Consolidated Earnings Report for Fiscal 2024
[Japanese GAAP]
April 25, 2024
Company Name:
Stock Listing:Code Number:
URL:
Representative Director:
Inquiries:
Tel:
Planned Date of the General Meeting of Shareholders:
Scheduled Payment of Dividends:
Filing of Securities Report:
Supplementary explanatory materials prepared:
Explanatory meeting:

KOITO MANUFACTURING CO., LTD.
Prime Market, Tokyo Stock Exchange
7276
https://www.koito.co.jp/english/
Michiaki Kato, President
Takahito Otake, Senior Managing Corporate Officer+81-3-3443-7111
June 27, 2024
June 28, 2024
June 28, 2024
Yes
Yes(¥ millions are rounded down)
1. Consolidated Results for Fiscal 2024 (April 1, 2023 to March 31, 2024)(1) Consolidated Operating Result(¥ millions; percentage figures represent year-on-year changes)
Profit attributable to
Net sales
Operating income
Recurring profit
owners of parent
Fiscal 2024
950,295
9.9%
55,99519.5%
63,26530.4%
40,87937.8%
Fiscal 2023
864,719
13.7%
46,847△12.3%
48,532△19.9%
29,660△22.6%
Note: Comprehensive income: Fiscal 2024: ¥98,108 million (84.6%), Fiscal 2023: ¥53,155 million (△21.3%)
Net income
Net income per
Return on equity
Recurring profit toOperating income toper share (¥)
share (diluted) (¥)(%)
total assets ratio (%)
net sales ratio (%)
Fiscal 2024
130.93130.90
6.3
6.8
5.9
Fiscal 2023
92.26
92.24
4.9
5.5
5.4
Reference: Equity in earnings of affiliated companies: Fiscal 2024: ¥△358 million, Fiscal 2023: ¥△684 million
Note: A 2-for-1 stock split of common stock was conducted, effective as of October 1, 2022. “Net income per share” and“Net income per share (diluted)” are calculated assuming that the stock split was conducted at the beginning of the
fiscal 2023.
(2) Consolidated Financial Position
Total assets

Net assets

Equity ratio(%)(¥ millions)
Net assets
per share (¥)
2,182.85
1,955.44

March 31, 2024
965,595
719,270
69.6
March 31, 2023
905,909670,506
69.4
Reference: Equity: March 31, 2024: ¥ 671,825 million, March 31, 2023: ¥ 628,659 million
Note: A 2-for-1 stock split of common stock was conducted, effective October 1, 2022. “Net assets per share” is calculated
assuming that the stock split was conducted at the beginning of the fiscal 2023.

(3) Consolidated Cash Flows
Operating activities
Fiscal 2024
Fiscal 2023

96,37059,762

Investing activities△50,155△71,539

Financing activities△59,677△13,281(¥ millions)
Cash and cash
equivalents at end ofyear
134,560
145,798

2.

Dividends
Dividend per share (¥)
Firstquarter

Secondquarter

Third
quarterYear end

Full year

Dividend paid(annual)(¥ millions)

Payout ratio(Consolidated)(%)

Ratio ofdividends
to net assets(Consolidated)
(%)
1.5
2.6

Fiscal 2023
－
24.00
－
16.00
－
9,001
30.3
Fiscal 2024
－
25.00
－
28.00
53.00
16,312
40.5
Fiscal 2025
－
28.00
－
28.00
56.00
41.0
(forecast)
Note: A 2-for-1 stock split of common stock was conducted, effective as of October 1, 2022. The dividends per share in
the second quarter of fiscal 2023 are the actual amount before the stock split.
3. Forecast of Consolidated Results for Fiscal 2025 (April 1, 2024 to March 31, 2025)(¥ millions; percentage figures represent year-on-year changes)
Profit
Net income per
Net sales
Operating income
Recurring profit
attributable toshare (¥)
owners of parent
First half
47.11
460,000 △1.7% 22,500 △30.8% 25,500 △30.9% 14,500 △43.2%
Full year
956,000
0.6% 58,000
3.6% 63,500
0.4% 42,000
2.7%
136.46*Notes(1) Changes to important subsidiaries during fiscal 2024 (changes in specified subsidiaries resulting in revised scope of
consolidation): None
(2) Changes in accounting principles, accounting estimates and restatements①Changes in accounting policies in conjunction with revisions to accounting standards: None
②Other changes: None③Changes in accounting estimates : None
④Restatements: None(3) Number of shares issued (common stock)①Number of shares issued(including treasury stock):②Number of treasury stocks:③Average number of shares during the year:(shares)March 31, 2024
March 31, 2024
Fiscal 2024

