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.
The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from thetranslation.

Securities Code: 6482
June 2, 2023
Dear Shareholders,

Notice of Convocation for
the 50th Ordinary General Meeting of Shareholders
We would like to express our deepest appreciation for your continued support and patronage.
Notice is hereby given that the 50th Ordinary General Meeting of Shareholders of YUSHINPRECISION EQUIPMENT CO., LTD. will be held as set out below:
This General Meeting of Shareholders has adopted electronic provision measures. Therefore, in accordance with Article 325-3 of the Companies Act, we have posted the electronic provision measure matters on our website on the Internet (https://ir.ype.co.jp/en/stock/meeting.html), where you can check thedetails.
In addition to our website, we have also posted the matters on the Tokyo Stock Exchange (TSE) website (https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show), where you can access thematters by 1) searching for “YUSHIN” in the issue name (company name) filed or “6482” in the code field,2) selecting “Basic Information” – “Documents for Public Inspection/PR Information.”
If you do not intend to attend the meeting in person, you may exercise your voting rights inwriting or by electromagnetic means (the Internet and others). Please refer to the enclosed Reference
Documents for the General Meeting of Shareholders and exercise your voting rights no later than 5
p.m. on Tuesday, June 20, 2023 (JST.)
Details1.
2.

Date and Time:
Place:

Wednesday, June 21, 2023 at 10 a.m.
Conference Room on the 6th Floor,
Head Office of YUSHIN PRECISION EQUIPMENT CO., LTD.
555 Kuzetonoshiro-cho, Minami-ku, Kyoto

3.

Objectives of the Meeting:
Matters to be reported:a)b)

Business Report and Consolidated Financial Statements for the50th Fiscal Year (from April 1, 2022 to March 31, 2023) as well as
the audit reports from the Accounting Auditor and the Board of
Corporate Auditors on the Consolidated Financial Statements
Report on the Non-Consolidated Financial Statements for the 50th
Fiscal Year (from April 1, 2022 to March 31, 2023)

Agenda for resolution:
Proposal:
Election of Eight (8) Directors
Sincerely Yours,
Takayo Kotani
Representative Director and President
YUSHIN PRECISION EQUIPMENT CO., LTD.
555 Kuzetonoshiro-cho, Minami-ku,
Kyoto, Japan– 1 –Notes:In the event of any modifications to electronic provision measures matters, the information before and after the modifications
will be posted on the respective websites listed on the previous page.
Among electronic provision measures matters, “Consolidated Statements of Changes in Equity”, “Basis of Preparing Consolidated Financial Statements and other Notes”, “Statements of Changes in Equity” and “Significant Accounting Policies and othernotes” are not included in the documents delivered to shareholders who have requested delivery of such documents, pursuant to
the provisions of laws and regulations and Article 14, Paragraph 2 of the Articles of Incorporation of the Company.
Besides, “Consolidated Statements of Changes in Equity”, “Basis of Preparing Consolidated Financial Statements and otherNotes”, “Statements of Changes in Equity” and “Significant Accounting Policies and other notes” were audited by the Accounting
Auditor and the Corporate Auditor as part of the Consolidated Financial Statements and the Non-consolidated Financial Statements
in preparing the Audit Report.

– 2 –Reference Documents for the General Meeting of Shareholders
Proposal: Election of Eight (8) Directors
The terms of all of the Directors (8 members) will expire at the conclusion of this General Meeting of
Shareholders.
Therefore, the Company is asking shareholders to vote for these eight (8) Director nominees.
The nominees are as follows.

No.

Current position in
the Company

Name

Areas of responsibility,
and representation ofother organizations

1

Takayo Kotani

Reappointment

Representative Director andPresident

2

Kota Oda

Reappointment

Director andExecutive Vice President

General Manager of
Administration Division

3

Yasushi Kitagawa

Reappointment

Executive Managing Director

General Manager of
Manufacturing Division
and General Manager ofPurchasing Division

4

Tomohiro Inano

Reappointment

Managing Director

General Manager ofSales Division

5

Masahito Fukui

Reappointment

Director

Corporate Management

6

Yasuo Nishiguchi

Director

Chairman of YAMADA
Consulting Group Co.,Ltd.

Director

Professor emeritus at
Kyoto University

Director

Outside Director of
LUCKLAND CO., LTD.
(Audits Committee)
Outside Director of
Mandom Corporation

Reappointment
External Independent

Reappointment
7

Hiroshi Matsuhisa
External Independent

Reappointment
8

Reiko Nakayama
External Independent

– 3 –

No.

Career summary, position, areas of responsibility,
and representation of other organizations

Name(Date of birth)

Reappointment

Takayo Kotani

April 2008
October 2008
April 2009
April 2019
June 2019
June 2020
October 2020

(August 26, 1977)
June 2021

1

Joined the Company
Manager of R&D Section
General Manager of R&D Department
Executive Officer and General Manager of R&D Department
Executive Officer and General Manager of R&D Division
Managing Director and General Manager of R&D Division
Director and Executive Vice President
and General Manager of R&D Division
Representative Director and President (to present)

Number of shares held: 1,968,532 shares
Reasons for appointment:
Takayo Kotani has been involved in R&D, promotion of development strategies and management, and has a wealth ofexperience and accomplishments. Her achievements have been socially recognized, such as receiving the Japan Societyof Mechanical Engineers Prize for the development of robot technology. Since June 2021, she has served as Representative Director and President, taking the lead in formulating management strategies for sustainable growth and strengthening the Company’s organizational structure. The Company has nominated her as a Director because she is expected
to strengthen the decision-making and supervisory functions of the Board of Directors.
Reappointment
October 2015
April 2019
June 2020
June 2021
2

Kota Oda(June 10, 1978)

June 2022

Joined the Company
as General Manager of General Affairs Department
Executive Officer
and General Manager of General Affairs Department
Directorand General Manager of General Affairs Department
Managing Director
and General Manager of General Affairs Department
Director and Executive Vice President
and General Manager of Administration Division (to present)

Number of shares held: 15,000 shares
Reasons for appointment:
Kota Oda has extensive experience and achievements in overseeing and managing corporate divisions. As Executive
Vice President since June 2022, he has provided leadership in formulating strategies for the Company's sustainablegrowth and strengthening the organizational structure. The Company has nominated him as a candidate for Director
because he is expected to continue to strengthen the decision-making and supervisory functions of the Board of Directors.

– 4 –

No.

Career summary, position, areas of responsibility,
and representation of other organizations

Name(Date of birth)

Reappointment
September 2007
November 2007
April 2008
April 2009

August 2009
June 2010
June 20133

Yasushi Kitagawa

June 2017(August 12, 1958)
July 2020
June 2021

Joined the Company
Deputy General Manager of Manufacturing Division
Deputy General Manager of Manufacturing Division
and Quality Assurance Department
Executive Officer,
Deputy General Manager of Manufacturing Division
and Quality Assurance Department
Executive Officer, General Manager of Manufacturing Division
and Quality Assurance Department
Director and General Manager of Manufacturing Division
and Quality Assurance Department
Managing Director and General Manager of Manufacturing Division
and Quality Assurance Department
Executive Managing Director
and General Manager of Manufacturing Division
and Quality Assurance Department
Executive Managing Director
and General Manager of Manufacturing Division
Executive Managing Director
and General Manager of Manufacturing Division
and General Manager of Purchasing Division (to present)

Number of shares held: 11,000 shares
Reasons for appointment:
Yasushi Kitagawa has been involved in the management and operation of production and purchasing, and thus has
extensive experience and achievements in the business. The Company has nominated him for Director as he is expected
to strengthen the decision-making and supervisory functions of the Board of Directors.
Reappointment
June 1989
August 2005
April 2008

4

Tomohiro Inano(December 13, 1962)

July 2009
February 2010
March 2011
March 2014
June 2017
June 2022

Joined the Company
General Manager of YUSHIN PRECISIONEQUIPMENT TRADING (SHENZHEN) CO., LTD.
General Manager of Chinese Area and YUSHINPRECISION EQUIPMENT TRADING (SHENZHEN) CO., LTD.
Assistant to General Manager of Sales Division
Deputy General Manager of Sales Division
General Manager of Sales Division
Executive Officer and General Manager of Sales Division
Director and General Manager of Sales Division
Managing Director and General Manager of Sales Division(to present)

Number of shares held: 10,400 shares
Reasons for appointment:
Tomohiro Inano has been involved in the management and operation of sales and has extensive experience in the business. The Company has nominated him for as a Director because he is expected to strengthen the decision-making andsupervisory functions of the Board of Directors.

– 5 –

No.

