My name is Kawamura with KAGA ELECTRONICS CO., LTD. Thank you very much for yourcontinued patronage.
I would like to review the financial results for the full fiscal year ended March 31, 2022.
Here is a summary. First, net sales increased significantly, driven by the mainstay electronic
components business, as a result of continued strong demand in line with the recovery of
production activities in the manufacturing industry both in Japan and overseas. This is the firsttime in two fiscal years that we have reached a record high.
Operating profit increased significantly as a result of higher gross profit due to increased sales
and improved profit margins, as well as continued efforts to reform work styles and curb
expenses amid the pandemic. This is the third consecutive year of record profits.
Net profit increased significantly due to the expansion of earnings in the mainstay businesses,
despite an extraordinary income on negative goodwill of JPY7.96 billion, which was posted in theprevious fiscal year. This is the second consecutive year of record profits.
This is the forecast for the fiscal year ending March 2023. The economic outlook in Japan andoverseas remains uncertain due to the reemergence of COVID infections caused by mutant
strains, conflicts in Ukraine, and soaring prices of crude oil and other natural resources.
As for industry trends, the tight supply‐demand balance for semiconductors and electronic
components will continue for the time being, but demand is expected to continue to grow for
automobiles, telecommunications equipment, and home appliances.
In this environment, the Company's outlook is to focus on expanding earnings in focused areas
such as automotive, industrial machinery, and medical, and to maintain the momentum of
increased net sales and operating profit.
Next, I will discuss shareholder returns. For the fiscal year ended March 2022, we have increased
the year‐end dividend to JPY75 per share, adding a special dividend of JPY10 to the previous
forecast of JPY65, an ordinary dividend of JPY40 and a special dividend of JPY25. The annual
dividend is JPY120 per share, an increase of JPY40 from the previous fiscal year.
This is the dividend forecast for the fiscal year ending March 2023. The ordinary dividend wasincreased by JPY20 to JPY140 per share, or JPY70 each for the interim and year‐end dividends. In
addition, we will pay a commemorative dividend of JPY10 per share for the 55th anniversary of
our founding as the year‐end dividend, resulting in an annual dividend of JPY150 per share, anincrease of JPY30 per share.

Continued below are the financial highlights for the fiscal year ended March 2022. Net
sales totaled JPY495.827 billion, up 17.4% from the previous year. The forecast
announced on February 3, 2022, for the fiscal year ended March 2022 was JPY475 billion,
which represents an increase of 4.4%.
Gross profit totaled JPY60.547 billion, up 26.3% from the previous year. The gross profit
margin was 12.2%, a 0.9% improvement over the previous year.
SG&A expenses totaled JPY39.632 billion, up 8.7% from the previous year. As a result,operating profit totaled JPY20.915 billion, up 82.4% from the previous year. The forecast
announced on February 3 was JPY17.5 billion, which is 19.5% over the previous forecast.
Ordinary profit totaled JPY21.456 billion, up 90.9% from the previous year. Since theprevious forecast was JPY18 billion, this figure was exceeded by 19.2%.
Net income attributable to shareholders of the parent company was JPY15.401 billion,
up 35.1% from the previous year. Since the previously announced figure was JPY12
billion, this figure was exceeded by 28.4%. As a result, EPS was JPY576.46. ROE was
15.7%, an improvement of 2.2 percentage points from the previous year.

The following are the results by segment. Net sales in the electronic components
business amounted to JPY433.852 billion, up 22.7% from the previous year. Since theprevious forecast was JPY414 billion, this figure is 4.8% higher than the forecast.
Segment profit was JPY18.107 billion, up 122.1% from the previous year. Compared to
the forecast, the increase is 22.4%.
Next is information equipment. Net sales totaled JPY39.616 billion, down 18.1% fromthe previous year. This is a 1% decrease compared to the previous forecast. Segment
profit was JPY2.085 billion, down 16% from the previous year and up 4.3% from theprevious forecast.
For software, net sales totaled JPY2.767 billion, down 5.6% from the previous year anddown 7.8% from the forecast. Segment profit was a loss of JPY26 million.
Net sales for other businesses totaled JPY19.59 billion, up 11.4% from the previous year
and 8.8% from the forecast. Segment profit was 626 million, up 32% from the previous
year and 25.2% from the forecast.

