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

Summary of Consolidated Financial Results
for the Year Ended March 31, 2024
(Based on Japanese GAAP)May 20, 2024
Company name:

HAMAKYOREX CO., LTD.

Stock exchange listing: Tokyo
Stock code:

9037

Representative:
Inquiries:

President
Executive officer

URL https://www.hamakyorex.co.jp
Hidenori Osuka
Yoshiyuki Takeuchi

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:

June 18, 2024
June 18, 2024
June 19, 2024
Yes

Holding of financial results meeting:Yes

TEL 053(444)0054(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results
Net salesYear ended March 31, 2024
Year ended March 31, 2023

Operating profit

Millions of yen
140,572
131,912%
6.6
5.4

Millions of yen
12,56911,548

Earnings per share

Diluted earnings pershare

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen
%
%%
–
10.3
8.8
8.9
9.9
8.8
8.8
–

Yen
442.57393.92

Year ended March 31, 2024
Year ended March 31, 2023

%
8.8
3.9

Percentages indicate year-on-year changes
Profit attributable toOrdinary profit
owners of parent
Millions of yen% Millions of yen%
13,136
8,305
6.7
12.2
2.9
4.0
12,3067,400(2) Consolidated financial position
Total assets
As of March 31, 2024
As of March 31, 2023

Net assets

Equity ratio

Millions of yen
154,892
143,038

Millions of yen
95,631
88,149Cash flows fromoperating activities
Millions of yen
15,883
13,655

Cash flows frominvesting activities
Millions of yen(8,305)(3,003)

Net assets per share%
54.2
54.1

Yen
4,474.91
4,118.72(3) Consolidated cash flows

Year ended March 31, 2024
Year ended March 31, 2023

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(6,497)
24,143(5,772)
23,062

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2023
Year ended March 31, 2024
Year ending March 31, 2025
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%%

––

45.00
55.00

––

50.00
65.00

95.00
120.00

1,784
2,250

24.1
27.1

2.4
2.8

–

65.00

–18.75––(Note) Year-end dividend per share for the fiscal year ending March 31, 2025 (forecast)
We plan to conduct a 4-for-1 stock split of shares of common stock, effective October 1, 2024, and the year-end dividend per share for the fiscal
year ending March 31, 2025 (forecast) reflects the effect of this stock split, and the total annual dividend per share is "-".
If the stock split is not taken into account, the year-end dividend per share forecast for the fiscal year ending March 31, 2025 is 75 yen, theannual dividend per share is 140 yen, and the dividend payout ratio is 30.6%.
1

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)

Net sales

Full year

Millions of yen
146,000

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%Yen
3.9
12,9002.6
13,800
5.1
8,600
3.6
458.25(Note) Net income per share in the full-year earnings forecast for the fiscal year ending March 31, 2025 does not take into account the effect ofthe stock split.
4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024

No(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

NoNo

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

19,012,000 shares As of March 31, 2023

19,012,000 shares

Number of treasury shares at the end of the period
As of March 31, 2024

254,902 shares As of March 31, 2023

224,789 shares

18,767,196 shares Year ended March 31, 2023

18,787,222 shares

Average number of shares during the period
Year ended March 31, 20242

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets
Merchandise
Supplies
Investments in leases
Other
Allowance for doubtful accounts

25,23815,652

26,405
17,154

3
137

3
136

3,261
1,252

3,047
1,566

(35)

(41)

45,50948,271

77,394

79,988

Accumulated depreciation(44,756)(47,440)

Buildings and structures, net

32,63832,548

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures

Machinery and equipment

6,074

6,305

Accumulated depreciation(4,162)(4,575)

Machinery and equipment, net

1,911

1,729

7,130

9,409

(6,456)(8,065)

673

1,343

Land

45,98449,043

Leased assets
Accumulated depreciation

12,308(6,517)

12,256(6,523)

