Itoki (TYO: 7972)
Sales and profits reached record highs, transforming thecompany into a profitable structure. The company is now
in the phase of becoming highly profitable.

4Q results update

Other Products◇Summary of FY12/2023 4Q Financial Results: Establishment of a profitable
As of March 15, 2024
structure. Recorded the highest profit ever and increased dividend.
Share price (3/13)
1,542 Yen
Itoki's FY12/2023 4Q results (full year) showed sales of 132.9 billion yen (+8% YoY)
52weeks
high/low¥2,200/671
and operating profit of 8.5 billion yen (+86% YoY), with sales, operating profit,
549 thou shrsrecurring profit, and net income all hitting new record highs (since 2005). In the final Avg Vol (3 month)Market Cap¥75.71 bn
year of the mid-term plan, the company completed the "To develop an earning
Enterprise Value¥67.77 bn
structure.”PER (24/12 CE)
10.7 XPBR (23/12 act)
1.27 XThe company steadily accumulated sales from renewal projects and office
Dividend Yield (24/12 CE)
3.37 %
relocations while significantly improving profit margins through enhanced customer ROE (TTM)
11.3 %
value. As a result, profits exceeded the company's forecast despite increased SG&A Operating margin (TTM)
6.4 %Beta (5Y Monthly)
1.37
expenses due to strategic spending. The year-end dividend for FY12/2023 was 42
Shares Outstanding
49.100 mn shrs
yen (up 5 yen YoY).
Listed market
TSE Prime section
The business alliance with Advantage Advisors was also terminated.
*Note: Based on recent financial results, excluding stock prices◇Announced new medium-term management plan: Moving into the "Profitability
Share price performanceenhancement phase.”
The new medium-term management plan "RISE TO GROWTH 2006" for 2024-2026
vs. TOPIX index(RHS)
Stock pricehas been announced. It is positioned as a "Profitability enhancement phase" toenhance sustainable growth. The plan envisions an increasing focus on improving
productivity in offices and other workplaces and advancing DX in offices and IoT in
office equipment. It aims to maximize business value by supporting customers'
productivity reforms on a consolidated basis and combining sales of products withsales of services. Specifically, it consists of the 7 Flags and ESG strategy based on the"Tech x Design based on PEOPLE" concept.
The financial targets for 2026 are sales of 150 billion yen, operating profit of 14
% of
1mo.
3mo. 12mo.
billion yen, operating profit margin of 9%, and ROE of 15%. The company aims toShare prices
5.5% 25.5％ 117.5％
maximize shareholder value and improve PBR by reducing the cost of capital and
1.9％ 10.0％ 59.9％
Relative share priceachieving an ROE that exceeds the assumed 9-10% cost of capital, which more thanmeets current stock market expectations.
Points of interest◇FY12/2024 company forecast: Continued increase in sales and operating profit;
An office furniture manufacturer that designs
operating profit margin to rise further.
tomorrow's "work." Established in 1890. In
addition to office furniture manufacturing,
Sales are projected at 137.5 billion yen (+3% YoY), operating profit at 10 billion yen
the company is also involved in architecture(+17% YoY), recurring profit at 10 billion yen (+17% YoY), and net income at 7 billion
and interior design. The company advocatesoffice DX and Office 3.0 and aims to add highyen (+19% YoY). In addition to the increase in sales, the operating profit margin isvalue to its products.
expected to improve further.
This report (Company note) has been prepared at◇Stock price trend:
the request of Itoki Corporation. For details, pleaserefer to the Disclaimer on the last page.
Immediately after these results were announced, the share price soared, briefly
reaching 2,200 yen, and has since adjusted. However, the share price did not fall
below the level just before the result announcement and is currently in the 1,500
yen range.
JPY, mn, %Net sales

