Consolidated Financial Results for the
Fiscal Year Ending March 31, 2024 [Japanese GAAP]May 9, 2024
Company name:
Stock code:
Representative:
Contact:

TOKAI Holdings Corporation
Stock listing:Tokyo Stock Exchange
3167
URL:
https://tokaiholdings.co.jp/english/
Katsuo Oguri, President & CEO
Junichi Yamada, Representative Director and Managing Executive Officer General Manager ofGeneral Affairs Headquarters
Telephone: +81-54-275-0007
Scheduled date of filing quarterly report:
June 26, 2024
Scheduled date of dividend payment:
June 27, 2024
Scheduled date to submit Securities Report:
June 26, 2024
Supplementary materials on quarterly financial results:
Yes
Quarterly financial results briefing:
Yes (Institutional Investors only)(Figures are rounded to the nearest million yen)

1. Consolidated Financial Results for the year Ended March 31, 2024
(April 1, 2023 to March 31, 2024)(1) Consolidated Operating Results (cumulative)(% figures represent year-on-year changes)

Sales

Operating Profit

Recurring Profit

Net Income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Year Ended March 31, 2024

231,5130.6

15,511

4.0

15,531

16.9

8,481

31.2

Year Ended March 31, 2023

230,190

9.3

14,919-5.5

13,289

-16.5

6,465

-27.9

(Note) Comprehensive income: 13,153 million yen in the year Ended March 31, 2024 (70.3%)
7,725 million yen in the year Ended March 31, 2023 (-8.3%)
Net Income
per Share

Net Income
per Share(Diluted)

Return on
EquityYear Ended March 31, 2024

64.94

64.93

Year Ended March 31, 2023

49.41

-

(Reference) Equity in affiliates accounted for under the equity method:

Recurring
Profit to Total
AssetsOperating
ProfitMargin

10.0

7.8

6.7

8.2

7.0

7.5

-294 million yen for the ended March 31, 2024
-1,977 million yen for the ended March 31, 2023

(2) Consolidated Financial Position
Total Assets

Net Assets

Net Assets per
Share

Equity Ratio

Millions of yen

Millions of yen%%

Year Ended March 31, 2024

205,301

91,300681.58Year ended March 31, 2023

184,473

78,94643.4
41.9

590.21(Reference) Equity: 89,034 million yen for the year Ended March 31, 2024
80,184 million yen for the year ended March 31, 2023

(3) Consolidated Cash Flows
Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities

Cash and Cash
Equivalents at theEnd of the Year

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Year Ended March 31, 2024

30,066-18,831-9,6695,604

Year ended March 31, 2023

21,193-14,152-7,4594,028

2. Dividends
End of
Q1
Year ending
March 31, 2023
Year ending
March 31, 2024
Year ending
March 31, 2025
(Forecast)

Annual Dividend
End of
End of
YearQ2
Q3
end

Total
Dividends

Total

Payout Ratio(Consolidated)

Dividend on
Equity(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

―

16.00

―

16.00

33.00

4,203

64.8

5.3

―

16.00

17.00

33.00

4,334

50.8

5.1

17.00

34.00

17.00

―

49.3

3. Consolidated Earnings Forecasts for the Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(% figures represent year-on-year changes)

Sales

Year ending March
31, 2025

Operating Profit

Recurring Profit

Net Income
per Share

Net Income

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

%

Yen

244,000

5.4

16,0003.2

16,000

3.0

9,000

6.1

68.90

業績予想欄については、上場会社各社の実情に応じて、開示対象項目や開示対象期間の追加又は削除、開示形式の変更を行うことが可能です。
*Notes(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries affecting the scope of consolidation): No(2) Changes in accounting policies, estimates, and restatements
1) Changes in accounting policies accompanying revisions in accounting standards, etc. : No
2) Changes in accounting policies other than 1): No3) Changes in accounting estimates: No4) Restatements: No(3) Number of shares issued (common stock)
1) Shares issued at the end of each period (including treasury stock):
FY3/2024
139,679,977 shares FY3/2023
139,679,977 shares
2) Number of shares of treasury stock at the end of each period:
FY3/2024
9,051,754 shares FY3/2023
9,105,687 shares
3) Average number of shares during the period (cumulative):
FY3/2024
130,608,722 shares FY3/2023
130,865,731 shares(Note) The number of treasury shares at the end of the period includes the company's shares held by the Board Benefit Trust (BBT) (730,500
shares for the fiscal year ending March 2024, and 782,100 shares for the fiscal year ending March 2023). Also, the treasury sharesdeducted in the calculation of the average number of shares during the period include the company's shares held by the Board Benefit
Trust (BBT) (747,559 shares for the fiscal year ending March 2024, and 491,023 shares for the fiscal year ending March 2023).

