Note: This document has been translated from the Japanese original for reference purpose only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail. The Company assumes no responsibility forthis translation or for direct, indirect or any other forms of damages arising from the translation.
August 7, 2024

Consolidated Business Results
for the First Quarter Ended June 30, 2024 (Japan GAAP)
Company:

FUJITEC CO., LTD.

Listed on TSE

Stock Code:

6406

Representative:

Masayoshi Harada, President and CEO

Contact:

Kosuke Sato, Director, Senior Executive Operating Officer, General Manager of Finance HQ

URL: https://www.fujitec.com
TEL: +81-72-622-8151

Expected starting date of dividend payment: ―Supplementary materials for the quarterly business results: Yes

Presentation of the quarterly business results: No(Amounts less than one million yen are rounded down)

1. Consolidated business results for the first quarter ended June 30, 2024
(April 1, 2024 to June 30, 2024)(1) Operating results (cumulative)(% change from the previous corresponding period)
Profit attributable toOperating income
Ordinary income
owners of parent

Net sales

Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Three months ended
June 30, 2024
56,185
11.4
3,971
3.9
5,380
17.7
3,897
9.9
June 30, 2023
50,453
21.0
3,820
77.2
4,571
52.8
3,546
24.6
(Note) Comprehensive income ― June 30, 2024: 11,511 million yen [94.8%], June 30, 2023: 5,909 million yen [-54.3%]

Net income
per share

Diluted net
income per share

Yen
Yen
Three months ended
June 30, 2024
49.95
49.93
June 30, 2023
45.48
45.45
(Note) The Company finalized the provisional accounting treatment for a business combination in the previous consolidated fiscal year.
The relevant figures for the first quarter ended June 30, 2023 reflect the details of the finalization of the provisional accounting
treatment.

(2) Financial position
Total assets
June 30, 2024
March 31, 2024

Shareholders’equity ratio

Net assets

Millions of yen

Millions of yen%

261,821
256,402167,329
165,177

57.1
57.9(Reference) Shareholders’ equity ― June 30, 2024: 149,434 million yen, March 31, 2024: 148,358 million yen

2. Cash dividends
Cash dividends per share
End of
1st quarterEnd of
2nd quarterEnd of
3rd quarter

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

―
―

35.00

―

120.00155.00For the year ended March 31, 2024
For the year ending March 31, 2025
March 31, 2025 (forecast)
75.00
―
90.00
(Note) Revision to the dividend forecasts from the latest announcement: No
Cash dividends for March 31, 2024: Regular dividend: 50.00 yen
Special dividend: 70.00 yen

165.003. Forecasts of consolidated business performance for the fiscal year ending March 31, 2025
(April 1, 2024 – March 31, 2025)
Net sales
Millions of yen

Operating income% Millions of yen(% change from the previous corresponding period)
Profit attributable to
Net income
Ordinary income
owners of parent
per share% Millions of yen% Millions of yen

For the year ending
245,000
6.8
18,10024.2
20,000
6.9
March 31, 2025
(Note) Revision to the business performance forecasts from the latest announcement: No

16,000%Yen(10.3)

205.05

* Other(1) Changes in significant subsidiaries in the scope of consolidation during the period: No(2) Application of specific accounting procedures for quarterly financial statements: No(3) Changes in accounting policies, changes in accounting estimates, and retrospective restatements
1) Changes in accounting policies due to revision of accounting standards: Yes
2) Changes other than 1), above: No
3) Changes in accounting estimates: No4) Retrospective restatements: No(4) Number of shares outstanding (common stock)1) Number of shares outstanding at the endof period (including treasury stock):Three months ended June 30, 2024:
78,900,000 sharesYear ended March 31, 2024:
78,900,000 shares

2) Treasury stock at the end of period:

Three months ended June 30, 2024:
869,390 sharesYear ended March 31, 2024:
869,385 shares3) Weighted average number of shares
outstanding during the period:

Three months ended June 30, 2024:
78,030,610 shares

Three months ended June 30, 2023:
77,980,042 shares* Quarterly consolidated financial statements subject to quarterly financial review by a certified public accountant or auditing firm: No* Explanation regarding appropriate use of business forecasts and other special instructions
The forecasts regarding future performance in this report are based on the information currently available to the Company andcertain assumptions that the Company deems to be reasonable at the time this report was prepared. These forecasts are not aguarantee of performance. Actual results may differ significantly from forecasts due to a variety of factors.
For more on business forecasts, see Explanation of Consolidated Earnings Forecasts and Other Forecasts on P.5 of Consolidated
Business Results for the First Quarter (Accompanying Materials).

