Consolidated Financial Results for Fiscal Year 2024
(Fiscal Year 2024: Year ended March 31, 2024)〔Japanese GAAP〕
May 9, 2024

NORITAKE CO., LIMITED

Company Name
Stock Exchange Listings
Code Number
Location of the Head Office
URL
Representative
Contact Person
Date of Payment of Year-end DividendTokyo, Nagoya
5331
Nagoya, Japan
https://www.noritake.co.jp/eng/
Akira Higashiyama, President
Munenari Mizukuchi,
Executive Officer, Finance and Accounting Dept.
(Tel: +81-52-561-7116)
June 3, 2024

(Millions of Yen: Amounts less than 1 million yen are omitted)(Percentages indicate year-on-year changes)

1. Consolidated Financial Results for Fiscal Year 2024 (April 1, 2023 through March 31, 2024)(1) Operating Results
Net Sales

Operating Profit

Millions of Yen

ChangeFY 2024

137,912(1.1%)

10,70919.4%

14,64318.0%

FY 2023

139,494

9.3%

8,969

（4.1%）

12,405(0.8%)

Profit Attributable toOwners of Parent

Millions of Yen

Ordinary Profit

ChangeMillions of Yen

ChangeBasic
Earnings
per Share

DilutedEarnings
per Share

Return on
Average
Shareholders’EquityRatio ofOrdinary
Profit toAverage
AssetsRatio ofOperating
Profit toNet Sales

Millions of Yen

ChangeYen

Yen%%%FY 2024

11,48014.5%

396.46

―

8.3

7.7

7.8

FY 2023

10,02410.5%

347.28

―

8.1

7.2

6.4

(Reference) Share of profit of entities accounted for using equity method: FY 2024 1,785 million yen
FY 2023 1,572 million yen(Note) A two-for-one common stock split was issued on April 1,2024.
Basic Earnings per Share is calculated on the assumption that the stock split was conducted at
the beginning of the previous consolidated fiscal year.
(2) Financial Position
Total Assets

Net Assets

Ratio of
Shareholders’EquityShareholders’Equityper Share

Millions of Yen

Millions of Yen%Yen

FY 2024

202,069

147,97072.8

5,074.49

FY 2023

180,585

128,96171.0

4,440.95(Reference) Shareholders’ Equity: FY 2024 147,100 million yen, FY 2023 128,189 million yen(Note) A two-for-one common stock split was issued on April 1,2024.
Shareholders’ Equity per Share is calculated on the assumption that the stock split wasconducted at the beginning of the previous consolidated fiscal year.

-1-Noritake Co.,Limited(3) Cash FlowsNet Cashprovided by (used in)Operating Activities

Net Cashprovided by (used in)Investing Activities

Net Cashprovided by (used in)
Financing Activities

Cash andCash Equivalents
at end of period

Millions of Yen

Millions of Yen

Millions of Yen

Millions of Yen

FY 2024

22,036(3,240)(13,494)

17,991

FY 2023(213)(3,524)3,306

12,008

2. Dividends ＊Dividends per ShareDividend
Payout
Ratio

Dividendon Equity
Ratio

InterimYear-end

Total

Total
Dividends

Yen

Yen

Yen

Millions of Yen%%

FY 202390.00

115.00205.00

3,016

30.1

2.4

FY 2024120.00130.00

250.00

3,677

32.0

2.6(Forecast)――65.00
65.00
130.0031.9
FY 2025(Note)
1． Total Dividends include dividends for the Board Incentive Plan Trust(57 million yen for FY 2023 and 54 million yen for FY 2024).
The Dividend Payout Ratio is calculated by dividing total dividends by profit attributable toowners of parent.
2． A two-for-one common stock split was issued on April 1,2024.
For FY2023 and FY2024, the actual dividends amount before the stock split is shown. ForFY2025 the projected dividends amount after stock split is shown.

3. Forecast for Fiscal Year 2025 ＊Net Sales

Ordinary Profit

Millions of Yen

ChangeMillions of Yen

ChangeMillions of Yen

Change69,500

2.9%

5,000

2.3%

6,700

(3.7%)

141,000

2.2%

11,0002.7%

14,500(1.0%)FY 2025
Semi-annual

FY 2025

Operating Profit

Profit Attributable toOwners of Parent

Basic Earnings
per Share

Millions of Yen

ChangeYen

5,800

0.1%

200.0812,0004.5%

413.96

FY 2025
Semi-annual

FY 2025(Note) A two-for-one common stock split was issued on April 1,2024.
For FY 2025 semi-annual and FY 2025, Basic Earnings per Share amount after stock split isshown.

