NORITAKE CO., LIMITEDFirst Half Resultsfor Fiscal Year Ending March 2024
This document has been translated from a part of the Japanese originalfor reference purposes only. In the event of any discrepancy between thistranslated document and the Japanese original, the original shall prevail.
This document contains forward-looking statements.
Actual future results may differ materially from these forward-looking
statements due to changes in the business environment and other factors.
© 2023 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for
FY2024 1st Half (Ended September 30, 2023)
2. Forecasts for FY2024 (Ending March 31, 2024)
and Priority Measures
3. Progress of the 12th Three-year Business

Plan (FY2023-FY2025)

2© 2023 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for
FY2024 1st Half (Ended September 30, 2023)
2. Forecasts for FY2024 (Ending March 31, 2024)
and Priority Measures
3. Progress of the 12th Three-year Business

Plan (FY2023-FY2025)

3© 2023 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024－H1
Consolidated Statements of Income
Ordinary Profit and Profit Attributable to Owners of Parent
increased and reached a record high, despite a year-on-year
decrease in sales.
（Unit：billion yen）

Operating Profit
Net Sales

4

FY2023(1st Half)

FY2024(1st Half)

YoYchangeNet Sales

67.8

67.6

△0.4%

Operating
Profit

4.5

4.9

+7.9%

Ordinary
Profit

6.6

7.0

+5.8%

ProfitAttributableto Owners of
Parent5.2

5.8+11.9%

67.8

Ordinary Profit（Unit：billion yen）

67.6

6.6
4.5

7.0
4.9

FY2023
TY2024(1st Half)(1st Half)
Interim dividend：120 yen per share©
2023
NORITAKE
CO.,
LIMITEDAll Rights Reserved.
(Forecast for Year-end dividend：120 yen per share）

1. Summary of Financial Results for FY2024－H1
Cause of increase/decrease of Operating Profit
Operating Profit increased by 0.4 billion yen compared to thesame period of the previous year, mainly due to increase in grossprofit margin and the effect of the weak yen.
△0.2
Net Sales
decrease

＋1.1
＋0.1
FOREX

（Unit：billion yen）

Increase ingross profit
margin△0.5△0.1
Fluctuations in
manufacturing Increase in
SG&A
accounts
expenses

Difference between soaring raw material costs andprice pass-through to products : +0.4

4.5

FY2023(1st Half)
5

(yen)

FY2024(1st Half)
Average rate

USD

142.61

7.31 weakEUR

154.8115.67 weak

THB

4.07

0.29 weak

CNY

19.87

0.04 strong

LKR

0.45

0.07 weakYoY change

4.9

FY2024(1st Half)© 2023 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024－H1
Cause of increase/decrease of Ordinary Profit
Ordinary Profit increased by 0.4 billion yen with an increaseof 0.4 billion yen of Operating Profit, and Non-operating
income/expenses remained almost unchanged.
（Unit：billion yen）
FY2023(1st Half)

6

FY2024(1st Half)

YoY change

Operating Profit

4.5

4.9

+0.4

Dividend income

0.5

0.5

+0.0

Rental income

0.3

0.3

+0.0

Foreign exchange gains

0.4

0.3

△0.2

Share of profit of entities
accounted for using equity method

0.7

0.8

+0.1

Others

0.1

0.1

+0.1

Non-operating
income/expenses

2.0

2.1

+0.0

Ordinary Profit

6.6

7.0

+0.4

© 2023 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024－H1
Extraordinary income / Extraordinary losses

Gain on sales of investment securities : 1.00 billion yen
Loss on disposal of non-current assets : 0.43 billion yen（Unit：billion yen）

Extraordinary income

Extraordinary losses

Gain on sales ofinvestment securities※

1.00

Loss on disposal of
non-current assets

0.43

Others0.02

Others

0.00

Total

1.02

Total

0.44

※ Reduction of cross-Shareholdings

7© 2023 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024－H1

Sales and Profit by business segment
Industrial Products decreased, and Operating Profit in the othersegments improved.
（Unit：billion yen）
FY2023(1st Half)

