Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Year Ended March 31, 2024
(Based on Japanese GAAP)May 10, 2024
Company name:SE Corporation

Stock exchange listing: Tokyo
Stock code:
3423
Representative:
Inquiries:

URL

https://www.se-corp.com/PresidentManaging Executive Officer

Ichiro Miyahara
Hisahiro Nojima

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 26, 2024
June 26, 2024

Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:

June 27, 2024
Yes

Holding of financial results meeting:

Yes

TEL

03-3340-5500(for institutional investors and analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2024
26,474
4.0
1,364
2.1
1,373(0.2)
969
11.5Year ended March 31, 2023
25,452
5.4
1,336(32.6)
1,376(30.9)
870(46.1)

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%
–
9.1
5.3
5.2
–
8.6
5.6
5.3

Diluted earnings pershareYen
32.11
28.82

Year ended March 31, 2024
Year ended March 31, 2023
(2) Consolidated financial position

Total assets
As of March 31, 2024
As of March 31, 2023

Net assets

Equity ratio

Millions of yen
26,43225,493

Millions of yen
11,024
10,428Cash flows fromoperating activities
Millions of yen
2,114
(637)

Cash flows frominvesting activities
Millions of yen(1,145)(656)

Net assets per share%
41.6
40.7

Yen
363.64343.81(3) Consolidated cash flows

Year ended March 31, 2024
Year ended March 31, 2023

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen
(254)
5,116
749
4,395

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2023
Year ended March 31, 2024
Year ending March 31, 2025
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen%%

––

0.00
0.00

–
–

13.00
13.00

13.00
13.00

392
392

45.1
40.5

3.9
3.7

–

0.00–

13.00

13.00

1

130.4

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Net sales
Full year

Millions of yen
26,435Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen
%Yen
(0.1)
683 (49.9)
685 (50.1)
301 (68.9)
9.97

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

NoNo

Changes in accounting estimates:
Restatement of prior period financial statements:

YesNo(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

31,256,600 shares As of March 31, 2023

31,256,600 shares

Number of treasury shares at the end of the period
As of March 31, 2024

1,048,528 shares As of March 31, 2023

1,048,528 shares

30,208,072 shares Year ended March 31, 2023

30,183,072 shares

Average number of shares during the period
Year ended March 31, 20242

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Notes receivable - trade

4,630,583
1,631,385

5,351,248
1,459,167

Accounts receivable - trade
Contract assets

4,133,771
1,583,263

4,024,781
1,549,654

Electronically recorded monetary claims - operating
Merchandise and finished goods

1,649,844
758,452

2,143,182
688,881Work in process
Raw materials and supplies

678,279
1,674,450

586,572
1,459,933

518,470(27,671)

344,114(50,490)

17,230,829

17,557,046

5,557,452(3,074,318)

6,081,068(3,224,710)

Buildings and structures, net

2,483,134

2,856,357

Machinery, equipment and vehicles
Accumulated depreciation

4,601,729(3,812,912)

5,082,443(3,964,049)

788,817

1,118,394

1,119,310(1,030,920)

1,161,046(1,051,469)

88,390109,577

3,054,542
611,986

3,054,542
620,867

Accumulated depreciation(270,224)(348,946)

Leased assets, net

341,761

271,920

Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, netLand
Leased assets

Construction in progress

88,006134

6,844,652

7,410,926

72,89835,137

Other

109,023

118,126

Total intangible assets

181,922

153,264

Investment securities
Deferred tax assets

215,212707,108

266,220
748,890

Other
Allowance for doubtful accounts

342,452(28,254)

325,737(29,226)

Total investments and other assets

1,236,518

1,311,622

Total property, plant and equipment
Intangible assets
Goodwill

Investments and other assets

Total non-current assets
Total assets

3

8,263,093

8,875,813

25,493,923

26,432,859

(Thousands of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade

3,768,761

3,747,820

Electronically recorded obligations - operating
Short-term borrowings

2,550,907
600,522

2,407,159
310,522

Current portion of long-term borrowings
Income taxes payable

1,476,214
169,506

1,542,536
227,148

124,463
176,722

51,620181,742

Asset retirement obligations
Other–
1,172,700

59,731
1,351,722

Total current liabilities

10,039,798

9,880,003

Non-current liabilities
Long-term borrowings3,468,330

3,922,814

Provision for retirement benefits for directors (and otherofficers)

572,080

602,040Retirement benefit liability
Asset retirement obligations

434,565
171,003458,895
242,374

Lease liabilities
Other

374,109
5,500

298,378
3,500

5,025,588

5,528,002

15,065,386

15,408,005

Shareholders' equity
Share capital

1,228,057

1,228,057

Capital surplus
Retained earnings

1,026,676
8,258,713

1,026,676
8,835,867

Treasury shares(192,656)(192,656)

10,320,791

10,897,945

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

63,32055

99,67329

Remeasurements of defined benefit plans

1,779(12,657)

Total accumulated other comprehensive income

65,15487,045Contract liabilities
Provision for bonuses

Total non-current liabilities
Total liabilities
Net assets

Total shareholders' equity
Accumulated other comprehensive income

Non-controlling interests
Total net assets
Total liabilities and net assets

442,59039,862

10,428,536

11,024,853

25,493,923

26,432,859

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Thousands of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Net sales

