Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Year Ended March 31, 2024
[Japanese GAAP]
April 23, 2024
Company name: AICHI CORPORATION
Stock exchange listing: Tokyo, Nagoya
Code number: 6345
URL: https://www.aichi-corp.co.jp
Representative: Toshiya Yamagishi, President and Representative Director
Contact: Tadashi Okumura, Accounting General Manager
Phone: +81-48-781-1111
Scheduled date of Annual General Meeting of Shareholders: June 14, 2024
Scheduled date of commencing dividend payments: May 30, 2024
Scheduled date of filing annual securities report: June 17, 2024
Availability of supplementary briefing material on annual financial results: Yes
Schedule of annual financial results briefing session: Yes(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
Fiscal year ended
March 31, 2024
53,129(12.4)
6,341(13.7)
7,018(12.4)
5,270(11.5)
March 31, 2023
60,678
7.2
7,351
7.1
8,016
3.6
5,958
5.5(Note) Comprehensive income:Fiscal year ended March 31, 2024:¥6,672 million [18.1%]
Fiscal year ended March 31, 2023:¥5,651 million [(3.2) %]Basic earnings per Diluted earnings per Rate of return on
shareshareequity
Yen
Fiscal year ended
March 31, 2024
70.26
March 31, 2023
79.16
(Reference) Equity in earnings (losses) of affiliated companies:

Yen

Ordinary profit tototal assets ratio

%6.6
7.7
Fiscal year ended March 31, 2024:
Fiscal year ended March 31, 2023:

Operating profit tonet sales ratio

%%

7.4
8.6
¥
¥

11.9
12.1
443 million
375 million(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Millions of yen

Millions of yen

94,921
95,695
As of March 31, 2024:
As of March 31, 2023:

Capital adequacy ratio¥¥

81,78978,57381,789 million
78,573 million

Net assets per share%

Yen

86.2
82.1

1,096.95
1,044.71(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

7,111
4,508

32,763(2,253)(3,551)(3,225)

42,131
5,727―1―2. Dividends
Annual dividends
1st2nd3rdquarter-end quarter-end quarter-end

Year-end

Total

Fiscal year ended

Yen

Yen

Yen

Yen

March 31, 2023

-

17.00

-

19.00

36.00

March 31, 2024

-

19.00

-

21.00

40.00

-

20.00

-

20.00

40.00

Total
dividends

Payoutratio(consolidated)

Yen Millions of yen

Dividends
to netassets(consolidated)

%%

2,707

45.5

3.5

2,994

56.9

3.7

Fiscal year ending
March 31, 2025

53.3

(Forecast)
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(% indicates changes from the previous corresponding period.)
Net sales

Full year

Operating profit

Profit attributable to Basic earnings perowners of parent
share

Ordinary profit

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

Yen

58,000

9.2

7,100

12.0

7,600

8.3

5,600

6.3

75.11

* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): No(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2024:
74,570,000 shares
March 31, 2023:
75,211,400 shares
2) Number of treasury shares at the end of the period:
March 31, 2024:
9,697 shares
March 31, 2023:
375 shares
3) Average number of shares outstanding during the period:
Fiscal Year ended March 31, 2024:
Fiscal Year ended March 31, 2023:

75,010,765 shares
75,268,286 shares―2―

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023Operating profit

Ordinary profit

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

52,95659,981(11.7)
6.9

6,218
7,287

(14.7)
6.3

6,452
8,253

(21.8)
16.3

4,701
6,354(26.0)
25.4

Basic earnings per share Diluted earnings per share
Fiscal year ended
March 31, 2024
March 31, 2023

Yen

Yen

62.68
84.43

-(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Millions of yen

89,777
92,071
As of March 31, 2024:
As of March 31, 2023:

Capital adequacy ratio

Millions of yen¥
¥76,038
74,65076,038 million
74,650 million

Net assets per share%

Yen

84.7
81.1

1,019.82
992.55* Financial results reports are not subjected to reviews.
* Explanation for appropriate use of financial forecasts and other special notes
The forecasts given in this document are based on the current available information in the company and certain reasonableassumptions of the company. And we don’t commit to achieve these forecasting numbers. Actual results may differ from theseforecasts by a variety of reasons.

―3―Consolidated Financial Statements
Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Deposits paid

1,162,162
37,865,486

42,131,006-Notes receivable - trade
Accounts receivable - trade

3,408,581
20,063,056

5,388,054
11,690,930

Merchandise and finished goods
Work in process

1,065,423
1,251,898

2,819,650
1,643,386

Raw materials and supplies
Other

1,486,946
1,249,447

1,562,785
592,449

Total current assets

67,553,002

65,828,262

Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

19,505,384

20,094,861(12,890,269)(13,439,088)

Buildings and structures, net

6,615,115

6,655,773

Machinery, equipment and vehicles

9,957,769

10,243,708

Accumulated depreciation(8,261,419)(8,831,923)

Machinery, equipment and vehicles, net

1,696,350

1,411,784

Tools, furniture and fixtures

2,963,989

3,057,019(2,788,596)(2,857,974)

