Financial Results Briefing

for the Fiscal Year Ended
May 31, 2024
July 12, 2024

Toyo Denki Seizo K.K.

Program◼ Briefing on Financial Results: 40 minutes
1.
2.
3.
4.

Overview of Financial Results for the Fiscal Year
Ended May 31, 2024
Financial Results Forecast for the Fiscal YearEnding May 31, 2025
Progress of Medium-Term Management Plan 2026
Measures to Realize Management with Awarenessof Capital Cost and Stock Price◼ Q&A: 20 minutes

11. Overview of Financial Results for the
Fiscal Year Ended May 31, 2024
(From June 2023 to May 2024)21-1. Overview of Consolidated Financial Results
Orders received grew significantly. Both net sales and profit increased from a year
earlier thanks to efforts to improve profitability despite the continued impact on sales
due to shortages of some parts and materials
100 million yen
FYE May2023

FYE May2024

YoY Change

FYE May 2024
Forecast%

Change vs. Forecast%

Orders received

332.4

440.1

＋107.7+32.4%

410.0

＋30.1

107.4%Net sales

310.2

321.4

＋11.1

+3.6%

345.0

(23.5)

93.2%

Operating profit

5.1

9.2

＋4.1

+79.2%

6.0＋3.2

154.6%

%

1.7%

2.9%

1.2pt

ｰ

1.7%

1.2pt

－

Ordinary profit

9.8

14.8

＋5.0

+50.7%

9.5＋5.3

156.6%

Profit

8.2

9.3

＋1.1

+13.4%

8.0＋1.3

116.9%[Profit per share (yen)]

91.85

99.53

+7.68

ー

84.81

+14.72

ー

ROE

3.5%

3.7%

+0.2Ptー

Ratio of overseas
sales to net sales

19.7%

22.4%

+2.7Ptー3<Reference> Review of the Business Environment
for the Fiscal Year Ended May 31, 2024

Transportation
Business• The recovery in demand from the post-COVID-19 period, including
inbound travel, led to a recovery in the performance of domestic railway
operators, and orders for new rolling stock production and equipment
upgrades increased, mainly at private railways.
• Overseas (other than in China), orders for electrical equipment for urban
transportation in Indonesia and maintenance parts for high-speed
railways in China increased.

Industry
Business• In the testing system for automobiles, capital investment for thedevelopment of electric vehicles (EVs) accelerated. Orders for andinquiries about space-saving products utilizing power supply equipmentthat simulates a battery and our proprietary in-tire house dynamo
technology increased.
• Orders for and inquiries about BCP-compliant power generation andpower supply systems and production and processing equipment
systems for energy-saving and maintenance-saving increased.

ICT Solution
Business• In the area of station operating equipment systems, orders were received
for the development of software to improve services for railway users
such as a cashless service. And in the area of remote monitoring
systems, orders were received for IoT devices for monitoring mounted on
mobile devices, and other items but both orders and sales declined due
to a reactionary decline in spot projects in the previous fiscal year.

41-2. Factors for Increase and Decrease in Operating
Profit (YoY change)
Although personnel expenses in the sales, administration and manufacturing divisions
increased due to the expansion of human capital investment, profit grew due toimprovements in gross margin and subsidiary profits, etc.
Change ingross margin(nonconsolidated)+490
million yen

510 million
yen

Increase/decreasein sales(non-consolidated)(40) million
yen

SG&A
expensesPlant profit/loss(non(non-consolidated)consolidated)+3
million yen

Subsidiary
profits, etc.

(150)
+120
920 million
million yen million yenyen

The impact of therestructuring of thedevelopment promotion
system is excluded+410 million yen
0.0

FYE May 2023

FYE May 20245

1-3. Breakdown of Non-Operating Income/Expenses
and Extraordinary Income/Loss
Non-operating
income/expenses

Extraordinary
income/loss+560 million yen(90) million yen

Share of profit of entities accounted
for using the equity method
260 million yen
Dividend income 200 million yen
Foreign exchange
gains
120 million yen
Interest expenses(40) million yen

Business structural reform
expenses (340) million yen
Compensation expenses(80) million yen
Gain on sale of investment
securities
330 million yen