307,833,172 March 31, 2023
58,653 March 31, 2023
312,231,307 Fiscal 2023

321,578,872
86,519321,489,067

Note: A 2-for-1 stock split of common stock was conducted, effective as of October 1, 2022. Above number of shares arecalculated assuming that the stock split was conducted at the beginning of the fiscal 2023.
《 For Reference Only 》Non-consolidated Earnings Report for Fiscal 2024
1. Non-consolidated Results for Fiscal 2024 (April 1, 2023 to March 31, 2024)(1) Non-consolidated Business Results(¥ millions; percentage figures represent year-on-year changes)
Net sales
Operating income
Recurring profit
Net income
Fiscal 2024
341,254
14.6%
18,39348.8%
40,00020.6%
26,092
1.7%
Fiscal 2023
297,838
1.1%
12,358△30.4%
33,180△13.6%
25,661
10.4%
Net income
per share (¥)

Net income
per share (diluted) (¥)
Fiscal 2024
83.57
83.55
Fiscal 2023
79.82
79.80
Note: A 2-for-1 stock split of common stock was conducted, effective as of October 1, 2022. “Net income per share” and“Net income per share (diluted)” are calculated assuming that the stock split was conducted at the beginning of the
fiscal 2023.

(2) Non-consolidated Financial Position
Total assets

Net assets

Equity ratio(%)(¥ millions)
Net assets
per share (¥)
1,283.18
1,237.39

March 31, 2024
504,022395,036
78.4
March 31, 2023
498,605
397,982
79.8
Reference: Equity: March 31, 2024: ¥394,930 million, March 31, 2023: ¥397,811 million
Note: A 2-for-1 stock split of common stock was conducted, effective as of October 1, 2022. “Net assets per share” iscalculated assuming that the stock split was conducted at the beginning of the fiscal 2023.
2.

Forecast of Non-consolidated Results for Fiscal 2025 (April 1, 2024 to March 31, 2025)(¥ millions; percentage figures represent year-on-year changes)
Net income per
Net sales
Operating income
Recurring profit
Net income
share (¥)
First half
165,000 △3.1%
4,000 △ 70.8% 18,000 △35.2% 14,000 △27.1%
45.49
Full year
345,000
1.1% 12,500 △32.0% 33,000 △17.5% 29,000
11.1%
94.22

*This consolidated earnings report is not subject to the auditing procedures by certified public accountants or auditing firms.
*Explanations concerning proper use of business forecasts and other noteworthy matters(Notes on future assumptions)
The above forecasts are based on information available, and certain assumptions that are judged to be reasonable, at the timeof the release of this report. KOITO is not promising that the Company will achieve these forecasts. Actual results could
differ from forecasts due to a variety of factors.
The exchange conversion rate based on the business forecast for fiscal 2025, the year ending March 2025 is calculated as
1.00 US$ = ¥145.0 and 1 CNY = ¥20.0.
(Supplementary materials for financial results)
For supplementary materials, please see our website. (https://www.koito.co.jp/english/ir/)Table of Contents of Supplementary Materials
1. Outline of Consolidated Results………………………………………………………………………………………….2(1) Outline of Consolidated Results in Fiscal 2024…………………………………………………………………. 2(2) Outline of Financial Position in Fiscal 2024……………………………………………………………………… 2(3) Forecasts for Fiscal 2025………………………………………………………………………………………………
3(4) Basic Earnings Distribution Policies and Dividend Payments for Fiscal 2024 and Fiscal 2025……………………3
2. Basic Approach in Selection of Accounting Standard…………………………………………………………………. 5
3. Consolidated Financial Statements and Notes…………………………………………………………………………..6(1) Consolidated Balance Sheets……………………………………………………………………………………….. 6(2) Consolidated Statements of Income and Comprehensive Income……………………………………………….. 8(3) Consolidated Statements of Changes in Shareholders’ Equity………………………………………………………
10(4) Consolidated Statements of Cash Flows…………………………………………………………………………….
12(5) Notes to Consolidated Financial Statements…………………………………………………………………………
14(Going Concern Assumption)……………………………………………………………………………………….14(Segment Information)……………………………………………………………………………………………….15(Per Share Information)…………………………………………………………………………………………… 16(Significant Subsequent Events)……………………………………………………………………………………..16

