Consolidated Financial Results for Fiscal Year Ended March 31, 2024 (Under Japanese GAAP)May 10, 2024
Listed company name: MITSUBA Corporation
Listing: Tokyo Stock Exchange
Securities code: 7280
URL https://www.mitsuba.co.jp/
Representative: (Title) Representative Director, President(Name) Katsuyoshi Kitada
Inquiries:(Title) General Manager of Accounting and(Name) Koji Ogino(TEL) 0277-52-0113
Finance Department
Scheduled date of the annual general
June 20, 2024
Scheduled date to commence
June 5, 2024
meeting of shareholders:
dividend payment:
Scheduled date of securities report filing:
June 20, 2024
Preparation of supplementary materials on financial results: Yes
Holding of financial results briefing:
Yes (for institutional investors and analysts)(Yen amounts are rounded down to nearest million, unless otherwise noted)
1. Consolidated financial results for fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(Percentages indicate year-on-year changes)(1) Consolidated operating results
Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

Million yen%

Million yen%

Million yen%

Million yen%

344,154

7.7

21,152214.8

22,344269.4

13,741-

319,500

11.5

6,718

(6.5)

6,049

(19.7)

1,185-

Fiscal year ended
March 2024
Fiscal year ended
March 2023
(Note) Comprehensive
incomeFiscal year ended
March 2024
Basic earnings
per share

Fiscal year ended
March 2023

Diluted earnings
per share

Return on equity

Yen%

293.62

162.1926.49

Yen

Fiscal year ended
March 2024
Fiscal year ended
March 2023

¥35,499 million[ 346.7%](Reference) Share of profit (loss) ofentities accounted for using equity method¥7,946 million[ (40.0)%]

Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales

16.3

6.5

6.1

20.59

1.8

1.8

2.1

Fiscal year ended
March 2024

¥446 million

Fiscal year ended
March 2023

¥27 million%%(2) Consolidated financial position
Total assets

Equity-to-asset ratio

Net assets per share

Million yen%

Yen357,492

122,58128.4

1,922.39

328,452

86,95820.3

1,143.28

As of March 31, 2024

¥101,638 million

As of March 31, 2023

¥66,768 million

Fiscal year ended
March 2024
Fiscal year ended
March 2023
(Reference) Equity

Net assets

Million yen(3) Consolidated cash flows
Cash flows fromoperating activities
As of March 31, 2024
As of March 31, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents at
end of period

Million yen

Million yen

Million yen

Million yen

41,50929,618(5,241)(9,168)(13,793)(20,677)

101,490
74,301

2. Cash dividends
Annual dividends per share
First
SecondThird
quarter-end quarter-end quarter-end

As of March 31, 2023
As of March 31, 2024
Fiscal year ending
March 2025 (Forecast)Fiscalyear-end

Total

Total cash
dividends(Total)Payout ratio(Consolidated)

Ratio ofdividends to
net assets(Consolidated)

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

-

0.00
0.00

-

3.00
6.00

3.00
6.00

134
268

11.3
2.0

0.3
0.4

-

0.00

-

10.00

10.00

4.8

(Note) “Cash dividends” above presents the status of dividends related to common shares. Please refer to “Cash dividends of class stock” below for the
status of dividends for class stocks (unlisted) that have different rights from the common shares that the Company issues.

3. Consolidated earnings forecast for the fiscal year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)(Percentages indicate change from the previous corresponding period)
Profit attributable to
Basic earnings
Operating profit
Ordinary profit
owners of parent
per share

Net salesFirst 6 months(Cumulative)
Full year

Million yen%

Million yen%

Million yen%

Million yen%

Yen

170,000

2.4

8,000

14.6

7,000

(18.0)

3,500(22.4)

73.81

345,000

0.2

18,000(14.9)

16,000(28.4)

10,000(27.2)

210.35* Notes(1) Changes in significant subsidiaries during the period(changes in specified subsidiaries resulting in the change in scope of consolidation):

None(2) Changes in accounting policies, changes in accounting estimates, and restatement
1) Changes in accounting policies due to revisions to accounting standards and other regulations:
2) Changes in accounting policies due to other reasons:3) Changes in accounting estimates:
4) Restatement:

None
None
None
None

(3) Number of issued shares (common shares)
1) Total number of issued shares at the end of
the period (including treasury shares)
2) Number of treasury shares at the end of
the period
3) Average number of shares outstanding
during the period

As of March 31,
2024

45,581,809 shares

As of March 31,
2023

45,581,809 shares

As of March 31,
2024

826,041 shares

As of March 31,
2023

825,819 shares

As of March 31,
2024

44,755,873 shares

As of March 31,
2023

44,756,098 shares(Reference) Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(Percentages indicate year-on-year changes)(1) Non-consolidated operating results
Net sales

