NORITAKE CO., LIMITED

Results for the Year Ended March 31, 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.
© 2024 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024(Ended March 31, 2024)

2. Forecasts for FY2025 (Ending March 31,2025) and Priority Measures

3. Progress of the 12th Three-year Business

Plan (FY2023-FY2025)

2© 2024 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024(Ended March 31, 2024)

2. Forecasts for FY2025 (Ending March 31,2025) and Priority Measures

3. Progress of the 12th Three-year Business

Plan (FY2023-FY2025)

3© 2024 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024
Consolidated Statements of Income
Decrease in sales and increase in profit compared to theprevious year. Ordinary Profit increased and reached arecord high.
（Unit：billion yen）
FY2023

4

1st
Half

2nd
Half

Net Sales

67.8

Operating Profit

FY2024
Change

Total

1st
Half

2nd
Half

Total

71.7

139.5

67.6

70.4

137.9

△1.1%

4.5

4.4

9.0

4.9

5.8

10.7

＋19.4%

Ordinary Profit

6.6

5.8

12.4

7.0

7.7

14.6

＋18.0%

Profit Attributableto Owners of Parent

5.2

4.8

10.0

5.8

5.7

11.5

＋14.5%

Year-end dividend：130 yen per share (Annual dividend：250 yen per share）
Amounts are based on before stock split.
© 2024 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024
Cause of increase/decrease of Operating Profit
Operating Profit increased by 1.7 billion yen compared to theprevious year, mainly due to increase in gross profit margin andfluctuations in manufacturing accounts.

＋2.0

＋0.2
FOREX

+0.5

△0.7

Fluctuations in
Manufacturingaccounts

Net Sales
decrease

Increase in
Gross profit
margin（Unit：billion yen）
△0.3
Increase in
SG&A
expenses

Difference between soaring raw material costs andprice pass-through to products： + 1.5

9.05

FY2023(yen)

FY2024
Average rate

10.7
ChangeUSD

145.31

9.31 weak

EUR

157.7216.10 weak

THB

4.12

0.28 weak

CNY

20.20

0.49 weak

LKR

0.46

0.08 weak

FY2024© 2024 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024
Cause of increase/decrease of Ordinary Profit
Ordinary Profit increased by 2.2 billion yen with an increaseof 1.7 billion yen of Operating Profit and 0.5 billion yen of
Non-operating income.
（Unit：billion yen）
FY2023

ChangeOperating Profit

9.0

10.7

+1.7

Dividend income

1.1

1.0

△0.0

Rental income

0.5

0.5

+0.0

Foreign exchange gains

0.1

0.3

+0.2

Share of profit of entities
accounted for using equity method

1.6

1.8

+0.2

Others

0.2

0.3

+0.1

Non-operating
income/expenses

3.4

3.9

+0.5

12.4

14.6

+2.2

Ordinary Profit
6

FY2024© 2024 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024
Extraordinary income / Extraordinary losses
Gain on sales of investment securities：1.97 billion yen.
Loss on disposal of non-current assets：0.57 billion yen，Retirement benefit expenses：0.51 billion yen.
（Unit：billion yen）

Extraordinary income

Gain on sales ofinvestment securities※

Gain on sales of
non-current assets

Total
7

Extraordinary losses

1.97

0.08

2.05

Loss on disposal of
non-current assets

0.57

Impairment losses

0.13

Loss on valuation of
investment securities

0.09

Retirement benefit
expenses

0.51

Others

0.01

Total

1.31

※ Reduction of cross-shareholdings© 2024 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024
Sales and Profit by business segment
Sales decreased in Industrial Products and Ceramics &Materials. Operating Profit improved in all segments.
（Unit：billion yen）
FY2023Difference

ChangeNet Sales

Industrial Products

57.5

55.7

△1.7

△3.0%

Ceramics & Materials

49.2

46.6

△2.6

△5.2%

Engineering

25.9

28.6

＋2.7

+10.2%

6.9

7.0

+0.1

+0.9%

139.5

137.9

△1.6

△1.1%

Industrial Products

2.4

2.5

＋0.1

+5.5%

Ceramics & Materials

4.8

6.2

＋1.3

+27.6%Engineering

2.1

2.2

＋0.1

+7.0%

△0.3

△0.1

＋0.1

ー

9.0

10.7

＋1.7

+19.4％

Tabletop

Total

Operating Profit

8

FY2024

Tabletop

Total© 2024 NORITAKE CO., LIMITED All Rights Reserved.