175,392

199,0448,523,400
747,9448,522,521
732,253

Accumulated depreciation(485,104)(505,936)

Leased assets, net

262,839

226,317

Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets

Construction in progress

341,940

134,614

17,615,039

17,150,055

Intangible assets
Investments and other assets

601,208

651,201

Investment securities
Retirement benefit asset

6,959,086-

7,066,511
600,466

Other
Allowance for doubtful accounts

2,973,787(6,653)3,630,421(5,301)

Total investments and other assets

9,926,220

11,292,097

28,142,468

29,093,354

95,695,470

94,921,617

Total property, plant and equipment

Total non-current assets
Total assets―4―(Thousands of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade
Lease liabilities

10,248,973
94,148

7,372,886
72,642

Income taxes payable
Provision for bonuses for directors (and otherofficers)
Provision for product warranties
Other

1,385,807

862,617

38,00038,000153,065
2,975,807

133,4762,430,428

Total current liabilities

14,895,802

10,910,051

Non-current liabilities
Lease liabilities

214,152

183,348

Deferred tax liabilities
Deferred tax liabilities for land revaluation

695,862
616,302

1,383,340
616,302

Retirement benefit liability
Other

660,461
39,14239,511

Total non-current liabilities

2,225,920

2,222,503

17,121,723

13,132,554

Shareholders' equity
Share capital

10,425,325

10,425,325

Capital surplus
Retained earnings

9,923,342
54,606,278

9,923,342
56,428,242

Total liabilities
Net assets

Treasury shares
Total shareholders' equity(313)(8,939)74,954,632

76,767,970

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Revaluation reserve for land

3,882,938

4,025,637(1,624,044)(1,624,044)

Foreign currency translation adjustment
Remeasurements of defined benefit plans

808,182552,038

1,218,929
1,400,570

Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets―5―3,619,115

5,021,092

78,573,747

81,789,062

95,695,470

94,921,617

Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Thousands of yen)
For the fiscal year
ended March 31, 2023

For the fiscal year
ended March 31, 2024

Net sales
Cost of sales

60,678,851
47,627,170

53,129,278
41,350,074

Gross profit

13,051,681

11,779,203

Packing and delivery expenses
Advertising expenses

479,842
72,348519,553
79,936

Sales commission
Remuneration for directors (and other officers)

33,027
74,27718,00077,1782,182,919
33,647

2,123,220
34,591Retirement benefit expenses
Welfare expenses

142,486
506,773

100,998
457,976

Communication and transportation expenses
Depreciation

251,419
315,446

272,583298,976

Repair expenses
Rent expenses

71,617
170,832

71,925
143,307

Research and development expenses
Other

478,312887,419424,499814,8395,700,370

5,437,588

7,351,310

6,341,615

Interest income
Dividend income

10,724
172,863

19,402
174,111

Foreign exchange gains
Share of profit of entities accounted for using equity
methodMiscellaneous income

56,844

7,492

375,337

443,652

51,48734,566

Total non-operating income

667,258

679,226

Miscellaneous losses

2,492

1,992

Total non-operating expenses

2,492

1,992

8,016,076

7,018,849

Selling, general and administrative expenses

Salaries, allowances and bonuses
Provision for bonuses for directors (and other officers)

Total selling, general and administrative expenses
Operating profit
Non-operating income

Non-operating expenses

Ordinary profit―6―

(Thousands of yen)
For the fiscal year
ended March 31, 2023
Extraordinary income
Gain on sale of non-current assets

For the fiscal year
ended March 31, 2024
755763Gain on sale of investment securities

406,591

469,008

Total extraordinary income

407,347

469,771

Extraordinary losses
Loss on sale of non-current assets

170-

Loss on retirement of non-current assets
Loss on valuation of investment securities

6,461
6,650

998
-

Impairment losses
Loss on liquidation of subsidiaries and associates

606
28,491415-

Compensation for damage

104,011-

146,393

1,414

Profit before income taxes

Total extraordinary losses

8,277,030

7,487,206

Income taxes - current
Income taxes - deferred

2,177,077
141,849

1,987,427
229,699

Total income taxes

2,318,927

2,217,127

Profit5,958,103

5,270,078

Profit attributable to owners of parent

5,958,103

5,270,078―7―

Consolidated Statements of Comprehensive Income(Thousands of yen)
For the fiscal year
ended March 31, 2023
ProfitOther comprehensive income

For the fiscal year
ended March 31, 2024

5,958,103

5,270,078

Valuation difference on available-for-sale securities
Foreign currency translation adjustment(202,491)
37,184

142,698
182,567

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income(153,242)

848,531

12,262

228,179(306,286)

1,401,977

Comprehensive income

5,651,817

6,672,056

Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests

5,651,817

6,672,056--―8―

Consolidated Statements of Changes in Equity
For the fiscal year ended March 31, 2023
(Thousands of yen)
Shareholders' equity

