Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
[Japanese GAAP]May 15, 2024
Company name: Meiji Shipping Group Co., Ltd.
Stock exchange listing: Tokyo Stock Exchange
Code number: 9115
URL: https://www.meiji-group.com/
Representative: Takaya Uchida, President, CEOContact: Toshiro Mizuno, Managing Director
Phone: +81-3-3792-0811
Scheduled date of Annual General Meeting of Shareholders: June 27, 2024
Scheduled date of commencing dividend payments: June 28, 2024
Scheduled date of filing annual securities report: June 27, 2024
Availability of supplementary briefing material on annual financial results: No
Schedule of annual financial results briefing session: No(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 to
Net sales
Operating profit
Ordinary profit
owners of parent
Fiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%
March 31, 2024
65,01812.0
11,398
30.1
5,836
(9.4)
5,189 (19.4)
March 31, 2023
58,061
26.7
8,764
99.1
6,443
48.3
6,439
96.4
(Note) Comprehensive income: Fiscal year ended March 31, 2024: ¥15,497 million [(26.5)%]
Fiscal year ended March 31, 2023: ¥21,092 million [133.3%]
Basic earnings
per share

Diluted earnings
per share

Return on equity

Ordinary profit tototal assets

Operating profit
to net sales

Fiscal year ended
Yen
Yen
%
%
March 31, 2024
153.53–13.3
2.1
March 31, 2023
190.17–
21.7
2.5(Reference) Equity in earnings (losses) of affiliates: Fiscal year ended March 31, 2024: ¥1,089 million
Fiscal year ended March 31, 2023: ¥1,748 million(2) Consolidated Financial Position
Total assets

Net assets

Million yen

As of March 31, 2024
276,457
As of March 31, 2023
274,947(Reference) Equity: As of March 31, 2024: ¥42,774 million
As of March 31, 2023: ¥35,332 million

Equity ratio

%

17.5
15.1

Net assets per share

Million yen%

Yen81,41368,433

15.5
12.9

1,266.98
1,038.96(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

Million yen

Million yen

Million yen

Million yen

27,946
26,378

8,493(18,415)(24,603)(5,456)

37,68826,971

2. Dividends
Annual dividends
1st
2nd
3rd
Year-endquarter-end quarter-end quarter-end

Total

Total
dividends

Payoutratio(consolidated)

Fiscal year ended
Yen
Yen
Yen
Yen
Yen Million yen
March 31, 2023
–
–
–
5.00
5.00
179
March 31, 2024
–
–
–
5.00
5.00
179
Fiscal year ending
March 31, 2025
–
–
–
–
–
(Forecast)(Note) Dividend forecast for the fiscal year ending March 31, 2025 is not available at this point.

Dividends
to netassets(consolidated)

%

%

2.6
3.3

0.6
0.4

–

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 salesFirst half
Full year

Operating profit

Profit attributable toowners of parent

Ordinary profit

Basic earnings
per share

Million yen%

Million yen%

Million yen%

Million yen%

Yen

30,40061,400

(5.9)
(5.6)

4,400
9,700

(27.2)(14.9)

3,200
8,000

33.0
37.1

1,600
3,800

(15.3)(26.8)

47.39
112.56* Notes:(1) Changes in significant subsidiaries during the period under review: 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: 36,000,000 shares
March 31, 2023: 36,000,000 shares2) Total number of treasury shares at the end of the period:
March 31, 2024: 2,239,201 shares
March 31, 2023: 1,992,307 shares
3) Average number of shares during the period:
Fiscal Year ended March 31, 2024: 33,799,592 sharesFiscal Year ended March 31, 2023: 33,860,368 shares

(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
Operating profit
Ordinary profit
ProfitFiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%
March 31, 2024
2,908
4.0
735
(0.3)
2,481
57.9
1,787
63.6
March 31, 2023
2,798
14.9
737
52.2
1,571
23.8
1,092
11.2
Basic earnings per share
Fiscal year ended
March 31, 2024
March 31, 2023
(2) Non-consolidated Financial Position
Total assets
Million yen

