(Reference Translation)

May 10, 2024

Summary of Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
<under Japanese GAAP>
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:

MIKUNI CORPORATION
Prime Market of the Tokyo Stock Exchange
7247
https://www.mikuni.co.jp/
Hisataka Ikuta, President, CEO & COO
Hisashi Shibata, General Manager Accounting Dept. Corporate Division
TEL: +81-3-3833-0532

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 26, 2024
June 27, 2024
June 26, 2024
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, 2024
(from April 1, 2023 to March 31, 2024)(1) Consolidated operating results(Percentages indicate year-on-year changes. Figures in parentheses are negative figures.)

Net sales

Operating income

Net income attributable toowners of parent

Ordinary income

Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen

March 31, 2024

99,941

6.5

3,672

18.9

3,161

19.6

1,115

-

March 31, 2023

93,847

16.2

3,089

(6.9)

2,644

(15.7)(1,682)-(Note) Comprehensive income% Millions of yen%

Fiscal year ended March 31, 2024 8,800 million yen [- %]Fiscal year ended March 31, 2023 714 million yen [(79.4)%]
Ratio of ordinary
income to total

Basic earnings
per share

Diluted earnings
per share

Return on equity

Fiscal year ended

yen

yen

%

March 31, 2024

33.19

-

3.1

3.0

3.7

March 31, 2023

(50.13)

-

(5.4)

2.7

3.3

Reference: Share of income (loss) of entities accounted for using equity method
Fiscal year ended March 31, 2024
19 million yen
Fiscal year ended March 31, 2023
7 million yen

assetsRatio of operating
income to net sales%%

(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, 2024

111,536

40,59835.6

1,180.23

March 31, 2023

100,108

32,19931.4

936.50

Reference: Equity

Fiscal year ended March 31, 2024 39,715 million yen
Fiscal year ended March 31, 2023 31,431 million yen(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at end of
periodFiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2024

3,065

(5,052)

1,159

3,114

March 31, 2023

4,880

(5,441)

(940)

3,712

2.

Dividends
Annual dividends
First
SecondThird
quarter - quarter - quarter end
end
end

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

Dividend
payout ratio

Total dividends

Fiscalyear end(Total)

Total

yen

yen

yen

yen

-

5.00

-

5.00

10.00

-

5.00

-

15.00

20.00

-

6.00

-

8.00

14.00

(Consolidated)

yen Millions of yen

Ratio ofdividends to
net assets(Consolidated)

%

%

340

-

1.1

680

60.3

1.9

29.4

Year-end dividend for the fiscal year ending March 31, 2024 (Forecast) of 15.00 yen includes a commemorative dividend of
10.00 yen on the 100th anniversary of the Company’s founding.

3.

Consolidated earnings forecasts for the fiscal year ending March 31, 2025
(from April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes. Figures in parentheses are negative figures.)

Net sales

Fiscal year ending
March 31, 2024

Operating income

Ordinary income

Net income
attributable toowners of parent

Basic earnings
per share

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

%

yen

104,000

4.1

4,300

17.1

3,500

10.7

1,600

43.4

47.58

* 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
New: - companies (company names), Excluded: - companies (company names)(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial
statements after error corrections[1] Changes in accounting policies due to revisions to accounting standards and other regulations: None
[2] Changes in accounting policies due to other reasons: None
[3] Changes in accounting estimates: None[4] Restatement of prior period financial statements after error corrections: None
(3) Number of issued shares (common shares)[1] Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024
As of March 31, 2023

34,049,423 shares
34,049,423 shares[2] Number of treasury shares at the end of the period
As of March 31, 2024
As of March 31, 2023

399,092 shares
486,694 shares[3] Average number of shares during the period
Fiscal year ended March 31, 2024
Fiscal year ended March 31, 2023

33,624,697 shares
33,560,925 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 (362,580 asof March 31, 2024 and 450,580 shares as of March 31, 2023).
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. (388,372 shares in the fiscal year ended March 31, 2024 and 452,580 shares in
the fiscal year ended March 31, 2023)

(Reference)

Summary of non-consolidated financial results

Non-consolidated financial results for the fiscal year ended March 31, 2024
(from April 1, 2023 to March 31, 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes. Figures in parentheses are negative figures.)

