Consolidated Income Statement(Millions of yen)2021/122022/122023/12Net sales

629,370

756,376

780,938

Cost of sales

425,234

514,713

540,956

Gross profit

204,136

241,663

239,982

Selling, general and administrative expenses
Selling expenses

38,721

46,67842,137

General and administrative expenses

93,157

107,845

122,369

Total selling, general and administrative expenses

131,879

154,524

164,506

72,256

87,13975,475Interest income

141

450

1,841

Dividends income

553

714

779

Share of profit of entities accounted for using equity

261

271

200

Gain on investments in investment partnerships

79382-

Other

1,403

1,708

930

Total non-operating income

2,439

3,527

3,751

Operating income
Non-operating income

Non-operating expenses
Interest expenses

1,627

1,457

2,815

Foreign exchange loss

188

1,021

2,611

Loss on disposal of tangible fixed assets

639

986

-

3,475

3,140

4,774

Other
Total non-operating expenses

5,930

6,606

10,202

68,76584,06069,025

544

1,415

2,781

-

-

1,216

563

2,614

891

-

-

715

Subsidy income

510

-

-

Compensation for property transfer

422--

2,040

4,030

5,604

Loss on litigation

4,296

1,819

7,806

Impairment loss

1,569

1,385

4,390

Loss on disposal of tangible non-current assets

1,183

450

1,159

Costs related to the suspension of operations

1,350

5,785

-

Disaster loss

3,284653-

423

-

-

Ordinary income
Extraordinary income
Insurance income
Compensation income
Gain on sale of investment securities
Gain on sale of shares of subsidiaries and associates

Total extraordinary income
Extraordinary loss

Loss on tax purpose reduction entry of non-current
Total extraordinary losses

12,108

10,094

13,356

Income before income taxes and non-controlling interests

58,697

77,997

61,273

Income taxes—current

19,71821,232

18,079

Income taxes for prior periods

1,386

--

Income taxes—deferred(767)

1,155

908

Total income taxes

20,33622,38818,987

Net income

38,36055,60842,285

Net income attributable to non-controlling interests

1,098

1,300

(160)

Net income (loss) attributable to owners of the parent

37,26254,30742,446

Net income

38,36055,60842,285

Valuation difference on available-for-sale securities

426(1,504)

1,087

Deferred gains or losses on hedges

793

645

(676)

Foreign currency translation adjustment

33,13056,79841,326

Remeasurements of defined benefit plans, net of tax

3,030

1,822(55)

-160

166

Other comprehensive income (loss)

Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income

37,38057,762

41,84875,741

113,371

84,134

Owners of the parent

74,491

110,925

83,527

Non-controlling interests

1,249

2,446

606

Quarterly comprehensive income
Comprehensive income attributable to:Consolidated Balance Sheets(Millions of yen)2021/122022/122023/12ASSETS
Current Assets
Cash and deposits

151,942

123,724

Notes and accounts receivable-trade135,768---

157,016

161,904

Notes and accounts receivable–trade, and contract
assetsSecurities

131,144

3,855

4,852

3,478

Merchandise and finished goods

103,505

145,851

146,924

Work in process

15,69919,07817,502

Raw materials and supplies

38,10060,10463,601

Other

21,74523,81528,040

(443)

(510)

(869)

470,174

533,933

551,727

Allowance for doubtful accounts
Total current assets
Non-current AssetsProperty, plant and equipment
Buildings and structures, net

88,801

94,745110,214

Machinery, equipment and vehicles, net

200,500

219,200

270,408Land

22,64823,264

22,618Construction in progress

117,319

137,424

80,344

Other, net

25,99737,92643,390Total tangible fixed assets

455,266

512,562

526,977

Goodwill

52,63556,05855,386

Customer-related assets

29,17630,432

29,149Other

32,24334,99335,965

Total intangible fixed assets

114,055

121,484

120,501

23,966

Intangible assets

Investments and other assets
Investment securities

25,68923,194Long-term loans receivable

121

97

140

Retirement benefit asset

3,066

2,104

3,227

Deferred tax assets

13,98016,718

16,530

Others

8,686

11,458

11,509

(26)

(20)

(95)

51,51753,55355,278

Allowance for doubtful accounts
Total investments and other assets
Total non-current assets

