(Translation)
Consolidated Financial Results
for the Year Ended March 31, 2024
(Japanese GAAP)May 9, 2024
Company name:
Stock exchange listings:
Securities code:
URL:
Representative:
Contact:

Kyushu Railway Company
Tokyo and Fukuoka
9142
https://www.jrkyushu.co.jp/
Yoji Furumiya, President and CEO
Rie Kanegae, General Manager, Public Relations Department
Tel.: +81-92-474-3677

Scheduled date of Ordinary General Meeting of Shareholders:
Scheduled date of dividend payment commencement:
Scheduled date of release of annual securities report:
Preparation of supplementary explanations for financial results:
Holding of a briefing on financial results:

June 21, 2024
June 24, 2024
June 21, 2024
Yes
Yes

(Amounts less than one million yen, except for per share amounts, are omitted.)

1. Consolidated Financial Results for the Year Ended March 31, 2024
(From April 1, 2023 to March 31, 2024)(1) Consolidated operating results(Percentages show year-on-year changes.)
Net income attributable toOrdinary income
owners of the parent

Operating revenues

Operating income

Millions of yen

Millions of yen%

Millions of yen%

Millions of yen%

Year ended March 31,2024
Year ended March 31,
2023%

420,402

9.7

47,09437.2

48,93637.1

38,44523.4

383,242

16.3

34,323770.2

35,700286.5

31,166135.2(Note) Comprehensive income:As of March 31, 2024: ¥ 50,032 million (54.0%)
As of March 31, 2023: ¥ 32,480 million (188.9%)

Net income pershare — basic

Net income pershare — diluted

Return on equity

Yen
244.68

Yen
－

%
9.1

%
4.7

%
11.2

198.36

－

7.8

3.7

9.0

Year ended March 31,2024
Year ended March 31,
2023(Reference) Equity in net income (losses) of affiliated companies:(2) Consolidated financial position
Total assets
As of March 31, 2024
As of March 31, 2023
(Reference) Shareholders’ equity:

Millions of yen
1,089,170
996,699

Ordinary income Operating income to
to total assets
operating revenues

As of March 31, 2024: ¥ 546 million
As of March 31, 2023: ¥ (29) million

Net assets

Equity ratio

Millions of yen
442,287
406,850

Net assets per share
%
40.5
40.7

As of March 31, 2024: ¥441,427 million
As of March 31, 2023: ¥406,052 million

Yen2,809.41
2,584.35

(3) Consolidated cash flows
Net cash provided byoperating activities
Millions of yen

Net cash used ininvesting activities
Millions of yen

Net cash provided byfinancing activities
Millions of yen

Cash and cash
equivalents, end of year
Millions of yen

89,031(111,893)

32,252

61,90762,084(97,581)

8,963

52,283

Year ended March 31,2024
Year ended March 31,
2023

2. Dividends
Total dividends Payout ratio(Fiscal)(Consolidated)

Annual dividends

Year ended March 31,
2023
Year ended March 31,2024
Year ended March 31,
2025 (Forecast)First
quarterend
Yen

Secondquarterend
Yen

－

0.00

－

－

0.00

－

46.50

Third
Fiscalquarter- year-end
end
Yen
Yen

Dividends to net
assets ratio(Consolidated)

Total
Yen

Millions of yen

%

%

93.00

93.00

14,629

46.9

3.6

－

93.00

93.00

14,629

38.0

3.4

－

46.50

93.00

34.6

3. Consolidated Forecasts for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)

Operating revenues Operating income

Full year

Millions ofyen
441,100%
4.9

Millions ofyen
57,300%21.7(Percentages show year-on-year changes.)
Net income
income per
Ordinary income attributable to owners Net
share — basicof the parent
Millions ofMillions of
%
%
Yen
yen
yen
56,700 15.9
42,2009.8
268.58

Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024 (changes in specified
subsidiaries affecting the scope of consolidation): No(2) Changes in accounting policies, changes in accounting estimates and restatement of revisions
i Changes in accounting policies with revision of accounting standards: No
ii Changes in accounting policies other than the above:Noiii Changes in accounting estimates:No
iv Restatement of revisions:No(3) Number of shares issued (common stock)i Number of shares issued at end of
period (including treasury stock)ii Number of shares of treasury stock at
end of period
iii Average number of shares during theperiod157,301,600
shares176,687
shares157,122,988
shares

As of March
31, 2024
As of March
31, 2024
As of March
31, 2024

As of March
31, 2023
As of March
31, 2023
As of March
31, 2023

157,301,600
shares181,487
shares157,119,559
sharesNote: The number of shares of treasury stock at the end of the period includes the number of shares of the Company’s stock held by
the Board Benefit Trust (BBT) (FY2024/3, 176,600 shares; FY2023/3, 181,400 shares). In addition, the number of shares of theCompany’s stock held by the Board Benefit Trust (BBT) is included in the treasury stock that is subtracted in the calculation of
the average number of shares during the period (FY2024/3, 178,525 shares; FY2023/3, 181,975 shares).

(Reference)
1. Non-Consolidated Financial Results for the Fiscal Year Ended March 31, 2024
(April 1, 2023–March 31, 2024)(1) Non-consolidated operating results(Percentages show year-on-year changes.)
Operating revenues
Operating income
Ordinary income
Net income
Millions of yen
Year ended March
31, 2024
Year ended March
31, 2023% Millions of yen% Millions of yen% Millions of yen%

234,340

10.7

29,89631.0

37,15936.932,92029.6

211,61017.6

22,813－27,151－

25,408183.9

Net income per share Net income per share— basic— diluted
Year ended March
31, 2024
Year ended March
31, 2023

Yen

Yen

209.52－161.71－(2) Non-consolidated financial position

As of March 31, 2024
As of March 31, 2023
(Reference) Shareholders’ equity:

Total assets

Net assets

Millions of yen
918,002844,051

Millions of yen
363,206
339,948

Equity ratio
%
39.6
40.3

Net assets per shareYen
2,311.58
2,163.62

As of March 31, 2024: ¥363,206 million
As of March 31, 2023: ¥339,948 million

2. Non-Consolidated Forecasts for the Fiscal Year Ending March 31, 2025 (April 1, 2024–March 31, 2025)(Percentages show year-on-year changes.)

