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

May 10, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Under Japanese GAAP)
Company name:
YUASA TRADING CO., LTD.
Listing:
Tokyo Stock Exchange
Securities code:
8074
URL:
https://www.yuasa.co.jp/en/
Representative:
Hiroyuki Tamura, Representative Director, President & CEO
Inquiries:
Hideki Tani, General Manager Finance Dept.
Telephone:+81-3-6369-1366
Scheduled date of ordinary general meeting of shareholders:June 26, 2024
Scheduled date to commence dividend payments:
June 6, 2024
Scheduled date to file annual securities report:
June 26, 2024
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31,
2024)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Fiscal year ended

Millions of yen%

Millions of yen

March 31, 2024

526,569

4.3

March 31, 2023

504,806

9.1

Note: Comprehensive income

Fiscal year ended%

Millions of yen

14,7230.9

15,737

2.3

11,812

17.2

14,59922.915,38231.0

10,07925.1

For the fiscal year ended March 31, 2024:
For the fiscal year ended March 31, 2023:

Basic earnings
per share
Yen

Profit attributable toowners of parent

Ordinary profit

Diluted earnings
per shareYen%¥11,201 million¥9,280 million

Profit attributable toowners ofparent/equity%

Millions of yen%[20.7%][85.9%]

Ordinary profit/
total assets

Operating profit/
net sales%%

March 31, 2024

561.88559.69

12.0

5.6

2.8

March 31, 2023

466.23464.11

10.8

5.8

2.9

Reference:

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31, 2024:¥(26) million
For the fiscal year ended March 31, 2023:¥(52) million

(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen

March 31, 2024

290,989

102,40935.0

4,848.90

March 31, 2023

271,218

95,24034.9

4,483.99

Reference:

EquityAs of March 31, 2024:
As of March 31, 2023:%

Yen¥101,854 million¥94,677 million(3) Consolidated cash flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at end of
periodMillions of yen

Millions of yen

Millions of yen

Millions of yen

24,094
8,338(34,240)(2,845)(478)(6,890)42,04452,395

2. Cash dividends
Annual dividends per shareFirst
quarterend

Secondquarterend

Third
quarterend

Fiscalyear-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025
(Forecast)

Total

Total cash
dividends(Total)Ratio of
Dividend payout
dividends to net
ratio
assets(Consolidated)(Consolidated)

Millions of yen

%

%

–

60.00

–

80.00

140.00

3,015

30.0

3.2

–

86.00

–

96.00

182.00

3,863

32.4

3.9

–

72.00

–

118.00190.0033.3

Notes: 1. Total cash dividends for the fiscal year ended March 31, 2023 include dividends of ¥23 million for the Company’s shares
owned by the Board Incentive Plan (BIP) Trust.
2. Total cash dividends for the fiscal year ended March 31, 2024 include dividends of ¥40 million for the Company’s shares
owned by the Board Incentive Plan (BIP) Trust.

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2025 (from April 1, 2024 to March
31, 2025)(Percentages indicate year-on-year changes.)
Net sales
Millions of yen

Six months ending
September 30, 2024
Full year

Operating profit

Profit attributable toowners of parent

Ordinary profit% Millions of yen% Millions of yen% Millions of yen

249,200

1.2

6,380

7.8

6,860

542,400

3.0

17,00015.5

18,000

Basic earnings
per share

%

Yen

7.1

4,560 (29.8)

217.0814.4

12,000571.27

1.6

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

22,100,000 shares

As of March 31, 2023

23,155,882 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2024

1,094,305 shares

As of March 31, 2023

2,041,301 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2024

21,022,381 sharesFiscal year ended March 31, 2023

21,620,114 shares

Note

The shares of the Company held by the “Board Incentive Plan (BIP) Trust” are included in the number of treasury
shares at the end of the period (223,038 shares as of March 31, 2024 and 171,096 shares as of March 31, 2023).
Also, the shares of the Company held by the “Board Incentive Plan (BIP) Trust” are included in treasury sharesthat are deducted for calculation of the average number of shares outstanding during the period (205,300 sharesfor the fiscal year ended March 31, 2024 and 175,551 shares for the fiscal year ended March 31, 2023).

[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 toMarch 31, 2024)(1) Non-consolidated operating results
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Millions of yen

Operating profit% Millions of yen

376,974
357,320

5.5
9.1

Basic earnings
per share
Fiscal year ended
March 31, 2024
March 31, 2023

(Percentages indicate year-on-year changes.)

8,734
10,536

Ordinary profit% Millions of yen(17.1)
29.9

Diluted earnings
per share
Yen

Yen

366.29435.50364.86433.53

11,184
13,045

Profit% Millions of yen(14.3)
24.7

7,700
9,415

%

(18.2)
44.8

2) Non-consolidated financial position
Total assets
As ofMarch 31, 2024
March 31, 2023
Reference:

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

260,742
240,783

82,88478,04831.7
32.3

3,938.88
3,688.60

EquityAs of March 31, 2024:
As of March 31, 2023:¥82,738 million¥77,883 million* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Proper use of earnings forecasts, and other special matters(Caution regarding forward-looking statements)
The forward-looking statements, including earnings forecasts, contained in this document are based on
information currently available to the Company and on certain assumptions deemed to be reasonable. Thesestatements do not purport that the Company pledges to realize such statements. Actual business and otherresults may differ substantially due to various factors. For the suppositions that form the assumptions forearnings forecasts and cautions concerning the use thereof, please refer to “1. Overview of Operating Results,(4) Future outlook” on page 6 of the attached material.

