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.

May 12, 2023

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2023
(Under Japanese GAAP)
Company name:
YUASA TRADING CO., LTD.
Listing:
Tokyo Stock Exchange
Securities code:
8074
URL:
https://www.yuasa.co.jp/english/index.html
Representative:
Hiroyuki Tamura, Representative Director, President & CEO
Inquiries:
Hideki Tani, General Manager Finance Dept.
Telephone:+81-3-6369-1366
Scheduled date of ordinary general meeting of shareholders:June 23, 2023
Scheduled date to commence dividend payments:
June 5, 2023
Scheduled date to file annual securities report:
June 23, 2023
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2023 (from April 1, 2022 to March 31,
2023)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales
Fiscal year ended

Millions of yen

March 31, 2023
March 31, 2022
Note: Comprehensive income

Operating profit%

Millions of yen

504,806

9.1

462,725–%

Millions of yen

14,59922.9

11,88032.3

For the fiscal year ended March 31, 2023:
For the fiscal year ended March 31, 2022:

Basic earnings
per share

Diluted earnings
per share

Fiscal year ended

Yen

March 31, 2023

466.23464.11March 31, 2022

364.54362.23

Reference:

Yen

Profit attributable toowners of parent

Ordinary profit%

Millions of yen%

15,38231.0

10,07925.1

11,744

17.3

8,058

16.3

¥9,280 million¥4,992 million

Profit attributable toowners ofparent/equity%[85.9%][(57.4)%]

Ordinary profit/
total assets

Operating profit/
net sales
%

%

10.8

5.8

2.9

8.9

4.7

2.6

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31, 2023:¥(52) million
For the fiscal year ended March 31, 2022:¥(1,439) million

(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen

March 31, 2023

271,218

95,24034.9

4,483.99

March 31, 2022

259,41392,60535.5

4,160.75

Reference:

EquityAs of March 31, 2023:
As of March 31, 2022:%

Yen¥94,677 million¥91,981 million(3) Consolidated cash flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2023
March 31, 2022

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at end of
periodMillions of yen

Millions of yen

Millions of yen

Millions of yen

8,338
10,213(2,845)
4,776(6,890)(3,553)52,39553,536

2. Cash dividends
Annual dividends per shareFirst
quarterend

Secondquarterend

Third
quarterend

Fiscalyear-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended
March 31, 2022
Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024
(Forecast)

Total

Total cash
dividends(Total)Ratio of
Dividend payout
dividends to net
ratio
assets(Consolidated)(Consolidated)

Millions of yen

%

%

–

49.00

–

74.00

123.00

2,742

33.7

3.0

–

60.00

–

80.00

140.00

3,015

30.0

3.2

–

86.00

–

86.00

172.0030.8

Notes: 1. Total cash dividends for the fiscal year ended March 31, 2022 include dividends of ¥23 million for the Company’s shares
owned by the Board Incentive Plan (BIP) Trust.
2. Total cash dividends for the fiscal year ended March 31, 2023 include dividends of ¥23 million for the Company’s shares
owned by the Board Incentive Plan (BIP) Trust.

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2024 (from April 1, 2023 to March
31, 2024)(Percentages indicate year-on-year changes.)
Net sales
Millions of yen

Operating profit% Millions of yen

Profit attributable toowners of parent

Ordinary profit% Millions of yen

Six months ending
September 30, 2023

252,000

7.7

5,900 14.9

Full year

523,000

3.6

15,4005.5% Millions of yen

Basic earnings
per share%

Yen

6,400 12.6

6,300 72.1

300.55

16,40011,700 16.1

558.17

6.6

* 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(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: Yes(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, 2023

23,155,882 shares

As of March 31, 2022

23,155,882 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2023

2,041,301 shares

As of March 31, 2022

1,048,982 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2023

21,620,114 sharesFiscal year ended March 31, 2022

22,105,484 shares

Note

The shares of the Company held by the “Board Incentive Plan (BIP) Trust” are included in the number of treasury
shares at the end of the period (171,096 shares as of March 31, 2023 and 188,917 shares as of March 31, 2022).
Also, the shares of the Company held by the “Board Incentive Plan (BIP) Trust” are included in treasury sharesthat are deducted for calculation of the average number of shares outstanding during the period (175,551 sharesfor the fiscal year ended March 31, 2023 and 190,720 shares for the fiscal year ended March 31, 2022).

[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2023 (from April 1, 2022 toMarch 31, 2023)(1) Non-consolidated operating results
Net sales
Fiscal year ended
March 31, 2023
March 31, 2022

Millions of yen

Operating profit% Millions of yen

357,320
327,375

9.1–

Basic earnings
per share
Fiscal year ended
March 31, 2023
March 31, 2022

(Percentages indicate year-on-year changes.)

10,536
8,111

Ordinary profit% Millions of yen

29.9
30.1

Diluted earnings
per share
Yen

Yen

435.50294.25433.53292.3813,045
10,461

Profit% Millions of yen

24.7
18.1

9,415
6,504

%

44.8
(5.8)

(2) Non-consolidated financial position
Total assets
As ofMarch 31, 2023
March 31, 2022
Reference:

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

240,783
226,864

78,04874,92332.3
32.9

3,688.60
3,378.31

EquityAs of March 31, 2023:
As of March 31, 2022:¥77,883 million¥74,684 million* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Proper use of earnings forecasts, and other special matters(Caution regarding forward-looking statements)
The forward-looking statements, including earnings forecasts, contained in this document are based on
information currently available to the Company and on certain assumptions deemed to be reasonable. Thesestatements do not purport that the Company pledges to realize such statements. Actual business and otherresults may differ substantially due to various factors. For the suppositions that form the assumptions forearnings forecasts and cautions concerning the use thereof, please refer to “1. Overview of Operating Results,(4) Future outlook” on page 6 of the attached material.

