Financial Report
2024
Year ended March 31, 2024

Central Glass Co., Ltd.

1

CONTENTS
Summary of Business Results for the Year Under Review ......................................................................3
Consolidated Financial Statement ............................................................................................................5
Consolidated Balance Sheets....................................................................................................................5
Consolidated Statements of Income .........................................................................................................7
Consolidated Statements of Comprehensive Income ...............................................................................8
Consolidated Statements of Changes in Net Assets .................................................................................9
Consolidated Statements of Cash Flows ................................................................................................... 11
Notes to Consolidated Financial Statements ..........................................................................................13
Consolidated Supplementary Schedules.................................................................................................452

Summary of Business Results for the Year Under Review(1) Business Results for the Year Under Review
For the fiscal year ended March 31, 2024, despite continued increasing prices, especially for imported
materials, due to geopolitical factors and the effect of the exchange rate, the domestic economy saw acontinued gradual recovery with capital investment picking up on the back of recovering corporate
performance and signs of improvement in employment and income conditions. Meanwhile, theoutlook for the global economy continued to remain very uncertain due to the prolonged effects ofmonetary tightening in Europe and the U.S., a slowdown in China’s economy as a result of a real estate
recession, the Russian invasion of Ukraine, and continued tensions in the Middle East.
Against this economic backdrop, despite the Group’s proactive sales activities, net sales in the fiscal
year under review were ¥160,339 million, marking a 5.3% decrease compared to the previous fiscal
year.
With respect to profits, despite implementing measures to improve the efficiency of and streamline
overall business management, ordinary profit decreased by ¥3,367 million year on year to ¥16,269
million, and profit attributable to owners of parent decreased by ¥30,016 million compared to theprevious fiscal year to ¥12,478 million.
(2) Review of Operations by Segment
Glass BusinessAlthough demand for architectural glass remained below the previous fiscal year, net sales increased
year on year due to the penetration of product price revisions implemented in the previous fiscal year.
Despite the impact of shutdowns due to issues of certification fraud of automotive manufacturers andother factors, automotive glass saw an increase in net sales year on year due to a recovery of sales
volume for the full year with the disappearance of production cuts caused by parts supply issues in theprevious fiscal year and continued product price revisions in response to the increase in raw material
and fuel prices.
For glass fiber, although demand decreased in the electronic materials segment, production volume
recovered in the automotive sector, leading to an increase in net sales compared to the previous fiscal
year.
As a result, net sales of the glass business as a whole increased by 8.6% year on year to ¥59,413
million, and operating profit increased by ¥1,275 million year on year to ¥3,938 million.
Chemicals BusinessNet sales of applied chemicals decreased year on year as a result of a decline in hydrofluoroolefin
products due to sluggish housing starts in major countries, which impacted sales of raw materials forblowing agents. In addition, sales of agrochemicals-related products decreased in response toadvanced shipments made at the end of the previous fiscal year.
Net sales of medi-chemicals were on par with the previous fiscal year due to weak sales at overseas
consolidated subsidiaries despite shipment of pharmaceutical-related products remaining strong.
In electronic materials, global semiconductor demand bottomed out and showed signs of recovery at
the end of the fiscal year, resulting in sales of specialty gas-related products for semiconductors andresist materials remaining on par with the previous fiscal year. This, in addition to the impact of theconsolidation of an overseas sales subsidiary, resulted in increased net sales year on year.
Net sales of energy materials decreased year on year due to a decline in sales of electrolyte products
for lithium-ion batteries in response to slowing growth of the EV market and intensifying competitionin China and Europe.
For fertilizers, net sales decreased year on year due to a slowdown in distribution inventory and theimpact of reduced purchases in response to price cuts in June and November.
As a result, net sales of the chemicals business as a whole decreased by 12.0% year on year to ¥100,926
million, and operating profit decreased by ¥3,506 million year on year to ¥10,588 million.

3(3) Analysis of Balance Sheets
Total assets as of March 31, 2024 stood at ¥214,404 million, down ¥6,685 million from the end of theprevious fiscal year. The principal factors behind the change were a decrease of ¥5,692 million inproperty, plant, and equipment resulting from the impairment of non-current assets, and a decrease of¥1,350 million in investment securities due to the sale of cross shareholdings.
Total liabilities were ¥94,353 million, down ¥18,874 million from the end of the previous fiscal year.
The principal factors were decreases of ¥5,777 million in trade payables and ¥12,243 million in interestbearing debt due to repayment of borrowings.
Total net assets were ¥120,050 million, up ¥12,188 million from the end of the previous fiscal year. The
principal factor was profit attributable to owners of parent of ¥12,478 million. The equity ratio increased
by 6.8 percentage points to 53.6%.
(4) Analysis of Cash Flows
Cash and cash equivalents at the end of the fiscal year stood at ¥19,858 million, up ¥3,185 million fromthe end of the previous fiscal year.
Cash flows from operating activities
Net cash provided by operating activities was ¥22,236 million, compared with ¥16,599 million provided
in the previous fiscal year. The main contributing factors were profit before income taxes of ¥16,553
million, depreciation of ¥9,117 million, and expenditures due to changes in working capital (totalchanges in trade receivables and contract assets, inventories, and trade payables) of ¥2,915 million.
Cash flows from investing activities
Net cash used in investing activities was ¥3,338 million, compared with ¥19,958 million provided in
the previous fiscal year. While there was an inflow of ¥3,690 million from the sale of investment
securities, there was an outflow of ¥7,099 million for the purchase of property, plant, and equipment.
Cash flows from financing activities
Net cash used in financing activities was ¥15,971 million, compared to ¥47,039 million used in theprevious fiscal year. The main uses of cash were a decrease in long-term and short-term borrowings of¥7,087 million, redemption of bonds of ¥10,000 million, and dividends paid of ¥3,372 million, while
cash inflows were mainly from proceeds from issuance of bonds of ¥5,000 million.

41. Consolidated Financial Statement, Etc.
(1) Consolidated Financial Statement(i) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable – trade, andcontract assets
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts

As of March 31, 2024

17,84421,000*1 42,978*1 42,655

27,977
2,495
19,314
4,608(116)

28,7682,553
17,754
3,179(116)

115,101

115,795

82,986(62,800)

81,429(63,093)

Buildings and structures, net
Machinery, equipment, and vehicles
Accumulated depreciation

20,185
149,714(126,658)

18,335150,191(131,059)

Machinery, equipment, and vehicles, net
LandConstruction in progress
Other
Accumulated depreciation

23,056
20,693
2,195
21,757(17,989)

19,131
20,483
2,033
23,097(18,874)

3,768

4,222

Total property, plant, and equipment
Intangible assets
Other

69,89864,206980

835

Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts

980

835

*2 23,696*2 22,345

47
3,304
7,073
1,121
(133)

44
3,597
6,492
1,200
(113)

35,10933,567

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

Other, net

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

5105,989

98,609221,090

214,404

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable – trade
Short-term borrowings
Current portion of bonds payable
Accrued expenses
Income taxes payable
Contract liabilities
Provision for bonuses
Provision for business restructuring
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Provision for special repairs
Provision for share awards for directors (andother officers)
Provision for share awards for employees
Retirement benefit liability
Other
Total non-current liabilities

As of March 31, 2024

21,681
10,75910,000
7,344
814
916
1,242
445
7,868

15,903
11,285
–
5,918
1,973
967
1,246
105
7,603

61,07345,00418,00026,334283
1,676

23,00018,720
46
2,058

–

32

–
5,571
288

192
5,145
153

52,15549,349113,228

94,353

18,1688,109
127,977(60,781)

18,1688,109
80,443(3,829)Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans

93,474

102,891

5,832

5,680

34
3,609
532

21
5,543
778

Total accumulated other comprehensive income
Non-controlling interests

10,0084,378

12,024
5,134

Total net assets

107,861

120,050

221,090

214,404

Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares

Total liabilities and net assets

6

(ii) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Millions of yen)
Fiscal year ended March 31,
2023

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses

Fiscal year ended March 31,
2024

169,309160,339*2, *9 126,342*2, *9 117,982

42,96642,356*1, *2 26,208*1, *2 27,829

Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using
equity method
Foreign exchange gains
Royalty income
Other

16,757

14,526

252
617

246
1,115

1,526

–

829
1,176
1,296

834
657
878

Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodLoss on abandonment of non-current assets
Loss on abandonment of inventories
Taxes and dues
Provision of allowance for doubtful accounts
Other

5,698

3,731

326

353

–

296

699
206
–
–
1,588

427
211
260
7
430

Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on reversal of foreign currency translation
adjustment
Gain on sale of businesses
Total extraordinary income
Extraordinary losses
Loss on sales of non-current assets
Impairment losses
Loss on sale of investment securities
Business restructuring expenses
Loss on sale of shares of subsidiaries andassociates
Loss on liquidation of subsidiaries and associates

2,819

1,989

19,637

16,269*3 15,132

12,035

*4 59
3,185

1,549

–

–

70

28,717

3,314

*5 65

*6 1

*8 39

*8 2,912

502*7 2,029

–
–

1,099

–

0

115

Total extraordinary losses

3,736

3,030

Profit before income taxes
Income taxes – current
Income taxes – deferred

44,618
1,102
114

16,553
2,868
351

Total income taxes

1,216

3,219

ProfitProfit attributable to non-controlling interests

43,401906

13,333855

Profit attributable to owners of parent

42,494

12,4787

Consolidated Statements of Comprehensive Income(Millions of yen)
Fiscal year ended March 31,
2023
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net oftax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to
Owners of parent
Non-controlling interests

8

Fiscal year ended March 31,
2024

43,401

13,333(7,899)