Attached Materials
1.

Overview of Operating Results................................................................................................................................... 2(1) Overview of operating results for the fiscal year ended March 31, 2024................................................................ 2(2) Overview of financial position as of March 31, 2024 ............................................................................................. 5(3) Overview of cash flows for the fiscal year ended March 31, 2024 ......................................................................... 5(4) Future outlook ......................................................................................................................................................... 6

2.

Basic policy regarding the selection of accounting standards .................................................................................... 83.

Consolidated financial statements and significant notes thereto................................................................................. 9(1) Consolidated balance sheet ..................................................................................................................................... 9(2) Consolidated statement of income and consolidated statement of comprehensive income .................................. 11
Consolidated statement of income ........................................................................................................................ 11
Consolidated statement of comprehensive income ............................................................................................... 12(3) Consolidated statement of changes in equity ........................................................................................................ 13(4) Consolidated statement of cash flows ................................................................................................................... 15(5) Notes to consolidated financial statements ........................................................................................................... 17
Notes on going concern assumption...................................................................................................................... 17
Segment information, etc. ..................................................................................................................................... 17
Per share information ............................................................................................................................................ 20
Significant events after reporting period ............................................................................................................... 21

4.

Other ......................................................................................................................................................................... 22

1

1. Overview of Operating Results(1) Overview of operating results for the fiscal year ended March 31, 2024
During the fiscal year under review (April 1, 2023 to March 31, 2024), despite the normalization of
economic activities and gradual recovery in the business climate, the outlook for the Japanese economy
remained uncertain due to an increase of geopolitical risks such as the protracted situation in Ukraine and thetension in the Middle East, soaring raw material and energy prices, as well as the depreciation of the yen.
In the industrial field, production was normalized in automobile-related industries as on-vehicle
semiconductor shortages waned, and demand for capital investment remained steady, particularly for EV
products. In the housing and construction field, public and private capital investment remained firm, but new
housing starts, mainly for detached housing, continued to remain weak.
In overseas countries, although prices of parts and raw materials and personnel expenses increased, theeconomies of the U.S. and Southeast Asian countries such as Thailand, India, and Indonesia showed a trend
toward gradual recovery. In China, on the other hand, movement toward economic recovery came to a
standstill.
Under these circumstances, the Group promotes the medium-term management plan, “Growing Together
2026,” covering the three-year period from April 2023 to March 2026, which constitutes the third and final
stage of the “Yuasa Vision 360,” our ideal state for the 360th anniversary of the Company’s founding in
2026. We will promote business reforms based on “corporate culture reform,” “DX promotion,” and“sustainability promotion,” with the aim of enhancing corporate value by developing market-out businesses
addressing both sales of products and sales of services in the fields of manufacturing, home building,environment building, and town building.
Under “corporate culture reform,” we are advancing the YUASA PRIDE Project (Work Satisfaction
Increasing & Regard for the Individual Project) to increase employee engagement and engage in developing
human resources capable of solving social issues through “TSUNAGU” innovation. Also, as a measure forcreating environments to be able to demonstrate comprehensive strengths, challenges, and communication,
we have proceeded with the “Integrated Base Construction Project” for the construction of a new head
office.
Under “DX promotion,” we will support business transformation by building a data utilization infrastructure,developing DX talent, reforming business processes, and creating innovation.
Under “Sustainability promotion,” we aim to reduce the Group’s CO2 emissions by 30% by March 2026,
and accelerate the carbon neutral promotion business. As part of the Group’s effort, we installed on-site solar
power generation equipment for company use with the Chubu Branch Office and our group company of
FUJI QUALITY HOUSE CO., LTD. Also, at the “TSUNAGU Grand Fair 2023,” which we held from Julyto September 2023, we worked to promote sustainable business operations, including carbon offsetting of
CO2 emitted from the use of electricity at the venue.
As part of the promotion of our growth strategy, we expanded sales of robots and automation equipment, andwe promoted sale of GCCP (Green control for coolant pump) that was developed in-house and for which wehave already obtained a patent and the “AI Appearance Inspection System F[ai]ND OUT Series EX,” which
realizes greater automation and efficiency in product inspection. Also, we jointly developed “Twin Pick,” anautomated picking conveyor system designed to work in logistics facilities’ limited space. We plan to
introduce the system to the public at the Company’s Kanto Logistics Center, for future system sales after
May 2024.
For the overseas strategy, a new South Asia Block was established to strengthen the regional strategy,
particularly in Thailand. In March 2024, we also resolved to acquire shares of the HENKO Group, amachinery trading company operating in Southeast Asia, to strengthen plant equipment sales to locally
capitalized companies in the ASEAN region. We have also developed a structure to expand our overseas
business, including initiatives for the “YUASA Grand Fair in Thailand,” a comprehensive exhibition to beheld in February 2025 under the theme of “Connecting (TSUNAGU) Japanese and Thai Cultures.”
As a result, Group consolidated net sales for the fiscal year under review were ¥526,569 million (up 4.3%
year on year). Operating profit was ¥14,723 million (up 0.9% year on year), ordinary profit was ¥15,737
million (up 2.3% year on year), and profit attributable to owners of parent was ¥11,812 million (up 17.2%
year on year). Taking into consideration the aforementioned operating results as well as the need tostrengthen our financial position and increase internal reserves for business expansion, the Board of
Directors resolved on May 10, 2024 to pay a year-end ordinary dividend of ¥96 per share for the fiscal year2

