Business
Report 2024
A pri l 1 , 2 0 2 3 to Marc h 31, 2024
Wi-Fi 7

Small SSD

Airdog X1D

Ryusui noodles

To Our Stakeholders

I would like to express my sincere gratitude to all our stakeholders foryour continued support. I also wish to state my heartfelt condolences
to all those affected by the recent 2024 Noto Peninsula Earthquake.
We are all praying for the speedy recovery of the areas affected by
the disaster.
Our group took measures to maximize long-term shareholder value
in the fiscal year ended March 31, 2024 under the “Group
Reorganization Policy” we announced on May 18, 2023. Those
measures included transitioning to being a company with an audit
and supervisory committee and switching to the Tokyo Stock
Exchange Standard Market. In addition, we optimized our balance
sheet. For example, we sold a majority of our shares in our former

Hiroyuki Makiequity-method affiliate Saison Information Systems Co., Ltd. (now
Saison Technology Co., Ltd.). Nevertheless, the business environment
remains tough as the yen is weak, raw material prices are soaring

President and CEO
MELCO HOLDINGS INC.

and there is weak final demand from consumers. Accordingly, we
have struggled in terms of income.
We intend to spin off Shimadaya Corporation, which has been
responsible for our food business, and list it on the stock market
going forward. In addition to this, we will make various appropriate
business decisions to meet the expectations of our stakeholders.
The entire Group will devote ourselves to supporting the changes
in our customers’ social lives. I look forward to your continued
support and patronage.
June 2024

Melco Values

A LastingCompany

We earnestly study and put into practice theteachings of our predecessors, and continually
look to the future with the aim of achieving
perpetual growth for the Melco Group alongwith all those who share our Melco values.

CustomerOriented

We always look at things from the perspective of
our customers to continue to provide products
and services that play a part in the realization ofeven richer lives. We take pleasure in contributing
to the development of society through our
wisdom and hard work.

1 Business Report 2024

Rapid
Response
to Change

We never shy away from the changes happening
in the world around us and we have the courage
to change direction when we make mistakes. We
always strive to improve ourselves and work hard
toward personal transformation.

Solidarity

We, in a spirit of fairness and openness, alongwith people who share high aspirations andpassions, will work together as one to overcome
any difficulties and achieve our goals.

Policy

We are earnestly proceeding with the organizational
restructuring plan with the aim of maximizing
long-term shareholder value.

The earnings environment
continues to be tough.

We promoted the sales ofhigh value-added products.

In the fiscal year under review, the Japanese and global

For the IT-related sector, we released a unified threat

economies have seen a further normalization of socio-

management (UTM) function expansion license pack foreconomic activities as COVID-19 was reclassified as a Class

VPN routers to strengthen network security for corporate

5 infectious disease and restrictions on activities to prevent

users. Furthermore, we have expanded our lineup in thethe spread of infection were relaxed. Despite that, thehome user market. For example, we are the first

outlook for the economy remains unclear with prices rising

manufacturer in Japan*1 to release a Wi-Fi CERTIFIEDTM

around the world and the yen further depreciating.

Wi-Fi 7*2-compatible tri-band Wi-Fi router. Although our

We could see recovery in corporate capital investment inshares were maintained and expanded, the earnings

the corporate user market in the digital home applianceenvironment was very severe due to the rising raw material

industry related to our group. Nevertheless, demand in thecosts resulting mainly from the weak yen. For a high-home user market continues to shrink due to sluggish

performance air purifier “Airdog,” which our corporate

consumer spending as a result of high prices. While thegroup sells as a Japanese distributor, we strove to further

number of servings in the household market in the chilled

establish the Airdog brand by releasing a compact model

noodle and frozen noodle market of the raw noodle

with a slim design that can also be placed on desks.

industry was lower than that of the previous year due to

For the food sector, we expanded the high value-added

the impact of price revisions, the monetary amountproducts for family and commercial use. On the otherexceeded the previous year. On the other hand, thehand, we strove to entrench the product price revisions we

number of servings and the monetary amount were both

implemented in February 2023 while reducing costs

higher than those of the previous year in the commercial

against the backdrop of soaring materials costs, risingmarket in response to a recovery in the restaurant market.

manufacturing and labor costs due to manpower shortage,

As a result, net sales were 145,773 million yen (up 2.2%

and augmented TV commercial expenses with the aim ofyear on year), operating income was 2,597 million yen

forecasting future profit growth.

