(Reference Translation)

Financial Results Briefing
for the Six Months ended September 30, 2023

November 29, 2023
Securities
identification
証券コード: 7247 code: 7247
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

Financial Results Briefing
November 29, 2023 Wednesday 14:00-15:00
at Mikuni Building

Agenda
1. Consolidated Financial Results for the Six Months ended September30, 2023
2. Forecast for the Fiscal Year ending March 31, 2024
3. Topics
4. Q&A Session

Speakers

Hisataka IKUTASatoshi FUJIMORI
Shiniji YAMADA

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

President, CEO & COO
Director, Senior Executive Officer, CFO
Executive Officer,
General Manager of Corporate Management Dept.
2

Consolidated Financial Results
for the Six Months
ended September 30, 2023

NoteOur fiscal year begins on April 1 of each year and ends on March 31 of the following year.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

3

6 Months ended Sept. 30, 2023

Changes in Reportable Business Segmentation
NEWOLD
Automotive Related Products

Mobility≫ Automobile≫ Automobile≫ Motorcycle≫ Motorcycle

Vehicle heaters

Household AppliancesDevice Products

Gas Techno

Aircraft Parts
Import and Sales
Trading

Turf-care
Equipment
OtherBusiness

Vehicle heaters

OtherBusiness

Reviewed the business portfolio and changed the reportable segments from the viewpoint of management approach from the firstquarter of the current fiscal year. The "Aircraft parts import and sales business" and the "Turf-care Equipment business" were merged
into the trading business, and the "Automobile related products business" was renamed the "Mobility business, The "Household
Appliances Device Products Business" was renamed the "Gas Techno Business.” Vehicle heaters, which was included in the Other
Business segment, was transferred to the Mobility Business segment.
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4

6 Months ended Sept. 30, 2023

Mikuni's Business Segments
Net Sales and Composition Ratio
by Business Segment

Other
Business
Welfare vehicles, Nursing equipment,
Consumer products

2%

Trading
Precision forging products, Turf-care equipment
etc.

Safety shut-off devices for gas
appliances, gas control devices andother various flow control devices

8%
Other
Trading1,157
3,915

GasTechno
2,799

Gas Techno

6%

Mobility84%≫ AutomobileApr. – Sept. 2023

CONSOLIDATED Mobility
SALES
40,06947,942MILLION YEN≫ Motorcycle

Electronic Fuel Injection Systems
Carburetors, Pumps

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5

6 Months ended Sept. 30, 2023

Summary of Income Statement
Forecast for
FY ended
March, 2024

6 months
ended Sept.
30, 2022

6 months
ended Sept.
30, 2023

44,810724
429

47,942
1,187
973

3,132
463
544

99,0004,000
3,300

Net income attributable toowners of the parent(587)105692

1,600

Net income per share (yen)(17.49)

3.15

20.64

5.00

5.00

ー47.6720.00

Average rate for the period

123.14135.00Year-end

136.68144.99(Millions of yen)
Net sales
Operating income
Ordinary income

Dividend per share (yen)Exchange rate against the U.S.
dollar (yen)ChangeIncluding the 100thanniversary dividendof 10.00 yen

Assumedexchange rate :

135

Note:
1. Amounts less than one million yen are discarded.
2. Figures in parentheses are negative values.

3. The dividend per share for the fiscal year ending March 31, 2024 (forecast) includes a commemorative dividend of 10 yen per
share for the 100th anniversary of the Company's founding.
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6

6 Months ended Sept. 30, 2023

Financial Highlights

Six Months Ended September 30, 2023 (April - September 2023)••

Consolidated net sales increased 7.0% due to higher sales in the Mobility and Trading businesses.
Despite higher raw material prices, operating income increased 64.0% due to efforts to improve
profitability and the impact of foreign exchange rates.

OPERATING RESULTS BY SEGMENT
Mobility Business• Impact of parts shortages in the supply chain gradually eased.
• Sales increased 8.4% due to continued strong performance in India and the impact of foreign currency
exchange rate fluctuations, etc.
• Operating income increased 37.4% due to efforts to improve productivity.
Gas Techno Business• Sales declined 10.8% due to slow demand recovery and the impact of real estate market conditions in China.
• Operating loss narrowed due to cost reductions within the business segment.
Trading Business• Sales increased 4.9% due to strong sales of welfare and nursing care equipment.
• Operating income increased, absorbing higher procurement costs for imported products.