2020/122021/122022/122023/122024/12 (CE)116,210
115,839
123,324
132,985
137,500

Itoki | 3/15/2024

YoY
%
-4.9
-0.3
6.4
7.8
3.4

Oper.
YoY
profit
%
99.1
1,798
41.0
2,536
79.0
4,582
86.0
8,523
17.3
10,000

Ord.
YoY
profit
%
99.0
1,881
29.5
2,437
71.4
4,177
8,555 104.8
16.9
10,000

Profit
YoY
ATOP
%
–
-235
–
1,166
5,294 353.9
11.5
5,905
18.5
7,000

EPS
(¥)
-5.18
25.82
116.99130.29144.12

DPS
(¥)
13.00
15.00
37.00
42.00
52.00
1

◇ Summary of FY12/2023 4Q Financial Results: Establishment of a profitable structure. Highest
profit and dividend increase.
In FY12/2023, Itoki posted sales of 132.9 billion yen (+8% YoY) and an operating profit of 8.5 billion
yen (+86% YoY), with sales, operating profit, recurring profit, and net income all hitting record highs.
While steadily building up sales from renewal projects and office relocations, the company
significantly improved its profit margin through enhanced customer value. As a result, profits
exceeded the company's forecasts despite increased SG&A expenses due to strategic spending.
By segment, the Workplace-related business and the Equipment / Public business-related businesseach posted increased revenue and operating profit, and operating profit margins improved. The
results were flawless.
In addition, the company increased its year-end dividend by 5 yen YoY to 42 yen for FY12/2023,
reflecting its strong earnings.
As indicated by the strong performance of the peers in the industry, the industry environment isfavorable, benefiting from the tailwind. In particular, the company's operating profit margin has
quickly risen to the 6% range, a level not seen in the past ten years. The company should becommended for its progress in strengthening its structure under President Minato's leadership. It
can be said that the company has completed the "To develop an earning structure" in the final yearof its mid-term plan.

Source: Omega Investment from company materials

Itoki | 3/15/20242◇ The previous medium-term management plan was achieved:
In FY12/2023, the company delivered results on target vis-a-vis the previous medium-term plan,with sales largely in line with expectations and operating profit, operating profit margin, and ROE
exceeding targets (see graphs below). The company's internal factors, mainly at the parent company,
such as a shift from equality to fairness in personnel evaluations to empower employees, a thoroughfocus on profitability, and enhanced proposal capabilities for office design, etc., are thought to have
had a multilayered effect.
Two points are particularly noteworthy in these results. The first is that employees are more proudof the company than before, which is a positive result of employee engagement, and the second isthat ROE has improved to 11.3%, which has led to an increase in the share price and a PBR over 1x.
The company's "To develop an earning structure" has not only improved financial figures but has
also been positively received by employees, and this overall strengthening of the company's
structure is likely to have improved investors’ evaluation of the company.

Source: Omega Investment from company materials

Itoki | 3/15/20243◇ End of business alliance with Advantage Advisors Co.,Ltd.:
According to the company's timely disclosure on February 13, 20, and 21, 2024, the stockacquisition rights issued to Advantage Advisors (AA, after this) were exercised in full on these dates,
resulting in the issuance of 11.7 million shares of common stock, and 4.07 billion yen was paid to thecompany as compensation for this issuance. On February 21, the company repurchased 7.965
million shares for 15.9 billion yen. According to the February 28 large volume shareholding report,
AA completed the sale of all of the company's shares acquired in the transaction.
The key points are as follows. This is a minor concern from a medium- to long-term perspective.
- Increase in the number of shares outstanding: The number of shares outstanding at the end of
December 2023 was 45.3 million after deducting treasury stock, and after this series oftransactions, the number of shares outstanding after deducting treasury stock will be 49.1 million.
This represents an increase of approximately 8% in the number of shares, which is a reasonablelevel of dilution. Considering future earnings growth and an increase in the dividend payout ratio,
this increase should be acceptable to many shareholders.
- Financial burden: Although the company spent approximately 12 billion yen, it has a net cash
position of approximately 8 billion yen as of December 2023. Given the company's remarkable
improvement in profitability, there should be no problems in terms of debt financing, including
borrowings and interest rates.
- Disposal of treasury stock: About half of the 4 million shares acquired this time were cancelled(March 8, 2024).
- What happened to the company's shares held by a company associated with Advantage Advisors
after the transactions?: Itoki has confirmed that the AA-associated company intends to sell theapproximately 3.8 million shares it holds after the transactions in a manner that will not causesignificant disruption to the stock market. While this will be a negative factor in stock supply anddemand until the sale is completed, the resulting diversification of shareholder composition andincreased liquidity of shares is expected to be favorable from a medium- to long-term perspective.
- Impact of the termination of the business alliance: Based on the company's financial results andthe message from management, it appears that the company has implanted in itself the ability tobuild a profitable structure, so the direct negative impact of the termination of the businessalliance is expected to be small.

