Consolidated Financial Results for Fiscal Year 2023
(Fiscal Year 2023: Year ended March 31, 2023)
May 11, 2023

NORITAKE CO., LIMITED

Company Name
Stock Exchange Listings
Code Number
Location of the Head Office
URL
Representative
Contact Person

Tokyo, Nagoya
5331
Nagoya, Japan
https://www.noritake.co.jp/eng/
Hiroshi Kato, President
Munenari Mizukuchi,
General Manager of Finance and Accounting Dept.
(Tel: +81-52-561-7116)
June 2, 2023

Date of Payment of Year-end Dividend(Millions of Yen: Amounts less than 1 million yen have been omitted)

1. Consolidated Financial Results for Fiscal Year 2023
(April 1, 2022 through March 31, 2023)(1) Operating Results
Net Sales

Operating Profit

Millions of Yen

ChangeFY 2023

139,494

9.3%

8,969

（4.1%）

12,405(0.8%)FY 2022

127,641

19.3%

9,353

265.7%

12,509179.2%

Profit Attributable to
Owners of Parent

Millions of Yen

Ordinary Profit

ChangeMillions of Yen

ChangeBasic
Earnings
per Share

DilutedEarnings
per Share

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

Millions of Yen

ChangeYen

Yen%%%FY 2023

10,02410.5%

694.56―

8.1

7.2

6.4

FY 20229,068

223.1%

628.27―

7.9

7.9

7.3

(Reference) Share of profit of entities accounted for using equity method: FY 2023 1,572 million yen,
FY 2022 1,403 million yen(2) Financial Position
Total Assets

Net Assets

Ratio of
Shareholders’EquityShareholders’Equityper Share

Millions of Yen

Millions of Yen%Yen

FY 2023

180,585

128,96171.0

8,881.90

FY 2022

163,562

118,800

72.2

8,183.66(Reference) Shareholders’ Equity: FY 2023 128,189 million yen, FY 2022 118,120 million yen(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 2023(213)(3,524)3,306

12,008FY 2022

12,835(5,823)(5,389)11,733-1-Noritake Co.,Limited

2. Dividends ＊Dividends per ShareDividend
Payout
Ratio

Dividendon Equity
Ratio

InterimYear-end

TotalTotal
Dividends

YenYenYen

Millions of Yen%%FY 2022

70.00

80.00

150.00

2,197

24.2

1.9

FY 202390.00

115.00205.00

3,016

30.1

2.4(Forecast)――
33.8
115.00115.00230.00FY 2024(Note) Total Dividends include dividends for the Board Incentive Plan Trust (32 million yen for FY 2022 and57 million yen for FY 2023). The Dividend Payout Ratio is calculated by dividing total dividends by
profit attributable to owners of parent.

3. Forecast for Fiscal Year 2024 ＊Net Sales
FY 2024
Semi-annual

FY 2024

Operating Profit

Millions of Yen

ChangeMillions of Yen

ChangeMillions of Yen

Change67,500(0.4%)3,800(16.2%)

5,300(19.5%)

141,000

1.1%

9,000

0.3%

12,000(3.3%)

Profit Attributable toOwners of Parent

Basic Earnings
per Share

Millions of Yen

ChangeYen

4,700(9.2%)

325.65

10,000(0.2%)

692.87FY 2024
Semi-annual

FY 2024

Ordinary Profit

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

(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 2023

14,842,849

410,151

FY 2023

14,433,296

FY 2022

14,842,849

409,107

FY 2022

14,434,099-2-Noritake Co.,Limited【For reference】
1. Non-consolidated Financial Results for Fiscal Year 2023
(April 1, 2022 through March 31, 2023)(1) Operating ResultsNet Sales

Operating Profit

Millions of Yen

ChangeFY 2023

65,620(0.1%)

1,830(3.6%)

