FY2023

Consolidated financial statements(excerpts)

（１）Consolidated balance sheet(Millions of yen)
As of February 28,2023

As of February 29,2024

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets

20,327237,221

20,303242,952

Electronically recorded monetary claims-operating
Merchandise and finished goods

63,758110,150

65,458110,049

Work in process
Raw materials and supplies

11,576
2,267

12,373
2,182

Other
Allowance for doubtful accounts

23,280(1,968)22,747(1,442)

Total current assets

466,615474,623

19,992

21,359Machinery, equipment and vehicles, net
Land

3,430
32,426

3,750
33,981

Construction in progress
Other, net

993
2,023

648
2,352

Total property, plant and equipment

58,866

62,092Intangible assets
Investments and other assets

2,885

2,840

Investment securities
Retirement benefit asset

156,742
24,265

241,558
48,230

1,538
6,106

1,391
6,502

Non-current assets
Property, plant and equipment
Buildings and structures, net

Deferred tax assets
Other
Allowance for doubtful accounts

(234)

(233)

Total investments and other assets

188,418

297,448

250,170

362,382

716,785

837,005

Total non-current assets
Total assets

(Millions of yen)
As of February 28,2023

As of February 29,2024

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating

127,337
41,007

126,304
41,882

Short-term borrowings
Income taxes payable

152,369
5,232

135,828
4,132

Provision for bonuses
Other

1,864
23,832

2,013
24,693

Total current liabilities

351,644334,855

Non-current liabilities
Long-term borrowings

14,363

19,035

Deferred tax liabilities
Provision for retirement benefits for directors (and otherofficers)
Retirement benefit liability
Other38,11671,026

1,286

1,124

2,517
3,882

2,670
3,966

Total non-current liabilities

60,166

97,822411,810432,678

Shareholders' equity
Share capital

9,128

9,128

Capital surplus
Retained earnings

7,805
191,174

7,803
212,426

Treasury shares

(515)

(516)

207,593

228,840

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

71,321
250

128,485748

Foreign currency translation adjustment
Remeasurements of defined benefit plans

5,474
3,832

9,082
19,122

Total accumulated other comprehensive income

80,879157,437

Total liabilities
Net assets

Total shareholders' equity
Accumulated other comprehensive income

Non-controlling interests

16,502

18,049Total net assets

304,975

404,327

716,785

837,005

Total liabilities and net assets

（２）Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated statement of income(Millions of yen)
Fiscal year ended
February 28, 2023

Fiscal year ended
February 29, 2024

Net sales
Cost of sales

962,016
885,949

1,111,934
1,027,029

Gross profit

76,06784,904

Selling, general and administrative expenses

46,61852,492

Operating profit

29,44832,412

Interest income
Dividend income

734
4,597

818
5,356

Share of profit of entities accounted for using equity method
Other

1,117
1,334

891
1,497

Total non-operating income

7,784

8,564

2,380
1,814

3,438
1,022

469

664

Non-operating income

Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of non-current assets

4,665

5,125

32,56835,850524

92

Gain on sales of investment securities
Gain on bargain purchase

942
2,764

10-

Total extraordinary income

4,231

103

9866

288
762
63

Loss on step acquisitions
Other

1,636
52

Total extraordinary losses

2,037

194

Profit before income taxes

34,76235,758

Income taxes - current

10,022

9,980

Extraordinary losses
Loss on disposal of non-current assets
Impairment losses
Loss on valuation of investment securities

Income taxes - deferred

259

785

Total income taxes

10,281

10,766

Profit24,48024,992959

1,333

23,52023,659Profit attributable to non-controlling interests
Profit attributable to owners of parent

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
February 28, 2023
ProfitOther comprehensive income

Fiscal year ended
February 29, 2024

24,48024,992

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(1,087)
149

57,510463

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted forusing equity method
Total other comprehensive income

3,633(3,228)3,121
15,299677

699

Comprehensive income

143

77,09324,624

102,086

23,4871,136

100,221
1,864

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

（３）Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
February 28, 2023
Cash flows from operating activities
Profit before income taxes

Fiscal year ended
February 29, 2024

34,76235,758Depreciation
Impairment loss4,299288

4,668
62

Loss (gain) on sales of investment securities
Loss (gain) on valuation of investment securities

(942)
7(10)
63

Loss (gain) on sales and retirement of property, plant and equipment
Gain on bargain purchase(425)(2,764)(25)-Loss (gain) on step acquisitions
Interest and dividend income

1,636(5,332)(6,174)

Interest expenses
Share of loss (profit) of entities accounted for using equity method

2,380(1,117)

3,438
(891)

Decrease (increase) in trade receivables
Decrease (increase) in inventories(35,735)(26,055)(3,935)
2,619

Increase (decrease) in trade payables
Decrease (increase) in advance payments - trade

11,780(2,964)(3,282)
1,897

Increase (decrease) in advances received
Other, net

4,979
2,441(766)925

Subtotal(12,762)

34,347

Interest and dividends received
Interest paid

5,862
(2,360)6,876(3,455)

Income taxes paid

(9,493)(11,211)

Net cash provided by (used in) operating activities(18,753)

26,555Net decrease (increase) in time deposits
Purchase of property, plant and equipment2,986(7,707)125(6,022)

Proceeds from sales of property, plant and equipment
Purchase of investment securities

1,787(1,222)

136(1,217)

Proceeds from sales of investment securities
Proceeds from purchase of shares of subsidiaries resulting in change
in scope of consolidation
Payments for acquisition of businesses
Loan advances

1,105

120

3,292-(1,800)
(5)

(111)

525
(560)

42(800)(1,598)(7,727)

Cash flows from investing activities

Collection of loans receivable
Other, net
Net cash provided by (used in) investing activities

(Millions of yen)Fiscal year ended
February 28, 2023
Cash flows from financing activities
Net increase (decrease) in short-term borrowings

Fiscal year ended
February 29, 2024

29,437(18,021)

Proceeds from long-term borrowings
Repayments of long-term borrowings

6,954(7,120)9,314(8,456)

Purchase of treasury shares
Dividends paid

(1)(2,311)(1)(2,408)

(240)

(316)

(63)

(4)

26,654(19,893)

Dividends paid to non-controlling interests
Payments from changes in ownership interests in subsidiaries that do
not result in change in scope of consolidation
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

896

914

7,198(151)

Cash and cash equivalents at beginning of period

9,711

16,910Cash and cash equivalents at end of period

16,91016,759Net increase (decrease) in cash and cash equivalentsCompany name : OKAYA & CO., LTD.
Stock exchange listing : Nagoya (Premier Market)
Code number : 7485
Representative : Takehiro Okaya, President
URL : https://www.okaya.co.jp/