Consolidated Financial Results (Japanese Accounting Standards) for the Fiscal Year
Ended March 31, 2024
May 17, 2024
Ahresty Corporation
Stock Exchange Listing: Tokyo
5852
URL: https://www.ahresty.co.jp/en/(Title)President & COO(Name) Shinichi Takahashi
Director and Managing Executive
Contact for(Title)Officer, Chief of General(Name) Hideki Nariya
TEL: 03-6369-8660
inquiries:
Administrative Command
Planned date for start ofPlanned date for annual shareholders’ meeting: June 28, 2024
dividend payment:
June 11, 2024
Planned date for filing of securities report:
June 28, 2024
Supplementary documents forYesfinancial results:
Company name:
Code number:
Representative:

Financial results briefing:Yes(for securities analysts and institutional investors)(Amounts of less than 1 million yen are rounded off)
1. Consolidated results for year ended March 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results(% shows the year-on-year change)
Net income attributable to
Net sales
Operating income
Recurring income
owners of parent
million yen% million yen% million yen%
million yen%
Year ended March 2024
158,254
12.3
2,291
—
2,574
—
(7,699)—Year ended March 2023
140,938
21.2
23
—
94
—
(84)
—
(Note) Comprehensive
income(Reference) EBITDA

Year ended March 2024

(4,106) million yen(—%)

Year ended March 2023

3,288 million yen(—%)

Year ended March 2024

15,089 million yen(16.7%)

Year ended March 2023

12,929 million yen(36.1%)* EBITDA = operating income + depreciation and amortization

Net income per shareyen(300.55)(3.26)

Year ended March 2024
Year ended March 2023

(Reference) Investment gain or loss under equity method

Fully diluted net
Return on equity
income per shareyen%—(14.3)—(0.1)

Year ended March 2024

(2) Consolidated financial position
Total assets
million yen
Year ended March 2024
131,763
Year ended March 2023
137,069(Reference) Shareholders’ equity— million yen

Net assets
million yen
51,61756,649Year ended March 2024

51,499 million yen

Return on total Operating income
assetson sales
%
%
1.9
1.4
0.1
0.0
Year ended March 2023

Equity ratio— million yen

%
39.1
41.2

Net assets per shareyen
2,042.86
2,180.28

Year ended March 2023

56,527 million yen(3) Consolidated cash flows

Year ended March 2024
Year ended March 2023

Cash flows from
Cash flows from investing
operating activities
activities
million yen
million yen
18,319(13,939)
10,727(6,331)

Cash flows fromYear-end balance of cash
financing activities
and cash equivalents
million yen
million yen(5,951)
11,594(1,534)
12,991

2. Dividend payments

Year ended March 2023
Year ended March 2024
Year ending March2025 (Forecast)

Dividend per share
End of first
End of second
End of third
End of year
quarterquarterquarter
yen
yen
yen
yen
5.00
5.00
—
—
10.00
5.00
—
—

—

10.00

—

18.00

-1-

Total dividend(for year)

Total
yen
10.00
15.00
28.00

million yen
259
382

Dividend Dividend ratio
payout ratio to net assets(consolidated) (consolidated)
%

—
—
34.5

%
0.5
0.7

3. Forecast of consolidated results for year ending March 2025 (from April 1, 2024 to March 31, 2025)(% shows year-on-year change from previous year.)
Net income
Net income per
Net sales
Operating income
Recurring income attributable to owners
shareof parent
millionmillionmillionmillion
%
%
%
%
yen
yen
yen
yen
yen
(800.0)First half
77,000
(1.0)
1,300
53.8
1,000
6.1
100
3.90
Full year
159,000
0.5
4,000
42.7
3,500
26.4
2,000
—
78.07

* Notes:(1) Significant changes to subsidiaries during the current term (changes for a specified subsidiary accompanying achange in the scope of consolidation):(2) Changes in accounting policies and changes in or restatement of accounting estimates(i) Changes in accounting policies associated with revision of accounting standards, etc.:(ii) Changes in accounting policies other than (i):(iii) Changes in accounting estimates:(iv) Restatement:(3) Number of shares outstanding (common stock)(i) Number of shares outstanding at end of
period (including treasury stocks)

Year ended
March 2024
Year ended
March 2024
Year ended
March 2024(ii) Number of treasury stocks at end of period(iii) Average number of shares during the period

25,546,717 shares
337,057 shares
25,617,844 shares

None
None
None
None

Year ended
March 2023
Year ended
March 2023
Year ended
March 2023

(Reference) Overview of nonconsolidated results
1. Nonconsolidated results for year ended March 2024 (from April 1, 2023 to March 31, 2024)(1) Nonconsolidated operating results
Net salesYear ended March 2024
Year ended March 2023

Operating income

26,076,717 shares
149,822 shares
25,911,370 shares(% shows the year-on-year change)

Recurring income

Net income

million yen%

million yen%

million yen%

million yen%

50,253
46,176

8.8
16.5

973
660

47.5
—

2,153
1,054

104.2
—

782
(3,314)——

Net income per share

Year ended March 2024
Year ended March 2023

None

Fully diluted net income per share

yen

yen

30.55
(127.93)30.35—(2) Nonconsolidated financial position
Total assets

Net assets

million yen

87,05787,276(Reference) Shareholders’ equity Year ended March 2024
Year ended March 2024
Year ended March 2023

million yen

32,013
31,941
31,895 million yen

Equity ratio

Net assets per share
%

36.6
36.5
Year ended March 2023

yen

1,265.22
1,227.26
31,819 million yen*

This report on consolidated financial results is outside the scope of audits by a certified public accountant or an audit corporation.

