Consolidated Earnings Report for the First Quarter of Fiscal 2024, Ending March 31, 2025
[Japanese GAAP]
July 29, 2024
Company Name:
Stock Listing:Code Number:
URL:
Representative Director:
Inquiries:
Tel:
Scheduled Payment of Dividends:
Supplementary explanatory materials prepared:
Explanatory meeting:

KOITO MANUFACTURING CO., LTD.
Prime Market, Tokyo Stock Exchange
7276
https://www.koito.co.jp/english/
Michiaki Kato, President
Takahito Otake, Senior Managing Corporate Officer+81-3-3443-7111
－
Yes
Yes

(¥ millions are rounded down)
1. Consolidated Results for the First Quarter of Fiscal 2024 (April 1, 2024 to June 30, 2024)(1) Consolidated Operating Results(¥ millions; percentage figures represent changes)
Profit attributable toFirst Quarter
Net sales
Operating income
Recurring profit
owners of parent
Fiscal 2024
229,772
1.7%
9,045△38.6%
11,886△33.7%
7,296 △50.0%
Fiscal 2023
225,995
16.8%
14,741131.1%
17,941112.2%
14,585－
Note: Comprehensive income: June 30, 2024: ¥21,351 million (△49.7%), June 30, 2023: ¥42,478 million (105.2%)
First Quarter
Fiscal 2024
Fiscal 2023

Net income
per share (¥)
23.87
45.57

Net income
per share (diluted) (¥)
23.86
45.56

(2) Consolidated Financial Position
Total assets

Net assets

June 30, 2024
952,543
720,648
March 31, 2024
965,595
719,270
Note: Equity: June 30, 2024: ¥671,582 million, March 31, 2024: ¥671,825 million
2.

(¥ millions)
Net assets
per share (¥)
2,214.33
2,182.85

Dividends
First Quarter－－

Second Quarter
25.00

Fiscal 2023
Fiscal 2024
Fiscal 2024 (forecast)
Notes: Revisions to recent dividend forecasts: None3.

Equity ratio
(%)
70.5
69.6

28.00

Dividend per share (¥)
Third Quarter－－

Year End
28.00

Full Year
53.00

28.00

56.00

Forecast of Consolidated Results for Fiscal 2024 (April 1, 2024 to March 31, 2025)(¥ millions; percentage figures represent year-on-year changes)
Net income
Profit attributable toper share
Net sales
Operating income
Recurring profit
owners of parent(¥)
First half
452,000△3.5% 20,500△36.9%
24,500 △33.6%
14,500△43.2%
47.81
Full year
928,500 △2.3% 49,000△12.5%
54,500 △13.9%
37,000△9.5%
122.00Note: Revisions to recent consolidated business forecasts: Yes

*Notes(1) Changes to important subsidiaries during the first quarter of fiscal 2024: None
(2) Application of special accounting methods in the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting principles, accounting estimates and restatements①Changes in accounting policies in conjunction with revisions to accounting standards: Yes②Other changes: None
③Changes in accounting estimates: None
④Restatements: None
Note: For details, please refer to “2. Quarterly Consolidated Financial Statements and Major Notes (4) Notes on Quarterly
Consolidated Financial Statements (Changes of Accounting Policies)” on page 10 of the attached document.
(4) Number of shares issued (common stock)①Number of shares issued (including treasury stock): Fiscal 2024, 1Q②Number of treasury stock:
Fiscal 2024, 1Q③Average number of stock during the first quarter:
Fiscal 2024, 1Q

307,833,172 Fiscal 2023
4,544,053 Fiscal 2023
305,722,019 Fiscal 2023, 1Q

307,833,172
58,653320,065,715*Review of accompanying Quarterly Consolidated Financial Statements by certified public accountants or auditing firms:
None*Explanations concerning proper use of business forecasts and other noteworthy matters(Notes on future assumptions)
The above forecasts are based on information available, and certain assumptions that are judged to be reasonable, at the timeof the release of this report. KOITO is not promising that the Company will achieve these forecasts. Actual results could
differ from forecasts due to a variety of factors.
The exchange conversion rate based on the full-year business forecast for fiscal 2024, the year ending March 2025, iscalculated as 1 US$ = ¥152.1 and 1 CNY = ¥20.8(Supplementary materials for financial results)
Supplementary materials will be available on our website. (https://www.koito.co.jp/english/ir/)《 For Reference Only 》
Forecast of Non-consolidated Result for Fiscal 2024 (April 1, 2024 to March 31, 2025)(¥ millions; percentage figures represent year-on-year changes)
Net income
Net sales
Operating income
Recurring profit
Net income
per share (¥)
First half
51.11
158,000△7.2%
1,500△89.1%
18,000 △35.2%
15,500 △19.3%
Full year
332,000 △2.7%
6,000△67.4%
28,500△28.8%
28,0007.3%
92.32
Note: Revisions to recent non-consolidated business forecasts: Yes