The following is a breakdown of our business performance by company. First, let us lookat net sales for KAGA ELECTRONICS. The total amount was JPY281.075 billion, up 15.2%
from the previous year and up 6.1% from the previously announced forecast. Grossprofit totaled JPY41.767 billion, up 18.4% from the previous year and 9.1% from theforecast. The gross profit margin was 14.9%, an improvement of 0.4% from the previous
year. Operating profit totaled JPY15.461 billion, up 39.5% from the previous year and18.9% from the forecast.
KAGA FEI’s net sales totaled JPY149.455 billion, up 13.3% from the previous year and3.1% from the forecast. Gross profit totaled JPY14.69 billion, up 42.5% from the previous
year and 8.8% from the forecast. Operating profit totaled JPY3.654 billion, up 907.2%
from the previous year and 40.5% from the forecast. The gross profit margin was 9.8%, a
2% improvement.
EXCEL’s net sales totaled JPY65.296 billion, up 40.3% from the previous year and 0.5%
from the forecast. Gross profit totaled JPY4.247 billion, up 79.5% from the previous year
and 1.1% from the forecast. The gross profit margin was 6.5%, an improvement of 1.4%
from the previous year. Operating profit was JPY1.937 billion, a significant increase here.
The forecasted increase is 2%.

These graphs show the impact of M&A for the fiscal year ended March 2022. First is net
sales. All three companies achieved a significant increase in sales, driven by theelectronic components business. Gross profit increased for all three companies due tothe increase in profits resulting from the sales increase and an improvement in profit
margins. The bar graph shows gross profit, and the line graph shows gross margin.
As you can see here, the gross profit margin is 12.2% compared to 11.3% for the Group
as a whole. As I reviewed earlier, we can see that the gross profit margins of eachcompany have improved significantly. The blue represents KAGA ELECTRONICS. 14.5% to14.9%. The red represents KAGA FEI. 7.8% to 9.8%. The green represents EXCEL. 5.1% to
6.5%.
SG&A expenses increased in line with the increase in sales, but the SG&A‐to‐sales ratio
decreased. As can be seen from the graph, KAGA ELECTRONICS reduced its share from
10% to 9.5%, FEI from 7.5% to 7.2%, and EXCEL from 4.8% to 3.3%. For the Group total,
it reduced from 8.6% to 8%.
Next, operating profit. The increase in gross profit absorbed the increase in expenses
and secured an increase in profit, and the profit margin also increased significantly. As
can be seen from the line graph, KAGA ELECTRONICS improved from 4.5% to 5.5%, FEIfrom 0.3% to 2.4%, and EXCEL from almost zero to 3%. The operating profit marginincreased significantly from 2.7% to 4.2% for the Group.

Next, I will review the details of the electronic components business. As reviewed earlier,
net sales totaled JPY433.852 billion and segment profit was JPY18.107 billion.
This is because the parts sales business continued to enjoy brisk sales throughout theperiod, thanks to the wide range of customer requests from a wide range of industries.
Amid shortages in the supply of some parts and materials, we were able to secure sales
volume from various sources by leveraging our procurement network as an independent
trading company, which also boosted our performance. Successful PMI by acquiredcompanies, such as FEI and EXCEL, contributed to earnings growth.
In the EMS business, sales were strong, particularly in the automotive, medical, andindustrial equipment sectors. Amid the prolonged lockdown and parts shortages causedby the spread of the novel coronavirus infectious disease, we worked to minimize theimpact by strictly managing the process in close collaboration with our customers.

