Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail.

Securities Code: 4100
June 12, 2023
To our shareholders:
Shigeru Takaragi
President and Representative Director

TODA KOGYO CORP.
1-23 Kyobashi-cho, Minami-ku,
Hiroshima

Notice of the 90th Annual General Meeting of Shareholders
We are pleased to announce the 90th Annual General Meeting of Shareholders of TODA KOGYO CORP.
(the “Company”), which will be held as described below.
When convening this general meeting of shareholders, the Company takes measures for providing inelectronic format the information that constitutes the content of reference documents for the shareholders
meeting, etc. (matters for which measures for providing information in electronic format are to be taken).
This information is posted on both of the following websites, so please access either of those websites toconfirm the information.
The Company’s website:
https://www.todakogyo.co.jp/ (in Japanese)(From the above website, select “Investor Relations,” and then “General Meeting of Shareholders.”) (InJapanese only)
Website for posted informational materials for the General Meeting of Shareholders:
https://d.sokai.jp/4100/teiji/ (in Japanese)
TSE website (Listed Company Search):https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show (in Japanese)(Access the TSE website by using the internet address shown above, enter “TODA KOGYO CORP.” in “Issue
name (company name)” or the Company’s securities code “4100” in “Code,” and click “Search.” Then, click“Basic information” and select “Documents for public inspection/PR information.” Under “Filed information
available for public inspection,” click “Click here for access” under “[Notice of General Shareholders
Meeting /Informational Materials for a General Shareholders Meeting].”)Instead of attending the Meeting, you can exercise your voting rights in writing (by postal mail) or via theInternet and other means. Please exercise your voting rights no later than 5:30 p.m. on Tuesday, June 27,2023 (JST), after reviewing the Reference Documents for the General Meeting of Shareholders.

11. Date and Time:

Wednesday, June 28, 2023, at 10:00 a.m. (JST)

2. Venue:

Banquet Hall “Fuyo,” 2F, Hiroshima Grand Intelligent Hotel
1-4 Kyobashi-cho, Minami-ku, Hiroshima

3. Purpose of the Meeting:
Matters to be reported:
1. The Business Report and the Consolidated Financial Statements for the 90th
fiscal year (from April 1, 2022 to March 31, 2023), and the results of audits of
the Consolidated Financial Statements by the Financial Auditor and the Audit
and Supervisory Committee
2. The Non-consolidated Financial Statements for the 90th fiscal year (from April
1, 2022 to March 31, 2023)
Matters to be resolved:
Proposal
Election of Five Directors (Excluding Those Who Are Audit and Supervisory
Committee Members)
4. Decisions Regarding this Meeting (Explanation Regarding Exercise of Voting Rights)(1) If your approval or disapproval of the proposal is not indicated on the voting form used forexercising your voting rights in writing (by postal mail), it will be treated as if you indicated yourintention to approve the proposal.
(2) If you exercise your voting rights multiple times via the Internet and other means, your final votewill be treated as your valid vote.
(3) If you exercise your voting rights in writing (by postal mail) and via the Internet and other means,
your vote made via the Internet or other means will be treated as your valid vote regardless of whenyour vote in writing is received.
(4) If having a proxy attend the Meeting, please designate another of the Company’s shareholders who
can exercise voting rights as the proxy and have a written statement proving proxy right submitted
to the reception counter on the day of the Meeting.
1. When attending the Meeting in person, please present the enclosed voting form to the reception counter.
Reception will open at 9:00 a.m. (JST)
2. If revisions to the matters subject to measures for electronic provision arise, a notice of the revisions and the details of thematters before and after the revisions will be posted on the Company’s website noted on the previous page.
3. Paper-based documents stating the matters subject to measures for electronic provision will be sent to shareholders who
have requested the delivery of paper-based documents, however those documents do not include the following matters inaccordance with the provisions of laws and regulations and Article 13, paragraph 2, of the Company’s Articles ofIncorporation.
(a) “Systems to Ensure Appropriate Business Operations and Overview of Its Operational Status” of the Business Report(b) “Notes to Consolidated Financial Statements”(c) “Notes to Non-consolidated Financial Statements”
Accordingly, the Business Report, Consolidated Financial Statements, and Non-consolidated Financial Statements that areincluded in these items are some of the documents that were audited when Financial Auditors prepared the Financial Audit
Report and the Audit and Supervisory Committee prepared the Audit Report.