1

1. Outline of Consolidated Results(1) Outline of Consolidated Results in Fiscal 2024
The economic situation in fiscal 2024 showed a gradual recovery as economic activity began to normalize following therecovery from the COVID-19, but the outlook remained uncertain due to monetary tightening in response to anti-inflation
measures in many countries, the stalling of the Chinese economy, as well as heightened geopolitical risks in Ukraine, theMiddle East and elsewhere.
As for the global automobile production volume, although sluggish sales of Japanese vehicles in China due to the progressof EVs, the suspension of production and shipments due to the fraud problems of automobile manufacturers in Japan as wellas the UAW strike in North America, it increased in all regions compared to the previous year due to the easing ofsemi-conductor shortages and other factors.
Under these circumstances, the consolidated net sales reached ¥ 950.2 billion (increased by 9.9% year-on-year), a record
high for the second consecutive year, due to a recovery in vehicle production, new orders mainly in Japan and North
America, and the effect of currency translation, despite sales in China decreased due to lower production of Japanese
vehicles.
The results by segment are as follows.
[Japan]Despite there was the impact of the suspension of production and shipments caused by fraud problems at automobile
manufacturers in the second half of the period, the net sales increased by 12.7% year-on-year to ¥361.7 billion dues to anincrease in automobile production as a result of an easing of the semiconductor shortage and a recovery in exports due to theweaken yen.
[North America]
Despite the impact of the UAW strike and cold wave, the net sales increased by 14.5% year-on-year to ¥286.5 billion dues
to a recovery in vehicle production and new orders, as well as the effect of foreign exchange conversion.
[China]Although vehicle production increased compared to the previous year due to increased sales by local automakers as a resultof the shift to EVs, the net sales decreased by 11.5% year-on-year to ¥82.3 billion as a result of continued sluggish sales ofJapanese vehicles.
[Asia]
Despite there were production cuts in Thailand and Indonesia due to sluggish sales following rising interest rates and otherfactor, the net sales increased by 5.3% year-on-year to ¥153.3 billion due to factors such as an increase in overall vehicle
production and the effect of foreign exchange conversion, as demand increased in India in line with economic growth.
[Europe]
The net sales increased by 19.8% year-on-year to ¥49.8 billion, mainly due to a recovery in vehicle production and theeffect of foreign exchange conversion.
[Others]
The net sales increased by 26.5% year-on-year to ¥ 16.4 billion, due to a recovery in vehicle production, new orders and theeffect of foreign exchange conversion.
Regarding profits, although we saw impacts of production and shipping stoppages caused by our clients, inflation in various
countries and soaring labor costs caused by the tighten employment situations mainly in North America, the operating
income increased by 19.5% to ¥55.9 billion, recurring profit increased by 30.4% to ¥63.2 billion and net income attributableto owners of the parent increased by 37.8% to ¥40.8 billion, due to the effect of increased sales in Japan, North America andelsewhere, as well as the promotion of rationalization activities, including group-wide productivity improvements.
(2) Outline of Financial Position in Fiscal 2024
-1. Assets, liabilities and net assets
Total assets at the end of fiscal 2024, despite there was a decrease in cash and time deposits due to the repurchase of theCompany’s treasury stocks, increased by ¥59.6 billion from the end of the previous fiscal year to ¥965.5 billion dues to anincrease in investment securities.
Total liabilities increased by ¥10.9 billion from the end of the previous fiscal year to ¥246.3 billion dues to an increase ofdeferred income tax liabilities as higher share prices.
Total net assets increased by ¥48.7 billion from the end of the previous fiscal year to ¥719.2 billion dues to an increase intranslation adjustments for the weaken Yen.

