Disclaimer
T h e i n f or m at i on p r e s en t ed i n t h es e m at er i al s c on t ai n s for w a r d - l o o k i n g s t at e m en t s ab ou t fut ur ebusiness performance. These statements by definition involve risks and uncertainties and are not intended to guarantee
future performance. Actual results in the future may differ from expectations and the projections presented in thesematerials due to changes in the global economy and fluctuations in foreign currency exchange rates and so on. NS234M of JPY

FY2023

FY2022

ActualActualYoY Comparison
AmountRatio

FY2023 Forecast
Revisionon Nov. 10vs. Forecast

Ratio to net sales

MarginRatio to net sales

Ratio to net sales

Ratio to net sales
JPY5M of JPY

36,000+ 18.1%

31,000+ 19.3%26,000+ 65.4%21,00016,000+ 22.6%

11,0006,000

FY2022
ActualFY2023
Actual636,000+6.6 %
31,000+24.0 %

26,000+29.2 %

+24.9 %
21,000+28.0 %
16,000+22.6 %
11,0006,000

7FY2022 Average

FY2023 Average

USD→

EUR→7,500

7,000

+863

6,500-33-451-454-13

6,000-520

+892
5,500

5,000

4,500

4,000

3,500

3,000

FY2022
EBITDA

Adjusted
EBITDAFY2023
EBITDA8

M of JPY

8,300

7,800

+2.8 %
7,300+22.3 %

6,800

6,300

-6.4 %
5,800

5,300

4,800

+1.6 %
4,300

3,800

3,300

FY2022
ActualFY2023
Actual9interest income
Foreign exchange gain

Share of loss of entities accounted
for using equity method

591
2,088

100

Gain on sales of investment securities 201
Gain on step acquisitions

Expense on scrapping fixed assets

500

2,500

4,5006,500

8,500

10,50012,50014,50016,50018,50011,497100

20,50010

M of JPY

+38,076

Buildings and structures+2,959Cash and deposits-3,274Inventories+7,457

Goodwill+20,452

Merchandise and finished goods +4,976
Work in process+994
Raw materials and supplies+1,486+15,898

Deferred tax liabilities+4,022+11,187

Short-term borrowing+11,738+22,178

Foreign currency translation reserve+2,536Loans payable

Retained earnings+18,718+8.0 pt-3.7 pt+1,926

New factory “M1”

2,934+880
11M of JPY
40,00035,000

30,00025,00020,00015,000

Profit before
income taxes+28,808

Depreciation+2,929Gain on step
Acquisitions-11,497

Income taxes
paid-5,990Purchase of non-current
assets-5,952
Purchase of investments
in subsidiaries resulting
in change in scope ofconsolidation -15,107

10,0005,000

Dividends paid

-4,082

Purchase oftreasury shares-2,999

Short-termborrowing+11,100

Free cash flows

0

Cash and cash
equivalents at beginningof period2023/01

Cash and cash
equivalents at end ofperiod2023/121213

M of JPY

Ratio to net salesFY2024

FY2023

Forecast

ActualChangeAmountRatio+14,740+24.7%+5,200+14.4%-5.0 pt—-4
MarginRatio to net sales

Ratio to net sales

Ratio to net sales
(JPY)

Note

-0.0%

-5.9 pt—-1,643-11.5%-7.0 pt—-4,149-24.1%-11.3 pt—

-13,941-61.1%-26.3 pt———+2,632

—

+685

—

New factory “M1”, etc.

- Against the US dollar

JPY-5.54—

Forex sensitivity: 214Mof JPY- Against the EUROJPY-2.27—

Forex sensitivity: 98Mof JPY14M of JPY48,000

43,000+30.8%

38,000+5.9%
33,000-4.8%

28,00023,000+24.7%
18,00013,0008,000

FY2023
ActualFY2024
Forecast15M of JPY

Note

Ratio to net sales

MarginRatio to net sales

Ratio to net sales

Ratio to net sales

+312

+0.6%

-574

-1.6%

-1.4 pt—-1,164-6.6%-2.3 pt—-1,368-9.2%-2.6 pt—-4,054-22.5%-7.5 pt—-2,130-17.7%-4.0 pt—- Against the US dollar

JPY-5.54—

Forex sensitivity: 214Mof JPY- Against the EUROJPY-2.27—Forex sensitivity: 98Mof JPY

16

17

18

M of JPY❚❚

20,00018,00016,00014,00012,00010,000

➀

8,000

6,000

4,000

2,000

0

19

❚❚

80

70

70
60
60
50
50

40

40

30
30
20
20
100

1020