4. Other Information(1) Status changes of specified subsidiaries involving changes in the scope of consolidation : None
(2) Change in accounting policies, accounting estimates or restatement①②③④

Changes in accordance with revision of accounting standards : None
Other changes in accounting policies : None
Changes in accounting estimates : None
Restatement : None-2-Noritake Co.,Limited(3) Number of shares outstanding (Common Shares)
Outstanding sharesat end of period(including treasury shares)

Average number ofshares outstanding
over period

Treasury sharesat end of period

FY 2024

29,685,698

697,360

FY 2024

28,956,694

FY 2023

29,685,698

820,302

FY 2023

28,866,592(Note) A two-for-one common stock split was issued on April 1,2024.
Outstanding shares at end of period, Treasury shares at end of period, Average number of shares outstanding
over period are calculated on the assumption that the stock split was conducted at the beginning of
the previous consolidated fiscal year.

【For reference】
1. Non-consolidated Financial Results for Fiscal Year 2024 (April 1, 2023 through March 31, 2024)(1) Operating Results
Net Sales

Operating Profit

Millions of Yen

ChangeFY 2024

65,998

0.6%

2,425

32.5%

6,118(7.3%)

FY 2023

65,620(0.1%)

1,830(3.6%)

6,603

22.6%

ChangeMillions of Yen

Basic Earnings
per Share

Diluted Earnings
per Share

ChangeYenYen

ProfitMillions of Yen

Millions of Yen

Ordinary Profit

FY 2024

6,597

9.7%

227.86―

FY 2023

6,012

45.2%

208.28―Change(Note) A two-for-one common stock split was issued on April 1,2024.
Basic Earnings per Share is calculated on the assumption that the stock split was conductedat the beginning of the previous fiscal year.
(2) Financial Position
Total Assets

Net Assets

Ratio ofShareholders’Equity

Shareholders’Equityper Share

Millions of Yen

Millions of Yen%

Yen

FY 2024

138,041

90,70265.7

3,128.91

FY 2023

121,687

82,54467.8

2,859.65(Reference) Shareholders’ Equity: FY 2024 90,702 million yen, FY 2023 82,544 million yen(Note) A two-for-one common stock split was issued on April 1,2024.
Shareholders’ Equity per Share is calculated on the assumption that the stock split wasconducted at the beginning of the previous fiscal year.

＊Cautionary Statement
1. This report is not subject to audit procedures by certified public accountants or auditing firms.
2. Forecast for FY 2025 is based on management’s assumptions and beliefs in the light of information
currently available. A number of important risks and uncertainties could cause actual results todiffer materially from it, therefore Noritake suggests that you should not place undue reliance on
it for investment purpose and so forth.

-3-Noritake Co.,LimitedCONSOLIDATED BALANCE SHEETSFY 2023
As of March 31, 2023
Millions of Yen
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
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
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securitiesRetirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Accrued expenses
Income taxes payable
Provision for bonuses
Notes payable - facilities
Electronically recorded obligations - non-operating
Other
Total current liabilities
Non-current liabilities
Deferred tax liabilities
Provision for retirement benefits for directors (and otherProvision for share awards for directors (and other officers)
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-4-FY 2024
As of March 31,2024
Millions of Yen

14,601
36,318
5,037
12,769
8,739
8,075
3,189
(128)
88,603

21,34330,475
5,968
12,676
15,346
7,766
3,024
(24)
96,576

18,3999,374
12,701
1,974
3,450
45,9001,934

18,560
9,912
12,661
1,941
3,340
46,415
1,943

38,411
4,359
986
600
(210)
44,14891,982
180,585

47,524
8,077
1,148
516
(132)
57,134105,493
202,069

9,954
10,113
12,450
1,948
1,415
1,757
165
947
3,378
42,130

9,788
12,711
2,606
1,983
3,497
1,793
115
967
8,253
41,7166,490
302478
1,449
773
9,493
51,623