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, 2024

43,844

6.9(1,588)

-

1,144

132.5

701

-

March 31, 2023

40,9995.4(1,603)-492(64.6)

1(99.9)

Basic earnings per share

Diluted earnings per
share

Fiscal year ended

yen

yen

March 31, 2024

20.87

-

March 31, 2023

0.05

-

(2) Non-consolidated financial position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

yen

68,52024,23135.4

720.0919,43231.5

578.9861,628
As of March 31, 2024
As of March 31, 2023

24,231 million yen
19,432 million yen* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Disclaimer regarding forward-looking statements
1. The company plans to hold a briefing for institutional investors and analysts on May 21, 2024. It alsoplans to publish the supplementary explanatory materials on the financial results to be distributed at thisbriefing on the company’s website.
2. 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(Consolidated statement of income)................................................................................................. 9
Consolidated statement of comprehensive income ........................................................................ 10(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(Segment information, etc.) ........................................................................................................... 15(Per share information) .................................................................................................................. 17(Significant subsequent events) ..................................................................................................... 17

-1-

1.

Overview of operating results and others(1) Overview of operating results for the fiscal year
During the fiscal year under review (April 1, 2023 to March 31, 2024), the Japanese economy continued
its moderate recovery and the negative interest rate policy was cancelled at the end of the fiscal year.
Overseas, while monetary tightening to suppress inflation continued, centered on the US and Europe, an
economy slowdown became clear in China and further monetary easing advanced. In the foreignexchange market, yen depreciation accelerated and with heightened geopolitical risks such as thesituation in Ukraine and military conflict in the Middle East, overall, the future continues to be uncertain.
In this business environment, the Group’s net sales amounted to 99,941 million yen (up 6.5% year-onyear) due to an increase in sales in the mainstay Mobility Business. In addition, due in part to theimprovement of profit margins in Trading Company Business and the effect of yen depreciation on
exchange rates, operating income amounted to 3,672 million yen (up 18.9% year-on-year), ordinary
income amounted to 3,161 million yen (up 19.6% year-on-year) and net income attributable to owners ofparent stood at 1,115 million yen (net loss attributable to owners of parent of 1,682 million yen in theprevious fiscal year).
The reportable segments have been changed as follows from the fiscal year under review. The former“Automobile-related Products Business” has changed name to “Mobility Business” and “Household
Appliances Device Products Business” to “Gas Techno Business.” Furthermore, in association with areview of the business portfolio from the management approach, “Aircraft Component Import and Sales
Business” and “Turf-care Equipment, etc. Sales Business” have been integrated as “Trading Company
Business,” and the vehicle heating equipment manufacture and sales business, which was included in“Other Businesses,” has been included in “Mobility Business.”
Operating results by segment are as follows.
<Mobility 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
were 83,445 million yen (up 7.8% year-on-year), because good conditions continued to be
maintained in the Indian market from last year in addition to the impacts of parts shortages insupply chains easing. On the other hand, operating income ended at 3,228 million yen (down 2.4%
year-on-year) in association with changes in sales product composition due to factors such as
demand for parts for large motorcycles and outboard motors becoming sluggish following thesudden rises in interest rates in Europe and the US in particular.
<Gas Techno Business>
Sales in this business, which centers on the manufacture and sale of control systems for gas
appliances and water appliances, were 5,960 million yen (down 12.2% year-on-year) as demand forresidential products stagnated while the real estate slump became more serious in China. On theother hand, operating income ended at 546 million yen (operating loss of 636 million yen in theprevious fiscal year) due to the further promotion of cost reductions in this business.
<Trading Company Business>
In this business centered on imports and sales of aircraft components, turf-care equipment, etc., net
sales were 8,089 million yen (up 10.0% year-on-year) due in part to demand for turf care equipment
performing strongly in addition to the recovery of production of civil aircraft in association with thenormalization of social activities. In addition, operating income ended at 939 million yen (up128.4% year-on-year) due to the expansion of handled products and services, etc.
<Other Businesses>
Net sales in this segment were 2,446 million yen (up 6.1% year-on-year) and operating income was
51 million yen (up 690.6% year-on-year) because manufacturing and sales of the mainstay welfare
and care devices remained solid.