Career summary, position, areas of responsibility,
and representation of other organizations

Name(Date of birth)

Reappointment
October 2013
July 2015
April 2017

April 2020

5

Masahito Fukui(June 30, 1960)

June 2020
June 2022

Joined the Company as General Manager of Internal Audit Office
General Manager of Accounting Department
Executive Officer
and General Manager of Corporate Management Department
and General Manager of Accounting Department
Executive Officer
and General Manager of Corporate Management Department
Directorand General Manager of Corporate Management Department
Director, Corporate Management (to present)

Number of shares held: 5,000 shares
Reasons for appointment:
Masahito Fukui has been involved in the management and operation of group accounting and finance, IT system management, and auditing, etc., and has extensive experience in the business. The Company has nominated him for as a
Director because is expected to strengthen the decision-making and supervisory functions of the Board of Directors.
Reappointment
March 1975
June 1987
June 1992
June 1997
June 1999
June 2003
June 2005

Yasuo Nishiguchi
6(October 9, 1943)

April 2006
June 2009
June 2014
March 2015
June 2016
March 2018
April 2020

External

Independent

Joined Kyoto Ceramic Co., Ltd.(currently KYOCERA Corporation)
Director
Senior Managing Director and Representative Director
Executive Vice president and Representative Director
President and Representative Director
President and Representative Director and President
and Executive Officer
Chairman of the Board and Representative Director,
and Chief Executive Officer
Advisor and Director
Retired from the office of Director
External Director of the Company (to present)
Chairman and CEO of Socionext Inc.
Outside Director of YAMADA Consulting Group Co., Ltd.
Retired from Chairman and CEO of Socionext Inc.
Chairman of YAMADA Consulting Group Co., Ltd. (to present)

Number of shares held: 56,000 shares
Reasons for selection as a candidate for External Director and expected role:
The Company has renominated Yasuo Nishiguchi as a candidate for External Director in order to continue to utilize hisknowledge and experience in all aspects of management, which he has cultivated through his key positions as President
and Representative Director and the Chairman of KYOCERA Corporation, in the management of the Company. He is
expected to strengthen the functions of the Company’s Board of Directors by advising and supervising managementfrom an independent standpoint, utilizing his expertise as a person with management experience.

– 6 –

No.

Career summary, position, areas of responsibility,
and representation of other organizations

Name(Date of birth)

Reappointment
June 1976
October 1987
April 1994

Hiroshi Matsuhisa
7

April 2012
June 2014
June 2016(August 5, 1947)
June 2018

External Independent

Research Assistant of school of precision engineering in Faculty ofEngineering at Kyoto University
Assistant professor
Professor( transferred to graduate school of department of Mechanical Engineering and Science by a reorganization in 1995)
Professor emeritus at Kyoto University (to present)
External Director of the Company (to present)
Outside Corporate Auditor ofTechnology Seed Incubation Co., Ltd.
Retired from Outside Corporate Auditor ofTechnology Seed Incubation Co., Ltd.

Number of shares held: 15,000 shares
Reasons for selection as a candidate for External Director and expected role:
The Company has renominated Hiroshi Matsuhisa as a candidate for an External Director in order to continue to utilize
his expertise as an academic expert in engineering in the management of the Company. He is expected to strengthen thefunctions of the Company’s Board of Directors by advising and supervising management from an independent standpoint. Although he has no direct experience for business management, the Company believes that he has the ability toproperly perform the duties as an External Director of the Company as described above.
Reappointment
April 1983

8

Reiko Nakayama(April 2, 1959)

January 1997
March 2000
October 2004
October 2008
February 2009
March 2013
March 2015
March 2016

June 2018
June 2019
Number of shares held: 20,062 shares

External Independent

Joined Japan Associated Finance Co., Ltd. (currently JAFCO Group
Co., Ltd.)
Joined Marusan Securities Co., Ltd.
General Manager of Investment information
General Manager of Underwriting
Part-time Director of LivTech, Inc.
Director and Head of Administrative H.Q. of LivTech, Inc.
Retired from the office of Director of LivTech, Inc.
Outside Director of LUCKLAND CO., LTD.
Outside Director of LUCKLAND CO., LTD. (Audits Committee)(to present)
External Director of the Company (to present)
Outside Director of Mandom Corporation (to present)

Reasons for selection as a candidate for External Director and expected role:
The Company has renominated Reiko Nakayama as a candidate for External Director to continue to apply her rich insightbased on her experience as a general manager of an underwriting department of a securities company, an officer in chargeof administration of an operating company, and an External Director to the management of the Company. She is expected
to strengthen the functions of the Company's Board of Directors by advising and supervising management from an independent standpoint.

– 7 –Notes:
1.
2.
3.
4.

5.

6.

7.

8.

The candidates for Directors have no special interests in the Company.
Takayo Kotani’s registered name is Takayo Oda.
Yasuo Nishiguchi, Hiroshi Matsuhisa and Reiko Nakayama are candidates of External Directors.
Yasuo Nishiguchi, Hiroshi Matsuhisa and Reiko Nakayama are the present External Directors of the Company. Yasuo
Nishiguchi and Hiroshi Matsuhisa, their term of office as an External Director of the Company is respectively nine (9)years at the conclusion of this General Meeting of Shareholders, Reiko Nakayama, five (5) years.
The Company has registered Yasuo Nishiguchi, Hiroshi Matsuhisa and Reiko Nakayama as Independent Officers provided in the rules of the Tokyo Stock Exchange. If Yasuo Nishiguchi, Hiroshi Matsuhisa and Reiko Nakayama are reappointed, the Company plans to continue to make them Independent Officers.
The Company has concluded an agreement with Yasuo Nishiguchi, Hiroshi Matsuhisa, and Reiko Nakayama to limit
their liabilities for damages under Paragraph 1, Article 423 of the Companies Act in accordance with the provisions ofParagraph 1, Article 427 of the Companies Act. The maximum amount of liability for damages under such agreement
shall be the minimum amount of liability under Paragraph 1, Article 425 of the Companies Act. If Yasuo Nishiguchi,
Hiroshi Matsuhisa and Reiko Nakayama are reappointed, the agreement will be continued.
The Company has concluded an indemnification agreement with Takayo Kotani, Kota Oda, Yasushi Kitagawa, Tomohiro
Inano, Masahito Fukui, Yasuo Nishiguchi, Hiroshi Matsuhisa and Reiko Nakayama to guarantee the expenses set forthin Paragraph 1, Article 430-2 of the Companies Act and the loss set forth in Item 1 and 2 of that paragraph to the extent
stipulated by laws and ordinances. If the reappointment of each candidate is approved, the Company plans to continue
the agreement with each person.
The Company has concluded Directors and Officers Liability Insurance (hereinafter referred to as "D&O Insurance") as
stipulated in Paragraph 1, Article 430-3 of the Companies Act with an insurance company. The insurance will cover any
damages, etc. (However, damages that fall under the reasons for exemption specified in the insurance contract are excluded.) that the Corporate Auditors, etc. are liable for damages due to their work. The Company bears the entire premium
for D&O insurance. If Takayo Kotani, Kota Oda, Yasushi Kitagawa, Tomohiro Inano, Masahito Fukui, Yasuo Nishiguchi,
Hiroshi Matsuhisa, and Reiko Nakayama are reappointed, they will continue to be insured by D&O insurance. The contract period for D&O insurance is one year, and it will be renewed after a resolution by the Board of Directors before theexpiration of the period.

– 8 –Reference information

Skills Matrix of Directors and Corporate Auditors

Kota
Oda

Director andExecutive
Vice President

Male

✓

Yasushi
Kitagawa

Executive
Managing
Director

Male✓

Tomohiro
Inano

Managing
Director

Male✓

Masahito
Fukui

Director

Male

✓

Yasuo
Nishiguchi

External Director

Male

✓

HiroshiMatsuhisa

External Director

Male

Reiko
Nakayama

External Director

Female✓KatsumiNoda

Full-time Corporate Auditor

Male

✓

HirohoKamakura

External Corporate Auditor

Male

✓

TetsuyaNonakaExternal Corporate Auditor

Male

✓

✓

✓
✓
✓

✓

✓

✓

✓

✓

✓
✓

✓

✓

✓
✓

✓

✓

✓
✓

✓

✓
✓

✓

Governance,
Risk management
and Compliance✓

IT and DX✓

Finance and Accounting

Human resource Development
and Sustainability✓

GlobalDevelopment, Engineering,and Quality

FemaleSales and Marketing

Management

Representative
Directorand President

Position

TakayoKotani

Name

Gender

The following table set forth the list of Directors and Corporate Auditors, if Proposal is approved, and theirskills.

✓

✓
✓

✓

✓
✓

This table shows the maximum four primary skills of each personnel except “Management.”
This table does not reflect all of the knowledge or experience of each Director and Auditor.

– 9 –(Attached Documents)

Business Report(from April 1, 2022 to March 31, 2023)
1.

Current Business Conditions

Net sales

Operating profit

22,373 million yen

2,639 million yen

7.2% Y/Y(8.7%) Y/YOrdinary profit

Profit attributable to owners of parent

2,787 million yen

1,922 million yen(9.7%) Y/Y(9.0%) Y/Y(1) Progress and achievements
During the current consolidated fiscal year, the global economy showed a recovery trend toward positive
growth, as business and economic activities go hand in hand, as the restriction on business activities is easedby the global progress in vaccination against COVID-19 infection. On the other hand, the outlook for theexchange rate is becoming increasingly uncertain, and there are concerns that the economic recovery will
be delayed due to rising raw material and ocean transportation costs caused by geopolitical risks.
Under these circumstances, YUSHIN Group has continued to develop new customers on a global scaleand expand the business of custom-ordered equipment for medical field.
As a result, orders received during the consolidated fiscal year increased significantly year on year due
to the orders received for large scale custom-ordered medical equipment.
For the current consolidated fiscal year, Net sales of take-out robots decreased compared with the previous consolidated fiscal year, partly due to the impact of China lockdown, while sales of custom-ordered
equipment increased due to the contribution of a large order for medical equipment. By region, Net sales inJapan, North America, and Europe remained strong, due in part to increased sales of custom-ordered equipment. As a result, the consolidated Net sales increased 7.2% from the previous period to 22,373 million yen.
In terms of profit, Operating profit decreased 8.7% from the previous period to 2,639 million yen, despite
the increase in consolidated Net sales, due to higher labor costs and increases in material prices and oceantransportation costs.
Ordinary profit decreased 9.7% to 2,787 million yen despite foreign exchange gains, and Net income
attributable to owners of parent decreased 9.0% to 1,922 million yen.
During the current consolidated fiscal year, the Company adopted the recommendations of “the Task
Force on Climate-related Financial Disclosures (TCFD)”, established “YUSHIN Group Human Rights Policy”, formed a “sustainability committee”, identified sustainability “materiality”, and continued to promotesustainability activities throughout the year. We will continue to contribute to the creation of a sustainable
society and environment through our business activities focused on providing labor-saving solutions, while
striving for sustainable business development and increasing corporate value.
Consolidated net sales by product category(Thousands of yen)
Years ended March 31
Product

