Morito Co., Ltd.

Presentation Materials for the First
Quarter of Fiscal Year Ending
November 30, 2023, Financial Results

Where innovation is the norm

Prime Market of TSE: 9837
April 2023

© 2023 MORITO CO., LTD.

CONTENTS

1

Company Profile

2

Medium- and Long-term Policy

3

8th Mid-term Management Plan

4

FY2023. 11 1Q Financial Results

5

FY2023. 11 1Q Business Overview

6

Business Topics

7

Shareholder Returns

Where innovation is the norm

© 2023 MORITO CO., LTD.

01

1Company Profile

Where innovation is the norm

© 2023 MORITO CO., LTD.

02

Morito Group Values

Founding Principles

Active and Steadfast
Corporate Principle

DESIGN YOUR BRIGHT FUTURE WITH OUR VARIOUS
PARTS.
Corporate Vision

Create Morito’s existence value,
Realize “New Morito Group”

Where innovation is the norm

© 2023 MORITO CO., LTD.

03

Company Profile● Founded in 1908
･ Began operating in Osaka as a broker of eyelets andhooks･ Later expanded operations mainly for sales of MAGICTAPE® and other clothing accessories, automotive
interior components, etc.

Eyelets

Hooks● Trading company with manufacturing functions･ A specialized trading company that handles everythingfrom planning and development to manufacturing,
wholesale, and distribution

MAGIC TAPE®

*Eyelet: A metal ring attached to a hole in shoes,
clothing, etc. through which a lace or cord is threaded･ Operating 19 locations around the world● Operating three businesses･ Apparel, product, and transportation businesses form
the core of our operations･ Ratio between in-house production and procurement
is 3:7

Where innovation is the norm

© 2023 MORITO CO., LTD.

04

Operations by BusinessApparel Business<Examples of products handled>

Product Business<Examples of products handled>

Transportation Business<Examples of products handled>

Hooks

MAGIC TAPE®

Buttons

MAGIC TAPE®

Resin parts

Insoles

Hooks

MAGIC TAPE®

Nets

Tape

Eyelets andshoelaces

In-housebrandsStrapsSkateboards,
snowboards, andsurfboards

In-housebrandsEmblems

Trunk floor
lining

Door armrests<Applications><Applications><Applications>Casual wear/shoes
Sportswear/shoes
Working wear/shoes
Medical wear, baby wear
Formal wear/shoes, bags

Insoles and shoe care productsVideo equipment-related products such as
camera and PC cases, braces and supports,
safety products, teaching tools and stationery
Skateboards, surfboards, etc.

Automotive interior components
Railway and Shinkansen interior components
Aircraft interior components

Active sports products

Where innovation is the norm

(FY 2022)© 2023 MORITO CO., LTD.

05

Morito’s Strengths● Lines of business for daily necessities, which are unaffected by trends

Since we deal in parts for things that are vital to people’s daily lives, many of our businesses are
essentially immune to trends or economic downturns and can continue to operate as usual.
● Stable performance with a diversified portfolio
Operating worldwide with three core businesses focused on apparel, products, and transportation, we
have maintained a stable financial performance without falling into the red despite the impact of the oilcrisis, the 2008 financial crisis, and the COVID-19 pandemic.
● Enjoying high market share for various products targeting niche areas
Many products dominate the market in their respective industry.
We have the top market share for metal hooks in Japan, and the highest or second highest in the world.

● Global manufacturing, procurement, and sales capabilities
In addition to our own locations, we have partner plants and distributors all over the world, giving us
close proximity to our customers and the ability to respond to their every need.

Where innovation is the norm

© 2023 MORITO CO., LTD.

06

2
Medium- and Long-term Policy

Where innovation is the norm

© 2023 MORITO CO., LTD.