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

Custom-made products

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

FY2023

FY2024

ChangeGrinding Wheels

17.8

17.6

△0.1

Diamond
Wheels/Tools
CBN Wheels

11.9

11.5

△0.3

Cutting/Offset
Wheels

17.2

16.9

△0.2

6.8

5.7

△1.0

Coated Abrasives

Related Products

Total
9

3.9

3.9

△0.0

57.5

55.7

△1.7

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 industrial
machinery-related sales decreasedin China, and the decline inautomotive production affected inSoutheast Asia. Overall sales
decreased.

Coated Abrasives
Sales were weak
both domesticallyand overseas.
© 2024 NORITAKE CO., LIMITED All Rights Reserved.

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

Sales per products（Unit：billion yen）

FY2023

ChangeElectronic paste

8.9

9.4

+0.5

Electronic
component raw
materials

12.7

16.4

+3.7

Ceramic raw
materials

18.1

10.4

△7.7

9.5

10.4

+0.9

49.2

46.6

△2.6

Other ceramics

Total

10

FY2024

Electronic paste/Electronic
component raw materials
In business for multi-layer
ceramic capacitors, sales toautomotive industry were solid.
In addition, demand forcommunications equipment
partially recovered due toprogress in inventory
adjustments.

Ceramic raw materials
Sales for heat-resistant glass
decreased significantly.
© 2024 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024
Sales by business segment
Engineering Group
Sales per products（Unit：billion yen）

FY2023

FY2024

Change

19.3

21.8

+2.5

Stirring
machines

1.3

1.8

+0.5

Filtration
systems

1.3

1.2

△0.0

Carbide-tipped
circular sawing
machines

1.1

1.0

△0.1

Circular sawing
cutting machineand others

3.0

2.7

△0.3

25.9

28.6

+2.7

Heating/Drying
Furnaces

Total

Heating/Drying
Furnaces
Sales for lithiumion batteries sector
were strong.

Stirring
machines
Sales to thechemicalindustry
increased.
Circular sawing
cutting machines
Sales for publicconstruction wereweak.
© 2024 NORITAKE CO., LIMITED All Rights Reserved.

11

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

Sales per products（Unit：billion yen）
FY2023

Change

Japan

3.0

3.1

+0.0

Americas

1.5

1.6

+0.1

Europe
Asia

2.4

2.3

△0.1

Total

12

FY2024

6.9

7.0

+0.1

Americas
Sales todepartment
stores recovered
and online sales
were also steady.

Europe, Asia
Sales to China
struggled, but
sales to other
Asian countries
were solid.

© 2024 NORITAKE CO., LIMITED All Rights Reserved.

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

March 31,2023

March 31,2024

ChangeTotal Assets

180.6

202.1

+21.5

Shareholders’ Equity

128.2

147.1

+18.9

Shareholders’ Equity
per Share

4,441yen

5,074yen+634yen

71.0%

72.8%

+1.8%

Ratio of Shareholders’EquityA two-for-one common stock split was issued on April 1, 2024. Shareholders’ Equity per Share is calculatedon the assumption that the stock split was conducted at the beginning of the previous consolidated fiscal year.
■Total Assets■Shareholders’ Equity ーRatio of Shareholders’ Equity
71.0%

180.6

13

72.8%
（Unit：billion yen）

202.1
128.2

March 31, 2023

147.1

March 31, 2024 © 2024 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024
Consolidated Cash Flow Statement
Free Cash Flow : 18.8 billion yen
Cash and cash equivalents : 18.0 billion yen，increased by
6.0 billion yen year-on-year（Unit：billion yen）
FY2023

ChangeCash flows from operating
activities

△0.2

22.0

+22.3

Cash flows from investing
activities

△3.5

△3.2

+0.3

Free cash flow

△3.7

18.8

+22.5

3.3

△13.5

△16.8

12.0

18.0

+6.0

Cash flows from financing
activities
Cash and cash equivalents at
end of period

14

FY2024© 2024 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024
Interest-bearing Debt