Source: Omega Investment from company materials

Itoki | 3/15/2024

4◇ New medium-term management plan RISE To GROWTH 2026: Moving into "Profitability
enhancement phase"
The new medium-term management plan "RISE TO GROWTH 2006" for 2024-2026 has beenannounced. It is set as a "Profitability enhancement phase" to enhance sustainable growth.
The nature of the workplace, including the office, and its productivity improvements are attracting
increasing attention, and the thinking of management at client companies is shifting from a onedimensional view of the office as a cost to a view of the office as an object of human capital
investment that pursues investment effects. Furthermore, office DX and IoT of office equipment are
expected to advance.
Itoki's mission is "To design tomorrow’s “workstyles”." The company is keen to tie this shift inworkplace needs to its long-term growth.

This medium-term management plan is based on the "Tech x Design based on PEOPLE" concept andconsists of the vital strategy "7 Flags" and ESG strategies.
The company's financial targets for FY2026 are sales of 150 billion yen (up 13% from FY12/2023),
operating profit of 14 billion yen (up 64%), operating profit margin of 9% (up 3 percentage points),
and ROE of 15% (up 4 percentage points). These are more focused on improving profitability thanincreasing revenue and show the company’s ambition to become an industry leader in terms of
profitability by 2026.
The company's message to the stock market is to maximize shareholder value and improve PBR by
reducing the cost of capital while aiming to achieve ROE in excess of the assumed 9-10% cost ofequity capital. Regarding shareholder returns, the company will raise its dividend payout ratio by 10
percentage points to 40%. This is more than sufficient to meet the current expectations of the stock
market.
The details of the plan will be discussed later in this report. Still, it can be said that it is a broadly
well-developed plan that includes strengthening the core business base, seeding new office-related
businesses, developing specialized facility areas, strengthening the earnings structure on aconsolidated basis, human capital, and financial strategies.
From the plan's first year, investors are likely to pay close attention to the rate of progress towardfinancial targets.

Source: Omega Investment from company materials

Itoki | 3/15/2024

5

The following is a summary of these seven priority measures and their KPIs.
2024-2026 Medium-term management plan
Flag 1
Office 1.0/2.0 area To strengthen value-added proposals for new work styles and office spaces that implement such work styles tosecure a base of sales and profits.
Measure 1
Appealing to the value of the experience through strengthening product capabilities 《Office1.0》
Value-added proposals for integrated spaces 《Office 2.0》
FY2026 sales growth of +10% over FY2023.
Operating profit margin of 10%.
Office3.0 area
Develop data-driven services that provide optimal work styles and office spaces through IoT and spatial sensing
of office furniture.
Measure 1
Development of new data services 《Office 3.0》
*1
Measure 2
Collaboration and capital alliance with AI companies
KPI
FY2026 single-year sales: 3 billion yen
3-year cumulative investment: 2.5 billion yen (excluding personnel expenses)
Specialized Facility Focus resources on development and engineering in the logistics facilities and research facilities domains andAreadevelop them into the second pillar of the company’s business.
Measure 2
KPI

Flag 2

Flag 3

Measure 1
Measure 2
KPI

Flag 4High Profitability
Measure 1
Measure 2
KPI

Flag 5

Group Synergy
Measure 1
Measure 2
KPI

Flag 6

Human Capital
MeasureKPI

Flag 7

Expansion of specialized facility areas
Establish maintenance businessSpecialty facility domain sales 30 billion yen (+40% over FY2023)
Operating profit 2 billion yen (+40% over FY2023)
FY2026 strengthening development and engineering structure through increasing people by more than 50*2