620,839

687,600

702,757

1,091,014

1,221,533

1,254,485

Notes and accounts payable-trade

49,641

52,717

49,124

Short-term borrowings

34,48034,48040,014

Commercial paper-

10,000-Current portion of bonds payable-

10,000-Current portion of long-term borrowings

55,01330,434

24,698

Accrued expenses

19,86321,075

16,734

Income taxes payable

13,133

11,37011,033

Provision for bonuses

7,996

9,132

10,275

89

111

-

Other

39,24642,00848,690Total current liabilities

219,464

221,330

200,571

Total Assets
LIABILITIESCurrent Liabilities

Other provisionNon-current liabilities
Bonds payable

60,00060,00060,000Long-term borrowings

157,945

179,491

157,312Deferred tax liabilities

12,022

17,27918,754

Provision for directors’ retirement benefits

375

294

-Provision for environmental measures

365

397

-

25,62925,62629,487Retirement benefit liability
Asset retirement obligations

4,821

5,303

6,338

Other

30,78743,27545,864

Total non-current liabilities

291,947

331,668

317,757

511,411552,998

518,329

Share capital

88,95588,95588,955

Capital surplus

87,16687,15287,146

Retained earnings

359,898

399,910426,290

Total liabilities
NET ASSETS
Shareholders’ Equity

Treasury stock(15,885)(25,735)(25,654)

Total shareholders’ equity

520,134

550,282

576,737

7,273

5,769

6,856Accumulated Other Comprehensive Income
Valuation difference on available-for-salesecurities
Deferred gain or losses on hedges
Foreign currency translation adjustment

219

611

(53)

34,64890,555

131,269

Remeasurements of defined benefit plans(2,291)

(468)

(524)

Total accumulated other comprehensive income

39,85096,467

137,548

Share Acquisition Rights

414

341

341

Non-controlling interests

19,203

21,443

21,529Total Net Assets
Total Liabilities and Net Assets

579,602668,534

736,156

1,091,014

1,221,533

1,254,485

Consolidated Statements of Cash Flows(Millions of yen)2021/122022/122023/12Net cash provided by (used in) operating activities:
Income before income taxes and noncontrolling interests

58,697

77,997

61,273

Depreciation and amortization

59,00365,456

77,163

Increase (decrease) in allowance for doubtful accounts

(29)

9402

Loss (gain) on sale of investment securities(563)(2,614)(891)

Loss on litigation

4,296

1,819

7,806

Impairment loss

1,569

1,385

4,390

Loss on disposal of tangible fixed assets

1,183

450

1,159

Foreign exchange losses (gains)(2,610)(2,777)(3,324)

Interest and dividends income(694)(1,165)(2,621)

Interest expenses

1,627

1,457

2,815

(13,437)(12,500)

2,111

Decrease (increase) in inventories(17,537)(54,716)

8,363

Increase (decrease) in notes and accounts payable –12,244691(5,122)

858

632

825

2,273

678

1,751

Decrease (increase) in notes and accounts receivable –trade

Increase (decrease) in provision for bonuses
Increase (decrease) in net defined benefit liabilities
Decrease (increase) in net defined benefit assets

(624)

664

(274)

Other, net

10,899(4,771)

9,146

Subtotal

117,157

72,696

164,976

833

1,246

2,602

(1,537)(1,186)(2,257)

Income taxes (paid) refund(14,127)(19,453)(23,180)

Loss on litigation paid

(24,104)(1,575)(12,842)

Net cash provided by (used in) operating activities

78,221

51,727129,298

(150)

3,350

-

6,000-

-

(88)

--

1,647

3,336

1,907

(68,408)(71,635)(59,027)(1,774)(1,022)(1,524)

92

613

214

Interest and dividends received
Interest paid

Net cash provided by (used in) investment activities:
Net decrease (increase) in time deposits
Net decrease (increase) in short-term investment
securities
Purchase of investment securities
Proceeds from sales and redemption of investment
securities
Purchase of tangible fixed assets and intangible fixed
assetsPayments for disposal of tangible fixed assets andintangible fixed assets
Proceeds from sales of tangible fixed assets andintangible fixed assets
Other, net(2,912)(3,266)(4,720)Net cash provided by (used in) investment activities(65,595)(68,624)(63,151)

Net cash provided by (used in) financing activities:
Net increase (decrease) in short-term loans payable
Net increase (decrease) in commercial papers

--

5,413

(20,000)

10,000(10,000)

Proceeds from long-term loans payable

6,212

49,375-

Repayment of long-term loans payable(29)(55,013)(30,801)

Proceeds from issuance of bonds-

10,000-(20,000)-(10,000)

Purchase of treasury stock(2)(10,002)(4)

Proceeds from sales of treasury stock82

0-(13,414)(13,908)(16,066)

Payment for redemption of corporate bondsDividends paid
Proceeds from stock issuance to minority interests

1,820

502

-

Dividends paid to noncontrolling interests

(220)

(708)

(520)

Other, net(1,894)(2,297)(2,978)Net cash provided by (used in) financing activities(47,447)(12,053)(64,959)

4,224

4,943

4,858

Effect of exchange rate changes on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents(30,596)(24,006)

6,046

Cash and cash equivalents, beginning of year

182,084

151,487

127,616-136-

151,487

127,616

133,663

Increase in cash and cash equivalents from newly
consolidated subsidiary
Cash and cash equivalents, end of the period