(Reference Translation)

May 12, 2021

Summary of Consolidated Financial Results
for the Fiscal Year Ended March 31, 2021
<under Japanese GAAP>
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:

MIKUNI CORPORATIONFirst Section of Tokyo Stock Exchange
7247
https://www.mikuni.co.jp/
Hisataka Ikuta, President, CEO & COO
Hisashi Shibata, General Manager Treasury & Accounting Dept. Corporate
Division
TEL: +81-3-6895-0038

Scheduled date of Ordinary General Meeting of Shareholders:
Scheduled date to commence dividend payments:
Scheduled date to file the Annual Securities Report:
Preparation of supplementary material on financial results:
Holding of financial results presentation meeting:June 29, 2021
June 30, 2021
June 29, 2021
Yes
Yes (for institutional investors and analysts)(Millions of yen with fractional amounts discarded, unless otherwise noted)

1.

Consolidated financial results for the fiscal year ended March 31, 2021
(from April 1, 2020 to March 31, 2021)(1) Consolidated operating results(Percentages indicate year-on-year changes. Figures in parentheses are negative figures.)
Net sales
Fiscal year ended

Operating income

Millions of yen%

March 31, 2021

86,962 (21.3)

March 31, 2020

110,499

Note: Comprehensive income(9.3)

Millions of yen

Net income attributable toowners of parent

Ordinary income%

Millions of yen

569 (76.4)

597(67.9)(125)–

2,410 (45.3)

1,858(57.6)(4,014)–

Fiscal year ended March 31, 2021:
Fiscal year ended March 31, 2020:% Millions of yen

1,954 million yen(5,706) million yen

%

[– %]
[– %]

Ratio of ordinary
Ratio of operating
income to total
income to net sales
assetsBasic earnings
per share

Diluted earnings
per share

Return on equity

Fiscal year ended

yen

yen

%

March 31, 2021

(3.73)

–

(0.5)

0.6

0.7

March 31, 2020

(119.30)–(13.9)

2.0

2.2

Reference: Share of income (loss) of entities accounted for using equity method
Fiscal year ended March 31, 2021: (264) million yen
Fiscal year ended March 31, 2020: (141) million yen%%

(2) Consolidated financial position
Total assets
As of

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

yen

March 31, 2021

93,891

28,39629.4

822.12

March 31, 2020

90,396

26,72628.6

767.72

Reference:

EquityAs of March 31, 2021:
As of March 31, 2020:

27,560 million yen
25,841 million yen(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash and cash
equivalents at end of
periodCash flows fromfinancing activities

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2021

318

(2,876)

2,217

4,249

March 31, 2020

2,389

(6,997)

3,022

4,672

2.

Dividends
Annual dividends

Fiscal year ended
March 31, 2020
Fiscal year ended
March 31, 2021
Fiscal year ending
March 31, 2022
(Forecast)3.

Total dividends(Total)Dividend
payout ratio(Consolidated)

Ratio ofdividends to
net assets(Consolidated)

yen Millions of yen

%

%

338

–

1.2

170

–

0.6

First
quarterend

Secondquarterend

Third
quarterend

Fiscalyearend

yen

yen

yen

yen

–

5.00

–

5.00

10.00

–

–

–

5.00

5.00

–

5.00

–

5.00

10.00

Total

–

Consolidated earnings forecasts for the fiscal year ending March 31, 2022
(from April 1, 2021 to March 31, 2022)(Percentages indicate year-on-year changes. Figures in parentheses are negative figures.)
Net sales

Six months ending
September 30, 2021
Fiscal year ending
March 31, 2022

Operating income

Ordinary income

Net income
attributable toowners of parent

Basic earnings
per share

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

%

yen

41,800

–

1,230

–

640

–

50

–

1.49

84,400

–

3,000

–

2,200

–

800

–

23.82

Note: In order to apply the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29) from the beginning of the
fiscal year ending March 31, 2022, the above consolidated earnings forecasts are forecasts after applying the AccountingStandard, and the rate of year-on-year change is not given.

* Notes(1) Changes in significant subsidiaries during the fiscal year under review (changes in specified subsidiaries
resulting in changes in the scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial
statements after error corrections
a. Changes in accounting policies due to revisions to accounting standards and other regulations: Noneb. Changes in accounting policies due to other reasons: Nonec. Changes in accounting estimates: None
d. Restatement of prior period financial statements after error corrections: None
(3) Number of issued shares (common shares)
a. Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2021
As of March 31, 2020b.