Table of Contents
1. Qualitative Information on Quarterly Financial Performance2(1) Explanation of Operating Results

2(2) Explanation of Financial Position

5(3) Explanation of Consolidated Earnings Forecasts and Other Forecasts

5

2. Quarterly Consolidated Financial Statements and Notes

6(1) Quarterly Consolidated Balance Sheets

6(2) Quarterly Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

8

Quarterly Consolidated Statements of Income

8

For the three months ended June 30, 2023 and June 30, 2024

8

Quarterly Consolidated Statements of Comprehensive Income

9

For the three months ended June 30, 2023 and June 30, 2024

9(3) Notes to the Quarterly Consolidated Financial Statements

10(Notes Regarding Assumptions of Going Concern)

10(Notes on Significant Changes in Shareholders’ Equity)

10(Changes in Accounting Policies)

10(Segment and Other Information)

11(Notes to Statements of Cash Flows)

12

―1―

1. Qualitative Information on Quarterly Financial Performance(1) Explanation of Operating Results
Despite a moderate recovery, the global economy remained uncertain throughout the consolidated first quarter due continued
high interest rates in Europe and the U.S. and the sluggish economy in China. In the U.S., consumer spending remained firm,
despite signs of a standstill in the manufacturing sector. The Chinese economy continued to slow due to the sluggish real estatemarket, weak domestic demand, and a decline in investment in China from foreign countries. In Japan, business confidence
was generally favorable due to strong inbound demand and firm capital investment.
In light of changes in the business environment surrounding the Fujitec Group, we announced a new five-year medium-term
management plan, Move On 5, in May 2024, which we began executing this fiscal year. This plan encompasses thefundamental corporate changes we will pursue to achieve our underlying value. Under Move On 5, we plan to improve net
sales to 325 billion yen, operating income to 44 billion yen, and operating income margin to 13.5% by fiscal 2028, achieving
cross-organizational growth and efficiencies in every region and every business. We established three pillars as a companywide strategy to achieve these growth targets. The first pillar is selection and consolidation of regions and business mix. Under
this pillar, we aim to improve profitability through clear strategic positioning in each region, defining the direction of efforts ineach region and business. The second pillar is high quality and high profitability. Here, we aim to improve margins through thecollective efforts of the Fujitec Group while also enhancing quality, which is one of our strengths. The third pillar is a strong
business foundation, including governance, ESG, and other initiatives indispensable for pursuing these pillars. Throughout thequarter, we implemented specific measures in line with our Move On 5 company-wide strategy. In Hong Kong, we renovatedand delivered 44 elevators for two high-rise office buildings in the financial district. This delivery represented the largest
number of elevators from the Fujitec Group used in an office renovation project. One of our efforts to reduce environmental
impact from an ESG perspective was our switch from diesel oil to biodiesel fuel for the four-ton trucks owned by Big Step, ourR&D and production base for escalators. We also launched a scholarship repayment support program to help reduce thefinancial and psychological burden on employees, allowing them to concentrate on their work. Through this support
framework, we create workplaces where our valuable employees work with peace of mind. This environment also helps us
recruit and retain outstanding human resources for sustainable corporate growth.

―2―As a result, the Fujitec Group recorded business performance for the three months ended June 30, 2024, as described below.
(Amounts less than one million yen are rounded down)
FY2023 Q1(April 1 –June 30, 2023)

FY2024 Q1(April 1 –June 30, 2024)

Change (%)

Real change, after
excluding theimpact of foreignexchange (%)

Japan

27,35530,807

12.6―

East Asia

16,043

13,785(14.1)(20.5)South Asia

9,269

10,716

15.6

5.4

The Americas and Europe

14,85910,156(31.6)(36.7)

Subtotal

67,52965,466(3.1)―

Adjustments(3,698)(3,913)

―

―

Total

63,83061,553

(3.6)

―

Japan

89,30998,793

10.6―

East Asia

91,354

83,872(8.2)(14.8)South Asia

28,48837,275

30.8

19.2

The Americas and Europe

55,37756,9952.9(5.7)

Subtotal

264,529

276,936

4.7―

Adjustments(4,689)(6,056)

―

―

Total

259,840

270,879

4.2―

OrdersOrder backlog

Domestic orders in the New Installation Business rose year on year. Orders for stores and offices, in particular, grewsignificantly. Our Aftermarket Business saw an increase in the number of modernization projects. Repair work andmaintenance for elevators and escalators remained firm due to an increase in the number of contracts and contract pricerevisions for elevator maintenance contracts.
Overseas, orders in East Asia for the New Installation Business and Aftermarket Business rose in Hong Kong. However, New
Installation Business orders declined overall due to the ongoing real estate recession in China. In South Asia, Aftermarket
Business orders decreased in Singapore; however, New Installation Business orders rose in Singapore and India. New
Installation Business orders decreased in the Americas and Europe, mainly in the United States.
(Amounts less than one million yen are rounded down)
FY2023 Q1

