Note: This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

February 13, 2024

Consolidated Financial Results
for the Fiscal Year Ended December 31, 2023
<under Japanese GAAP>
Company name:
Listing:
Securities code:
URL:
Representative:
Contact:

OAT Agrio Co., Ltd.
Tokyo Stock Exchange4979
https://www.oat-agrio.co.jp
Hisashi Oka, President CEO
Hiroki Takase, Director (Board Member)
TEL: +81-3-5283-0262

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to commence dividend payments:
Scheduled date to file Annual Securities Report:
Preparation of supplementary material on financial results:
Holding of financial results presentation meeting:March 26, 2024
March 12, 2024
March 26, 2024
Yes
Yes (For institutional investors andanalysts)(Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Consolidated financial results for the fiscal year ended December 31, 2023 (from January 1, 2023
to December 31, 2023)(1) Consolidated operating results(Percentages indicate year-on-year changes.)
Net sales
Fiscal year ended

Operating profit

Millions of yen% Millions of yen

Profit attributable toowners of parent

Ordinary profit% Millions of yen% Millions of yen%

December 31, 2023

28,988

7.5

3,766

12.6

3,800

12.2

2,488

10.0

December 31, 2022

26,960

18.9

3,346

67.1

3,385

70.2

2,261

55.3

Note: Comprehensive income

Fiscal year ended December 31, 2023:
Fiscal year ended December 31, 2022:

Basic earnings
per share¥4,035 million¥3,126 million[29.1%][52.0%]

Diluted earnings
per share

Return on equity

Ordinary profit/
total assets

Operating profit/
net sales

Yen

Yen

%

%

%

December 31, 2023

236.45

–

20.0

11.7

13.0

December 31, 2022

214.12

–

23.4

11.4

12.4

Fiscal year ended

Reference: Equity in earnings (losses) of affiliates

Fiscal year ended December 31, 2023:
Fiscal year ended December 31, 2022:
Note: Diluted earnings per share is not presented because there are no potential shares.

¥1 million¥3 million

(2) Consolidated financial position
Total assets
As of

Net assets

Millions of yen

Equity-to-asset ratio

Millions of yen

Net assets per share%

Yen

December 31, 2023

34,00014,87240.9

1,350.69

December 31, 2022

31,00911,94935.6

1,043.37

Cash flows fromfinancing activities

Cash and cash
equivalents at end of
periodReference: Equity

As of December 31, 2023:
As of December 31, 2022:¥13,889 million¥11,032 million(3) Consolidated cash flows
Cash flows fromoperating activities
Fiscal year ended

Cash flows frominvesting activities

Millions of yen

Millions of yen

Millions of yen

Millions of yen

December 31, 2023

1,789

(585)

(1,052)

3,716

December 31, 2022

1,416

(569)

(1,029)3,371

2. Dividends
Dividends per share
First
Second Third
quarter- quarter- quarterend
end
end

Fiscalyearend

Total

Total cash
dividends(Total)Dividend
payout ratio(Consolidated)

Ratio ofdividends to
net assets(Consolidated)

%

%

Yen

Yen

Yen

Yen

Yen

Millions of yen

Fiscal year ended
December 31, 2022

–

0.00

–

45.00

45.00

475

21.0

4.9

Fiscal year ended
December 31, 2023

–

0.00

–

55.00

55.00

565

23.3

4.6

Fiscal year ending
December 31, 2024
(Forecast)

–

0.00

–

55.00

55.00

29.5

3. Consolidated earnings forecasts for the fiscal year ending December 31, 2024
(from January 1, 2024 to December 31, 2024)(Percentages indicate year-on-year changes.)
Net sales
Millions ofyen

Fiscal year ending
December 31, 2024
Note:

29,300Operating profit

Profit attributable toowners of parent

Ordinary profit

Basicearnings
per share%

Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

1.1

3,150

(16.4)

3,000(21.1)

1,920(22.8)

186.71As the Company manages its operations on an annual basis, consolidated earnings forecasts for the first six months
are omitted.