(Reference) Overview of Non-Consolidated Operating Performance
Operating Performance for the Year ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Non-Consolidated Operating Results(% figures represent year-on-year changes)
Sales
Year ended March 31, 2024
Year ended March 31, 2023

Operating Profit

Recurring Profit

Net Income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

%

9,161
9,751

-6.0
-3.7

3,132
4,490

-30.2
-7.7

3,177
4,590

-30.8
-5.9

3,337
4,220

-20.9
-14.1

Net Income per
Share
Year ended March 31, 2024
Year ended March 31, 2023

Net Income per
Share (Diluted)

Yen

Yen

25.56
32.25

25.55
-

(2) Non-Consolidated financial Position
Total Assets
Millions of yen

Net Assets

Equity Ratio

Net Assets per Share

Millions of yen%

Yen

Year ended March 31, 2024
103,01040,042
Year ended March 31, 2023
102,682
41,040(Reference) Equity: 39,992 million yen for the Year ended March 31, 2024
41,003 million yen for the Year ended March 31, 2023

38.8
39.9

306.15314.03* The financial results brief is not subject to audit by a certified public accountant or an audit corporation.
* Explanation regarding the Appropriate Uses of Earnings Forecasts and Other Notes(Note on Descriptions Regarding the Future)
All earnings forecasts provided within this document are based on the most accurate information available at the time of the release of this document.
Actual results may differ from forecasts due to various factors going forward.

[Attachment]

Contents
1. Overview of Operating Results and Financial Position········································································ 2(1) Overview of Operating Results ····························································································· 2(2) Overview of Financial Position ······························································································ 4(3) Overview of Cash Flows ····································································································· 4(4) Future Outlook·················································································································· 5(5) Basic Profit Distribution Policies and Dividends for the Current and Next Fiscal Years ······························· 5
2. Basic Perspective on Selection of Accounting Standards ······································································· 6
3. Consolidated Financial Statements ······························································································ 7(1) Consolidated Balance Sheets ······························································································ 7(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income ············· 9(3) Statement of Changes in Consolidated Shareholders’ Equity ······················································ 11(4) Consolidated Statements of Cash Flows ··············································································· 13(5) Notes to the Consolidated Financial Statements······································································ 15(Notes on Going Concern Assumptions) ·············································································· 15(Segment Information)····································································································· 15(Per-Share Information) ··································································································· 18(Important Subsequent Events) ························································································· 19
4. Other ································································································································· 20(1) Changes in Executive Positions····························································································· 20

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

1. Overview of Operating Results and Financial Position(1) Overview of Operating Results
Consolidated operating results for the fiscal year under review
In the current consolidated fiscal year, the business environment surrounding our group has been on amoderate recovery trend, with improvements in employment and income conditions and the effects ofvarious policies. On the other hand, the situation remains uncertain, with concerns about further increases
in energy prices due to the tense situation in the Middle East and the depreciation of the yen.
Under such circumstances, our group announced the "Medium-Term Management Plan 2025" in May
2023. In this medium-term management plan, we have set three key messages for the sustainable growthof our group: ① growth of business profitability, ② strengthening of the foundation for sustainable growth,and ③ maximization of human resources and organizational vitality.
As for the performance in the current consolidated fiscal year, the number of our group's ongoingtransaction customers increased by 59,000 (an increase of 106,000 in the previous consolidated fiscal year),reaching 3,358,000. The number of TLC members increased by 56,000 (an increase of 71,000 in theprevious consolidated fiscal year), reaching 1,214,000. As a result of the increase in the number of group
customers, sales reached a record high of 231,513 million yen (an increase of 0.6% compared to theprevious consolidated fiscal year), marking the seventh consecutive year of sales growth. Operating profit
was 15,511 million yen (an increase of 4.0%). In addition, ordinary profit was 15,531 million yen (an increaseof 16.9%) due to a decrease in the burden of equity-method investment losses, and net profit attributable toowners of the parent company was 8,481 million yen (an increase of 31.2%).
As for the topics in the current consolidated fiscal year, in July 2023, as part of our efforts to achieve carbon
neutrality, we invested in REPOWER ENERGY DEVELOPMENT CORPORATION, a subsidiary of the Pure
Energy Holdings Corporation group, which operates a renewable energy generation business in the
Republic of the Philippines. In addition, we made an additional investment in the company in February 2024
and made it an equity-method affiliate. In August 2023, we established a new business base for LP gas
sales in Ise City, Mie Prefecture, and have been steadily achieving results in expanding our businessfoundation. In October of the same year, we were promoted to the highest level of "AWS Premier Tier
Service Partner" in the AWS Partner Network, a partner certification program of Amazon Web Services(AWS)*, becoming the 14th company in Japan to do so. In December of the same year, we invested in
Albatross Technology Co., Ltd. (Chuo-ku, Tokyo), which is working on the development of floating offshore
wind power generation and will use it to promote our group's GX (Green Transformation). In addition, in
January 2024, we made UIS Co., Ltd. (Chiyoda-ku, Tokyo), which is engaged in contract development ofsystems and application development for medical institutions, a consolidated subsidiary. Furthermore, inMarch of the same year, we signed a stock transfer agreement to acquire the shares of Fuji Pro Co., Ltd.
(Chigasaki City, Kanagawa Prefecture), which operates an LP gas business, and will make it a consolidated
subsidiary from April of the same year.
We will continue to actively pursue business investments such as expanding our share and M&A, andstrive for sustainable growth.
*Amazon Web Services (AWS): A cloud service provided by Amazon Web Services, Inc.
Performance by segment is indicated below. Starting from the current consolidated fiscal year, the order ofsegment descriptions has changed.
(Energy)
Regarding our LP gas business, we continued to promote customer acquisition, resulting in an increaseof 33,000 households from the end of the previous fiscal year, bringing the total to 778,000 households.
Despite a decrease in per-unit consumption of household gas due to high temperatures, the increase in
the number of households led to a sales revenue of 83,688 hundred million yen (an increase of 0.9%
compared to the previous fiscal year).
As for our city gas business, the number of households remained the same as the end of the previous
fiscal year at 75,000. Also, due to the impact of the raw material cost adjustment system linked to
procurement costs, sales revenue was 17,285 hundred million yen (a decrease of 11.8% compared tothe same period).
As a result, the sales revenue of this segment was 100,974 hundred million yen (a decrease of 1.5%
compared to the same period), but the operating profit was 5,086 hundred million yen (an increase of2