2-2. Cash flows
Cash flows from the operating activities provided ¥96.3 billion, mainly reflecting the net income before income taxes of¥59.4 billion and depreciation of ¥44.0 billion, which secured net cash of ¥96.3billion (the previous fiscal year: ¥59.7
billion) after payment of taxes.
Cash flows from investing activities resulted in payments of ¥50.1 billion (the previous fiscal year: payments of ¥71.5
billion) as a result of proceeds from time deposits of ¥145.5 billion, payments into time deposits of ¥139.0 billion, andacquisitions of property and equipment of ¥37.1 billion.
Cash flows from financing activities resulted in payments of ¥59.6 billion (the previous fiscal year: payment of ¥13.2
billion), the result of mainly reflecting repurchase of the Company’s treasury stock of ¥35.0 and the dividend paid of ¥14.2
billion.
As a result, cash and cash equivalents at the end of the fiscal 2024 decreased by ¥11.2 billion from the end of the previous
fiscal year to ¥134.5 billion(3) Forecasts for Fiscal 2025
Although the outlook for global automobile production in the fiscal year ending March 31, 2025 remains uncertain, global
automobile production is expected to increase slightly compared to the previous fiscal year, reflecting gradual recovery inJapan.
Consolidated sales are expected to increase for the fourth consecutive year due to new orders in Japan and North America,
despite the effects of the continuing slump in sales of Japanese vehicles in China and the termination of production ofordered models in Europe. Regarding the profit, despite rising costs caused by continued inflation and labor shortages invarious countries, as well as an increase in investments for new orders, R&D investments for the future, operating income,recurring profit, and the net income attributable to the owners of the parent are expected to increase year on year due to theeffect of increasing sales, productivity improvements and continuous rationalize operations.
(4) Basic Earnings Distribution Policies and Dividend Payments for Fiscal 2023 and Fiscal 2024
KOITO is committed to further increasing its corporate value and enhancing returns to shareholders through business
investment for sustainable growth. Regarding dividends, KOITO’s policy is to continuously pay stable dividends toshareholders based on the comprehensive evaluation of our present business results, business climate, etc.
In the First Medium-Term Management Plan announced on 28 March 2024, KOITO stated that it aims to achieve a
consolidated dividend payout ratio of 40% or more and that achieve shareholder returns of 200 billion yen or more total forthe five-year period from fiscal 2025 to fiscal 2029.
On the basis of the above policies, the year-end dividend is scheduled to be ¥28 per share, an increase of ¥12 per sharefrom the end of the previous fiscal year. The full year dividend for this fiscal year, including the interim dividend, isscheduled to be ¥53 per share (consolidated payout ratio: 40.5% ) which is ¥25 higher than the previous year.
Regarding the forecast of dividends of fiscal 2025, the company plans to pay an interim dividend of ¥28 per share and a
year-end dividend of ¥28 per share, for a full year dividend of ¥56 per share (consolidated payout ratio: 41.0%), an increaseof 3 yen over the previous fiscal year.
Looking ahead, KOITO will continue efforts to achieve higher earnings to meet the expectations of all shareholders.
The differences between the actual results for fiscal 2024 herein and the previous forecasts (consolidated andnon-consolidated) issued in the “Consolidated Earnings Report for the Third Quarter of Fiscal 2024” dated January 30, 2024,
are as follows:(¥ millions, ¥ millions are rounded down)
Consolidated Results for Fiscal 2024
OperatingincomeNet sales
Previously announced
forecast (A)Actual results forfiscal 2024 (B)Difference (B-A)
Change (%)(Reference) Actual
results for previous
year (fiscal 2023)

Recurring profit

Profitattributable toowners of parent

Net income
per share (¥)

945,000

66,00072,00048,500157.58950,295

55,99563,26540,879130.93

5,295△10,005△8,735△7,621

－

0.6

△15.2

△12.1

△15.7

－

864,719

46,84748,532

29,66092.26

3

(Reference) Non-Consolidated Results for Fiscal 2024
Operating
Net sales
incomePreviously announced
348,000
24,500forecast (A)Actual results for341,254
18,393fiscal 2024 (B)Difference (B-A)△6,746△6,107
Change (%)
△1.9
△24.9
(Reference) Actual
results for previous
297,838
12,358year (fiscal 2023)

4

Recurring profit

Net income

Net income
per share (¥)

44,00031,000100.7240,00026,092

83.57△4,000△9.1△4,908△15.8－－

33,18025,66179.82

2. Basic Approach in Selection of Accounting Standard
KOITO applies generally accepted account principles (GAAP) of Japan as its accounting standard, mainly to ensure its
financial statements are comparable with past years.

53. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheets
Fiscal 2023
As of March 31, 2023
AssetsCurrent assets:
Cash and time deposits
Trade notes
Electronically recorded monetary claims-operating
Accounts receivable
Contract Assets
Inventories
Other current assets
Allowance for doubtful accounts
Total current assets
Non-current assets:
Property, plant and equipment:
Buildings and structures (net)
Machinery and transportation equipment (net)Fixtures, equipment and tools (net)Land
Construction in progress
Other property, plant and equipment
Total property, plant and equipment
Intangible fixed assets
Investments and other assets:
Investment securities
Marketable Securities
Claims provable in bankruptcy, claims provable inrehabilitation and other
Deferred income tax assets
Net defined assets for retirement benefits
Other investments
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