*

Explanation for appropriate use of financial forecasts and other special remarks
The forecasts presented herein are based on information currently available and certain assumptions deemed reasonable by theCompany, and actual results may differ significantly from these forecasts due to various factors. For notes on the use of the results
forecasts and assumptions as the basis for the results forecasts, please see “1. Outline of Operating Results, etc. (3) Future Outlook”
on page 6 of the accompanying materials.

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Accompanying Materials - Contents
1. Outline of Operating Results, etc.
(1) Outline of Operating Results for the Fiscal Year under Review(2) Outline of Financial Position for the Fiscal Year under Review(3). Future Outlook(4) Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years
2. Basic Concept for Choice of Accounting Standards
3. Consolidated Financial Statements and Key Notes(1) Consolidated Balance Sheet(2) Consolidated Income Statement and Statement of Comprehensive Income
Consolidated Income Statement
Consolidated Statement of Comprehensive Income(3) Consolidated Statement of Changes in Net Assets(4) Consolidated Statement of Cash Flows(5) Notes(Notes on Going Concern Assumption)(Notes on Significant Change in the Amount of Shareholders’ Equity)(Segment Information)(Per Share Information.)(Important Subsequent Events)

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4
5
6
7
7
8
8
10
10
11
12
14
15
15
15
16
20
20

1. Outline of Operating Results, etc.
(1) Outline of Operating Results for the Fiscal Year under Review(Operating results)
During the consolidated fiscal year under review, the world economy continued to see a slowdown due to factors such as theongoing high raw material and energy prices, the manifestation of the effects of tight monetary policies by the central banks ofvarious countries, and the stagnant recovery of the Chinese economy. In the U.S., while the raising of the interest rate affected
the overall economy, labor shortages and supply chain constraints eased, simultaneously accelerating the normalization of
economic activities and the slowdown of inflation. Although the slowdown will continue until mid-2024, the Fed’s interest rate
cut has begun and the U.S. economy is expected to recover. As for the Chinese economy, the growth rate is expected to continue
to slow due to ongoing structural downward pressures, such as prolonged adjustments in the real estate sector, population decline,
and the U.S.-China conflict. In Japan, although economic activities will maintain a recovery due to high corporate earnings goingto wages and capital investment, the Japanese economy is expected to recover only moderately due to sluggish growth in net
employment compensation and a lull in the recovery in service consumption and inbound demand.
Under these economic circumstances, the Ahresty Group’s business performance continued to be on a recovery track due
to the recovery in the volume of orders received in line with the global easing of the shortage of semiconductors in car production.
In Asia, although we faced difficulty due to the impact of the intensification of competition between Japanese automobile
companies and local manufacturers in the Chinese market, we were able to record surpluses for operating income and recurringincome thanks partly to the advancement in the passing on of the rise in energy prices to selling prices. As for net income for theyear, on the other hand, a net loss had to be recorded mainly due to the recognition of an impairment loss resulting from thereduction of the book value of the business assets held mainly by our sites in China, which were affected by the production
reduction, to their recoverable amounts.
Starting from the previous consolidated fiscal year, the Ahresty Group has promoted its 10-year Business Plan, a longterm management plan toward fiscal 2030, and the 2224 Medium-Term Management Plan, the milestone plan for the first three
years of the 10-year Business Plan. Under the 2224 Medium-Term Management Plan, in response to changes in the external
environment, such as the acceleration of electrification of automobiles and moves toward carbon neutrality, we set “establishing
low-cost, highly productive MONOZUKURI,” “reducing CO2 emissions in production,” and “shifting the business portfolio to
predominantly parts for electric vehicles” as the pillars of our strategy. Based on these pillars, we are making efforts to boost
sales, improve productivity, and enhance our earnings strength. Furthermore, we formulated financial strategies for the 10-year
Business Plan in June last year, aiming to achieve, in addition to the income targets that had been released, an equity ratio of
40%, a dividend payout ratio of 35%, capital investment of 140 billion yen, and an ROE of 9%, as the four pillar financial targets
for the period of the 10-year Business Plan. Although we recorded a net loss for the fiscal year under review, we continue to seea recovery trend in our basic profitability and will continue to strengthen our business structure in the next fiscal year and beyondby building an efficient production system and expanding new and existing business relationships with customers who are strong
in electric vehicle parts,
As a result, for the consolidated fiscal year under review, the Group recorded consolidated net sales of ¥158,254 million(up 12.3% year on year), operating income of ¥2,291 million (operating income of ¥23 million in the previous year), and recurringincome of ¥2,574 million (recurring income of ¥94 million in the previous year). Due to the occurrence of an impairment loss
on fixed assets and other factors, net loss attributable to owners of parent was ¥7,699 million (net loss attributable to owners ofparent of ¥84 million in the previous year).

(i)

Operating results by segment are as follows:
Die Casting Business: Japan
In the Japanese automobile market, as car production recovered due to the stabilization of the supply of semiconductors,
resulting in an increase in the volume of orders received, our net sales increased to ¥62,007 million (up 5.1% year on year).
On the profitability side, the segment recorded a profit of ¥595 million (up 137.6% year on year) due to a recovery in thevolume of orders received, as well as steady progress in price adjustments to compensate for higher energy costs, etc.