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

18.7% compared to the same period) due to the increase in the number of LP gas households and otherfactors.
(Information and Communications)Regarding our consumer business, we strengthened customer acquisition in our ISP business throughpartnerships with major mobile carriers, and in our mobile business, we promoted customer acquisition
through expanding the service menu of LIBMO and offering set plans with fixed lines. As a result of thesemeasures, the number of broadband customers increased by 3,000 from the end of the previous fiscal
year to 668,000, and the number of LIBMO customers increased by 9,000 to 80,000. However, due to adecrease in ARPU, sales revenue was 24,226 hundred million yen (a decrease of 0.7% compared to thesame period).
Regarding our corporate business, sales revenue was 32,442 hundred million yen (an increase of 9.8%
compared to the same period) due to the steady progress of carrier services and cloud services.
As a result, the sales revenue of this segment was 56,669 hundred million yen (an increase of 5.0%
compared to the same period), and the operating profit was 4,223 hundred million yen (an increase of
10.0% compared to the same period).
(CATV)
Regarding our CATV business, as a local business operator, we have been focusing on local
information dissemination and program production, as well as striving to enrich our content throughpartnerships with major video distribution operators. In addition, by actively conducting sales activities in
new areas, the number of broadcasting service customers increased by 5,000 from the end of theprevious fiscal year to 919,000, and the number of communication service customers increased by
21,000 to 394,000.
As a result, the sales revenue of this segment was 35,761 hundred million yen (an increase of 3.7%
compared to the same period), and due to the upfront investment related to customer acquisition, theoperating profit was 5,509 hundred million yen (a decrease of 0.2% compared to the same period).
(Construction, Equipment, and Real Estate)
Regarding our building facilities and real estate business, although the sale of subdivision lots
proceeded smoothly, factors such as a decrease in large-scale civil engineering and facility construction
led to a sales revenue of this segment of 25,038 hundred million yen (a decrease of 6.6% compared tothe same period), and an operating profit of 1,172 hundred million yen (a decrease of 10.7% comparedto the same period).
(Aqua)
Regarding our Aqua business, we started handling water dispensers with built-in purifiers in April 2023
and worked to expand our customer base further. In addition, through event sales at large commercial
facilities, web acquisitions, telemarketing, etc., the number of customers increased by 2,000 from the endof the previous fiscal year to 167,000.
As a result of these efforts, the sales revenue of this segment was 7,743 hundred million yen (anincrease of 2.8% compared to the same period), and due to the reduction of acquisition costs, theoperating profit was 352 hundred million yen (an increase of 34.3% compared to the same period).
(Others)
Among other businesses, in our nursing care business, an increase in the number of users led to asales revenue of 1,411 hundred million yen (an increase of 3.6% compared to the same period). In our
ship repair business, an increase in the number of repairs led to a sales revenue of 1,800 hundred million
yen (an increase of 5.3% compared to the same period). In our wedding event business, a recovery inusage led to a sales revenue of 1,273 hundred million yen (an increase of 25.8% compared to the same
period).
As a result of these, the sales revenue of this segment was 5,325 hundred million yen (an increase of
9.2% compared to the same period), but due to an increase in operating expenses, the operating profit
was 34 hundred million yen (a decrease of 79.3% compared to the same period).
3