Next is the information equipment business. Net sales totaled JPY39.616 billion andprofit was JPY2.085 billion.
Sales of PCs, security software and other PC peripherals to educational institutions werestrong, but sales to corporate customers were weak due to the feeling of one round of
remote work demand and product supply difficulties. The LED equipment installation
business remained sluggish, affected by difficulties in procuring materials and equipment
and the extension of construction periods due to delays in deliveries.
Pages 8 through 14 are a presentation of the most recent three months' results, so I will
omit them.

Please go to page 15, and here I will review the difference between the actual results
and the previous forecast for the fiscal year ended March 2022. First, net sales exceeded
JPY20.827 billion by segment. The breakdown is JPY19.852 billion increase in electronic
components, JPY383 billion decrease in information equipment, JPY232 billion decreasein software, and JPY1.59 billion increase in others.
By company, KAGA ELECTRONICS increased by JPY16.075 billion, KAGA FEI by JPY4.455
billion, and EXCEL by JPY296 billion.
Operating profit increased by JPY3.415 billion. By segment, the electronic components
business increased by JPY3.307 billion, information equipment increased by JPY85
million, software decreased by JPY226 million, and others increased by JPY126 million.
By company, KAGA ELECTRONICS increased by JPY2.461 billion, KAGA FEI by JPY1.054
billion, and EXCEL by JPY37 million.

Next, I will review our performance by segment based on our medium‐termmanagement plan segmentation for the fiscal year ended March 2022.
Net sales of electronic components business totaled JPY325.83 billion, up 24.2% fromthe previous year and 4.1% from the forecast. Segment profit totaled JPY11.094 billion,
up 274.6% from the previous year and 27.5% from the forecast.
Next is the EMS business. Net sales totaled JPY117.828 billion, up 18.3% from theprevious year and 7.1% from the forecast. Segment profit totaled JPY7.356 billion, up
32.8% from the previous year and 14.9% from the forecast.
Sales in the CSI business totaled JPY39.616 billion, down 18.1% from the previous year
and down 1% from the forecast. Segment profit was JPY2.085 billion, down 16% fromthe previous year and up 4.3% from the forecast.
Other businesses posted sales of JPY12.552 billion, up 4.1% from the previous year and4.6% from the forecast. Segment profit was JPY255 million, down 34% from the previous
year and 36% from the forecast.

Page 18 is a summary of the recent three months by segment.

I would like to continue with an analysis of key items on the balance sheet. Total assets
amounted to JPY272.139 billion, up JPY35.135 billion from the previous year. Current
assets totaled JPY233.984 billion, up JPY33.805 billion from the previous year. Fixed
assets totaled JPY38.155 billion, up JPY1.329 billion from the previous year.
Regarding liabilities and net assets, total liabilities amounted to JPY166.339 billion, up
JPY24.397 billion. Net assets totaled JPY105.8 billion, an increase of JPY10.737 billion.

The next item on the balance sheet is inventories. Inventories totaled JPY62.607 billion,
up JPY24.658 billion from the previous year. Inventory turnover days increased to 46.1
days.
These are trade receivables and trade payables. Trade receivables amounted to
JPY120.948 billion, up JPY12.553 billion from the previous year. Trade payables totaled
JPY86.493 billion, an increase of JPY6.639 billion. The trade receivables turnover was 89days, and the trade payables turnover was 68.6 days.

I will now review cash and cash equivalents and interest‐bearing debt and cash flow.
Cash and deposits totaled JPY41.051 billion, a decrease of JPY4.585 billion. Interest
bearing debt totaled JPY51.171 billion, an increase of JPY12.91 billion. The D/E ratio is0.48, which brings the net D/E ratio to 0.1 points.
As for cash flow, net cash flow from operating activities was JPY1.554 billion, net cash
flow from investing activities was JPY6.772 billion, and financing cash flow provided
JPY1.155 billion.

