Consolidated Financial Results for theSecond Quarter of the Fiscal
YearEnding March 31, 2024
DaikyoNishikawa Corporation
November 2023

©DaikyoNishikawa Corporation All rights reserved.

Table of Contents

1. Consolidated Financial Results for the Second
Quarter of the Fiscal Year Ending March 31, 2024
(Year-on-year Basis)

P. 2

2. Key Initiatives for the Medium-term Business Plan

P. 8

3. Consolidated Financial Forecast for Fiscal 2023

P. 24

©DaikyoNishikawa Corporation All rights reserved.

P.1

1. Consolidated Financial Results for the Second Quarter of the
Fiscal Year Ending March 31, 2024 (Year-on-year Basis)©DaikyoNishikawa Corporation All rights reserved.

P.2

Consolidated Financial Results for the Second Quarter of
the Fiscal Year Ending March 31, 2024 (Year-on-year Basis)◼ Net sales increased mainly due to increased production by major customers and the impact of foreign currency translation into Japaneseyen◼ Operating income increased mainly due to the impact of increased sales and the implementation of cost improvement activities, as well as
the partial transfer of increased costs of raw materials, energy, and labor to prices, and foreign exchange rates in Central America.
(Million yen)

FY2022

FY2023Year-on-year basis

Results forthe first six-month period

Results forthe first six-month period

Amount ofincrease/decrease

Ratio ofincrease/decrease

Net sales

63,01177, 470

14,45922.9%

Operating income-1,446

4,285

5,732

-

Operating margin

-2.3%

5.5%

7.8 pts

Ordinary income-1,179

4,617

5,796

-

Profit attributable to owners of
the parent-1,565

2,950

4,515

-

©DaikyoNishikawa Corporation All rights reserved.

P.3

Factors of Consolidated Net Sales Change (YoY Basis)(Million yen)

90,00080,000-1,26770,000

-291

2,909

13,108• Foreign currency translation into Japanese yen
Central/North America: Approx. 1.56 billion yen
ASEAN: Approx. 440 million yen
China and South Korea: Approx. 70 million yen• Impact of foreign exchange in Central America:
Approx. 810 million yen

60,000• Increase in customers’
production

50,00077,47040,00030,00063,011

20,00010,000

0
1HFY
of 2022
FY2022
Net sales

Net sales of finished goods©DaikyoNishikawa Corporation All rights reserved.

Sales of tools

Other sales

P.4

Impact of exchange rate
fluctuations

1H FY
of FY2023
2023

Net sales

Factors of Consolidated Operating Income Change (YoY Basis)(Million yen)
6,000

5,000

-418
1,140

4,000

3,000

205

• Impact of increased sales• Transfer of increased costs of raw
materials, energy, and labor toprices361• Impact of foreign exchange
in Central America• Foreign currency translation
into Japanese yen

980
2,000

4,285

• Improve production/work
efficiency• Energy-saving activities

1,000

3,466
0

-1,000-1,446-2,000
1HFY
of2022
FY2022
Operating income

Number ofunits/productcomposition©DaikyoNishikawa Corporation All rights reserved.

Cost improvement

Launch cost

Depreciation

P.5

Impact of exchange
rate fluctuations

Other costs

1HFY
of2023
FY2023Operating income

External sales by segment (YoY Basis)◼ In Japan, sales increased due to increased production by major customers as well as increased sales centered on strategic OEM.
◼ In Central and North America, sales soared due to an increase in customer production as well as the impact of currency translation into
Japanese yen and exchange rates in Central America.

◼ In the ASEAN countries, sales increased mainly due to increased production by customers and the impact of foreign currencytranslation into Japanese yen.
◼ In China and South Korea, sales shrank due to decreases in production by customers and sales of molds.
(Million yen)Domestic

Overseas

FY2022

FY2023Year-on-year basis

Results for the first sixmonth period

Results for the first sixmonth period

Amount ofincrease/decrease

Ratio ofincrease/decrease

Japan(Component ratio)

44,603(70.8%)

52,080(67.2%)

7,477

16.8%

Central/North America

10,943

17,461

6,517

59.6%

ASEAN

5,212

6,047

834

16.0%

China/South Korea

2,252

1,881

-371

-16.5%

Overseas Total(Component ratio)

18,408(29.2%)

25,390(32.8%)

6,981

37.9%

Total

63,011

77,47014,45922.9%©DaikyoNishikawa Corporation All rights reserved.

P.6

Segment profit/loss (YoY basis)◼ In Japan, operating income increased mainly due to the impact of growth of sales and the implementation of cost improvement activities, aswell as the partial transfer of increased costs of raw materials, energy, and labor to prices.
◼ In Central and North America, operating income increased due to the impact of increased sales and exchange rates in Central America.