25,452,377

26,474,833

Cost of sales

18,773,360

19,292,292

Gross profit

6,679,017

7,182,540

Selling, general and administrative expenses

5,342,410

5,817,781

Operating profit

1,336,606

1,364,758

Non-operating income
Interest income

144

88

Dividend income
Commission income

8,123
6,946

8,188
3,746

Rental income from buildings
Foreign exchange gains

8,496493

8,548–

Reversal of allowance for doubtful accounts
Gain on sale of scraps

54
46,550–37,928Other

28,08027,616

Total non-operating income

98,888

86,115Interest expenses
Sales discounts

27,977
21,40032,34812,829Foreign exchange losses
Donations–
3,206

23,335
5,934

Non-operating expenses

Other

6,695

2,456

Total non-operating expenses

59,28076,905

1,376,215

1,373,969

Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Subsidy income
Total extraordinary income

8,762

5,854

–

55,014

8,762

60,868

3,550
1,500

6,382
–

–

6,308

Extraordinary losses
Loss on retirement of non-current assets
Retirement benefits for directors (and other officers)
Impairment losses
Total extraordinary losses

5,050

12,691

1,379,927

1,422,147

Income taxes - current

507,059

506,168

Income taxes - deferred(919)(51,151)

Total income taxes

506,140

455,016

Profit873,786

967,130

3,767(2,727)870,019969,858

Profit before income taxes

Profit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

5Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

873,786

967,130

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(1,476)(556)

36,353(25)

Remeasurements of defined benefit plans, net of tax(8,102)(14,436)(10,135)

21,891

Comprehensive income

Total other comprehensive income

863,651

989,021Comprehensive income attributable toComprehensive income attributable to owners of parent

859,883

991,749

3,767(2,727)

Comprehensive income attributable to non-controllinginterests

6Consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

1,228,057

Retained earnings

1,012,350

Total shareholders'equityTreasury shares

7,810,207(211,030)

9,839,585

Changes during period
Dividends of surplus(421,513)(421,513)

Profit attributable to owners ofparent

870,019

870,019

Disposal of treasury shares

14,326

18,37332,700Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period–

14,326448,506

18,373

481,206

1,228,057

1,026,676

8,258,713(192,656)

10,320,791

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Deferred gains orlosses on hedges

Remeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income64,796611

9,882

75,290Non-controllinginterests

Total net assets

38,822

9,953,698

Changes during period
Dividends of surplus(421,513)

Profit attributable to owners ofparent

870,019

Disposal of treasury shares

32,700Net changes in items otherthan shareholders' equity(1,476)(556)(8,102)(10,135)

3,767(6,367)

Total changes during period(1,476)(556)(8,102)(10,135)

3,767

474,838

Balance at end of period

63,32055

1,779

65,154

42,59010,428,536

7

Fiscal year ended March 31, 2024
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

1,228,057

Retained earnings

1,026,676

Total shareholders'equity

Treasury shares

8,258,713(192,656)

10,320,791

Changes during period
Dividends of surplus(392,704)(392,704)

Profit attributable to owners ofparent969,858

969,858

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period––

577,153–

577,153

1,228,057

1,026,676

8,835,867(192,656)

10,897,945

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Deferred gains orlosses on hedges

Remeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income63,32055

1,779

65,154Non-controllinginterests

Total net assets

42,59010,428,536

Changes during period
Dividends of surplus(392,704)

Profit attributable to owners ofparent

969,858

Net changes in items otherthan shareholders' equity

36,353(25)(14,436)

Total changes during period

36,353(25)(14,436)

21,891(2,727)596,316

Balance at end of period

99,67329(12,657)

87,04539,862

11,024,853

8

21,891(2,727)

19,163

Consolidated statements of cash flows(Thousands of yen)

Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Amortization of goodwill
Loss on retirement of non-current assets
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for retirement benefits for
directors (and other officers)
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - otherIncrease (decrease) in advances received
Other, net

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

1,379,927
572,288–
45,794
3,550
3,549
4,842
2,255

1,422,147
667,271
6,308
37,761
6,382
23,7905,020
4,620

23,49029,960(8,268)27,977(1,556,198)(467,334)
472,475
25,34982,671(318,098)(8,276)32,348(178,521)
375,795(108,666)(21,041)(97,019)
279,481Subtotal

294,274

2,477,361

Interest and dividends received
Interest paid
Income taxes paidExtra retirement payments
Other, net

7,978(28,647)(967,624)(1,500)57,576

7,975(32,447)(394,744)–
56,618Net cash provided by (used in) operating activities(637,942)

2,114,762

Cash flows from investing activities
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of property, plant and equipment
Payments of guarantee deposits
Proceeds from refund of guarantee deposits
Proceeds from sale of investment securities
Decrease (increase) in investments and other assets
Proceeds from collection of loans receivable
Proceeds from cancellation of insurance funds
Payments for asset retirement obligations

2,002(914,910)(36,646)
25,105(3,256)
5,047
279,575(17,693)
160
4,446
–

–
(1,107,055)(42,923)
5,871(6,861)
16,669–1,679––(13,360)

Net cash provided by (used in) investing activities(656,169)(1,145,981)

300,000
2,310,000(1,343,351)(96,519)(420,990)(290,000)
1,990,000(1,469,194)(94,230)(390,627)

Net cash provided by (used in) financing activities

749,139(254,052)

Effect of exchange rate change on cash and cash equivalents

4,827

5,935

Cash flows from financing activities
Increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of finance lease liabilities
Dividends paid

Net increase (decrease) in cash and cash equivalents(540,145)

720,664

Cash and cash equivalents at beginning of period

4,935,728

4,395,583

Cash and cash equivalents at end of period

4,395,583

5,116,248

9