Main

PACIFIC METALS CO., LTD.
Final Results Briefing Session for Fiscal Year Ended
March 31, 2024
May 16, 2024

PACIFIC METALS Website:
https://www.pacific-metals.co.jp/en/

Inquiries:
General Administration Dept. (IR Group) TEL: +81-3-3201-6681

Table of Contents

2

1. Business Environment(1) Trends in LME nickel prices and nickel inventory volumes(2) Outlook for global stainless steel production and nickel supply and demand(3) Outlook for stainless steel production and nickel supply and demand by region(4) Trend in nickel pig iron (NPI) production

4
5
6
7

2. Full-Year Financial Results for Fiscal Year Ended March 31, 2024
(1) Full-year financial results (Summary)(2) Full-year financial results (Topics)(3) Sales results by country(4) Consolidated ordinary profit and loss analysis

9
10
11
12

3. Full-Year Financial Results Forecast for the Fiscal Year Ending March 31, 2025
(1) Full-year financial results forecast (Summary)(2) Full-year financial results forecast (Topics)(3) Trend in sales destination by country(4) Outlook for sales by country(5) Consolidated ordinary profit and loss analysis

14
15
16
17
18

4. Progress of Medium-term Business Plan PAMCO-2024(1) Summary of progress on major priority measures(2) Progress on investment plan(3) Ore procurement

20
26
27

(Reference) Medium-term Business Plan Numerical Data28

3

1. Business Environment

4

1. Business Environment(1) Trends in LME nickel prices and nickel inventory volumes
LME nickel price(Unit: $/t)

LME nickel inventory

SHFE nickel inventory* Surveyed by Pacific Metals
LME/SHFE nickel inventory(Unit: 1,000 Ni tons)

LME nickel price

40,000600
Due to the situation
related to Russia andUkraine500

30,000Moves of reopening
economic activities incountries expanded in someareas

Indonesia announced thebringing forward of thereintroduction of a nickelore export ban

400

20,000300
Indonesia relaxed thenickel ore export ban withconditions

Monetary tightening in Europe,
the U.S. and other regions anddelayed economic recovery in
China, etc.

200

10,000100

Mainly due to USChina tradetensions

Steady demand forstainless steel in China

Widespread
COVID-19 infections

0
Trend inoperating results

0
2015

2016

Fiscal year ended
March 31, 2015

Fiscal year ended
March 31, 2016

2017

2018

Fiscal year ended
March 31, 20172019

Fiscal year ended
March 31, 20182020

Fiscal year ended
March 31, 20192021

Fiscal year ended
March 31, 2020

2022

Fiscal year ended
March 31, 2021

2023

Fiscal year ended
March 31, 2022

2024

Fiscal year
ended March 31,
2023

Fiscal year
ended March 31,
2024

Net sales(million yen)

61,22547,64938,697

41,21049,062

44,13332,217

57,12934,852

15,521

Operatingprofit(million yen)

-7,787-15,357-3,070-3,239176-1,879

-493

4,806

-12,588-9,114

Ordinary
profit(million yen)-91

-12,283

-515

-203

3,451

972

3,344

12,999-4,960-2,119

5

1. Business Environment(2) Outlook for global stainless steel production and nickel supply and demand* Surveyed by Pacific Metals

Nickel supply and demand(Unit: 1,000 Ni tons)

Stainless steel production(Unit: 1,000 tons)

4,600

75,0004,400

For
nonSUS
37%

4,200
4,000

Ni user(2024)

For
SUS
63%

70,0003,800

65,000

3,600
3,400

60,000

3,200

3,000

55,000

2,800
2,600

50,000

2,400
2,200

45,000

2,000
1,800
2015

2016

2017

2018

Nickel supply

2019

2020

Nickel demand

2021

2022

2023

Stainless steel production

2024

2025

40,0002026

6

1. Business Environment(3) Outlook for stainless steel production and nickel supply and demand by region* Survey by Pacific Metals
Outlook for stainless steel production
Other
Indonesia
China
TaiwanSouth Korea
US
India
EuropeJapan

61,5001,200
5,100(Unit: 1,000 tons)

66,2001,300
5,300

Outlook for nickel demand
Other
Indonesia
China
TaiwanSouth Korea
US
India
Europe
Japan

3,510
120

(Unit: 1,000 Ni tons)