07

Past Efforts to Become a “Global Niche Top Company”

Expanding lines of products andrange of customer industries

Eyelets,
hooks, andshoelaces

MAGIC
TAPE®

Where innovation is the norm

Entering the B2C
marketStrengthening high-valueadded products

Handling of all
ranges of apparelaccessories

Handling andOEM of apparelproducts

Launch of inhouse luxury
brand, 52 BY
HIKARUMATSU
MURA

Development andsales ofenvironmentallyfriendly products

ApparelBusiness

Handling of shoecare products

OEM and ODM ofproducts related
to health andvideo devices

Launch of inhouse shoe care,
support, and bagbrandsDevelopment andsales of loT
products

Product
Business

Handling ofmaterials for car
mats

Handling of
automotive
componentmaterials

Handling of
Shinkanseninterior
components

Handling of
automotive
interior
components(lining materials)

Transport
ation
Business© 2023 MORITO CO., LTD.

08

Past Efforts to Become a “Global Niche Top Company”

Building global
network

Sales andprocurement

Hong Kong, USA, Netherlands, China (Shanghai), Thailand, Myanmar, Mexico

Manufacturing

China (Shenzhen), USA (Georgia), Vietnam

M&A

Scovill (USA), Matex (Japan), Maneuverline (Japan)･ Establishing a global quality assurance system

Enhancingprofitability･ Establishing an in-house logistics center･ Transitioning to a holding company structure･ Splitting operating company, Morito Japan

Strengthening
management
systemWhere innovation is the norm

･ Diversity and work style reform･ Personnel strategies, including hiring mid-career workers© 2023 MORITO CO., LTD.

09

Medium- and Long-term Policy

Morito’s Vision

Become a global niche top company that keeps making a big difference in theworld with small parts

Business strategies
8th Mid-termManagement Plan

Corporate strategies• Enter the B2C market and step up efforts• Gain top global market share across all markets• Localize management, manufacturing, and procurement, and establish
new locations• Make capital investments in manufacturing companies and increase theirproduction efficiency• Sign M&A deals• High-value-added products (safety, health, and environmental initiatives)• Leverage IT to support manufacturing, business, and sales activities• Strengthen management of operations and procurement to build a soundfinancial structure and improve capital efficiency• Operate the company with SDGs in mind

2020–2021

Where innovation is the norm

Building a businessstructure to adapt to the
COVID-19 pandemic• Streamline costs• Enhance profitability• Streamline unprofitable businesses© 2023 MORITO CO., LTD.

10

3
8th Mid-term Management Plan

Where innovation is the norm

© 2023 MORITO CO., LTD.

11

8th Mid-term Management Plan (Running through FY 2026)
Made partial changes to the 8th Mid-term Management Plan in January 2023

Key Changes

1. Formulated a sustainability policy▶https://www.morito.co.jp/sustainability_en/

2. Revised capital policy
Build a stable and well-balanced financial capital structure in order to procure and manage funds
necessary for corporate activities in a stable and efficient manner over the long run

Strategies(1) Improve medium- to long-term capital efficiency (ROE)Adopt efficient management practices(2) Add stability to the performance-based capital return to shareholders  Distribute profits appropriately(3) Improve asset efficiency  Streamline balance sheet, create cash flows, and actively invest funds(4) Optimize capital structure  Utilize financial leverage

W here innovation is the norm

© 2023 MORITO CO., LTD.

12

8th Mid-term Management Plan (Running through FY 2026)
Made partial changes to the 8th Mid-term Management Plan in January 2023

Key Changes

3. Change in shareholder return policy
Determine based on the Basic Dividend Policy below, taking into consideration investment
projects and financial conditions (beginning in FY 2023)- Realize stable and continuous dividend payments- Dividend payout ratio of 50% or more on a consolidated basis in relation to
profit attributable to owners of parent- Dividend on equity (DOE) ratio target of 4.0% on a consolidated basis
However, in a fiscal year with a significant fluctuation in after-tax profit attributable to owners ofparent due to special factors such as extraordinary income or losses, the dividend amount will be
determined in light of the corresponding impact.

Where innovation is the norm

© 2023 MORITO CO., LTD.

13

8th Mid-term Management Plan

Quantitative Targets (for FY 2026)

Set FY2022–FY2026 quantitative targets for net sales and operating profit at 50,000 million JPY and2,500 million JPY respectively*If both net sales and operating profit reach the target figures early, revise them.