Next, I would like to explain management KPIs. Total assets amounted to JPY272.139
billion, an increase of JPY35.135 billion. Shareholders' equity totaled JPY105.68 billion,
up from JPY14.713 billion in the previous year. As a result, the equity ratio is 38.8%.
Next is ROE. ROE came in at 15.7%. This breakdown shows a total asset turnover of 1.9,
financial leverage of 2.6, and net profit margin of 3.1.

I would like to continue with our earnings forecast for the fiscal year ending March 2023.
Net sales are projected at JPY510 billion. This represents a 2.9% increase over theprevious year. Operating profit is projected at JPY21.2 billion, an increase of 1.4%. We
also forecast an ordinary profit of JPY21.2 billion, the same amount as operating profit.
This is a 1.2% decrease from the previous year. Net income attributable to shareholdersof the parent company is projected at JPY14.5 billion, a decrease of 5.9%.
As a result, EPS is projected to be JPY552.42 and ROE is 13%.

I would like to review the factors behind the increase or decrease in operating profit for
the fiscal year ended March 2022 and the fiscal year ending March 2023. The bar in the
middle of the chart shows the actual results for the fiscal year ended March 2022, with
an operating profit of JPY20.915 billion, an increase of JPY9.448 billion over the previous
year. The increase was due to an increase of JPY8.511 billion in sales volume, an increaseof JPY4.1 billion in spot sales, and a decrease of JPY3.163 billion in SG&A expenses.
On the right is the forecast for the fiscal year ending March 2023, with an operating
profit of JPY21.2 billion, an increase of JPY285 million over the previous year. The
breakdown is as follows: an increase of JPY4.753 billion due to an increase in sales
volume, a decrease of JPY3.1 billion due to a decrease in spot sales, and a decrease of
JPY1.368 billion due to an increase in SG&A expenses.

Business performance by segment. The electronic components business is projected topost sales of JPY447 billion, up 3% from the previous year, and segment profit of JPY18.5
billion, up 2.2%.
In information equipment, we forecast net sales of JPY39 billion, down 1.6%, andsegment profit of JPY2 billion, down 4.1%.
For software, we forecast net sales of JPY4 billion, an increase of 44.5%, and a segment
profit of JPY100 billion.
In the other segment, we forecast net sales of JPY20 billion, up 2.1%, and segment profitof JPY600 million, down 4.2%.
This concludes my review of financial results for the fiscal year ended March 2022 andour forecast for the fiscal year ending March 2023.
Thank you very much for your kind attention.

Hello, I’m Kado, the President of KAGA ELECTRONICS CO., LTD. Thank you for yourcontinued support and cooperation in our IR activities.
I would now like to report on key management topics of our company for FY2021.
The main contents of the report are our latest response to the novel coronavirus
infectious disease, a review of the previous medium‐term management plan, and the
new medium‐term management plan and sustainability medium‐term management plan.

First, I would like to report on our preventive measures against the novel coronavirus.
For domestic sales offices, we continue to conduct sales activities with a remote working
structure and staggered commuting, putting safety first. The table shows the officeattendance rate, which was 41% for KAGA ELECTRONICS and 47% for the Group
companies during the first half of the year. In the second half of the year, they were 46%
and 52%, respectively.
The Company intends to continue supporting remote work throughout the first half ofthe current fiscal year. We set the maximum workplace occupancy rate at 40% for KAGAELECTRONICS. Each Group company sets its own targets, taking into account its
respective business categories.
The four photos at the bottom of this slide show some of our measures to prevent
coronavirus infection. Thermal cameras were installed at the entrance to the office. All
visitors and employees are required to take their temperatures and sanitize their hands
upon entering the building. Partitions were placed in the office buildings. Antiviral andantibacterial coatings were applied. In addition, Caltech sterilization and deodorization
machines were installed.
Despite these thorough measures to prevent infection, a total of 151 infection cases
were reported across the domestic Group companies. In the previous term, the number
was 14. It means that the infection case count increased more than tenfold. I have an
impression that the overwhelming number of infections were caused by the employees’
family members. Fortunately, none of the patients became seriously ill, and everyone isback at work in good health.