Table of Contents of Supplementary Materials
1. Qualitative Information Concerning Quarterly Financial Statements and Other Matters………………………………. 22(1) Explanation Regarding Consolidated Operating Results…………………………………………………………… 22(2) Explanation Regarding Consolidated Financial Position…..……………………………………………………..… 22(3) Explanation Regarding Forecast of Consolidated Results for Fiscal 2024 and Other Future Projections………………3
2. Quarterly Consolidated Financial Statements and Notes………………………………………………………………… 4(1) Quarterly Consolidated Balance Sheets……………………………………………………………………………… 45(2) Quarterly Consolidated Statements of Income and Comprehensive Income……………………………………………6
First quarter, for the three months ended June 30……………………………………………………………………… 6(3) Quarterly Consolidated Statements of Cash Flows………………………………………………………………………8(4) Notes on Quarterly Consolidated Financial Statements……………………………………………………………… 10(Going Concern Assumption) ……………………………………………………………………………………… 10(Note Regarding Significant Changes in Shareholders’ Equity) ………………………………………………………
10(Note to Changes of Accounting Policies)………………………………………………………………………………
10(Segment Information)……………………………………………………………………………………………… 11

1

1. Qualitative Information Concerning Quarterly Financial Statements and Other Matters(1) Explanation Regarding Consolidated Operating Results
Regarding the economic situation during the first quarter of fiscal 2024, in Japan, a gradual recovery was seen due to firm
capital investment and other factors, and the U.S. economy remained firm. On the other hand, the outlook still remained
uncertain due to the stalling Chinese economy and sharp exchange rate fluctuations, in addition to rising prices such as
resources and raw materials.
Regarding the automobile industry, there is a gradual recovery trend due to the shrinking impact of the semiconductor
shortage and other factors. Although, there is no end in sight to the fraud and other problems at automobile manufacturers inJapan, and some manufacturers are frequently suspending production and shipments or postponing the launch of newvehicles. In China, the business environment surrounding our company is very severe, as the decline in sales and market
share of Japanese vehicles is further accelerating due to price reductions by local Chinese manufacturers, and sales inThailand, Indonesia, and other countries remain sluggish due to high interest rates.
Under these circumstances, consolidated net sales for the first quarter of the fiscal 2024 increased by 1.7% year on year to¥229.7 billion, mainly due to an increase in sales in North America (increased by 14.3% year on year) resulting from neworders and the effect of the weaken Yen, despite sales decreases in Japan (decreased by 6.3% year on year) and China(decreased by 14.2% year on year).
Regarding profits, despite the promotion of rationalization activities at each group company, the operating income
decreased 38.6% year on year to ¥9.0 billion, the recurring profit decreased 33.7% year on year to ¥11.8 billion, and net
income attributable to owners of the parent decreased 50.0% year on year to ¥7.2 billion due to increased fixed costs
resulting from suspension of production and shipments in Japan and reduced production in China, among other factors.
(2) Explanation Regarding Consolidated Financial Position-1. Analysis of assets, liabilities and net assets
Total assets at the end of the first quarter decreased by ¥13.0 billion from the end of the previous fiscal year to ¥952.5 billion,
due to a decrease in accounts receivable.
Total liabilities decreased by ¥14.4 billion from the end of the previous fiscal year to ¥231.8 billion due to a decrease intrade notes and accounts payable.
Total net assets increased by ¥1.3 billion from the end of the previous fiscal year to ¥720.6 billion, due to an increase intranslation adjustments for the weaken Yen, despite there was a decrease due to acquisition of own shares.
-2. Analysis of cash flows
Net cash provided by operating activities was ¥31.0 billion, mainly due to income before income taxes of ¥11.2 billion anddepreciation of ¥10.5 billion. Cash flows from the operating activities was ¥24.1 billion (first quarter of the previous fiscal
year:¥27.9 billion) after reflecting income taxes paid.
Net cash used in investing activities was ¥32.5 billion (first quarter of the previous fiscal year: ¥16.9 billion), mainly due
to payments into time deposits of ¥66.6 billion and capital expenditures of ¥12.3 billion, while there was ¥43.8 billion inproceeds from withdrawal of time deposits.
Cash flows from financing activities resulted in expenditures of ¥22.7 billion (first quarter of the previous fiscal year:¥21.5 billion), the result of mainly reflecting the acquisition of own shares of ¥9.9 billion and the dividend paid of ¥8.9
billion.
As a result, the balance of cash and cash equivalents at the end of the period decreased by ¥30.2 billion from the end of theprevious fiscal year to ¥104.2 billion.