Operating profit

Ordinary profit

ProfitMillion yen%

Million yen%

Million yen%

Million yen%

Fiscal year ended March 2024

158,722

14.6

5,231

-

12,366477.5

12,806-

Fiscal year ended March 2023

138,5126.0(1,777)-2,141(10.3)(466)-

Basic earnings
per share

Diluted earnings
per share
Yen

Yen

Fiscal year ended March 2024

272.74151.16

Fiscal year ended March 2023

(10.42)-(2) Non-consolidated financial position
Total assets

Net assets

Equity-to-asset ratio

Net assets per share

Million yen

Million yen%

Yen

Fiscal year ended March 2024

232,664

50,29721.6

775.27

Fiscal year ended March 2023

221,571

34,73615.7

427.57(Reference) Equity

As of March 31, 2024

¥50,297 million

As of March 31, 2023

¥34,736 million* Financial results reports are exempt from audits conducted by certified public accountants or an audit corporation* Proper use of earnings forecasts, and other special matters
Earnings forecasts and other forward-looking statements in this report are based on information currently available to theCompany and certain assumptions that the Company deems reasonable. Therefore, actual results and others may differ materially
due to a variety of factors.
Please refer to “(4) Future Outlook in 1. Overview of Operating Results” on page 3 of the attachment material for cautionary
notes regarding underlying assumptions for and the use of earnings forecasts.
(How to access the supplementary materials on financial results)
The Company plans to hold an online financial results briefing for institutional investors and analysts on May 17, 2024. The
materials on financial results to be used at this briefing are scheduled to be posted on the Company’s website.

Cash dividends of class stock
The following is the breakdown of dividends per share related to class stocks that have different rights from common stocks.
Annual dividends per share
First
SecondThird
FiscalTotal
quarter-end
quarter-end
quarter-end
year-end
Class A stock
Yen
Yen
Yen
Yen
Yen
Fiscal year ended March 2023
0.00
60,000.00
60,000.00
Fiscal year ended March 2024
0.00
60,000.00
60,000.00
Fiscal year ending March 2025 (Forecast)(Note) The number of unredeemed Class A stocks above is 10,000 shares. All shares are scheduled to be repurchased and cancelled onJune 28, 2024. For details, please refer to the " Notice on Acquisition and Retirement of Existing Class Shares, Issuance of Class
Shares Through Third-Party Allotment, and others" released today (May 10, 2024).

○ Table of Contents of Attachments
1.

Overview of Operating Results ............................................................................................................................... 2(1) Overview of Operating Results for the Fiscal Year under Review ................................................................. 2(2) Overview of Financial Position for the Fiscal Year under Review ................................................................. 3(3) Overview of Cash Flows for the Fiscal Year under Review ........................................................................... 3(4) Future Outlook ............................................................................................................................................... 3(5) Basic Policy Concerning the Allocation of Profits and Dividends for the Fiscal Year under Review and Next
Fiscal Year ...................................................................................................................................................... 4

2.

Basic Approach to Selection of Accounting Standards ........................................................................................... 4

3.

Consolidated Financial Statements and Key Notes ................................................................................................. 5(1) Consolidated Balance Sheet ........................................................................................................................... 5(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ........................ 7(Consolidated Statements of Income) ............................................................................................................ 7(Consolidated Statement of Comprehensive Income) .................................................................................... 8(3) Consolidated Statement of Changes in Equity ............................................................................................... 9(4) Consolidated Statement of Cash Flows ........................................................................................................ 11(5) Notes to Consolidated Financial Statements ................................................................................................ 13(Notes on Assumptions for Going Concerns) ............................................................................................... 13(Significant Accounting Policies for Preparing Consolidated Financial Statements) ................................... 13(Changes in Presentation Method) ............................................................................................................... 13(Segment Information, etc.) .......................................................................................................................... 14(Matters Related to Revenue Recognition) .................................................................................................. 16(Per Share Information) ................................................................................................................................ 17(Important Subsequent Events) ...................................................................................................................... 18

4.

Others ...................................................................................................................................................................... 19(1) Change of Directors ..................................................................................................................................... 19

