Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Nine Months Ended December 31, 2023
[Japanese GAAP]
February 14, 2024
Company name: MITSUBA Corporation
Stock exchange listing: Tokyo
Code number: 7280
URL: https://www.mitsuba.co.jp/
Representative: Katsuyoshi Kitada, President and Representative Director
Contact: Koji Ogino, General Manager of Accounting and Finance Department
Phone: +81-277-52-0113
Scheduled date of filing quarterly securities report: February 14, 2024
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Nine Months Ended December 31, 2023 (April 1, 2023 to December 31, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Nine months ended
December 31, 2023
256,872
8.3
14,451302.0
15,711306.7
10,161
December 31, 2022
237,090
13.5
3,594
1.1
3,862
11.1
(210)
(Note) Comprehensive income:Nine months ended December 31, 2023: ¥
19,971 million [478.0%]
Nine months ended December 31, 2022: ¥3,455 million [(19.6) %]Basic earnings
per share
Nine months ended
December 31, 2023
December 31, 2022

Diluted earnings per
share
Yen

Yen

216.97(19.85)119.93-(2) Consolidated Financial Position
Total assets
Millions of yen
As ofDecember 31, 2023
338,716
March 31, 2023
328,452(Reference) Equity: As of December 31, 2023:
As of March 31, 2023:

Net assets

Capital adequacy ratio

Millions of yen

105,037
86,958¥84,006 million¥
66,768 million

%

24.8
20.3

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-

0.00

-

3.00

3.00

Fiscal year ending March 31, 2024

-

0.00

6.00

6.00

Year-end

Fiscal year ending March 31, 2024
(Forecast)

Total(Note) Revision to the forecast for dividends announced most recently:
Yes* “Dividends” above presents the status of dividends related to common stocks. Please refer to “Cash dividends of class stock,”mentioned later, for the status of dividends related to class stocks (unlisted) that have different rights from common stocks that
the Company issues.
* For details, please refer to “Notice on the Revision of the Full-Year Consolidated Earnings Forecast and Dividend Forecast for
the Fiscal Year Ending March 2024,” announced today (February 14, 2024).
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024(April 1, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Millions of yen% Millions of yen% Millions of yen% Millions of yen%

Yen

Full year
340,000
6.4
19,000 182.8
19,000 214.1
11,000 828.0
232.37(Note) Revision to the financial results forecast announced most recently:
Yes* For details, please refer to “Notice on the Revision of the Full-Year Consolidated Earnings Forecast and Dividend Forecast for the
Fiscal Year Ending March 2024,” announced today (February 14, 2024).
* Notes:(1) Changes in significant subsidiaries during the nine months ended December 31, 2023
(changes in specified subsidiaries resulting in changes in scope of consolidation):No(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:
Yes
Note:For details, please refer to “(4) Notes to Quarterly Consolidated Financial Statements in 2. Quarterly Consolidated Financial
Statements and Key Notes” on page 9 of the Attachments.
(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):December 31, 2023:
45,581,809 shares
March 31, 2023:
45,581,809 shares
2) Number of treasury shares at the end of the period:
December 31, 2023:
825,928 shares
March 31, 2023:
825,819 shares
3) Average number of shares outstanding during the period:
Nine months ended December 31, 2023:
Nine months ended December 31, 2022:

44,755,904 shares
44,756,123 shares

* Quarterly financial results reports are exempt from audits conducted by certified public accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters
Earnings forecasts and other forward-looking statements in this report are based on information currently available to theCompany and certain assumptions that the Company deems reasonable. Therefore, actual results may differ materially due to avariety of factors.
Please refer to “(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information in 1.
Qualitative Information on Quarterly Financial Results for the Period under Review” on page 3 of the Attachments for cautionary
notes regarding underlying assumptions for and the use of earnings forecasts.
(How to access the supplementary materials on financial results)
The Company plans to post the materials on financial results on the Company’s website on February 14, 2024.

Cash dividends of class stock
The following is the breakdown of dividends per share related to class stocks that have different rights from common stocks.
Annual dividends
1stquarter-end
Class A stock

2nd
quarter-end

3rdquarter-end

Year-end

Total

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-

0.00

-

60,000.00

60,000.00

Fiscal year ending March 31, 2024

-

0.00

60,000.00

60,000.00

Fiscal year ending March 31, 2024
(Forecast)(Note) The number of issued Class A stocks above is 10,000 shares.

