B U S I N E S S

R E P O R T

Protecting Human Lifeand Mother Earth

To Shareholders and Investors

Business Reportfor the89 TermthFrom April 1, 2021 to March 31, 2022

Securities Identification Code:6455

Top Message

Greeting

Since its establishment in 1907, Morita has been a leading
manufacturer of fire fighting vehicles and has progressed
together with the development of firefighting technology inJapan. We would like to express our deepest gratitude to ourshareholders and other stakeholders for their warm supportand patronage.
Un d e r t h e sl o g a n “ Prote c t i n g H u m a n L i f e a n dMother Earth,” the Morita Group has been working toprovide solutions that respond to changes in society
through its four businesses area; fire fighting vehicles, fire
prevention equipment & systems, recycling machines, andenvironmental conservation vehicles, in order to protect
people’s lives and property from disasters and contribute to
the preservation of our irreplaceable global environment.
As social issues become more diverse and complex,

corporations are playing an increasingly important role
in realizing a safe, secure, and sustainable society. It is in
this rapidly changing environment that we will steadily
implement the basic policies of our Mid-term Plan,
Morita Reborn 2025, from a more medium- to long-term
perspective. At the same time, we will strive to fulfill ourcorporate social responsibility and enhance our corporate
value by working to enhance sustainability throughenvironmental efforts, social contribution, and enhanced
corporate governance.
We will continue to come together and make a concerted
effort to be a corporate group that is widely trusted bysociety and hope for your continued support in the years tocome.

Masahiro Nakajima, Chairman & CEO
Shinichi Kanaoka, President

Overview of 89 th Term
Net sales

Operating income

Ordinary income

Profit attributable toowners of parent¥83,602 million¥8,115 million¥8,761 million¥5,350 million

Year on year

Year on year

Year on year

Year on year

Down

Down

Down

Down

1.3%

8.4%

The outlook for the Japanese economy in the current
consolidated fiscal year remains uncertain due to theresurgence of COVID-19 infections, soaring material prices,
and a shortage in the supply of semiconductors.
Amidst this environment, the Morita Group has
continued corporate activities to reduce the risk of infection
to employees and other stakeholders and to prevent thespread of infection.
For the consolidated fiscal year under review, net sales

7.6%

14.0%

decreased by ¥1,064 million, to ¥83,602 million (down1.3%), operating income decreased by ¥740 million, to¥8,115 million (down 8.4%), ordinary income decreased by¥718 million, to ¥8,761 million (down 7.6%) compared tothe previous consolidated fiscal year. Net income for theperiod attributable to shareholders of the parent company
decreased by ¥874 million, to ¥5,350 million (down 14.0%)
compared to the previous consolidated fiscal year, due inpart to the recording of a loss on recall issue of ¥199 million.

MORITA NEWS
Fire Fighting Vehicles BusinessA large order received from the U.S. for Bronto Skylift- The tallest truck-mounted aerial platform vehicles in North America at 104 meters BRONTO SKYLIFT (Finland) has received a large order from acustomer in the United States for a number of truck-mounted aerialplatform vehicles, including several 104 m tall S341HLA vehicles. Thismarks one of the largest ever orders for Bronto Skylift in North America.
With the world's tallest truck-mounted aerial platform vehicle
in its lineup, Bronto Skylift's high rise aerial work platform are used
for the servicing and maintenance of a variety of facilities, such as
wind power generators. In particular, the average height of the hub(windmill rotating shaft) of wind power generation facilities in North
America is as high as 90 m, making the 104 m S341HLA an ideal solution.
In line with increased investment in renewable energy infrastructurein the United States, orders for truck-mounted aerial platform vehicles
in the North American market for Bronto Skylift have grown at a CAGR
(compound annual growth rate) of approximately 30% since the company
became a consolidated subsidiary in 2016. Moving forward, our group willcontinue to expand its business to address these sustainability issues andaim to increase its enterprise value.

About Bronto Skylift
BRONTO SKYLIFT is the world's
leading brand for fire fighting aerial
platforms and truck-mounted work
aerial platform vehicles, that joined theMorita Group in 2016. Based in Finland,Bronto Skylift has delivered products tofire brigades and industrial customers
in more than 100 countries worldwide.

New high-power sewerage suction truck, Powerful Master released,
Improved suction power, less noise, and enhanced operability

Environmental Conservation
Vehicles Business

MORITA ECONOS has commenced sale of a new, high-power sewerage suction truck, the Powerful Master (4-ton class).
At construction sites and cleaning sites where high-power industrial sewerage suction vehicles are used, improving productivity and theworking environment are recognized as urgent issues against the backdrop of labor shortages and long working hours along with effectively
managing diversification of the work force, driven by a rapidly increasing number of foreign workers. To resolve these problems, we havedeveloped a new, high-power sewerage suction truck that offers (1) improved suction power, (2) less noise, and (3) enhanced operability. This newmodel was released in June 2022.

