Summary of Financial Results (Japan GAAP) [Consolidated]
For the Year Ended March 31,2024
May 10,2024
Company name
Stock exchange listing
Stock code
Representative:IDEC CORPORATIONURL http://jp.idec.com/:Tokyo Stock Exchange - Prime Market:6652:Toshiyuki Funaki, Chairman and Chief Executive Officer

Contact:Yasuyuki Ogawa, General Manager of strategic Planning (Tel.+81-06-6398-2500)

Scheduled date for Annual General Shareholders’ Meeting
Scheduled date for filing of securities report
Scheduled date for dividend payment: June 14,2024: June 17,2024: May 27,2024

Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: Yes (for analysts)

1.

(Amounts less than one million yen are omitted.)
Consolidated financial results for the Year ended March 31, 2024
(From April 1, 2023 to March 31, 2024)(1) Consolidated operating results(Percentages indicate year-on-year changes.)
Net sales

Operating profit

Millions of yen
Year ended
March 31, 2024
72,711March 31, 2023
83,869% Millions of yen(13.3)
6,276
18.5
14,060(Note) Comprehensive income:Year ended March 31, 2024
Year ended March 31, 2023

Basic earnings
per share

Diluted earnings
per share

Profit attributable toowners of parent% Millions of yen%(51.9)
4,407(56.6)
38.5
10,144
28.5

Ordinary profit% Millions of yen(55.4)
6,920
45.4
14,403

10,444 million yen
12,776 million yen(18.3%)
27.8%

Ratio of ordinary Ratio of operating
profit to total
profit to net
assets
sales
%
%
%
7.1
6.5
8.6
18.9
14.5
16.8

Return on equity

Year ended
Yen
Yen
March 31, 2024
150.10149.52
March 31, 2023
348.37346.49(Reference) Equity in earnings (losses) of affiliates:
Year ended March 31, 2024
Year ended March 31, 2023

102 million yen
45 million yen(2) Consolidated financial position
Total assets

Net assets

Millions of yen
Millions of yen
As ofMarch 31, 2024
107,138
66,006
March 31, 2023
104,235
58,813(Reference) Shareholders' equity: As of March 31, 2024
As of March 31, 2023

Equity-to-asset
ratio

Net assets
per share

%
61.2
56.1
65,551 million yen
58,465 million yen

Yen
2,226.99
1,998.30(3) Consolidated cash flows
Cash flows fromoperating activities

Year ended
March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents

Millions of yen

Millions of yen

Millions of yen

Millions of yen

5,504
7,009

(1,922)(3,110)(4,462)(4,403)

15,04015,0702. Dividends
Dividends per share
End of
End of
End ofsecondthird
fiscalquarterquarteryear

End offirstquarter
Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025(Forecast)Total
dividends(Total)Annual(Total)Dividends/
Payout ratio Shareholders’(Consolidated) equity ratio(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of
yen

%

%

-

65.00

-

65.00

130.00

3,796

37.3

7.1

-

65.00

-

65.00

130.00

3,824

86.6

6.2

-

65.00

-

65.00

130.0095.4

3. Forecast of consolidated results for the fiscal year ending March 31, 2025
(From April 1, 2024 to March 31, 2025)(Percentages indicate changes from the previous year.)
Profit attributable Basic earnings
Net sales
Operating profit
Ordinary profit
to owners of parent
per share

Full year

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

71,700

(1.4)

5,200

(17.1)

5,200(24.9)

4,000

(9.2)

136.23* Notes(1) Changes in significant subsidiaries during the period(Changes in specified subsidiaries resulting in the change in scope of consolidation): None
New: - company (company name) Excluded: - company (company name)(2) Changes in accounting policies, accounting estimates and retrospective restatements(a) Changes in accounting policies based on revisions of accounting standards: None(b) Changes in accounting policies other than ones based on revisions of accounting standards: None(c) Changes in accounting estimates: None(d) Retrospective restatements: None
(3) Number of issued and outstanding shares (common shares)(a) Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

33,224,485 shares

As of March 31, 2023

33,224,485 shares(b) Number of treasury shares at the end of the period
As of March 31, 2024

3,789,485 shares

As of March 31, 2023

3,966,734 sharesYear ended March 31, 2023

29,120,504 shares(c) Average number of shares during the period
Year ended March 31, 2024

29,362,790 shares

(Reference) Summary of Non-consolidated Results
1. Non-consolidated financial results for Year ended March 31, 2024
(From April 1, 2023 to March 31, 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)
Net salesYear ended
March 31, 2024
March 31, 2023

Year ended
March 31, 2024
March 31, 2023

Operating profit

Profit attributableto owners of parent

Ordinary profit

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

28,412
38,561(26.3)
16.2

2,135
6,240

(65.8)
51.2

5,810
9,280

(37.4)
27.5

4,801
7,350

(34.7)
15.8

Basic earnings
per shareYen
163.52252.41

Diluted earnings
per shareYen
162.88251.05(2) Consolidated financial position
Total assets
As ofMarch 31, 2024
March 31, 2023

Net assets

Millions of yen

Millions of yen

66,49369,01037,37835,834(Reference) Shareholders' equity: As of March 31, 2024
As of March 31, 2023

Equity-to-asset
ratio
%
55.5
51.4

Net assets
per shareYen
1,254.39
1,212.89

36,923 million yen
35,486 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 forecasts included in these documents are based on the information that the Company has obtained at
the time of disclosure.
Actual results may differ significantly from the forecast due to a various factor in the future.
For the assumptions for the financial results forecasts and notes on the use of the financial results
forecasts, please refer to page 6 of the attached document, "1. Overview of Financial results (4)Forecasts for the next fiscal year ".
* This document has been translated from the Japanese original for reference purposes only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail.

List of Attachments
1. Overview of Financial results, etc. ………………………………………………………………………………

2(1)Overview of Financial results for the current fiscal year ………………………………………………

2(2)Overview of Financial position for the current fiscal year………………………………………………

4(3)Overview of Cash flows for the current fiscal year………………………………………………………

5(4)Forecasts for the next fiscal year………………………………………………………………………………

6(5)Basic policy on profit distribution and dividends for the current and next fiscal years ………

6

2. Basic Approach to the Selection of Accounting Standards………………………………………………………

6

3. Consolidated Financial Statements and Notes ……………………………………………………………………

7(1)Consolidated Balance Sheets ………………………………………………………………………………………

7(2)Consolidated Statements of Income and Consolidated Statements of Comprehensive Income …………

9

Consolidated Statements of Income ………………………………………………………………………………

9

Consolidated Statements of Comprehensive Income ……………………………………………………………

10(3)Consolidated statements of changes in equity …………………………………………………………………

11(4)Consolidated statements of cash flows……………………………………………………………………………

13(5)Notes on the Consolidated Financial Statements………………………………………………………………

15[Notes - Uncertainties of entity's ability to continue as going concern] …………………………

15[Notes - Significant accounting policies for preparation of consolidated financial statements]

