Financial Briefing(Fiscal year ended March 31, 2023)
May 19, 2023
PUNCH INDUSTRY CO., LTD.
(Security Code: 6165 TSE Prime)

Financial Highlights for the year ended March 31, 2023
Sales increased in all regions, and although the highest sales since being listed were recorded, rising
prices of raw materials and resources had a significant impact
Consolidated

Sales

Consolidated sales increased to 108.7% year-on-year, an increase of ¥3.4 billion to¥42.7 billion, and the highest sales since being listed were recorded.

Japan

Increased to 100.6% year-on-year to ¥14.1 billion.
Precision equipment covered weak automotive sales.

China

Increased to 111.9% year-on-year to ¥23.4 billion.
Automotive sales remained strong.

Southeast
Asia

Increased to 113.0% year-on-year to ¥1.9 billion.
Singapore, Thailand, Vietnam and Malaysia continued to perform well.

Europe,The US,
andOthersIncreased to 124.1% year-on-year to ¥3.2 billion.
Medical and beverage sales remained strong.

ProfitOperating profit was ¥2,436 million, 80.1% of the previous fiscal year
Ordinary profit was ¥2,394 million, 79.6% of the previous fiscal year
Profit attributable to owners of parent was ¥1,390 million, 68.1% of the previous
fiscal year

Net Cash

Increased by ¥1,219 million from the beginning of the fiscal year ended March 31,
2023, mainly due to the recording of net income.
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1

Income Statement Summary(Unit: Millions of yen)

Difference
year-on-year

Percentage
of change
year-on-year

FY22.3

FY23.339,35842,7993,440

108.7%

Sales
Operatingprofit7.7%

3,041 5.7% 2,436

(605)

80.1%

Ordinary
profit7.6%

3,007 5.6% 2,394

(613)

79.6%

Profit attributable

5.2%

2,040 3.2% 1,390

(650)

68.1%

to owners of parent

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2

0

0

Sales and Profit(Unit: Billions of yen)
(FA sales)

42.7 （2.4）

Sales

4.5

39.3 （2.7）
Operating
3.0 profit[Year-on-yearcomparison]
4.0
3.5

2.4

0

5.0

Sales

3.0
Operatingprofit 2.5

Net
2.0
profit*02.0¥3,440 million

Increasein sales¥ 605 million

decreasein profit¥ 650 million

decreasein profit

1.5*Profit attributableto owners of parent

0

Net Profit

1.4

1.0
0.5

attributable toowners of parent

00.0

FY22.3

FY23.3
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3

Sales by Region

50(Unit: Billions of yen)

2.64
1.74

20.96

Due in part to the impact of exchange rates,
increases in sales were achieved in all regions

3.28
1.97

23.45

14.02

14.10

FY22.3

FY23.3

Europe,The US,
andothersFood and medical products
remained strong

Southeast
Asia

Singapore, Thailand, Vietnam andMalaysia drove the increase in
sales

China

Automotive sales remained strong

Japan

Precision equipment and food sales
covered weak automotive sales

0

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4

Sales by Industry

50(Unit: Billions of yen)

10.68

4.19
8.04

16.44

Sales of electronic devices and semiconductors
stagnated
Automotive sales remained strong in China

12.54
4.31
7.87

Food and medical products
showed signs of recovery

Consumerelectronics/
precisionequipment

Precision equipment sales
remained strong

Electronic
devices/ semiconductors

Sales stagnated due to theslowing of demand forsmartphones

Automobile

Sales were weak in Japan, but
remained strong in China

18.08

0

FY22.3

Other

FY23.3
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5

Operating Profit Changes(Unit: Millions of yen)
FY22.3

3,041

Increase in sales
1,000
Rise in cost of
sales ratio(814)¥605 million
decrease from
FY22.3 to FY23.3

Increased SG&A
expenses(790)

FY23.3

2,436[Major factors for changes insales]■ Automotive sales remained
strong in China and had asignificant effect on increased
sales[Major factors for changes incost of sales ratio]■ Rising prices of raw materials
and resources were pronounced■ Profitability of Chinese groupcompanies deteriorated due tothe strong renminbi[Major factors for changes in
SG&A expenses]■ Higher expenses linked toincreased sales■ Impact of strong renminbi■ Occurrence of expenses
related to the acquisition ofASCe shares and amortizationof goodwill