1,480
million yen

1,390
million yen Income taxes

920
million yen

930
million yen

0.0OperatingprofitOrdinary
profitProfit before
income taxes

Profit6

1-4. Segment Performance: Transportation
Business

Transportation

Orders received strongly grew driven by orders for large projects in Indonesia
Net sales and segment profit increased◼ Orders received and order backlog◼ Net sales and segment profit(100 million yen)Order backlog

Orders received

Net sales
Segment profit

307.1
300

Segment profit
Net sales
40

300

Orders received

Net sales

209.6

188.0

194.5

200

198.5

207.3

200
20

Order backlog
100

208.0

219.1

318.9

Segment profit
100

21.9

22.5

23.8

0

0

FYE May 2022 FYE May 2023 FYE May 2024

0

FYE May 2022 FYE May 2023 FYE May 2024

• Orders received strongly grew driven by orders for large projects in Indonesia and increases in orders
from private railways and China• Net sales grew thanks to higher sales to private railway companies and overseas (other than China)
despite lower sales to JR and to companies in China• Segment profit increased due to improvements in gross margin and subsidiary profits, etc.
7

1-5. Transportation Business: Factors for
Increase and Decrease in Segment Profit

Transportation

Despite an increase in personnel expenses in the sales, administration andmanufacturing divisions, profit increased due to improvements in gross margins andsubsidiary profits, etc.
Change ingross margin(nonconsolidated)

Increase/decrease in sales+240(nonmillion
yenconsolidated)

2,250
(20)
million yen million yen

Plant profit/
loss(nonconsolidated)(150)
million yen

SG&A
expenses(nonconsolidated)(50)
million yen

Subsidiary
profits, etc.

+130
million yen

2,380
million yen+120 million yen

0.0

FYE May 2023

FYE May 20248

1-6. Segment Performance: Industry BusinessIndustry

Orders received increased. Net sales rose, and profit increased significantly due toimproved profitability◼ Orders received and order backlog◼ Net sales and segment profit(100 million yen)

Net sales
Order backlog

150

Segment profit

Orders received

Segment profit

150

Orders received

108.5

120.8

Net sales

106.8

99.0

100

Net sales

99.0

102.5

20

100

Order backlog
10
50

50

62.0

71.5

Segment profit

89.7

10.3

4.7
0

4.7

0

FYE May 2022 FYE May 2023 FYE May 2024

0

FYE May 2022 FYE May 2023 FYE May 2024

• Orders received increased due to large projects for testing system for automobiles, and power
generation and power supply systems• Net sales rose due to increases in testing systems for automobiles and power generation andpower supply systems• Segment profit increased significantly due to improved profitability
91-7. Industrial Business: Factors for Increase
and Decrease in Segment Profit

Industry

Segment profit increased significantly due to improved gross margin, improved
plant profitability, and reduced SG&A expenses.

Change ingross margin(nonconsolidated)+280
Increase/decrease in sales million yen(non-consolidated)

470+20
million yen million yen

Plant
profitability(nonconsolidated)+130
million yen

SG&A
expenses(nonconsolidated)+110
million yen

Subsidiary
profits, etc.

(10)
million yen

1,030
million yen

The impact of therestructuring of thedevelopment promotion
system is excluded

0.0

FYE May 2023

+550 million yen

FYE May 202410

1-8. Segment Performance: ICT Solution
Business

ICT

Orders received fell as a reaction to the previous fiscal year, and net sales andsegment profit also declined◼ Orders received and order backlog◼ Net sales and segment profit(100 million yen)Order backlog

20

Orders received

Segment profit

Net sales
20

Segment profit

Net sales

14.2
12.1

12.5

Orders received
10

9.4

10

Order backlog

2.6

11.3

Net sales

7.9

Segment profit

4.2

5.0

0

0

FYE May 2022 FYE May 2023 FYE May 2024

10

1.4

4.1

3.1
0

FYE May 2022 FYE May 2023 FYE May 2024

• Orders received fell due to a reaction to spot projects in the previous fiscal year, and net
sales decreased• Smaller sales resulted in a fall in segment profit
111-9. Consolidated Financial Position(100 million yen)
Total assets

May 31, 2023
496.8

May 31, 2024
516.5

Fiscal year-end
comparison

Remarks+19.7
Cash and deposits: +900 million yen+12.2 Inventories: +1.22 billion yen
Trade receivables: (740) million yen
Investment securities: +720 million
+7.4
yen

Current assets

267.3

279.6

Non-current assets

229.4

236.9

250.9

255.8

+4.8

56.5

41.6

(14.8)