2

Reference Documents for the General Meeting of Shareholders
Proposal

Election of Five Directors (Excluding Those Who Are Audit and Supervisory
Committee Members)

The terms of office of all five Directors (Excluding Those Who Are Audit and Supervisory Committee
Members, which applies throughout this proposal) will expire at the conclusion of the Meeting.
Therefore, the Company proposes the election of five Directors.
The Audit and Supervisory Committee did not find any particular points that should be pointed out regarding
this proposal.
The nomination of the candidates for Directors has been deliberated at the Nomination and Remuneration
Advisory Committee, whose membership is made up of a majority of Independent Officers.
The candidates for Director are as follows:
CandidateNo.
1

2

Position and responsibility in the
Company

Attendance at Boardof Directors meetings
for the current fiscal
year

Reelection

President and Representative Director

100%(17/17)

Reelection

Director and Managing Executive
Officer－General Manager of Production
Division, General Manager of Core
Business Division and in charge ofProcurement and Logistics
Department100%(17/17)100%(17/17)100%(17/17)

Name

Shigeru Takaragi

Tsuneaki Kubo

3

Dai Matsuoka

Reelection

Director and Managing Executive
Officer－General Manager of Research &Development Division

4

Takafumi Mizuno

Reelection
OutsideIndependent

Outside Director

5

Shuichi Hashiyama

New election
Outside－3－

CandidateNo.

1

Number of the Company’s shares owned
Number of years in office as a Director
Attendance at Board of Directors meetings

Shigeru Takaragi(Date of birth: May 19, 1960)
Reelection

3,700
10 years
17/17

Relationship of special interest in the Company None

Career summary, and position and responsibility in the Company
Apr. 1984
Joined the Company
May 2007General Manager of Otake Plant
July 2007
Executive Officer
Apr. 2012
Representative Director of TODA ISU CORPORATION
Apr. 2013
Senior Managing Executive Officer of the Company
June 2013
Vice President and Director
Oct. 2013
Vice President and Representative Director
June 2014
President and Representative Director
June 2019
President and Representative Director (current position)
Reasons for nomination as a candidate for Director
Shigeru Takaragi has accumulated abundant business experience and achievements in the research division,
production division, etc. over many years and has insight and global knowledge regarding corporate
management, which was cultivated at an operating company in South Korea. He has experience in overallmanagement as Vice President and Director since June 2013 and President and Representative Director sinceJune 2014. The Company judges him as suitable to continue to lead the Group, and proposes his reelection as
Director.
[Message to shareholders from this candidate for Director]
Since fiscal 2022, the Company has struggled to generate profit on account of high raw material prices andweak economic conditions both in Japan and overseas, and in fiscal 2023, we will launch measures appearing
in the next 3-year medium-term business plan. In addition to the magnetic materials, dielectric materials, andlithium ion battery materials businesses, which are growth businesses, we have positioned soft magnetic
materials used in the transformation of cars and environmental materials, which contribute to solutions toenvironmental issues, such as carbon neutrality, as next-generation businesses and will establish them as
future business pillars. This year, the 200th anniversary of the start of business, the Company aims to expand
business with an eye on current conditions and the future.
Furthermore, we will diligently work to improve our financial foundation so that we can promptly resume thepaying of dividends.
I hope for your continued support and cooperation.

4

CandidateNo.