YoY change

Net Sales

29.3

27.9

△4.9%

Ceramics &Materials

25.0

24.0

△3.8%

Engineering

10.4

12.1

+17.1%

3.1

3.5+11.6%

67.8

67.6

△0.4%

1.5

1.0

△35.1%

Tabletop

Operating Profit

Industrial
Products
Ceramics &Materials

2.8

3.2

+15.3%Engineering

0.6

0.7

+32.1%

△0.3

△0.0

ー

4.5

4.9

Tabletop

Total

Sales / Operating Profit（Unit：billion yen）
Operating Profit

Industrial
Products

Total

8

FY2024(1st Half)

+7.9%

4.5

4.9

67.8

67.6

29.3

27.9

25.0

24.0

10.4

12.1

3.1

3.5

FY2023(1st Half) FY2024(1st Half)© 2023 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024－H1
Sales by business segment

Custom-made products

Industrial Products Group
Sales per products（Unit：billion yen）

FY2023

FY2024(1st Half)(1st Half)

YoYchangeGrinding Wheels

9.0

8.8

△0.2

Diamond
Wheels/Tools
CBN Wheels

6.1

5.6

△0.5

Cutting/Offset
Wheels

8.6

8.8

+0.2

Coated Abrasives

3.7

2.7

△1.0

Related Products

Total
9

1.9

2.0

+0.1

29.3

27.9

△1.4

Japan
Sales remained flat year on year
due to lower production in the steel,bearing, and electronic partsindustries, although production has
recovered in the automotive
industry.
Overseas
Automotive-related sales recoveredin North America, but steel-related
sales decreased significantly in
China, and the decline inautomotive production affected inSoutheast Asia. Overall sales
decreased.

Coated Abrasives
Sales were weak
both domesticallyand overseas.
© 2023 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024－H1
Sales by business segment
Ceramics & Materials Group

Sales per products
FY2023

FY2024(1st Half)(1st Half)

YoYchangeElectronic paste

4.6

4.9

+0.3

Electronic
component raw
materials

6.8

8.1

+1.3

Ceramic raw
materials

8.9

5.9

△3.0

Other Ceramics

4.6

5.1

+0.5

Total

10

（Unit：billion yen）

25.0

24.0

△0.9

Electronic paste/Electronic
component raw materials
Sales for automotive industry were
solid. In addition, sales forcommunications equipment
increased due to progress ininventory adjustments at somecustomers.

Ceramic raw materials
Sales for heat-resistant glass
decreased significantly.

© 2023 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024－H1
Sales by business segment
Engineering Group
Sales per products
FY2023

FY2024(1st Half)(1st Half)

YoYchangeHeating/Drying
Furnace

7.3

9.0

+1.7

Stirring
machines

0.6

0.8

+0.2

Filtration
systems

0.5

0.5

+0.0

Carbide-tipped
circular sawing
machine

0.5

0.5

△0.0

Circular sawing
cutting machineand others

1.4

1.4

△0.1

10.4

12.1

+1.8

Total
11

（Unit：billion yen）

Heating/Drying
Furnace
Sales for lithiumion batteries werestrong.

Stirring
machines
Sales to thechemicalindustry haverecovered.
Circular sawing
cutting machine
Sales for publicconstruction wereweak.
© 2023 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024－H1
Sales by business segment
Tabletop GroupJapan
Online sales
decreased, sales
by directly
managed retailstores, and sales
to hotels
increased.

Sales per products（Unit：billion yen）
FY2023

FY2024(1st Half)(1st Half)

YoYchange

Japan

1.4

1.4

+0.0

Americas

0.6

0.8

+0.2

Europe
Asia

1.2

1.3

+0.1

Total

12

3.1

3.5

+0.4

Americas
Online sales andsales to Mexico
were strong.

Europe, Asia
Sales to China
struggled, but
sales to India
and other Asian
countries werestrong.