(158)

(252)
571

(6)
1,764

(335)

246

354

367

*1 (7,561)*1 2,213

35,83915,54634,7581,080

14,503
1,043

(iii) Consolidated Statements of Changes in Net Assets
Fiscal year ended March 31, 2023

(Millions of yen)
Shareholders’ equity
Capitalsurplus

Share capital
Balance at beginning of period

18,168Retainedearnings

8,109

88,465

Treasuryshares(6,402)

Total
shareholders’equity108,340

Changes during period
Dividends of surplus(2,982)(2,982)

Profit attributable to owners of parent

42,49442,494Purchase of treasury shares(54,378)(54,378)

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

39,511(54,378)(14,866)

18,1688,109

127,977(60,781)

93,474

Accumulated other comprehensive income
Valuation
Deferred gains
difference onor losses onavailable-forhedges
sale securities
Balance at beginning of period

Foreigncurrencytranslation
adjustment

Remeasurements ofdefinedbenefit plans

Total
accumulated
othercomprehensive income

13,725

286

2,863

868

17,744(7,892)

(252)

745

(335)

(7,735)

Total changes during period(7,892)

(252)

745

(335)

(7,735)

Balance at end of period

5,832

34

3,609

532

10,008Changes during period
Dividends of surplus
Profit attributable to owners of parent
Purchase of treasury shares
Net changes in items other thanshareholders’ equity

Noncontrollinginterests
Balance at beginning of period

Total net
assets3,977

130,063

Changes during period
Dividends of surplus(2,982)

Profit attributable to owners of parent

42,494Purchase of treasury shares(54,378)

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

400(7,334)400(22,201)

4,378

107,8619

Fiscal year ended March 31, 2024

(Millions of yen)
Shareholders’ equity

Share capital
Balance at beginning of period

Retainedearnings

Capital surplus

18,168

8,109

Treasury shares

127,977(60,781)

Total
shareholders’equity93,474

Changes during period
Dividends of surplus(3,372)(3,372)

Profit attributable to owners of parent

12,47812,478Change in scope of consolidation

311

Purchase of treasury shares
Cancellation of treasury shares
Disposal of treasury shares

311
(2)

(2)

(56,774)

56,774

–

(176)

177

0

2

2

Disposal of treasury shares by stock delivery
trust
Net changes in items other than shareholders’equityTotal changes during period
Balance at end of period––(47,534)

56,951

9,417

18,1688,109

80,443(3,829)102,891

Accumulated other comprehensive income
Valuationdifference on
Deferred gains oravailable-for-sale losses on hedges
securities
Balance at beginning of period

5,832

Total
Foreign currency Remeasurements
accumulatedtranslationof defined benefit
other comprehenadjustment
plans
sive income

34

3,609

532

10,008

(7)

(2)

(151)

(6)

1,936

246

Total changes during period

(151)

(13)

1,934

246

2,015

Balance at end of period

5,680

21

5,543

778

12,024Non-controllinginterests

Total net assets

4,378

107,861

Changes during period
Dividends of surplus
Profit attributable to owners of parent
Change in scope of consolidation(9)

Purchase of treasury shares
Cancellation of treasury shares
Disposal of treasury shares
Disposal of treasury shares by stock delivery
trust
Net changes in items other than shareholders’equityBalance at beginning of period
Changes during period
Dividends of surplus(3,372)

Profit attributable to owners of parent
Change in scope of consolidation

12,478132

435

Purchase of treasury shares(2)

Cancellation of treasury shares–

Disposal of treasury shares

0

Disposal of treasury shares by stock delivery
trust

2

Net changes in items other than shareholders’equity622

2,648

Total changes during period

755

12,188

Balance at end of period

5,134

120,050

10

2,025

(iv) Consolidated Statements of Cash Flows(Millions of yen)
Fiscal year ended March 31,
2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Increase (decrease) in provisions
Increase (decrease) in retirement benefit liability
Business restructuring expenses
Loss (gain) on sale of businesses
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted forusing equity method
Loss (gain) on sale of investment securities
Loss (gain) on liquidation of subsidiaries andassociates
Loss (gain) on sale of non-current assets
Loss on abandonment of non-current assets
Decrease (increase) in trade receivables andcontract assets
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes
Increase (decrease) in accrued expenses
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant, and equipment
Proceeds from sale of property, plant, andequipment
Purchase of investment securities
Proceeds from sale and redemption of investment
securities
Payments for sale of shares of subsidiaries
resulting in change in scope of consolidation
Proceeds from liquidation of subsidiaries andassociates
Proceeds from sale of businesses
Other, net
Net cash provided by (used in) investing activities

11

Fiscal year ended March 31,
2024

44,6189,029
39(4,442)
(198)
1,408
–
(869)
326

16,553
9,117
2,912
249
(73)
–
(70)
(1,361)353(1,526)296(11,533)(3,185)0

115(15,107)
699

(65)
427

(1,396)

1,503(5,447)
3,159
(407)
445
(383)

2,626
(7,045)
1,636(1,550)271

18,412950(299)(2,463)22,714
1,360(349)(1,488)

16,59922,236(2,748)2,936(6,359)(4,297)
4,405(7,099)17,843

300

(10)

(23)

16,6003,690(7,757)

–

30

249

–
(576)

70
(633)

19,958(3,338)(Millions of yen)
Fiscal year ended March 31,
2023
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Net increase (decrease) in commercial papers
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Other, net

Fiscal year ended March 31,
2024

803
(9,000)18,000(6,685)8,000–(54,378)(2,982)
(680)
(116)

1,776
–
–
(8,864)5,000(10,000)(2)(3,372)(420)(87)

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents(47,039)(15,971)

246

(68)

Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase (decrease) in cash and cash equivalents
resulting from change in scope of consolidation(10,234)
26,906

2,858
16,672–

327

Cash and cash equivalents at end of period*1 16,672*1 19,858

12

Notes to Consolidated Financial Statements
Significant Accounting Policies for the Preparation of Consolidated Financial Statements
1. Scope of consolidation(1) Number of consolidated subsidiaries and name of major consolidated subsidiary
Number of consolidated subsidiaries:
23
Name of major consolidated subsidiary:Central Glass Products Co., Ltd.
Changes:
Change from unconsolidated subsidiary due to materiality: 2
Central Glass Products Co., Ltd. and one other subsidiary(2) Name of major unconsolidated subsidiary
Name of major unconsolidated subsidiary:
Sowa Transportation and Warehouse Co.,Ltd.
(Reason for exclusion from the scope of consolidation)
Some companies are excluded from the scope of consolidation because their total assets, net sales,
profit attributable to owners of parent (proportional to equity), and retained earnings (proportional toequity), after elimination of intercompany transactions, had an immaterial impact on the consolidated
financial statements.
2. Application of the equity method
Number of affiliates accounted for using the equity method:
6(Reasons for not applying the equity method)
Some unconsolidated subsidiaries (Sowa Transportation and Warehouse Co.,Ltd. and others) andaffiliates (Zhejiang Britech Central Glass Co., Ltd. and others) are excluded from the scope of
application of the equity method because these companies had a negligible impact on the consolidated
financial statements and had no overall material impact on the Group as a whole, even after exclusionfrom equity method accounting from the standpoint of measures such as profit attributable to ownersof parent (proportional to equity) and retained earnings (proportional to equity).
3. Changes in scope of consolidation
In the fiscal year ended March 31, 2024, due to the increased importance of Central Glass Products Co.,
Ltd. and Giga Gas & Electronic Materials (Singapore) Pte. Ltd., which had been unconsolidated
subsidiaries until the previous fiscal year, these subsidiaries have been included in the scope of
consolidation.
4. Fiscal year-ends of consolidated subsidiaries
The balance sheet date of Central Glass Czech s.r.o. and 10 other consolidated subsidiaries is December
31.
The financial statements of the consolidated subsidiaries as of their respective balance sheet dates areused to prepare the consolidated financial statements. However, material transactions occurring between
January 1 and the consolidated balance sheet date of March 31 are adjusted for as necessary in the
consolidation process.

13

5. Accounting policy(1) Valuation standards and methods of valuation for significant assets(a) Securities
Available-for-sale securities
Available-for-sales securities other than equity securities, etc. without market prices are stated at fairvalue based on the market value at the end of the fiscal year. (The difference between fair market
value and the carrying amount is recognized as net unrealized holding gains and losses on thesesecurities that are reported as a separate item in net assets. The cost of securities sold is mainly
determined based on the moving-average method.)
Equity securities, etc. without market prices are stated at cost computed by the moving-averagemethod.
(b) Derivatives
Derivatives are stated at fair value.
(c) Inventories
Inventories are stated at cost mainly determined by the weighted average method. (Balance sheet
amounts are written down based on any declines in the profitability.)(2) Depreciation methods for significant depreciable assets(a) Property, plant, and equipment (excluding leased assets)
Straight-line method
The main useful lives of property, plant, and equipment are as follows:
Buildings and structures

2–60 years

Machinery, equipment, and vehicles

2–22 years(b) Intangible assets (excluding leased assets)
Straight-line method
Software for in-house use is in accordance with the in-house validity term of 5 years.
(c) Leased assets
Leased assets are depreciated by the straight-line method over the useful lives of assets, equal to thelease term, with zero residual value.
(3) Standards for recognizing significant allowances and provisions(a) Allowance for doubtful accounts
The allowance for doubtful accounts is provided for possible bad-debt losses on the collection of notes
and accounts receivable, loans, and others. The amount of the allowance for general receivables ismainly determined on the basis of historical rates of bad-debt losses, while the amount for specificreceivables, such as doubtful receivables, is mainly determined on the basis of an estimate of thecollectibility of individual receivables.
(b) Provision for bonuses
The provision for bonuses is provided for the payment of employees’ bonuses based on the estimatedamount of future payments attributed to the current fiscal year. However, certain consolidated
subsidiaries determine the amount of the provision on the basis of actual payments.