Diluted earnings per share
Yen

Yen

49.67
30.36

–
–

Net assets
Million yen

As of March 31, 2024
27,303As of March 31, 2023
24,903(Reference) Equity: As of March 31, 2024: ¥11,473 million
As of March 31, 2023: ¥9,151 million

11,4739,151

Equity ratio

Net assets per share
%

Yen

42.0
36.7

318.82254.28* These consolidated financial results are outside the scope of audit by certified public accountants and audit
corporations.
* Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on the information available at thetime of preparation of this report and certain assumptions believed to be reasonable, and the Company does notassure the achievement of any of these. Actual results may differ significantly from the forecast due to a wide range
of factors. Please refer to “Future Outlook” on page 4 of the attached supplementary materials for information
regarding the underlying assumptions for financial results forecast, as well as explanatory and other notes regarding
the use of financial results forecast.

Supplementary Materials: Table of Contents
1. Overview of Business Results, etc. ..................................................................................................... 2(1) Overview of Business Results for the Fiscal Year under Review ................................................... 2(2) Overview of Financial Position for the Fiscal Year under Review ................................................. 3(3) Overview of Cash Flows for the Fiscal Year under Review ............................................................ 4(4) Future Outlook ................................................................................................................................ 4
2. Basic Stance Concerning Choice of Accounting Standards ................................................................ 5
3. Consolidated Financial Statements and Primary Notes ....................................................................... 6(1) Consolidated Balance Sheets .......................................................................................................... 6(2) Consolidated Statements of Income and Comprehensive Income .................................................. 8
Consolidated Statements of Income ................................................................................................ 8
Consolidated Statements of Comprehensive Income...................................................................... 9(3) Consolidated Statements of Changes in Net Assets ...................................................................... 10(4) Consolidated Statements of Cash Flows ....................................................................................... 12(5) Notes to the Consolidated Financial Statements ........................................................................... 14(Notes on Going Concern Assumption) ................................................................................... 14(Segment Information, etc.) ...................................................................................................... 14(Per Share Information) ............................................................................................................ 16(Significant Subsequent Events) ............................................................................................... 16

1

1. Overview of Business Results, etc.
(1) Overview of Business Results for the Fiscal Year under Review<Business environment>
During the fiscal year ended March 31, 2024 (the “fiscal year under review”), the growth rate of the global
economy slowed down to 3.2% due to Russia’s prolonged invasion of Ukraine, military conflict between Israeland Hamas, ongoing inflation and monetary tightening.
The U.S. economy, in contrast, expanded at a higher-than-expected rate due to a favorable household
economic situation and an improved labor market, even with higher interest rates. On the other hand, highinflation and falling real wages kept the European economy from picking up steam throughout the year. The
Chinese economy rebounded quickly once the COVID-19 was contained, but stagnated in April and beyond dueto the bust of the real estate boom.
The Japanese economy, following its recovery from the COVID-19 pandemic, resumed a moderate trajectory.
Nevertheless, despite the robust performance of the corporate sector in terms of business conditions and earnings,
this was not entirely reflected in wages and investment. As a result, domestic demand lacked strength and thegrowth rate was only 1.9%.
During the fiscal year under review, the foreign exchange rate began at the 133 yen range against a backdrop
of interest rate differentials between Japan and the U.S. The yen depreciated further after the U.S. policy rate wasincreased to 5.5% in July, reaching the 151 yen range in November. However, by December, anticipations thatthe Bank of Japan would intervene to restore monetary policy normalcy drove the yen to its end-of-the-year valueof 141 yen. The yen depreciated once more in the aftermath of the new year, reaching 151 yen by the end of
March, in part because of a revision to the forecast of early interest rate cut in the U.S.
<International shipping business>
The ongoing crisis in Ukraine and the deteriorating situation in the Middle East since October have caused
significant turbulence on the large tanker chartering market, prompting numerous shipping companies to avoid
voyages through the Suez Canal and the Red Sea. Despite this, the market remained generally strong throughout
the year, thanks in part to a relatively limited supply of newly constructed vessels. The product tanker market
also remained relatively stable due to an improved environment following the COVID-19 pandemic, including
an increase in ton-miles resulting from alternative procurement of petroleum products from Russia and increased
cargo movements of jet fuel, as well as an increase in ton-miles resulting from the avoidance of the Suez Canaland the Red Sea routes due to the deteriorating situation in the Middle East. The LPG/LNG chartering market
remained largely firm throughout the period, driven by increased cargo demand caused by the Ukraine situation
and widening regional price disparities. LPG carriers were particularly impacted by the drought restrictions on
passage through the Panama Canal, causing charter rates to remain high, even temporarily reaching historic highs.
The bulker chartering market, in contrast to the charter tanker market, kept declining until February this year,
especially for large vessels, mainly due to weak demand for raw materials due to the slowdown in the Chinese
economy, but is finally showing signs of bottoming out. The small- and medium-sized vessels market remainedlargely stable throughout the year, although the decline in the market was moderate compared to that of large
vessels.
The car carrier chartering market remained historically high. This is due to growth in automobile production
and cargo movement since the second half of 2023 under post-pandemic recovery, and the market conditions that
obviously reflected the slashed shipping capacity among Japanese and European operators, in particular, that
promoted vessel scrapping when cargo movement declined in 2020.
The containership chartering market peaked in early 2022 due to an increase in demand for shipping capacity
in the wake of port congestion and container shortages in some areas caused by the COVID-19 pandemic since
mid-2020. The market then plummeted as the situation calmed, but due to the deteriorating conditions in the
Middle East, freight rates increased from December 2023 as a result of avoiding the Suez Canal, making market
conditions remain favorable.
2

