Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

April 25, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Under Japanese GAAP)
Company name:
Konishi Co., Ltd.
Listing:
Tokyo Stock Exchange
Securities code:4956
URL
https://www.bond.co.jp/
Representative:
Hirofumi Matsubata, Representative Director and President
Inquiries:
Shinichi Okamoto, Director and Managing Executive Officer
Telephone:+81-6-6228-2877
Scheduled date of annual general meeting of shareholders:June 18, 2024
Scheduled date to commence dividend payments:
June 19, 2024
Scheduled date to file annual securities report:
June 18, 2024
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes (for institutional investors and analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. 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) Consolidated operating results
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

132,969

7.8

10,28638.6

10,806

36.3

7,344

(26.8)

123,339

8.5

7,421

1.7

7,927

1.3

10,032

95.4

Notes: Comprehensive income

Fiscal year ended

Basic earnings per share
Fiscal year ended
March 31, 2024
March 31, 2023

¥11,606 million [7.5%]¥10,791 million [89.7%]

March 31, 2024
March 31, 2023

Diluted earnings per share Return on equity

Ratio of ordinary
Ratio of operating
profit to total
profit to net sales
assets

Yen

Yen

%

%

%

108.87

-

9.4

7.9

7.7

140.97

-

13.8

6.3

6.0

Reference:

Share of profit (loss) of entities accounted for using equity method
Fiscal year ended
March 31, 2024
¥40 million
March 31, 2023
¥31 million
Notes: The Company conducted a stock split at a ratio of two shares for one common share with an effective date of January 1, 2024.
“Basic earnings per share” is calculated based on the assumption that the stock split was conducted at the beginning of the
fiscal year ended March 31, 2023.
(2)

Consolidated financial position
Total assets

As ofMarch 31, 2024
March 31, 2023
Reference:

EquityAs of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

140,850

84,68556.6

1,222.36

132,874

81,48257.9

1,086.96

March 31, 2024
¥79,670 million
March 31, 2023
¥76,975 million
Notes: The Company conducted a stock split at a ratio of two shares for one common share with an effective date of January 1, 2024.
“Net assets per share” is calculated based on the assumption that the stock split was conducted at the beginning of the fiscal
year ended March 31, 2023.

(3) Consolidated cash flows
Cash flows from operating Cash flows from investing Cash flows from financing Cash and cash equivalents
activities
activities
activities
at end of period
Millions of yen

Millions of yen

Millions of yen

Millions of yen

8,139(5,225)(8,603)25,627

4,606

3,549

(2,476)

31,268

Fiscal year ended
March 31, 2024
March 31, 2023

2. Cash dividends
Annual dividends per share

Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025
(forecast)

Total cash
dividends(Total)Payout ratio(Consolidated)

Ratio ofdividends to
net assets(consolidated)First
quarter-end

Secondquarter-end

Thirdquarter-end

Fiscalyear-end

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

-

27.00

-

22.00

49.00

1,742

17.4

2.4

-

27.00

-

19.50

-

2,167

30.3

2.9

-

16.50

-

16.50

33.00

Total

29.1

Notes: 1. The Company conducted a stock split at a ratio of two shares for one common share with an effective date of January 1,
2024. Regarding dividends by the third quarter of the fiscal year ended March 31, 2024, the actual dividend amount before
the stock split is stated. The full-year dividend per share for the fiscal year ended March 31, 2024, is not presented due tothe stock split; however, the full-year dividend per share based on the pre-stock split standards is ¥66.00, an increase of¥17.00.
2. Breakdown of dividends at the end of the second quarter for the fiscal year ended March 31, 2023:
Ordinary dividend ¥22.00; 70th anniversary of the launch of bond (synthetic adhesive) commemorative dividend ¥5.00

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2025 (from April 1, 2024, to March
31, 2025)(Percentages indicate year-on-year changes.)
Net sales

Six months ending
September 30, 2024
Fiscal year ending
March 31, 2025

Operating profit

Profit attributable to Basic earnings perowners of parent
share

Ordinary profit

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

66,500

1.8

4,600

(6.9)

4,800

(7.8)

3,100

(8.7)

47.56

139,000

4.5

10,7004.0

11,000

1.8

7,400

0.8

113.54

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in a change inthe scope of consolidation): No
Included: 0 companies, excluded 0 companies(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies other than (i): None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)

As of March 31, 2024

70,414,880 shares

As of March 31, 2023

81,414,880 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2024

5,237,078 shares

As of March 31, 2023

10,597,602 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2024

67,457,529 sharesFiscal year ended March 31, 2023

71,167,454 shares

Notes: 1. The Company conducted a stock split at a ratio of two shares for one common share with an effective date of January
1, 2024. The total number of issued shares at the end of the period, the number of treasury shares at the end of theperiod, and the average number of shares outstanding during the period are calculated based on the assumption that thestock split was conducted at the beginning of the fiscal year ended March 31, 2023.
2. The Company cancelled 11,000,000 treasury shares (number of shares after taking into account the stock split) on
October 13, 2023, pursuant to a resolution of the Board of Directors held on September 26, 2023.