◼ In the ASEAN countries, operating income increased mainly due to the impact of increased sales and cost improvements.
◼ In China and South Korea, operating income fell due to the impact of lower sales, and initial quality correspondence in product transfer.
(Million yen)

FY2022

FY2023Year-on-year basis

Results forthe first six-month period

Results forthe first six-month period

Amount ofincrease/decrease

Ratio ofincrease/decrease

Japan(Component ratio)

-862
(-)

2,553
(51.3%)

3,416
(-)

-

Central/North America-2,078

1,996

4,075

-

ASEAN

495

692

196

39.6%

China/South Korea

14

-267

-282

-

Overseas Total(Component ratio)-1,568(-)

2,420(48.7%)

3,988
(-)

-

Consolidation adjustment

984

-687

Consolidated operating income/loss-1,446

4,285

5,732

-

Domestic

Overseas©DaikyoNishikawa Corporation All rights reserved.

P.7

2. Key Initiatives for the Medium-term Business Plan

©DaikyoNishikawa Corporation All rights reserved.

P.8

Key Initiatives for the Medium-term Business Plan
Strengthening CSR Management

Ensuring profitability

Contributing to solving social issues
Managementbase strategy
Industry-UniversityGovernment
Collaboration
Work stylereformComplianceDeepening relationships
with stakeholders

Customer strategy andlocation strategy
DX

D&I Management

Promotion of BCP

Expansion of OEMs sales
Transmitting Seeds
to Customers

Product
strategy

Expansion of global sales

Promotion of electrification
Tailgate technology
innovation

Energy saving
Carbon neutrality©DaikyoNishikawa Corporation All rights reserved.

Manufacturing
strategy

MBD

Recycling

P.9

DNUS’s Response toTwo-shift Production

Automation

Customer Strategy: OEMs sales Expansion
Consolidated sales by customer

Ongoing aggressive sales expansion activities
to strategic OEMs

Year on year basis
consolidated sales（million）

100,000

growth rate: 22.9％

Contribution items■TOYOTA： Bumper, battery cover and panel■Honda： Tailgate, rear spoiler and roof rail

50,000■Mitsubishi： Bumper and oil strainer■Subaru： Fuel filler opening and oil strainer0
1H of FY2022
2H of FY2022
1H of FY2023（Actual results） （Actual results） （Actual results）

2H of FY2023（Forecast）

Consolidated sales of 4 strategic OEMs

（million）

12,000Year on year basis sales
growth rate:

30.9％

8,000

4,000

0
1H of FY2022（Actual results）©DaikyoNishikawa Corporation All rights reserved.

2H of FY2022（Actual results）

1H of FY2023（Actual results）

P.10

2H of FY2023※Forecast （Forecast）

Customer Strategy: Transmitting Seeds to Customers
Aiming to expand sales of new items by proposing new products and technologies
that anticipate customer needs
Toyota's in-house technology exhibition:“A Day in the Life of an Engineer”

New products and technology exhibition for Daihatsu
Environmentally friendly nextgeneration technology andelectrification compatible parts

Next-generation technologies
including light-transmitting skin
Light transmission cluster switch concept

Cellulose nanofiber composite material
Compared with engineering plastics,

Surprising new performances are realized with seamless designs.

weight is reduced by 15%, CO2 emissions are reduced by 30%, andheat resistance is improved by 40%.

Lights LightsonoutSoft skin provides a precise and clear display.
Regular permeable
epidermis

Product developed
by DNC

Hollow-Molded Integrated Plastic Pipes
Compared to stainless steel products,

weight is reduced by 30%, cost is
reduced by 20%, and higher heat
management performance is provided.

©DaikyoNishikawa Corporation All rights reserved.

P.11

Location Strategy: Global Sales Expansion
Consolidated sales by location segment
Year on year basis
consolidated sales（million）

growth rate:22.9％

100,000

China/South Korea
ASEAN

50,000

North America (DNUS) will be a global sales
growth driver in the medium term
Contribution items

Central/North America■North America：Bumper, fender flare and side garnish

Japan■ASEAN：Rear spoiler and roof rail0
1H of FY2022
2H of FY2022
1H of FY2023
2H of FY2023（Actual results）（Actual results）（Actual results） （Forecast）

Overseas segment sales（million）

Year on year basis sales
growth rate:

30,00035.4％

China/South Korea

20,000ASEAN

10,000Central/North America

0
1H of FY2022（Actual results）©DaikyoNishikawa Corporation All rights reserved.

