Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In theevent of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.
May 13, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
[Japanese GAAP]
Company name:
LAC Co., Ltd.
Securities code:
3857
Representative:
Itsuro Nishimoto, President and Representative Director
Contact:
Takayuki Morozumi, Executive Officer
Scheduled date of Ordinary General Meeting of Shareholders:
Scheduled date of payment of dividend:
Scheduled date of filing of Japanese annual securities report:
Preparation of supplementary materials for financial results:
Holding of quarterly financial results meeting:Stock exchange listings: TSE
URL: https://www.lac.co.jp/english/

June 25, 2024
June 26, 2024
June 25, 2024
YesYes(All amounts are rounded down to the nearest millions of yen)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024
(from April 1, 2023 to March 31, 2024)(1) Consolidated Operating Results(% of change from previous year)

Net sales

March 31, 2023
March 31, 2022

Operating income

Net income attributableto owners of the parent

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

49,47744,018

12.4
3.2

2,174
1,775

22.5
11.3

2,153
1,813

18.8
2.5

1,379
(147)

-Note: Comprehensive income: Fiscal Year Ended (As of March 31, 2024)
Fiscal Year Ended (As of March 31, 2023)

Net income pershare
March 31, 2024
March 31, 2023

1,383 millions of yen (-%)
(184) millions of yen (—%)

Diluted netincome per share

Returnon equity

Returnon assetsOperating
income margin

Yen

Yen%%%

45.73(4.88)-

9.1

9.3(1.0)

7.6

4.4
4.0-

Reference: Equity in earnings (losses) of affiliates: Fiscal Year Ended (As of March 31, 2024)
Fiscal Year Ended (As of March 31, 2023)(2) millions of yen
44 millions of yen

Note: The Company has introduced a stock benefit trust and an employee stock ownership plan. The Company’s shares remaining in these trusts arerecorded as treasury shares under shareholders’ equity and, when calculating earnings per share, these shares are deducted from the average
number of shares outstanding during the period.

(2) Consolidated Financial Position
Total assets

March 31, 2024
March 31, 2023

Shareholders’equity ratio

Net assets

Net assets
per share

Millions of yen

Millions of yen%

Yen

23,77022,572

15,404
14,82064.8
65.7

510.51491.17

Reference: Shareholders’ equity: As of March 31, 2024
As of March 31, 2023

15,404 millions of yen
14,820 millions of yen

Note: The Company’s shares remaining in the stock benefit trust and employee stock ownership plan, which are recorded as treasury shares undershareholders’ equity, are, when calculating earnings per share, deducted from the number of shares outstanding at the end of the period.

(3) Cash Flow
Operating activities

March 31, 2024
March 31, 2023

Investing activities

Financing activities

Cash and cash
equivalents at end of year

Millions of yen

Millions of yen

Millions of yen

Millions of yen

2,177
136

(708)
(1,634)(2,134)(2,147)

5,494
6,144

- more --2-

2. Dividends
Dividend per share
1Q

2Q

FiscalYear-End

3Q

Amounts ofdividend(total)

Total

Dividend

Dividendratio

on equity

YenYenYenYen

Yen

Millions of yen%%

—
——

12.00
12.00
12.00

———

14.00
14.00
15.00

26.00
26.00
27.00

796
805

—
56.9
54.3

5.1
5.2

March 31,2023
March 31,2024
March 31,2025 (Forecast)

Note: The total amount of dividends includes the dividends paid (12 millions of yen in the fiscal year ended March 31, 2023; 20 millions of yen in thefiscal year ended March 31, 2024) on the Company’s treasury shares held by the Custody Bank of Japan, Ltd. (Trust Account E) as assets in trustof the stock benefit trust and employee stock ownership plan.

3. Forecast for the Fiscal Year Ending March 31, 2025 (from April 1, 2024 to March 31, 2025)(Percentages represent year-on-year changes)

Net sales

Operating income

Net Income attributableto owners of the parent

Ordinary income

Net Income
per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

52,750

6.6

2,180

0.3

2,200

2.1

1,500

8.7

49.71

Full year* Notes(1) Changes of important subsidiaries during the period(Changes of specific subsidiaries in accordance with changes in the scope of consolidation):

None(2) Changes in accounting policies and accounting estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards:

None2) Changes in accounting policies other than 1) above:None3) Changes in accounting estimates:

Yes

4) Restatements:

None(3) Number of shares issued (common shares)
1) Number of shares issued (including treasury stock):
As of March 31, 2024

31,293,120 shares

As of March 31, 2023

31,293,120 shares

2) Number of treasury stocks:
As of March 31, 2024

1,117,999 shares

As of March 31, 2023

1,119,399 shares

3) Number of average shares during the period:
Fiscal year ended March 31, 2024

30,174,597 sharesFiscal year ended March 31, 2023

30,173,064 shares

Note: The number of treasury shares at the end of the period includes the 793,200 shares held by Custody Bank of Japan, Ltd. (Trust Account E) asassets in trust of the stock benefit trust and employee stock ownership plan.