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)(1) Non-consolidated operating results
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

(Percentages indicate year-on-year changes.)
Operating profit

Ordinary profit

ProfitMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

88,500

7.9

5,953

41.2

6,915

32.2

5,347

(40.8)

82,025

9.1

4,217

8.4

5,232

6.2

9,035

149.7

Basic earnings per share

Diluted earnings per share

Yen

Yen

Fiscal year ended
79.27
March 31, 2024
March 31, 2023
126.97
Notes: The Company conducted a stock split at a ratio of two shares for one common share with an effective date of January 1, 2024.
“Basic earnings per share” is calculated based on the assumption that the stock split was conducted at the beginning of the
fiscal year ended March 31, 2023.

(2) Non-consolidated financial position
Total assets
As ofMarch 31, 2024
March 31, 2023
Reference: Equity
As of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

112,018

59,24352.9

908.96

109,50260,57255.3

855.33

March 31, 2024
¥59,243 million
March 31, 2023
¥60,572 million
Notes: The Company conducted a stock split at a ratio of two shares for one common share with an effective date of January 1, 2024.
“Net assets per share” is calculated based on the assumption that the stock split was conducted at the beginning of the fiscal
year ended March 31, 2023.

* Reports on financial results are exempt from an audit conducted by certified public accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters• Forward-looking statements, including the earnings forecasts stated in these materials, are based on information currently available
to the Company and certain assumptions deemed reasonable. Results may differ materially from the earnings forecasts due tovarious factors. For the assumptions used as the basis for the earnings forecasts and special remarks regarding the use of the earnings
forecasts, please refer to “(4) Future outlook” in “1. Overview of operating results, etc.” on page 4 of the attached document.
• The Company plans to hold a presentation meeting for institutional investors and analysts on May 29, 2024 (Wednesday). A
summary of the presentation materials for financial results to be distributed at the meeting will be posted on the Company’s website
after the briefing.

Index1.

Overview of operating results, etc. ...................................................................................................................... 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) Review of cash flow position for the fiscal year under review ......................................................................... 3(4) Future outlook................................................................................................................................................... 4(5) Basic policy on profit distribution and dividends for fiscal 2024 and fiscal 2025 ........................................... 5

2.

Basic concept regarding selection of accounting standards................................................................................. 53.

Consolidated financial statements and significant notes thereto ......................................................................... 6(1) Consolidated balance sheet ............................................................................................................................... 6(2) Consolidated statement of income and consolidated statement of comprehensive income .............................. 8(3) Consolidated statement of changes in equity .................................................................................................. 10(4) Consolidated statement of cash flows ............................................................................................................. 14(5) Notes on premise of going concern ................................................................................................................ 16(6) Changes in significant basic matters for preparation of consolidated financial statements ............................ 16(7) Notes to consolidated financial statements ..................................................................................................... 17
Segment information, etc. ............................................................................................................................... 17
Per share information...................................................................................................................................... 20
Omission of disclosure ................................................................................................................................... 20
Significant events after reporting period ........................................................................................................ 20

4.

Other .................................................................................................................................................................. 21
Change in officers ........................................................................................................................................... 21

Reference: Supplementary Information on Financial Results for the Fiscal Year Ended March 31, 2024 ............... 22-1-

1. Overview of operating results, etc.
(1) Overview of operating results for the fiscal year under review
During the fiscal year ended March 31, 2024 (fiscal year under review), the Japanese economy returned to amoderate recovery as the legal status of the COVID-19 pandemic was shifted and socioeconomic activities
became more normalized. On the other hand, the situation affecting economic activities, such as soaring pricesof resources/energy and raw materials due to the situation in the Middle East and Ukraine, and global monetary
tightening, has been prolonged. Therefore, the outlook remains uncertain.
In this business environment, the Group worked to strengthen new business development, focused on growth areas, made its