(down 42.5% year on year), ordinary income was 2,575
million yen (down 45.4% year on year) and net income
attributable to parent company shareholders was 3,012
million yen (down 1.5% year on year) in our results in thefiscal year under review.

*1 A
 s a Wi-Fi router for home use manufactured and sold by a company founded inJapan. As of January 9, 2024 based on Wi-Fi Alliance® Product Finder. Researchedby Buffalo.
*2 Wi-Fi is the registered trademark of Wi-Fi Alliance.

Business Report 2024

2

Policy

We implemented an optimal capital
policy through restructuring.

Consolidated Net Sales (Unit: million yen)
150,000
129,912(133,000)

144,137

142,576

145,773

March 2022

March 2023

March 2024 March 2025*(est.)

With the aim of maximizing long-term shareholder value,
we are implementing an optimal capital policy by sorting
and reallocating managerial resources in our group throughrestructuring and assigning clarified growth strategies for

March 2021

respective areas. The plan to spin off Shimadaya Corporation in
the food business on October 1, 2024 is a part of our efforts.
As for the consolidated full-year earnings forecast in the fiscal
year ending March 31, 2025, we expect that net sales will be 133

Consolidated Ordinary Income (Unit: million yen)
Consolidated Ordinary Income Margin (Unit: %)billion yen, operating income 5.2 billion yen, ordinary income 5.2
billion yen, and net income attributable to parent company
shareholders 3.4 billion yen, respectively, if the spin-off is

9,071
7.0

13,083
9.1
4,718

implemented.* If not, we estimate net sales, operating income,

2,575
3.3

ordinary income, and net income attributable to parent company
shareholders to be 150 billion yen (up 2.9 % year on year), 5.8

March 2021

March 2022

1.8

5,800
(5,200)3.9(3.9)

March 2023 March 2024 March 2025*(est.)

billion yen (up 123.3 year on year), 5.8 billion yen (up 125.2%
year on year), and 3.6 billion yen (up 19.5% year on year),respectively.
* We have not included Shimadaya Corporation in our consolidated earnings forecast for the third
quarter onward in the event we spin off the company. Additionally, we have not listed thepercentage change from the previous fiscal year for that reason.

Net Income Attributable toParent Company Shareholders (Unit: million yen)
Consolidated Net Income Margin (Unit: %)
9,346
6,625

Reorganization steps
STEP

3,057
2.1

Change the name of the parent company Makis Co., Ltd.

1 to Melco Group Inc. (July 1, 2023)

Makis Melco Group

Melco Holdings (got listed)

3,012
2.1

3,600
(3,400)2.4(2.6)

March 2021 March 2022 March 2023 March 2024 March 2025*(est.)

Buffalo
Shimadaya

Other shareholders

STEP

6.5

5.1

IT-related
subsidiaries

Net Income per Share (Unit: yen)

Spin off Shimadaya Corporation

2 and list it on the market (scheduled on October 1, 2024)

584.32

Melco Group

Melco Holdings (got listed)

Buffalo

Other shareholders

Shimadaya (get listed)

IT-related
subsidiaries

402.08179.66215.51(203.54)181.23
March 2021 March 2022 March 2023 March 2024 March 2025*(est.)STEP

Our company and Buffalo Inc. merge and3 change name to Buffalo Inc. (Promptly after the spin-off)

Melco Group

Buffalo (get listed)

Other shareholders

Shimadaya (got listed)

IT-related
subsidiaries* Melco Group Inc. (formerly Makis) is the parent company of our company under theCompanies Act.
* We assume we will submit this matter to the General Meeting of Shareholders for approval byshareholders as necessary.

3 Business Report 2024

*We present the forecast for the fiscal year ending March 31, 2025with the forecasted values in the event we do not spin off Shimadaya
Corporation. We present our consolidated earnings forecast in theevent we spin off Shimadaya Corporation with the numerical values in
the parentheses. We have not included Shimadaya Corporation in ourconsolidated earnings forecast for the third quarter onward.
*Please refer to P. 12 for the notes on each numerical value.

Business Segment

We support customers in adapting to changes insocial life, involving all companies of our group.
IT-Related BusinessWe provide various products with a focus on digital consumer electronics and computer peripherals. These include network
products (e.g., Wi-Fi), external drives for PC/TV recording, storage products such as NAS with remote device monitoring andoperation features for corporate users, and MagWiper, a magnetic data degaussing device. In addition, we also offer
products that add richness to everyday life. These include the Airdog, a high-performance air purifier; NanoWasala, a highspeed nanobubble water generator; nasne®*, a network recorder and media storage device; and digital music library devices
dedicated to high resolution audio. We also offer various services and solutions including our data recovery services and theremote management service Kiki Navi.
*nasne® is the registered trademark of Sony Interactive Entertainment LLC.