2022
Amount2023%

AmountY/Y%%

Take-out robots

14,282,738

68.4

14,154,064

63.3

(0.9)

Custom-ordered equipment

3,124,841

15.0

4,406,207

19.7

41.0

Parts and maintenance services

3,467,065

16.6

3,812,917

17.0

10.0

Total

20,874,646

100.0

22,373,189

100.0

7.2

– 10 –

Reference information

Current Trend of Business Performances

Net sales

Ordinary profit(Millions of yen)

25,000(Millions of yen)

4,000

22,373
20,87420,011

3,085

18,47320,000

3,000

2,787

2,608
2,205

15,0002,000
10,000
1,000

5,000

0

0
FY2020

FY2021

FY2022

FY2023

FY2020

Profit attributable to owners of parent

FY2021

FY2022

FY2023

Earnings per share(Millions of yen)

(Yen)

2,500

75

2,112
1,827

2,000

62.06

1,922

60

1,532

56.50

53.70
45.01

1,500

45

1,000

30

500

15

0

0
FY2020

FY2021

FY2022R&D expenses

FY2023

FY2020Equity ratio

85.3

(%)
10

83.5

83.5

79.0

75

5.7
400

369

347

367

FY2023

(%)
100

600

FY2022

ROE(Millions of yen)800

FY2021

6.5

7.1
6.1

399

200

50

5

25

0

0
FY2020 FY2021 FY2022 FY2023

0
FY2020 FY2021 FY2022 FY2023– 11 –FY2020 FY2021 FY2022 FY2023

Reference information

Sales Information

Sales by product category
Take-out robots(Millions of yen)

Sales Ratio
Take-out Robots

20,00014,282

FY2023

14,154

11,90463.3%- decreased by 128 million yen (-0.9%)
from the previous FY to 14,154 million yen.
- While sales in North America, Korea,
and Thailand were strong, China wasaffected by the market slowdown due tothe lockdown.

10,000Overseas Overseas
8,911
7,718

Overseas
8,887

FY2021

FY20230
FY2022Custom-ordered equipment(Millions of yen)
5,000

Sales Ratio
Custom-ordered
Equipment

4,406
3,422

19.7%

FY2023

3,124

2,500

Overseas Overseas
2,034
1,729

- increased by 1,281 million yen(+41.0%) from the previous FY to4,406 million yen.
- Sales in Europe for medical applications grew, and sales in Japan andNorth America also remained strong.

Overseas
2,408

0FY2021

FY2022

FY2023

Parts and maintenance services

17.0%(Millions of yen)

Sales Ratio
Parts andmaintenance services

5,000

3,812
3,147

3,467

FY2023

2,500

Overseas Overseas
1,971
1,784

Overseas
2,225

FY2021

FY2023- increased by 345 million yen(+10.0%) from the previous FY to3,812 million yen.
- Sales increased in line with the global
increase in the number of units in operation.

0
FY2022– 12 –

Reference information

Sales Information

Sales by regions
Japan
39.6%
(Millions of yen)
10,000

6,936

8,262

Sales Ratio
Japan

8,851

5,000

- increased by 589 million yen(+7.1%) from the previous FY to8,851 million yen.
- Sales grew due to demand forcapital investment, especially inthe electronics industry.

0
FY2021

FY2022

FY2023

FY2023

Asia(Millions of yen)

Sales Ratio
Asia

10,000

6,940
5,786

6,860

30.7%

5,000

- decreased by 80 million yen(-1.2%) from the previous FY to6,860 million yen.
- Sales in South Korea and Southeast Asian countries remained
strong, while sales in China weresluggish due to the impact of the
lockdown.

0
FY2021

FY2022

FY2023

FY2023

North America(Millions of yen)

Sales Ratio
North America

4,674

5,000

3,375

4,103

2,500

- increased by 571 million yen(+13.9%) from the previous FY
to 4,674 million yen.
- Sales of take-out robots and custom-ordered equipment werestrong, especially for mobility
and medical related applications.

0
FY2021

20.9%
FY2023

FY2022

FY2023– 13 –

Europe
6.0%(Millions of yen)

Sales Ratio
Europe3,000

FY2023

1,782
1,500

1,075

1,333

FY2022

FY2023- increased by 257 million yen(+23.9%) from the previous FY
to 1,333 million yen.
- Sales increased due to large orders for custom-ordered equipment for the medical market.

0
FY2021Others2.9%(Millions of yen)

Sales Ratio
Others1,000

FY2023

653

593
492
500

- increased by 161 million yen(+32.7%) from the previous FY
to 653 million yen.

0
FY2021

FY2022

FY2023– 14 –

(2) Capital investment
Capital investments made by YUSHIN Group during the current consolidated fiscal year ended March
31, 2023 totaled 319 million yen, mainly consisting of 150 million yen for the opening of the showroom inTechnical Center.
(3) Financing activities
No material items to report.
(4) Assets and operating results FY2020 – FY2023
Years ended March 31,

FY2020

FY2021

FY2022

FY2023

Net sales(Thousands of yen)

20,011,700

18,473,964

20,874,646

22,373,189

Ordinary profit(Thousands of yen)

2,205,033

2,608,925

3,085,275

2,787,011

Profit attributable toowners of parent(Thousands of yen)

1,532,851

1,827,868

2,112,238

1,922,822

Earnings per share
(Yen)

45.01

53.70

62.06

56.50

Total assets(Thousands of yen)

31,933,368

34,649,136

36,892,986

40,843,235

Net assets(Thousands of yen)

27,471,961

29,171,922

31,047,712

32,586,298

Book value per share(Yen)

800.04850.14904.77948.36

Notes:
Earnings per share are calculated based on the average number of shares outstanding during the fiscal year and Book value pershare, on the number of shares outstanding at the end of the year.

(5) Issues to address
With regard to the external environment surrounding our company, while the uncertainty surrounding the
COVID-19 infection has subsided and the economic growth rate is expected to improve in some regions,
including China, the growth rate is expected to remain low in some regions due to rising interest rates tocurb inflation and the impact of geopolitical risks. In the medium to long term, the global trend toward
production automation is expected to continue, with attention to labor safety and improving production
efficiencies.
In this environment, YUSHIN Group will continue to quickly take advantage of changes in the businessenvironment and strive for further development as a leading company in take-out robot industry, based on
the management philosophy of “Look outward far and wide, constantly seek technological innovation andgive back to society for all it has given us.”
To this end, YUSHIN Group will work to expand sales of the robots by enhancing product appeal andstrengthening global sales development. We will collect accurate market information to increase our global
market share. For custom-ordered equipment, in response to increasing demand for automation at home andabroad due to labor shortages and rising labor costs, YUSHIN Group will continue to work to expand sales
and develop new business.
At the same time, we will promote measures to address the five material issues identified for the fiscal
year ending March 31, 2023: “Promotion of occupational safety”, “Productivity improvement of customers’
factory”, “Tackling climate change”, “Strengthening human capital”, and “Strengthening corporate governance.” In addition, we will increase productivity by strengthening our organization, human capital development, and IT systems with a focus on CI penetration, and by improving the quality, efficiency, and speed of
our operations.

– 15 –

(6) Status of major subsidiaries
Name

YUSHIN KOREA CO., LTD.

YUSHIN PRECISIONEQUIPMENT TRADING(SHANGHAI) CO., LTD.
YUSHIN PRECISIONEQUIPMENT TRADING(SHENZHEN) CO., LTD.
YUSHIN PRECISIONEQUIPMENT (TAIWAN) CO.,LTD.

Location

Siheung-Shi,
South Korea

Shanghai,
China
Shenzhen,
Guangdong,
China
Taipei City,
Taiwan(R.O.C.)

Capital stock

Percentage ofshareholding

Major operations

KRW350 million

100%

Sales and maintenance & repair of the Company products.
Manufacturing, sales andmaintenance & repair of Custom-ordered equipment

US$200,000

100%

Sales and maintenance & repair of the Company products

US$400,000

100%

Sales and maintenance & repair of the Company products

NT$5 million

100%

Sales and maintenance & repair of the Company products

PT. YUSHIN PRECISIONEQUIPMENT INDONESIA

Bekasi,Indonesia

IDR2,841 million

99%

Sales and maintenance & repair of the Company products

YUSHIN PRECISIONEQUIPMENT (VIETNAM)
CO., LTD.

Hanoi,
Vietnam

US$300,000

100%

Sales and maintenance & repair of the Company products

YUSHIN PRECISIONEQUIPMENT SDN. BHD.

Selangor,
Malaysia

MYR1 million

100%

Sales and maintenance & repair of the Company products

YUSHIN PRECISIONEQUIPMENT (THAILAND)
CO., LTD.