14

(c) Provision for business restructuring
The provision is provided for expenses and losses expected to be incurred in connection with businessrestructuring, based on reasonably estimated amounts.
(d) Provision for special repairs
The provision for special repairs is provided for expenditures for the substantial rebuilding of glass
melting tanks, taking into account the estimated cost of the next rebuilding and the projected operating
period until the next rebuilding.
(e) Provision for share awards for directors (and other officers)
The provision is provided for stock delivery to directors based on the stock delivery regulations for
directors, taking into account the estimated cost required for stock delivery for the fiscal year ended
March 31, 2024.
(f) Provision for share awards for employees
The provision is provided for stock delivery to employees based on the stock delivery regulations for
employees, taking into account the estimated cost required for stock delivery for the fiscal year ended
March 31, 2024.
(4) Accounting method for retirement benefits(a) Method of attributing the expected retirement benefits to the period
In calculating the projected retirement benefit obligation, the benefit formula basis is used to attributethe expected retirement benefits to the period through the end of the fiscal year.
(b) Amortization method for actuarial gains and losses
Actuarial gains and losses are amortized from the following fiscal year using the straight-line method
over a certain number of years (mainly 13 years) within the average remaining years of service of
employees at the time of occurrence in each fiscal year.
(c) Adoption of the simplified method at small companies and other entities
Certain consolidated subsidiaries have adopted the simplified method in calculating liabilities related
to retirement benefits and retirement benefit expenses. Under the simplified method, the retirement
benefit obligation is assumed to be the amount payable for retirement benefits under the assumptionthat all eligible employees voluntarily resign at the end of the fiscal year.
(5) Standards for recognizing significant revenues and expenses
Based on the 5 step approach described below, the Group recognizes revenue in amounts that reflect
the consideration to which it expects to be entitled in exchange for goods or services transferred to thecustomer.
Step 1: Identify the contract with the customer
Step 2: Identify the performance obligations in the contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to the performance obligations in the contract
Step 5: Recognize revenue when, or as, the entity satisfies a performance obligation
The Group manufactures and sells chemicals and glass products.
In the sale of products in these businesses, the customer obtains control of these products at the timeof product transfer, shipment, or acceptance inspection. Accordingly, the performance obligation is
judged to be satisfied, and the Group recognizes revenue for such products at the time of transfer,
shipment, or acceptance inspection.
Moreover, the Group measures revenue in the amount of the consideration promised in the contract
with the customer, less any discounts, rebates, incentives, or other similar items.

15

(6) Standards for translating significant assets and liabilities denominated in foreign currencies into
Japanese yen
Monetary assets and liabilities denominated in foreign currencies are converted into Japanese yen at
the exchange rates prevailing at each balance sheet date with the resulting translation gains or losses
included in the consolidated statements of income.
Assets and liabilities of foreign subsidiaries and affiliates are converted into Japanese yen at the spot
exchange rate in effect on the balance sheet date. Revenues and expenses for foreign subsidiaries andaffiliates are converted into Japanese yen at the average exchange rate. The resulting translation
adjustments are included in “Foreign currency translation adjustment” and “Non-controlling interests”
under net assets in the consolidated balance sheets.
(7) Significant hedge accounting methods(a) Hedge accounting method
In principle, the deferred hedge accounting method is applied.
(b) Hedging instruments and hedged items
Hedging instruments: commodity swap contracts
Hedged items: fuel oil(c) Hedging policy
The Group conducts hedge transactions to hedge the risk of fluctuations in future exchange rates,
commodity prices, and others, with transactions limited to the scope of receivables and payables andactual demand. The Group does not conduct hedge transactions for speculative purposes.
(d) Method of evaluating hedging effectivenessThe effectiveness of hedging is evaluated by comparing, on a quarterly basis, changes in the fair valuesof hedged items or cumulative changes in cash flows of the hedged items, with changes in the fairvalues of hedging instruments or cumulative changes in cash flows of the hedging instruments, andbasing the evaluation on the amounts of both changes.
(e) Adoption of the group tax sharing system
The Company and certain domestic consolidated subsidiaries have applied the group tax sharing
system.
(8) Scope of cash (cash and cash equivalents) in the consolidated statements of cash flows
Cash and cash equivalents consist of cash on hand, demand deposits, and short-term investments withmaturities of three months or less that are readily convertible into cash and have insignificant risk ofchanges in value.
Significant Accounting Estimates
1. Impairment of non-current assets(1) Amount recorded in consolidated financial statements for the fiscal year ended March 31, 2024
Fiscal year ended March 31,2023(Millions of yen)
Fiscal year ended March 31,
2024

39

2,912

Impairment losses(2) Information on significant accounting estimates related to identified items
Regarding the impairment of non-current assets, the Group classifies its business assets into groups
by the type of respective operations based on the business segment. In addition, its idle properties areclassified into groups by individual properties. In principle, consolidated subsidiaries are classified on
the basis of company units. The Group then determines whether or not there are signs of impairmentof each asset group and recognizes and measures any impairment loss. When recognizing and16measuring impairment, the Group compares the book value and the recoverable value. In the case thatthe recoverable value is below the book value, the book value of the non-current assets is impaired to
the recoverable value, and the decrease is recorded as an impairment loss. The recoverable value ofeach asset group is calculated based on net realizable value or use value, whichever is higher. Whencalculating use value, the current value is calculated each year by estimating future cash flow basedon a business plan that takes into account the latest budget, business growth, and a certain level of
uncertainty and applies an appropriate discount rate.
In the fiscal year under review, for electrolyte manufacturing facilities, which are business properties,
losses generated by sales activities in the energy materials business are expected to continue. As signsof impairment were recognized, after considering the recoverability, impairment losses wererecognized.
Additionally, impairment losses have been recognized for idle properties not expected to be used in
the future, having reduced their book values to recoverable values.
The recoverable value of non-current assets is calculated based on assumptions that include future
cash flow, discount rate, and business growth according to management’s judgment. In the event thatchanges in the business plan or the market environment affect those assumptions, impairment losses
may occur in the following fiscal year or thereafter.
2. Recoverability of deferred tax assets(1) Amount recorded in consolidated financial statements for the fiscal year ended March 31, 2024
As of March 31, 2023

(Millions of yen)
As of March 31, 2024

Deferred tax assets, net

7,073

6,492

Deferred tax assets, before offsetting against deferred tax
liabilities

11,204

11,123(2) Information on significant accounting estimates related to identified items
The Company and some of its consolidated subsidiaries apply the group tax sharing system, and the
major balance of deferred tax assets in the consolidated balance sheet relates to the Company’s
deductible temporary differences and tax loss carry-forward.
The Company falls under Category 3 of the Implementation Guidance on Recoverability of Deferred
Tax Assets (ASBJ Guidance No. 26) and calculates the amount of deferred tax assets related todeductible temporary differences and tax loss carry-forwards to the extent they are effective in
reducing future tax burden as a result of scheduling temporary differences based on the estimatedtaxable income before adjusting temporary differences for the next five years.
Since the recoverability of deferred tax assets is dependent on the estimate of future taxable income
based on business plans that take into account the Company’s latest budget and business growthpotential as well as constant uncertainty, changes in assumptions and conditions due to changes inbusiness plans and market conditions may significantly impact the amount of deferred tax assets inconsolidated financial statements for the following fiscal year.
Changes in Accounting Policy
Not applicable
Accounting Standards Issued but Not Yet Applied• “Accounting Standard for Current Income Taxes” (ASBJ Statement No. 27, October 28, 2022,
Accounting Standards Board of Japan)• “Accounting Standard for Presentation of Comprehensive Income” (ASBJ Statement No. 25, October28, 2022, Accounting Standards Board of Japan)• “Guidance on Accounting Standard for Tax Effect Accounting” (ASBJ Guidance No. 28, October 28,
2022, Accounting Standards Board of Japan)