1

1. Overview of Operating Results(1)

Overview of Operating Results for the Fiscal Year under Review
In the consolidated fiscal year under review, the global economy maintained its growth trajectory, but was affected by the
protracted invasion of Ukraine by Russia, confusion in supply chains due to conflict in the Middle East, concerns about an
economic slowdown due to global financial tightening, and the weakening of the yen, etc. In Japan, although prices of materials
and energy remained high and prices rose due to the depreciation of the yen, private investment and private consumption
expanded due to economic measures, and the economy maintained a moderate recovery trend.
In the automotive industry, the number of four-wheeled vehicles sold globally was 90,079 thousand units in 2023 (up 11.2%
year-on-year). In the U.S., the number of cars sold was 15,608 thousand units in the calendar year (up 12.3% year-on-year),surpassing the previous year for the first time in two years. In Europe, the number of cars sold was 12,847 thousand units inthe calendar year (up 13.6% year on year) due to recovery from the semiconductor supply shortage, surpassing the previous
year for the first time in two years. In China, the number of cars sold increased for the third consecutive year to 30,094 thousand
units (up 12.0% year on year) for the calendar year due to policy support and increased sales promotion activities. In Japan,
the number of cars sold increased for the second consecutive year to 4,529 thousand units in FY2023 (up 3.3% year on year).
The number of registrations was 2,903 thousand units (up 7.8% year-on-year), increasing for the second consecutive year, andthe number of registrations of mini cars was 1,625 thousand units (down 4.0% year-on-year), decreasing for the first time in
two years.
On the other hand, global sales of two-wheeled vehicles were 17,075 thousand units for the calendar year (up 9.4% year-onyear), a year-on-year increase for three consecutive years, due to India, the largest market for motorcycles, bringing COVID19 infections under control. Indonesia recovered in the second half, totaling 6,237 thousand units for the calendar year (up19.5% year-on-year), a year-on-year increase for the third consecutive year.
In Japan, the number sold was 377 thousand units in FY2023 (up 3.9% year-on-year), surpassing the previous year for the firsttime in two years, due to increases in motorcycle type 2 (125 cc or less) and mini-size motorcycle (250 cc or less).
Under these circumstances, the Group has started a new Medium-Term Management Plan (FY2023-FY2027) from the fiscal
year under review and has been promoting various measures to achieve the Plan, focusing on “Responding to the evolution ofmobility,” “The strengthening of our management foundations,” and “Making our financial structure sounder.”As a result, consolidated financial results for the consolidated fiscal year under review were affected by increased sales due tothe recovery in automobile production resulting from improved semiconductor supply, as well as the foreign exchange rates.
Consolidated net sales were 344,154 million yen (up 7.7% year-on-year), consolidated operating profit was 21,152 million yen(up 214.8% year-on-year), and consolidated ordinary profit was 22,344 million yen (up 269.4% year-on-year), all of whichsurpassing the previous year. In addition, an extraordinary loss of 3,040 million yen was recorded as a result of accounting
adjustments starting from the fiscal year under review for our subsidiary in Turkey in accordance with the requirements
stipulated in IAS 29 “Financial Reporting in Hyperinflationary Economies.” On the other hand, as 1,147 million yen wasrecorded as gain on sale of cross-shareholdings, profit before income taxes was 18,516 million yen (up 216.2% year on year),and profit attributable to owners of parent was 13,741 million yen (profit attributable to owners of parent was 1,185 million
yen in the previous fiscal year), surpassing the previous year significantly.
Operating results by business segment are presented as follows.
In the Transportation equipment-related operations, net sales were 323,298 million yen (up 7.9% year-on-year), as mentioned
above, with segment profit of 18,614 million yen (up 307.8% year-on-year), both of which surpassing the previous year.
In the Information service operations, since software development and system sales for the police, local governments, gas
companies, and manufacturers trended strongly, net sales were 18,171 million yen (up 5.4% year-on-year) and segment profit
was 1,834 million yen (up 4.2% year-on-year).
In Other operations, overall segment sales were 6,444 million yen (down 3.8% year-on-year), and segment profit was 697
million yen (up 84.9% year-on-year), mainly because revenue decreased in supplies business.

2

(2)

Overview of Financial Position for the Fiscal Year under Review
Total assets for the consolidated fiscal year under review were 357,492 million yen (328,452 million yen in the previous fiscal
year), increasing 29,040 million yen. Current assets increased by 22,792 million yen to 220,982 million yen, and non-current
assets increased by 6,248 million yen to 136,510 million yen.
The increase in current assets was mainly due to a 26,453 million yen increase in cash and deposits.
The main factors behind the increase in non-current assets were an increase in investment securities of 2,585 million yen due
to market valuation of stocks held and an increase of 3,417 million yen in assets related to retirement benefits.
Total liabilities for the consolidated fiscal year under review were 234,911 million yen (241,493 million yen for the previous
consolidated fiscal year), down 6,582 million yen year-on-year. Current liabilities increased by 38,061 million yen to 168,575
million yen, and non-current liabilities decreased by 44,644 million yen to 66,335 million yen.
The increase in current liabilities was caused by an increase in long-term borrowings scheduled for repayment within one year
due to the increase of 38,383 million yen in short-term borrowings. A decrease of non-current liabilities was caused by adecrease of 44,704 million yen in long-term loans payable, mainly due to repayments to financial institutions and long-termloans payable scheduled for repayment within one year being transferred to short-term borrowings.
Total net assets for the consolidated fiscal year under review were 122,581 million yen (86,958 million yen for the previous
consolidated fiscal year), an increase of 35,623 million yen. This was mainly due to an increase of 16,990 million yen inretained earnings and an increase of 12,855 million yen in foreign currency translation adjustment.