（Unit：billion yen）
March 31,2023

March 31,2024

ChangeInterest-bearing Debt※

12.5

2.6

△9.8

Cash and deposits

14.6

21.3

+6.7

Net Interest-bearing Debt

△2.2

△18.7

△16.6

※Interest-bearing Debt excludes lease liabilities

Capital investment, Depreciation expenses
FY202315（Unit：billion yen）

FY2024

ChangeCapital investment

6.1

5.4

△0.7

Depreciation expenses

4.8

4.8

+0.0

© 2024 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024(Ended March 31, 2024)

2. Forecasts for FY2025 (Ending March 31,2025) and Priority Measures

3. Progress of the 12th Three-year Business

Plan (FY2023-FY2025)

16© 2024 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2025 and Priority Measures
Forecasts for FY2025
Net Sales：141.0 billion yen，Operating Profit：11.0 billion yen，Ordinary Profit：14.5 billion yen，Profit Attributable to Ownersof Parent：12.0 billion yen.
（Unit：billion yen）
FY2025（FCT）FY2024
1st
Half

2nd
Half

Total

1st
Half

2nd
Half

Total

Net sales

67.6

70.4

137.9

69.5

71.5

141.0

＋3.1

Operating
Profit

4.9

5.8

10.7

5.0

6.0

11.0

＋0.3

Ordinary
Profit

7.0

7.7

14.6

6.7

7.8

14.5

△0.1

ProfitAttributableto Owners of
Parent

5.8

5.7

11.5

5.8

6.2

12.0

＋0.5

USD
17

145.3 yen

145.0 yen

Change△0.3yen© 2024 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2025 and Priority Measures
Forecasts for FY2025
Net sales are expected to reach a record high. Operating Profit
and Ordinary Profit are expected to remain almost flat comparedto the previous fiscal year.
ーNet Sales■Operating Profit■Ordinary Profit（Unit：billion yen）
139.5

137.9

141.0

127.6
14.6

107.0
12.5

12.4
10.7

9.4

14.5

11.0

9.0

4.5
2.6
FY202118

FY2022

FY2023

FY2024FY2025（FCT）© 2024 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2025 and Priority Measures
Forecasts by business segment（Unit：billion yen）
FY2025(FCT)FY2024

Net sales
Operating Profit
19

Change

1st
Half

2nd
Half

Total

1st
Half

2nd
Half

Total

1st
Half

2nd
Half

Total

Industrial
Products

27.9

27.9

55.7

29.0

29.5

58.5

+1.1

+1.6

+2.8

Ceramics &Materials

24.0

22.6

46.6

22.5

23.0

45.5

△1.5

+0.4

△1.1

Engineering

12.1

16.4

28.6

14.5

15.5

30.0

+2.4

△0.9

+1.4

Tabletop

3.5

3.5

7.0

3.5

3.5

7.0

+0.0

+0.0

+0.0

計

67.6

70.4

137.9

69.5

71.5

141.0

+1.9

+1.1

+3.1

Industrial
Products

1.0

1.5

2.5

1.0

1.3

2.3

+0.0

△0.2

△0.2

Ceramics &Materials

3.2

3.0

6.2

3.1

3.4

6.5

△0.1

+0.4

＋0.3

Engineering

0.7

1.4

2.2

1.0

1.2

2.2

+0.3

△0.2

＋0.0

Tabletop

△0.0

△0.1

△0.1

△0.1

0.1

0.0

△0.1

+0.2

＋0.2

計

4.9

5.8

10.7

5.0

6.0

11.0

+0.1

+0.2

＋0.3

© 2024 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2025 and Priority Measures
Industrial Products Group
Although automotive industry holds steady, recovery in China has been slow.
Net Sales 58.5 billion yen（2.8 billion yen increase）
Operating Profit 2.3 billion yen（0.2 billion yen decrease ）Grinding Wheels
Diamond
Wheels/Tools
CBN Wheels
Cutting/Offset
WheelsCoated Abrasives

Related Products
20

Sales and Profit
Operating Profit

2.4
57.5
17.8

（Unit：billion yen）

2.5

2.3

55.7

58.5

17.6

11.9

11.5

17.2

16.9

6.8
3.9

5.7
3.9

FY2023

FY2024FY2025© 2024 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2025 and Priority Measures
Industrial Products Group
Profit improvement in existing businesses and establishment of thestructure for expansion into growth areas.
The business was restructured into two types, custom-made products and generalpurpose products, to build an efficient business structure.

Custom-made products business・Strengthen our earnings by establishing a system toincrease production of growth area products,
thoroughly improving profitability and establishingsales bases.
・Focus on development of new technologies andproducts that support the semiconductor businessand the electrification of automobiles.