○ Table of Contents of Attachments
1. Qualitative Information on Quarterly Financial Results for the Period under Review ......................... 2(1) Explanation of Business Results ..................................................................................................... 2(2) Explanation of Financial Position ................................................................................................... 2(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information

3

2. Quarterly Consolidated Financial Statements and Key Notes ............................................................... 4(1) Quarterly Consolidated Balance Sheets .......................................................................................... 4(2) Quarterly Consolidated Statements of Income and Comprehensive Income .................................. 6
Quarterly Consolidated Statements of Income
Nine Months Ended December 31, 2023 .................................................................................... 6
Quarterly Consolidated Statements of Comprehensive Income
Nine Months Ended December 31, 2023 .................................................................................... 7(3) Quarterly Consolidated Statements of Cash Flows ......................................................................... 8(4) Notes to Quarterly Consolidated Financial Statements ................................................................... 9(Notes to assumptions for going concerns) ..................................................................................... 9(Notes to significant changes in shareholders’ equity) ................................................................... 9(Accounting methods adopted particularly for the preparation of quarterly consolidated
financial statements) ......................................................................................................................... 9(Segment information) .................................................................................................................... 9(Matters related to revenue recognition) ....................................................................................... 10

1

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Business Results
In the consolidated cumulative third quarter under review, although the global economy remained on a growth
track, it was affected by disruptions in supply chains and geopolitical risks resulting from events such as the armed
conflict between Israel and Hamas. In Japan, although the economy managed to continue to grow stably due to arecovery in exports, rising energy prices and uncertainty in consumption are seen as issues on the horizon.
In the automotive industry, in which the Group operates, amid electrification gaining momentum globally,
automotive production picked up as the situation of semiconductor supply improved due to the production increaseof semiconductor manufacturers and the production adjustment of automakers.
Under these circumstances, the Group has started a new Medium-Term Management Plan (FY2023-FY2027) fromthis fiscal year and has been promoting various measures to achieve the Plan, focusing on “Responding to Mobility
Evolution,” “Strengthening the Operating Foundation,” and “Soundness of Financial Structure”.
The consolidated financial results for the consolidated cumulative third quarter under review are as follows:
Consolidated net sales were 256,872 million yen (up 8.3% year-on-year), with consolidated operating income of
14,451 million yen (up 302.0% year on year), partly due to the effect of exchange rate in addition to a sales increaseagainst the background of a recovery in automotive production resulting from improvement in semiconductor supply.
Both sales and profit increased year-on-year, as sales in Japan and the U.S. were on a recovery trend, and the
motorcycle market in Asia continued to be strong, although sales of Japanese automakers remained slow in China.
In addition, consolidated ordinary income was 15,711 million yen (up 306.7% year-on-year) and profit attributableto owners of parent was 10,161 million yen (loss attributable to owners of parent of 210 million yen for the same
period of the previous year), due to foreign exchange gains of 706 million yen.
Operating results by business segment are presented as follows.
In the Transportation equipment-related operations, net sales were 242,416 million yen (up 8.4% year-on-year),as mentioned above, with segment profit of 13,021 million yen (up 419.6% year-on-year).
In the Information service operations, system sales for local governments, the police, and gas companies, and invehicle embedded software development support business and IT engineering service such as AMO service for
manufacturing trended strongly, and the earnings structure was levelled out by factors such as an expansion in theusage fee business that utilizes data centers. As a result, net sales were 12,869 million yen (up 11.0% year-on-year)
and segment profit was 1,124 million yen (up 46.4% year-on-year).
In Other operations, overall segment sales were 4,317 million yen (down 11.2% year-on-year), and segment profit
was 298 million yen (down 1.6% year-on-year), mainly because revenue decreased in supplies business.