Leased assets, net

5,790

5,733

Construction in progress
Other

352
2,800

4,562
3,030

(2,407)(2,570)392

459

87,744

95,420

2,654

2,858

Investment securities
Long-term loans receivable

2,731
8

3,374
16

Long-term prepaid expenses
Leasehold and guarantee deposits170
2,382

205
2,705

Deferred tax assets
Other

1,218
1,073

1,158
1,562

Allowance for doubtful accounts

(455)

(680)

VehiclesAccumulated depreciation
Vehicles, net

Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets

Total investments and other assets
Total non-current assets
Total assets

3

7,129

8,342

97,528106,621143,038

154,892

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade

7,371

7,930

Short-term borrowings
Lease liabilities

17,031
2,004

17,283
2,022

Income taxes payable
Accrued consumption taxes

2,339
1,209

2,501
1,713

Provision for bonuses
Reserve for loss on dissolution of employee's pension fund

1,351
49

1,480
27

Other

5,237

6,890

Total current liabilities

36,59539,849Long-term borrowings
Lease liabilities

4,669
4,264

6,228
4,217

Deferred tax liabilities
Retirement benefit liability

887
5,868

894
5,833

Reserve for loss on dissolution of employee's pension fund
Other

27
2,574

–
2,238Total non-current liabilities

18,292

19,41154,88859,261

Shareholders' equity
Share capital

6,547

6,547

Capital surplus
Retained earnings

6,445
64,756

6,449
71,091

Treasury shares

(643)

(771)

77,10583,317

266
7550
69

Non-current liabilities

Total liabilities
Net assets

Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans

273

619

Non-controlling interests

Total accumulated other comprehensive income

10,77011,694

Total net assets88,149

95,631

143,038

154,892

Total liabilities and net assets

4Consolidated statements of income and consolidated statements of comprehensive income(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

Operating revenue
Operating costs

131,912
116,448

140,572
123,138

Operating gross profit

15,464

17,433

11

Remuneration for directors (and other officers)
Salaries and allowances

809
905

916
1,034

Provision for bonuses
Retirement benefit expenses

10073

106
15

Taxes and dues
Commission expenses

485
274

534
522

1,264

1,731

Selling, general and administrative expenses
Provision of allowance for doubtful accounts

Other
Total selling, general and administrative expenses
Operating profit

3,915

4,864

11,54812,569Non-operating income
Interest income

00

Dividend income
Rental income

99
113

129
137

Commission income
Gain on sale of non-current assets

58
149

53
144

Subsidy income
Electricity sale income

191
370

125
385

Miscellaneous income

247

300

1,231

1,275

Interest expenses
Rental Expense

138
50

149
52

Loss on sale and retirement of non-current assets
Cost of electricity sales

40
220

22218

Provision of allowance for doubtful accounts
Miscellaneous losses

–24

225
39

Total non-operating income
Non-operating expenses

Total non-operating expenses

473

709

12,30613,136Extraordinary income
Gain on bargain purchase

105

131

Compensation income
Other––

177
27

105

336

Ordinary profit

Total extraordinary income5(Millions of yen)

Extraordinary losses
Loss on transfer and closing of logistics center

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
10–

Loss on liquidation of subsidiaries and associates
Settlement payments

129
––
24

Other34–

174

24

Profit before income taxes

Total extraordinary losses

12,23813,447

Income taxes - current
Income taxes - deferred

3,978(49)4,270(59)

Total income taxes

3,928

4,211

Profit

8,309

9,235

Profit attributable toProfit attributable to owners of parent

7,400

8,305

908

930

Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax

53
104

303
69

Total other comprehensive income

158

373

8,467

9,609

7,512
955

8,651
957

Profit attributable to non-controlling interests
Other comprehensive income

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

6Consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

6,547

Retained earnings

6,445

59,046

Total shareholders'equity

Treasury shares(643)

71,395

Changes during period
Dividends of surplus(1,690)(1,690)