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6

Balance Sheet Summary(Unit: Millions of yen)

FY22.3Year-on-yearchanges

FY23.3

Total assets

28,77430,455

1,681

Total liabilities

12,466

11,403(1,063)

3,820

2,997

(823)

Net assets

16,307

19,052

2,745

Net cash

995

2,215

1,219

Equity ratio

56.5%

62.4%

5.9pt

Return on equity (ROE)

14.2%

7.9%

(6.3pt)Return on invested capital(ROIC)

11.4%

8.1%

(3.3pt)Capital expenditure

1,149

1,351

201

971

1,130

158

Interest-bearing debt(including intangible assets)

Depreciation(including intangible assets)

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7

Cash Flows Summary(Unit: Millions of yen)

FY22.3

FY23.3

Cash flows from operating activities

2,941

2,560

Cash flows from investing activities(1,099)(1,546)

Free cash flow

1,841

1,013

Cash flows from financing activities(1,600)

(756)

707

543

4,669

5,212

Changes in cash and cash equivalents(including translation adjustments)
Cash and cash equivalents at end of period

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8

Status of Response to “Management With an Awareness ofCapital Cost and Share Price”
Instill the “ROIC management” concept in the Group, and fully embrace
management with an awareness of capital efficiency
Index

FY23.3
FY24.3(Results) (Forecasts)

TargetEquity ratio

62.4%

62%

60% orhigher

ROE

7.9%

4.2%

10% orhigher

ROIC

8.1%

6.9%

10% orhigherConsolidated
payout ratio

33.4%

62.0%

30% orhigher

DOE

3.0%

3.0%

3% or
higher

WACC

7.2%

6–7%

–

EVA spread

0.9%(0.1)–
0.9%

3–4% orhigher➢ Revise the capital policy (January 2023)⚫ While ensuring a healthy financial foundation,
aim to improve corporate value by increasing
management efficiency and properly
distributing the funds obtained from operating
activities for shareholder returns andinvestments for further growth.
⚫ Based on a basic dividend policy of distributing
profits with an awareness of providing stable,
continuous dividends that are linked toconsolidated performance, the following
indices are used.
⚫ Consolidated payout ratio: 30% or higher, and⚫ DOE: 3% or higher⚫ Furthermore, the dividends are decided after
comprehensively considering the financial
condition, funding needs and other factors.

⚫ Treasury stock is acquired as necessary based(Total dividends) ¥465 million
on a flexible approach in light of the financial
DOE 3% =condition and the trends in the share price and(¥14,378 million + ¥16,381 million) ÷ 2(Average shareholders’ equity for FY23.3 and FY24.3) other market conditions.
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9

FY24.3 Full-Year Earnings Forecasts
and Reasons for Selection ofStandard Market

FY24.3 Results and Dividend Forecasts(Unit: Millions of yen)

FY24.3
FY23.3(Results)

Full-Year
Earnings
Forecasts(Announced on
May 12, 2023)

Sales

Percentage ofDifference yearchange year-onon-yearyear

42,79942,000

(799)

98.1%

Operating profit

5.7%

2,436 5.1%

2,150

(286)

88.2%

Ordinary profit

5.6%

2,394 5.0%

2,100

(294)

87.7%

Profit attributable to

3.2%

1,390 1.9%

800

(590)

57.5%

ROE

7.9%

4.2%

(3.7pt)－Return on invested
capital （ＲＯＩＣ）

8.1%

6.9%

(1.2pt)－owners of parent

FY24.3 Dividend
Forecasts

Interim dividend of ¥10 per share + year-end dividend of¥10.30 per share = ¥20.30 per share (planned)
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11

Reason for Transition to Standard Market
Policy of brush-up of the VC 2024 Mid-term Business Plan and concentrating management
resources on its execution

Sate of
As of Jun. 30,
compliance2021
of theAs of Mar. 31,
Company2023
Criteria for maintaining listing
Plan period

Number ofshareholders(persons)

Number of
tradableshares(units)Total market
capitalizationof tradable
shares(Billions ofyen)

Ratio oftradableshares (%)

Average daily
trading value(Thousands of
yen)

4,757

144,460

8.78

65.3

40,880

5,728

177,440

7.90

72.0

44,510800

20,00035.0

20,000――10.0
March 31,
2025

―

―

◼ The management environment is becoming increasingly harsh due to factors such asheightened geopolitical risks, rising prices of raw materials and resources, and partshortages◼ The VC 2024 Mid-term Business Plan was forced to undergo significant delays, and in
addition to making a recovery, it is necessary to brush up the plan including new
growth strategies.

◼ The details of the brush-up of VC 2024 will be promptly disclosed once determined.
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12

VC 2024 Mid-term Business Plan Scheduled to Undergo Brush-up

00

00

40.9

36.6

35.3
2.8

00

1.9

32.4

2.5
0.8

00

（5.0）
Operating profit(FA sales)
50.0
（2.4）
（3.5）
（2.7）
42.7
42.0
39.3
5.0

Sales
41.0

00

1

(Unit: Billions of yen)

1.3

1.7

3.0

1.6

2.0
0.9

2.4

1.3

0.4

1

8

6

4

2.1

0.8

4.0

2

0

Profitattributable to owners of parent■ Cumulative total over 3 years
Capital expenditure ¥5.0 billion
Depreciation ¥3.0 billion

00

-3.4
0

-2

-4

-6
FY17.3

FY18.3

FY19.3

FY20.3

ＶＣ2020FY21.3

FY22.3

FY23.3Plus

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FY24.3

FY25.3

ＶＣ202413

Reference Materials

Punch Group at a Glance
Establishment

Listing

March 1975
(50th anniversary in 2025)

2012 stock listing2022 Prime Market

Production bases
Japan
4

Overseas8*Share of mold and die components industry (ourestimate)

PUNCH INDUSTRY CO., LTD.

Sales bases
Japan
11

Market share*
World No. 2（Japan No. 2・ China No. 1）

Overseas40

Japan 33%

No. of employees (March 2023)
Japan
981

Overseas sales ratio (FY23.3)

Overseas
2,942

Overseas 67%（China 55%）

Corporate GovernanceOutside director ratio 40%(Chairman of the Board of
Directors is an outside director)

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15

Management Structure
Profile of President and Representative Director
Name and date of birth

CareerTetsuji Morikubo

May 2003

Board of Directors

Joined the Company(January 22, 1977)

Feb. 2005

PUNCH INDUSTRY (DALIAN) Co.

Nov. 2012

General Manager, Value Creation
Promotion Office

Apr. 2013

General Manager, Corporate Planning
OfficeApr. 2015

PUNCH INDUSTRY
MALAYSIA SDN. BHD.

May 2016

Executive Officer

Jun. 2018

Director, Senior Executive Officer,
Corporate Strategy

Apr. 2019

Chief Strategy Officer Group Business
Management

Jun. 2019

Representative Director (incumbent)
Executive Vice President

Nov. 2019

President and Chief Executive Officer
in charge of the Punch Industry Group(incumbent)

Directors

Representative Director, President andChief Executive Officer
Chief Executive Officer (CEO)Tetsuji Morikubo

Director, Managing Executive Officer
Chief Operating Officer (COO/Sales)

Yasuhiro Sanada

Director and Senior Executive Officer
Chief Financial Officer (CFO)

Takao Murata

Director and Senior Executive Officer
Chief Operating Officer(COO/Manufacturing)

Akira Takanashi

Director

Susumu Sugita

Outside Director
Chairman of the Board

Yukiko Mitsuhashi

Outside Director

Naruhiko Takatsuji

Director (Audit & Supervisory Board
Member)Minoru Kawano

Directors(Audit &Outside Director (Audit & Supervisory
Supervisory
Board Member)
Board Member)
Outside Director (Audit & Supervisory
Board Member)
Ratio of Outside Directors
4 persons40%

