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.

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
[Japanese GAAP]May 14, 2024
Company name: WIN-Partners Co., Ltd.
Stock exchange listing: Tokyo Stock Exchange
Code number: 3183
URL: https://www.win-partners.co.jp
Representative: Hideumi Akizawa, Chief Executive Officer
Contact: Keiji Matsumoto, Director
Phone: +81-3-3548-0790
Scheduled date of general shareholders’ meeting: June 27, 2024
Scheduled date of commencing dividend payments: June 28, 2024
Scheduled date of filing securities report: June 27, 2024
Availability of supplementary explanatory materials on annual financial results: Not available
Schedule of annual financial results briefing session: Scheduled (for institutional investors and analysts)(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 - March 31, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Fiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%
March 31, 2024
77,064
8.8
2,626
6.4
2,649
7.1
1,835 (10.3)
March 31, 2023
70,8546.7
2,470 (10.6)
2,472 (10.6)
2,047
11.8
(Note) Comprehensive income: Fiscal year ended March 31, 2024: ¥1,873 million [(8.8)%]
Fiscal year ended March 31, 2023: ¥2,055 million [10.6%]
DilutedRatio ofRatio of
Basic earnings
Return on
earnings
ordinary profit
operating profit
per share
equityper share
to total assets
to net sales
Fiscal year ended
Yen
Yen
%
%
%
March 31, 2024
64.40
–
8.0
5.8
3.4
March 31, 2023
72.04
–
9.2
5.8
3.5
(Reference) Equity in earnings of affiliated companies: Fiscal year ended March 31, 2024: ¥– million
Fiscal year ended March 31, 2023: ¥– million(2) Consolidated Financial Position
Total assets

Net assets

Million yen

47,729As of March 31, 2024
43,883As of March 31, 2023
(Reference) Equity: As of March 31, 2024: ¥23,385 million
As of March 31, 2023: ¥22,782 million

Equity ratio

Net assets per share

Million yen%

Yen

23,38522,78249.0
51.9

818.75801.64(3) Consolidated Cash Flows

Fiscal year ended
March 31, 2024
March 31, 2023

Cash and cash
equivalents
at year-end

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Million yen

Million yen

Million yen

Million yen

3,043
445

(219)
1,916

(1,445)(1,162)

13,15011,77112. Dividends
1stquarterend
Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025
(Forecast)

Annual dividends
2nd
3rd
Yearquarter- quarterend
end
end

Total

Total
dividends(annual)Payout ratio(consolidated)

Ratio ofdividends to
net assets(consolidated)

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

–

0.00

–

50.00

50.00

1,420

69.4

6.4

–

0.00

–

50.00

50.00

1,428

77.6

6.2

–

0.00

–

51.00

51.00

78.3

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 - March 31,
2025)(% indicates changes from the previous corresponding period.)
Profit attributable
Basic earnings
Net sales
Operating profit
Ordinary profit
to owners ofper share
parentFirst half
Full year

Million yen

37,30078,000%

6.0
1.2

Million yen

1,070
2,750

%

10.6
4.7

Million yen

1,070
2,750

%

10.1
3.8

Million yen

725
1,860

%

3.1
1.3

* Notes:(1) Changes in significant subsidiaries during the period under review: None
(Changes in specified subsidiaries resulting in changes in scope of consolidation)(Note) The Company acquired all shares of TRYTECH Co., Ltd. in the first quarter of the fiscal year under review
and included it in the scope of consolidation, although this does not constitute a change in specified
subsidiaries.
(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2024:
30,503,310 shares
March 31, 2023:
30,503,310 shares2) Total number of treasury shares at the end of the period:
March 31, 2024:
1,941,074 shares
March 31, 2023:
2,083,573 shares
3) Average number of shares during the period:
Fiscal year ended March 31, 2024:
28,503,955 sharesFiscal year ended March 31, 2023:
28,419,737 shares