15[Notes – Business combinations]…………………………………………………………………………………

18[Notes - Segment information, etc.]……………………………………………………………………………

20[Notes - Per share information]…………………………………………………………………………………

24

4. Non-consolidated Financial Statements and Notes ………………………………………………………………

25(1)Non-consolidated Balance Sheets …………………………………………………………………………………

25(2)Non-consolidated Statements of Income …………………………………………………………………………

27(3)Non-consolidated statements of changes in equity ……………………………………………………………

28

5. Supplementary Information ……………………………………………………………………………………………

30(1)Summary of consolidated results …………………………………………………………………………………

30(2)Net sales by products / Net sales by regions…………………………………………………………………

30(3)Capital expenditures………………………………………………………………………………………………

30(4)Depreciation and amortization expense …………………………………………………………………………

31(5)R&D expense ……………………………………………………………………………………………………………

31(6)Quarterly trends of financial results(consolidated) ………………………………………………………

31(7)Quarterly trends of net sales by products(consolidated) …………………………………………………

31

- 1 -

１. Overview of Financial results, etc.
(1) Overview of Financial results for the current fiscal year
During the fiscal year under review, the Japanese economy gradually returned to a state of normalcy
as COVID-19 was downgraded to Category 5 under the infectious diseases control law and inbound tourism
recovered as border controls for people entering Japan were lifted. On the one hand, export growth has
been sluggish against the backdrop of weak global demand due to downward pressure on the economy causedby monetary tightening policies and other factors, and the Japanese economy is still showing signs of
weakness even as it continues to recover moderately. The global economy remained uncertain as a
slowdown in global demand resulting from the end of consumer spending on stay-at-home orders as well asmonetary tightening policies made the market environment more difficult in Europe and the U.S. Even in
China, which had been recovering rapidly following the lifting of the zero-COVID policy, market
conditions worsened.
The IDEC Group has worked to further strengthen the solutions it offers by utilizing new products,
etc. and implemented reforms aimed at optimizing production activities across the globe with an eye toachieving the targets set in its medium-term management plan, which was in its second year during the
fiscal year under review.
Working against this backdrop, the Group saw domestic net sales decrease by 7,612 million yen year on
year to hit 26,907 million yen (down 22.1% year on year), mainly due to sluggish export demand forcustomers. Overseas net sales declined 3,544 million yen year on year to reach 45,804 million yen (down
7.2% year on year) as a result of a decrease in sales. This drop occurred mainly in the Industrial
Relays & Components business and the Safety & Explosion Protection business due to the economic
slowdown, specifically in the Chinese market. Net sales in the European market, however, increased
thanks to the strong performance of the Group’s mainstay HMI products, including control switches, aswell as the yen’s depreciation. As a result, consolidated net sales for the fiscal year under review
totaled 72,711 million yen (down 13.3% year on year).
In terms of profit, operating profit decreased 7,784 million yen year on year to total 6,276 million
yen (down 55.4% year on year) due to an increase in selling, general and administrative expenses
resulting from the weak yen as well as a decrease in profit resulting from a drop in revenue. Ordinary
profit fell 7,482 million yen year on year to 6,920 million yen (down 51.9% year on year), and profit
attributable to owners of the parent decreased 5,737 million yen year on year to hit 4,407 million yen(down 56.6% year on year), due to an increase in a loss on valuation of derivatives despite an increasein foreign exchange gains as a result of the yen’s depreciation.
The above results for the fiscal year under review are as shown below.
Year ended
Year ended
March 31, 2023
March 31, 2024
Net sales
83,86972,711(Millions of yen)
Gross profit
37,37631,019(Millions of yen)
Gross income margin(%)

increase/decrease

Rate of
Change(11,157)(13.3%)(6,356)(17.0%)

44.6

42.7

(1.9)

-

14,0606,276(7,784)(55.4%)

16.8

8.6

(8.1)

-

14,403

6,920(7,482)(51.9%)

10,144

4,407(5,737)(56.6%)

Average exchange rate for USD

135.51144.59+9.08-

Average exchange rate for EUR

138.15156.74+18.59-Average exchange rate for CNY

19.75

20.13

+0.38

-

Operating profit(Millions of yen)
Operating income margin(%)
Ordinary profit(Millions of yen)
Profit attributable to owners ofparent(Millions of yen)
(Exchange Rate)- 2 -Results by segment for the fiscal year under review are as follows.
【Japan】
In Japan, net sales decreased 7,739 million yen year on year to hit 31,305 million yen (down 19.8%
year on year), and operating profit was down 4,734 million yen year on year to total 2,311 million yen(down 67.2% year on year). This was due in part to concerns about an economic downturn caused by priceincreases and the sluggish overseas economy, a sense of stagnation in key industries such as
semiconductors and robotics, and distributors’ inventory adjustments.
【Americas】
In North America, due to the sluggish demand that has continued from the beginning of the year,
distributors and customers have entered into the adjustment phase for inventory, and net sales decreased
1,945 million yen year on year to reach 13,870 million yen (down 12.3% year on year).

Operating profit

decreased 1,379 million yen year on year to 1,594 million yen (down 46.4% year on year).
【Europe, Middle East and Africa(EMEA)】
Net sales in the European market increased 2,566 million yen year on year to total 15,871 million yen(up 19.3% year on year) thanks to an increase in sales of our mainstay HMI products, such as control
switches, and an uptick in sales in yen terms due to the depreciation of the yen, despite the impact ofprice increases and geopolitical risks. Operating profit decreased 320 million yen year on year to 448
million yen (down 41.7% year on year).
【Asia Pacific】
In the Asia-Pacific region, net sales decreased 4,039 million yen year on year to total 11,664 million
yen (down 25.7% year on year), and operating profit dropped 1,708 million yen year on year to hit 1,729
million yen (down 49.7% year on year) due to the impact of the economic slowdown in China and Southeast
Asia.
Net sales by product category for the fiscal year under review are as follows.
【HMI】
Net sales decreased 1,811 million yen year on year to reach 33,948 million yen (down 5.1% year on year)
as a result of distributors’ inventory adjustments as well as a decrease in demand for our mainstay
switches in key industries such as semiconductors and machine tools in Japan, the Americas, and the AsiaPacific region.
*This product category includes control switches, joysticks, indicator lights, and programmable displays,
which are key human-machine interfaces (HMIs).
【Industrial relays & components】
Net sales were down 3,847 million yen year on year to hit 11,629 million yen (down 24.9% year on year)
as a result of a decrease in sales of control relays in the Asia-Pacific region, our key market, due tothe economic slowdown particularly in the Chinese market.
*This product category includes switching power supplies, terminal blocks, control relays/sockets, andcircuit protectors, which are built into control panels for controlling and operating machines andproduction lines and are used as the basis for control parts of machines and equipment.

- 3 -【Automation & sensing】
Due to the impact of the economic slowdown in the Chinese market and a slowdown in the US programmablecontroller market, which had been performing steadily, net sales decreased 422 million yen year on year
to reach 9,904 million yen (down 4.1% year on year).
*This product category includes products designed to contribute to the automation of equipment used in awide range of industrial and consumer applications, programmable controllers, which act as the brainsof machines and equipment, and automatic identification devices, which are used in retail, logistics,
and various other areas.
【Safety & explosion protection】
Net sales fell 4,635 million yen year on year to total 11,647 million yen (down 28.5% year on year) due
to a downturn in sales of safety components as demand decreased in major industries such as semiconductors
and machine tools caused by the economic slowdown, particularly in the Chinese market.
*This product category includes safety components, such as emergency stop pushbutton switches, safetyswitches, and enabling devices, which protect the safety of industrial sites, as well as explosionprotection devices that prevent accidents at sites where explosive gases exist, such as oil and chemicalplants.
【Systems】
Net sales dropped 878 million yen year on year to reach 3,969 million yen (down 18.1% year on year) due
to a decrease in sales of control panels for semiconductor manufacturing facilities, logistics facilities,
etc. in the Asia-Pacific region.
*This product category includes various systems custom-made with IDEC products according to customer needs
as well as collaborative robot system solutions that combine safety components and safety technologies
to create optimal systems.
【Others】
Net sales increased 438 million yen year on year to total 1,612 million yen (up 37.3% year on year) as
a result of a increase in demand for other system-related products in Japan.
*This product category includes mega-solar and photovoltaic power generation power management systems(renewable energy business), next-generation agricultural solutions, which are total solutions for
agricultural plants using solar power, and ultra fine bubble generators, which are being researched
for application in a wide range of fields.
(2) Overview of Financial position for the current fiscal year
(Assets, liabilities, and net assets）
Total assets at the end of fiscal year under review came to 107,138 million yen, an increase of 2,903
million yen since the end of the previous fiscal year. This uptick was mainly due to an increase of
2,860 million yen in property, plant and equipment and intangible assets, and an increase of 823 million
yen in inventories, despite a decrease of 780 million yen in cash and deposits.
Liabilities decreased 4,289 million yen from the end of the previous fiscal year to total 41,132
million yen. This was mainly due to a decrease of 2,535 million yen in trade payables, decrease of 1,405
million yen in income taxes payable, and a decrease of 202 million yen in borrowings.
Net assets increased 7,193 million yen from the end of the previous fiscal year to reach 66,006
million yen mainly due to an increase of 6,014 million yen in foreign currency translation adjustments,
an increase of 544 million yen in retained earnings.