largest-ever capital investments in production, logistics, and DX-related areas, and implemented new capital
policies. Through these efforts, the Group strived to further expand its business and improve management
efficiency. In the Bond Business, the prices of raw materials used in adhesives, etc., still continued to rise.
However, efforts for reflecting cost in product sales prices, and cost-saving progressed. In the Chemicals
Business, sales of automotive products were strong. In the Construction Business, progress in repair,
improvement, and reinforcement works in the social infrastructure market was also favorable.
As a result, the Group’s operating results for the fiscal year under review were as follows. Net sales increased
7.8% year on year to 132,969 million yen, operating profit grew 38.6% year on year to 10,286 million yen,ordinary profit was up 36.3% year on year to 10,806 million yen, and profit attributable to owners of parent fell
26.8% year on year to 7,344 million yen due to the recording of a gain on sale of non-current assets resulting
from the transfer of non-current assets in the second quarter of the fiscal year ended March 31, 2023.
Results by segment are as follows.
(i) Bond
In the general household field, sales through home improvement stores and convenience stores remained
steady. In the housing-related field, new housing starts decreased due to rising construction costs. As aresult, the sales volumes of adhesives for interior work decreased. In the industrial material field, the sales
volumes of water-based adhesives used in paper-related applications decreased, but the sales volumes ofelastic adhesives for automotive use, etc., increased. In the civil engineering and construction field, salesof sealing materials for construction and civil engineering and materials used in construction methods forpreventing flaking increased in line with an increase in renovation projects.
The prices of raw materials used in adhesives and sealants still continued to rise. However, efforts forreflecting cost in product sales prices progressed, resulting in higher net sales and operating profit.
As a result of the above, net sales increased 3.9% year on year to 71,627 million yen and operating profit
grew 45.7% year on year to 6,609 million yen.
(ii) Chemicals
In the chemical engineering field, sales of resin raw materials decreased. In the automobile field, sales of
products for hybrid vehicles were strong due to the elimination of semiconductor shortages and new
adoption. Sales for related merchandise for electronic and electrical appliances declined due to the impact
of weaker demand for personal consumer products such as PCs, tablets, and smartphones. Regarding sales
at Maruyasu & Co., Ltd., products for use in capacitors decreased.
As a result of the above, net sales increased 13.4% year on year to 39,305 million yen and operating profit
grew 4.0% year on year to 1,315 million yen.
(iii) Construction
In the Construction Business, repair, improvement, and reinforcement works in the infrastructure and(housing) stock markets, particularly for public works, were continuously steady. The progress ofconstruction was also good. As a result, net sales and operating profit of all five related construction
companies increased significantly. In addition, CHUSHIN CONSTRUCTION CO., LTD., which becamea subsidiary of the Company in January 2023, contributed to the increase in sales and profit.
As a result of the above, net sales increased 12.0% year on year to 21,857 million yen and operating profit
grew 39.7% year on year to 2,244 million yen.

-2-

(iv) OtherThe Other segment represents the Real Estate Rental Business, etc. Net sales decreased 2.0% year on year
to 178 million yen and operating profit recorded 124 million yen (2 million yen in the same period of theprevious year).
(2) Overview of financial position for the fiscal year under review
Total assets as of March 31, 2024, increased 7,975 million yen from the previous fiscal year-end to 140,850
million yen.
(i) Assets
Current assets decreased 1,808 million yen from the previous fiscal year-end to 92,625 million yen. Thiswas mainly due to a decrease of 5,544 million yen in cash and deposits, despite an increase of 2,291 million
yen in electronically recorded monetary claims – operating and an increase of 2,153 million yen in contract
assets. Non-current assets increased 9,783 million yen from the previous fiscal year-end to 48,224 million
yen mainly due to increases of 3,318 million yen in investment securities of investments and other assets,
2,577 million yen in construction in progress of property, plant and equipment, and 2,216 million yen in
retirement benefit asset of investments and other assets.
(ii) Liabilities
Current liabilities increased by 3,288 million yen from the previous fiscal year-end to 49,144 million yen
mainly due to an increase of 3,235 million yen in notes and accounts payable–trade. Non-current liabilities
grew 1,484 million yen from the previous fiscal year-end to 7,020 million yen mainly due to an increaseof 1,608 million yen in deferred tax liabilities.
(iii) Net assets
Net assets increased 3,202 million yen from the previous fiscal year-end to 84,685 million yen mainly due
to increases of 2,075 million yen in valuation difference on available-for-sale securities and 1,390 million
yen in remeasurements of defined benefit plans.
(3) Review of cash flow position for the fiscal year under review
Cash and cash equivalents (hereinafter “cash”) decreased 5,641 million yen during the fiscal year under review(increased 5,754 million yen in the same period of the previous year). This was comprised of cash flows fromoperating activities of 8,139 million yen (up 3,532 million yen year on year), cash flows used in investing
activities of 5,225 million yen (3,549 million yen was provided in the same period of the previous year), andcash flows used in financing activities of 8,603 million yen (up 6,126 million yen year on year).
As a result, the balance of cash as of March 31, 2024, amounted to 25,627 million yen, a decrease of 5,641
million yen year on year.
(i) Cash flows from operating activities
Net cash provided by operating activities was 8,139 million yen (up 3,532 million yen year on year).
This was mainly due to profit before income taxes of 11,041 million yen, despite increases in trades
receivables and contract assets of 3,838 million yen.
(ii) Cash flows from investing activities
Net cash used in investment activities was 5,225 million yen (3,549 million yen was provided in the same
period of the previous year).
This was mainly due to purchase of property, plant and equipment of 5,101 million yen.
(iii) Cash flows from financing activities
Net cash used in financing activities was 8,603 million yen (up 6,126 million yen year on year).
This was mainly due to purchase of treasury shares of 6,758 million yen, and dividends paid of 1,676
million yen.

