Note : This document has been translated from a part of the Japanese original for reference purposes only. In theevent of any discrepancy between this translated document and the Japanese original, the original shall prevail.

Consolidated Financial Results
for the Fiscal Year Ended December 31, 2023
[Japanese GAAP]
February 14, 2024
Company name: Future Innovation Group, Inc.
Stock exchange listing: Tokyo and Fukuoka
Code number: 4392
URL: https://www.figinc.jp
Representative: MURAI Yuji, President and CEO
Contact: KIBE Kazuhisa, Director and Managing Executive Officer
Phone: +81-97-576-8730
Scheduled date of holding ordinary general meeting of shareholders: March 26, 2024
Scheduled date of commencing dividend payments: March 27, 2024
Scheduled date of filing securities report: March 27, 2024
Availability of supplementary explanatory materials on annual financial results: Available
Schedule of annual financial results briefing session: Scheduled (for institutional investors and analysts)(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended December 31, 2023 (January 1, 2023 - December
31, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Fiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%
December 31, 2023
13,5344.8
723 (22.4)
715 (25.8)
210 (69.4)
December 31, 2022
12,914
5.3
932
64.7
964
68.3
685
55.2
(Note) Comprehensive income: Fiscal year ended December 31, 2023: ¥154 million [(76.8)%]
Fiscal year ended December 31, 2022: ¥666 million [(2.4)%]
Basic earnings Diluted earnings
Return on
Ordinary profit Operating profit
per shareper shareequity
to total assets
to net sales
Fiscal year ended
Yen
Yen%%%
6.97
6.88
2.2
3.2
5.3
December 31, 2023
December 31, 2022
23.36
23.04
7.5
4.8
7.2
(2) Consolidated Financial Position
Total assets

Net assets

Fiscal year ended
Million yen
Million yen
22,8359,595
December 31, 2023
December 31, 2022
21,463
9,709(Reference) Equity: As of December 31, 2023: ¥9,453 million
As of December 31, 2022: ¥9,576 millionNet assets
per share

Equity ratio
%

41.4
44.6

Yen

313.31
318.35(3) Consolidated Cash Flows

Fiscal year ended
December 31, 2023
December 31, 2022

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Million yen

Million yen

Million yen

(578)
359

(838)
(1,848)

1,430
1,291

Cash and cash
equivalents
at end of period
Million yen

2,202
2,185

2. Dividends
Annual dividends
1stquarterend

2ndquarterend

3rdquarterend

Year-end

Yen

Yen

Yen

Yen

Total
Yen

Total
dividendpayment

Dividend
payoutratio(consolidated)

Dividend
to netassets(consolidated)

Millionyen%%

Fiscal year ended
–
0.00
–
10.00
10.00
300
42.8
December 31, 2022
Fiscal year ended
–
0.00
–
5.00
5.00
150
71.7
December 31, 2023
Fiscal year ending
December 31, 2024
–
0.00
–
5.00
5.00
15.1
(Forecast)(Note) The breakdown of year-end dividends for the fiscal year ended December 31, 2022 is as follows:
Ordinary dividend: ¥5.00
Commemorative dividend: ¥5.00

3.2
1.6

3. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2024 (January 1, 2024 December 31, 2024)(% indicates changes from the previous corresponding period.)
Profit attributable
Basic earnings
Net sales
Operating profit
Ordinary profit
to owners ofper shareparentSix months ended
Full year

Million yen%

6,800 (2.9)
15,000 10.8

Million yen% Million yen

300 (36.2)
1,12355.2%

283 (40.8)
1,092
52.7

Million yen%417 21.7
1,000 375.7

Yen

13.82
33.14

* Notes:(1) Changes in significant subsidiaries during the period under review: None(Changes in specified subsidiaries resulting in changes in scope of consolidation):
Newly included: – (), Excluded: – ()(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(3) Total number of issued and outstanding shares (common shares)
1) Total number of issued and outstanding shares at the end of the period (including treasury shares):December 31, 2023:
31,393,015 shares
December 31, 2022:
31,300,315 shares2) Total number of treasury shares at the end of the period:
December 31, 2023:
1,218,496 shares
December 31, 2022:
1,218,356 shares
3) Average number of shares during the period:
Fiscal year ended December 31, 2023:
Fiscal year ended December 31, 2022:

