証券コード6918

AVAL DATA CORPORATION
Financial Results for the year ended March 31, 2024

1. Company Profile
2. Financial Results for the year ended March 31, 2024
[Period： April,2023-March,2024]

3. Forecast for the year ending March 31, 2025
[Period： April,2024-March,2025]

4. Next Aval Forward Looking Statements
May 21,2024

証券コード6918

1. Company Profile

Company Profile

Aval Data Corporation
Headquartes/Machida Office

Machida City, Tokyo

Atsugi Plant

Atsugi City, Kanagawa

Ebina Office

Ebina City, Kanagawa

Date of establishment

August, 1959

Capital stock¥2,354,090,000

Number of employees

204 (As of March 31, 2024)

ISO 9001 quality system certification acquired. (1995)
ISO14001 quality system certification acquired. (2001)

Land area

6,426m² (Machida 1,977m² ／ Atsugi 4,449m²)

Total floor area

8,172m² (Machida 2,957m² ／ Atsugi 3,977m²)
May 6,2022 opened

Headquartes
Machida Office

Atsugi Plant

Ebina Office3

History
1959| Toyo-tsushin-Kogyo corporation is established. The main plant is built in shibuya, Tokyo.

1979

|

1989

| Company name changed to Aval Data Corporation.

1991

Aval Data shares registered on the over-the-counter market (currently listed on the TSE| Standard Market)

2002| The AIP-7000 high-performance image processing LSI developed.

2011|The CoaXPress standard established by the JIIA approved as an international standard at aregular inter-association meeting with the AIA/EMVA.

2013|The Atsugi Business Site received a medical device manufacturer’s license (license no.
14BZ200171) in the general field.

2015| InGaAs short wavelength infrared camera developed and launched.

2017| Aval Nagasaki transferred to Tokyo Electron Device Limited.

2018| Aval Global Co., Ltd. established as a joint venture with TS Corporation of South Korea.

2022| Ebina Office opened in front of Ebina Station, Kanagawa. Moved to the sales department.

The Pecker-1 (PKW-5000) portable PROM programmer developed and launched. With thisproduct, the Company made a full-scale entry into the field of in-house products.

4

Avaldata’s Products
Embedded Solution
Products

Imaging Processing
Solution Products

Hi-Speed Digitizers
aLeading technology
and products in theEmbedded market

Top performance in Japan

High-speed data transfer

Used by high speed
communication betweenequipment

Used by robot anddigitizer/communicator

Used by the knowledge ofweakness and thedesignation of the place

Used by FPGA accelerator inthe datacenter and so on.

5Avaldata’s strong point

Further super high speed ProductsPossesses advanced FPGA design technology

Embeddedtechnology※FPGA (Field Programmable Gate Array)
A logic device whose circuit configuration can be
rewritten.
Owns a unique optical communication protocol

Imaging
Processing

Furthersuperhighspeed
Communication

Combining three types of expertise,
we specialize in high-speed and optimized system design6

証券コード6918

2. Financial Results for the year ended March 31, 2024
[Period： April,2023-March,2024]

Financial Results for the year ended March 31, 2024 (65th)●Custom Order Product’s sales remained weak in the market ofthe semiconductor production equipment, continued a phaseof adjustment throughout inventory.
●Sales in house products remained steady, as the difficulty inobtaining parts was resolved.
●Operating profit remained weak due to invest equipment andincrease employee.
●Net income included Profit on sales of Cross-Shareholdings.

8

Financial Results for the year ended March 31, 2024 (65th )(Millions of yen)Amounts of less than one million yen are rounded down.

Financial Results for the 2nd Quarterof the year ending March 31,2024

Segment
In-house
product

CustomOrderProductProducts

Year-on-yearchanges

Sales

Financial Forecasts for the Fiscal
Year ending March 31, 2024
Year-on-yearchanges

Sales

Embedded module

303+ 47.5%

644+ 23.5 %Image processing module951△ 1.2%

1,872△ 4.1 %

Measuring andcommunication equipment971+ 22.5

1,820

△ 2.3

Purchased item

71+ 60.5%134+ 62.8 %Subtotal

2,296+ 14.0%4,471+ 1.1 %

Segment Profit

740+ 4.5%※ 1,387△ 11.6%

Semiconductor
manufacturing equipment

3,392△ 32.66,631△ 25.7

Industrial control system

472+ 59.3%

1,026+ 41.1 %Measurement equipment

242+ 66.1%

450+ 42.8 %Subtotal

4,106△ 25.0%8,108△ 18.7 %Segment Profit757△ 1.0%※ 1,444△ 2.1%Net sales

6,403△ 14.4%

12,580△ 12.6 %Operating profit

1,168△ 0.7%

2,095△ 12.6 %Ordinary profit

1,266+ 2.0%

2,274

△ 8.9 %Net income919+ 2.7%

5,256+ 23.1 %%%%%Note: Difference between total segment profit(2,831million yen) and operating profit(2,095million yen) is general administrative
expense (736million yen)9

Financial Highlight by segment year-on-year
for the year ended March 31, 2024 (65 th )14,3904,421( 30.7% )(Millions of yen)Amounts of less than one million yen are rounded down.