-3-

Trends in the various cash flow indicators are shown in the table below.
Fiscal year Fiscal year Fiscal year Fiscal year Fiscal year
(Unit) ended March ended March ended March ended March ended March
31, 2020
31, 2021
31, 2022
31, 2023
31, 2024
Equity-to-asset ratio
Market value equity
ratio
Interest-bearing debt
to cash flow ratio
Interest coverage ratio

(%)

56.6

56.9

57.6

57.9

56.6

(%)

48.9

56.2

46.8

51.0

72.4

(yearly)

0.1

0.1

0.1

0.0

0.0

(times)

446.6

513.7

584.5

447.6

745.0

Equity-to-asset ratio
equity / total assets
Market value equity ratio
market capitalization / total assets
Interest-bearing debt to cash flow ratio
interest-bearing debt / cash flow
Interest coverage ratio
cash flow / interest payments
Note 1: All indicators are calculated using consolidated financial data.
Note 2: Market capitalization is calculated by multiplying the share price at the end of the fiscal year by
the number of issued shares at the end of the fiscal year (excluding treasury shares).
Note 3: Cash flow means cash flows from operating activities.
Note 4: Interest-bearing debt includes the total amount of borrowings on the consolidated balance sheets.
Note 5: The Company has applied “Accounting Standard for Revenue Recognition” (ASBJ Statement
No. 29, March 31, 2020) and relevant revised ASBJ regulations from the beginning of the fiscal
year ended March 31, 2022, and the cash flow indicator for the fiscal year ended March 31,
2021, is the indicator after retrospectively applying the accounting standard and relevant revised
ASBJ regulations.
(4) Future outlook
The Japanese economy in the fiscal year ending March 2025 is expected to recover moderately as personal
consumption begins to pick up due to higher wages and capital investment due to improved corporate earnings
increases. However, the outlook remains uncertain due to a slowdown in the global economy, particularly therecession in China, and the possibility that heightened geopolitical tensions could lead to higher crude oil prices.
Under these circumstances, in the Bond Business, the number of housing starts is expected to be at the samelevel as the previous year because, in the housing-related sector, a recovery in housing demand is not expected
due to increased construction costs, etc. On the other hand, in the civil engineering and construction field, repair,renovation, and reinforcement work in the stock market, such as buildings and condominiums, as well as in theinfrastructure market, is expected to remain strong. Additionally, the outlook for raw material prices used inadhesives and sealants is uncertain, as prices remain high due to rising freight costs caused by the “logistics
2024 problem” (a cap on overtime work for truck drivers meaning that transportation capacity may become
insufficient), rising energy costs, and other factors. In the Chemicals Business, growth is expected to continue
in the automotive industry and industrial equipment, despite continuous concerns about a decline in consumer
markets such as smartphones and personal computers. In the Construction Business, we continuously expect
growth of demand for the development and maintenance of aging infrastructure due to the promotion of theFundamental Plan for National Resilience (to prevent and mitigate disasters).
Under these circumstances, in the Group’s Bond Business, the Group will strengthen its core businesses, suchas adhesives for the housing-related field and adhesives and sealants for civil engineering and construction. It
will also endeavor to expand its business domains by developing products and strengthening new development
activities for growth markets such as the electronic, electronic materials, and automobile industries.
In the Chemicals Business, we will promote the development of products utilizing our own technologies, which
are being promoted by our Material Science Institute, with the aim of introducing them to the market. In
addition, we will work to expand sales of heat-dissipation and heat-resistant products by strengthening sales
activities in the growing markets of automobile, electronics and electrical appliances, and chemical industries.
In the Construction Business, we will work to further expand the repair, renovation, and reinforcement businessin the social infrastructure, such as bridges, and building stock market, by utilizing adhesives and construction
methods for repair, renovation, and reinforcement that the Bond Business possesses. In response to labor
shortages, which is an issue, we will consider measures to strengthen recruitment and secure employment and-4-strive to build a system to sustain business expansion.
In our consolidated earnings forecasts for the fiscal year ending March 31, 2025, we forecast that net sales will
increase 4.5% year on year to 139,000 million yen, operating profit will go up 4.0% year on year to 10,700
million yen, ordinary profit will rise 1.8% year on year to 11,000 million yen, and profit attributable to ownersof parent will increase 0.8% year on year to 7,400 million yen.
(5) Basic policy on profit distribution and dividends for fiscal 2024 and fiscal 2025
As a basic policy on profit distribution, the Company believes that returning profits to shareholders is a vital
issue facing company management. Our policy is to strive to strengthen the Company’s business base byenhancing financial structure through revenue-focused business activities and to pay a sustainable and stabledividend with a payout ratio of 30% as a guideline based on considerations such as each fiscal year’s businessperformance. We will also strive to improve business performance through measures including investing in
automation, labor-saving manufacturing, and logistics facilities that can improve productivity; expanding
business areas through M&A; and investing in introducing new core systems.
For the fiscal year under review (ended March 31, 2024), the Company forecasts a year-end dividend of 19.50
yen per share. In addition to an interim dividend of 27.00 yen (equivalent to 13.50 yen based on the post-stocksplit basis) already paid, this will result in an annual dividend of 33.00 yen (based on the post-stock-split basis).
By the way, it would be 66.00 yen if based on the pre-stock-split standards. Regarding dividends for thefollowing fiscal year (ending March 31, 2025), the Company forecasts an interim dividend of 16.50 yen per
share as an ordinary dividend and a year-end dividend of 16.50 yen and this will result in an annual dividend of
33.00 yen.
2.