Number of treasury shares at the end of the period
As of March 31, 2021
As of March 31, 2020c.

34,049,423 shares
34,049,423 shares

525,429 shares
389,592 shares

Average number of shares during the period
Fiscal year ended March 31, 2021
Fiscal year ended March 31, 2020

33,586,684 shares
33,651,641 shares(Note) The Company’s shares held by the “Management Board Incentive Plan (BIP) Trust” and “Employee Stock
Ownership Plan (ESOP) Trust” are included in the number of treasury shares at the end of the period (489,880
shares as of March 31, 2021 and 204,280 shares as of March 31, 2020).
In addition, the Company’s shares held by the “Management Board Incentive Plan (BIP) Trust” and “Employee
Stock Ownership Plan (ESOP) Trust” are included in treasury shares, which are deducted in calculating the average
number of shares during the period. (334,987 shares in the fiscal year ended March 31, 2021 and 212,808 shares in
the fiscal year ended March 31, 2020)

(Reference)

Summary of non-consolidated financial results

Non-consolidated financial results for the fiscal year ended March 31, 2021
(from April 1, 2020 to March 31, 2021)(1) Non-consolidated operating results(Percentages indicate year-on-year changes)
Net sales

Operating income

Ordinary income

Net income

Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

March 31, 2021

54,535(27.7)(2,449)

–

(530)

–

(939)

–

March 31, 2020

75,458(12.5)(1,032)

–

1,930

44.6

(2,851)–

Basic earnings
per share

Diluted earnings
per share

Fiscal year ended

yen

yen

March 31, 2021

(27.96)–

March 31, 2020

(84.73)–(2) Non-consolidated financial position
Total assets
As of

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

yen

March 31, 2021

67,855

18,54427.3

553.18March 31, 2020

62,36517,75028.5

527.34

Reference:

EquityAs of March 31, 2021:
As of March 31, 2020:

18,544 million yen
17,750 million yen* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Disclaimer regarding forward-looking statements
The forward-looking statements, including earnings forecasts, contained in these materials are based on
information currently available to the Company at the time of the release of these materials. Actual results
may differ from the forecasts due to various factors.

[Attached Material]
Index

1. Overview of operating results and others ............................................................................................... 2(1) Overview of operating results for the fiscal year ............................................................................. 2(2) Overview of financial position for the fiscal year............................................................................ 4(3) Basic policy for distributing incomes, and dividends for the fiscal year under review andnext fiscal year ................................................................................................................................. 5
2. Status of the corporate group .................................................................................................................. 6
3. Basic concept regarding selection of accounting standards ................................................................... 6
4. Consolidated financial statements and significant notes thereto ............................................................ 7(1) Consolidated balance sheet .............................................................................................................. 7(2) Consolidated statement of income and consolidated statement of comprehensive income ............. 9(3) Consolidated statement of changes in equity ................................................................................. 11(4) Consolidated statement of cash flows ............................................................................................ 13(5) Notes to consolidated financial statements .................................................................................... 15(Notes on premise of going concern) ............................................................................................. 15(Change in presentation) ................................................................................................................ 15(Segment information, etc.) ........................................................................................................... 16(Per share information) .................................................................................................................. 18(Significant subsequent events) ..................................................................................................... 18

-1-

1.

Overview of operating results and others(1) Overview of operating results for the fiscal year
In the current fiscal year (from April 1, 2020 to March 31, 2021), the Japanese economy continued topick up from the effects of COVID-19, but with weakness seen in some areas, a strong recovery was notachieved. As for overseas, a recovery trend continued, with production activities gradually resuming
after restrictions on movement were eased. In addition to economic recovery in China, headway was
made with the normalization of production in India, but the economic outlook remained different fromcountry to country.
In this business environment, partly due to a decline in sales in the Automobile-related Products Businessand the Aircraft Component Import and Sales Business, the Group’s net sales amounted to 86,962
million yen (down 21.3% year-on-year) and operating income amounted to 569 million yen (down
76.4% year-on-year). As a result, ordinary income amounted to 597 million yen (down 67.9% year-onyear) and net loss attributable to owners of parent stood at 125 million yen (net loss attributable toowners of parent of 4,014 million yen in the previous fiscal year).
Operating results by segment are as follows.
(i)<Automobile-related Products Business>
Sales in this business, which centers on the manufacture and sale of fuel supply systems forautomobiles, motorcycles, and general purpose engines and engine-related functional components,
decreased compared with the previous fiscal year. Demand for products for both automobiles andmotorcycles dropped sharply due to the effects of the global spread of COVID-19, but demand wasseen to recover since summer. In addition, production remained steady in India. As a result, net
sales in this business amounted to 60,345 million yen (down 14.0% year-on-year), while operating
income was 772 million yen (down 71.8% year-on-year).