Operating revenues Operating income Ordinary income

Full year

Millions of%yen
234,100 (0.1)

Millions ofyen
35,000%
17.1

Millions of%yen
36,400 (2.0)

Net income
Millions of%yen
29,300 (11.0)

Net income pershare — basic
Yen
186.48* This summary of financial results is not subject to audits by certified public accountants or accounting
auditors.
Explanation of Appropriate Uses of Performance Forecasts and Other Important Items
Performance forecasts and other forward-looking statements appearing in this document are based on
currently available information and specific assumptions deemed rational, and are not assurances that theCompany will achieve these forecasts. Actual performance can vary greatly depending on various factors suchas fluctuations in interest rates, fluctuations in share prices, changes in exchange rates, fluctuations in thevalue of assets, changes in the economic and financial environment, changes in the conditions of competition,
occurrences of large-scale and other disasters, and changes in regulations.
Supplementary materials have been attached to this summary of financial results.
A financial results briefing for securities analysts is scheduled to be held on May 10, 2024 (Friday). The
presentation materials used for this briefing will be posted on TDnet and the Company’s website.

Contents of Accompanying Materials
1. Qualitative Information on Consolidated Financial Performance ................................................... 2(1) Qualitative Information on Consolidated Operating Results .................................................... 2(2) Qualitative Information on Consolidated Financial Position .................................................... 8(3) Dividend Policies, Dividends in the Fiscal Year Ended March 31, 2024, and Forecast for
Dividends in the Fiscal Year Ending March 31, 2025............................................................... 8
2. Basic Policies Regarding the Selection of Accounting Standards ................................................... 9
3. Consolidated Financial Statements and Major Notes .................................................................... 10(1) Consolidated Balance Sheets .................................................................................................. 10(2) Consolidated Statements of Income and Comprehensive Income .......................................... 12
Consolidated Income Statements ............................................................................................ 12
Consolidated Comprehensive Income Statements .................................................................. 13(3) Consolidated Statements of Changes in Net Assets ................................................................ 14(4) Consolidated Statements of Cash Flows ................................................................................. 16(5) Notes to Consolidated Financial Statements ........................................................................... 18(Notes on Going Concern Assumption) .................................................................................. 18(Additional Information) ......................................................................................................... 18(Segment Information) ............................................................................................................ 19(Per Share Information) ........................................................................................................... 22(Significant Subsequent Events) ............................................................................................. 22
4. Non-Consolidated Financial Statements ....................................................................................... 23(1) Non-Consolidated Balance Sheets .......................................................................................... 23(2) Non-Consolidated Statements of Income ................................................................................ 25(3) Non-Consolidated Statements of Changes in Net Assets ........................................................ 27(Explanatory Materials) Financial results for the fiscal year ended March 31, 2024－

1 －

1. Qualitative Information on Consolidated Financial Performance
Forward-looking statements in this document are based on assessments as of the end of the fiscal
year ended March 31, 2024.
(1) Qualitative Information on Consolidated Operating Results[1] Overview of the fiscal year ended March 31, 2024
During the fiscal year ended March 31, 2024, the Japanese economy continued to reboundgradually, centered on personal consumption, as restrictions on behavior stemming fromCOVID-19 were lifted and socioeconomic activity normalized. However, such factors as rising
prices and volatility in the financial capital markets prompted the need for vigilance toward theeconomic outlook.
Against this backdrop, the JR Kyushu Group advanced under the three key strategies of JR
Kyushu Group Medium-Term Business Plan 2022–2024. The strategies are “completingbusiness structural reforms,” “creating a model for building cities that promote well-being,” and“developing businesses in new areas in which we can contribute.” In addition, we focused on
developing human resources for the implementation and realization of strategies, and on
building foundations for advancing strategies on a Groupwide basis.
Founded on the concept of “safety and service,” we moved steadily forward with city-building
along our tracks through such moves as the opening of the Nishi-Kyushu Shinkansen and theextension of the Fukuoka City Subway Nanakuma Line to Hakata Station. At the same time, we
worked to return to a sustainable and robust growth trajectory by aggressively and boldly
investing in “people, products, and new technologies,” which will create the future of the Group.
As a result, operating revenue was up 9.7% year on year, to ¥420, 402 million; operating
income was up 37.2%, to ¥47,094 million; EBITDA increased 25.4%, to ¥80,094 million;
ordinary income was up 37.1%, to ¥48,936 million: and net income attributable to owners of theparent was up 23.4%, to ¥38,445 million.
(Note) EBITDA for the consolidated period under review is the numerical value of operating
income plus the cost of depreciation (excluding the cost of depreciation related to leaseassets held for the purpose of subleasing).

－

2 －The Group’s business performance by segment is as follows.
(Millions of Yen)
Operating revenue
FY2024/3(April 1,
2023–March
31, 2024)

Operating income
FY2024/3(April 1,
2023–March
31, 2024)

YoY

EBITDA (Note 2)
FY2024/3(April 1,
2023–March
31, 2024)

YoY

YoY

Transportation

163,785

25,46618.4%

10,396

7,873

312.1%

22,351

9,212

70.1%

Real Estate and Hotels

133,159

10,0488.2%

24,803

2,696

12.2%

40,833

4,548

12.5%

Real estate lease

70,764

8,154

13.0%

15,882989

6.6%

29,082

2,361

8.8%

Real estate sale37,137(6,452) (14.8%)

5,241(1,011) (16.2%)

5,263(1,009) (16.1%)

Hotel25,258

8,346

49.4%

3,680

2,718

282.7%

6,488

3,197

97.1%

Retail and Restaurant

61,755

6,974

12.7%

3,206

1,795

127.3%

4,518

1,793

65.8%

Construction

90,092

1,721

1.9%

5,970

527

9.7%

7,033

527

8.1%

Business Services

77,999

4,511

6.1%

3,875

389

11.2%

6,895

648

10.4%

Total

526,792

48,723

10.2%

48,253

13,28238.0%

81,632

16,731

25.8%

Adjustment (Note 1)(106,390) (11,563)-(1,158)(511)-(1,537)

(528)

-

9.7%

47,094

12,771

37.2%

80,094

16,203

25.4%

Amount on the
consolidated financial
statements

420,40237,159(Notes) 1. Adjustments reflect the elimination of intersegment transactions.
2. Consolidated EBITDA = operating income + depreciation (after elimination of intersegment
transactions, excluding the cost of depreciation related to lease assets held for the purpose ofsubleasing), segment EBITDA = segment operating income + segment depreciation (before eliminationof intersegment transactions, excluding the cost of depreciation related to lease assets held for the
purpose of subleasing)i) Transportation GroupIn the railway business, the Company conducted its operations in line with the concepts ofsafety and service. We also promoted “the Future Railway Project” with a view to futuretechnological innovation and new value creation.
On the sales front, to commemorate the first anniversary of Nishi-Kyushu Shinkansen’s
opening together with the local community, we rolled out a project last September, called “GOWEST—the Day Nishi-Kyushu turned Bright Red.” Furthermore, we reevaluated limited
express surcharges on conventional lines and revised prices on the JR-KYUSHU RAILPASS.
We also worked to improve safety and efficiency through the use of digital technology, set
train schedules according to demand, and build a model for sustainable mobility services. To
improve operations and maintenance in the railway business, this March we commenced
operation of GOA 2.5 self-driving trains on all sections of the Kashii Line (operated byonboard crew members who do not hold a train driver’s license upon receiving the necessary
education and training). The same month, we commenced verification testing of an “automatictrain operation support system,” which assists the driver in controlling the train, on the－