Bangkok,Thailand

THB8 million

49%

Sales and maintenance & repair of the Company products.
Manufacturing, sales andmaintenance & repair of Custom-ordered equipment

YUSHIN PRECISIONEQUIPMENT (INDIA) PVT.
LTD.

Chennai,
India

INR17.4 million

97.9%

Sales and maintenance & repair of the Company products

YUSHIN EUROPE GMBH

Bayern,Germany

EUR25,000

100%

Sales and maintenance & repair of the Company products

YUSHIN AUTOMATIONLTD.

Worcestershire,
U.K.

GBP150,000

95.6%

Sales and maintenance & repair of the Company products

YUSHIN AMERICA, INC.

Rhode Island,
U.S.A.

US$8,000

100%

Sales and maintenance & repair of the Company products.
Manufacturing, sales andmaintenance & repair of Custom-ordered equipment

GUANGZHOU YUSHINPRECISION EQUIPMENT
CO., LTD.

Guangzhou,
Guangdong,
China

RMB13.742
million100%

Manufacturing of the Company products– 16 –

(7) Major operations (as of March 31, 2023)
Development, manufacture and sale of Cartesian robots and other industrial equipment and systems forfactory automation.
(8) Main sales offices and factories (as of March 31, 2023)
Name

Location

Head Office

Minami-ku, Kyoto-city

Fushimi Factory

Fushimi-ku, Kyoto-city

Technical Center

Minami-ku, Kyoto-city

Higashi-Nihon General Sales OfficeKita-ku, Saitama-city

Nishi-Kanto Sales Office

Atsugi-city, Kanagawa

Nagano Sales Office

Shiojiri-city, Nagano

Tohoku Sales Office

Fukushima-city, Fukushima

Tsukuba Sales Office

Tsukuba-city, Ibaraki

Chubu General Sales Office

Toyokawa-city, Aichi

Shizuoka Sales Office

Suruga-ku, Shizuoka-city

Nagoya-Nishi Sales Office

Kuwana-city, Mie

Nishi-Nihon General Sales Office

Minami-ku, Kyoto-city

Toyama Sales OfficeToyama-city, Toyama

Hiroshima Sales Office

Asaminami-ku, Hiroshima-city

Fukuoka Sales Office

Onojo-city, Fukuoka

Philippines Representative Office

Makati City, Philippines(9) Employees (as of March 31, 2023)
Number of employees

Increase and decrease from the end of previous consolidated FY

715 (62)

23 increaseNote:
The number of employees represents full-time employees only (including those seconded to the Company). Part-time and otherirregular employees are shown separately with their average annual number indicated in brackets ( ).

(10) Major creditors (as of March 31, 2023)
No items to report.
(11) Other important matters relating to the status of other business group
No items to report.

– 17 –

2.

Matters Relating to the Company’s Shares (as of March 31, 2023)(1) Number of shares authorized:(2) Total number of issued shares:(3) Number of shareholders:(4) Major shareholders:

80,000,000
35,638,066
6,624
Number of shares held(Thousands of shares)

Name

Shareholding ratio (%)

Yushin Industry Co., Ltd.

11,992

35.2

The Master Trust Bank of Japan, Ltd. (Trust Account)

2,592

7.6

Takayo Oda

1,968

5.8

Miki Murata

1,847

5.4

Custody Bank of Japan, Ltd. (Trust Account)

1,253

3.7

The Kyoto Chuo Shinkin Bank, Ltd.

1,088

3.2

Mayumi Kotani

968

2.8

RBC IST 15 PCT NON LENDING ACCOUNT-CLIENT
ACCOUNT862

2.5

MUFG Bank, Ltd.

849

2.5

STATE STREET BANK AND TRUST COMPANY
505001832

2.4

Notes:
1. The Company holds 1,603,076 shares of treasury stock, but is not included in the above major shareholders.
2. Shareholding ratio is calculated excluding the treasury stock.

– 18 –

3.

Matters Relating to Company Officers(1) Directors and Corporate Auditors (as of March 31, 2023)
Position

Responsibilities and representation ofother organization

Name

Representative Director
and President

Takayo Kotani

Director andExecutive Vice President

Kota Oda

General Manager of Administration Division

Executive Managing Director

Yasushi Kitagawa

General Manager of Manufacturing Division
and General Manager of Purchasing Division

Managing Director

Tomohiro Inano

General Manager of Sales Division

Director

Masahito Fukui

Corporate Management

Director

Yasuo Nishiguchi

Chairman of YAMADA Consulting Group Co., Ltd.

Director

Hiroshi Matsuhisa

Professor emeritus of Kyoto University

Director

Reiko Nakayama

Outside Director of LUCKLAND CO., LTD. (Audits Committee)
Outside Director of Mandom Corporation

Full-time Corporate Auditor

Katsumi Noda

External Corporate Auditor

Hiroho Kamakura

Certified Public Accountant
Outside Corporate Auditor of TRUSCO NAKAYAMA Corporation
Outside Corporate Auditor of SymEnergy Inc.

External Corporate Auditor

Naohiro Tsuda

Attorney
Senior Partner of Naniwabashi Law Office LPC

Notes:
1.
Directors, Yasuo Nishiguchi, Hiroshi Matsuhisa and Reiko Nakayama are External Directors defined in Item 15, Article 2 of
the Companies Act.
2.
Corporate Auditors, Hiroho Kamakura and Naohiro Tsuda are External Corporate Auditors defined in Item 16, Article 2 of
the Companies Act.
3.
Corporate Auditor, Hiroho Kamakura is a Certified Public Accountant with expertise in finance and accounting.
4.
The Company has designated Director, Yasuo Nishiguchi, Director, Hiroshi Matsuhisa , Director, Reiko Nakayama, Corporate
Auditor, Hiroho Kamakura and Corporate Auditor, Naohiro Tsuda as Independent Officers as required by the Tokyo Stock
Exchange and reported to the Exchange.
5.
Due to the retirement of Naohiro Tsuda upon his death on April 4, 2023, Tetsuya Nonaka, Substitute Auditor, was appointed
as an External Corporate Auditor as of April 5, 2023.

– 19 –

6.

Change of Directors and Corporate Auditor during the period under review
Name

Before change

After change

Date of change

Kota Oda

Managing Director
Director and Executive Vice President
June 22, 2022
and General Manager of General Affairs Departand General Manager of Administration Division
ment

Tomohiro Inano

Director and General Manager of Sales Division

Masahito Fukui

Directorand General Manager of Corporate Management Director, Corporate Management
Department

June 22, 2022

Hiroho Kamakura

Outside Corporate Auditor of FUJIO FOOD
Resigned
GROUP INC.

March 30, 2023

Naohiro Tsuda

Outside Corporate Auditor of TOYO SHUTTER
ResignedCO., LTD.

June 23, 2022

7.

8.

9.

Managing Director and General Manager of Sales
June 22, 2022
Division

The Company has concluded an agreement with Yasuo Nishiguchi, Hiroshi Matsuhisa, Reiko Nakayama, Katsumi Noda,
Hiroho Kamakura and Naohiro Tsuda to limit their liability for damages under Paragraph 1, Article 423 of the Companies
Act in accordance with the provisions of Paragraph 1, Article 427 of the Companies Act. The maximum amount of liability
for damages under such agreement shall be the minimum amount of liability under Paragraph 1, Article 425 of the Companies
Act.
The Company has concluded an indemnification agreement with Takayo Kotani, Kota Oda, Yasushi Kitagawa, Tomohiro
Inano, Masahito Fukui, Yasuo Nishiguchi, Hiroshi Matsuhisa, Reiko Nakayama, Katsumi Noda, Hiroho Kamakura andNaohiro Tsuda to guarantee the expenses set forth in Paragraph 1, Article 430-2 of the Companies Act and the loss set forthin Item 2 of that paragraph to the extent stipulated by laws and ordinances.
The Company has concluded Directors and Officers Liability Insurance (hereinafter referred to as "D&O Insurance") as stipulated in Paragraph 1, Article 430-3 of the Companies Act with an insurance company. The scope of insured persons under
the D&O insurance is Directors, Corporate Auditors, Executive Officers and Employees. The insurance will cover the damages, etc. (However, damages that fall under the disclaimer stipulated in the insurance contract are excluded) when the insured
persons become liable for damages due to business operations. The Company bears the entire premium for D&O insurance.