△1,810( )- component ratio%△12.6%

In-house
product+49+1.1%

12,5804,471( 35.5% )9,968( 69.3% )CustomOrderProduct△1,860△18.7%

8,108( 64.5% )FY2023/3
ActualChangeRate of Change

FY2024/3
Actual10

Operating results year-on-year Comparison
for the year ending March 31 (65 th )(Millions of yen)Amounts of less than one million yen are rounded down.

Sales・Profit

Expense14,39012,580
FY2023(64th )FY2024(65th )FY2023(64th )FY2024(65th )

5,256
4,270

4,2234,090
2,3962,095 2,4952,274

1,0191,100

Net Sales

GrossProfit

OperatingProfit

OrdinaryProfitNet
IncomeChange△1,810△132△301△220+985

Rate ofchange△12.6%△3.1%△12.6%△8.9%+23.1%

Selling,General andAdministrative
expenses※

1,5351,636

Salaries

806 895

103 123

Research andDepreciation
development
expenseexpenseChange+80+100+88+20

Rate ofchange

+7.9%

+6.5%

+11.0%+20.1%※except research and development expenses

11Sales by segment for the year ending March 31,2024 (65 th )(Millions of yen)Amounts of less than one million yen are rounded down.

Measurement
equipment
450(4%)

Industrial control
system
1,026(8%)

CustomOrderProduct

8,108(64%)

Semiconductor
manufacturing
equipment
6,631(53%)

Embeddedmodule644(5%)( )- component ratio%Image processing
module1,872(15%)

In- houseproduct

4,471(36%)

Measuring andcommunicationequipment
1,820
(14%)

Others134(1%)

12

In-house Product situation for the year ending March 31,2024 (65th )(Millions of yen)Amounts of less than one million yen are rounded down.

In-house Product+49+1.1%

Embedded Module

4,421

Sales of medical equipment and electric equipment
increased by 23.5%

521

+122
+23.5%

644

1,953

△80
△4.1%

1,872

1,863

△43
△2.3%

1,820

4,471

Sales 644million yen (Year on Year +122million yen +23.5％)

Image processing module
Sales remained steady, as the difficulty in obtaining
parts was resolved except for some parts.
Sales 1,872million yen (Year on Year △80million yen △4.1％)

Measurement equipment
Sales remained solid thanks to the recovery thecustomer for “GiGA CHANNEL”
Sales 1,820million yen (Year on Year △43million yen △2.3％)

Others（In- house Product）
Sales in house products remained steadySales 134million yen (Year on Year +51million yen +62.8％)

82FY2023/3
Actual+51+62.8%
ChangeRate of Change

134
FY2024/3
Actual13

Custom Order Product situation for the year March 31,2024(65th )(Millions of yen)Amounts of less than one million yen are rounded down.

Custom Order ProductSemiconductor manufacturing equipment

9,968

Sales decreased. Although the price pass-through of
high-priced components decreased, due to resolve thesupply difficulties of components, backlogged products
manufactured and progressed.

△1,860△18.7%
8,108

Sales 6,631million yen (Year on Year △2,294million yen △25.7％)

Industrial control system

8,926△2,294△25.7%

Industrial control system was in line with forecast due
to progress in clearing the backlog of orders.

6,631

Sales 1,026million yen (Year on Year +299million yen +41.1％)

Measurement equipment
Sale remained steady thanks to increase the customer
Sales 450million yen（Year on Year+134million yen +42.8％）726
315
FY2023/3
Actual+299+41.1%+134+42.8%
ChangeRate of Change

1,026
450
FY2024/3
Actual14

Financial Position for the year March 31,2024(65th )(Millions of yen)Amounts of less than one million yen are rounded down.

➢ ROE 82.8 ％ (8.1 point up）
ASSET

LIABILITIES/NET Assets
27,95127,951

27,503△447

5,018
17,783

2,057

Current Assets△477
Current Liabilities

3,474
Non-Current Liabilities 1,249△1,544△808

18,843+1,06020,874
10,167 Non-current Asset

Net Assets

22,780+1,9058,660△1,507

FY2023/3

27,503

FY2023/3
2023年3月期

FY2024/3

ChangeFY2024/3
2024年3月期

ChangeCurrent Assets
Cash & Cash Equivalents
Inventories
Raw materials andsupplies
Non-Current Assets

Investment securities
Construction in progress
Buildings, Structures,
Machinery, equipment,
tools furniture fixtures,
net

1,060
45353846△ 1,507△ 2,433
445

Current Liabilities
Note payable

Accounts payable
Accrued income taxes
Accrued consumption
taxes
Non-Current Liabilities

Deferred tax liabilities
Net Assets

472

Shareholders’ equity
Valuation difference on
available-for –salesecurities△ 1,544
△688
△466
△286
△127
△ 808
△ 808
1,905
3,717
△ 1,825

15

Financial Position for the year March 31,2024(65th) Cash Flow

(Millions of yen)Amounts of less than one million yen are rounded down.