Under these conditions, net sales in the international shipping business for the fiscal year under review were¥55,744 million (an increase of 9.3% year on year). This is mainly attributable to an increase in the operation ofvessels delivered or acquired in the previous fiscal year, in addition to the new operation of a tanker in the fiscal
year under review coupled with the effect of weak yen, despite a decrease in vessel utilization due to the sale ofthe vessels. Segment profit in the international shipping business amounted to ¥10,678 million (an increase of
20.4% year on year) partly because there was a decrease in marine transportation expenses, including a decreasein the number of vessels docked compared with the same period of the previous fiscal year. In addition, as
extraordinary income, the Company recorded ¥7,191 million in gain on sales of five vessels held by theCompany’s consolidated subsidiaries.
<Hotel-related business>
For the hotel-related business, travel demand from both domestic and overseas customers recovered rapidly
after the COVID-19 pandemic was reclassified as Class 5 in May under the Act on the Prevention of Infectious
Diseases and Medical Care for Patients with Infectious Disease. As a result, net sales of the segment stood at¥8,722 million (an increase of 33.7% year on year) with a segment profit of ¥415 million (compared with asegment loss of ¥400 million in the previous fiscal year), returning to profitability for the first time in four years.
<Real estate leasing business>
Net sales in the real estate leasing business were ¥551 million (an increase of 3.6% year on year) with asegment profit of ¥304 million (an increase of 2.9% year on year).
As a result, for the fiscal year under review, net sales were ¥65,018 million (an increase of 12.0% year onyear) and operating profit was ¥11,398 million (an increase of 30.1% year on year), partly due to theaforementioned decrease in shipping expenses and the recovery from losses to profits in the hotel-related business.
Ordinary profit was 5,836 million yen (a decrease of 9.4% year on year) due to the recording of interest expenses
of 4,443 million yen and foreign exchange losses of 3,170 million yen in non-operating expenses. The bottom
line profit attributable to owners of parent came in at 5,189 million yen (a decrease of 19.4% year on year).