245.8

260.7

Retained earnings: +950 million yen+14.8 Valuation difference on available-forsale securities: +320 million yen

49.5%

50.5%

+1pt

Total liabilities
Of which, net interestbearing debt
Net assets

Equity-to-asset ratio

121-10. Trends in Consolidated Cash Flows(100 million yen)FYE May 2020 FYE May 2021 FYE May 2022 FYE May 2023 FYE May 2024

Cash flows from operating activities

21.4

17.7

25.0

8.1

18.4

Cash flows from investing activities

0.4

(1.5)

2.8

6.3

(4.1)

Purchases of property, plant andequipment

(6.4)

(5.4)

(3.5)

(3.2)

(3.1)

Cash flows from financing activities(11.2)(9.7)(23.5)

(3.9)

(9.7)

Free cash flow

21.8

16.2

27.9

14.5

14.3

Cash at the end of the period

32.9

39.6

44.4

55.2

64.2

Interest-bearing debt

145.5

138.4

117.5

111.7

105.8

Net interest-bearing debt

112.5

98.8

73.0

56.5

41.6

◆ Cash flows fromoperating activities◆ Cash flows frominvesting activities◆ Cash flows fromfinancing activities◆ Free cash flow
◆ Net interestbearing debt

Cash flows provided by operating activities of 1,840 million yen due to theposting of profit before income taxes, and a decrease in trade receivables
Cash flows used in investing activities of 410 million yen due to purchase of
tangible and intangible fixed assets
Cash flows from financing activities were used to repay borrowings due topositive operating cash flow
Free cash flow has remained positive in recent years
Net interest-bearing debt decreased to 4,160 million yen (down 1,400 million
yen year-on-year)132. Financial Results Forecast for the
Fiscal Year Ending May 31, 202514

2-1. Outlook for Financial Results for Fiscal YearEnding May 31, 2025 (consolidated)
Orders received: 38 billion yen (despite a reactionary decline from large projects in the previous
fiscal year, the level remains high)Projected net sales of 37 billion yen, operating profit of 1.3 billion yen, profit of 1.2 billion yen,and dividend of 40 yen per share, an increase of 10 yen per share
FYE May 2024 (Results)(100 million yen)

2Q

FYE May 2025 (Forecast)

Full year

2Q

Full year

YoY Change
Full year

Orders received

229.3

440.1

189.0

380.0

(60.1)Net sales

148.1

321.4

170.0

370.0

＋48.5

Operating profit

1.8

9.2

3.2

13.0

＋3.7

%

1.3%

2.9%

1.9%

3.5%

+0.6ptOrdinary profit

5.5

14.8

5.7

17.0

＋2.1

Profit[Profit per share (yen)]

3.1

9.3

3.7

12.0

＋2.6

33.80

99.53

39.66

128.64+29.11Dividend per share (yen)

30.00

40.00
15

2-2. Outlook for Financial Results (by Segment)(100 million yen)FYE May 2025
(Forecast)YoY Change

Transportation
Business

Industry
Business

IoT Solutions
Business

Orders received

240.0

124.0

16.0

Net sales

239.0

115.0

16.0

Segment profit

29.2

12.4

2.9

Orders received

△67.1

＋3.1

＋3.8

Net sales

＋31.6

＋12.4

＋4.6

Segment profit

＋5.3

＋2.0

△0.2

16

<Reference> Assumptions for Outlook for Financial Results
The business environment assumed in the outlook for the financial results for the fiscal
year ending May 31, 2025

Transportation
Business• In Japan, investment for sustainability is expected to increase, and theintroduction of newly built rolling stock and equipment replacement are
expected to reduce environmental impact.
• Overseas, plans to introduce newly built rolling stock and replaceequipment are active, mainly in Indonesia. Promote initiatives to receive
continuous orders.

Industry
Business• In the testing system for automobiles, capital investment for thedevelopment of electric vehicles (EVs) is expected to continue.
• In power generation and power supply systems, demand for emergency
power generation facilities is expected to increase as part of BCP efforts.
• In production and processing equipment systems, we will strengthen oursales structure and improve profitability in order to increase orders forequipment upgrades to save energy and maintenance.

ICT Solution
Business• In addition to systems for cashless station operating equipment, we areworking to expand the scope of the business to cover all aspects of ICT,
including cloud-based remote monitoring systems that enable monitoring
and control of mobile devices, equipment and facilities.

