Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (Japanese GAAP)May 14, 2024
Company name:

Mitsuboshi Belting Ltd.

Stock exchange listing:TokyoSecurities code:

5192

URL:

https://www.mitsuboshi.com/

Representative:

Hiroshi Ikeda, President

Inquiries:

Yasushi Shiotsu, General Manager, Finance & Accounting Department
Phone: +81-78-685-5630

Scheduled date of annual general meeting of shareholders:June 27, 2024

Scheduled date of commence dividend payments:

June 28, 2024

Scheduled date of filing annual securities report:

June 27, 2024
(Amounts less than one million yen are rounded down)

1. Consolidated Financial Results or the Fiscal Year Ended March 31, 2024 (April 1, 2023-March 31, 2024)(Percentages indicate year-on-year changes)
Profit attributable toowners of parent(1) Consolidated operating results
Net sales

Operating profit

Ordinary profit

Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%March 31, 2024

84,014

1.3

7,759△ 14.1

9,605

△ 8.3

7,102

0.4

82,911

10.7

9,030

18.2

10,471

22.4

7,071

10.8

March 31, 2023
Note:Comprehensive income

Fiscal year ended March 31, 2024:¥17,819 million(111.3%)Fiscal year ended March 31, 2023:¥8,432 million(△ 23.7%)

Diluted earnings
per share

Basic earnings
per share

Ordinary profit tototal assets ratio

Return on equity

Operating profit to
net assets ratio

Fiscal year ended

Yen

Yen%%%March 31, 2024

250.40

－

7.6

7.5

9.2

March 31, 2023

249.12－

8.1

8.7

10.9(2) Consolidated financial position
Total assets

Net assets per share％Yen

135,627

98,24772.4

3,463.30

87,60172.03,089.48

121,682

As of March 31, 2023
EquityEquity-to-asset ratio

Millions of yen

As of March 31, 2024
Reference:

Net assets

Millions of yen

As of March 31, 2024:¥98,247 million

As of March 31, 2023:¥87,601 million(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of period

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2024

11,926△ 2,665△ 9,469

35,045

March 31, 2023

9,341

△ 6,997△ 3,741

33,494

2. Dividends
1st quarter-end

Annual dividends per share
2nd quarter3rd quarter
Fiscal year-end-end-end

YenYenYenYen－120.00－130.00－125.00

－－

90.00

－

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

Ratio ofTotal cash
dividends

Total(Consolidated)

Yen Millions of yen%%

250.00

7,088

100.4

8.2

125.00250.00

7,092

99.8

7.6

90.00

180.00３. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2025
(April 1, 2024-March 31, 2025)
Net sales

Operating profit

Payout ratio dividends to net
assets(Consolidated)

54.9(Percentages indicate year-on-year changes)
Basic earnings
Profit attributable toper shareowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

YenFirst half offiscal year

45,000

7.1

4,400

6.3

4,100

△ 26.9

6,100

69.8

215.03Full year

88,500

5.3

9,050

16.6

8,600

△ 10.5

9,300

30.9

327.83

Consolidated Financial Statements
1. Consolidated Balance Sheet(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, andcontract assets
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, 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
Software
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

As of March 31, 2024

35,30735,855

16,657

17,712

17,395
2,513
4,368
1,188
△100
77,331

18,309
2,861
4,440
1,060
△131
80,107

24,059△16,734
7,325
50,360△41,501
8,85916,071△14,078
1,993
3,978
1,870
△367
1,503
4,738
28,39926,873△17,824
9,049
55,193△44,824
10,37016,998△14,637
2,361
4,004
1,848
△427
1,420
3,251
30,458

601
13059
791

453
88
83
625

13,5971,148
422△815,160
44,351
121,682

22,6141,352
477△824,435
55,519135,627

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Accounts payable - other
Income taxes payableProvision for bonuses
Provision for product warranties
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Long-term accounts payable - other
Deferred tax liabilities
Retirement benefit liability
Provision for retirement benefits for directors(and other officers)
Asset retirement obligations
Long-term guarantee deposits
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-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeTotal net assets
Total liabilities and net assets

As of March 31, 2024

9,889
2,329
1,900
1,982
201
974
477
4,107
21,862

10,033
2,303
1,000
2,920
1,805
885
495
4,289
23,731

4,000
142
4,644
1,948

3,000
206
7,503
2,085

16

18

363
393
710
12,21934,081

327
392
113
13,64837,3808,150
2,143
70,818△7,55973,5528,150
2,111
68,088△4,86873,4818,310