under review. As a result, the annual dividend, including the interim dividend of ¥86 per share paid in
December 2023, will be ¥182 per share, resulting in a consolidated shareholder return ratio of 34.9%
including the purchase of treasury shares (a total amount of ¥261 million in treasury shares purchased during
the fiscal year under review).
Results by reportable segment are as follows:<Industrial Equipment & Tools Division>
In the Industrial Equipment & Tools Division, sales of mainstay cutting tools have been strong since thebeginning of the year due to growth in demand for parts machining in the automotive-related industry,
particularly for EV products.
Under these circumstances, we focused on expanding sales of energy-saving products in response torealizing carbon neutrality and on proposing local 5G solutions aimed at realizing smart factories, whichsave labor and achieve automation, resulting in net sales of ¥79,742 million (up 3.0% year-on-year).
<Machine Tools Division>
In the Machine Tools Division, willingness for capital investment increased in the automobile-relatedindustry, particularly for EVs, as well as in the aircraft and defense-related industries since the second
quarter. The economies in the U.S. and South-East Asian countries remained firm, but sales conditions weredifficult both domestically and overseas due to the impact of the economic slowdown in China. The orderenvironment, on the other hand, remained difficult in both domestic and overseas markets, but there were
finally signs of improvement in the order environment from the fourth quarter onward, including large-scale
projects in semiconductor-related industries.
Under these circumstances, in addition to proposals for the processing environment solutions for processing
brittle materials such as ceramics and glass and automation and energy-saving proposals utilizing robots andAI, we also worked to strengthen our proposals overseas with an overall manufacturing perspective,
including carbon neutrality for entire plants, resulting in net sales of ¥118,301 million (down 0.2% year-onyear).
<Housing, Air & Fluidic Control Systems Division>
In the Housing, Air & Fluidic Control Systems Division, while the number of new housing starts for
detached housing remained weak, demand for condominiums and remodeling remained firm, and housing
fixtures, pipes/joints products moved solidly. Additionally, sales of equipment related to energy-saving air
conditioning and sales of equipment in the renewable energy field were strong due to increasing demandfocused on addressing rising energy costs and carbon neutrality.
Under these circumstances, in response to the growing demand for investments in energy conservation fieldin factories and such, and an increase in redevelopment projects mainly in the Tokyo metropolitan area andmajor cities, sales of pipes/joints products for non-residential use and high-efficiency equipment related toair conditioning have increased. Also, efforts such as system proposals for solar panels, storage batteries, andother products to become carbon neutral and strengthening engineering capability resulted in net sales of¥197,688 million (up 11.1% year on year).
<Building Supplies & Exterior Division>
For the Building Supplies & Exterior Division, sales of building hardware and exterior products centered on
fences remained strong due to an increase in redevelopment projects and condominium and hotel
construction, mainly in the Tokyo metropolitan area, as well as an increase in the construction of logistics
facilities. Publics works investment also demonstrated underlying strength, particularly for products forcountermeasures against natural disasters and traffic accidents.
Under these circumstances, net sales were ¥54,404 million (up 5.4% year on year) as a result of the divisionfocusing on package proposing for resilience products such as solutions for flood-control measures andexterior products to contribute to creating walkable towns, and focusing on sales expansion of protective
fences and impact-resistant bollards as part of pedestrian protection measures, and fabrication hardware
related to construction.

3

<Construction Machines Division>
For the Construction Machines Division, private capital investment remained steady, along with public
works projects such as infrastructure development and disaster prevention/mitigation works. On the other
hand, we continued to see soaring material price, the work-style reform in the construction industry,
construction delays due to a shortage of construction skilled workers, and long delivery times forconstruction equipment.
Under these circumstances, we expanded sales of CO2 visualization products for construction sites andstrengthened sales of solutions for safe construction at construction and agricultural sites and products
imported from overseas. At the same time, we promoted proposing disaster prevention, disaster mitigation,
and BCP-related products to government agencies. In addition, we strove to expand our used construction
and agricultural machines auction business and enhance container house manufacturing, and construction
machines maintenance and rental functions, resulting in net sales of ¥37,286 million (up 2.1% year on year).
<Energy Division>
In the Energy Division, amid a decline in demand for gasoline due to the spread of fuel-efficient vehicles, thedomestic market stabilized mainly due to the continuation of government fuel oil subsidies.
Under these circumstances, the gas station business, which operates mainly in the Tokai region, worked tostrengthen services such as car rental and car maintenance businesses, in addition to car washing, automobile
inspections, coatings, and others. In addition, efforts to strengthen sales of marine fuel in the Keihin area
resulted in net sales of ¥19,164 million (up 0.3% year on year).
<Others>
For Others, we worked to expand sales and develop new seasonal household appliances and cooking
appliances in the consumer goods business. In the e-commerce (electronic commerce) business, we strived to
expand product lineup to meet consumer needs. In the wood products business, amid prolonged sluggish
demand for both imported and domestic timber, we strengthened sales of non-residential products such as
wooden crates for packing made from imported timber. For domestic timber, we focused on developing new
suppliers and building sales networks while also developing private-brand products.
As a result, net sales were ¥19,981 million (down 15.5% year on year).