(Million JPY)
Net sales

50,00050,000Operating profit

4,000
Quantitative targets for
FY 2026
Consolidated net sales: 50
billion yen
Consolidated operating profit:
2.5 billion yen

45,98743,943

43,636

41,38850,00048,4783,000

40,72740,08640,000

2,000

2,116
1,767

1,707

1,725

1,734

2,500

2,300

1,000

1,619

30,000

0
2016

2017

2018

2019

2020

2021

2022

2023
Forecast

Where innovation is the norm

2024

2025

2026
Plan

Operating profit

Net sales

8th Mid-term Management Plan (5 years)856© 2023 MORITO CO., LTD.

14

4
FY2023.11 1Q Financial Results

Where innovation is the norm

© 2023 MORITO CO., LTD.

15

FY2023 1Q

Highlights● Stagnant demand due to slowing consumption in Europe, the U.S., andChina on top of rising raw material prices, delays in marine transportation,and rising transportation costs● Despite signs of recovery, the semiconductor shortage continued into 1Q● Gross profit ratio improved significantly due to an improvement in the costof sales ratio through price negotiations and an increase in sales of highvalue-added products● 1Q net sales, operating profit, ordinary profit, and net income hit all-time highs
since we began reporting quarterly results

W here innovation is the norm

© 2023 MORITO CO., LTD.

16

FY2023 1Q

Summary of Financial Results(Million JPY)

FY 2022

FY 2023

Increase/Decrease

Y/Y

Net sales

11,561

11,804

+243

+2.1%

Gross profit

3,058

3,232

+174

+5.7%

Gross profit ratio

26.5%

27.4%

Cost

2,448

2,613

+165

+6.8%

Cost ratio

21.2%

22.1%

Operating profit

610

619

+9

+1.5%

Operating profit ratio

5.3%

5.2%

Ordinary profit

655

661

+6

+0.9%

Ordinary profit ratio

5.7%

5.6%

Net income

449

516

+67

+14.9%Net income ratio

3.9%

4.4%

Where innovation is the norm

© 2023 MORITO CO., LTD.

17

FY2023 1Q

Net Sales

Net sales: 11,804 million JPY

Y/Y: +243 million JPY (+2.1%)

Increased due to higher sales for Japan segment and recovery of transportation
business in Europe and the U.S.

(Million JPY)

Japan

8,502 million JPY

Y/Y: +590 million JPY (+7.5%)

Asia
11,804

1,719 million JPY

Y/Y: -493 million JPY (-22.3%)

11,561

Europe & the U.S.

1,582 million JPY

Y/Y: +146 million JPY (+10.2%)
2022

Where innovation is the norm

2023

© 2023 MORITO CO., LTD.

18

FY2023 1Q

Quarterly Financial Trends

1Q was off to a good start. Net sales hit a record high since we began
reporting quarterly results.

(Million JPY)

14,00013,00012,00011,00010,000
9,000
8,000
7,000
6,000
5,000
1Q

2Q

3Q

2019

Where innovation is the norm

4Q

1Q

2Q

3Q

2020

4Q

1Q

2Q

3Q
2021

4Q

1Q

2Q

3Q
2022

4Q

1Q
2023

© 2023 MORITO CO., LTD.

19

FY2023 1Q

Gross Profit

Gross profit: 3,232 million JPY

Y/Y: +174 million JPY (+5.7%)

Increased due to higher sales and improved gross profit ratio(Million JPY)
(Million JPY)

3,232
3,058

2022

Where innovation is the norm

2023

Increase/
Decrease

FY 2022

FY 2023

Y/Y

Net sales

11,561

11,804

+243

+2.1%

Gross profit

3,058

3,232

+174

+5.7%

Gross profit
ratio

26.5%

27.4%

Cost

2,448

2,613

+165

+6.8%

Operatingprofit

610

619

+9

+1.5%

Ordinary
profit

655

661

+6

+0.9%

Net income

449

516

+67

+14.9%© 2023 MORITO CO., LTD.