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Yoriatsu Matsue
Tomoo Suzuki

Ratio of Female Directors
1 person10%

16

Punch Group History
'70
1982

1975
⚫

'80

Establishment, manufacture of drilling pins
for printed circuit boards

⚫

'90

'00

1990

Expansion into plastic mold components(Succeeded in mass production of highspeed steel ejector pins)

⚫

2001

Manufacturing base established in Dalian,
China

⚫

Established sales base in China

1983
Kitakami plant established, started
nationwide sales of mold and die
components
1989⚫ Miyako Punch Industry (now Miyako factory)
established
⚫

'10
2010
⚫

Established sales base in India

2013
⚫

⚫

Panther Sdn Bhd (now Malaysia Punch)becomes a group company
Mid-term Business Plan
“Value Creation 15” started

2014⚫

Listed on the First Section of the Tokyo
Stock Exchange (Listed on the Second
Section of the Tokyo Stock Exchange in
2012)

'20
2016
⚫

2020

Vietnam factory begins full-scale
operations⚫

Sales base established in Illinois, U.S.A.

⚫

Mid-term Business Plan
“Value Creation 2020” started

2018
⚫

⚫
⚫

Start of Mid-term Business Plan “Value Creation 2020 Plus”
Launch of Management Innovation Project2022⚫ Start of Mid-term Business Plan “Value Creation 2024”⚫ Moved to the Tokyo Stock Exchange Prime Market⚫ ASCe becomes a group company

Expansion of manufacturing base in
Dalian, China

2019⚫

Started the second phase of the Vietnam
factory

2015⚫

Manufacturing base established in
Vietnam⚫

40th anniversary

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17

Description of the Business
Manufacture and sale of a wide variety of precision mold and die components that are indispensable to theconstruction of molds. The “behind-the-scenes expertise” that enriches your life.

For example, parts like these

Molds and dies

Components

Products

Molds and dies madeof metal to makecomponents quickly,
uniformly, and in large
quantities

Parts needed to form a
product

Various products we
use in our daily lives,
such as automobiles
and consumer
electronics

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18

Punch Group’s Core Products
Plastic mold and die components such as injection molding dies and press die components suchas stamping dies, for a wide range of customers spanning upstream to downstream
manufacturing

Plastic mold and die components

Press die components

Plastic molds are used in the manufacture of many plastic products, including
the exteriors of smartphones and digital cameras. Products are made by
injecting heated, molten plastic resin into a mold mounted on an injection
molding machine, cooling, and solidifying. The Punch Group manufactures andsells the components that make up these molds and dies.

A die is mounted on a press machine (a machine that moves up and down), a
metal sheet is placed between the upper and lower dies, and the pressmachine is operated to produce a product molded by the die. The Punch
Group manufactures and sells the components that make up these molds anddies.

Core productCore productEjector pin

Punch

This part (extrusion pin) is used toseparate the injection-molded productfrom the mold itself and eject it.

Typical parts incorporated in press dies,
these parts are used to make holes inmetal plates and transfer shapes. Our
company name comes from this punch.

Core productCore productCore pin

Holder guide posts

Used to form the product section, theshape of the core pin is transferred. The
core pin forms a void in the productsection or engraving on the productsection.

These parts are used to maintain thecorrect relationship between the upperand lower molds.

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19

Characteristics of the Punch Group

Japan and China
Leading share in special order molds and dies * Our estimate

Catalog products
Extensive lineup of highly
versatile standard products

Speedysolutions

A one-stop production system
Over 2,000 units of equipment and wide
ranging support

Special order products
Capable of responding flexibly tocustom needs

A customer-oriented business structure
Meticulous, responsive and capable

High technical capabilities
Expertise cultivated since the Company’s founding, and untiring research and development

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20

Punch Group Strengths and Network
Extensive lineup of versatile catalog products and special order products to meet custom needs
supporting manufacturing across the world
Strengths of the Punch Group

Punch Group Network
Group companies

Sales offices
China• Punch (Dalian) (Dalian Factory, Chongqing Factory)• Wafangdian Punch• Wuxi Punch• Dongguan Punch• Panqi Spring

Providing high customer satisfaction
Catalog products

Special order products

Extensive lineup of
highly versatile standard products

Timely,precisesolutions

Capable of responding
flexibly to custom needs
U.K.
Germany
Korea

A one-stop
production systemwith 2,000 units ofequipment and wideranging support

A customeroriented businessstructure
meticulous, responsive
and capable

High technicalcapabilities
Expertise cultivatedsince the Company’s
founding, and untiring
research anddevelopment

U.S.A.
• Punch Industry U.S.A.