Attached Materials
1.

Overview of Operating Results................................................................................................................................... 2(1) Overview of operating results for the fiscal year ended March 31, 2023................................................................ 2(2) Overview of financial position as of March 31, 2023 ............................................................................................. 5(3) Overview of cash flows for the fiscal year ended March 31, 2023 ......................................................................... 5(4) Future outlook ......................................................................................................................................................... 6

2.

Basic policy regarding the selection of accounting standards .................................................................................... 83.

Consolidated financial statements and significant notes thereto................................................................................. 9(1) Consolidated balance sheet ..................................................................................................................................... 9(2) Consolidated statement of income and consolidated statement of comprehensive income .................................. 11
Consolidated statement of income ........................................................................................................................ 11
Consolidated statement of comprehensive income ............................................................................................... 12(3) Consolidated statement of changes in equity ........................................................................................................ 13(4) Consolidated statement of cash flows ................................................................................................................... 15(5) Notes to consolidated financial statements ........................................................................................................... 17
Notes on going concern assumption...................................................................................................................... 17
Changes in accounting estimates .......................................................................................................................... 17
Segment information, etc. ..................................................................................................................................... 17
Per share information ............................................................................................................................................ 21
Significant events after reporting period ............................................................................................................... 22

4.

Other ......................................................................................................................................................................... 23

1

1. Overview of Operating Results(1) Overview of operating results for the fiscal year ended March 31, 2023
During the fiscal year under review (April 1, 2022 to March 31, 2023), the Japanese economy was on arecovery as economic activities normalized from the COVID-19 pandemic. Nevertheless, the outlook
remained uncertain with the prolonged situation in Ukraine, soaring raw material and energy prices, and thedepreciation of the yen.
In the industrial field, demand for capital investment has been steady in automobile-related industry,
particularly for EV-related products. On the other hand, in semiconductor-related industries, performance
was affected by the revision of capital investment plans in the latter half of the period due to a sense of
sufficient demand for semiconductors for PCs and smartphones. In the housing and construction field, public
works investment and the number of new constructions, mainly condominiums, remained firm.
In overseas countries, although prices of parts and raw materials and personnel expenses increased, theeconomy continued to recover moderately in the U.S. and Southeast Asian countries including Thailand,
Vietnam, and Indonesia. In China, despite the end of the government’s zero-COVID policy, economic
growth was sluggish.
In operating under these circumstances in the final year of its Midterm Management Plan “Growing Together
2023,” which is the second stage of “Yuasa Vision 360,” the Yuasa Trading Group implemented various
measures under the basic policies of “growth business strategy,” “core business strategy,” and “strengthening
management foundation,” aiming to evolve into a “TSUNAGU Service Integrated Shosha Group.”
For “growth business strategy,” we concentrated on the development and application of new products andservices both internally and jointly with other companies, including “concrete compaction management
system using MR (Mixed Reality)” for ensuring quality and saving labor (increasing productivity) on
construction sites, “risk saver,” a disaster risk management system for visualizing supply chain risks,“gatepost with delivery box equipped with V2H (Vehicle to Home) function,” which can be used as an
emergency power supply during disasters, and “zeroboard construction,” a cloud service that enables
accurate visualization of CO2 emissions from construction work sites in real time, and quantity management
systems using image recognition for temporary construction materials. We also made proposals for such
issues as climate change countermeasures, automation and labor-saving, based on the understanding thatgrowth businesses are businesses that solve social issues.
For “core business strategy,” we are strengthening and expanding our AI-based initiatives toward becoming a“TSUNAGU Service Integrated Shosha Group,” which enables us to demonstrate our comprehensive
strengths in one-stop. We promoted proposal-based sales and marketing aimed at connecting AI withcustomers’ “manufacturing,” “home,” “environmental,” and “community development” sites to enhance theadvancement and efficiency of customers’ on-site operations.
For “strengthening management foundation,” in order to improve shareholder returns and capital efficiency,
and to enable the execution of flexible capital policies in response to changes in the business environment,
the Company implemented a share buyback program. Furthermore, the Company consolidated Group
companies, and decided to acquire land for the construction of a new head office in Minato-ku, Tokyo withthe aim of realizing the transformation of the corporate culture through the development of an officeenvironment that can promote comprehensive strengths, challenges and communication and further
enhancing corporate value in addition to making the flexible response to changes in the financial and social
environments possible.
In our efforts toward “ESG” and “SDGs,” based on the Yuasa Trading Group’s “Sustainability Declaration,”
we aim to be carbon neutral across the entire Group by 2030, as well as to actively disclose information
related to ESG and climate change, such as CO2 emissions, to contribute to building a sustainable society
through our business activities. As part of these efforts, we launched our environmental preservation
activities called “YUASA Tree Planting Project,” consisting mainly of mangrove planting activities, and theCompany’s forest development activities in Japan acquired certification under the J-Credit Scheme.
As a result, Group consolidated net sales for the fiscal year under review were ¥504,806 million (up 9.1%
year on year). Operating profit was ¥14,599 million (up 22.9% year on year), ordinary profit was ¥15,382
million (up 31.0% year on year), and profit attributable to owners of parent was ¥10,079 million (up 25.1%
year on year).