(2) Overview of Financial Position for the Fiscal Year under Review
Assets as of the end of the fiscal year under review increased by ¥1,510 million from the end of the previous fiscal
year to ¥276,457 million. This is mainly attributable to an increase in cash and deposits, the effect of foreign currencytranslation of our overseas subsidiaries, and an increase in investment securities.
Liabilities decreased by ¥11,469 million from the end of the previous fiscal year to ¥195,044 million. This ismainly attributable to a decrease in borrowings in conjunction with the sale of vessels. Furthermore, net assets
increased by ¥12,979 million from the end of the previous fiscal year to ¥81,413 million. This is mainly attributable
to increases in retained earnings and non-controlling interests.

3(3) Overview of Cash Flows for the Fiscal Year under Review
Cash and cash equivalents as of the end of the fiscal year under review increased by ¥10,717 million from the endof the previous fiscal year to ¥37,688 million. The conditions of each cash flow for the fiscal year under review are
as follows.
(Cash flows from operating activities)
Net cash provided by operating activities for the fiscal year under review increased by ¥1,568 million from theprevious fiscal year to ¥27,946 million. This is mainly attributable to the recording of profit before income taxes of¥13,222 million and depreciation of ¥17,284 million.
(Cash flows from investing activities)
Net cash provided by investing activities for the fiscal year under review was ¥8,493 million compared with
¥18,415 used for the previous fiscal year. This is primarily attributable to proceeds from sale of vessels and otheritems of property, plant and equipment of 19,399 million yen and purchase of property, plant and equipment of
9,814 million yen.
(Cash flows from financing activities)
Net cash used in financing activities for the fiscal year under review increased by ¥19,147 million from theprevious fiscal year to ¥24,603 million. This is mainly attributable to repayments of long-term borrowings of¥31,800 million, partially offset by proceeds from long-term borrowings of ¥12,357 million.

(4) Future Outlook
The growth rate of the global economy in 2024 is projected to be 3.2% with the inflation rate falling faster than
expected amid continued monetary tightening. Downside risks include geopolitical shocks, such as armed conflict
between Israel and Hamas, and prolonged monetary tightening due to underlying inflation.
In these economic conditions, there shall be no change to the Group’s management policy, and the Company will
endeavor to further enhance its management foundations based on safety, security and stability.
In the international shipping business, although the vessels delivered in the fiscal year under review will go intofull operation, and additional vessels scheduled for acquisition in the next fiscal year are scheduled to go into
operation, net sales are expected to be ¥50,800 million (a decrease of 8.9% year on year) under our scenario of adecrease in utilization of vessels corresponding to those sold during the fiscal year under review and yen appreciation.
In terms of expenses, vessel costs such as crew expenses and others are expected to rise while the number of vessels
docked is expected to decrease compared to the fiscal year under review, thereby segment profit in the business is
projected to be ¥8,900 million (a decrease of 16.7% year on year).
From the next fiscal year onward, the Company will work to unerringly address changes in shipping market
conditions, maintaining and enhancing its fleet, and at the same time securing a safe structure for operations. In thisway, the Company will strive steadily to maintain and enhance its business foundation based primarily on themedium- to long-term time charter.
In the hotel-related business, despite the recovery from the COVID-19 pandemic, rising labor costs in responseto the labor shortage and soaring energy and foodstuff costs are still concerns for the future, and the promotion ofsales measures to increase sales per customer and the use of IT to save labor is regarded as important issues. For the
next fiscal year, net sales of ¥10,000 million (an increase of 14.6% year on year) and a profit of ¥500 million (anincrease of 20.3% year on year) are projected in the segment.
In the real estate leasing business, net sales are expected to be ¥600 million (an increase of 8.9% year on year)
while segment profit in the business is anticipated to be ¥300 million (a decrease of 1.5% year on year). The
Company will continue to aim to secure stable earnings in the future by maintaining and enhancing the quality of
the Company’s real estate properties.
4Based on the above outlook, the Company expects full-year consolidated net sales of ¥61,400 million (a decreaseof 5.6% compared with the fiscal year under review), and consolidated operating profit of ¥9,700 million (a decreaseof 14.9% compared with the fiscal year under review). Ordinary profit is expected to be ¥8,000 million yen (anincrease of 37.1% compared with the fiscal year under review,) and the bottom line profit attributable to owners ofparent is expected to be ¥3,800 million yen (a decrease of 26.8% compared with the fiscal year under review). The
year-on-year decrease in profit attributable to owners of the parent company can be explained by the absence of again on sale of vessels recorded as extraordinary gains in the fiscal year under review. The Company assumes theforeign exchange rate for the next fiscal year to be at ¥135 to the U.S. dollar.