Next, I would like to report on the status of our overseas production sites. This section
summarizes the operational status of each location.
In Vietnam, the Kyokuto Electric Plant was shut down for a fairly long period from July to
September last year due to the lockdown in Ho Chi Minh City. During this period,
production was transferred to Japan and continued but normalized, and production in
Vietnam was resumed after October.
There was a lockdown in Malaysia in July and in Shenzhen in March of this year, and theline was shut down for about a week each. In the rest of the world, production activities
were able to continue without interruption.
Even at our overseas EMS factories, we ensure all employees take their temperaturewhen entering the factory, wear masks and goggles inside the factory, and keep social
distance on the production line and on the employee buses that employees ride to work.
In addition to hand washing, gargling, and alcohol disinfection measures, we also apply
disinfecting spray inside the plant. Partitions in the cafeteria are used to protect
employees from being exposed to contact or spreading infection.
A total of 133 cases of infection were reported in Asia, Europe, and the Americas. No
one was seriously affected, and there was not a single case of mass infection at theplants.

Next, I would like to review the completion of the medium‐term management plan 2021.
I have summarized the results in two slides regarding our business plans and the results.
Regarding the first measure, strengthening our earnings base. We have been actively
involved in corporate acquisitions over the past three years, including KAGA FEI and
EXCEL. As a result, we gained approximately JPY215 billion in new net sales andcustomers. In terms of profitability, we were able to increase our high value‐added EMS
business by approximately JPY28 billion.
Regarding the second point, stabilization of the management base, KAGA FEI's grossprofit margin, which was low at the time of acquisition, has improved by more than 3
percentage points over the past three years. In addition, SG&A to sales ratio for KAGAELECTRONICS has dropped a little more than 1 percentage point over the past three
years, and its equity ratio has returned to nearly 40%. As such, we assess that theefficiency and financial soundness of the Company are steadily improving.
Our third focus is the creation of new businesses. We are working on projects with thetheme of solving social issues, such as disaster prevention helicopters and EV buses, andhonestly, we evaluate what we have done and what we have not done here as both.
Those that were completed are marked with a blue circle, and those that were
inadequate are marked with a red triangle.

Next, I would like to review the business performance.
The actual sales for FY2021 were JPY495.8 billion, compared to the management targetof JPY500 billion in sales. I think the results were slightly less than satisfactory. However,during the period there were some unexpected events, such as the loss of majorcommercial rights at KAGA FEI, the novel coronavirus, and semiconductor shortages. In
the end, however, we were able to absorb these adversary effects.
Operating profit was JPY20.9 billion versus a management target of JPY13 billion, so thetight supply‐demand balance in the market also served as a tailwind to achievesatisfactory results. The Company posted its highest profits for the third consecutive year.
Since profit margins have improved, ROE has remained in the 10% range for two
consecutive years, exceeding the management target of 8%.

Next, I would like to refer our new medium‐term management plan 2024, which wasannounced last November.
This will be duplicated for those who attended the last meeting, so we would like tofocus on the main points and reconfirm them. This slide provides a summary of the new
medium‐term management plan. The basic design is inherited from the previous
medium‐term management plan.
The sources of our growth potential are organic growth plus new M&As, overseas
business, and EMS business as growth opportunities, and focused growth areas aremobility, telecommunications, environment, and industrial equipment.
In these fields, we aim to become a top‐class company in the industry in Japan, with
JPY750 billion in net sales, by capturing the trading business of electronic components
and the EMS business of board mounting as growth drivers. We aim to achieve annual
sales of JPY1 trillion to grow ourselves into an enterprise that can survive global
competition.