TurkeyThailandTaiwanPhilippines

India• India Punch

Japan• Punch Industry(Kitakami Factory, Miyako Factory,
Hyogo Factory)• Pintec• ASCeAustralia
Malaysia• Malaysia Punch

Singapore• Singapore Punch

Vietnam• Vietnam Punch• Vietnam Factory

Indonesia• Indonesia Punch

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21

Composition of Sales by Region and by Industry
Composition of Sales by Region
Europe, The US, and others

Japan

7.7％

FY23.3

33.0％
China

Southeast Asia

54.8％

4.5％

Composition of Sales by Industry
Automobile

Other

29.3％
Consumer electronics/
precision equipment

FY23.3

10.1％
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42.2％
Electronic devices/semiconductors

18.4％
22

Major Customers by Industry
Main rivals in Japan: Major general machinery trading companies, local manufacturers of molds and dies, etc.
Main rivals in China: Chinese machinery trading companies, Chinese machinery manufacturers, etc.

Major Customers

Major Customers
Automobile

Automotive
manufacturers and Tier
1, 2
Manufacturers of molds
and dies

Electronic
devices/
semiconductors

Major Customers

Major Customers
Consumerelectronics/
precisionequipment

Consumer electronics
manufacturers
Manufacturers of molds
and dies

Electronic device
manufacturers
Semiconductor equipment
manufacturers
Manufacturers of molds and
dies

Other

Stationery manufacturers
Toy manufacturers
Medical manufacturers
Beverage container
manufacturers
Global trading
companies
Manufacturers of molds
and dies

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23

Image of end users (e.g. Automotive)
Many end users are manufacturers of molds and dies

Automotive manufacturers
Manufacturers of bodies,
exteriors, seats, connectors, etc.

Manufacturers ofmolds and dies

Punch GroupAll Rights Reserved. Copyright ©2011-2012 PUNCH INDUSTRY CO.,LTD.

24

Sales and Operating Profit
13(Unit: Billions of yen)

(FA sales)
11.4 （0.61）
11 （0.64） 1.30
（0.82）（0.57）（0.59）（0.60）

Operating profit
11（0.71）

Sales
9

8.2

8.2

8.8

10.2

9.2

9.8

9.9

10.2

10.1

1.10

0.90

7.1

0.97

7

0.80
0.62

5

0.83

0.80

1

-1

0.70

0.71

0.50

0.68

0.55

0.47
3

1.50

（0.65）

0.35

0.29

0.10

0.02
1Q

0.30

▲
2Q

3Q

FY21.3

4Q

1Q

2Q

3Q

4Q

1Q

FY22.3

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2Q

3Q

4Q

▲

FY23.325

Sales by Region(Unit: Billions of yen)

11.4
10.2

7.1
0.44
0.34

8.2
0.43
0.32

8.2
0.45
0.33

8.8
0.53
0.38

9.2
0.56
0.39

4.50

4.85

0.79
0.45

5.59

9.8
0.66
0.44

9.9
0.64
0.46

10.2
0.72
0.47

5.21

5.30

5.53

0.88
0.51

6.58

11.0

0.95
0.49

5.94

10.1

0.73
0.49

Europe, The
US, and
OthersSoutheast
Asia

5.40

China

Japan

4.70

4.36

3.06

2.79

3.10

3.39

3.48

3.42

3.54

3.58

3.52

3.46

3.65

3.48

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

3.33

FY21.3

FY22.3

FY23.3

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26

Sales by Industry(Unit: Billions of yen)