* This financial report is outside the scope of the audit by certified public accountants or auditing firms.
* Explanation of the proper use of forecast and other notes
The forward-looking statements such as result forecasts included in this document are based on the information available
to the Company at the time of the announcement and on certain assumptions considered reasonable, and the Company makes
no representations as to their achievability. Accordingly, the Company cannot make promises to achieve such forecasts. Actual
business and other results may differ substantially due to various factors.

-3-4. Consolidated Financial Statements(1) Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2023

As of March 31, 2024

6,144,725

5,494,909

6,723,341
1,247,095

8,110,491
2,024,081

AssetsCurrent assets
Cash and deposits
Accounts receivable
MerchandiseWork in process

194,679

355,768

Other

1,621,653

1,487,343

Total current assets

15,931,494

17,472,594

1,719,935(1,077,570)

1,996,189(1,294,766)

642,364

701,42245,73345,733(32,845)(34,361)

12,887

11,371

Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Tools, furniture and fixture

3,422,820

3,310,012

Accumulated depreciation(2,457,285)(2,598,157)

965,535

711,855

64,91818,889(5,638)64,91820,685(6,663)

13,25014,022Tools, furniture and fixture, netLand
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Total property, plant and equipment

1,309

4,000

1,700,264

1,507,590

361,284
1,022,962
9,011

289,027
812,632
85,491

58,88477,757

7,533

7,442

1,459,678

1,272,352

1,701,121
1,157,510
445,370—

1,640,661
1,224,343
440,343Intangible assets
Goodwill
Software
Software in progress
Leased assets
Other
Total intangible assets
Investments and other assets
Investment securities
Leasehold and guarantee deposits
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

185,211(8,296)

4,511
212,457(4,300)3,480,918

3,518,017

6,640,861

6,297,960

22,572,356

23,770,554

-4-(Thousands of yen)
As of March 31, 2023

As of March 31, 2024

3,303,118

4,006,312－Liabilities
Current liabilities
Accounts payable - trade
Current portion of long-term borrowings
Lease obligations
Income taxes payable

1,336,000
40,945
190,628

64,741
595,405

Contract Liabilities
Provision for bonuses

937,476
164,877

1,245,054
24,907

Provision for loss on order received

87,69032,280Asset retirement obligations－232,544

Other

1,349,397

1,702,594

Total current liabilities

7,410,134

7,903,839

83,99759,997

Non-current liabilities
Lease obligations
Net defined benefit liabilities

7,267－Provision for management board benefit trust

31,61654,762

Provision for employee stock ownership plan trust

219,055

347,254

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-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

341,936

462,0147,752,070

8,365,854

2,648,075
5,659,036
7,106,213

2,648,075
5,816,621
7,685,432(612,633)(768,951)

14,800,691

15,381,176

2,188
17,406(12,915)
36,43919,594

23,523

14,820,286

15,404,700

22,572,356

23,770,554

-5-(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income(Thousands of yen)
Period ended
March 31, 2023
44,018,530

Period ended
March 31, 2024
49,477,141

Cost of sales

34,407,795

39,390,282

Gross profit

9,610,735

10,086,858

Selling, general and administrative expenses

7,835,733

7,912,313

Operating income

1,775,002

2,174,544

3,994
2,915
15,425
－

5,846
3,003
7,302

Net sales

Non-operating income
Interest income
Commission income
Subsidy income
Penalty income
Equity in earnings of affiliates
Insurance dividend
Gain on investments in partnership
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission fees
Foreign exchange losses
Equity in losses of affiliates
Loss on investments in investment partnership
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of non-current assetsGain on sales of investment securities
Total extraordinary income