2

Taking into consideration the aforementioned operating results as well as the need to strengthen our financial
position and increase internal reserves for business expansion, the Board of Directors resolved on May 12,2023 to pay a year-end ordinary dividend of ¥80 per share for the fiscal year under review. As a result, theannual dividend, including the interim dividend of ¥60 per share paid in December 2022, will be ¥140 per
share, resulting in a consolidated shareholder return ratio of 67.0% including the purchase of treasury shares(a total amount of ¥3,741 million in treasury shares purchased during the fiscal year under review).
Results by reportable segment are as follows:
During the fiscal year under review, an absorption-type merger between YUASAQUOBIS CO., LTD. and
TOYOSANGYO CO., LTD., the Company’s consolidated subsidiaries, in which YUASAQUOBIS CO.,LTD. is the surviving company, was conducted. In conjunction with this, the Company has changed themethod of classifying the business of TOYOSANGYO CO., LTD., which was previously included in the
Building Supplies & Exterior segment, to include it in the Housing Air & Fluidic Control Systems segment.
Segment information for the fiscal year ended March 31, 2022 has been prepared based on the segments
after the change.
<Industrial Equipment & Tools Division>
In the Industrial Equipment & Tools Division, although the shortage of on-vehicle semiconductors continued
to affect some automobile-related industries, plant utilization rates remained firm and sales grew mainly forcontrol-related equipment.
Under these circumstances, we enhanced our inventory and distribution function and strove to expand salesof energy-saving products, which respond to growing interest in carbon neutrality. In addition, as a result of
focusing on proposal-based sales and marketing of automation and streamlining of production sites to realize
smart factories and new products utilizing local 5G, net sales were ¥77,440 million (up 4.5% year on year).
<Machine Tools Division>
In the Machine Tools Division, sales of motors and other related parts for EVs were strong in automobilerelated industries, and labor-saving and energy-saving demand, such as demand for robots, remained firm as
there were signs of recovery in industries related to construction machinery, agricultural machinery, andaircraft. Demand for carbon-neutral products also increased due to growing environmental awareness.
Overseas, despite the impact of the soaring cost of raw materials, the economy recovered mainly inSoutheast Asian countries and large projects for production facilities increased.
Under these circumstances, we focused on sales of products and systems developed by the Company such as“Robo Combo,” a robot system using articulated robots, as well as on proposals for switching to unmanned,
cost reduction, stable processing, energy-saving promotion to respond to carbon neutrality and plant
environment improvement systems by taking advantage of various subsidies, and as a result, net sales were¥118,515 million (up 15.9% year on year).
<Housing, Air & Fluidic Control Systems Division>
In the Housing, Air & Fluidic Control Systems Division, the number of new owner-occupied housing starts
declined, whereas demand for houses built for sale and remodeling remained firm. Sales of housing fixtures
for wet areas and pipes/joints products including valves and pumps were also firm, despite delivery delays
for some of these products. In addition, demand for energy conservation was strong, and sales of equipment
related to air conditioning grew. In the renewable energy field, sales of solar panels and storage batteries
were on a firm trend, due to increasing energy costs and increasing demand with a view toward carbon
neutrality.
Under these circumstances, as a result of efforts to sell products in the non-residential field such as sales ofpipes/joints, air-conditioning equipment, etc. and efforts such as system proposals toward becoming carbon
neutral and strengthening engineering capability resulted in net sales of ¥177,915 million (up 8.3% year onyear).

3

<Building Supplies & Exterior Division>
For the Building Supplies & Exterior Division, construction of logistics facilities and condominiums
increased, and sales of exterior products and building hardware products remained firm mainly in the
Metropolitan area and the Tokai region, while sales of storage sheds and delivery boxes increased due tocontinued high demand. In addition, publics works investment in products related to natural disaster andtraffic accident countermeasures remained firm.
Under these circumstances, introduction of aluminum privacy fences that replace concrete fences, which are
at risk of tipping over, and efforts to propose and expand sales of resilience products, including bollards withflood sensors, water stop plates, and other equipment, as a measure against damage from flash torrential
rains, as well as vehicle number authentication gates for improved security and labor saving, resulted in net
sales of ¥51,638 million (up 10.9% year on year).
<Construction Machines Division>
For the Construction Machines Division, public works projects such as infrastructure development anddisaster prevention/mitigation work, as well as private sector capital investment, remained firm. Demand forconstruction machines from rental companies and civil engineering-related commercial products was firm.
Nevertheless, continued soaring prices of materials and energy, and shortages of construction skilled workers
had an impact.
Under these circumstances, we focused on expanding our lineup with an emphasis on safety measures atconstruction sites and sales of vehicles for work at height and new import products, such as hydraulicexcavators and carrier dump trucks. In addition, we strove to expand our used construction machines auction
business, and enhancing container house manufacturing, and construction machines maintenance and rental
functions, resulting in net sales of ¥36,533 million (up 9.0% year on year).
<Energy Division>
For the Energy Division, demand recovered as economic activities normalized; however, crude oil prices
remained high due to the prolonged situation in Ukraine, and prices of petroleum products such as gasoline
and diesel fuels remained high.
Under these circumstances, the gas station retail business, which operates mainly in the Tokai region, worked
to strengthen car care services such as car washing, automobile inspections, and coatings. In addition, efforts
to strengthen sales of marine fuel in the Keihin area resulted in net sales of ¥19,109 million (up 1.2% year onyear).
<Others>
For Others, we worked to expand sales of new seasonal household appliances in the consumer goods
business, despite impact from soaring raw material costs and the depreciation of the yen. In the online sales
business, we responded to diversifying consumer needs and focused on sales site operation using social
media and other channels. In the wood products business, although severe sales conditions persisted as
domestic demand was sluggish due to stagnant new housing starts and the progression of the yen
depreciation, we worked to develop new suppliers and to develop and expand sales of products utilizing
domestic lumber.
As a result, net sales were ¥23,654 million (up 2.1% year on year).