© 2023 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024－H1
Consolidated Balance Sheet
Total Assets, Shareholders’ Equity and Ratio of Shareholders’Equity increased.
（Unit：billion yen）
March 31,2022

March 31,2023

September
30, 2023

changeTotal Assets

163.6

180.6

186.0

+5.4

Shareholders’ Equity

118.1

128.2

136.0

+7.8

Shareholders’ Equity
per Share

8,184yen

8,882yen

9,380yen+498yen

72.2%

71.0%

73.1%

+2.1%

Ratio of Shareholders’Equity■Total Assets■Shareholders’ Equity ーRatio of Shareholders’ Equity
72.2%

163.6

13

71.0%

73.1%

186.0

180.6
118.1

128.2

March 31, 2022

March 31, 2023

（Unit：billion yen）

136.0

September 30, 2023
© 2023 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024－H1
Consolidated Cash Flow Statement

Free Cash Flow : 7.9 billion yen
Cash and cash equivalents : 12.6 billion yen，increased by
2.2 billion yen year-on-year（Unit：billion yen）
FY2023(1st Half)

14

FY2024(1st Half)

YoY change

Cash flows from operating
activities

△1.4

10.2

+11.5

Cash flows from investing
activities

△2.6

△2.3

+0.3

Free cash flow

△4.0

7.9

+11.9

Cash flows from financing
activities

1.8

△7.8

△9.6

Cash and cash equivalents at
end of period

10.4

12.6

+2.2

© 2023 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024－H1
Interest-bearing Debt
（Unit：billion yen）
March 31,2023

September 30,
2023changeInterest-bearing Debt※

12.5

6.5

△6.0

Cash and deposits

14.6

15.9

+1.3

Net Interest-bearing Debt

△2.2

△9.5

△7.3

※Interest-bearing Debt excludes lease liabilities.

Capital investment, Depreciation expenses（Unit：billion yen）
FY2023(1st Half)

15

FY2024(1st Half)

YoY change

Capital investment

2.5

2.7

+0.1

Depreciation expenses

2.4

2.4

+0.0

© 2023 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for
FY2024 1st Half (Ended September 30, 2023)
2. Forecasts for FY2024 (Ending March 31, 2024)
and Priority Measures
3. Progress of the 12th Three-year Business

Plan (FY2023-FY2025)

16© 2023 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2024 and Priority Measures
Forecasts for FY2024
Net Sales : 139.0 billion yen, Operating Profit : 10.0 billion yen，Ordinary Profit : 13.5 billion yen, Profit Attributable to Ownersof Parent : 11.0 billion yen（Unit：billion yen）
FY2024（FCT）FY2023
2nd
Half

Total

1st
Half

2nd
Half

Total

Net Sales

67.8

71.7

139.5

67.6

71.4

139.0

△0.5

Operating
Profit

4.5

4.4

9.0

4.9

5.1

10.0

＋1.0

Ordinary
Profit

6.6

5.8

12.4

7.0

6.5

13.5

+1.1

ProfitAttributableto Owners of
Parent

5.2

4.8

10.0

5.8

5.2

11.0

+1.0

143 yen

135 yen

USD
17

YoY
change1stHalf

136.0 yen

© 2023 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2024 and Priority Measures
Forecasts for FY2024
Although sales are expected to decrease compared to theprevious fiscal year, both Operating Profit and Ordinary Profit are
expected to increase.
ーNet Sales■Operating Profit■Ordinary Profit（Unit：billion yen）
139.5

139.0

127.6

120.6
107.0

12.5
9.4

13.5

12.4

9.0

10.0

6.3
4.5

4.2

2.6
FY202018

FY2021

FY2022

FI2023

FY2024（FCT）© 2023 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2024 and Priority Measures
Forecasts by business segment（Unit：billion yen）
FY2024(FCT)FY2023

Net Sales
Operating Profit
19

YoY change

1st
Half

2nd
Half

Total

1st
Half

2nd
Half

Total

1st
Half

2nd
Half

Total

Industrial
Products

29.3

28.2

57.5

27.9

28.6

56.5

△1.4

+0.4

△1.0

Ceramics &Materials

25.0

24.2

49.2

24.0

22.5

46.5

△0.9

△1.7

△2.7

Engineering

10.4

15.5

25.9

12.1

16.9

29.0

+1.8

+1.4

+3.1

Tabletop

3.1

3.8

6.9

3.5

3.5

7.0

+0.4

△0.3

+0.1

Total

67.8

71.7

139.5

67.6

71.4

139.0

△0.2

△0.3

△0.5

Industrial
Products

1.5

0.9

2.4

1.0

1.2

2.2

△0.5

+0.3

△0.2

Ceramics &Materials

2.8

2.0

4.8

3.2

2.6

5.8

+0.4

+0.6

+1.0

Engineering

0.6

1.5

2.1

0.7

1.4

2.1

+0.2

△0.1

+0.1

Tabletop

△0.3

0.0

△0.3

△0.0

△0.1

△0.1

+0.3

△0.1

+0.2

Total

4.5

4.4

9.0

4.9

5.1

10.0

+0.4

+0.7

+1.0

© 2023 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2024 and Priority Measures
Industrial Products Group
Although production in the automotive industry is on a recovery trend,
sales and profit are expected to decline due to the economic slowdown in
China and other factors.
Net Sales：56.5 billion yen（1.0 billion yen decrease）
Operating Profit：2.2 billion yen（0.2 billion yen decrease）