30,141,328 shares
29,366,554 shares(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended December 31, 2023 (January 1, 2023 - December 31,2023)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Operating profit
Ordinary profit
ProfitFiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%
December 31, 2023
1,522
22.0
391
7.4
394
9.3
61 (82.7)
December 31, 2022
1,247
46.7
364 116.2
361 111.9
355 140.1

Fiscal year ended
December 31, 2023
December 31, 2022

Basic earnings
per share

Diluted earnings
per share
YenYen

2.04
11.71

2.01
11.56(2) Non-consolidated Financial Position
Total assets

Net assets

Fiscal year ended
Million yen
Million yen
17,318
7,576
December 31, 2023
December 31, 2022
15,464
7,787(Reference) Equity: As of December 31, 2023: ¥7,451 million
As of December 31, 2022: ¥7,663 million

Net assets
per share

Equity ratio
%

43.0
49.6

Yen

246.94254.75

* These consolidated financial results are outside the scope of audit by certified public accountants or an audit firm.
* Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on information currently available andcertain assumptions that the Company regards as reasonable, and are not intended as a guarantee that the Company
will achieve these targets. Actual results may therefore differ materially from these statements for various reasons.

(1) Consolidated Balance Sheets(Million yen)
As of December 31, 2022

As of December 31, 2023

AssetsCurrent assets

2,199
4,631
4,441
351
374
1,362
740

2,203
5,860
4,268
461
517
1,426552(44)
14,058(74)
15,215Construction in progress

1,928
173
74
172
1,718
015

1,904
300
130
183
1,753
6-

Total property, plant and equipment

4,082

4,278

282
473
59
6821

224
449
97
5776

1,338
93
883
196

1,335
175
881
181

Allowance for doubtful accounts

(11)

(9)

Total investments and other assets

2,501
7,405
21,4632,564
7,620
22,835

Cash and deposits
Notes and accounts receivable, and contract assets
Investments in leases
Finished goods
Work in process
Raw materials
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Machinery, equipment and vehicles
Tools, furniture and fixtures
Rental assets
Land
Leased assets

Intangible assets
Goodwill
Software
Software in progress
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Long-term accounts receivable
Other

Total non-current assets
Total assets1

(Million yen)
As of December 31, 2022

As of December 31, 2023

Liabilities
Current liabilities
Notes and accounts payable
Short-term borrowings
Current portion of bonds payable
Current portion of long-term borrowings
Income taxes payable
Accrued consumption taxes
Provision for bonuses for directors (and otherofficers)
Provision for product warranties
Other
Total current liabilities

1,759
1,925
17930
249
128

1,273
2,530
1,455
100
257

58

51

29
705
5,803

40
936
6,645

5,681
59

6,301
48

57

71

135
11
5
5,951
11,754

143
24
6
6,595
13,240

2,030
4,008
3,575
(312)
9,301

2,044
4,022
3,484
(312)
9,238

269

207

5275

7215

124
8
9,709

124
16
9,595

21,463

22,835

Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Provision for retirement benefits for directors (andother officers)
Retirement benefit liability
Provision for repairs
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

2(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Million yen)
Fiscal year ended
December 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit

Fiscal year ended
December 31, 2023

12,914
9,030
3,883
2,951
932

13,534
9,502
4,031
3,308
723

0
20
73
0
17
111

0
1520
8
8
13
64

45
34
79
964

44
11
16
73
715

-70
70

964
314
(28)
286
677
(8)
685

300
57
44403
382
226(57)
168
213
3210

Non-operating income
Interest income
Dividend income
Settlement income
Subsidy income
Surrender value of insurance policies
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on valuation of investment securities
Settlement payments
Office relocation expenses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

3

Consolidated Statements of Comprehensive Income(Million yen)
Fiscal year ended
December 31, 2022
ProfitFiscal year ended
December 31, 2023
677

213(12)
1(11)666(61)
2(59)
154

674

150(7)

4

Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests4(3) Consolidated Statement of Changes in Equity
Fiscal Year Ended December 31, 2022 (from January 1, 2022 to December 31, 2022)(Million yen)
Shareholders’ equity
Capital stock
Balance at beginning of
periodChanges during period
Issuance of new shares
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
shares(exercise of shareacquisition rights)
Net changes in items
other than shareholders’equityTotal changes during
periodBalance at end of period