2. Basic Stance Concerning Choice of Accounting Standards
Taking into consideration the comparability of consolidated financial statements across periods and among
companies, the Group’s policy is to prepare its consolidated financial statements using Japanese GAAP for the time
being. With regard to application of International Financial Reporting Standards (IFRS), the Group’s policy is to
respond appropriately based on consideration of the situation in Japan and overseas.

5

3. Consolidated Financial Statements and Primary Notes(1) Consolidated Balance Sheets(Thousand yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Merchandise and finished goods
Raw materials and supplies
Other
Total current assets
Non-current assets
Property, plant and equipment
Vessels, net
Buildings and structures, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Total assets

6

As of March 31, 2024

27,572,231
706,560
23,341
1,135,464
4,624,826
34,062,424

38,313,224
731,162
26,5081,161,530
5,680,057
45,912,483

183,586,204
11,625,588
9,679,620
14,526,040
350,916
219,768,369

171,011,665
11,157,554
9,956,617
14,865,014
365,128
207,355,980

84,03484,034

92,90992,90911,472,623
1,290,401
991,685
7,277,558
21,032,268
240,884,672
274,947,097

15,023,011
1,617,565
616,751
5,838,773
23,096,101
230,544,991
276,457,475

(Thousand yen)
As of March 31, 2023
Liabilities
Current liabilities
Accounts payable - shipping
Current portion of bonds payable
Short-term borrowings
Accounts payable - other
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provisions
Provision for retirement benefits for
directors (and other officers)
Provision for special repairs
Total provisions
Retirement benefit liability
Liabilities from application of equity method
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

7

As of March 31, 2024

2,708,906
240,000
34,762,821
841,010395,354
67,566
8,713,877
47,729,536

3,344,901
133,000
30,821,205
1,012,831
767,434
81,513
7,482,455
43,643,342

178,000
146,006,946
2,950,131
1,083,122

45,000136,379,122
2,152,157
1,080,467

205,531

141,817

2,835,203
3,040,735
367,392
207,8704,949,570
158,783,768
206,513,305

3,261,040
3,402,858
371,974
265,816
7,703,342
151,400,739
195,044,081

1,800,000
733,608
24,472,827(420,655)
26,585,779

1,800,000
733,608
29,513,608(559,112)
31,488,103

656,7021,750,217

2,598,797
1,891,582
3,599,761

2,119,489
1,885,556
5,530,726

8,746,844

11,285,989

33,101,168
68,433,792
274,947,097

38,639,300
81,413,394
276,457,475

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Thousand yen)
For the fiscal year
ended March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using
equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Loss on valuation of derivatives
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of vessel
Other
Total extraordinary income
Extraordinary losses
Loss on retirement of property, plant and equipment
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

8

For the fiscal year
ended March 31, 2024

58,061,579
44,899,639
13,161,939
4,397,148
8,764,791

65,018,086
48,648,036
16,370,049
4,971,319
11,398,729

236,674
112,055

619,982
124,428

1,748,876

1,089,258

962,661
3,060,269

690,157
2,523,826

2,843,434
1,782,781
541,606
213,633
5,381,455
6,443,604

4,443,573
3,170,480
122,519349,2228,085,797
5,836,759

7,466,533–
7,466,533

7,191,156
195,083
7,386,239

30,85330,853
13,879,285
815,398
1,176,944
1,992,342
11,886,942
5,447,571
6,439,371––
13,222,999
1,227,185(747,470)
479,714
12,743,284
7,553,891
5,189,393