- 4 -(3) Overview of Cash flows for the current fiscal year
Cash and cash equivalents at the end of the fiscal year under review came to 15,040 million yen, adecrease of 29 million yen since the end of the previous fiscal year.
Cash flows and main reasons for the results for the fiscal year under review are as follows.
Net cash provided by operating activities was 5,504 million yen compared with 7,009 million yen in thesame period of the previous fiscal year. This was mainly due to the recording of 6,702 million yen of
profit before income taxes and 3,917 million yen of depreciation, and an decrease of 1,660 million yen
in trade receivables and contract assets, in spite of the payment of 4,211 million yen of income taxes,
and a decrease of 3,151 million yen in trade payables.
Net cash used in investing activities was 1,922 million yen compared with 3,110 million yen in thesame period of the previous fiscal year. This was mainly due to the disbursement of 2,569 million yen
for acquisition of non-current assets and 438 million yen in for acquisition of shares of subsidiary
involving a change in the scope of consolidation, in spite of the proceeds of 1,141 million yen fromrefunds of time deposits.
Net cash used in financing activities was 4,462 million yen, compared with 4,403 million yen in thesame period of the previous fiscal year. This was mainly due to the disbursement of 3,802 million yen
through the payment of dividends and 611 million yen through the repayment of lease liabilities.
Trends in cash flow-related indicators
Year ended Year ended Year ended Year ended Year ended
March 31, March 31, March 31, March 31, March 31,
2020
2021
2022
2023
2024
Equity-to-asset ratio(%)

49.1

48.7

51.2

56.1

61.2

Market-based equity ratio(%)

49.2

61.9

78.6

96.4

74.2

Interest-bearing debts tocash flow ratio(%)

420.4

393.7

265.4

364.5

459.4

Interest coverage ratio

37.2

43.6

73.0

65.3

43.2

Equity ratio: Equity capital/Total assets
Equity ratio at market value: Market capitalization/Total assets
Cash flow to interest-bearing debt ratio:
Interest-bearing debt/Net cash provided by (used in) operating activities
Interest coverage ratio: Net cash provided by (used in) operating activities/Interest payments
1. Each indicator is calculated using consolidated financial figures.
2. Market capitalization is calculated as the closing stock price at the end of the period
multiplied by the number of shares outstanding at the end of the period.
3. Net cash provided by (used in) operating activities is used for cash flows.
4. Interest-bearing debt includes all debts on which interest has been paid and which arerecorded in the consolidated balance sheet.

- 5 -(4) Forecasts for the next fiscal year
The global economy remains uncertain for the fiscal year ending March 2025, and various factors,
including economic downturns due to inflation and geopolitical risks, may affect the businessenvironment.
Due to disruptions in the global supply chain that have continued for several years since the COVID-19
pandemic, the distribution inventory, which has been over-ordered from the market, remains at a highlevel. Taking into account exchange rate risks and other factors, IDEC has set its sales target for the
fiscal year ending March 2025 at 71,700 million yen.
IDEC aims to transform itself into a highly profitable business structure and provide products andsolutions that contribute to solving societal challenges. IDEC will further enhance the optimal
solution proposals by combining various products, and increase added value by realizing HMI-X(Transformation).
For transformation into a highly profitable business structure, in order to create a global production
system that emphasizes efficiency, IDEC will clarify the roles of not only in-house production, butalso the Electronics Manufacturing Service (EMS) and subcontracting. This will significantly reduce
costs, secure higher quality, and reduce the cost ratio.
In addition to optimizing the supply system and reorganizing the production bases, IDEC will further
improve profitability by promoting global procurement and reforms in the supply chain.
Based on the above, for the fiscal year ending March 2025, IDEC expects net sales of 71,700 million
yen, operating income of 5,200 million yen, ordinary income of 5,200 million yen, and net income
attributable to owners of the parent of 4,000 million yen as full-year consolidated financial results.
The exchange rates are assumed to be 148 yen to the U.S. dollar and 160 yen to the euro.
(5) Basic policy on profit distribution and dividends for the current and next fiscal years
At the Company, we have worked to enhance our financial position and business foundation, while
recognizing the maintenance of stable dividends and the appropriate return of profits to shareholders
to be one of our most important management measures, and we have endeavored to improve return on equity(ROE) and dividend on equity (DOE) from a medium- to long-term perspective. Meanwhile, taking into
account business development, we are working to further strengthen our corporate structure andcompetitiveness by effectively utilizing internal reserves for investment in research and development,
production streamlining, and information technology from a medium- to long-term perspective. In
addition, Article 36 of the Company’s Articles of Incorporation stipulates that the Company may pay
dividends of surplus based on a resolution of the Board of Directors in order to ensure agility inreturning profits.
Based on the above policy, we have decided to pay a year-end dividend of 65 yen per share for the
fiscal year under review. As a result, the annual dividend per share will be 130 yen, including theinterim dividend of 65 yen. With regard to the future dividend policy, the Company will continue to
steadily pay interim and year-end dividends, while placing emphasis on returning profits toshareholders, and will implement an agile dividend policy in response to changes in business results
and the external environment.
The dividend per share for the fiscal year ending March 2025 will be equivalent to that of the current
fiscal year as follow: the interim dividend of 65 yen and the year-end dividend of 65 yen, the annual
dividend of 130 yen in total.
2. Basic Approach to the Selection of Accounting Standards
Taking into account the comparability of consolidated financial statements among periods and entities, theIDEC Group intends to prepare consolidated financial statements under Japanese GAAP (Generally Accepted
Accounting Principles) for the time being.