9,311
229
385
1,689
766
12,38254,09915,632
18,59379,936(1,256)112,905

15,632
18,593
87,959(1,088)121,096

13,526(308)
2,066
15,284772
128,961
180,585

19,432
2,288
4,283
26,004869
147,970
202,069

Noritake Co.,Limited

CONSOLIDATED STATEMENTS OF INCOME

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Selling expenses
General and administrative expenses
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest incomeDividend income
Rental income
Foreign exchange gains
Share of profit of entities accounted for using equity method
Electricity sale income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Rental expenses on non-current assets
Electricity sale expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Impairment losses
Loss on valuation of investment securities
Retirement benefit expenses
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-5-

FY 2023(April 1, 2022 throughMarch 31,2023)
Millions of Yen
139,494
104,138
35,356

FY 2024(April 1, 2023 throughMarch 31,2024)
Millions of Yen
137,912
100,075
37,837

17,1209,265
26,386
8,969

17,127
9,999
27,127
10,709

146
1,057
511
121
1,572
81
174
3,664

297
1,024
537
295
1,785
72164
4,176

26
131
34
36
228
12,405

20148
34
38
242
14,643

225
1,026
1,251

80
1,973
2,054

506
102
430
－
34
1,073
12,5832,710(180)2,530
10,052
28
10,024

573
125
87
513
9
1,309
15,387
4,775
(911)
3,864
11,52343
11,480Noritake Co.,Limited

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

ProfitOther comprehensive incomeValuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted for usingequity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests-6-

FY 2023(April 1, 2022 throughMarch 31,2023)
Millions of Yen
10,052

FY 2024(April 1, 2023 throughMarch 31,2024)
Millions of Yen
11,523

(121)
2,213
48

5,906
2,631
2,217

42

19

2,182
12,235

10,77522,29912,14590

22,20098

Noritake Co.,Limited

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETSFY 2023 (April 1, 2022 through March 31, 2023)(Millions of Yen)
Shareholders' equity

Share capital
Balance at beginning of period

15,632

Capital surplus

Retained earnings

Treasury shares

18,502

71,983(1,161)

Total
shareholders'equity
104,957

Changes during period
Dividends of surplus(2,496)(2,496)

Profit attributable to owners ofparent

10,024

10,024

Disposal of treasury shares

90

Purchase of treasury shares
Increase(decrease) resulting
from unifying financial report
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

179270(274)

(274)

424

424－

90

7,952

(94)

7,948

15,632

18,59379,936(1,256)112,905

Accumulated other comprehensive income
Valuation
Total accumulated Non-controlling
Foreign currency Remeasurements
difference onotherinterests
translationof defined benefit
available-for-salecomprehensive
adjustment
plans
securities
incomeBalance at beginning of period

13,647(2,502)

2,018

13,163679

Total net assets

118,800

Changes during period
Dividends of surplus(2,496)

Profit attributable to owners ofparent

10,024

Disposal of treasury shares

270

Purchase of treasury shares(274)

Increase(decrease) resulting
from unifying financial report
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period424(121)

2,193

48

2,120

92

2,213(121)

2,193

48

2,12092

10,161

13,526

(308)

2,066

15,284772

128,961-7-Noritake Co.,Limited

FY 2024 (April 1, 2023 through March 31, 2024)(Millions of Yen)
Shareholders' equity

Share capital
Balance at beginning of period

15,632

Capital surplus

Retained earnings

Treasury shares

18,59379,936(1,256)

Total
shareholders'equity112,905

Changes during period
Dividends of surplus(3,457)(3,457)

Profit attributable to owners ofparent

11,480

11,480

Disposal of treasury shares

174

174

Purchase of treasury shares

(6)

(6)

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

－－

8,022

168

8,190

15,632

18,593

87,959(1,088)121,096

Accumulated other comprehensive income
Valuation
Total accumulated Non-controlling
Foreign currency Remeasurements
difference onotherinterests
translationof defined benefit
available-for-salecomprehensive
adjustment
plans
securities
incomeBalance at beginning of period

13,526

(308)

2,066

15,284772

Total net assets

128,961

Changes during period
Dividends of surplus(3,457)

Profit attributable to owners ofparent

11,480

Disposal of treasury shares

174

Purchase of treasury shares(6)