Sales and Profit per products
3.1（Unit：billion yen）

2.4

2.2

57.3

57.5

56.5

16.6

17.8

12.0

11.9

17.6

17.2

7.4

6.8

3.9

3.9

FY2022

FY2023Operating Profit
Grinding Wheels
Diamond
Wheels/Tools
CBN Wheels
Cutting/Offset
WheelsCoated Abrasives

Related Products
20

FY2024© 2023 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2024 and Priority Measures
Industrial Products Group
Profit improvement in existing businesses and preparation for entry into
growth areas.
In the previous year, the business was restructured into two types, custom-madeproducts and general-purpose products, to build an efficient business structure.

Custom-made products business・Strengthen our earnings by establishing a system toincrease production of growth area products and by
establishing sales bases.
・Focus on development of new technologies andproducts that support the semiconductor businessand the electrification of automobiles.
・Started mass production of power semiconductor
wafer tools and increased production capacity for
grinding wheels for hypodermic needles

General-purpose products business21

・Strengthen profitability by streamlining themanagement base and realign our manufacturing andsales structure.
・Build a manufacturing, development and sales system
to increase production of electronics products andadvance into growth areas and focus management© 2023 NORITAKE CO., LIMITED All Rights Reserved.
resources.

2. Forecasts for FY2024 and Priority Measures
Ceramics & Materials Group
Although ceramic raw materials are decreasing, electronic component
raw materials are increasing.
Net Sales：46.5 billion yen（2.7 billion yen decrease）
Operating Profit：5.8 billion yen（1.0 billion yen increase）

Sales and Profit per products（Unit：billion yen）

5.4

4.8

Electronic paste

Operating Profit

49.2

Electronic
component raw
materials

40.7

8.9

10.7

Ceramic raw
materials

5.8

46.5

12.7

15.5

18.1
Other Ceramics

22

6.3

8.3

9.5

FY2022

FY2023

FY2024© 2023 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2024 and Priority Measures
Ceramics & Materials Group
Concentration in core competence, Restructuring business portfolio.

Electronic paste
Expand our product lineup in the electronics field,
and develop new products.

Electronic component raw materials
Expand business by increasing production
capacity of materials for multi-layer ceramic
capacitors and developing new products ingrowth areas.

Other Ceramics
Restructure our business portfolio, through"Concentration in Core Competence" and thecreation of new products and businesses.
23© 2023 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2024 and Priority Measures
Engineering Group
Sales of the mainstay lithium-ion battery heating furnaces and drying
furnaces are remaining steady.
Net Sales：29.0 billion yen（3.1 billion yen increase）
Operating Profit：2.1 billion yen（0.1 billion yen increase）

Sales and Profit per products（Unit：billion yen）

2.1
Heating/Drying
Furnace

2.1

Operating Profit

2.1
29.0

25.9
23.6

Stirring
machines
Filtration
systems
Carbide-tipped
circular sawing
machineCircular sawing
cutting machineand others
24

17.0

19.3

1.3
1.3
1.1
2.9

1.3
1.3
1.1
3.0

FY2022

FY2023

FY2024© 2023 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2024 and Priority Measures
Engineering Group
Focus on growth areas and develop
new products, Entry into new fields.

Energy and electronics field
Expand market share by increasing sales,
strengthening after-sales service system,
and introducing new products, Started
expansion of assembly plant for continuous
heating furnaces for lithium-ion batteries.

Automotive field
Development of new applications and new
products associated with electrification of
automobiles.

New field
Entry into new fields (medical/pharmaceutical,
semiconductor, new material) and market
development.

Environmental field
25

Strengthen development of new applications
and new products.