Consolidated Statements of Comprehensive Income(Thousand yen)
For the fiscal year
ended March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

9

For the fiscal year
ended March 31, 2024

11,886,942

12,743,284

247,041

1,100,798

5,090,948(40,036)
3,105,828(1,143,851)–
2,210,382

801,802587,162

9,205,584
21,092,527

2,754,492
15,497,777

11,233,823

7,734,564

9,858,703

7,763,212

(3) Consolidated Statements of Changes in Net Assets
For the fiscal year ended March 31, 2023
(Thousand yen)
Shareholders’ equity
Share capital
Balance at beginning of period

Capital surplus

1,800,000

Retained earnings

525,490

Treasury shares

18,275,856

Total shareholders’equity(581,058)

20,020,289

Changes during period
Dividends of surplus(179,940)(179,940)

Decrease by corporate division(67,406)(67,406)

1,665

1,665

3,280

3,280

6,439,371

6,439,371

Increase by merger
Change in scope of equity
methodProfit attributable to owners ofparentPurchase of treasury shares

208,117

Disposal of treasury shares

(40)

(40)

160,442

368,560

Reversal of revaluation reserve
for landNet changes in items other thanshareholders’ equity

Total changes during period
Balance at end of period–

208,117

6,196,970

160,4026,565,490

1,800,000

733,608

24,472,827(420,655)

26,585,779

Total
accumulated
othercomprehensive
income3,952,392

Noncontrollinginterests

Total net
assets23,409,636

47,382,318

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Deferred
gains or losses
on hedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

410,414

38,498

1,906,276

1,597,202

Changes during period
Dividends of surplus(179,940)

Decrease by corporate
division(67,406)

Increase by merger

1,665

Change in scope of equity
methodProfit attributable to ownersof parent

3,280
6,439,371

Purchase of treasury shares(40)

Disposal of treasury shares

368,560

Reversal of revaluation
reserve for land
Net changes in items otherthan shareholders’ equity

246,287

2,560,298(14,693)

2,002,558

4,794,452

9,691,531

14,485,983

Total changes during period

246,287

2,560,298(14,693)

2,002,558

4,794,452

9,691,531

21,051,474

Balance at end of period

656,7022,598,797

1,891,582

3,599,761

8,746,844

33,101,168

68,433,792

10

For the Fiscal Year Ended March 31, 2024
(Thousand yen)
Shareholders’ equity
Share capital
Balance at beginning of period

1,800,000

Capital surplus

Retained earnings

Treasury shares733,608

24,472,827(420,655)

Total shareholders’equity26,585,779

Changes during period(179,940)

Dividends of surplus(179,940)

Decrease by corporate
division–

Increase by merger–

Change in scope of equity
methodProfit attributable to owners ofparent25,30225,302

5,189,393

5,189,393(138,457)

Purchase of treasury shares–

Disposal of treasury shares
Reversal of revaluation reserve
for landNet changes in items other thanshareholders’ equity

6,026

Total changes during period
Balance at end of period(138,457)

6,026

–

–

5,040,781(138,457)

4,902,324

1,800,000

733,608

29,513,608(559,112)

31,488,103

Total
accumulated
othercomprehensive
income8,746,844

Noncontrollinginterests

Total net
assets33,101,168

68,433,792

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Deferred
gains or losses
on hedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

656,7022,598,797

1,891,582

3,599,761

Changes during period
Dividends of surplus(179,940)

Decrease by corporate division–

Increase by merger–

Change in scope of equity
methodProfit attributable to owners ofparent25,302
5,189,393

Purchase of treasury shares(138,457)

Disposal of treasury shares–

Reversal of revaluation reserve
for landNet changes in items other thanshareholders’ equity

6,026
1,093,515(479,308)(6,026)

1,930,964

2,539,144

5,538,132

8,077,277

Total changes during period

1,093,515(479,308)(6,026)