20

FY2023 1Q

Trends in Net Sales & Gross Profit Ratio

Gross profit ratio improved significantly due to an improvement in the cost of sales
ratio through price negotiations and an increase in sales of high-value-added products.

1Q Total Net Sales

4Q Total Net Sales(Million JPY)

Gross profit ratio

60,00030%

50,00028%

40,000

Forecast

30,00026%

24%
20,00022%

10,000

0

20%
2013

Where innovation is the norm

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

© 2023 MORITO CO., LTD.

21

FY2023 1Q

Operating Profit

Operating profit: 619 million JPY

Y/Y: +9 million JPY (+1.5%)

Increased due to higher gross profit.

(Million JPY)
(Million JPY)

610

2022

W here innovation is the norm

619

2023

Increase/
Decrease

FY 2022

FY 2023

Y/Y

Net sales

11,561

11,804

+243

+2.1%

Gross profit

3,058

3,232

+174

+5.7%

Cost

2,448

2,613

+165

+6.8%

OperatingprofitOperatingprofit ratio

610

619

+9

+1.5%

5.3%

5.2%

Ordinary profit

655

661

+6

+0.9%

Ordinary profit
ratio

5.7%

5.6%

Net income

499

516

+67

+14.9%Net income
ratio

3.9%

4.4%

© 2023 MORITO CO., LTD.

22

FY2023 1Q

Ordinary Profit

Ordinary profit: 661 million JPY

Y/Y: +6 million JPY (+0.9%)

Increased due to higher operating profit.

(Million JPY)
(Million JPY)

655

2022

Where innovation is the norm

661

2023

Increase/
Decrease

FY 2022

FY 2023

Y/Y

Net sales

11,561

11,804

+243

+2.1%

Gross profit

3,058

3,232

+174

+5.7%

Cost

2,448

2,613

+165

+6.8%

OperatingprofitOperatingprofit ratio

610

619

+9

+1.5%

5.3%

5.2%

Ordinary profit

655

661

+6

+0.9%

Ordinary profit
ratio

5.7%

5.6%

Net income

499

516

+67

+14.9%Net income
ratio

3.9%

4.4%

© 2023 MORITO CO., LTD.

23

FY2023 1Q

Net Income

Net income: 516 million JPY

Y/Y: +67 million JPY (+14.9%)

Increased due to an increase in extraordinary income as a result of sale ofinvestment securities, etc.

(Million JPY)
(Million JPY)

516
449

2022

W here innovation is the norm

2023

Increase/
Decrease

FY 2022

FY 2023

Y/Y

Net sales

11,561

11,804

+243

+2.1%

Gross profit

3,058

3,232

+74

+5.7%

Cost

2,448

2,613

+165

+6.8%

Operatingprofit

610

619

+9

+1.5%

Ordinary profit

655

661

+6

+0.9%

Ordinary profit
ratio

5.7%

5.6%

Net Income

449

516

+67

+14.9%Net income
ratio

3.9%

4.4%

© 2023 MORITO CO., LTD.

24

FY2023 1Q

Consolidated Balance Sheets(Million JPY)

2022 4Q

2023 1Q

2022 4Q

AssetsCurrent
assets

30,4812023 1Q

Liabilities

28,924Current liabilities

9,309

7,958

Fixed liabilities

4,278

4,231

Total liabilities

13,587

12,189(1,557)(1,351)(47)(1,398)

Net assets
Shareholders’equityFixed assets

Total assets

19,79050,271

19,348(442)

48,272(1,999)31,86031,933(+73)

Accumulated othercomprehensive
incomeShare acquisitionrights

4,768

4,101

55

48

Total net assets

36,684

Total liabilities andnet assets

50,271(667)(7)

36,083(601)

48,272(1,999)Equity ratio 74.6% (FY2022 4Q 72.9%)

Where innovation is the norm

© 2023 MORITO CO., LTD.