4,030
130

400

Outlook for nickel supply(Unit: 1,000 Ni tons)
Other
AfricaEuropeNorth America and Latin America
Russia and the Middle East
4,230
Oceania
Indonesia (NPI)70
China (NPI)
China
240
Asia (excluding China)
3,660
70
200

260

150
140

230
120
140

380

1,600
40,4002,540

38,000

1,470

2,180
300
330
800
2,000
1,800
4,000

900
2,200
2,100

50
140
170
80
340

6,600

7,300

40
100
150
70
300

2,000

2,100

170

180

2024

2026

2024

2026

4,600

1,050
780

320

420

2024

2026

7

1. Business Environment(4) Trend in nickel pig iron (NPI) production* Survey by Pacific Metals

Nickel pig iron (NPI) production
Production volume(Unit: 1,000 Ni tons)

Nickel ore procurement by China

LME nickel price(Unit: $/t)

2,000

40,0001,800

Procurement volume(Unit: 1,000 tons)

LME nickel price(Unit: $/t)

80,00040,00070,0001,600
30,00060,00030,0001,400
50,000

1,200
1,000

20,000800

40,00020,00030,000600

10,00020,00010,000400
10,000

200
0

0

0

0

(Year)

NPI in China

NPI in Indonesia

LME nickel price(Year)

Philippines

Indonesia

Others

LME nickel price8

2. Full-Year Financial Results for Fiscal
Year Ended March 31, 2024

9

2. Full-Year Financial Results for Fiscal Year Ended March 31, 2024
(1) Full-year financial results (Summary)
Results for the fiscal
year ended
March 31, 2023

Forecast for the fiscal
year ended
March 31, 2024
(Announced on Feb. 2)

Results for the fiscal
year ended
March 31, 2024

AmountProfit rate

AmountProfit rate

AmountProfit rate

(million yen)(%)(million yen)(%)(million yen)(%)

Year-on-year(%)

Vs
Forecast
announced
on Feb. 2(%)

Net sales

34,852―

15,586―

15,521

―

-55.5

-0.4

Operating profit (loss)-12,588-36.1-8,740-56.1-9,114(*)

-58.7

―

―

Ordinary profit (loss)-4,960-14.2-3,242-20.8-2,119(*)

-13.7

―

―

Profit (loss) attributable toowner of parent-5,026-14.4-1,138-7.3-1,074(*)

-6.9

―

―

(Investment)

1,232

―

―

―

331

―

-73.1

―

(Depreciation)

289

―

―

―

350

―

21.1

―

(*) Profit including inventory write-down of 0.9 billion yen (results for the fiscal year ended March 31, 2024)

Results for the fiscal
year ended
March 31, 2023

Forecast for the fiscal
year ended
March 31, 2024
(Announced on Feb. 2)

Results for the fiscal
year ended
March 31, 2024

Year-on-year(%)

Vs
Forecast
announced
on Feb. 2(%)

Production volume (Ni t)

13,380

6,015

6,035

-54.9

0.3

Sales volume (Ni t)

12,393

6,050

6,025

-51.4

-0.4

Applicable LME nickel price (US$/t)

25,507

21,186

21,208[Applicable LME nickel price(US$/lb.)]

-16.9

0.1

[ 11.57 ][ 9.61 ][ 9.62 ]Applicable exchange rate (¥/US$)

135.26143.21144.466.8

0.9

2. Full-Year Financial Results for Fiscal Year Ended March 31, 2024
(2) Full-year financial results (Topics)
1) On the production and sales volume front• Maintaining policy of strategic volume reduction
 The price of nickel pig iron (NPI), which is viewed as being price competitive, also affected
our selling prices, which led us to continue our policy of strategic volume reduction2) On the selling price front• Impact from nickel pig iron (NPI) price We set selling price level based on the LME nickel price applicable to the Company, theexchange rate applicable to the Company, and in addition, the nickel pig iron price as apartial reference, resulting in the continuation of a difficult sales environment with sluggish
income growth3) On the procurement price front• Nickel ore price Procurement prices are high• Energy costs (raw fuel/electricity) While the global increase in resource prices has temporarily calmed down compared tobefore, production costs remain high

10

11

2. Full-Year Financial Results for Fiscal Year Ended March 31, 2024
(3) Sales results by country(Unit: Ni tons)

Results of previous year

Results of current year

India
China
TaiwanSouth Korea
Japan

12,393151
2,689

Moving to strategic system of decrease in production
due to factors such as slack nickel supply anddemand and overseas stainless steel producers
partially shifting procurement to nickel pig iron,which is viewed as having a price advantage