(3)

Overview of Cash Flows for the Fiscal Year under Review
Cash and cash equivalents on a consolidated basis (hereinafter referred to as “Funds”) for the consolidated fiscal year underreview increased 27,189 million yen from the end of the previous consolidated fiscal year to 101,490 million yen at the end of
the consolidated fiscal year under review.
Free cash flows for the consolidated fiscal year under review were a positive 36,267 million yen (a positive 20,449 million yen
in the previous fiscal year).
(Cash flows from operating activities)
Cash provided by operating activities was 41,509 million yen (up 40.1% year-on-year). The main reasons were profit
before income taxes of 18,516 million yen, depreciation of 16,179 million yen, a decrease in trade receivables of 5,302
million yen, and a decrease in inventories of 9,101 million yen.
(Cash flows from investing activities)
Cash used by investing activities was 5,241 million yen (9,168 million yen for the previous fiscal year). This was caused
mainly by purchase of property, plant and equipment of 10,276 million yen.
(Cash flows from financing activities)
Cash used by financing activities was 13,793 million yen (20,677 million yen for the previous fiscal year). This was
mainly due to an increase of 17,073 million yen in short-term borrowings, 27,167 million yen in repayment of long-termborrowings, and 3,259 million yen in dividends paid (including dividends to non-controlling interests).

(4)

Future Outlook
For the future outlook of the world economy, although there are concerns about a slowdown in the growth rate and inflation
remains high, it is thought that it will maintain its recovery trend. On the other hand, in the automotive industry, in addition to
responding to the acceleration of electrification, new challenges include responding to increased costs due to soaring raw
material prices and countermeasures against the risk of semiconductor shortages.
At the Group, we will continue to strengthen our financial position under the new Medium-Term Management Plan, whichcalls for “Thorough structural reform and preparation for the new MITSUBA.”
In this environment, we have made the following full-year consolidated earnings forecast for the fiscal year ending March2025 (from April 1, 2024 to March 31, 2025). Consolidated net sales of 345,000 million yen (up 0.2% year-on-year),consolidated operating profit of 18,000 million yen (down 14.9% year-on-year), consolidated ordinary profit of 16,000 million
yen (down 28.4% year-on-year) and profit attributable to owners of parent of 10,000 million yen (down 27.2% year-on-year).

3

(5)

Basic Policy Concerning the Allocation of Profits and Dividends for the Fiscal Year under Review and Next Fiscal Year
The Company has a basic policy of returning profit to shareholders stably while reinforcing its management foundation, andwill strive to make an appropriate allocation of profits by taking its financial performance, the payout ratio, and circumstances
around the Company into account.
Regarding retained earnings, the Company intends to return the favor to shareholders for their support by making better use ofretained earnings for R&D, capital expenditure, overseas expansion, new business investment and others while reinforcing its
financial structure, thereby connecting such efforts to future growth.
Taking the financial performance of the fiscal year under review into consideration, the Company has decided to distribute aterm-end dividend of six yen per share for the consolidated fiscal year under review. For Class A stocks, a dividend of theamount prescribed by the Company’s articles of incorporation will be distributed.
For the next fiscal year, the Company plans to distribute an annual dividend of ten yen per share at the moment.

2. Basic Approach to Selection of Accounting Standards
The Group’s policy is to prepare the consolidated financial statements under the Japanese GAAP for the time being in considerationof the comparability of the consolidated financial statements between periods and between companies. Regarding the application of
IFRS, our policy is to take appropriate measures after taking into consideration various domestic and international situations.

43. Consolidated Financial Statements and Key Notes(1)

Consolidated Balance Sheet(Unit: Millions of yen)Previous consolidated
fiscal year
(as of March 31, 2023)

Consolidated fiscal year
under review(as of March 31, 2024)

75,792
1,785
48,910380
12,148
5,718
41,552
11,932(30)

102,245
1,597
48,988561
10,842
6,117
38,35512,309(34)

198,189

220,982

82,654(51,103)

86,893(55,207)

Buildings and structures, net

31,551

31,685

Machinery, equipment and vehicles
Accumulated depreciation

175,558(136,798)

187,275(150,087)

38,75937,18753,040(48,499)

56,561(51,525)

4,541

5,035

7,790
9,500
(4,744)

8,141
9,088
(4,981)
4,107

AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Contract assets
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
Accumulated depreciation

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

4,755

Construction in progress

6,283

8,137

Total property, plant and equipment

93,681

94,294

Intangible assets
Software
Software in progress
Other

978
10
2,695

749
35
2,625

Total intangible assets

3,683

3,410

15,713
2,496
1,770
1,560
10,583773(0)18,298
2,647
1,467
1,582
14,000808(0)Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Long-term prepaid expenses
Retirement benefit assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

532,89738,805130,262

136,510

328,452

357,492

(Unit: Millions of yen)

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of bonds payable
Lease liabilities
Accounts payable
Accrued expenses
Income taxes payable
Contract liabilities
Provisions
Provision for bonuses
Provision for bonuses for directors (and other officers)
Provision for product warranties
Provision for loss on orders received
Provision for loss on litigation
Provision for settlement payments
Provision for business restructuring
Total provisions
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Lease liabilities
Long-term accounts payable - other
Deferred tax liabilities
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities

Previous consolidated
fiscal year
(as of March 31, 2023)

Consolidated fiscal year
under review(as of March 31, 2024)