173. Progress of Medium-Term
Management Plan 2026
(From June 1, 2022, to May 31, 2026)

18

Progress of Medium-Term Management Plan 2026
Status for the fiscal year ended May 2024 to achieve the target
Net sales

The order backlog increased significantly, despite falling short of theinitial plan (Initial plan: 34,500 million yen)

OperatingmarginTrend of recovery due to appropriate efforts to pass on selling prices, etc.,
while implementing human capital investment

ROE

Slight increase compared with the previous fiscal year, making systematic
progress toward achieving targets for the Medium-Term Management Plan
[Factors that resulted in a slight increase] -- Recorded extraordinary losses due tostructural reforms in the China businessMedium-Term Management Plan 2026
Order backlog at
end of period

15%

Net sales

41,375450 0040,00013%

37,000350 0030,15831,02532,140

11%

ROE

8.0%
250 0027,275

Medium-Term Management
Plan 2026
Consolidated financial targets
FYE May 2026

9%29,496

Net sales

40 billion yen

7%

3.5%

150 00

500 0

3.7%

5%

5.0%
Operatingmargin

2.9%

0.6%
1.7%

-50 00FYE May2022

FYE May2023

Net sales (millions of yen)
Operating marginFYE May2025

FYE May
2026

5%

ROE

8%

3%

1%

FYE May2024

Operating margin-2%

Order backlog at end of period (millions of yen)

ROE

19

Progress of Medium-Term Management Plan 2026
◼ Three basic policies and their results
Progress toward targets
Major achievements of the first two years

Thoroughimprovement inearnings structureof existing
businesses

Improvement inasset efficiency
with awareness ofcapital cost

Transport
ation

Expansion of new
businesses andproducts

Expansion of the business of electrical equipment for
rolling stock in Indonesia

IndustryThree basic policies

Increase in orders for testing equipment for in-tire
house dynamo applications, and trial and contract
testing

Evaluation〇
SmoothReview of appropriate selling prices in response toincreases in raw material prices, etc.

Gross profit margin: 22.6% in FYE May 2022  25.4% in FYE May 2024

Optimizing cost management to improve plant profitability△
Need toaccelerate
efforts

Reorganization of subsidiaries and affiliates in China
Continued curtailment of cross-shareholdings
Gain on sales of cross-shareholdings: 530 million yen in FYE May 2023, 338
million yen in FYE May 2024

Sale of idle real estate〇
SmoothGain on sale of non-current assets: 150 million yen in FYE May 2023

20

Progress of
Medium-Term Management Plan 2026
Transport
ation

Expansion of new businesses
and products

Expansion of the business of electrical equipment for
rolling stock in Indonesia

Due to an increase in transportation volume, the market for newly built rolling stock andequipment replacement for existing rolling stock is expected to continue expanding
Approx. 1,100 cars will be replaced with newly built cars and
KRL Commuter Line
Commuter trains operating in the Jakarta
electrical equipment will be renewed
metropolitan area
Newly built rolling stock
made in Indonesia
PT.INKA manufactures rollingstock■ Orders received for electricalequipment for 192 cars
(Contract dated November 2023;
approx. 5.5 billion yen)

■ Technology transfer agreement(Contract dated March 2024; approx.
600 million yen)

Approx. 1,100 used cars
made in Japan

Life-prolonging
renovation plan

Jakarta MRT
Subway in Metropolitan Jakarta

North-South Line
(Phase 1)

North-South Line
Extension (Phase 2A)
East-West Line
(Phase 1)■ Orders received for replacement
electrical equipment (24 cars)(Scheduled to deliver in 2025 and
PT.INKA will modify rolling stock)

Conceptual image of newly built rollingstock made in Indonesia

Japan’s ODA yen loan project to expand routes
Opened in 2019

■ Delivered to 96 newly built cars
Scheduled to open in 2027 or later□ Scheduled 48 newly built cars
Scheduled to open in 2031

□ Plans for 184 newly built cars
Jakarta MRT North-South Line rolling stock21

Progress of
Medium-Term Management Plan 2026
Industry

Expansion of new businesses
and products

Increase in orders for testing equipment for in-tire house dynamo
applications, and trial and contract testingIn-tire house dynamo