(2) Explanation of Financial Positioni) Analysis of Financial Position(Assets, Liabilities, and Net Assets)
At the end of the consolidated third quarter under review, total assets were 338,716 million yen (328,452 million
yen at the end of the previous consolidated fiscal year), an increase of 10,263 million yen. Current assets increased
by 9,812 million yen to 208,001 million yen, and non-current assets increased by 451 million yen to 130,714 million
yen.
The main reasons for the increase in current assets were an increase of 11,325 million yen in cash and deposits
and an increase of 2,709 million yen in notes receivable - trade, accounts receivable - trade, and contract assets,
partly due to the effect of exchange rate. The main reason for the increase in non-current assets was an increase of
1,793 million yen in investment securities, partly due to the fair valuation of shares held.
At the end of the consolidated third quarter under review, liabilities totaled 233,678 million yen (241,493 million
yen at the end of the previous consolidated fiscal year), a decrease of 7,814 million yen. Current liabilities increased
by 13,423 million yen to 143,936 million yen, and non-current liabilities decreased by 21,237 million yen to 89,742
million yen.
The increase in current liabilities was caused by an increase in long-term borrowings scheduled for repayment
within one year due to the increase of 16,276 million yen in short-term borrowings. Non-current liabilities decreased
due to a decrease of 22,306 million yen in long-term borrowings, which was caused by repayments to financial
institutions and long-term borrowings scheduled for repayment within one year being transferred to short-termborrowings.
At the end of the consolidated third quarter under review, net assets totaled 105,037 million yen (86,958 million
yen at the end of the previous consolidated fiscal year), an increase of 18,078 million yen. This was mainly due toan increase of 10,027 million yen in retained earnings and an increase of 5,555 million yen in foreign currencytranslation adjustment.

2ii) Status of Cash Flows
Cash and cash equivalents (hereinafter referred to as “Cash”) for the consolidated third quarter under review were
85,468 million yen, an increase of 11,166 million yen from the end of the previous consolidated fiscal year. The
status of each cash flow is as below.
(Cash flows from operating activities)
Cash provided by operating activities was 25,987 million yen (14,004 million yen for the same period of theprevious year). The main reasons are profit before income taxes of 15,613 million yen and a decrease of 6,251
million yen in inventories.
(Cash flows from investing activities)
Cash used by investing activities was 5,919 million yen (7,030 million yen for the same period of the previousyear). This was caused mainly by purchase of property, plant and equipment of 7,637 million yen.
(Cash flows from financing activities)
Cash used by financing activities was 10,685 million yen (10,939 million yen for the same period of the previousyear). This was primarily caused by net increase in short-term borrowings of 6,667 million yen, repayments of longterm borrowings of 15,657 million yen, and dividends paid of 1,892 million yen (including dividends to noncontrolling shareholders).
(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
For the fiscal year ending March 2024, Although the sales plan was not achieved in real terms because the sales
slump in the China area had a significant impact, both sales and profit items are expected to exceed the full-year
forecasts at the beginning of the year, due to the unexpected depreciation of the yen, improvements of sales
prices/distribution costs and lowering fixed costs. Based on these results, the consolidated earnings forecast for the
fiscal year ending March 2024, announced on May 10, 2023, has been revised.
For details, please refer to “Notice on the Revision of the Full-Year Consolidated Earnings Forecast and Dividend
Forecast for the Fiscal Year Ending March 2024,” announced today (February 14, 2024).
Earnings forecast is based on information available at this moment, and the actual numbers may be different fromthe forecast ones in the future depending on various factors.

3

2. Quarterly Consolidated Financial Statements and Key Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023

As of December 31, 2023

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods
Work in process

75,792

87,11751,07653,786

12,148
5,718

11,146
6,565

Raw materials and supplies
Other

41,552
11,932

37,634
11,784

Allowance for doubtful accounts

(30)

(31)

198,189

208,001

82,65485,141

Accumulated depreciation(51,103)(53,801)

Buildings and structures, net

31,551

31,340Machinery, equipment and vehicles
Accumulated depreciation

175,558(136,798)

179,171(143,490)

38,75935,68053,040(48,499)

54,486(49,913)

4,541

4,573

7,790
9,500

7,946
9,194

Accumulated depreciation(4,744)(4,997)