2

Number of the Company’s shares owned
Number of years in office as a Director
Attendance at Board of Directors meetings

Tsuneaki Kubo
(Date of birth: October 7, 1964)
Reelection

200
2 years
17/17

Relationship of special interest in the Company None

Career summary, and position and responsibility in the Company
Apr. 1988
Joined the Company
Mar. 2009
General Manager of ZHEJIANG TODA DMEGC MAGNETICS CO., LTD.
June 2012
General Manager of TODA MAGNET (SHENZHEN) CO., LTD.
Apr. 2018
Corporate Officer of the Company
Oct. 2018
General Manager of Production Division, General Manager of Onoda Plant, andDepartment Manager of Procurement and Logistics Department
June 2019
Executive Officer
Apr. 2021
General Manager of Core Business Division and in charge of Procurement andLogistics Department (current position)
June 2021
Director (current position)
June 2022
Managing Executive Officer (current position)
Oct. 2022
General Manager of Production Division (current position)
Reasons for nomination as a candidate for Director
Tsuneaki Kubo has abundant experience and achievements in the production technology division and the
production division, etc. since joining the Company as well as global knowledge regarding corporate
management, which was cultivated at operating companies in China. In addition, he has been in charge ofoverall operations in the production division since October 2018. In April 2021, he was appointed as
General Manager of the Core Business Division, which will cover and penetrate all the functions of theCompany from the viewpoint of Core Business. The Company judges him as suitable to utilize his
experience and capabilities for the Company’s management, and proposes his reelection as a Director.
[Message to shareholders from this candidate for Director]
In fiscal 2022, the business environment for the Group was particularly difficult in terms of energy andraw material procurement due to disruptions in global supply chains and demand-supply instability. In thisenvironment, which has continued into fiscal 2023, we consider sustainability an important management
issue and will move forward with risk management in order to respond to the various risks we face.
As an idea alongside the corporate philosophy, we have set “We transform the potential of fine particles
into new possibilities for our world.” as our purpose. Fine particles have limitless potential. We will provide
added value to customers by using and refining fine particle synthesis technology, a strength of theCompany, and continue to offer products so that we can win greater trust.
I hope for your continued support.

5

Candidate
No.

3

Number of the Company’s shares owned
Number of years in office as a Director
Attendance at Board of Directors meetings

Dai Matsuoka(Date of birth: May 13, 1963)
Reelection—
4 years
17/17

Relationship of special interest in the Company None

Career summary, and position and responsibility in the Company
Apr. 1991
Joined TDK Corporation
Jan. 2016
Manager, Advanced Agriculture Development Group, New Business Promotion Center
July 2016
General Manager, Technology HQJune 2017
Corporate Officer and General Manager of Technology and Intellectual Property HQJune 2019
Outside Director of the Company
Apr. 2021
Corporate Officer of TDK Corporation
Chief Officer of Quality, Safety & Environment
Apr. 2023
Director and Managing Executive Officer of the Company (current position)
General Manager of Research & Development Division (current position)
Reasons for nomination as a candidate for Director
Dai Matsuoka was involved for many years in the technology and development divisions of TDK
Corporation, and by leveraging the abundant experience and wide range of knowledge and insight acquired
as Chief Officer of Quality, Safety & Environment, he has provided advice to ensure the legality andappropriateness of decision-making by the Company’s Board of Directors as an Outside Director since2019. In April 2023, he was appointed as Director and Managing Executive Office of the Company. The
Company judges him as suitable to utilize his experience and capabilities to raise the corporate value of
the Company, and proposes his election as a Director.
[Message to shareholders from this candidate for Director]
Fiscal 2023 was the final year of the medium-term business plan Vision 2023. It is also an important year
for our efforts to give shape to the subsequent Go Beyond 200. Using fine particle synthesis technology, astrength of the TODA KOGYO Group that is stated clearly in the purpose that was thoroughly consideredby all companies, as a footing, we will give shape to each of the plans that we have promised to all
stakeholders. In particular, highly reliable dielectric materials and magnetic materials are indispensable formultilayer ceramic chip capacitors and motors, vital parts for the electrification of cars. In order to create
deeper bonds with customers, I will leverage my knowledge of and experience with design, development,
and production of electronic parts and contribute to the continual development of the TODA KOGYO
Group. I hope for your continued support.

6

Candidate
No.

