In Q4, due to exchange rate differences resulting from the yen's depreciation, sales increased 7% from theprevious year to JPY51.3 billion, while operating income decreased 10% to JPY3.2 billion, mainly due to adecrease in domestic automobile production. For the full year, sales were JPY207.3 billion, operating income
was JPY14.4 billion, ordinary income was JPY18.8 billion, and net income was JPY16.9 billion, all record highs.
Net income includes an extraordinary gain of JPY15.5 billion on the sale of investment securities and anextraordinary loss of JPY7.5 billion due to impairment losses on fixed assets at consolidated subsidiaries.

Sales increased JPY16 billion YoY to JPY207.3 billion, mainly due to an increase in sales volume and the positive
impact of foreign exchange rates as the yen continued to depreciate, despite a decrease in sales due to theimpact of customer-received steel materials for stamping.

Operating income increased JPY5.1 billion YoY to JPY14.4 billion from the increase in sales volume andpromotion of cost improvement, despite the negative effects of higher labor and expenses due to increasedmaterial volume and soaring material prices.

In the stamping & plastic molding business, sales increased 9% from the previous year to JPY149.9 billion due
to an increase in sales volume. Operating income increased JPY5.4 billion to JPY10.3 billion due to an increasein sales volume and improved profitability.
In the valves business, sales increased 5% to JPY57.1 billion due to the impact of yen depreciation. Operating
income was flat YoY at JPY4.1 billion, as foreign exchange gains, profit improvement, and price pass-throughoffset the negative impact of higher overseas parts procurement cost and material price hikes due to yen
depreciation.

Sales in Japan decreased 3% to JPY67.9 billion and operating income increased JPY1.2 billion to JPY6.2 billion.
Sales in Europe and America increased 24% to JPY96.9 billion and operating income increased JPY4.4 billion
to JPY4.3 billion. Sales in Asia were flat YoY at JPY42.4 billion and operating income decreased JPY900 million
to JPY2.6 billion.

The new stamping plant has been in full operation since Q3, and profits have declined due to the increase in
the preparation costs and amortization expenses. Sales and profits in Q4 declined due to a decrease in thevolume of products sold as a result of customers' production line stoppages.

Full-year sales are expected to be JPY200 billion. Although we expect automobile production volume toremain at the same level as the previous year, overall sales are expected to decline due to lower sales of diesand molds, which are collectively recorded at the time of launch, due to the large number of customer’s newvehicle model launched in FY2023 and fewer launches in FY2024.
Operating income is projected at JPY11 billion, ordinary income at JPY13 billion, and net income at JPY10billion.

For the full year, we forecast net sales of JPY200 billion, down JPY7.3 billion from the previous year's JPY207.3
billion. This is due to a decrease in sales volume resulting from lower dies and molds sales, the impact offoreign exchange rates, and lower sales prices.

Although we plan to promote cost improvement, we forecast full-year operating income of JPY11 billion due
to the negative impact of price revisions, decreased product volume, and increased labor costs resulting fromwage hikes.

Sales for the stamping & plastic molding business are projected at JPY143 billion and operating income at JPY7billion, due to a decrease in sales volume. The valves business is projected to generate sales of JPY56.5 billion
and operating income of JPY4 billion.

We forecast sales of JPY73 billion and operating income of JPY4.3 billion for Japan. For Europe and America,
sales of JPY90.5 billion and operating income of JPY3.2 billion. For Asia, sales of JPY36.5 billion and operating
income of JPY2.8 billion.

Capital investments are made for future growth in addition to regular investments in production preparation,improvement, and renewal. In FY2023, we invested JPY31.5 billion, including the construction of a newstamping plant in the Ogaki area and preparation for production of electronic expansion valves for BEVs
(battery EVs).
In FY2024, we plan to invest JPY30 billion, including investments in the construction of a new valve plant, adie plant, and a development center, which will be explained later.
In anticipation of increased orders from customers and market expansion, we will increase our production
capacity and invest in building a more efficient production system to strengthen our competitiveness.

Compared to March 31, 2023, total assets increased by JPY34.3 billion as of March 31, 2024. The main reason
was an increase in fixed assets due to investments in a new stamping plant and other facilities, as well as themark-to-market valuation of cross-shareholding.
In addition, we are progressively selling our cross-shareholding, with JPY15.8 billion sold in FY2023. In addition,
we recorded an impairment loss of JPY7.4 billion on fixed assets related to our consolidated subsidiaries inFrance and Korea as a result of a careful review of the future recoverability of such assets.

