FLASH REPORT
February. 8, 2024
Company name
Stock listing
Code number
Address of head officeTelephone: KYB Corporation: Tokyo Stock Exchange (Prime Market): 7242: 4-1, Hamamatsu-cho 2-chome, Minato-ku, Tokyo 105-5128, Japan: +81 3- 3435- 3580

URL https://www.kyb.co.jp/english/

For further information, please contact : Norimichi Fukuda, General Manager,
Public Relations & Investor Relations Sect., Executive Office Dept.
The following statements are an English-translation of the original Japanese-language document for your convenience.
In the case that there is any discrepancy between Japanese and English versions, Japanese version is assumed to be correct.
(All amounts are rounded to the nearest million yen, unless otherwise noted.)

1. Consolidated financial results for the nine months ended December 31, 2023
( from April 1, 2023 to December 31, 2023 )(1) Consolidated financial results(Percentages indicate the change of the same period of the previous year)

Net sales
Nine months ended

Millions of yen%

Segment profit

Operating profit

Profit before taxes

Millions of yen

Millions of yen

Millions of yen

%

%

%

December 31, 2023

328,736

3.8

12,246(27.7)

15,388(24.6)

14,605(27.5)

December 31, 2022

316,817

10.7

16,948(10.4)

20,419(12.5)

20,139(9.2)

Nine months ended

Profit for the period

Profit attributable toowners of the parent

Comprehensive
income for the period

Millions of yen

Millions of yen

Millions of yen

%

%

%

Basic earnings
per share
Yen

December 31, 2023

11,989(25.5)

10,957(26.8)

19,091(11.3)

405.26

December 31, 2022

16,101(12.2)

14,974(13.8)

21,5202.4

558.49Diluted earnings
per share
Nine months ended

Yen

December 31, 2023

405.22

December 31, 2022

558.37*Segment profit is calculated by deducting cost of sales and selling, general and administrative expenses from sales.

(2) Consolidated financial position

As ofDecember 31, 2023
March 31, 2023

Total assets

Total equity

Equityattributable toownersof the parent

Millions of yen

Millions of yen

Millions of yen%

Yen

455,239446,836

199,888
191,036

191,302
182,83042.0
40.9

7,140.91
6,658.30

1

Ratio of equity
attributable toowners of the parent
to total assets

Equity attributable toowners of the parent pershare

2. Cash dividends
End offirst quarter
Yen

Annual cash dividends per share
End of
End ofYear-end
second quarter third quarter
Yen
Yen
Yen

70.00
100.00－－Previous fiscal year
Current fiscal year－－

Current fiscal year (forecast)

Total
Yen

130.00200.00100.00200.00*The above table shows dividends on common shares. Please refer to "(Reference) Dividends for Class Shares" forinformation regarding dividends on class shares, which are unlisted and have different rights from common shares.

3. Forecasts for the current fiscal year ( April 1, 2023 to March 31, 2024 )(Percentages indicate the change of the same period of the previous year)

Net sales
Millions of yen
Current fiscal year

Current fiscal year

Segment profit
Millions of yen%

443,000

20,0002.7(21.6)

Profitattributable toowners of the parent

Millions of yen

Millions of yen

16,000(44.2)

14,000Millions of yen%

Profit for the period%

Operating profit

22,000

Profit before taxes
Millions of yen%(32.4)

Basic earnings
per share%Yen(48.5)

516.33*Segment profit is calculated by deducting cost of sales and selling, general and administrative expenses from sales.

(Reference) Dividends for Class Shares

Dividends per share related to Class Shares with different rights from those of common shares are as follows.
Class A Shares

Annual cash dividends per share
End of second
End of third
Year-endquarterquarter

End of firstquarter
Yen

Yen

Yen

Yen

Previous fiscal year－

3,760,274.00－

Current fiscal year－

3,750,000.00－

Current fiscal year (forecast)Yen

3,739,726.00

7,500,000.00

3,750,000.00

7,500,000.00* Number of Class A Shares issued are 125 shares. The Class A Shares were issued on 28 June 2021.
Dividend whose reference date is attributed during FY2023 is planned to be 937 million yen.