1,658
6,725
0

5,668
151
101
1,203

2,588

802

455
803

3,412

Results for 1H ofthe fiscal year ended
March 31, 2023

1,605

6,290

2,879

Results for 2H ofthe fiscal year ended
March 31, 2023

Results forthe fiscal year ended
March 31, 2023

3,052
356

2,973
202

2,696

2,771

Results for 1H ofthe fiscal year ended
March 31, 2024

Results for 2H ofthe fiscal year ended
March 31, 2024

6,050

6,025

558

558

5,492

5,467

Forecast for
the fiscal year ended
March 31, 2024
(Announced on Feb. 2)

Results forthe fiscal year ended
March 31, 2024

2. Full-Year Financial Results for Fiscal Year Ended March 31, 2024

12(4) Consolidated ordinary profit and loss analysis(Unit: Billion yen)

+2.8 billion yen

2.0
0.0

-2.0
-4.0
-6.0
-8.0
-10.0

+0.0

Decreased sales volume due
to policy of volume reduction
based on the businessenvironment

Results forthe fiscal year
ended
March 31, 2023
-4.9 billion yen

+0.3

-1.0

+0.5
Results forthe fiscal year
ended
March 31, 2024
-2.1 billion yen

+7.8
-3.5

-12.0
-17.5

-14.0

+18.1

-16.0
-18.0
-20.0

Compared to the fiscal year
ended March 31, 2023, when werecorded a large valuation loss,
the valuation loss was smaller
due to factors such as decreased
inventory in the fiscal year ended
March 31, 2024

-22.0
-24.0
-26.0

-3.1
+1.2
Results for the
fiscal year
ended March
31, 2023

Sales
volumeLME price,etc.

Exchange
rates

Factors in ferronickel sales-19.4 billion yen

SalesvolumeRaw material Evaluation ofprices, etc.
inventory

Factors in ferronickel cost of sales+22.4 billion yen

Ferronickel
Ferronickel Equity gains
depreciation selling generalandadministrative
expensesOther-0.2 billion yen

Other

Results for the
fiscal year
ended March
31, 202413

3. Full-Year Financial Results Forecast for
the Fiscal Year Ending March 31, 2025

14

3. Full-Year Financial Results Forecast for the Fiscal Year Ending March 31, 2025

(1) Full-year financial results forecast (Summary)
Results for the fiscal year ended
March 31, 2024

Forecast for the fiscal year ending
March 31, 2025

AmountProfit rate

AmountProfit rate

(million yen)(%)(million yen)(%)

Year-on-year (%)

Net sales

15,521―

13,994―-9.8

Operating profit (loss)-9,114-58.7-6,838-48.9―

Ordinary profit (loss)-2,119-13.7-2,903-20.7―

Profit attributable to ownerof parent (loss)-1,074-6.9-3,252-23.2―(Investment)

331

―

4,147

―

1152.9(Depreciation)

350

―

407

―

16.3

Forecast for the fiscal year ending
March 31, 2025

Year-on-year

Results for the fiscal year ended
March 31, 2024
1st half

2nd half

Full year

Forecast for the
1st half

Forecast for the
2nd half

Forecast for thefull year(%)

Production volume (Ni t)

3,210

2,825

6,035

2,777

2,770

5,547

-8.1

Sales volume (Ni t)

3,052

2,973

6,025

2,869

3,131

6,000

-0.4

Applicable LME nickel price (US$/t)

23,766

18,563

21,20817,262

17,637

17,461[Applicable LME nickel price(US$/lb.)][ 10.78 ][ 8.42 ][ 9.62 ][ 7.83 ][ 8.00 ][ 7.92 ]Applicable exchange rate (¥/US$)

140.18148.85144.46139.28139.15139.21

-17.7

-3.6

3. Full-Year Financial Results Forecast for the Fiscal Year Ending March 31, 2025

(2) Full-year financial results forecast (Topics)
1) On the production and sales volume front• Maintaining policy of strategic volume reduction
 The price of nickel pig iron (NPI), which seems to have a price advantage, is impacting ourselling price, and we are maintaining our policy of strategic volume reduction2) On the selling price front• Impact from nickel pig iron (NPI) price We set selling price level based on the LME nickel price applicable to the Company, theexchange rate applicable to the Company, and in addition, the nickel pig iron price as apartial reference3) On the procurement price front• High raw material and energy costs continue
 We expect the price of nickel ore, which is a key raw material, and raw fuel and electricity
prices to remain at a high level A significant impact on profit expected15