(1) Improved suction power(2) Less noise

The use of a uniquely designed, highefficiency exhaust cyclone and optimizationof the intake and exhaust paths has improved
suction by increasing the volume of air intake byapproximately 16%* during operation.

By optimizing the intake and exhaust
paths and changing the structure of
the dust collector, noise under idle andduring operation has been reduced byapproximately 5 dB*.
*Compared toprevious products(3) Enhanced operability
The new model features a multifunctional, easy-to-operate LCD monitor.
It also has a universal design that uses pictograms.
A preset switch has been added to the electronically controlled throttle
to allow you to go back to set speeds with a touch of a button.

Minor modification to ensure compliance with new emission
control (gasoline-powered models) for CD-I pumper fire
trucks with its gross vehicle weight less than 3.5 tons that canbe driven on a standard motor vehicle license

Fire Fighting Vehicles BusinessWith the enforcement of the revised Road Traffic Act in March 2017, the gross vehicle weight ofpumper fire trucks that can be driven with a standard motor vehicle license was reduced to less than
3.5 tons or less. In recent years, the number of volunteer fire fighters has been decreasing throughout
the country, and this coupled with an aging population has left the nationwide fire fighting system
in a critical situation in which they are unable to maintain the necessary workforce. Now they are
faced with the additional problem of fire fighters being unable to drive the trucks with their newly
acquired standard motor vehicle licenses.
MORITA has developed a pumper fire truck with a gross vehicle weight of less than 3.5 tons and began sales in fiscal 2018. This new vehicle
has gained in popularity under the name, “Miracle Light,” and more than 300 vehicles have been purchased by the Ministry of Internal Affairs andCommunications, volunteer fire corps and other organizations.
In addition, in response to the chassis model changes resulting from emission control, the Miracle Light has undergone a minor change from a
conventional diesel engine to gasoline. This was done to quickly address the issue of sustainability.
The Miracle Light has improved acceleration while also maintaining the A-2 class water pump (Ministerial order on fire fighting pump
performance requirement), a key factor in pumper fire trucks. This more compact model has also received favorable reviews from customers owing
to the ease with which it can pass oncoming traffic safely on narrow roads.
Morita will continue to provide fire trucks that are easy to use and can be used safely by fire fighters.

Cover page

Picture drawn by Shuya Nagai (3rd grader *at the time of application),winner of the first prize in the 17th "Future fire truck" idea contest for elementary students nationwide.

OPER

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NHIGHLIGHTS

Financial Highlights (Consolidated)
Net sales
Unit: Millions of yen

Unit: Millions of yen

91,524 86,922
84,667 83,602

2019.32020.3

Profit attributable toowners of parent

Operating income

2021.32022.3Operating income to net sales
Unit: %

9,483

2019.3

Unit: Millions of yen

8,855

8,855

2020.32021.3

6,391
8,115

2022.32019.3Return on equity (ROE)

10.4

10.2

10.5

2019.32020.32021.32022.3

10.2
8.4

2019.32021.3

5,350

Unit: %

9.7

2022.32020.3

6,224

Dividend on equity (DOE)

Unit: %

10.0

6,971

2020.32021.3

6.7

2.4

2.5

2.4

2.4

2022.32019.32020.32021.32022.3

Performance by Segment
Fire Protection Equipment& Systems BusinessFire Fighting Vehicles BusinessNet sales

Net sales

Operating income

Operating income

19,426 million yen 1,306 million yen

49,128 million yen 5,467million yen

Year on year

Year on year

Year on year

Year on year

Up 7.7%Up 32.2%

Down 5.1%

Down 17.4%

In particular sales and profit
increased steadily, primarilyon the back of strong sales offire extinguishers.

23.2%

Net sales

Net sales
composition

11.8%
Operating income
6.2%

Environmental Conservation
Vehicles BusinessAlthough overseas
sales were steady,domestic demand was
weak, and sales andprofits declined.

58.8% Recycling Machines BusinessNet sales

Operating income

9,890 million yen 716 million yen

5,157million yen 620 million yen

Year on year

Year on year

Year on year

Year on year

Down 9.0%

Down 18.8%

Up 29.7%

Up 101.0%

Although orders remained firm,sales and profits declined due tothe impact on production causedby the delay in chassis supply.

Sales and profit increased
due to well progressedsales of products, parts andmaintenance.