25

5
FY2023.11 1Q Business Overview

W here innovation is the norm

© 2023 MORITO CO., LTD.

26

FY2023 1Q

Net Sales by Region(Million JPY)

Japan

Asia

Europe & the U.S.

8,502

7,912

2,212

1,719
1,436

2023

2022

Y/Y

+590 million JPY(+7.5%)

Where innovation is the norm

2022

Y/Y

2023

-493 million JPY(-22.3%)

2022

Y/Y

1,582

2023

+146 million JPY(+10.2%)© 2023 MORITO CO., LTD.

27

FY2023 1Q

Net Sales for Apparel BusinessNet sales: 5,158 million JPY

Y/Y: +116 million JPY (+2.3%)

Sales of accessories for athletic shoes were strong.
In Asia, Europe, and the U.S., demand remained stagnant and inventories
continued to pile up as consumption dropped off.

(Million JPY)

Japan

7,000

･ Increase in accessories for working wear
･ Increase in accessories for athletic shoes

6,000
5,000

Asia

4,000

･ Increase in accessories for baby wear in China and Hong
Kong
･ Increase in accessories for athletic shoes in Vietnam･ In China and Hong Kong, decrease in accessories forcasual wear and working wear sold in Europe and the U.S.

3,000

2,000
1,000
0

1Q

2Q

3Q
2022

Japan

Where innovation is the norm

Asia

4Q

1Q

2023
Europe & the U.S.

Europe & the U.S.
･ Decrease in accessories for casual wear
･ Increase in accessories for leisure products© 2023 MORITO CO., LTD.

28

FY2023 1Q

Net Sales for Product BusinessNet sales: 4,920 million JPY

Y/Y: +365 million JPY (+8.0%)

Demand remained strong for products sold in Japan.

Large amount of winter snowfall boosted sales of snowboarding products.

(Million JPY)

6,000

Japan

5,000

･ Increase in medical device-related products･ Increase in products for one-coin shops･ Increase in snowboarding and outdoor products･ Increase in kitchen appliance rental, sales, andcleaning business

4,000
3,000
2,000
1,000
0

Asia
1Q

2Q

3Q
2022

Japan

Where innovation is the norm

4Q

1Q

･ On a par with last year

2023
Asia

Europe & the U.S.

© 2023 MORITO CO., LTD.

29

FY2023 1Q

Net Sales for Transportation BusinessNet sales: 1,725 million JPY
Y/Y: -238 million JPY (-12.1%)
The impact of the semiconductor shortage is easing, but the Chinese market isaffected by the zero-COVID policy in addition to the semiconductor shortage.

(Million JPY)

2,500

Japan
･ Increase in automotive interior components forJapanese automotive manufacturers

2,000

1,500

Asia
1,000

･ Decrease in automotive interior components forJapanese automotive manufacturers in China
500

0
1Q

2Q

3Q

4Q

Asia

Europe & the U.S.

2022
Japan

W here innovation is the norm

1Q
2023

Europe & the U.S.
･ Increase in automotive interior components for Japanese
automotive manufacturers© 2023 MORITO CO., LTD.

30

FY2023 1Q

Net Sales by Region (Quarterly)(Million JPY)

FY 2023
1Q

Composition

Increase/
Decrease

Y/Y

Japan

8,502

72.0%

+590

+7.5%

Asia

1,719

14.6%

-493

-22.3%

Europe &the U.S.

1,582

13.4%

+146

+10.2%

Total

11,804100.0%+243+2.1%
FY 2022
Increase/

1Q

2Q

3Q

4Q

Japan

7,912

8,196

8,031

9,377

33,516

69.1%+3,287+10.9%

Asia

2,212

1,885

2,180

2,063

8,340

17.2%

+286

+3.6%

Europe &the U.S.

1,436

1,564

1,755

1,866

6,621

13.7%

+1,268+23.7%

Total

11,561

11,646

11,965

13,306

48,478100.0%+4,842+11.1%

Where innovation is the norm

Full year Composition Decrease

Y/Y© 2023 MORITO CO., LTD.