In this slide, I will review the four basic policies as management measures of the new
medium‐term management plan.
To further strengthen profitability, it is important to focus on markets with high growthand profitability potential. The areas we are working on are as I mentioned earlier.
To strengthen our management foundation, we recognize that it is an important issue totransform our management structure to be appropriate for the number one company in
the Japanese industry, and we will work on strengthening corporate governance,
efficient group management, and investment in human capital.
As for the creation of new businesses, we will continue to promote open innovation
through venture investment, and we will also aggressively pursue M&A opportunities toachieve discontinuous growth.
Regarding the promotion of SDGs management, we will promote sustainability
management across the Group with the aim of both solving social issues and achieving
sustainable growth as a company. I will review it again later in the sustainability medium‐
term management plan.

Next, I will review the management targets of the new medium‐term management plan.
For fiscal 2024, the final year of the new medium‐term management plan, we have set atarget of JPY600 billion in net sales through organic growth and JPY750 billion including
new M&As. In aiming to become a JPY1 trillion company in the future, our scenario is tocreate JPY750 billion in the next three years, even if we have to buy from outside
sources what we lack in organic growth.
We have set a target of JPY20 billion for operating income. The idea is to create thisthrough organic growth without relying on M&As. When the plan was announced lastNovember and at the time of the second quarter financial results, the operating profit
forecast for FY2021, the launch pad, was JPY15 billion, but due in part to the boost from
special factors that were not factored in when the plan was formulated, actual resultsfor FY2021 were JPY20.9 billion.
The forecast for FY2022 is also JPY21.2 billion, which means that the current profit levelexceeds the target of the medium‐term management plan. The Company intends torevise the forecast in a manner consistent with the actual results after determining thedegree of progress of business performance in the first half of FY2022.
ROE is set at a stable 8.5%, or higher, to consistently exceed the cost of shareholders'equity, which we consider to be around 7% to 8%.

The first few slides from here show the sustainability medium‐ to long‐termmanagement plan that we announced last November together with the new medium‐
term plan. This is also repetitive, so let me pick up just the main points.
We have established a Sustainability Policy that illustrates the KAGA ELECTRONICS
approach to SDGs. As stated in this preamble, our corporate slogan is “Everything we do
is for our customers.” Accordingly, we set two targets: fulfillment of a sustainable society
and sustainable group growth.
The following three items are outlined in our Sustainability Policy.
The first is to address environmental issues through our business activities. We
contribute to the realization of a society that cares for the global environment by
reducing CO2 and waste and providing environmentally friendly products and services.
The second is to respect human rights and develop human resources. We respect thehuman rights of all stakeholders regardless of gender, age, or nationality. We will also
work to develop human resources by creating a workplace environment in which
employees can work safely and healthily, both mentally and physically, and by
developing personnel and training systems that enable employees to maximize theirindividual abilities.
Third, we aim to establish mutual trust with society. It is to conduct corporate activities
with integrity, including compliance with laws and regulations, fair competition,
provision of high‐quality products and services, and timely and appropriate information
disclosure, as well as to strengthen our governance system. We aim to be a company
trusted by society.

This slide is a key issue that we have discussed and identified.
We have identified key issues that will have a significant impact on our managementfrom the four perspectives of the environment, society, governance, and our business.
Through efforts to address these important issues, we will implement corporate
activities that contribute to the realization of a sustainable society and promote further
enhancement of corporate value.
Specifically, our key tasks are to create a clean global environment in terms ofenvironment, to create a company that is easy to work for and prosperous society interms of society, to create a sustainable management foundation in terms of governance,
and to achieve sustainable business growth in terms of business.