3 －Kagoshima Main Line (between Orio and Futsukaichi).
In the field of new mobility services (MaaS), in collaboration with regional transportation
operators, local governments, tourism organizations, and other entities, we promoted efforts torealize seamless transportation services using the “my route” MaaS application, and we havebegun providing services throughout all Prefectures in Kyushu.
As a result, the Transportation Group posted operating revenue of ¥163,785 million, up
18.4% year on year; operating income of ¥10,396 million, up 312.1%; and EBITDA of¥22,351 million, up 70.1%.
ii) Real Estate and Hotels GroupIn the real estate leasing business, station building tenant sales modestly recovered, centeredon JR Hakata City. Also, “JR Nagasaki Station Building,” the core of our city-building in theWestern Kyushu area, opened last November, contributing to the creation of a bustling Western
Kyushu area. In the Fukuoka area, this January marked the opening of “Risunoko Square,”which we developed in collaboration with Sakurajyuji Co., Ltd. In addition to the opening inMarch this year of "CONNECT SQUARE HAKATA," in which we are the representative
company, we aggressively invested in growth through the acquisition of office buildings andlogistics facilities.
In the real estate sale business, we sold rental condominiums and continued to hand over andrecord sales on condominium units, including “MJR Fukagawa Sumiyoshi” and “MJR The
Garden Kashi.” We also continue sales efforts on such condominium units as “MJR Chihaya
Mid-Square,” “MJR Hakata The Residence,” and “MJR Kumamoto Gate Tower.”In the hotel business, URESHINO YADOYA opened last October, and the Nagasaki
Marriott Hotel opened this January. We continued working steadily to meet demand, which is
growing due to higher demand from domestic and inbound travelers.
As a result, the Real Estate and Hotels Group posted operating revenue of ¥133,159 million,
up 8.2% year on year; operating income of ¥24,803 million, up 12.2%; and EBITDA of ¥40,833
million, up 12.5%.
iii) Retail and Restaurant GroupIn the retail business, we made progress on opening new and renovating existing
convenience stores. In the restaurant business, we sought to increase revenues by opening new
franchise restaurants, while at the same time streamlining operations by closing unprofitable
restaurants. Last June, FUJIBAMBI Co., Ltd. became a subsidiary. This company’s main
business is the manufacture and sale of confectioneries such as the "brown sugar donut sticks"
series, and its operations are rooted in the local community.
As a result, the Retail and Restaurant Group recorded operating revenue of ¥61,755 million,
up 12.7% year on year; operating income of ¥3,206 million, up 127.3%; and EBITDA of¥4,518 million, up 65.8%.
iv) Construction GroupIn the construction business, we strove to ensure safe and stable railway operations through－4 －railway-related civil engineering, railroad track, and construction work as well as throughmaintenance operations and rolling stock equipment work. Last July, five companies in theconstruction group established JR Kyushu Construction Group Holdings Inc. as anintermediate holding company. In addition to construction group companies working together
to consider potential orders for construction projects, we worked to support recruitment
activities and enhance cost management.
As a result, the Construction Group posted operating revenue of ¥90,092 million, up 1.9%
year on year; operating income of ¥5,970 million, up 9.7%; and EBITDA of ¥7,033 million, up
8.1%.
v) Business Services GroupFor the construction machinery sales and rental business, we worked to secure earnings
through aggressive sales activities. In addition, we worked to win new orders and reduce costs,
particularly in the advertising business. Furthermore, with the aims of establishing a solidmanagement foundation as an insurance agency, becoming a highly specialized business toincrease earnings, and building a more flexible organization, the Company spun off its non-life
insurance agency business and transferred it to a subsidiary, JR Kyushu Insurance Consulting
Co., Ltd.
As a result, the Business Services Group posted operating revenue of ¥77,999 million, up
6.1% year on year; operating income of ¥3,875 million, up 11.2%; and EBITDA of ¥6,895
million, up 10.4%.
(Note) Segment EBITDA is the numerical value of operating income for each segment plus thecost of depreciation (before elimination of intersegment transactions, excluding the costof depreciation related to lease assets held for the purpose of subleasing).
[2] Forecasts for the Next Fiscal Year Ending March 31, 2025
In the fiscal year ending March 31, 2025, solid consumer spending and inbound demandassociated with improved employment and income conditions are expected to continue.
Nevertheless, the outlook remains uncertain, as rising prices and slowdowns in overseas
economies remain to a concern as downside risks to the domestic economy.
Under these circumstances, the JR Kyushu Group will complete the structural reform of its
business operations to realize its ideal state during the final year of “JR Kyushu Group MediumTerm Business Plan 2022–2024”. Furthermore, with a view to realizing our 2030 Long-Term
Vision, we will continue to invest in "people, products, and new technologies" to ensuresustainable growth in the future.
In the fiscal year ending March 31, 2025, we anticipate increased operating revenue andincreased income in each category, owing to higher revenues from railway transportation,
stemming from the impact of such factors as the steady normalization of socioeconomic activity,
as well as higher revenue at individual station buildings and in the hotel business.
Full-year performance forecasts for the fiscal year ending March 31, 2025－

5 －

Operating revenue
Operating income
Ordinary income
Net income attributable to owners of the parent
EBITDA－

6 －¥441,100 million (up 4.9% YoY)
¥57,300 million (up 21.7% YoY)
¥56,700 million (up 15.9% YoY)
¥42,200 million (up 9.8% YoY)
¥94,000 million (up 17.4% YoY)

Also, forecasts by segment for operating revenues, operating income, and EBITDA are as
follows.
(Millions of Yen)
Operating revenues
FY 2025/3(April 1, 2024 –Operating income

EBITDAFY 2025/3
YoY(April 1, 2024 –March 31, 2025)

March 31, 2025)

FY 2025/3
YoY(April 1, 2024 –March 31, 2025)

