September 13, 2023
Company name:
Representative:

YAMAZEN CORPORATION
Koji KISHIDA, President, CEO(Code No. 8051; The Prime Market of Tokyo Stock Exchange)

Inquiries:

Masamichi YAMAZOE, Director,Executive Officer, President ofCorporate Administration H.Q.
TEL 06-6534-3003

Revisions to Earnings Forecasts and Dividend Forecasts
YAMAZEN CORPORATION (the “Company”) hereby announces revisions to its forecasts of consolidated earnings
results and the dividend forecasts, announced on May 12, 2023, based on recent business trends.

1. Revisions to Earnings Forecasts(1) Revisions to the earnings forecasts for the first half of the fiscal year ending March 31, 2024
(April 1, 2023 to September 30, 2023)
Net sales

OperatingprofitOrdinary
profitProfit attributable toowners of parent

Earnings per sharemil. JPY

mil. JPY

mil. JPY

mil. JPY

JPY

Previously announced
forecasts (A)270,000

6,500

6,500

4,400

49.53

Revised forecasts (B)245,000

4,500

4,700

2,900

32.64

Changes (B-A)-25,000-2,000-1,800-1,500

--9.3

-30.8

-27.7

-34.1

-

261,817

8,148

8,715

5,734

64.55

Percentage changes (%)
Reference: First half results
for the fiscal year ended
March 31, 2023

(2) Revisions to the earnings forecasts for the full-year of the fiscal year ending March 31, 2024
(April 1, 2023 to March 31, 2024)
Net sales

OperatingprofitOrdinary
profitProfit attributable toowners of parent

Earnings per sharemil. JPY

mil. JPY

mil. JPY

mil. JPY

JPY

Previously announced
forecasts (A)550,000

15,00015,00010,000112.56

Revised forecasts (B)500,000

10,00010,000

6,700

75.41

Changes (B-A)-50,000-5,000-5,000-3,300--9.1-33.3-33.3-33.0-527,263

16,563

17,28012,527141.00Percentage changes (%)
Reference: Full-year results
for the fiscal year ended
March 31, 2023

(3) Reasons for revisions
In the first quarter of the fiscal year under review, operating profit, ordinary profit, and profit attributable to owners ofparent declined year-on-year due to factors such as an increase in the depreciation burden associated with theintroduction of a core system, but overall figures were generally in line with forecasts. However, since the second
quarter of this fiscal year, the recovery of capital investment in the Japanese domestic market has been delayed, andweak economic momentum in overseas markets, particularly China, has continued to make people cautious about
capital investment. This situation is expected to continue from the third quarter onward, and sales and each profit areexpected to fall below the previous forecasts. Therefore, the Company has decided to revise the consolidated earnings
forecasts for the first half and the full year of the fiscal year ending March 31, 2024 as described above.
2. Revisions to Dividend Forecasts(1) Details of the revisions
Dividend per share
Second quarterend

Fiscal year-end

TotalJPY

JPY

JPY

Previous forecasts (announcedon May 12, 2023)

20.00

25.00

45.00

Revised forecasts

20.00

29.00

49.00

Reference: full-year results forfiscal year ended March 31,2023

20.00

20.00

40.00

(2) Reasons for revisions
Based on the above revisions to the earnings forecasts, and in accordance with the Company’s shareholder return
policy, it has set the year-end dividend forecast at 29 yen (annual dividend forecast: 49 yen).
(Shareholder Return Policy)
The Company regards the return of profits to shareholders as a key management issue. Its basic policy is to distributeprofits in accordance with business performance, taking into account the balance between investment for sustainablegrowth and the enhancement of corporate value and financial soundness to prepare for various risks. The dividend
amount for each fiscal year shall be the higher of the consolidated dividend payout ratio of 40%, as an indicator of
performance-linked profit distribution, or the dividend on equity ratio (DOE) 3.5%, as an indicator of stable profitdistribution.
In addition, the Company will acquire treasury shares in a flexible manner, depending on the timing and financial
condition, to provide additional returns to shareholders and improve capital efficiency.
NOTE: The forecasts, etc. above are based on available information as of the publication date of this material and theactual results, etc. may differ from forecasts due to various factors in the future.
END