Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated
document and the Japanese original, the original shall prevail.

Consolidated Financial Results
for the Three Months Ended June 30, 2024
[Japanese GAAP]
August 8, 2024
Company name: YOKOWO CO.,LTD.
Listing: Tokyo
Securities code: 6800
URL: https://www.yokowo.co.jp/
Representative: Takayuki Tokuma

Representative Director, President and Executive Officer
Executive Officer,SCI (Sustainability & Corporate Integrity)
Promotion H.Q.Chief Officer

Inquiries: Toshihisa Tagaya
Telephone: +81-3-3916-3111
Scheduled date to commence dividend payments: Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: None

(Yen amounts are rounded down to millions, unless otherwise noted.)
1. Consolidated Financial Results for the Three Months Ended June 30, 2024 (April 1, 2024 to June 30, 2024)(1) Consolidated Operating Results(Percentages indicate year-on-year changes.)
Profit attributable to
Net 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
20,877
14.8
1,056
2,017
74.5
1,728
108.7
June 30, 2023
18,181
(3.9)
(258)
1,156
(62.2)
828(59.2)(Note) Comprehensive income:Three months ended June 30, 2024:¥
3,305 million [66.5%]
Three months ended June 30, 2023:¥
1,985 million [(45.1) %]Basic earnings
per share
Three months ended
June 30, 2024
June 30, 2023

Diluted earnings per
share
Yen

Yen

74.17
35.53

-

(2) Consolidated Financial Position
Total assets
As ofJune 30, 2024
March 31, 2024
(Reference) Equity:

Millions of yen

Net assets
Millions of yen

80,39776,408
As of June 30, 2024:
As of March 31, 2024:

Capital adequacy ratio¥¥

53,17650,38453,090 million
50,303 million

%

66.0
65.8

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2024

-

22.00

-

22.00

44.00

Fiscal year ending March 31, 2025

24.00

-

24.00

48.00

Fiscal year ending March 31, 2025
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

Year-end

Total

None

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025(April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)
Profit attributable Basic earnings
Net sales
Operating profit
Ordinary profit
to owners of parent
per share
Millions ofyen%Millions ofyen%

Six months ending
40,0008.7
1,800
September 30, 2024
Full year
80,0004.0
4,100 153.4(Note) Revision to the financial results forecast announced most recently:* Notes:(1) Significant changes in the scope of consolidation during the period:
Newly included:(Company name:
Excluded:(Company name:Millions ofyen%Millions of
yen

%

Yen

1,150

(32.4)

750(21.8)

32.17

3,000
Yes

(19.1)

2,000

32.3

85.80

None

(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement
1) Changes in accounting policies due to revisions to accounting standards and other regulations: None
2) Changes in accounting policies due to other reasons: None
3) Changes in accounting estimates: None
4) Restatement: None
(4) Number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2024:
23,849,878 shares
March 31, 2024:
23,849,878 shares
2) Number of treasury shares at the end of the period:
June 30, 2024:
539,068 shares
March 31, 2024:
539,008 shares
3) Average number of shares outstanding during the period:
Three months ended June 30, 2024:
Three months ended June 30, 2023:

23,310,855 shares
23,310,950 shares))

* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public
accountants or an audit firm: None
* Proper use of earnings forecasts, and other special matters
The forward-looking statements such as the forecasts of financial results stated in this document are based on the information currently
available to the Company and certain assumptions that the Company judges as rational. These statements are no guarantees of future
performance. Actual results may differ materially from the forecast depending on a range of factors. For a discussion of the assumptions
and other factors considered by the Company in preparing projections, please refer to page4 of the attachments, “1. Overview ofOperating Results, etc., (3) Future Outlook.”

Contents of Attachments
1. Qualitative Information on Quarterly Financial Results. ............................................................. 2(1) Overview of Operating Results.......................................................................................... 2(2) Overview of Financial Position... ...................................................................................... 3(3) Future Outlook... ...................................................................................... 4

2. Quarterly Consolidated Financial Statements ............................................................................ 6(1) Quarterly Consolidated Balance Sheets.................................................................................. 6(2) Quarterly Consolidated Statements of Income and Comprehensive Income .......................... 8(3) Notes to Quarterly Consolidated Financial Statements .......................................................... 10(Notes on going concern assumptions) .................................................................................. 10(Segment and Other Information). ...................................................................................... 11(Notes to Quarterly Consolidated statements of Cash Flows) .................................................. 121