Company Profile and Stock Information
Company Name

MORITA HOLDINGS CORPORATIONFoundedApril 23, 1907
Established
July 23, 1932
Paid-in capital
4,746 million yen
Osaka Head Office 3-6-1 Dosho-machi, Chuo-ku, Osaka-shi, Osaka
Tokyo Head Office 5-36-7 Shiba, Minato-ku, Tokyo
Business
Control/management of business activities ofgroup companies, and being entrusted withindirect management operations

Major Group Companies
MORITA CORPORATION 1-5 Techno Park, Sanda-shi, Hyogo,669-1339, Japan

Development, manufacturing and sales of laddertrucks, fire trucks, and specialty vehicles

MORITA MIYATACORPORATION

3-5-7 Ariake, Koto-ku, Tokyo, 135-0063, Japan
Development, manufacturing and sales of fire
extinguishing-related equipment, mainly of fire
extinguishers, firefighting equipment, and fireprotection-related equipment

1530 Konoda-cho, Funabashi-shi,MORITAENVIRONMENTAL TECH Chiba, 274-0081, Japan
Design and construction of waste recycling facilities
CORPORATION
and other waste disposal facilities. Development,
manufacturing and sales of large hydraulic equipment

Executives
Chairman & CEO
President
Director and Managing Executive Officer
Director and Managing Executive Officer
Director
Director
Director
Director
Director
Full-Time Corporate Auditor
AuditorAuditor
AuditorMasahiro Nakajima
Shinichi Kanaoka
Kunio Morimoto
Shinya Murai
Mitsuo Isoda
Takao Kawanishi
Masaki Hojo
Masayoshi Kato
Hiroyuki Fukunishi
Eiji Asada
Masaru Ota
Shozo Nishimura
Mari Kaneko
Mitsuru Ito

Managing Executive Officer

Information about the Stock

MORITA ECONOSCORPORATION

28 Techno Park, Sanda-shi, Hyogo,669-1339, Japan

MORITA TECHNOSCORPORATION

32 Techno Park, Sanda-shi, Hyogo,669-1339, Japan

Development, manufac turing and sales ofenvironmental conser vation vehicles such as
sanitary vehicles (vacuum trucks) and garbage
collectors

Aftercare service and maintenance of fire trucks andof rescue equipment. Development, manufacturing
and sales of electronic applied machinery andinformation processing machinery

BRONTO SKYLIFT OY AB Teerivuorenkatu 28, FI-33300 Tampere,
FinlandDevelopment, manufacturing and sales of combined
platform ladders and aerial platforms

Breakdown of Shares
by Type of Shareholder
Treasury shares 6.0%

As of March 31, 2022

Securities companies

0.6%

Other Japanese
corporations

8.2%

Non-Japanese
corporations

Fiscal Year

April 1 to March 31

15.4%

Annual General Meeting ofShareholders

June

Individuals/others

Total

46,918,542
shares28.8%

Reference Dates

Annual General Meeting of Shareholders - March 31
Year-end Dividend - March 31
Interim Dividend - September 30
Other dates published in advance as necessary

Major Shareholders (Top 10)

Method of Public Notice

Posted as electronic public notice on company website
https://www.morita119.com/ir/stock/kohkoku.html

Name

Financial institutions

Shareholder Registry
Administrator

Sumitomo Mitsui Trust Bank, Limited
1-4-1 Marunouchi, Chiyoda-ku, Tokyo

The Master Trust Bank of Japan, Ltd. (Trust account)Handling Office ofShareholder RegistryAdministrator

Stock Transfer Agency Department, Sumitomo Mitsui
Trust Bank, Limited
4-5-33 Kitahama, Chuo-ku, Osaka-shi, Osaka

The Dai-ichi Life Insurance Company, Limited(Postal Address)

Stock Transfer Agency Department, Sumitomo Mitsui
Trust Bank, Limited
2-8-4 Izumi, Suginami-ku, Tokyo, 168-0063

Morita Trading-Partner Shareholding Association
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation

41.0%

As of March 31, 2022

No. of shares(thousand)

4,580
2,354
2,123
2,087
2,082
2,048
2,007
1,851
1,730
1,223

(Telephone Inquiries)+81-3-3323-7111(Internet Website URL)

https://www.smtb.jp/personal/procedure/agency/

AIR WATER INC.

Stock Exchang Listing

Tokyo Stock Exchange

NORTHERN TRUST CO. (AVFC) RE HCR00

Number of shares per unit

100 shares

Notes: 1. Number of shares held is rounded down to the nearest thousand shares.
2. The Company holds treasury shares numbering 2,817 thousand shares.

Custody Bank of Japan, Ltd.

Osaka Head OfficeProtecting Human Life
and Mother Earth

3-6-1 Dosho-machi, Chuo-ku, Osaka-shi, Osaka, 541-0045
Tel. +81-6-6208-1907

Tokyo Head OfficeMORITA HOLDINGS CORPORATION

5-36-7 Shiba, Minato-ku, Tokyo, 108-0014
Tel. +81-3-6400-3480

https://www.morita119.com/en/