Wi-Fi 7-compatible router

External hard disk

nasne®

NAS for corporate users

Buffalo Regular
Data Recovery Service
Have you lost your HDD data?
Try our data recovery service
before giving up!

Airdog

NanoWasala

Digital music library

Kiki Navi

Data recovery service

Business Report 2024

4

Business Segment

IT-Related Business

Mid-Term Vision “Gateway 2.0”
Providing a safe network for
all of society in the IoT era
Eliminating the trouble of“not connected,”“cannot be connected” and“no longer connected” ofhome Wi-Fi

Eliminating the trouble of“not connected,”“troublesome to connect” and“scary to connect” to
Wi-Fi in public spaces

Home network
innovations

Public gateway
solutions

Data storage
optimization
Eliminating the trouble of“lost,” “loss fears,”“cannot be reproduced”
and “can be used but only
slowly” of important data

BCN
AWARD 2024

Wireless LAN
Category

NAS
Category

Hub
Category

LAN Card Category

22nd consecutive year
22nd win

11th consecutive year
11th win

23rd consecutive year
24th win

25th consecutive year
25th win

External HDD
Category

RouterCategory

Expansion Interface Category 21st consecutive year 21st win*1
Memory Category

15th consecutive year 23rd win*2

16th consecutive year
21st win

21st consecutive year
22nd win

Drive Casing Category

14th consecutive year 16th win

PC Power Unit Category

13th consecutive year 13th win

USB Memory Category

4th consecutive year 11th win

DVD Burner Category

4th consecutive year 13th win

External SSD Category

4th consecutive year 4th win

Card Reader Category

2nd consecutive year 9th win(January to December 2023)

Winner in

14 Categories(our corporate group)

These prizes are awarded basedon actual aggregate sales atmajor electrical appliance stores
across Japan.
*1 This is as the Melco Group. We have won
this award fifteen years in a row for a totalof fifteen times as CFD sales.
*2 This is as the Melco Group. We have won
this award thirteen years in a row for a totalof thirteen times as CFD sales.

5 Business Report 2024

Food

We offer a rich lineup of products including udon noodles, soba noodles, Chinese noodles, fried noodles, and pasta; we alsooffer Ryusui noodles, which can be eaten just by unraveling them with unboiled water, and Kenbi noodles, a health foodproduct. We are releasing family-use food products centered on chilled noodles and frozen noodles, and commercial foodproducts centered on frozen noodles. We are also creating new possibilities in the noodles market by continually approachingproducts from the viewpoint of our customers, including attractive noodle dishes and new ways of eating noodles in addition
to utilizing noodles as an ingredient.

Keyword forour development:

7K
Kenbi Noodles
40% lesscarbohydratecontent
Authentic
udon noodles

Ryusui Noodles
Soba made of
buckwheatgrown in
Japan

Kenko
(Healthy)

Kamben(Convenient)

Frozen Kenbi
Noodles Salt-free
Inaniwa-style udon
noodles

Kokusan(Domestic ingredients)

KaiokiShinuchiThin Inaniwa-styleudon noodles

Kankyo(Storage stock)(Environmentally friendly)

Keizaisei(Economical)

Kohinshitsu(High quality)

Made of domesticallyproduced rice powder
Chinese-style fried rice
noodles
Flavored with oystersauce

Taikoban
Udon noodles
made of wheatgrown in Japan“Clock Tower”
Chinese Noodles
Flavored with tasty soy
sauce

Business Report 2024

6

Business Overview

Consolidated
Net Sales

Consolidated
Operating Income

Net Income
per Share(Unit: million yen)

(Unit: million yen)

(Unit: yen)

IT-Related

Food

Other

144,137
129,912150,000(133,000)*1

145,773

142,576

12,698584.32

8,848
5,800(5,200)*1

402.084,518
181.23215.51*1(203.54)2,597
179.66

March 2021

March 2022

March 2023

March 2024

March 2025 (est.)

