105
2,361

－

7
66
1,154
－
－

4
－
－

4
1,149
349
799
99
700

12

1,854
1,854
3
33
1
38
4,177
1,172
3,005
99
2,906

(Quarterly consolidated statement of comprehensive income)Second quarter(Millions of yen)Six months ended
September 30, 2022
ProfitOther comprehensive income
Valuation difference on available for salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Other comprehensive income
Comprehensive income
BreakdownComprehensive income attributable to ownersof parent
Comprehensive income attributable tononcontrolling interests

13

Six months ended
September 30, 2023
799

3,005

(239)

494

(7)
133
81
(32)
766

(15)
111
89
680
3,685

667

3,586

99

99

(3) Quarterly consolidated statement of cash flows(Millions of yen)Six months ended
September 30, 2022
Cash flows from operating activities
Income before income taxes and others
Depreciation and amortization
Goodwill amortization
Increase (decrease) in provision for doubtful
accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in net defined benefit
liability
Increase decrease in provision for sharebased remuneration
Increase decrease in provision for loss onorder received
Interest and dividend income
Interest expenses
Loss gain on sales and retirement of
noncurrent assets
Loss (gain) on sale of noncurrent assets
Loss gain on valuation of investment
securities
Other non-operating loss (gain)
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in other assets
Increase (decrease) in notes and accounts
payable – trade
Increase (decrease) in accrued consumption
taxes
Increase (decrease) in other liabilities
SubtotalInterest and dividends received
Interest paid
Other
Income taxes paid
Refund of income taxes
Cash flows from operating activities

14

Six months ended
September 30, 2023

1,149
1,127
45

4,177
778
45

(65)

12

(184)

(214)

(192)

(420)

43

46

－

10

(55)
59

(52)
47

－

(1,854)

4

3

－

33

(97)
6,422
(2,673)
129

36
3,484
(2,912)
129

(771)

(415)

(181)

(128)

(230)
4,529
55
(59)
97
(1,050)
4
3,577

1,034
3,842
52
(47)
(36)
(849)
21
2,983

(Millions of yen)Six months ended
September 30, 2022
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant andequipment
Purchase of intangible assets
Proceeds from sale of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from collection of loans receivable
Other
Cash flows from investing activities
Cash flows from financing activities
Net increase (decrease) in short-termborrowings
Repayment of finance lease obligations
Repayment of long-term borrowings
Proceeds from long-term borrowings
Acquisition of treasury stock
Proceeds from disposal of treasury stock
Dividend payments
Dividends paid to noncontrolling interests
Cash flows from financing activities
Effect of exchange rate changes on cash andcash equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of theperiodCash and cash equivalents at end of the period15

Six months ended
September 30, 2023

(207)

(190)

228

3,674

(403)
45
(16)
－
2
11
(339)

(604)
1
(157)
500
1
(9)
3,216

(132)

(112)

(704)
(3,020)
2,900
(5)
160
(466)
(124)
(1,393)

(503)
(136)
(0)
45
(671)
(149)
(1,527)

63

58

1,907

4,730

19,13020,84521,03725,575－

(4) Notes to quarterly consolidated financial statements(Notes on premise of going concern)
Not applicable.

(Notes on significant changes in the amount of shareholders equity)
Not applicable.
(Application of special accounting methods in the preparation of quarterly consolidated financial statements)(Calculation of tax expense)
Tax expenses are calculated by reasonably estimating the effective tax rate after applying tax effect accounting
to income before income taxes for the fiscal year, including the second quarter, and multiplying quarterly income
before income taxes by the estimated effective tax rate.
Note: Income taxes – deferred are included in income taxes.

16

(Segment and other information)
Segment information
I Second quarter of previous year (April 1, 2022, to September 30, 2022)
1. Information on net sales and profit or loss by reporting segment(Millions of yen)Amountrecorded inquarterly
Adjustments
consolidated(Note 1)
financialstatements(Note 2)

Reporting segment
Information
Network
SolutionsElectronic
Devices

Total

Net sales
Net sales from externalcustomers
Intersegment net sales andtransfers
Total
Segment profit

40,51914,52655,046－55,046

9

104

113

(113)

－

40,528

14,631

55,160(113)

55,046

521

483

1,005

15

1,021

Notes:
1 Adjustments to segment profit are elimination of intersegment transactions.
2 Segment profit is adjusted with operating income in the quarterly consolidated income statements.
II Second quarter in current year (April 1, 2023, to September 30, 2023)
1. Information on sales and profit or loss by reporting segment(Millions of yen)Amountrecorded inquarterly
Adjustments
consolidated(Note 1, 2, 3)
financialstatements(Note 2)

Reporting segment
Information
Network
SolutionsElectronic
Devices

Total

Net sales
Net sales from externalcustomers
Intersegment net sales andtransfers
Total
Segment profit

45,653

15,23360,887－60,887

19

58

77

(77)

－

45,673

15,29160,964(77)

60,887

1,930

392

2,323

18

2,341

Notes:
1 Adjustments to segment profit are elimination of intersegment transactions.
2 Segment profit is adjusted with operating income in the quarterly consolidated income statements.

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