1,930,964

2,539,144

5,538,132

12,979,601

Balance at end of period

1,750,217

2,119,489

1,885,556

5,530,726

11,285,989

38,639,300

81,413,394

11

(4) Consolidated Statements of Cash Flows(Thousand yen)
For the fiscal year
ended March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss (gain) on sale of investment securities
Interest and dividend income
Loss (gain) on sale and retirement of property,
plant and equipment
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on investments in silent partnerships
Loss (gain) on valuation of derivatives
Share of loss (profit) of entities accounted forusing equity method
Increase (decrease) in provision for retirement
benefits for directors (and other officers)
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for special repairs
Increase (decrease) in advances received
Decrease (increase) in inventories
Decrease (increase) in consumption taxes refund
receivable
Increase (decrease) in accounts payable - shipping
Decrease (increase) in other current assets
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant andequipment
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of investment securities
Proceeds from sale and redemption of investment
securities
Loan advances
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities

12

For the fiscal year
ended March 31, 2024

13,879,285
16,631,189–(348,730)

13,222,999
17,284,684(169,177)(744,410)(7,435,680)(7,217,062)

2,843,434
1,845,540(95,082)541,606

4,443,573
3,273,797
17,968
122,519(1,748,876)(1,089,258)–(63,714)(5,916)
569,506
843,060(234,727)

4,582
906,056(462,151)(29,233)

190,634

10,621

549,738(1,881,196)
2,112,858
28,256,643
1,957,507(2,689,833(1,146,110)
26,378,206

635,994(960,248)
2,475,882
31,663,423
1,547,596(4,386,529)(877,980)
27,946,510(28,393,258)(9,814,556)

11,213,643

19,399,185(601,046)
525,026(1,449,294)(624,758)
601,046(1,373,065)

385,258

198,368(672,023)
701,701(125,312)(18,415,305)(364,864)
76,275395,829
8,493,461

(Thousand yen)
For the fiscal year
ended March 31, 2023
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Redemption of bonds
Dividends paid
Dividends paid to non-controlling interests
Purchase of treasury shares
Repayments of lease liabilities
Other, net
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
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

13

For the fiscal year
ended March 31, 2024

1,365,360
20,022,263(25,681,295)(482,000)(179,745)(173,080)(40)(2,807)(324,705)(5,456,050)(1,641,284)
12,357,461(31,800,655)(240,000)(177,621)(2,225,080)––(876,022)(24,603,202)

1,327,054(1,119,489)

3,833,905
23,137,279
26,971,185

10,717,281
26,971,185
37,688,466

(5) Notes to the Consolidated Financial Statements(Notes on Going Concern Assumption)
There is no relevant information.
(Segment Information, etc.)[Segment Information]
1. Description of reportable segments
Reportable segments of the Company are determined as segments whose separate financial information isaccessible from among the constituent units of the Company and are regularly examined by the Board of Directors
to determine the allocation of management resources and to evaluate achievements.
The reportable segments of the Company are composed of three segments, which are international shipping
business, hotel-related business, and real estate leasing business, and the Group companies of the Company
conduct business activities in each of these segments.
In the international shipping business, the Company operates businesses relating to shipping, centered on avessel chartering business, in addition to ship management operations. In the hotel-related business, the Company
presently holds hotels and golf courses at various locations, and offers services related to these facilities. In thereal estate leasing business, the Company conducts a rental space leasing business, centered on office buildings
held by the Group.
2. Method of measurement for the amounts of net sales, profit (loss), assets, liabilities and other items for eachreportable segment
The accounting method used for reporting business segments is generally the same as those employed in the
preparation of the Consolidated Financial Statements.
3. Information on net sales, profit (loss), assets, liabilities and other items by reportable segment
For the fiscal year ended March 31, 2023

(Thousand yen)International
shipping
business

Reportable segment
Real estate
Hotel-related
leasingbusinessbusiness

Adjustment

Total

Total

Net sales
Net sales to outside customers
Inter-segment net sales ortransfers
Total
Segment profit (loss)