IT-Related

97,929112,161

108,011

106,573—

Food

31,19531,317

34,11538,973—

Other*2

787

658

449

225

—

*1 We present the forecast for the fiscal year ending March 31, 2025 with the forecasted values in the event we do not spin off Shimadaya Corporation.
We present our consolidated earnings forecast in the event we spin off Shimadaya Corporation with the numerical values in the parentheses.
We have not included Shimadaya Corporation in our consolidated earnings forecast for the third quarter onward.
*2 The reporting segment of “Finance” is included in “Other” as the materiality has become insignificant. The “Other” segment refers to the business segments
other than reporting segments, and includes company-wide management functions. The graphs for the fiscal year ended March 31, 2022 and before are
created based on the changed reporting segments.

7 Business Report 2024

Consolidated Net Sales by Segment /Segment Income or Loss
IT-Related(Unit: million yen)

Net Sales
Net Sales

73.1%

106,573
1.3
Down

108,011 106,573
million yen

% YoY

March
2023

March
2024

(Unit: million yen)Segment Income

Down

388
88.7

3,440
million yen
388

% YoY

March
2024

March
2023

In our mainstay computer peripherals market, as part of efforts to support DX of enterprises with networks, we have released
a unified threat management (UTM) function expansion license pack for VPN routers to strengthen corporate network
security for corporate users. For home users, we have expanded our lineup. For example, we are the first manufacturer inJapan*1 to release a Wi-Fi CERTIFIEDTM Wi-Fi 7*2-compatible tri-band Wi-Fi router to provide even smoother communications.
Although our shares were maintained and expanded through stable product supply, net sales almost remained unchanged
due to the shrinking domestic demand, and the earnings environment was very severe owning to the rising raw material
costs resulting mainly from the weak yen.
On the other hand, for the high-performance air purifier “Airdog,” which our corporate group sells as a Japanese distributor, the number of units we sold was lower than that of the previous fiscal year. Nevertheless, we worked to expand sales
channels and the number of units we sold increased in department stores and other locations. In addition, we strove tofurther establish the Airdog brand by releasing a compact model with a slim design that can also be placed on desks.
As a result, net sales were 106,573 million yen (down 1.3% year on year) and segment income was 388 million yen (down
88.7% year on year).
*1 As a Wi-Fi router for home use manufactured and sold by a company founded in Japan. As of January 9, 2024 based on Wi-Fi Alliance® Product Finder.
Researched by Buffalo.
*2 Wi-Fi is the registered trademark of Wi-Fi Alliance.

Food(Unit: million yen)

Net Sales
Net Sales

26.7%

38,97314.2
Up34,11538,973

million yen

% YoY

March
2023

March
2024

(Unit: million yen)Segment Income

3,347
51.4

Up

3,347
million yen

% YoY

2,210

March
2023

March
2024

In terms of sales, we actively promoted the sale of Ryusui Noodles and Taikoban for family use. Ryusui Noodles include
a pack of soba noodles for two made with buckwheat flour produced in Japan to increase added value. Taikoban caters to
the frugal consumer. We promoted sales activities for commercial use to expand sales of our main product of Taikoban andto strengthen proposals for value-added products such as our long-selling Shinuchi thin Inaniwa-style udon noodles.
For profit, expenses increased owning to soring materials costs, rising manufacturing and labor costs due to manpower
shortage, and active TV commercials with the aim of forecasting future profit growth. Meanwhile, we continued to work on
reducing costs and strove to entrench the product price revisions we implemented in February 2023.
As a result, net sales were 38,973 million yen (up 14.2% year on year) and segment income was 3,347 million yen(up 51.4% year on year).

Business Report 2024

8

Topics

1

TOPIC

TOPIC

2

Supporting victims of the 2024 Noto
Peninsula Earthquake by providing
special repair and data recovery
services free of charge

Education Digital Transformation (DX)Support Project: We have donated a
total of 129,000 PD chargers to newstudents in 17 schools across Japan tosupport their learning.

Buffalo is repairing or replacing products free of charge

Buffalo has been engaged in the Education DX Support

for those who use Buffalo products in the region

Project since March 2022. This project involves us

covered by the Disaster Relief Act as support for the

donating USB Power Delivery-compatible PC chargers

victims of the 2024 Noto Peninsula Earthquake.