14,7005,785△48

10,04717

14,04824,76587,601
121,682

98,247
135,627

2. Consolidated Statement of Income and 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
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on retirement of non-current assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary incomeGain on sale of investment securities
Compensation for forced relocation
Total extraordinary income
Extraordinary losses
Impairment losses
Business restructuring expenses
Loss on valuation of investment securities
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

Fiscal year ended
March 31, 2024

82,911
56,33826,572
17,542
9,030

84,01458,45825,555
17,796
7,759

281
397
556
688
1,924

433
425
1,035
313
2,208

51
307
125
484
10,47158147
156
363
9,605

39
39

1,074
249
1,323

695
695
9,814
2,815
△72
2,742
7,071
7,071

606
35
641
10,287
3,279
△94
3,184
7,102
7,102

Consolidated Statement of Comprehensive Income(Millions of yen)
Fiscal year ended
March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net oftax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

Fiscal year ended
March 31, 2024
7,071

7,102

△1,058

6,389

2,441

4,261

△2265

1,360
8,432

10,716
17,8198,432

17,819－－

3. Consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

8,150

Retained earnings

2,119

70,315

Treasury shares△6,395

Total shareholders'equity
74,188Changes during period
Dividends of surplus
Profit attributable to ownersof parent△6,568△6,568

7,071

7,071

Purchase of treasury shares
Disposal of treasury shares

24△1,204△1,2044065

Cancellation of treasury
sharesTransfer from retained
earnings to capital surplus-Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period－24503△1,164

△636

8,150

2,143

70,818△7,55973,552

Accumulated other comprehensive income
Valuation difference
Foreign currency
Remeasurements ofon available-for-saletranslation adjustment defined benefit planssecurities
Balance at beginning of period

9,368

3,344

△25

Total accumulated
othercomprehensive
income12,688

Total net assets

86,877

Changes during period
Dividends of surplus△6,568

Profit attributable to ownersof parent

7,071

Purchase of treasury shares△1,204

Disposal of treasury shares

65

Cancellation of treasury
sharesTransfer from retained
earnings to capital surplus-Net changes in items otherthan shareholders' equity△1,0582,441△221,360

1,360

Total changes during period△1,0582,441△221,360

724

8,310

5,785

△48

14,04887,601

Balance at end of periodFiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

8,150

Retained earnings

2,143

70,818Treasury shares△7,559Total shareholders'equity
73,552

Changes during period
Dividends of surplus
Profit attributable to ownersof parent△7,232△7,232

7,102

7,102

Purchase of treasury shares△2△2

Disposal of treasury shares

362460Cancellation of treasury
sharesTransfer from retained
earnings to capital surplus△2,6682,668-

2,600△2,600－△32△2,7292,691△708,150

2,111

68,088△4,86873,481-

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

Accumulated other comprehensive income
Valuation difference
Foreign currency
Remeasurements ofon available-for-saletranslation adjustment defined benefit planssecurities
Balance at beginning of period

8,310

5,785

△48

Total accumulated
othercomprehensive
income14,048

Total net assets

87,601

Changes during period
Dividends of surplus△7,232

Profit attributable to ownersof parent7,102

Purchase of treasury shares△2Disposal of treasury shares

60

Cancellation of treasury
sharesTransfer from retained
earnings to capital surplus-Net changes in items otherthan shareholders' equity

6,389

4,261

65

10,716

10,716

Total changes during period

6,389

4,261

65

10,716

10,646

Balance at end of period

14,70010,04717

24,76598,247

4. Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Compensation for forced relocation
Loss on valuation of investment securitiesBusiness restructuring expenses
Impairment losses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in retirement benefit liability
Increase (decrease) in long-term accounts payable - other
Increase (decrease) in provision for retirement benefits for
directors (and other officers)
Increase (decrease) in provision for bonuses
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sale of property, plant and equipment
Loss on retirement of property, plant and equipment
Loss (gain) on sale of investment securitiesDecrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes
Decrease (increase) in other current assets
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Proceeds from compensation for forced relocation
Net cash provided by (used in) operating activities
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 investment securities
Proceeds from sale of investment securities
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
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

Fiscal year ended
March 31, 2024

9,814
4,104695△34△445△2010,2874,265△249
35606
2720642120△679
51△956307△39
1,949△2,036△632572△360△281
2112,921
679△49△4,208
9,341

△127
△859
58
△270
△14147△1,074△837
478△1,036△536
308
279△1311,561
859△60△1,651
1,217
11,926△3,046
2,136△5,60069△550△602△6,997△1,052
2,222△5,045103△71,238△123△2,66525,000△900△1,204△6,568△70△3,7411,827
430
33,06333,494△27△1,900△2△7,232△307△9,4691,759
1,551
33,49435,045