July 16, 2024

Consolidated Financial Results
for the First Quarter of the Fiscal Year Ending February 28, 2025
(Three Months Ended May 31, 2024)
Company name:Securities code:
Representative:
Contact:[Japanese GAAP]
Listing: Tokyo Stock Exchange
URL: https://www.ait-jp.com/

AIT CORPORATION

9381
Hidekazu Yagura, President and CEO
Toshiaki Uchida, Director in charge of General Affairs & Planning Dept., Information Technology
System Dep. and Accounting & Finance Dept., General Manager of Accounting & Finance Dept.
Tel: +81-6-6260-3450
Scheduled date of filing of Quarterly Report:
July 16, 2024Scheduled date of payment of dividend:
Preparation of supplementary materials for quarterly financial results: NoneNone
Holding of quarterly financial results meeting:(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the First Quarter (March 1, 2024 – May 31, 2024) of the Fiscal YearEnding February 28, 2025
(1) Consolidated results of operations(Percentages represent year-on-year changes)

Three months ended May 31, 2024
Three months ended May 31, 2023
Note: Comprehensive income

Operating revenue

Operating profit

Million yenMillion yen%

Profit attributable toowners of parent

Ordinary profit%

Million yen%

Million yen

12,879(2.6)
1,143(0.7)
1,184
1.8
13,218 (23.6)
1,152 (11.8)
1,163(3.2)
Three months ended May 31, 2024: 1,027 million yen (up 14.9%)
Three months ended May 31, 2023: 893 million yen (down 24.2%)
Net income per share
Diluted net income per share

Three months ended May 31, 2024
Three months ended May 31, 2023

YenYen

32.42
32.62

-761766%

(0.6)
(5.4)

(2) Consolidated financial position
Total assets

Net assets

Million yen

As of May 31, 2024
As of Feb. 29, 2024
Reference: Equity capital

Equity ratio

Million yen

24,382
23,866
As of May 31, 2024: 17,542 million yen%

17,93071.9
17,843
73.4
As of Feb. 29, 2024: 17,513 million yen

2. Dividends
1Q-endDividend per share
3Q-end2Q-endYen

Year-end

Total

Yen

Yen

Yen

Yen

Fiscal year ended Feb. 29, 2024
40.00
Fiscal year ending Feb. 28, 2025
Fiscal year ending Feb. 28, 2025 (forecast)
40.00
Note: Revision to the most recently announced dividend forecast: None-40.00

80.00-40.0080.00

3. Consolidated Forecast for the Fiscal Year Ending February 28, 2025 (March 1, 2024 – February 28, 2025)
Operating revenue

Operating profit

Million yen

Million yen%

(Percentages represent year-on-year changes)
Profit attributable
Net income perto owners of parent
share

Ordinary profit%

Million yen%First half
26,7005.4
2,000(9.3)
2,120(9.2)
Full year
55,600
8.2
4,500
4.0
4,750
4.7
Note: Revision to the most recently announced forecast of consolidated results: None

Million yen%

Yen

1,4303,240(7.5)
8.4

60.87
137.91

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes inscope of consolidation): None
Newly added: -Excluded: -(2) Application of special accounting methods for presenting quarterly consolidated financial statements: None
(3) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others:None2) Changes in accounting policies other than 1) above:None3) Changes in accounting-based estimates:

None4) Restatements:

None(4) Number of outstanding shares (common stock)1) Number of shares outstanding at the end of the period (including treasury shares)
As of May 31, 2024:

23,913,600 shares

As of Feb. 29, 2024:

23,913,600 shares

As of Feb. 29, 2024:

420,008 shares

2) Number of treasury shares at the end of the period
As of May 31, 2024:

420,008 shares

3) Average number of shares during the period
Three months ended May 31, 2024:

23,493,592 shares

Three months ended May 31, 2023: 23,493,592 shares

The current quarterly financial report is not subject to quarterly review by certified public accountants or auditing firms.
Cautionary statement with respect to forecasts of future performance and other special items
Note concerning forward-looking statements
Forward-looking statements in these materials are based on certain assumptions judged to be valid and information currently
available to AIT. These statements are not promises by AIT regarding future performance. Actual performance may differ
significantly from these forecasts for a number of reasons. Please refer to “1. Qualitative Information on Quarterly
Consolidated Financial Performance, (3) Explanation of Forecast of Consolidated Results and Other Forward-looking
Statements” on page 3 of the attachments regarding preconditions or other related matters for forecasts shown above.