(ii) Die Casting Business: North America
In the automobile market in North America, as car production recovered due to the stabilization of the supply ofsemiconductors, resulting in an increase in the volume of orders received, our net sales increased to ¥47,967 million (up 29.7%
year on year). On the profitability side, despite an increase in manufacturing costs due to the rise in labor costs, etc., thesegment recorded a profit of ¥1,242 million (a segment loss of ¥676 million was recorded a year earlier) due to the recovery
in orders received, which was associated with a recovery in production.
(iii) Die Casting Business: Asia
In the automobile market in Asia, despite a decline in the volume of orders received in China, reflecting stagnant sales ofJapanese car manufacturers, our major customers, in the Chinese market, net sales increased 4.2% year on year to ¥35,098
million due to an increase in the volume of orders received thanks to the start of mass production of new products at our plantin India. On the profitability side, the segment recorded a loss of ¥650 million (a segment income of ¥8 million was recorded
a year earlier) due to the decrease in orders received associated with a decrease in production in China Plant and the impact ofhigher costs pertaining to the ongoing instability in production of some products in India Plant.

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(iv) Aluminum BusinessIn the Aluminum Business, the sales weight decreased 17.2% year on year. Net sales decreased 11.5% year on year to ¥7,057
million due to production reduction at some business partners. On the profitability side, the segment recorded a profit of ¥141
million (down 48.6% year on year) due to the impact of the decrease in sales weight.
(v) Proprietary Products BusinessIn the Proprietary Products Business, net sales increased 87.2% year on year to ¥6,123 million, mainly reflecting an increasein orders for projects for the main customers, such as a clean room at a semiconductor-related company. On the profitability
front, the segment achieved a stable profit of ¥891 million (up 212.1% year on year) partly due to the increase in net sales.
(2) Outline of Financial Position for the Fiscal Year under Review(i) Assets, liabilities and net assets(Assets)
Total assets at the end of the consolidated fiscal year under review decreased ¥5,305 million from the end of the previous
consolidated fiscal year to ¥131,763 million. Current assets stood at ¥61,777 million, an increase of ¥477 million from the endof the previous consolidated fiscal year. This was mainly due to an increase of ¥1,002 million in notes and accounts receivable
despite a decrease of ¥668 million in cash and time deposits. Fixed assets were ¥69,985 million, down ¥5,783 million fromthe end of the previous fiscal year. This was due chiefly to a decrease of ¥6,065 million in tangible fixed assets despite anincrease of ¥280 million in investment securities.
(Liabilities)
Liabilities at the end of the consolidated fiscal year under review decreased ¥273 million from the end of the previous
consolidated fiscal year to ¥80,146 million. Current liabilities stood at ¥59,741 million, an increase of ¥464 million from theend of the previous consolidated fiscal year. The principal factors contributing to this result included increases of ¥1,315
million in notes and accounts payable, ¥1,423 million in obligations for equipment included in Others, ¥614 million inadvances received also included in Others, ¥366 million in accrued consumption taxes and others, and ¥316 million yen in
accrued expenses, in contrast to decreases of ¥2,961 million in short-term loans and ¥704 million in the current portion of
long-term loans. Long-term liabilities stood at ¥20,404 million, a decrease of ¥738 million from the end of the previous
consolidated fiscal year. This was mainly due to decreases of ¥1,183 million in deferred tax liabilities and ¥271 million in net
defined benefit liability despite an increase of ¥670 million in long-term loans.
(Net assets)
Net assets at the end of the consolidated fiscal year under review decreased ¥5,032 million from the end of the previous
consolidated fiscal year to ¥51,617 million. This was attributable primarily to a decrease of ¥8,432 million in retained earnings
despite an increase of ¥2,874 million in foreign currency translation adjustments.
As a result, the equity ratio was down from 41.2% at the end of the previous fiscal year to 39.1%.
(ii) Cash flows
Cash and cash equivalents (“cash”) decreased ¥1,397 million from the end of the previous fiscal year during the consolidated
fiscal year under review, coming to ¥11,594 million.
The status of each of the cash flow segments and the contributing factors for the consolidated fiscal year under review
are as follows:(Cash flows from operating activities)
Net cash provided by operating activities totaled ¥18,319 million (compared to net cash provided of ¥10,727 million in theprevious fiscal year). This result was mainly due to factors decreasing cash, such as loss before income taxes and others of¥8,431 million, as well as factors increasing cash, such as depreciation and amortization of ¥12,797 million, impairment lossof ¥10,399 million, a decrease of ¥1,113 million in inventories, and an increase of ¥832 million in notes and accounts payable.
(Cash flows from investing activities)
Net cash used in investing activities was ¥13,939 million (compared to net cash used of ¥6,331 million in the previous fiscal
year). This was mainly due to factors decreasing cash, such as expenditures on purchase of tangible fixed assets of ¥13,115
and payments into time deposits of ¥724 million.
(Cash flows from financing activities)
Net cash used in financing activities was ¥5,951 million (compared to net cash used of ¥1,534 million in the previous fiscal
year). This was mainly due to factors increasing cash, such as proceeds from long-term loans of ¥10,900 million, in comparison
to factors decreasing cash, such as repayment of long-term loans of ¥11,834 million, purchase of treasury stock of ¥599 million,
and an increase of ¥403 million in deposits for purchase of treasury stock.