Increase production and operational efficiency by reorganizing the Group's production and supply system andrevamping the internal IT infrastructure
Supply Chain Optimization“Standardization, simplification, and automation" of operations
FY2026 manufacturing cost + distribution cost (consolidated): 5% reduction from FY2023
FY2026 increase in operating profit per employee: +50% from FY2023
Cumulative internal IT-related investment over three years (DX): 8 billion yen
Pursue group synergies by horizontally deploying successful experiences from the structural reform project
implemented by Itoki on a stand-alone basis to group companies
Horizontal deployment of structural reform methods to group companies
Promote functional collaboration among group companies
FY2026 consolidated group companies (simple sum of consolidated group companies excluding Itoki): 2%
improvement in operating profit margin from FY2023
FY2026 reduction of 3 billion yen in cash outflow outside the group
Enlighten each employee's independent and active "creativity and ingenuity" centered on personnel system
reformTransformation of HR System: Professional X Retention X Pay for Performance
FY2026 Employee Engagement Survey Results Percentage of affirmative responses to the key indicator "pride" 85%
The ratio of female managers: 13% in FY2026

Financial Strategy Systematically implement growth strategy investment, employee return, and shareholder return from a mediumto long-term perspective
Generate 65-75 billion yen in total from basic CF and other distributable funds over 3 years, to be distributed as *3
follows: 25 billion yen for strategic investment, 5 billion yen for R&D, 10 billion yen for capital investment, 10 billion
yen for human capital investment, and 20 billion yen for shareholder return

E
S
G

Environment
Society
GovernanceSupplemen- *1
tary
Information

Actions to achieve cost of capital and stock price conscious management*4
Contribute to the realization of a society with zero negative impact on ecosystems
Contribute to maximizing society's human capital through our own business
Establish group-wide governance from a consolidated perspective
On February 14, 2024, the company launched "Data Trekking," a consulting service that supports agile officeconstruction and its operation in an accompanying manner, using sensing data in the office as a guidepost. The
service is expected to increase added value and recurring revenues by selling the products.

*2

Expanding the variety of SAS (shuttle-type multi-story automated warehouse system) for logistics, expanding
market share by introducing new airflow control products for research facilities, and establishing a business ingrowth areas for drug discovery/medical and semiconductor manufacturing.

*3 *4

See next figure

Source: Omega Investment from company materials

Itoki | 3/15/2024

6

Supplementary Information*3: Allocate the results of improved profitability to reinvestment in line withthe medium- to long-term strategy and strengthen shareholder returns.

Source: Omega Investment from company materials

Supplementary Information*4: Achieve ROE that exceeds the cost of shareholders' equity and promote
higher PBR through expansion of equity spread.

Source: Omega Investment from company materials

Itoki | 3/15/2024

7◇ FY12/2024 company forecast: Continued sales and operating profit increase, and operating
profit margin to rise further.
The company projects sales of 137.5 billion yen (+3% YoY), operating profit of 10 billion yen (+17%
YoY), recurring profit of 10 billion yen (+17% YoY), and net income of 7 billion yen (+19% YoY), which
would be an increase in sales and a further improvement in the operating profit margin.
The sales forecast is in line with the current growth rate of business negotiations in force.
Meanwhile, the company's operating profit, excluding strategic SG&A expenses, was 11 billion yen
in FY12/2023, which means it is already within range of its 10 billion yen operating profit forecast.

Source: Omega Investment from company materials

Itoki | 3/15/20248◇ Share Price Trend and Highlights: The share price surged after the earnings announcement,
exceeding the high of 2006.
The company's share price rose to a high of 1,587 yen until the beginning of autumn 2023, after
which it entered an adjustment phase, temporarily hitting 1,189 yen in December 2023. However, it
recovered to the 1,500-yen level, and the company's FY12/2023 financial results were announced.
The stock price positively reacted to the earnings results, the medium-term management plan, andthe company's response to the exercise of share options by repurchasing its shares. It soared to2,200 yen but has since entered an adjustment phase.
However, the share price did not fall below the level before the result announcement, and PBR ismeaningfully above 1x, suggesting investors have high expectations for the company's
transformation and earnings growth.
For now, we would like to focus on the following points.