(hereinafter “PD chargers”) to new university students

Together with this, Buffalo and Advanced Design are

every year in April as universities are undergoing digital

also providing support with a data recovery service.

transformation (DX). We have donated a total of

We will repair and inspect Buffalo products that are
no longer operational due to damage from this disaster
free of charge regardless of whether or not they are in

129,000 PD chargers to 17 schools across Japan todate.
This year marks the third year of donating these PD

the warranty period. If we receive a product whichchargers. Buffalo started by donating PD chargers tocannot be repaired or if it is difficult to send us auniversities across Japan as part of our efforts to

product because of damage or loss due to the disaster,

support measures against COVID-19. Classes in

we will replace it with a new product for those who areuniversities and other education sites were conducted

registered users. We are also providing a data recovery

online during the COVID-19 pandemic, which led to anservice for free.

increasing number of students taking classes fromhome or various other locations. This project started
when we at Buffalo thought about what we could do
Special repairs

Eligible
products

Buffalo products which were damaged during
the disaster and which can be repaired

Eligiblecustomers

Customers living in the region covered by
the Disaster Relief Act

Please check our website for details such as how to contact us.

to boost the academics and research of new students
who found themselves in a changed learning
environment.
We have established a mission to continue providing
a safe and comfortable student life. We will continue toprovide ICT support so that students who will create
the future can concentrate on their studies with peaceof mind in educational sites where PCs and tablets areproactively used.

Buffalohttps://www.buffalo.jp/news/detail/20240104-02.html

Data recovery
Eligible
products
Eligiblecustomers

Buffalo products damaged during the disasterand products of other companies(Products other than Buffalo products are also eligible.)

Individuals living in the region covered by
the Disaster Relief Act

Please check our website for details such as how to contact us.
Buffalohttps://www.buffalo.jp/news/detail/20240104-01.html
Advanced Design

https://www.a-d.co.jp/news/2021/07/06/disastersupport.html

9 Business Report 2024

PD chargers Buffalo donated(Left) BSACPD4500 series(Right) BSACPD5200 series

3

TOPIC

TOPIC

4

Buffalo won 2 place overall in the“12th NIPPON IT Charity Ekiden.”Broadcasting of TV commercials forthree chilled brands for family use toincrease awareness of the Shimadaya
brand

Buffalo sponsored the 12th NIPPON IT Charity Ekiden

We broadcast television commercials for three chilled(hereinafter “the Ekiden”) relay race as a platinum

brands for family use to raise the awareness of thesponsor. The Ekiden was held in the central plaza of

Shimadaya brand from February to March 2024.

nd

Odaiba Symbol Promenade Park in Koto-ku, Tokyo on

We broadcast a television commercial from February 26

November 19, 2023. A total of 65 runners in 13 teams

to March 10, 2024 for the Teppan Noodles brand, afrom group companies, including Buffalo, participatedpioneering product for a pack of yakisoba fried noodles

in the Ekiden.

containing two servings, to raise recognition of the brand.

The Ekiden this year was held on a large scaler withWe linked this television commercial to a consumer

530 teams - 1.5-times the number last year -campaign and conveyed the ease of unraveling theparticipating. Against this background, the BUFFALO

noodles and the tastiness of the rich sauce.

Athletes team, which had vowed to definitely stand on

We broadcast a television commercial from March 14 toa podium after finishing 4 overall last year, ran fast

March 27, 2024 for the Ryusui Noodles brand that is easy

and acquired the section prizes in the second and third

to make without boiling. We employed the televisionsections before finishing in second place overall. All the

personality Nozomi Sasaki to express the joy brought about

members of the team had fun passing the sash to eachby Ryusui Noodles with a message that “Ryusui Noodles willother on the day of the Ekiden. We feel we were able

instantly unravel you from weariness to warm your soul.”th

to convey the wonderfulness and joy of mutual help

We have newly released a pack of yakisoba fried noodles

shown among participants toward the same goal.

with sauce containing three servings in the Taikoban brand

The Ekiden is a charity relay race planned to support

exclusive to western Japan. We have been developing thisthe rehabilitation of unemployed people who are in abrand as a strategic product to open up the western Japan

weak position in society. The profits from the Ekiden

market for us. We broadcast a television commercial fromare donated to NPO organizations supporting

March 18 to March 31, 2024 to coincide with the release.

employment or used for supporting the recovery in

We reproduced the firm and easily unraveled noodles anddisaster-affected areas.

fragrant aroma of the sauce in the cooking and dining

We will keep supporting customers in adapting tochanges in social life, involving all group companies,and contribute to society through corporate activities
and each employee’s activities.

settings together with an image of the Taikoban brand as“a product which is easy to make and tasty.”
Shimadaya will continue to focus on developing
products incorporating the development keywords of the
7K: Kenko (Healthy). Kamben (Convenient), Kohinshitsu(High quality), Keizaisei (Economical), Kaioki (Storage
stock), Kankyo (Environmentally friendly), and Kokusan(Domestic ingredients). At thesame time, we will engage inadvertising promotions tocommunicate product value toour customers.
Teppan Noodles okonomiyaki sauce flavor;
Ryusui Noodles made of wheat grown inJapan (thin Inaniwa-style udon noodles fortwo people); and a pack of Taikoban yakisoba
fried noodles with sauce containing threeservings exclusive to western Japan