Developed to evaluate autonomous vehicles andreplace chassis dynamos

Orders received for space-saving testing
equipment using in-tire house dynamo
technology

Conceptual image of the configurationof the testing equipment

Increase in trial and contract testing for adoption
and evaluation of in-tire house dynamos

Chassis dynamo

In-tire house dynamo

No need for large-scale construction likechassis dynamo
Can be installed anywhere there is space on aflat surface
Test image using an in-tire house dynamo22

Progress of
Improvement in asset efficiency
Medium-Term Management Plan 2026 with awareness of capital cost
◼ Continued curtailment of cross-shareholdings<<Our Approach to Cross-Shareholdings>>• We are aware of the high net asset ratio of cross-shareholdings and are continuously
reducing it• Specifically, we examine whether the purpose of holding the shares is appropriate andwhether the benefits and risks associated with holding the shares are commensuratewith the capital cost, etc., and sell the shares for which the purpose of holding has
weakened
800

25

Gain on sale (millions of yen)24

Number of listed stocks held (companies)

25

22

700

Continue to sell the shares while
keeping an eye on developmentsin the stock market

600

20

530
500

15
400

366

338

300

200

10

Average gain on sale of approx. 400 million
yen over the past three fiscal years

5

100

0

0

FYE May 2022

FYE May 2023

FYE May 2024

FYE May 2025

FYE May 2026

23

4. Action to Implement Management thatis Conscious of Cost of Capital andStock Price

24

Action to Implement Management that is Consciousof Cost of Capital and Stock Price◼ Current recognition and issues
Improvement of PBR through improvement of ROE is recognized as
an important management issue
PBR has been hovering around 0.4
times at present and has remained
below 1 time

ROE remained below the 8% target of
the Medium-Term Management Plan
2026

Low PBR is attributable to low ROE◼ PBR◼ Return on equity (ROE)

8.0%

1.05

8%

0.95
0.85
0.75
0.65

0.47

0.44

0.55

0.37

0.36

0.38

0.45

4.4%

6%

4.1%
3.5%

3.7%
4%

0.35
0.25
0.15

2%

0.05
-0.05

FYE May FYE May FYE May FYE May FYE May FYE May FYE May
2020
2021
2022
2023
2024
2025
2026

FYE May FYE May FYE May FYE May FYE May FYE May FYE May
2020
2021
2022
2023
2024
2025
2026

Medium-Term Management
Plan 2026

Medium-Term Management
Plan 2026

Analysis and evaluation of current situation -- Our cost ofequity is approx. 7–8%

-1%

25

Action to Implement Management that is Consciousof Cost of Capital and Stock Price◼ Policies for enhancing corporate value

PBR

ROE

PER

Work to improve ROE and PER

ROE

Our goal is to achieve the ROE target of 8% for the fiscal year
ending May 2026 set in the Medium-Term Management Plan
2026, exceeding the cost of equity
Aim to further improve ROE thereafter

PER

To improve the Group’s long-term corporate value, we willcommunicate how we aim to achieve growth by deepening oursustainability management and strengthening our IR activities,
and raise our growth expectations
26

Action to Implement Management that is Consciousof Cost of Capital and Stock Price◼ Specific initiatives to increase corporate value
Medium-Term Management Plan 2026
◼ Expansion of new businesses andproducts

ROE

Strengthening
profitability

FYE May 2026
TargetPBR• Expand R&D investment to promotetechnology development◼ Thorough improvement in earnings
structure of existing businesses

8%• Review of appropriate selling prices• Order-receiving activities by integrating
manufacturing and sales

Aim to further
improve◼ Improvement in asset efficiency withawareness of capital cost

PER

Improvement inasset efficiency• Continued curtailment of cross-shareholdings• Review of assets with low operating efficiency(recreation facilities, etc.)

Improvement of
expected growthrate• Steady implementation of the Medium-Term
Management Plan
• Promotion of sustainability management• Determination of materiality

Enhancingshareholder
returns• Dividend policy and payout ratio: 30% or more
• Continued purchase of treasury shares
27

Action to Implement Management that is Consciousof Cost of Capital and Stock Price
Improvement of expected growth rate
Determination of five material issues to be addressed as priorities forsustainable growth and enhancement of corporate value
Materiality
1

Promotion of activities
of diverse humanresources2

Creation of innovation
using technology

3

Stable procurement andhigh-quality
manufacturing

What we aim to be
Aim to be a corporate group in which diverse humanresources continue to achieve self-fulfillment by
creating an organization and culture in which
individuals can maximize their abilities and grow daily
while taking on new challenges
Aim to be a corporate group that continues tocontribute to the creation of an affluent society by
constantly striving for technological improvements andcreating new innovations based on the spirit (heart) ofcraftsmanship that has been passed down fromgeneration to generation
Aim to be a corporate group that continues to provide
high-quality products and services by building a strong
supply chain that can coexist and prosper with
suppliers and by sincerely manufacturing while
thoroughly listening to customers’ opinions.