(ii) <Household Appliances Device Products Business>
Sales in this business, which centers on the manufacture and sale of control systems for gas
appliances and water appliances, were nearly the same as the previous fiscal year, and operating
loss narrowed. While affected by the spread of COVID-19, the revision of product strategies
resulted in net sales in this business of 5,818 million yen (down 0.0% year-on-year), and operating
loss narrowed to 221 million yen, from an operating loss of 345 million yen in the previous fiscal
year.
(iii) <Aircraft Component Import and Sales Business>
Sales of aircraft components decreased from the previous fiscal year. Affected by a significant
decline in air passenger demand, net sales in this business amounted to 16,441 million yen (down
42.8% year-on-year), and operating income was 190 million yen (down 45.1% year-on-year).
(iv) <Turf-maintenance Equipment, etc. Sales Business>
Sales of the Turf-maintenance Equipment, etc. Sales Business declined from the previous fiscal
year. Due in part to the spread of COVID-19, the appetite of customers, mainly golf courses, tomake capital investments cooled, resulting in net sales in this business amounting to 2,568 million
yen (down 25.8% year-on-year). On the other hand, operating loss narrowed from an operating lossof 386 million yen in the previous fiscal year to 169 million yen mainly due to a revision of productmix.
(v) <Other Businesses>
Sales in this segment, which handles the manufacture and sale of vehicle heaters, welfare and caredevices and other products, decreased from the previous fiscal year. Net sales in Other Businesses
amounted to 1,788 million yen (down 21.7% year-on-year), and operating loss was 2 million yen(operating income of 59 million yen in the previous fiscal year).

-2-

[Comparison table of operating results by segment]
Fiscal year ended
March 31, 2020
Operating
Net sales
incomeFiscal year ended
March 31, 2021
Operating
Net sales
income(Millions of yen)
Change inoperating income

Change innet sales
AmountRatio

Amount

Ratio

Automobile-related Products
70,2002,736
60,345772(9,855)(14.0)%(1,963)(71.8)%
Business
Household Appliances Device
5,819
(345)
5,818
(221)
(0)
(0.0)%
124–
Products BusinessAircraft Component Import
28,733346
16,441
190(12,292)(42.8)%(156)(45.1)%and Sales Business
Turf-maintenance Equipment,
3,462
(386)
2,568
(169)
(893)
(25.8)%
216–
etc. Sales Business
Other Businesses
2,284
59
1,788
(2)
(495)
(21.7)%
(61)
–
Total
110,499
2,410
86,962569(23,537)(21.3)%(1,840)(76.4)%
Reference: exchange rate
1 USD = 109.03 yen
1 USD = 106.76 yen––(Notes) 1. The figures inside parentheses in the column presenting operating income indicate the amount of operating loss.
2. Amounts less than one million yen are discarded.
3. “–” indicates a negative change in the current fiscal year or the previous fiscal year or both.

[Reference] Performance trends for each quarter from the fiscal year ended March 31, 2019 to fiscal year ended
March 31, 2021
Fiscal year ended
March 31, 2019
Automobile- Net sales
relatedOperating
Products
incomeBusiness
Household Net sales
Appliances
DeviceOperatingincomeProducts
Business
Aircraft
Net sales
Component
Import and Operating
incomeSales
Business
TurfNet sales
maintenance
Equipment, Operating
incomeetc. Sales
Business
Net sales

Other
Businesses Operating
Total

incomeNet sales
Operatingincome(Millions of yen)
Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2020

First quarter

SecondquarterThird quarter

FourthquarterFirst quarter

SecondquarterThird quarter

FourthquarterFirst quarter

SecondquarterThird quarter

Fourthquarter

16,954

17,645

18,846

18,69016,801

16,904

17,39919,094

10,977

12,751

17,59419,021

1,065

631

1,365

1,097

639

283

679

1,133

(323)

(946)

505

1,537

1,663

1,817

1,685

1,458

1,319

1,458

1,557

1,483

1,032

1,325

1,777

1,682

(20)

(102)

(63)

(161)

(166)

(118)

(23)

(37)

(144)

(120)

51

(7)

8,697

8,980

9,383

8,570

7,473

7,180

6,892

7,186

6,173

3,019

2,906

4,341

219

299

206

44

139

65

100

40

200

60

(46)

(24)