Net changes in items other thanshareholders' equity

5,906

2,596

2,217

10,72097

10,817

Total changes during period

5,906

2,596

2,217

10,72097

19,008

Balance at end of period

19,432

2,288

4,283

26,004869

147,970-8-Noritake Co.,Limited

CONSOLIDATED STATEMENTS OF CASH FLOWSFY 2023(April 1, 2022 throughMarch 31,2023)
Millions of Yen
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in net defined benefit liability and asset
Increase (decrease) in provision for retirement benefits for directors(and other officers)
Increase (decrease) in provision for share awards for directors (andother officers)
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using equity method
Loss (gain) on sale of short-term and long-term investment
securities
Loss (gain) on valuation of short-term and long-term investment
securities
Loss (gain) on sale and retirement of property, plant and equipment
and intangible assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment and intangible assets
Proceeds from sale of property, plant and equipment and intangible
assetsPurchase of investment securities
Proceeds from sale of investment securities
Loan advances
Proceeds from collection of loans receivable
Payments into time deposits
Proceeds from withdrawal of time deposits
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings
Proceeds from sale of treasury shares
Purchase of treasury sharesDividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase(decrease) in cash and cash equivalents resulting from unifying
financial report period of consolidated subsidiaries
Cash and cash equivalents at end of period-9-

FY 2024(April 1, 2023 throughMarch 31,2024)
Millions of Yen

12,5834,773
102
87(624)

15,3874,809
125(192)
(333)

(1)

(73)

99(92)(1,203)26(1,572)(1,321)20(1,785)(1,026)(1,973)

430

87

280

493

(7,004)(5,900)
1,190
(687)
1,552
1,669
(26)
(3,407)
(213)

5,337
(5,435)2,257
5,346
22,6571,848(20)(2,448)22,036(5,358)(5,313)

645

220

(160)
1,653
(97)
22
(4,681)
4,790(338)(3,524)

(20)
2,576
(99)
85
(5,843)
5,463(309)(3,240)

6,874
(900)
270
(274)
(2,496)
(167)
3,306
290
(140)
11,733(9,846)－－(6)(3,457)(184)(13,494)
6805,982
12,008415－

12,00817,991

Noritake Co.,Limited

SEGMENT INFORMATION
FY 2023 (April 1, 2022 through March 31, 2023)
Industrial
Ceramics &Products
Materials
Net sales:
External customers
Segment profit (loss)
Segment assets
Other items:
Intersegment sales andtransfers
Depreciation
Investments in equitymethod associates
Increases in tangible andintangible fixed assets(Millions of Yen)
Engineering

Tabletop

Total

Adjustments Consolidated

57,4772,352
53,80949,206
4,844
58,84325,9052,050
15,854

6,905(277)
6,815

139,494
8,969
135,323－－
45,262

139,494
8,969
180,585

19

293

508

138

960

(960)

－

2,238

1,793

397

343

4,773

－

4,773

375

7,745

－

31

8,152

－

8,152

3,079

1,840

269

264

5,453

656

6,110

FY 2024 (April 1, 2023 through March 31, 2024)
Industrial
Ceramics &Products
Materials(Millions of Yen)
Engineering

Tabletop

Total

Adjustments Consolidated

Net sales:
55,737
46,64728,558
6,968
137,912137,912External customers
－
2,483
6,179
2,194
(147)
10,70910,709Segment profit (loss)－
57,187
57,131
20,0096,989
141,31760,752
202,069
Segment assets
Other items:
Intersegment sales and
6290
313
141
752
(752)
－
transfers
2,237
1,792
429
349
4,809
4,809
Depreciation－
Investments in equity345
9,053
319,430
9,430－－
method associates
Increases in tangible and
2,619
1,530
215
317
4,683
721
5,404
intangible fixed assets
Notes: (1) Adjustments column in "Segment assets" denotes unallocated general corporate items which were not assigned to
specific segments such as cash, short-term and long-term investments in securities and general managed property.
(2) Adjustments column in "Other items: Intersegment sales and transfers" denotes eliminations of intersegment
transactions.
(3) Adjustments column in "Other items: Increases in tangible and intangible fixed assets" denotes capital expenditures ofadministrative department which were not assigned to specific segments.

-10-