3. Full-Year Financial Results Forecast for the Fiscal Year Ending March 31, 2025

(3) Trend in sales destination by country[China]Production is increasing due to
expectations for economic recovery, but
actual demand remains weak[India]Production continues to expand, butmain raw material is shifting to NPI[Japan]Production is on a downward
trend due to declining
demand[South Korea]
While there was a temporary decrease
due to damage from the 2022 typhoon,
production is trending toward recovery[Taiwan]Production reduction is continuing,
demand for Fe-Ni is decreasing

16

17

3. Full-Year Financial Results Forecast for the Fiscal Year Ending March 31, 2025

(4) Outlook for sales by country(Unit: Ni tons)

Results of previous year

Forecast for the next year announced on May 10

India
China
TaiwanSouth Korea

6,025

Japan

558

3,052

2,973

356

202

2,696

2,771

Results for 1H ofthe fiscal year ended
March 31, 2024

Results for 2H ofthe fiscal year ended
March 31, 2024

Going forward, the outlook does not see
any trend toward changes in the businessenvironment from the fiscal year ended
March 2024.
The reduced volume system will bemaintained.

6,000
400

3,131
2,869
5,467

2,669

Results forthe fiscal year ended
March 31, 2024

200
5,600

200

Forecast for 1H ofthe fiscal year ending
March 31, 2025
(Announced on May 10)

2,931

Forecast for 2H ofthe fiscal year ending
March 31, 2025
(Announced on May 10)

Forecast for
the fiscal year ending
March 31, 2025
(Announced on May 10)

3. Full-Year Financial Results Forecast for the Fiscal Year Ending March 31, 2025

18(5) Consolidated ordinary profit and loss analysis(Unit: Billion yen)

-0.8 billion yen

2.0

1.5
1.0
0.5

+0.0

-0.2

0.0
Reversal of inventory
valuation due to factors suchas decreased inventory

-0.5
-1.0

-2.2

-1.5

+3.7

-2.0
-2.5

-3.0

Results for the
fiscal year
ended March
31, 2024-2.1 billion yen

-0.1
-0.9
-0.9

-3.5

-0.6

+0.3

+0.1

-4.0

Forecast for the
fiscal year ending
March 31, 2025
-2.9 billion yen

Conservative equity gains
forecast due to uncertain
environment and other factors

-4.5

-5.0
Results for the
fiscal year
ended March
31, 2024

Sales
volumeLME price,etc.

Exchange
rates

Factors in ferronickel sales-1.6 billion yen

SalesvolumeRaw material Evaluation of Ferronickel
Ferronickel Equity gains
prices, etc.
inventory
depreciation selling generalandadministrative
expenses

Factors in ferronickel cost of sales+4.1 billion yen

Other-3.3 billion yen

Other

Forecast for
the fiscal year
ending March
31, 202519

4. Progress of Medium-term Business
Plan PAMCO-2024

4. Progress of Medium-term Business Plan PAMCO-2024(1) Summary of progress on major priority measures

Priority Measures(Key presented details are underlined）•

Creation of new businesses that contribute to society
 Promotion of new metal smelting projects
 Realization of production and sales of raw materials for LIB materials
 Development of LIB recycling technology•

Acceleration of consideration of expansion into overseas smelting business Promotion of overseas smelting projects and start-up of production•

Diversification of business in Japan to contribute to a recycling-oriented
society Restructuring of recycling business•

Enhancement of corporate value by addressing sustainability issues
 Reduction of GHG emissions
 Promoting harmonious co-existence by contributing to regions and resource-providing countries
 Promoting constructive dialogue with stakeholders

20

4. Progress of Medium-term Business Plan PAMCO-2024
Promotion of new metal smelting projects (1)Feasibility study of new metal smelting business using resources fromunderwater sources （F/S）

Timeline
FY2026
Smelting commissions
expected to start

FY2024
F/S

Capital investment
Development of mining rules byInternational Seabed Authority

F/S• Establishment of smelting process suited to characteristics of polymetallic nodules• Equipment design and capital investment amount estimation in progress• Currently acquiring technical and equipment data related to polymetallic nodule
smelting based on pilot demonstration tests• Planning to make preliminary economic calculations