17(1) Overview
In February 2018, ASBJ Statement No. 28, “Partial Amendments to Accounting Standard for Tax
Effect Accounting,” etc. (hereinafter “ASBJ Statement No. 28, etc.”) was issued, and the JapaneseInstitute of Certified Public Accountants’ practical guidance on tax effect accounting was transferredto the Accounting Standards Board of Japan, but upon deliberation, the following two issues, whichwere to be discussed again after issuing ASBJ Statement No. 28, etc. were discussed and released.
• Classification of tax expenses (tax on other comprehensive income)• Tax effect on the sale of shares of subsidiaries and other securities (shares of subsidiaries or affiliates)when group taxation regime is applied(2) Effective date
Effective as of the beginning of the fiscal year ending March 31, 2025.
(3) Effect of applying the accounting standard, etc.
The impact of applying the “Accounting Standard for Current Income Taxes,” etc. on consolidated
financial statements and financial statements is currently being evaluated.
Changes in Presentation Method(Consolidated Statements of Income)Loss on abandonment of inventories, which was included in other under non-operating expenses in
the fiscal year ended March 31, 2023, has been shown separately from the fiscal year ended March 31,
2024, as it exceeded 10% of the aggregate amount of non-operating expenses. In addition, cost ofinactive non-current asset expenses and advisory fee, which were shown separately under nonoperating expenses in the fiscal year ended March 31, 2023, has been included in other from the fiscal
year ended March 31, 2024, as it became 10% or less of the aggregate amount of non-operating
expenses. The consolidated financial statements for the fiscal year ended March 31, 2023 have been
reclassified to reflect these changes in presentation method.
As a result, ¥265 million in cost of inactive non-current asset expenses, ¥458 million in advisory fee,and ¥1,070 million in other under non-operating expenses in the consolidated statements of income
for the fiscal year ended March 31, 2023 have been reclassified as loss on abandonment of inventoriesof ¥206 million and other of ¥1,588 million.
(Consolidated Statements of Cash Flows)
Proceeds from liquidation of subsidiaries and associates, which was included in other under cash flows
from investing activities in the fiscal year ended March 31, 2023, has been shown separately from thefiscal year ended March 31, 2024, as the materiality of the amount has increased. The consolidated
financial statements for the fiscal year ended March 31, 2023 have been reclassified to reflect thesechanges in presentation method.
As a result, negative ¥546 million in other under cash flows from investing activities in the
consolidated statements of cash flows for the fiscal year ended March 31, 2023 have been reclassified
as proceeds from liquidation of subsidiaries and associates of ¥30 million and other of negative ¥576
million.
Additional Information
Stock Delivery Trust for Directors
Based on the resolution of the meeting of the Board of Directors held on May 11, 2023, the Company
has introduced an equity compensation plan using a trust for our directors, excluding outside directors,
and executive officers who have entered into an entrustment agreement with us (hereinafter referred
to as the “Plan for directors”).
The purpose of the Plan for directors is to clarify the linkage between the remuneration of directors
and stock price, and to raise the awareness that directors will contribute to improving the Company’s
medium- to long-term performance and increasing enterprise value by sharing profits and risks fromstock price fluctuations with shareholders.

18The accounting treatment for the Plan for directors was determined with reference to the “Practical
Solution on Transactions of Delivering the Company’s Own Stock to Employees etc. through Trusts”(ASBJ PITF (Practical Issue Task Force) No. 30, March 26, 2015).
(1) Outline of the Plan for directors
The Plan for directors is an equity compensation plan under the trust established for the introductionof the Plan (hereinafter referred to as the “Trust”) acquires shares of the Company, and a number ofshares of the Company, which is equivalent to the number of points we grant to each director, isdelivered to each director through the Trust.
In principle, the time when directors receive the delivery of Company’s shares is upon the retirementof them.
(2) Company’s shares remaining in the Trust
The Company’s shares remaining in the Trust are recorded as treasury shares under net assets at theirbook values (excluding incidental expenses). As of March 31, 2024, the book value and the numberof treasury shares remaining in the Trust are ¥367 million and 123,700 shares, respectively.
Stock Delivery Trust for Employees
Based on the resolution of the meeting of the Board of Directors held on May 11, 2023, the Company
has introduced an equity compensation plan using a trust for our employees (hereinafter referred to as
the “Plan for employees”).
The purpose of the Plan for employees is to enhance the Company’s medium- to long-term enterprisevalue by enhancing employee benefits programs and raising awareness of the Company’s performanceand stock price, thereby fostering a sense of participation in management.
The accounting treatment for the Plan for employees is in accordance with the “Practical Solution on
Transactions of Delivering the Company’s Own Stock to Employees etc. through Trusts” (ASBJ PITF
No. 30, March 26, 2015).
(1) Outline of Plan for employees
The Plan for employees is an equity compensation plan under the trust established for the introductionof the Plan (hereinafter referred to as the “Trust”) acquires shares of the Company, and a number ofshares of the Company is delivered to such employees through the Trust, which is equivalent to thenumber of points to be granted according to position, etc. for employees (but only for those who satisfy
certain requirements).
In principle, the time when employees receive the delivery of Company’s shares is upon the time ofretirement of them.
(2) Company’s shares remaining in the Trust
The Company’s shares remaining in the Trust are recorded as treasury shares under net assets at theirbook values (excluding incidental expenses). As of March 31, 2024, the book value and the numberof treasury shares remaining in the Trust are ¥1,045 million and 351,500 shares, respectively.

19

Consolidated Balance Sheets*1

The amounts of receivables from contracts with customers included in notes and accounts
receivable – trade, and contract assets are as follows:
As of March 31, 2023

Notes receivable – trade
Accounts receivable – trade
Contract assets

*2

6,691
35,742544

7,947
34,253454

Investments in unconsolidated subsidiaries and affiliates are as follows:
As of March 31, 2023

Investment securities (shares)(Of which, the amount of investment injointly controlled companies)

3(Millions of yen)
As of March 31, 2024

(Millions of yen)
As of March 31, 2024

13,0196,383

12,401
5,643

In order to facilitate efficient procurement of operating funds, the Company maintains
commitment-line agreements with five banks. Based on these agreements, the Company’s totalcommitment lines of credit unexecuted are as follows:
As of March 31, 2023

(Millions of yen)
As of March 31, 2024

Total amount of commitment lines
Loans outstanding

10,000–10,000–Net

10,00010,000Consolidated Statements of Income*1

Major components of selling, general and administrative expenses are as follows:
Fiscal year ended March 31,
2023

Sales fare and related expenses
Salaries and allowances
Provision for bonuses
Retirement benefit expenses
Provision of allowance for doubtful accounts
Provision for share awards for directors (andother officers)
Provision for share awards for employees
Research and development expenses*2(Millions of yen)
Fiscal year ended March 31,
2024

6,510
8,427
248
202
(43)
–

6,182
8,707
265
275
6
32

–
4,858

79
5,858

Total research and development expenses included in general and administrative expenses andmanufacturing costs
Fiscal year ended March 31,
2023
5,638

*3

Gain on sales of land, buildings, and other non-current assets*4Gain on sales of land and buildings
20(Millions of yen)
Fiscal year ended March 31,
2024
6,642

*5

Loss on sales of land, buildings, and other non-current assets*6

Loss on sales of buildings*7

Business restructuring expenses

The components of business restructuring expenses are as follows:(Millions of yen)
Fiscal year ended March 31,
2023
Loss on sales of non-current assets
Site closure expenses, etc.
Loss on abandonment of assets
Loss on debt forgiveness
Loss on withdrawal from business

1,336
499
94
53
45
2,029

*8

Impairment loss

During the fiscal year ended March 31, 2023, the Group recognized an impairment loss on the following
group of assets.
Location

Use

Type of assets

Ube City, Yamaguchi
Prefecture and others

Idle
properties

Buildings and structures, andothersRecorded on the
Impairment loss
consolidated statements(Millions of yen)of income as:
39

Impairment loss

The Group classifies its business assets into groups by the type of respective operations based on thebusiness segment. In addition, its idle properties are classified into groups by individual properties.
The book values of idle properties, which are not expected to be used in the future, were reduced torecoverable amounts, and the reductions were recognized as impairment loss under extraordinary losses.
The recoverable amounts were measured by value in use, and the book values were reduced to residual
value since no future cash flows are expected.
Impairment loss breakdown is as follows.
Type of assets

Amount (Millions of yen)

Buildings and structures

32

Construction in progress

6

Total

39

During the fiscal year ended March 31, 2024, the Group recognized an impairment loss on the following
group of assets.
Location

Use

Electrolyte
manufacturi
ng facilities
Kawasaki City,
Idle
Kanagawa Prefecture properties
and others
and others
Czech Republic andothersType of assets

Recorded on the
Impairment loss
consolidated statements(Millions of yen)of income as:

Buildings and structures, andothers

1,904

Impairment loss

Buildings and structures, andothers

1,008

Impairment loss

21

The Group classifies its business assets into groups by the type of respective operations based on thebusiness segment, and its idle properties are classified into groups by individual properties. In principle,
consolidated subsidiaries are classified on the basis of company units.
For electrolyte manufacturing facilities where the asset group’s profitability significantly declined andthe recoverable amount is less than the book values, the book values were reduced to the recoverable
amount, and the reductions were recognized as impairment loss under extraordinary losses. The
recoverable value is calculated based on net realizable value or use value, whichever is higher, whichis calculated by discounting future cash flows at a rate of 3.8% to 14.0%.
The book values of idle properties, which are not expected to be used in the future, were reduced torecoverable amounts, and the reductions were recognized as impairment loss under extraordinary losses.
The recoverable amounts of business assets whose production was decided to be suspended were
measured by value in use, and the book values were reduced to residual value since no future cash flows
are expected.
Impairment loss breakdown is as follows.
Type of assets

Amount (Millions of yen)

Buildings and structures

1,290

Machinery, equipment, and vehicles

1,208

Other

413

Total

2,912

*9

Inventory balance at the end of the fiscal year represents the book value written down to reflect
declines in profitability. The following loss on valuation of inventories is included in the cost of
sales.
Fiscal year ended March 31,
2023
(77)

22

(Millions of yen)
Fiscal year ended March 31,
2024
1,558

Consolidated Statements of Comprehensive Income*1

Reclassification adjustments and the income tax effects relating to other comprehensive income
are as follows:
Fiscal year ended March 31,
2023

Valuation difference on available-for-salesecurities:
Amount arising during the period
Reclassification adjustments(Millions of yen)
Fiscal year ended March 31,
2024

577
(11,795)

2,914(3,142)

Amount before tax effectAmount of tax effect(11,218)
3,319

(228)
69

Valuation difference on available-for-salesecurities(7,899)(158)

Deferred gains or losses on hedges:
Amount arising during the period
Asset acquisition cost adjustments

173
(535)

(468)
457

Amount before tax effectAmount of tax effect

(362)
110

(10)
4

Deferred gains or losses on hedges

(252)

(6)

Foreign currency translation adjustment:
Amount arising during the period
Reclassification adjustments
Foreign currency translation adjustment

1,869(1,298)
571

1,764
–
1,764

Remeasurements of defined benefit plans, netof tax:Amount arising during the period
Reclassification adjustments

(271)
(219)

474
(121)

Amount before tax effectAmount of tax effect

(491)
155

352
(106)

Remeasurements of defined benefit
plans, net of tax

(335)

246

354

367

354

367

(7,561)

2,213

Share of other comprehensive income ofentities accounted for using equity method:Amount arising during the period
Share of other comprehensive income ofentities accounted for using equity
methodTotal other comprehensive income

Consolidated Statements of Changes in Net Assets
Fiscal year ended March 31, 2023
1. Type and total number of outstanding shares and treasury shares
Number of shares asof April 1, 2022

Increase in thenumber of shares in
the fiscal year

Decrease in thenumber of shares in
the fiscal year

Number of shares asof March 31, 2023

Outstanding shares
Common shares

42,975,995––

42,975,995

Total

42,975,995––

42,975,995

Common shares*

2,508,151

15,687,616–

18,195,767

Total

2,508,151

15,687,616–

18,195,767

Treasury shares23*The increase in the number of treasury shares of 15,687,616 was due to purchases of 15,686,653 treasury sharesby resolution of the Board of Directors and purchases of 963 shares of less than one unit.