1. Qualitative Information on Quarterly Financial Results(1) Overview of Operating Results
Net sales in the first quarter of the consolidated fiscal year under review amounted to ¥20,877 million, an increase of 14.8%
year-on-year, reflecting increased year-on-year sales in VCCS, CTC and FC・MD segment. The Company reported an operating
profit of ¥1,056 million, a loss of ¥258 million in the previous year, due to profit in VCCS segment improved significantly andstabilized. Also, both CTC and FC・MD segment turned profitable.
Ordinary profit increased by 74.5% year-on-year, to ¥2,017 million, reflecting an exchange gain of ¥967 million attributable to
the weakening of the yen and an increased operating profit. Profit attributable to owners of the parent increased by 108.7% yearon-year, to ¥1,728 million reflecting due to an increased ordinary profit and a decrease in the tax burden ratio by improved
collection of deferred tax asset.
＜VCCS＞ (Core product: Antenna for Vehicle)
In the automotive market, the main market for this segment, sales are improving trend driven by a stable semiconductors andcomponent supply, amid a decline in demand for electric vehicles (EVs) and an increase in demand for hybrid vehicles (HVs)
mainly in the United States. A breakdown by region shows that the number of units sold in China increased while sales in the
United States were flat, and sales in the Japanese market decreased.
In these circumstances, mainstay products for automobile manufacturers, such as shark fin antennas and GPS antennas,
increased year-on-year by the weakening of the yen and strong sales in other regions although sales of Japanese automobile
manufacturers to the Chinese market were slumped.
As a result, sales for this segment increased year-on-year, to ¥14,433 million (up 12.9% year-on-year). The segment reported a
profit of ¥653 million (up 321.8% year-on-year), due to increased profit associated with an increase in sales and increased
production efficiency through stable orders, despite high labor costs at production bases in China, Vietnam, and the Philippines
associated with the strengthening of the local currencies.
＜CTC＞ (Core Product: Semiconductor Testing Socket and Probe Card)
In the semiconductor testing market, the main market for this segment, increased year-on-year due to strong demand for testers
related to generative AI. However, demand for PCs and smartphones declined significantly, and demand growth for industrial
machinery and automobiles was slowing.
In these circumstances, sales of jigs for semiconductor back-end testing, the mainstay product of the Group, increased year-onyear, due to capturing demand for testers related to generative AI despite a decrease in orders for logic semiconductor testingsockets. Sales of jigs for semiconductor front-end testing decreased year-on-year because of sales in MEMS probe cards (YPX)
for high-frequency electronics components testing decreased despite slightly improved sales in the turnkey business which offers
one-stop solutions services including peripheral devices.
As a result, sales for this segment increased year-on-year, to ¥3,606 million (up 5.6% year-on-year). The segment reported a
profit of ¥378 million (a loss of ¥131 million in the previous fiscal year), due to a decline in cost through lower cost of raw
materials and improving efficiency by product mix.
＜FC・MD＞ (FC Core Product: Fine spring connector for electronics) (MD Core Product: Medical devices and units)
In the market for mobile communication terminals, a key market for this segment, sales of wearable terminals are expected to
grow given their diversification and greater sophistication, and unit shipments of smartphones were increased year-on-year.
Demand for POS terminal market has been growing steadily in a wide range of industries, including those engaging in logistics
and manufacturing, with a view toward improvements in operational efficiency through information management.
In these circumstances, sales for FC business, for which fine spring connectors act as core products, increased year-on-year,
reflecting sales of POS terminals were on a recovery trend and an increase in sales of a product for wearable devices, such as
wireless earbuds, due resolution of customer's production adjustment.
In MD business, sales increase year-on-year due to strong sales of both unit products and catheter components for a majordomestic medical device manufacturer which is a major customer.
In addition, sales for the venture ecosystem in which the Company participates as a manufacturing partner were increased.
As a result, sales for this segment increased year-on-year, to 2,749 million (up 46.8% year-on-year). The segment reported a
profit of ¥225 million (a loss of ¥109 million in the previous fiscal year) chiefly owing to increased profit associated with anincrease in sales in FC business.