Basic concept regarding selection of accounting standards
The Group has adopted Japanese accounting standards in order to ensure comparability with other Japanesecompanies in the same industries.

-5-3. Consolidated financial statements and significant notes thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable–trade
Electronically recorded monetary claims–
operatingAccounts 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
Buildings and structures, net
Machinery, equipment and vehicles
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
Construction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Guarantee deposits
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-6-

As of March 31, 2024

32,195
4,104

26,651
3,236

14,667

16,95824,898
5,749
9,355
314
1,640
1,565
(57)
94,43425,252
7,902
9,415
281
1,537
1,445
(54)
92,62525,493(13,857)
11,635
17,746(15,438)

27,608(14,440)
13,167
18,170(15,943)

2,307

2,227

4,342
(3,824)
518
9,906
309
(184)
125
1,252
25,746
1,188

4,300(3,779)
520
9,865
300
(196)
104
3,829
29,715
1,978

8,084
2
380
1,791
225
1,040
(17)
11,50638,440132,874

11,402
4
372
4,007
319
441
(17)
16,53048,224140,850

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable–trade
Electronically recorded obligations–operating
Short-term borrowings
Current portion of long-term borrowings
Lease obligations
Income taxes payable
Contract liabilities
Provision for bonuses
Provision for bonuses for directors (andother officers)
Other
Total current liabilities
Non-current liabilities
Lease obligations
Long-term guarantee deposits
Long-term borrowings
Deferred tax liabilities
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-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets-7-

As of March 31, 2024

33,98337,218

3,728

4,072

48
60
20
3,298
360
1,152

50
42
19
1,087
286
1,411

131

155

3,070
45,856

4,798
49,144

110
3,010
116
1,300
645
353
5,536
51,392

90
3,130
76
2,909
714
98
7,020
56,165

4,603
4,557
69,450(5,904)72,707

4,603
4,422
67,314(4,604)71,735

2,611

4,687

(0)
450
1,206

650
2,597

4,268

7,934

4,507
81,482
132,874

5,014
84,685140,850

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using
equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission expenses
Depreciation
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Insurance claim income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Bad debt expenses
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

Fiscal year ended
March 31, 2023
123,339
99,756
23,583
16,161
7,421

Fiscal year ended
March 31, 2024
132,969
106,31226,657
16,37010,286

22
247
51

31
260
70

31

40

238
591

259
661

10
0
39
35
85
7,927

10
47
46
37
141
10,806

0
7,185
7,185

285
92
3
381

60
0
61
15,052
4,502
206
4,709
10,342
310
10,03260
84
2147
11,041
3,369
(73)
3,295
7,745
401
7,344

-8-

Consolidated statement of comprehensive income(Millions of yen)

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, netof taxShare of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to ownersof parent
Comprehensive income attributable to noncontrolling interests

Fiscal year ended
March 31, 2023
10,342-9-

Fiscal year ended
March 31, 2024
7,745

238

2,232

(0)
205

0
195

4

1,390

0

41

449
10,791

3,860
11,606

10,444

11,010347

595

(3) Consolidated statement of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity
Retained
Total shareholders’Share capital Capital surplus
Treasury sharesearnings
equityBalance at beginning of
periodChanges during period
Dividends of surplus
Profit attributable to ownersof parent
Purchase of treasury shares
Disposal of treasury shares
Cancellation of treasury
sharesNet changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

4,603

4,544

61,164(5,504)64,808(1,747)(1,747)

10,032

10,032
(442)
42

13

(442)
55
-

4,603

13
4,557

8,285
69,450(400)(5,904)

7,898
72,707

Accumulated other comprehensive income
Valuation
Deferred gains
difference onor losses onavailable-forhedges
sale securities
Balance at beginning of
periodChanges during period
Dividends of surplus
Profit attributable to ownersof parent
Purchase of treasury shares
Disposal of treasury shares
Cancellation of treasury
sharesNet changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

Foreigncurrencytranslation
adjustment

Total
Remeasurement accumulateds of definedotherbenefit plans comprehensive
income

2,383

0

270

1,201

3,856

227

(0)

179

4

411

227
2,611

(0)
(0)

179
450

4
1,206

411
4,268

-10-

Non-controlling
Total net assetsinterests
Balance at beginning of
periodChanges during period
Dividends of surplus
Profit attributable to ownersof parent
Purchase of treasury shares
Disposal of treasury shares
Cancellation of treasury
sharesNet changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