2H of FY2022（Actual results）

1H of FY2023（Actual results）

P.12※Forecast2H of FY2023（Forecast）

Location Strategy: U.S. plant (DNUS) Dual-shift Operation
Establish a production system in line with increased customers' production
and strengthen ongoing human resource recruitment/training
Production
system◼ Prior to production increase, improvement of difficult tasks in each process and preemptive hiring of leader classand training of operators were implemented.
◼ Short-term development to handle mass production by receiving additional orders for parts,
and introduction of automated production lines in sequence.

Management
Situation◼ Forecast non-consolidated profitability (operating income) in FY2023Q4 (Oct.-Dec.)◼ FY2024 aims to return to profitability (net income) for the full year100%

マツダ日当たり台数
Daily production volume for MAZDA

Trends生産/稼働状況の推移
in production/operation status
From July

トヨタ日当たり台数
Daily production volume for TOYOTA

80%

Profitability
on Operating
Income（forecast）

Started dual
operation for
TOYOTA

60%

1100
1000

Started dual
operation for
TOYOTA

From July

稼働率推移
Operating rate

1200

900
800
700
600

From
October

40%

500
400

Supplystarted

300

20%

200
100

0%

Q1

Q2

Q3
FY2021©DaikyoNishikawa Corporation All rights reserved.

Q4

Q1

Q2

Q3
FY2022

Q4

Q1

Q2

Q3
FY2023P.13

Q4FY2024※Forecast
FY20240

Product Strategy: Roadmap
Strengthening the “module development” for a decarbonized society and“system development” including functional integration
Promoting product development toward
a decarbonized society
Medium-term Management Plan
2019-2023
CockpitTransforming toward“System Development”

System Development Initiatives

Power train

Four productstrategies

Front end

Tailgate

Independent development
Module development

2019

Partial system development
Module development

2023

Product development forour business partners, ourusers, and ourselves

2026

20XX

MBD: Model-Based Development
Development process innovation/
Technical capability in CAE

Digitalization and DX promotion

Creating new value

Transformation
to desktop
verification
development tosupport productstrategy
Frame model©DaikyoNishikawa Corporation All rights reserved.

Vehicle model

Real car model

P.14

Comfort (Thermal sensation vote)Product Strategy: Model-Based Development Initiatives
Innovation of "development process" and "CAE technology" for the transformation to desk-top verification development

Model-Based Development (MBD) enables highly efficient short-term development process
Conventional

Model modification
loss

Development process
Engineering Development（in-house）

Repetitive loss

Rework loss

３D-CAE

Ordersreceived

Design and Production
verification

DrawingreleaseSpec. NG

Experiment

Production preparation

MBD process

１D-CAE

Design andDrawing
Production
releaseverification

Production
preparation

Spec. OK

３D-CAE

Efficiency throughmodel unification

Establish model
distribution system

TargetAdvanced
OrdersEngineering Development received（Co-working with OEMs）

Activities up to the first half of FY2023

Quality NG

Model distribution

Reduction ofdevelopment time

For FY2025 vehicle model development andoperation, model distribution trial underway⇒Work on problem identification andcountermeasures

Quality OK

Efficiency throughmodel unification

Shortened 3D-CAE timeframe

Establish model distribution system
between OEMs and suppliers
Model Transfer system improvement

Model creation time cut in halfStreamlining the modeling process
Establish automation

Reduction of
3D-CAE frequency

FY2022Car
manufacturers

FY2023

FY2024©DaikyoNishikawa Corporation All rights reserved.

目標
Target1D-CAE spring-mass model physicalequation constructed at key areas of
instrument panel impact performance

SchematicdrawingHead formM(kg)Instrument Panel45％
reduction50％
reduction

Crash Performance Evaluation
Model Distribution

Utilize 1D-CAE physical equations in
the early stages of development
Establishment of functionallyoptimized design

Modelprovided

Member pipe
FixedSpring constants

K(N/m)

Spring-mass modelManagement

Model
Creation Time
モデル作成時間

Calculation Results

Shortened
Development Time
1D-CAE Model
Building

Improvements in
2Q改善実績
thesecond quarter

Build 1D-CAE model

Target■Road map
Model Creation hours;
50％ reduction

Improvements in
前期改善実績
theprevious year

reduction

Shorten CAE analysis time…Timely feedback of analysis results

Unified model creation rules
Model distribution process
construction

Streamlining the model creation process
reduces man-hours by 45%

30％■Challenges in realizing the targets
Car Model
Development
Under Trial

Unify model creation rules andreduction of model creation
hours by half

従来
Current

No rework loss

Reduction of
3D-CAE frequency

Shortened 3D-CAE timeframe

ProvideassembledmodelsCar Model
Development
Operation

FY2025

P.15

Product Strategy: Initiatives for the lightest tailgate module
Further deepening of weight reduction technology through minimum necessary reinforcement
Weight reduction achieved by minimizing reinforced parts and increasing rigidity through insert molding
Tailgate

Conventional structure/engineering method

Reinforcement (i):t = 1.4
Fixed with adhesive

New structure/engineering method(Achieving both light weight and high rigidity; weight:
14% lighter than conventional model)

Reinforcement (ii):t = 0.6
BoltedReinforcement (i):t = 0.6
Insert molding

Also responsive
to collision

Thinning/downsizing
Simplified assembly
was realized.