YoY

Transportation

166,600

2,814

1.7%

14,900

4,503

43.3%

28,100

5,748

25.7%

Real Estate andHotels138,200

5,040

3.8%

28,400

3,596

14.5%

46,300

5,466

13.4%

76,300

5,535

7.8%

17,300

1,417

8.9%

31,800

2,717

9.3%

Real estate sale

33,500(3,637)(9.8%)

5,700

458

8.8%

5,800

536

10.2%

Hotel

28,400

3,141

12.4%

5,400

1,719

46.7%

8,700

2,211

34.1%

Retail andRestaurant

65,200

3,444

5.6%

3,600

393

12.3%

5,000

481

10.7%

Construction

95,000

4,907

5.4%

6,600

629

10.5%

7,900

866

12.3%

Business Services

81,800

3,800

4.9%

4,700

824

21.3%

7,700

804

11.7%

Total

546,800

20,007

3.8%

58,200

9,946

20.6%

95,00013,367

16.4%

Adjustment(105,700)

690

-

(900)

258

-

(1,000)537-

441,100

20,697

4.9%

57,300

10,205

21.7%

94,00013,905

17.4%

Real estate
lease

Amount on the
consolidated
financialstatements

Moreover, the performance outlook was prepared based on information available as of therelease date of these materials, and there are cases where actual performance differs fromoutlook figures due to various factors that arise going forward.

－

7 －(2) Qualitative Information on Consolidated Financial Position[1] Assets, Liabilities, and Net Assets
Total assets as of the end of the current consolidated fiscal year were ¥1,089,170 million. This was
mainly due to an increase in property, plant and equipment.
Meanwhile, total liabilities amounted to ¥646,882 million. This was primarily due to an increase incommercial paper.
Furthermore, total net assets stood at ¥442,287 million. This was mainly attributable to an increase inretained earnings.
[2] Cash Flows(Cash flows from operating activities)
Net cash provided by operating activities totaled ¥89,031 million, up ¥26,947 million year on year,
due to improvement in income before income taxes.
(Cash flows from investing activities)
Net cash used in investing activities was ¥111,893 million, up ¥14,312 year on year, due to anincrease in purchases of fixed assets and other factors.
(Cash flows from financing activities)
Net cash provided by financing activities was ¥32,252 million, up ¥23,288 million year on year, due
to an increase in proceed from the issuance of commercial paper and other factors.
As a result of the above, cash and cash equivalents at end of year increased ¥9,623 million year on
year, to ¥61,907 million.
(3) Dividend Policies, Dividends in the Fiscal Year Ended March 31, 2024, and Forecast for
Dividends in the Fiscal Year Ending March 31, 2025
The Company views shareholder returns as one of its important management tasks, andtherefore places importance on providing stable returns over the long term. Over the period tothe fiscal year ending March 31, 2025, the Company will aim for a consolidated payout ratio of
35%, with a minimum dividend per share of ¥93. In addition, the Company will implement
share repurchases flexibly, depending on the situation.
In accordance with the above policy, the Company is planning a year-end dividend of ¥93 pershare for the fiscal year ended March 31, 2024.
The Company also forecasts an annual dividend of ¥93 per share (an interim dividend of¥46.50 and a year-end dividend of ¥46.50) for the year ending March 31, 2025, as steadyprogress is being made on JR Kyushu Group Medium-term Business Plan 2022-2024, and ourbusiness results and financial situation are expected to recover.
The Company’s Articles of Incorporation stipulate that an interim dividend may be paid
every year with September 30 as the record date, based on a resolution of the Board of Directors.
The decision-making authority for dividends from surplus earnings is the Board of Directors forinterim dividends and the General Meeting of Shareholders for year-end dividends.
The Company allocates retained earnings to maintain and upgrade railway and other facilities
and make growth investments to contribute to the sustainable development of Kyushu throughcity-building initiatives that leverage the distinctive characteristics of local communities,
centered on safe and secure mobility services.

－8 －2. Basic Policies Regarding the Selection of Accounting Standards
The Company employs Japanese generally accepted accounting principles (JGAAP). The
Company will examine the possibility of adopting International Financial Reporting Standards(IFRS) in the future based on trends in accounting standards in Japan.

－

9 －3. Consolidated Financial Statements and Major Notes(1) Consolidated Balance Sheets(Millions of Yen)FY2023/3(As of March 31, 2023)
ASSETS
Current assets
Cash and time deposits
Notes and accounts receivable–trade, and contract
assetsFares receivable
Securities
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 fixtures (net)
Machinery, rolling stock and vehicles (net)Land
Leased assets (net)
Construction in progress
Other (net)Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Net defined benefit assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

－

10 －

FY2024/3(As of March 31, 2024)

37,28349,96033,93959,221

2,761
15,022
17,72338,136
9,274
27,047(63)
197,145

4,150
28,324
19,98039,164
9,335
27,498(91)
221,523

324,158
66,416
165,060
20,787
48,111
7,671
632,205
6,203

387,728
71,924
183,025
20,02830,797
11,346
704,851
6,143

50,381
55,512967
55,476(1,192)
161,145799,554
996,699

55,51843,5201,259
58,436(2,083)
156,651
867,646
1,089,170

(Millions of Yen)FY2023/3(As of March 31, 2023)
LIABILITIESCurrent liabilities
Notes and accounts payable–trade
Short-term loans
Commercial papers
Current portion of bonds
Current portion of long-term debt
PayablesAccrued income taxes
Fare deposits received with regard to railway
connecting services
Railway fares received in advanceAccrued bonuses
Other
Total current liabilities
Non-current liabilities
Bonds
Long-term debt
Allowance for safety and environmental measures
Provision for loss on disasterNet defined benefit liabilities
Asset retirement obligations
Other
Total noncurrent liabilities
Total liabilities
NET ASSETS
Shareholders’ equity
Common stock
Capital surplus
Retained earnings (Deficit)
Treasury stock
Total common stock
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustments
Defined retirement benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
TOTAL LIABILITIES AND NET ASSETS

－

11 －

FY2024/3(As of March 31, 2024)

27,292
1,996
20,00020,00018,39250,234
1,224

28,940
4,403
40,000
10,22528,19853,615
1,919

2,275

2,785

5,410
8,107
40,484
195,418

6,103
9,428
38,645224,266

125,000
166,225230
809
46,7291,828
53,607394,431589,849

145,000
172,473
646
3,302
40,945
2,622
57,626422,616
646,882

16,000225,814
164,479(584)
405,709

16,000225,797
188,295(568)
429,524

4,562
(201)
(4,017)343
797
406,850
996,699

11,651(97)
348
11,903859
442,287
1,089,170

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Income Statements(Millions of Yen)FY2023/3
FY2024/3(April 1, 2022 – March 31,(April 1, 2023 – March 31,
2023)
2024)
383,242
420,402