Balance at beginningof period
Changes during
periodDividends ofsurplus
Profit attributable toowners of parent
Purchase oftreasury shares
Disposal of treasury
sharesCancellation oftreasury shares
Transfer fromretained earnings tocapital surplus
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end ofperiod

Share capital

Capital surplus

10,425,325

9,923,342

Retainedearnings
52,416,619

Treasury shares

Total
shareholders'equity(646,937)

72,118,350(2,790,323)(2,790,323)

5,958,103

5,958,103(331,569)(331,569)

(8)

78

70

(978,113)

978,113-

978,121(978,121)---

2,189,659

646,623

2,836,282

10,425,325

9,923,342

54,606,278(313)

74,954,632

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginningof period
Changes during
periodDividends ofsurplus
Profit attributable toowners of parent
Purchase oftreasury shares
Disposal of treasury
sharesCancellation oftreasury shares
Transfer fromretained earnings tocapital surplus
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end ofperiod

4,085,430

Total
Foreign currency Remeasurements accumulated Total net assets
Revaluationtranslationof definedotherreserve for land
adjustment
benefit plans comprehensive
income(1,624,044)

758,735

705,280

3,925,401

76,043,752(2,790,323)
5,958,103(331,569)
70(202,491)-

49,447(153,242)(306,286)(306,286)(202,491)-

49,447(153,242)(306,286)

2,529,995

3,882,938(1,624,044)

808,182552,038

3,619,115

78,573,747―9―

For the fiscal year ended March 31, 2024
(Thousands of yen)
Shareholders' equity

Balance at beginningof period
Changes during
periodDividends ofsurplus
Profit attributable toowners of parent
Purchase oftreasury sharesCancellation oftreasury shares
Transfer fromretained earnings tocapital surplus
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end ofperiod

Share capital

Capital surplus

10,425,325

9,923,342

Retainedearnings
54,606,278

Total
shareholders'equity(313)

74,954,632(2,858,014)(2,858,014)

5,270,078

5,270,078(590,100)
590,100

Treasury shares(598,726)(598,726)

590,100-(590,100)---

1,821,963(8,625)

1,813,337

10,425,325

9,923,342

56,428,242(8,939)76,767,970

Accumulated other comprehensive incomeValuationdifference on
available-forsale securities
Balance at beginningof period
Changes duringperiod
Dividends ofsurplus
Profit attributable toowners of parent
Purchase oftreasury shares
Cancellation oftreasury shares
Transfer fromretained earnings tocapital surplus
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period3,882,938

Total
Foreign currency Remeasurements accumulated Total net assets
Revaluationtranslationof definedotherreserve for land
adjustmentbenefit plans comprehensive
income(1,624,044)

808,182552,038

3,619,115

78,573,747(2,858,014)
5,270,078(598,726)
142,698-

410,747

848,5311,401,977

1,401,977

142,698-

410,747

848,5311,401,977

3,215,315

4,025,637(1,624,044)

1,218,929

1,400,570

5,021,092

81,789,062―10―

Consolidated Statements of Cash Flows(Thousands of yen)
For the fiscal year
ended March 31, 2023
Cash flows from operating activities
Profit before income taxes

For the fiscal year
ended March 31, 2024

8,277,030

7,487,206

1,484,874
606

1,440,853
415

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for product warranties(105)(75,205)(1,352)(19,588)

Decrease (increase) in retirement benefit asset
Increase (decrease) in retirement benefit liability

171,168(600,466)(660,461)

Interest and dividend income
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities(183,588)(193,514)(375,337)(443,652)(406,591)
6,650(469,008)-(233)(1,187)

Depreciation
Impairment losses

Foreign exchange losses (gains)
Loss (gain) on sale and retirement of non-current
assetsDecrease (increase) in trade receivables
Decrease (increase) in inventories

5,876

234

(4,867,428)(97,425)

6,414,625(2,186,934)

Increase (decrease) in trade payables
Compensation for damage

1,616,971
104,011(2,894,893)-Other, net

307,942776,418

Subtotal

5,969,215

8,648,697

Interest and dividends received

174,820952,113Compensation paid for damage
Income taxes paid(104,011)(1,531,291)(2,489,172)

Net cash provided by (used in) operating activities

4,508,733

7,111,638(1,900,000)

33,300,000

Cash flows from investing activities
Decrease (increase) in deposits
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of property, plant and equipment andintangible assets
Proceeds from sale of property, plant and equipment
and intangible assets
Other, net(100)497,355

565,984(789,647)(1,072,594)

3,329

9,085

(64,501)(39,166)

Net cash provided by (used in) investing activities(2,253,563)

32,763,309(331,569)(2,790,323)(598,726)(2,858,014)

Cash flows from financing activities
Purchase of treasury shares
Dividends paid
Other, net(103,184)(95,009)

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents(3,225,076)(3,551,750)

20,90680,160(949,001)

36,403,357

Cash and cash equivalents at beginning of period

6,676,649

5,727,648

Cash and cash equivalents at end of period

5,727,648

42,131,006―11―