2(3) Explanation Regarding Forecasts for Fiscal 2024 and Other Future Projections
The global automobile production volume in the fiscal 2024, the year ending March 31, 2025, is expected to recovermoderately and increase compared to the previous fiscal year. However, our business environment is very severe and theoutlook is uncertain due to the effects of the fraud problems of Japanese automakers, sluggish sales and production cutbacksof Japanese vehicles in China.
The impact of these factors on consolidated net sales is never avoidable, we are expecting net sales to decrease from theprevious fiscal year in all regions with the exception of the North America, where an increase in new orders is expected,
As for profits, although each group company will thoroughly implement productivity improvement and streamlining
measures, operating income, ordinary income, and net income attributable to owners of the parent are expected to decrease
from the previous year due to the decrease in sales, cost increase caused by inflation and labor shortage in each country, andincrease in investment for new orders and R&D investment for the future.
KOITO has revised its consolidated and non-consolidated business results forecast for the first half and the full-year of fiscal
2024, the year ending March 31, 2025, which were announced in the Consolidated Earnings Report released on April 25,
2024. For details, please refer to “Announcement Regarding the Revision of the Business Results Forecast” announced
today.

3

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheets(¥ millions)First Quarter of Fiscal 2024
As of June 30, 2024

Fiscal 2023
As of March 31, 2024
AssetsCurrent assets:
Cash and time deposits
Trade notes
Electronically recorded monetary claims-operating
Accounts receivable
Contract assets
Inventories
Other current assets
Allowance for doubtful accounts
Total current assets
Non-current assets:
Property, plant and equipment:
Buildings and structures (net)
Machinery and transportation equipment (net)Fixtures, equipment and tools (net)Land
Construction in progress
Other property, plant and equipment
Total property, plant and equipment
Intangible fixed assets
Investments and other assets:
Investment securities
Claims provable in bankruptcy, claims provable inrehabilitation and other
Deferred income tax assets
Net defined assets for retirement benefits
Other investments
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

4

302,874
6,382
8,699
127,597
1,468
95,79640,040△360
582,498

299,5395,435
9,076
115,530
1,957
98,17338,197△272
567,637

59,41685,024
20,226
19,07816,424
6,136
206,305
2,482

61,62388,816
21,234
19,31817,082
6,308
214,384
2,575

147,537

141,318452

477

19,563
3,677
3,646
△568
174,308
383,096965,595

19,339
3,613
3,790
△592
167,946
384,905
952,543

Fiscal 2023
As of March 31, 2024
Liabilities
Current liabilities:
Trade notes and accounts payable
Electronically recorded monetary
obligations-operating
Short-term loans
Accrued expenses
Income taxes payable
Contract liabilities
Allowance for employees’ bonuses
Reserve for product warranties
Other current liabilities
Total current liabilities
Non-current liabilities:
Deferred income tax liabilities
Allowance for directors’ and corporate auditors’
retirement benefits
Reserve for product warranties
Net defined liability for retirement benefits
Other non-current liabilities
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity:
Common stock
Additional paid-in capital
Retained earnings
Treasury common stock, at cost
Total shareholders’ equity
Accumulated other comprehensive income:
Valuation adjustment on marketable securities
Translation adjustments
Adjustments in defined benefit plans
Total accumulated other comprehensive income
Subscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets

5(¥ millions)First Quarter of Fiscal 2024
As of June 30, 2024

103,100

95,876

3,036

3,314

14,29528,613
9,857
3,110
6,720
3,246
20,497
192,479

11,30429,371
2,682
3,491
10,194
3,164
21,103
180,502

27,87926,123

312

326

3,436
16,253
5,963
53,845
246,324

3,603
15,281
6,056
51,391
231,894

14,27013,188524,380△148
551,691

14,27013,188523,059△10,090
540,428

43,791
71,4994,843
120,133
106
47,338719,270
965,595

41,14484,907
5,102
131,154
106
48,959720,648
952,543

(2) Quarterly Consolidated Statements of Income and Comprehensive Income(First quarter, for the three months ended June 30)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income:Interest income
Dividends
Foreign exchange gains
Other non-operating income
Total non-operating income
Non-operating expenses
Interest expenses
Shares of loss of entities accounted for using
equity method
Loss on investment partnership management
Other non-operating expenses
Total non-operating expenses
Recurring profit
Extraordinary gains:
Gain on sales of property and equipment
Gain on sales of investment securities
Total extraordinary gains
Extraordinary losses:
Loss on sales and disposal of property and equipment
Total extraordinary losses
Income before income taxes
Total income taxes
Net income(Break down)
Profit attributable to non-controlling interests
Profit attributable to owners of parent

