Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Year Ended March 31, 2024
(Based on Japanese GAAP)May 10, 2024
Company name:
Kisoji Co.,Ltd.
Stock exchange listing: Tokyo, Nagoya
Stock code:
Representative:

8160
URL https://www.kisoji.co.jp/
Representative Director and President
Toyonaru Uchida

Inquiries:
Accounting Manager
Scheduled date of ordinary general meeting of shareholders:

Shintarou Okuno
June 27, 2024

Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:

June 27, 2024
June 28, 2024

Preparation of supplementary material on financial results:
Holding of financial results meeting:

NoNoTEL052-872-1811(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results
Net salesYear ended March 31, 2024
Year ended March 31, 2023

Operating profit

Millions of yen
52,98445,930

%
15.4
24.9

Millions of yen
2,246(581)

Earnings per share

Diluted earnings pershare

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%
%%
–
1.6
4.8
4.2
–
(4.0)
(1.1)
(1.3)

Yen
15.50
(38.64)

Year ended March 31, 2024
Year ended March 31, 2023%––

Percentages indicate year-on-year changes
Profit attributable toOrdinary profit
owners of parent
Millions of yen% Millions of yen%
2,278–
436–(515)–(1,082)–(2) Consolidated financial position
Total assets
As of March 31, 2024
As of March 31, 2023

Net assets

Equity ratio

Millions of yen
45,974
48,412Millions of yen
27,657
27,331

Cash flows fromoperating activities
Millions of yen
4,243
2,037

Cash flows frominvesting activities
Millions of yen(2,462)(3,322)

Net assets per share%
60.2
56.5

Yen
982.15970.53(3) Consolidated cash flows

Year ended March 31, 2024
Year ended March 31, 2023

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(4,408)
14,591887
17,2202. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2023
Year ended March 31, 2024
Year ending March 31, 2025
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%%

––

8.00
8.00

–
–

8.00
10.00

16.00
18.00

450506

–
116.1

1.6
1.8

–

12.00

–

12.00

24.00

142.2

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Yen
Six months ending
24,7003.5(210)–(195)–(325)–(11.54)
September 30, 2024
Full year
55,000
3.8
2,500
11.3
2,530
11.0
1,600 266.6
56.82
4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):Yes(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

NoNo

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

28,543,889 shares As of March 31, 2023

28,543,889 shares

Number of treasury shares at the end of the period
As of March 31, 2024

383,275 shares As of March 31, 2023

382,119 shares

28,161,064 shares Year ended March 31, 2023

28,022,132 shares

Average number of shares during the period
Year ended March 31, 20242

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits

17,22014,591

Accounts receivable - trade
Merchandise and finished goods

1,743
51

1,970
38

Raw materials and supplies
Other

1,948
637

2,795
525

(1)

(1)

21,59819,920Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures

23,252

24,032

Accumulated depreciation(15,233)(16,128)

Buildings and structures, net

8,019

7,904

Machinery, equipment and vehicles

633

719

Accumulated depreciation

(512)

(526)

121

192

Tools, furniture and fixtures

Machinery, equipment and vehicles, net4,439

4,848

Accumulated depreciation(3,078)(3,415)Tools, furniture and fixtures, net

1,360

1,432

Land

6,175

6,138

Leased assets
Accumulated depreciation

1,889(1,311)795(399)

Leased assets, net

578

396

Construction in progress81

31

16,337

16,096

Goodwill
Other

1,831
1,063

1,257
747

Total property, plant and equipment
Intangible assets

Total intangible assets

2,894

2,004

Investments and other assets
Investment securities

2,791

3,301

Deferred tax assets
Guarantee deposits

449
4,201

443
4,117

167(28)120(30)Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

37,582

7,953

26,81326,054

48,41245,974

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings

1,228
4,500

1,491
4,000

Current portion of long-term borrowings
Lease liabilities

5,360
233

3,293
159

70
22760
32

Provision for bonuses
Other531
4,232

673
4,545

Total current liabilities

16,178

14,954Non-current liabilitiesLong-term borrowings

1,631

478

Lease liabilities
Deferred tax liabilities

474
309

333
27

947
1,314

1,001
1,315

224

204

Income taxes payable
Asset retirement obligations

Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities

4,901

3,362

21,08018,316

Share capital
Capital surplus

12,64812,467

12,64812,467Retained earnings
Treasury shares

2,996
(932)

2,982
(934)

Total shareholders' equity

27,18027,163

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

138495Remeasurements of defined benefit plans

12(1)Total accumulated other comprehensive income

151

494

27,331

27,657

48,41245,974

Total net assets
Total liabilities and net assets

4Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

Net sales
Cost of sales

45,93014,98352,984
16,883Gross profit

30,947

36,101

Selling, general and administrative expenses31,528

33,854(581)

2,246

60
4560
–

Operating profit (loss)
Non-operating income
Interest and dividend income
Subsidy income
Other

50

48

Total non-operating income

156

108

Interest expenses
Loss on cancellation of leasehold contracts

4228

41
20

Share issuance costs
Other

414–
14

Non-operating expenses

Total non-operating expenses

9076(515)

2,278

Gain on sale of non-current assets

11

Total extraordinary income

11241
266

188
1,532

Ordinary profit (loss)
Extraordinary income

Extraordinary losses
Loss on sale and retirement of non-current assets
Impairment losses
Loss on exchange of land23–

Total extraordinary losses

531

1,720

Profit (loss) before income taxes(1,044)