4

Number of the Company’s shares owned
Number of years in office as a Director
Attendance at Board of Directors meetings

Takafumi Mizuno(Date of birth: February 27, 1948)
Reelection

Outside—5 years
17/17

Independent Relationship of special interest in the Company None

Career summary, and position and responsibility in the Company
Apr. 1971
Joined Toyota Motor Co., Ltd. (currently Toyota Motor Corporation)
Jan. 1996
General Manager of Development Management Division
June 2007
Senior Managing Director of TOKAI RIKA CO., LTD.
June 2011
AdvisorJuly 2013
Advisor of TOYO Corporation
June 2018
Outside Director of the Company (current position)
Reasons for nomination as a candidate for outside Director and outline of expected role
Takafumi Mizuno was involved in the technology division of Toyota Motor Corporation for many years,
and also has abundant experience as a business manager of TOKAI RIKA CO., LTD. The Company
nominated him with the expectation that he will continue to supervise the Company’s management andoffer advice on overall management from a perspective that is not tied to conventional frameworks, basedon his advanced knowledge and insight. Moreover, if he is elected, it is planned that he will continue to be
involved in decisions on selection of candidates for the Company’s officers and remuneration, etc. for
Officers from an objective and neutral standpoint as a member of the Nomination & Remuneration
Advisory Committee.
[Message to shareholders from this candidate for Director]
In fiscal 2022, we formulated a purpose based on our corporate philosophy as we approach the 200th
anniversary of the start of business, which we will celebrate in November 2023 (90th anniversary of theincorporation of the Company). In fiscal 2023, we will achieve the medium-term business plan Vision
2023, which was formulated in fiscal 2021, and introduce Go Beyond 200, which starts in fiscal 2024. The
Company promoted development and production technology based on “Toda Spirits,” which sums up thestarting point for monozukuri, and also disseminated the “5S + S (standard),” which is key for productquality and safety. In March 2023, the Company won IATF16949 certification, an important quality
standard in the automobile industry, and this will help us meet the expectations of customers.
In 2023, we will further reinforce production management and logistics management and expect strong
advances in monozukuri.
I will continue to do all that I can to contribute to increasing the corporate value of the Company througha broad perspective and ingenuity based on my work experience in the automobile industry.

7

Candidate
No.

5(Date of birth: November 18, 1966)

Number of the Company’s shares owned
Number of years in office as a Director
Attendance at Board of Directors meetings

New election

Relationship of special interest in the Company (Note 2)

Shuichi Hashiyama
Outside———Career summary, and position and responsibility in the Company
Apr. 1990
Joined TDK Corporation
Apr. 2019
General Manager, Energy Systems Business Group, Energy Solutions Business Company
Apr. 2021
Apr. 2022

Corporate Officer (current position)
Deputy General Manager, Corporate Strategy HQGeneral Manager of Corporate Planning Group (current position)
General Manager of Corporate Strategy HQ (current position)

Significant concurrent positions outside the Company
General Manager of Corporate Strategy HQ, General Manager of Corporate Planning Group, Corporate
Officer of TDK Corporation
Reasons for nomination as a candidate for outside Director and outline of expected role
Shuichi Hashiyama has been involved in expanding the electronic device business within the development
and sales divisions (including experience overseas) of TDK Corporation for many years and has served as
the chief officer of management strategy since April 2022. The Company judges him as suitable to utilize
his knowledge of and insights into sales, R&D, and management strategy to supervise management of theCompany and to provide advice to ensure the legality and appropriateness of decision-making by theCompany’s Board of Directors, and proposes his election as an Outside Director.

Notes.

1. Takafumi Mizuno and Shuichi Hashiyama are candidates for outside Director.
2. Relationship of special interest in the Company
TDK Corporation is a major shareholder of the Company, holding 21.83% of the Company’s shares (Ownership ratio excluding
the Company’s 326 thousand shares of treasury stock). There are trading relationships between TDK Corporation and theCompany involving the sales of products, etc.
3. The Company’s Articles of Incorporation stipulate that it may enter into agreements that limit liability for damages provided in
Article 423, paragraph (1) of the Companies Act, in accordance with the provisions of Article 427, paragraph (1) of the same
Act, and the Company has entered into such a liability limitation agreement with Takafumi Mizuno. If the reelection of Mr.
Mizuno is approved, the Company plans to renew the aforementioned agreement with him. The Company also plans to enter
into such an agreement with Shuichi Hashiyama if his election is approved.
An outline of the main details of the agreement is as described on page 27 of the Business Report, “4 (1) (b) Summary of
Liability Insurance Agreement” (Japanese only).
4. The Company has entered into a directors and officers liability insurance policy provided for in Article 430-3, paragraph (1) of
the Companies Act with an insurance company, and an outline of the main details of the insurance policy is as described on
page 27 of the Business Report, “4 (1) (c) Summary of Directors and Officers Liability Insurance Policy, Etc.” (Japanese only).
If the election of each candidate for Director is approved, they will be included as insured persons under the insurance policy.
The Company also plans to renew the insurance policy with the same details at the next renewal.
5. Takafumi Mizuno meets the requirements of an Independent Officer as defined by Tokyo Stock Exchange, Inc., and theCompany has submitted notification that he is an Independent Officer. If his reelection is approved, the Company plans tocontinue having him as an Independent Officer.