- Progress in Q1, when seasonal factors tend to generate profits- News flow of the 7 Flags program as outlined in the new medium-term management plan
- Progress in the sale of AA's stake in the company

Stock pricePrice relative to TOPIX (RHS)

Source: Omega Investment

Itoki | 3/15/2024

9

Financial data (quarterly basis)
FY (¥mn)[Statements of income]Net sales
Year-on-year basis (%)
Cost of sales
Gross profit
SG&A expenses
Operating income
Year-on-year basis (%)
Operating profit ratio (%)
Non-operating income
Non-operating expenses
Ordinary income
Extraordinary income
Extraordinary expenses
Income before income taxes
Total income taxes

Net income
Year-on-year basis (%)
Net income ratio (%)[Balance Sheets]
Current assets
Cash and deposits
Notes and accounts
receivable - trade
Notes and accounts
receivable - trade, andcontract assets
Non-current assets
Property, plant andequipment
Intangible assets
Goodwill
Investments and otherassetsTotal assets
Current liabilities
Short-term borrowings
Non-current liabilities
Long-term borrowings
Total liabilities
Total net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Share acquisition rights
Total liabilities and net assets[Statements of cash flows]
Cash flow from operating
activities
Cash flow from investing
activities
Cash flow from financing
activities
Free cash flow
Net increase in cash and cash
equiv.
Cash and cash equiv. at
beginning of period
Cash and cash equiv. at endof period

2020/122021/122022/122023/12

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

37,707

26,99721,48930,01732,167

29,46822,41231,85835,34528,411

26,20533,36336,96531,22528,667

36,128

11.2

-9.3

-24.5

-0.1

-14.7

9.2

4.3

6.1

9.9

-3.6

16.9

4.7

4.6

9.9

9.4

8.3

23,71017,765

13,811

19,036

20,101

18,72914,443

20,872

21,48318,03016,67821,384

22,216

18,954

17,48322,091

13,997

9,232

7,678

10,981

12,02010,722

7,953

10,99913,862

10,381

9,527

11,97914,74812,271

11,184

14,037

10,996

9,602

9,590

9,901

10,352

9,453

9,203

10,150

9,898

9,973

9,812

11,484

9,970

10,047

11,006

12,694

3,001

-370

-1,912

1,079

1,698

1,275

-1,242

829

3,964

407

-285

496

4,777

2,225

177

1,344

43.5

–

–

–

-43.4

–

–

-23.2

133.4

-68.7

–

-40.2

20.5

446.7

–

171.0

8.0

-1.4

-8.9

3.6

5.3

4.3

-5.5

2.6

11.2

1.4

-1.1

1.5

12.9

7.1

0.8

3.7

154

162

251

237

240

161

171

122

125

164

171

96

125

114

141

101

273

168

107

172

250

257

101

185

115

130

177

539

79

68

52

249

2,882

-376

-1,768

1,143

1,657

1,173

-1,179

786

3,974

442

-291

52

4,824

2,271

265

1,195

0

6

125

980

1,255

78

133

88

786

139

118

6,762

1

15

120

50

116

42

55

1,503

20

456

518

1,474

44

64

38

3,465

21

10

24

308

2,766

-412

-1,697

620

2,893

795

-1,565

-600

4,716

516

-211

3,351

4,804

2,275

363

936

1,039

134

-195

654

1,028

490

-132

-796

1,381

246

-21

1,585

1,506

864

161

-60

1,760

-557

-1,491

53

1,942

348

-1,440

316

3,388

288

-159

1,777

3,296

1,411

202

996

43.6

–

–

–

10

–

–

496.2

74.4

-17.2

–

462.3

-2.7

389.9

–

-44.0

4.7

-2.1

-6.9

0.2

6.0

1.2

-6.4

1.0

9.6

1.0

-0.6

5.3

8.9

4.5

0.7

2.8

69,811

60,382

52,46357,18365,54362,17055,24957,75369,45864,09659,87371,027

72,23068,75568,04073,30418,186

21,312

18,956

18,246

19,503

22,112

18,213

17,351

19,196

20,073

17,13826,876

20,89824,68823,192

24,79537,611

27,23020,29826,59932,061

26,596

21,38526,783

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

35,20528,234

24,111

29,316

34,51928,377

26,94831,15849,872

49,93350,41047,912

46,92546,36946,046

46,144

46,64747,395

48,12644,26043,61142,91843,533

44,132

27,612

27,35027,32926,20625,184

24,77924,887

24,417

25,10526,042

26,932

24,97824,68924,952

24,73024,792

5,113

5,623

5,853

5,590

5,504

5,419

4,885

4,114

4,128

4,168

4,145

1,819

1,837

1,884

2,161

2,292

2,391

2,207

2,189

2,093

2,018

2,016

1,407

1,317

1,214

1,222

1,200

517

446

391

346

341

17,146

16,95917,227

16,116

16,236

16,17016,273

17,612

17,413

17,184

17,04817,462

17,08416,08016,641

17,048120,352 110,940 103,453 105,096 112,469 108,540 101,295 103,898 116,105 111,492 108,000 115,288 115,841 111,693 111,573 117,437
55,44946,09740,19843,64649,24545,26640,30742,544