- 6 -3. Consolidated Financial Statements and Notes(1)Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade,and contract assets
Electronically 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, net
Machinery, equipment and vehicles, net
Tools, furniture and fixtures, net
Land
Leased assets, net
Right-of-use assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Trademark right
Customer-related intangible assets
Software
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 7 -As of March 31, 2024

18,408

17,62812,987

12,716

1,022

928

11,777
2,323
6,555
1,466
(23)
54,51813,000
1,919
6,559
2,203
(35)
54,921

9,843
3,513
1,727
5,848
190
1,754
887
23,766

9,668
3,932
1,798
5,958
142
1,749
752
24,000

2,411
7,634
1,138
11,63663
22,885

2,534
7,965
1,602
12,284
1,123
25,511

601
49
318
1,490
641
(36)
3,065
49,717104,235

489
399
1,201
646
(31)
2,704
52,217
107,138(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations operating
Short-term borrowings
Current portion of long-term borrowings
Lease liabilities
Accounts payable - otherAccrued expenses
Income taxes payable
Contract liabilities
Deposits received
Provision for product warranties
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Provision for retirement benefits for
directors (and other officers)
Retirement benefit liability
Asset retirement obligations
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-forsale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeShare acquisition rights
Total net assets
Total liabilities and net assets- 8 -As of March 31, 2024

4,916

3,792

1,948

537

5,000
11,935
497
1,040
2,969
1,911
686
156
37
959
32,059

7,000
6,073
566
852
2,430
505
477
165
40
1,388
23,830

6,525
1,530
3,007

10,183
1,418
3,026

50

56

1,557
120
571
13,36245,422

1,485
116
1,014
17,301
41,132

10,056
9,397
40,532(7,299)52,687

10,056
9,571
41,077(6,970)53,735

24

(16)

5,787
(33)

11,80130

5,778

11,815347
58,813
104,235

455
66,006
107,138

(2)Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
Year ended
March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest and dividend income
Share of profit of entities accounted forusing equity method
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Derivative losses
Loss on valuation of derivatives
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on reversal of share acquisition rights
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on abandonment of non-current assets
Loss on restructuring of subsidiaries
Loss on liquidation of businessInformation security expenses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitLoss attributable to non-controlling interests
Profit attributable to owners of parent- 9 -Year ended
March 31, 2024
83,86946,49237,37623,315
14,06072,711
41,69231,01924,743
6,276

100

157

45

102

467
326
938

917
336
1,514

107
170
318
596
14,403

126
336
177
229
869
6,920

32
119
31
183

21
62
6
90

5
50
129
185
14,401
4,480
(186)
4,293
10,107(37)
10,144

4
29
142
131
307
6,702
2,133
162
2,295
4,407
4,407

(Consolidated Statements of Comprehensive Income)(Millions of yen)
Year ended
March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans,
net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to ownersof parent
Comprehensive income attributable to noncontrolling interests- 10 -

Year ended
March 31, 2024
10,107

4,407

(17)

(40)

2,725

6,014

(39)

64

2,669
12,776

6,037
10,444

12,813

10,444(37)-

(3)Consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginningof period

10,056

Capitalsurplus9,231

Retainedearnings

Total
shareholders'equityTreasuryshares34,022(7,759)45,551

Changes during period
Dividends of surplus(3,634)(3,634)

Profit attributableto owners of parent

10,144

10,144Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders' equity
Total changes during
periodBalance at end of
period

165

(1)

(1)

461

627

-

165

6,510

459

7,135

10,056

9,397

40,532(7,299)52,687

Total
Remeasurements accumulatedof definedotherbenefit plans comprehensive
incomeShare
acquisitionrights

Noncontrollinginterests

311

37

Accumulated other comprehensive income

Balance at beginningof period

Valuationdifference on
available-forsale
securities

Foreigncurrencytranslation
adjustment

42

3,061

6

3,109

Total net
assets49,008Changes during period
Dividends of surplus
Profit attributableto owners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders' equity
Total changes during
periodBalance at end of
period(3,634)
10,144
(1)
627
(17)

2,725

(39)

2,669

36

(37)

2,668

(17)

2,725

(39)

2,669

36

(37)

9,804

24

5,787

(33)

5,778

347

-

58,813- 11 -

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

10,056

Capitalsurplus
9,397

Retainedearnings

Treasuryshares40,532(7,299)Total
shareholders'equity52,687

Changes during period
Dividends of surplus
Profit attributableto owners of parent
Increase(decrease)
due to changes infiscal year-end of
consolidated
subsidiaries
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders' equity
Total changes during
periodBalance at end of
period(3,813)(3,813)

4,407

4,407

(49)

(49)

174

(0)

(0)

329

504

-

174

544

328

1,048

10,056

9,571

41,077(6,970)53,735

Total
Remeasurements accumulatedof definedotherbenefit plans comprehensive
incomeShare
acquisitionrights

Accumulated other comprehensive income

Balance at beginningof period

Valuationdifference on
available-forsale
securities

Foreigncurrencytranslation
adjustment

24

5,787

(33)

5,778

347

Total net
assets58,813

Changes during period
Dividends of surplus(3,813)

Profit attributableto owners of parent
Increase(decrease)
due to changes infiscal year-end of
consolidated
subsidiaries
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders' equity
Total changes during
periodBalance at end of
period

4,407

(49)

(0)
504
(40)

6,014

64

6,037

107

6,144

(40)

6,014

64

6,037

107

7,193

(16)

11,80130

11,815455

66,006- 12 -

(4)Consolidated statements of cash flows(Millions of yen)
Year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss on liquidation of business
Loss on restructuring of subsidiaries
Information security expenses
Loss (gain) on sale of investment securities
Amortization of goodwill
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in net defined benefit asset
and liability
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)Share of loss (profit) of entities accounted forusing equity method
Increase (decrease) in provision for productwarranties
Loss (gain) of derivatives
Loss (gain) on sale of non-current assets
Loss on abandonment of non-current assets
Decrease (increase) in accounts receivable trade, and contract assets
Decrease (increase) in inventories
Increase (decrease) in Contract liabilities
Decrease (increase) in accounts receivable other
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued expenses
Increase/decrease in consumption taxes
payable/consumption taxes refund receivable
Increase (decrease) in deposits received
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating
activities- 13 -

Year ended
March 31, 2024

14,401
3,544
129
(119)
887

6,702
3,917
142
131
(62)
977

2

3

(87)

(98)

(100)
107
(403)

(157)
126
(802)

(45)

(102)

(4)

(3)

103
(26)
50

476
(16)
29

(1,477)

1,660(4,471)
73

927
(259)

4

15

(554)
22
77

(3,151)
(105)
(585)

45

103

(50)
84
12,191
118(107)(5,193)

8
(201)
9,677
166
(127)
(4,211)

7,009

5,504

(Millions of yen)
Year ended
March 31, 2023
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 andequipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from collection of long-term loans
receivable
Purchase of shares of subsidiaries
Purchase of shares of subsidiaries resulting inchange in scope of consolidation
Other, net
Net cash provided by (used in) investing
activities
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Repayments of lease liabilities
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
Increase (decrease) in cash and cash equivalents
resulting from change in accounting period ofsubsidiaries
Cash and cash equivalents at end of period- 14 -

Year ended
March 31, 2024

(3,523)
3,116(2,586)(2,762)
3,903(1,806)

42

24

(338)
(144)
182

(763)
(61)
85

63

63

-

(106)

-

(438)

76

(62)

(3,110)(1,922)

26,100(24,900)
200(2,105)(1)(3,628)(523)
454

36,000(34,000)
9,995(12,385)(0)(3,802)(611)
342(4,403)(4,462)

369

790

(133)

(90)