4(2) Overview of financial position as of March 31, 2023
(Assets)
As of March 31, 2023, total assets were ¥271,218 million, an increase of ¥11,804 million from the end of theprevious fiscal year. This was mainly due to a ¥7,357 million increase in electronically recorded monetaryclaims - operating and a ¥2,332 million increase in inventories, while cash and deposits decreased by ¥1,295
million.
(Liabilities)
Total liabilities at the end of the fiscal year under review increased by ¥9,169 million from the end of theprevious consolidated fiscal year to ¥175,977 million. This was mainly due to increases of ¥5,628 million inelectronically recorded obligations - operating, ¥2,811 million in income taxes payable, and ¥2,572 million
in notes and accounts payable - trade, whereas deferred tax liabilities decreased by ¥2,421 million.
(Net assets)
Total net assets at the end of the fiscal year under review increased ¥2,635 million from the end of theprevious fiscal year to ¥95,240 million. This was mainly due to an increase in retained earnings of ¥7,117
million as a result of recording profit attributable to owners of parent, while there was a decrease of ¥3,609
million from purchase of treasury shares. As a result, the equity-to-asset ratio was 34.9% (35.5% at the endof the previous fiscal year).
(3) Overview of cash flows for the fiscal year ended March 31, 2023
Cash and cash equivalents (hereinafter, “cash”) as of March 31, 2023 decreased by ¥1,140 million from theend of the previous fiscal year to ¥52,395 million.
The respective cash flow positions for the fiscal year ended March 31, 2023, and the factors thereof are as
follows.
(Cash flows from operating activities)
Net cash provided by operating activities during the fiscal year under review was ¥8,338 million (down¥1,875 million year on year). This was mainly due to recording profit before income taxes of ¥15,247
million and an increase in trade payables of ¥7,960 million, while recording an increase in trade receivablesof ¥6,920 million.
(Cash flows from investing activities)
Net cash used in investing activities during the fiscal year under review was ¥2,845 million (up ¥7,622
million year on year). This was primarily due to the recording of purchase of property, plant and equipmentof ¥2,361 million.
(Cash flows from financing activities)
Net cash used in financing activities during the fiscal year under review was ¥6,890 million (up ¥3,337
million year on year). This was primarily due to the recording of purchase of treasury shares of ¥3,741
million and dividends paid of ¥2,962 million.

5

(Reference) Trends in cash flow indicators
Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Equity ratio (%)

37.7

35.5

34.9

Equity ratio on market value basis (%)

29.0

24.7

29.5

Cash flow to interest-bearing liabilities ratio (years)

0.8

0.4

0.4

Interest coverage ratio (times)

6.7

11.4

8.0

Equity Ratio: Equity / Total assets
Equity ratio on market value basis: Total market capitalization / Total assets
Cash flow to interest-bearing liabilities ratio: Interest-bearing debt / Cash flow
Interest coverage ratio: Cash flow / Paid interest
Notes: 1. All indicators are calculated based on consolidated financial figures.
2. Market capitalization is calculated by multiplying the closing stock price at the end of the period by the number ofshares outstanding (less treasury stock) at the end of the period.
3. Cash flow is the net cash provided by operating activities in the consolidated statement of cash flows.
4. Interest-bearing liabilities are all liabilities on the consolidated balance sheet for which interest is paid. For interest
payments, the amount of interest paid in the consolidated statement of cash flows is used.

(4) Future outlook(i) Outlook for the next fiscal year
Regarding the future economic situation, though normalization of economic activities is expected toprogress, the economic environment in both the domestic and global economies is expected to remain
uncertain due to the impact of geopolitical risks such as the situation in Ukraine and the impact ofsoaring energy prices. On the other hand, further expansion is expected in environmental and energysaving measures to realize a decarbonized society, and progression is expected in automation and laborsaving using AI/IoT and robot technologies.
Under such circumstances, the Group started the new “Growing Together 2026” Mid-term Management
Plan covering the three years from April 2023 to March 2026, which constitutes the third stage ofrealizing the “YUASA VISION 360” in anticipation of the 360th anniversary of the Company’s
founding in 2026.
We will promote business reform based on “corporate culture reform,” “DX promotion,” and“sustainability promotion,” develop our existing business network in the fields of manufacturing, home,environmental, and community development, and carry out business transformation with the “Market
Out” approach in both single item businesses and integrated product-service transactions, enhancing ourcorporate value.
In order to further advance our management foundation passed down over 350 years, we enacted a“Sustainability Declaration” based on our corporate philosophy and are proactively contributing to theconstruction of a sustainable society.
(ii) Basic policy on profit distribution and dividends for the current and next fiscal years
The Company’s basic policy is to maintain a dividend policy that balances appropriate and stabledividends in line with business performance as one of our important management issues, with the needto strengthen the Company’s financial position and increase internal reserves based on our growthstrategy. Based on this basic policy, we will strive to meet the expectations of our shareholders byimplementing a flexible dividend policy, including share buybacks as an effective means of returning
profits to shareholders, while taking into consideration trends in the stock price and our financial
condition. The Company’s Articles of Incorporation stipulate that matters stipulated in each item of
Article 459, Paragraph 1 of the Companies Act, such as dividends from surplus, shall be determined by aresolution of the Board of Directors rather than a resolution of the General Meeting of Shareholders,
except as otherwise provided by law.