11.4
10.2

8.2
7.1
2.28

8.2
2.15

1.79

0.87
1.44

3.07

1Q

0.94
1.48

1.03
1.61

8.8
2.36
1.04
1.78

3.54

3.45

2Q

3Q

4Q

9.9

10.2

2.77
2.44
0.99

2.71

2.75

2.85

1.07

1.06

1.06

1.96

1.95

1.95

3.88

4.23

4.11

4.22

4.38

1Q

2Q

3Q

4Q

1Q

FY22.3

3.39
2.93

1.16

2.16

1.97

10.1
3.37

1.07

3.62

FY21.3

9.2

9.8

11.0

2.17

1.11

0.99

1.98

1.77

4.73

4.55

4.42

2Q

3Q

4Q

Other
Consumerelectronics/
precisionequipment
Electronic
devices/
semiconductors

Automobile

FY23.3

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27

Numerical Targets for Sales by Region and Industry“VC2024” covers FY2022 through FY2024(fiscal year ending March 31, 2023 through fiscal year ending March 31, 2025)

50(Unit: Billion JPY)

2.64
1.74

3.28
1.97

4.00
2.60
3.50
2.00
25.51

20.96

23.45

50

(Unit: Billion JPY)

EuropeThe US,and others

Southeast
Asia

10.68
4.19

22.50

8.04

12.54

12.50

4.31

4.10

7.87

7.70

18.08

17.70

13.95

Other

5.53

Consumerelectronics/
precisionequipment

10.14

Electronic
devices/
Semiconductors

China

14.02

14.10

14.00

17.90

16.44

20.38

Japan

0

Automobile

0
FY22.3 FY23.3 FY24.3 FY25.3

FY22.3 FY23.3 FY24.3 FY25.3

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28

Progress Chart of Measures to Address Key Management Issues
Policy items

FY22.3

FY23.3

FA sales3.2
Results(Billion JPY)

2.7

Web order rate
(Japan/China)
Results (%)
Southeast Asia sales
Results(Billion JPY)
Europe/U.S.A./Other
sales
Results(Billion JPY)

2.6

FY22.3

Japan in-house sales
Results(Increase/decrease %)

43

48

2.0

2.6

4.0

＋20

＋35

＋25
＋14

－

＋35

3.0 (3-year cumulative total)
0.9

－

＋13

＋19

＋25

＋18

＋22

(5)

＋22

11

Reduction in total actual
work hours±0

Percentage of paid leave
taken

Results (%)

Results( Billion JPY)

8
(30)

67

(100)

68

70

14

15

68
13

11

(50)

(26)
68

Capital investment (inc.
overseas)＋5

FY25.3＋16

Ratio of female executives＋33

FY24.310 and above

Results (%)－

FY23.3

ROIC

Results (%)

3.5－

Production efficiency
Results(Increase/decrease %)

3.3
＋20

Overseas factory
investment
Results(Billion JPY)

Policy items

Results (hour)

Overseas procurement
Results(Increase/decrease %)

5.0

2.0
3.0

Vietnam factory sales
Results(Increase/decrease %)

3.5

34
2.0

1.7

FY25.32.4
41

39

FY24.313
5.0 (3-year cumulative total)

1.1

1.3

0.9

* “Overseas factory investment” and “Capital investment (inc. overseas)” are cumulative figures over three years.
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29

IR & PR Division, Corporate Strategy Planning Office, PUNCH INDUSTRY CO., LTD. E-mail: info-corp@punch.co.jp
Disclaimer Regarding Forward-Looking Statements
This report contains forward-looking statements regarding Punch Industry’s future plans, strategies, and forecasts. Such statements are not based on
historical fact, but are expectations, estimates, and forecasts based on information currently available. These expectations, estimates, and forecasts
involve many potential risks and uncertainties, including changes to the economy, exchange rate variations, changes in the competitive environment,
the outcome of current or future litigation, or the continued usefulness of capital procurement.
As a result, actual business results may differ materially from these statements. Accordingly, investors are cautioned not to place undue reliance on
forward-looking statements. Punch Industry is not obliged to amend these forward-looking statements based on new information or future events.