2

＜Incubation Center＞ (Core Product: Antenna and providing solutions for MaaS/IoT)
The Company has been engaged in full-scale business development efforts, aiming to create new businesses and innovate
business models for new growth markets such as MaaS, and IoT as well as the optical communication market for higher-speed
and larger-capacity communication. Due to organizational changes implemented during the first quarter of the fiscal year ended
March 31, 2024, development in these new business fields was split off from existing operating departments and classified under
Incubation Center as a new reporting segment comprising Platform Business and Advanced Device Business. The MaaS/IoT
market, which is a key market for this segment, is expected to grow steadily, reflecting the advance of mobility including car
sharing, and the widespread adoption of IoT connecting everything through the Internet.
In these circumstances, Platform business has made progress in expanding sales of MIMO antennas utilizing smart antenna
technologies for IoT, and vehicle key management solutions for MaaS and rental cars. For Advanced Device business, which
includes the segment, the Company has developed systems for the mass production of optical connector products utilizing
photoelectric conversion device technologies for the optical communications market.
As a result, sales for this segment decreased year-on-year, to 87 million (down 21.1% year-on-year). The segment reported aloss of ¥205 million (a loss of ¥180 million in the previous fiscal year), because the segment, which is in the early stages of its
development, generates sales at a small scale and involves up-front investment.
Consolidated Net Sales by Business Segment (year on year)
1st quarter ended 4th quarter ended 1st quarter ended
June 30, 2023 March 31, 2024 June 30, 2024
Apr. – Jun.
Jan. – Mar.
Apr. – Jun.

YoY
Increase/(decrease)

QoQ
Increase/(decrease)

(%)

(%)

(Million yen)

(Million yen)

(Million yen)

VCCS

12,77914,022

14,433

CTC

3,415

3,403

3,606

+5.6

+6.0

FC・MD

1,873

2,314

2,749

+46.8

+18.8

110

49

87

(21.1)

+75.9

2

1

1

(62.1)(32.3)

18,181

19,791

20,877

+14.8

+5.5

Incubation Center
Others
Total

+12.9

+2.9

(2) Overview of Financial Position(Assets)
Assets stood at ¥80,397 million in the first quarter of the fiscal year ended March 31, 2025 under review (a gain of ¥3,988
million in the end of the previous fiscal year). This was due primarily to increases of ¥2,395 million in cash and deposits, ¥1,180
million in trade receivables, and ¥341 million in intangible assets.
The increase in cash and deposits is mainly due to an exchange gain to the weakening of the yen. The increase in intangible
assets is mainly due to the additional introduction and maintenance of fundamental information systems.
(Liabilities)
Liabilities stood at ¥27,220 million in the first quarter of the fiscal year ended March 31, 2025 under review (a gain of ¥1,196
million from the end of the previous fiscal year) due to decreases of ¥286 million in provision for bonuses and increase in ¥296
million in accounts payables (including other current liabilities), and ¥555 million in lease obligations.
The increase in provision for bonuses mainly reflected an increase in purchasing raw materials for meeting order forecasts in
CTC segment.
(Net assets)
Net assets amounted to ¥53,176 million in the first quarter of the fiscal year ended March 31, 2025 under review (a gain of¥2,792 million from the end of the previous fiscal year). This primarily reflects an increase of ¥1,510 million in foreign currencytranslation adjustment, the recording of profit attributable to owners of the parent of ¥1,728 million, and dividends paid of ¥582
million.
(Equity ratio)
The equity ratio was 66.0% in the first quarter of the fiscal year ended March 31, 2025 under review (up 0.2 points from theend of the previous consolidated fiscal year).