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

(2) Overview of Financial Position
The total assets at the end of the current fiscal year were 205,301 million yen, an increase of 11,961 million
yen compared to the end of the previous fiscal year. This was mainly due to increases in investment
securities of 4,966 million yen, tangible fixed assets of 3,913 million yen, and assets related to retirement
benefits of 2,356 million yen.
The total liabilities were 114,000 million yen, an increase of 2,965 million yen compared to the end of theprevious fiscal year. This was mainly due to increases in long-term loans payable of 1,249 million yen, unpaid
corporation taxes of 809 million yen, and an increase in other current liabilities due to an increase in accounts
payable of 802 million yen.
The total net assets were 91,300 million yen, an increase of 8,996 million yen compared to the end of theprevious fiscal year. This was mainly due to the fact that while dividends from surplus of 4,203 million yen
were paid, the current net income attributable to the parent company shareholders of 8,481 million yen wasrecorded, in addition to increases in other securities valuation difference of 1,905 million yen, accumulated
adjustment for retirement benefits of 1,281 million yen, and deferred hedge losses of 1,143 million yen.
(3) Overview of Cash FlowsThe cash and cash equivalents (hereinafter referred to as "funds") at the end of the current fiscal year
increased by 1,576 million yen from the end of the previous fiscal year to 5,604 million yen.
The status of each cash flow during the current fiscal year and the factors for them are as follows:(Cash flows from operating activities)
Cash flows from operating activities resulted in an increase in funds of 30,066 million yen (an increaseof 8,872 million yen compared to the previous period). This was due to an increase in funds due to factors
such as profit before tax for the current period, a decrease in inventories, and non-cash items such as
depreciation expenses, while funds decreased due to payments such as corporate taxes.
(Cash flows from investing activities)
Cash flows from investing activities resulted in a decrease in funds of 18,831 million yen (a decreaseof 4,678 million yen compared to the same period). This was due to expenditures such as the acquisitionof tangible and intangible fixed assets and the acquisition of shares of related companies.
(Cash flows from financing activities)
Cash flows from financing activities resulted in a decrease in funds of 9,669 million yen (a decrease of
2,210 million yen compared to the same period). This was due to repayments of borrowings and leaseliabilities and payment of dividends, while funds were procured through borrowings.
The trend of cash flow-related indicators of our group is as follows.

FY03/20
Equity ratio (%)
Equity ratio on amarket-value basis(%)
Ratio of interestbearing debt tocash flow (times)
Interest coverage
ratio(times)

FY03/21

FY03/22

FY03/23

FY03/24

38.0

41.6

41.9

41.5

43.4

72.2

70.0

61.1

59.0

62.9

2.1

1.3

2.1

2.2

1.5

72.3

108.2

75.4

77.5

96.5

(Notes) Equity ratio: Shareholders' equity / Total assets
Equity ratio on a market-value basis: Total value of shares at market price/Total assets
Ratio of interest-bearing debt to cash flow: Interest-bearing debt/Cash flow from operating activities
Interest coverage ratio: Cash flow from operating activities/Interest payments* All financial indicators are calculated on a consolidated basis* Market capitalization is based on the year-end closing share price multiplied by the number of shares outstanding at year-end(excluding treasury stock).
* Operating cash flow is based on cash flows from operating activities in the consolidated statements of cash flows. Interestbearing debt covers bonds payable and loans payable in the consolidated balance sheets. Interest payments are based on
the interest expenses paid shown in the consolidated statements of cash flows.

4

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

(4) Future outlook
Our group has formulated the TOKAI Group "Medium-Term Management Plan 2025" for the three years fromfiscal 2023 to 2025. In this medium-term plan, we have set the themes of (1) growth of business profitability, (2)strengthening of the foundation for sustainable growth, and (3) maximization of human resources andorganizational vitality as the issues to be addressed for the sustainable growth of our group.
For the fiscal year 2024, we plan to increase sales by increasing the number of customers and expanding thearea mainly in our main businesses, and we expect to increase operating profit, ordinary profit, and net profit
attributable to owners of the parent company, while incorporating appropriate business strategy costs and otherexpenses.
The consolidated earnings forecast for FY2024 is as follows.
<Consolidated earnings forecast for FY2024>
Net sales

244,000 million yen (+5.4％ year on year)

Operating profit

16,000 million yen (+3.2％ year on year)

Ordinary profit

16,000 million yen (+3.0％ year on year)

Profit attributable to owners of parent

9,000 million yen (+6.1％ year on year)

These earnings forecasts are based on information currently available to the Company. Actual results may
differ from forecasts due to a variety of factors.
(5) Basic Profit Distribution Policies and Dividends for the Current and Next Fiscal Years
The Company’s basic policy on profit distribution is to maintain stable dividends that reflect consolidated
earnings, as well as a dividend payout ratio of 40–50%.
The dividend per share for the current period is planned to be 33 yen per year, adding the year-end dividendof 17 yen to the already implemented interim dividend of 16 yen. For the next period's dividend, we plan to havean annual dividend of 34 yen, with an interim dividend of 17 yen and a year-end dividend of 17 yen.

5

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

2. Basic Perspective on Selection of Accounting Standards
As the Group conducts its operations primarily in Japan, with little overseas activity, we intend to comply withJapanese Generally Accepted Accounting Principles (J-GAAP) for the foreseeable future. However, we willconsider the adoption of International Financial Reporting Standards (IFRS), taking into account various
situations in Japan and overseas.