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(Reference) Transition of indexes related to cash flows
Year ended March Year ended March Year ended March Year ended March Year ended March
2020
2021
2022
2023
2024
Equity ratio (%)

46.5

41.9

40.7

41.2

39.1

Market value-based equity ratio
(%)

7.3

9.4

7.4

9.8

16.3

204.5

578.2

519.6

405.7

221.2

38.2

16.7

15.7

15.3

24.1

Ratio of interest-bearing debt tocash flows (%)
Interest coverage ratio (times)

Equity ratio: Shareholders’ equity / Total assets
Market value-based equity ratio: Market capitalization / Total assets
Ratio of interest-bearing debt to cash flows: Interest-bearing debt / Cash flows
Interest coverage ratio: Cash flows / Interest paid
(Notes) 1. Each indicator is calculated based on consolidated figures.
2. Market capitalization is calculated based on the number of shares issued excluding treasury stock.
3. Cash flows mean cash provided from operating activities.
4. Interest-bearing debt denotes all liabilities bearing interest recorded on the consolidated balance sheet except leaseobligations.
(3) Future Outlook
The global economy is expected to remain in a state requiring close monitoring due to a mixture of various unstable factors,
including persistently high raw material and energy prices resulting from the prolonged conflict between Russia and Ukraine, themanifestation of the effects of monetary tightening by central banks in various countries, rapid fluctuations in exchange rates,
rising labor costs due to a declining working-age population, and the prolonged slowdown of economic growth in China.
In this environment, the Ahresty Group’s consolidated net sales are expected to be at the same level as the consolidated fiscal
year under review due to an increase in orders received, mainly from the launch of new products in North America and India,
although competition between Japanese car manufacturers, our major customers, and Chinese EV (electric vehicle) manufacturers
will continue to intensify in line with rapid changes in the structure of the automobile market in China.
In terms of profits, we will further strengthen our tolerance to fluctuations in orders received by reducing fixed costs throughstreamlining our production system and further improving productivity. We will also tackle high energy and labor costs bypromoting cost pass-through negotiations to absorb the impact of cost increase, thereby securing stable profits. The Group will
also work to increase the rate of sales for electric vehicles and enhance the business in vehicle body components, while
continuing to promote initiatives toward carbon neutrality.
As a result, our forecasts for consolidated business results for the next fiscal year (year ending March 2025) are as shown
below.
Incidentally, our foreign exchange assumptions are: 140.0 yen to the USD, 20.0 yen to the CNY, 1.70 yen to the INR, and 18.0
Mexican pesos to the USD*.
* Our consolidated subsidiary in Mexico adopts the U.S. dollar as its functional currency. However, tax expenses of the Mexican subsidiary are calculated
based on the Mexican peso and are therefore influenced by the MXN/USD exchange rate.

(Million yen)
Operating income

Recurring income

Net income attributableto owners of parent

159,000

4,000

3,500

2,000

158,254

2,291

2,574

(7,699)Difference

745

1,708

925

9,699

Percentage change (%)

0.47

42.72

26.44

—

Net salesYear ending March 2025
forecasts
Year ended March 2024
results-6-

Net sales

Segment

Segment profit

Year ended March 2024 Year ending March 2025 Year ended March 2024 Year ending March 2025

Die Casting in Japan

62,00761,700595

700

Die Casting in North
America

47,96750,300

1,242

1,600

Die Casting in Asia

35,09835,100

(650)

1,100

Aluminum

7,057

7,300

141

100

Proprietary Products

6,123

4,600

891

500

—

—

71

—

158,254

159,000

2,291

4,000

Elimination ofintersegment transactions
Total(4) Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years
The Company views the continuing increase of corporate value as the most important return to shareholders. Regarding profit
distribution, the Company’s basic policy is to provide appropriate returns while bolstering the financial structure and the
management base for business development in the medium and long terms. We pay dividends, taking into consideration the amountof investment necessary for medium- and long-term growth, the payout ratio, and consolidated results.
In principle, we pay dividends twice a year (interim dividend and year-end dividend). The Board of Directors is in charge ofdetermining the dividend of surplus. Based on this policy, the Company decided to pay dividends of ¥15 per share (including aninterim dividend of ¥10) for the fiscal year under review.
For the fiscal year ending March 2025, we will continue to make Group-wide efforts to improve profitability through raisingproduction efficiency and cost cutting, thereby enhancing our financial structure and ensuring sustainable dividend payments.
Dividends from surplus for the fiscal year under review are as follows.
Date of resolution
Board of Directors’ meetingon November 14, 2023

Total dividend(million yen)

Dividend per share
(yen)

256

10

Board of Directors’ meeting126
5on May 17, 2024
For the next fiscal year, we plan to pay dividends of 28 yen per share (¥10 for interim and ¥18 for year-end dividends).

2. Basic Concept for Choice of Accounting Standards
The Ahresty Group intends to prepare its consolidated financial statements according to Japan’s standards at present, considering
the comparability of the consolidated financial statements in terms of period and between companies.
Meanwhile, as for the application of IFRS, appropriate action will be taken in consideration of the various conditions in Japanand abroad.