6(¥ millions)Fiscal 2024
As of March 31, 2024

315,0395,060
9,391
131,104
3,136
95,66934,912△271
594,042

302,874
6,382
8,699
127,597
1,468
95,79640,040△360
582,498

56,36378,745
18,462
18,572
16,804
5,372
194,320
2,692

59,41685,024
20,226
19,07816,424
6,136
206,305
2,482

95,510147,537270

452

13,288
2,849
3,325
△390
114,853
311,866
905,909

19,563
3,677
3,646
△568
174,308
383,096965,595

Fiscal 2023
As of March 31, 2023
Liabilities
Current liabilities:
Trade notes and accounts payable
Electronically recorded monetary obligations-operating
Short-term loans
Accrued expenses
Income taxes payable
Contract Liabilities
Allowance for employees’ bonuses
Reserve for product warranties
Other current liabilities
Total current liabilities
Non-current liabilities:
Deferred income tax liabilities
Allowance for directors’ and corporate auditors’
retirement benefits
Reserve for product warranties
Net defined liability for retirement benefits
Other non-current liabilities
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity:
Common stock
Additional paid-in capital
Retained earnings
Treasury common stock, at cost
Total shareholders’ equity
Accumulated other comprehensive income:
Other Valuation adjustment on marketable securities
Foreign currency translation adjustments
Adjustments in defined benefit plans
Total accumulated other comprehensive income
Subscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets

7(¥ millions)Fiscal 2024
As of March 31, 2024

107,216
3,712
22,647
24,693
7,225
2,017
6,386
3,560
9,457
186,918

103,100
3,036
14,29528,613
9,857
3,110
6,720
3,246
20,497
192,479

17,567

27,879

321

312

4,105
20,987
5,500
48,483
235,402

3,436
16,253
5,963
53,845
246,324

14,27013,420530,939△45
558,585

14,27013,188524,380△148
551,691

24,94243,0192,111
70,073
171
41,675670,506
905,909

43,791
71,4994,843
120,133
106
47,338719,270
965,595

(2) Consolidated Statements of Income and Comprehensive Income
Fiscal 2023
April 1, 2022
to March 31, 2023
864,719
768,889
95,829Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses:
Selling expenses
General and administrative expenses
Selling, general and administrative expenses
Operating income
Non-operating income:Interest income
Dividends
Foreign exchange gains
Other non-operating income
Total non-operating income
Non-operating expenses:
Interest expenses
Shares of loss of entities accounted for using
equity method
Foreign exchange losses
Loss on investment partnership management
Share acquisition-related expenses
Other non-operating expenses
Total non-operating expenses
Recurring profit
Extraordinary gains:
Gain on sales of property and equipment
Gain on sales of investment securities
Other extra ordinary gains
Total extraordinary gains
Extraordinary losses:
Loss on sales and disposal of property and equipment
Loss on valuation of investment securities
Impairment loss
Loss on disasters
Compensation payment for damages
Other extra ordinary losses
Total extraordinary losses
Income before income taxes
Income tax, inhabitant tax and business tax
Income tax adjustment
Total income taxes
Profit(Breakdown)
Profit attributable to owners of parent
Profit attributable to non-controlling interests

8(¥ millions)Fiscal 2024
April 1, 2023
to March 31, 2024
950,295
843,620
106,674

15,70933,27348,982
46,847

16,83533,84350,67955,995

1,842
1,416
－
3,100
6,360

3,514
1,659
2,473
2,330
9,977

921

548

684

358

2,009
157
－
902
4,675
48,532

－
360
454
987
2,708
63,26512,000－487
12,488

163
4,192
197
4,553

855
10,109609
371－－
11,94549,074
13,947876
14,82434,250

881
331
681
－
5,913
520
8,329
59,48919,860△5,24014,61944,87029,6604,589

40,8793,990

(¥ millions)Fiscal 2024
April 1, 2023
to March 31, 2024

Fiscal 2023
April 1, 2022
to March 31, 2023
Other comprehensive income or loss
Valuation adjustment on marketable securities
Translation adjustments
Adjustments in defined benefit plans
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

9

1,403
17,243216

18,866
31,629
2,731

42

10

18,905
53,15553,238
98,10846,35590,939

6,800

7,169

(3) Consolidated Statements of Changes in Shareholders’ Equity
Fiscal 2023 (April 1, 2022 to March 31, 2023)(¥ millions)Shareholders’ equity