6

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

3. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade and contract assets, net
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
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Leased assets
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assets
Total assets

7

As of March 31, 2023

As of March 31, 2024

4,359
29,899
5,448
1,130
1,589
9,850
- 454
51,824

5,758
30,241
4,627
959
1,530
12,080-478
54,719139,650- 103,462
36,188112,439- 86,401
26,03824,841
29,035- 12,318
16,716
1,378
17,698- 12,477
5,221
110,384

142,533- 105,187
37,345
115,455- 88,585
26,86924,90931,761- 13,975
17,785
1,868
18,721- 13,202
5,519
114,298

5,904
599
3,988
10,492

5,422
512
4,158
10,093

9,829
66
2,286
4,092
4,603
- 243
20,634
141,5113
193,339

14,796
64
658
6,448
4,497
- 280
26,185150,5783
205,301

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

(Millions of yen)
Liabilities
Current liabilities
Notes and accounts payable–trade
Short-term loans payable
lease obligations
Income taxes payable
Provision for bonuses
Other accruals
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease obligations
Other accruals
Net defined benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred Hedge Gains and Losses
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

8

As of March 31, 2023

As of March 31, 2024

19,801
15,753
4,479
2,247
1,525
45
17,19361,046

19,825
14,190
4,896
3,056
1,614
182
17,99561,76130,855
13,823
342
1,377
3,588
49,988111,034

32,105
14,338
398
1,523
3,872
52,238114,000

14,00025,56638,526- 2,601
75,492

14,00025,57042,804- 2,562
79,812

1,458
－
741
2,492
4,692
36
2,083
82,304
193,339

3,363
1,143
939
3,773
9,221
50
2,216
91,300205,301

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)

Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating profit
Interest income
Dividend income
Commission income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Other
Total non-operating expenses
Recurring profit
Extraordinary income
Gain on sales of non-current assets
Gain on sale of investment securities
Gain on bargain purchaseTransmission line facility subsidies
Subsidy income
Total extraordinary income
Extraordinary losses
Loss on sales of non-current assets
Loss on retirement of non-current assets
Impairment loss
Loss on valuation of investment securities
Special Investigation Expense
Foreign Exchange Conversion Adjustment Account Write-off Loss
Total extraordinary losses
Net income before income taxes
Income taxes (current)
Income taxes (deferred)
Total income taxes
Net income
Net income attributable to non-controlling interests
Net income attributable to owners of the parent

9

Fiscal year ended Fiscal year ended
March 31, 2023
March 31, 2024
230,190
231,513
144,129
141,561
86,06089,951
71,141
74,44014,91915,511
12
226
34
445
719

16
256
47
397
717

271
1,977
101
2,349
13,289

310
294
92
697
15,531

36
146
51
118
12
364

172
3
－
111
9
297

3
845
373
224
324
－
1,772
11,882
4,991
240
5,231
6,650
185
6,465

0
1,297
618
33
－
45
1,996
13,833
5,219
- 8
5,210
8,622
141
8,481

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

(Consolidated Statements of Comprehensive Income)(Millions of yen)

Net income
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains (losses) on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted forusing the equity method
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of the parent
Comprehensive income attributable to non-controlling interests

10

Fiscal year ended
March 31, 2023
6,650

Fiscal year ended
March 31, 2024
8,622

852
－
0
- 151

1,905
1,143
44
1,281

373

155

1,074
7,725

4,530
13,1537,538
186

13,010142

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

(3) Statement of Changes in Consolidated Shareholders’ Equity
Previous consolidated fiscal year (from April 1, 2022 to March 31, 2023)(Millions of yen)
Shareholders’ equity
Capital stock

Capital surplus

14,000

Restated balance

25,552Retained earnings

36,395

Total shareholders’equityTreasury stock- 2,332

73,615

Change during the year
Dividends of surplus(4,334)

Net income attributable to owners of the parent

6,465(4,334)
6,465

Acquisition of treasury shares
14

Disposition of treasury shares

(278)

(278)

9

23
－

Net changes of items other than shareholders' equity
－

14

2,130

- 268

1,876

14,00025,56638,526- 2,601

75,492

Total change during the year
Balance at end of period

Restated balance
Change during theyear
Dividends of surplus
Net income
attributable toowners of the parent
Acquisition oftreasury shares
Disposition oftreasury shares
Net changes of items
other thanshareholders' equity
Total change during
the year
Balance at end of
periodValuationdifference on
available-for-salesecurities
605

Accumulated other comprehensive income
Share
Foreign
Deferred gains
Remeasurements Total accumulatedacquisition
currency
or losses onof defined benefit other comprehensive
rightstranslation
plans
incomehedgesadjustment
－
369
2,643
3,619
9

Noncontrollinginterests
1,702

Total net
assets
78,946- 4,334
6,465
- 278
23
852

－

371

- 151

1,073

27

381

1,481

852

－

371

- 151

1,073

27

381

3,358

1,458

－

741

2,492

4,692

36

2,083

82,304

11

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

Consolidated fiscal year under review (from April 1, 2023 to March 31, 2024)(Millions of yen)
Shareholders’ equity
Capital stock