(2) Policy for determining the content of remuneration and others for Directors
At a meeting of the Board of Directors held on March 7, 2022, the Company reviewed the remuneration
system for Directors and resolved a policy for determining the details of remuneration, etc. for individual
Directors in accordance with the resolution of the General Meeting of Shareholders. In passing such resolutions at the meeting of the Board of Directors, the details to be resolved are deliberated by the Nomination
and Remuneration Committee in advance.
The new system enhances objectivity and fairness in the remuneration decision-making process and clarifies the policy to concretize a medium- to long-term performance-linked remuneration system based on the
degree of achievement of the medium-term management plan and improvement in corporate value, while
promoting the formulation and implementation of the plan.
The Board of Directors has confirmed that the method of determining the content of remuneration, etc.
and the content of remuneration, etc. determined are consistent with the relevant decision policy and thatthe report from the Nomination and Remuneration Committee has been respected, and has determined thatthe content of remuneration, etc. for individual Directors for the relevant fiscal year is in line with the relevant decision policy.
[1] Policy for determining the amount of remuneration, etc. for each Director and the method of calculation
thereof
Remuneration for Directors of the Company consists of monthly remuneration, short-term performance bonuses, and medium-term performance and stock price-linked bonuses.
Monthly remuneration is determined by the Representative Director and President, who is delegatedby the Board of Directors, based on the evaluation of Directors determined through deliberations by
the Nomination and Remuneration Committee within the monthly remuneration range (upper andlower limits) for each position.
Short-term performance bonuses and medium-term performance and stock price-linked bonuses are
determined by the Representative Director and President delegated by the Board of Directors based ona formula determined by the Nomination and Remuneration Committee and the Board of Directors,
and based on the evaluation of executives determined through deliberations by the Nomination andRemuneration Committee.
Remuneration, etc., for External Directors consists of fixed remuneration, and it is our policy not to
pay performance-linked remuneration from the viewpoint of independence for business execution.
– 20 –

[2] Details of the performance indicators pertaining to the performance-linked remuneration, etc. and themethod of calculating the amount or number of such performance-linked remuneration, etc.
Short-term performance bonuses are determined by multiplying the basic amount by a performancecoefficient based on the achievement of consolidated ordinary profit by position, and by reflecting the
Director evaluation, who are evaluated on their overall contribution based on target management evaluation and qualitative evaluation.
The medium-term performance and stock price-linked bonuses are determined based on the basic
amount by position, reflecting the medium-term performance coefficient based on the growth rate of"Earnings Per Share (EPS)" and the stock price-linked coefficient based on the growth rate of the stock
price.
[3] Policy on determining the ratio of remuneration, etc. to the amount of remuneration, etc. for each Director
The ratio of remuneration to the amount of remuneration, etc., is set by position with reference tothe external standards of companies in the same industry and of the same size as the Company (thetotal of short-term performance bonus and medium-term performance/stock price-linked bonus is approximately 30%).
[4] Policy on determining the timing and conditions of remuneration, etc. to be paid to Directors
As for the timing of payment of remuneration, monthly remuneration is paid monthly, and shortterm performance bonus is paid once a year based on the basic amount for each position, reflecting theperformance coefficient and Director evaluation. The medium-term performance and stock pricelinked bonus is paid once a year, reflecting the medium-term performance coefficient and the stock
price-linked coefficient, based on the basic amount for each position.
[5] Matters concerning the delegation of decision on the details of individual remuneration, etc. of Directors
The amount of remuneration, etc. for Directors is determined by the Representative Director andPresident, who is delegated by the Board of Directors, based on the Director evaluation determinedthrough deliberations by the Nomination and Remuneration Committee, which serves as an advisory
body to the Board of Directors. The authority of the Representative Director and President is to determine "the amount of each Director's monthly remuneration and the evaluation and distribution of bonuses based on performance. The Nomination and Remuneration Committee deliberates in advance on
important policies, and the Representative Director and President makes decisions on the delegatedmatters based on the Committee’s deliberations. The Company believes that this constitutes a measure
to ensure that authority is exercised appropriately.
The Nomination and Remuneration Committee is chaired by Yasuo Nishiguchi, an External Director,
and its other members are Takayo Kotani, Representative Director and President; Hiroshi Matsuhisa,
an External Director; Reiko Nakayama, an External Director; Hiroho Kamakura, an External Corporate
Auditor; and Naohiro Tsuda, an External Corporate Auditor.
No other non-monetary remunerations are paid to the Directors.

– 21 –

(3) Total remuneration and others of Directors and Corporate Auditors

Classification

Total remunerationand other payments(Thousands of yen)

Total amount by type of remuneration and other payments (Thousands of yen)Fixed remuneration

Performancelinked remuneration, etc.

Non-monetary
remuneration,etc.

Number oftarget Directors/
Corporate
Auditors

Directors(Excluding External Directors)

172,580

142,740

29,840-5

External Directors

16,80016,800--3

Subtotal

189,380

159,540

29,840-8

Corporate Auditor(Excluding External Corporate Auditors)

12,00012,000--1

External Corporate Auditors

8,400

8,400

-

-

2

Subtotal

20,40020,400

-

-

3

Total

209,780

179,940

29,840-11

Notes:
1.
The 48th Ordinary General Meeting of Shareholders held on June 22, 2021 resolved total remuneration for all Directors within
700,000 thousand yen per year (including remuneration for External Directors within 100,000 thousand yen.) At the end of
the General Meeting of Shareholders, the number of Directors was eight (8) (including three (3) External Directors.)
There are currently no Directors who have concurrent employment positions.
2.
The 43rd Ordinary General Meeting of Shareholders held on June 20, 2016 resolved total remuneration for all Corporate
Auditors within 100,000 thousand yen per year. At the end of the General Meeting of Shareholders, the number of Corporate
Auditors was four (4.)
3.
Short-term performance bonuses are determined by multiplying the basic amount by a performance coefficient based on theachievement of consolidated ordinary profit, based on the position-by-position basis, and by reflecting the Director evaluation,
who are evaluated on their overall contribution based on target management and qualitative evaluation. In addition, mediumterm performance and stock price-linked bonuses are determined based on the basic amount by position, reflecting a mediumterm performance coefficient based on the growth rate of "net earnings per share (EPS)" and a stock price-linked coefficient
based on the growth rate of the stock price. The performance indicators are selected because they are indicators that areimportant to YUSHIN Group and should be considered in both the short and medium term. (The target for the consolidated
ordinary profit index, which is the main index for performance-linked remuneration in the current fiscal year, is 3,100,000
thousand yen, and the actual amount is 2,787,011 thousand yen.)4.
As for the procedure for determining the amount of remuneration, etc., for Directors, within the monthly remuneration range(upper and lower limits) for each position, monthly remuneration is determined by Takayo Kotani, Representative Director
and President, who is delegated by the Board of Directors, based on the Director evaluation determined through deliberations
by the Nomination and Remuneration Committee. The short-term performance bonus and the medium-term performance andstock price-linked bonus are determined by Takayo Kotani, Representative Director and President, as delegated by the Boardof Directors, based on the calculation formula determined by the Nomination and Remuneration Committee and the Board of
Directors, and based on the evaluation of the executives as determined through deliberations by the Nomination and Remuneration Committee. The reason for the delegation was that the Company determined that Representative Director and President was the most appropriate person to evaluate the duties of each Director in charge, while taking into consideration the
Company's overall performance and other factors.

– 22 –

(4) External Directors and External Corporate Auditors[1] Important position at other organizations and the relationship between the Company and other organizations.
- Yasuo Nishiguchi is the Chairman of YAMADA Consulting Group Co., Ltd. The Company has no
special relationship with YAMADA Consulting Group Co., Ltd.
- Hiroshi Matsuhisa is a professor emeritus at Kyoto University. The Company has no special relationship with Kyoto University.
- Reiko Nakayama is an Outside Director of LUCKLAND CO., LTD. (Audits Committee) and an
Outside Director of Mandom Corporation. The Company has no special relationship with
LUCKLAND CO., LTD. and Mandom Corporation.
- Hiroho Kamakura is an Outside Corporate Auditor of TRUSCO NAKAYAMA Corporation and
SymEnergy Inc. He was an Outside Corporate Auditor of FUJIO FOOD GROUP INC. but resigned
as of March 30, 2023. The Company has no special relationship with TRUSCO NAKAYAMA
Corporation, SymEnergy Inc., and FUJIO FOOD GROUP INC.
- Mr. Naohiro Tsuda was an Outside Corporate Auditor of TOYO SHUTTER CO., LTD. and resigned as of June 23, 2022. He was also a senior partner of Naniwabashi Law Office LPC. The
Company has no special relationship with TOYO SHUTTER CO., LTD. and Naniwabashi Law
Office LPC.

– 23 –

[2] Major activities during the fiscal year
Title and Name

Attendance Records, Comments, Remarks and Outline of Duties Performed
with Respect to the Roles Expected of External Directors

Director, Yasuo Nishiguchi

During the period under review, Yasuo Nishiguchi attended all 13 Meetings ofBoard of Directors. He supervises and advises management from a professional
and independent standpoint, based on his extensive knowledge and experiencein all aspects of corporate governance, which he has gained by holding prominent corporate positions such as President and Representative Director, andChairman of the Board and Representative Director of KYOCERA Corporation.
He plays an appropriate role in ensuring the appropriateness of decision making.
In addition, as a member of the Nomination and Remuneration Committee, heattended all 3 Committee Meetings held during the current fiscal year and leads
the supervisory function in the process of selecting executive candidates and determining executive remuneration, etc. from an objective and neutral standpoint.

Director, Hiroshi Matsuhisa

In the period under review, Hiroshi Matsuhisa attended all 13 Meetings of Boardof Directors. He supervises and advises management from a professional andindependent standpoint, based on the expertise of the person with academic
standing in engineering. He plays an appropriate role in ensuring the appropriateness of decision making. In addition, as a member of the Nomination andRemuneration Committee, he attended all 3 Committee Meetings held during thecurrent fiscal year and performs the supervisory function in the process of selecting executive candidates and determining executive remuneration, etc., froman objective and neutral standpoint.

Director, Reiko Nakayama

During the period under review, Reiko Nakayama attended all 13 meetings ofBoard of Directors. Based on her experience of as an underwriter at a security
firm and as an executive officer and outside officers of operating companies, she
supervises and advises management from a professional and independent standpoint. She plays an appropriate role in ensuring the appropriateness of decision
making. In addition, as a member of the Nomination and Remuneration Committee, she attended all 3 Committee meetings held in the current fiscal year andtakes on the supervisory function in the process of selecting executive candidates
and determining executive remuneration, etc., from an objective and neutral
standpoint.