Business Report 2024

10

Financial Statements

Consolidated Balance Sheet
Item

Fiscal Year Ended
March 31, 2024



(Unit: million yen)

Fiscal Year Ended
March 31, 2023

❶ Assets
Current assets

75,62766,020

Fixed assets

20,30827,389Tangible fixed assets

11,080

11,236

Intangible fixed assets

3,705

3,394

Investments, etc.

5,523

12,757

95,936

93,410Current liabilities

29,06827,941Long-term liabilities

2,945

3,005

Total liabilities

32,01430,946

Total assets❷ Liabilities❸ Net assets
Capital

1,000

Capital surplus

250

250

Retained earnings

62,09761,092

(756)

(267)

62,59062,075Net unrealized gains(losses) on othersecurities

1,030

611

Deferred gains orlosses on hedges

150

31

Foreign currencytranslation
adjustments

(4)

(31)

Remeasurements ofdefined benefit plans

155

(222)

Total accumulated othercomprehensive income

1,332

388

Subscription right toshares——Total net assets

63,922

62,463

Total liabilities andnet assets

95,936

93,410Total shareholders’equityAccumulated othercomprehensive income

Note: We have given the listed amounts by rounding down to the nearest million yen.

11 Business Report 2024

❶ Assets
Total assets for the fiscal year ended March 31, 2024
were 95,936 million yen - an increase of 2,526 million yen
compared to the end of the previous consolidated fiscal
year. Current assets totaled 75,627 million yen - anincrease of 9,607 million yen. This change was mainly due
to a 9,451 million yen increase in cash and deposits, a
3,853 million yen increase in accounts receivable-trade, a
1,886 million yen decrease in income taxes receivable, a
1,115 million yen decrease in accounts receivable, and a
593 million yen decrease in advance payments. Fixed
assets totaled 20,308 million yen - a decrease of 7,080
million yen. This change was mainly due to a 7,234
million yen decrease in investments, etc., a 156 million
yen decrease in tangible fixed assets, and a 310 million
yen increase in intangible fixed assets.

❷ Liabilities

Shareholders’ equity

Treasury stock

POINT

Total liabilities for the fiscal year ended March 31, 2024
were 32,014 million yen - an increase of 1,067 million yen
compared to the end of the previous consolidated fiscal
year. Current liabilities were 29,068 million yen - anincrease of 1,126 million yen. This change was mainly due
to a 1,023 million yen increase in accrued expenses, a 521
million yen increase in electronic recording liabilities, a
445 million yen increase in income taxes payable, a 334
million yen increase in accounts payable, and a 1,151
million yen decrease in deposits received. Long-term
liabilities totaled 2,945 million yen - a decrease of 59
million yen. This change was mainly due to a 465 million
yen decrease in net defined benefit liability, a 289 million
yen increase in reserve for retirement benefits for officers,
and a 114 million yen increase in deferred tax liabilities.

❸ Net Assets
Total net assets for the fiscal year ended March 31, 2024
were 63,922 million yen - an increase of 1,458 million yen
compared to the end of the previous consolidated fiscal
year. This change was mainly due to a 3,012 million yen
resulting from the acquisition of net income attributableto parent company shareholders, a 2,017 million yen
resulting from payment of dividends, a 943 million yen
increase in accumulated other comprehensive income,and a 489 million yen resulting from the acquisition oftreasury stocks.

Consolidated Income Statement (Unit: million yen)
Fiscal Yearfrom April 1, 2023
to March 31, 2024

Fiscal Yearfrom April 1, 2022
to March 31, 2023

Net sales

145,773

142,576

Cost of sales

109,700

106,589

Selling, general andadministrative

33,474

31,468Operating income

2,597

4,518

Non-operating income

287

512

Non-operating expenses

309

312

Ordinary income

2,575

4,718

Extraordinary income

2,097

22

Extraordinary loss

63

652

Net income before
taxes and otheradjustments

4,609

4,088

Income, resident andenterprise taxes

1,308

1,041

288

(10)

3,012

3,057

Item

Income taxes
Net income
attributable to parent
company shareholders

Consolidated Cash Flow Statement (Unit: million yen)
Fiscal Yearfrom April 1, 2023
to March 31, 2024