15,203

15,070-61

15,07015,040(5) Notes on the Consolidated Financial Statements[Notes - Uncertainties of entity's ability to continue as going concern]
No items to report[Notes - Significant accounting policies for preparation of consolidated financial statements]
1.Disclosure of scope of consolidation
The number of consolidated subsidiaries is 32 as follows.
(1) IDEC SYSTEMS & CONTROLS CORPORATION(2) IDEC LOGISTICS SERVICE CORPORATION(3) IDEC AUTO-ID SOLUTIONS CORPORATION(4) IDEC FACTORY SOLUTIONS CORPORATION(5) IDEC SALES SUPPORT CORPORATION(6) IDEC ALPS Technologies Co., Ltd.
(7) IDEC CORPORATION(8) IDEC Environmental Solutions LLC(9) IDEC IZUMI ASIA PTE LTD.
(10) IDEC ASIA (THAILAND) CO., LTD.
(11) IDEC CONTROLS INDIA PRIVATE LIMITED(12) IDEC IZUMI TAIWAN CORPORATION(13) IDEC TAIWAN CORPORATION(14) IDEC IZUMI SUZHOU Co., Ltd.
(15) IDEC HONG KONG CO., LTD.
(16) IDEC IZUMI (H.K.) CO., LTD.
(17) IDEC (SHANGHAI) CORPORATION(18) IDEC ELECTRONICS TECHNOLOGY (SHANGHAI) CORPORATION(19) TAICANG CONET ELECTRONICS CO.,LTD.
(20) MMI Technologies SAS(21) APEM SAS(22) ez-Wheel SAS(23) Contact Technologies UK Ltd(24) APEM Components Ltd(25) MEC ApS(26) APEM, Inc.
(27) APEM AB(28) APEM GmbH
(29) APEM Benelux N.V.
(30) APEM ITALIA SRL(31) SACEMA SARL
(32) SAMELEC SARLOf the above, ez-Wheel SAS is included in the scope of consolidation because IDEC acquired its sharesin the current consolidated fiscal year. In addition, APEM B.V., which was a consolidated subsidiary in
the previous consolidated fiscal year, decreased due to completion of liquidation.
2.Disclosure about application of equity method
The number of affiliates to which the equity method is applied is one as follows.
Sayo IDEC Limited Liability Partnership- 15 -

3.Disclosure about fiscal years, etc. of consolidated subsidiaries
Of the consolidated subsidiaries, the balance sheet date of IDEC IZUMI SUZHOU Co., Ltd., IDEC(SHANGHAI) CORPORATION, IDEC ELECTRONICS TECHNOLOGY (SHANGHAI) CORPORATION, and TAICANG CONETELECTRONICS CO.,LTD. is December 31. In preparing the consolidated financial statements, the Company
uses non-consolidated financial statements based on the provisional closing performed as of theconsolidated balance sheet date.
From the current consolidated fiscal year, 13 APEM group companies have changed their closing datefrom December 31 to March 31 when preparing consolidated financial statements. Due to this change in thesettlement date, the profit and loss for the three months from January 1, 2023 to March 31, 2023 areadjusted and consolidated as an decrease of 49 million yen in retained earnings.
4.Disclosure of accounting policies(1) Evaluation standards and methods for significant assets① Securities
Other securities:
・Securities other than shares, etc. without market priceMarket value method (valuation difference is reported as a component of net assets, and thecost of securities sold is calculated by the moving-average method)
・Shares, etc. without market price Stated at cost based on the moving-average method.
② Derivative transactions
Market value method③ Inventories
Stated at cost based mainly on the periodic average method(calculated after book value is written down based on a decrease in profitability).
(2) Methods of depreciation and amortization for significant depreciable assets① Property, plant and equipment (excluding leased assets and right-of-use assets)
Depreciation is calculated mainly by the straight-line method.
The useful lives are mainly as follows.
Buildings and structures
3 to 50 years
Machinery, equipment and vehicles 3 to 17 years
Tools, furniture and fixtures
2 to 20 years②Intangible assets (excluding leased assets and right-of-use assets)
Depreciation is calculated by the straight-line method.
Trademark rights
20 years
Customer-related assets
12 to 20 years
Software for internal use
5 years③Leased assets
Leased assets related to finance lease transactions that do not transfer ownership
Calculated by the straight-line method, with lease periods of such assets being useful lives, andresidual values being zero.
④Right-of-use assets
Calculated by the straight-line method, with lease periods of such assets being useful lives,
and residual values being zero.

- 16 -

(3)Accounting standards for significant provisions① Provision for doubtful accounts
To prepare for possible losses on accounts receivable, the Company sets aside an amount that is
expected to be irrecoverable, after it considers the possibility of recoverability of (a) generalaccounts receivable, mainly by actual default ratio, and (b) specific accounts receivable where
recoverability is in doubt, on a case-by-case basis.
② Provision for retirement benefits for officers
To prepare for the expenditure of retirement benefits for officers, the Company sets aside theamount necessary at the end of fiscal year based on the Rules for Retirement Benefits for
Officers.
③ Provision for product warranties
To provide for expenses associated with product warranties, the Company sets aside the estimatedamount necessary for repairs in consideration of the possibility of occurrence.
(4)Accounting procedures for retirement benefits
To prepare for the provision of retirement benefits for employees, the Company sets aside anestimated amount for retirement benefit obligations and pension assets as of the end of theconsolidated fiscal year under review.
①Period attribution method for expected retirement benefit payments
In calculating retirement benefit obligations, the benefit formula basis is used for attributing
the expected retirement benefit payments to the period up to the end of the consolidated fiscal
year under review.
②Method of handling the cost of actuarial gains and losses
Actuarial gains and losses are recognized as expenses starting from the following consolidated
fiscal year by the straight-line method over the average remaining service period of the employees
on payroll in the period when such gains and losses arise (11 to 15 years).
(5)Accounting standards for revenue and expenses
The Company recognizes revenue in the amount expected to be received in exchange for the promised
goods or services upon transfer of control of the said goods or services to the customer.
The Group’s main performance obligation is the sale of goods, for which revenue is recognized at
the time of shipment when the period from the time of shipment to the time of transfer of control ofthe merchandise or products to the customer is the normal period for the domestic sale of merchandiseor products, applying the alternative treatment set forth in Paragraph 98 of the Guidance on
Application of the Accounting Standard for Revenue Recognition. For export sales, the Company
recognizes revenue when the risk is transferred to the customer based mainly on the trade terms
stipulated in Incoterms, etc. At foreign subsidiaries, revenue is recognized when the risk istransferred to the customer at the time of shipment or delivery under contract. For sale of goods,
the Company measures revenue by deducting discounts, etc. from the amount expected to be received in
exchange for goods or services.
In normal payment terms under these agreements, payments are due within a short time and do notinclude material financial factors.
(6)Standards for translating significant foreign currency-denominated assets or liabilities into
Japanese currency
Monetary claims and liabilities denominated in foreign currencies are translated into Japanese yenat the spot exchange rate on the consolidated balance sheet date, and the translation differences areaccounted for as profit (loss).
Assets and liabilities of foreign consolidated subsidiaries are translated into Japanese yen at the
spot exchange rate on the consolidated balance sheet date. Revenues and expenses are translated into
Japanese yen at the average exchange rate during the period, and translation differences are included
in foreign currency translation adjustments in the net assets.