© 2023 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2024 and Priority Measures
Tabletop Group
Shrinking Operating Loss by expanding sales by directly managed retailstores, sales to hotels and growth markets, etc.
Net Sales：7.0 billion yen（0.1 billion yen increase）
Operating Loss：△0.1 billion yen（0.2 billion yen increase）

Sales and Profit per products（Unit：billion yen）

△ 0.3

Operating Loss

△ 1.2
Japan

6.9

△ 0.1
7.0

6.0
3.0
2.5

Americas1.51.8EuropeAsia

1.7
FY202226

2.4
FY2023

FY2024© 2023 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2024 and Priority Measures
Tabletop Group
Continuing to improve profitability to move into the black.

Japan
Strengthen online sales.
Expand sales to hotels and restaurants.
Reduce costs by redeveloping distribution
channels and logistics.

Americas/Europe/Asia
Expand sales in growth markets of India,
China, and other major countries inSoutheast Asia.
Improving profitability in the US market.

27© 2023 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for
FY2024 1st Half (Ended September 30, 2023)
2. Forecasts for FY2024 (Ending March 31, 2024)
and Priority Measures
3. Progress of the 12th Three-year Business

Plan (FY2023-FY2025)

28© 2023 NORITAKE CO., LIMITED All Rights Reserved.

3. Progress of the 12th Three-year Business Plan
＜Overview of the 12th Three-year Business Plan＞
Long-term Vision for 2030 (Ideal target)

We aim to become a Group that contributes to “the global environment,”“a convenient society," and "the people’s well-being.”
29© 2023 NORITAKE CO., LIMITED All Rights Reserved.

3. Progress of the 12th Three-year Business Plan
＜Overview of the 12th Three-year Business Plan＞
Looking ahead to fiscal 2030, the 12th Business Plan ispositioned as a period for "enhancing the revenue base andpreparing for growth areas."【5 items to focus on】● Reorganization of unprofitable products and businesses● Improve and rationalize profitability● Increase production and sales● Creation of new businesses● Enhance our management foundation
Management Target

FY2025Net Sales

147.0 billion yen

Operating Profit

13.0 billion yen

Operating Profit Margin

9％

Return On Equity（ROE）

9％

Free Cash Flow（FCF）

20.0 billion yen（3-year cumulative total）

30© 2023 NORITAKE CO., LIMITED All Rights Reserved.

3. Progress of the 12th Three-year Business Plan
＜Progress of the 12th Three-year Business Plan＞【Targets for FY2025】
Net Sales : 147.0 billion yen, Operating Profit : 13.0 billion yen
The 12th Three-year Business Plan

Net Sales
Operating Profit

9.4（Unit：billion yen）
9.0

Target
13.0

10.0

2.6

107.0

FY202131

127.6

FY2022

139.5

139.0

147.0

FY2023

FY2024（FCT）FY2025（TGT）© 2023 NORITAKE CO., LIMITED All Rights Reserved.

3. Progress of the 12th Three-year Business Plan
＜Progress of the 12th Three-year Business Plan＞
Target of Sales and Profit by business segment（Unit：billion yen）

Industrial
Products（億円）
FY2025（Target）

56.5

60.5

Diff.

+4.0

Net Sales

46.5

49.0

+2.5

Engineering

29.0

30.0

+1.0

7.0

7.5

+0.5

139.0

147.0

+8.0

Industrial
Products

2.2

3.0

+8.0

Ceramics &Materials

5.8

7.3

+1.5

Engineering

2.1

2.7

+0.6

Tabletop

△0.1

0.0

+0.1

計

10.0

13.0

+3.0

Tabletop

Sales / Operating Profit
Operating Profit

Ceramics &Materials

計

Operating Profit
32

FY2024(Forecast)

13.0

10.0
139.0

56.5

147.0

60.5

46.5

49.0

29.0

30.0

7.0

7.5

FY2024(Forecast)

FY2025(Target)© 2023 NORITAKE CO., LIMITED All Rights Reserved.