4,232

72,897(1,747)
10,032
(442)
55
-

274

686

274
4,507

8,584
81,482-11-

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders’ equity

Balance at beginning of
periodChanges during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesCancellation of treasury
sharesNet changes in items
other than shareholders’equityTotal changes during
periodBalance at end of period

Share capital

Capital surplus

4,603

4,557

Retainedearnings
69,450Treasury shares

Total
shareholders’equity(5,904)72,707(1,675)(1,675)

7,344

7,344
(6,711)(6,711)

43

71

27
(162)

(7,804)

7,966

-

-

(135)

(2,135)

1,299

(971)

4,603

4,422

67,314(4,604)71,735

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of
periodChanges during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesCancellation of treasury
sharesNet changes in items
other than shareholders’equityTotal changes during
periodBalance at end of period

Total
Deferred gains Foreign currency Remeasurements accumulated
or losses ontranslationof definedotherhedgesadjustment
benefit plans comprehensive
income

2,611

(0)

450

1,206

4,268

2,075

0

200

1,390

3,666

2,075

0

200

1,390

3,666

4,687

-

650

2,597

7,934

-12-

Non-controlling
Total net assetsinterests
Balance at beginning of
periodChanges during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesCancellation of treasury
sharesNet changes in items
other than shareholders’equityTotal changes during
periodBalance at end of period

4,507

81,482(1,675)
7,344(6,711)
71
-

507

4,174

507

3,202

5,014

84,685-13-

(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Loss (gain) on sale of investment securities
Loss (gain) on disposal of property, plant andequipment
Loss (gain) on sale of property, plant and equipment
Bad debt expenses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for
directors (and other officers)
Decrease (increase) in retirement benefit asset
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Insurance claim income
Share of loss (profit) of entities accounted for using
equity method
Decrease (increase) in trade receivables and contract
assetsDecrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in other current liabilities
Increase (decrease) in other non-current liabilities
Other
SubtotalInterest and dividends received
Settlement received
Proceeds from insurance income
Interest paid
Income taxes paid
Cash flows from operating activities
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
Proceeds from cancellation of insurance funds
Purchase of shares of subsidiaries resulting in change
in scope of consolidation
Other
Cash flows from investing activities-14-

Fiscal year ended
March 31, 2024

15,0522,050
106
011,041
1,819
127
(285)

33

21

(7,183)
6
26

11
84
(3)
258

14

24

(48)
0
(270)
10
-

(103)
(43)
(291)
10
(92)

(31)

(40)

(2,973)(3,838)(2,433)
2,304
(32)
30
256
6,919
270
(10)
(2,573)
4,606

144
3,495
684
(134)
215
13,108
291
150
92
(10)
(5,492)
8,139(1,607)
1,587(1,309)
6,471
(92)
(71)
0
-

(1,302)
1,764(5,101)
92
(984)
(97)
354
49

(1,475)

-

45
3,549

(1)
(5,225)

(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of lease obligations
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Other
Cash flows from 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
Cash and cash equivalents at end of period-15-

Fiscal year ended
March 31, 2024

(3)
(22)
(184)
(442)
(1,748)(72)(4)(2,476)

(2)
(20)
(57)
(6,758)(1,676)(87)(8,603)

75

47

5,754
25,51431,268(5,641)
31,26825,627

(5) Notes on premise of going concern
Not applicable.
(6) Changes in significant basic matters for preparation of consolidated financial statements
Changes in presentation
Consolidated statement of income“Foreign exchange gains,” which were included in “Other” of “Non-operating income” in the previous fiscal
year, are independently presented from the fiscal year under review, as they exceeded 10% of the total amountof non-operating income. To reflect the changes to presentation, the consolidated financial statements of theprevious fiscal year have been reclassified.
As a result, 289 million yen shown in “Other” of “Non-operating income” in the consolidated statement ofincome of the previous fiscal year has been reclassified as 51 million yen in “Foreign exchange gains” and 238
million yen in “Other.”“Compensation expenses” in “Non-operating expenses,” which were independently presented in the previous
fiscal year, are included in “Other” of “Non-operating expenses” from the fiscal year under review, as they
decreased to no more than 10% of the total amount of non-operating expenses. Additionally, “Commission
expenses,” which were included in “Other” of “Non-operating expenses” in the previous fiscal year, areindependently presented from the fiscal year under review, as they exceeded 10% of the total amount of nonoperating expenses. To reflect the changes to presentation, the consolidated financial statements of the previous
fiscal year have been reclassified.
As a result, the 17 million yen of “Compensation expenses” and 18 million yen of “Other” shown in “Nonoperating expenses” in the consolidated statement of income of the previous fiscal year have been reclassified
as 0 million yen in “Commission expenses” and 35 million yen in “Other.”“Gain on sale of investment securities,” which was included in “Other” of “Extraordinary income” in theprevious fiscal year, is independently presented from the fiscal year under review, as it exceeded 10% of thetotal amount of extraordinary income. To reflect the changes to presentation, the consolidated financial
statements of the previous fiscal year have been reclassified.
As a result, 0 million yen shown in “Other” of “Extraordinary income” in the consolidated statement of incomeof the previous fiscal year has been reclassified as 0 million yen in “Gain on sale of investment securities.”-16-