AIT CORPORATION (9381) Financial Results for the First Quarter of FY2/25

Contents of Attachments
1. Qualitative Information on Quarterly Consolidated Financial Performance2(1) Explanation of Results of Operations

2(2) Explanation of Financial Position

3(3) Explanation of Forecast of Consolidated Results and Other Forward-looking Statements

3

2. Quarterly Consolidated Financial Statements and Notes

4(1) Quarterly Consolidated Balance Sheet

4(2) Quarterly Consolidated Statements of Income and Comprehensive Income

6(3) Notes to Quarterly Consolidated Financial Statements

8Going Concern Assumption

8Significant Changes in Shareholders’ Equity

8Segment and Other Information

81

AIT CORPORATION (9381) Financial Results for the First Quarter of FY2/25

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations
During the first quarter of the fiscal year ending February 28, 2025, improvements in employment and personal
income supported a slow recovery of the Japanese economy, although the recovery of consumer spending lostmomentum. The outlook for the economy remains unclear because of the effects of monetary tightening
worldwide, instability in many areas of the world, foreign exchange rate movements, inflation and other reasons.
Shipments to Japan from China and Southeast Asia account for a large share of the cargo handled by the AITGroup. The increasing cost of imported products caused by the yen’s weakness is continuing to create challenges
for companies that have business activities involving imports.
Although the business climate is difficult, the AIT Group has been using many activities to end the two-year
decline in the number of containers and the number of customs clearance orders. To increase revenue andearnings, there have been many sales activities aimed at capturing more business in the core international freight
forwarding sector as well as more orders for customs clearance and delivery services. Another goal is increasingorders for merchandise inspections, needle detection, processing and other services associated with imports andexports and for third-party logistics (3PL). Progress with the group’s digital strategy for becoming even morecompetitive is one more major initiative. For example, one goal is to enable subsidiaries to provide digital
services just as AIT does.
During the first quarter, the volume of cargo overall was still sluggish in part because of the yen’s weakness. Dueto the success of the initiatives outlined in the previous paragraph, the volume of imports to Japan handled washigher than in the first quarter of the previous fiscal year. Results of operations also benefited from placing
priority on handling more export shipments from Japan.
Shipping rates during the first quarter were lower than one year earlier. The decline in revenue caused by lower
rates could not be completely offset by the increase in the volume of freight and higher revenue due to the yen’s
weakness. As a result, first quarter operating revenue decreased.
The gross profit margin increased because of lower operating costs due in part to the decline in shipping rates.
Furthermore, although operating expenses are growing as salary increases raise personnel expenses and for otherreasons, measures to reexamine expenses and cut costs continued in order to generate as much earnings aspossible.
Operating revenue decreased 2.6% year-on-year to 12,879 million yen. Operating profit decreased 0.7% to 1,143
million yen. Ordinary profit was up 1.8% to 1,184 million yen and profit attributable to owners of parent
decreased 0.6% to 761 million yen.
Results by business segment are as follows.
1) Japan
The business climate in Japan was difficult during the first quarter because of the difference between current
shipping rates and rates in the previous fiscal year when ocean freight rates declined throughout the year. Theyen’s depreciation also created challenges. To increase revenue and earnings, the AIT Group used a broad rangeof sales activities for adding new customers and raising the volume of business with current customers.
The number of ocean freight containers handled was 59,078 TEU for imports, 1.9% more than one year earlier.
Export containers were up 33.0% to 4,769 TEU because of activities to handle more export shipments during thecurrent weakness of the yen. As a result, the total for imports and exports increased 3.7% to 63,847 TEU.
Customs clearance orders were about the same as one year earlier, increasing 0.2% to 35,102.
As a result, operating revenue in Japan decreased 3.9% from one year earlier to 10,984 million yen, negatively
affected by lower ocean cargo shipping rates. Segment profit decreased 5.2% to 937 million yen.