-2-[Comparison of operating results by segment](Millions of yen)
Change inoperating income

Fiscal year ended
Fiscal year ended
Change in net sales
March 31, 2023
March 31, 2024
OperatingOperating
Net sales
Net sales
AmountRatio
AmountRatio
incomeincomeMobility Business
77,401
3,307
83,445
3,228
6,043
7.8%
(79)
(2.4%)
Gas Techno Business
6,786
(636)
5,960
(546)
(826)
(12.2%)
89
Trading Company Business
7,352
411
8,089
939
737
10.0%
528
128.4%
Other Businesses
2,306
6
2,446
51
139
6.1%
44
690.6%
Total
93,847
3,089
99,941
3,672
6,094
6.5%
583
18.9%
Reference: exchange rate
1 USD = 131.62 yen
1 USD = 140.67 yen(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. “-” 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, 2023 to fiscal year ended
March 31, 2024
(Millions of yen)
Fiscal year ended March 31, 2024

Fiscal year ended March 31, 2023
First quarter

Mobility
Business
Gas Techno
Business
TradingCompany
Business
Other
Businesses
Total

Net sales
OperatingincomeNet sales
OperatingincomeNet sales
OperatingincomeNet sales
OperatingincomeNet sales
Operatingincome17,261
470
1,389
(209)
1,477

Second quarter

19,710
267
1,748
(317)
2,120

Third quarter

Fourth quarter

19,807
1,012
2,012
(46)
1,753

20,622
1,556
1,635
(62)
2,001

First quarter

19,550
622
1,298
(167)
1,875

Second quarter

20,519
392
1,501
(176)
2,039

Third quarter

21,402
587
1,608
(69)
2,169

Fourth quarter

21,972
1,625
1,552
(133)
2,004

155

353

118

(215)

114

391

367

65

509
(1)
20,637415594
524,173
308

588
(25)
24,161
1,057

614
28
24,874
1,307

555
(6)
23,279562

602
1624,663624

605
1225,786898

683
27
26,212
1,585(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
As for future global economic trends, while economic stability is expected to continue, it is anticipated thesituation will fluctuate due to various risks such as interest rates remaining high in the US and Europe, in
addition to geopolitical risks becoming more serious. In the supply chain, although there are still concerns
over cost increases due to natural disasters and problems related to shortages in transportation capacity, theCompany will strive to respond accurately, including reflecting increases flexibly in selling prices asappropriate.
In view of this operating environment, the Group’s forecast of consolidated business results for the next
period (fiscal year ending March 31, 2025) as of the time of writing is as follows.
Consolidated earnings forecasts for the fiscal year ending March 31, 2025
(from April 1, 2024 to March 31, 2025)
Net sales

OperatingincomeNet income
Ordinary income attributable toowners of parent
3,500
1,600

(Millions of yen)
Basic earnings
per share
(Yen)
47.58

Current forecast
104,000
4,300
Results for the current fiscal
99,941
3,672
3,161
1,115
33.19
year
(Note) 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 from theforecasts 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 111,536 million yen, an increase of
11,428 million yen from the previous fiscal year-end.
Current assets amounted to 57,036 million yen, an increase of 3,633 million yen from the previous fiscal
year-end. This was mainly due to an increase in accounts receivable - trade of 940 million yen and anincrease in inventories of 2,533 million yen.
Non-current assets amounted to 54,500 million yen, an increase of 7,794 million yen from the previous
fiscal year-end. This was mainly due to an increase of 6,333 million yen in investment securities.
(Liabilities)
Total liabilities at the end of the fiscal year under review amounted to 70,937 million yen, an increase of
3,028 million yen from the previous fiscal year-end.
Current liabilities amounted to 43,260 million yen, an increase of 5,681 million yen from the previous
fiscal year-end. This was mainly due to an increase of 5,924 million yen in short-term borrowings.
Non-current liabilities amounted to 27,677 million yen, a decrease of 2,653 million yen from the previous
fiscal year-end. This was mainly due to a decrease of 3,769 million yen in long-term borrowings, althoughdeferred tax liabilities increased by 1,770 million yen.
(Net assets)
Net assets amounted to 40,598 million yen, an increase of 8,399 million yen from the previous fiscal yearend. This was mainly due to an increase of 4,411 million yen in the valuation difference on available-forsale securities.