(7) Notes to consolidated financial statements
Segment information, etc.
Segment information
1 Description of reportable segments
The reportable segments of the Company are constituent units of the Company for which separate
financial information is available. The Board of Directors periodically examines these segments to decideon the allocation of management resources and evaluate business performance.
The Company basically consists of three business divisions, the Bond Business, Chemicals Business, andConstruction Business, with each business formulating a comprehensive strategy that includes Japan andoverseas, and pursuing business activities.
Accordingly, the Group has the following three reportable segments: Bond, Chemicals, and Construction.
“Bond” covers the manufacture and sale of industrial adhesives, adhesives for general household use,
adhesives for construction, adhesives for civil engineering, sealing materials, adhesives for wallcoverings, waxes, and adhesive tapes. “Chemicals” cover the sale of industrial chemicals, synthetic
resins, resin mold products, materials for electronic components, and thin film materials. “Construction”
covers undertaking contracts for repair, improvement, and reinforcement works in the infrastructure andused building markets.
2 Method of calculating net sales, profit or loss, and other items by reportable segment
The accounting method for the reported business segments is in accordance with the accounting policies
used to prepare the consolidated financial statements.
Values for profits shown in reportable segments are based on operating profit.
Intersegment internal revenues and transfers are based on market prices.
3

Disclosure of net sales, profit or loss, and other items by reportable segment
Fiscal year ended March 31, 2023
(Millions of yen)
Reportable segment
Bond

Chemicals Construction

Other(Note) 1

Total

Total

Adjustments(Note) 2

Amount inconsolidated
financialstatements(Note) 3

Net sales
Revenues from externalcustomers
Intersegment sales andtransfers

68,96834,674

19,514

123,157

182

123,339-

123,339

331

389

14

734

80

815

(815)

-

69,29935,064

19,528123,892262

124,155(815)

123,339

Segment profit

4,536

1,265

1,606

7,408

2

7,411

10

7,421

Segment assets

68,04343,371

17,104

128,519

3,623

132,143731

132,874

1,734

35

90

1,859

174

2,033

16

2,050

17

-

88

106

-

106

-

106

-

-

-

-

-

-

342

342

1,622

55

698

2,376

290

2,667

-

2,667

Total

Other items
Depreciation
Amortization of
goodwill
Investments in equity
method affiliates
Increase in property,
plant and equipment andintangible assets

Notes: 1 The “Other” category is a business segment not included in reportable segments, and includes the realestate rental business.

-17-

2 Details of adjustments are as follows:(1) Adjustments of segment profit represent eliminations for intersegment transactions.
(2) The 731 million yen adjustment for segment assets includes minus 218 million yen of eliminationof intersegment receivables and payables, minus 26 million yen of adjustment for unrealized gains,
and 977 million yen of corporate assets not allocated to each reportable segment. Corporate assets
consist mainly of surplus funds under management (time deposits) at the Company and investmentsin equity method affiliates.
(3) Adjustments of depreciation mainly represent depreciation unallocated to the reportable segments.
3 Segment profit is adjusted with operating profit in the consolidated statement of income.
Fiscal year ended March 31, 2024
(Millions of yen)
Reportable segment
Bond

Chemicals Construction

Other(Note) 1

Total

Amount inconsolidated
Adjustments
financial(Note) 2
statements(Note) 3

Total

Net sales
Revenues from externalcustomers
Intersegment sales andtransfers

71,62739,305266

311

71,89439,616

Segment profit

6,609

Segment assets

Total

21,857 132,791-

132,969

967

(967)

-

22,172 133,683

253 133,937(967)

132,969

1,315

2,244

124

10,294(7)

10,28674,49044,13718,017 136,646

3,423 140,069

781

140,850

1,619

39

107

1,765

37

1,803

16

1,819

18

-

109

127

-

127

-

127

-

-

-

-

-

-

424

424

6,460

157

364

6,982

2

6,984

-

6,984

314

892

10,169178 132,969
75

Other items
Depreciation
Amortization of
goodwill
Investments in equity
method affiliates
Increase in property,
plant and equipment andintangible assets

Notes: 1 The “Other” category is a business segment not included in reportable segments, and includes the realestate rental business.
2 Details of adjustments are as follows:(1) Adjustments of segment profit represent eliminations for intersegment transactions.
(2) The 781 million yen adjustment for segment assets includes minus 527 million yen of eliminationof intersegment receivables and payables, 270 million yen of adjustment for unrealized gains, and
1,037 million yen of corporate assets not allocated to each reportable segment. Corporate assets
consist mainly of surplus funds under management (time deposits) at the Company and investmentsin equity method affiliates.
(3) Adjustments of depreciation mainly represent depreciation unallocated to the reportable segments.
3 Segment profit is adjusted with operating profit in the consolidated statement of income.