8

(For reference)
Structure of Board of Directors after election and skill matrix
If the proposal is approved as drafted, the structure of the Board of Directors and the major skills,
experience, and knowledge of each Director shall be as indicated below.
Corporate/ Internationality/
Production/
Business
GlobalProcurement
Management Experience

Position in the company
Name

President

andQuality
ControlTechnology/
R&D

Sales/
Marketing

Finance/
Accounting

Personnel/
Labor
Legal/
Relations/
Compliance
Human
Resource
Development

ESG

Representative

Director

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

Shigeru Takaragi
Director and Managing Executive
Officer

Tsuneaki Kubo
Director and Managing Executive
Officer●

Dai Matsuoka
Outside Director

Takafumi
MizunoOutsideIndependent

Outside Director

Shuichi
Hashiyama

Outside●●●Director (Audit and Supervisory●

Committee member, full-time)

●

●

●

●

●

Kunihiro Kochi
OutsideDirector(AuditandSupervisory Committee member)

Shinsuke
Hasegawa
OutsideDirector

OutsideOutsideDirector(Audit

●

●

●

●

●

and

Outside●●Independent(AuditandSupervisory Committee member)

KazuyaUraisami●

Independent

Supervisory Committee member)

Koji
Kanazawa●

Outside●Independent* The above table is not an exhaustive list of the expertise and experience of the candidates.
The terms for the four Audit and Supervisory Committee Members are yet to expire.

9

●

●

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Investments in capital of subsidiaries and associates
Long-term loans receivable
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

10

8,476
7,607
4,581
2,018
3,654
2,136
(9)
28,465

1,975
1,687
6,326
1,019
508
11,515
2,355
133
2,489
2,709
6,300
5
369
164
(3)
9,545
23,55052,016

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Long-term accounts payable - other
Retirement benefit liability
Deferred tax liabilities
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

11

3,712
7,686
4,012
230
345
1,616
17,604
14,031
469
1,896
985
468
17,85235,456

7,477
4,288
3,155
(1,468)13,453
688
1,368
332
2,389
86
630
16,55952,016

Consolidated statements of income

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income
Foreign exchange gains
Share of profit of entities accounted for using equity method
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Miscellaneous losses
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on disposal of non-current assets
Gain on change in equity
Gain on sale of investments in capital of subsidiaries and associates
Gain on liquidation of subsidiaries and associates
National subsidies
Compensation income
Reversal of provision for environmental measures
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Loss on tax purpose reduction entry of non-current assets
Impairment losses
Compensation expenses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

12(Millions of yen)
Fiscal year ended
March 31, 2023
34,93427,477
7,457
6,090
1,367
45
58
39
224
1,704
200
2,273
265
25
291
3,349
4
60
933
52
32
54
74
1,212
95
7
35
76
214
4,347
546
36
3,765
496
3,268

Consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginning of
periodCapital surplus

7,477

Retained earnings

4,358

Total shareholders’equityTreasury shares(112)(1,507)

10,215

Changes during period
Profit attributable toowners of parent

3,268

3,268

Purchase of treasury shares
Disposal of treasury shares

(17)

Other

(51)

(2)

(2)

40

23
(51)

Net changes in items otherthan shareholders’ equity
Total changes during period

－

(69)

