August 5, 2024

GS Yuasa Corporation
Consolidated Earnings Report for theThree Months ended June 30, 2024
(Japanese GAAP)
Stock listing:Tokyo Stock Exchange
URL:
https://www.gs-yuasa.com/en/
Representative:
Takashi Abe, President and CEO
Information contact: Hiroaki Matsushima
Director and CFO

Securities code: 6674
Tel: +81-75-312-1211

Scheduled dates
Dividend payout:–

Supplementary materials to earnings report available:
Earnings presentation held:

Yes
Yes (targeted at institutional
investors and analysts)(Amounts rounded down to the nearest million yen)

1. Consolidated Financial Results for the Three Months ended June 30, 2024 (April 1, 2024 toJune 30, 2024)(1) Consolidated Operating Results(Percentages indicate year-on-year changes)

Net sales

Operating profit

Ordinary profit

Profit attributable toowners of parent

million yen%

million yen%

million yen%

million yen%

Three Months ended
June 30, 2024

127,583

5.8

6,184

27.9

6,686

35.5

4,785

190.1

Three Months ended
June 30, 2023

120,540

8.2

4,836

35.5

4,935

119.7

1,649

169.3

Note: Comprehensive income: Three Months ended June 30, 2024:
Three Months ended June 30, 2023:¥13,055 million, 21.3%¥10,766 million, (14.6)%

Basic earnings per share

Diluted earnings per share

yen

yen

Three Months ended
June 30, 2024

47.71

–

Three Months ended
June 30, 2023

20.51

–

Reference: Operating profit before amortization of goodwill:
Three Months ended June 30, 2024:¥6,360 million, 28.6%
Three Months ended June 30, 2023:¥4,947 million, 29.0%
The Company uses “operating profit before amortization of goodwill” as an important indicator for management.
(2) Consolidated Financial Position
Total assets

Net assets

Equity ratio

million yen

million yen%

As of June 30, 2024

665,544379,671

50.0

As of March 31, 2024

656,663

373,880

50.3

Reference: Total equity:

As of June 30, 2024:
As of March 31, 2024:¥333,068 million¥329,991 million

12. Dividends
Dividend per share
End-Q1End-Q2End-Q3Year-end

Total

yen

yen

yen

yen

yen

–

55.00

70.00

–

50.00

70.00

Year ended–
15.00
March 31, 2024
Year ending–
March 31, 2025
Year ending
20.00
March 31, 2025
(forecast)
Note: No revision has been made to the latest dividends forecast.

3. Earnings Forecast for the Year ending March 31, 2025 (April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes)

Net sales

Operating profit

Ordinary profit

Profit attributable toowners of parent

Basicearnings
per share

million yen%

million yen%

million yen%

million yen%yen

Six months ending
September 30,
2024

263,000

2.4

13,0002.6

12,500

4.2

6,000

0.7

59.82

Year ending
March 31, 2025

590,000

4.8

44,0005.8

44,0000.0

26,000(18.9)

259.21

Note: No revision has been made to the latest earnings forecast.

2

*Notes(1) Significant changes in the scope of consolidation during the period: None
(2) Use of accounting procedures specific to preparation of quarterly consolidated financial
statements: Yes(3) Changes in accounting policy, changes in accounting estimates, and retrospective restatement
1) Changes in accordance with revisions to accounting and other standards: Yes
2) Changes other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(4) Number of shares issued (common stock)
As of
As of
June 30, 2024
March 31, 2024
1) Number of shares issued (including treasury
shares)2) Number of treasury shares

3) Average number of shares outstanding during
the period (cumulative from the beginning of
the fiscal year)

100,446,442

100,446,442

143,690

143,382

Three Months ended
June 30, 2024

Three Months ended
June 30, 2023

100,302,878

80,452,650*Review of the Japanese-language originals of the attached quarterly consolidated financial
statements by certified public accountants or an audit firm: Yes (voluntary)*Appropriate Use of Earnings Forecast and Other Important Information
The above forecasts are based on the assumptions of management in light of information available
as of the release date of this report. GS Yuasa Corporation makes no assurances as to the actual
results, which may differ from forecasts due to various factors such as changes in the businessenvironment.