6

Based on this basic policy, the Board of Directors has resolved at a meeting held on May 12, 2023 to pay
a year-end ordinary dividend of ¥80 per share for the fiscal year under review, taking into consideration
the aforementioned business performance and the enhancement of internal reserves necessary tostrengthen the Company’s financial position and expand its business. As a result, the annual dividend,
including the interim dividend of ¥60 per share paid in December 2022, will be ¥140 per share, resulting
in a consolidated shareholder return ratio of 67.0% including the purchase of treasury shares (a total
amount of ¥3,741 million in treasury shares purchased during the fiscal year under review).
For the next fiscal year, we plan to pay an interim dividend of ¥86 per share and a year-end dividend of¥86 per share, for an annual dividend of ¥172 per share (consolidated shareholder return ratio of 33% ormore and dividend on equity ratio [DOE] of 3.5% or more).

72. Basic policy regarding the selection of accounting standards
For the time being, our group’s policy is to prepare consolidated financial statements in accordance withJapanese GAAP, taking into consideration periodic comparability of consolidated financial statements andinter-company comparability.
The Company intends to consider the application of International Financial Reporting Standards (IFRS) in the
future, taking into account trends in the ratio of foreign shareholders and the application of IFRS by otherdomestic competitors in the same industry.

8

3. Consolidated financial statements and significant notes thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims - operating
Inventories
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Non-current assets for rent
Accumulated depreciation
Non- current assets for rent, net
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, 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
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long term money claims
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

9

As of March 31, 2023

53,74452,448

121,531

121,334

22,79916,1473,420(59)
217,584

30,15718,4803,667(89)225,997

4,967(3,757)1,209
7,556(4,624)
2,932
696
(562)
134
2,476
(2,092)
384
7,826
303
(131)
171
9
12,667

5,205(4,071)
1,133
7,620(4,766)
2,853
704
(571)
133
2,513
(2,210)
302
7,774
407
(209)
198
1,704
14,099

2,133
1,202
3,336

1,369
1,305
2,675

7,889
1,129
241
12,385
4,523(343)
25,826
41,829259,413

8,697
1,079
879
12,7885,342(341)
28,44545,220271,218

(Millions of yen)
As of March 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Lease liabilities
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Provision for retirement benefits for directors (andother officers)
Provision for share awards
Provision for share awards for directors (and otherofficers)
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-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

10

As of March 31, 2023

96,11245,815
3,128
79
2,870
2,623

98,68451,443
3,273
111
5,682
2,960

70

77

8,251
158,953

8,289
170,523

581
129
2,728

417
117
306

153

94

191

227

173

180

998
2,898
7,854
166,808

1,070
3,038
5,454
175,977

20,644
6,831
60,155(1,692)85,93820,644
6,837
67,273(5,301)89,453

1,798
48
46
4,149
6,042
238
385
92,605
259,413

2,349
(96)
505
2,465
5,224
165
397
95,240271,218

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)
Fiscal year ended
March 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Impairment losses
Loss on sale of investment securities
Loss on valuation of investment securities
Loss on valuation of investments in capital
Loss on liquidation of subsidiaries and associates
Loss on COVID-19
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

11

Fiscal year ended
March 31, 2023

462,725
414,487
48,23736,356
11,880504,806
452,382
52,42437,825
14,599

1,473
249
533
2,255

1,578
254
260
2,094

894
1,497
2,391
11,744

1,063
247
1,310
15,382

140
2,163
2,304

4
12
17

1,176
33
–
51
3
–
54
43
1,363
12,685
4,332
276
4,608
8,077
18
8,058

23
46
66
0
4
3
6
–
152
15,247
7,648(2,497)
5,150
10,096
16
10,079

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

12

Fiscal year ended
March 31, 2023

8,077

10,096(2,537)
28
319
(895)
(3,084)
4,992

552
(144)
459
(1,683)
(816)
9,280

4,974

9,261

18

18

(3) Consolidated statement of changes in equity
Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders’ equity
Share capital

Capital surplus

Retained earnings

Treasury shares

20,644

6,815

54,749(1,735)

Balance at beginning of
periodTotal shareholders’equity80,474

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders’equity(2,652)(2,652)

8,058

8,058

15

Total changes during period
Balance at end of period

(2)

(2)

46

61

–

15

5,406

43

5,464

20,644

6,831

60,155(1,692)85,938

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifference on
availablefor-salesecurities

Deferred
gains orlosses onhedges

4,334

20

Total
Foreign
Remeasureaccumulated
currency
ments ofothertranslation defined benefit
comprehensi
adjustment
plans
ve income
(272)

5,044

9,126

Share
acquisitionrights272

Noncontrolling Total net assetsinterests

368

90,242

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders’equity(2,652)
8,058
(2)
61
(2,536)

28

319

(895)

(3,084)(33)

17(3,101)

Total changes during period(2,536)

28

319

(895)

(3,084)

(33)

17

2,363

Balance at end of period

1,798

48

46

4,149

6,042

238

385

92,605

13

Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity
Share capital

Capital surplus

Retained earnings

Treasury shares

20,644

6,831

60,155(1,692)

Balance at beginning of
periodTotal shareholders’equity85,938Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders’equity(2,962)(2,962)

10,07910,079(3,741)(3,741)

132

138

6

Total changes during period
Balance at end of period

–

6

7,117

(3,609)3,514

20,644

6,837

67,273(5,301)89,453

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifference on
availablefor-salesecurities