Balance at beginning of year
Changes during fiscal year
Dividends from retained
earnings
Profit attributable to ownersof parent
Purchases of treasury stock
Disposal of treasury stock
Cancellation of treasury
stock
Transfer from retained
earnings to additional
paid-in capital
Changes in items other thanshareholders’ equity during
fiscal year (net)Total changes during fiscal
year
Balance at fiscal year-end

509,958

Treasurycommon stock,at cost△49

Total
shareholders’equity537,578－△8,680－△8,680－－29,660－29,660

－
－

－
21

－
－

△1
6

△1
27

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

21

20,9804

21,006

14,27013,420530,939△45

558,585

Common stock

Additional
paid-in capital

14,27013,399－Retainedearnings

Accumulated other comprehensive income
Valuation
Total
Subscription
adjustment
Adjustments accumulated
rights toTranslationonof defined
othersharesadjustments
marketablebenefit plans comprehensive
securities
incomeBalance at beginning of year
Changes during fiscal year
Dividends from retained
earnings
Profit attributable to ownersof parent
Purchases of treasury stock
Disposal of treasury stock
Cancellation of treasury
stock
Transfer from retained
earnings to additional
paid-in capital
Changes in items other thanshareholders’ equity during
fiscal year (net)Total changes during fiscal
year
Balance at fiscal year-end

Noncontrollinginterests

Total
net
assets23,56027,924

1,895

53,379199

36,157627,315

－

－

－

－

－

－

△8,680

－

－

－

－

－

－

29,660

－
－

－
－

－
－

－
－

－
－

－
－

△1
27

－

－

－

－

－

－

－

－

－

－

－

－

－

－

1,382

15,095216

16,694△27

5,517

22,184

1,382

15,095216

16,694△27

5,517

43,191

24,94243,0192,111

70,073

171

41,675670,506

10

Fiscal 2024 (April 1, 2023 to March 31, 2024)(¥ millions)Shareholders’ equity

Balance at beginning of year
Changes during fiscal year
Dividends from retained
earnings
Profit attributable to ownersof parent
Purchases of treasury stock
Disposal of treasury stock
Cancellation of treasury
stock
Transfer from retained
earnings to additional
paid-in capital
Changes in items other thanshareholders’ equity during
fiscal year (net)Total changes during fiscal
year
Balance at fiscal year-end

530,939

Treasurycommon stock,at cost△45

Total
shareholders’equity558,585－△12,838－△12,838－－

40,879－40,879

－
－

－
△8

－
－

△35,000
73△35,000
64－△34,823－

34,823－－34,598△34,598

－

－

－

－

－

－

－

－

△232

△6,558△103△6,894

14,27013,188524,380△148

551,691

Common stock

Additional
paid-in capital

14,27013,420－Retainedearnings

Accumulated other comprehensive income
Valuation
Total
Subscription
adjustment
Adjustments accumulated
rights toTranslationonof defined
othersharesadjustments
marketablebenefit plans comprehensive
securities
incomeBalance at beginning of year
Changes during fiscal year
Dividends from retained
earnings
Profit attributable to ownersof parent
Purchases of treasury stock
Disposal of treasury stock
Cancellation of treasury
stock
Transfer from retained
earnings to additional
paid-in capital
Changes in items other thanshareholders’ equity during
fiscal year (net)Total changes during fiscal
year
Balance at fiscal year-end

Noncontrollinginterests

Total
net
assets24,94243,0192,111

70,073

171

41,675670,506

－

－

－

－

－

－

△12,838

－

－

－

－

－

－

40,879

－
－

－
－

－
－

－
－

－
－

－
－

△35,000
64

－

－

－

－

－

－

－

－

－

－

－

－

－

－

18,84828,4792,731

50,060△64

5,663

55,65818,84828,4792,731

50,060△64

5,663

48,764

43,791

71,4994,843

120,133

106

47,338719,27011

(4) Consolidated Statements of Cash Flows(¥ millions)Fiscal 2024
April 1, 2023
to March 31, 2024