20,39775,80130
3,259
15,983
2,891
2,365
296

21,609114,184
15
2,931
12,799
2,304
3,665
329

3,603
119
1,524
67
300
632

4,311
31
986
190
566
300
990

6,247

7,377

3,242

3,360

130,513

168,575

1,015
93,571
5,183
6
7,432
2,911
145
715

1,000
48,866
3,991
1
7,802
3,447
487
738

110,980

66,335

Total liabilities

241,493234,911

Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares

5,000
26,37028,250(603)

5,000
25,77045,241(603)

59,01775,407738
10,301(3,288)

4,296
23,157(1,223)

Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Re-measurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

6

7,751

26,23020,18920,943

86,958

122,581

328,452

357,492

(2)Consolidated Statement of Income and Consolidated Statement of Comprehensive Income(Consolidated Statement of Income)(Unit: Millions of yen)Previous consolidated
fiscal year
(From April 1, 2022 toMarch 31, 2023)

Consolidated fiscal year
under review(From April 1, 2023 toMarch 31, 2024)

Net sales
Cost of sales

319,500
279,457

344,154291,677

Gross profit

40,04352,477

Selling, general and administrative expenses

33,32431,324

Operating profit

6,718

21,152Non-operating income
Interest income
Dividend income
Foreign exchange gains
Lease revenue
Share of profit of entities accounted for using equity method
Other

1,002
429
746
48
27
1,058

1,583
534
1,586
46
446
1,110

3,311

5,308

2,126
178
765
911

2,361
143
721
889

3,981

4,116

6,049

22,344

130
155
137
84

23
1,147
72
22

508

1,265

24
112
114
245
113
91

13
178
343
3,040
566
286
418
245

701

5,092

Profit before income taxes

5,855

18,516

Income taxes - current
Income taxes - deferred

2,993
(7)

4,660
(1,803)

Total income taxes

2,985

2,856

Profit2,869

15,659Profit attributable to non-controlling interests

1,684

1,918

Profit attributable to owners of parent

1,185

13,741

Total non-operating income
Non-operating expenses
Interest expenses
Cost of lease revenue
Foreign withholding tax
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Reversal of provision for product warranties
Gain on liquidation of subsidiaries
Other
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Impairment losses
Loss on valuation of inventories
Losses on net monetary position
Provision for loss on litigation
Business restructuring expenses
Provision for business restructuring
Other
Total extraordinary losses

7

(Consolidated Statement of Comprehensive Income)(Unit: Millions of yen)Previous consolidated
fiscal year
(From April 1, 2022 toMarch 31, 2023)

Consolidated fiscal year
under review(From April 1, 2023 toMarch 31, 2024)

2,869

15,659155
5,790(1,151)

3,608
13,767
2,252

281

209

5,076

19,839Comprehensive income

7,946

35,499Comprehensive income attributable to
Owners of parent
Non-controlling interests

5,979
1,966

32,2203,279

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Re-measurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted for using
equity method
Total other comprehensive income

8

(3)

Consolidated Statement of Changes in Equity
Previous consolidated fiscal year (from April 1, 2022 to March 31, 2023)(Unit: Millions of yen)
Shareholders’ equity

Balance at beginning of
periodShare capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity5,000

33,471

27,199(603)

65,067(1,201)(134)(1,335)

1,185

1,185

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesCancellation oftreasury shares(5,900)(5,900)(5,900)5,900-

Net changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of period-(7,101)

1,051

(0)

(6,050)5,000

26,37028,250(603)

59,017

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Re-measurementsof defined benefit
plans

Total accumulated
othercomprehensive
incomeNon-controllinginterests

Total net assets

582

4,650

(2,276)

2,956

20,177

88,201

Changes during period
Dividends of surplus(1,335)

Profit attributable toowners of parent

1,185

Purchase of treasury
shares(5,900)Cancellation oftreasury shares
Net changes in items
other thanshareholders’ equity

156

5,650

(1,012)

4,794

12

4,807

Total changes during
period156

5,650(1,012)

4,794

12(1,243)

Balance at end of period

738

10,301(3,288)

7,751

20,18986,9589

Consolidated fiscal year under review (from April 1, 2023 to March 31, 2024)(Unit: Millions of yen)
Shareholders’ equity

Balance at beginning of
periodShare capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity5,000

26,37028,250(603)

59,017

Cumulative effect ofapplying inflationaccounting
Balance at the beginningof the fiscal year underreview reflecting the
cumulative effect ofapplying inflationaccounting

3,383

5,000

3,383

26,37031,634(603)

62,401

(600)

(134)

(734)

13,741

13,741

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
shares

(0)

(0)

(0)

0

0

Net changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of period

-

(600)

13,607(0)

13,0065,000

25,77045,241(603)

75,407

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Re-measurementsof defined benefit
plans

Total accumulated
othercomprehensive
incomeNon-controllinginterests

Total net assets

738

10,301(3,288)

7,751

20,18986,958Cumulative effect ofapplying inflationaccounting
Balance at the beginningof the fiscal year underreview reflecting the
cumulative effect ofapplying inflationaccounting

3,383

738

10,301(3,288)