4(2) Overview of financial position as of March 31, 2024
(Assets)
As of March 31, 2024, total assets were ¥290,989 million, an increase of ¥19,771 million from the end of theprevious fiscal year. This was primarily due to increases in land acquired to build the new head office of¥31,420 million and in electronically recorded monetary claims - operating of ¥8,181 million, despite
decreases in cash and deposits of ¥10,347 million and retirement benefit asset of ¥12,667 million.
(Liabilities)
Total liabilities at the end of the fiscal year under review increased by ¥12,602 million from the end of theprevious consolidated fiscal year to ¥188,580 million. This was mainly due to increases of ¥10,406 million
in electronically recorded obligations - operating and ¥2,910 million in long-term borrowings, while income
taxes payable decreased by ¥2,324 million.
(Net assets)
Total net assets at the end of the fiscal year under review increased ¥7,169 million from the end of theprevious fiscal year to ¥102,409 million. This was mainly due to an increase in retained earnings of ¥5,645
million as a result of recording profit attributable to owners of parent, and an increase of ¥2,247 million froma cancellation of treasury shares, while there was a decrease of ¥2,418 million from remeasurements ofdefined benefit plans. As a result, the equity-to-asset ratio was 35.0% (34.9% at the end of the previous fiscal
year).
(3) Overview of cash flows for the fiscal year ended March 31, 2024
Cash and cash equivalents (hereinafter, “cash”) as of March 31, 2024 decreased by ¥10,351 million from theend of the previous fiscal year to ¥42,044 million.
The respective cash flow positions for the fiscal year ended March 31, 2024, and the factors thereof are as
follows.
(Cash flows from operating activities)
Net cash provided by operating activities during the fiscal year under review was ¥24,094 million (up¥15,756 million year on year). This was mainly due to decrease in retirement benefit asset caused by apartial termination of retirement benefit trust which increased net cash by ¥10,672 million and led to therecording of gain on return of retirement benefit trust of ¥3,255 million, as well as due to recording profit
before income taxes of ¥16,995 million and an increase in trade payables of ¥8,706 million, while recording
an increase in trade receivables of ¥5,368 million.
(Cash flows from investing activities)
Net cash used in investing activities during the fiscal year under review was ¥34,240 million (up ¥31,394
million year on year). This was primarily due to the recording of purchase of property, plant and equipmentof ¥31,552 million.
(Cash flows from financing activities)
Net cash used in financing activities during the fiscal year under review was ¥478 million (down ¥6,412
million year on year). This was primarily due to proceeds from long-term borrowings of ¥5,000 million,
despite the recording of dividends paid of ¥3,528 million and purchase of treasury shares of ¥530 million.

5

(Reference) Trends in cash flow indicators
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Equity ratio (%)

35.5

34.9

35.0

Equity ratio on market value basis (%)

24.7

29.5

38.6

Cash flow to interest-bearing liabilities ratio (years)

0.4

0.4

0.3

Interest coverage ratio (times)

11.4

8.0

22.5

Equity Ratio: Equity / Total assets
Equity ratio on market value basis: Total market capitalization / Total assets
Cash flow to interest-bearing liabilities ratio: Interest-bearing debt / Cash flow
Interest coverage ratio: Cash flow / Paid interest
Notes: 1. All indicators are calculated based on consolidated financial figures.
2. Market capitalization is calculated by multiplying the closing stock price at the end of the period by the number ofshares outstanding (less treasury shares) at the end of the period.
3. Cash flow is the net cash provided by (used in) operating activities in the consolidated statement of cash flows.
4. Interest-bearing liabilities are all liabilities on the consolidated balance sheet for which interest is paid. For interest
payments, the amount of interest paid in the consolidated statement of cash flows is used.