-4-b. Cash flows
Cash and cash equivalents (hereinafter, “cash”) for the fiscal year under review decreased by 598 million
yen from the previous fiscal year-end, to 3,114 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 3,065 million yen (4,880
million yen was provided in the previous fiscal year). This was due mainly to the cash increasing factor of
depreciation of 5,493 million yen exceeding the cash decreasing factor of an increase in inventories of
1,622 million yen.
(Cash flows from investing activities)
Net cash used in investing activities in the fiscal year under review amounted to 5,052 million yen (5,441
million yen was used in the previous fiscal year). This was mainly due to 6,112 million yen in thepurchase of non-current assets.
(Cash flows from financing activities)
Net cash used in financing activities in the fiscal year under review was 1,159 million yen (940 million
yen was provided in the previous fiscal year). This was due mainly to the net increase of 2,122 million
yen 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.
For this fiscal year, the Company has decided to implement a commemorative dividend to express our
gratitude to shareholders because the Company celebrated the 100th anniversary since its founding on
October 1, 2023. We plan to submit a proposal at the 102nd Ordinary General Meeting of Shareholders,which is scheduled to be held on June 26, 2024, for a year-end dividend of 15 yen per share of commonshares of the Company (including a 100th anniversary commemorative dividend of 10 yen). In
combination with the interim dividend of 5 yen per share of common shares, this will result in an annual
dividend of 20 yen per share (including the 100th anniversary commemorative dividend of 10 yen).
Regarding projected dividends for the next fiscal year (ending March 31, 2025), the Company expects,
based on earnings forecasts and current forecasts of the financial position, to pay a regular interim
dividend of 6 yen per share of common shares and a regular year-end dividend of 8 yen per share, givinga projected annual dividend of 14 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), 23
subsidiaries, and an associate. The Group is engaged in manufacturing and sales of fuel injection-related
products, carburetors, heaters, pumps, gas control devices, etc., the import and sales of aircraftcomponents, the import and sales of turf-care equipment, etc., and real estate leasing and other services.
Business organization chart
Business is classified into the reportable segments of “Mobility Business,” “Gas Techno Business” and“Trading Company Business.” The business organization chart of the Group as of March 31, 2024(showing the Company and its main affiliates) is shown below.
Domestic

Manufacturing and sales company

Manufacturing and sales companies

Manufacturing and sales company

Mobility Business
Gas Techno Business

Mobility Business(Consolidated subsidiary)
Mikuni Partec Corporation

Sales companies(theCompany)(Consolidated subsidiaries)
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(Entity accounted for using equity
method)Mikuni R. K. Corporation

Sales companies(Consolidated subsidiaries)
Mikuni American Corporation
Mikuni Europe GmbH
Mikuni Taiwan Corporation
Mikuni Management (Shanghai) Co.,Ltd.

External customers

MIKUNICORPOR
ATION

Other Businesses

Mobility Business
Gas Techno BusinessTrading Company Business

Mobility Business
Gas Techno BusinessTrading Company
Business

External customers(Consolidated subsidiaries)
Mikuni Green Service Co., Ltd.
Mikuni Aerospace Corporation
Asahi Air Supply Inc.

Manufacturing and sales companies(Consolidated subsidiaries)
Mikuni Life & Auto Co., Ltd.
Sunrise Medical Japan Co., Ltd.
Sales company

Other
Businesses

Finished goods/
Components
merchandise3.

