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 Three Months Ended June 30, 2024
(Based on Japanese GAAP)
August 5, 2024
Company name:SE Corporation
Stock exchange listing: Tokyo
Stock code:
Representative:

3423
President

URL

https://www.se-corp.com/
Ichiro Miyahara

Inquiries:
Managing Executive Officer
Scheduled date to commence dividend payments:Hisahiro Nojima–

Preparation of supplementary material on financial results:
Holding of financial results meeting:YesNoTEL

03-3340-5500(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)(1) Consolidated operating results (cumulative)
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%Three months ended June 30, 2024
5,651
0.9(19)–(15)–(33)–Three months ended June 30, 2023
5,603
(0.1)
112 (47.5)
96 (56.5)
42 (70.4)
Earnings per share

Diluted earnings per share

Yen(1.11)
1.40

Three months ended June 30, 2024
Three months ended June 30, 2023

Yen––(2) Consolidated financial position
Total assets

Net assets

Millions of yen
24,917
26,432As of June 30, 2024
As of March 31, 2024

Equity ratio

Millions of yen
10,617
11,024

Net assets per share
%
42.5
41.6

Yen
350.24363.64

2. Cash dividends
Annual dividends per share

Year ended March 31, 2024
Year ending March 31, 2025

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
0.00

Yen–

Yen
13.00

Yen
13.00

0.00

–

13.00

13.00

Year ending March 31, 2025 (Forecast)Total

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

1

4. Notes(1) Significant changes in the scope of consolidation during the three months ended June 30, 2024:

No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

Yes(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
NoChanges in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

31,256,600 shares As of March 31, 2024

31,256,600 shares

Number of treasury shares at the end of the period
As of June 30, 2024

1,048,528 shares As of March 31, 2024

1,048,528 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2024

30,208,072 shares Three months ended June 30, 2023

230,208,072 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets

5,351,248
7,033,604

4,262,396
5,774,759

Electronically recorded monetary claims - operating
Merchandise and finished goods

2,143,182
688,881

2,791,383
755,451

Work in process
Raw materials and supplies

586,572
1,459,933

554,316
1,501,067

344,114(50,490)393,564(29,572)

17,557,046

16,003,368

Buildings and structures, net
Machinery, equipment and vehicles, net

2,856,357
1,118,394

2,807,648
1,093,886

Tools, furniture and fixtures, net
Land

109,577
3,054,542

107,249
3,054,542

271,920134

266,346
40,3437,410,926

7,370,017

35,137

25,697

Other

118,126

116,399

Total intangible assets

153,264

142,096266,220
1,074,627

295,754
1,161,461

Other
Allowance for doubtful accountsTotal current assets
Non-current assets
Property, plant and equipment

Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill

Investments and other assets
Investment securities
Other
Allowance for doubtful accounts(29,226)(55,261)

Total investments and other assets

1,311,622

1,401,955

Total non-current assets
Total assets

38,875,813

8,914,069

26,432,859

24,917,437

(Thousands of yen)
As of March 31, 2024

As of June 30, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade

3,747,820

3,372,039

Electronically recorded obligations - operating
Short-term borrowings

2,407,159
310,522

2,148,127
400,522

Current portion of long-term borrowings
Income taxes payable

1,542,536
227,148

1,457,586
92,046

181,742
59,731

109,822–

Provision for loss on construction contracts
Other–
1,403,343

1,422
1,499,289

Total current liabilities

9,880,003

9,080,856

Non-current liabilities
Long-term borrowings

3,922,814

3,620,960

Provision for retirement benefits for directors (and otherofficers)

602,040

592,457

Retirement benefit liability
Asset retirement obligations

458,895
242,374

466,428
242,563

Other

301,878

296,245

Provision for bonuses
Asset retirement obligations

Total non-current liabilities

5,528,002

5,218,655

15,408,005

14,299,512

Share capital
Capital surplus

1,228,057
1,026,676

1,228,057
1,026,676

Retained earnings
Treasury shares

8,835,867(192,656)

8,409,564(192,656)

Total shareholders' equity

10,897,945

10,471,642

99,673

120,266

Deferred gains or losses on hedges
Remeasurements of defined benefit plans

29(12,657)–(11,975)

Total accumulated other comprehensive income

87,045108,290

39,86237,992

11,024,853

10,617,925

26,432,859

24,917,437

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

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

4Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Thousands of yen)Three months ended

Three months ended

June 30, 2023

June 30, 2024

Net sales
Cost of sales

5,603,920
4,181,158

5,651,682
4,178,060

Gross profit

1,422,761

1,473,622

Selling, general and administrative expenses

1,310,431

1,492,672

112,329(19,049)

Interest income
Dividend income

18
4,386

194,445

Commission income
Rental income from buildings

140
2,176

529
2,124

Reversal of allowance for doubtful accounts
Gain on sale of scraps

2,059
9,408

375
10,614

Operating profit (loss)
Non-operating income

Other5,167

8,404

Total non-operating income

23,357

26,513

Interest expenses
Sales discounts

8,583
3,624

10,6662,363

Foreign exchange losses
Donations

25,045
1,262

9,401
0

Non-operating expenses

Other391

1,000

38,90723,432

Ordinary profit (loss)

96,780(15,968)

Extraordinary income
Gain on sale of non-current assets

5,470

1,599

Total extraordinary income

5,470

1,599

142

694

Total non-operating expenses

Extraordinary losses
Loss on retirement of non-current assets

142

694

Profit (loss) before income taxes

Total extraordinary losses

102,108(15,062)

Income taxes

59,993

20,405

Profit (loss)

42,115(35,468)

Loss attributable to non-controlling interests(43)(1,870)

Profit (loss) attributable to owners of parent

42,158(33,597)5

Consolidated statements of comprehensive income (cumulative)(Thousands of yen)

Profit (loss)
Other comprehensive income

Three months ended

Three months ended

June 30, 2023

June 30, 2024
42,115(35,468)

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

8,904
45

20,593(29)

Remeasurements of defined benefit plans, net of tax(921)

6818,028

21,245Comprehensive income

Total other comprehensive income

50,143(14,222)

Comprehensive income attributable toComprehensive income attributable to owners of parent

50,187(12,352)(43)(1,870)Comprehensive income attributable to non-controllinginterests

6