2

Yen

25.38
65.12

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 - March 31, 2024)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Operating profit
Ordinary profit
ProfitYear ended
Million yen%
Million yen%
Million yen%
Million yen%
March 31, 2024
3,194
9.2
2,029
6.0
2,032
5.9
1,998
5.1
March 31, 2023
2,924
17.7
1,914
25.0
1,918
25.4
1,901
32.3

Year ended
March 31, 2024
March 31, 2023

Basic earnings
per share

Diluted earnings
per share

Yen

Yen

70.12
66.89

–
–

(2) Non-consolidated Financial Position
Total assets

Net assets

Million yen

As of March 31, 2024
21,025
As of March 31, 2023
20,294(Reference) Equity: As of March 31, 2024: ¥20,730 million
As of March 31, 2023: ¥20,003 million

Equity ratio

Net assets per share

Million yen%

Yen

20,73020,00398.6
98.6

725.81703.84* These financial results are outside the scope of audit by certified public accountants or an audit firm.
* Explanation of the proper use of financial results forecasts and other notes(Note on forward-looking statements)
The financial results forecasts and other forward-looking statements contained in this document are based on
information currently available and assumptions as of the announcement date of this document concerning uncertain
factors that may affect the future performance, and the Company does not promise the achievement of these forecasts.
Actual results may differ significantly from these forecasts due to various factors.

3

1. Consolidated Financial Statements and Principal Notes(1) Consolidated Balance Sheets(Thousand yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims - operating
Merchandise
Accounts receivable - other
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Land
Construction in progress
Other
Accumulated depreciation
Total property, plant and equipment
Intangible assets
Software
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Total assets

4

As of March 31, 2024

16,771,746
15,676,256
1,948,745
2,813,288
282,745
1,179,061
38,671,843

18,160,872
17,280,395
3,016,644
2,702,398
299,760
623,263
42,083,333

1,738,403
2,490,857–
1,211,262(1,540,721)
3,899,801

1,752,613
2,631,685
189,835
1,347,772(1,667,786)
4,254,120

37,094132,090
202,753
371,938

30,341
123,343
222,416
376,10170,707617,236
251,799
939,743
5,211,483
43,883,327

67,453
686,497
262,424
1,016,375
5,646,597
47,729,931

(Thousand yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Accounts payable - other
Income taxes payable
Contract liabilities
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
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
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

5

As of March 31, 2024

16,543,188
2,026,169
252,664
447,458
71,030369,176
174,361
19,884,049

18,519,418
2,736,194324,710499,074
44,006
370,844574,995
23,069,244

1,214,650
2,140
1,216,790
21,100,840

1,256,359
18,8791,275,239
24,344,483

550,000
2,272,369
20,740,823(836,142)
22,727,050

550,000
2,364,046
21,155,596(777,697)
23,291,945

42,20913,22655,43622,782,487
43,883,327

44,291
49,21093,502
23,385,447
47,729,931

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statement of Income(Thousand yen)

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
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on investments in silent partnerships
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

For the fiscal year ended
March 31, 2023
70,854,470
62,192,233
8,662,236
6,192,163
2,470,073

For the fiscal year ended
March 31, 2024
77,064,194
67,529,865
9,534,329
6,907,365
2,626,963

111
1,211
1,417
–
6,171
8,912

988
1,212
350
15,9499,649
28,150

64
6,050
6,115
2,472,870

12
5,975
5,987
2,649,126

515,100
28,306–543,406

3,204–
72,94376,14871,413–
71,413
2,944,863
891,545
6,055
897,601
2,047,262
2,047,262

–
4,865
4,865
2,720,409
974,144(89,494)
884,650
1,835,759
1,835,759

6

Consolidated Statement of Comprehensive Income(Thousand yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent

For the fiscal year ended
March 31, 2023
2,047,262

For the fiscal year ended
March 31, 2024
1,835,759

1,671
6,338
8,010
2,055,272

2,081
35,98438,065
1,873,825

2,055,272

1,873,8257

(3) Consolidated Statements of Changes in Equity
Fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(Thousand yen)
Shareholders’ equity
Share capital
Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners of parent
Purchase of treasury shares
Disposal of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners of parent
Purchase of treasury shares
Disposal of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Capital surplus

550,000

2,272,369

Retainedearnings
19,688,252

Treasury shares(836,142)(994,690)
2,047,262–
550,000–
2,272,369

1,052,571
20,740,823

Accumulated other comprehensive income
Total accumulated
Valuation difference Remeasurementsotheron available-for-sale of defined benefit
comprehensive
securities
plans
income40,5386,887
47,426(994,690)
2,047,262–––(836,142)

Total net assets

21,721,905(994,690)
2,047,262
–
–

1,671

6,338

8,010

8,010

1,671
42,2096,338
13,2268,010
55,436

1,060,581
22,782,487

8

Total
shareholders’equity21,674,479

1,052,571
22,727,050

Fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(Thousand yen)
Shareholders’ equity
Share capital
Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners of parent
Purchase of treasury shares
Disposal of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners of parent
Purchase of treasury shares
Disposal of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Capital surplus

550,000

2,272,369

Retainedearnings
20,740,823(836,142)

Total
shareholders’equity22,727,050(1)58,445(1,420,986)
1,835,759(1)
150,12258,444(777,697)

564,894
23,291,945

Treasury shares(1,420,986)
1,835,759
91,676–550,000

91,6762,364,046

414,772
21,155,596

Accumulated other comprehensive income
Total accumulated
Valuation difference Remeasurementsotheron available-for-sale of defined benefit
comprehensive
securities
plans
income42,20913,22655,436

Total net assets

22,782,487(1,420,986)
1,835,759(1)
150,122

2,081

35,98438,06538,0652,081
44,291

35,984
49,21038,06593,502602,960
23,385,447

9

(4) Consolidated Statement of Cash Flows(Thousand yen)
For the fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Interest and dividend income
Loss (gain) on sale of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Income taxes paid
Other, net
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 non-current assets
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Proceeds from purchase of shares of subsidiaries
resulting in change in scope of consolidation
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Dividends paid
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

10

For the fiscal year ended
March 31, 2024

2,944,863
166,198(1,323)(515,100)(640,002)(641,544)
921,656(710,573)
1,524,175
2,063(1,081,025)(64)
445,1482,720,409
195,622(2,201)
1,661(2,442,003)
230,816
2,558,549
732,2223,995,077
2,201(953,738)(12)
3,043,527(5,000,000)
5,180,106(970,314)
3,402,592(5,010,203)
5,010,203(502,577)
8,937(505,076)––

150,344(190,709)
1,916,598

123,823(219,471)(994,690)(168,180)(1,162,870)–
1,198,876
10,572,870
11,771,746(1,420,986)(24,147)(1,445,134)–
1,378,921
11,771,746
13,150,668

2. Non-consolidated Financial Statements and Principal Notes(1) Non-consolidated Balance Sheets(Thousand yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Prepaid expenses
Short-term loans receivable from subsidiaries andassociates
Income taxes refund receivable
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Tools, furniture and fixtures
Accumulated depreciation
Total property, plant and equipment
Intangible assets
Software
Other
Total intangible assets
Investments and other assets
Shares of subsidiaries and associates
Long-term prepaid expenses
Leasehold and guarantee deposits
Deferred tax assets
Total investments and other assets
Total non-current assets
Total assets

11

As of March 31, 2024

7,609,774
11,7598,297,455
61,441

1,200,000

1,200,000

372,015
489,217
9,682,766

393,152
15,2109,967,259

32,20065,900(61,795)
36,30532,20072,024(71,030)
33,19530,925201,596
232,521

22,306221,203
243,510

10,205,422
248
65,182
72,328
10,343,181
10,612,008
20,294,775

10,636,646
145
65,17879,08910,781,060
11,057,765
21,025,025

(Thousand yen)
As of March 31, 2023
Liabilities
Current liabilities
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Provision for retirement benefits
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surplus
Retained earnings
Other retained earnings
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders' equity
Total net assets
Total liabilities and net assets