7,751

20,18990,342

Changes during period
Dividends of surplus(734)

Profit attributable toowners of parent

13,741

Purchase of treasury
shares(0)

Disposal of treasury
shares0

Net changes in items
other thanshareholders’ equity

3,557

12,855

2,065

18,478753

19,232

Total changes during
period3,557

12,855

2,065

18,478753

32,239Balance at end of period

4,296

23,157(1,223)

26,23020,943

122,58110

(4)Consolidated Statement of Cash Flows(Unit: Millions of yen)Previous consolidated
fiscal year
(From April 1, 2022 toMarch 31, 2023)

Consolidated fiscal year
under review(From April 1, 2023 toMarch 31, 2024)

5,855
16,816
114
112
(108)
32
13
(27)
12
166
319
138
(132)
(1,431)
2,126
(105)
2,916
6,046
(403)
7,038
(8,142)
245
556
(718)
1,294

18,516
16,179343
178(1,147)
(446)
(0)
254
562
(616)
358
(2,118)
2,361
(9)
3,040
5,302
9,101
(1,164)299(4,440)(2,348)33
768

Subtotal

32,73545,008Interest and dividends received
Interest paid
Income taxes paid

1,546
(2,123)(2,540)2,373(2,370)(3,502)

Cash flows from operating activities

29,61841,509Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Loss on retirement of non-current assets
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Amortization of goodwill
Share of loss (profit) of entities accounted for using equity method
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for product warranties
Increase (decrease) in provision for business restructuring
Interest and dividend income
Interest expenses
Loss (gain) on sale of non-current assets
Losses on net monetary position
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in retirement benefit assets
Decrease (increase) in other assets
Increase (decrease) in trade payables
Loss on valuation of inventories
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in other liabilities

11(Unit: Millions of yen)

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Loan advances
Proceeds from collection of loans receivable
Payments for sale of shares of subsidiaries resulting in change inscope of consolidation
Other

Previous consolidated
fiscal year
(From April 1, 2022 toMarch 31, 2023)

Consolidated fiscal year
under review(From April 1, 2023 toMarch 31, 2024)

(320)
177
(9,837)
569
(33)
(63)
470
(1,794)
1,958

(134)
900
(10,276)
200
(103)
(47)
4,290
(1,454)
1,362

(262)

-

(32)

21

(9,168)(5,241)

(821)
1,200
(10,874)(30)(2,311)(5,900)(1,335)(1,646)
1,042-

17,0732,000(27,167)(30)(2,538)(0)(734)(2,525)128
0(20,677)(13,793)

1,262

4,714

Net increase (decrease) in cash and cash equivalents

1,034

27,189Cash and cash equivalents at beginning of period

73,26774,301

Cash and cash equivalents at end of period

74,301

101,490

Cash flows from investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Redemption of bonds
Repayments of lease liabilities
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Proceeds from sale and leaseback transactions
Other
Cash flows from financing activities
Effect of exchange rate change on cash and cash equivalents

12

(5)

Notes to Consolidated Financial Statements(Notes to assumptions for going concerns)
There are no applicable matters.
(Significant Accounting Policies for Preparing Consolidated Financial Statements)
1. Matters related to the scope of consolidation- Consolidated subsidiaries
41 companies- Non-consolidated subsidiaries
2 companies
2. Matters related to the application of the equity method- Number of affiliated companies accounted for by the equity method- Number of non-consolidated subsidiaries and affiliated companies not accounted
for by the equity method

2 companies

4 companies
Regarding non-consolidated subsidiaries and affiliated companies that are not accounted for by the equity method,
their profit (loss) and retained earnings are small and do not have a material effect on the consolidated financial
statements as a whole.
3. Matters related to the business year of consolidated subsidiaries
Of consolidated subsidiaries, the closing day of Corporacion Mitsuba de Mexico, S.A. de C.V. and nine other companies
is December 31.
To prepare the consolidated financial statements, the Company uses financial statements based on the provisional
settlement of accounts carried out as of March 31, which is the consolidated closing date. The last day of the business yearof other consolidated subsidiaries is the same as the consolidated closing date.
(Changes in Presentation Method)(Consolidated Statement of Income)“Loss related to transaction investigations,” which was separately listed under “Extraordinary losses” in theprevious consolidated fiscal year, was included in “Other” from the consolidated fiscal year under review because
its monetary significance has declined. In order to reflect this change in presentation method, the consolidated
financial statements for the previous consolidated fiscal year have been rearranged.
As a result, “Loss related to transaction investigation” of 5 million yen and “Other” of 85 million yen, which wereshown in “Extraordinary losses” in the consolidated statement of income for the previous consolidated fiscal year,
were reclassified as “Other” of 91 million yen.