6,603

22.6%

FY 202265,710

12.5%

1,899

―

5,386

278.1%

ChangeMillions of Yen

Basic Earnings
per Share

Diluted Earnings
per Share

ChangeYen

YenProfitMillions of Yen

Millions of Yen

Ordinary Profit

FY 2023

6,012

45.2%

416.55―FY 20224,140301.6%

286.86―

Change(2) Financial Position
Total Assets

Net Assets

Ratio of
Shareholders’EquityShareholders’Equityper Share

Millions of Yen

Millions of Yen%Yen

FY 2023

121,687

82,54467.8

5,719.30FY 2022

120,072

79,22566.0

5,488.90(Reference) Shareholders’ Equity: FY 2023 82,544 million yen, FY 2022 79,225 million yen＊Cautionary Statement
1. This report is not subject to audit procedures by certified public accountants or auditing firms.
2. Forecast for FY 2024 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 to differ
materially from it, therefore Noritake suggests that you should not place undue reliance on it forinvestment purpose and so forth.

-3-Noritake Co.,Limited

CONSOLIDATED BALANCE SHEETSFY 2022
As of March 31, 2022
Millions of YenAssets
Current 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, netLand
Construction in progress
Other, net
Total property, plant and equipment
Intangible assetsInvestments and other assets
Investment securities
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-4-

FY 2023
As of March 31,2023
Millions of Yen

14,16929,014
4,613
10,082
6,671
6,456
2,781
(129)
73,66014,601
36,318
5,037
12,769
8,739
8,075
3,189
(128)
88,60318,328
9,742
12,917443
3,486
44,917
1,588

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

38,330
3,825
821
535
(116)
43,39689,902
163,562

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

Noritake Co.,Limited
FY 2022
As of March 31, 2022
Millions of Yen
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of long-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 otherofficers)
Provision 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-5-FY 2023
As of March 31,2023
Millions of Yen

10,039
8,752
5,600
900
2,093
1,991
1,641
91
580
3,541
35,234

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

6,595

6,490

304

302

378
1,559
690
9,527
44,762

478
1,449
773
9,493
51,623

15,632
18,502
71,983(1,161)
104,957

15,632
18,59379,936(1,256)112,905

13,647(2,502)
2,018
13,163679
118,800
163,562

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

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 income
Dividend 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
OtherTotal 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
Disposal costs of buried objects
Impairment losses
Loss on valuation of investment securities
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-6-

FY 2022(April 1, 2021 throughMarch 31,2022)
Millions of Yen
127,641
92,57135,069FY 2023(April 1, 2022 throughMarch 31,2023)
Millions of Yen
139,494
104,138
35,356

16,8458,870
25,715
9,353

17,1209,265
26,386
8,969

44801
489
401
1,403
79
183
3,403

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

25
158
34
27
247
12,509

26
131
34
36
228
12,405

16
123
139

225
1,026
1,251

869
285
−
8
0
1,164
11,485
2,577
(177)
2,400
9,085
16
9,068

506
−
102
430
34
1,073
12,583
2,710
(180)
2,530
10,052
28
10,024

Noritake Co.,Limited

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

ProfitOther comprehensive income
Valuation 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 using
equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests-7-

FY 2022(April 1, 2021 throughMarch 31,2022)
Millions of Yen
9,085

FY 2023(April 1, 2022 throughMarch 31,2023)
Millions of Yen10,052(2,298)
1,347
673

(121)
2,213
48(0)

42(279)
8,805

2,182
12,2358,729
76

12,14590

Noritake Co.,Limited

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETSFY 2022 (April 1, 2021 through March 31, 2022)(Millions of Yen)
Shareholders' equity

Share capital
Balance at beginning of period

15,632

Capital surplus

Retained earnings

Treasury shares

18,56064,388(1,158)Cumulative effects of changes
in accounting policies
Restated balance(8)
15,632

18,56064,380Total
shareholders'equity
97,423(8)(1,158)97,415

Changes during period
Dividends of surplus(1,464)(1,464)

Profit attributable to owners ofparent

9,068

9,068

Purchase of treasury shares(3)

Purchase of shares ofconsolidated subsidiaries
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

(57)

(3)
(57)

−(57)