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3. Consolidated Financial Statements and Key Notes(1) Consolidated Balance Sheet
Previous consolidated fiscal year
(March 31, 2023)(Assets)
Current assets
Cash and time deposits
Trade notes and accounts receivable, and contract
assetsElectronically recorded monetary claims –operatingMerchandise and products
Partly finished goods
Raw materials and inventories
OthersAllowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Buildings and structures
Accumulated depreciation and impairment
loss
Buildings and structures, net
Machinery and delivery equipment
Accumulated depreciation and impairment
loss
Machinery and delivery equipment, net
Tools, furniture and fixtures
Accumulated depreciation and impairment
loss
Tools, furniture and fixtures, net
Land
Lease assets
Accumulated depreciation and impairment
loss
Lease assets, net
Construction in progress
Total tangible fixed assets
Intangible fixed assets
Investments and other assets
Investment securities
Deferred tax assets
OthersAllowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets-8-(Million yen)
Consolidated fiscal year underreview(March 31, 2024)

12,991

12,32327,14028,243

4,116

4,015

6,304
5,637
3,462
1,823
(176)
61,299

5,279
6,009
3,822
2,193
(110)
61,77732,592

34,481(19,071)(21,255)

13,521
140,599

13,226
151,105(104,237)(120,196)

36,36235,88030,90836,923(28,941)(32,075)

6,939
5,076
1,703

4,847
5,128
1,919

(921)

(1,249)782
7,221
69,903
1,642

670
9,057
63,838
1,571

1,261
2,337
641
(15)
4,223
75,769137,069

1,541
2,476
573
(15)
4,576
69,985
131,763

Previous consolidated fiscal year
(March 31, 2023)(Liabilities)
Current liabilities
Notes and accounts payable
Electronically recorded obligations – operating
Short-term loans
Current portion of long-term loans
Accrued income taxes
Bonus allowances
Provision for product warranties
OthersTotal current liabilities
Long-term liabilities
Long-term loans
Long-term accounts payable
Deferred tax liabilities
Net defined benefit liability
OthersTotal long-term liabilities
Total liabilities(Net assets)
Shareholders’ equity
Common stock
Additional paid-in capital
Retained earnings
Treasury stock
Total shareholders’ equity
Other accumulated comprehensive income
Difference on revaluation of other marketablesecurities
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total other accumulated comprehensive income
Share warrants
Total net assets
Total liabilities and net assets-9-(Million yen)
Consolidated fiscal year underreview(March 31, 2024)

11,6709,144
18,59910,600
147
1,530
53
7,532
59,277

12,707
9,422
15,638
9,895
265
1,506
206
10,09959,741

14,319
123
2,234
3,305
1,159
21,14280,41914,990
107
1,050
3,034
1,221
20,40480,146

6,964
10,20630,454(58)
47,566

6,964
10,20622,021(246)
38,945

538

754

9,026
(604)
8,961
121
56,649137,069

11,901(101)
12,554
117
51,617
131,763(2) Consolidated Income Statement and Statement of Comprehensive Income(Consolidated Income Statement)

140,938
130,457
10,480(Million yen)
Consolidated fiscal year underreview(April 1, 2023 toMarch 31, 2024)
158,254
144,349
13,905

1,652
3,089
199
302
411
558
4,243
10,457
23

1,745
3,330
179
325
429
683
4,920
11,614
2,291

51
44
355
230
147
80
910

132
47
482
348
—
77
1,087

759
79
839
94

730
73
804
2,574

3,208
—
132
3,340

45
34
212
291

214
2,378
448
—
368
3,410
24
661
(553)
108
(84)
(84)

321
10,399—429
147
11,298(8,431)548(1,280)(732)(7,699)(7,699)Previous consolidated fiscal year
(April 1, 2022 toMarch 31, 2023)
Net sales
Cost of goods sold
Gross profit
Selling, general and administrative expenses
Transportation expenses
Salaries and bonuses
Retirement benefit expenses
Provision for bonuses
Depreciation and amortization
Research and development expenses
Other expenses
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends received
Foreign currency exchange gain
Gain on sales of scraps
Employment adjustment subsidies
OthersTotal non-operating income
Non-operating expenses
Interest expenses
OthersTotal non-operating expenses
Recurring income
Extraordinary gains
Gain on sales of fixed assets
Gain on sales of investment securities
Subsidy income
Total extraordinary gains
Extraordinary losses
Loss on sales and retirement of fixed assets
Impairment loss
Retirement benefit expenses
Loss related to Chinese businessSpecial retirement expenses
Total extraordinary losses
Income (loss) before income taxes and others
Income taxes and enterprise taxes
Deferred income taxes
Total income taxes
Net income (loss)
Net income (loss) attributable to owners of parent- 10 -

(Consolidated Statement of Comprehensive Income)(84)(Million yen)
Consolidated fiscal year underreview(April 1, 2023 toMarch 31, 2024)(7,699)

(10)

216

3,433
(48)
3,373
3,288

2,874
502
3,593
(4,106)

3,288—(4,106)—

Previous consolidated fiscal year
(April 1, 2022 toMarch 31, 2023)
Net income (loss)
Other comprehensive income
Difference on revaluation of other marketablesecurities
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:
Owners of parent
Non-controlling interests- 11 -

(3) Consolidated Statement of Changes in Net Assets
Previous consolidated fiscal year (April 1, 2022 to March 31, 2023)(Million yen)
Shareholders’ equity
Additional paid-in
capitalCommon stock
Balance at beginning of fiscal year

Retained earnings

Total shareholders’equityTreasury stock

6,964

10,20630,834(166)

47,837

Dividend of surplus

—

—

(258)

—

(258)

Net income (loss) attributable toowners of parent

—

—

(84)

—

(84)

Purchase of treasury stock

—

—

—

(0)

(0)

Disposal of treasury stock

—

—

(36)

108

71

Changes (net) in nonshareholders’ equity items

—

—

—

—

—

—

—

(379)

108

(271)

6,964

10,20630,454(58)

47,566

Changes

Total changes
Balance at end of fiscal year

Other accumulated comprehensive income
Difference onrevaluation ofother marketablesecurities