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatementa. Changes in accounting policies in accordance with changes in accounting standards, etc.: Noneb. Changes in accounting policies due to other reasons: Nonec. Changes in accounting estimates: None
d. Restatement: None
(3) Number of shares issued (common shares)
a. Number of shares issued at the end of the period (including treasury shares)
As of December 31, 2023

11,072,000 shares

As of December 31, 2022

11,072,000 sharesb. Number of treasury shares at the end of the period
As of December 31, 2023

788,582 shares

As of December 31, 2022

498,207 sharesc. Average number of shares outstanding during the period
Fiscal year ended December 31, 2023

10,522,499 sharesFiscal year ended December 31, 2022

10,563,014 shares

Reference: Summary of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended December 31, 2023 (from January 1,
2023 to December 31, 2023)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)
Net sales
Fiscal year ended

Operating profit

Millions of yen

Ordinary profit% Millions of yen% Millions of yen

Profit% Millions of yen%

December 31, 2023

15,879

3.0

2,694

14.4

3,180

14.8

2,432

12.9

December 31, 2022

15,422

20.1

2,354

137.9

2,770

115.9

2,154

73.3

Basic earnings
per share
Fiscal year ended

Diluted earnings
per share
Yen

Yen

December 31, 2023

231.19–December 31, 2022

203.99–Note: Diluted earnings per share is not presented because there are no potential shares.

(2) Non-consolidated financial position
Total assets
As ofMillions of yen

Net assets

Equity-to-asset ratio

Millions of yen

Net assets per share%

Yen

December 31, 2023

26,57911,90444.8

1,157.63

December 31, 2022

25,116

10,43941.6

987.32

Reference: Equity

As of December 31, 2023:
As of December 31, 2022:¥11,904 million¥10,439 million

* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Proper use of earnings forecasts, and other special matters
The forward-looking statements, including earnings forecasts, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable.
Consequently, the statements herein do not constitute assurances regarding the Company’s actual results.
Actual financial and other results may differ substantially from the statements herein due to various factors.

Attached Materials

Index
1. Overview of operating results and others ................................................................................................. 2(1) Overview of operating results for the fiscal year ended December 31, 2023 ........................................ 2(2) Overview of financial position for the fiscal year ended December 31, 2023....................................... 3(3) Overview of cash flows for the fiscal year ended December 31, 2023 ................................................. 3(4) Future outlook ....................................................................................................................................... 4
2. Basic stance on selection of accounting standards.................................................................................... 5
3. Consolidated financial statements and significant notes thereto............................................................... 6(1) Consolidated balance sheet.................................................................................................................... 6(2) Consolidated statement of income and consolidated statement of comprehensive income................... 8
Consolidated statement of income ......................................................................................................... 8
Consolidated statement of comprehensive income ................................................................................ 9(3) Consolidated statement of changes in equity....................................................................................... 10(4) Consolidated statement of cash flows.................................................................................................. 12(5) Notes to consolidated financial statements .......................................................................................... 14
Notes on premise of going concern ..................................................................................................... 14
Segment information ........................................................................................................................... 14
Per share information........................................................................................................................... 14
Significant subsequent events .............................................................................................................. 14-1-

1. Overview of operating results and others(1) Overview of operating results for the fiscal year ended December 31, 2023
In the fiscal year ended December 31, 2023, the Japanese economy continued to experience stagnationin personal consumption due to the significant depreciation of the yen and price hikes caused by thestrong U.S. economy, despite signs of recovery inbound tourism demand amid a gradual return to normal
in social activities with the legal reclassification of the novel coronavirus disease (COVID-19). The future
outlook remains uncertain due to the prolonged situation in Ukraine as well as the outbreak of armed
conflict in Israel, the sluggish European economy, and other factors.
Under such business conditions, OAT Agrio Group (the “Group”) announced the “New Mid-TermBusiness Plan [2023-2025],” under the title “Toward the New Challenges,” in February 2023. In order toachieve our long-term vision, which we have clarified, and to realize our management philosophy of “Wecontribute to the people in the world with our agritechnology and sincerity,” we have been working
together to lay the groundwork for taking on a new challenge. In addition, as announced in September
2023, we have deliberately chosen to be listed in the Standard Market on the Tokyo Stock Exchange formedium- to long-term enhancement of corporate value and shareholder profit. Through the realization of
the Group’s management philosophy, we see it as our mission to deliver “the joy of cultivating,” “theemotion of watching,” and “the contentment of eating” to people around the world. Furthermore, we
believe that the Group’s activities will contribute to achieving the Sustainable Development Goals(SDGs), such as “environmental conservation,” “improvement of resource efficiency,” and “eradicationof hunger,” and we will continue to take on challenges in the next fiscal year and beyond.
As a result, in the fiscal year under review, net sales totaled ¥28,988 million, up 7.5% or ¥2,028 million
year on year, operating profit was ¥3,766 million, up 12.6% or ¥420 million year on year, ordinary profit
was ¥3,800 million, up 12.2% or ¥414 million year on year, and profit attributable to owners of parent
was ¥2,488 million, up 10.0% or ¥226 million year on year.
The Group has a single business segment, the AgriTechno Business. The operating results by businessfields in this segment are as follows.
In the agrichemicals field in Japan, the Group maintained favorable sales results for the Company’s
mainstay insecticides Oncol and Orion, and sales for the acaricide Cyflumetofen and the fungicide Gatten
were also strong throughout the year. Sales were strong for insecticides in the green agrochemicals, whichis the Company’s focus, such as the acaricide Suffoil and insecticide Tomonol, resulting in increased sales.
In the overseas markets, sales grew significantly due to strong performance of sales of the acaricide
Cyflumetofen, and sales of the fungicide Kaligreen also increased over the previous year. As a result, net
sales in the agrichemicals field overall amounted to ¥11,885 million, up ¥491 million or 4.3% year on
year.
In the fertilizer and biostimulant field, in fertilizer, sales in Japan for greenhouse fertilizers, dripfertigation fertilizers and others fell year on year due to the impact of surplus inventories in the supply
chain, but sales of biostimulants Potetoru, Lidavital, Algamix, and Fullbody were strong. In addition,
Asahi Chemical Mfg. Co., Ltd., the Company’s subsidiary that manufactures and sells various types offertilizers, also posted sales growth. In the overseas markets, sales of Atonik increased throughout theyear, and the Company greatly expanded sales of its products to Southeast Asia and Central and SouthAmerica. The performance of Blue Wave Holding B.V., a subsidiary in the Netherlands, and LIDA Plant
Research, S.L., a subsidiary in Spain, was also favorable, and PT. OAT MITOKU AGRIO, an Indonesiansubsidiary that markets Atonik, maintained robust sales. As a result, net sales in the fertilizer andbiostimulant field overall increased by ¥1,537 million, or 9.9% year on year, to ¥17,103 million.
On the other hand, due to the impact of year-on-year increases in personnel and research and development
costs, selling, general and administrative expenses came to ¥10,180 million, up ¥866 million or 9.3%
year on year.

-2-(2) Overview of financial position for the fiscal year ended December 31, 2023
Position of assets, liabilities, and net assets(i) Assets
Total assets as of December 31, 2023, was ¥34,000 million, an increase of ¥2,991 million compared
to December 31, 2022. This was the result of increases of ¥2,666 million in current assets and ¥324
million in non-current assets.
(Current assets)
Total current assets as of December 31, 2023, was ¥19,586 million, an increase of ¥2,666 million
compared to December 31, 2022. This was mainly the result of increases of ¥441 million in cash anddeposits and ¥1,497 million in accounts receivable-trade, decreases of ¥178 million in merchandiseand finished goods and ¥12 million in raw materials and supplies, and increases of ¥542 million inwork in process and ¥305 million in other.
(Non-current assets)
Total non-current assets as of December 31, 2023, was ¥14,414 million, an increase of ¥324 million
compared to December 31, 2022. This was mainly the result of increases of ¥51 million in machinery,equipment and vehicles, ¥46 million in leased assets, ¥25 million in software, and ¥93 million in
investment securities, and a decrease of ¥45 million in goodwill.
(ii) Liabilities(Current liabilities)
Total current liabilities as of December 31, 2023, was ¥15,233 million, an increase of ¥3,615 million
compared to December 31, 2022. This was mainly the result of a decrease of ¥764 million in notes
and accounts payable - trade, and increases of ¥4,083 million in short-term borrowings and ¥398
million in other.
(Non-current liabilities)
Total non-current liabilities as of December 31, 2023, was ¥3,893 million, a decrease of ¥3,548
million compared to December 31, 2022. This was mainly the result of a decrease of ¥3,596 million
in long-term borrowings.
(iii) Net assets
Total net assets as of December 31, 2023, was ¥14,872 million, an increase of ¥2,923 million
compared to December 31, 2022. This was mainly the result of the recording of ¥2,488 million in
profit attributable to owners of parent, ¥475 million in payment of dividends of surplus, and anincrease of ¥1,301 million in foreign currency translation adjustment.
(3) Overview of cash flows for the fiscal year ended December 31, 2023
Cash and cash equivalents (hereinafter “cash”) as of December 31, 2023 was ¥3,716 million, a decreaseof ¥344 million compared to December 31, 2022. Cash flows during the fiscal year under review andtheir causes are as follows.
(Cash flows from operating activities)
Net cash provided by operating activities was ¥1,789 million (¥1,416 million was provided in theprevious fiscal year). The main sources of cash were profit before income taxes of ¥3,796 million,
depreciation of ¥991 million, and amortization of goodwill of ¥682 million. The main uses of cash werean increase in trade receivables of ¥1,412 million, a decrease in trade payables of ¥895 million, andincome taxes paid of ¥1,574 million.
(Cash flows from investing activities)
Net cash used in investing activities was ¥585 million (¥569 million was used in the previous fiscal year).
The main uses of cash were purchase of property, plant and equipment of ¥397 million, purchase ofintangible assets of ¥122 million, and payments into time deposits of ¥80 million.
-3-

(Cash flows from financing activities)
Net cash used in financing activities was ¥1,052 million (¥1,029 million was used in the previous fiscal
year). The main source of cash was net increase in short-term borrowings of ¥1,614 million. The mainuses of cash were repayments of long-term borrowings of ¥1,333 million, purchase of treasury shares of¥600 million, and dividends paid of ¥474 million.
Reference: Trends in cash flow indicators
Fiscal year ended
December 31, 2021

Fiscal year ended
December 31, 2022

Fiscal year ended
December 31, 2023

Equity ratio (%)

29.2

35.6

40.9

Market value equity ratio (%)

38.5

50.8

52.2

Ratio of cash flow to interestbearing debt (%)

351.0

867.7

716.1

Interest coverage ratio (times)

21.0

9.2

10.8

Notes: 1. Equity ratio: Equity / Total assets
Market value equity ratio (%): Market capitalization / Total assets
Ratio of cash flow to interest-bearing debt (%): Interest-bearing debt / Cash flow
Interest coverage ratio (times): Cash flow / Interest payments
2. All items are calculated using consolidated financial data.
3. Market capitalization is based on number of shares issued excluding treasury shares.
4. Operating cash flow is used for cash flow.

(4) Future outlook
The Group aims to contribute to society through the provision of technology that boosts food production(agritechnology). Also, guided by the basic policy of increasing corporate profits and enhancing
enterprise value, the Group will implement measures to grow earnings and strengthen its financial
standing while pursuing business activities that contribute to sustainable agriculture that is friendly topeople and the environment.
As stated in the New Mid-Term Business Plan [2024-2026], announced today, we will strive to increase
our corporate value by making aggressive investments for further growth and realizing innovations tosolve the challenges of global agriculture, and we will conduct corporate activities flexibly responding
to changes in the social environment.
In addition, we will practice sustainability management recognizing that helping to shape a sustainableagriculture that is kind to people and the environment is our corporate social responsibility. We willcontinue our efforts to address climate change risks and achieve carbon neutrality, as well as to promotecompliance with the “Strategy for Sustainable Food Systems” formulated by the Japanese government
in May 2021, which aims to build a sustainable food system, and the EU’s “Farm to Fork strategy.”
The following is a description of each of the key themes that the Company is continuously working on
as fundamental businesses.
With regard to “Expanding sales of and popularizing Green agrochemicals,” Acaritouch and Suffoil are
expected to continue to expand in the domestic apple and citrus fruit markets. With regard to “Expanding
sales of and popularizing biostimulant products,” we will provide education on useful case studies(holding large-scale local farmer meetings) and expand applications to new crops, and steadily implement
initiatives to popularize these products in India, China and other countries, so that we will establish afoundation for further expansion in sales. As for “Stimulation of latent demand in the greenhousehorticulture field,” we plan to further evolve Agrio Strawberry Master, a cultivation diagnosis systemusing AI, utilize sensing data and expand the range of crops for which the system can be used, andcontinue to expand sales to increase our presence in the smart agriculture market.
In terms of pursuing synergies globally, we launched a project for collaboration among group companies.
We will continue to focus even more intently on the realization of various projects.

-4-With regard to building a corporate culture and rising to the challenge of new businesses, we continue
using social media and other methods to express “the joy of cultivating,” “the emotion of watching,” and“the contentment of eating.” We will focus on disseminating information through a variety of media,
such as by launching a cultivation media site and making a corporate image video available, offering
cultivation guidance and flower arrangement classes in various places, which we assume will help open
the way to new businesses.
As mentioned above, we will accelerate R&D investment for further growth. With a determination to do
its utmost to solve the world’s agricultural problems, the Group is aiming to move to the next stage instep with agricultural development. We will continue to invest in cutting-edge technologies and personnel,
while at the same time securing profits.
Under those business conditions, for the fiscal year ending December 31, 2024, we forecast net sales of¥29,300 million, up 1.1% year on year, operating profit of ¥3,150 million, down 16.4% year on year,
ordinary profit of ¥3,000 million, down 21.1% year on year, and profit attributable to owners of parentof ¥1,920 million, down 22.8% year on year.
The Company considers the distribution of profit to shareholders as one of the most important issues for
management. Accordingly, the Company’s basic policy on profit distribution is to carry out the stablepayment of dividends while considering the provision of the necessary internal reserves to strengthen thefinancial base and proactively develop business. Looking ahead, the Company shall strive for sustainablegrowth by investing business resources in business fields where growth is expected in the medium- tolong-term in order to boost corporate value and maximize value for shareholders.
The Company plans to pay dividends from surplus for the fiscal year under review of ¥55 per share as
per the dividend forecast announced on November 8, 2023.
Concerning the dividends from surplus for the fiscal year ending December 31, 2024, the Company plansto pay an annual dividend of ¥55 per share.
2. Basic stance on selection of accounting standards
The Group uses Japanese accounting standards to facilitate comparison with sector peer companies inJapan.
With respect to adoption of international financial reporting standards (IFRS), the Group follows a policyof responding in a suitable manner after giving consideration to various circumstances in Japan andoverseas.

-5-3. Consolidated financial statements and significant notes thereto(1) Consolidated balance sheet(Millions of yen)

AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Electronically recorded monetary claims - operating
Accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Leased assets, net
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Software
Customer relation assets
Other
Total intangible assets
Investments and other assets
Investment securities
Shares of subsidiaries and associates
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Total assets-6-

As of December 31, 2022

As of December 31, 2023

3,614
452
62
5,239
3,443
1,071
2,345
750
(60)
16,920

4,056
638
43
6,736
3,265
1,613
2,332
1,056
(156)
19,586

1,176
745
1,090
462
303
3,779

1,184
797
1,164
509
323
3,979

5,960
184
2,650
382
9,177

5,915
209
2,694
411
9,230

428
82
313
307
1,132
14,08931,009

522
88
310
282
1,204
14,41434,000(Millions of yen)

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Accounts payable - other
Income taxes payable
Provision for bonuses
Provision for compensation for damages
Refund liability
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Retirement benefit liability
Deferred tax liabilities
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-7-

As of December 31, 2022

As of December 31, 2023

2,954
5,865
686
646
37
23
128
1,275
11,617

2,189
9,949
617
572
38
26
166
1,674
15,233

5,951
282
883
324
7,442
19,060

2,355
233
948
357
3,893
19,127

461
2,410
7,906
(408)
10,371

461
2,425
9,918
(973)
11,832

72
632
(44)
660
917
11,94931,009

130
1,934
(8)
2,056
983
14,872
34,000(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)
Fiscal year ended
December 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Insurance claim income
Foreign exchange gains
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Commission for purchase of treasury shares
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Impairment losses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-8-

Fiscal year ended
December 31, 2023

26,96014,29912,6609,314
3,346

28,98815,041
13,947
10,180
3,766

13
5
39
153

40
6
0
194

3

1

21
237

19
263

182
0
16
198
3,385

207
4
18
230
3,800

17
17

3
3

4
19
24
3,378
1,194
(184)
1,009
2,369
107
2,261

2
4
7
3,796
1,288
(52)
1,235
2,561
73
2,488

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
December 31, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests-9-

Fiscal year ended
December 31, 2023

2,369

2,561

(11)
858
(89)
756
3,126

58
1,380
35
1,474
4,035

2,966

3,884

160

151

(3) Consolidated statement of changes in equity
Fiscal year ended December 31, 2022
(Millions of yen)
Shareholders’ equity
Share capital

Capital surplus

Retained earnings

Treasury shares

461

2,404

5,882

(433)

Balance at beginning of period

Total shareholders’equity8,314

Changes during period
Profit attributable to owners ofparent

2,261

2,261

Purchase of treasury shares
Disposal of treasury shares

6

Dividends of surplus

(0)

(0)

25

32

(237)

(237)

Net changes in items other thanshareholders’ equity–

Total changes during period
Balance at end of period

–

6

2,024

25

2,056

461

2,410

7,906

(408)

10,371

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period

83

Foreigncurrencytranslation
adjustment

Total
Remeasureaccumulated
ments ofother
defined benefit
comprehensive
plansincome

(172)

45

(43)

Noncontrollinginterests

825

Total net assets

9,096

Changes during period
Profit attributable to owners ofparent–2,261

Purchase of treasury shares–(0)

Disposal of treasury shares–

32

Dividends of surplus

–

(237)

Net changes in items other thanshareholders’ equity

(11)

805

(89)

704

91

796

Total changes during period

(11)

805

(89)

704

91

2,853

Balance at end of period

72

632

(44)

660

917

11,949- 10 -

Fiscal year ended December 31, 2023
(Millions of yen)
Shareholders’ equity
Share capital

Capital surplus

Retained earnings

Treasury shares

461

2,410

7,906

(408)

Balance at beginning of period

Total shareholders’equity10,371

Changes during period
Profit attributable to owners ofparent

2,488

2,488

Purchase of treasury shares
Disposal of treasury shares

14

Dividends of surplus

(600)

(600)

34

49

(475)

(475)

Net changes in items other thanshareholders’ equity–

Total changes during period
Balance at end of period

–

14

2,012

(565)

1,461

461

2,425

9,918

(973)

11,832

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period

72

Foreigncurrencytranslation
adjustment

Total
Remeasureaccumulated
ments ofother
defined benefit
comprehensive
plansincome

632

(44)

660

Noncontrollinginterests

917

Total net assets

11,949Changes during period
Profit attributable to owners ofparent–2,488

Purchase of treasury shares

–

(600)

Disposal of treasury shares–

49

Dividends of surplus

–

(475)

Net changes in items other thanshareholders’ equity

58

1,301

35

1,396

66

1,462

Total changes during period

58

1,301

35

1,396

66

2,923

Balance at end of period

130

1,934

(8)

2,056

983

14,872- 11 -

(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
December 31, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Loss on retirement of non-current assets
Loss (gain) on sale of non-current assets
Impairment losses
Share of loss (profit) of entities accounted for using
equity method
Insurance claim income
Interest and dividend income
Share-based payment expenses
Foreign exchange losses (gains)
Interest expenses
Increase (decrease) in retirement benefit liability
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in refund liability
Increase (decrease) in provision for bonuses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Proceeds from insurance income
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Other, net
Net cash provided by (used in) investing activities- 12 -

Fiscal year ended
December 31, 2023

3,378
864
620
4
(17)
19

3,796
991
682
2
(3)
4

(3)

(1)

(39)
(19)
32
(0)
182
120
1
22
3
(306)
(1,698)
(216)
(43)
(330)
2,575
3
(153)
(1,048)
39
1,416

(0)
(48)
49
(49)
207
(4)
88
35
0
(1,412)
(75)
(895)
(93)
262
3,538
37
(213)
(1,574)
0
1,789

(106)
(288)
19
(120)
(73)
(1)
(569)

(80)
(397)
6
(122)
(0)
8
(585)

(Millions of yen)
Fiscal year ended
December 31, 2022
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of lease liabilities
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 13 -

Fiscal year ended
December 31, 2023

811
1,678
(3,045)
(171)
(0)
(237)
(64)
–
(1,029)1,614
9(1,333)
(196)
(600)
(474)
(89)
18
(1,052)

38

193

(143)
3,514
3,371

344
3,371
3,716

(5) Notes to consolidated financial statements
Notes on premise of going concern
No items to report.
Segment information
As the Group consists of a single business segment, the AgriTechno Business, this information isomitted.
Per share information(Yen)
Fiscal year ended
December 31, 2022
Net assets per share
Basic earnings per share

Fiscal year ended
December 31, 2023

1,043.37

1,350.69

214.12236.45

Notes: 1. Diluted earnings per share is not presented since no potential shares exist.
2. The basis of calculation of basic earnings per share is as follows.
Fiscal year ended
December 31, 2022
Profit attributable to owners of parent(millions of yen)

Fiscal year ended
December 31, 2023

2,261

2,488

Amounts not attributable to common shareholders(millions of yen)––

Profit attributable to owners of parent available tocommon shares (millions of yen)

2,261

2,488

Average number of shares outstanding of commonshares during the period (shares)

10,563,014

10,522,499

Significant subsequent events
No items to report.

- 14 -