13

(Segment Information)
Segment information
1. Overview of reportable segments
The reportable segments of the Company are components of the Company for which separate financial information isavailable and which are subject to regular review by the Company’s Board of Directors for making decisions on the
allocation of management resources and assessing performance.
The Company sets three operations as reportable segments: “Transportation equipment-related operations,” “Information
service operations” and “Other operations.”
Main finished goods and services of each segment
Transportation equipment-related operations ....... Wiper systems, starter motors, fan motors, power window motors,
and transportation and warehousing
Information service operations ............................. System integration services, System development and softwaredevelopment
Other operations ................................................... Development and sale of automotive parts and accessories,
consignment business, money-lending, electrical works, and civilengineering and construction
2. Calculation method of amounts of net sales, profit or loss, assets, liabilities, and other items by reportable segment
Accounting treatment methods for reportable segments are almost identical to the explanation of “Significant accounting
policies for preparing consolidated financial statements.”
Profit in reportable segments is based on operating profit.
Inter-segment revenues and transfers are based on market prices.
3. Information on the amounts of net sales, profit or loss, assets, liabilities, and other items by reportable segment
Previous consolidated fiscal year (from April 1, 2022 to March 31, 2023)(Unit: Millions of yen)
Reportable segment
Adjustments(Note 1)

Amount reported
on consolidated
financialstatements(Note 2)

Transportationequipment
relatedoperations

Information
service
operations

Other
operations

298,782

15,1685,549

319,500-

319,500

757

2,065

1,148

3,971

(3,971)-

299,540

17,234

6,697

323,472(3,971)

319,500

Total

Net sales
Sales to outside customers
Inter-segment sales or transfers
Total
Segment profit

4,564

1,760

377

6,702

16

6,718

Segment assets

309,472

18,866

15,259343,598(15,146)

328,452

Segment liabilities

234,334

7,763

12,795

254,893(13,399)

241,493

Depreciation

15,813878

124

16,816-

16,816

Investments in companies
accounted for by equity-method

3,017

-

-

3,017

-

3,017

Other items

Increase in property, plant and
7,908
2,236
57
10,202(14)
10,187equipment and intangible assets(Notes) 1. Adjustments are presented as follows.
(1) The (3,971) million yen adjustment in net sales is an amount in elimination of inter-segment transactions.
(2) The 16 million yen adjustment in segment profit is an amount in elimination of inter-segment transactions.
(3) The (15,146) million yen adjustment in segment assets is an amount in elimination of inter-segment receivables.
(4) The (13,399) million yen adjustment in segment liabilities is an amount in elimination of inter-segment payables.
(5) The (14) million yen adjustment in increases in property, plant and equipment and intangible assets is an amount inelimination of inter-segment transactions.
2. Segment profit is adjusted to be consistent with operating profit in the consolidated financial statements.

14

Consolidated fiscal year under review (from April 1, 2023 to March 31, 2024)(Unit: Millions of yen)
Reportable segment
Transportation
Informationequipmentservice
relatedoperations
operations

Other
operations

Total

Adjustments(Note 1)

Amount reported
on consolidated
financialstatements(Note 2)

Net sales
Sales to outside customers
Inter-segment sales or transfers
Total

322,719

16,213

5,221

344,154-344,154

578

1,958

1,222

3,759

(3,759)-323,298

18,171

6,444

347,914(3,759)344,154

Segment profit

18,614

1,834

697

21,145

7

21,152

Segment assets

333,363

21,872

14,601

369,836(12,343)

357,492

Segment liabilities

224,280

9,545

11,684

245,509(10,598)

234,911

Depreciation

15,207843

128

16,179-16,179Investments in companies
accounted for by equity-method

3,509

-

-

3,509

-

3,509

Other items

Increase in property, plant and
6,703
3,630
40
10,374(4)
10,370equipment and intangible assets(Notes) 1. Adjustments are presented as follows.
(1) The (3,759) million yen adjustment in net sales is an amount in elimination of inter-segment transactions.
(2) The 7 million yen adjustment in segment profit is an amount in elimination of inter-segment transactions.
(3) The (12,343) million yen adjustment in segment assets is an amount in elimination of inter-segment receivables.
(4) The (10,598) million yen adjustment in segment liabilities is an amount in elimination of inter-segment payables.
(5) The (4) million yen adjustment in increases in property, plant and equipment and intangible assets is an amount inelimination of inter-segment transactions.
2. Segment profit is adjusted to be consistent with operating profit in the consolidated financial statements.

15

(Matters Related to Revenue Recognition)
1. Information on disaggregation of revenue from contracts with customers
Previous consolidated fiscal year (from April 1, 2022 to March 31, 2023)(Unit: Millions of yen)
Reportable segment
Transportationequipment related
operations

Information service
operations

Other operations

Japan

77,881

15,1685,549

98,599The Americas

73,258--73,258Europe22,545--22,545

Asia

71,081--

71,081

China

54,015--54,015

298,782

15,1685,549

319,500

Revenue from contracts with customers
Other revenue
Sales to outside customers

Total

-

-

-

-

298,782

15,1685,549

319,500

Consolidated fiscal year under review (from April 1, 2023 to March 31, 2024)(Unit: Millions of yen)
Reportable segment
Transportationequipment related
operations