Foreign currencytranslation
adjustments

Remeasurementsof defined benefit
plans

549

5,593

(555)

Dividend of surplus——

Net income (loss) attributable toowners of parent—

Purchase of treasury stock

Total otheraccumulatedcomprehensive
incomeShare warrants

Total net assets

5,588

140

53,566

—

—

—

(258)

—

—

—

—

(84)

—

—

—

—

—

(0)

Disposal of treasury stock

—

—

—

—

—

71

Changes (net) in nonshareholders’ equity items

(10)

3,433

(48)

3,373

(18)

3,354

Total changes

(10)

3,433

(48)

3,373

(18)

3,083

Balance at end of fiscal year

538

9,026

(604)

8,961

121

56,649Balance at beginning of fiscal year
Changes- 12 -

Consolidated fiscal year under review (April 1, 2023 to March 31, 2024)(Million yen)
Shareholders’ equity
Additional paid-in
capitalCommon stock
Balance at beginning of fiscal year

Retained earnings

Total shareholders’equityTreasury stock

6,964

10,20630,454(58)

47,566

Dividend of surplus

—

—

(385)

—

(385)

Net income (loss) attributable toowners of parent——(7,699)—(7,699)Purchase of treasury stock

—

—

—

(599)

(599)

Disposal of treasury stock

—

17

—

45

63

Cancellation of treasury stock

—

(17)

(347)

364

—

Changes (net) in nonshareholders’ equity items

—

—

—

—

—

—

—

(8,432)(188)(8,621)

6,964

10,20622,021(246)

38,945

Changes

Total changes
Balance at end of fiscal year

Other accumulated comprehensive income
Difference onrevaluation ofother marketablesecurities

Foreign currencytranslation
adjustments

Remeasurementsof defined benefit
plans

538

9,026

(604)

Dividend of surplus——

Net income (loss) attributable toowners of parent—

Purchase of treasury stock

Total otheraccumulatedcomprehensive
incomeShare warrants

Total net assets

8,961

121

56,649

—

—

—

(385)

—

—

—

—

(7,699)

—

—

—

—

—

(599)

Disposal of treasury stock

—

—

—

—

—

63

Cancellation of treasury stock

—

—

—

—

—

—

Changes (net) in nonshareholders’ equity items

216

2,874

502

3,593

(4)

3,589

Total changes

216

2,874

502

3,593

(4)

(5,032)

Balance at end of fiscal year754

11,901(101)

12,554

117

51,617

Balance at beginning of fiscal year
Changes- 13 -

(4) Consolidated Statement of Cash Flows(Million yen)Previous consolidated fiscal year
(April 1, 2022 toMarch 31, 2023)
Cash flows from operating activities
Income (loss) before income taxes and others
Depreciation and amortization
Impairment loss
Increase (decrease) in bonus allowances
Increase (decrease) in provision for product warranties
Increase (decrease) in net defined benefit liability
Interest and dividend income
Interest expenses
Foreign currency exchange loss (gain)
Loss (gain) on sales and retirement of tangible fixed assets
Loss (gain) on sales of investment securities
Subsidy income
Retirement benefit expenses
Special retirement expenses
Employment adjustment subsidies
Loss related to Chinese business
Decrease (increase) in notes and accounts receivable
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable
Increase (decrease) in accounts payable
Increase (decrease) in accrued consumption taxes andothersIncrease (decrease) in long-term accounts payable - other
OthersSubtotalInterest and dividends received
Interest paid
Income taxes paid
Income taxes refund
Extra retirement payments
Proceeds from subsidy income
Cash flows from operating activities
Cash flows from investing activities
Payments into time deposits
Purchase of tangible fixed assets
Proceeds from sales of tangible fixed assets
Proceeds from sales of investment securities
OthersCash flows from investing activities
Cash flows from financing activities
Proceeds from short-term loans
Repayment of short-term loans
Proceeds from long-term loans
Repayment of long-term loans
Purchase of treasury stock
Increase (decrease) in deposit for purchase of treasury
stock
Dividends paid
OthersCash flows from financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

- 14 -

Consolidated fiscal year
under review(April 1, 2023 toMarch 31, 2024)

24
12,906
2,378
(57)
4
330
(95)
759
(406)
(3,003)
—
(132)
448
368
(147)
—
(234)
(1,835)718
51(8,431)
12,797
10,399
(38)
149
219
(179)
730
(91)
269
(34)
(212)
—
147
—
429
(311)
1,113
832
32

(462)

368

(47)
438
12,006
95
(700)
(862)
25
(20)
183
10,727(15)878
19,054
179
(761)
(509)
177
(198)
377
18,319—(9,888)
3,648
—
(92)
(6,331)(724)(13,115)
64
50
(214)
(13,939)

150,982(149,745)
6,940(9,137)(0)130,449(133,712)
10,900(11,834)
(599)

—

(403)

(257)
(315)
(1,534)
774
3,635
9,356
12,991(384)(367)(5,951)174(1,397)
12,991
11,594