For each of these details, we have compiled a list of themes, goals, and KPIs to beaddressed.
In terms of the environment, we are working to achieve 100% renewable energy
consumption in our business activities. Currently, only 1% of our sales offices in Japanuse renewable energy, but we aim to increase this to 40% by 2024, and 100% by 2030.
Meanwhile, we have set long‐term targets for the energy used by our EMS business at
our factories in Japan and overseas, ranging from 30% to 50% by 2030, and 100% by
2050. To implement this policy, we will collect and analyze information over the next
three years and decide on the choice between in‐house power generation and external
procurement, as well as on the methods to be used in the case of in‐house power
generation. Through these efforts, we would also like to consider declaring RE100.
In society, we are committed to diversity and human resources management, as well
as work‐life management and productivity improvement. In particular, to ensure
diversity in core human resources, we will increase the ratio of women in management
positions, currently around 13%, to 15% by 2024.
Lastly, corporate governance. We will work to rebuild our governance structure in
response to the CG Code revision and TSE reorganization and to further strengthen
management oversight and execution functions. In April last year, we established theSDGs Committee, under which working groups on the environment, society, andcorporate governance were formed to discuss ESG issues and compile thesustainability medium‐term management plan.

In the first year of the sustainability medium‐ to long‐term management plan, less thansix months from last November to this March, we have summarized our progress
during that period and would like to report on it.
First, with regard to the shift to 100% renewable energy for the environment, we haveconducted a survey of electricity consumption at our sales and manufacturing sites inJapan and have begun considering when to purchase renewable energy for our sales
offices. In addition, we have begun to consider the installation of solar panels and on‐site and off‐site PPAs at our manufacturing facilities.
In the area of social diversity and human resources management, we have formulated
an action plan based on the Act on Promotion of Women’s Participation andAdvancement in the Workplace in order to raise the ratio of female new graduates incareer‐track positions. Recruitment activities in line with this plan have begun thisfiscal year. As of the end of March this year, KAGA ELECTRONICS has achieved 100% of
the legally mandated employment rate for persons with disabilities.
With regard to work‐life management and productivity improvement, we are currently
reviewing our regulations to make remote working a permanent system. In addition,
we have completed the necessary disclosure information on our website in preparationfor obtaining certification in Health and Productivity Management.
Lastly, about governance, as part of the restructuring of the governance system in
response to the revision of the CG Code and the reorganization of the TSE, we
implemented the establishment of at least one third of independent outside directors
and the Nomination and Compensation Committee last June. In terms of diversifying
the Board of Directors, we are working toward the appointment of a female board
member by June 2023.
To further strengthen the supervisory and executive functions of management, we
introduced a delegated executive officer system in April of this year. We would like to
finalize our policy on companies with committees by March 2023.

Now, the last slide is about shareholder returns. Shareholder return is one of the mostimportant management issues for the Company, and we strive to actualize stabledividends in accordance with the basic policy written herein.
The Company pays two types of dividends: ordinary dividends and special dividends. It is
customary to pay a special dividend if the profit plan made at the beginning of the fiscal
year is revised upward during the fiscal year, or if the final results exceed the previous
forecast, depending on the extent of the upward revision.
For the fiscal year ending March 2022, the initial dividend forecast was JPY40 for boththe interim and year‐end dividends, for an annual dividend of JPY80 per share, but thiswas subsequently revised upward three times, to a final dividend of JPY120 per share.
This is an increase of JPY40 per share over the previous fiscal year.
For the fiscal year ending March 2023, we will pay an ordinary dividend of JPY140 per
share, plus a commemorative dividend of JPY10 per share to celebrate our 55th
anniversary, bringing the total dividend to JPY150 per share, an increase of JPY30 fromthe previous year.
This graph shows the change in dividends over 10 years. The green bar is the special
dividend, which has been paid for eight consecutive years since the fiscal year ended in
March 2015. To ensure that this trend continues in the fiscal year ending March 2023
and beyond, we are firmly committed to group management in line with the new
medium‐term management plan and the sustainability medium‐term management planthat I reviewed today.

This concludes today's presentation. Thank you.