Capital surplus

14,000

Restated balance

Retained earnings

25,56638,526

Treasury stock

Total shareholders’equity- 2,601

75,492

Change during the year
- 4,203

Dividends of surplus- 4,203

8,481

Net income attributable to owners of the parent

8,481

Acquisition of treasury shares
3

Disposition of treasury shares

- 0

- 0

39

43
－

Net changes of items other than shareholders' equity
－

3

4,277

38

4,320

14,00025,57042,804- 2,562

79,812

Total change during the year
Balance at end of period

Restated balance
Change during theyear
Dividends of surplus
Net income
attributable toowners of the parent
Acquisition oftreasury shares
Disposition oftreasury shares
Net changes of items
other thanshareholders' equity
Total change during
the year
Balance at end of
periodValuationdifference on
available-for-salesecurities
1,458

Accumulated other comprehensive income
Share
Foreign
Deferred gains
Remeasurements Total accumulatedacquisition
currency
or losses onof defined benefit other comprehensive
rightstranslation
plans
incomehedgesadjustment
－
741
2,492
4,692
36

Noncontrollinginterests
2,083

Total net
assets82,304- 4,203
8,481
- 0
43
1,905

1,143

198

1,281

4,529

13

133

4,676

1,905

1,143

198

1,281

4,529

13

133

8,996

3,363

1,143

939

3,773

9,221

50

2,216

91,30012

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

(4) Consolidated Statements of Cash Flows(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from operating activities
Net income before income taxes and minority
interests
Depreciation
Amortization of goodwill
Gain on bargain purchase
Impairment loss
Increase in net defined benefit asset and liability
Interest and dividend income(Gain) loss on sale of investment securities
Interest expenses
Share of loss (profit) of entities accounted for using
equity method(Gain) loss on sales of non-current assets
Loss (gain) on valuation of investment securities
Loss on retirement of non-current assets
Increase (decrease) in notes and accounts payable(Increase) decrease in inventories
Increase (decrease) in notes and accounts payable–
trade
Increase (decrease) in accounts payable - other
Other
Subtotal
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities
Interest and dividend income received
Proceeds from withdrawal of time deposits
Purchase of securities
Proceeds from sales of securities
Purchase of tangible and intangible assets
Proceeds from sales of tangible and intangible
assetsPayments for retirement of non-current assets
Proceeds from contribution received for construction
Purchase of shares of subsidiaries resulting inchange in scope of consolidation
Purchase of shares of subsidiaries and associates
Loan advances
Collection of loans receivable
Other
Net cash provided by (used in) in investing activities

13

Fiscal year ended
March 31, 2024

11,882

13,833

15,239
985
- 51
373
- 422
- 239
- 146
271

15,738
957
－
618
- 393
- 273
- 3
310

1,977

294

- 32
224
845
- 655
- 1,918

- 172
33
1,297
- 140
1,324

1,048

- 54

80
- 1,694
27,767- 6,573
21,193397
242
34,010- 3,944
30,066310
5- 1,156199- 13,963

322
193
- 102
18
- 16,371

378

582

- 299
173

- 616
290

- 285

- 276

－
－
607
- 117
- 14,152- 2,345- 560
29
3- 18,831

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

(Millions of yen)
Fiscal Year Ended Fiscal Year Ended
March 31, 2023
March 31, 2024
Cash flows from financing activities

- 273
1,165
- 4,581
11,600- 10,750- 278- 4,333-8- 7,459
-0
- 418
4,447
4,028

Interest expenses paid
Net increase (decrease) in short-term loans payable
Repayments of lease obligations
Proceeds from long-term loans payable
Repayment of long-term loans payable
Payments for acquisition of treasury stock
Cash dividends paid
Other
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
Cash and cash equivalents at end of period

14

- 311
- 1,815- 4,836
12,350- 10,847- 0- 4,201- 6- 9,669
10
1,576
4,028
5,604

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

(5) Notes on Consolidated Financial Statements(Notes on Going Concern Assumptions)Not applicable(Segment Information)[Segment Information]
From this consolidated fiscal year, we have changed the order of the reporting segments. Accordingly, we have alsochanged the order of the reporting segments for the previous consolidated fiscal year in the same manner.
1. Outline of reportable segments
The Group’s reportable segments are constituent units of the Group for which discrete financial information canbe obtained, and for which the Board of Directors can decide on the allocation of management resources andevaluate operating performance. Consequently, the segments are principal categories that allow for regularconsideration.
The Group establishes operational headquarters by product and service. Each operational headquarters drafts
comprehensive strategies for the products and services it handles, and conducts business activities accordingly.
Consequently, in principle the product- and service-specific operational headquarters that form this basecomprise the Group’s five reportable segments: Energy; Information and Communications; CATV; Construction,
Equipment, and Real Estate; and Aqua.
In the Energy segment, the Group sells LP gas, liquefied natural gas (LNG), and other high-pressure gases;
markets petroleum products; supplies city gas; sells relevant products; performs construction of energy-related
facilities and equipment; and provides security services.
In the Information and Communications segment, the Group develops computer software; processes
information; provides Internet connectivity; sells communications equipment; and performs agent operations.
In the CATV segment, the Group provides broadcasting and Internet connectivity services utilizing CATV
networks.
In the Construction, Equipment, and Real Estate segment, the Group constructs residential facilities and otherbuildings; develops, sells, and leases real estate; sells construction materials and residential equipment; installs
pre-furnished equipment and appliances in buildings; and operates home renovation, civil engineering, andelectrical construction businesses.
In the Aqua segment, the Group produces and sells bottled drinking water.
2. Method of Calculation of Amounts in Sales, Profit and Losses, Assets, Liabilities, and Other Items for Each
Reportable Segment
The accounting methods used in reportable business segments are the same as specified in "Significant
Matters Forming the Basis of Preparing the Consolidated Financial Statements."
Profit for reportable segments is based on operating profit, and intra-segment sales and transfers are conducted
at prevailing market prices.