(5) Notes(Notes on Going Concern Assumption)
Not applicable(Notes on Significant Change in the Amount of Shareholders’ Equity)(Purchase of treasury stock)
The Company resolved at its Board of Directors’ meeting held on April 27, 2023 to purchase its own shares (purchase period:
from May 19, 2023 to December 31, 2023), and purchased 499 million yen worth of its shares as treasury stock (679,200 shares)
during the consolidated fiscal year under review.
The Company also resolved at its Board of Directors’ meeting held on February 8, 2024 to purchase its own shares (purchaseperiod: from February 19, 2024 to August 31, 2024), and purchased 97 million yen worth of its shares as treasury stock (121,900
shares) during the consolidated fiscal year under review.
(Disposal of treasury stock)
The Company resolved at its Board of Directors’ meeting held on June 22, 2023 to dispose of treasury stock for delivery as stockcompensation, and disposed of them during the fiscal year under review. As a result, treasury stock decreased by 43 million yen(85,015 shares).
(Cancellation of treasury stock)
The Company resolved at its Board of Directors’ meeting held on February 8, 2024 to cancel its treasury stock pursuant to theprovision of Article 178 of the Companies Act, and cancelled 530,000 shares of its treasury stock on February 19, 2024. As aresult of this cancellation, other additional paid-in capital, other retained earnings, and treasury stock decreased by 17 million
yen, 347 million yen, and 364 million yen, respectively, during the consolidated fiscal year under review.
(Reversal of general reserve)
The Company resolved at its Board of Directors’ meeting held on May 18, 2023 to reverse its general reserve for the purpose of
enabling shareholder returns in response to changes in the future business environment and flexible capital policies, andimplemented a reversal of 2,000 million yen in general reserve on the same day to complement a loss of retained earnings brought
forward.
This had no impact on the total amount of shareholders’ equity.

- 15 -

(Segment Information, etc.)
Segment Information
1. Overview of reported segments
The reported segments of the Company are those units for which separate financial information can be obtained among
the constituent units of the Company and for which the Board of Directors of the Company regularly carries out
examinations to determine the allocation of management resources and assess the business performance.
The Company manages the Die Casting Business, the Aluminum Business, and the Proprietary Products Business.
In the Die Casting Business, the Company develops comprehensive strategies by region: Japan, North America, andAsia, and is engaged in business activities accordingly.
As a result, the Company has five reported segments: the Die Casting Business: Japan; the Die Casting Business:
North America; the Die Casting Business: Asia; the Aluminum Business; and the Proprietary Products Business.
In the Die Casting Business, the Company is mainly engaged in the manufacturing and sales of auto parts, generalengine parts, industrial machinery parts, and dies in Japan, North America and Asia. In the Aluminum Business, theCompany is engaged in the smelting and sales of aluminum alloy ingots. In the Proprietary Products Business, it sells
free access floors and accessories.
2. Methods for calculating net sales, profits or losses, assets, liabilities and amounts for other items by reported segment
The methods of accounting treatment for the reported segments are the same as those provided in the “material mattersthat serve as the basis for preparation of consolidated financial statements.”
Profits in the reported segments are figures based on operating income.
Intersegment sales and transfers are based on current market values.
3. Information related to net sales, profits or losses, assets, liabilities and amounts for other items by reported segment,
information on the breakdown of revenue
Previous consolidated fiscal year (April 1, 2022 to March 31, 2023)(Million yen)
Reported segments
Die Casting BusinessNorth
America

Japan

Asia

Aluminum
Business

Proprietary
Products
Business

Total

Net sales
Revenues from contracts withcustomers

59,01936,99533,676

7,975

3,271

140,938

Sales to external customers

59,01936,99533,676

7,975

3,271

140,938

Intersegment sales or transfers

3,015

15

2,362

1,568

56

7,017

Total

62,03437,01036,039

9,544

3,327

147,956

Segment profit (loss)

250

(676)

8

274

285

143

50,832

31,59742,163

4,085

3,271

131,950

Depreciation and amortization

4,208

4,361

4,359

56

3

12,990

Impairment loss

1,091

1,174

127

—

—

2,393

Increase in tangible fixed assets andintangible fixed assets

3,819

3,020

3,541

36

0

10,418Segment assets
Other items- 16 -

Consolidated fiscal year under review (April 1, 2023 to March 31, 2024)(Million yen)
Reported segments
Die Casting BusinessNorth
America

Japan

Asia

Aluminum
Business

Proprietary
Products
Business

Total

Net sales
Revenues from contracts withcustomers

62,00747,96735,098

7,057

6,123

158,254

Sales to external customers

62,00747,96735,098

7,057

6,123

158,254

Intersegment sales or transfers

3,692

6

1,745

2,449

18

7,911

Total

65,69947,97436,844

9,506

6,141

166,166

Segment profit (loss)

595

1,242

(650)

141

891

2,220

54,59732,38538,917

4,103

2,639

132,643

Depreciation and amortization

4,023

4,293

4,484

63

4

12,868

Impairment loss

1,013

599

9,212

—

—

10,826

Increase in tangible fixed assets andintangible fixed assets

4,720

4,211

5,963

90

9

14,995

Segment assets
Other items

4. Total amount in reported segments, difference from the amount posted in consolidated financial statements, andimportant details of the difference (Difference adjustment)(Million yen)
Net sales

Previous consolidated fiscal year

Consolidated fiscal year under review

147,956

166,166(7,017)(7,911)140,938

158,254

Total in reported segments
Elimination of intersegment
transactions
Net sales in the consolidated financial
statements(Million yen)
ProfitPrevious consolidated fiscal year

Consolidated fiscal year under review

143

2,220

(120)

71

23

2,291

Total in reported segments
Elimination of intersegment
transactions
Operating income in the consolidated
financial statements(Million yen)
AssetsPrevious consolidated fiscal year