21

22

4. Progress of Medium-term Business Plan PAMCO-2024
Promotion of new metal smelting projects (2)Feasibility study of new metal smelting business using resources from underwater
sources （F/S）
Establishment of smelting process suited to characteristics of polymetallic nodules
Changing raw
material

Currently establishingprocess and estimating
required equipment andinvestment

Changing/adding processes“Nickel ore”

Acquiring technical and equipment
data“Polymetallic nodules”

Verification with pilot
demonstration tests

Polymetallic nodule

Changing/adding processes
Casting
Dryer
Water vapor

Coal

Water蒸気Rotary kiln
Slag
Exhaust

Dust collector

Smelting electric
furnaceAcquiring technical and equipment data

Metal

4. Progress of Medium-term Business Plan PAMCO-2024
Promotion of new metal smelting projects (3)Feasibility study of new metal smelting business using resources from underwater
sources （F/S）
Currently conducting pilot demonstration tests with polymetallic nodules* (preliminary
verification tests completed)・ By acquiring technical and equipment data for the smelting process through smelting tests using
polymetallic nodules, we aim to perform actual operations with a high degree of precision* The polymetallic nodules used in the pilot demonstration tests were obtained in mining trials conducted by The Metals Company in
2022

Preliminary verification test

Polymetallic nodule cargo handling

Polymetallic nodule stockpile

On April 5, 2024, 2,000 wet tons of polymetallic nodules were received

23

24

4. Progress of Medium-term Business Plan PAMCO-2024
Reduction of GHG emissions
Electrification of ferronickel production calcination processIn joint research with Microwave Chemical Co., Ltd., we succeeded in calcinating andreducing nickel ore using standard microwave bench equipment
・Removal of crystalline water in nickel ore
We measured crystalline water in ore after calcination tests
and verified that it had been removed
・Nickel ore reduction reaction
Reduction of nickel oxide and iron oxide in ore progresses,
and we obtained results similar to the reduction rate with ourexisting rotary kilns

・Identifying issues and provisional economic calculations
Based on continuous supply tests, we acquired materialbalance and heat balance data, and we are currently
identifying issues and conducting preliminary economic
calculations with the aim of introducing actual equipment

Standard microwave benchequipment(Center) Nickel ore during
calcination (900ºC)

4. Progress of Medium-term Business Plan PAMCO-2024

25

Other Priority Measures
Realization of production and sales of raw materials for LIB materials
・Established cobalt sulfate production process (patent application) but postponed
consideration of joint projects with other companies
・Development of production process for rare metals for LIB using other raw materials is inprogress (once the process is established, we will consider commercialization, factoring in
the U.S. Inflation Reduction Act’s requirements)
Development of LIB recycling technology
・Completed technology development and progressed to the demonstration phase
Promotion of overseas smelting projects and start-up of production
・Restarting projects based on acquisition of local government approval ⇒ more in-depth
discussions with owners aimed at participation by us

Restructuring of recycling business・Continuing marketing activities for production and sales of raw materials for steel
manufacturing and raw materials for battery materials
Enhancement of corporate value by addressing sustainability issues
・Explanation of value creation process in 2023 edition of integrated report
・Conducting CSR survey of affiliates and equity-method affiliates as a human rights initiative26

4. Progress of Medium-term Business Plan PAMCO-2024(2) Progress on investment plan
(Million yen)

PAMCO-2024
Forecast for the fiscal
year ended March 31,
2024

Results for the fiscal
year ended March
31, 2024

1) Capital investment

1,351

317

-1,034309

Domestic business

500

0

-500

0

2) ii) Overseas business,resources

18

0

-18

3,607

2) iii) R&D investment

0

14

14

231

1,869

331

-1,538

4,147

2) i)

Total

Plan for fiscal year
ending March 31,
2025

ChangeReason for differences between
PAMCO-2024 forecast for the
fiscal year ended March 31,
2024, and results for the fiscal
year ended March 31, 2024

• 1) Capital investment
Due to the slump in the business environment, we have reduced investment within arange that will not impact stable operations• 2) i) Domestic business
Based on the results of marketing research related to restructuring the recycling business,
we stopped capital investment in the fiscal year ended March 31, 2024, because demand
diverged from our initial assumptions