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7

6 Months ended Sept. 30, 2023

30,000■Automotive Products Business ■Household Appliances Device Products Business■Aircraft Parts Import and Sales Business ■Turf-Care Equipment Sales Business■Other Business
24,173

Net Sales

25,00020,000Transition of Quarterly Net Sales
and Operating Income

24,161

24,874

20,637(Millionsof yen)
（単位：百万円）

23,27924,663

562

624

23/1Q

23/2Q

15,00010,0005,000

Operating Income (Loss)

02,000

1,307

1,500
1,000

1,057
415

308

22/1Q

22/2Q

500
0-500Note:Amounts less than one million yen are discarded.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

22/3Q

22/4Q

8

6 Months ended Sept. 30, 2023

Analysis on Changes in Operating Income (YoY)

Increased volume and price increases, as well as the impact of foreign exchange rates,
absorbed the increase in expenses and secured a year-on-year increase in income.
(Millions of yen)

Note:
Figures in parentheses are negative values.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

9

Net Sales and Operating Incomeby Business Segment

6 Months ended Sept. 30, 2023

Net Sales and Operating Income by Business Segment (Apr. – Sept. , 2022 and 2023)
6 Months
ended September, 2022
Net Sales(単位：百万円)

Mobility

Gas Techno

Trading

Others
Total

Operating
Income6 Months
ended September, 2023
Net Sales

OperatingincomeSales ratio

Operatingincome ratio

Sales ratio

Operatingincome ratio

36,971

738

40,069

1,014

82.5％

2.0％

83.6％

2.5％

3,138(526)2,799(343)

7.0％

―

5.8％

―

3,597

508

3,915

506

8.0％

14.1％

8.2％

12.9％

1,103

3

1,157

10

2.5％

0.3%

2.4％

0.9%

44,810724

47,942

1,187

1.6％

Changein Net Sales
AmountRatio

Change in OperatingIncomeAmount

Ratio

8.4％

276

37.4％

(338) (10.8％)

182

―317

8.8％

(2)

(0.5％)

544.9％

7212.5%

3,132

7.0％

463

64.0％

3,098

2.5％

(Note) 1. Amounts less than one million yen are discarded.

2. Figures in parentheses are negative values.

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

10

(Reference)

Comparison of Net Sales and Operating Income by Segment(Previous Accounting Standard)

MobilityNet Sales
33,94034,250(Millions of yen)
37,9752019.2Q70

2020.2Q

2,159

Size of sales with
FY 2019 as 100
2021.2Q

805

2022.2Q

2020.2Q

2023.2Q

100

2019.2Q

3,267 3,138

118

113

85
2020.2Q

2021.2Q

2022.2Q

2023.2Q

Operating Income

Net Sales
2,358

2021.2Q(1,298)Gas Techno
2,777

1,051

123

112

101

2019.2Q

41,844869

23,872
100

Operating Income

2022.2Q

2,800

101

2019.2Q(285)

2020.2Q(264)

2021.2Q

2022.2Q(162)

2023.2Q

(341)
(525)

2023.2Q

Note: Amounts less than one million yen are discarded.
The sales for the first two quarters of FY2019 are set at 100 and the indexed sales for each fiscal year are noted within each bar.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

11

(Reference)

Comparison of Net Sales and Operating Income by Segment(Previous Accounting Standard)(Millions of yen)

Trading
16,835100

Operating Income

Net Sales

11,03466

10,557

15,14011,886

71

63

90
128

508

506

2022.2Q

2023.2Q

161
3

2019.2Q

2020.2Q

2021.2Q

2022.2Q

2023.2Q

2019.2Q

2020.2Q

2021.2Q

Note: Amounts less than one million yen are discarded.
The sales for the first two quarters of FY2019 are set at 100 and the indexed sales for each fiscal year are noted within each bar.