2

Total

21,000%(33.9)

Consolidated Statements of Financial Position
KYB Corporation and its Consolidated Subsidiaries(Unit: Millions of yen)
As of March 31, 2023

As of December 31, 2023

AssetsCurrent assets:
Cash and cash equivalents

43,58550,619Trade and other receivables

120,247

119,136

Inventories

70,53570,561Other current financial assets

4,166

1,936

Other current assets

13,419

11,699Total current assets

251,952

253,951

158,360

159,919268

525

Intangible assets

3,218

3,052

Investments accounted for using the equity method

6,960

8,120

Other non-current financial assets

16,205

19,519Other non-current assets

7,117

7,537

Deferred tax assets

2,755

2,615

194,884

201,288446,836455,239

Non-current assets:
Property, plant and equipment
Goodwill

Total non-current assets
Total assets3

(Unit: Millions of yen)
As of March 31, 2023

As of December 31, 2023

Liabilities and equity
Current liabilities:
Trade and other payables

84,11484,286

Borrowings

69,05361,719

Income tax payables

2,545

837

Other current financial liabilities

30,36028,327

Provisions

8,357

9,654

Other current liabilities

2,774

1,314

Total current liabilities

197,204

186,137

Bonds and borrowings

15,49026,017

Liabilities for retirement benefits

4,653

4,763

Other non-current financial liabilities

24,85923,711

Provisions

5,490

5,727

522

415

Deferred tax liabilities

7,582

8,580

Total non-current liabilities

58,596

69,214

255,800

255,351

Share capital

27,64827,648

Capital surplus

38,37138,363Retained earnings

98,492

102,646

Treasury shares(583)(3,080)

Other components of equity

18,90325,725

Total equity attributable to owners of the parent

182,830

191,302

8,206

8,586

Total equity

191,036

199,888

Total liabilities and equity

446,836455,239

Non-current liabilities:

Other non-current liabilities

Total liabilities
EquityEquity attributable to owners of the parent:

Non-controlling interests4Consolidated Statements of Income
KYB Corporation and its Consolidated Subsidiaries(Unit: Millions of yen)
For the nine months
ended December 31, 2022
（Apr. 1, 2022 through Dec. 31, 2022)

For the nine months
ended December 31, 2023
（Apr. 1, 2023 through Dec. 31, 2023)

Net sales

316,817

328,736

Cost of sales

255,289

271,483

Gross profit

61,52857,253

Selling, general and administrative expenses

44,57945,008781

1,014

Other income

2,338

3,198

Other expenses

(352)

1,069

Operating profit

20,41915,388Finance income

881

889

Finance costs

1,161

1,672

Profit before taxes

20,13914,605

Income tax expenses

4,039

2,616

Profit for the period

16,101

11,989Owners of the parent

14,974

10,957

Non-controlling interests

1,127

1,032

Profit for the period

16,101

11,989Basic earnings per share (in yen)558.49405.26

Diluted earnings per share (in yen)558.37405.22Equity in profit of affiliates

Profit attributable to:Earnings per share5Consolidated Statements of Comprehensive Income
KYB Corporation and its Consolidated Subsidiaries(Unit: Millions of yen)
For the nine months
ended December 31, 2022
（Apr. 1, 2022 through Dec. 31, 2022)

For the nine months
ended December 31, 2023
（Apr. 1, 2023 through Dec. 31, 2023)

16,101

11,989286

2,287

Remeasurements of defined benefit plans

(1)

(5)

Share of other comprehensive income of investments
accounted for using the equity method

(15)

(9)

Total

271

2,272

4,434

4,244

715

586

5,149

4,830

Total other comprehensive income

5,420

7,102

Comprehensive income for the period

21,52019,091

Owners of the parent

20,187

17,742

Non-controlling interests

1,333

1,348

Comprehensive income for the period

21,52019,091

Profit for the period

Other comprehensive income:Items that will not be reclassified to profit or loss:
Net changes in financial assets measured at fair value throughother comprehensive income

Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations
Share of other comprehensive income of investments
accounted for using the equity method
Total

Comprehensive income for the period attributable to:6Consolidated Statements of Changes in Equity
KYB Corporation and its Consolidated Subsidiaries(Unit: Millions of yen)
Share capital
Balance at April 1, 2022

Capital surplus

Retained earnings

Treasury shares

27,64838,351

76,007(605)

Profit for the period--

14,974-

Other comprehensive income

-

-

-

-

Total comprehensive income for the period--

14,974-

Acquisition of treasury shares

-

-

-

(1)

Disposal of treasury shares

-

(24)

-

24

Share-based payment transactions

-

29

-

-

Dividends of surplus--(4,259)-Transfer to retained earnings

-

-

(105)

-

Total contributions by and distributions to owners
in their capacity as owners-

6(4,363)23

Dividends of surplus

-

-

-

-

Total changes in equity interest of subsidiaries

-

-

-

-

Total transactions with owners-

6(4,363)

23

Balance at December 31, 2022

27,64838,35786,618(582)

Balance at April 1, 2023

27,64838,371

98,492(583)

Profit for the period--

10,957-

Other comprehensive income

-

-

-

-

Total comprehensive income for the period--

10,957-

Acquisition of treasury shares

-

-

-

(2,517)

Disposal of treasury shares

-

(20)

-

20

Share-based payment transactions

-

12

-

-

Dividends of surplus--(6,766)-

Transfer to retained earnings

-

-

(37)

-

Total contributions by and distributions to owners
in their capacity as owners-(8)(6,803)(2,497)

Dividends of surplus

-

-

-

-

Total changes in equity interest of subsidiaries

-

-

-

-

Total transactions with owners-(8)(6,803)(2,497)27,64838,363

102,646(3,080)Comprehensive income for the period:

Transactions with owners:
Contributions by and distributions to owners
in their capacity as owners:

Changes in equity interest of subsidiaries:

Comprehensive income for the period:

Transactions with owners:
Contributions by and distributions to owners
in their capacity as owners:

Balance at December 31, 2023

7

(Unit: Millions of yen)
Other components of equity

Net changes infinancial assets
Remeasurements
measured at fairof definedvalue throughbenefit plansother comprehensive income

Balance at April 1, 2022

Exchangedifferenceson translationof foreign
operations

Comprehensive
income for theyear attributableto ownersof the parent

Total
other
componentsof equity

Noncontrollinginterests

Total
equity

3,108

-

8,902

12,010

153,411

7,503

160,914

-

-

-

-

14,974

1,127

16,101Other comprehensive income

286

(15)

4,942

5,213

5,213

206

5,420

Total comprehensive income for the period

286

(15)

4,942

5,213

20,187

1,333

21,520Acquisition of treasury shares

-

-

-

-

(1)

-

(1)

Disposal of treasury shares

-

-

-

-

-

-

-

Share-based payment transactions

-

-

-

-

29

-

29

Dividends of surplus

-

-

-

-

(4,259)-(4,259)

90

15

-

105

-

-

-

90

15

-

105

(4,230)-(4,230)

Dividends of surplus

-

-

-

-

-

(1,121)(1,121)

Total changes in equity interest of subsidiaries

-

-

-

-

-

(1,121)(1,121)

90

15

-

105

(4,230)(1,121)(5,351)

Balance at December 31, 2022

3,483

-

13,844

17,328169,368

7,716

177,084

Balance at April 1, 2023

4,098

-

14,80418,903

182,830

8,206

191,036

Comprehensive income for the period:
Profit for the period

Transactions with owners:
Contributions by and distributions to owners
in their capacity as owners:

Transfer to retained earnings
Total contributions by and distributions to owners
in their capacity as owners
Changes in equity interest of subsidiaries:

Total transactions with owners

Comprehensive income for the period:
Profit for the period

-

-

-

-

10,957

1,032

11,989Other comprehensive income

2,287

(12)

