Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Three Months Ended June 30, 2024
(Based on Japanese GAAP)
Company name:
I-NET Corp.
Stock exchange listing: Tokyo
Stock code:
9600
URL https://www.inet.co.jp
Representative Director and Executive
Representative:
President
Executive Officer, Head of Finance
Inquiries:
Department
Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:
Holding of financial results meeting:

July 31, 2024

Tomomichi Saeki
Joji Ishiwata

TEL045-682-0806–YesNo(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Three months ended June 30, 2024
8,926
(2.8)
221 (66.3)
264 (62.4)
76 (82.5)
Three months ended June 30, 2023
9,184
16.2
657 103.4
702
95.1
438 103.8
Earnings per share

Diluted earnings per share

Yen
4.86
27.41

Three months ended June 30, 2024
Three months ended June 30, 2023

Yen––(2) Consolidated financial position
Total assets

Net assets

Millions of yen
35,39937,607

As of June 30, 2024
As of March 31, 2024

Equity ratio

Millions of yen
17,81920,097%50.3
53.4

2. Cash dividends
Annual dividends per share
1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Year ended March 31, 2024

Yen–

Yen
26.00

Yen–

Yen
27.00

Yen
53.00

Year ending March 31, 2025

–
28.00

–

28.00

56.00

Year ending March 31, 2025 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Net sales
Full year

Millions of yen
40,420Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%Yen
7.0
3,250
12.6
3,225
9.9
2,625
19.4
171.631

4. Notes(1) Significant changes in the scope of consolidation during the three months ended June 30, 2024:(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoYes(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Yes
Changes in accounting policies due to other reasons:No
Changes in accounting estimates:
No
Restatement of prior period financial statements:
No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

16,242,424 shares As of March 31, 2024

16,242,424 shares

Number of treasury shares at the end of the period
As of June 30, 2024

947,782 shares As of March 31, 2024

257,684 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2024

15,757,232 shares Three months ended June 30, 2023

215,984,893 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets
Merchandise and finished goods
Work in process
Raw materials and supplies
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, netLand
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

As of June 30, 2024

5,279,892
6,647,366
164,259
152,618
92,837
477,061(245)

4,374,626
5,742,022
83,506
195,370
88,405620,979(165)

12,813,790

11,104,744

10,609,956
2,954,476
1,695,420

10,848,670
2,950,519
1,644,481

15,259,853

15,443,671

135,8032,097,223
381

128,396
2,063,088
381

2,233,408

2,191,865

4,854,983
1,451,869
1,021,781(28,241)

4,177,613
1,466,395
1,043,035(28,145)

7,300,392

6,658,898

24,793,654

24,294,435

37,607,445

35,399,180

(Thousands of yen)
As of March 31, 2024
Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Income taxes payable
Provision for bonuses
Provision for loss on orders received
Asset retirement obligations
Other

As of June 30, 2024

2,171,7212,714,508
783,704
1,019,786
70,566
61,817
5,223,251

2,230,968
4,393,687
156,393
687,093
28,64070,791
4,531,582

Total current liabilities

12,045,355

12,099,157

Non-current liabilities
Long-term borrowings
Retirement benefit liability
Asset retirement obligations
Other

4,584,718
550
172,021707,793

4,707,557
1,899
221,658
549,111

Total non-current liabilities

5,465,083

5,480,226

Total liabilities

17,510,439

17,579,383

Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares

3,203,992
3,147,381
12,559,884(304,839)

3,203,992
3,147,381
12,204,942(1,720,259)

18,606,419

16,836,057

1,264,573
226,013760,992
222,746

Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

4

1,490,586

983,739

20,097,006

17,819,797

37,607,445

35,399,180

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Thousands of yen)Three months ended
June 30, 2023

Three months ended
June 30, 2024

Net sales
Cost of sales

9,184,573
7,155,607

8,926,574
7,242,526

Gross profit

2,028,966

1,684,048

Selling, general and administrative expenses

1,371,799

1,462,309

Operating profit

657,166

221,738

Non-operating income
Interest income
Dividend income
Gain on investments in investment partnerships
Other034,571
15,863
4,072

026,672
29,664
3,95254,508

60,2898,860

11,410

34
17

6,192
211

8,912

17,814

702,762

264,213––53,877
5,410

Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Other
Total non-operating expenses
Ordinary profit
Extraordinary losses
Losses related to head office relocation
Loss on retirement of non-current assets–

59,287

Profit before income taxes

Total extraordinary losses

702,762

204,925

Income taxes

264,665

128,279

Profit438,097

76,646

Profit attributable to owners of parent438,097

76,646

5

Consolidated statements of comprehensive income (cumulative)(Thousands of yen)Three months ended
June 30, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6

Three months ended
June 30, 2024

438,097

76,646

232,737
744(503,580)(3,267)

233,482(506,847)

671,579(430,201)

671,579(430,201)––