Overseas

Services(Consolidated subsidiary)Corbin Properties Incorporated

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)
As of March 31, 2023

AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Contract assets
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
Software
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, 2024

3,712
134
19,930109
2,090
12,752
6,441
3,300
5,072
(143)
53,402

3,114
111
20,87116
2,325
14,441
7,010
3,576
5,643
(74)
57,03633,865(25,430)
8,435
54,713(42,864)
11,84921,207(18,934)
2,273
11,701
3,490
37,74936,584(26,523)
10,061
55,580(43,902)
11,67820,973(18,415)
2,557
11,5903,217
39,105

499
298
797

453
288
742

6,453
53
733
1,076
(157)
8,158
46,705100,108

12,786
58
800
1,164
(157)
14,65354,500111,536(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Contract liabilities
Short-term borrowings
Current portion of long-term borrowings
Lease liabilities
Accounts payable - other
Income taxes payable
Accrued expenses
Provision for bonuses
Provision for product warranties
Provision for production sites reorganization
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for management board incentive plan trust
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-sale securities
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, 2024

10,1741,929
770
10,808
4,101
366
1,835
417
2,703
1,444
284
1,418
1,324
37,579

9,898
2,167
964
16,733
5,056
363
1,998
212
2,544
1,710
227
1,384
43,26020,825
598
2,875
2,249
76
31
2,979
694
30,33067,90917,055
575
4,646
2,249
81
19
2,326
723
27,67770,9372,215
1,954
14,863(180)
18,852

2,215
1,954
15,619(154)
19,633

3,117
73
5,282
3,831
273
12,579767
32,199100,108

7,528
318
5,282
5,933
1,018
20,081
883
40,598111,536(2) Consolidated statement of income and consolidated statement of comprehensive income(Consolidated statement of income)(Millions of yen)
Fiscal year ended
March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Share of income of entities accounted for using equity
methodForeign exchange gains
Rental income
Subsidy income
Customs duty refund
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Rental expenses
Compensation expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Other
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Production sites reorganization expenses
Other
Total extraordinary losses
Income before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net income (loss)
Net income (loss) attributable to non-controlling interests
Net income (loss) attributable to owners of parent-9-

Fiscal year ended
March 31, 2024

93,84778,577
15,26912,1803,089

99,941
84,286
15,654
11,982
3,672

26
170

43
216

7

19

125
93
22
70
515

87
125
102
76
53
724

740
96
67
56
960
2,644

842
67
232
91
1,234
3,161

137
10
3
151

96
0
97

193
2,295
100
2,589
207
1,755
138
1,893
(1,686)(4)(1,682)

101
274
14
390
2,869
1,869
(243)
1,626
1,243
127
1,115

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2023
Net income (loss)
Other comprehensive income
Valuation difference on available- for-sale securities,
net of tax
Deferred gains or losses on hedges, net of tax
Foreign currency translation adjustment, net of tax
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- 10 -

Fiscal year ended
March 31, 2024

(1,686)

1,243

407

4,411

59
1,765
140

244
2,139
744

26

17

2,400
714

7,557
8,800

659

8,618

54

182

(3) Consolidated statement of changes in equity
Fiscal year ended March 31, 2023

(Millions of yen)

Shareholders’ equity
Share capital
Balance at beginning of period

Capital surplus

2,215

Retained earnings

1,908

Total shareholders’equityTreasury shares

16,886(181)

20,827

Changes during period
Dividends of surplus
Net income (loss) attributable toowners of parent
Increase/decrease due to change
in fiscal year-end of consolidated
subsidiaries

(340)

(340)

(1,682)(1,682)-

Purchase of treasury shares

(0)

(0)

Disposal of treasury shares

1

1

Change in ownership interest ofparent due to transactions with
non-controlling interests

45

45

Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period-

45(2,022)0(1,975)

2,215

1,954

14,863(180)

18,852

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

Remeasurements ofdefinedbenefit
plans

Total
accumulated
othercomprehensive income

Noncontrollinginterests

Total net
assets

2,709

13

5,282

2,096

133

10,236854

31,918Changes during period
Dividends of surplus(340)