Segment of main Cash Flow
C/F from Operating Activities

3,937

Net Profit

C/FfromInvestingActivities

C/F
From
OperatingActivities△ 2,354

C/F
fromFinancingActivities△ 1,537△ 2,354
7,428

Loss(gain) on sale of shortterm and long-term
investment securities△ 5,154

Inventory△ 1,130

Corporate Income Tax△ 2,452

C/F from Investing Activities

3,937

Proceeds from sale ofinvestment securities

5,139

Acquisition of property, plantand equipment

Free C/F△ 1,021
1,582

C/F from Financing Activities△ 1,537

Dividends paid

△ 1,53616

証券コード6918

3. Forecast for the year ending March 31, 2025
[Period： April,2024-March,2025]

Forecast for the year ending March 31, 2025 (66th)(Millions of yen)Amounts of less than one million yen are rounded down.

Segment
In-houseproductProduct210△ 30.7%590△ 8.4 %

930

△ 2.2%

1,870△ 0.1 %

800

△ 17.6

1,650

△ 9.3

30

△ 57.9%90△ 32.8 %1,970△ 14.2%

4,200△ 6.1 %

3,380

△ 0.4

7,460

+ 12.5420△ 11.1%

1,070+ 4.3 %

230

△ 5.0%

570+ 26.7 %Subtotal

4,030

△1.9%

9,100

+ 12.2 %Net sales

6,000△ 6.3%

13,300+ 5.7 %Operating profit

870△ 25.6%2,190+ 4.5 %Ordinary profit

940△ 25.8%2,285+ 0.5 %Net income680△ 26.1%

1,650※△ 68.6 %Embedded module
Image processing
moduleMeasuring andcommunicationequipment
Purchased item
Subtotal

CustomOrder
Product

Financial Forecast for the 2nd
Financial Forecasts for the Fiscal
Quarter of the year ending
Year ending March 31, 2025
March 31,2025
Year-on-year
Year-on-year
Sales
Sales
changeschanges

Semiconductor
manufacturing
equipment
Industrial control
systemMeasurement
equipment%%※Due to Net income for the year ending March 31, 2024 included Profit on sales of Cross-Shareholdings,
the differences of Year-on-Year changes ratio is increased%%18

Forecast for the year ending March 31, 2025 (66th)(Millions of yen)
By segment
Amounts of less than one million yen are rounded down.
( )- component ratio%

+719

+5.7%

12,580In-house
Product△2714,471△6.1%

13,3004,200( 31.6% )( 35.5% )CustomOrder
Product8,108( 64.5% )FY2024/3
Actual+991+12.2%

ChangeRate of Change

9,100( 68.4% )FY2025/3
Forecast19

Forecast for the year ending March 31, 2025 (66th)(Millions of yen)
By segment
Amounts of less than one million yen are rounded down.

In-house ProductCustom Order Product△271+991

4,471

△6.1%
Embeddedmodule644

Image
processing
module1,872+12.2%

4,200

△54
△8.4%

590

△2
△0.1%

1,870

8,108

Semiconductor
manufacturing
equipment

Measuring andcommunicationequipment

Others

1,820

134
FY2024/3
Actual

△170
△9.3%

△44
△32.8%
ChangeRate of Change

9,100

7,460

6,631+828+12.5%

1,026+43+4.3%

1,070

450+119+26.7%

570

FY2024/3
ActualChangeRate of Change

FY2025/3月
Forecast

1,65090
FY2025/3
Forecast

Industrialcontrol system
Measurement
equipment20

証券コード6918

4.Next Aval

SaSsimple and speed

Business Portfolio

22New ProductHi-speed A/D communication board

Hi-speed A/D communication board
Built-in DMA controller
Acquire the required data and process the data in the FPGA by
Hi-speed ADC devices and our IP core technology
It is possible to transfer memory to a PC without going throughthe CPU.