(4) Future outlook(i) Outlook for the next fiscal year
Regarding the future economic situation, although normalization of economic activities is expected, theeconomic environment is expected to remain uncertain both domestically and globally due to the impactof geopolitical risks and the impact of soaring raw materials and energy prices. On the other hand,further expansion is expected in the progression of automation and labor-saving, which utilize digitaltechnology, and in green businesses, which aim to realize carbon neutrality. In addition, the need forresilience measures to build a safe and secure social infrastructure is expected to increase.
Under these circumstances, we will work to expand our business partner network through our business
transformation by improving profitability and promoting growth strategies to achieve our medium-term
management plan, “Growing Together 2026,” which began in April 2023. Specifically, we will promotesolutions to social issues through “TSUNAGU” innovation and further strengthen our focus areas toexpand our core businesses: Overseas, Green, Digital, Resilience & Security, New Distribution, andSharing. In addition, as areas where we will aggressively develop products and services cultivated in our
existing businesses, we have positioned Long-term Care & Medical, Food Equipment, and Agriculture
Process as new businesses. We will aggressively promote them as growth drivers.
We will also promote business reform based on “corporate culture reform,” “DX promotion,” and“sustainability promotion,” develop our existing business network in the fields of manufacturing, home,environmental, and community development, and carry out business transformation with the “Market
Out” approach in both single item businesses and integrated product-service transactions, enhancing ourcorporate value.
(ii) Basic policy on profit distribution and dividends for the current and next fiscal years
The Company’s basic policy is to maintain a dividend policy that balances appropriate and stabledividends in line with business performance as one of our important management issues, with the needto strengthen the Company’s financial position and increase internal reserves based on our growthstrategy. Based on this basic policy, we will strive to meet the expectations of our shareholders byimplementing a flexible dividend policy, including purchase of treasury shares as an effective means ofreturning profits to shareholders, while taking into consideration trends in the stock price and ourfinancial condition. The Company’s Articles of Incorporation stipulate that matters stipulated in each
item of Article 459, Paragraph 1 of the Companies Act, such as dividends of surplus, shall be determinedby a resolution of the Board of Directors rather than a resolution of the General Meeting of Shareholders,
except as otherwise provided by law.
Based on this basic policy, the Board of Directors has resolved at a meeting held on May 10, 2024 to pay
a year-end ordinary dividend of ¥96 per share for the fiscal year under review, taking into consideration
the aforementioned business performance and the enhancement of internal reserves necessary to6strengthen the Company’s financial position and expand its business. As a result, the annual dividend,
including the interim dividend of ¥86 per share paid in December 2023, will be ¥182 per share, resulting
in a consolidated shareholder return ratio of 34.9% including the purchase of treasury shares (a total
amount of ¥261 million in treasury shares purchased during the fiscal year under review).
For the next fiscal year, we plan to pay an interim dividend of ¥72 per share and a year-end dividend of¥118 per share, for an annual dividend of ¥190 per share (consolidated shareholder return ratio of 33%
or more and dividend on equity ratio [DOE] of 3.5% or more).

72. Basic policy regarding the selection of accounting standards
For the time being, our group’s policy is to prepare consolidated financial statements in accordance withJapanese GAAP, taking into consideration periodic comparability of consolidated financial statements andinter-company comparability.
The Company intends to consider the application of International Financial Reporting Standards (IFRS) in the
future, taking into account trends in the ratio of foreign shareholders and the application of IFRS by otherdomestic competitors in the same industry.

8

3. Consolidated financial statements and significant notes thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims - operating
Inventories
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Non-current assets for rent
Accumulated depreciation
Non-current assets for rent, net
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long term money claims
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

9

As of March 31, 2024

52,44842,101

121,334

118,642

30,15718,4803,667(89)225,997

38,33819,5933,610(54)
222,231

5,205(4,071)
1,133
7,620(4,766)
2,853
704
(571)
133
2,513
(2,210)
302
7,774
407
(209)
198
1,704
14,0995,450(4,336)
1,114
7,227(4,506)
2,721
903
(609)
294
2,919
(1,931)
988
39,195
494
(289)
205
199
44,719

1,369
1,305
2,675

527
3,798
4,326

8,697
1,079
879
12,7885,342(341)
28,44545,220271,218

12,384
1,048
1,065
120
5,414
(320)
19,712
68,758290,989

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Lease liabilities
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Provision for retirement benefits for directors (andother officers)
Provision for share awards
Provision for share awards for directors (and otherofficers)
Retirement benefit liability
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
Deferred gains or losses on hedges
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

10

As of March 31, 2024

98,68451,443
3,273
111
5,682
2,960

97,142
61,850
4,092
86
3,358
3,200

77

91

8,289
170,523

10,121
179,943

417
117
306

3,328
138
395

94

91

227

254

180

194

1,070
3,038
5,454
175,977

1,103
3,131
8,636
188,580

20,644
6,837
67,273(5,301)89,453

20,644
6,753
72,918(3,053)
97,262

2,349
(96)
505
2,465
5,224
165
397
95,240271,218

3,655
18
870
46
4,591
145
409
102,409290,989

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)
Fiscal year ended
March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on liquidation of subsidiaries and associates
Gain on return of retirement benefit trust
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Impairment losses
Loss on sale of investment securities
Loss on valuation of investment securities
Loss on valuation of investments in capital
Loss on liquidation of subsidiaries and associates
Loss on withdrawal from businessTotal extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

11

Fiscal year ended
March 31, 2024

504,806
452,382
52,42437,825
14,599526,569
468,933
57,63542,912
14,723

1,578
254
260
2,094

1,593
306
354
2,254

1,063
247
1,310
15,382

1,073
166
1,240
15,737

4
12
–
–
17

2
66
19
3,255
3,343

23
46
66
0
4
3
6
–
152
15,247
7,648(2,497)
5,150
10,096
16
10,079

113
12
278
–
5
–
–
1,673
2,085
16,995
4,825
336
5,162
11,83321
11,812

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

12

Fiscal year ended
March 31, 2024

10,096

11,833

552
(144)
459
(1,683)
(816)
9,280

1,307
115
363
(2,418)(632)
11,201

9,261

11,17918

21

(3) Consolidated statement of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity
Share capital

Capital surplus

Retained earnings

Treasury shares

20,644

6,831

60,155(1,692)

Balance at beginning of
periodTotal shareholders’equity85,938Changes during period
Dividends of surplus(2,962)(2,962)

Profit attributable toowners of parent

10,07910,079Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders’equity(3,741)(3,741)

132

138

6

Total changes during period
Balance at end of period

–

6

7,117

(3,609)3,514

20,644

6,837

67,273(5,301)89,453

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifference on
availablefor-salesecurities