Net income (loss) attributable toowners of parent
Increase/decrease due to change
in fiscal year-end of consolidated
subsidiaries(1,682)-

Purchase of treasury shares(0)

Disposal of treasury shares

1

Change in ownership interest ofparent due to transactions with
non-controlling interests

45

Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

407

59

-

1,734

140

2,342

(86)

2,255

407

59

-

1,734

140

2,342

(86)

280

3,117

73

5,282

3,831

273

12,579767

32,199- 11 -

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginning of period

Capital surplus

2,215

Retained earnings

1,954

Total shareholders’equityTreasury shares

14,863(180)

18,852

Changes during period
Dividends of surplus
Net income (loss) attributable toowners of parent
Increase/decrease due to change
in fiscal year-end of consolidated
subsidiaries

(340)

(340)

1,115

1,115

(20)

(20)

Purchase of treasury shares

(0)

(0)

Disposal of treasury shares

26

26

Change in ownership interest ofparent due to transactions with
non-controlling interests-

Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

-

-

755

26

781

2,215

1,954

15,619(154)

19,633

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

Remeasurements ofdefinedbenefit
plans

Total
accumulated
othercomprehensive income

Noncontrollinginterests

Total net
assets

3,117

73

5,282

3,831

273

12,579767

32,199Changes during period
Dividends of surplus(340)

Net income (loss) attributable toowners of parent
Increase/decrease due to change
in fiscal year-end of consolidated
subsidiaries

1,115
(20)

Purchase of treasury shares(0)

Disposal of treasury shares

26

Change in ownership interest ofparent due to transactions with
non-controlling interests-

Net changes in items other thanshareholders’ equity

4,411

244

-

2,101

744

7,502

116

7,618

Total changes during period

4,411

244

-

2,101

744

7,502

116

8,399

Balance at end of period

7,528

318

5,282

5,933

1,018

20,081

883

40,598- 12 -

(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023

Cash flows from operating activities
Income before income taxes
Depreciation
Amortization of goodwill
Impairment losses
Production sites reorganization expenses
Interest and dividend income
Interest expenses
Loss (gain) on sale and retirement of non-current assets
Share of loss (income) of entities accounted for using
equity method
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for product warranties
Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful accounts
Decrease (increase) in accounts receivable - trade, andcontract assets
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, 2024

207
5,149
1
67
2,295
(196)
740
56

2,869
5,493
4
137
(259)
842
4

(7)

(19)

76
57
41
54

38
(59)
154
(78)

(858)

193

(273)
306
(287)
(163)
(189)
7,076
87
(722)
28
(1,588)4,880(1,622)18(622)(1,423)
158
5,828
280
(843)
(2,199)3,065(5,761)
713
(378)
13
(57)
32
(4)
(5,441)(5,871)
1,125
(241)
(25)
(53)
53
(39)
(5,052)

(Millions of yen)
Fiscal year ended
March 31, 2023
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
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
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
Increase in cash and cash equivalents due to change infiscal year-end of consolidated subsidiaries
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 14 -

Fiscal year ended
March 31, 2024

3,831
2,692
(6,572)
(0)

5,113
1,154
(4,144)
(0)

(21)

-

(341)
(144)
(385)
(940)

(338)
(251)
(371)
1,159

154

69

(1,347)

(757)

-

158

5,060
3,712

3,712
3,114

(5) Notes to consolidated financial statements(Notes on premise of going concern)
Not applicable.
(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 three reportable segments:
Mobility Business, Gas Techno Business and Trading Company Business.
Mobility Business mainly manufactures and sells fuel supply systems for automobiles, motorcycles,
and general purpose engines and engine-related functional components. Gas Techno Business mainly
manufactures and sells control systems for gas appliances and water appliances. Trading Company
Business mainly imports and sells aircraft components and turf-care equipment.

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.

- 15 -

3.