Regarding cash flow, we are strengthening our internal cash management and promoting efficient fundmanagement.
In FY2023, cash outflows from the plant construction and capital investment and cash inflows from crossshareholding holdings resulted in a JPY12.9 billion increase in cash and cash equivalents at the end of theperiod. In FY2024, cash and cash equivalents will decrease by JPY14 billion due to the construction of a newvalve plant, die plant, and development center.

As per the dividend forecast revised on March 18, we will pay a year-end dividend of JPY55, including a special
dividend of JPY27, for an annual dividend of JPY77 for FY2023. The annual dividend for FY2024 is expected to
be JPY52 per share.
The share buyback, which was disclosed in conjunction with the announcement of financial results, will beimplemented up to 1.5 million shares for a maximum of JPY2 billion in order to return profits to shareholders,
improve capital efficiency, and implement an agile capital policy. As a result, the total return ratio is expected
to be 51%.

Under NEXUS-26, financial and non-financial value targets were set for FY2026, the final year. As we explained
earlier in our full-year forecast, we will work to achieve our goals, although sales and profits will decline in
FY2024 for the time being.

In the stamping and plastic molding business, development of technologies and products, and sales expansion
are progressing steadily. We are promoting to establish a production system to increase sales. In the stamping
business, we aim to increase orders for new products for electric vehicles that take advantage of our ultrahigh strength steel stamping technology, as well as by expanding sales of existing stamped parts. We will
gradually increase the operating rate for the new stamping plant launched last year, and we expect that it willcontribute to sales and profit.
In the plastic molding business, product development and sales expansion for BEVs are progressing, and wewill work to build a production system to increase the volume of products. We will continue to increase
production capacity to meet demand while also keeping an eye on future BEV trends.

In the valve business, we are developing and expanding sales of valves for electric vehicles, including valves
for thermal management systems and electronic expansion valves, and we continue to receive orders. As weannounced on April 17, we will build a plant to produce valves for electric vehicles in order to expand ourbusiness and strengthen our competitiveness in anticipation of the market expansion associated with future
electrification.
In construction, we will pursue the basics of manufacturing. Also, we will work to achieve carbon neutrality
through the introduction of solar power generation systems and other measures, in addition to reducing CO2
emissions by improving the efficiency of facilities,
In the future, we plan to expand our product lineup and sales of electronic expansion valves by utilizing ouroverseas bases, mainly in Europe and the US, and the new plant will serve as the global mother plant to leadthe development and production of electronic expansion valves and other valve products for electrified
vehicles.

In our new business, we continue to take on various challenges to create pillars in fields other than mobility.
In the last fiscal year, we released seven new products. We will continue to take on the challenge of newproducts and businesses by developing them with our own resources and utilizing open innovation as well.
Products with potential, such as the cattle body condition monitoring system and the logistics management
system that have been released to date, are being promoted through effective sales expansion activities
tailored to the characteristics of each product in order to increase awareness.

We would like to introduce products that utilize IoT technology to help solving customer issues.
The multi-sensing logger, e-WAVES, can monitor and analyze transportation conditions with six different
sensors, making it ideal for accurate transportation quality control that meets GDP guidelines required in thepharmaceutical industry and HACCP in the food industry. By expanding our product lineup from entry-level
models that only measure temperature and position to high-end models suitable for regenerative medicine
products, we are meeting a wide range of needs and expanding adoption.
The EneGraph listed at the bottom will be available for sale tomorrow. By installing edge devices that collectusage data from the meter, the system collects usage data from production facilities that use electricity, gas,air, water, etc., and visualizes it in real time through the cloud to support energy-saving activities in factories
and plants.
Originally developed and utilized as part of our plant's DX initiative for internal use, we decided to offer it forexternal sales as a package due to its affordability and ease of installation.