12

As of March 31, 2024

94,482
9,030
22,108
14,20642,081
10,823
192,731

92,454
8,912
27,166
5,471
40,877
14,178
189,060

99,034
99,034
291,766

105,256
105,256
294,317550,000

550,000

150,000
9,505,422
9,655,422

150,000
9,597,098
9,747,098

10,633,729
10,633,729(836,142)
20,003,009
20,003,009
20,294,775

11,211,307
11,211,307(777,697)
20,730,708
20,730,708
21,025,025

(2) Non-consolidated Statement of Income(Thousand yen)
For the fiscal year ended
March 31, 2023
Operating revenue
Management fee income
Dividends from subsidiaries and associates
Total operating revenue
Operating expenses
General and administrative expenses
Total operating expenses
Operating profit
Non-operating income
Interest income
Other
Total non-operating income
Non-operating expenses
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit13

For the fiscal year ended
March 31, 2024

1,039,849
1,884,983
2,924,833

1,130,209
2,064,615
3,194,824

1,010,289
1,010,289
1,914,543

1,165,302
1,165,302
2,029,522

3,931
1,893
5,824

4,680
674
5,354

1,436
1,436
1,918,931
1,918,931
20,218(2,370)17,848
1,901,083

2,290
2,290
2,032,586
2,032,586
40,783(6,761)
34,022
1,998,564

(3) Non-consolidated Statements of Changes in Equity
Fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(Thousand yen)

Share capital
Balance at beginning of period
Changes during period
Dividends of surplus
ProfitPurchase of treasury shares
Disposal of treasury shares
Total changes during period
Balance at end of period

550,000

Shareholders’ equity
Capital surplus
Legal capital
Other capitalsurplussurplus150,000
9,505,422–
550,000–
150,000–
9,505,422

Total capitalsurplus9,655,422–
9,655,422

Shareholders’ equity
Retained earnings
Other retained
earnings
Retained earnings
brought forward

Balance at beginning of period
Changes during period
Dividends of surplus
ProfitPurchase of treasury shares
Disposal of treasury shares
Total changes during period
Balance at end of period

Total retained
earnings

9,727,337

9,727,337(994,690)
1,901,083(994,690)
1,901,083

906,392
10,633,729

906,392
10,633,729

14

TreasurysharesTotalshareholders’equityTotal net assets(836,142)

19,096,617

19,096,617–(836,142)(994,690)
1,901,083––
906,392
20,003,009(994,690)
1,901,083––
906,392
20,003,009

Fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(Thousand yen)

Share capital
Balance at beginning of period
Changes during period
Dividends of surplus
ProfitPurchase of treasury shares
Disposal of treasury shares
Total changes during period
Balance at end of period

550,000

Shareholders’ equity
Capital surplus
Legal capital
Other capitalsurplussurplus150,000
9,505,422

Total capitalsurplus9,655,422

91,676
91,676
9,597,098

91,676
91,676
9,747,098–
550,000–
150,000

Shareholders’ equity
Retained earnings
Other retained
earnings
Retained earnings
brought forward

Balance at beginning of period
Changes during period
Dividends of surplus
ProfitPurchase of treasury shares
Disposal of treasury shares
Total changes during period
Balance at end of period

Total retained
earnings

10,633,729

10,633,729(1,420,986)
1,998,564(1,420,986)
1,998,564

577,577
11,211,307

577,577
11,211,307

15

TreasurysharesTotalshareholders’equityTotal net assets(836,142)

20,003,009

20,003,009(1)
58,44558,444(777,697)(1,420,986)
1,998,564(1)
150,122727,698
20,730,708(1,420,986)
1,998,564(1)
150,122727,698
20,730,708