3(3) Future Outlook
The following are our assumptions for the results forecast for the fiscal year ending March 31, 2025.
・In the automobile market, the main market for the Company, a production adjustment at some automobile manufacturers is
expected to be continued until the fiscal year ending March 31, 2025.
・In the semiconductor testing market, the downturn that developed from the second half of the fiscal year ended March 31,
2023 has been bottomed out as well as demand for semiconductor testing related to generative AI is expected to continue toincrease.
・In the market for mobile communication terminals, stagnation of the sale of POS terminals and other electronic terminals
caused by the global recession is expected to be recovered with customers’ liquidating excess inventory.
・In the advanced medical equipment market, demand for minimally invasive medical procedures using catheters and similar
products is expected to grow steadily.
・In the MaaS/IoT market, steady growth is expected, reflecting the advance of mobility solutions and widespread adoptionof IoT.
We base our performance forecasts below on an exchange rate of ¥145 against US$ from August through September 2024(theassumed exchange rate announced in May 2024 was the same). After September 2024, we set an exchange rate of ¥140 against
US$ (the assumed exchange rate announced in May 2024 was¥140 against US$).
Based on those assumption, our forecast for net sales for the first half and the full year is as shown in the table below.
➀ Forecasts for the first six months of the fiscal year (first half)
Our forecast for net sales for the first half is as shown in the table below based on the result and the latest order forecast of thefirst quarter for the fiscal year ending March 31, 2025.
Our forecast for operating profit for the first half is as shown in the table below. This reflects projected year-on-year decreases
in net sales in VCCS segment because of production adjustments by customers, despite an anticipated year-on-year increase inprofit in CTC segment due to an increase in profit driven by improvements in product mix.
Our forecasts for ordinary profit and profit attributable to owners of parent are as shown in the table below, which incorporate
a foreign exchange loss of ¥650 million based on an exchange rate of ¥145 against US$.
➁ Full-year forecasts
Our forecast for net sales for the full year is as shown in the table below based on reviewing order forecasts in each segment
and decreased sales impact in line with reviewing our exchange rate of ¥140 against US$ (the assumed exchange rate announced
in May 2024 was ¥140 against US$) in consideration of the strengthening of the yen.
Our forecast for operating profit for the full year is as shown in the table below based on a decrease in net sales in VCCS
segment because of production adjustments by customers, slowed down profit margin in CTC segment caused by increased
domestic production ratio, and decrease profit associated with a decrease in sales in both CTC and FC・MD segment by reviewing
assumed exchanged rate.
Our forecasts for ordinary profit and profit attributable to owners of parent are as shown in the table below, which incorporate
a foreign exchange loss of ¥1,100 million based on an exchange rate of ¥140 against US$.

4

Previous and revised forecasts for the six months ending September 30, 2024
(Unit：Million yen, %)Previous forecast

Revised forecast(Announced on(Announced on

Increase/(decrease)

Increase/(decrease)

May 14, 2024)

August 8, 2024)(Million yen)(%)

Net Sales

40,00040,000－－VCCS

27,70027,700

－

－

CTC

7,500

7,200

(300)

(4.0)

FC・MD

4,650

4,950

＋300

＋6.5

Incubation Center

150

150

－

－

Other・Adjustments

－

－

－

－

Operating profit

1,800

1,800

－

－

VCCS

1,700

1,300

250

650

(400)
＋400

(23.5)

CTC
FC・MD

300

300

－

－

Incubation Center

(450)

(450)

－

－

Other・Adjustments

－

－

－

－

1,000

1,150

＋150

＋15.0

650

750

＋100

＋15.4

Ordinary profit
Profit attributable toowners of parent

160.0

Previous and revised forecasts for the Fiscal Year Ending March 31, 2025
(Unit：Million yen, %)Previous forecast

Revised forecast(Announced on(Announced on

Increase/(decrease)

Increase/(decrease)

May 14, 2024)

August 8, 2024)(Million yen)(%)

Net Sales

81,15080,000(1,150)

(1.4)

VCCS

55,65055,100

(550)

(1.0)

CTC

15,50014,800

(700)

(4.5)

FC・MD

9,650

9,800

＋150

＋1.6

Incubation Center

350

300

(50)

(14.3)

Other・Adjustments

－

－

－

－

Operating profit

4,550

4,100

(450)

(9.9)

VCCS

3,450

3,050

(400)

(11.6)

CTC

1,200

1,200

－

－

FC・MD

700

650

(50)

(7.1)

Incubation Center

(800)

(800)

－

－

Other・Adjustments

－

－

－

－

3,750

3,000

(750)

(20.0)

2,500

2,000

(500)

(20.0)

Ordinary profit
Profit attributable toowners of parent

5

2. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2024
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts

As of June 30, 2024

18,702
13,129
8,445
470
5,860
2,563
(3)

21,09814,309
7,936
433
5,936
2,827
(3)

49,16952,538Property, plant and equipment

19,754

19,849Intangible assets

1,642

1,984

Investments and other assets
Retirement benefit asset
Other

1,114
4,727

1,136
4,888

Total current assets
Non-current assets

Total investments and other assets

5,841

6,024

27,23827,85876,40880,397

6,310
6,158
1,600
518
904
4,134

6,606
6,216
1,600
637
617
5,184

Total current liabilities

19,625

20,862

Non-current liabilities
Long-term borrowings
Retirement benefit liability
Other

4,500
547
1,350

4,500
572
1,284

Total non-current liabilities

6,398

6,357

Total liabilities

26,02327,220Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares

7,819
7,804
28,418
(635)

7,819
7,804
29,634(635)