Fiscal Yearfrom April 1, 2022
to March 31, 2023

Cash flows fromoperating activities

6,625

392

Cash flows from investing
activities

5,366

2,744

Cash flows fromfinancing activities(2,606)(4,506)

Effect of exchange ratechanges on cash andcash equivalents

66

40

Net increase (decrease)in cash and cash
equivalents

9,451(1,327)

Cash and cash
equivalents at the
beginning of the period

20,506

21,834

Cash and cash
equivalents at the endof the period

29,95820,506

Item

Total Assets (Unit: million yen)
Capital to Asset Ratio (Unit: %)95,79885,80260.8

65.9

93,41066.9

95,93666.6

For detailed information
March 2021

March 2022

March 2023

March 2024

Notes:
1. We have given the listed amounts by rounding down to the nearest million yen.
2. We have been applying the “Accounting Standard for Revenue Recognition(ASBJ Statement No. 29; March 31, 2020)” since the beginning of 36th term
(fiscal year ended March 31, 2022). However, the accounting standard is not
retrospectively applied to the figures for 35th term (fiscal year ended March 31,2021) and before.

MELCO HOLDINGS IR

Searchmelco-hd.jp/ir/top

Business Report 2024

12

Company Information (Current as of March 31, 2024)Japan

MELCO HOLDINGS INC.
Company NameMELCO HOLDINGS INC.

Board Members (Current as of June 26, 2024)

Date of
Incorporation

July 1, 1986

President and CEO

Capital Stock

1,000 million yen

Business
Activities

Hiroyuki Maki
Director

Pure holding company of Melco Group. Melco
Holdings Inc. holds the shares of the group’s
operating companies. Governs the operatingcompanies in our group by providing support forbusiness activities and offering managerial guidance.

Number of
Employees

Non-consolidated: 30
Melco Group consolidated: 1,928

Number of Group
Companies

20 (17 in Japan; 3 overseas)

Yoshimasa Nagase

Director(Full-time Audit & Supervisory Committee Member)

Masanao Tsuzuki
Outside Director(Audit & Supervisory Committee Member)

Director

Jun Kamiya

Manabu Yano

Outside Director

Director

Chisato Nakayama
Director

Taiji Watanabe(Audit & Supervisory Committee Member)

Hiroyuki Miyajima
Outside Director(Audit & Supervisory Committee Member)

Kumiko Otsuka

Director

Iwao Tsusaka

BUFFALO INC.
Company Name

Buffalo Inc.

Board Members (Current as of May 10, 2024)

Date ofFoundation

May 1, 1975

President and CEO

Director

Hiroyuki Maki

Takashi Nishiwaki

Date of
Incorporation

August 5, 1978

Executive Vice President

Director

Taiji Watanabe

Katsumi Iwasaki

Senior Managing Director

Director

Capital Stock

320 million yen

Manabu Wada

Nobuhiro Tamura

Managing Director

AuditorDevelopment, manufacture, and sale of digital
home appliances and PC peripherals; data
recovery service

Manabu Yano

Mitsuru Ozawa

Managing Director

AuditorKazunori Yokoi

Tomohito Nakamura

628

Managing Director

Business
Activities
Number of
Employees

Masaya Ishimaru

Shimadaya Corporation
Company Name

Shimadaya Corporation

Board Members (Current as of June 20, 2024)

Date ofFoundation

July 20, 1931

President and CEO

Date of
Incorporation

March 4, 1949

Capital Stock

1,000 million yen

Business
Activities

Manufacture and sale of noodles
and related food products

Number of
Employees

312

Kenji Okada
Senior Managing Director

Shinichiro Soma

(Full-time Audit & Supervisory Committee Member)

Masaru Kato
Outside Director(Audit & Supervisory Committee Member)Managing Director

Takashi Fukayama

Nobuyuki Obara

Outside Director

Managing Director

Toshio Sasaki
Managing Director

Naoki Soneda
Director

Tomoyuki Ota
Director

Hiroyuki Maki

13 Business Report 2024

Director(Audit & Supervisory Committee Member)

Yasuyuki Takaki
Outside Director(Audit & Supervisory Committee Member)

Ai SakaiStock Information (Current as of March 31, 2024)

Stock
CFD Sales INC.