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures

Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Leased assets, net

4,755

4,197

Construction in progress

6,283

8,446

Total property, plant and equipment

93,681

92,184

978
10

788
21

Other

2,695

2,549

Total intangible assets

3,683

3,359

Investment securities
Long-term loans receivable

15,713
2,496

17,506
2,562

Deferred tax assets
Long-term prepaid expenses

1,770
1,560

1,476
1,655

Retirement benefit asset
Other

10,583773

11,166802Intangible assets
Software
Software in progress

Investments and other assets

Allowance for doubtful accounts

(0)

(0)

Total investments and other assets

32,89735,169130,262

130,714

328,452

338,716

Total non-current assets
Total assets

4

(Millions of yen)
As of March 31, 2023

As of December 31, 2023

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings

20,39775,801

22,596
92,077

Current portion of bonds payable
Accounts payable - other, and accrued expenses

30
18,87430
15,143

Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Provision for product warranties

2,365
3,603

2,143
2,289

119

17

1,524

971

300
632

300
773

67
6,797

297
7,295

130,513

143,936

1,015

1,000

Long-term borrowings
Long-term accounts payable - other

93,571
6

71,265
1

Deferred tax liabilities
Retirement benefit liability

7,432
2,911

8,859
3,225

Other

6,043

5,390

Provision for settlement package
Provision for business restructuring
Other provisions
Other
Total current liabilities
Non-current liabilities
Bonds payable

Total non-current liabilities

110,980

89,742

241,493

233,678

Share capital
Capital surplus

5,000
26,3705,000
25,770Retained earnings
Treasury shares

28,250(603)

38,277(603)

Total shareholders' equity

59,01768,444738

2,687

10,301(3,288)15,856(2,981)

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

5

7,751

15,562

20,18921,03086,958105,037

328,452

338,716(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the nine months)(Millions of yen)
For the nine months
ended December 31, 2022
Net sales
Cost of sales

For the nine months
ended December 31, 2023

237,090
207,974

256,872
219,314Gross profit

29,11637,557

Selling, general and administrative expenses

25,521

23,106

Operating profit

3,594

14,451

708

1,231

425

529

24

398

585
808

706
889

2,552

3,754

1,502

1,762

Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
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
Reversal of provision for product warranties
Other

782

731

2,284

2,494

3,862

15,711

123

18

91
-

327
71

4

21

219

439

Impairment losses
Loss on retirement of non-current assets

9
56

52
138

Business restructuring expenses
Provision for business restructuring

123
-

121
200

Other

21

24

Total extraordinary income
Extraordinary losses

210

537

Profit before income taxes

Total extraordinary losses

3,871

15,613

Income taxes

2,868

3,947

Profit1,002

11,665

Profit attributable to non-controlling interests

1,213

1,504

Profit (loss) attributable to owners of parent(210)

10,161

6

Quarterly Consolidated Statements of Comprehensive Income (For the nine months)(Millions of yen)
For the nine months
ended December 31, 2022
ProfitOther comprehensive income

For the nine months
ended December 31, 2023

1,002

11,665

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

(739)
2,756

1,976
5,796

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income

89

312

345

219

2,452

8,305

Comprehensive income

3,455

19,971

Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

2,294

17,972

1,160

1,998

7

(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)
For the nine months
ended December 31, 2022

For the nine months
ended December 31, 2023

Cash flows from operating activities
Profit before income taxes

3,871

15,613

Depreciation
Interest and dividend income

12,745(1,134)

12,188(1,760)Interest expenses
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sale of property, plant and equipment
Decrease (increase) in trade receivables

1,502

1,762

(24)

(398)

(113)
845

(8)
(392)

Decrease (increase) in inventories
Increase (decrease) in trade payables

1,509
(567)

6,251
(1,321)Other, net(2,025)(2,718)Subtotal

16,60929,216

Interest and dividends received

1,257

1,906

Interest paid
Income taxes paid

(1,394)(2,467)(1,679)(3,455)

Net cash provided by (used in) operating activities

14,00425,987(6,941)
344(7,637)
110

(44)
215

(41)
2,005

Loan advances
Proceeds from collection of loans receivable
Payments for sale of shares of subsidiaries resulting inchange in scope of consolidation
Other, net(1,388)
1,413(1,099)
989

(262)

-

(366)

(246)

Net cash provided by (used in) investing activities(7,030)(5,919)Cash flows from financing activities
Net increase (decrease) in short-term borrowings(1,099)