43,40744,623

1,084

1,154

5,463
348

6,974
337

6,896

8,467

80

86

Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provision for bonuses
Other

Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests

6

(Millions of yen)
As of March 31, 2024
Total net assets
Total liabilities and net assets

7

As of June 30, 2024

50,38453,176

76,40880,397

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Millions of yen)
For the three months
ended June 30, 2023

For the three months
ended June 30, 2024

Net sales
Cost of sales

18,181
15,916

20,877
17,090Gross profit

2,265

3,787

Selling, general and administrative expenses

2,523

2,730

Operating profit (loss)

(258)

1,056

Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other

9
32
1,446
29

21
36
967
26

1,517

1,052

62

49

17

26

21

15

Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodOther
Total non-operating expenses

102

91

1,156

2,017

Extraordinary income
Gain on sale of non-current assets

2

1

Total extraordinary income

2

1

19
0

10
3

Ordinary profit

Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of non-current assets

19

14

Profit before income taxes

Total extraordinary losses

1,139

2,004

Income taxes - current
Income taxes - deferred

264
51

323
(49)

Total income taxes

315

274

Profit823

1,729

Profit (loss) attributable to non-controlling interests(4)0Profit attributable to owners of parent

828

1,728

8

Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Millions of yen)
For the three months
ended June 30, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

For the three months
ended June 30, 2024
823

1,729

145
1,022
(6)

70
1,516
(10)

1,161

1,575

Comprehensive income

1,985

3,305

Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

1,983

3,299

1

6

Total other comprehensive income9(3) Notes to Quarterly Consolidated Financial Statements(Notes to going concern assumptions)Not applicable.
(Notes on Significant Changes in Shareholders' Equity)
Not applicable.

10

(Segment and Other Information)
Sales, profit or loss, assets, liabilities and other items by reportable segment
First quarter ended June 30, 2023 (Apr. – Jun.）（Unit：Million yen）
Reportable segment
VCCS

CTC

FC・MD

Incubation
Center

Total

Other

Intersegment
transactions

Total

Net Sales
Japan

3,827

368

867

110

5,174

2

－

5,176

Europe and America

6,072

880

228

－

7,181

－

－

7,181

Asia

2,879

2,166

777

－

5,823

－

－

5,823

Revenue from contracts withcustomers

12,779

3,415

1,873

110

18,1782－

18,181

Sales to third parties

12,779

3,415

1,873

110

18,1782－

18,181

－

－

－

－

－

121

(121)

－

12,779

3,415

1,873

110

18,178124(121)

18,181

155

(131)

(109)

(180)

(266)

0

7

(258)

Inter-segment
and transfers

transactions

Total
Segment profit

Notes：
1 The total segment profit is the same as the operating profit on the quarterly consolidated statement.
2 The Others category is a business segment not included in reportable segments and includes the temporary staffing business and otherbusinesses.
3 The reconciling amounts for inter-segment sales and transfers are a method for the elimination of inter-segment transactions.
First quarter ended June 30, 2024 (Apr. – Jun.）（Unit：Million yen）
Reportable segment
VCCS

CTC

FC・MD

Incubation
Center

Total

Other

Intersegment
transactions

Total

Net Sales
Japan

4,413

269

985

87

5,756

1

－

5,757

Europe and America

7,403

992

290

－

8,686

－

－

8,686

Asia

2,616

2,343

1,472

－

6,433

－

－

6,433

Revenue from contracts withcustomers

14,433

3,606

2,749

87

20,876

1－

20,877

Sales to third parties

14,433

3,606

2,749

87

20,876

1－

20,877

－

－

－

－

－

130

(130)

－

14,433

3,606

2,749

87

20,876131(130)

20,877

653

378

225

(205)

1,052

0

3

1,056

Inter-segment
and transfers

transactions

Total
Segment profit

Notes：
1 The total segment profit is the same as the operating profit on the quarterly consolidated statement.
2 The Others category is a business segment not included in reportable segments and includes the temporary staffing business and otherbusinesses.
3 The reconciling amounts for inter-segment sales and transfers are a method for the elimination of inter-segment transactions.

11(Notes to Quarterly Consolidated statements of Cash Flows)
The Quarterly Consolidated statement of Cash Flows for the first quarter of the current fiscal year has not been prepared.
Depreciation (including amortization of intangible fixed assets for the first quarter of the consolidated fiscal year under review)are as follows:（Unit：Million yen）
First quarter ended June 30, 2023

First quarter ended June 30, 2024

(Apr. – Jun.）(Apr. – Jun.）

959

984

Depreciation

12