Collision wire
boltedSpecified in collision
response

Establishment of CAE analysis process that leads to improved accuracy ofdesktop verification of structures and engineering methods
Optimal skeleton shape

Reinforcement shape

Detailed shape

Structural optimization
Optimization analysis
by design

Insert structure
Analysis of flow, structure,and heat

Durability/impact
performance

Structural analysis©DaikyoNishikawa Corporation All rights reserved.

Dynamic analysis

Mold structure

Insert molding
Analysis of flow and structure

Combining a new process with conventional CAE analysis
P.16

The accuracy of desktop
verification was improved bya building dynamic CAE
analysis process in addition tostatic CAE analysis.

Realization oflightweight andoptimal structureManufacturing Strategy: Electrification Initiatives
Pursuing highly efficient production that is both humanand earth-friendly

Evolution of internal parts of EV battery packs

Introduced SMC resin press molding machine with energy-saving/highefficiency production specifications for the battery cover molding
process (October 2023)

Developed SMC materials that meet the fire resistance standard(GB standard) for EV by replacing iron with resin
Plastic battery coverCO₂ emissions per product 40.6% reduction①Increased number of parts molded per cycle, increased
cycles due to improved hydraulic path

▶Productivity: 2.1x vs. conventional machines②Motor downsizing by introducing accumulators (pressurestorage tanks)

Advantages of replacing metal battery cover withplastic material

1CO2 emissions reduction:▶Power consumption of molding machines:

40% Weight reduction:△30%

Investment in environmentally

3

Improved safety• Improved energy saving

friendly facilities(thousand)

2

Reduced by 18.7% vs. conventional machines

SMC resin press
molding machine(Waste Heat Recycling, etc.)

600,000

Improved insulation during battery thermal
runaway• Renewed energy-saving
facilities

400,000(Molding machines, boiler
equipment renewed, etc.)

200,000
Improved flexibility in shape and layout©DaikyoNishikawa Corporation All rights reserved.

0
FY18

P.17

FY19

FY20

FY21

FY22

FY23

Manufacturing Strategy: Circular Economy Initiatives (Recycling)
From “Recycling as Fuel” that emits CO2 to“Recycling as Material” that recycles resources(i) Material recycling
Promoting the development of elemental technologies formaterial recycling in industry-academia-government collaboration• Elucidation of resin deterioration mechanism in the market• Establishment of functional restoration technology against
physical and chemical deterioration

Key Efforts to Reduce Loss on Disposal
Waste materials from other industries(CNF, denim, oyster shells, etc.)(ii)(iii) Biomass plastics

Upcycling

DNC

Crude oil Naphtha refining Resin pellets
Polymer materials Compounds

Consumer(ii) Upcycling

Molding, assembly,
painting

Recycling wastematerials
Chemical recycling

Automaker(i) Material recycling

Disposal loss

Incineration/
reclamation

Reusing discarded materials to increase the added value of products• Development of composite materials using wood fibers fromthinning• Development of designed products that effectively utilize waste
non-edible materials
Oyster shells, rice husks, denim scraps, etc.

(iii) Biomass plastics
Products of low value(Pallets, imitation wood,
dust bags)

Proactively using plant-derived resin
to reduce CO2 emissions

Thermal recycling
Recovery of energy

A concept that makes extensive use of plant-derived resins
Exhibited at the Automotive Engineering Exposition 2023

©DaikyoNishikawa Corporation All rights reserved.

P.18

Manufacturing Strategy: Circular Economy InitiativesⅠ(Recycling)
Development of material recycling: Coordination of MBR and MBD
Establishment of a technology to restore material performance by modeling the deterioration mechanism and linking it to amaterial model

MBR

Material model (interface)

MBD

Material model (function)

Scale: mm

Scale: nm to μm• Interfacialadhesiveness• Thickness (volume)• Mechanical properties

Engineering method model

PP/Fiber binding stateN©DaikyoNishikawa Corporation All rights reserved.