- 17 -

(7)Amortization method and period for goodwill
Goodwill is amortized by the straight-line method over the estimated period when its effect manifests(10 to 20 years).
(8)Scope of funds in the consolidated statement of cash flows
Funds consist of cash on hand, demand deposits and short-term investments with maturities of threemonths or less from the date of acquisition that are highly liquid, readily convertible to cash andcarry insignificant risk of changes in value.
[Notes - Business combinations]
Business combination through acquisition
1. Overview of the business combination(1) Name of the acquired entity and the details of its businesses
Name of the acquired entity ez-Wheel SAS
Businesses
Development, manufacture and sale of electric-assisted wheels andsafety autonomous driving wheels(2) Main reasons for the business combination
ez-Wheel SAS, a manufacturer of electric-assisted wheels and safety autonomous driving wheels,
is an innovative technology company with "Developing simpler, safer ways to transport goods andpeople" as their mission. They developed the world's first self-propelled wheels in 2010 and theworld's first safety autonomous driving wheels in 2021. Demand for robots is expanding in
response to rapidly advancing automation and labor shortages and an aging workforce on a global
scale, and the use of AGVs (Automated Guided Vehicle) and AMRs (Autonomous Mobile Robot) is
expanding in various industries. Annual growth is expected to be 25% in the coming years. Under
these circumstances, since the launch in Japan, they have received inquiries from a wide varietyof customers, particularly major automobile manufacturers, and we have determined that theirbusinesses will have a significant synergy effect for the expansion of solution sales, which weare currently promoting in the medium-term management plan.
(3) Date of the business combination
August 1, 2023
(4) Legal form of the business combination
Acquisition of shares for cash(5) Name of the entity after the combination
No change.
(6) Percentage of voting rights acquired80%(7) Main rationale for determining the acquiring entity
MMI Technologies SAS, a consolidated subsidiary of the Company, acquired shares in exchange forcash.
2. Period of financial results of the acquired entity included in the consolidated financial statements
From August 1, 2023 to March 31, 2024
3. Breakdown of acquisition cost and consideration of acquired entity by type
Consideration for acquisition
Cash and deposits
2,832 thousand EUR
Acquisition cost

2,832

- 18 -

4. Details and amounts of major acquisition related expenses
Advisory fees, etc.
152 thousand EUR
5. Amount, cause, amortization method, and amortization period of goodwill generated(1) Amount of goodwill generated
778 thousand EUR(2) Cause
It has been generated from future excess revenue expected from future business development.
(3) Amortization method and amortization period
Straight-line method over 10 years
6. Amounts of assets acquired and liabilities assumed on the date of the business combination andbreakdown thereof
Current assets

1,326 thousand EUR

Non-current assets

5,629

Total assets

6,955

Current liabilities
Non-current liabilities

2,384
6,335

Total liabilities

8,719

7. Amounts allocated to intangible assets other than goodwill and breakdown thereof by major type, andthe weighted average amortization period for the entirety thereof and by major typeTechnology assets

6,828 thousand EUR

Weighted
averageduration
10 years

Total

6,828

10 years

Breakdown by type

Amount8. Estimated amount of influence on the consolidated statement of income for the relevant fiscal year if
the business combination is assumed to have been completed on the first day of the consolidated
fiscal year, and calculation method thereof
Descriptions have been omitted as they have little significance. The notes have not been subject toaudit and attestation.

- 19 -

[Notes - Segment information, etc.][Segment Information]
1.Overview of reportable segments
IDEC's reportable segments are component units for which separate financial information isavailable and which are subject to periodic review by the Board of Directors to determine management
resource allocation and evaluate performance.
The IDEC Group is primarily engaged in the manufacture and sale of products related to control
devices. Each of the overseas subsidiaries plans and develops strategies suitable for each region as
an independent management unit. The IDEC Group has four reportable segments: Japan, Americas, EMEA
and Asia Pacific, which are regional segments based on the manufacturing and sales structure.
2.Calculation method of net sales and income, assets, and other items by reportable segment
The method of accounting for reportable segments is generally the same as described in"Significant accounting policies for preparation of consolidated financial statements."
Intersegment transactions and transfers are based on the prevailing market prices.
3.Disclosure of sales, profit, asset, and other items for each reportable segment and revenue
breakdownYear ended March 31, 2023 (From April 1, 2022 to March 31, 2023)
1. Disclosure of sales and profit (loss) for each reportable segment(Millions of yen)
Reportable segments
Japan

Americas

Asia
Pacific

EMEA

Adjustments

Consolidated
total

Total

Net Sales
Revenue from Contracts
with Customers

39,045

15,815

13,305

15,703

83,869-83,869

-

-

-

-

-

-

-

Revenues fromexternal customers
Transactions withother segments

39,045

15,815

13,305

15,703

83,869-83,869

11,215649

2,438

10,32324,626(24,626)-

Total

50,26016,464

15,74426,026

108,496(24,626)

83,869Operating profit (loss)

7,045

2,974

768

3,438

14,226(165)

14,060Assets

50,663

16,50429,663

17,359114,190(9,955)104,235

1,314

464

1,167

596

3,544

-

3,544

Other income

Other items
Depreciation

Amortization of
150
136
600
887
887
goodwill
Investments inentities accounted
180
180
180
for using equity
methodIncrease in property,
plant and equipment
1,614
241
1,245
1,036
4,136
(47)
4,088
and intangible assets(Notes)1.Adjustments of segment profit (165) million yen represents intersegment transactions.
2.Segment profit has been adjusted to be consistent with the operating profit reported in
the consolidated statements of income.
3.Segment assets adjustments of (9,955) million yen include corporate assets of 501 million yen
and intersegment adjustments of (10,456) million yen. Corporate assets consist mainly of
long-term investment funds (investment securities) of IDEC.
4.Adjustments of the increase in property, plant and equipment and intangible assets of (47)
million yen represents the elimination of intersegment transactions.

- 20 -

5.These are mainly performance obligations that are satisfied at a point in time, but some
performance obligations are satisfied over a period of time.
The amounts recognized as performance obligations satisfied over time are insignificant.
Year ended March 31, 2024 (From April 1, 2023 to March 31, 2024)
Reportable segments
Japan

Americas

Asia
Pacific

EMEA(Millions of yen)Per
consolidat
ReconcilinedReportable g items
financial
segments
statements

Sales
Revenue from Contracts
with Customers

31,305

13,87015,871

11,66472,711-72,711

-

-

-

-

-

-

-

Revenues fromexternal customers
Transactions withother segments

31,305

13,87015,871

11,66472,711-72,711

7,779

994

2,672

8,096

19,543(19,543)-

Net sales

39,085

14,864

18,544

19,76092,254(19,543)

72,711

Operating profit (loss)

2,311

1,594

448

1,729

6,083

192

6,276

Assets46,30816,152

34,28418,702

115,447(8,308)107,138

1,328

541

1,377

670

3,917

-

3,917

Other income

Other items
Depreciation

Amortization of
133
154
689
977
977
goodwill
Investments inentities accounted
306
306
306
for using equity
methodIncrease in property,
plant and equipment
1,679
145
789
386
3,000
(40)
2,960
and intangible assets(Notes)1.Adjustments of segment profit 192 million yen represents intersegment transactions.
2.Segment profit has been adjusted to be consistent with the operating profit reported in
the consolidated statements of income.
3.Segment assets adjustments of (8,308) million yen include corporate assets of 262 million yen
and intersegment adjustments of (8,571) million yen. Corporate assets consist mainly of longterm investment funds (investment securities).
4.Adjustments of the increase in property, plant and equipment and intangible assets of (40)
million yen represents the elimination of intersegment transactions.
5.These are mainly performance obligations that are satisfied at a point in time, but some
performance obligations are satisfied over a period of time.
The amounts recognized as performance obligations satisfied over time are insignificant.
[Information associated with reportable segments]
Year ended March 31, 2023 (From April 1, 2022 to March 31, 2023)
1.Information for each product or service(Millions of yen)
HMI
Revenues fromexternal customers

35,760Industrial
Safety &Automation
relays &explosion& sensingcomponents
protection
15,476