3. Progress of the 12th Three-year Business Plan
Aiming for virtuous cycle of investment in growth areas(Environment, Electronics, Well-being)
and making a profit

Electronics/Semiconductors

Materials for
multi-layer
ceramic capacitor

Surface grinding wheel
for wafer

Electronics

Environment
Environmentally friendly products
Multi-layer gear
grinding wheel

Heating furnace
for lithium-ion batteries

Resource recycling andfood loss reduction

Concentration incore competence tothree growth areas

Well-being
Sludgesolidification machine“Smart Briquetter”

Grinding
wheel forhypodermic
needles

Life Science“CLéMENCE”

Heat
sterilization
SystemPolishing tool
“LHA Pad”

Fine bubble
generator“Cerapor”© 2023 NORITAKE CO., LIMITED All Rights Reserved.

3. Progress of the 12th Three-year Business Plan
Capital investment
Proactive investment in three growth areas, “Environment，Electronics，and Well-being”.
（Unit：billion yen）

Capitalinvestment

FY2019FY2020

FY2021

FY2022

FY2023

FY2024(Target)

5.3

9.0

4.6

4.9

6.1

8.0

10.0

9.0

8.0

8.0
6.0

6.1

5.3

4.6

4.9

4.0

（Unit：billion yen）

2.0
0.0
FY201934

FY2020

FY2021

FY2022

FY2023

FY2024© 2023 NORITAKE CO., LIMITED All Rights Reserved.

Capital investment planning
For the next 13th Three-year Business Plan, We accelerate
capital investment in growth areas, Total of approximately
20.0 billion yen.（FY2026～ FY2028）（Unit：billion yen）

Overview＜Ceramics & Materials＞
Increase production ofelectronic materials for MultiLayer Ceramic Capacitor, etc.

AmountPlace(approx.)Minato Plant（Minato-ku, Nagoya）

Miyoshi Plant（Miyoshi, Aichi）＜Engineering＞
Increase production capacityof heating furnace forlithium-ion batteries, etc.

Komaki Plant＜Industrial Products,
Ceramics & Materials＞
Restructuring of
manufacturing bases andestablishment of increased
35production system, etc.

Miyoshi 2nd Plant（Komaki, Aichi）（Miyoshi, Aichi）

Plannedforcompletion

7.0

FY2026
2nd Half

6.0

FY2026
1st Half

2.5

FY2025
2nd Half

4.5

FY2031© 2023 NORITAKE CO., LIMITED All Rights Reserved.

3. Progress of the 12th Three-year Business Plan
＜ Change in distribution policy ＞
BeforeAfter

The Company regards the return ofprofits to shareholders as an importantmanagement policy and its basic
dividend policy is to maintain stabledividends over the long term, and to
distribute profits based on acomprehensive assessment of businessperformance, financial strength, futurebusiness development, and other factors.

The Company regards the return ofprofits to shareholders as an importantmanagement policy. The Company’s
basic dividend policy is to maintain stabledividends over the long term anda consolidated dividend payout ratio of
30% or more for the full year, and theCompany aims to return profits linked tobusiness performance while
comprehensively taking into
consideration our financial position,
future business development, and otherfactors.

36© 2023 NORITAKE CO., LIMITED All Rights Reserved.

3. Progress of the 12th Three-year Business Plan
＜ Dividend ＞
The annual dividend forecast for FY2024 is 240 yen per share.
Interim dividend：120 yen per share, Year-end dividend：120 yen per share
Year-end dividend(yen)240Interim dividend(yen)

205
120

150
115
100
50

80
60
30

50
FY2020

70

90

120

30
FY2021

FY2022

FY2023

FY2024（FCT）

37© 2023 NORITAKE CO., LIMITED All Rights Reserved.

3. Progress of the 12th Three-year Business Plan
Stock Split and Partial Amendment of Articles of Incorporation
Each share of common stock owned by shareholders listed or recorded in theclosing register of shareholders on the record date of Sunday, March 31, 2024,
will be split into two shares.
Number of shares to be increased by the stock split
Total number of issued shares prior to the stock split

14,842,849

Number of shares to be increased by the stock split

14,842,849

Total number of issued shares after the stock split

29,685,698

Total number of authorized shares after the stock split

79,500,000

Schedule for the stock split
Public notice of record date (scheduled)Thursday, March 14, 2024

Record date

Sunday, March 31, 2024

Effective date

Monday, April 1, 2024

Total number of authorized shares

38

Current Articles of Incorporation

39,750,000

Articles of Incorporation after Amendment

79,500,000© 2023 NORITAKE CO., LIMITED All Rights Reserved.