2

AIT CORPORATION (9381) Financial Results for the First Quarter of FY2/252) China
Opportunities to receive orders for shipments within China decreased because of a sharp downturn in the volumeof freight for Japan in March 2024 caused mainly by adjustments in the timing of shipments. In addition,
receiving orders for merchandise inspections and needle detection is still difficult. Although China revenue was
low on a local currency basis, the depreciation of the yen resulted in higher revenue after conversion to the yen.
As a result, operating revenue increased 1.8% from one year earlier to 1,504 million yen. Segment profit
increased 32.4% to 144 million yen due to an improvement in the gross profit margin and measures to hold down
and cut expenses.
3) OtherThe volume of freight shipped to Japan is recovering at the subsidiary in Vietnam. The volume of imports fromJapan increased at the subsidiary in Taiwan. Due to these favorable trends, opportunities to earn revenue
increased. At the subsidiary in Myanmar, revenue involving cargo shipments was steady and orders formerchandise inspections and needle detection remained strong. Furthermore, yen conversions of revenue andearnings were higher because of the yen’s depreciation. As a result, operating revenue increased 28.0% from oneyear earlier to 390 million yen and segment profit increased 13.2% to 61 million yen.
Note: TEU (twenty-foot equivalent unit) is a unit of cargo capacity based on a standard intermodal container.
(2) Explanation of Financial Position
AssetsTotal assets increased 515 million yen from the end of the previous fiscal year to 24,382 million yen at the end of
the first quarter of the current fiscal year.
Current assets increased 595 million yen to 20,563 million yen. This was mainly due to increases in notes andaccounts receivable-trade of 433 million yen and advances paid of 178 million yen.
Non-current assets decreased 79 million yen to 3,818 million yen. This was mainly due to decreases incustomer-related assets of 65 million yen and goodwill of 27 million yen, and an increase in investment securitiesof 57 million yen.
Liabilities
Total liabilities increased 428 million yen to 6,452 million yen.
Current liabilities increased 476 million yen to 4,586 million yen. This was mainly due to an increase in accounts
payable-trade of 508 million yen and a decrease of 325 million yen in income taxes payable.
Non-current liabilities decreased 48 million yen to 1,865 million yen. This was mainly due to a decrease of 48
million yen in retirement benefit liability.
Net assets
Net assets increased 87 million yen to 17,930 million yen. This was mainly due to an increase in foreign currencytranslation adjustment of 207 million yen. There was profit attributable to owners of parent of 761 million yen
and a decrease of 939 million yen resulting from dividends from retained earnings.
(3) Explanation of Forecast of Consolidated Results and Other Forward-looking Statements
Revenue and earnings in the first quarter were generally in line with the forecasts. There are no revisions to thefirst half and full year forecasts of consolidated results for the fiscal year ending February 28, 2025, which wereannounced on April 15, 2024.
We will make an announcement promptly if we decide that there is a need to revise these forecasts.

3

AIT CORPORATION (9381) Financial Results for the First Quarter of FY2/25

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheet(Millions of yen)First quarter of FY2/25(As of May 31, 2024)

FY2/24(As of Feb. 29, 2024)
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Advances paid
Other
Allowance for doubtful accounts
Total current assets

14,504
3,922
1,287
287
(33)

14,514
4,355
1,465
264
(36)

19,96820,563

Non-current assets
Property, plant and equipment
Intangible assets
Goodwill
Customer-related assets
Other774

766

544
1,316
166

516
1,250
152

Total intangible assets

2,026

1,919

Investments and other assets
Investment securities
Other
Allowance for doubtful accounts634
494(30)

691
472
(30)

Total investments and other assets

1,097

1,133

3,898

3,818

23,86624,382

2,194
718
428
38
729

2,703
392
434
9
1,045

4,109

4,586

329
779

355
730

214

179

247
344

247
352

1,914

1,865

6,023

6,452

Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable-trade
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and other officers)
Other
Total current liabilities
Non-current liabilitiesDeferred tax liabilities
Retirement benefit liability
Provision for retirement benefits for directors (andother officers)
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities

4

AIT CORPORATION (9381) Financial Results for the First Quarter of FY2/25(Millions of yen)First quarter of FY2/25(As of May 31, 2024)

FY2/24(As of Feb. 29, 2024)
Net assets
Shareholders’ equity
Share capital

500

500

Capital surplus

5,045

5,045

Retained earnings

11,19811,020Treasury shares

(392)

(392)

Total shareholders’ equity16,350

16,1724342

Foreign currency translation adjustment

1,134

1,341

Remeasurements of defined benefit plans

(14)

(14)

Total accumulated other comprehensive income

1,162

1,369

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

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

5329

388

17,843

17,93023,86624,382

AIT CORPORATION (9381) Financial Results for the First Quarter of FY2/25(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statement of Income(For the Three-month Period)First three months of FY2/24(Mar. 1, 2023 – May 31, 2023)(Millions of yen)First three months of FY2/25(Mar. 1, 2024 – May 31, 2024)