Deferred
gains orlosses onhedges

1,798

48

Total
Foreign
Remeasureaccumulated
currency
ments ofothertranslation defined benefit
comprehensi
adjustment
plans
ve income
46

4,149

6,042

Share
acquisitionrights238

Noncontrolling Total net assetsinterests

385

92,605

Changes during period
Dividends of surplus(2,962)

Profit attributable toowners of parent

10,079Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders’equityTotal changes during period
Balance at end of period(3,741)
138
551

(144)

458

(1,683)

(818)

(73)

12

(879)

551

(144)

458

(1,683)

(818)

(73)

12

2,635

2,349

(96)

505

2,465

5,224

165

397

95,24013

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders’ equity
Share capital

Capital surplus

Retained earnings

Treasury shares

20,644

6,837

67,273(5,301)

Balance at beginning of
periodTotal shareholders’equity89,453

Changes during period
Dividends of surplus(3,528)(3,528)

Profit attributable toowners of parent

11,812

11,812

Purchase of treasury
shares
Disposal of treasury
sharesCancellation of treasury
sharesTransfer of negativebalance in other capitalsurplus
Net changes in items
other than shareholders’equity

(530)

(10)

67

56

(2,710)

2,710

–

2,637

(2,637)

–

(83)

5,645

2,247

7,809

20,644

6,753

72,918(3,053)

97,262

Total changes during period
Balance at end of period

(530)

–

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifference on
availablefor-salesecurities

Deferred
gains orlosses onhedges

2,349

(96)

Total
Foreign
Remeasureaccumulated
currency
ments ofothertranslation defined benefit
comprehensi
adjustment
plans
ve income
505

2,465

5,224

Share
acquisitionrights165

Noncontrolling Total net assetsinterests

397

95,240Changes during period
Dividends of surplus(3,528)

Profit attributable toowners of parent

11,812

Purchase of treasury
shares
Disposal of treasury
sharesCancellation of treasury
sharesTransfer of negativebalance in other capitalsurplus
Net changes in items
other than shareholders’equity

(530)
56
–
–
1,305

115

364

(2,418)

(632)

(19)

11

(640)

Total changes during period

1,305

115

364

(2,418)

(632)

(19)

11

7,169

Balance at end of period

3,655

18

870

46

4,591

145

409

102,40914

(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets
Impairment losses
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Loss on valuation of investments in capital
Loss on liquidation of subsidiaries and associates
Loss (gain) on liquidation of subsidiaries and associates
Gain on return of retirement benefit trust
Loss on withdrawal from business
Decrease (increase) in retirement benefit asset
Increase (decrease) in retirement benefit liability
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for
directors (and other officers)
Increase (decrease) in provision for share awards
Increase (decrease) in provision for share awards for
directors (and other officers)
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Decrease (increase) in long term money claims
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities

15

Fiscal year ended
March 31, 2024

15,247
1,544
763
19
46
66
(11)
4
3
6
–
–
–
(2,829)67
27
335

16,995
1,725
563
111
12
278
(66)
5
–
–
(19)
(3,255)
1,673
10,672
27
(55)
239

6

13

36

26

7

13

(1,833)
1,063(6,920)(2,064)7,960
49(1,131)
12,467
1,833(1,046)(4,915)
8,338(1,899)1,072(5,368)(2,596)
8,706
31
1,410
30,318
1,899(1,072)(7,050)24,094

(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Loan advances
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of lease liabilities
Purchase of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

16

Fiscal year ended
March 31, 2024(7)
174
(2,361)
4
(644)
83
(87)
34
(33)
27
(34)
(2,845)(10)
6(31,552)
149(2,806)
–
(98)
110
(34)
67
(71)
(34,240)

56
–
(77)
(149)
(3,741)(2,962)(16)(6,890)(88)
5,000(1,194)(121)(530)(3,528)
(15)
(478)

256

272

(1,140)53,53652,395(10,351)
52,39542,044

(5) Notes to consolidated financial statements
Notes on going concern assumption
No item to report.
Segment information, etc.
Segment information
1. Overview of reportable segments
The Company’s reportable segments are constituent units of the Company for which separate
financial information is available and which are subject to regular periodic review by the Board of
Directors in order to determine the allocation of management resources and evaluate theirperformance.
The Company has established headquarters and business divisions classified by the type and nature of
products handled, and the headquarters and business divisions formulate comprehensive domestic andoverseas strategies for the products and services they handle and develop business activities
Accordingly, the Company is composed of segments classified by similarities in the types and natureof products handled based on the headquarters and business divisions, and is classified into thefollowing reportable segments.
(i)

Industrial Equipment &Tools:

Sales of tools, industrial equipment and materials, control
equipment, and logistics equipment(ii) Machine Tools:

Sales of industrial machinery and equipment(iii) Housing, Air & Fluidic
Control Systems:

Sales of pipe materials, air conditioning equipment, housing
fixtures, housing equipment, design supervision and contracting of
construction work, residential land and building transactions(iv) Building Supplies &Exterior:

Sales of building materials, landscapes, exteriors, civil engineering
materials, etc., design supervision and contracting of exteriormaterial installation work(v) Construction Machines:

Sales of construction machinery and materials, leasing and rental,
manufacturing and sales of assembly-type temporary houses(container houses)(vi) Energy:

Sales of petroleum products

2. Explanation of measurements of the amount of net sales, profit/loss, assets, liabilities and other items
for each reportable segment
The accounting methods for reported business segments are in accordance with the accounting
policies used to prepare the consolidated financial statements.
Reportable segment profit is based on operating profit.
Inter-segment revenues and transfers are based on prevailing market prices.