Corporate Auditor, Hiroho Kamakura

During the period under review, Hiroho Kamakura attended 10 out of 13 meetings of Board of Directors and all 6 meetings of the Board of Corporate Auditors.
Based on his expertise as a Certified Public Accountant, he asked questions toclarify ambiguities that arose with respect to matters reported or resolved andprovided opinions. In addition, he reviewed reports on the results of internal audits, exchanged opinions on audits, and participated in joint discussions on important matters. In addition to receiving the detailed report of Accounting Auditor on a regular basis, he also exchanged opinions with top management on aregular basis. In addition, as a member of the Nomination and Remuneration
Committee, he attended all 3 Committee meetings held during the current fiscal
year and expressed his opinion on the legality.

Corporate Auditor, Naohiro Tsuda

During the period under review, Naohiro Tsuda attended 10 out of 13 meetingsof Board of Directors and 5 out of 6 meetings of the Board of Corporate Auditors.
Based on his expertise as a lawyer, he asked questions to clarify ambiguities that
arose with respect to matters reported or resolved and provided opinions. In addition, he reviewed reports on the results of internal audits, exchanged opinions
on audits, and participated in joint discussions on important matters. In addition
to receiving the detailed reports of the Accounting Auditor on a regular basis, healso exchanged opinions with top management on a regular basis. In addition, asa member of the Nomination and Remuneration Committee, he attended 2 out of
3 Committee Meetings held during the current fiscal year and expressed his opinions the on the legality.

Note:
In addition to the frequency of convening meetings of the Board of Directors described above, there were 5 times of written
resolutions adopted, deeming that there have been resolutions of the Board of Directors Meetings pursuant to Article 370 of theCompanies Act and Article 24 of the Articles of Incorporation.

– 24 –

4.

Matters Relating to Accounting Auditor(1) Name of Accounting Auditor: Grant Thornton Taiyo LLC(2) Amount of remuneration and other payments for Accounting Auditor
The amount of remuneration and other payments payable to the Accounting Auditor for the reporting year
Total amount of monetary and other property benefits payable by the Company
and its subsidiaries

29,000 thousand yen
29,000 thousand yen

Notes:
1.
In the audit contract between the Company and the Accounting Auditor, audit fees pursuant to the Companies Act andthose pursuant to the Financial Instruments and Exchange Act are not clearly separated and this separation is practically impossible. Therefore, the amount of remuneration and other payments to the Accounting Auditor is represented
as the total payment.
2.
Upon receipt of the necessary materials and reports from the Directors, in-house related departments and Accounting
Audi-tor, the Board of Corporate Auditors acknowledged the details of the audit and status of the course of accounting
duties by the Accounting Auditor, the grounds for calculation of the estimated remuneration for auditing, and re-viewsof the audit calculation. As a result, the Board of Corporate Auditors believes that the audit remuneration presented by
the Accounting Auditor was appropriate and gave consent under Paragraph 1, Article 399 of the Companies Act.
3.
In addition to the above, the Company paid 1,750 thousand yen in the current fiscal year as additional remuneration
for the previous fiscal year.
4.
Overseas subsidiaries of the Company's significant subsidiaries are audited by certified public accountants or auditing
firms other than the Company's Accounting Auditor (including those with qualifications equivalent to such qualifications in foreign countries.)(3) Policy for making decisions regarding the dismissal or non-reappointment of Accounting
Auditor
The Board of Corporate Auditors will determine the content of the proposals relating to the dismissal or
non-reappointment of the Accounting Auditor, to be submitted to the General Meeting of Shareholders,should the execution of the Accounting Auditor’s duties be impeded, is deemed necessary by the Board of
Corporate Auditors,
The Board of Corporate Auditors will dismiss the Accounting Auditor should it determine that same
corresponds to the provisions in each item of Paragraph 1, Article 340 of the Companies Act, with theagreement of all the members of the Board of Corporate Auditors. In such a case, a Corporate Auditor
appointed by the Board of Corporate Auditors will report the fact of and the reason for the dismissal of the
Accounting Auditor to the first General Meeting of Shareholders called after the dismissal.
(4) Outline of the contents of the contract for limitation of liability
Based on the provisions of Paragraph 1, Article 427 of the Companies Act, Grant Thornton Taiyo LLC,
which is an Accounting Auditor, has entered into a contract for limitation of liability for damages underParagraph 1, Article 423, of the Companies Act. The maximum amount of liability for damages based on
the contract is the minimum amount stipulated by law.

– 25 –

5.

Matters Relating to the Development of Systems to Ensure Proper Operations

The Company has established the basic policy of Internal Control System for the development of a system
to ensure that the performance of duties by Directors complies with laws and regulations, and the Articles
of Incorporation as well as other systems to ensure the propriety of the Company’s operations, as follows.
(Board of Directors Resolution on June 12, 2015) The main points of the basic policy are as follows.
(1) System to ensure that the conduct of business by Directors and employees complies with laws andregulations and the Articles of Incorporation.
The Company provides legal compliance awareness and training to increase compliance awareness andhas established “Whistle-Blowing Regulations” that outlines the process for reporting violations.
(2) System for keeping and managing the information on the business activities of the Company’s
Directors.
Information is maintained and managed in accordance with laws and regulations, and internal policies(“Document Regulations,” “Contract management rules,” “Internal Information Management Regulations,”“Basic policy on information security”, “Information System Management Regulations”, “Personal Information Management Regulations”, “Personal Information Protection Policy (Privacy Policy)”, “Regulations
for the Proper Handling of Specific Personal Information”, etc.)(3) Policies and other systems for managing the risk of loss to the Company and our subsidiaries.
The risk of currently estimated losses is managed by setting up a committee and discussing them according to their importance.
Events resulting in losses to the Company would be reported by the responsible officer to Directors andCorporate Auditors and discussed and managed by all officers.
(4) System to ensure the effective conduct of business by Directors of the Company and our subsidiaries.
The effective conduct of business by Directors is ensured by the following.
[1] The Board of Directors determines significant matters and oversees the conduct of business by Directors.
[2] Information is shared among Directors, Executives, and Corporate Auditors at executive meetings.
[3] Notification of significant matters on management, understanding of status and business instructions
are conducted at management meetings and YSM management meetings.
[4] At subsidiary meetings, the information regarding the Company and its subsidiaries is shared and important matters are discussed at the Company’s Board of Directors, etc. to resolve issues.
(5) Systems to ensure the proper operation of the corporate group consisting of the Company and its
subsidiaries and to report to the Company on matters concerning the conduct of business by Directors of subsidiaries.
The Internal Control System is developed as well as “Subsidiaries Management Regulations” which require subsidiaries to provide regular reports relating on the business results, financial conditions and otherimportant information of subsidiaries.
Subsidiary meetings are held to share information about the Company and its subsidiaries, and the Company's Board of Directors, etc. discusses and resolves important matters.
(6) System to ensure effective audit by Corporate Auditors
Corporate Auditors attend the meetings of Board of Directors and necessary important meetings including
the management conference, etc., and read important approval documents and other important documents
concerning the conduct of business and receive explanation from Directors and employees of the Company
and Directors of subsidiaries as necessary.

– 26 –

(7) System on employees assisting works of the Company’s Corporate Auditors if Corporate
Auditors require the assignment of the assisting employees.
Employees assisting the work of the Company’s Corporate Auditors may be assigned as needed. Corporate Auditor shall have the authority to issue instructions and orders to the staff of Corporate Auditor.
(8) System for ensuring that persons reporting to the Board of Corporate Auditors and Corporate
Auditors, etc., are not treated unfavorably on the basis of reporting
The Company shall ensure that executives and employees who report to Board of Corporate Auditors andCorporate Auditors, etc. are not treated unfavorably as a result of the report and shall thoroughly inform theentire company of this.
The “Whistle-Blowing Regulations,” shall prohibit dismissal and give other adverse treatment for thereason of reporting.
(9) Matters concerning the policy for handling expenses or debts resulting from business execution of
the Company’s Corporate Auditors.
The Company shall, if Corporate Auditors require the Company to make advance payment for the execution of business in accordance with Article 388 of the Companies Act, immediately deal with the related
expenses and debts unless it is deemed unnecessary to make advance payment.
(10) Systems on eliminating anti-social forces
The Company takes a firm stance against anti-social forces that threaten the order and safety of civilsociety, and closely exchanges information and cooperates with the relevant specialized agencies, including
the police, against anti-social forces, and thoroughly informs employees of the above policy.
In order to improve the effectiveness and efficiency of operations, to ensure the reliability of financial
reports, and to expand the operations of the internal control system aimed at safeguarding assets and complying with laws and regulations pertaining to business activities in accordance with the Basic Policy forInternal Control System, the Internal Control Regulations and the Committee of Internal Control Operations
Regulations have been enacted.
The scope of responsibility of the Board of Directors and Corporate Auditors, the system of implementation and details of activities for executives and employees, and the procedures for evaluation and reporting
have been clarified in the internal control Regulations. In addition, a basic policy on the maintenance andoperation of Internal Control is formulated. The structure of the committee aimed at facilitating internal
control, as well as how to promote its mission and activities has been clarified in the Committee of Internal
Control Operations Regulations, and the activities are being promoted.

– 27 –

6.