558

Income taxes - current

111

555

Income taxes - deferred

(73)

(433)

Total income taxes

38

122

Profit (loss)(1,082)

436

Profit (loss) attributable to owners of parent(1,082)436

5Consolidated statements of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2023
Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities

Fiscal year ended
March 31, 2024
(1,082)

436

94

356

Remeasurements of defined benefit plans, net of tax

(1)

(13)

Total other comprehensive income

93

342

Comprehensive income

(989)

779

Comprehensive income attributable toComprehensive income attributable to owners of parent

(989)

779

––

Comprehensive income attributable to non-controlling interests

6Consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning ofperiod

Capital surplus

Retained earnings

11,553

11,371

1,095

1,095

4,520

Total shareholders'equityTreasury shares(931)

26,515

Changes during period
Issuance of new shares- exercise of shareacquisition rights

2,190

Dividends of surplus

(441)

(441)

Profit (loss) attributableto owners of parent(1,082)(1,082)

Purchase of treasury
shares(0)(0)

Disposal of treasury
sharesNet changes in items
other than shareholders'equityTotal changes during
period

1,095

1,095

(1,524)(0)665

Balance at end of period

12,64812,467

2,996

(932)

27,180

Accumulated other comprehensive
incomeTotalValuationdifference on Remeasurements accumulated
otheravailable- of defined benefit
planscomprehensive
for-saleincomesecurities

Balance at beginning ofperiod

4413

Share
acquisitionrightsTotal net
assets28

26,601

58

Changes during period
Issuance of new shares- exercise of shareacquisition rights

2,190

Dividends of surplus(441)

Profit (loss) attributableto owners of parent(1,082)

Purchase of treasury
shares(0)

Disposal of treasury
sharesNet changes in items
other than shareholders'equity94(1)93(28)

64

Total changes during
period94(1)93(28)

730

Balance at end of period

138

12151

–

27,331

7

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning ofperiod

Capital surplus

12,648Retained earnings

12,4672,996

Total shareholders'equityTreasury shares(932)

27,180Changes during period
Issuance of new shares- exercise of shareacquisition rights
Dividends of surplus

(450)

(450)

Profit (loss) attributableto owners of parent

436

436

Purchase of treasury
shares
Disposal of treasury
shares0(2)

(2)

00

Net changes in itemsother than shareholders'equityTotal changes duringperiod
Balance at end of period

12,648

0(14)

(2)

(17)

12,4672,982(934)27,163

Accumulated other comprehensive
incomeTotalValuationdifference on Remeasurements accumulated
otheravailable- of defined benefit
planscomprehensive
for-saleincomesecurities

Balance at beginning ofperiod

138

12151

Total net
assets27,331

Changes during period
Issuance of new shares- exercise of shareacquisition rights
Dividends of surplus(450)

Profit (loss) attributableto owners of parent

436

Purchase of treasuryshares(2)

Disposal of treasury
shares0

Net changes in items
other than shareholders'equity356

(13)

342

342

Total changes duringperiod

356

(13)

342

325

Balance at end of period

495

(1)

494

27,6578

Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Cash flows from operating activities
Profit (loss) before income taxes
Depreciation(1,044)
1,467

558
1,542

Impairment losses
Amortization of goodwill

266
176

1,532
182

Increase (decrease) in provision for bonusesIncrease (decrease) in retirement benefit liability

12(2)

14140

Increase (decrease) in allowance for doubtful accounts
Interest and dividend income

0(60)

1(60)

Interest expenses
Loss on exchange of land422341–

Loss on cancellation of rental contracts
Loss (gain) on sale and retirement of property, plant and

28

20239

187

equipment
Subsidy income

(45)

–

Decrease (increase) in trade receivables
Decrease (increase) in inventories

(76)
(62)

(227)
(834)

Decrease (increase) in other current assets
Increase (decrease) in trade payables

69(85)

34262

Increase (decrease) in other current liabilities
Increase (decrease) in long-term accounts payable - other

441
(48)

769
(20)

Other, net

3(0)Subtotal

1,346

4,173

Interest and dividends received

63

64Interest paid
Subsidies received

(42)
1,254

(41)
–

Payments for cancellation of leasehold contracts
Income taxes paid

(33)
(551)

(9)
(68)

–

124

2,037

4,243

(2,959)–(2,476)
(114)

–
–

0
100

Purchase of shares of subsidiaries resulting in change in scopeof consolidation

(88)

–

Payments of guarantee depositsProceeds from refund of guarantee deposits

(96)
265

(117)
203

Payments for asset retirement obligations
Other, net

(104)
(338)

(6)
(51)

(3,322)(2,462)

Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of membership
Proceeds from redemption of securities

Net cash provided by (used in) investing activities

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

Fiscal year ended
March 31, 2024

Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings

4,500(4,500)

4,500(5,000)

Proceeds from long-term borrowings
Repayments of long-term borrowings–(490)

4,800(8,019)

Repayments of lease liabilities
Proceeds from issuance of shares resulting from exercise of(336)

(235)

2,176

–(18)

–(441)(450)

share acquisition rights
Payments for retirement by purchase of share acquisitionrightsDividends paid
Other, net(0)(2)

Net cash provided by (used in) financing activities

887(4,408)

Net increase (decrease) in cash and cash equivalents(396)(2,628)Cash and cash equivalents at beginning of period

17,617

17,220Cash and cash equivalents at end of period

17,22014,59110