2. Dividends(1) Dividends paid
(Resolution)

Type of shares

Total dividend(Millions ofyen)

Dividend pershare (Yen)

Board of Directors
meeting on May 24,
2022*1

Common shares

1,517

37.50

March 31, 2022

June 8, 2022

Board of Directors
meeting on
Common shares
November 1, 2022*2

1,464

37.50

September 30, 2022

December 1, 2022

Record date

Effective date

*1 The total amount of dividends does not include a dividend of ¥1 million to affiliates.
*2 The total amount of dividends does not include a dividend of ¥1 million to affiliates.

(2) Dividends whose record date belongs to the fiscal year ended March 31, 2023, but whose effective datefalls in the fiscal year ended March 31, 2024
(Resolution)

Type ofsharesTotal
dividend(Millions ofyen)

Board of Directors
meeting on May
24, 2023*

Commonshares1,920

Source ofdividends
Retainedearnings

Dividend pershare (Yen)
77.50

Record date

March 31, 2023

Effective dateJune 8, 2023

* The total amount of dividends does not include a dividend of ¥2 million to affiliates.

Fiscal year ended March 31, 2024
1. Type and total number of outstanding shares and treasury shares
Number of shares asof April 1, 2023

Increase in thenumber of shares in
the fiscal year

Decrease in thenumber of shares in
the fiscal year

Number of shares asof March 31, 2024

Outstanding shares
Common shares*1

42,975,995–

16,975,995

26,000,000

Total

42,975,995–

16,975,995

26,000,000

18,195,767

982

16,976,955

1,219,794

18,195,767

982

16,976,955

1,219,794

Treasury shares
Common shares*2,*3, *4Total*1 The decrease in the number of outstanding shares of 16,975,995 was due to cancellation of treasury shares byresolution of the Board of Directors.
*2 The increase in the number of treasury shares of 982 was due to purchases of shares of less than one unit.
*3 The decrease in the number of treasury shares of 16,976,955 was due to cancellation of 16,975,995 treasury
shares by resolution of the Board of Directors, disposal of 900 shares held by the stock delivery trust for
directors and employees, and delivery of 60 shares of less than one unit.
*4 The number of treasury shares as of March 31, 2024 includes 475,200 of the Company’s shares held by thestock delivery trust for directors and employees.

24

2. Dividends(1) Dividends paid
(Resolution)

Type of shares

Total dividend(Millions ofyen)

Dividend per
share
(Yen)

Board of Directors
meeting on May 24,
2023*1

Common shares

1,920

77.50

March 31, 2023

June 8, 2023

Board of Directors
meeting on
Common shares
November 6, 2023*2

1,452

57.50

September 30, 2023

December 1, 2023

Record date

Effective date

*1 The total amount of dividends does not include a dividend of ¥2 million to affiliates.
*2 The total amount of dividends includes a dividend of ¥27 million for the Company’s shares held by Sumitomo
Mitsui Trust Bank, Limited (trust account) (re-entrusted by Custody Bank of Japan, Ltd. (trust account)) under thetrust property of the stock delivery trust for directors and employees, but does not include a dividend of ¥1 million
to affiliates.

(2) Dividends whose record date belongs to the fiscal year ended March 31, 2024, but whose effective datefalls in the fiscal year ending March 31, 2025
(Resolution)

Type ofsharesTotal
dividend(Millions ofyen)

Board of Directors
meeting on May
24, 2024*

Commonshares2,563*

Source ofdividends
Retainedearnings

Dividend per
share
(Yen)
101.50Record date

March 31, 2024

Effective dateJune 10, 2024

The total amount of dividends includes a dividend of ¥48 million for the Company’s shares held by Sumitomo Mitsui
Trust Bank, Limited (trust account) (re-entrusted by Custody Bank of Japan, Ltd. (trust account)) under the trust
property of the stock delivery trust for directors and employees, but does not include a dividend of ¥3 million to affiliates.

Consolidated Statements of Cash Flows*1

Reconciliations between cash and cash equivalents and the related accounts shown in the
consolidated balance sheets(Millions of yen)
Fiscal year ended March 31,
2024

Fiscal year ended March 31,
2023
Cash and deposits
Time deposits with a maturity of more than
three months
Deposits of stock delivery trust

17,84421,000(1,172)(1,117)–(25)

Cash and cash equivalents

16,672

19,858

Leases
1. Finance leases
As lessee
Finance leases that do not transfer ownership
1)

Details of leased assets
Leased assets are mainly composed of production facilities included in machinery, equipment, andvehicles.

25

2)

Depreciation method for leased assets
Leased assets are depreciated as described in “5. Accounting policy (2) Depreciation methods for
significant depreciable assets” under “Significant Accounting Policies for the Preparation ofConsolidated Financial Statements.”

2. Operating leases
This information is omitted because it has become immaterial.
Financial Instruments
1. Overview of financial instruments(1) Management policies on financial instruments
The Group has a policy of limiting the investment of funds mainly to short-term time deposits. In
addition, as regards fund procurement, the Group raises funds by bank loans or issuing bonds.
Derivatives are utilized for hedging risks of foreign exchange fluctuation and fuel price fluctuation,
not for speculative purposes.
(2) Description of financial instruments and their risks
Notes and accounts receivable – trade as operating receivables are exposed to credit risks of customers.
Operating receivables denominated in foreign currencies arising from the Group’s global operations
are exposed to foreign exchange fluctuation risks. Investment securities are mainly composed of equity
shares related to companies with which the Group has business relationships. Those securities are
exposed to market price fluctuation risks.
Notes and accounts payable – trade as operating debt are due within one year. Some of them are foreign
currency-denominated operating payables associated with imports of materials and are therefore
exposed to foreign exchange fluctuation risks. Within borrowings and corporate bonds, short-termborrowings are mainly utilized to procure funds for working capital, while long-term borrowings andcorporate bonds are mainly utilized to procure funds for capital investments. Some of these loans andbonds are exposed to the risk of interest rate fluctuations.
Derivative transactions are composed of commodity swap contracts to hedge against the risk of fuelprice fluctuations. Commodity swap contracts are limited to transactions within the range of actual
demand. For details on hedging instruments, hedged items, hedging policies, and method of evaluatinghedge effectiveness in regard to hedge accounting, please see “5. Accounting policy (7) Significant
hedge accounting methods.”(3) Risk management system for financial instruments(a) Management of credit risk (customer default risk)
Operating receivables are monitored by the due dates and outstanding amounts of each customer, in
accordance with sales management regulations.
Derivative transactions are contracted only with financial institutions and counterparties with highcredit ratings.
(b) Management of market risk (exchange and interest rate fluctuation risk)
The Company is verifying investment securities by each individual item. Items that do not contributeto improving the Company’s corporate value in the medium to long term will be reviewed for reduction
by sale.
Execution and control of derivative transactions are carried out in conformity with internal
authorization rules. The Company does not carry out transactions for speculative purposes.
(c) Management of liquidity risk associated with fund procurement (the risk of not having sufficient funds
to make payments on payment deadlines)
The Company manages liquidity risk through preparation of a monthly cash flow plan and other means.

26(4) Supplementary explanation of matters concerning the fair value of financial instruments
Contractual amounts shown in the notes on derivatives do not represent the actual market risks ofderivatives.
2. Fair value of financial instruments
The amounts on the consolidated balance sheets, fair values, and differences are as follows:
As of March 31, 2023
(Millions of yen)
Consolidated balance
sheet amount(1) Investment securities*2
Total assets(1) Bonds payable(2) Long-term borrowings
Total liabilities*2

10,436–

10,436

10,436–18,00026,334

17,744
26,036

(255)
(298)

44,33443,781

(553)

60

60

–

Disclosure of cash is omitted. In addition, since deposits, notes and accounts receivable – trade, and contract assets,
notes and accounts payable – trade, short-term borrowings, and current portion of bonds payable are settled in a shortperiod of time, their book values approximate their fair values. Accordingly, their disclosure is omitted.
Equity securities without market prices, etc. are excluded from (1) Investment securities. The consolidated balance
sheet amount of these financial instruments is as follows:(Millions of yen)
Fiscal year ended March 31,
Category
2023
Unlisted equity securities*3

Difference

10,436

Derivative transactions*3*1

Fair value

13,259Receivables and payables arising from derivative transactions are netted.