51,837

47,13843,65549,09947,85442,54742,01047,34015,616

13,28914,23913,234

13,45812,061

12,40912,50015,014

11,976

11,738

11,23910,874

10,29910,383

10,27618,327

18,22018,07917,25917,506

17,08816,257

16,277

16,334

16,02016,178

16,27816,23815,727

15,72415,096

9,475

9,574

9,453

8,508

8,711

8,193

7,435

7,591

7,427

7,174

7,266

7,530

7,453

7,062

6,959

6,577

73,77764,31858,27760,90666,751

62,35456,56558,822

68,172

63,15859,83365,37764,09258,27557,73462,437

46,575

46,62145,17544,18945,717

46,18644,73045,07647,933

48,33348,16649,91051,74853,41853,83954,99945,47945,39043,786

43,69145,04745,41943,97944,301

47,24947,56747,40849,18550,80652,26752,46954,960

5,294

5,294

5,294

5,294

5,294

5,294

5,294

5,294

5,294

5,294

5,294

5,294

5,294

5,294

5,294

5,294

9,201

9,642

9,641

9,628

9,628

9,632

9,632

9,638

9,638

9,638

9,638

9,638

9,638

9,665

9,665

9,665

31,03030,461

28,88428,95030,30630,65429,21329,53032,47732,76932,61034,38736,00837,41937,621

38,617

-46

-6

-33

-182

-182

-161

-161

-161

-161

-134

-134

-134

-314

-111

-111

-111

45

45

45

45

45

45

45

45

45

45

45

45

45

45

120,352 110,940 103,453 105,096 112,469 108,540 101,295 103,898 116,105 111,492 108,000 115,288 115,841 111,693 111,573 117,437

5,404

-843

4,577

-1,803

4,581

1,223

4,078

2,243

-1,442290

503-1,673-1,4106,333-3,265-747

293-2,560-1,418-1,240-661-765-3,266

-882

3,962

-553

5,080

-3,476

3,171

7,556

813

1,496

4,240

-3,037

3,787-4,687

2,630

6,911

-2,466711

15,494

19,735

16,697

20,485

15,79718,50925,42022,953

19,735

16,697

20,485

15,79718,50925,42022,953

23,664

Source: Omega Investment from company materials

Itoki | 3/15/2024

10

Financial data (full-year basis)
FY (¥mn)

2013/12

2014/122015/122016/122017/122018/122019/122020/122021/122022/122023/12[Statements of income]Net sales

103,461

102,993

106,516

101,684

108,684

118,700

122,174

116,210

115,839

123,324

-1.9

-0.5

3.4

-4.5

6.9

9.2

2.9

-4.9

-0.3

6.4

7.8

Cost of sales

67,11866,797

68,37465,021

69,966

77,43680,49574,322

74,14577,57580,744Gross profit

36,34336,19638,142

36,66338,71841,264

41,67941,88841,69445,74952,240

35.1

35.1

35.8

36.1

35.6

34.8

34.1

36.0

36.0

37.1

39.3

SG&A expenses

32,20333,723

33,83633,86235,761

39,33940,77640,08939,15841,16743,717

Operating income

4,140

2,472

4,306

2,800

2,956

1,925

903

1,798

2,536

4,582

8,523

4.0

2.4

4.0

2.8

2.7

1.6

0.7

1.5

2.2

3.7

6.4

813

841

898

771

750

889

677

804

694

556

481

Year-on-year basis (%)

Gross profit ratio (%)