31

FY2023 1Q

Sales Composition by Region

2022 1Q

2023 1Q

Europe &the U.S.
12%

Europe &the U.S.
13%

Asia
19%

Asia
15%
Japan
69%

Japan
72%

While domestic demand remained firm, there was a slightchange in the composition due to a slowdown in
consumption in Europe, the U.S., and China.

Where innovation is the norm

© 2023 MORITO CO., LTD.

32

FY2023 1Q

Sales Composition by Region & Business

2022 1Q
Europe &the U.S.
13%

2023 1Q
Asia
11%

Asia
31%

Japan
56%
Asia
4%

Japan
49%
TR
17%

Asia
3%

Europe &the U.S.
19%

Japan
70%

Japan
49%

TR
14%

AP
44%
PD
39%

Japan
96%

AP
44%
PD
42%

Asia
28%

Europe &the U.S.
23%

Japan
97%

Asia
27%

Europe &the U.S.
24%

The semiconductor shortage continued into 1Q despite signs of recovery.

Where innovation is the norm

© 2023 MORITO CO., LTD.

33

FY2023 1Q

Forecast & Progress

Progress in 1Q was on target.

FY2023 1Q

FY2023 Full-Year Forecast

Progress

11,80450,00023.6%

Operating profit

619

2,300

26.9%

Operating profit
ratio

5.2%

4.6%

Ordinary profit

661

2,450

Ordinary profit ratio

5.6%

4.9%

Net income

516

1,800

Net income ratio

4.4%

3.6%

Net sales

Where innovation is the norm

27.0%

28.7%

© 2023 MORITO CO., LTD.

34

6
Business Topics

Where innovation is the norm

© 2023 MORITO CO., LTD.

35

Environmental Initiatives

Rideeco

We continue to focus on the development and sales of products using materials made fromdiscarded fishing nets.
Our fabric made from discarded fishing nets was adopted for smartphone pouches sold at
Lexus Collection Spring/Summer 2023. Sales are expanding in industries other than apparel.

LEXUSCOLLECTION2023SPRING/SUMMER

W here innovation is the norm

© 2023 MORITO CO., LTD.

36

Participating in Exhibitions in Japan and Overseas
We participated in a number of exhibitions in Japan and overseas to promote our
Rideeco initiative and the environmentally friendly products we have developed.

NEW ENERGY TOKYOhttps://new-energy.ooo/

The NW Materials Show2023
https://americanevents.com
AAP 2023 EXHIBITION CONNECT & SPREAD
http://www.aap-net.com/

Where innovation is the norm

© 2023 MORITO CO., LTD.

37

Group Company

Ace Industrial Machinery Co., Ltd. (Product Business)

The company provides rental services for grease filters used in commercial kitchen
ventilation hoods and has one of the highest market shares in Japan. It provides filter
exchange, delivery, and cleaning services across Japan.
The company also offers kitchen exhaust hood cleaning services, helping restaurant operators
realize a comfortable working environment and mitigate the risk of fire.
https://www.ace-kouki.co.jp/index.html
Areas where grease filters are installed
Exhaust ductFire damper
Filter housing (V-bank)
Oil hose

Oil cup

Number of restaurants
using services

Grease filter
A grease filter is installed at the inlet of the exhaust
path in restaurant kitchens.
It reduces grease build-up in the ducts and therisk of fire.

Where innovation is the norm

There are approximately 620,000 restaurants* inJapan.
There is still room for growth!

Approx. 18,000

Hood

FilterNumber of filters owned
If you stacked all our filters flat one on top of another, thepile would stand a towering 3,400 meters high. That’s
about the same height as the 8th station along the trail tothe summit of Mt. Fuji.
If you stacked them vertically they would reach thestratosphere, standing 48.5 kilometers high.

Approx. 137,000

Number of filters
cleaned per month
As many as 4,500 filters are cleaned each day.

Approx. 101,000*Based on the Ministry of Internal Affairs and Communications’ 2014
Economic Census for Business Activity© 2023 MORITO CO., LTD.

