（No Explains）（No Explains）

For Q4 results, sales increased 7% YoY to JPY47.8 billion and operating income increased 21% to JPY3.6 billion,
due to an increase in sales logistics as a result of the recovery in automobile production.
For the full year, sales were JPY191.2 billion, operating income was JPY9.2 billion, ordinary income was JPY13.2billion, and net income attributable to owners parent was JPY9.3 billion.

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The factors of sales increase/decrease for the full year are as follows: positive effect of exchange rates due tothe continued depreciation of the yen; and positive effect of sales volume due to the recovery of automobile
production as the situation of shortage of semiconductors against operation eased due to the high price ofmaterials resulting from the rise in prices of pressed steel materials, etc., despite the decrease in sales due tothe impact of increased customer-received materials for stamping from Q4.
As a result, net sales for the period amounted to JPY191.2 billion.

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Operating income was JPY9.2 billion due to the impact of selling prices, the effect of increased expenses fromhigher material and energy prices, and a large increase in labor and other cost burdens.

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Sales of the stamping and molding segment were JPY136.8 billion due to the impact of yen depreciation, highmaterial prices, and increased sales volume.
Operating income was JPY4.9 billion, unchanged from the previous year, due to increased expenses and laborcosts at the US entities up to a third quarter, despite the effect of increased sales volume.
Sales in the valve segment were JPY54.2 billion due to the significant impact of yen depreciation.
Operating income was JPY4.2 billion despite our efforts to promote price pass-through to compensate forhigher material and other costs.

4Sales in Japan amounted to JPY70.6 billion, mainly due to the impact of higher material prices up to Q3 andthe impact of lower sales from Q4 due to the impact of increased customer-received materials for stamping.
Operating income was JPY4.9 billion due to higher material and energy prices and other costs.
Sales in Europe and the US totaled JPY78.1 billion, partly due to the effect of currency exchange resulting fromthe weaker yen.
Operating income was limited to a loss of JPY100 million for the full year, as the deterioration in earnings atthe US entity from Q2 to Q3 was offset in Q4.
Sales in Asia were JPY42.5 billion and operating income was JPY3.6 billion due to an increase in sales volume.

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This slide shows the quarterly changes in sales and operating income.
In Q4, sales volume increased, but sales decreased due to the increase of customer-received materials forstamping. Profits were higher than in Q3 due to an increase in volume and improved profitability.

6Full-year sales are projected at JPY185 billion. We assume that sales volume will recover, although there will
be a sales decrease impact of about JPY20 billion due to the impact of increased customer-received steel
materials for stamping starting in Q4 FY2022. Operating income is projected at JPY10 billion, ordinary income
at JPY13 billion, and current net income at JPY9 billion.

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For the full year, we forecast net sales of JPY185 billion, down JPY6.2 billion from JPY191.2 billion in theprevious year, due to the impact of increased customer-received steel materials for stamping, foreignexchange effects, and lower sales prices, although we will increase sales volume.

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Operating income for the full year is projected to be JPY10 billion, an increase of JPY700 million YoY. Since we
expect production recovery to proceed, we will work to steadily restore earnings and secure profits by making
improvements.

9Sales of the stamping and molding segment amounted to JPY131.5 billion, including a decrease in sales dueto the impact of increased customer-received materials for stamping.
Operating income is projected at JPY7 billion.
The valve segment is forecasted to achieve sales of JPY53 billion and operating income of JPY3 billion.

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We forecast sales in Japan of JPY68.5 billion and operating income of JPY4 billion.
We forecast sales in Europe and America of JPY74.7 billion and operating income of JPY1.9 billion.
We forecast sales in Asia of JPY41.8 billion and operating income of JPY3.3 billion.

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In addition to production preparations for the usual new product launches, capital investment in FY2022
included the construction of a new plant in the Ogaki area as an investment for future growth, as well as theintroduction of press welding equipment to increase production in Japan, the US, and China.
For FY2022 results, capital investment was JPY22.9 billion, and depreciation increased JPY1.7 billion YoY toJPY18.2 billion.
In FY2023, we plan to invest JPY38 billion, including the construction of a new plant.
In response to an increase in orders from customers, we will increase our production capacity and also invest
in building a more efficient production system to strengthen our competitiveness.

12Regarding cash flow, the Group is strengthening its internal cash management and promoting efficient fundmanagement.
In FY2022, there was a one-time increase in cash to prepare for plant investment payments.
In FY2023, cash and cash equivalents will decrease by JPY10 billion due to payments for plant construction
and other items.
Interest-bearing debt is expected to increase by JPY6.8 billion, as it will be partially financed by borrowings.

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Dividends for FY2022 were in line with the dividend forecast indicated at the beginning of the fiscal year. The
year-end dividend was JPY22, and the annual dividend was JPY42.
The annual dividend for FY2023 is planned to be JPY42 per share.
The acquisition of treasury stock, which was disclosed in conjunction with the earnings announcement onApril 27, was completed on April 28. The total number of shares acquired was 1.09 million shares for a total
amount of JPY1.2 billion.
The purpose of this acquisition is to improve shareholder returns and capital efficiency and to implement aflexible capital policy.

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