Deferred
gains orlosses onhedges

1,798

48

Total
Foreign
Remeasureaccumulated
currency
ments ofothertranslation defined benefit
comprehensi
adjustment
plans
ve income
46

4,149

6,042

Share
acquisitionrights238

Noncontrolling Total net assetsinterests

385

92,605

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other than shareholders’equityTotal changes during period
Balance at end of period(2,962)
10,079(3,741)
138
551

(144)

458

(1,683)

(818)

(73)

12

(879)

551

(144)

458

(1,683)

(818)

(73)

12

2,635

2,349

(96)

505

2,465

5,224

165

397

95,24014

(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets
Impairment losses
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Loss on valuation of investments in capital
Loss on liquidation of subsidiaries and associates
Loss on COVID-19
Decrease (increase) in retirement benefit asset
Increase (decrease) in retirement benefit liability
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for
directors (and other officers)
Increase (decrease) in provision for share awards
Increase (decrease) in provision for share awards for
directors (and other officers)
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Decrease (increase) in long term money claims
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities

15

Fiscal year ended
March 31, 2023

12,685
1,671
777
1,035
33
–
(2,111)3–
54
43(1,470)
48
(125)
238

15,247
1,544
763
19
46
66
(11)
4
3
6
–
(2,829)
67
27
335

4

6

51

36

46

7

(1,722)894(17,599)(1,355)
17,778163
793
11,9381,720(896)(2,548)
10,213(1,833)
1,063(6,920)(2,064)7,960
49(1,131)
12,467
1,833(1,046)(4,915)8,338

(Millions of yen)
Fiscal year ended
March 31, 2022
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
Proceeds from sale of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings
Repayments of lease liabilities
Purchase of treasury shares
Proceeds from sale of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) 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

16

Fiscal year ended
March 31, 2023

(64)
488
(1,104)
2,604
(243)
280
(77)
2,899
0
(5)
4,776

(7)
174
(2,361)
4
(644)
83
(87)
34
27
(67)
(2,845)

(525)
(237)
(74)
(3)
0
(2,652)(61)(3,553)

56
(77)
(149)
(3,741)–(2,962)(16)(6,890)152

256

11,58941,94753,536(1,140)53,53652,395(5) Notes to consolidated financial statements
Notes on going concern assumption
No item to report.
Changes in accounting estimates(Change in number of years for processing cost of differences in actuarial assumptions in accounting treatment
related to retirement benefits)
For the number of years for processing cost of differences in actuarial assumptions in accounting treatment
related to retirement benefits, previously the Company has processed the gains or losses over 7 years, a set
number of years within the average remaining service period of employees. However, since the averageremaining period of service has been shortened, the number of years for processing the cost has been changed
to 4 years, starting from the fiscal year under review.
As a result, operating profit, ordinary profit and profit before income taxes for the fiscal year under review
have each increased ¥1,502 million compared to the former method.
Segment information, etc.
Segment information
1. Overview of reportable segments
The Company’s reportable segments are constituent units of the Company for which separate financial
information is available and which are subject to regular periodic review by the Board of Directors inorder to determine the allocation of management resources and evaluate their performance.
The Company has established headquarters and business divisions classified by the type and nature of
products handled, and the headquarters and business divisions formulate comprehensive domestic andoverseas strategies for the products and services they handle and develop business activities
Accordingly, the Company is composed of segments classified by similarities in the types and natureof products handled based on the headquarters and business divisions, and is classified into thefollowing reportable segments.
(i)

Industrial Equipment & Sales of tools, industrial equipment and materials, control
Tools:
equipment, and logistics equipment(ii) Machine Tools:

Sales of industrial machinery and equipment(iii) Housing, Air & Fluidic Sales of pipe materials, air conditioning equipment, housing fixtures,
Control Systems:
housing equipment, design supervision and contracting of
construction work, residential land and building transactions(iv) Building
Exterior:

Supplies& Sales of building materials, landscapes, exteriors, civil engineering
materials, etc., design supervision and contracting of exteriormaterial installation work(v) Construction Machines:

Sales of construction machinery and materials, leasing and rental,
manufacturing and sales of assembly-type temporary houses(container houses)(vi) Energy:

Sales of petroleum products

During the fiscal year under review, an absorption-type merger between YUASAQUOBIS CO., LTD.
and TOYOSANGYO CO., LTD., the Company’s consolidated subsidiaries, in which YUASAQUOBISCO., LTD. is the surviving company, was conducted. In conjunction with this, the Company haschanged the method of classifying the business of TOYOSANGYO CO., LTD., which was previously
included in the Building Supplies & Exterior segment, to include it in the Housing Air & Fluidic Control
Systems segment. Segment information for the previous fiscal year has been prepared based on thesegments after the change.

17

2. Explanation of measurements of the amount of net sales, profit/loss, assets, liabilities and other items
for each reportable segment
The accounting methods for reported business segments are in accordance with the accounting policies
used to prepare the consolidated financial statements.
Reportable segment profit is based on operating profit.
Inter-segment revenues and transfers are based on prevailing market prices.