4

Contributing to a
decarbonized society

Aim to be a corporate group that continues tocontribute to the realization of a sustainable society
through the development and sale of products andservices that respond to climate change based on
outstanding motor drive technology

5

Conducting corporate
activities responsible tosociety andstakeholders

Aim to continue to be an indispensable corporategroup for society and stakeholders while maintaining
ethical and transparent management and increasing
corporate value

Main KPIs• Employee engagement metrics• Education and training costs per
employee• Ratio of female managers in
administrative divisions• New sales based on new development• Number of new product and businessproposals• Number of automation and labor-saving
improvements• Number of new suppliers developed• Reduction of losses in manufacturing
processes• Strengthen delivery management• Reduction of CO2 emissions in Scope 1&2• Reduction of CO2 emissions during
shipping and transportation• Orders received for products andservices contributing to decarbonization• Rate of participation in human rights
training• Rate of participation in compliancetraining• Improvement rate of information security
training results

28

Action to Implement Management that is Consciousof Cost of Capital and Stock Price
Enhancing shareholder returns◼ Dividend policy
Under Medium-Term Management Plan 2026, we aim to increase dividends
and enhance corporate value by expanding profits, while maintaining asustainable, stable dividend payout ratio of at least 30% as our basic policy.
(Dividend forecast for the fiscal year ending May 2025: 40 yen)

◼ Continued purchase of treasury
shares50
45

Dividend per share

Continued implementation based oncomprehensive consideration of funding,business performance, stock prices, etc.

40
35
30
25

40

20
15

30

30

30

30

30

(Forecast)

1050

FYE May FYE May FYE May FYE May FYE May FYE May FYE May
2020
2021
2022
2023
2024
2025
2026

Medium-Term Management
Plan 2026

Current ongoing purchase of treasury
sharesDisclosed on January 11, 2024
Acquisition period: January 12, 2024, toJanuary 10, 2025
: Up to 300,000 shares

Number of sharesacquired
Total acquisition price : Up to 300 million yen

29

<Reference> Our company profile and business overview(1) Establishment: June 20, 1918 (106 years since establishment)(2) Capital stock：4.9 billion yen(consolidated: fiscal year ended May 31, 2024)(3) Net Sales：321 billion yen (ditto)(4) Number of employees：1,147 (ditto)(5) Business lines: Transportation
Business
Industry Business
ICT Solution
Business(6) Production base

<Yokohama Plant>: Yokohama Plant
Shiga Ryuo Plant<Shiga Ryuo Plant>30

<Reference> Our company profile and business overview
We are contributing to the development of the railway and industrial
fields as a heavy electric machinery manufacturer with threebusinesses: Transportation Business, Industry Business, and ICT
Solution Business.
Transportation Business: products and systems for moving trains

Pantograph

Variable Voltage Variable Frequency(VVVF) Inverter Controller

Industry Business: production, infrastructure facilities,
etc.

Automobile test system

Inverter

ED motor

Motor

Gear units

ICT Solution Business: station service equipment,
etc.

Portable terminal for
conductor

Cloud-type remotemonitoring control system
31

Disclaimer• Statements concerning financial results forecasts are based on data
available as of the date of publication of this material andassumptions concerning the elements of uncertainty that will affectfuture business performance as of the date of publication of thismaterial. Actual financial results may differ depending on a variety
of factors.
• Forward-looking statements contained in this material are thejudgments of the Toyo Denki Group based on data available at thetime of publication of this material. Such statements anddescriptions are by no means comprehensive.
<Inquiries on this presentation>
Toyo Denki Seizo K.K.
PR, IR, and CSR Department, Management Planning Division
TEL:03-5202-8122
Inquiry form:https://www.toyodenki.co.jp/inquiry/inquiry.php
32