Overview of the Business Operations of the Systems to Ensure Proper Operations

Main operating status of the Internal Control System implemented by YUSHIN Group in the current
consolidated fiscal year is as follows.
(1) Status of compliance management
The Company is committed to strengthening and ensuring compliance through the establishment of thefollowing policies and activities.
[1] In terms of corporate rules and regulations, the Company provides information on the latest trends inrelevant laws and regulations, and implements and ensures company regulations (“YUSHIN Group
Human Rights Policy”, “Office Regulations”, “Harassment Prevention Regulations”, “Contract management rules”, “Internal Information Management Regulations”, “Basic policy on information security”, “Information System Management Regulations”, “Personal Information Management Regulations”, “Personal Information Protection Policy (Privacy Policy)”, “Regulations for the Proper Handling of Specific Personal Information”, etc.) And the Company also compiled “YUSHIN Organizational Knowledge Book” (Y-Book) as an organizational knowledge collection to improve the qualityof operations, maintain disciplines, and instill compliance awareness.
[2] With regard to education and training, the Company conducts education and training on the preventionof insider trading, the Subcontracting Act, trade secrets, the whistle-blowing system, and human rights,
and works to raise awareness of compliance.
[3] To prevent compliance violations from occurring, to detect violations at an early stage, and to respondpromptly and effectively when a violation is discovered, the Company has established internal andexternal point of contact to provide reporting opportunities and to strengthen their operation.
[4] In addition, in response to the revision of the Electronic Book Maintenance Act, the Company has
implemented and started operation of an electronic transaction data storage system.
(2) Status of risk management of losses
For overall risk management, the Committee of Internal Control provide advice on the implementationof company-wide measures. In the event of an incident that may cause damage to the Company, the responsible Director will immediately report to Board of Directors and Board of Corporate Auditors, and all executives will offer consultations to take action, while efforts to prevent risks are also strengthened by having
the Corporate Auditors conduct inspections and hearings on any incident that may cause damage.
In addition, to minimize risks that may arise, the Company has prepared the "Yushin Disaster Prevention
and Business Continuity Plan (BCP Manual)", and regularly conducts drills on disaster and personal safety
confirmation systems, etc. to confirm operations.
In addition, the Company has put in place appropriate policies and training to protect information assets
and personal information.
(3) Status of commitment to the proper and efficient performance of assigned duties
The assigned duties of the Directors are carried out effectively as described below.
[1] Board of Directors decides on important matters and supervises the conduct of business by Directors.
[2] The Nomination and Remuneration Committee has been established as an advisory body to enhancethe objectivity, appropriateness and transparency of the composition of the Board of Directors and thenomination and remuneration of Directors, etc. in order to link the medium- to long-term growth of theCompany group and increase its corporate value. The selection of candidates of Directors and Corporate Auditors and the remuneration system for Directors are discussed by the Nomination and Remuneration Committee, and a report or opinion is submitted to the Board of Directors[3] In order to further improve the functions of the Board of Directors, the Company is conducting aninternal questionnaire to analyze and evaluate the effectiveness of Board of Directors as a whole, andis analyzing and evaluating the results to make improvements.
[4] Significant matters are discussed among Directors, Executive Officers and Corporate Auditors at theexecutive meetings, and such significant information is shared.
[5] Significant matters relating to the management of the Company are communicated at management
meetings. The operational status of the Company is monitored, and necessary guidance is provided.
(4) Status of addressing the proper operations of the business group consisting of the Company andits subsidiaries
In order to promote the development of the internal control system, “Internal Control Regulations” and– 28 –

“Committee of Internal Control Operations Regulations” have been enacted at the Board of Directors’ meeting held on February 7, 2018. Specifically, the scope of responsibilities of the Board of Directors and Corporate Auditors concerning internal control, as well as the system for implementation (supervision, actual
system for implementation, etc.) and details of activities (policy, process to promote the development ofoperations, etc.) for executives and employees and the procedures for evaluation and reporting (scope oftarget, procedure, correction measures in case of deficiencies, etc.) were clarified by “Internal Control Regulations”, while the structure of the committee aimed at facilitating internal control, as well as how to promote its mission and activities (supervision, system for implementation, scope of target activities, education,etc.) were clarified in “Committee of Internal Control Operations Regulations.” Based on “Internal Control
Regulations”, along with the basic policy on the development and operation of Internal Control, the Company has enacted a basic plan for conducting evaluations and are promoting activities. Furthermore, theCompany’s subsidiaries hold meetings three (3) times a year so as to share information relating to the Company and its subsidiaries and monitoring status of business operations.
(5) Ensuring the effectiveness of corporate auditing
Corporate Auditors conduct audits in accordance with the audit policies and the audit schedule as prescribed by the Board of Corporate Auditors by attending the Board of Directors and executive meeting,management meeting and other meetings. Corporate Auditors conduct interviews on the status of the performance of duties by Directors and the Internal Audit Office and then examine the significant decisions as
recorded in the documents, such as the approval documents, contracts and agreements. Corporate Auditors
also examine the status of business operations, corporate assets and fraudulent acts in the performance of
Directors’ duties, violations of rights and violations of laws and regulations, and the Articles of Incorporation.
In conducting the audit, Corporate Auditors utilize the expertise of the External Corporate Auditors andmaintain internal coordination with the Internal Audit Office. In addition, Corporate Auditors develop thestandards and guidelines called “Audit Practice Standards Relating to the Internal Control System” for Corporate Auditors who conduct audits of the Company’s Internal Control System, and conduct audits in accordance with these practice standards.

– 29 –

7.

Policy for Determining the Distribution of Surplus

The YUSHIN Group manages its business by considering the return of profits to shareholders as one of
the important management issues.
To this end, it is the basic policy of YUSHIN Group to proactively return profits to shareholders bymaintaining a stable operating base, improving its ROE and implementing dividends based on the performance results of each fiscal year. Specifically, YUSHIN Group aims to achieve a dividend payout ratio of
30% or more of consolidated Profit attributable to owners of parent.
In accordance with the above policy, the year-end dividend for the current financial year will be 20 yen
per share, consisting of 10 yen per share plus a commemorative dividend of 10 yen per share for the 50th
anniversary of the company's establishment. Together with the interim dividend of 10 yen per share alreadypaid, the annual dividend will be 30 yen per share.

– 30 –

Consolidated Financial Statements
Consolidated Balance Sheets (as of March 31, 2023)
Account(Thousands of yen)AmountAccount

ASSETS
Current assets

AmountLIABILITIES
28,638,417

Current liabilities

8,012,820

Cash and deposits

16,169,066

Notes and accounts payable - trade

1,733,016

Notes and accounts receivable trade

5,471,088

Electronically recorded obligations- operating

890,045

Merchandise and finished goods

1,288,257

Accounts payable - other

586,065

Work in process

1,338,876

Accrued expenses

108,283

Raw materials and supplies

3,760,970

Income taxes payable

275,103

Consumption taxes receivable

87,112

Advances received

3,721,457

Prepaid expenses

181,169

Provision for bonuses

310,344

Other

352,479

Provision for bonuses for Directors

29,840Allowance for doubtful accounts(10,601)

Provision for product warranties

256,644

Other

102,018

Non-current assets

12,204,817

Property, plant and equipment

10,746,522

Buildings

3,538,265

Structures

71,130

Deferred tax liabilities

6,260

Machinery equipment and Vehicles

150,183

Other

73,254Tools, furniture and fixtures

124,092

Total liabilities

Land

Non-current liabilities
Retirement benefit liability

244,116
164,600

8,256,936

NET ASSETS

6,821,488

Leased assets

6,570

Shareholders’ equity

31,108,761

Construction in progress

34,792

Share capital

1,985,666

Intangible assets

192,975

Capital surplus

2,024,597

Telephone subscription right

11,430Retained earnings

28,454,129

Software97,208Treasury shares(1,355,632)

Others84,336

Investments and other assets

1,265,319

Investment securities

307,324

Retirement benefit asset

215,986

Deferred tax assets

649,980

Total accumulated other comprehensive income
Valuation difference on availablefor-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit
plans

Other

141,492

Non-controlling interests

Allowance for doubtful accounts(49,464)

Total net assets

32,586,298

Total liabilities and net assets

40,843,235

Total assets

40,843,235– 31 –

1,168,500
118,852
1,043,867
5,780
309,036

Consolidated Statements of Income (from April 1, 2022 to March 31, 2023)
Account(Thousands of yen)AmountNet sales

22,373,189

Cost of sales

12,799,243

Gross profit

9,573,946

Selling, general and administrative expenses

6,934,523

Operating profit

2,639,422

Non-operating income
Interest and dividends income

14,707Purchase discounts

8,162

Foreign exchange gains

99,864

Other

27,967150,701

3,113

3,113

Non-operating expenses
Other
Ordinary profit

2,787,011

Extraordinary income
Gain on sales of non-current assets

7,418

7,418

25,28225,282Extraordinary loss
Loss on sales and retirement of non-current assets
Profit before income taxes

2,769,146

Income taxes - current

795,362

Income taxes – deferred(5,015)

Profit790,347
1,978,799

Profit attributable to non-controlling interests

55,976

Profit attributable to owners of parent

1,922,822– 32 –

Non-Consolidated Financial Statements
Balance Sheets (as of March 31, 2023)
Account(Thousands of yen)AmountAccount
LIABILITIESASSETS
Current assets

Amount20,026,608

Current liabilities

3,859,437

Cash and deposits

10,465,268

Notes payable - trade35,822

Notes receivable - trade

1,337,646

890,045

Accounts receivable - trade

3,753,125

Electronically recorded obligations operating

Merchandise and finished goods

352,629

Accounts payable - trade

1,439,723

Work in process

911,209

Accounts payable - other487,988

Raw materials and supplies

2,352,764

Accrued expenses

50,760Prepaid expenses

91,012

Income taxes payable

172,954

Consumption taxes receivable

87,112

Advances received

242,259

Other

675,939

Provision for bonuses

300,000

Provision for bonuses for Directors

29,840Allowance for doubtful accounts(100)