10,327- 21 -

16,282

Systems

4,848

Others

1,174

Total

83,869

2.Information for each region(1)Net sales(Millions of yen)Japan

Americas34,519EMEA

15,672

Asia Pacific
13,466

Total

20,21083,869(Notes)1. Net sales are classified by country or region based on the location of each customer.
2. Net sales to the Americas and Asia Pacific segments include net sales of 15,083 million
yen in the U.S. and 10,525 million yen in China, which account for 10% or more of net
sales in the consolidated statement of income.
(2)Property, plant and equipment(Millions of yen)Japan

Americas14,231

EMEA

2,086

Asia Pacific
3,206

Total

4,242

23,766

3.Information for each of main customers
Sales to external customers are not disclosed as there are no customers that account for 10% of sales
in the consolidated statements of income.
Year ended March 31, 2024 (From April 1, 2023 to March 31, 2024)
1.Information for each product or service(Millions of yen)
HMI
Revenues fromexternal customers

Industrial Automation Safety &relays &explosion
components & sensing protection

33,948

11,6299,904

11,647

Systems
3,969

Others

Total

1,612

72,711

2.Information for each region(1)Net sales(Millions of yen)Japan

Americas26,907

EMEA

14,158Asia Pacific
15,589Total

16,05672,711(Notes) 1. Net sales are classified by country or region based on the location of each customer.
2. Net sales to the Americas and Asia Pacific segments include net sales of 13,311 million
yen in the U.S. and 8,136 million yen in China, which account for 10% or more of net
sales in the consolidated statement of income.
(2)Property, plant and equipment(Millions of yen)Japan

Americas13,942

EMEA

2,159

Asia Pacific
3,637

4,260

Total
24,0003.Information by key customer
Sales to external customers are not disclosed as there are no customers that account for 10% of sales
in the consolidated statements of income.

- 22 -

[Disclosure of impairment losses on non-current assets for each reportable segment]
Year ended March 31, 2023 (From April 1, 2022 to March 31, 2023)
No items to report
Year ended March 31, 2024 (From April 1, 2023 to March 31, 2024)
No items to report[Amortization and unamortized balance of goodwill for each reportable segment]
Year ended March 31, 2023 (From April 1, 2022 to March 31, 2023)

Japan
Amortizationof goodwill
Goodwill

America

EMEA

Asia Pacific(Millions of yen)Per
Unallocated consolidated
amounts andfinancialelimination
statements

150

136

600

-

-

887

1,072

1,952

8,612

-

-

11,636

Year ended March 31, 2024 (From April 1, 2023 to March 31, 2024)

Japan
Amortizationof goodwill
Goodwill

America

EMEA

Asia Pacific(Millions of yen)Per
Unallocated consolidated
amounts andfinancialelimination
statements

133

154

689

-

-

977

1,058

2,052

9,173

-

-

12,284[Information about gain on bargain purchase for each reportable segment]
Year ended March 31, 2023 (From April 1, 2022 to March 31, 2023)
No items to report
Year ended March 31, 2024 (From April 1, 2023 to March 31, 2024)
No items to report- 23 -

[Notes - Per share information]
Year ended
March 31, 2023

Year ended
March 31, 2024

Net assets per share(Yen)

1,998.30

2,226.99

Basic earnings per share(Yen)

348.37150.10

Diluted earnings per share(Yen)

346.49149.52

Year ended
March 31, 2023

Year ended
March 31, 2024

(Notes)Basis for calculation
1.Basic earnings per share and Diluted earnings per share

Profit attributable to owners of parent(Millions of yen)

10,144

4,407

Profit attributable to owners of parent for commonshares(Millions of yen)

10,144

4,407

Amount not attributable to common shareholders(Millions of yen)--

29,120,504

29,362,790--(shares)

157,575

114,124(Of those, share acquisition rights)(shares)

157,575

97,404(Of those, restricted stock unit)(shares)-

16,720

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

Adjustments to net income attributable to owners of(Millions of yen)
parentNumber of increase in common shares used in
calculation of diluted net income per share

Overview of dilutive shares not included in
calculation of diluted net income per share becauseof lack of dilutive effect

-

-

-

Year ended
March 31, 2023

Year ended
March 31, 2024

2.Net assets per share

Total net assets(Millions of yen)

58,81366,006

Amount to be deducted from total net assets(Millions of yen)

347

455

(Of those, share acquisition rights)(Millions of yen)

347

455

(Of those, non-controlling interests)(Millions of yen)--

(Millions of yen)

58,46565,551

29,257,751

29,435,000

Net assets at year end related to common shares
Number of common shares at year end used in
calculation of net assets per share(shares)- 24 -

4. Non-consolidated Financial Statements and Notes(1)Non-consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Electronically recorded monetary claims operating
Merchandise
Finished goods
Raw materials
Work in process
Supplies
Prepaid expenses
Short-term loans receivable fromsubsidiaries and associates
Accounts receivable - otherAccounts receivable-other-materials
Income taxes refund receivable
Other
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
Software
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Shares of subsidiaries and associates
Investments in capital of subsidiaries
and associates
Long-term loans receivable fromsubsidiaries and associates
Prepaid pension costs
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 25 -

As of March 31, 2024

5,438
0
8,867

4,266
7,086

514

350

2,136
1,881
1,982
997
146
263

2,782
2,219
1,750
735
128
330

2,462

2,105

555
14
88
25,350

390
10
418
108
22,684

4,778
111
937
21
445
4,090
144
471
11,001

4,701
97
929
46
448
4,314
106
494
11,139

976
5
0
983

1,389
1
1,390

275
26,287

926,287

1,569

1,670

2,129

2,032

281
761
406
(36)
31,67543,66069,010

327
596
388
(31)
31,27943,80866,493

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Accounts payable - trade
Electronically recorded obligations operating
Short-term borrowings
Short-term borrowings from subsidiaries
and associates
Current portion of long-term borrowings
Lease liabilities
Accounts payable - otherAccrued expenses
Income taxes payable
Contract liabilities
Deposits received
Total current liabilities
Non-current liabilities
Long-term borrowings
Long-term borrowings from subsidiaries
and associates
Provision for retirement benefits
Lease liabilities
Asset retirement obligations
Other
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
Reserve for tax purpose reduction
entry of non-current assets
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders' equity
Valuation and translation adjustments
Valuation difference on available-forsale securities
Total valuation and translation
adjustments
Share acquisition rights
Total net assets
Total liabilities and net assets- 26 -

As of March 31, 2024

3,680

1,993

1,948

537

4,000

6,000

-

1,225

11,935
69
1,173
843
1,214
4
126
24,995

6,033
54
984
612
4
135
17,580

6,325

9,714

116

-

1,121
90
7
519
8,180
33,176

1,111
63
646
11,534
29,115

10,056

10,056

5,000
4,300
9,300

5,000
4,474
9,474

316

316

23,057
23,373(7,299)35,431

24,04524,361(6,970)36,923

55

-

55

-

347
35,83469,010455
37,37866,493

(2)Non-consolidated Statements of Income(Millions of yen)
Year ended
March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest and dividend income
Foreign exchange gains
Commission income
Other
Total non-operating income
Non-operating expenses
Interest expenses
derivative losses
Loss on valuation of derivatives
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on reversal of share acquisition rights
Total extraordinary income
Extraordinary losses
Loss on abandonment of non-current assets
Loss on liquidation of businessInformation security expenses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit- 27 -

Year ended
March 31, 2024
38,561
21,156
17,405
11,165
6,240

28,412
15,95812,454
10,319
2,135

2,349
570
239
157
3,317

2,891
936
189
236
4,255

38
170
68
277
9,280

35
349
176
18
579
5,810

18
119
31
169

6
62
6
75

8
8
9,441
2,115
(24)
2,091
7,350

16
142
131
290
5,594
609
184
793
4,801

(3)Non-consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Capital surplus

Retained earnings

Reserve fortax purpose
Share capital
Legal capital Other capital Total capital
reduction
surplussurplussurplusentry of noncurrent
assetsBalance at beginning of
period10,056