Plan for the fiscal year ending
March 31, 2025

• 2) ii) Overseas business, resources
Overseas smelting projects were planned for the fiscal year ended March 31, 2023, but
due to structural revisions, they were pushed back to the fiscal year ended March 31,
2025

27

4. Progress of Medium-term Business Plan PAMCO-2024(3) Ore procurement
1) Status of conclusion of long-term contracts
Other party in long-term contracts

Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Fiscal year ending
March 31, 2024

Fiscal year ending
March 31, 2025

■ Rio Tuba Nickel Mining Corporation (36% stake held byPacific Metals)

Prior contract
periodContract period: Jan. 2022 to Dec. 2026 (5 years)■ Taganito Mining Corporation (33.5% stake held by Pacific
Metals)Prior contract
periodContract period: Jan. 2022 to Dec. 2026 (5 years)■ Cagdianao Mining Corporation

Prior contract
periodContract period: Jan. 2022 to Dec. 2026 (5 years)■ MKM

Contract period: Jan. 2014 to Dec. 2025 (2 contracts, 10 years each)■ Montagna SARL

Contract period: Apr. 2016 to Mar. 2026 (10 years)

Fiscal year ending
March 31, 2026

■ The Philippines ■ New Caledonia

3) Status of procurement

2) Procurement ratio•
Period covered by PAMCO-2024
100%



80%
60%



40%



Environment surrounding nickel ore procurement
The export ban on Indonesian ore came in effect in January
2014.
The export ban was relaxed temporarily between January
2017 and December 2019.
Afterwards, the export ban was reintroduced in January
2020.
Since then, ore supply and demand has remained tight.

20%
0%
Results for the fiscal
year ended March 31,
2022

Results for the fiscal
year ended March 31,
2023

New Caledonia

Results for the fiscal
year ended March 31,
2024

The Philippines

Plan for the fiscal year
ending March 31,
2025

•


The Company’s ore procurement policy
As an ongoing ore procurement policy, the Company ispushing forward with the expansion of the procurement ofores from New Caledonia.

28(Reference) Medium-term Business Plan Numerical Data
Fiscal year ended
March 31, 2023

20,81029,03728,454

Sales volume (Ni t)

20,50027,50027,50021,451 [ 9.73 ]

19,379 [ 8.79 ]19,290 [ 8.75 ]Applicable exchange rate (¥/US$)

111.05111.06111.07

Net sales (million yen)

50,21060,95860,801

Operating profit (million yen)

925

225

1,809

Ordinary profit (million yen)

3,844

2,822

4,549

Profit attributable to owners of parent(million yen)

3,513

2,415

4,058

Total assets (million yen)

89,59491,934

97,914

Net assets (million yen)

81,02682,41685,797

Investment (million yen)

7,089

1,869

9,484

Depreciation (million yen)

314

402

536

Results for the fiscal
year ended March 31,
2023

Results for the fiscal
year ended March 31,
2024

Forecast for the fiscal
year ending March 31,
2025

Production volume (Ni t)

13,380

6,035

5,547

Sales volume (Ni t)

12,393

6,025

6,000

25,507 [ 11.57 ]21,208 [ 9.62 ]17,461 [ 7.92 ]Applicable exchange rate (¥/US$)

135.26144.46139.21

Net sales (million yen)

34,852

15,521

13,994

Operating profit (loss) (million yen)

-12,588-9,114-6,838

Ordinary profit (loss) (million yen)

-4,960-2,119-2,903

Profit (loss) attributable to owner of parent(million yen)

-5,026-1,074-3,252

Total assets (million yen)

78,82573,79070,670Applicable LME nickel price (US$/t) [US$/lb.]

Results and forecasts for the
PAMCO-2024 period

Fiscal year ending
March 31, 2025

Production volume (Ni t)

Applicable LME nickel price (US$/t) [US$/lb.]

Planned figures for the
PAMCO-2024 period

Fiscal year ended
March 31, 2024

Net assets (million yen)

72,03469,06065,825Investment (million yen)

1,232

331

4,147

Depreciation (million yen)

289

350

407

This material is not disclosure material under the Financial Instruments and Exchange Act and the Company does not guarantee the accuracy orcompleteness of the information.
Any forward-looking statements in this material are based on information available at the time of preparation and may differ from actual results due
to changes in circumstances that may arise in the future. Therefore, please refrain from making investment decisions based solely on this material.
The Company assumes no responsibility whatsoever for any damage resulting from the use of this material.
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