Parts model

Unit/Vehicle model

Scale: mMultiple functions (rigidity/vibration damping)
Quality (deformation due to warping,deterioration)

Deterioration model

Establishing predictive models by clarifying thedeterioration mechanism of resin products basedon how they are used in the market
P.19

Manufacturing Strategy: Circular Economy InitiativesⅡ(Recycling)
Roadmap for developing in-house materials and engineering methods centered on reducing CO2 emissions

Function (rigidity, impact resistance, etc.)

High

Engineering plastic(i) Replacement with low CO2
materials

General-purpose plastic
r＝ Recycled Materials◆PA-GF◇
PP-LGF+rCF①◆PC-ABS◇PP-CNF

Replacement of engineering plastics (PC-ABS,
PA) with general-purpose plastics (PP) andutilization of recycled materials
・Utilization of cellulose nanofiber (CNF)
・Use of recycled polypropylene (rPP) andrecycled carbon fiber (rCF)◇
rPP-LGF+rCF◇rPP-CNF◇②PP-CNF foam(ii) Development of low specificgravity molding method• Development of foam molding method

Painting◆PP-T+Painting

Paintless③◇
PP-T+Film◇
PP+Upsysling◇rPP+ Upsysling

Low
Small
©DaikyoNishikawa Corporation All rights reserved.

CO2 emissions

Large
P.20

(iii) Development of paintlessengineering method• Development of film method to replace
painting• Design development through upcycling

Manufacturing Strategy: Initiatives to Reduce CO2 Emissions
from Resin Materials
Development of CNF composite materials that can take advantage of their light weight,
low CO2 emissions, and heat resistanceFeatures*1. Source: Kyoto University

Realizing a coating appearance quality through our unique material
formulation technology
CO2 emissions reduced through the entire process up to the manufacturingof materials

Cellulose
nanofiber
Hemicellulose

Cell structure

LigninToothpicks
Inner layer

Effects

Middle layer
Outer layer

In-house development of composite material of general-purpose resin and
CNF (cellulose nanofiber)
Ratio to engineering plastic products
Weight:Reduced by 15%

CO2 emissions:
Heat resistance:

Reduced by 30%
Almost the same

Cell wall structure

Nanofiber structure

Structure of cellulose in plants*1

Extract

Progress of development
Application development of painted
exterior panel parts completed* CNF: Cellulose nanofiber

PP spoiler using CNF©DaikyoNishikawa Corporation All rights reserved.

P.21

Management Base Strategy: DX Initiatives
DN-DX: What DaikyoNishikawa wants to achievewith DX and its continued activities

Project activities to introduce systems

Each employee plays a leading role in promoting DN-DX
activities as a company-wide and cross-sectional effort toachieve the vision we aim to achieve.

For system innovation, we are focusing on designingbusiness systems based on a long-term vision.
After the renewal andintroduction of systems, further
value creation begins.
2027

PLM system2028

To be introduced in
2027• Introduction of PLM system

2026• Renewal of production management system• Introduction of cost management system

2025

2024
2023

• Renewal and introduction of personnel and labor
management system• Renewal of financial accounting system• Renewal of management accounting system

Costmanagement
systemProduction
management
systemTo be introduced in2026

To be renewed in
2026

Personnel andlabormanagement
systemManagement
accounting
systemTo be renewed in2024

To be renewed andintroduced in 2025

Start of DX human resources development
DN-DX Promotion Office established©DaikyoNishikawa Corporation All rights reserved.

Expanding to domestic
and overseas affiliatedcompanies to build
information data
linkage

P.22

Financial accounting
systemTo be renewed in 2024

Management Base Strategy: DX Initiatives
Advancing from efforts to empower women to D&I management for further improvement of job satisfaction
Results of promoting women’s empowerment
Themes and details of activities

Workplaces where womenactively participate

The project to enhancepromotion of women’s
empowerment system started.
Building a system thatallows employees
to continue working for along time• Accumulated paid vacation
system• Administrative leave toaccompany
transferred spouse• Return-to-work system(Reemployment)• In-house job application system• Flex time system

Three steps of D&I management

A workplace where
people respect eachother

From FY 2028

• Health support leave• Family support leave• Training to eliminate unconscious bias
• Enhancement of various training/roundtable discussions• Exchange meetings with outside auditors
From FY 2026
• Consideration of hour-based paid leave system , etc.

• Revision of communication
sheets• Make one of the goals for
management andsupervisory positions a
training theme.

Step

Step

From women’s
empowerment to
D&I management

1st period:
From April 2017

©DaikyoNishikawa Corporation All rights reserved.