18

3. Information on the amount of net sales, profit/loss, assets, liabilities and other items for each reportablesegment
Fiscal year ended March 31, 2022
(Millions of yen)
Reportable segments
MachineTools

Housing,
Air &Building
Construction
Fluidic Supplies &Machines
Control
Exterior
Systems

Energy74,115102,258

164,21246,56033,52813,058

4,337

8,214

5,219

Total

87,173

106,596

172,427

Segment profit

1,824

4,354

Segment assets

36,554

Depreciation
Increase inproperty, plant andequipment andintangible assets(Note 4)

Amount recorded in
Adjustment the consolidated(Note 2) statement of income(Note 3)

Total

Others(Note 1)

Total

18,888439,563

23,161

462,725–

462,7254,524

32

35,387319

35,707(35,707)–

51,78038,05318,920474,951

23,481

498,433(35,707)462,725

5,771

1,810

846

280

14,888156

15,044(3,163)

11,88047,69567,477

20,13823,161

4,542

199,570

12,038211,60947,804259,413

207

158

370

99

588

31

1,455

63

1,519

151

1,671

95

117

436

58

649

23

1,381

(0)

1,381

87

1,469

Industrial
Equipment& Tools
Net sales
Sales to externalcustomers
Intersegment sales
or transfers

Other items

Notes: 1. The classification “Others” is a segment of business not included in the reportable segments and includes businesses
selling lifestyle-related products and wood products.
2. The adjustment of the segment profit of negative ¥3,163 million represents mainly costs related to the administration
division of the Company that has not been attributed to a reportable segment.
3. Total segment profit is adjusted to operating profit as recorded on the consolidated statement of income.
4. Increase in property, plant and equipment and intangible assets includes increase in long-term prepaid expenses.

Fiscal year ended March 31, 2023
(Millions of yen)
Reportable segments
MachineTools

Housing,
Air &Building
Construction
Fluidic Supplies &Machines
Control
Exterior
Systems

Energy77,440118,515

177,915

51,63836,53313,802

5,191

8,947

5,334

Total

91,243

123,706

186,863

Segment profit

2,161

5,755

Segment assets

37,841

Depreciation
Increase inproperty, plant andequipment andintangible assets(Note 4)

Amount recorded in
Adjustment the consolidated(Note 2) statement of income(Note 3)

Total

Others(Note 1)

Total

19,109481,152

23,654504,806–

504,806

4,705

42

38,025345

38,371(38,371)–

56,973

41,23819,152

519,177

24,000543,178(38,371)504,806

6,348

2,385

1,212

222

18,085

101

18,187(3,588)

14,59952,84471,51020,452

24,446

4,404

211,498

10,519222,018

49,199271,218

160

208

291

59

577

70

1,367

82

1,450

94

1,544

401

520

819

303

688

89

2,823

16

2,839

465

3,305

Industrial
Equipment& Tools
Net sales
Sales to externalcustomers
Intersegment sales
or transfers

Other items

Notes: 1. The classification “Others” is a segment of business not included in the reportable segments and includes businesses
selling lifestyle-related products and wood products.
2. The adjustment of the segment profit of negative ¥3,588 million represents mainly costs related to the administration
division of the Company that has not been attributed to a reportable segment.
3. Total segment profit is adjusted to operating profit as recorded on the consolidated statement of income.
4. Increase in property, plant and equipment and intangible assets includes increase in long-term prepaid expenses.

19

Information about impairment loss on non-current assets by reportable segment
Fiscal year ended March 31, 2022
No item to report.
Fiscal year ended March 31, 2023
(Millions of yen)
Housing, Air
Industrial& Fluidic
Equipment & Machine Tools
Control
Tools
Systems
Impairment losses

–

–

–

Building
Supplies &Exterior

Construction
Machines––

Unallocatedamounts

OthersEnergy

66

–

Total

–

66

Information about amortization and unamortized balance of goodwill by reportable segment
Fiscal year ended March 31, 2022
(Millions of yen)
Industrial
Equipment & Machine Tools
Tools
amortization during
periodbalance at end of
periodHousing, Air& Fluidic
Control
Systems

Building
Supplies &Exterior

Construction
Machines

Unallocatedamounts

OthersEnergy

Total

135

–

383

–

257

–

–

–

777

498

–

880

–

753

–

–

–

2,133

Fiscal year ended March 31, 2023
(Millions of yen)
Housing, Air
Industrial& Fluidic
Equipment & Machine Tools
Control
Tools
Systems
amortization during
periodbalance at end of
periodBuilding
Supplies &Exterior

Construction
Machines

Unallocatedamounts

OthersEnergy

Total

135

–

370

–

257

–

–

–

763

362

–

510

–

496

–

–

–

1,369

20

Per share information(Yen)
As of/fiscal year ended
March 31, 2022

Items
Net assets per share

As of/fiscal year ended
March 31, 2023

4,160.75

4,483.99

Basic earnings per share

364.54466.23

Diluted earnings per share362.23464.11

Note:

Basis of calculation(1)

Net assets per share
Items

As of March 31,2022

Total net assets (Millions of yen)

As of March 31, 2023

92,605

95,240

Amounts deducted from total net assets (Millions of yen)

624

562

[Of which share acquisition rights (Millions of yen)]

[238]

[165]

[Of which non-controlling interests (Millions of yen)]

[385]

[397]

91,981

94,67723,155

23,155

1,048

2,041

22,10621,114

Net assets related to common stock at end of period(Millions of yen)
Number of shares of common stock issued andoutstanding at end of period (Thousands of shares)
Number of shares of common stock held as treasury sharesat end of period (Thousands of shares)
Number of shares of common stock at the year-end usedin calculation of net assets per share (Thousands of shares)
Note:

In the calculation of net assets per share, the Company’s shares held by the BIP trust for executive compensation (171thousand shares at the end of the fiscal year under review and 188 thousand shares at the end of the previous fiscal
year) are included in the number of treasury stock deducted from the total number of shares outstanding at the end of
the period.