Fiscal 2023
April 1, 2022
to March 31, 2023
Cash flows from operating activities
Income before income taxes
Depreciation
Impairment loss
Equity in earnings of affiliated companies
Provision for allowance for doubtful accounts
Net defined assets and liability for retirement benefits
Provision for reserve for bonuses
Reserve for product warranties
Interest and dividends received
Insurance claim received
Interest payments
Gain or loss on sale of marketable and investment securities
Gain or loss on valuation of marketable and investment
securities
Gain or loss on sale of property and equipment
Compensation payment for damages
Loss on disasters
Increase or decrease in trade notes and accounts receivable
Increase or decrease in inventories
Increase or decrease in other current assets
Increase or decrease in trade notes and accounts payable
Increase or decrease in accrued expenses and othercurrent liabilities
OthersSubtotalInterest and dividend received
Interest paid
Compensation payment for damages paid
Lost related to the Act on Prohibition to Private
Monopolization and Maintenance of Fair Trade
Received from damages
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from the redemption of time deposits
Payments for purchase of marketable and investment
securities
Proceeds from sale of marketable and investment securities
Acquisition of property and equipment
Gain or loss on sale of property and equipment
Payments for new loans
Proceeds from loan repayments
OthersNet cash used in investing activities

12

49,074
41,324609
684
134△1,780871△611△3,259△487
921－

59,48944,000681
358
236△1,560139△1,172△5,173△37
548△4,192

10,196691△11,144－371△17,107△2,949
4,360
1,495

718
5,913
－
11,986
5,678△698△9,338

△530

1,890

△983
71,188
3,234
△921
－

△972
109,189
5,080
△548
△20

△68

－

487
△14,158
59,762

37△17,368
96,370△164,584
152,781△139,049
145,585△31,525△27,756－△39,834
12,230△5,8015,805△610△71,5396,388△37,115
△210
△8
5
2,005
△50,155

Fiscal 2023
April 1, 2022
to March 31, 2023
Cash flows from financing activities
Increase or decrease in short-term loans
Repayment of long-term debt
Payments for repurchase of treasury stock
Proceeds from exercise of stock options
Dividends paid by parent company
Dividends paid to non-controlling shareholders
OthersNet cash used in financing activities
Effect of exchange rate changes on cash and cash
equivalents
Increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year13(¥ millions)Fiscal 2024
April 1, 2023
to March 31, 2024

△2,032△628△1
0△8,685△1,198△734△13,281△9,899－△35,000
0△12,834△1,426△516△59,677

1,274

2,224

△23,783
169,581
145,798△11,237
145,798
134,560

(5) Notes to Consolidated Financial Statements(Going Concern Assumption)
None.

14

(Segment Information)【Segment Information】
1. Overview of Reporting Segments
The KOITO Group produces primarily automotive lighting equipment in Japan and overseas, and supplies products tocountries around the world as a global supplier. Each local subsidiary is an independent business entity, and the Group
does business by establishing a comprehensive plan for each region. The Company’s six reporting segments are therefore
geographical segments based on production and sales structures, comprising Japan, North America, China, Asia, Europe
and Other regions.
Within each of these geographical segments are segments that produce and sell automotive lighting equipment, railroad
car control equipment, aircraft components, and seats for railroad cars and aircraft.
2. Calculation for Net Sales, Segment Income or Loss, Assets, Liabilities and Others of Reporting Segments
Accounting treatment for reporting segments are same as Consolidated Financial Statements.
Income of reporting segments is based on operating income.
Inter-segment sales and transfers are based on general market prices.
3. Information Concerning Net Sales and Operating Income or Loss for Each Segment
Ⅰ

Fiscal 2023 (April 1, 2022 to March 31, 2023)

Net sales
Sales to outside
customers
Inter-segment sales
and transfers
Total
Segment operating
income or loss
Segment assets
Other items
Depreciation
Impairment loss
Increase in property,
plant and equipment
and intangible fixed
assets(¥ millions)
Amountrecorded on
Adjustment consolidated(Note 1)
financialstatements(Note 3)