OPERATING REVENUESOPERATING EXPENSES
Transportation, other services and cost of sales

245,253

255,103

Selling, general and administrative expenses
Total operating expenses
OPERATING INCOME
NON-OPERATING INCOME
Interest income
Dividend income
Gain on assets held in trust
Gain on foreign exchange
Gain on investment securities
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
NON-OPERATING EXPENSES
Interest expense
Loss on valuation of derivatives
Other
Total non-operating expenses
ORDINARY INCOMEEXTRAORDINARY GAINS
Construction grants received
Gain on exchange of fixed assets
Gain on sale of shares of subsidiaries and affiliates
Other
Total extraordinary gains

103,665
348,918
34,323

118,204
373,307
47,094

96
633
1,632
515
603
－

105
779
1,620
665
548
546

744
4,226

577
4,843

1,685
385
778
2,849
35,700

2,197
526
278
3,002
48,936

13,57991－
4,408
18,079

4,324
4,389
7,425
2,226
18,365

8,314
30
－
－
3,322
1,814
13,48140,298
1,655
7,367
9,022
31,275

8,046
2,102
3,068
1,635
1,073
2,998
18,924
48,377
1,868
8,032
9,901
38,47610830

31,16638,445EXTRAORDINARY LOSSES
Loss on reduction of noncurrent assets
Loss on sale of fixed assets
Provision for loss on disaster
Disaster-damage losses
Impairment loss
Other
Total extraordinary losses
INCOME BEFORE INCOME TAXESINCOME TAXES -Current
INCOME TAXES -Deferred
TOTAL INCOME TAXESNET INCOME
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTSNET INCOME ATTRIBUTABLE TO OWNERS OF THE
PARENT－

12 －Consolidated Comprehensive Income Statements(Millions of Yen)FY2023/3(April 1, 2022 – March 31,
2023)
NET INCOME
OTHER COMPREHENSIVE INCOME
Unrealized gain on available-for-sale securities
Foreign currency translation adjustments
Defined retirement benefit plans
Share of other comprehensive income of affiliates
accounted for by the equity method
Total other comprehensive income
COMPREHENSIVE INCOME
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE
TO:
Owners of the parent
Non-controlling interests

－

13 －

FY2024/3(April 1, 2023 – March 31,
2024)

31,27538,476

(222)
239
1,189
－

7,084
104
4,366
0

1,205
32,48011,55650,03232,376104

50,00427

(3) Consolidated Statements of Changes in Net Assets
For the fiscal year ended March 31, 2023
(Millions of Yen)
Shareholders’ equity
Common stock
Balance at beginning of current year

Capital surplus

16,000147,941

Total Shareholders’equity(591)
389,198(14,629)(14,629)

31,166

31,166

Retained earnings

225,847

Treasury stock

Changes of items during the year
Dividends of surplus
Net income attributable to owners of
the parent
Purchase of treasury stocks
Cancellation of treasury stocks
Changes in the ownership interest bypurchases of shares of consolidates
subsidiaries
Net changes of items other thanshareholders’ equity
Total changes of items during the year

(0)

(0)

7

7

(33)

Balance at end of current year

(33)

－

(33)

16,537

7

16,511

16,000225,814

164,479(584)

405,709

Non-controllinginterests

Total net assets

692

389,024

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of current
year
Changes of items during the year

4,781

Total
Remeasurements accumulatedof defined benefit otherplans
comprehensive
incomeForeigncurrencytranslation
adjustments(441)(5,206)(866)

Dividends of surplus
Net income attributable toowners of the parent
Purchase of treasury stocks
Cancellation of treasury stocks
Changes in the ownershipinterest by purchases of sharesof consolidates subsidiaries
Net changes of items otherthan shareholders’ equity
Total changes of items during
the year
Balance at end of current year

(14,629)
31,166
(0)
7
(33)
(218)

239

1,189

1,209

104

1,314

(218)

239

1,189

1,209

104

17,825

4,562

(201)

(4,017)343

797

406,850－

14 －For the fiscal year ended March 31, 2024
(Millions of Yen)
Shareholders’ equity
Common stock
Balance at beginning of current year

Capital surplus

16,000164,479

Total Shareholders’equity(584)
405,709(14,629)(14,629)

38,44538,445Retained earnings

225,814

Treasury stock

Changes of items during the year
Dividends of surplus
Net income attributable to owners of
the parent
Cancellation of treasury stocks
Changes in the ownership interest bypurchases of shares of consolidates
subsidiaries
Net changes of items other thanshareholders’ equity
Total changes of items during the year

15
(16)

Balance at end of current year

15
(16)

－

(16)

23,81615

23,81516,000225,797

188,295(568)

429,524

Non-controllinginterests

Total net assets

797

406,850

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of current
year
Changes of items during the year
Dividends of surplus
Net income attributable toowners of the parent
Cancellation of treasury stocks
Changes in the ownershipinterest by purchases of sharesof consolidates subsidiaries
Net changes of items otherthan shareholders’ equity
Total changes of items during
the year
Balance at end of current year

4,562

Total
Remeasurements accumulatedof defined benefit otherplans
comprehensive
incomeForeigncurrencytranslation
adjustments(201)(4,017)343(14,629)
38,445
15
(16)
7,089

104

4,366

11,55962

11,622

7,089

104

4,366

11,5596235,437

11,651(97)

348

11,903859

442,287－15 －

(4) Consolidated Statements of Cash Flows(Millions of Yen)FY2023/3(April 1, 2022 – March 31,2023)
CASH FLOWS FROM OPERATING ACTIVITIESIncome before income taxes
Depreciation costs
Loss on reduction of noncurrent assets
Impairment loss
Increase in provision for loss on disaster
Loss on disaster
Increase (Decrease) in allowance for doubtful
accounts
Increase (Decrease) in liability for retirement benefits
Increase (Decrease) in allowance for safety andenvironmental measures
Interest and dividends income
Interest expense
Foreign exchange losses (gains)
Losses (Gains) on valuation of derivatives
Construction grants received
Gain on exchange of fixed assets
Gain on assets held in trust
Gain on investment securities(Increase) Decrease in trade receivables(Increase) Decrease in inventories
Increase (Decrease) in trade payables
Share of profit of entities accounted for using equity
methodGain on sale of shares of subsidiaries and affiliates
Loss on sale of fixed assets
Other
SubtotalInterest and dividends income received
Interest expense paid
Gain on assets held in trust received
Loss on disaster paid
Income taxes refunded
Net cash provided by operating activities