Operating profit ratio (%)
Non-operating income
Non-operating expenses

132,985

528

495

605

483

412

448

634

720

793

961

448

4,425

2,818

4,599

3,087

3,295

2,365

945

1,881

2,437

4,177

8,555

Extraordinary income

685

615

171

97

228

919

27

1,111

1,554

7,805

186

Extraordinary expenses

238

262

524

267

121

204

35

1,716

2,468

3,611

363

4,872

3,171

4,246

2,918

3,401

3,081

938

1,277

1,523

8,372

8,378

Ordinary income

Income before income taxes
Total income taxes
Net income
Net income ratio (%)

876

813

-385

1,068

959

1,339

1,517

1,632

590

3,191

2,471

3,910

2,160

4,530

1,907

2,402

1,722

-550

-235

1,166

5,294

5,905

3.8

2.1

4.3

1.9

2.2

1.5

-0.5

-0.2

1.0

4.3

4.4

[Balance Sheets]
Current assets

52,92555,71456,342

52,41058,147

62,143

58,10957,18357,75371,02773,304

Cash and deposits

19,553

21,211

21,456

19,83919,977

16,22917,03018,246

17,351

26,876

24,795

Notes and accounts receivable - trade26,24325,965

26,13823,241

26,86933,16028,244

26,59926,78329,31631,158Notes and accounts receivable - trade,and contract assets
Non-current assets

42,33541,007

41,832

43,27144,07346,55949,95547,912

46,14444,26044,132

Property, plant and equipment

28,19327,041

26,39525,322

24,42626,362

27,781

26,206

24,417

24,97824,792Intangible assets

1,230

1,109

1,313

1,142

3,651

4,437

4,945

5,590

4,114

1,819

2,292

34

26

240

208

2,793

3,005

2,413

2,093

1,317

517

341

12,911

12,857

14,123

16,80615,995

15,76017,22916,116

17,612

17,462

17,048

Total assets

95,261

96,721

98,175

95,681

102,221108,703108,778

105,096

103,898

115,288

117,437

Current liabilities

35,35936,677

36,10635,39039,68345,13347,55943,64642,54449,09947,34011,473

11,087

10,94011,76012,564

11,721

15,533

13,234

12,500

11,23910,276

16,874

16,854

14,756

14,88815,211

16,076

15,385

17,25916,277

16,27815,096

5,124

5,089

5,171

5,296

5,328

5,113

6,633

8,508

7,591

7,530

6,577

Total liabilities

52,23453,53250,86350,27854,894

61,21062,94460,90658,82265,37762,437

Total net assets

43,02643,18947,31145,40247,32647,49245,834

44,18945,07649,91054,999

Shareholders’ equity

41,07941,632

45,67744,94946,863

46,85445,37043,812

44,93149,871

54,960Share capital

5,277

5,277

5,277

5,277

5,277

5,277

5,294

5,294

5,294

5,294

5,294

Capital surplus

13,061

13,061

13,222

13,14012,404

9,786

9,201

9,628

9,638

9,638

9,665

Retained earnings

22,07323,55629,22330,50432,315

31,10429,862

28,95029,53034,387

38,617

Treasury shares

-833

-834

-3,000-4,700-4,701

0

-46

-182

-161

-134

-111

45

45

45

45

105,096

103,898

115,288

117,437

Goodwill
Investments and other assets

Short-term borrowings
Non-current liabilities
Long-term borrowings

Share acquisition rights
Total liabilities and net assets

95,261

96,721

98,175

95,681

102,221108,703108,778[Statements of cash flows]
Cash flow from operating activities

3,162

5,715

4,522

5,072

3,565

1,384

3,586

4,561

2,774

5,804

6,321

Cash flow from investing activities-1,978-1,742-803-4,044-2,971-3,094-3,221-1,152-1,170

4,923-4,012-4,148Cash flow from financing activities

51-2,179-3,807-2,571-706-2,4630-2,267-2,658-1,426

Free cash flow

1,184

3,973

3,719

1,028

594

-1,710

365

3,409

1,604

10,7272,309

Net increase in cash and cash equiv.

1,944

1,814

184

-1,61988-4,031

952

1,203

-900

9,622

-1,755

Cash and cash equiv. at beginning of period

16,15618,102

19,918

20,10318,483

18,571

14,54015,494

16,697

15,79725,420Cash and cash equiv. at end of period

18,102

19,918

20,10318,483

18,571

14,54015,494

16,697

15,79725,42023,664

Source: Omega Investment from company materials

Itoki | 3/15/2024

11

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