Realizing
diverse work
stylesEnsuring
psychologicalsafetyP.23

1

Building a system
to utilize diverse
human resources

Eliminating
unconscious bias

2

Creating an organization thatthrives on diversity

Responding to diversity that
already exists

Five pillars of D&I management
Sharingcompany’s
philosophy

3

Build a diverse andstrong organization

From October 2023

3rd period:
From July 2021

2nd period:
From July 2019

Step

3. Consolidated Financial Forecast for Fiscal 2023

©DaikyoNishikawa Corporation All rights reserved.

P.24

Consolidated Financial Forecast for Fiscal 2023
Full year◼ Both net sales and operating income are expected to increase, reflecting the difference in results for the first six-month period.
◼ Ordinary income is anticipated to increase by including foreign exchange gains recorded for the first six-month period.
◼ Profit attributable to owners of the parent include impairment losses on fixed assets and the sale of shares in an equity-method affiliate,
considering changes in the business environment in China.

(Million yen)

FY2022

FY2023(Announced on
August 8)

FY2023(Announced on
November 7)

Full-year results

Full-year forecast

Full-year forecast[Reference] FY2023(Announced on
May 11)

Difference from previous forecast
Amount ofincrease/decrease

Ratio ofincrease/decrease

Full-year forecast

145,744

160,000

165,000

5,000

3.1%

163,000

Operating income

3,453

8,300

10,300

2,000

24.1%

8,200

Operating margin

2.4%

5.2%

6.2%

1.0 pts

2,864

7,700

9,800

2,100

27.3%

7,200

518

5,000

5,200

200

4.0%

4,800

Net sales

Ordinary income
Profit attributable toowners of the parent©DaikyoNishikawa Corporation All rights reserved.

P.25

5.0%

Capital Investment, Depreciation, R&D Costs<<Capital investment>><<Depreciation>><<R&D>>

Decreased from the initial plan (7.7 billion yen)
due to postponements including changes in thetiming of launch of new vehicles by customers.

Decreased from the initial plan (12.3 billion
yen) as capital investment, etc. were curtailed.

Research and development continued to create
products that exceed the expectations of society
and customers.

* Figures for FY 2023 areforecast.

(Billion yen)

30

• Increase in investment relating
to head office/head officeplant and new U.S. plant* Figures for FY 2023 areforecast.

(Billion yen)

14

25

• Increase indepreciation of
new U.S. plant

12

11.6

* Figures for FY 2023 areforecast.

(Billion yen)

4

3

2.8

10

20

8

15

2

6

25

10.7

10
17

16.3

• Returned to normal level
due to the completionof investments

5

6.2

2.1
FY19

FY20

FY21

FY22

©DaikyoNishikawa Corporation All rights reserved.

10.8

11.8

FY23

3

2.96
2.6

4

2.4

1
5.5

2

8.2

0

10.5

0

1.4

0
FY19

FY20

FY21

P.26

FY22

FY23

FY19

FY20

FY21

FY22

FY23

Dividend◼ The interim dividend for FY 2023 will be 15 yen per share as expected.
◼ The forecast for the annual dividend per share for FY 2023 will be maintained at 30 yen.
Dividend per share(Yen)

Interim of period

40
30
20
10
0

End of period

30

30

30

30

30

15

17

15

15

15

13

15

15

15

FY2019FY2020

FY2021

FY2022

FY202315(Forecast)

Payout ratio
FY 2019

FY 2020

FY 2021

FY 2022

FY 2023(Forecast)

43.3%

83.9%

-

411.2%

41.0%©DaikyoNishikawa Corporation All rights reserved.

P.27

Note:
This presentation material contains certain statements on future performance, such as strategies and forecasts. These statements are
based on our current judgment and include risks and uncertainties. They are subject to change due to various factors, such as changes inthe business environment. Furthermore, the sole purpose of this document is to provide information, and it is not intended to solicit
transactions.
Please note that actual results may differ from the forecast due to various factors.

Contact:
PR & Branding Promotion Department, Corporate Planning Division
PR & IR Group
Telephone: +81-82-493-5610©DaikyoNishikawa Corporation All rights reserved.

P.28

Reference Materials©DaikyoNishikawa Corporation All rights reserved.