Profit attributable to owners ofparent

7,400

7,400

Purchase of treasury shares

(0)

(0)

Disposal of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

––

5,709

(0)

5,709

6,547

6,445

64,756(643)

77,105

Accumulated other comprehensive income

Balance at beginning of period

Valuation difference
on available-for-salesecurities

Remeasurements ofdefined benefit plans

Total accumulated
other comprehensive
income

216

(54)

162

Non-controllinginterests
10,034

Total net assets

81,592

Changes during period
Dividends of surplus(1,690)

Profit attributable to owners ofparent

7,400

Purchase of treasury shares(0)

Disposal of treasury shares
Net changes in items other thanshareholders' equity

49

61

111

735

847

Total changes during period

49

61

111

735

6,556

Balance at end of period

266

7273

10,77088,149

7

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

6,547

Retained earnings

6,445

64,756

Total shareholders'equityTreasury shares(643)

77,105

Changes during period
Dividends of surplus(1,970)(1,970)

Profit attributable to owners ofparent

8,305

8,305

Purchase of treasury shares
Disposal of treasury shares

4(141)

(141)

1318

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

–

4

6,335

(127)

6,211

6,547

6,449

71,091(771)

83,317

Accumulated other comprehensive income

Balance at beginning of period

Valuation difference
on available-for-salesecurities

Remeasurements ofdefined benefit plans

Total accumulated
other comprehensive
income266

7273

Non-controllinginterests
10,770Total net assets

88,149Changes during period
Dividends of surplus(1,970)

Profit attributable to owners ofparent

8,305

Purchase of treasury shares(141)

Disposal of treasury shares

18

Net changes in items other thanshareholders' equity

283

61

345

924

1,269

Total changes during period

283

61

345

924

7,481

Balance at end of period

550

69

619

11,694

95,6318

Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
12,23813,447

5,614
(1)

5,981
225398385(208)Interest and dividend income
Interest expenses

(100)
138

(129)
149

Loss on sales and retirement of noncurrent assets
Decrease (increase) in trade receivables

40(209)22(646)

Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes

(6)
380

429
555

Gain on sale of non-current assets
Decrease (increase) in investments in leases(149)(1,289)(144)
137

Increase/decrease in other assets/liabilities
Other, net

190
181

24
205

17,15020,137100(137)

129
(150)

Income taxes paid(3,457)(4,233)

Net cash provided by (used in) operating activities

13,655

15,883

Payments into time deposits
Proceeds from withdrawal of time deposits(2,045)
1,747(2,104)
2,423

Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment(2,354)471(8,216)
1,403

Purchase of intangible assets
Purchase of investment securities

(174)
(12)

(169)
(13)

Proceeds from sale of investment securities
Payments of leasehold deposits

0(63)64(337)

Proceeds from refund of leasehold deposits
Loan advances

90
(17)

101
(28)

Purchase of shares of subsidiaries resulting in change inscope of consolidation(728)(1,494)

Proceeds from sale of shares of subsidiaries resulting inchange in scope of consolidation–206

Purchase of shares of subsidiaries
Other, net–
82

(194)
53

(3,003)(8,305)

Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability

SubtotalInterest and dividends received
Interest paid

Cash flows from investing activities

Net cash provided by (used in) investing activities

9(Millions of yen)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
297

193

Proceeds from long-term borrowings
Repayments of long-term borrowings

442(2,441)324(2,155)Net decrease (increase) in treasury shares
Dividends paid

(0)
(1,690)(127)(1,970)

Dividends paid to non-controlling interests
Repayments of lease liabilities(220)(2,157)(208)(2,354)

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

(1)

(197)

(5,772)(6,497)––

Net increase (decrease) in cash and cash equivalents

4,880

1,080

Cash and cash equivalents at beginning of period

18,182

23,062

Cash and cash equivalents at end of period

23,062

24,14310