13,188

12,849Operating revenue
Forwarding income
Other business income

30

30

Total operating revenue

13,21812,879Operating costs
Forwarding cost

10,611

10,217

Cost of other business

1616

Total operating costs

10,627

10,233Gross profit

2,591

2,646

Selling, general and administrative expenses

1,438

1,502

Operating profit

1,152

1,143

Interest income

36

Dividend income
Share of profit of entities accounted for using
equity method
Foreign exchange gains

2037

29-

2

Non-operating income

Other

157

Total non-operating income

5845

Interest expenses

24

Foreign exchange losses

44-Other00

Total non-operating expenses

47

4

1,163

1,184

00

Non-operating expenses

Ordinary profit
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses

00

1,163

1,184

Income taxes-current

405

342

Income taxes-deferred(29)43

Total income taxes

375

385

Profit787

798

Profit before income taxes

Profit attributable to non-controlling interests

2136

Profit attributable to owners of parent

766761

6

AIT CORPORATION (9381) Financial Results for the First Quarter of FY2/25

Quarterly Consolidated Statement of Comprehensive Income(For the Three-month Period)First three months of FY2/24(Mar. 1, 2023 – May 31, 2023)(Millions of yen)First three months of FY2/25(Mar. 1, 2024 – May 31, 2024)

787

798

4(0)

89199

1229

00

106

228

893

1,027

869

968

2458

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Share of other comprehensive income of entities
accounted for using equity method
Remeasurements of defined benefit plans, net oftax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable tonon-controlling interests

7

AIT CORPORATION (9381) Financial Results for the First Quarter of FY2/25(3) Notes to Quarterly Consolidated Financial Statements
Going Concern Assumption
Not applicable.
Significant Changes in Shareholders’ Equity
Not applicable.
Segment and Other Information
Segment Information
I First three months of FY2/24 (Mar. 1, 2023 – May 31, 2023)
Information related to revenue and profit or loss for each reportable segment and breakdown of revenue
Reportable segment
China(Note 1)

Japan
Operating revenue
Revenue fromcontracts withcustomers
Other revenue(1) Revenue fromexternalcustomers(2) Inter-segment
revenue andtransfers
Total

Other(Note 2)

Total

Total

(Millions of yen)Amounts shown onquarterly consolidated
statement of income(Note 3)

Adjustment

11,405

1,477

12,883305

13,188-13,18830-30-30-30

11,436

1,477

12,913305

13,218-13,218

23

1,100

1,123

115

1,238

(1,238)-11,4592,577

14,037420

14,457(1,238)13,218Segment profit
988
108
1,097
54
1,152
1,152
Notes: 1. “China” includes the business activities of entities in China and Hong Kong.
2. “Other” is a business segment not included in reportable segments and includes the business activities of entities in
Taiwan, Vietnam and Myanmar.
3. Segment profit is consistent with operating profit recorded in the quarterly consolidated statement of income.

8AIT CORPORATION (9381) Financial Results for the First Quarter of FY2/25

II First three months of FY2/25 (Mar. 1, 2024 – May 31, 2024)
Information related to revenue and profit or loss for each reportable segment and breakdown of revenue
Reportable segment
China(Note 1)

Japan
Operating revenue
Revenue fromcontracts withcustomers
Other revenue(1) Revenue fromexternalcustomers(2) Inter-segment
revenue andtransfers
Total

Other(Note 2)

Total

Total

(Millions of yen)Amounts shown onquarterly consolidated
statement of income(Note 3)

Adjustment

10,954

1,504

12,45939012,849-

12,849

30-

30-

30-

30

10,984

1,504

12,489390

12,879-12,879

39

1,113

1,152

117

1,270(1,270)-

11,024

2,618

13,642507

14,150(1,270)

12,879Segment profit
937
144
1,081
61
1,143
1,143
Notes: 1. “China” includes the business activities of entities in China and Hong Kong.
2. “Other” is a business segment not included in reportable segments and includes the business activities of entities inTaiwan, Vietnam and Myanmar.
3. Segment profit is consistent with operating profit recorded in the quarterly consolidated statement of income.

This summary report is solely a translation of “Kessan Tanshin” (in Japanese, including attachments), which has been
prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience ofreaders who prefer an English translation.

9