－

16 －

FY2024/3(April 1, 2023 – March 31,
2024)

40,29831,836
8,314
3,322
－
－

48,377
34,974
8,046
1,073
3,068
1,635

146

916

(392)

268

(623)

415

(730)
1,685
(515)
385
(13,579)(91)(1,632)(603)(4,957)(8,235)
(455)
－

(885)
2,197
(665)
526
(4,324)(4,389)(1,620)(548)(10,317)
5,163
2,655

－
30
7,900
62,101681(1,570)1,646(1,165)391
62,084(7,425)2,102
8,772
89,472821(1,938)
1,620(1,211)
266
89,031(546)

(Millions of Yen)FY2023/3(April 1, 2022 – March 31,2023)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment, andIntangible assets
Proceeds from sale of property, plant and equipment,
and intangible assets
Purchases of investment securities
Proceeds from sales of investment securities
Proceeds from construction grants
Payments for purchases of investments in subsidiaries
resulting in change in scope of consolidation
Payments for acquisition of shares of subsidiaries andaffiliates
Proceeds from sale of shares of subsidiaries andaffiliates
Other
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIESNet increase (decrease) in short-term loans payable
Net increase (decrease) in commercial papers
Proceeds from long-term loans payable
Repayment of long-term loans payable
Payments for long-term accounts payable
Proceeds from issuance of bonds
Payments for redemption of bonds
Proceeds from lease and guarantee deposits received
Repayments of lease and guarantee deposits received
Cash dividends paid
Payments from changes in ownership interests in
subsidiaries that do not result in change in scope of
consolidation
Other
Net cash provided by financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of year
Increase in cash and cash equivalents resulting frommergers with non-consolidated subsidiaries
Cash and cash equivalents, end of year

－

17 －

FY2024/3(April 1, 2023 – March 31,
2024)(104,795)(133,655)

3,460

9,029

(5,212)
2,933
5,498

(3,608)
624
3,614

－

(941)

－

(794)

－

11,768534(97,581)2,069(111,893)(4,613)(15,000)
30,401(8,698)(264)
25,000－3,188(3,587)(14,629)

2,159
20,00033,643(18,826)(270)
30,225(20,000)
3,676(1,230)(14,629)

(33)

(16)

(2,798)8,963(2,479)32,252

106

107(26,426)
78,7099,498
52,283－125

52,283

61,907

(5) Notes to Consolidated Financial Statements(Notes on Going Concern Assumption)
No relevant events(Additional Information)
Signing of a Basic Agreement on Restoration of the Hisatsu LineDue to the impact of heavy rains in July 2020, operations are suspended on the Hisatsu
Line between Yatsushiro and Yoshimatsu. At the 7th JR Hisatsu Line Review Conference heldon April 3, 2024, Kumamoto Prefecture and the Company agreed to adopt the separation of
infrastructure and operation approach to restoring the section of the line between Yatsushiroand Hitoyoshi.
As a result, in the consolidated fiscal year under review, a provision for loss on disaster of¥2,530 million and loss on disaster of ¥1,055 million were recorded as extraordinary losses in
the consolidated statements of income, based on reasonable estimates of expenses for restoring
the railroad to its original condition and other related work. Restoration and other related work
may be affected by factors such as additions or changes made during the course of the projector changes in market conditions. In addition, any significant changes in restoration plans orconstruction estimates may have a material impact on consolidated financial statements forthe following fiscal year and thereafter.
Damage Caused by Torrential Downpours in 2023
The torrential rains that hit the Kyushu region from the end of June 2023 caused damage
such as roadbed outflows and collapse of cut slopes along several lines, including the
Kyudai Main Line. Of the restoration costs resulting from this disaster, the costs for the
consolidated fiscal year under review are included under “loss on disaster.” Restoration costs
expected to be incurred in the following fiscal year or later are based on reasonable estimatesand recorded as “provision for loss on disaster” under “extraordinary losses” in the
consolidated statements of income for the consolidated fiscal year under review.

－

18 －

(Segment Information)
1. Outline of Reportable Segments
The reportable segments the Company reports are the business units for which the Company isable to obtain respective financial information separately in order for the Board of Directors,
etc., to regularly evaluate how to allocate resources and assess their business performance.
The Company primarily engages in the railway business and has five reportable segments:
Transportation, Real Estate and Hotels, Retail and Restaurant, Construction, and Business
Services.
The Transportation segment conducts the railway, bus, and passenger ship businesses. The Real
Estate and Hotels segment leases station buildings and other real estate, sells condominiums
and other properties, and conducts hotel operations, etc. The Retail and Restaurant segment
engages in retail, restaurant, and agriculture businesses. The Construction segment performs
construction, vehicle equipment- and machinery-related operations, electrical work, andconstruction consulting. The Business Services segment engages in construction machinerysales and rental, wholesaling, station service operations, cleaning, advertising, system-related,and other businesses.
2. Methods for Calculating Sales, Income, Assets, and Other Items by Reportable
Segment
The accounting methods used for reportable segments are generally the same as thosecontained in “Significant matters that serve as the basis for preparing consolidated financial
statements.”
Inter-segment internal revenue and transfers are based on market prices, etc.
Figures for reportable segment profit are on an operating income basis.

－

19 －

3. Information on Sales, Income, Assets, and Other Items by Reportable Segment
For the fiscal year ended March 31, 2023 (April 1, 2022 – March 31, 2023)
Reportable Segments
Business
Services

Total(Millions of yen)Amount ontheAdjustment consolidated
financial(Note 1)statements(Note 2)

Transportation

Real Estate andHotelsRetail andRestaurant

Construction

133,559

118,769

54,48036,05640,376383,242－

383,242

Inside Group

4,759

4,340

300

52,313

33,111

94,826(94,826)－

Total

138,318

123,11054,781

88,37073,488478,069(94,826)

383,242

Segment income

2,522

22,107

1,410

5,442

3,486

34,970(646)

34,323

Segment assets

261,151

539,347

34,68473,265110,243

1,018,693(21,993)996,699

Depreciation costs

10,615

14,178

1,313

1,062

5,028

32,198(362)

31,836

Increase in property,
plant and equipment
and intangible assets

27,847

63,232

2,275

2,728

8,103

104,186(673)

103,513

Operating Revenues
Outside Customers

Other items(Notes) 1. The following adjustments have been made.
(1) The ¥(646) million adjustment to segment income reflects the elimination of intersegment transactions.
(2) The ¥(21,993) million adjustment to addition to segment assets includes a downward adjustment of¥(136,336) million in reflection of the elimination of intersegment liabilities and ¥114,342 million incorporate assets not allocated to segments.
(3) The ¥(362) million adjustment to depreciation costs reflects the elimination of intersegment
transactions.
(4) The ¥(673) million adjustment to increase in fixed assets reflects the elimination of intersegment
transactions.
2. Segment income has been adjusted for the operating income figure on the consolidated income
statements.