3,268

38

3,238

Balance at end of period

7,477

4,288

3,155

(1,468)13,453

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of
period633

Foreigncurrencytranslation
adjustment

Total
accumulatedof defined benefit
other
plans
comprehensive
incomeRemeasurements

1,320

258

2,211

Share
acquisitionrights88

Non-controllinginterests

Total net assets

1,443

13,958Changes during period
Profit attributable toowners of parent

3,268

Purchase of treasury shares(2)

Disposal of treasury shares

23

Other

(51)

Net changes in items otherthan shareholders’ equity

54

48

73

177

(1)

(812)

(637)

Total changes during period

54

48

73

177

(1)

(812)

2,600

Balance at end of period

688

1,368

332

2,389

86

630

16,55913

Non-consolidated financial statements
Non-consolidated balance sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Prepaid expenses
Accounts receivable - other
Short-term loans receivable
Current portion of long-term loans receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Structures
Machinery and equipment
Tools, furniture and fixtures
Land
Construction in progress
Other
Total property, plant and equipment
Intangible assets
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Shares of subsidiaries and associates
Investments in capital of subsidiaries and associates
Long-term loans receivable from subsidiaries and associates
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

14

4,089
618
4,874
2,794
1,550
1,422
24
453
1,549
1,140
128
(408)
18,238

1,350
154
1,102
147
5,674
1,011
7
9,448
109
10
120
1,878
1,930
8,152
1,649
59
(31)
13,63923,20741,446

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Accounts payable - otherAccrued expenses
Income taxes payable
Advances received
Deposits received
Unearned revenue
Provision for bonuses
Accounts payable - facilities
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Provision for retirement benefits
Provision for loss on guarantees
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surplus
Retained earnings
Other retained earnings
Reserve for tax purpose reduction entry of non-current assets
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders’ equity
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Total valuation and translation adjustments
Share acquisition rights
Total net assets
Total liabilities and net assets

15

2,399
7,402
3,986
450
286
79
3
89
8
265
231
14
15,21813,804
339
1,590
52
23
15,81031,029

7,477
1,869
2,397
4,267

86
(720)
(633)
(1,468)
9,641
688
688
86
10,41641,446

Non-consolidated statements of income

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating loss
Non-operating income
Interest income
Dividend income
Rental income
Foreign exchange gains
Reversal of allowance for doubtful accounts
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Provision for loss on guarantees
Miscellaneous losses
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investments in capital of subsidiaries and associates
National subsidies
Compensation income
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Loss on tax purpose reduction entry of non-current assets
Impairment loss
Compensation expenses
Loss on liquidation of subsidiaries
Total extraordinary losses
Profit before income taxes
Income taxes - current
Profit16(Millions of yen)
Fiscal year ended
March 31, 2023
16,636
12,664
3,972
4,140
(168)
69
263
39
56
103
89
621
227
12
17
258
194
1,479
8
54
1,542
95
7
23
76
35
237
1,498
179
1,319

Non-consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity
Capital surplus

Retained earnings
Other retained earnings

Share capital Legal capital Other capital Total capitalsurplussurplussurplus
Balance at beginning of period

7,477

1,869

2,415

Reserve for tax
purpose reduction
entry of non-current
assets4,284

Total retained
Retainedearnings
earnings brought
forward86

Profit(2,040)(1,953)

1,319

1,319

Purchase of treasury shares
Disposal of treasury shares

(17)

(17)

Net changes in items otherthan shareholders’ equity
Total changes during period

－

－

(17)

(17)

－

1,319

1,319

Balance at end of period

7,477

1,869

2,397

4,267

86

(720)

(633)

Shareholders’ equity
TreasurysharesBalance at beginning of period(1,507)

ProfitValuation and translation adjustments

Totalshareholders’equityValuation difference
on available-for-salesecurities

Total valuationand translation
adjustments

8,301

633

633

Share
acquisitionrights88

1,319

Total net
assets
9,022
1,319

Purchase of treasury shares

(2)

(2)

(2)

Disposal of treasury shares

40

23

23

Net changes in items otherthan shareholders’ equity

55

55

(1)

53

Total changes during period

38

1,340

55

55

(1)

1,394

Balance at end of period(1,468)

9,641

688

688

86

10,41617