1,053

1,152

988

1,270

1,083

1,098

565

714

1,019

822

106

621

(38)

(53)

(120)

(35)

(18)

(58)

(133)

(175)

(8)

(92)

(2)

(65)

677
665
(27)
(19)
29,046 30,261
1,197
755

802
82
31,706
1,469

799
36
30,789
980

574
(38)
27,252
555

490
(30)
27,132140561
4426,977668

658
84
29,137
1,045

412
(11)
19,615
(286)

368
(52)
18,285(1,151)458
15
22,843522

549
45
26,216
1,484(Notes) 1. The figures inside parentheses in the row presenting operating income indicate the amount of operating loss.
2. Amounts less than one million yen are discarded.

-3-

Future outlook
The global economy appears to be on a recovery trend due to economic policies and vaccination progress ineach country. The Group also expects to return to a growth trajectory by seizing business opportunities. We
will work on research and development with an eye to minimizing carbon emissions, promote DX (digitaltransformation), and improve production efficiency. Based on the current information, our consolidated
earnings forecasts for the next fiscal year (ending March 31, 2022) are as follows:
Consolidated earnings forecasts for the fiscal year ending March 31, 2022
(from April 1, 2021 to March 31, 2022)
Net sales

OperatingincomeNet income
Ordinary income attributable toowners of parent
2,200
800

(Millions of yen)
Basic earnings
per share
(Yen)
23.82

Current Forecast
84,4003,000
Results for the previous fiscal
86,962
569
597
(125)
(3.73)
year(Notes) 1. In order to apply the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29) from the beginningof the fiscal year ending March 31, 2022, the above consolidated earnings forecasts are forecasts after applying the
Accounting Standard.
2. The forward-looking statements, including earnings forecasts, contained in these materials are based on information
currently available to the Company and certain assumptions deemed reasonable. Actual results may differ
significantly from the forecasts due to various factors.

(2) Overview of financial position for the fiscal year
a. Assets, liabilities and net assets(Assets)
Total assets at the end of the fiscal year under review amounted to 93,891 million yen, an increase of
3,495 million yen from the previous fiscal year-end.
Current assets amounted to 46,474 million yen, an increase of 3,295 million yen from the previous fiscal
year-end. This was mainly due to an increase in merchandise and finished goods of 2,955 million yen.
Non-current assets amounted to 47,417 million yen, an increase of 199 million yen from the previous
fiscal year-end. This was mainly due to the fact that although property, plant and equipment decreased by
2,021 million yen, there was an increase of 2,420 million yen in investment securities.
(Liabilities)
Total liabilities at the end of the fiscal year under review amounted to 65,495 million yen, an increase of
1,825 million yen from the previous fiscal year-end.
Current liabilities amounted to 31,218 million yen, an increase of 11 million yen from the previous fiscal
year-end. This was mainly due to the fact that although notes and accounts payable - trade decreased by
1,145 million yen, there was an increase of 1,578 million yen in short-term borrowings.
Non-current liabilities amounted to 34,276 million yen, an increase of 1,814 million yen from theprevious fiscal year-end. This was mainly due to an increase of 1,587 million yen in long-termborrowings.
(Net assets)
Net assets amounted to 28,396 million yen, an increase of 1,669 million yen from the previous fiscal yearend. This was mainly due to an increase of 1,911 million yen in valuation difference on available-for-salesecurities.

-4-b. Cash flows
Cash and cash equivalents (hereinafter, “cash”) for the fiscal year under review decreased by 423 million
yen from the previous fiscal year-end, to 4,249 million yen.
The respective cash flow positions for the fiscal year under review are as follows:(Cash flows from operating activities)
Net cash provided by operating activities in the fiscal year under review was 318 million yen (2,389
million yen was provided in the previous fiscal year). This was mainly due to the fact that positive factors
based on depreciation of 4,651 million yen, exceeded negative factors based on a decrease in inventories
of 3,113 million yen and a decrease in trade payables of 1,076 million yen.
(Cash flows from investing activities)
Net cash used in investing activities in the fiscal year under review amounted to 2,876 million yen (6,997
million yen was used in the previous fiscal year). This was mainly due to 3,963 million yen in thepurchase of non-current assets.
(Cash flows from financing activities)
Net cash provided by financing activities in the fiscal year under review totaled 2,217 million yen (3,022
million yen was provided in the previous fiscal year). This was mainly due to proceeds from a 2,962
million yen net increase in borrowings.
(3) Basic policy for distributing incomes, and dividends for the fiscal year under review and next fiscal
year
The Company, taking into consideration the operating results of the fiscal year and future businessdevelopment, has a basic policy regarding dividends from surplus, etc. of carrying out result-based
distributions in a stable manner based on a medium- to long-term perspective.
Stable dividends and future business development, etc. were comprehensively examined, and as a result,a plan is in place to submit a proposal at the 99th Ordinary General Meeting of Shareholders, which isscheduled to be held on June 29, 2021, to a regular dividend of 5 yen per share of common shares of theCompany.
Regarding projected dividends for the next fiscal year (ending March 31, 2022), the Company expects,
based on earnings forecasts and current forecasts of the financial position, to pay a regular interim
dividend of 5 yen per share of common shares, and a regular year-end dividend of 5 yen per share, giving
projected annual dividends of 10 yen per share.
(Note)