General-purpose products business

21

・Reorganization of manufacturing and sales structure,
improvement and strengthening of profitability bymaking an affiliated company in Thailand a wholly
owned subsidiary in Coated Abrasives.
・Build a manufacturing, development and sales system
to expand into growth areas, and optimization ofmanagement resources.
© 2024 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2025 and Priority Measures
Ceramics & Materials Group
Although ceramic raw materials are decreasing, business for multi-layer
ceramic capacitors is increasing.
Net Sales 45.5 billion yen（1.1 billion yen decrease ）Operating Profit 6.5 billion yen（0.3 billion yen increase ）Sales and Profit
Operating Profit

4.8
Electronic paste
Electronic
component raw
materials

49.2（Unit：billion yen）

6.2
46.6

6.5

45.5

8.9
9.4
12.7

Ceramic raw
materials

16.4

18.1
10.4
Other ceramics

22

9.5

10.4

FY2023

FY2024FY2025© 2024 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2025 and Priority Measures
Ceramics & Materials Group
Increasing production capacity of materials for multi-layer ceramic
capacitors. Restructuring business portfolio.

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

Electronic component raw materials
Increase production capacity of materials for multilayer ceramic capacitors, develop new products ingrowth areas and improve profitability throughappropriate price revisions in response to rising raw
material and distribution costs.

Other Ceramics
Restructure our business portfolio through"Concentration in Core Competence" and thecreation of new products and businesses.
23© 2024 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2025 and Priority Measures
Engineering Group
Sales of the mainstay, heating/drying furnaces for lithium-ion batteries
sector, are remaining steady.
Net Sales 30.0 billion yen（1.4 billion yen increase）
Operating Profit 2.2 billion yen（0.0 billion yen increase ）Sales and Profit
Operating Profit

2.1
Heating/Drying
Furnaces（Unit：billion yen）

2.2
28.6

2.2
30.0

25.9

Stirring
machines
Filtration
systems
Carbide-tipped
circular sawing
machines

Circular sawing
cutting machineand others
24

19.3

21.8

1.3
1.3
1.1
3.0

1.8
1.2
1.0
2.7

FY2023

FY2024FY2025© 2024 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2025 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.

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

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

Environmental field

25

Strengthen development of new applications
and new products.
© 2024 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2025 and Priority Measures
Tabletop Group
Sales are expected to remain almost flat and profit to be even.
Net Sales 7.0 billion yen（0.0 billion yen increase）
Operating Profit 0.0 billion yen（0.2 billion yen increase）

Japan

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

△ 0.3

△ 0.1

6.9

7.0

3.0

3.1

1.5

1.6

2.4

2.3

FY2023

FY20240.0
7.0

Americas

EuropeAsia

26

FY2025© 2024 NORITAKE CO., LIMITED All Rights Reserved.

2. Forecasts for FY2025 and Priority Measures
Tabletop Group
Continuing to improve profitability to get into the black.

Japan
Reduce costs by redeveloping distribution
channels and logistics.
Reorganization of sales structure andstrengthening of marketing.
Focus on sales to hotels and restaurants,
sales by online and directly managed retailstores.

Americas/Europe/Asia
Expand sales in growth markets of India,
China, and other major countries inSoutheast Asia.
Improving profitability in the US market.
27© 2024 NORITAKE CO., LIMITED All Rights Reserved.

1. Summary of Financial Results for FY2024(Ended March 31, 2024)

2. Forecasts for FY2025 (Ending March 31,2025) and Priority Measures

3. Progress of the 12th Three-year Business

Plan (FY2023-FY2025)

28© 2024 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© 2024 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● Improvement and rationalization of profitability● Preparation to increase production and expand sales● Creation of new businesses● Enhancement of 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© 2024 NORITAKE CO., LIMITED All Rights Reserved.

3. Progress of the 12th Three-year Business Plan
＜Progress of the 12th Three-year Business Plan＞【Forecasts for FY2025】
Net Sales : 141.0 billion yen, Operating Profit : 11.0 billion yen
The 12th Three-year Business Plan

Net Sales
Operating Profit

9.4

Target（Unit：billion yen）

13.0

10.7

11.0

139.5

137.9

141.0

147.0

FY2023

FY2024FY2025（FCT）FY2025
（TGT）

9.0

2.6

107.0

FY202131

127.6

FY2022© 2024 NORITAKE CO., LIMITED All Rights Reserved.