7,603

(3)

7,541

15,632

18,502

71,983(1,161)

104,957

Accumulated other comprehensive income
Valuation
Total accumulated Non-controlling
Foreign currency Remeasurementsinterests
difference onothertranslationof defined benefitavailable-for-salecomprehensive
adjustment
plans
securities
incomeBalance at beginning of period

15,946(3,788)1,344

13,502

3,061

Cumulative effects of changes
in accounting policies
Restated balance

Total net assets

113,988(8)

15,946(3,788)1,344

13,502

3,061

113,980

Changes during period
Dividends of surplus(1,464)

Profit attributable to owners ofparent

9,068

Purchase of treasury shares
Purchase of shares of
consolidated subsidiaries
Net changes in items other thanshareholders' equity(3)(2,425)(2,483)(2,298)

1,286

673

(339)

42(297)

Total changes during period(2,298)1,286

673(339)(2,382)

4,819

Balance at end of period

13,647(2,502)

2,018

13,163679

118,800-8-Noritake Co.,Limited

FY 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'equity104,957

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

179

270

(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
planssecurities
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 period

424
(121)

2,193

48

2,120

92

2,213(121)

2,193

48

2,120

92

10,161

13,526(308)

2,066

15,284772

128,961-9-Noritake Co.,Limited

CONSOLIDATED STATEMENTS OF CASH FLOWSFY 2022(April 1, 2021 throughMarch 31,2022)
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 paid
Net cash provided by (used in) operating activities
Cash flows from investing activitiesPurchase 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
Purchase of shares of subsidiaries not resulting in change in scopeof consolidation
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-10-

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

11,485
4,704−78(523)

12,5834,773
102
87(624)

12(1)

107

99(846)25(1,403)(1,203)26(1,572)(123)(1,026)

8430

1,138

280

(2,623)(2,612)
3,258
448
13,1361,235(25)(1,511)
12,835(7,004)(5,900)
1,190
(687)
1,552
1,669
(26)
(3,407)(213)(4,821)(5,358)

61

645

(740)
185
(133)
24(3,755)
4,044
(688)
(5,823)

(160)
1,653
(97)
22(4,681)
4,790
(338)
(3,524)(1,386)(15)−(3)(1,464)

6,874
(900)
270(274)(2,496)(2,483)−(34)(5,389)
369
1,992
9,741

(167)
3,306
290
(140)
11,733−415

11,733

12,008

Noritake Co.,Limited

SEGMENT INFORMATION
FY 2022 (April 1, 2021 through March 31, 2022)
Industrial
Ceramics &Products
Materials
Net sales:
57,34640,749External customers
3,055
5,423
Segment profit (loss)
50,277
46,663
Segment assets
Other items:
Intersegment sales and
9194
transfers
2,307
1,655
Depreciation
Investments in equity364
6,582
method associates
Increases in tangible and
1,636
1,590
intangible fixed assets(Millions of Yen)
Engineering

Tabletop

Total

Adjustments Consolidated

23,5852,054
12,0605,960(1,179)6,924

127,641
9,353
115,925−−
47,636

127,641
9,353
163,562

658

167

1,030

(1,030)

−

375

366

4,704

−

4,704

−

53

7,000

−

7,000

378

272

3,878

1,020

4,899

FY 2023 (April 1, 2022 through March 31, 2023)(Millions of Yen)
Industrial
Ceramics &Products
Materials
Engineering
Tabletop
Total
Adjustments Consolidated
Net sales:
57,47749,20625,905
6,905
139,494
139,494
External customers−
2,352
4,8442,050
(277)
8,969
8,969
Segment profit (loss)−
53,80958,84315,854
6,815
135,323
45,262
180,585
Segment assets
Other items:
Intersegment sales and
19293
508
138
960
(960)
−
transfers
2,238
1,793
397
343
4,773
4,773
Depreciation−
Investments in equity31
8,152
8,152
375
7,745
−
−
method associates
Increases in tangible and
3,079
1,840
269
264
5,453
656
6,110
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.

-11-