51,007,028

6,522,916

531,634

58,061,579–

58,061,579

–

–

–

–

–

–

51,007,028

6,522,916

531,634

58,061,579–

58,061,579

8,868,740(400,021)

296,0718,764,791–

8,764,791

Segment assets

247,442,420

18,320,830

9,183,846

274,947,097–

274,947,097

Segment liabilities

191,115,894

12,604,834

2,792,576

206,513,305–

206,513,305–

Other items
Depreciation and amortization

15,808,677

718,360

104,151

16,631,189

Increase in property, plant and
27,366,312
207,022861,885
28,435,220
equipment and intangible fixed
assets(Note) Segment profit (loss) is equivalent to operating profit in the Consolidated Statements of Income.

14–

16,631,189–

28,435,220

For the Fiscal Year Ended March 31, 2024

(Thousand yen)
Reportable segment
Real estate
Hotel-related
leasingbusinessbusiness

International
shipping
business

Adjustment

Total

Total

Net sales
Net sales to outside customers
Inter-segment net sales ortransfers
Total

55,744,205

8,722,874

551,006

65,018,086–

65,018,086

–

–

–

–

–

–

55,744,205

8,722,874

551,006

65,018,086–

65,018,086

Segment profit

10,678,422

415,619

304,687

11,398,729–

11,398,729

Segment assets

248,648,321

18,237,758

9,571,395

276,457,475–

276,457,475

Segment liabilities

180,442,077

11,937,079

2,664,924

195,044,081–

195,044,081

Other items–

16,474,739
703,763
106,181
17,284,684
Depreciation and amortization
Increase in property, plant and
9,040,947
284,733
357,537
9,683,219
equipment and intangible fixed
assets(Note) Segment profit is equivalent to operating profit in the Consolidated Statements of Income.

–

17,284,684–

9,683,219

4. Differences between amounts recognized in reporting segments and the corresponding amounts reported in the
consolidated financial statements, and the primary items contributing to the difference
There is no relevant information.
[Information concerning impairment loss on noncurrent assets by reportable segment]
For the fiscal year ended March 31, 2023
There is no relevant information.
For the fiscal year ended March 31, 2024
There is no relevant information.
[Information on gain on bargain purchase by reportable segment]
For the fiscal year ended March 31, 2023
There is no relevant information.
For the fiscal year ended March 31, 2024
There is no relevant information.

15

(Per Share Information)
For the fiscal year
ended March 31, 2023
Net assets per share

For the fiscal year
ended March 31, 2024

¥1,038.96¥1,266.98

Basic earnings per share¥190.17¥153.53(Notes) 1. Diluted earnings per share is not disclosed since there are no potentially dilutive shares.
2. The basis for the calculation of basic earnings per share is as follows.
For the fiscal year
For the fiscal year
ended March 31, 2023
ended March 31, 2024
Basic earnings per share
6,439,371

5,189,393––

6,439,371

5,189,393

33,86033,799

3. The basis for the calculation of net assets per share is as follows.
For the fiscal year
ended March 31, 2023
Total net assets (Thousand yen)
68,433,792

For the fiscal year
ended March 31, 2024
81,413,394

Profit attributable to owners of parent (Thousand yen)Amount not attributable to common shareholders(Thousand yen)
Profit attributable to owners of parent relating tocommon shares (Thousand yen)
Average number of common shares outstanding
during the period (Thousand shares)

Amount deducted from total net assets (Thousand yen)

33,101,168

38,639,300[Of which non-controlling interests (Thousand yen)][33,101,168][38,639,300]

35,332,624

42,774,093

34,00733,760Net assets relating to common shares at the end of theperiod (Thousand yen)
Number of common shares for calculation of net assets
per share at the end of the period (Thousand shares)(Significant Subsequent Events)
One of the Company’s consolidated subsidiaries (based in the Netherlands, with a fiscal year end of December31) decided after its fiscal year end that four vessels that it had originally planned to acquire would instead beacquired by two of the Company’s equity-method affiliates (based in the Netherlands) that were established in
2024.

16