15

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

3. Information Related to Sales, Profit and Losses, Assets, Liabilities, and Other Items for Each Reportable
Segment
For the fiscal year ended March 31, 2023 (April 1, 2022 – March 31, 2023)(Millions of yen)
Reportable segments
Information and
CATVCommunications

EnergyBuilding
facilities
Real estate

Aqua

Amount inconsolidated
Adjustments
Other
Total
statements(note
1)(note 2)
Totalof income(note 13

Net sales
Sales to external
102,528
customers
Intra-segment
sales and207
transfer
Total

102,735－

230,190

6,893-6,893－58,289 34,968

28,062 7,783 231,840 5,243 237,083-6,893

230,1901,312

169 15,394-474

14,91928,120 5,221 183,633 4,946 188,579

4,760

193,339432

15,23953,945 34,500

26,809 7,529 225,313 4,876 230,190

4,344

1,253

467

Segment profit(loss)

4,285

3,841

Segment assets

75,90232,277 42,111

4,734

3,009

5,523

254

6,526

262 15,224

366

Other items
Depreciation

5,559

757

673 14,733

73 14,807

Amortization of
299
55
344
228
－
929
56
985
－
985
goodwill
Increase intangible and7,152
4,296 7,091
696
848 20,085
89 20,175
248
20,424
intangible assets(Notes) 1. The “others” category is a business segment not included in the reportable segments. This category
includes businesses such as bridal events, ship repair, nursing care, and insurance.
2. Adjustments are as follows:(1) Adjustments to segment profit (loss) are eliminations due to intra-segment transactions.
(2) Adjustments to segment assets, depreciation, and increase in tangible and intangible assets are due
to companywide assets, depreciation, and increase in tangible and intangible assets that are notallocated to individual reportable segments.
3. Segment profit (loss) is adjusted to match operating profit in the consolidated statements of income.
For the fiscal year ended March 31, 2024 (April 1, 2023 – March 31, 2024)(Millions of yen)
Reportable segments
Construction,
Equipment,
Aqua
and Real
Estate

Other
(note
1)

Amount inconsolidated
Adjustments
Totalstatements(note 2)of income(note 3)

EnergyInformation and
CATVCommunications

100,974

56,669 35,761

25,038 7,743 226,187 5,325 231,513

5,908

1,201

Total

Net sales
Sales toexternalcustomers
Intra-segment
sales andtransfer
Total

193
101,168－

231,5138,311- 8,311－62,577 36,148

26,239 8,017 234,151 5,673 239,824- 8,311

231,5131,172

34 16,379- 868

15,511

27,871 5,377 194,497 5,709 200,206

5,094

205,301

387

274

7,964

347

Segment profit(loss)

5,086

4,223

Segment assets

84,12434,537 42,585

5,150

2,823

5,795

802

700 15,272

104 15,377

361

15,738

263

73

337

228

－

54

957

－

957

7,982

3,943

7,277

1,142

526 21,717

303

22,021

5,509

352 16,344

Other items
Depreciation
Amortization of
goodwill
Increase intangible andintangible
assets16903

845 21,190

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

(Notes) 1. The “others” category is a business segment not included in the reportable segments. This category
includes businesses such as bridal events, ship repair, nursing care, and insurance.
2. Adjustments are as follows:(1) Adjustments to segment profit (loss) are eliminations due to intra-segment transactions.
(2) Adjustments to segment assets, depreciation, and increase in tangible and intangible assets are due
to companywide assets, depreciation, and increase in tangible and intangible assets that are notallocated to individual reportable segments.
3. Segment profit (loss) is adjusted to match operating profit in the consolidated statements of income.
Reference Information
For the fiscal year ended March 31, 2023 (April 1, 2022 – March 31, 2023)
1. Information by Product and Service
This information is omitted because the same information is disclosed in the Segment Information section.
2. Information by Region(1) Sales
This information is omitted because sales to customers in Japan account for more than 90% of sales in the
consolidated statements of income.
(2) Property, Plant and Equipment
This information is omitted because property, plant and equipment in Japan account for more than 90% of
property, plant and equipment in the consolidated balance sheets.
3. Information by Major Customer
This information is omitted because no customers account for 10% or more of sales in the consolidated
statements of income.
For the fiscal year ended March 31, 2024 (April 1, 2023 – March 31, 2024)
1. Information by Product and Service
This information is omitted because the same information is disclosed in the Segment Information section.
2. Information by Region(1) Sales
This information is omitted because sales to customers in Japan account for more than 90% of sales in the
consolidated statements of income.
(2) Property, Plant and Equipment
This information is omitted because property, plant and equipment in Japan account for more than 90% of
property, plant and equipment in the consolidated balance sheets.
3. Information by Major Customer
This information is omitted because no customers account for 10% or more of sales in the consolidated
statements of income.
Information Related to Impairment Losses of Non-current Assets by Reportable Segment
For the fiscal year ended March 31, 2023 (April 1, 2022 – March 31, 2023)(Millions of yen)
EnergyImpairment
losses198