Capitalsurplus

2,012

3,852

1818

Retainedearnings

Treasuryshares3,035

(455)

8,444
36(146)

(146)

685

685

138(0)

(0)

143

281

18156

539

143

857

2,030

4,008

3,575

(312)

9,301

Share
acquisitionrights

Noncontrollinginterests

Total net
assets

131

16

8,878

Accumulated other comprehensive income
Total
Valuation
Foreignaccumulateddifference on
currency
otheravailable-for- translation
comprehensale securities adjustment
sive income
Balance at beginning ofperiod
Changes during period

Totalshareholders’equity282

4286

36(146)

Issuance of new shares
Dividends of surplus
Profit attributable toowners of parentPurchase of treasury
shares
Disposal of treasury
shares(exercise of shareacquisition rights)
Net changes in items
other than shareholders’equityTotal changes during
periodBalance at end of period

685
(0)
281

(12)

0(11)

(7)

(7)

(26)

(12)

0(11)

(7)

(7)

830

269

5275

124

89,7095

Fiscal Year Ended December 31, 2023 (from January 1, 2023 to December 31, 2023)(Million yen)
Shareholders’ equity
Capital stock
Balance at beginning ofperiod
Changes during period
Issuance of new shares
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesNet changes in items
other than shareholders’equityTotal changes during
periodBalance at end of period

Capitalsurplus

2,030

4,008

1313

Retainedearnings

Treasuryshares3,575(312)9,301
27(300)

(300)

210

210
(0)

(0)

13

13(90)

(0)

(63)

2,044

4,022

3,484

(312)

9,238

Share
acquisitionrights

Noncontrollinginterests

Total net
assets

124

8

9,709

Accumulated other comprehensive income
TotalValuation
Foreignaccumulateddifference on
currency
otheravailable-for- translation
comprehensale securities adjustment
sive income
Balance at beginning ofperiod
Changes during period

Totalshareholders’equity269

5275

27(300)Issuance of new shares
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesNet changes in items
other than shareholders’equityTotal changes during
periodBalance at end of period

210
(0)
(61)

2(59)

-

8(51)

(61)

2(59)

-

8(114)

207

7215

124

16

9,595

6

(4) Consolidated Statements of Cash Flows(Million yen)
Fiscal year ended
December 31, 2022

Fiscal year endedDecember 31, 2023

Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Settlement payments
Relocation expenses
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for product warranties
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for retirement benefits
for directors (and other officers)
Interest and dividend income
Settlement income
Surrender value of insurance policies
Subsidy income
Interest expenses
Commission expenses
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Decrease (increase) in trade receivables and contract
assetsDecrease (increase) in inventories
Increase (decrease) in trade payables
Net decrease (increase) in investments in leases
OtherSubtotal
Interest and dividends received
Interest paid
Settlement paid
Settlement received
Fee paid
Subsidies received
Income taxes refund
Income taxes paid
Net cash provided by (used in) operating activities

7964
388
61(1)
264382
417
57
4458
27
107(7)(8)

13(20)0(73)
45-

(15)
(20)
(8)
(8)
44
11(70)
300(1,486)(1,228)

(25)
460
186
28533
20(42)
22
44(219)
359

(315)
(485)
172
408
(199)
15(44)(60)
20(11)
49
66
(413)
(578)

(Million yen)
Fiscal year ended
December 31, 2022

Fiscal year ended
December 31, 2023

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Payments of leasehold deposits
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from redemption of investment securities
Proceeds from collection of loans receivable
Payments of guarantee deposits
Proceeds from cancellation of insurance funds
Other
Net cash provided by (used in) investing activities

(6)
31
(3)
(1,153)
(216)
(417)
101
(202)
17
3
(1,848)(1)
13(55)
(362)
(177)
(668)
222
116
(0)
58
14(838)(1,907)
4,038
(959)
(16)
(0)
4

604
2,300
(1,155)
(17)
(0)
-280

-

(146)
(1)
0
1,291
6(190)
2,376
2,185

(301)
(0)
1,430
1
162,185
2,202

Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Redemption of bonds
Purchase of treasury shares
Proceeds from issuance of share acquisition rights
Proceeds from disposal of treasury shares resulting fromexercise of share acquisition rights
Dividends paid
Repayments of lease obligations
OtherNet 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 period8