FY2024 Q1(April 1 June 30, 2023)(April 1 June 30, 2024)

Change (%)

Real change, after
excluding theimpact of foreignexchange (%)

50,45356,185

11.4

―

Japan

17,852

21,20918.8―

Overseas32,601

34,9757.3(1.5)

Operating income

3,820

3,971

3.9

―

Ordinary income

4,571

5,380

17.7

―

Profit attributable to ownersof parent

3,546

3,897

9.9

―

45.48 yen

49.95 yen――

Net sales

Net income per share―3―

While sales and profits for the consolidated quarter under review decreased in East Asia, other regions compensated for thisdecrease, leading to gains year on year. Ordinary income and profit before income taxes rose with an increase in interest
income, arising mainly due to interest rate increases and an increase in foreign exchange gains due to the weak yen.
As a result, profit attributable to owners of parent rose year on year.
The business combination with Express Lifts Limited (currently Fujitec Express Limited) on September 20, 2022, accounted
for provisionally in the consolidated first quarter of the previous fiscal year, was finalized in the consolidated first quarter ofthe current fiscal year. In accordance, data for the previous consolidated year reflects the revised amounts of the revisions toinitial allocation of acquisition costs.
The following information highlights performance by segment:(Amounts less than one million yen are rounded down)
Net sales

FY2023 Q1 FY2024 Q1

Operating income

Change(%)

Real change,
after excluding
the impact of FY2023 Q1 FY2024 Q1
foreignexchange (%)

ChangeReal change,
after excluding
the impact offoreignexchangeJapan

18,70821,851

16.8

―

202

1,659

1,456

―

East Asia

17,615

16,067(8.8)(15.2)

1,312

370

(942)

(990)

South Asia

7,982

8,615

7.9

(1.7)

2,251

1,689

(561)

(717)

The Americas
and Europe

9,693

12,915

33.2

21.7

204

297

93

76

Subtotal

53,99959,449

10.1

―

3,970

4,016

46

―

Adjustments(3,546)(3,264)

―

―

(149)

(45)

104

―

Total

50,45356,185

11.4

―

3,820

3,971

150

―

Japan
Both sales and profits increased year on year. Sales increased significantly in the New Installation Business and formodernization projects in the Aftermarket Business. Operating income rose due to the significant impact of sales priceincreases on profitability. At the same time, labor costs increased due to wage hikes in response to rising prices.
East Asia
Both sales and profits decreased year on year. Sales decreased, despite increased sales in the Hong Kong Aftermarket
Business. This decrease was mainly due to the significant impact of fewer New Installation Business projects on hand
stemming from the ongoing real estate recession in China. Operating income decreased due to lower sales in the New
Installation Business in China, as well as the impact of an increase in provision for losses on construction contracts in Hong
Kong.
South Asia
Sales increased and profits decreased year on year (both sales and profits decreased when excluding the impact of foreignexchange). Net sales increased as Aftermarket Business repair work fell off in Singapore due to delays at major customers
stemming from changes in customer systems, while New Installation Business rose in Singapore and India. Operating income
decreased despite higher sales and improved profits in the New Installation Business in India, as we recorded an additional
provision for losses on construction contracts and experienced a decrease in repair work in Singapore.

―4―

The Americas and Europe
Sales and profits increased year on year. New Installation Business sales increased outside Canada, while the Aftermarket
Business saw rising sales across all areas. Operating income increased overall despite lower performance in the U.S. andCanada due to the impact of increased subcontracting costs in the New Installation Business and in modernization projects.
The New Installation Business in the U.K. and Argentina made a positive contribution through improved profitability tooverall performance.

(2) Explanation of Financial Position
Total assets as of the end of the consolidated first quarter amounted to 261,821 million yen, an increase of 5,418 million yen
compared with the end of the prior consolidated fiscal year. This result was mainly due to increases in merchandise andfinished goods, raw materials and supplies, and property, plant and equipment.
Total liabilities amounted to 94,491 million yen, an increase of 3,265 million yen compared with the end of the priorconsolidated fiscal year. This result was mainly due to increases in advances from customers and a provision for bonuses.
Net assets amounted to 167,329 million yen, an increase of 2,152 million yen compared with the end of the prior consolidated
fiscal year. This result was mainly due to profit attributable to owners of parent of 3,897 million yen, an increase of 6,368
million yen in foreign currency translation adjustments, and an increase of 1,076 million yen in non-controlling interests.
These increases were offset in part by dividend payments of 9,363 million yen. Our shareholders’ equity ratio as of June 30,
2024, was 57.1%, down 0.8 points compared to the end of the prior consolidated fiscal year. Net assets per share amounted to
1,915.07 yen, up 13.79 yen compared with the end of the prior consolidated fiscal year.