As of March 31, 2024
(Millions of yen)
Consolidated balance
sheet amount(1) Investment securities*2
Total assets(1) Bonds payable(2) Long-term borrowings
Total liabilities

*2

9,721

9,721

9,721

–

23,00018,72022,767
18,571

(232)
(148)

41,72041,338

(380)

32

32

–

–

Disclosure of cash is omitted. In addition, since deposits, notes and accounts receivable – trade, and contract assets,
notes and accounts payable – trade, and short-term borrowings are settled in a short period of time, their book values
approximate their fair values. Accordingly, their disclosure is omitted.
Equity securities without market prices, etc. are excluded from (1) Investment securities. The consolidated balance
sheet amount of these financial instruments is as follows:(Millions of yen)
Fiscal year ended March 31,
Category2024
Unlisted equity securities*3

Difference

9,721

Derivative transactions*3*1

Fair value

12,624

Receivables and payables arising from derivative transactions are netted.

27Note 1. Expected maturities of monetary receivables after the consolidated balance sheet dates
As of March 31, 2023
(Millions of yen)
Within one year

Over one year to five
years

Over five years to ten
years

Over ten years

Cash and deposits

17,844–––

Notes and accounts
receivable – trade, andcontract assets

42,978

–

–

–

Total

60,822–––

Over one year to five
years

Over five years to ten
years

As of March 31, 2024
(Millions of yen)
Within one year

Over ten years

Cash and deposits

21,000–––Notes and accounts
receivable – trade, andcontract assets

42,655

–

–

–

Total

63,656–––Note 2. Scheduled repayment of bonds payable, long-term borrowings, and other interest-bearing debts
after the consolidated balance sheet dates
As of March 31, 2023
(Millions of yen)
Within one year

Over one year
to two years

Over two years
to three years

Over three
years to four
years

Over four years
Over five years
to five years

Short-termborrowings

1,894

–

–

–

–

–

Bonds payable

10,000

–

8,000

–

10,000–Long-term
borrowings

8,864

7,614

7,110

5,613

3,740

2,256

Total

20,7597,614

15,1105,613

13,7402,256

As of March 31, 2024
(Millions of yen)
Within one year
Short-termborrowings

Over one year
to two years

Over two years
to three years

Over three
years to four
years

Over four years
Over five years
to five years

3,671

–

–

–

–

–

–

8,000

5,000

10,000––Long-term
borrowings

7,614

7,110

5,613

3,740

1,148

1,107

Total

11,285

15,11010,613

13,740

1,148

1,107

Bonds payable28

3. Breakdown of financial instruments by fair value level
The fair value of financial instruments is categorized into the following 3 levels according to theobservability of inputs related to fair value measurement and their significance.
Fair Value Level 1: Of the observable inputs related to fair value measurement, fair value is measured
using quoted prices in active markets for assets or liabilities that are subject tomeasurement of the relevant fair value.
Fair Value Level 2: Of the observable inputs related to fair value measurement, fair value is measured
using inputs related to fair value measurement other than the Level 1 inputs.
Fair Value Level 3: Fair value is measured using unobservable inputs related to fair value measurement.
If multiple inputs that have a significant impact on the fair value measurement are used, with each of
the inputs categorized in their respective levels, the fair value is categorized as the level of the input
with the lowest level of priority in the fair value measurement.
(1) Financial instruments recognized at fair value in the consolidated balance sheet
As of March 31, 2023
Category
Investment securities
Available-for-salesecurities
SharesDerivative transactions
Total assets

Fair value (Millions of yen)
Level 1

Level 2

Level 3

Total

10,436
–

–
60

–
–

10,43660

10,43660–

10,496

As of March 31, 2024
Category

Fair value (Millions of yen)
Level 1

Investment securities
Available-for-salesecurities
SharesDerivative transactions
Total assets

Level 2

Level 3

Total

9,721
–

–
32

–
–

9,721
32

9,721

32

–

9,753

(2) Financial instruments other than financial instruments recognized at fair value on the consolidatedbalance sheet
As of March 31, 2023
Category

Fair value (Millions of yen)
Level 1

Level 2

Level 3

Total

Bonds payable
Long-term borrowings––

17,744
26,036––

17,744
26,036

Total liabilities–

43,781–

43,78129

As of March 31, 2024
Category

Fair value (Millions of yen)
Level 1

Level 2

Level 3

Total

Bonds payable
Long-term borrowings––

22,767
18,571––

22,767
18,571

Total liabilities–

41,338–41,338

Note: Explanation of valuation techniques used to measure fair value and inputs related to fair value
measurement
Investment securities
Listed equity securities are valued at prices quoted on stock exchanges. Since listed equity securities
are traded in active markets, their fair value is categorized as Fair Value Level 1.
Derivative transactions
Derivative transactions are calculated based on the prices presented by financial institutions whichhave business relations and are categorized as Fair Value Level 2.
Bonds payable
Fair values of bonds issued by the Company are based on the prices presented by financial institutions
which have business relations and are categorized as Fair Value Level 2.
Long-term borrowings
Fair values of long-term borrowings are present values computed by discounting the total of principal
and interest at the estimated interest rate that is assumed to be applied when a new, similar loan istaken out, and are categorized as Fair Value Level 2.

30

Securities
1. Available-for-sale securities
As of March 31, 2023
(Millions of yen)Type

Consolidatedbalance sheet
amount(1) Shares

Acquisition cost

Difference

10,436

2,060

8,375

1) Japanese
government bonds
and municipal bonds

–

–

–

2) Corporate bonds

–

–

–

3) Other–––(3) Other–––

10,436

2,060

8,375

–

–

–

1) Japanese
government bonds
and municipal bonds

–

–

–

2) Corporate bonds

–

–

–

3) Other–––(3) Other

–

–

–

–

–

–

10,436

2,060

8,375

(2) Bonds
Securities withconsolidated balance
sheet amountexceeding theacquisition cost

Subtotal(1) Shares(2) Bonds
Securities withconsolidated balance
sheet amount notexceeding theacquisition cost

Subtotal
Total

Note: Unlisted equity securities, etc. (consolidated balance sheet amount ¥240 million) are excluded from available-for-salesecurities in the above table because these shares are equity securities, etc. without market prices.

31

As of March 31, 2024
(Millions of yen)
Consolidatedbalance sheet
amountType(1) Shares

Acquisition cost

Difference

9,721

1,573

8,147

1) Japanese
government bonds
and municipal bonds

–

–

–

2) Corporate bonds

–

–

–

3) Other–––(3) Other

–

–

–

9,721

1,573

8,147

–

–

–

1) Japanese
government bonds
and municipal bonds

–

–

–

2) Corporate bonds

–

–

–

3) Other–––(3) Other

–

–

–

–

–

–

9,721

1,573

8,147

(2) Bonds
Securities withconsolidated balance
sheet amountexceeding theacquisition cost

Subtotal(1) Shares(2) Bonds
Securities withconsolidated balance
sheet amount notexceeding theacquisition cost

Subtotal
Total

Note: Unlisted equity securities, etc. (consolidated balance sheet amount ¥222 million) are excluded from available-for-salesecurities in the above table because these shares are equity securities, etc. without market prices.

2. Available-for-sale securities soldFiscal year ended March 31, 2023
Type(1) Shares(2) Bonds
1) Japanese government bonds andmunicipal bonds2) Corporate bonds3) Other(3) Other
Total

Proceeds from sales(Millions of yen)
Total loss on sales

Total gain on sales

16,685

12,035

502

–

–

–

–
–
–

–
–
–

–
–
–

16,685

12,035502

Fiscal year ended March 31, 2024
Type(1) Shares(2) Bonds
1) Japanese government bonds andmunicipal bonds2) Corporate bonds3) Other(3) Other
Total

Proceeds from sales(Millions of yen)
Total loss on sales

Total gain on sales

3,696

3,185

–

–

–

–

–
–
–

–
–
–

–
–
–

3,696

3,185

–

32

3. Impairment of securities
Not applicable for fiscal year ended March 31, 2023.
Not applicable for fiscal year ended March 31, 2024.
Loss on valuation is recorded for the shares whose fair value and actual price at the end of the fiscal
year have declined more than 50% compared to the acquisition cost and if the decline is deemed to be
irrecoverable. In addition, loss on valuation of equity securities other than equity securities, etc. withoutmarket prices is recorded for the shares whose fair value at the end of the fiscal year has declined
between 30% and 50% compared to the acquisition cost, with a decline of 30% or more for six
consecutive months, and if the decline is deemed to be irrecoverable.
Derivative Transactions
1. Derivative transactions to which hedge accounting is not applied
Currency-related contracts
As of March 31, 2023
Not applicable
As of March 31, 2024
Not applicable
2. Derivative transactions to which hedge accounting is applied(1) Commodity-related contracts
As of March 31, 2023
Not applicable
As of March 31, 2024
(Millions of yen)
Hedge accounting
methodDeferred hedge
accounting method

Type of transaction
Oil swap
transactions
Receive floating /Pay fixed

Main hedged item

Fuel oilContract
amountContract amountover one year
347

Fair value–

32(2) Currency-related contracts
As of March 31, 2023
(Millions of yen)
Hedge accounting
methodDeferred hedge
accounting method

Type of transaction

Main hedged item

Contract amountContract amountover one year

Fair value

Forward exchange
contract transactions
Sell
USD

Accounts receivable– tradeAs of March 31, 2024
Not applicable
33

4,204

–

60

Employees’ Retirement Benefits
1. Outline of retirement benefit plans adopted by the Company and certain consolidated subsidiaries
The Company and certain consolidated subsidiaries have adopted funded or unfunded defined benefit
plans and defined contribution plans. The defined benefit corporate pension plan and lump-sum
retirement payment plans provide a lump-sum retirement payment or a pension based on an employee’s
position, length of service, and other factors.
Additional benefits, not included in the projected benefit obligation in the employees’ retirement
benefits accounting may be granted when employees retire.
Certain consolidated subsidiaries have adopted the simplified method in calculating liabilities related
to retirement benefits and retirement benefit expenses. Under the simplified method, the retirement
benefit obligation is assumed to be the amount payable for retirement benefits under the assumptionthat all eligible employees voluntarily resign at the end of the fiscal year.
2. Defined benefit plan
(1) Reconciliation of the projected benefit obligation between the beginning of the fiscal year and the endof the fiscal year
Fiscal year ended March 31,2023(Millions of yen)
Fiscal year ended March 31,
2024