For the fiscal year ended March 31, 2024 (April 1, 2023 – March 31, 2024)
Reportable Segments
Total(Millions of yen)Amount ontheAdjustment consolidated
financial(Note 1)statements(Note 2)

Transportation

Real Estate andHotelsRetail andRestaurant

Construction

Business
Services

158,935

128,275

61,41833,062

38,710420,402－420,402

Inside Group

4,850

4,883

336

57,02939,289106,390(106,390)

－

Total

163,785

133,159

61,75590,092

77,999526,792(106,390)

420,402

Segment income

10,39624,803

3,206

5,970

3,875

48,253(1,158)47,094

Segment assets

266,541

611,536

35,176

77,146125,154

1,115,555(26,385)

1,089,170

Depreciation costs

11,954

16,029

1,311

1,062

4,994

35,354(379)

34,974

Increase in property,
plant and equipment
and intangible assets

26,00988,829

2,942

3,163

6,403

127,349(3,196)

124,152

Operating Revenues
Outside Customers

Other items(Notes) 1. The following adjustments have been made.
(1) The ¥(1,158) million adjustment to segment income reflects the elimination of intersegment
transactions.
－

20 －(2) The ¥(26,385) million adjustment to segment assets includes an adjustment of ¥(153,118) million inreflection of the elimination of intersegment liabilities and ¥126,733 million in corporate assets notallocated to segments.
(3) The ¥(379) million adjustment to depreciation costs reflects the elimination of intersegment
transactions.
(4) The ¥(3,196) adjustment to increase in fixed assets reflect the elimination of intersegment transactions.
2. Segment income has been adjusted for the operating income figure on the consolidated income
statements.

－

21 －

(Per Share Information)
Fiscal year ended March 31, 2023

Fiscal year ended March 31, 2024

Net assets per share￥2,584.35￥2,809.41

Net income per share￥198.36￥244.68(Notes) 1. Earnings per share–diluted is not shown because no dilutive shares existed.
2. In calculating net assets per share, the Company’s shares in the Board Benefit Trust (BBT), which arerecorded as treasury stock in the equity section, are included in the treasury stock that is subtracted from thetotal number of shares issued at the end of the period (FY2023/3: 181,400 shares; FY2023/3: 176,600
shares).
In addition, in calculating net income per share, these shares are included in the treasury stock that is
subtracted in the calculation of the average number of shares during the period (FY2023/3: 181,975 shares;
FY2024/3: 178,525 shares).
3. The following is the basis for calculating net assets per share.
Fiscal year ended March 31, 2023
Total net assets (millions of yen)

Fiscal year ended March 31, 2024

406,850442,287

Amount deducted from total net assets (millions of
yen)

797

859

[Included non-controlling interests (millions of yen)]

[797]

[859]

406,052

441,427

157,120,113

157,124,913

Net assets at end of year relating to common stock(millions of yen)Amount of common stock at end of year used for
calculating net assets per share (shares)
4. The following is the basis for calculating net income per share.

Fiscal year ended March 31, 2023
Net income attributable to owners of the parent(millions of yen)Amount not belonging to ordinary shareholders(millions of yen)
Net income attributable to common stock owners of
the parent (millions of yen)
Weighted-average numbers of ordinary shares(shares)(Significant Subsequent Events)
None

－

22 －

Fiscal year ended March 31, 2024

31,16638,445－－31,16638,445

157,119,559

157,122,988

4. Non-Consolidated Financial Statements(1) Non-Consolidated Balance Sheets(Millions of Yen)FY2023/3(As of March 31, 2023)
ASSETS
Current assets
Cash and time deposits
Fares receivable
Accounts receivable-trade
Securities
Real estate for sale
Real estate for sale in process
Supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Fixed assets for railway business
Property, plant and equipment
Accumulated depreciation
Property, plant and equipment (net)
Intangible assets
Net fixed assets for railway operations
Fixed assets for other business
Property, plant and equipment
Accumulated depreciation
Property, plant and equipment (net)
Intangible assets
Net fixed assets for other business
Fixed assets relating to both businesses
Property, plant and equipment
Accumulated depreciation
Property, plant and equipment (net)
Intangible assets
Net fixed assets relating to both businesses
Construction in progress
Railway business
Other business
Relating to both businesses
Total construction in progress
Investments and other assets
Investment securities
Stocks of subsidiaries and affiliated companies
Long-term prepaid expenses
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

－

23 －

FY2024/3(As of March 31, 2024)

26,334
2,630
34,07815,022
8,435
36,012
8,660
20,831(1)
152,005

19,5874,040
37,89528,022
8,773
36,9898,687
21,488(2)
165,482

729,431(593,247)
136,184
2,511
138,695

743,002(595,221)
147,781
2,071
149,852

393,919(67,610)326,309279
326,589

469,487(75,795)
393,691508
394,200

31,992(14,360)
17,63172
17,70331,695(14,686)
17,00945
17,05410,00832,85147
42,907

12,673
15,201027,87533,291
38,7398,936
45,69940,049(567)
166,149
692,045844,051

37,61839,28010,43935,78641,856(1,445)
163,535
752,519
918,002

(Millions of Yen)FY2023/3(As of March 31, 2023)
LIABILITIESCurrent liabilities
Commercial papers
Current portion of bonds
Current portion of long-term debt
PayablesFare deposits received with regard to railway
connecting services
Deposits received
Railway fares received in advance
Advances received
Accrued bonuses
Other
Total current liabilities
Non-current liabilities
bonds
Long-term debt
Employees’ severance and retirement benefits
Allowance for safety and environmental measures
Provision for loss on disaster
Provision for guarantee obligations
Asset retirement obligations
Other
Total noncurrent liabilities
Total liabilities
NET ASSETS
Shareholders’ equity
Common stock
Capital surplus
Capital surplus
Other
Total capital surplus
Retained earnings
Other
Reserve for deferred gain of fixed assets
Retained earnings carried forward
Total retained earnings
Treasury stock
Total common stock
Valuation and translation adjustment
Valuation difference on available-for-sale securities
Net valuation and translation adjustment
Total net assets
TOTAL LIABILITIES AND NET ASSETS

－

24 －

FY2024/3(As of March 31, 2024)