-18-

Disclosure of impairment loss on non-current assets by reportable segment
Fiscal year ended March 31, 2023
Not applicable.
Fiscal year ended March 31, 2024
Not applicable.
Amortization and unamortized balance of goodwill by reportable segment
Fiscal year ended March 31, 2023
(Millions of yen)
Reportable segment
Chemicals Construction

Bond
Amortization
during period
Balance at endof period

Total

Corporate andelimination

Other

Total

17

-

88

106

-

-

106

51

-

472

523

-

-

523

Fiscal year ended March 31, 2024
(Millions of yen)
Reportable segment
Chemicals Construction

Bond
Amortization
during period
Balance at endof period

Total

Corporate andelimination

Other

Total

18

-

109

127

-

-

127

36

-

362

399

-

-

399

Information about gain on negative goodwill by reportable segment
Fiscal year ended March 31, 2023
Not applicable.
Fiscal year ended March 31, 2024
Not applicable.

-19-Per share information
Fiscal year ended March 31, 2023
Net assets per share
Basic earnings per share

Fiscal year ended March 31, 2024

1,086.96 yen

1,222.36 yen

140.97 yen

108.87 yen

Notes: 1 Diluted earnings per share is not stated because there were no potential shares.
2 The Company conducted a stock split at a ratio of two shares for one common share with an effective
date of January 1, 2024. “Net assets per share” and “Basic earnings per share” are calculated based on
the assumption that the stock split was conducted at the beginning of the fiscal year ended March 31,
2023.
3 The basis for calculation is as follows:(i)

Net assets per share

Total net assets (millions of yen)
Net assets attributable to commonshares (millions of yen)
Main details of differences (millionsof yen)Non-controlling interests
Number of issued common shares(thousand shares)
Number of treasury common shares(thousand shares)
Number of common shares used for
calculating net assets per share(thousand shares)

As of March 31, 2023
81,482As of March 31, 2024
84,68576,97579,670

4,507

5,014

81,41470,414

10,597

5,237

70,81765,177(ii) Basic earnings per share
Fiscal year ended
March 31, 2023
Profit attributable to owners ofparent(millions of yen)Amounts not attributable tocommon shareholders (millions ofyen)Profit attributable to owners ofparent related to common shares(millions of yen)
Average number of outstanding
common shares during period(thousand shares)

Fiscal year ended
March 31, 2024
10,032

7,344

-

-

10,032

7,344

71,16767,457

Omission of disclosure
Notes other than the above are omitted because their disclosure is considered unnecessary in reports offinancial results.
Significant events after reporting period
Not applicable.

-20-

4.

Other
Change in officers
Disclosure will be made when the details of disclosure are determined.

-21-

Reference: Supplementary Information on Financial Results for the
Fiscal Year Ended March 31, 2024
1. Financial Results and Forecasts(Millions of yen)

Fiscal year ended
March 31, 2024
Full year

Fiscal year ending March 31, 2025 (forecast)
Full year

Changes (amount)

Changes (%)

Net sales

Consolidated

132,969

139,000

6,030

4.5%

Operating profit

Consolidated

10,286

10,700413

4.0%

Ordinary profit

Consolidated

10,806

11,000193

1.8%

Profit attributable toowners of parent

Consolidated

7,344

7,400

55

0.8%

2. Financial Results and Forecasts by Segment
Fiscal year ended
March 31, 2024
Full year
Bond

Chemicals

Construction

Other

Adjustments

Total(Millions of yen)
Fiscal year ending March 31, 2025 (forecast)
Full year

Changes (amount)

Changes (%)

Net sales

71,62774,700

3,072

4.3%

Operatingprofit

6,609

7,000

390

5.9%

Net sales

39,30540,000694

1.8%Operatingprofit

1,315

1,460

144

11.0%

Net sales

21,857

24,100

2,242

10.3%

Operatingprofit

2,244

2,100

(144)

(6.4)%Net sales

178

200

21

12.0%

Operatingprofit

124

140

15

12.2%

Net sales

-

-

-

-

Operatingprofit(7)07(100.0)%Net sales

132,969

139,000

6,030

4.5%

Operatingprofit10,286

10,700

413

4.0%

-22-

3. Indicators(Millions of yen)
Fiscal year ended
March 31, 2024
Full year

Fiscal year ending March 31, 2025 (forecast)
Full year

Changes (amount)

Changes (%)

Capital investment

Consolidated

6,984

5,874

(1,109)(15.9)%

Depreciation

Consolidated

1,819

2,105

286

15.7%

Research anddevelopment

Consolidated

1,640

1,726

85

5.2%

Note 1: Figures are rounded down to the nearest 1 million yen.
Note 2: Changes (amount and %) are presented in comparison with the same period of the previous fiscal year.

-23-