Consolidated fiscal year under review

131,950

132,643

Elimination of intersegment
transactions(3,923)(8,372)Company-wide assets

9,042

7,493

137,069

131,763

Total in reported segments

Total assets in the consolidated
financial statements- 17 -

(Million yen)Amount recorded in the
consolidated financial
statements
Previous
Consolidated Previous
Consolidated Previous
Consolidated
consolidated fiscal year
consolidated fiscal year
consolidated fiscal year
fiscal year
under review fiscal year
under review fiscal year
under review
Total in reported segments

Other items

Adjustment

Depreciation andamortization

12,99012,868(84)(70)

12,906

12,797

Impairment loss

2,393

10,826

(14)

(95)

2,378

10,729

Increase in tangible fixed
assets and intangible fixed
assets10,41814,995(47)(73)

10,37014,922[Related Information]
Previous consolidated fiscal year (April 1, 2022 to March 31, 2023)
1. Information by product and service
This is omitted here because similar information is disclosed in the segment information section.
2. Information by region(1) Net sales(Million yen)

Japan

North
AmericaAsia

70,00137,09533,709OthersTotal

132

140,938(Notes) 1. Net sales are classified by country or region based on the locations of customers.
2. Net sales of North America and Asia include net sales of ¥18,984 million in the United States, ¥18,110
million in Mexico, and ¥28,105 million in China, which account for over 10% of the net sales recorded in
the consolidated income statement.
(2) Tangible fixed assets(Million yen)

Japan

North
AmericaAsia

24,513

18,11327,276

Total
69,903(Note) Tangible fixed assets of North America and Asia include ¥12,525 million in Mexico and ¥22,871 million in China,
which account for over 10% of the tangible fixed assets recorded in the consolidated balance sheet.
3. Information by major customer(Million yen)
Name of customer

Net sales

SUBARU Corporation

Related segment
15,580Die Casting Business: Japan

Consolidated fiscal year under review (April 1, 2023 to March 31, 2024)
1. Information by product and service
This is omitted here because similar information is disclosed in the segment information section.
2. Information by region(1) Net sales(Million yen)

Japan

North
AmericaAsia

74,841

48,06235,214

OthersTotal

135

158,254(Notes) 1. Net sales are classified by country or region based on the locations of customers.
2. Net sales of North America and Asia include net sales of ¥25,777 million in the United States, ¥22,285
million in Mexico, and ¥28,159 million in China, which account for over 10% of the net sales recorded in
the consolidated income statement.

- 18 -

(2) Tangible fixed assets
Japan
24,049(Million yen)

North

Asia

America
19,081

20,707

Total
63,838(Note) Tangible fixed assets of North America and Asia include ¥12,199 million in Mexico and ¥12,949 million in China,
which account for over 10% of the tangible fixed assets recorded in the consolidated balance sheet.
3. Information by major customer(Million yen)
Name of customer

Net sales

SUBARU Corporation

Related segment
17,527

Die Casting Business: Japan[Information on impairment losses on fixed assets by reported segment]
Previous consolidated fiscal year (April 1, 2022 to March 31, 2023)(Million yen)Japan
Impairment loss

1,091

North
America

Asia

1,174

Aluminum
Business

127—

Proprietary
Corporate/
Products
Elimination
Business
—

(14)

Total
2,378

(Note) The amount of “Corporate/Elimination” mainly comes from the amount of elimination of unrealized gains on
intersegment transactions.
Consolidated fiscal year under review (April 1, 2023 to March 31, 2024)(Million yen)Japan
Impairment loss

1,013

North
America

Asia

599

9,212

Aluminum
Business—

Proprietary
Corporate/
Products
Elimination
Business
—

(95)

Total
10,729(Notes) 1. The amount of “Corporate/Elimination” mainly comes from the amount of elimination of unrealized gains
on intersegment transactions.
2. In “Die Casting Business: Japan,” “Die Casting Business: North America,” and “Die Casting Business:
Asia,” for some of the business assets, from which the initially anticipated revenues became no longer able
to be expected, the Company reduced their book value to the recoverable amount and posted the reductions
as an impairment loss.
3. The above “Die Casting Business: Asia” includes the impairment loss of ¥330 million on tangible fixed
assets, including dies for die casting products whose mass production plans were cancelled, which is includedin “Loss related to Chinese business” in the consolidated statement of income.
[Information on the amortization amount of goodwill and the unamortized balance by reported segment]
Not applicable[Information on gain from negative goodwill by reported segment]
Not applicable- 19 -

(Per Share Information)
Previous consolidated fiscal year
(April 1, 2022 toMarch 31, 2023)
Net assets per share

Consolidated fiscal year underreview(April 1, 2023 toMarch 31, 2024)

2,180.28 yen

2,042.86 yen(3.26) yen(300.55) yen

— yen

— yen

Net income (loss) per share
Fully diluted net income per share(Notes) 1. For fully diluted net income per share, no figure is recorded as there is a net loss per share, although latent shares
exist.
2. The basis of the calculation of net income (loss) per share is as follows:
Previous consolidated fiscal year
(April 1, 2022 toMarch 31, 2023)

Consolidated fiscal year underreview(April 1, 2023 toMarch 31, 2024)

Net income (loss) per share
Net income (loss) attributable to owners of parent(million yen)Amount that does not belong to ordinary shareholders(million yen)
Net income (loss) attributable to owners of parent(related to common shares) (million yen)
Average number of shares during the period(Important Subsequent Events)
Not applicable- 20 -(84)(7,699)

—

—

(84)

(7,699)25,911,370

25,617,844