20,00020,00014,24264,74840,00010,00022,74272,362

2,275

2,785

3,940
5,320
11,061
4,268
10,932
156,789

4,286
5,925
11,604
5,452
7,314
182,474

125,000
159,149
35,526230
809
16,875919
8,803
347,313504,102

145,000
161,40735,770646
3,302
14,566
1,674
9,952
372,320554,795

16,00016,000171,908
52,113224,022

171,908
52,113224,022

11,19085,82897,018(584)
336,456

11,171
104,137
115,309(568)
354,762

3,492
3,492
339,948
844,051

8,443
8,443
363,206
918,002(2) Non-Consolidated Statements of Income(Millions of Yen)FY2024/3(April 1, 2023 –March 31, 2024)

FY2023/3(April 1, 2022 –March 31, 2023)
RAILWAY BUSINESSOperating revenues
Income from railway passenger traffic
Trackage revenue
Miscellaneous income of transportation
Total operating revenues
Operating expenses
Transportation expenses
General and administrative expenses
Taxes
Depreciation costs
Total operating expenses
Operating Income
OTHER BUSINESSES
Operating revenues
Revenue from real estate sale
Revenue from real estate lease
Other
Total operating revenues
Operating expenses
Cost of sales
Selling, general and administrative expenses
Taxes
Depreciation costs
Total operating expenses
Operating income
TOTAL OPERATING INCOME
NON-OPERATING INCOME
Interest income
Dividend income
Gain on assets held in trust
Reversal of provision for loss on guarantees, etc.
Other
Total non-operating income
NON-OPERATING EXPENSES
Interest expense
Provision for loss on guarantees, etc.
Loss on valuation of derivatives
Other
Total non-operating expenses
ORDINARY INCOME

－

25 －

121,451427
14,632
136,511145,094
444
14,957
160,497

105,175
11,477
7,058
9,654
133,364
3,146

118,029
13,351
7,801
10,758
149,941
10,55541,85629,7293,512
75,09835,94833,883
4,010
73,84341,748
859
4,478
8,345
55,432
19,666
22,81338,960
1,140
4,665
9,735
54,502
19,341
29,896

147
4,254
1,632
－
1,551
7,586

126
4,884
1,620
1,336
1,541
9,481

1,104
1,079
385
678
3,248
27,151

1,448
－
526
244
2,219
37,159(Millions of Yen)FY2024/3(April 1, 2023 –March 31, 2024)

FY2023/3(April 1, 2022 –March 31, 2023)
EXTRAORDINARY GAINS
Construction grants received
Gain on exchange of fixed assets
Gain on sale of shares of subsidiaries and affiliates
Other
Total extraordinary gains
EXTRAORDINARY LOSSES
Loss on reduction of noncurrent assets
Impairment loss
Provision for loss on disaster
Loss on disaster
Provision for loss on guarantees
Other
Total extraordinary losses
INCOME BEFORE INCOME TAXESINCOME TAXES -Current
INCOME TAXES -Current
INCOME TAXES -Deferred
TOTAL INCOME TAXESNET INCOME

－

26 －

13,54391－
3,953
17,589

4,304
4,389
7,098
1,888
17,681

8,278
1
－
－
2,013
2,219
1,273
13,78630,953(2,261)
7,806
5,544
25,408

8,027
2,019
3,068
1,731
532
－
1,300
16,67838,161(3,786)9,027
5,241
32,920(3) Non-Consolidated Statements of Changes in Net Assets
For the fiscal year ended March 31, 2023
(Millions of Yen)
Shareholders’ equity
Capital surplus

Other retained earnings

Commonstock

Balance at beginning ofcurrent year
Changes of items during
the year

Retained earnings

Additional Other capital Total capital
paid-in capital surplus
surplus171,908

52,11386,238Dividends of surplus(14,629)(14,629)

Net income

25,40825,4083,503(3,503)

-

7,686

-

-

-

-

3,503

7,276

10,77916,000171,908

52,113224,022

11,19085,82897,018Valuation and translation
adjustments

Shareholders’ equity

Total
Net unrealized holding gains
shareholders’(losses) on securities
equityTreasurystock
Balance at beginning ofcurrent year
Changes of items during
the year

224,022

Total retained
earnings

78,552

Provision of reserve fordeferred gain of fixed
assetsPurchase of treasury
stocks
Disposal of treasury
stocksNet changes of items
other thanshareholders’ equity
Total changes of items
during the year
Balance at end of current
year

16,000

Provision of
Retainedreserve for
earnings
deferred gain ofcarried forward
fixed assets(591)

325,669

4,323

Total net assets

329,993

Dividends of surplus(14,629)(14,629)

Net income

25,40825,408

-

-

(0)

(0)

(0)

7

7

7

Provision of reserve fordeferred gain of fixed
assetsPurchase of treasury
stocks
Disposal of treasury
stocksNet changes of items
other thanshareholders’ equity
Total changes of items
during the year
Balance at end of current
year

(831)

(831)

7

10,786

(831)

9,955

(584)

336,456

3,492

339,948－

27 －For the fiscal year ended March 31, 2024
(Millions of Yen)
Shareholders’ equity
Capital surplus

Other retained earnings

Commonstock

Balance at beginning ofcurrent year
Changes of items during
the year

Retained earnings

Additional Other capital Total capital
paid-in capital surplus
surplus171,908

52,11397,018Dividends of surplus(14,629)(14,629)

Net income

32,92032,920

421

(421)

-

(440)

440

-

11,190

-

-

-

-

(18)

18,30918,291

16,000171,908

52,113224,022

11,171

104,137

115,309

Valuation and translation
adjustments

Shareholders’ equity
Treasurystock
Balance at beginning ofcurrent year
Changes of items during
the year

224,022

Total retained
earnings

85,828Provision of reserve fordeferred gain of fixed
assets
Reversal of reserve fordeferred gain of fixed
assets
Disposal of treasury
stocksNet changes of items
other thanshareholders’ equity
Total changes of items
during the year
Balance at end of current
year

16,000

Provision of
Retainedreserve for
earnings
deferred gain ofcarried forward
fixed assets

(584)

Total
Net unrealized holding gains
shareholders’(losses) on securities
equity336,456

3,492

Total net assets

339,948

Dividends of surplus(14,629)(14,629)

Net income

32,92032,920

-

-

-

-

15

15

Provision of reserve fordeferred gain of fixed
assets
Reversal of reserve fordeferred gain of fixed
assets
Disposal of treasury
stocksNet changes of items
other thanshareholders’ equity
Total changes of items
during the year
Balance at end of current
year

15

4,951

4,951

15

18,306

4,951

23,258(568)

354,7628,443

363,206－28 －