4,510

6,785

6,785

317

7,102

Total comprehensive income for the period

2,287

(12)

4,510

6,785

17,742

1,348

19,091

Acquisition of treasury shares

-

-

-

-

(2,517)-(2,517)

Disposal of treasury shares

-

-

-

-

0

-

0

Share-based payment transactions

-

-

-

-

12

-

12

Dividends of surplus

-

-

-

-

(6,766)-(6,766)

25

12

-

37

-

-

-

25

12

-

37

(9,271)-(9,271)Dividends of surplus

-

-

-

-

-

(968)

(968)

Total changes in equity interest of subsidiaries

-

-

-

-

-

(968)

(968)

25

12

-

37

(9,271)(968)(10,239)

6,410-

19,31525,725

191,3028,586

199,888

Transactions with owners:
Contributions by and distributions to owners
in their capacity as owners:

Transfer to retained earnings
Total contributions by and distributions to owners
in their capacity as owners
Changes in equity interest of subsidiaries:

Total transactions with owners
Balance at December 31, 2023

8

Consolidated Statements of Cash FlowsKYB Corporation and its Consolidated Subsidiaries

For the nine months
ended December 31, 2022
（Apr. 1, 2022 through Dec. 31, 2022)(Unit: Millions of yen)
For the nine months
ended December 31, 2023
（Apr. 1, 2023 through Dec. 31, 2023)

Profit before taxes

20,13914,605

Depreciation and amortization

14,01613,996

Impairment losses

672

545

Reversal gain of impairment losses

(15)

(28)

Gain on sales of fixed asset

(72)

(90)

Increase (decrease) in assets and liabilities for retirement benefits

(157)

(227)

(5,149)(1,679)Finance income

(881)

(889)

Finance costs

1,161

1,672

Equity in profit of affiliates(781)(1,014)(Increase) decrease in trade and other receivables(5,585)

5,035(Increase) decrease in inventories(2,686)

3,130

Increase (decrease) in trade and other payables

519(2,567)

Other

(524)

(321)

Subtotal

20,65832,169Interest received

312

386

Dividends received

1,153

945

Interest paid

(1,108)(1,622)

Income taxes paid

(6,127)(2,183)

Payments of loss associated with the Anti-Trust law(1,095)(941)

Net cash from operating activities

13,79328,755(1,396)

(383)

-

2,736

(8,422)(10,166)

Proceeds from sales of property, plant and equipment

144

254

Payment for purchases of other financial assets

(4)

(12)

Proceeds from sale of other financial assets

225

0

Other

(82)

(826)

(9,536)(8,398)Cash flows from operating activities:

Increase (decrease) in provisions for product warranties

Cash flows from investing activities:
Payment into time deposits
Proceeds from withdrawal of time deposits
Payment for purchases of property, plant and equipment

Net cash flows from investing activities

9For the nine months
ended December 31, 2022
（Apr. 1, 2022 through Dec. 31, 2022)(Unit: Millions of yen)
For the nine months
ended December 31, 2023
（Apr. 1, 2023 through Dec. 31, 2023)

Net increase (decrease) in short-term borrowings

4,767(5,613)

Repayments of lease liabilities(4,640)(4,578)Proceeds from long-term borrowings

1,759

11,400

Repayment of long-term borrowings(8,201)(4,699)Payments for purchase of treasury shares(1)(2,517)

Proceeds from sales of treasury shares-

0

Dividends paid

(4,259)(6,766)

Dividends paid to non-controlling interests(1,121)(968)

Net cash flows from financing activities(11,696)(13,741)908

419

Net increase (decrease) in cash and cash equivalents(6,531)

7,034

Cash and cash equivalents at beginning of period

52,11843,585

Cash and cash equivalents at end of period

45,58850,619Cash flows from financing activities:

Effect of changes in foreign exchange rates

10

Segment InformationKYB Corporation and its Consolidated Subsidiaries

For the nine months ended December 31, 2022
(Unit: Millions of yen)
Reportable segment
Automotive
Hydraulic
Aircraftcomponents components Components