44,501
4,236
6,826
8,699

5,560
－
4,985
－
4,795

86,60031,494

5,633
18,14822,696
－
－
1,725

1,133
15,674
26,319
2,955
3,698
2,329

48,204

52,1101,813,397

2,153,927

－
－

1,899
61,265－63,16568,082－

52
148,811－Extraordinary losses
Loss on disposal of noncurrent assets
Impairment loss
Loss on system development
Loss on valuation of investment securities
Loss on valuation of shares of subsidiaries and associates

1,854,462
27,917
5,519－

58,569－Total extraordinary losses

1,955,981

212,313

Income (loss) before income taxes(142,584)

2,004,779

Income taxes - current

177,384

613,085

Income taxes - deferred(172,720)

11,822

4,663

624,907

Net income (loss)(147,247)

1,379,872

Net income (loss) attributable to owners of the parent(147,247)

1,379,872

Loss on valuation of golf club membership

Total income taxes

4,880

-6-

(3) Consolidated Statements of Comprehensive Income(Thousands of yen)
Period ended
March 31, 2023
(147,247)

Period ended
March 31, 2024
1,379,872

Valuation difference on available-for-sale securities
Foreign currency translation adjustment(39,321)
1,731(15,103)
19,033

Total other comprehensive income(37,589)

3,929

Comprehensive income(184,836)

1,383,801

Comprehensive income attributable toComprehensive income attributable to owners of parent(184,836)

1,383,801

Net income (loss)
Other comprehensive income- more --7-(4) Consolidated Statement of Cash Flow
(Thousands of yen)
Period ended
March 31, 2023

Period ended
March 31, 2024

Cash flows from operating activities
Profit (loss) before income taxes(142,584)

2,004,779

Depreciation

918,841－

1,023,212

Impairment loss
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts

72,256－

Increase (decrease) in provision for bonuses(7,917)

148,81172,256

Increase (decrease) in Provision for loss on order received

70,479(3,996)(139,969)(55,410)

Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for directors’ share-based
remuneration
Increase (decrease) in provision for employees’ share-basedremuneration
Interest and dividend income
Share of loss (profit) of entities accounted
for using equity method
Interest expenses(1,173)(7,267)－

23,14670,460129,465(3,994)(5,846)(44,501)

2,955

5,633

1,133(241)Foreign exchange losses (gains)
Loss (gain) on investments in investment partnerships
Loss (gain) on valuation of investment securities
Loss on valuation of shares of subsidiaries and associates
Loss (gain) on sale of investment securities
Loss associated with system development
Gain on sales of non-current assets(3,295)(6,826)
27,917
5,519－(61,265)

1,854,462－(1,899)3,698
58,569－－Loss on disposal of noncurrent assets

68,08252

Decrease (increase) in trade receivables(878,982)(1,385,558)

Decrease (increase) in inventories(343,841)(938,007)

Decrease (increase) in other current assets(339,933)(120,988)

Increase (decrease) in notes and accounts payable–trade(256,039)

703,194

Increase (decrease) in accrued consumption taxes(180,020)

86,709

Increase (decrease) in other current liabilities
Other, net(217,305)(46,773)

635,411(54,128)

Subtotal

620,463

2,118,817

Interest and dividends received

55,44952,273

Interest paid

(7,754)(3,345)(531,478)(247,350)－

257,130

136,679

2,177,526

Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities- more --8-(Thousands of yen)
Period ended
March 31, 2024

Period ended
March 31, 2023
Cash flows from investing activities
Purchase of property, plant and equipment(260,083)(184,841)

Purchases of software(602,990)(442,204)

Purchase of investment securities(791,070)－(135,000)

Proceeds from sales of investments in securities

111,265

Proceeds from share of profits on investments in capital

21,44012,040

Payments of leasehold and guarantee deposits(1,567)(66,640)

Proceeds from refund of leasehold and guarantee deposits

72

1,652

Other－(5,100)(1,634,200)(708,828)(22,902)－

Repayments of long-term borrowings(1,332,000)(1,336,000)

Proceeds from sales of treasury stock－242,250

Purchase of treasury shares(136)(242,250)

Payments for Commission fees

(28,000)—Cash dividends paid

(764,927)(798,982)(2,147,966)(2,134,982)

4,660

16,468Net increase (decrease) in cash and cash equivalents(3,640,827)(649,815)

Cash and cash equivalents at beginning of period

9,785,552

6,144,725

Cash and cash equivalents at end of period

6,144,725

5,494,909

Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of lease obligations

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents###