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.

May 10, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Under Japanese GAAP)
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:

Dai Nippon Toryo Co., Ltd.
Tokyo Stock Exchange4611
https://www.dnt.co.jp/english/
Takayuki Sato, President
Tatsuhiko Nagano, Director, Managing Executive Officer
General Manager, Administrative Division
Telephone:+81-6-6266-3102
Scheduled date of ordinary general meeting of shareholders:June 27, 2024
Scheduled date to commence dividend payments:
June 28, 2024
Scheduled date to file annual securities report:
June 27, 2024
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes (for institutional investors and analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 toMarch 31, 2024)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

March 31, 2024

71,940

(1.2)

4,901

24.2

5,336

23.6

4,600

33.0

March 31, 2023

72,849

8.8

3,946

24.0

4,316

24.6

3,458

70.2

Note: Comprehensive income

For the fiscal year ended March 31, 2024:
For the fiscal year ended March 31, 2023:

Basic earnings
per share

Diluted earnings
per share¥8,669 million¥4,040 million

Return on equity[114.6%][113.1%]

Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales%%

Fiscal year ended

Yen

Yen

March 31, 2024

161.70160.76

8.2

5.5

6.8

March 31, 2023

121.78120.92

6.8

4.8

5.4

Reference:%

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31, 2024:¥2 million
For the fiscal year ended March 31, 2023:¥1 million(2) Consolidated financial position
Total assets
As ofMillions of yen

Net assets

Equity-to-asset ratio

Millions of yen

Net assets per share%

Yen

March 31, 2024

101,618

62,49058.6

2,092.10

March 31, 2023

92,80555,21056.1

1,829.75

Reference:

EquityAs of March 31, 2024:
As of March 31, 2023:¥59,550 million¥52,033 million

(3) Consolidated cash flows
Cash flows fromoperating activities
Fiscal year ended

Millions of yen

March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash and cash
equivalents at end of
periodCash flows fromfinancing activities

Millions of yen

Millions of yen

Millions of yen

3,463

(772)

(1,657)

7,867

1,282

(1,449)

(473)

6,340

2. Cash dividends
Annual dividends per share
First
SecondThird
quarter-end quarter-end quarter-end
Yen

Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year
ending March 31,
2025 (Forecast)

Yen

Fiscalyear-end

Yen

Total cash
dividends(Total)

Total

Yen

Ratio of
Payout ratio dividends to(Consolidated) net assets(Consolidated)

Yen Millions of yen

%

%

–

0.00

–

25.00

25.00

710

20.5

1.4

–

0.00

–

35.00

35.00

996

21.6

1.8

–

0.00

–

40.00

40.00

30.0

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2025 (from April 1, 2024 toMarch 31, 2025)
Net sales

Six months ending
September 30,
2024(Cumulative)
Fiscal year ending
March 31, 2025

Operating profit

Millions ofyen%

36,00074,000Millions ofyen(Percentages indicate year-on-year changes.)
Profit attributable to Basic earnings perowners of parent
share

Ordinary profit%

Millions ofyen%Millions of
yen

%

(1.0)

1,900 (30.0)

2,050(30.8)

1,800

(8.0)

63.24

2.9

4,250 (13.3)

4,500(15.7)

3,800 (17.4)

133.50Yen

* 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 restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations:None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

29,710,678 shares

As of March 31, 2023

29,710,678 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2024

1,246,411 shares

As of March 31, 2023

1,273,139 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2024

28,450,857 sharesFiscal year ended March 31, 2023

28,395,186 shares[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 toMarch 31, 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Ordinary profit

ProfitFiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

March 31, 2024

43,395

0.3

1,115

24.9

2,932

22.3

2,930

18.9

March 31, 2023

43,269

8.6

893

8.2

2,396

15.1

2,464

63.8

Basic earnings
per share

Diluted earnings
per share

Fiscal year ended

Yen

Yen

March 31, 2024

103.01102.41March 31, 2023

86.80

86.19

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

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen

March 31, 2024

75,55539,53852.1

1,383.57

March 31, 2023

70,98535,39649.6

1,238.93

Reference:

EquityAs of March 31, 2024:
As of March 31, 2023:¥39,382 million¥35,232 million%

Yen* 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 earnings forecasts and other forward-looking statements in these materials are based on information
currently available to the Company and on certain assumptions deemed reasonable, and the Company
does not intend to guarantee their achievement. Furthermore, actual results, etc. may differ significantly
due to various factors. Please refer to “1. Summary of Business Results, Etc., (4) Future Prospects” onpage 4 of the attached materials for the suppositions that form the assumptions for earnings forecasts andcautions concerning the use thereof.

○ Table of Contents of Attached Materials
Index
1. Summary of Business Results, Etc. .......................................................................................................... 2(1) Summary of Business Results for Current Fiscal Year ....................................................................... 2(2) Summary of Financial Position for Current Fiscal Year ..................................................................... 3(3) Summary of Cash Flows for Current Fiscal Year ............................................................................... 4(4) Future Prospects ................................................................................................................................. 4(5) Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years ................ 5
2. Status of the Corporate Group .................................................................................................................. 6
3. Basic Approach to the Selection of Accounting Standards ....................................................................... 6
4. Consolidated Financial Statements and Major Notes ............................................................................... 7(1) Consolidated balance sheet ................................................................................................................ 7(2) Consolidated statement of income and consolidated statement of comprehensive income ............... 9(Consolidated statement of income) ................................................................................................... 9(Consolidated statement of comprehensive income) ........................................................................ 10(3) Consolidated statement of changes in equity ................................................................................... 11(4) Consolidated statement of cash flows .............................................................................................. 13(5) Notes on consolidated financial statements ...................................................................................... 15(Notes on the premise of a going concern) ....................................................................................... 15(Changes in important subsidiaries during the period) ..................................................................... 15(Segment information, etc.) .............................................................................................................. 15(Per share information) ..................................................................................................................... 20(Significant subsequent events) ........................................................................................................ 20
5. Non-consolidated Financial Statements and Major Notes ...................................................................... 21(1) Balance sheet .................................................................................................................................... 21(2) Statement of income ......................................................................................................................... 23(3) Statement of changes in equity ......................................................................................................... 24
6. Other ....................................................................................................................................................... 26
Change of Officers (Effective June 27, 2024) .................................................................................. 26-1-

1. Summary of Business Results, Etc.
(1) Summary of Business Results for Current Fiscal YearIn the fiscal year under review, the Japanese economy was on a gradual recovery trend due to factors
such as the recovery of consumer spending and inbound spending because of the lifting of restrictions
on movement. However, the outlook remains uncertain, with soaring energy and raw material prices
due to unstable international conditions and the normalization of yen depreciation leading to a sharp
rise in prices.
As for the Group’s business results, net sales decreased year on year to ¥71,940 million (a 1.2% yearon-year decrease) due to the impact of the dissolution of the joint venture with the powder producing
subsidiary and a slowdown in demand for some products due to the issue of the inappropriate act in thedomestic coatings business. On the profit side, operating profit was ¥4,901 million (a ¥955 million
year-on-year increase) and ordinary profit was ¥5,336 million (a ¥1,020 million year-on-year increase)
due to enhanced profitability and penetration of price adjustments in the lighting business. In addition,
the Company recorded extraordinary income due to the reduction of cross-shareholdings and thetransfer of non-current assets for the purpose of improving capital efficiency and effectively utilizing
Group assets. As a result, profit attributable to owners of parent was ¥4,600 million (a ¥1,142 million
year-on-year increase).
The business results by segment were as follows.
[Domestic coatings business]
In the general-use sector, market conditions were unable to reach a full-scale recovery, and demand
for some products slowed down due to the issue of the inappropriate act, etc. However, net sales
increased year on year due to the full-year contribution of price adjustments carried out in theprevious fiscal year and expanded sales of high value-added products. In the industrial-use sector,
net sales remained at the previous fiscal year’s level as a result of the impact of decreased demandfor coatings for building materials due to the decrease of the number of new housing constructions,despite a partial recovery in market conditions.
In this segment, net sales were lower year on year due to net sales decreasing by approximately¥3.5 billion because of the dissolution of the joint venture with the powder producing subsidiarythat was implemented at the beginning of the fiscal year. However, operating profit increased year
on year as the impact on profits was immaterial.
As a result, net sales were ¥50,551 million (a 5.1% year-on-year decrease), and operating profit
was ¥2,200 million (a ¥214 million year-on-year increase).
As announced in the “Lifting of Temporary Suspension of JIS Mark Display” dated March 7, 2024,
the temporary suspension of displaying the JIS Mark due to the above-mentioned issue of theinappropriate act has been lifted as of the same date.
[Overseas coatings business]
In Southeast Asia, although demand for coatings for exterior building materials in Singapore andMalaysia slowed due to the economic downturn in the surrounding areas, net sales increased year
on year due to the acquisition of new projects for coatings for automobile-related parts in Thailand
and Indonesia. In Mexico, net sales increased year on year as demand increased due to the recovery
of automobile production volume. In China, net sales decreased year on year due to continued
sluggish sales as a result of the impact of decreased production by Japanese automobile
manufacturers.
In this segment, net sales and operating profit were higher year on year due to the effect of foreign
currency translation resulting from the yen’s depreciation, in addition to the recovering trend in the
demand.

-2-

As a result, net sales were ¥8,529 million (a 5.7% year-on-year increase), and operating profit was¥416 million (a ¥212 million year-on-year increase).
The Group had two consolidated subsidiaries in China, but completed the transfer of its equity in
one of them in March 2024 as part of its business rationalization efforts.
[Lighting business]
In the commercial LED lighting field, demand continued to increase from the previous fiscal year,
primarily for commercial facilities and construction, against the backdrop of factors such as therecovery of inbound tourist traffic and redevelopment of the Tokyo metropolitan area. In the UVlamp field, demand for UV disinfection applications increased, primarily for semiconductor-related
markets. Furthermore, the introduction of a new pricing structure implemented in response tosoaring raw material prices was successful, and net sales and operating profit in this segment
significantly exceeded those of the previous fiscal year.
As a result, net sales were ¥9,686 million (a 13.2% year-on-year increase), and operating profit was¥1,890 million (a ¥604 million year-on-year increase).
[Fluorescent color material business]
In the pigments segment, although demand from the EU region began to recover toward the end of
the fiscal year, overall demand declined due to the impact of changing trendy colors in the fashionand stationery industries. Although net sales in this segment increased year on year due to theacquisition of large orders relating to properties and structures overseas in other areas, operating
profit was lower year on year due to a decrease in net sales in the mainstay pigments segment.
As a result, net sales were ¥1,175 million (a 1.8% year-on-year increase), and operating profit was¥28 million (an ¥42 million year-on-year decrease).
[Other businesses]
In the logistics business, transportation sales and storage sales fell year on year due to a decrease in
the volume of cargo handled. In the painting business, net sales increased year on year due to amoderate recovery in market conditions and an increase in orders for high-value-added work.
As a result, net sales were ¥1,997 million (a 9.7% year-on-year increase), and operating profit was¥138 million (a ¥21 million year-on-year decrease).
(2) Summary of Financial Position for Current Fiscal Year
Total assets at the end of the current fiscal year were ¥101,618 million, an increase of ¥8,813 million
from the end of the previous fiscal year. Current assets totaled ¥40,198 million, an increase of ¥1,594
million from the end of the previous fiscal year, mainly due to an increase in cash and deposits of¥1,564 million, a decrease in notes and accounts receivable - trade, and contract assets of ¥1,983
million, an increase in electronically recorded monetary claims - operating of ¥1,530 million, an
increase in inventories of ¥151 million, and other increases of ¥325 million. Non-current assets totaled¥61,419 million, an increase of ¥7,218 million from the end of the previous fiscal year, due to anincrease in property, plant and equipment of ¥775 million, an increase in intangible assets of ¥452
million, and an increase in investments and other assets of ¥5,989 million.
Liabilities totaled ¥39,128 million, an increase of ¥1,533 million from the end of the previous fiscal
year. Current liabilities totaled ¥28,693 million, an increase of ¥452 million from the end of theprevious fiscal year, mainly due to a decrease of ¥619 million in notes and accounts payable - trade, anincrease in short-term borrowings of ¥800 million, an increase in income taxes payable of ¥238
million, and an increase in other of ¥134 million. Non-current liabilities were ¥10,434 million, an
increase from the end of the previous fiscal year of ¥1,080 million. The main factors in this were a-3-

decrease of long-term borrowings of ¥700 million, a decrease in lease liabilities of ¥127 million, and anincrease in deferred tax liabilities of ¥1,926 million.
Net assets were ¥62,490 million, an increase from the end of the previous fiscal year of ¥7,280 million.
The main factors in this were an increase in retained earnings of ¥3,883 million, an increase of ¥1,919
million in valuation difference on available-for-sale securities, an increase in foreign currencytranslation adjustment of ¥555 million, an increase in remeasurements of defined benefit plans of¥1,126 million, and a decrease in non-controlling interests of ¥227 million.
(3) Summary of Cash Flows for Current Fiscal Year
During the current fiscal year, cash and cash equivalents (hereinafter, “cash”) increased from the end of
the previous fiscal year by ¥1,526 million to ¥7,867 million.
The status of each cash flow during the current fiscal year and their contributing factors are as follows.
(Cash flows from operating activities)
Cash provided by operating activities in the current fiscal year totaled ¥3,463 million (compared to¥1,282 million gained in the previous fiscal year). This is mainly due to income from the recording of
profit before income taxes, depreciation, etc., and expenditures such as an increase in retirement benefit
asset, and income taxes paid.
(Cash flows from investing activities)
Cash used in investing activities during the current fiscal year amounted to ¥772 million (compared to¥1,449 million expended in the previous fiscal year). The main factors in this are income such asproceeds from sale of property, plant and equipment, proceeds from sale of investment securities, andexpenditures including the purchase of property, plant and equipment.
(Cash flows from financing activities)
Cash used in financing activities in the current fiscal year amounted to ¥1,657 million (compared to¥473 million expended in the previous fiscal year). The main factors in this are income such asproceeds from short-term borrowings, and expenditures including dividends paid, repayments of longterm borrowings, and purchase of shares of subsidiaries not resulting in change in scope of
consolidation.
(4) Future Prospects
In the next fiscal year (ending March 31, 2025), the Japanese economy is expected to show a gradual
recovery trend against the backdrop of improved employment and income conditions. However, there
are still downside risks to the economy, including soaring energy and raw material prices due to theunstable international conditions and a sharp rise in prices due to the normalization of yen depreciation,and the outlook remains uncertain.
As for the business environment surrounding the Group, the domestic coatings market is expected tosee a firm demand environment in the general-use sector. In the industrial-use sector, although there areconcerns about the impact of the decrease of the number of new housing constructions, a gradual
recovery in demand is forecast for metal products and industrial machinery. Based on the above, thedemand environment is generally expected to remain at the same level as in the previous fiscal year.
The overseas coatings market is expected to see a recovery in demand from the automobile industry.
The lighting market is expected to see firm demand on the back of continued redevelopment projects,
particularly in urban areas.

-4-Under these circumstances, the Group believes that the most important task is to do our utmost to
regain the trust of all of our stakeholders by thoroughly implementing and strengthening governancewith a focus on quality control. In addition, the Company has set medium- to long-term goals of¥100,000 million in consolidated net sales and ¥10,000 million in consolidated operating profit in fiscal
2029, the 100th anniversary of our founding. Accordingly, in the three-year medium-term management
plan 2026 starting in fiscal 2024, the Company will focus on business strategies and the deepening ofour business foundation to realize these goals.
Specifically, in order to achieve continuous growth and improvement of corporate value, we will
promote organic growth of existing businesses in the domestic coatings business, particularly in thesustainability-related market, while striving to cultivate and strengthen businesses that can become newdrivers of growth, such as in the life science field. In the overseas coatings business, we will seek
growth by promoting independent management and expanding our business foundation. In the lighting
business, we will solidify sustainable growth by pursuing high value-added strategies in LED lighting
and expanding the foundation of the UV lamp business, which is expected to grow.
In addition, to support these measures, we will actively strengthen human capital investment,
implement capital investment, utilize DX, and make effective use of alliances.
Our consolidated earnings forecast for the next fiscal year is net sales of ¥74,000 million, operating
profit of ¥4,250 million, ordinary profit of ¥4,500 million, and profit attributable to owners of parent of¥3,800 million.
This forecast for the next fiscal year is calculated based on the information available at this time, but
actual results may differ due to a variety of factors, including changes in economic and businessconditions and raw materials price trends.
(5) Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years
In order to promote management with an awareness of cost of capital and share price, the Company
regards the determination of the amount of dividends to be paid to shareholders as one of its mostimportant management issues. Our basic policy is to continue to pay stable dividends commensuratewith our business performance, while at the same time striving to strengthen our corporate constitution
and maintain financial soundness.
Regarding dividends at the end of the current fiscal year, as announced in the timely disclosure dated
March 26, 2024, the Company plans to pay a dividend of ¥35 per share.
Regarding the next fiscal year, we plan to pay an annual dividend of ¥40 per share. As a result, theconsolidated dividend payout ratio is expected to be 30.0%. To continue to pay stable dividends, wewill continue to make efforts to strengthen the soundness of our financial constitution.

-5-

2. Status of the Corporate GroupThe following is a diagram of the Company’s operations.
〔 Domestic Coatings Business 〕〔

Overseas Coatings Business 〕

Domestic Customers

Overseas Customers

Sales Companies

Sales Companies○ Dai Nippon Toryo Hokkaido Co., Ltd.

Finished○ DNT Singapore Pte., Ltd.

○ Sunday Paint Co., Ltd.
○ DNT Sanyo Chemical Co., Ltd.
○ Ube Toryo Co., Ltd.

Goods

○ DNT KANSAI MEXICANA S.A. de C.V.
Finished
Goods,
Etc.

Raw
Materials, Etc.

○ Nitto Chemical Co., Ltd.

Manufacturing Companies○ Chiba Kako Co., Ltd.
○ Nitto Sanwa Toryo Co., Ltd.
○ DNT Service Co., Ltd.
○ Okayama Kako Co., Ltd.
(+1 Other Company)

Finished
Goods

Manufacturing/Sales Companies

DNT (Mnfg./Sales)

Manufacturing/Sales Companies○ Thai DNT Paint Mfg. Co., Ltd.
○ DNT Paint (Malaysia) Sdn. Bhd.
○ PT. DNT INDONESIA○ DNT (Zhejiang) Co., Ltd.
○ DAI NIPPON TORYO MEXICANA,
S.A. de C.V.
(+1 Other Company)

Raw
Materials, Etc.

〔

Lighting Business 〕
Manufacturing Companies

Manufacturing/Sales Companies
Finished Goods○ Akita DN Lighting Co., Ltd.

〔○ DN Lighting Co., Ltd.

Flourescent Color Material Business〕
Manufacturing/Sales Companies

Overseas Customers

Logistical Tasks, Etc.

○Sinloihi Co., Ltd.

〔

Other Businesses(Notes) 1.
2.

〕(Logistics Business)(Painting Business)(Other)○ Nitto Service Co., Ltd.

○ Nitto Engineering Co., Ltd.

＊Yubi Industry, Ltd.

Domestic Customers<Some Logistical Tasks>

A circle (○) denotes a consolidated subsidiary.
An asterisk (＊) denotes an equity method affiliate.

3. Basic Approach to the Selection of Accounting Standards
The Company’s policy is to prepare for the future application of IFRS by preparing internal manuals,
guidelines, etc., and by also considering the timing of application.

-6-

4. Consolidated Financial Statements and Major Notes(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims - operating
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
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Leased assets
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-7-

As of March 31, 2024

6,864

8,429

14,121

12,137

5,171
5,934
997
4,209
1,324
(19)
38,604

6,701
6,262
991
4,038
1,649
(12)
40,19823,145(15,148)
7,996
24,164(20,374)
3,790
11,400
1,598
(964)
634
144
7,403
(5,822)
1,580
25,54523,509(15,686)
7,823
24,302(20,668)
3,633
11,1001,592(1,183)
408
1,766
7,612
(6,022)
1,589
26,321

74
370
445

32
865
898

7,728
1,909
18,061532(23)
28,21054,20092,805

10,216
1,549
21,798659(24)
34,20061,419101,618

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Lease liabilities
Income taxes payable
Provision for bonuses for directors (and otherofficers)
Provision for product warranties
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Retirement benefit liability
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
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets-8-

As of March 31, 2024

17,270
4,300
505
721

16,651
5,100
452
959

55

58

215
5,172
28,240164
5,306
28,693

700
672
5,726
1,189
1,016
49
9,354
37,594

–
544
7,652
1,189
982
66
10,434
39,1288,827
2,440
32,307(1,462)
42,1128,827
2,440
36,191(1,431)
46,026

3,359
1,717
790
4,053
9,921
164
3,012
55,21092,805

5,279
1,717
1,346
5,179
13,523155
2,784
62,490101,618

(2) Consolidated statement of income and consolidated statement of comprehensive income(Consolidated statement of income)(Millions of yen)
Fiscal year ended
March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Gain on sale of goods
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on sale of trade receivables
Provision for product warranties
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Other
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Impairment losses
Loss related to quality
Company funeral expenses
Other
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-9-

Fiscal year ended
March 31, 2024

72,84952,233
20,616
16,6703,946

71,94050,13621,804
16,902
4,901

15
229
92
248
586

51
278
93
187
611

71
25
40
78
216
4,316

72
23
4
75
175
5,336

746
16
–
762

1,067
1,384
3
2,455

59
71
–
24
10
166
4,912
947
348
1,295
3,617
159
3,458

99
60
336
–
–
496
7,295
1,518
949
2,468
4,826
225
4,600

(Consolidated statement of comprehensive income)(Millions of yen)
Fiscal year ended
March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests- 10 -

Fiscal year ended
March 31, 2024

3,617

4,826

331
1,043
(952)

1,919
801
1,126

0

(3)

422
4,040

3,843
8,669

3,630

8,201

409

467

(3) Consolidated statement of changes in equity
Previous fiscal year (April 1, 2022 to March 31, 2023)(Millions of yen)
Shareholders’ equity
Share capital Capital surplus
Balance at beginning of period

8,827

2,440

Retainedearnings

TreasurysharesTotalshareholders’equity29,417(1,582)

39,101

Changes during period
Dividends of surplus

(708)

(708)

Profit attributable to ownersof parent

3,458

3,458

Purchase of treasury shares
Disposal of treasury shares(24)

Transfer of loss on disposalof treasury shares
Reversal of revaluation
reserve for land

24

(0)

(0)

120

95

(24)

–

165

165

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

–

–

2,889

120

3,010

8,827

2,440

32,307(1,462)

42,112

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
availablefor-salesecurities

Revaluation
reserve for
land

3,027

1,882

Total
Foreign
Remeasureaccumulated
currency
ments ofothertranslation defined benefit
comprehenadjustment
plans
sive income
(2)

5,006

9,913

Share
acquisitionrights243

Noncontrolling Total net assetsinterests

2,732

51,991

Changes during period
Dividends of surplus(708)

Profit attributable to ownersof parent

3,458

Purchase of treasury shares(0)

Disposal of treasury shares

95

Transfer of loss on disposalof treasury shares
Reversal of revaluation
reserve for land
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

–
165
331

(165)

793

(952)

7

(79)

280

208

331

(165)

793

(952)

7

(79)

280

3,218

3,359

1,717

790

4,053

9,921

164

3,012

55,210- 11 -

Current fiscal year (April 1, 2023 to March 31, 2024)(Millions of yen)
Shareholders’ equity
Share capital Capital surplus
Balance at beginning of period

8,827

2,440

Retainedearnings

TreasurysharesTotalshareholders’equity32,307(1,462)

42,112

Changes during period
Dividends of surplus

(710)

(710)

Profit attributable to ownersof parent

4,600

4,600

Disposal of treasury shares(5)

Transfer of loss on disposalof treasury shares
Reversal of revaluation
reserve for land

5

30

25

(5)

–

(0)

(0)

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

–

–

3,883

30

3,914

8,827

2,440

36,191(1,431)

46,026

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
availablefor-salesecurities

Revaluation
reserve for
land

3,359

1,717

Total
Foreign
Remeasureaccumulated
currency
ments ofothertranslation defined benefit
comprehenadjustment
plans
sive income
790

4,053

9,921

Share
acquisitionrights164

Noncontrolling Total net assetsinterests

3,012

55,210Changes during period
Dividends of surplus(710)

Profit attributable to ownersof parent

4,600

Disposal of treasury shares

25

Transfer of loss on disposalof treasury shares
Reversal of revaluation
reserve for land
Net changes in items otherthan shareholders’ equity

–
(0)
1,919

0

555

1,126

3,601

(8)

(227)

3,365

Total changes during period

1,919

0

555

1,126

3,601

(8)

(227)

7,280

Balance at end of period

5,279

1,717

1,346

5,179

13,523155

2,784

62,490- 12 -

(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in provision for bonuses for
directors (and other officers)
Increase/decrease in net defined benefit asset/liability
Increase (decrease) in provision for product warranties
Increase (decrease) in provision for environmental
measures
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sale of non-current assets
Loss (gain) on disposal of non-current assets
Loss (gain) on sale of investment securities
Impairment losses
Loss related to quality
Company funeral expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Payments of loss related to quality
Payments of company funeral expenses
Income taxes refund
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 and equipment
Payments for retirement of property, plant andequipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from sale of businesses
Other, net
Net cash provided by (used in) investing activities- 13 -

Fiscal year ended
March 31, 2024

4,912
2,395

7,295
2,379

(1)

3

(2,094)(154)(2,039)
(50)

(8)

–

(15)
(245)
71

(5)
(330)
72

(1)

2

(738)
59
(16)
71
–
24
(2,693)
(660)
684
146
1,736
245
(71)
–
(24)
190
(793)
1,282

(1,067)99(1,384)
60
336
–
627
(328)
(671)
(455)
4,543
330
(72)
(136)
–
90
(1,291)
3,463

(513)
328
(2,926)
1,802

(552)
552
(3,566)
1,427

(41)

(71)

(195)
(11)
102
–
6
(1,449)

(565)
(11)
1,667
349
(1)
(772)

(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of lease liabilities
Dividends paid
Dividends paid to non-controlling interests
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
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- 14 -

Fiscal year ended
March 31, 2024

1,250
100
(600)
(386)
(708)
(129)

700
–
(600)
(349)
(710)
(95)

–

(600)

0
(473)

–
(1,657)

502

492

(138)
6,479
6,340

1,526
6,340
7,867

(5) Notes on consolidated financial statements(Notes on the premise of a going concern)
Not applicable.
(Changes in important subsidiaries during the period)
During the first quarter of the fiscal year ended March 31, 2024, for Japan Powder Coatings
Manufacturing Co., Ltd., which was established in January 2015 as a joint venture for the production of
powder coatings between the Company and KUBOKO PAINT CO., Ltd., a consolidated subsidiary of
Kansai Paint Co., Ltd., the joint venture was dissolved on April 1, 2023. Furthermore, Japan Powder
Coatings Manufacturing Co., Ltd. became a wholly-owned subsidiary of the Company as the Company
acquired all shares held by KUBOKO PAINT CO., Ltd. on April 27, 2023.
(Segment information, etc.)[Segment information]
1. Overview of reportable segments
The Company’s reportable segments are components of the Company for which separate financial
information is available and for which the Board of Directors conducts periodic review todetermine the allocation of management resources and evaluate operating results.
The Company has established a domestic coatings business division and an Overseas Operations
Division at its head office. Each formulates comprehensive strategies and develops businessactivities regarding the products and services of the domestic and overseas coatings businesscompanies, respectively. In addition, domestic consolidated subsidiaries are engaged in the lighting
business and the fluorescent color material business.
Therefore, the Group has four reportable segments: the domestic coatings business, the overseas
coatings business, the lighting business, and the fluorescent color material business.
The domestic coatings business manufactures and sells coatings in Japan. The overseas coatingsbusiness manufactures and sells coatings mainly in Asia and North and Central America. The
lighting business includes the manufacture and sale of various types of lighting equipment as well
as store construction. The fluorescent color material business manufactures and sells fluorescentpigments and special coating materials.
2. Calculation methods of net sales, profit or loss, assets, and other items by reportable segment
The accounting treatment of our reported business segments is in accordance with the accounting
principles and procedures employed in the preparation of our consolidated financial statements.
Profit by reportable segment is based on operating profit.
Intersegment transactions are between consolidated companies, and are based on market prices andother factors.

- 15 -

3. Information on net sales, profits or losses, and other items by reportable segment
Previous fiscal year (April 1, 2022 to March 31, 2023)(Millions of yen)
Reportable segments
Domestic
coatings
Net sales
Net sales to external customers
Intersegment internal net sales
or transfers
Total

Overseascoatings

Fluorescentcolor materials

Lighting

Total

53,250

8,066

8,557

1,154

71,028

1,255

6

69

110

1,443

54,506

8,072

8,627

1,264

72,471

Segment profit

1,986

203

1,285

71

3,547

Segment assets

70,852

12,65914,0801,283

98,875

1,592

464

262

49

2,368

–

1

–

–

1

1,666

153

1,069

52

2,941

Amount ofadjustment2, 4

Amountrecorded inconsolidated
financialstatements3

Other items
Depreciation
Amount of investment in equity
method affiliate
Increase in property, plant andequipment and intangible assets

Other1

Net sales
Net sales to external customers
Intersegment internal net sales
or transfers
Total

Total

1,820

72,849–72,849

2,354

3,798

(3,798)–72,8494,175

76,647(3,798)Segment profit

159

3,707

238

3,946

Segment assets

2,682

101,558(8,753)92,805

27

2,395

–

2,395

32

34

–

34

20

2,961

–

2,961

Other items
Depreciation
Amount of investment in equity
method affiliate
Increase in property, plant andequipment and intangible assets(Notes) 1.
2.
3.
4.

“Other” refers to business segments not included in the reportable segments, such as thepainting business and logistics business.
The adjustment of segment profit of ¥238 million refers to the elimination of intersegment
transactions.
Segment profit is adjusted to be consistent with operating profit shown on the consolidated
financial statements.
The adjustment of segment assets of minus ¥8,753 million refers to the elimination ofintersegment transactions.

- 16 -

Current fiscal year (April 1, 2023 to March 31, 2024)(Millions of yen)
Reportable segments
Domestic
coatings
Net sales
Net sales to external customers
Intersegment internal net sales
or transfers
Total

Overseascoatings

Fluorescentcolor materials

Lighting

Total

50,551

8,529

9,686

1,175

69,942

1,088

6

39

91

1,225

51,640

8,536

9,725

1,266

71,168Segment profit

2,200

416

1,890

28

4,535

Segment assets

74,90514,006

15,4491,352

105,713

1,514

504

270

48

2,338

–

–

–

–

–

1,550

275

1,929

19

3,837

Amount ofadjustment2, 4

Amountrecorded inconsolidated
financialstatements3

Other items
Depreciation
Amount of investment in equity
method affiliate
Increase in property, plant andequipment and intangible assets

Other1

Net sales
Net sales to external customers
Intersegment internal net sales
or transfers
Total

Total

1,997

71,940–71,940

2,285

3,511

(3,511)–

4,283

75,452(3,511)

71,940

Segment profit

138

4,674

227

4,901

Segment assets

2,145

107,858(6,240)101,618

29

2,368

–

2,368

30

30

–

30

9

3,847

–

3,847

Other items
Depreciation
Amount of investment in equity
method affiliate
Increase in property, plant andequipment and intangible assets(Notes) 1.
2.
3.
4.

“Other” refers to business segments not included in the reportable segments, such as thepainting business and logistics business.
The adjustment of segment profit of ¥227 million refers to the elimination of intersegment
transactions.
Segment profit is adjusted to be consistent with operating profit shown on the consolidated
financial statements.
The adjustment of segment assets of minus ¥6,240 million refers to the elimination ofintersegment transactions.

- 17 -

[Related information]
Previous fiscal year (April 1, 2022 to March 31, 2023)
1. Information by product and service
This information has been omitted because the segmentation of products and services is the same as
the reportable segments.
2. Information by region(1) Net sales(Millions of yen)Japan
64,036

Other
8,812

Total
72,849(2) Property, plant and equipment(Millions of yen)Japan
21,368

Other
4,177

Total
25,545

3. Information by major customer
Information by a major customer is omitted because among net sales to external customers, net sales
to a certain customer account for less than 10% of net sales in the consolidated statements of income.
Current fiscal year (April 1, 2023 to March 31, 2024)
1. Information by product and service
This information has been omitted because the segmentation of products and services is the same as
the reportable segments.
2. Information by region(1) Net sales(Millions of yen)Japan
62,730

Other
9,210

Total
71,940(2) Property, plant and equipment(Millions of yen)Japan
21,995

Other
4,325

Total
26,321

3. Information by major customer
Information by a major customer is omitted because among net sales to external customers, net sales
to a certain customer account for less than 10% of net sales in the consolidated statements of income.

- 18 -

[Information on impairment losses of non-current assets by reportable segment]
Previous fiscal year (April 1, 2022 to March 31, 2023)(Millions of yen)

Impairment
lossesDomestic
coatings

Overseascoatings

Lighting

Fluorescentcolormaterials

Other

Corporate/Elimination

Total

71

–

–

–

–

–

71

Current fiscal year (April 1, 2023 to March 31, 2024)(Millions of yen)

Impairment
lossesDomestic
coatings

Overseascoatings

Lighting

Fluorescentcolormaterials

60

–

–

–

Other

Corporate/Elimination

Total

–

–

60

[Information on amortization and unamortized balance of goodwill by reportable segment]
Previous fiscal year (April 1, 2022 to March 31, 2023)
Not applicable.
Current fiscal year (April 1, 2023 to March 31, 2024)
Not applicable.
[Information on gain on negative goodwill by reportable segment]
Previous fiscal year (April 1, 2022 to March 31, 2023)
Not applicable.
Current fiscal year (April 1, 2023 to March 31, 2024)
Not applicable.

- 19 -

(Per share information)
Previous fiscal year
(April 1, 2022 to March 31, 2023)(Yen)
Current fiscal year
(April 1, 2023 to March 31, 2024)

Net assets per share

1,829.75

2,092.10

Earnings per share

121.78161.70

Diluted earnings per share

120.92160.76(Note)The basis for calculating earnings per share and diluted earnings per share is as follows.
Previous fiscal year
(April 1, 2022 to March 31, 2023)

Current fiscal year
(April 1, 2023 to March 31, 2024)

Profit attributable to owners of parent(millions of yen)

3,458

4,600

Amount not attributable to commonshareholders (millions of yen)––

Profit attributable to owners of parent
related to common shares (millionsof yen)

3,458

4,600

Average number of common shares
during the period (thousands ofshares)28,39528,450––

Increase in common shares(thousands of shares)

202

166

(execution of share acquisition rights[thousands of shares])

(202)

(166)

Summary of latent shares notincluded in the calculation of diluted
earnings per share due to the absenceof dilutive effects––

Earnings per share

Diluted earnings per share
Adjustment to profit attributable toowners of parent (millions of yen)

(Significant subsequent events)
Not applicable.

- 20 -

5. Non-consolidated Financial Statements and Major Notes(1) Balance sheet(Millions of yen)
As of March 31, 2023
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
Short-term loans receivable
Accounts receivable - other
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Structures
Machinery and equipment
VehiclesTools, furniture and fixtures
Land
Leased assets
Construction in progress
Total property, plant and equipment
Intangible assets
Leasehold interests in land
SoftwareLeased assets
Other
Total intangible assets
Investments and other assets
Investment securities
Shares of subsidiaries and associates
Long-term loans receivable
Prepaid pension costs
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 21 -

As of March 31, 2024

277
1,999
3,484
6,420
2,748
458
1,137
1,311
3,903
313
(3)
22,050

200
1,545
4,572
5,894
3,031
571
1,361
1,754
4,359
495
(2)
23,783

3,283
257
968
2
637
7,786
612
58
13,605

3,233
341
947
2
609
7,786
393
24
13,338

64
61
74
167
367

64
50
32
624
771

7,390
13,0802,561
11,706232(9)34,962
48,93470,985

9,868
12,922
1,032
13,547300(9)37,662
51,77275,555

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes payable - trade
Accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Lease liabilities
Accounts payable - otherAccrued expenses
Income taxes payable
Deposits received
Provision for bonuses for directors (and otherofficers)
Provision for product warranties
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for retirement benefits
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Legal capital surplus
Total capital surplus
Retained earnings
Legal retained earnings
Other retained earnings
Reserve for contribution to society
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders’ equity
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Revaluation reserve for land
Total valuation and translation adjustments
Share acquisition rights
Total net assets
Total liabilities and net assets- 22 -

As of March 31, 2024

2,279
12,757
3,700
600
253
920
678
133
7,456

2,287
13,293
4,400
700
207
875
695
198
6,206

12

12

175
164
29,132

127
132
29,136

700
605
3,858
1,189
84
17
6,456
35,588

–
398
5,182
1,189
73
36
6,880
36,017

8,827

8,827

2,443
2,443

2,443
2,443

780

780

104
19,532
20,417(1,462)30,225100
21,75022,631(1,431)
32,470

3,288
1,717
5,006
164
35,39670,985

5,194
1,717
6,911
155
39,53875,555

(2) Statement of income(Millions of yen)
Fiscal year ended
March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income from real estate
Outsourcing service income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on sale of trade receivables
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Other
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Impairment losses
Loss on valuation of shares of subsidiaries andassociates
Loss related to quality
Company funeral expenses
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit- 23 -

Fiscal year ended
March 31, 2024

43,26932,747
10,521
9,628
893

43,39532,662
10,732
9,617
1,115

55
932
235
270
174
1,669

60
1,203
234
240
242
1,982

85
25
53
165
2,396

82
23
59
165
2,932

743
16
–
759

0
1,359
0
1,360

39
71

73
0

–

157

–
24
0
136
3,020
153
402
555
2,464

277
–
1
509
3,782
364
487
851
2,930

(3) Statement of changes in equity
Previous fiscal year (April 1, 2022 to March 31, 2023)(Millions of yen)
Shareholders’ equity
Capital surplus
SharecapitalRetained earnings
Other retained earnings

Legal
capitalsurplus

OthercapitalsurplusTotal
capitalsurplusLegalretainedearnings

2,443

–

2,443

780

Total
retainedearnings

TreasurysharesTotalshareholders’ equity(1,582)

28,208Reservefor contribution tosociety

Retainedearnings
brought
forward106

17,633

18,520

(2)

2

–

–

Dividends of surplus

(708)

(708)

(708)

Profit

2,464

2,464

2,464

Balance at beginning of period

8,827

Changes during period
Reversal of reserve forcontribution to society

Purchase of treasury shares
Disposal of treasury shares
Transfer of loss on disposal oftreasury shares
Reversal of revaluation
reserve for land

(24)

(24)

24

24

(0)

(0)

120

95

(24)

(24)

–

165

165

165

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

–

–

–

–

–

(2)

1,898

1,896

120

2,017

8,827

2,443

–

2,443

780

104

19,532

20,417(1,462)30,225

Valuation and translation adjustments

Balance at beginning of period

Valuationdifferenceonavailablefor-salesecurities

Revaluation
reserve for
land

Total
valuationandtranslation
adjustments

ShareacquisitionrightsTotal net
assets

2,991

1,882

4,874

243

33,326

Changes during period
Reversal of reserve forcontribution to society–

Dividends of surplus(708)

Profit2,464

Purchase of treasury shares(0)

Disposal of treasury shares

95

Transfer of loss on disposal oftreasury shares
Reversal of revaluation
reserve for land
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

–
165
296

(165)

131

(79)

52

296

(165)

131

(79)

2,069

3,288

1,717

5,006

164

35,396- 24 -

Current fiscal year (April 1, 2023 to March 31, 2024)(Millions of yen)
Shareholders’ equity
Capital surplus
SharecapitalRetained earnings
Other retained earnings

Legal
capitalsurplus

OthercapitalsurplusTotal
capitalsurplusLegalretainedearnings

2,443

–

2,443

780

Total
retainedearnings

TreasurysharesTotalshareholders’ equity(1,462)30,225Reservefor contribution tosociety

Retainedearnings
brought
forward104

19,532

20,417

(4)

4

–

–

Dividends of surplus

(710)

(710)

(710)

Profit

2,930

2,930

2,930

Balance at beginning of period

8,827

Changes during period
Reversal of reserve forcontribution to society

Disposal of treasury shares
Transfer of loss on disposal oftreasury shares
Reversal of revaluation
reserve for land

(5)

(5)

5

5

30

25

(5)

(5)

–

(0)

(0)

(0)

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

–

–

–

–

–

(4)

2,218

2,214

30

2,244

8,827

2,443

–

2,443

780

100

21,75022,631(1,431)

32,470

Valuation and translation adjustments

Balance at beginning of period

Valuationdifferenceonavailablefor-salesecurities

Revaluation
reserve for
land

Total
valuationandtranslation
adjustments

ShareacquisitionrightsTotal net
assets

3,288

1,717

5,006

164

35,396

Changes during period
Reversal of reserve forcontribution to society–

Dividends of surplus(710)

Profit2,930

Disposal of treasury shares

25

Transfer of loss on disposal oftreasury shares
Reversal of revaluation
reserve for land
Net changes in items otherthan shareholders’ equity

–
(0)
1,905

0

1,905

(8)

1,897

Total changes during period

1,905

0

1,905

(8)

4,142

Balance at end of period

5,194

1,717

6,911

155

39,538- 25 -

6. Other
Change of Officers (Effective June 27, 2024)[Change of representative]
Not applicable.
[Change of other officers](i)

Candidate for New Director
Director
Akira Fujiwara(ii) Retiring Director
Director[Current Executive Officer, General
Manager of Coating Business
Division]

Hideyoshi Noda

[Current Director, Assistant toGeneral Manager of Production
Division]- 26 -