3

4. Qualitative Information on Operating Results, etc.
(1) Operating Results1) Overview
In the first three months of the fiscal year ending March 31, 2025, the global economy continued its
gradual recovery, with consumption remaining firm despite prolonged monetary tightening. However,
the outlook remained uncertain due to the slowdown of the Chinese economy, ongoing geopoliticalrisks, and financial market volatility, etc.
In this economic environment, the GS Yuasa Group’s consolidated net sales for the first threemonths of the fiscal year ending March 31, 2025 totaled ¥127,583 million, up ¥7,042 million or 5.8%,
from the same period of the previous fiscal year. This increase in Group sales mainly reflects anincrease in sales volume of automotive batteries and the progression of measures to revise sales
prices, etc. In line with this, operating profit came to ¥6,184 million (operating profit before
amortization of goodwill came to ¥6,360 million), up ¥1,347 million or 27.9% from the same period of
the previous fiscal year. Ordinary profit came to ¥6,686 million, up ¥1,750 million or 35.5% from thesame period of the previous fiscal year, due to share of profit of entities accounted for using equity
method, increased gain on net monetary position, etc. Profit attributable to owners of parent came to¥4,785 million, up ¥3,135 million or 190.1% from the same period of the previous fiscal year, mainly
due to a decrease in tax expense resulting from the reversal of deferred tax liabilities of overseas
subsidiaries.
2) Business Segment Results(Automotive Batteries)
Net sales in Japan for the first three months of the fiscal year ending March 31, 2025 totaled ¥20,836
million, a year-on-year increase of ¥1,235 million or 6.3%, due to the increase in sales volume ofbatteries for replacement, and the measures to revise sales prices that have progressed since theprevious fiscal year. Domestic automotive batteries segment profit (before goodwill amortization)
came to ¥1,630 million, up ¥601 million or 58.5% from the same period of the previous fiscal year.
Overseas net sales totaled ¥65,175 million, a year-on-year increase of ¥6,820 million or 11.7%,
due to the increase in sales volume in Europe, Australia and Southeast Asia, as well as the effect ofyen depreciation on foreign exchange rate. Segment profit (before goodwill amortization) came to¥4,808 million, up ¥2,046 million or 74.1% from the same period of the previous fiscal year.
As a result of the above factors, the automotive batteries segment’s combined net sales in Japanand overseas in the first three months of the fiscal year ending March 31, 2025 totaled ¥86,012
million, a year-on-year increase of ¥8,056 million or 10.3%. Overall automotive batteries segment
profit (before goodwill amortization) came to ¥6,438 million, up ¥2,647 million or 69.8% from thesame period of the previous fiscal year.
(Industrial Batteries and Power Supplies)
As a result of increased demand for emergency power supply systems and the measures to revise
sales prices that have progressed since the previous fiscal year, net sales in the industrial batteries
and power supplies segment totaled ¥19,538 million, a year-on-year increase of ¥1,625 million or
9.1%. Segment profit (before goodwill amortization) came to ¥946 million, up ¥794 million or 521.1%
from the same period of the previous fiscal year.
(Automotive Lithium-ion Batteries)
Net sales in the automotive lithium-ion batteries segment totaled ¥16,072 million, a year-on-year
decrease of ¥3,389 million or (17.4)%, due to lower sales prices resulting from falling raw material
prices and a decrease in sales volume of lithium-ion batteries for plug-in hybrid vehicles, despite an4increase in sales volume of lithium-ion batteries for hybrid vehicles. Segment loss (before goodwill
amortization) came to ¥2,031 million, a deterioration of ¥2,468 million from the same period of theprevious fiscal year, mainly due to the impact of the decrease in net sales as well as the review of
the inventory valuation resulting from falling raw material prices.
(Other)Net sales in the other segment totaled ¥5,959 million, a year-on-year increase of ¥751 million or
14.4%, due to the measures to revise sales prices of lithium-ion batteries for submarines, etc.
Segment profit after adjustments for corporate expenses, etc. (before goodwill amortization) came to¥1,005 million, up ¥439 million or 77.6% from the same period of the previous fiscal year.
(2) Financial Condition
Total assets amounted to ¥665,544 million, an increase of ¥8,881 million from the end of theprevious fiscal year. This mainly reflects an increase in inventories and an increase in cash anddeposits, despite a decrease from the collection of trade receivables.
Liabilities increased to ¥285,872 million, up ¥3,089 million from the end of the previous fiscal year.
This mainly reflects increases in borrowings and electronically recorded obligations - facilities.
Net assets totaled ¥379,671 million, an increase of ¥5,791 million from the end of the previous
fiscal year. This mainly reflects an increase due to the recording of profit attributable to owners ofparent and an increase in the foreign currency translation adjustment due to forex rate fluctuations,which outweighed outflows from dividends paid.

55. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheets(Millions of yen)
As ofJune 30, 2024

As ofMarch 31, 2024
AmountAssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade,and contract assets
Electronically recorded monetary claims operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts

Amount63,93567,403103,815

88,129

7,368

5,516

60,226
22,68632,09927,183(406)

69,911
25,62934,362
29,237(379)

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Leased assets, net
Right-of-use assets, net
Construction in progress
Other, net

316,909319,809

66,99451,85736,531
225
7,392
18,4637,131

67,99853,12739,412
221
7,698
19,674
7,138

Total property, plant and equipment

188,596

195,272

1,046
638
3,386

1,089
590
3,512

5,072

5,191

77,36257,602
2,762
2,906
5,777
(342)

75,90457,897
2,956
3,058
5,781
(343)

146,068

145,255

339,737

345,719

Intangible assets
Goodwill
Leased assets
Other
Total intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Deferred tax assets
Lease receivables
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assets
Total assets

6

16

15

656,663665,544(Millions of yen)
As ofJune 30, 2024
AmountAs ofMarch 31, 2024
AmountLiabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations operating
Short-term borrowings
Commercial papers
Accounts payable - other
Income taxes payable
Notes payable - facilities
Electronically recorded obligations facilities
Provision for bonuses for directors (andother officers)
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for retirement benefits for
directors (and other officers)
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

7

58,62460,23333,06527,257

26,196
10,00014,3122,435
73

31,83914,50010,216
2,407
254

11,386

15,200185

18532,250188,530

30,404
192,498

10,00029,962
9,515
30,355777

10,00029,972
9,876
28,681
777

52

33

5,516
8,073
94,252282,783

5,693
8,339
93,374
285,872

52,84174,008
131,542(314)
258,078

52,84174,008129,845(315)
256,380

19,86918,544(637)
1,794
27,23623,650(509)
1,794
33,76023,097

71,913

76,68743,888373,880
656,663

46,603379,671665,544(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
Three months ended
June 30, 2023

(Millions of yen)Three months ended
June 30, 2024

AmountAmountNet sales
Cost of sales

120,540
94,712

127,583
99,156Gross profit

25,82828,427

Selling, general and administrative
expenses

20,991

22,242

Operating profit

4,836

6,184

566

655

211

764

607
60
263

–
342
442

Total non-operating income

1,708

2,205

Non-operating expenses
Interest expenses
Foreign exchange losses
Loss on sale of receivables
Other

883
–
386
339

974
262
55
410

1,609

1,702

4,935

6,686

5
101
240
101

12
30
–
–

448

43

Non-operating income
Interest and dividend income
Share of profit of entities accounted for using
equity method
Foreign exchange gains
Gain on net monetary position
Other

Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on receipt of national subsidies
Surrender value of insurance policies
Gain on change in equity
Total extraordinary income8Three months ended
June 30, 2023

Three months ended
June 30, 2024

AmountAmountExtraordinary losses
Loss on retirement of non-current assets
Loss on sale of non-current assets
Loss on tax purpose reduction entry of noncurrent assets
Provision for special suspense account for
tax purpose reduction entry
Retirement benefit expenses

475
0

39
–

101

–

–

28

121

–

Total extraordinary losses

698

67

Profit before income taxes

4,685

6,662

Income taxes

1,547

773

Profit

3,137

5,889

Profit attributable to non-controllinginterests

1,488

1,103

Profit attributable to owners of parent

1,649

4,785

Three months ended
June 30, 2023

(Millions of yen)Three months ended
June 30, 2024

AmountAmountConsolidated Statements of Comprehensive Income

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans,
net of tax
Share of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income

3,137

5,889

2,661

(1,345)

(480)
4,711

216
7,682

(211)

(552)

946

1,165

7,628

7,165

Comprehensive income
Comprehensive income attributable toComprehensive income attributable toowners of parent
Comprehensive income attributable to noncontrolling interests

10,766

13,055

8,595

9,560

2,170

3,495

9

(3) Notes on the Consolidated Financial Statements(Changes in accounting policy)(Application of Accounting Standard for Current Income Taxes)
The Company has applied the “Accounting Standard for Current Income Taxes” (AccountingStandards Board of Japan (ASBJ) Statement No. 27, October 28, 2022; the “Revised
Accounting Standard of 2022”) and other relevant ASBJ regulations from the beginning of thefirst quarter of the fiscal year ending March 31, 2025.
Revisions to categories for recording current income taxes (taxation on other comprehensive
income) conform to the transitional treatment in the proviso of paragraph 20-3 of the Revised
Accounting Standard of 2022 and the transitional treatment in the proviso of paragraph 65-2(2)of the “Guidance on Accounting Standard for Tax Effect Accounting” (ASBJ Guidance No. 28,
October 28, 2022; “Revised Guidance on Accounting Standard of 2022”). This change inaccounting policy has no impact on the quarterly consolidated financial statements.
In addition, for revisions related to the review of the treatment in consolidated financial
statements when a gain or loss on sale arising from the sale of shares of subsidiaries, etc.
among consolidated companies is deferred for tax purposes, the Company has applied the
Revised Guidance on Accounting Standard of 2022 from the beginning of the first quarter of the
fiscal year ending March 31, 2025. There is no impact as a result of this change in accounting
policy.
(Use of accounting procedures specific to preparation of quarterly consolidated financial
statements)(Tax expense calculation)
The Company calculates tax expenses by rationally estimating its effective tax rate after
application of tax effect accounting to profit before income taxes for the current fiscal year,
which includes the first quarter ended June 30, 2024, and multiplying profit before income taxes
by said estimated effective tax rate. However, in cases where calculations using said estimatedeffective tax rate yield a result that is notably lacking rationality, tax expenses are calculatedusing the statutory effective tax rate.