P.29

Key Performance and Financial Indicators (Consolidated)(Millions of yen)
2018/3

2019/32020/32021/32022/32023/3

2018/3

Net sales

171,967

184,314

182,219

150,234

116,669

145,744

Cost of sales

145,691

160,738

163,780

136,690108,934

131,955

Gross profit
Selling, general and administrative
expenses
Operating income (loss)

26,27623,575

18,43813,544

7,735

13,789

8,224

8,954

9,443

9,087

10,36818,052

14,621

8,995

4,456

Operating profit ratio

10.5%

7.9%

4.9%

Non-operating income

1,075

764

1,121

Non-operating expenses

385

550

616

Ordinary income (loss)

18,742

14,836Extraordinary income

14

Extraordinary losses

238

Income before income taxes
Income taxes
Net income/(loss) attributable to noncontrolling interests
Net-income/(loss) attributable toowners of the parent
Capital investment

2020/32021/32022/32023/384,49585,554

77,13780,257

69,31673,672

42,68437,571

32,52939,84228,45528,07033,25835,99533,056

31,76029,13833,916

10,335

Cash and deposits
Trade notes and accounts
receivable
Inventories

7,102

10,119

9,564

7,399

7,592

8,136

-2,632

3,453

Other

1,450

1,867

1,987

1,255

4,130

3,548

3.0%

-2.3%

2.4%

1,273

2,191

807

342

544

9,500

5,386

-985

332

318

2,264

1,277

19

279

2,140

4,097

1,201

368

18,51814,889

7,678

3,553

-909

2,515

5,346

3,838

2,455

1,595

1,274

1,975

706

648

315

-578

-98

21

12,464

10,402

4,907

2,536

-2,085518

54,74060,801

73,34779,037

86,84589,226

Property, plant and equipment

48,90355,18968,346

73,16780,432

81,036

1,396

Intangible assets

1,163

976

767

741

799

887

2,864

Investments and other assets

4,673

4,634

4,233

5,128

5,613

7,302

Total assets:

139,235

146,356

150,484

159,295

156,162

162,899

Current liabilities:

60,62147,05747,00745,55739,06745,456

Trade notes and accounts payable

35,621

26,44825,57924,82322,90424,999

Short-term loans payable
Long-term loans payable due
within one year
Lease obligations

2,911

2,509

1,757

1,694

1,442

1,470

2,803

2,941

2,912

2,272

4,882

5,562

3,693

3,298

3,344

2,807

2,755

2,729

Other

15,591

11,85913,412

13,958

7,083

10,693

13,14916,48925,012

17,011

16,3138,278

Depreciation & amortization

9,078

9,561

10,716

10,51010,798

11,895

R&D cost

3,052

3,003

2,968

2,603

3,049

2,473

Sales growth rate

10.5%

7.2%

-1.1%

-17.6%-22.3%

24.9%

Return on equity (ROE)

20.4%

14.7%

6.5%

3.3%

-2.8%

0.7%

Return on assets (ROA)

14.4%

10.4%

6.4%

3.5%

-0.6%

1.8%

Earnings per share (EPS) (yen)175.94146.82

69.27

35.75

-29.37

7.30

Dividend per share (yen)

34.00

34.00

30.00

30.00

30.00

30.00

Dividend payout ratio (%)

19.3%

23.2%

43.3%

83.9%

-

411.2%

Dividend on equity ratio (DOE) (%)

3.9%

3.4%

2.8%

2.8%

2.8%

2.8%

Dividend yield (%)

1.9%

3.3%

6.1%

3.9%

5.6%

4.7%

Price book-value ratio (PBR)

1.83

0.97

0.45

0.72

0.52

0.61

Price earnings ratio (PER)

9.91

6.92

7.13

21.65

-

88.36

Number of Employees

5,072

5,265

5,432

5,414

5,482

5,461

©DaikyoNishikawa Corporation All rights reserved.

Current assets

2019/3

Non-current assets:

Non-current liabilities:

8,894

22,09723,08933,84840,17639,020

Bonds

2,069

15,54917,65829,241

34,12832,191

Lease obligations

2,905

2,790

2,089

1,431

2,899

2,930

Other

3,919

3,757

3,341

3,175

3,147

3,898

Total liabilities:

69,515

69,15570,096

79,40579,24384,477

Total net assets:

69,71977,20080,38779,88976,91878,422

Interest-bearing debt

14,38327,08927,76237,447

46,10844,885

Net interest-bearing debt

-28,300-10,482-4,766-2,394

17,652

16,814

Capital adequacy ratio

48.4%

50.8%

51.3%

48.5%

47.5%

46.4%

Operating cash flow

24,742

3,219

19,584

16,7883,705

14,048Investment cash flow

-13,547-19,539-24,370-17,567-20,107-8,991

Financial cash flow

-6,443

10,286-2,012

8,565

3,579

-7,618

FCF

11,195-16,320-4,786-779-16,402

5,056

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Consolidated Financial Results for the Second Quarter of
the Fiscal Year Ending March 31, 2024 (vs. First Quarter)
Sales and profits increased in Q2 compared to Q1.
◼ Increase in production volume by major customers mainly in Japan◼ Partial transfer of increases in raw material/energy costs/labor costs to prices(Million yen)