(3) Explanation of Consolidated Earnings Forecasts and Other Forecasts
We have not made any changes to the consolidated earnings forecasts for fiscal 2024 (April 1, 2024 - March 31, 2025) asannounced on May 14, 2024.

―5―

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade, and contract assets

80,56085,141

79,83084,354Merchandise and finished goods
Work in process

3,672
4,322

4,771
4,410

Raw materials and supplies
Other

12,922
7,653

14,931
8,231

Allowance for doubtful accounts(3,789)(4,367)

Total current assets

190,484

192,162

Buildings and structures, net
Machinery and equipment, net

19,844
5,551

20,0205,571

Tools, furniture and fixtures, net
Land

2,869
7,256

2,980
7,284

Leased assets, net
Construction in progress

2,380
1,645

2,652
2,587

Total property, plant and equipment

39,54741,098Non-current assets
Property, plant and equipment

Intangible assets
Goodwill

2,210

2,223

Other

3,826

3,974

Total intangible assets

6,036

6,197

Investments securities
Long-term loans receivable

11,7701,171

12,315
1,245

Other
Allowance for doubtful accounts

8,066
(674)

9,496
(695)

Total investments and other assets

20,33422,362

Investments and other assets

Total non-current assets
Total assets―6―

65,91769,658

256,402261,821

(Millions of yen)
As of March 31, 2024

As of June 30, 2024

Liabilities
Current liabilities
Notes and accounts payable-trade
Electronically recorded obligations-operating

18,181
4,116

17,865
4,001

Short-term debt
Current portion of long-term debt

5,733

5,742
53

Accrued income taxes
Provision for bonuses

－
4,431
3,173

Provision for losses on construction contracts
Other provision

10,227
2,419

10,233
2,106

Advances from customers
Other

20,99915,02023,166
16,381

Total current liabilities

84,30487,294Long-term debt
Net defined benefit liability

128
4,595

203
4,572

Other

2,198

2,421

Total non-current liabilities

6,921

7,196

91,22594,491

Paid-in capital
Additional paid-in capital

12,533
14,565

12,533
14,565Retained earnings
Treasury stock

111,405(2,155)

105,939(2,155)

Total Shareholders' equity

136,349

130,883

4,806

4,893

(125)
7,473

(72)
13,841

2,835
4,908

Non-current liabilities

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive income

(146)

(112)

12,00818,550Stock acquisition rights

35

35

Non-controlling interests

16,783

17,860Total net assets

165,177

167,329

256,402261,821

Total liabilities and net assets―7―

(2) Quarterly Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Quarterly Consolidated Statements of Income
For the three months ended June 30, 2023 and June 30, 2024
(Millions of yen)
FY2024 Q1

FY2023 Q1(April 1 - June 30, 2023)(April 1 - June 30, 2024)

Net sales
Cost of sales

50,45338,891

56,18543,574Gross profit

11,561

12,610

Selling, general and administrative expenses

7,741

8,639

Operating income

3,820

3,971

Other income
Interest income

446

710

Dividend income
Foreign exchange gains

124
230

131
521

Other

160

162

Total other income

961

1,526

89
96

104

Other expenses
Interest expenses
Provision of allowance for doubtful accounts
Other

24

－
13

Total other expenses

210

117

4,571

5,380

Ordinary income
Special gain
Gain on sales of non-current assets

025Gain on sales of investment securities

86－

Total special gain

87

25

9

5

Special loss
Loss on sales and retirement of non-current assets
Impairment loss

22

5

Total special loss

32

10

Profit before income taxes

4,626

5,394

Income taxes expense
Deferred taxes expense

1,478
(685)

1,730
(297)

793

1,432

3,833

3,962

286

64

3,546

3,897

Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent―8―

Quarterly Consolidated Statements of Comprehensive Income
For the three months ended June 30, 2023 and June 30, 2024
(Millions of yen)
FY2023 Q1(April 1 - June 30, 2023)
ProfitOther comprehensive income

FY2024 Q1(April 1 - June 30, 2024)