6

First Quarter of Fiscal 2023
April 1, 2023
to June 30, 2023
225,995
199,222
26,773
12,031
14,741(¥ millions)First Quarter of Fiscal 2024
April 1, 2024
to June 30, 2024
229,772
207,986
21,786
12,741
9,045

800
759
1,960
331
3,851

1,254
836
816
522
3,429

165

113

128

4

189
168
651
17,941

107362
588
11,886

9
1,096
1,105

5
－
5

231
231
18,815
3,111
15,703605
605
11,286
2,666
8,619

1,118
14,585

1,323
7,296

Other comprehensive income
Valuation adjustment on marketable securities
Translation adjustments
Adjustments in defined benefit plans
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income(Break down)Comprehensive income attributable to non-controllinginterests
Comprehensive income attributable to owners of parent

7

First Quarter of Fiscal 2023
April 1, 2023
to June 30, 2023(¥ millions)First Quarter of Fiscal 2024
April 1, 2024
to June 30, 2024

6,616
20,221△72△2,62415,096258

9

126,77442,47812,732
21,351

3,241

3,034

39,23718,316

(3) Quarterly Consolidated Statements of Cash Flows(¥ millions)First Quarter of Fiscal 2023 First Quarter of Fiscal 2024
April 1, 2024 toApril 1, 2023 toJune 30, 2024
June 30, 2023
Cash flows from operating activities
Income before income taxes
Depreciation
Equity in earnings of affiliated companies
Provision for allowance for doubtful accounts
Decrease in retirement benefit asset and liability
Provision for reserve for bonuses
Reserve for product warranties
Interest and dividends received
Interest payments
Gain on sales of marketable and investment securities
Loss on valuation of marketable and investment securities
Loss on sale of property and equipment
Decrease in trade notes and accounts receivable
Increase or decrease in inventories
Increase or decrease in other current assets
Decrease in trade notes and accounts payable
Increase in accrued expenses and other current liabilities
Others
Sub totalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from time deposits
Payments for purchase of marketable and investment
securities
Proceeds from sales of marketable and investment securities
Acquisition of property and equipment
Proceeds from sale and disposal of property and equipment
Payments for new loans
Proceeds from loan repayments
OthersNet cash used in investing activities

8

18,815
10,036
128
△58
△468
3,142
359
△1,559165△1,096
189
222
16,292
1,844△6,434△5,12874△1,41235,111
1,531△165△8,54027,936

11,286
10,580
4
△96
△591
3,446
89
△2,090
113
－
107
599
15,787594
2,066△9,21693△1,72031,056
2,072△113△8,907
24,107△28,404
28,975△66,615
43,898△10,261△58

1,575△10,265
△145
△1
0
1,557
△16,970

2,500△12,339
△384
△0
0
449
△32,549(¥ millions)First Quarter of Fiscal 2023 First Quarter of Fiscal 2024
April 1, 2023 toApril 1, 2024 toJune 30, 2023
June 30, 2024
Cash flows from financing activities
Decrease in short-term loans
Payments for repurchase of treasury stock
Dividends paid by parent company
Dividends paid to non-controlling interests
OthersNet cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Increase or decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of quarter

9△5,230△10,251△4,797△1,176△53△21,509
1,219△9,322
145,798
136,475△3,626△9,942△7,991△1,004△219△22,784963△30,263
134,560
104,297