Subtotal

Others(Note 1)

Adjustment
Consolidated(Note 2)Total

Net sales:
204,481

102,691

3,342

310,5156,302

316,817－

316,817

620

559

－

1,179

57

1,236

(1,236)－205,102103,250

3,342

311,694

6,359

318,053(1,236)

316,817

11,988

5,702(1,095)

16,594299

16,893

55

16,948Equity in profit of affiliates

781

－

－

781

－

781

(0)

781

Other income and expenses (net)

732

1,944

(29)

2,647

43

2,690

(0)

2,690

13,5007,646(1,124)20,022342

20,36455

20,419Outside customers
Intersegment sales and transfers
Total
Segment profit (loss)

Operating profit (loss)
Finance income and costs (net)(280)

Profit before taxes

20,139Notes: 1. “Others” includes “Special-purpose Vehicles”and "Other” that are not included in the three of reportable segment.
2. ¥55 million of adjustment of segment profit is the elimination of intersegment transactions.

For the nine months ended December 31, 2023
(Unit: Millions of yen)
Reportable segment
Automotive
Hydraulic
Aircraftcomponents components Components

Subtotal

Others(Note 1)

Total

Adjustment
Consolidated(Note 2)

Net sales:
216,364

101,335

3,115

320,814

7,922

328,736－

328,736

482

608

－

1,090

59

1,150

(1,150)－216,846

101,944

3,115

321,905

7,981

329,886(1,150)328,736

Segment profit (loss)

9,111

4,000

(1,370)11,741521

12,262(16)

12,246Equity in profit of affiliates

1,014

－

－

1,014

－

1,014

(0)

1,014

Other income and expenses (net)

2,162

(41)

(3)

2,118

11

2,129

－

2,129

Operating profit (loss)

12,287

3,959(1,373)

14,873532

15,404(16)

15,388Outside customers
Intersegment sales and transfers
Total

Finance income and costs (net)(783)

Profit before taxes

14,605

Notes: 1. “Others” includes “Special-purpose Vehicles”and "Other” that are not included in the three of reportable segment.
2. ¥(16) million of adjustment of segment profit is the elimination of intersegment transactions.

*With regard to the changes of reportable segment
We have included a part of product of “Others” into the "Automotive Components" from the current first quarter,
as a result of reviewing the segment management classification due to the reorganization of the KAYABA Group.
Financial information for the same period of the previous fiscal year has been revised to reflect this change.

118-Feb-24
KYB Corporation

Third Quarter of FY2023 Financial Results Supplementary Information
1．Breakdown of sales
FY2022 3Q
Sales
composition
ratio（¥ million）