5,000

4,134

9,134

316

Retainedearnings
brought
forwardTotal
retainedearnings

19,342

19,658Dividends of surplus(3,634)(3,634)

Profit

7,350

7,350

Changes during period

Purchase of treasury shares
Disposal of treasury shares

165

165

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

-

-

165

165

-

3,715

3,715

10,056

5,000

4,300

9,300

316

23,057

23,373

Valuation and translation
adjustments
Share
Valuation
Total
acquisitiondifference on
Totalvaluation andrightsshareholders' availabletranslation
equityfor-saleadjustments
securities

Shareholders' equity

TreasurysharesBalance at beginning of
period(7,759)31,089

67

67

311

Total net
assets31,468Changes during period
Dividends of surplus(3,634)(3,634)

Profit

7,350

7,350

Purchase of treasury shares

(1)

(1)

(1)

Disposal of treasury shares

461

627

627

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

(12)

(12)

36

24

459

4,341

(12)

(12)

36

4,365

(7,299)35,431

55

55

347

35,834- 28 -

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Capital surplus
Share capital

Balance at beginning of
period10,056

Retained earnings

Reserve fortax purpose
Legal capital Other capital Total capital
reduction
surplussurplussurplusentry of noncurrent
assets
5,000

4,300

9,300

316

Retainedearnings
brought
forwardTotal
retainedearnings

23,057

23,373

Dividends of surplus(3,813)(3,813)

Profit

4,801

4,801

Changes during period

Purchase of treasury shares
Disposal of treasury shares

174

174

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

-

-

174

174

-

988

988

10,056

5,000

4,474

9,474

316

24,04524,361

Valuation and translation
adjustments
Share
Valuation
Total
acquisitiondifference on
Totalvaluation andrightsshareholders' availabletranslation
equityfor-saleadjustments
securities

Shareholders' equity

TreasurysharesBalance at beginning of
period(7,299)35,431

55

55

347

Total net
assets35,834

Changes during period
Dividends of surplus(3,813)(3,813)

Profit

4,801

4,801

Purchase of treasury shares

(0)

(0)

(0)

Disposal of treasury shares

329

504

504

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

(55)

(55)

107

52

328

1,491

(55)

(55)

107

1,544

(6,970)36,923--455

37,378- 29 -

5．Supplementary Information(1)Summary of consolidated results(Figures in parentheses are compared to the previous fiscal year)(Millions of yen, %)Fiscal year ending
Fiscal year ended
Fiscal year ended
March 31, 2023
March 31, 2024
March 31, 2025(Forecast)
Net sales

83,869(118.5)72,711(86.7)

71,700(98.6)

Operating profit

14,060(145.4)6,276(44.6)

5,200(82.9)

Ordinary profit

14,403(138.5)

6,920(48.1)

5,200(75.1)

Profitattributableto owners of parent

10,144(128.5)4,407(43.4)

4,000(90.8)(2)Net sales by products / Net sales by regions①Net sales by products(Figures in parentheses are compared to the previous fiscal year)(Millions of yen, %)Fiscal year ending
Fiscal year ended
Fiscal year ended
March 31, 2023
March 31, 2024
March 31, 2025(Forecast)
HMI

35,760(115.8)33,948(94.9)

34,700(102.2)

Industrial relays &components

15,476(113.6)

11,629(75.1)

11,000(94.6)

Automation & sensing

10,327(122.0)9,904(95.9)

9,900(100.0)

Safety & explosion
protection

16,282(128.1)

11,647(71.5)

11,300(97.0)

Systems

4,848(129.5)

3,969(81.9)

3,200(80.6)

Others1,174(86.1)

1,612(137.3)1,600(99.2)

Total

83,869(118.5)72,711(86.7)

71,700(98.6)②Net sales by regions(Figures in parentheses are compared to the previous fiscal year)(Millions of yen, %)Fiscal year ending
Fiscal year ended
Fiscal year ended
March 31, 2023
March 31, 2024
March 31, 2025(Forecast)Japan

34,519(111.7)

26,907(77.9)

25,200(93.7)

Americas15,672(135.9)14,158(90.3)

-

(-)

EMEA

13,466(114.6)

15,589(115.8)-(-)

Asia Pacific

20,210(121.7)

16,056(79.4)-(-)

Total Overseas

49,349(123.7)45,804(92.8)

46,500(101.5)

Total

83,869(118.5)72,711(86.7)

71,700(98.6)

Overseas(3)Capital expenditures(Figures in parentheses are compared to the previous fiscal year)(Millions of yen, %)Fiscal year ending
Fiscal year ended
Fiscal year ended
March 31, 2023
March 31, 2024
March 31, 2025(Forecast)
Consolidated

4,088(163.3)2,960- 30 -(72.4)

4,400(148.6)

(4)Depreciation and amortization expense(Figures in parentheses are compared to the previous fiscal year)(Millions of yen, %)Fiscal year ending
Fiscal year ended
Fiscal year ended
March 31, 2023
March 31, 2024
March 31, 2025(Forecast)
Consolidated

3,544(108.6)

3,917(110.5)4,200(107.2)(5)R&D expense(Figures in parentheses are compared to the previous fiscal year)(Millions of yen, %)Fiscal year ending
Fiscal year ended
Fiscal year ended
March 31, 2023
March 31, 2024
March 31, 2025(Forecast)
Consolidated

2,958

(3.5)

2,796

(3.8)

2,800

(3.9)

(6)Quarterly trends of financial results(consolidated)(Figures in parentheses are compared to the previous fiscal year)(Millions of yen, %)Fiscal year ended March 31, 2024
Firstquarter
Net sales
Operating profit
Ordinary profit

Secondquarter

Third
quarter

Fourthquarter

Annual18,180(90.2)

19,620(85.2)

16,540(79.0)

18,370(93.0)

72,711(86.7)

1,665

2,381
(54.1)

603(15.6)

1,625(61.8)

6,276(44.6)(52.8)Net sales

2,022

2,507

532

1,858

6,920

Operating profit(56.8)(54.8)(15.1)(67.9)(48.1)

Ordinary profit

1,467(57.4)

1,706(54.4)

263(11.4)

969(45.2)

4,407(43.4)(7)Quarterly trends of net sales by products(consolidated)(Figures in parentheses are compared to the previous fiscal year)(Millions of yen, %)Fiscal year ended March 31, 2024
Firstquarter

Secondquarter

Third
quarter

Fourthquarter

AnnualHMI

8,594(96.8)

8,839(93.0)

7,844(88.0)

8,669(102.5)33,948(94.9)

Industrial relays &components

2,948(73.7)

3,216(71.2)

2,475(67.2)

2,987(91.4)

11,629(75.1)

Automation & sensing

2,341(108.4)

3,036(98.0)

2,271(97.9)

2,256(82.0)

9,904(95.9)

3,104(80.8)

3,156(73.0)

2,475(57.3)

2,911(76.8)

11,647(71.5)

Systems

911(95.8)

1,058(87.2)

1,023(72.4)

976(76.8)

3,969(81.9)

Others280(86.6)

313(85.7)

449(167.4)570(262.5)

1,612(137.3)

Total

18,180(90.2)

19,620(85.2)

16,540(79.0)

18,370(93.0)

72,711(86.7)

Safety & explosion
protection- 31 -