10

(Notes on segment and other information)
Segment information
I. Three months ended June 30, 2023 (April 1 to June 30, 2023)
1. Net sales and profit/loss by reportable segment(Millions of yen)
Reportable segment
Automotive Batteries

Industrial
Batteries
andPower
Supplies

Automotive
Lithium-ion
Batteries

Total

Other
(note)

Total

Japan

Overseas

Subtotal

19,60158,355

77,956

17,913

19,462 115,332

5,208

120,540

293

1,067

1,361

2,815

2,181

(6,357)–

19,89459,422

79,317

20,72821,643 121,689

1,028

2,762

3,790

152

Net sales
Revenues from externalcustomers
Transactions with othersegments
Total
Segment profit

437

6,357

(1,148) 120,540

4,380

566

4,947

Notes: 1. “Other” comprises a) businesses that are not included in any of the reportable segments such as
special batteries business and b) segment profit adjustment. Adjustment for segment profit was¥(534) million, which includes ¥(248) million elimination of inter-segment transactions and ¥(286)
million of unallocated corporate expenses. The main component of these unallocated corporate
expenses is general and administrative expenses that are not attributable to reportable segments.
2. The difference between the total segment profit in the table above and operating profit of ¥4,836
million on the consolidated statements of income represents amortization of goodwill and otherintangible assets of ¥110 million. These goodwill and other intangible assets include identifiable
assets acquired on the effective date of business combination.

II. Three months ended June 30, 2024 (April 1 to June 30, 2024)
1. Net sales and profit/loss by reportable segment(Millions of yen)
Reportable segment
Automotive Batteries

Industrial
Batteries
andPower
Supplies

Automotive
Lithium-ion
Batteries

Total

Other
(note)

Total

Japan

Overseas

Subtotal

20,836

65,17586,012

19,53816,072 121,624

5,959

127,583

418

916

1,335

4,127

1,526

(6,989)–21,25566,092

87,347

23,666

17,599 128,613(1,029) 127,583

1,630

4,808

6,438

946

(2,031)

1,005

Net sales
Revenues from externalcustomers
Transactions with othersegments
Total
Segment profit (loss)

6,989

5,354

6,360

Notes: 1. “Other” comprises a) businesses that are not included in any of the reportable segments such as
special batteries business and b) segment profit adjustment. Adjustment for segment profit (loss) was¥(283) million, which includes ¥70 million elimination of inter-segment transactions and ¥(353) millionof unallocated corporate expenses. The main component of these unallocated corporate expenses isgeneral and administrative expenses that are not attributable to reportable segments.

11

2. The difference between the total segment profit (loss) in the table above and operating profit of¥6,184 million on the consolidated statements of income represents amortization of goodwill andother intangible assets of ¥176 million. These goodwill and other intangible assets include identifiable
assets acquired on the effective date of business combination.

(Note on significant change in shareholders’ equity)
Not applicable(Note on the going-concern assumption)
Not applicable(Note on statements of cash flows)
Quarterly consolidated statements of cash flows have not been prepared for the first three monthsof the fiscal year ending March 31, 2025. Depreciation (including amortization related to intangible
assets excluding goodwill) and amortization of goodwill for the first three months of the respective
fiscal years are as follows.
(Millions of yen)