Number of Shares
Outstanding

Development, manufacture and sale of personal computer
parts and peripheral equipment

Number of
Shareholders

16,937,873(including 233,526 treasury stocks)

4,961

BIOS Corporation
Development, manufacture and sale ofstorage-related products

Major Shareholders (Top 10)
Shareholder NameMELCO SYNCRETS INC.
Development and sale of audio equipment
and related products

BUFFALO IT Solutions inc.
Sale of network-related equipment and PC peripherals,
and network infrastructure construction
and maintenance services

Advanced Design Corp.
Data recovery/erasure/conversion services
and manufacture and sale of data erasure products

DigiOn, Inc.
Development and sale of network and storage software

toConnect, inc.

Number of
Shares Held

Shareholding
Ratio(1,000 Shares)(%)

Melco Group Inc.

7,740

46.33(45.69)

Hiroyuki Maki

2,093

12.53(12.35)

ECM MF

1,621

9.70 (9.57)

The Master Trust Bank of Japan,
Ltd. (trust account)717

4.29 (4.23)

Maki Makoto Foundation

500

2.99 (2.95)

Custody Bank of Japan, Ltd.
(trust account)191

1.14 (1.12)

J.P.MORGAN SECURITIES PLC
FOR AND ON BEHALF OF ITS
CLIENTS JPMSP RE CLIENTASSETS-SEGR ACCT

162

0.97 (0.95)

Taiji Iwasaki

146

0.87 (0.86)

Direct marketing of products

Melco Mutual Aid Association

112

0.67 (0.66)

Lifenrich Inc.

Hiromi Maki79

0.47 (0.46)

Direct marketing of products

Notes:
1. The number of shares held has been rounded down to the nearest one thousand.
2. We have calculated the shareholding ratio based on the total number of outstanding
shares less treasury stocks. We have then given this ratio by rounded off to the second
decimal place. The shareholding ratio in the parentheses is calculated based on the total
number of outstanding shares including treasury stock.

Overseas<USA> BUFFALO AMERICAS, INC.
Sale of network-related equipment and PC peripherals<Taiwan> BUFFALO TECHNOLOGY (TAIWAN) Inc.
Procurement and management of the product(Current as of March 31, 2024)

Shareholding Distribution byType of Shareholder (Unit: thousand shares)
Treasury stock
233 (1.37%)

Individuals
and others
4,410 (26.04%)
Foreigncorporations
2,780 (16.41%)

Financial institutions
966 (5.70%)

Number of
SharesOutstandin
16,937

Financial instruments
business operators
139 (0.82%)
Other Japanese
corporations
8,407 (49.63%)

Notes:
1. The number of shares held has been rounded down to the nearest one thousand.
2. The composition ratio has been rounded off to the second decimal place.

Business Report 2024

14

Shareholder Notes

Website Guide

Fiscal year-end:

March 31

MELCO HOLDINGS INC.

Ordinary general meetingof shareholders:

June

Provides the latest news, corporate information,
information for investors and other data.

Dates to determine stock
ownership:

For shareholders with voting rights:
March 31
For shareholders eligible for year-end dividends
March 31
For shareholders eligible for interim dividends:
September 30

Stock listings:

Standard Market of the Tokyo Stock
Exchange and Premier Market of the
Nagoya Stock Exchange

Securities code:

6676

Number of shares per
trading unit:

100 shares

Method of public notice:

Posted electronically on
https://melco-hd.jp/koukoku/

Stock agencies:

Sumitomo Mitsui Trust Bank, Limited

https://melco-hd.jp
BUFFALO INC.
Provides product and service details, application
cases, and support information.

Sumitomo Mitsui Trust Bank, Limited, Stock
Transfer Agency Business Planning Dept.
2-8-4 Izumi, Suginami-ku, Tokyo•Telephone Inquiries
0120-782-031 (Toll free)
9:00 to 17:00 (Except on Saturdays,
Sundays and public holidays)
Managing underwriter:(Main) Daiwa Securities(Secondary) Nomura Securities,
Mizuho Securities and
SMBC Nikko Securities

https://www.buffalo.jp
Shimadaya Corporation
Introduces a variety of information on
recommended recipes and products.

(Securities code: 6676)

Tokyo Headquarters:

Pacific Century Place Marunouchi, 1-11-1
Marunouchi, Chiyoda-ku, Tokyo, 100-6215
Japan
TEL: 81-3-4213-1122
FAX: 81-3-4213-1123

Nagoya Headquarters: Akamon-dori Bldg., 3-30-20 Ohsu,
Nakaku, Nagoya, 460-8315 Japan
TEL: 81-52-251-6891
FAX: 81-52-249-6609

https://www.shimadaya.co.jp