Hi-speed optical communication board
Hi-speed optical communication board, ideal for highcapacity data transfer and distributed systems
development
・Fastest 200Gps high-speed data communication
・All protocol processing is done by hardware Reduce
software burden

・High speed data transmission
・Noise-resistant, stable communication

23

Providing new value: Hyperspectral cameras
Adjust various demands on inspection Wideband support promotion of series production
Conventional "ABA-013VIR",
Continued from "ABA-003VIR"
Hyperspectral camera "AHS-003VIR",

Next-generation camera interface
CoaXPress
ABA013VIR"ABA-013VIR-CXP" was released,

VIS-SWIR camera with on-board Sony・Cover from light Visible light to Near-infrared・Spectral Range: 400nm ~ 1700nm

Promoting serialization

Provision of a new inspection environment
High Spectral Imaging Camera can detect problems not visible to the human eye
The appearance changes due to differences in the components of the light subject, which cannot be captured byordinary cameras.
2500
100,000nm
780
wavelength(nm)Near-infrared

γRay XRay ultraviolet
wavelength(nm)380

Mid-infrared Ray
Far-infrared Ray

light Visible light Infrared Ray Micro Ray
780

100,00024

Imaging Processing Solution Products
HIGH SPECTRAL IMAGING CAMERA

How to use High Spectral Imaging Camera
High Spectral Imaging Camera can detect problems notvisible to the human eye◆ Inspect the contamination◆ Select fresh or old crops◆ Inspect the malfunctioning of the package◆ Inspect the semiconductor (Silicon wafer, microchip)◆ Others

Example: Select chocolate or gummi※Some gummies that contain more water than chocolate reflect black color.

Color Camera

Black-and-WhiteCamera

High Spectral
Imaging Camera

25

New value as “Big data”

Super Hi-speed
Communication

Wireless

Edge
Computing

WiFi
5GBig data

RAID
Large Capacity
Data storage

Compresseddata26

Manufacture System that meets customer needsAtsugi Plant◆ Total quality that integrates design and manufacturing◆ Traceability after shipment (trace investigation possible)◆ Small quantity, high variety production

Line3ライン3ライン2
Line2Manufacturing
DesignLine1ライン1High
高品質な製品
qualityproduct
Control27

Promotion of Sustainability◆ Development product provide a value of customer◆ Action to reduce CO２ Adapt to RoHS/REACH◆ Environment of good work and the valance of work life

◆ Action for social contribution And support to assist forreconstruction for disaster◆ Enhancement of the corporate governance28

3 years Management Policy (End of March,2027)

Sales

15.5
billion yen

Ordinary
ProfitRatio

23.0％

ROEor more

9%or morePayoutRatio

35％

CrossShareholdings

Less 20%
Vs Net Assets(Until March,2025)

Medium-Term Management Policy◆ Promoting sustainability and contributing to the sustainable development of society◆ Further strengthening our structure by aggressive investment through offensive
management and optimization of fixed expenses◆ Contributing to the evolution of customers’ devices by anticipating latent needs inthe market◆ Building new pillars of growth by establishing business in new fields and overseas◆ Realizing the industry’s top production setup in terms of quality, delivery, cost, andenvironmental response◆ Improving capital efficiency by promoting the reduction of cross-shareholdings
29Plan of use Asset◆Example for Growth Investments

Cash In

Cash Out

Total income in 3years
Internal reserves

Growth Investments

Construct Yamanashi R&D Center
Research and development base in the future・Address: Miyakubo Hosaka Narazaki city,
Yamanashi・Total floor area : 1,570㎡

5billion yen

6.5billion yen
Research and development
fixed asset investment
M&A・Structure: Steel-frame building with 2 stories
・Construction: June, 2023
・Completion: May, 2024(Plan)
・Cost of construction: About 1.1 Billion yen

Establish 2nd Plant in Atsugi
Profit on sales ofCross-Shareholdings

6 billion yen

Retail to shareholder

4.5billion yen
Payout ratio 35%

Further strengthen production by expanding production space・Address: Kanada 1041 Atsugi city,Kanagawa
・Total floor area : 1,272㎡
・Structure :Steel-frame billding with 4 stories
・Construction: Janualry, 2023
・Completion :August, 2023
・Cost of construction: About 5 hundred million yen

Considering share buyback30

Retail for profit
Retail for profit◆ Stable dividend◆ Based of 35% of payout radioDividendYear

FY2021/3

FY2022/3

FY2023/3

FY2024/3

FY2025/3

Dividend(Yen)7885245※317※

94

Payoutradio

35.2%

34.9%

35.3%

37.1%

35.1%

ActualActualActualActualForecast※Net income for the year ending March 31, 2023 and 2024 included Profit on sales of Cross-Shareholdings

31

Disclaimer Regarding Forecast and Projections
Forward-looking statements for earnings and other performancedata contained herein are based on information currently
available to the Company asks that investors understand thatchanges in conditions may cause actual performance tosignificantly differ from these projections.
This document is not intended to invite investment.
Discission's concerning investment should be made of the user’s
own judgement.