6,667

Proceeds from long-term borrowings
Repayments of long-term borrowings

500(7,960)2,000(15,657)

Redemption of bonds
Dividends paid

(15)
(1,035)

(15)
(734)

Dividends paid to non-controlling interests
Proceeds from sale and leaseback transactions

(621)
1,042

(1,158)94

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of investment securities
Proceeds from sale of investment securities

Other, net(1,749)(1,881)

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(10,939)(10,685)

173

1,783

(3,791)

11,166

Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

73,267
69,47574,301
85,4688

(4) Notes to Quarterly Consolidated Financial Statements(Notes to assumptions for going concerns)
There are no applicable matters.
(Notes to significant changes in shareholders’ equity)
There are no applicable matters.
(Accounting methods adopted particularly for the preparation of quarterly consolidated financial statements)(Calculation of income tax expenses)
The Company calculates income tax expenses by reasonably estimating the effective tax rate expected to be
imposed on pretax profit for the consolidated fiscal year that includes the third quarter under review (after tax effectaccounting) and then multiplying profit before income taxes by the effective tax rate thus estimated.
(Segment information, etc.)[Segment information]
I. For the nine months ended December 31, 2022 (April 1, 2022 - December 31, 2022)
1. Information on net sales and profit (loss) by reportable segment(Millions of yen)
Adjustments(Note 1)

Amount reported
on quarterly
consolidated
statements ofincome(Note 2)

237,090－

237,090

805

2,907

(2,907)－

11,593

4,859

239,997(2,907)

237,090

768

303

3,578

16

3,594

Reportable segment
Total

Transportation
Equipment-Related
Operations

Information
Service
Operations

Other Operations

223,049

9,986

4,054

494

1,607

223,544
2,506

Net sales
Sales to outside customers
Inter-segment sales or transfers
Total
Segment profit

Notes:
1. The 16 million yen adjustment in segment profit is an amount in elimination of inter-segment transactions.
2. Segment profit/loss is adjusted to be consistent with operating profit in the quarterly consolidated statements of income.

II. For the nine months ended December 31, 2023 (April 1, 2023 - December 31, 2023)
1. Information on net sales and profit (loss) by reportable segment(Millions of yen)
Adjustments(Note 1)

Amount reported
on quarterly
consolidated
statements ofincome(Note 2)

256,872－

256,872

779

2,731

(2,731)－

12,8694,317

259,603(2,731)

256,872

1,124

298

14,444

6

14,451

Reportable segment
Total

Transportation
Equipment-Related
Operations

Information
Service
Operations

Other Operations

241,987

11,346

3,537

429

1,522

242,416
13,021

Net sales
Sales to outside customers
Inter-segment sales or transfers
Total
Segment profit

Notes:
1. The 6 million yen adjustment in segment profit is an amount in elimination of inter-segment transactions.
2. Segment profit is adjusted to be consistent with operating profit in the quarterly consolidated statements of income.

9(Matters related to revenue recognition)
Information on disaggregation of revenue from contracts with customers
For the nine months ended December 31, 2022 (April 1, 2022 - December 31, 2022)(Millions of yen)
Reportable segment
Transportation
Equipment-Related
Operations

Information Service
Operations

Japan

57,283

9,986

4,054

71,324The Americas

52,566－－52,566

Europe16,085－－16,085

Asia

53,595－－53,595

China

43,517－－43,517223,049

9,986

4,054

237,090

－

－

－

－

223,049

9,986

4,054

237,090

Revenue from
customers

contracts

with

Other revenue
Sales to outside customers

Other Operations

Total

For the nine months ended December 31, 2023 (April 1, 2023 - December 31, 2023)(Millions of yen)
Reportable segment
Transportation
Equipment-Related
Operations

Information Service
Operations

Japan

66,65911,346

3,537

81,544The Americas

63,262－－

63,262Europe19,657－－

19,657

Asia

56,961－－

56,961

China

35,447－－35,447

241,987

11,346

3,537

256,872

－

－

－

－

241,987

11,346

3,537

256,872

Revenue from
customers

contracts

Other revenue
Sales to outside customers

with

10

Other Operations

Total