Information regarding the amounts of net sales, income/loss, assets and other items by reportablesegment
Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)(Millions of yen)

Reportable segment
Mobility
Business

Gas Techno
Business

TradingCompany
Business

Total

Other
Businesses(Note)

Total

Amounts
reported intheAdjustments consolidated
financialstatements

Net sales
To external customers
77,401
6,786
7,352
91,5402,306
93,847
93,847
Inter-segment sales ortransfers
Total
77,401
6,786
7,352
91,5402,306
93,847
93,847
Segment profit (loss)
3,307
(636)
411
3,082
6
3,089
3,089
Segment assets
75,101
7,568
15,466
98,136
1,972 100,108
100,108
Other items
Depreciation
4,708
312
81
5,102
46
5,149
5,149
Amortization of1
11
goodwill
Investments in entities
accounted for using
345
345
345
345
equity method
Increase in property,
plant and equipment
5,246
415
161
5,823
70
5,893
5,893
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 welfare and care devices, etc.
Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)(Millions of yen)

Reportable segment
Mobility
Business

Gas Techno
Business

TradingCompany
Business

Total

Other
Businesses(Note)

Total

Amounts
reported intheAdjustments consolidated
financialstatements

Net sales
To external customers
83,445
5,960
8,089
97,4952,446
99,941
99,941
Inter-segment sales ortransfers
Total
83,445
5,960
8,089
97,4952,446
99,941
99,941
Segment profit (loss)
3,228
(546)
939
3,621
51
3,672
3,672
Segment assets
82,8498,409
18,414
109,674
1,862 111,536
111,536
Other items
Depreciation
4,919
439
83
5,442
50
5,493
5,493
Amortization of
goodwill
Investments in entities
accounted for using
366
366
366
366
equity method
Increase in property,
plant and equipment
5,148
912
77
6,137
77
6,214
6,214
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 welfare and care devices, etc.

- 16 -

4.

Matters concerning changes in reportable segments, etc.
The Group has changed its reportable segments as follows from the fiscal year under review based onchanges to its management structure and internal reporting system due to changes made to executive
officers and the business responsibilities of directors and executive officers dated April 1, 2023. The
former “Automobile-related Products Business” has changed name to “Mobility Business” and“Household Appliances Device Products Business” to “Gas Techno Business.” Furthermore, in
association with a review of the business portfolio from the management approach, “Aircraft Component
Import and Sales Business” and “Turf-care Equipment, etc. Sales Business” have been integrated as“Trading Company Business,” and the vehicle heating equipment manufacture and sales business, which
was included in “Other Businesses,” has been included in “Mobility Business.”
The segment information for the previous year states the information on net sales, profit or loss, assets
and other matters for each reportable segment prepared based on the change described above.
(Per share information)
Fiscal year ended March 31, 2023
(from April 1, 2022
to March 31, 2023)

Fiscal year ended March 31, 2024
(from April 1, 2023
to March 31, 2024)

Net assets per share

936.50 yen

1,180.23 yen

Basic income (loss) per share(50.13) yen

33.19 yen

Item

(Notes)

1. Diluted earnings per share is not presented since 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 income (loss) per share, and are included in the number of treasury
shares that are 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 the end of the period deducted in calculating net assets per share
Fiscal year ended March 31, 2023
450,580 sharesFiscal year ended March 31, 2024
362,580 shares
Average number of treasury shares during the period deducted in calculating the basic income (loss) per share
Fiscal year ended March 31, 2023
452,580 sharesFiscal year ended March 31, 2024
388,372 shares
3. The basis of the calculation of basic income (loss) per share is as follows:
Fiscal year ended March 31, 2023 Fiscal year ended March 31, 2024
(from April 1, 2022
(from April 1, 2023
Item
to March 31, 2023)
to March 31, 2024)
Net income (loss) attributable to owners of(1,682)
1,115
parent (million yen)Amounts not attributable to commonshareholders (million yen)
Net income (loss) attributable to owners ofparent available to common shares(1,682)
1,115(million yen)
Average number of shares during the period
33,560,925
33,624,697(shares)(Significant subsequent events)
Not applicable.

- 17 -