3. Progress of the 12th Three-year Business Plan
＜Progress of the 12th Three-year Business Plan＞
Forecast/Target of Sales and Profit by business segment（Unit：billion yen）
FY2025（Forecast）（億円）
FY2025（Target）

Sales / Operating Profit
Diff.

Operating Profit

13.0

11.0
Industrial Products

60.5

△2.0
141.0

Net Sales

Ceramics &Materials

45.5

49.0

△3.5

Engineering

30.0

30.0

ー

7.0

7.5

△0.5

141.0

147.0

△6.0

Industrial Products

2.3

3.0

△0.7

Ceramics &Materials

6.5

7.3

△0.8

Engineering

2.2

2.7

△0.5

Tabletop

0.0

0.0

ー

Tabletop

Total

Operating Profit
32

58.5

Total

11.0

13.0

△2.0

58.5

147.0

60.5

45.5

49.0

30.0

30.0

7.0

7.5

FY2025（Forecast）

FY2025(Target)© 2024 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”© 2024 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

FY2020

FY2021

FY2022

FY2023

FY2024

9.0

4.6

4.9

6.1

5.4

14.0
12.0

10.0

FY2025(Forecast)

12.0

12.0
9.0

8.0

4.6

6.0

4.9

6.1

5.4

4.0

（Unit：billion yen）

2.0
0.0
FY202034

FY2021

FY2022

FY2023

FY2024FY2025(FCT)© 2024 NORITAKE CO., LIMITED All Rights Reserved.

3. Progress of the 12th Three-year Business Plan
＜ Change in dividend 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.

35© 2024 NORITAKE CO., LIMITED All Rights Reserved.

3. Progress of the 12th Three-year Business Plan
Stock split and related partial amendment to the 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,
was 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 dateThursday, March 14, 2024

Record date

Sunday, March 31, 2024

Effective date

Monday, April 1, 2024

Total number of authorized shares

36

Current Articles of Incorporation

39,750,000

Articles of Incorporation after Amendment

79,500,000© 2024 NORITAKE CO., LIMITED All Rights Reserved.

3. Progress of the 12th Three-year Business Plan
＜ Dividend ＞
The annual dividend forecast for FY2025 is 130 yen per share.
Interim dividend：65 yen per share, Year-end dividend：65 yen per share※A two-for-one common stock split was issued on April 1, 2024.
Dividends for FY2021 through FY2024 are also based on the post-split for the purpose of comparison.
Year-end dividend(yen)125Interim dividend(yen)

130

102.5
65

75

65

57.5

40

30
15
15
FY2021※35
FY2022※45

FY2023※60

65

FY2024※FY2025（FCT）
37© 2024 NORITAKE CO., LIMITED All Rights Reserved.

3. Progress of the 12th Three-year Business Plan
Action to Implement Management that is Conscious of Cost of
Capital and Stock Price
Recognition ofcurrent status

・Shareholders’ equity cost is about 7% - 9%.

Policy・The target ROE is set at 9% for FY2025, aiming to
generate profits that exceeds the shareholders’ equity
cost.

(%) ■ROE and shareholders’ equity cost

・ROE is on an improving trend, however, it is below
or at the same level as shareholders’ equity cost.

10.0

・PBR improved significantly in FY2024, however, itremains below 1.0x and needs to be improved ASAP.

6.0

8.0
4.0

2.7

2.0

Initiatives

・Appropriate allocation of management resources byreviewing business portfolio.
・Improve capital efficiency by reducing crossshareholdings.
・Strengthen IR activities and expand information
disclosure, including disclosure in English.

Shareholders' equity cost
ROE

0.0
FY2021 FY2022 FY2023 FY2024 FY2025(Target)・Adopt ROIC by business segment and promotemeasures to increase capital profitability.
・Promote “Concentration in Core Competence” andfocus on growth areas.

9

8.3

8.1

7.9

■Trends in PBR
1.2
1.0
0.8
0.6

0.46

0.54

0.52

0.85

FY2022

FY2023

FY2024

0.4
0.2
0.0

FY2021・Change in dividend policy (Maintain stable dividends,
consolidated dividend payout ratio of 30% or more)38© 2024 NORITAKE CO., LIMITED All Rights Reserved.