Balance at the beginning of the fiscal year
Service cost
Interest cost
Actuarial gains and losses incurred
Payment of retirement benefits
Decrease due to exclusion of consolidated
subsidiaries
Other

15,673
1,304
64
(26)
(1,896)15,034
1,260
61
(108)
(1,431)

(92)

–

7

5

Balance at the end of the fiscal year

15,034

14,821(2) Reconciliation of the pension plan assets between the beginning of the fiscal year and the end of the
fiscal year
Fiscal year ended March 31,2023(Millions of yen)
Fiscal year ended March 31,
2024

Balance at the beginning of the fiscal year
Expected return on pension plan assets
Actuarial gains and losses incurred
Contribution by the Companies
Payment of retirement benefits
Other

13,288
240
(278)
528
(1,020)7

12,766
321
365
509
(696)
5

Balance at the end of the fiscal year

12,766

13,27334

(3) Reconciliation of year-end balance of the projected benefit obligation and pension plan assets, and theretirement benefit liability and retirement benefit asset on the consolidated balance sheets(Millions of yen)
As of March 31, 2024

As of March 31, 2023
Projected benefit obligation of the fundedpension plan
Pension plan assets

9,427

9,321

(12,766)(13,273)(3,338)(3,952)

Projected benefit obligation of the unfundedpension plan

5,606

5,500

Net amount of liability and asset on the
consolidated balance sheets

2,267

1,548

Retirement benefit liability
Retirement benefit asset

5,571(3,304)

5,145(3,597)

Net amount of liability and asset on the
consolidated balance sheets

2,267

1,548

Fiscal year ended March 31,2023(Millions of yen)
Fiscal year ended March 31,
2024

1,304
64
(240)
(239)

1,260
61
(321)
(121)

889

879

(4) Retirement benefit expenses and its components

Service cost
Interest cost
Expected return on pension plan assets
Amortization of actuarial gains and losses
Retirement benefit expenses related to defined
benefit plan(5) Remeasurements of defined benefit plans, net of tax
The components recorded under remeasurements of defined benefit plans, net of tax (before tax
effects) are as follows:
Fiscal year ended March 31,2023(Millions of yen)
Fiscal year ended March 31,
2024

Actuarial gains and losses

(491)

352

Total

(491)

352

(6) Remeasurements of defined benefit plans
The components recorded under remeasurements of defined benefit plans (before tax effects) are as
follows:(Millions of yen)
As of March 31, 2024

As of March 31, 2023
Unrecognized actuarial gains and losses

766

1,118

Total

766

1,118

(7) Pension plan assets(a) Major components of pension plan assets
The percentages of the main categories relative to total pension plan assets are as follows:35

As of March 31, 2023

As of March 31, 2024

Insurance assets (general account)
Bonds
Shares
Other

42%
31
12
15

41%
32
13
14

Total

100

100

(b) Method of determining the expected long-term rate of return on pension plan assets
The expected long-term rate of return on pension plan assets is determined by considering the current
and expected allocation of pension plan assets and the current and expected long-term rates of returnon various assets comprising the pension plan assets.
(8) Assumptions used in actuarial calculations
Basic assumptions used in actuarial calculations
As of March 31, 2023
Discount rate
Expected long-term rate of return on pension
plan assets
Expected rate of increase in salary

As of March 31, 2024

0.44-0.535%

0.44-0.535%

2.0%

2.0%

7.9%-9.2%

7.9%-9.2%

Note: The expected rate of increase in salary is the expected rate of increase in points under the point system.

3. Defined contribution plans
Required contributions to the defined contribution pension plans of the Company and consolidated
subsidiaries amounted to ¥157 million for the fiscal year ended March 31, 2023 and ¥145 million for
the fiscal year ended March 31, 2024.

36

Income Taxes
1. Major components of deferred tax assets and deferred tax liabilities(Millions of yen)
As of March 31, 2024

As of March 31, 2023
Deferred tax assets
Tax loss carry-forward*2
Valuation loss on inventories
Provision for special repairs
Retirement benefit liability
Impairment loss
Other

9,095
395
508
815
2,369
2,070

6,785
621
665
623
2,829
2,306

Gross deferred tax assets
Valuation allowance for tax loss carry-forward*2
Valuation allowance for total deductible
temporary differences

15,253(3,780)13,831(2,311)

(268)

(396)

Gross valuation allowance*1(4,048)(2,708)

Total deferred tax assets
Offset against deferred tax liabilities

11,204(4,131)

11,123(4,630)Net deferred tax assets

7,073

6,492

Deferred tax liabilities
Reserve for special depreciation
Valuation difference on available-for-salesecurities
Reserve for tax purpose reduction entry
Other

214

190

2,551

2,481

441
1,208

413
1,591

Total deferred tax liabilities
Offset against deferred tax assets

4,415(4,131)

4,677(4,630)283

46

Net deferred tax liabilities*1*2

Gross valuation allowance decreased by ¥1,340 million.
The main component of this decrease was a decrease in the amount of valuation allowance related to the useof tax loss carry-forward.
Amount for tax loss carry-forward and deferred tax assets by expiration date

As of March 31, 2023
(Millions of yen)Over oneyear to twoyears

Within one
year

Over twoyears to three
years

Over three
years to four
years

Over four
years to five
years

Over five
years

Total

Tax losscarryforward*1

–

–

38

5

104

8,946

9,095

Valuation
allowance

–

–

(15)

(2)

(71)

(3,690)(3,780)

Deferred tax
assets

–

–

23

2

32

5,256

5,315
*2

*1
*2

Tax loss carry-forward is the amount obtained by multiplying the effective tax rate designated by law.
The deferred tax assets are determined to be recoverable based on expected future taxable income.

37

As of March 31, 2024
(Millions of yen)
Within one
year

Over oneyear to two
yearsOver twoyears to three
years

Over three
years to four
years

Over four
years to five
years

Over five
years

Total

Tax losscarryforward*1

–

38

265

–

70

6,410

6,785

Valuation
allowance

–

(38)

(265)

–

(70)

(1,937)(2,311)

Deferred tax
assets

–

–

–

–

–

4,473

4,473
*2

*1
*2

Tax loss carry-forward is the amount obtained by multiplying the effective tax rate designated by law.
The deferred tax assets are determined to be recoverable based on expected future taxable income.

2. Breakdown of the major items causing differences in case of material differences between thestatutory tax rate and the burden rate of corporate taxes, etc. after application of tax-effectaccounting (the “effective tax rate”)
As of March 31, 2023
Statutory tax rate
Reconciliation:
Retained earnings of overseas subsidiaries
Change in valuation allowance
Tax credit
Difference in applicable tax rates of overseas
subsidiaries, etc.
Dividend income
Other

As of March 31, 2024

30.5%

30.5%

0.2
(25.0)
(0.0)
(0.8)

2.2
(8.5)
(4.4)
(1.2)

(0.3)
(1.8)

(1.0)
2.0

2.7

19.5

Effective tax rate

3. Accounting for corporation income tax and local corporation tax or tax effect accounting related
to these taxes
The Company and certain domestic consolidated subsidiaries have applied the group tax sharing system,and handle accounting for corporation income tax and local corporation tax or tax effect accounting
related to these taxes and their disclosure in accordance with the “Practical Solution on the Accounting
and Disclosure Under the Group Tax Sharing System” (ASBJ PITF No. 42, August 12, 2021).
Business Combinations
Transactions Under Common Control, Etc.
1. Outline of transactions(1) Names and details of businesses involved in business combination
The Company’s glass business(2) Date of business combination
April 1, 2023
(3) Legal type of business combination
A simple absorption-type split with the Company as the splitting company and Central Glass Products
Co., Ltd. being the Successor Company

38

(4) Names of the combined enterprises
Central Glass Co., Ltd. and Central Glass Products Co., Ltd.
(5) Matters related to the outline of other transactions
The company split is designed to achieve the management goals of the Group by building a stablerevenue base for the glass business through the synergy generated from the unified operation of boththe architectural glass and automotive glass businesses.
2. Outline of the accounting method applied
Accounting was performed as a transaction under common control in accordance with the “AccountingStandard for Business Combinations” (ASBJ Statement No. 21, January 16, 2019) and“Implementation Guidance on Accounting Standard for Business Combinations and AccountingStandard for Business Divestitures” (ASBJ Guidance No. 10, January 16, 2019).
Rental Property and Other Real EstateThis information is omitted because it has become immaterial.