FY 2022
Q1

Q2

Change from First Quarter(FY23Q2/FY23Q1)

FY 2023Q3Q4Q1Amount ofincrease/decrease

Q2

Ratio ofincrease/decrease

Net sales

30,07432,93739,618

43,114

37,21740,253

3,035

8.2%

Operating income-1,241

-205

823

4,076

1,339

2,945

1,606

119.9%

Operating margin

-4.1%

-0.6%

2.1%

9.5%

3.6%

5.5%

1.9 pts

Ordinary income-1,008

-171

114

3,929

1,749

2,868

1,119

64.0%

Profit attributable toowners of the parent-1,127

-438

-362

2,446

1,150

1,799

649

56.5%

©DaikyoNishikawa Corporation All rights reserved.

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External Sales by Segment (vs. Q1)◼ In Japan, sales increased due to increased production by major customers and partial transfer of raw material, energy, and labor costs to prices.
◼ In Central and North America, sales decreased due to a fall in production volume by customers in Central America and the recovery of costs dueto the delay in implementing the two-shift operation in North America in Q1.
◼ In ASEAN countries, sales shrank due to decreases in production by customers and sales of molds.
◼ In China and South Korea, sales grew due to increases in sales of molds and production by customers.
(Million yen)

FY 2022
Q1
Domestic

Overseas

Q2

Change from Q1(FY23Q2/FY23Q1)

FY 2023Q3Q4Q1Amount ofincrease/decrease

Q2

Ratio ofincrease/decreaseJapan

19,431

25,171

28,06230,291

23,973

28,107

4,134

17.2%

Central/North America

6,390

4,552

7,020

8,072

9,186

8,275

-910

-9.9%

ASEAN

2,839

2,373

3,320

3,753

3,465

2,581

-884

-25.5%

China/South Korea

1,412

839

1,215

997

592

1,288

696

117.5%

Overseas Total

10,642

7,765

11,555

12,823

13,244

12,145-1,098

-8.3%

Total

30,07432,93739,618

43,114

37,21740,253

3,035

8.2%

©DaikyoNishikawa Corporation All rights reserved.

P.32

Segment profit/loss (vs. Q1)◼ In Japan, profits increased mainly due to the impact of growth of sales and the partial transfer of increased costs of raw materials, energy,
and labor to prices.

◼ In Central and North America, profits decreased due to a fall in sales and the recovery of costs arising from the delay in implementing thetwo-shift operation in North America in Q1.
◼ In ASEAN, profits decreased due to the impact of lower sales.
◼ In China and South Korea, segment loss decreased due to the impact of increased sales.

(Million yen)

FY 2022
Q1
Domestic

Q2

Change from Q1(FY23Q2/FY23Q1)

FY 2023Q3Q4Q1Amount ofincrease/decrease

Q2

Ratio ofincrease/decreaseJapan-1,158

296

1,056

3,904

165

2,387

2,221

1338.4%

Central/North America-1,493

-585

-465

-206

1,322

674

-647

-49.0%

ASEAN

277

218

411

127

521

170

-350

-67.2%

China/South Korea

65

-50

-19

-76

-260

-7

252

-

Overseas Total-1,150

-418

-73

-155

1,583

837

-746

-47.1%

Consolidation
adjustment

1,067

-83

-159

327

-409

-278

Consolidated operating
income/loss-1,241

-205

823

4,076

1,339

2,945

1,606

119.9%

Overseas* Consolidation adjustment for Q1 FY2022 include development costs for Central and North America recorded in FY2021.
©DaikyoNishikawa Corporation All rights reserved.

P.33

Consolidated Financial Results for the Second Quarter of
the Fiscal Year Ending March 31, 2024 (vs. Forecast)First half

◼ Both net sales and operating income expanded due to transient factors such as the advancement of profit improvement activities
and a partial transfer of the increase in labor costs to prices despite a decrease in production volume by major customers.
◼ Ordinary income increased due to foreign exchange gains, etc.
(Million yen)

FY2023
Forecast for
the first six-month period

Difference from forecast
Results forthe first six-month period

Amount ofincrease/decrease

Ratio ofincrease/decrease

Net sales

76,00077, 470

1,470

1.9%

Operating income

3,200

4,285

1,085

33.9%

Operating margin

4.2%

5.5%

1.3 pts

Ordinary income

3,100

4,617

1,517

49.0%

Profit attributable to owners of
the parent

2,000

2,950

950

47.5%

©DaikyoNishikawa Corporation All rights reserved.

P.34