The forecasts for the next fiscal year contained in these materials are forward-looking statements including risks
and uncertainties. Therefore, the actual results may differ from the forecasts stated herein due to changes ofvarious factors.

-5-

2.

Status of the corporate group
The Group (the Company and its affiliates) consists of the Company (MIKUNI CORPORATION), 21
subsidiaries, and four associates. The Group is engaged in manufacturing and sales of fuel injectionrelated products, carburetors, heaters, pumps, gas control devices, etc., the import and sales of aircraftcomponents, sales of turf-maintenance equipment, etc., and real estate leasing and other services.
Business organization chart
Reportable segments are the Automobile-related Products Business, the Household Appliances Device
Products Business, the Aircraft Component Import and Sales Business, and the Turf-maintenance
Equipment, etc. Sales Business. The business organization chart of the Group as of March 31, 2021
(showing the Company and its main affiliates) is shown below.

Overseas

Domestic
Manufacturing and sales company

Manufacturing and sales companies

Manufacturing and sales companies

Sales company(Entity accounted for using equity
method)(Consolidated subsidiaries)
Mikuni American Corporation
Mikuni Europe GmbH
Mikuni Taiwan Corporation
Mikuni Management (Shanghai) Co.,
Ltd.

Other
Businesses(Consolidated subsidiary)
Mikuni Life & Auto Co.,Ltd.

(Consolidated subsidiary)Corbin Properties Incorporated

Finished goods/
merchandise

3.

External customers

Mikuni R. K. Corporation
Pierburg Mikuni Pump Technology(Shanghai) Corporation

Services company
Other Businesses

Manufacturing and sales company

Automobile-related Products BusinessAircraft Component
Import and Sales Business(Consolidated subsidiary)
Asahi Air Supply Inc.

Sales Business

Sales company

Mikuni (Thailand) Co., Ltd.
Mikuni (Shanghai) Co., Ltd.
Tianjin Mikuni Co., Ltd.
Mikuni (Chengdu) Machinery &Electronics Co., Ltd.
Mikuni (Zhejiang) Co., Ltd.
Mikuni Mexicana S.A.de C.V.
PT. Mikuni Indonesia
Mikuni India Private Limited

Sales companies

MIKUNICORPORATION(the Company)

Household Appliances Device
Products Business, Aircraft Component Import andTurf-maintenance Equipment,
etc. Sales Business,

External customers(Consolidated subsidiary)
Mikuni Green Service
CO.,LTD.

Automobile-related Products BusinessHousehold Appliances Device
Products Business(Entity accounted for using
equity method)
Mikuni Aim Corporation
Pierburg Mikuni Pump
Technology Corporation(Consolidated subsidiaries)

Automobile-related Products Business, Household Appliances Device Products Business andAircraft Component Import and Sales Business

Automobile-related
Products Business(Consolidated subsidiary)
Mikuni Partec Corporation

Components

Services

Basic concept regarding selection of accounting standards
The Group has prepared the consolidated financial statements in accordance with Japanese GAAP, andthere is no immediate plan to change its accounting standards. Concerning the policy for the applicationof IFRS, the Group will respond to this issue appropriately while giving consideration to various
circumstances in Japan and overseas.

-6-

4.