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12

6 Months ended Sept. 30, 2023

Summary of Balance Sheet(Millions of yen)

End of March2023

End of September
2023

Changein amount

Current assets

53,40258,434

5,031

Fixed assets

46,70550,5503,844

Total assets

100,108

108,984

8,875

Current liabilities

37,57943,1785,599

Fixed liabilities

30,33029,888△442

Net assets

32,19935,917

3,718

100,108

108,984

8,875

31.4％

32.1％

―

936.50yen

1,041.44yen―Total liabilities and net
assetsShareholders' equity ratio
Net assets per share(Note) 1. Amounts less than one million yen are discarded.

2. Figures in parentheses are negative values.

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

13

Depreciation and Capital Investment

6 Months ended Sept. 30, 2023

Capital investment increased YoY due to the construction of a second plant in Zhejiang Mikuni andinvestment for increased production in India. Depreciation expenses were generally on par withthe same period of the previous year
(Millions of yen)

8,0007,364

7,000
6,000
5,000
4,000

4,762

4,651

4,621

3,284

5,893
5,149

6,000
5,100

3,163

3,000

3,361

2,000

2,680 2,407

2,575

1,0000FY2019FY2020Capital investment

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FY2021

FY2022

FY2023 2Q

Depreciation expense

14

R&D Expenses

6 Months ended Sept. 30, 2023

R&D expenses increased slightly YoY, with 5.8 billion yen planned for FY2023.
（％）(Millions of yen)

7,000

6,000

8.0

5,935

5,081

7.6

7.5807
5,000

686

5,368

5,486802852

3,000

4,565

4,634
2,668

2,000

6.5

6.1

5,127
4,394

7.5
7.0

6.6
6.8

4,000

5,800

2,899

6.0

433

5.5

2,465

5.0

1,000

4.5

0

4.0
FY2019FY2020
Mikuni Corp.

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

FY2021
Subsidiary companies

FY2022

FY2023 2Q
Ratio to net sales
15Cash Flow

6 Months ended Sept. 30, 2023

Negative operating cash flow due in part to the impact of the reorganization of production bases inChina. Free cash was -2,699 million yen.

(Millions of yen)
10,0005,000

0

2,706
2,389

5,078

318

(2,371)(2,876)(5,000)(10,000)(6,997)(4,608)FY2019Cash flow from operating activities(Note)(561)(5,441)(2,558)FY20204,880(295)(2,404)(2,699)FY2021

FY2022

Cash flow from investment activities

FY2023 2Q
Free cash

1. Amounts less than one million yen are discarded.
2. Figures in parentheses are negative values.

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16

Capital Adequacy Ratio

6 Months ended Sept. 30, 2023

Total assets increased by 8.9 billion yen. While liabilities increased by 5.2 billion yen due toborrowing, net assets increased by 3.7 billion yen, due in part to an increase in the value of stock
holdings (1.2 billion yen) and an increase in net assets of overseas subsidiaries (2.2 billion yen) due
to yen depreciation. Capital adequacy ratio remained in the 30% range.
40.0%

32.1%

31.4%

32.1%

30.0%

28.6%

20.0%

March 2020

29.4%

March 2021

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March 2022

March 2023

September 2023

17Forecast for the Fiscal YearEnding March 31, 2024
(Initial forecast unchanged)

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18

Forecast for
FY ending March 31, 2024

Summary of Income Statement(Millions of yen)

FY2021 ended
March, 2022

FY2022 ended
March, 2023

Forecast for
FY2023 ending
March, 2024

80,7893,318
3,137

93,8473,089
2,644

Net income attributable toowners of the parent

1,318(1,682)

1,600

Net income per share (yen)39.31(50.13)

47.67
20.00

Net sales
Operating income
Ordinary income

99,0004,000
3,300

includes dividend of

10.00

10.00

10.00 yen incommemoration of
the 100thanniversary of thecompany's founding.

Average rate for the period

109.90131.62

Assumedexchange rate:Year-end

115.02132.70

Dividend per share (yen)Exchange rate against the U.S.
dollar (yen)135(Note) 1. Amounts less than one million yen are discarded.