Japan

North
America

China

Asia

EuropeOther
regions

Total

321,074

250,365

93,031

145,662

41,576

13,009864,719－864,719

23,484

66

2,496

3,680

61

－

29,789(29,789)－344,559

250,431

95,527

149,342

41,63813,009894,508(29,789)864,719

24,700

1,283

3,913

14,778

△115

1,012

45,573

1,273

46,847

185,657

141,321104,810

135,999

30,30914,739612,839

293,069

905,90917,339
609

9,614
－

4,591
－

6,924
－

2,462
－

311
－

41,244609

79－

41,324609

22,438

10,159

3,685

4,842

687

631

42,446－42,446

Notes: 1. Adjustments are as follows:(1) The ¥1,273 million adjustment in segment operating income includes ¥8,065 million in intersegment
eliminations and ¥△6,792 million in unallocated expenses. Unallocated expenses comprise expenses related to
management divisions such as administrative and accounting divisions of the Head Office of the parent
company.
(2) The ¥293,069 million adjustment in segment assets includes ¥△1,587 million in intersegment eliminations,¥184,757 million in surplus operational funds at the parent company (cash and time deposits), ¥103,796
million in long-term investments (investment securities, etc.) and ¥6,103 million in the parent company’s Head
Office building, etc.
(3) The ¥79 million adjustment of depreciation expenses are the fixed assets amortization expenses for the parent
company’s Head Office.
2. The breakdown of countries and regions other than Japan and China is as follows:(1) North America: United States and Mexico(2) Asia: Thailand, Indonesia, Taiwan, India and Malaysia(3) Europe: United Kingdom and Czech Republic(4) Other regions: Brazil
3. Segment operating income or loss is adjusted to operating income in the consolidated financial statements.
15

Ⅱ

Fiscal 2024 (April 1, 2023 to March 31, 2024)

Net sales
Sales to outside
customers
Inter-segment sales
and transfers
Total
Segment operating
income or loss
Segment assets
Other items
Depreciation
Impairment loss
Increase in property,
plant and equipment
and intangible fixed
assets(¥ millions)
Amountrecorded on
Adjustment consolidated(Note 1)
financialstatements(Note 3)

Japan

North
America

China

Asia

EuropeOther
regions

Total

361,784

286,582

82,351

153,31749,802

16,457950,295－

950,295

24,730

3

4,860

3,008

59

－

32,663(32,663)－386,515

286,586

87,211

156,326

49,862

16,457

982,958(32,663)950,295

33,959442△519

15,022

2,170

1,761

52,8383,157

55,995

190,921

155,610

102,464

156,026

34,42520,928660,377

305,218

965,595

18,108135

11,075
－

4,514
311

7,117
－

2,626
234

402
－

43,844681

155－

44,000681

17,742

11,831

5,562

5,735

1,032

623

42,527－42,527

Notes: 1. Adjustments are as follows:(1) The ¥3,157 million adjustment in segment operating income includes ¥9,675 million in intersegment
eliminations and ¥△6,517 million in unallocated expenses. Unallocated expenses comprise expenses related to
management divisions such as administrative and accounting divisions of the Head Office of the parent
company.
(2) The ¥305,218 million adjustment in segment assets includes ¥△1,296 million in intersegment eliminations,¥146,363 million in surplus operational funds at the parent company (cash and time deposits), ¥154,488 million
in long-term investments (investment securities, etc.) and ¥5,663 million in the parent company’s Head Officebuilding, etc.
(3) The ¥155 million adjustment of depreciation expenses are the fixed assets amortization expenses for the parent
company’s Head Office.
2. The breakdown of countries and regions other than Japan and China is as follows:(1) North America: United States and Mexico(2) Asia: Thailand, Indonesia, Taiwan, India and Malaysia(3) Europe: United Kingdom and Czech Republic(4) Other regions: Brazil
3. Segment operating income or loss is adjusted to operating income in the consolidated financial statements.

16(Per Share Information)
Fiscal 2023
April 1, 2022 to March 31, 2023
Net assets per share
Net income per share
Profit per share after adjustment
for dilution¥1,955.44¥92.26¥92.24

Fiscal 2024
April 1, 2023 to March 31, 2024
Net assets per share
Net income per share
Profit per share after adjustment for
dilution¥2,182.85¥130.93¥130.90

The following shows the basis for calculation of profit per share, and profit per share after adjustment for dilution.
Fiscal 2023
Fiscal 2024
April 1, 2022
April 1, 2023
to March 31, 2023
to March 31, 2024
(1)Net income per share¥92.26¥130.93(Basis for calculation)
Adjustment to profit attributable to owners of parent¥29,660 million¥40,879 million
Amount not attributable to common stock－－
Profit attributable to shareholders of common stock of¥29,660 million¥40,879 million
parentAverage number of shares outstanding during the321,489
312,231
period (thousand shares)(2)Profit per share after adjustment for dilution¥92.24¥130.90(Basis for calculation)
Adjustment to profit attributable to owners of parent－－
Increase in the number of common stocks
82
52(thousand shares)(Acquisition of property and equipment)
82
52
Details of material change from the end of previous
fiscal year for latent stocks without a dilution effect,－－
which were not included in the calculation of profit
per share after adjustment for dilution
Note: A 2-for-1 stock split of common stock was conducted, effective as of October 1, 2022. “Net assets per share”, “Net
income per share” and “Profit per share after adjustment for dilution ” are calculated assuming that the stock split was
conducted at the beginning of the fiscal 2023.

(Significant Subsequent Events)
None.

17