Consolidated financial statements and significant notes thereto(1) Consolidated balance sheet(Millions of yen)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current 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
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
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-7-

As of March 31, 2020

As of March 31, 2021

4,672
17,875

4,253
18,350

1,881

1,929

9,603
4,337
2,043
2,822
(56)
43,17812,558
4,518
2,001
2,943
(81)
46,47432,002(22,910)
9,092
49,533(36,839)
12,693
19,545(17,276)
2,269
11,8383,758
39,652

32,038(23,522)
8,515
50,150(37,341)
12,80819,828(17,662)
2,165
11,797
2,343
37,630

975
975

892
892

4,288
39
737
1,683
(160)
6,589
47,21790,396

6,709
20
744
1,575
(155)
8,894
47,417
93,891

(Millions of yen)

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Lease obligations
Accounts payable - other
Income taxes payable
Accrued expenses
Provision for bonuses
Provision for product warranties
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease obligations
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for management board incentive plantrust
Provision for share awards
Retirement benefit liability
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-salesecurities
Deferred gains or losses on hedges
Revaluation reserve for land
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-8-

As of March 31, 2020

As of March 31, 2021

12,104
5,683
4,850
353
2,510
307
2,294
1,350
940
810
31,206

10,959
7,261
4,625
384
1,868
387
2,422
1,230
275
1,801
31,21823,093
551
1,747
2,249

24,681
491
2,642
2,249

52

50

–
3,668
1,099
32,462
63,669

11
3,268
882
34,27665,4952,215
1,923
15,862(166)
19,8352,215
1,923
15,566(197)
19,507

1,197

3,108

(2)
5,282
114
(586)
6,005
885
26,72690,396

25
5,282
(223)
(140)
8,053
835
28,396
93,891

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)
Fiscal year ended
March 31, 2020
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Rental income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodRental expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Reversal of provision for product warranties
Other
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Impairment losses
Loss on valuation of investment securities
Provision for product warranties
Litigation settlement-related expenses
Other
Total extraordinary losses
Income (loss) before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net loss
Net income attributable to non-controlling interests
Net loss attributable to owners of parent-9-

Fiscal year ended
March 31, 2021

110,499
96,41914,08011,6702,410

86,962
76,107
10,854
10,285
569

75
195
–
112
–
156
539

39
160
169
113
357
177
1,019

425

594

141

264

53
363
107
1,091
1,858

50
–
82
991
597

24
0
–
8
33

0
351
339
1
692

76
2,009
30
678
121
17
2,934
(1,042)
1,328
1,604
2,933
(3,975)38(4,014)

74
133
127
–
116
50
503
786
816
42
859
(72)
52
(125)

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2020
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
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 ofparentComprehensive income attributable to noncontrolling interests- 10 -

Fiscal year ended
March 31, 2021

(3,975)(72)(1,356)
0
(194)
(150)

1,911
27
(359)
446

(30)

0

(1,730)(5,706)

2,026
1,954

(5,752)

1,922

46

32

(3) Consolidated statement of changes in equity
Fiscal year ended March 31, 2020
(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginning of
periodCapital surplus

2,215

Retained earnings

Treasury shares

Total shareholders’equity20,371(181)

24,328

1,923

Changes during period
Dividends of surplus
Net loss attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesTransfer of loss on
disposal of treasury
sharesChange in scope of
consolidation
Net changes in items
other than shareholders’equityTotal changes during
period

(507)

(507)

(4,014)(4,014)
(0)

(0)

15

15
–

14

14
–

Balance at end of period––(4,508)15(4,493)

2,215

1,923

15,862(166)

19,835

Accumulated other comprehensive income

Balance at beginningof period
Changes during
periodValuationdifference on
available-forsale securities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

Remeasurements ofdefinedbenefit plans

Total
accumulated
othercomprehensive
incomeNoncontrollinginterests

Total net
assets

2,553

(3)

5,282

311

(436)

7,708

918

32,955

Dividends of surplus
Net loss attributableto owners of parent
Purchase of treasury
shares
Disposal of treasury
sharesTransfer of loss on
disposal of treasury
sharesChange in scope of
consolidation
Net changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of
period(507)(4,014)(0)15–
14(1,356)

0

–

(197)

(150)

(1,702)(33)(1,735)(1,356)

0

–

(197)

(150)

(1,702)(33)(6,228)

1,197

(2)

5,282

114

(586)

6,005

885

26,726- 11 -

Fiscal year ended March 31, 2021
(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginning of
periodCapital surplus

2,215

Retained earnings

Treasury shares

Total shareholders’equity15,862(166)

19,835

1,923

Changes during period
Dividends of surplus
Net loss attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesTransfer of loss on
disposal of treasury
sharesChange in scope of
consolidation
Net changes in items
other than shareholders’equityTotal changes during
period

(169)

(169)

(125)

(125)

(4)
4

(77)

(77)

46

41

(4)

–

2

2
–

Balance at end of period

–

–

(296)

(31)

(327)

2,215

1,923

15,566(197)