Information service
operations

Other operations

Japan

88,19016,213

5,221

109,625

The Americas

85,750--85,750Europe26,216--

26,216

Asia

77,721--

77,721

China
Revenue from contracts with customers
Other revenue
Sales to outside customers

Total

44,840--44,840322,719

16,213

5,221

344,154

-

-

-

-

322,719

16,213

5,221

344,15416

(Per Share Information)
Previous consolidated fiscal
year (from April 1, 2022 toMarch 31, 2023)

Consolidated fiscal year
under review (from April 1,
2023 to March 31, 2024)

1,143.28

1,922.39

Basic earnings per share (yen)26.49

293.62

Diluted earnings per share (yen)20.59

162.19Item
Net assets per share (yen)(Note)

Basic earnings per share and diluted earnings per share were calculated on the following basis.
Previous consolidated fiscal
year (from April 1, 2022 toMarch 31, 2023)

Consolidated fiscal year underreview (from April 1, 2023 toMarch 31, 2024)

1,185

13,741

Amount that does not belong to shareholders of common
stocks (millions of yen)-600

(Of which, preferred dividends (millions of yen))

(-)

(600)

Profit attributable to owners of parent related to common
stocks (millions of yen)

1,185

13,141

Average number of common stocks during the period(thousands of shares)

44,75644,755Adjustments in profit attributable to owners of parent (millionsof yen)-600(Of which, preferred dividends (millions of yen))

(-)

(600)

Number of increased common stocks (thousands of shares)

12,81039,969(Of which, class stocks (thousands of shares))(12,810)(39,969)

Item
Basic earnings per share
Profit attributable to owners of parent (millions of yen)

Diluted earnings per share(Note)

Since the source of dividends to preferred shareholders in the previous consolidated fiscal year was capital surplus,
amounts not attributable to common shareholders are not deducted in calculation.

17

(Important Subsequent Events)(Changes in Consolidated Subsidiaries (Share Transfer))
At the regular Board of Directors meeting held on March 14, 2024, the Company decided to transfer all the shares of MITSUBALOGISTICS Corporation (hereinafter referred to as “MitsubaLogi”) held by the Company to NIKKON Holdings Co., Ltd.
(hereinafter referred to as “NIKKON HD”) (hereinafter referred to as the “Share Transfer”), and they were transferred on April
1, 2024. MitsubaLogi is to be excluded from the scope of consolidation of the Company due to the Share Transfer.

1. Reason for transfer
Since its establishment in 1967, MitsubaLogi has responded to domestic logistics demand, particularly from suppliers ofautomotive parts including the Group.
Meanwhile, in the Medium-Term Management Plan announced on May 10, 2023, the Company has set the policies of“shifting management resources based on the selection and concentration of business” and “thorough structural reform.” Aspart of our structural reforms, we will outsource our domestic logistics operations to NIKKON HD, which operates acomprehensive integrated logistics business including packaging, transportation, and warehousing mainly for automobile
manufacturers. By doing this, in addition to increasing capital efficiency for the Group, we will optimize domestic logistics
by leveraging the extensive experience and network in logistics that the relevant company has.

2. Equity interests before and after the transfer(1) Equity before transfer: 100.0%(2) Equity after transfer: 0.0%

3. Impact on profit and loss
The impact of the Share Transfer on consolidated financial results for the fiscal year ending March 2025 is insignificant.

(Acquisition and cancellation of the Existing Class Stocks and issuance of class stocks through third-party allotment)
At a meeting of the Board of Directors held on May 10, 2024, the Company resolved to acquire the Class A stocks and Class
C stocks held by Japan Industrial Solutions Fund II, and to cancel them subject to said acquisition, and to conclude anunderwriting agreement between the Development Bank of Japan, Inc. (hereinafter referred to as “Development Bank ofJapan”) and The Bank of Yokohama, Ltd. (hereinafter referred to as “Bank of Yokohama” and it is collectively referred to as
the “Scheduled Allotted Parties” together with Development Bank of Japan), and to issue a total of 10,000,000,000 yen ofClass D stocks to the Scheduled Allotted Parties by way of a third-party allotment.
For details, please refer to the “Notice Concerning Acquisition and Cancellation of Existing Class Stocks, Issuance of Class
Stocks through Third-Party Allotment, Partial Amendments to the Articles of Incorporation, Reduction of Share Capital andCapital Reserve, and Refinancing of Current Borrowings by Syndicated Loan” released today (May 10, 2024).

18

4. Others(1)

Change of Directors
1) Change of Representative Director
1. Candidate for new Representative Director
Representative Director, President Sadami Hino (current Director, Senior Managing Officer)
2. Retiring Representative Director
Representative Director, President Katsuyoshi Kitada (to be appointed as Director, Executive Advisor )2) Changes in other Directors
1. Candidates for new Directors
None
2. Retiring Director
Director (External) Takashi Komagata
3. Candidate for new Director serving as Audit and Supervisory Committee Member
Director Hideo Imai (current Operating Officer)
4. Retiring Director serving as Audit and Supervisory Committee Member
Director Keiji Kiuchi
3) Scheduled date of changes
June 20, 202419