17

3. Information on the amount of net sales, profit/loss, assets, liabilities and other items for eachreportable segment
Fiscal year ended March 31, 2023
(Millions of yen)
Reportable segments
MachineTools

Housing,
Air &Building
Construction
Fluidic Supplies &Machines
Control
Exterior
Systems

Energy77,440118,515

177,915

51,63836,53313,802

5,191

8,947

5,334

Total

91,243

123,706

186,863

Segment profit

2,161

5,755

Segment assets

37,841

Depreciation
Increase inproperty, plant andequipment andintangible assets(Note 4)

Amount recorded in
Adjustment the consolidated(Note 2) statement of income(Note 3)

Total

Others(Note 1)

Total

19,109481,152

23,654504,806–

504,806

4,705

42

38,025345

38,371(38,371)–

56,973

41,23819,152

519,177

24,000543,178(38,371)504,806

6,348

2,385

1,212

222

18,085

101

18,187(3,588)

14,59952,84471,51020,452

24,446

4,404

211,498

10,519222,018

49,199271,218

160

208

291

59

577

70

1,367

82

1,450

94

1,544

401

520

819

303

688

89

2,823

16

2,839

465

3,305

Industrial
Equipment& Tools
Net sales
Sales to externalcustomers
Intersegment sales
or transfers

Other items

Notes: 1. The classification “Others” is a segment of business not included in the reportable segments and includes businesses
selling lifestyle-related products and wood products.
2. The adjustment of the segment profit of negative ¥3,588 million represents mainly costs related to the administration
division of the Company that has not been attributed to a reportable segment.
3. Total segment profit is adjusted to operating profit as recorded on the consolidated statement of income.
4. Increase in property, plant and equipment and intangible assets includes increase in long-term prepaid expenses.

Fiscal year ended March 31, 2024
(Millions of yen)
Reportable segments
MachineTools

Housing,
Air &Building
Construction
Fluidic Supplies &Machines
Control
Exterior
Systems

Energy79,742

118,301

197,688

54,40437,286

14,836

5,624

10,807

5,815

94,579123,926

208,495

60,220Industrial
Equipment& Tools

Amount recorded in
Adjustment the consolidated(Note 2) statement of income(Note 3)

Total

Others(Note 1)

Total

19,164

506,588

19,981

526,569–

526,5695,441

46

42,572406

42,978(42,978)–

42,72819,210549,161

20,387569,548(42,978)

526,569

Net sales
Sales to externalcustomers
Intersegment sales
or transfers
Total
Segment profit

2,168

5,438

7,841

2,001

1,022

204

18,676328

19,005(4,281)

14,723

Segment assets

43,20857,91087,612

25,252

27,373

4,482

245,841

11,054

256,895

34,094

290,989

199

227

361

101

574

39

1,503

43

1,547

178

1,725

5,213

5,124

10,548

4,237

3,165

49

28,3396

28,345

6,778

35,123

Other items
Depreciation
Increase inproperty, plant andequipment andintangible assets(Note 4)

Notes: 1. The classification “Others” is a segment of business not included in the reportable segments and includes businesses
selling lifestyle-related products and wood products.
2. The adjustment of the segment profit of negative ¥4,281 million represents mainly costs related to the administration
division of the Company that has not been attributed to a reportable segment.
3. Total segment profit is adjusted to operating profit as recorded on the consolidated statement of income.
4. Increase in property, plant and equipment and intangible assets includes increase in long-term prepaid expenses.

18

Information about impairment loss on non-current assets by reportable segment
Fiscal year ended March 31, 2023
(Millions of yen)
Industrial
Equipment & Machine Tools
Tools
Impairment losses–

Housing, Air& Fluidic
Control
Systems

Building
Supplies &Exterior

Construction
Machines

–

–

–

–

Unallocatedamounts

OthersEnergy

66

–

Total

–

66

Fiscal year ended March 31, 2024
(Millions of yen)
Housing, Air
Industrial& Fluidic
Equipment & Machine Tools
Control
Tools
Systems
Impairment losses

135

–

143

Building
Supplies &Exterior

Construction
Machines––

Unallocatedamounts

OthersEnergy

–

–

–

Total

278

Information about amortization and unamortized balance of goodwill by reportable segment
Fiscal year ended March 31, 2023
(Millions of yen)
Housing, Air
Industrial& Fluidic
Equipment & Machine Tools
Control
Tools
Systems
amortization during
periodbalance at end of
periodBuilding
Supplies &Exterior

Construction
Machines

Unallocatedamounts

OthersEnergy

Total

135

–

370

–

257

–

–

–

763

362

–

510

–

496

–

–

–

1,369

Fiscal year ended March 31, 2024
(Millions of yen)
Housing, Air
Industrial& Fluidic
Equipment & Machine Tools
Control
Tools
Systems
amortization during
periodbalance at end of
periodBuilding
Supplies &Exterior

Construction
Machines

Unallocatedamounts

OthersEnergy

Total

135

–

169

–

257

–

–

–

563

91

–

197

–

238

–

–

–

527

Information about gain on bargain purchase by reportable segment
No item to report.