39

Revenue Recognition
1. Breakdown of revenue from contracts with customers
Fiscal year ended March 31, 2023
Reportable segment

Glass business

Main business(Millions of yen)
Net sales to external customers

Architectural glass

23,025

Automotive glass

23,859Glass fiber

7,796

Other

2
Subtotal

Chemicals business

54,684

Applied chemicals

23,290Medi-chemicals

16,409

Electronic materials

19,169Energy materials

36,248Fertilizers

14,754

Other

4,753
Subtotal

114,625

Total

169,309

Fiscal year ended March 31, 2024
Reportable segment

Glass business

Main business(Millions of yen)
Net sales to external customers

Architectural glass

23,500Automotive glass

27,733

Glass fiber

8,176

Other

1
Subtotal

Chemicals business

59,413

Applied chemicals

17,022Medi-chemicals

16,326

Electronic materials

19,449Energy materials

32,430Fertilizers

10,846

Other

4,852
Subtotal

Total

100,926
160,339

2. Basic information needed to understand revenue from contracts with customers
Basic information needed to understand revenue is as described in “5. Accounting policy (5) Standards
for recognizing significant revenues and expenses.”40

Segment Information
1. Outline of the reportable segments
The reportable segments of the Group are those units for which separate financial statements can beobtained and which are regularly examined by the Board of Directors for decisions on the allocation ofmanagement resources and for assessing business performance.
The Group has set up operating departments by product and service at the Head Office, and isformulating comprehensive strategies for domestic and overseas products and services in the course ofcarrying out business activities. Therefore, the Group has two reportable segments, namely the glassbusiness and the chemicals business, based on the operating departments.
In the glass business, the Group primarily manufactures and distributes architectural glass, automotive
glass, and glass fiber.
In the chemicals business, the Group primarily manufactures and distributes applied chemicals, medichemicals, electronic materials, energy materials, and fertilizers.
2. Calculation method of the amount of net sales, profit, assets, and other items by reportable segment
The accounting methods of the reportable segments are largely identical to the methods disclosed in“Significant Accounting Policies for the Preparation of Consolidated Financial Statements.”
Segment profit is based on operating profit.
Intersegment sales and transfers between segments are based on current market prices.
3. Information on net sales, profit, assets, and other items by reportable segment
Fiscal year ended March 31, 2023
(Millions of yen)
Reportable segment
Glass

Total

Consolidated
financialstatement
amountNet sales
External customers
Intersegment

54,684
0

114,625982

169,309
982

–
(982)

169,309–

Total

54,684

115,608

170,292(982)

169,309

Segment profit

2,662

14,095

16,757–

16,757

Segment assets

62,955

158,416

221,371(281)

221,090

1,986

7,042

9,029

–

9,029

2,155

4,906

7,061

–

7,061

Other items
Depreciation and amortization
Increase in property, plant, andequipment and intangible assets*

Chemicals

Adjustments*

Adjustments in segment profit and segment assets are intersegment eliminations.

41

Fiscal year ended March 31, 2024
(Millions of yen)
Reportable segment
Glass

Total

Consolidated
financialstatement
amountNet sales
External customers
Intersegment

59,41349

100,926
1,204

160,339
1,253–(1,253)

160,339–

Total

59,462102,130

161,593(1,253)

160,339

Segment profit

3,938

10,588

14,526–

14,526

Segment assets

63,292

151,525

214,818(413)

214,404

1,900

7,217

9,117

–

9,117

1,384

4,762

6,147

–

6,147

Other items
Depreciation and amortization
Increase in property, plant, andequipment and intangible assets*

Chemicals

Adjustments*

Adjustments in segment profit and segment assets are intersegment eliminations.

Related Information
Fiscal year ended March 31, 2023
1. Information by product and service
This information is omitted as the same information is disclosed in the reportable segment information.
2. Information by geographic area
(1) Net sales
Japan

Asia

100,387

Europe32,174

Other areas

26,832(Millions of yen)
Total

9,915

169,309

Note: Net sales is classified by country or geographic area, based on the location of customers.

(2) Property, plant, and equipment
Japan

Other areas
62,761

7,137(Millions of yen)Total
69,898

Note: Property, plant, and equipment is classified by country or geographic area, based on the location of the property, plant,
and equipment.

3. Information by major customer
This information is omitted since net sales to any single customer did not exceed 10% of net sales on
the consolidated statements of income.

42

Fiscal year ended March 31, 2024
1. Information by product and service
This information is omitted as the same information is disclosed in the reportable segment information.
2. Information by geographic area
(1) Net sales
Japan

Asia
97,947

Europe26,870

Other areas

25,373(Millions of yen)Total

10,148160,339

Note: Net sales is classified by country or geographic area, based on the location of customers.

(2) Property, plant, and equipment
Japan(Millions of yen)
Total

Other areas
58,807

5,399

64,206

Note: Property, plant, and equipment is classified by country or geographic area, based on the location of the property, plant,
and equipment.

3. Information by major customer
This information is omitted since net sales to any single customer did not exceed 10% of net sales on
the consolidated statements of income.
Impairment Loss on Non-Current Assets by Reportable Segment
Fiscal year ended March 31, 2023
(Millions of yen)
Glass
Impairment loss

Chemicals
–

Total
39

39

Fiscal year ended March 31, 2024
(Millions of yen)
Glass
Impairment loss

Chemicals
48

Total
2,863

Amortization and Unamortized Balance of Goodwill by Reportable Segment
Not applicable
Gain on Bargain Purchase by Reporting Segment
Not applicable

43

2,912

Related Party Transactions
Not applicable
Per Share Information
Fiscal year ended March 31, 2023

Fiscal year ended March 31, 2024

Net assets per share¥4,176.04¥4,637.42

Earnings per share¥1,222.21¥503.55

Notes: 1. Diluted earnings per share is omitted as there were no dilutive shares.
2. In the fiscal year ended March 31, 2024, the Company introduced the stock delivery trust for directors and employees,
and the Company’s shares held by the Trust were posted as treasury shares in the consolidated financial statements.
Accordingly, for calculating net assets per share, the Company’s shares held by the Trust are included in the treasury
shares to be deducted when calculating the total number of outstanding shares at the end of the fiscal year, and for
calculating earnings per share, the Company’s shares held by the Trust are included in the treasury shares to be
deducted when calculating the weighted average number of shares during the fiscal year.
In calculating net assets per share, the number of such deducted treasury shares at the end of the fiscal year is475,200. In calculating earnings per share, the average number of deducted treasury shares during the fiscal year
ended March 31, 2024 is 277,542.
3. The basis for calculation of earnings per share is as follows:(Millions of yen)
Fiscal year ended March 31, 2023
Fiscal year ended March 31, 2024
Profit attributable to owners of parent

42,494

12,478Amounts not attributable to commonshareholders––

Profit attributable to commonshareholders of parent

42,494

12,478Weighted average number of shares(Thousand shares)

34,76824,780Subsequent Events
Sale of investment securities
The Group reached a basic agreement with the buyer in April 2024 for the sale of shares of affiliates
held by the Group. As a result, an extraordinary loss of approximately ¥1 billion is expected to beposted in the fiscal year ending March 31, 2025.

44

(v) Consolidated Supplementary Schedules
Schedule of Bonds PayableCompany name

Central GlassCo., Ltd.

CollateralFinalrepayment

Unsecured

February23, 2024

10,0000.490 Unsecured

November29, 2027

8,000

8,000

0.350 Unsecured

March 13,
2026

–

5,000

0.720 Unsecured

December
7, 2026

28,00023,000Bond name

Issue date

8th Unsecured
Bonds

February24, 2017

10,000–

9th Unsecured
Bonds

November29, 2017

10,00010th Unsecured
Bonds

March 14,2023

11th Unsecured
Bonds

December
7, 2023

–

–

Total
Note:

Balance as Balance asof April 1,of March
Interest rate2023
31, 2024(%)(Millions of (Millions of
yen)
yen)
–

–

–

–

Repayments planned within five years subsequent to March 31, 2024 are as follows:(Millions of yen)Over one year to two Over two years to three
years
years

Within one year
–

8,000

Over three years tofour years

5,000Over four years to fiveyears

10,000–

Schedule of Borrowings and Other Obligations
Balance as of
Balance as of
Average interest
April 1, 2023 March 31, 2024
rate (%)(Millions of yen) (Millions of yen)

Category

Final repayment

Short-term borrowings

1,894

3,671

0.477%–

Current portion of long-term borrowings

8,864

7,614

0.671%

–

180

178

–

–

Long-term borrowings (excluding the current
portion)26,334

18,7200.717%

2025 to 2030

Lease obligations (excluding the current
portion)

279

125

–

2025 to 2028

Other interest-bearing debt

–

–

–

–

Total

37,55330,310––Current portion of lease obligations

Notes: 1. Average interest rate is the weighted average interest rate on the balance of borrowings as of March 31, 2024.
2. Average interest rate on lease obligations is not provided as the total amount of lease obligations recorded in the
consolidated balance sheets is before deduction of the interest-equivalent amount.
3. Repayments planned within five years subsequent to March 31, 2024 for long-term borrowings and lease obligations(excluding the current portion) are as follows:(Millions of yen)
Category
Long-term
borrowings
Lease obligations

Over one year to two Over two years to three
years
years

Over three years tofour years

Over four years to five
years

7,110

5,613

3,740

1,148

125

0

0

0

4. Although interest expenses have been paid, the balance of trade guarantee deposits received (¥3,367 million as ofMarch 31, 2024) is not included in the above amounts as the deposits were received to secure operating receivables.

45

Schedule of Asset Retirement Obligations
Not applicable(2) Other
1)

Quarterly information for the fiscal year ended March 31, 2024
(Cumulative)

First quarter

Second quarter

Third quarter(Millions of yen)
Year ended March
31, 2024

Net sales

39,01079,115

120,869

160,339

Quarterly profit before income taxes

3,837

8,174

12,78016,553

Quarterly profit attributable to owners ofparent

2,831

5,672

9,300

12,478

Earnings per share (Yen)

114.25228.92375.34503.55(Quarterly)
Earnings per share (Yen)2)

First quarter

Second quarter

114.25

Conditions after the consolidated balance sheet date
Not applicable46

114.67

Third quarter
146.42

Fourth quarter
128.22