19,507

Accumulated other comprehensive income

Balance at beginningof period
Changes during
periodValuationdifference on
available-forsale securities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

Remeasurements ofdefinedbenefit plans

Total
accumulated
othercomprehensive
incomeNoncontrollinginterests

Total net
assets

1,197

(2)

5,282

114

(586)

6,005

885

26,726

Dividends of surplus
Net loss attributableto owners of parent
Purchase of treasury
shares
Disposal of treasury
sharesTransfer of loss on
disposal of treasury
sharesChange in scope of
consolidation
Net changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of
period

(169)
(125)
(77)
41
–
2
1,911

27

–

(338)

446

2,047

(49)

1,997

1,911

27

–

(338)

446

2,047

(49)

1,669

3,108

25

5,282

(223)

(140)

8,053

835

28,396- 12 -

(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2020
Cash flows from operating activities
Income (loss) before income taxes
Depreciation
Amortization of goodwill
Impairment losses
Subsidy income
Interest and dividend income
Interest expenses
Loss (gain) on sale and retirement of non-current
assetsShare of loss (income) of entities accounted forusing equity method
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for productwarranties
Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful
accounts
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in accounts receivable - other
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other
Other, net
SubtotalInterest and dividends received
Interest paid
Subsidies received
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible 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- 13 -

Fiscal year ended
March 31, 2021

(1,042)
4,621
77
2,009
–
(271)
425

786
4,651
–
133
(357)
(200)
594

52

73

141

264

169

193

664

(664)

(320)

(114)

(24)

20

853
(1,009)177(3,015)
(871)
1,281
3,918
267
(429)
–
(1,367)
2,389

(514)
(3,113)(99)(1,076)
(281)
1,071
1,367
240
(587)
342
(1,044)318(7,143)
476
(314)
(7)
0
(49)
36
4
(6,997)(3,789)
624
(174)
(0)
502
(42)
60
(57)
(2,876)

(Millions of yen)
Fiscal year ended
March 31, 2020
Cash flows from financing activities
Increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Proceeds from sale 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
Increase in cash and cash equivalents resulting from
inclusion of subsidiaries in consolidation
Cash and cash equivalents at end of period- 14 -

Fiscal year ended
March 31, 2021

195
9,414
(5,624)
(0)
–
(507)
(77)
(378)
3,022

1,602
6,381
(5,021)
(77)
46
(171)
(81)
(460)
2,217

89

(138)

(1,496)
6,046

(478)
4,672

122

54

4,672

4,249

(5) Notes to consolidated financial statements(Notes on premise of going concern)
Not applicable.
(Change in presentation)
1. Consolidated statement of income“Reversal of allowance for doubtful accounts (8 million yen in the previous fiscal year),” which waspresented separately under “Extraordinary income” in the previous fiscal year is included in “Other (1million yen in the current fiscal year)” in the current fiscal year due to its decreased materiality. To
reflect this change in presentation, the consolidated financial statements for the previous fiscal year
have been reclassified.
“Litigation settlement-related expenses,” which was included in “Other” under “Extraordinary losses”
in the previous fiscal year is presented separately in the current fiscal year due to its increasedmateriality.

- 15 -

(Segment information, etc.)[Segment information]
1. Outline of reportable segments
The reportable segments of the Group are components of the Group that have separate financial
information available and are periodically examined to enable the Board of Directors to makedecisions on the allocation of management resources and evaluate the results of businessperformance.
The Company establishes comprehensive domestic and overseas strategies for each product andservice, and undertakes business activities in cooperation with group companies.
The Group accordingly consists of segments by product and service, with four reportable segments:
Automobile Products-related Business, Household Appliances Device Products Business, Aircraft
Component Import and Sales Business, and Turf-maintenance Equipment, etc. Sales Business.
The Automobile Products-related Business mainly manufactures and sells fuel supply systems forautomobiles, motorcycles, and general purpose engines and engine-related functional components.
The Household Appliances Device Products Business mainly manufactures and sells control systems
for gas appliances and water appliances. The Aircraft Component Import and Sales Business mainly
imports and sells aircraft components. The Turf-maintenance Equipment, etc. Sales Business mainly
sells turf-maintenance equipment, etc.

2. Calculation method for the amounts of net sales, income/loss, assets and other items by reportablesegment
The accounting method for reportable segments is, in general, the same as that used to prepare
consolidated financial statements.
Segment profit (loss) of reportable segments is provided on an operating income (loss) basis.