FY2023 3Q
Sales
composition
ratio（¥ million）

Differences
Sales
composition
ratio（¥ million）

204,48164.5%

216,364

65.8%

11,883

5.8%

Shock absorber for automobiles

147,51946.6%

157,259

47.8%

9,740

6.6%

Shock absorber for motorcycles

33,06710.4%

30,894

9.4%△ 2,173-6.6%

Hydraulic equipment for automobiles

15,704

5.0%

17,399

5.3%

1,695

10.8%

Others

8,191

2.6%

10,813

3.3%

2,621

32.0%

102,69132.4%

101,335

30.8%△ 1,356-1.3%

Hydraulic equipment for industrial use

98,041

30.9%

94,697

28.8%△ 3,343-3.4%

System products

2,053

0.6%

4,147

1.3%

2,095 102.1%

Others

2,598

0.8%

2,490

0.8%

△ 108

-4.2%

3,342

1.1%

3,115

0.9%

△ 227

-6.8%

3,342

1.1%

3,115

0.9%

△ 227

-6.8%

6,302

2.0%

7,922

2.4%

1,620

25.7%

Special-purpose Vehicles

6,302

2.0%

7,922

2.4%

1,620

25.7%

Others

－

－

－

－

－

－

11,919

3.8%

Automotive Components

Hydraulic Components

Aircraft Components
Aircraft Components

Special-purpose Vehicles and others

Total

316,817 100.0%

328,736 100.0%

2．FOREX Rate（\）
FY2022Average FOREX Rate

Apr-Jun 2022

JPY/USD
JPY/EUR
JPY/CNY

Apr-Sep 2022

129.57138.1019.57

FY2023

Apr-Dec 2022

133.97138.72
19.88

Full year

136.53140.5919.88

Apr-Jun 2023

135.48140.97
19.74

Apr-Sep 2023

137.36149.46
19.55

Apr-Dec 2023

140.99153.3719.74

143.29155.28
19.97（\）

FOREX Rate prevailingat the end of quarter

FY202230 Jun 2021

JPY/USD
JPY/EUR
JPY/CNY

30 Sep 2021

136.69142.6520.39

FY202331 Dec 2021

144.81142.3220.37

31 Mar 2022

132.70141.4419.02

30 Jun 2022

133.54145.72
19.42

30 Sep 2022

144.99157.5619.95

149.58157.97
20.46

69,35534,042
1,202
2,669
107,268

FY2023
2Q
73,46833,828750
2,592
110,638

31 Dec 2022
141.82157.0919.94

3．Segment sales (*2)（\ million）
FY2022
1Q
Automotive Components
Hydraulic Components
Aircraft Components
Special-purpose Vehicles and others
Total

2Q
64,65932,3791,476
1,895
100,409

3Q
71,654
34,5981,070
2,156
109,477

4Q
68,16935,715796
2,251
106,931

1Q
75,21035,184
1,074
2,920
114,388

3Q
73,541
33,466
1,163
2,661
110,830

4．Segment operating income (*1)(*2)（\ million）
FY2022
1Q
Automotive Components
Hydraulic Components
Aircraft Components
Special-purpose Vehicles and others
Total

2Q
3,937
1,898
△ 146
△ 10
5,679

3Q
4,496
1,905
△ 551
164
6,014

4Q
3,598
1,917
△ 398
139
5,256

FY2023
2Q

1Q
6,763
1,807
△ 330
312
8,551

2,948
1,365
△ 299
189
4,203

3Q

3,049
1,395
△ 906
218
3,755

3,104
1,235
△ 165
113
4,287

5．Capital Expenditure, Depreciation（\ million）
FY2022
1Q
Capital Expenditure
Depreciation Expenses

2Q
2,788
4,587

3Q
3,764
4,630

4Q
3,114
4,799

FY2023
2Q

1Q
4,375
4,636

3,792
4,625

3Q
4,457
4,581

5,527
4,789

6． R&D Expenses（\ million）
FY2022
1Q
R&D Expenses

2Q
1,734

3Q
1,711

4Q
1,817

FY2023
2Q

1Q
1,877

1,860

3Q
1,930

2,016

7．Foreign Exchange gain or loss (*3)（\ million）
FY2022
1Q
Other Income / Other Expenses
Finance Income / Finance Costs
Total

2Q
1,242
△ 54
1,188

3Q
761
△ 63
698

4Q
△ 868
157
△ 711

FY2023
2Q

1Q
433
△ 136
298

1,697
202
1,899

(*1) “Segment operating income”, which is described above, is different from “Segment profits (losses)” which is described in “Segment Information”
section in the Flash Report. “Segment operating income” amount includes “Adjustment” amount, which is described in the Flash Report”.
(*2) With regard to the changes of reportable segment
Products included in "Others" of "Special Vehicles and Others" are included in "Others" of "Automotive Components" from the current first quarter
As a result of reviewing the segment management classification due to the reorganization of the KYB Group.
(*3) “Foreign Exchange Gain or Loss” ,which is described above, comes from the amount of foreign exchange gain or loss in “Other income” ,“Other expense”, “Finance income” and “Finance costs” in the Consolidated Statements of Income. Foreign exchange gain is written as plus
and foreign exchange loss is written as minus.

3Q
408
△ 13
394

△ 477
△ 82
△ 559