38

Group Company

Ace Industrial Machinery Co., Ltd. (Product Business)

The company operates a cleaning plant equipped with state-of-the-art cleaning systems at eachlocation.
They efficiently remove contaminants from industrial wastewater to protect the environment.
A new service center was set up in Kanagawa Prefecture in 2022 to expand sales.

Environmentally friendly facility

Ace Industrial Machinery focuses on savingenergy in its cleaning plants, reusing waterused to clean filters, and appropriately treating
wastewater with an eye to achieving the SDGs.

In-house plant equipment
Automatic filter cleaning and drying with anautomatically controlled crane

Where innovation is the norm

© 2023 MORITO CO., LTD.

39

52 BY HIKARUMATSUMURA (Apparel Business)
52 BY HIKARUMATSUMURA is our original brand for high-end designer bags.
Increased purchases from China and other Asian countries bode well for growing demand frominbound tourists.
Products are also sold via live streaming.
https://52byhikarumatsumura.com/<POP-UP STORE>

Hankyu Department Store Umeda Main Store

Where innovation is the norm

<Brand Collaborations>

Aquascutum WHITE LABELLUNASOL© 2023 MORITO CO., LTD.

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7Shareholder Returns

Where innovation is the norm

© 2023 MORITO CO., LTD.

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Basic Dividend Policy
The basic policy was revised in FY 2023.
We regard returning profits to shareholders as one of the most important management issues, anddetermine the amount of dividends based on the following policy, taking into consideration
investment projects and financial conditions (net assets, etc.). (Beginning in FY 2023)

Realize stable andcontinuous
dividend payments

Aim for a dividend on
equity (DOE) ratio(on a consolidated basis)

Dividend
payout ratio of
50% or morein relation to profit
attributable to owners ofparent is the standard*

Where innovation is the norm

4.0%

* In a fiscal year with a significant fluctuation inafter-tax profit attributable to owners of parent due
to special factors such as extraordinary income orlosses, the dividend amount will be determined inconsideration of the corresponding impact.

© 2023 MORITO CO., LTD.

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Trends of Dividend, Dividend Payout Ratio & DOE

We adopted a revised basic dividend policy in FY 2023.
60.0
Annual Ordinary
Dividend (JPY)

50.0
Forecast

40.0
Commemorative
Dividend (JPY)30.0
Net income (100million JPY)

20.0
Forecast

10.0

Net income (Million JPY)
Annual dividend pershare (JPY)Interim dividend pershare (JPY)
Year-end dividend pershare (JPY)Dividend payout ratio(%)
DOE(%)

Where innovation is the norm

2017

2018

2019

2020

2021

2022

2023 (Forecast)

33.0

12.5

14.0

4.7

14.0

15.5

18.0

28.0

25.0

26.0

18.0

26.0

32.0

54.0

14.0

12.5

13.0

13.25

9.0

13.5

27.0

14.0

12.5

13.0

4.75

17.0

18.5

27.0

23.5

54.7

50.8

104.8

50.6

51.4

80.1

2.4

2.1

2.2

1.5

2.2

2.4

3.9

© 2023 MORITO CO., LTD.

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Disclaimer
This handout has been prepared only for information purposes and is
not intended to solicit investment.
Although this handout is made with extreme care, its completeness cannot be
guaranteed.
We assume no responsibility whatsoever for any damages resulting from the contents.
The financial results forecasts and forward-looking statements in this presentation are madewith information known as of the day of presentation and contain some potential risks anduncertainties.
Therefore, please be aware that the content of the forecasts may differ significantly from actual
results, due to various factors such as changes in the business environment.

Contact

4-2-4, Minami Honmachi, Chuo-ku, Osaka 541-0054 Japan

Morito Co., Ltd.Executive Corporate Planning Dept.

E-mail: ir@morito.co.jp

Where innovation is the norm

TEL: 06-6252-3559/FAX: 06-6252-3483© 2023 MORITO CO., LTD.

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Where innovation is the norm

Where innovation is the norm

© 2023 MORITO CO., LTD.

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