3,833

3,962

821
11

86
64

Foreign currency translation adjustments
Remeasurements of defined benefit plans

1,288
(43)

7,363
33

Total other comprehensive income

2,076

7,548

5,909

11,511

5,398
511

10,4391,071

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

Comprehensive income
Comprehensive income attributable to:
Owners of parent
Non-controlling interests―9―(3) Notes to the Quarterly Consolidated Financial Statements(Notes Regarding Assumptions of Going Concern)
Not applicable.
(Notes on Significant Changes in Shareholders’ Equity)
Not applicable.
(Changes in Accounting Policies)(Adoption of Accounting Standard for Current Income Taxes)
The Company adopted Accounting Standard for Current Income Taxes (ASBJ Statement No. 27, October 28, 2022; "Revised
Accounting Standard 2022," below) as of the beginning of the first quarter of the current consolidated fiscal year.
The revised classifications for income taxes (taxes on other comprehensive income) follows the transitional treatment detailed
in the proviso of paragraph 20-3 of Revised Accounting Standard 2022 and the transitional treatment detailed in the proviso ofparagraph 65-2(2) of Guidance on Accounting for Tax Effect Accounting (ASBJ Guidance No. 28, October 28, 2022;"Revised Guidance 2022," below). The adoption of this accounting standard did not have any impact on the quarterly
consolidated financial statements and per-share information of the Company.
Further, the Company has adopted Revised Guidance 2022 as of the beginning of the first quarter of the current consolidated
fiscal year for the revised treatment of consolidated financial statements when gains or losses arising from the sale of shares,
etc., in subsidiaries between consolidated companies is deferred for tax purposes. The Company applied this change inaccounting policy retrospectively, and we have prepared the quarterly consolidated financial statements and the consolidated
financial statements for the previous consolidated fiscal year on this retrospective basis. The adoption of this change in policy
had no impact on the quarterly consolidated financial statements and the consolidated financial statements for the previous
consolidated fiscal year.

―10―

(Segment and Other Information)Ⅰ

Three months ended June 30, 2023
1. Information on operating revenue and profit (loss) of each reportable segment

Reportable Segments(Millions of yen)Amount toquarterly
Adjustments consolidated(Note 1)statements
of income(Note 2)

East Asia

South Asia

The Americas
and Europe

17,866

14,928

7,982

9,675

50,453－50,453

841

2,686

0

17

3,546

(3,546)－

18,70817,615

7,982

9,693

53,999(3,546)50,453

202

1,312

2,251

204

3,970

(149)

3,820

Japan

Total

Net sales
Sales to externalcustomers
Intersegment
sales/transfers
Total
Segment income

Notes 1. Segment income adjustments of (149) million yen include eliminations of intersegment transactions of (0) million yen andinventory adjustments of (149) million yen.
2. Segment income has been adjusted to operating income on the quarterly consolidated statements of income.
3. The Company finalized the provisional accounting treatment for a business combination in the previous consolidated
fiscal year. Segment income reflects the details of the finalization of the provisional accounting treatment.
2. Information related to impairment of non-current assets, goodwill, etc. by reportable segment
There were no significant events or changes.
Ⅱ

Three months ended June 30, 2024
1. Information on operating revenue and profit (loss) of each reportable segment

Reportable Segments(Millions of yen)Amount toquarterly
Adjustments consolidated(Note 1)statements
of income(Note 2)

East Asia

South Asia

The Americas
and Europe

21,21913,4508,613

12,901

56,185－56,185

631

2,616

1

13

3,264

(3,264)－

21,851

16,067

8,615

12,91559,449(3,264)56,185

1,659

370

1,689

297

4,016

(45)

3,971

Japan

Total

Net sales
Sales to externalcustomers
Intersegment
sales/transfers
Total
Segment income

Notes 1. Segment income adjustments of (45) million yen include eliminations of intersegment transactions of 0 million yen andinventory adjustments of (45) million yen.
2. Segment income has been adjusted to operating income on the quarterly consolidated statements of income.
2. Information related to impairment of non-current assets, goodwill, etc. by reportable segment
There were no significant events or changes.

―11―(Notes to Statements of Cash Flows)
The Company did not prepare a quarterly consolidated statements of cash flows for the first quarter of the current consolidated
fiscal year. Depreciation and amortization (including amortization related to intangible assets excluding goodwill) andamortization of goodwill for the first quarter of the current consolidated fiscal are as shown below.
(Millions of yen)

Depreciation and amortization
Amortization of goodwill

FY2023 Q1April 1 - June 30, 2023
1,029
35

―12―

FY2024 Q1April 1 - June 30, 2024
1,22771