Depreciation

Three months ended
June 30, 2023
(April 1 to June 30, 2023)
5,328

Three months ended
June 30, 2024
(April 1 to June 30, 2024)
5,831

52

99

Amortization of goodwill(Additional information)(Accounting procedures in hyperinflationary economies)
During the fiscal year ended March 31, 2023, since the cumulative three-year inflation rate inTurkey exceeded 100%, the GS Yuasa Group determined that its subsidiary in Turkey, whosefunctional currency is the Turkish lira, is operating in a hyperinflationary economy. Therefore,
the GS Yuasa Group has made accounting adjustments to the financial statements of its
Turkish subsidiary in accordance with the requirements set forth in IAS 29 “Financial Reportingin Hyperinflationary Economies” from the first quarter of the fiscal year ended March 31, 2023.
IAS 29 requires that the financial statements of subsidiaries in a hyperinflationary economy berestated by applying the unit of measurement as of the end of the reporting period before
inclusion in the consolidated financial statements. The Group uses conversion factors calculated
from the Consumer Price Index (CPI) of Turkey published by the Turkish Statistical Institute(TURKSTAT) for the purpose of adjusting the financial statements of its subsidiary in Turkey.
For the subsidiary in Turkey, non-monetary items such as property, plant, and equipment
presented at cost are adjusted using conversion factors based on the acquisition date or thereevaluation date. Monetary and non-monetary items presented at current cost are not adjusted,since they are considered to be presented in the unit of measurement as of the end of thereporting period. The effect of inflation on net monetary items is presented in non-operating
income/loss in the consolidated statements of income. The financial statements of the Turkish
subsidiary are translated into Japanese yen at the spot rate prevailing on the last day of thequarter and reflected in the consolidated financial statements of the GS Yuasa Group.

126. Supplementary Information(1) Quarterly profit/loss

Fiscal year ending March 31, 2025 (April 1, 2024 to March 31, 2025)
Q1

Q2

Q3

(Millions of yen)

Q4

Q2 YTD

Q3 YTD(Apr. – Jun.) (Jul. – Sep.) (Oct. – Dec.) (Jan. –Mar.) (Apr. – Sep.) (Apr. – Dec.)
Net sales

Full year

127,583

–

–

–

–

–

–

Operating profit

6,184

–

–

–

–

–

–

Ordinary profit

6,686

–

–

–

–

–

–

Profit attributable to owners ofparent

4,785

–

–

–

–

–

–

Q2 YTD

Q3 YTD

Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)
Q1

Q2

Q3

Q4

(Millions of yen)

(Apr. – Jun.) (Jul. – Sep.) (Oct. – Dec.) (Jan. – Mar.) (Apr. – Sep.) (Apr. – Dec.)
Net sales

Full year

120,540

136,264

154,786

151,305

256,805

411,591

562,897

Operating profit

4,836

7,838

16,704

12,216

12,67429,37941,595

Ordinary profit

4,935

7,057

16,96415,023

11,993

28,95843,981

Profit attributable to owners ofparent

1,649

4,308

11,783

14,322

5,958

17,741

32,064

Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)
Q1

Q2

Q3

Q4

(Millions of yen)
Q2 YTD

Q3 YTD(Apr. – Jun.) (Jul. – Sep.) (Oct. – Dec.) (Jan. – Mar.) (Apr. – Sep.) (Apr. – Dec.)
Net sales

Full year

111,429

123,794

139,655

142,854

235,224

374,880

517,735

Operating profit

3,570

4,653

10,77012,5058,224

18,99431,500Ordinary profit

2,246

3,769

10,048

8,150

6,015

16,06324,213

612

1,100

6,135

6,076

1,713

7,849

13,925Q2 YTD

Q3 YTD

Profit attributable to owners ofparentFiscal year ended March 31, 2022 (April 1, 2021 to March 31, 2022)
Q1

Q2

Q3

Q4

(Millions of yen)

(Apr. – Jun.) (Jul. – Sep.) (Oct. – Dec.) (Jan. – Mar.) (Apr. – Sep.) (Apr. – Dec.)

Full year

Net sales

95,45899,666

118,022

118,986

195,124

313,146

432,133

Operating profit

3,210

2,016

8,675

8,761

5,226

13,902

22,664

Ordinary profit

4,268

2,301

9,507

8,607

6,569

16,076

24,684

Profit attributable to owners ofparent

2,681

(473)

1,141

5,119

2,207

3,348

8,468

Fiscal year ended March 31, 2021 (April 1, 2020 to March 31, 2021)
Q1

Q2

Q3

Q4

(Millions of yen)
Q2 YTD

Q3 YTD(Apr. – Jun.) (Jul. – Sep.) (Oct. – Dec.) (Jan. – Mar.) (Apr. – Sep.) (Apr. – Dec.)

Full year

Net sales

76,376

95,949105,691

108,494

172,325

278,016

386,511

Operating profit

1,002

4,292

9,089

10,426

5,294

14,38324,810Ordinary profit

1,699

4,800

10,123

10,6556,500

16,62327,279

(27)

149

5,546

5,787

121

5,667

11,455

Profit attributable to owners ofparent13