19Per share information(Yen)
As of/fiscal year ended
March 31, 2023

Items
Net assets per share

As of/fiscal year ended
March 31, 2024

4,483.99

4,848.90

Basic earnings per share

466.23561.88

Diluted earnings per share464.11559.69

Note:

Basis of calculation(1)

Net assets per share
Items

As of March 31, 2023

Total net assets (Millions of yen)

As of March 31, 2024

95,240102,409

Amounts deducted from total net assets (Millions of yen)

562

555

[Of which share acquisition rights (Millions of yen)]

[165]

[145]

[Of which non-controlling interests (Millions of yen)]

[397]

[409]

94,677

101,854

23,155

22,100

2,041

1,094

21,11421,005

Net assets related to common stock at end of period(Millions of yen)
Number of shares of common stock issued andoutstanding at end of period (Thousands of shares)
Number of shares of common stock held as treasury
shares at end of period (Thousands of shares)
Number of shares of common stock at the year-end usedin calculation of net assets per share (Thousands ofshares)Note:

In the calculation of net assets per share, the Company’s shares held by the BIP trust for executive compensation (223thousand shares at the end of the fiscal year under review and 171 thousand shares at the end of the previous fiscal
year) are included in the number of treasury stock deducted from the total number of shares outstanding at the end of
the period.

(2)

Basic earnings per share and diluted earnings per share
Fiscal year ended
March 31, 2023

Items

Fiscal year ended
March 31, 2023

Basic earnings per share
Profit attributable to owners of parent (Millions ofyen)Profit (loss) not attributable to common shareholders(Millions of yen)
Profit related to common stock attributable to ownersof parent (Millions of yen)
Average number of shares during the period(Thousands of shares)

10,07911,812––

10,07911,812

21,62021,022

–

–

98

82

[98]

[82]

–

–

Diluted earnings per shareprofit attributable to owners of parent (Millions of yen)
Increase in number of shares of common stock(Thousands of shares)[of which stock acquisition rights (thousands ofshares)]Summary of dilutive shares not included in the calculationof diluted earnings per share due to the absence ofdilutive effects

20Note:In the calculation of earnings per share and diluted earnings per share, the Company’s shares held by the BIP trust for
executive compensation (205 thousand shares in the fiscal year under review and 175 thousand shares in the previous
fiscal year) are included in the number of treasury stock deducted in the calculation of average number of shares
during the fiscal year.

Significant events after reporting period
No item to report.

21

4. Other
Changes in Directors and Audit & Supervisory Board Members (effective June 26, 2024)(i) New candidate for election as Director
Director

Maresuke Takeo(currently, Senior Executive Officer, Chief General
Manager of Living Environment Market Headquarters andManager of Smart Energy Division)

Outside Director

Yukiko Machida(Partner, Law Office of Itsumi & Machida (incumbent)
Outside Director, TOYO ELECTRIC MFG. CO., LTD.
(incumbent)
Sub commissioner, Labor Issue Examination Committee,
Daini Tokyo Bar Association (incumbent)
Member, Tokyo Dispute Reconciliation Committee(incumbent))(ii) Retiring Director
Senior Managing Director

Haruo Sanoki

Outside Director

Kyosuke Kimura<Reference>
Executive Structure as of June 26, 2024 (tentative)(Director)
Representative Director,
President & CEO

In charge of Overseas Business Development

Hiroyuki Tamura

Representative Director,
Senior Managing Director

Supervisory Manager of Management
Administration, In Charge of Regional Groups

Kenichi Tanaka

Committee Chairperson of Export
Administration Department, Ethics and Compliance
Committee
Internal Control Committee
Managing Director

Supervisory Manager of Sales Division
Chief General Manager of Industrial Market
Headquarters
Chairperson, Representative Director of KOKKO
CO., LTD. (part time)
Chairperson, Representative Director of YUASANEOTEC CO., LTD. (part time)

22

Mamoru Hamayasu

Director

Chief General Manager of Construction Market
Headquarters

Takaomi Omura

Chairperson, Representative Director of YUASALUMBER CO., LTD. (part time)
Director of FUJI QUALITY HOUSE CO., LTD.
(part time)
Chairperson, Representative Director of YUASANENRYO CO., LTD. (part time)
Director

Chief General Manager of Living Environment
Market Headquarters

Maresuke Takeo(New Candidate)

Manager of Smart Energy Division
Chairperson, Representative Director of
YUASAQUOBIS CO., LTD. (part time)
Chairperson, Representative Director of URAYASUKOGYO CO., LTD. (part time)
Chairperson, Representative Director of YUASAPRIMUS CO., LTD. (part time)
Outside Director

Shinzo Maeda

Outside Director

Yoshiro Hirai

Outside Director

Miki Mitsunari

Outside Director

Yukiko Machida(New Candidate)(Note) Directors, excluding Outside Directors, will concurrently serve as executive officers.
(Audit & Supervisory Board Member)
Audit & Supervisory Board
Member (full-time)

Yoshiyuki Furumoto

Audit & Supervisory Board
Member (full-time)

Takeshi Maeda

Outside Audit & Supervisory
Board Member

Mitsuhiro Honda

Outside Audit & Supervisory
Board Member

Chinami Kajo

23