Information andCommunications－

CATV

Building
facilities
Real estate

－

Aqua

－

Corporate or
elimination

Other
－

10

164

Total
373

For the fiscal year ended March 31, 2024 (April 1, 2023 – March 31, 2024)(Millions of yen)
EnergyImpairment
losses544

Information andCommunications－

CATV

Building
facilities
Real estate

－

－

17

Aqua

Corporate or
elimination

Other
－

16

57

Total
618

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

Information Related to Amortization of Goodwill and Unamortized Balance by Reportable Segment
For the fiscal year ended March 31, 2023 (April 1, 2022 – March 31, 2023)(Millions of yen)
EnergyAmortization
during theperiodBalance at
end ofperiodInformation andCommunications

CATV

Building
facilities
Real estate

Aqua

Other

Corporate or
elimination

Total

299

55

344

228

－

56

－

985

1,332

542

2,297

1,623

－

108

－

5,904

For the fiscal year ended March 31, 2024 (April 1, 2023 – March 31, 2024)(Millions of yen)
EnergyAmortization
during theperiodBalance at
end ofperiodInformation andCommunications

CATV

Building
facilities
Real estate

Aqua

Other

Corporate or
elimination

Total

263

73

337

228

－

54

－

957

1,309

631

1,960

1,395

－

126

－

5,442

Information on Negative Goodwill Generated for Each Reportable Segment
For the fiscal year ended March 31, 2023 (April 1, 2022 – March 31, 2023)
The information is omitted because it has little significance.
For the fiscal year ended March 31, 2024 (April 1, 2023 – March 31, 2024)
Not applicable(Per-Share Information)
For the fiscal year ended

For the fiscal year ended

March 31, 2023
(April 1, 2022 – March 31, 2023)

March 31, 2024
(April 1, 2023 – March 31, 2024)

Net assets per share (yen)614.09681.58

Profit per share

49.41

64.94

－

64.93

Diluted profit per share

18

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

(Notes) 1. The basis of calculating the profit per share and diluted profit per share is as follows:
For the fiscal year ended
March 31, 2023

For the fiscal year ended
March 31, 2024

(April 1, 2022 – March 31, 2023)(April 1, 2023 – March 31, 2024)

49.41

64.94

6,465

8,481

－

－

6,465

8,481

130,865

130,608

－

64.93

－

－

(1) Profit per share (yen)(Basis for calculation)
Profit attributable to owners of parent(millions of yen)Amounts not attributable to commonshareholders (millions of yen)
Profit attributable to owners of the parent
available to common shareholders (millions ofyen)
Average number of common shares
outstanding during the period (thousands ofshares)(2) Diluted profit per share(Basis for calculation)
Adjustments to profit attributable to owners ofparent (millions of yen)ncrease in Number of Common Shares(thousands)
A summary of those residual shares notincluded in calculation of diluted profit per share
due to the absence of a dilution effect which
involves material changes from the end of theprevious consolidated fiscal year

22
Stock Acquisition Rights by
the resolution of the Boardof Directors held on
October 28, 2021
Number of Stock
Acquisition Rights: 7,739(Common Shares: 773,900
shares)－2. The number of common shares outstanding at the end of the fiscal year used in the calculation of net assets
per share excludes the Company’s shares held by Custody Bank of Japan, Ltd. (Trust Account E) (782,100
shares for the fiscal year ended March 31, 2023; 730,500 shares for the fiscal year ended March 31,2024). The average number of common shares outstanding used in the calculation of profit per share excludes
the Company’s shares held by Custody Bank of Japan, Ltd. (Trust Account E) (491,023 shares for the fiscal
year ended March 31, 2023; 747,559 shares for the fiscal year ended March 31, 2024).
3. Diluted profit per share in the fiscal year under review is not presented because there are no dilutive shares.

(Important Subsequent Events)
Not applicable19

TOKAI Holdings Corporation (3167) Financial Results for the year ended March 31, 2024

4. Other(1) Changes in Executive Positions
1) Change of representative director
No items to report2) Other Changes in Executive Positions (Scheduled for June 26, 2024)
1. Newly Appointed Director Candidates
Director: Tsuyoshi Takahashi (Current Executive Managing Officer)
Director: HiroshiTsuneminei* Hiroshi Tsunemine is a candidate for an external director position.
2. Retiring Planned Director
Director: Yasuhiro Fukuda
Director: Masahiro Goto
* Masahiro Goto is an external director position.
3. Newly Appointed Auditor Candidates
Auditor: Yoichi Obuchi* Yoichi Obuchi is candidate for external auditor positions.
4. Retiring Planned Auditors
Auditor: Yoshio Ito* Yoshio Ito is an external auditor.

20