Non-current assets

12,350,181

Property, plant and equipment

9,893,844

Provision for product warranties

166,000

3,098,335

Other44,042

Buildings
Structures
Machinery, equipment and vehicles
Tools, furniture and fixtures
Land

71,130Non-current liabilities

75,922

Other

94,209Total liabilities

5,471
5,471
3,864,908

NET ASSETS

6,512,884

Leased assets

6,570

Shareholders’ equity

28,393,028

Construction in progress

34,792

Share capital

1,985,666

72,930Capital surplus

2,023,903

Intangible assets
Telephone subscription right

11,430Software61,500Investments and other assets
Investment securities
Stocks of subsidiaries and affiliates
Investments in capital of subsidiaries and affiliates
Deferred tax assets
Other2,383,406

Legal capital surplus
Retained earnings

307,324
918,835

25,739,091

Legal retained earnings

286,314

Other retained earnings

25,452,776

Reserve for dividend equalization

1,000,000

297,873

General reserve

8,700,000

579,770279,603

Retained earnings brought forward

15,752,776

Treasury shares
Valuation and translation adjustments
Valuation difference on available-forsale securities

Total assets

2,023,903

32,376,790(1,355,632)
118,852
118,852

Total net assets

28,511,881

Total liabilities and net assets

32,376,790– 33 –

Statements of Income (from April 1, 2022 to March 31, 2023)
Account(Thousands of yen)AmountNet sales

15,595,428

Cost of sales

9,466,125

Gross profit

6,129,303

Selling, general and administrative expenses

4,516,285

Operating profit

1,613,017

Non-operating income
Interest income

2,663

Dividend income

733,700

Purchase discounts

8,162

Foreign exchange gains

35,262

Other

10,971

790,759

2,744

2,744

Non-operating expenses
Other
Ordinary profit

2,401,032

Extraordinary income
Gain on sales of non-current assets

149

149

25,26725,267Extraordinary losses
Loss on sales and retirement of non-current assets
Profit before income taxes

2,375,915

Income taxes - current

503,205

Income taxes - deferred(2,666)

Profit500,539
1,875,375– 34 –

[Certified copy of the Accounting Auditors’ Report concerning consolidated statutory report](There is no TRANSLATION. Please refer to INDEPENDENT AUDITORS’ REPORT written in Japanese.)– 35 –

[Certified copy of the Accounting Auditors’ Report concerning non-consolidated statutory report](There is no TRANSLATION. Please refer to INDEPENDENT AUDITORS’ REPORT written in Japanese.)– 36 –

[Certified copy of the Audit Report of the Board of Corporate Auditors](TRANSLATION)

Audit Report
Regarding the performance of duties by the Directors for the fiscal year from April 1, 2022 to March 31,
2023, the Board of Corporate Auditors hereby submits its audit report, which has been prepared throughdiscussions based on the audit report prepared by each Corporate Auditor.
1.

Auditing Methods adopted by the Corporate Auditors and Board of Corporate Auditors and Details of
Such Methods(1) The Board of Corporate Auditors established auditing policies, allocation of duties, and other relevant
matters, and received reports from each Corporate Auditor regarding his or her audits and results
thereof, as well as received reports from the Directors, other relevant personnel, and the Accounting
Auditors regarding performance of their duties, and requested explanations as necessary.
(2) Each Corporate Auditor complied with the auditing standards of Corporate Auditors established by
the Board of Corporate Auditors, followed the auditing policies, allocation of duties, and other relevant matters, communicated with the Directors, the Internal Audit Office, other employees, and anyother relevant personnel, and made efforts to optimize the environment for information collection andaudit, and conducted audits as follows.
[1] Participated in the Board of Directors’ Meetings and other important meetings, received reports
from the Directors, employees, and other relevant personnel regarding performance of their duties, requested explanations as necessary, examined important authorized documents and associated information, and studied the operations and financial positions at the head office and principal offices. In addition, with respect to subsidiaries, we communicated and exchanged information with Directors, Corporate Auditors, and other relevant personnel of the subsidiaries, andreceived business reports from subsidiaries as necessary.
[2] We received periodic reports and requested explanations as necessary from the Directors, otherrelevant personnel and expressed our opinion about conditions of construction and applicationon the content of the resolution of the Board of Directors and system actually placed as “Internal
Control System” in accordance to this resolution, which is stipulated in Paragraphs 1 and 3,
Article 100 of the Enforcement Regulation of the Companies Act as a system required to ensure
the compliance of laws and regulations, and the Articles of Incorporation in the execution ofbusinesses by the Directors and necessity to ensure a properness of operation in the businessgroup consisting of the Company and its subsidiaries written in the business report.
[3] We monitored and verified whether the Accounting Auditors maintained their independence andimplemented appropriate audits, and we received reports from the Accounting Auditors regarding the performance of their duties and requested explanations as necessary. In addition, we
received notice from the Accounting Auditors that “the system for ensuring that duties are performed properly” (matters set forth in each Item of Article 131 of the Company Accounting
Rules) is appropriately established in accordance with “Quality Control Standard on Audit”(Business Accounting Council, October 28, 2005) and requested explanations as necessary.
[4] Tetsuya Nonaka was appointed as an External Corporate Auditor from a Substitute Auditor following the death of Naohiro Tsuda, an External Corporate Auditor, on April 5, 2023. As for theaudit matters prior to his appointment, he received reports from other Auditors and reviewed
materials relating to auditing matters.
Based on the above methods, we examined the business report and its supporting schedules, the nonconsolidated financial statements (Balance Sheets, Statements of Income, and Statements of Changes in
Equity) and its supporting schedules, and the consolidated financial statements (Balance Sheets, Statements of Income, and Statements of Changes in Equity) related to the relevant business year.

– 37 –

2.

Audit Results(1) Results of Audit of Business Report and Other Relevant Documents[1] In our opinion, the business report and supporting schedules are in accordance with the related
laws and regulations and Articles of Incorporation, and fairly represent the Company’s condition.
[2] With regard to the performance of duties by the Directors, we have found no evidence of wrongful action or material violation of related laws and regulations, nor of any violation with respect
to the Articles of Incorporation.
[3] In our opinion, resolutions of the Board of Directors for the Internal Control System arefair. And also, the contents of the business report about the Internal Control System, and the
Director’s activities and implementation have no issues to be pointed out.
(2) Results of Audit of Financial Statements and Supporting Schedules
In our opinion, the methods and results employed and rendered by the Accounting Auditors, Grant
Thornton Taiyo LLC, are fair and reasonable.
(3) Results of Audit of Consolidated Financial Statements
In our opinion, the methods and results employed and rendered by the Accounting Auditors, Grant
Thornton Taiyo LLC, are fair and reasonable.

May 12, 2023

Board of Corporate Auditors,
YUSHIN PRECISION EQUIPMENT CO., LTD.
Full-time Corporate Auditor
External Corporate Auditor

Katsumi Noda
Hiroho Kamakura

External Corporate Auditor

Tetsuya Nonaka– 38 –

Topics
Super high-speed robot CTM-V launched
We launched a new product CTM-V in October 2022. Thisis the fastest take-out robot in its class in the world. The robot
complies with cleanliness class 100 (ISO class 5), which isperfectly suitable for the production of medical and electronic devices. In order to achieve super high-speed take-out,
we have adopted a composite material of CFRP (carbon fiber
reinforced plastic) and magnesium to reduce weight andmaintain rigidity, which enables the robot to suppress vibration on the arm.

CTM-V
YD series equipped with energy-saving functions won the Promotion of Machine Industry Award
YD series, our flagship product, won the encouraging prize of the 57th Promotion of Machine Industry Award. The Japan Society for the Promotion of
Machine Industry operates the award system andgives the award to companies and organizations thathave made significant contributions to the development of the machine industry in Japan. This robot
was highly commended for its energy-saving functions, Smart ECO Vacuum, to reduce air consumption and take-out diagnostic function to eliminate
take-out failure. We will continue our efforts to further save energy through product development.
YD series– 39 –

Sustainability Initiatives
The Sustainability Committee, which was established in August 2022, held discussions to establish asustainability basic policy and identify materiality (key issues.)
Sustainability basic policy:
We contribute to the creation of a sustainable society and environment and aim to increase our corporate
value by continuously developing our business, through our business activities centered on providing
labor-saving solutions.
We will promote “Promotion of occupational safety”, “ Productivity improvement of customers’ factories”
and "Tackling climate change” to solve social issues through business activities, and work with “Strengthening human capital and “Strengthening corporate governance” to strengthen the management foundation
for the sustainable growth of YUSHIN group.

Showroom opened
We have opened a showroom in the Technical Center near ourheadquarters to allow our customers and other stakeholders to experience our corporate stance and comprehensive technological capabilities through product displays.
We will further expand our sales by allowing customers to see our
products in operation while making proposals in line with their requests.

The 50th anniversary of YUSHINYUSHIN will celebrate its 50th Anniversary in October 2023. We would
like to express our heartfelt gratitude to all of our stakeholders for their patronage and support.
We have established a 50th Anniversary Commemorative Logo that expresses our desire to keep on positively challenging new frontiers for our next
half century.
We will continue to contribute to the construction of a sustainable society and environment through the
manufacture and sale of robots and automation equipment and enhance corporate value through sustainablebusiness development.

– 40 –