(4) Notes on Quarterly Consolidated Financial Statements(Going Concern Assumption)
None(Note Regarding Significant Changes in Shareholders’ Equity)
The Company resolved at a meeting of the Board of Directors held on March 28, 2024, the matters concerning theacquisition of own shares pursuant to the provisions of Article 156 of the Companies Act, as applied by replacing therelevant terms pursuant to the provisions of Article 165, paragraph (3) of the same Act. The Company is proceedingwith the acquisition of own shares from April 1, 2024 to March 24, 2025, with a maximum number of 35 million shares
to be repurchased and a total amount of ¥50.0 billion. As a result, the Company repurchased approximately 4 million
shares and ¥9.9 billion of treasury stock during the first quarter of this fiscal year. As a result, treasury common stock
amounted to ¥10.0 billion at the end of the first quarter of this fiscal year.
(Notes to Changes of Accounting policies)(Application of the Accounting Standard for Current Income Taxes)
The amendment to categories in which current income taxes should be recorded (taxes on other comprehensive income)follows the transitional treatment prescribed in the proviso of paragraph 20-3 of the Revised Accounting Standard 2022
and the transitional treatment prescribed in the proviso (2) of paragraph 65-2 of the Implementation Guidance on Tax
Effect Accounting (ASBJ Guidance No.28, October 28, 2022; hereinafter referred to as the “Revised Implementation
Guidance 2022”).
This change in accounting policies has no impact on the quarterly consolidated financial statements.
For the amendment related to the revised accounting treatment for consolidated financial statements when gains orlosses on sale of shares in subsidiaries resulting from transactions between consolidated companies were deferred for tax
purposes, the Revised Implementation Guidance 2022 has been adopted from the beginning of the first quarter ended
June 30, 2024. This change in accounting policies was applied retrospectively.
Hence, the quarterly consolidated financial statements for the same quarter of the previous fiscal year and theconsolidated financial statements for the previous fiscal year have been modified retrospectively. This change inaccounting policies has no impact on the quarterly consolidated financial statements for the same quarter of the previous
fiscal year and the consolidated financial statements for the previous fiscal year.
(Application of “the Treatment of Tax Effect Accounting for the Global Minimum Tax Rules”)“The Treatment of Tax Effect Accounting for the Global Minimum Tax Rules” (the PITF No. 46, March 22, 2024) isapplied from the beginning of the first quarter of fiscal 2024.
Since the treatment prescribed in Paragraph 7 of the PITF No. 46 is followed, the Treatment of Tax Effect Accounting
for the Global Minimum Tax Rules have not been accounted for the consolidated financial statements of the current
fiscal year.

10

(Segment Information)【Segment Information】
Ⅰ. First Quarter of Fiscal 2023 (April 1, 2023 to June 30, 2023)
Information Concerning Net Sales and Operating Income for Each Segment

Japan

North
America

China

Asia

EuropeOther
regions

Total(¥ millions)
Amountrecorded onquarterly
Adjust-ment consolidated
financial(Note 1)statements(Note 3)

Net sales
Sales to outside
83,807
71,035
20,13535,07812,0883,849 225,995－
225,995
customers
Inter-segment
5,934
0
724
749
3
－
7,413
(7,413)－sales and transfers
Total
89,741
71,036
20,86035,827
12,092
3,849 233,408(7,413)225,995
Segment operating364
14,069672
14,741
8,383
1,696
131
3,119
374
incomeNotes 1. The ¥672 million adjustment in segment operating income or loss includes ¥2,173 million in intersegment
eliminations and ¥△1,501 million in unallocated expenses. Unallocated expenses comprise expenses related to
management divisions such as administrative and accounting divisions of the head office of the parent company.
2. The breakdown of countries and regions other than Japan and China is as follows:(1) North America: United States and Mexico(2) Asia: Thailand, Indonesia, Taiwan, India and Malaysia(3) Europe: United Kingdom and Czech Republic(4) Other regions: Brazil
3. Segment operating income or loss is adjusted to operating income in the quarterly consolidated financial statements.
II. First Quarter of Fiscal 2024 (April 1, 2024 to June 30, 2024)
Information Concerning Net Sales and Operating Income for Each Segment

Japan

North
America

China

Asia

EuropeOther
regions

Total(¥ millions)
Amountrecorded onquarterly
Adjust-ment consolidated
financial(Note 1)statements(Note 3)

Net sales
Sales to outside
78,545
81,18917,26837,07911,5484,141 229,772－
229,772
customers
Inter-segment
5,278
216
2,622
264
51
－
8,432
(8,432)－
sales and transfers
Total
83,823
81,40519,89037,343
11,5994,141 238,205(8,432)229,772
Segment operating
2,235
2,335
3,728
41
380
8,462
582
9,045
△259
income or loss (△)
Notes 1. The ¥582 million adjustment in segment operating income or loss includes ¥2,092 million in intersegment
eliminations and ¥△1,510 million in unallocated expenses. Unallocated expenses comprise expenses related to
management divisions such as administrative and accounting divisions of the head office of the parent company.
2. The breakdown of countries and regions other than Japan and China is as follows:(1) North America: United States and Mexico(2) Asia: Thailand, Indonesia, Taiwan, India and Malaysia(3) Europe: United Kingdom and Czech Republic(4) Other regions: Brazil
3. Segment operating income or loss is adjusted to operating income in the quarterly consolidated financial statements.

11