(2)

Basic earnings per share and diluted earnings per share
Fiscal year ended
March 31, 2022

Items

Fiscal year ended
March 31, 2023

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

8,058

10,079

–

–

8,058

10,07922,105

21,620––

Increase in number of shares of common stock(Thousands of shares)

141

98

[of which stock acquisition rights (thousands of shares)]

[141]

[98]

Summary of dilutive shares not included in the calculationof diluted earnings per share due to the absence of dilutive
effects––

Profit (loss) not attributable to common shareholders(Millions of yen)
Profit related to common stock attributable to owners ofparent (Millions of yen)
Average number of shares during the period (Thousandsof shares)
Diluted earnings per shareprofit attributable to owners of parent (Millions of yen)21

Note:In the calculation of earnings per share and diluted earnings per share, the Company’s shares held by the BIP trust for
executive compensation (175 thousand shares in the fiscal year under review and 190 thousand shares in the previous
fiscal year) are included in the number of treasury stock deducted in the calculation of average number of shares during
the fiscal year.

Significant events after reporting period(Recording of gain on return of retirement benefit trust)
The Company has established a retirement benefit trust for the purpose of providing for future retirement
benefits. However, the retirement benefit trust assets are significantly overfunded in relation to the retirement
benefit obligations, and this situation is expected to continue in the future, so the Company received a partial
return of the retirement benefit trust.
1. Date of partial termination of retirement benefit trust
April 10, 2023
2. Return amount¥12,561 million

3. Impact on profit and loss
A gain on return of retirement benefit trust of ¥3,255 million will be recorded as extraordinary income forthe first three months of the fiscal year ending March 31, 2024.
(Acquisition of non-current assets)
The Company acquired non-current assets (land) on April 12, 2023 based on a resolution of the Board of
Directors.
1. Reason for acquisition
To build the new head office in anticipation of further business expansion of the Group.
2. Details of acquired assets(1) Type of non-current assets
Land(2) Location
9, Shimbashi 5-chome, Minato-ku, Tokyo (lot number)(3) Area
1,759.87 m2(4) Acquisition price¥29,500 million(5) Contract execution date
December 21, 2022
(6) Property transfer date
April 12, 2023
(Cancellation of treasury shares)
The Company resolved to cancel treasury shares as follows, pursuant to Article 178 of the Companies Act, at
the Board of Directors meeting held on May 12, 2023.
(1) Reason for cancellation
To further enhance capital efficiency and share value through the reduction of the total number of issued
shares.
(2) Type of shares to be cancelled
Common shares of the Company(3) Number of shares to be cancelled
1,055,882 shares (4.56% of the total number of issued shares prior to cancellation)(4) Total number of issued shares after the cancellation
22,100,000 shares(5) Scheduled date of cancellation
May 31, 2023

22

4. Other
Changes in Directors and Audit & Supervisory Board Members (effective June 23, 2023)(i) New candidate for election as Director
Director

Takaomi Omura(currently, Senior Executive Officer, Chief General
Manager of Construction Market Headquarters)

Outside Director

Yoshiro Hirai(Representative Director, Open Working, Inc.
(incumbent))

Outside Director

Miki Mitsunari(President, FINEV, Inc. (incumbent)
Director, Japan Accreditation Board (incumbent)
Board Director, YAMADA HOLDINGS CO., LTD.
(incumbent)
Board Director, Solasto Corporation (incumbent))(ii) New candidate for Audit & Supervisory Board Member
Outside Audit & Supervisory Board Member

Chinami Kajo
(partner, Athena Law Office (incumbent))(iii) Retiring Director
Director

Naomi Nakayama

Outside Director

Keiko Toya(iv) Retiring Audit & Supervisory Board Member
Outside Audit & Supervisory Board Member

Susumu Tsuruta<Reference>
Executive Structure as of June 23, 2023 (tentative)(Director)
Representative Director,
President & CEO

In charge of Overseas Business Development

Hiroyuki Tamura

Representative Director,
Senior Managing Director

Supervisory Manager of Management
Administration, In Charge of Regional Groups

Haruo Sanoki

Committee Chairperson of Export
Administration Department, Ethics and Compliance
Committee
Internal Control Committee
Senior Managing Director

Supervisory Manager of Sales Division
Chief General Manager, Living Environment
Market Headquarters
Chairperson, Representative Director, YUASAPRIMUS CO., LTD. (part time)

23

Kenichi Tanaka

Director

Chief General Manager of Industrial Market
Headquarters

Mamoru Hamayasu

Chairperson, Director, KOKKO CO., LTD. (parttime)
Chairperson, Representative Director, YUASANEOTEC CO., LTD. (part time)
Director

Chief General Manager of Construction Market
Headquarters

Takaomi Omura (New
Candidate)Director, YUASA LUMBER CO., LTD. (part time)
Director, FUJI QUALITY HOUSE CO., LTD. (parttime)
Director, YUASA NENRYO CO., LTD. (part time)
Outside Director

Shinzo Maeda

Outside Director

Kyosuke Kimura

Outside Director

Yoshiro Hirai (New
Candidate)Outside Director

Miki Mitsunari (New
Candidate)(Note) Directors, excluding Outside Directors, will concurrently serve as executive officers.
(Audit & Supervisory Board Member)
Audit & Supervisory Board
Member (full-time)

Yoshiyuki Furumoto

Audit & Supervisory Board
Member (full-time)

Takeshi Maeda

Outside Audit & Supervisory
Board Member

Mitsuhiro Honda

Outside Audit & Supervisory
Board Member

Chinami Kajo (New
Candidate)24