2. Figures in parentheses are negative values.

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19

Net Sales and Operating Income
by Business Segment

Forecast for
FY ending March 31, 2024

Net Sales and Operating Income by Business Segment (FY2022 and FY2023 forecast)(Millions of yen)

Mobility

Gas Techno

TradingOthers
合計

FY2022
ended March, 2023

FY2023 (forecast)ending March, 2024

Net Sales

Net Sales

Sales ratio

Operating
IncomeOperatingincome ratio

Sales ratio

OperatingincomeOperatingincome ratio

77,197

3,362

83,000

3,650

82.3%

4.4%

83.8%

4.6%

6,786(636)

6,700

(200)

7.2%

―

6.8%

―

7,351

410

6,800

500

7.8%

5.6%

6.9%

7.4%

2,509(48)

2,500

50

2.7%

―

2.5%

2.0%

93,847

3,089

99,000

4,000

3.3%

Changein Net Sales
AmountRatio

Change in Operating
IncomeAmountRatio

5,803

7.5%

288

8.6%

(86)

(1.3%)

436―(551)(7.5%)

90

21.9％

(9)

(0.4%)

98―

5,153

5.5%

911

29.5%

4.0%

Note: 1. Amounts less than one million yen are discarded.

2. Figures in parentheses are negative values.

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20

(Reference)

Comparison of Net Sales and Operating Income in Automotive Product Segmentwith the Last Four Fiscal Years (Previous Accounting Standard)

Sales in India continue to increase and become the group's growth engine. ASEAN and Europe areon a recovery trend. In China, production bases were reorganized to create a structure that can
respond to changes in the market.
(Millions of yen)

100,000

10,95080,00010,787
7,886
60,00040,000

9,358

9,122

7,435

6,740

8,157

12,532

9,353

8,816

8,470

9,602
22,01015,231

10,174
11,29912,491

13,0308,337
20,00033,91927,061

30,11333,06533,280

FY2020

FY2021

FY2022

FY2023 (forecast)

0FY2019
Japan

ASEAN

India

Note: Amounts less than one million yen are discarded.
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Greater China

Europe & Americas

21

Topics

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22

Topics

Response to the New Market Classificationof the Tokyo Stock Exchange (TSE)

As of October 20, 2023, we have changed our listing classification
on TSE from the Prime Market to the Standard Market.

We have been listed on the prime market since the new market classification wasestablished in April 2022. We were about to achieve the market capitalization oftradable shares, which we had not yet achieved in terms of the criteria for maintaining
our listing on the market.

Taking the opportunity of the special period for market change on TSE, our Board ofDirectors held a thorough discussion and decided that (1) the costs required tomaintain the Prime listing criteria should be used to improve corporate value, and (2) it
is unfair to ask current shareholders to bear the delisting risk in the event that thePrime listing criteria are not met. Therefore, we have made a resolution to transfer tothe Standard Market and submitted an application on September 25 of this year (Fordetails, please refer to the news release dated September 25 on our website.)We will continue our efforts to strengthen governance and enhance information
disclosure to achieve sustainable growth and increase corporate value.

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23

Topics

100th Anniversary of Company’s Foundation
Logo for the 100th Anniversary

Launched the 100th anniversary website

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24

Topics

Brand Message

 3 simple verbs to express Mikuni's Corporate Philosophy.
 Each verb contains the action guidelines that Mikuni values.

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25

Topics

Japan Mobility Show 2023

Theme:As we celebrate our 100th anniversary, we thank all those who havewalked along this journey with us and supported us, and mark Mikuni forthe next era.
(October 25-26, 2023: Press Days, October 28-November 5, 2023 at Tokyo Big Sight)

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26

Disclaimer
1. This document has been prepared on a consolidated basis.
2. This document summarizes the financial results and earnings forecasts that have alreadybeen announced, and is provided solely for the purpose of providing information toinvestors, and is not intended as a solicitation to buy or sell.
3. The forward-looking statements, including earnings forecasts, contained in this document
are based on information available as of the date of the announcement, and actual
results may differ from these forecasts due to various factors.
4. Statements regarding business performance, etc., have been prepared based on various
data that are believed to be reliable, but we do not guarantee their accuracy.

For more information, please contact
Corporate Management Department
Corporate Division
Phone: +81-3-3832-0532
Mikuni Corporation
13-11, Sotokanda 6-chome, Chiyoda-ku, Tokyo 101-0021, Japan
URL https://www.mikuni.co.jp/
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

27

Securities
identification
証券コード: 7247 code: 7247
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

28