- 16 -

3. Information regarding the amounts of net sales, income/loss, assets and other items by reportablesegment
Fiscal year ended March 31, 2020 (April 1, 2019 to March 31, 2020)(Millions of yen)
Reportable segment
HouseholdAircraft
TurfAutomobile
Appliances Component maintenance
ProductsDevice
Import and Equipment,
relatedProducts
Sales
etc. Sales

Total

Other
Businesses(Note)

Total

Amounts
reported in
Adjustthements consolidated
financialstatements

Net sales
To external customers
70,2005,819
28,733
3,462
108,215
2,284 110,499–
110,499
Inter-segment sales or
–
–
–
–
–
–
–
–
–
transfers
Total
70,2005,819
28,733
3,462
108,215
2,284 110,499–
110,499
Segment profit (loss)
2,736
(345)
346
(386)
2,350
59
2,410
–
2,410
Segment assets
71,368
5,758
8,470
2,223
87,8202,576
90,396–90,396
Other items
Depreciation
4,122
342
80
4
4,550
71
4,621
–
4,621
Amortization of
–
–
65
–
65
11
77
–
77
goodwill
Investments in entities
accounted for using
664
310
–
–
974
–
974
–
974
equity method
Increase in property,
plant and equipment
6,862
356
33
3
7,255
108
7,364
–
7,364
and intangible assets(Note) The “Other Businesses” category refers to a business segment not included in reportable segments including suchbusinesses as manufacturing and sales of vehicle heaters and welfare and care devices, etc.
Fiscal year ended March 31, 2021 (April 1, 2020 to March 31, 2021)(Millions of yen)
Reportable segment
HouseholdAircraft
TurfAutomobile
Appliances Component maintenance
ProductsDevice
Import and Equipment,
relatedProducts
Sales
etc. Sales

Total

Other
Businesses(Note)

Total

Amounts
reported in
Adjustthements consolidated
financialstatements

Net sales
To external customers
60,345
5,818
16,441
2,568
85,173
1,788
86,962–
86,962
Inter-segment sales or
–
–
–
–
–
–
–
–
–
transfers
Total
60,345
5,818
16,441
2,568
85,173
1,788
86,962–
86,962
Segment profit (loss)
772
(221)
190
(169)
571
(2)
569
–
569
Segment assets
74,653
5,783
7,079
3,849
91,365
2,525
93,891–
93,891Other items
Depreciation
4,277
261
52
9
4,600
50
4,651
–
4,651
Amortization of
–
–
–
–
–
–
–
–
–
goodwill
Investments in entities
accounted for using
398
303
–
–
702
–
702
–
702
equity method
Increase in property,
plant and equipment
2,982
205
45
12
3,245
38
3,284
–
3,284
and intangible assets(Note) The “Other Businesses” category refers to a business segment not included in reportable segments including suchbusinesses as manufacturing and sales of vehicle heaters and welfare and care devices, etc.

- 17 -

(Per share information)
Fiscal year ended March 31, 2020
(from April 1, 2019
to March 31, 2020)

Fiscal year ended March 31, 2021
(from April 1, 2020
to March 31, 2021)

Net assets per share

767.72 yen

822.12 yen

Basic loss per share(119.30) yen(3.73) yen

Item(Notes)

1. Diluted earnings per share for the previous and current fiscal year is not presented since a basic loss per share
was reported and no potential shares exist.
2. The shares of the Company that remain in trust and are recorded as treasury shares in shareholders’ equity areincluded in treasury shares that are excluded from the recording of the average number of shares during theperiod in calculating the amount of basic loss per share, and are included in the number of treasury shares thatare excluded from the total number of issued shares at the end of the period in calculating net assets per share.
Number of treasury shares at end of period deducted in calculating net assets per share
Fiscal year ended March 31, 2020
204,280 sharesFiscal year ended March 31, 2021
489,880 shares
Average number of treasury shares during period deducted in calculating the basic loss per share
Fiscal year ended March 31, 2020
212,808 sharesFiscal year ended March 31, 2021
334,987 shares

3. The basis of the calculation of basic loss per share is as follows:
Fiscal year ended March 31, 2020
Item(from April 1, 2019
to March 31, 2020)
Net loss attributable to owners of parent(4,014)(million yen)Amounts not attributable to common–shareholders (million yen)
Net loss attributable to owners of parent(4,014)
available to common shares (million yen)
Average number of shares during the period
33,651,641(shares)(Significant subsequent events)
Not applicable.

- 18 -

Fiscal year ended March 31, 2021
(from April 1, 2020
to March 31, 2021)
(125)
–
(125)
33,586,684