New businesses are being developed that are linked to solving social issues. We are developing diverse
products based on new ideas. I would like to introduce new products that are released in the last fiscal year.
A swallowing checker, Gokkuon is a product that easily measure the number of saliva swallowed, making it
easy to perform oral frailty checks. The main sales destinations will be dentists and drugstores.
Chokkyu Rakuraku (直 Q 楽 R), is a packaged product that include improvement tools operated at in-housemanufacturing sites that can easily and inexpensively achieve paperless operations, improved quality, andincreased operational efficiency at the worksite.
MATOMAT is an upcycled disaster relief mat that utilizes urethane scraps generated during the production ofplastic molding products. This product can be used as a cushion for school chairs and can be joined together
to form a mat in an emergency situation. It is a disaster preparedness product even if you do not have space
to store.
In addition, as an activity being undertaken outside of the development division, we have launched a newbusiness creation project that is open to internal applicants. Last year, the first year of the program, over 100
employees participated, and 94 ideas were submitted. From these, hypotheses were constructed andreviewed, and two teams are currently verifying the feasibility of commercialization. This project is ongoing,
and we are now accepting new ideas for 2024.
I think that after many years of business activities, employees may become fixed in their own businessdomains and fall into an environment where it is difficult to challenge new areas. So, I think it is important tofind interesting core technologies and interesting human resources within the Company.
Working on new ideas and new things is hard when you try it, but you will find that it is all very interesting. In
an era of rapid change and an uncertain future, we aim to cultivate a corporate culture where challenging
ourselves with new ideas and embracing change is natural, free from the constraints of past conventions.

Our financial value targets are to achieve ROE of at least 8% in FY2026 and 10% in FY2030, and to improve
PBR. In addition to the growth strategies in each business that we have explained, we will improve capitalefficiency by strengthening our revenue structure and base, improving investment efficiency, and promoting
balance sheet management.

We believe that the human resources strategy is the foundation of our medium to long-term management
concept and an important initiative for realizing the Purposes of "creating new value for a sustainable
tomorrow" by enabling employees to exercise their capabilities with their own thoughts and ideas. Therefore,
we conducted an employee engagement survey and set management targets last year.
Using the positive assessment rate as an indicator, we aim to achieve 60% in FY2026 and 70% in FY2030,
compared to 48.2% in FY2023. In addition, by analyzing the survey results, we have themed up four priority
measures to improve engagement.
By fostering empathy among employees towards the Company's vision and the perspectives of top
management, by prioritizing daily conversations that empower employees to execute business strategies as
if they were their own, and by establishing trust with supervisors and colleagues through these dialogues,
psychological safety is strengthened. This encourages everyone to freely voice their opinions and contributeconstructive ideas without hesitation, fostering a mutually supportive workplace.
And if employees feel their job rewarding and experience growth and learning, it will be a source of vitality
and improve performance.
By promoting these four priority measures, we hope to create a virtuous cycle that will lead to higher
employee engagement, business growth, and increased corporate value.

Minimizing environmental impact is an important issue for the manufacturing industry, and we are working
on this issue with the PACIFIC Environmental Challenge 2050 as a long-term goal. We are promoting ourefforts on reduction and enhanced information disclosure with regard to CO2 emissions.
The new stamping plant, which was completed last year and officially started operation in November, is amother plant that aims to become carbon neutral. It promotes energy conservation by adding a 3-megawattclass solar power generation facility, introducing high-efficiency equipment, and increasing efficiency throughautomation.
In terms of information disclosure, we received a Leadership Level, A-minus rating in the climate change
category for the fourth consecutive year from CDP, which evaluates the quality of our efforts and disclosureson environmental issues. In addition, we were selected as the highest rated Supplier Engagement Leader inthe 2023 Supplier Engagement Assessment.
In addition to our efforts to reduce greenhouse gas emissions and mitigate climate change risks throughout
the Group's supply chain, our efforts to enhance disclosure, including the introduction of third-party
verification of CO2 emissions, have also been recognized by external organizations.

We donated 6,000 disaster relief mats, as explained earlier MATOMAT, to four municipalities and 30
elementary and junior high schools, including Nanao City, Ishikawa Prefecture, in the area affected by the2024 Noto Peninsula earthquake. We pray for the earliest recovery and hope that it will also be useful fordisaster relief and education in the future.
In addition, we will contribute to the development of local communities and strengthen ties with themthrough TPMS awareness campaigns, promotion of local sports, and support for the children who will leadthe next generation. We will continue to promote integrated efforts to achieve medium and long-term growth
to solve customer issues, with the aim of enhancing corporate value.