Stock Status (30 September, 2023)

Company Outline (30 September, 2023)■Total number of shares authorized to be issued 34,000,000■Total number of shares issued 14,850,000■Number of shareholders 6,406■Major shareholders
No. of Shares(’000)

Shareholding
Ratio(%)

Tokuzo Inoue

2,049

14.28

Gigapalace Inc.

1,472

10.26

UH PARTNERS 2, Inc.

1,379

9.61

HIKARI TSUUSHIN Inc.

1,185

8.26

The Icom Foundation

1,000

6.97

The Master Trust Bank of Japan, Ltd.
(Trust account)

927

6.46

JVC KENWOOD Corporation

445

3.103812.66

357

2.493482.43

Shareholder Name

Custody Bank of Japan, Ltd.
(Trust account)
Sumitomo Realty & Development
Co. Ltd.
Icom Employee Shareholding
Association*The shareholding ratio is calculated by excluding the number of treasury
stock from the total number of shares issued.

■Share Distribution by Shareholder
Foreign Corporations, etc.

1,012,730

Individuals and Others(incl. treasury stock)

4,650,101

Financial Instrument Firms

427,876

14,850,000

Financial Institutions

Others2,360,150

6,399,143

Company name

ICOM INCORPORATED

In Japanese

アイコム株式会社

Established

16 July, 1964

Capital7.812 billion yenNo. of shares issued

14,850,000

No. of Employees

HQ: 630Offices■Headquarters (Hirano-ku, Osaka)■Regional offices●Hokkaido (Sapporo) ●Sendai●Tokyo (Edo-ku) ●Nagoya ●Osaka●Hiroshima ●Kyushu (Fukuoka)■Kinokawa office (Kinokawa, Wakayama)■Tokyo office (Chuo-ku)■Narayama R&D office (Nara)

Main subsidiaries

Group: 1,050

Icom America, Inc., Icom (Europe) GmbH,
Icom (Australia) Pty., Ltd.

Directors (30 September, 2023)

100

Fiscal year

April 1st to 31st March
Year-end dividend

March 31st, each year

Interim dividendSeptember 30th, each year

Chairman (Representative Director)

Tokuzo Inoue

President & CEO (Representative Director)

Hiroshi Nakaoka

Director

Kenichi Kojiyama

External Director

Haruyuki Yoshizawa

External Director

Akifumi Honda

External Director

Yoko MurakamiStanding Auditor

Takayuki Seto

Auditor: Part-time

Hiroshi Umemoto

Auditor: Part-time

Katsunori Sugimoto

Executive Officer

Shigeyoshi Tanabe

Executive Officer

Yoshiki Enomoto

Executive Officer

Kenichi Noda

Executive Officer

Mitsuhiro Nakatani

Executive Officer

Masahiro Hasegawa

June

Annual General Meeting

Half-year Report for Fiscal Year Ending March 2024

2023.4.1 ▶ 2023.9.30

Icom Incorporat e dShareholder Registry Administrator
Account Management Institution forSpecial Accounts

Mitsubishi UFJ Trust and Banking Corporation

Contact information
for the same

Osaka Securities Agent Department, Mitsubishi UFJ Trust and Banking Corporation
3-6-3 Fushimi-cho, Chuo-ku, Osaka, 541-8502, Japan Telephone: 0120-094-777 (toll free)

Stock Exchange Listing (No.: 6820)

Tokyo Stock Exchange Prime market

Method of Public Notice

Public notices will be made electronically.
URL for public notices: https://www.icom.co.jp/(However, in the event of an accident or other unavoidable circumstances that preclude
electronic public notices, public notices will be posted in the Nihon Keizai Shimbun.)

1-1-32 Kami-minami, Hirano-ku, Osaka, 547-0003
https://www.icom.co.jp/

Full year

Sales

18.099Operating Income

1.601

billion yen

10.7％

YearonYearYearonYear

34.173

Ordinary Income

2.478

billion yen

88.3％

Year
on
Year

2.850

billion yen

56.6％

FY2022Net-profit Attributable toOwners of the Parent

1.822

billion yen

52.2％

Yearon
Year

2.574

2.478
16.356

1.601

18.0991.058

FY2023

FY2024

0.782

0.850

FY2022FY2023

1.574

Land-mobileRadio
15.929FY2024FY2022Marine Radio
3.678

5.458

12.6067.140

FY2022 FY2023 FY2024

2.912 2.747 3.030

FY2023

FY2024

NetworkProducts
0.719

FY2022

FY2023Half-year

FY2024

Billion yen

Others

0.769

8.337
6.247

1.836

1.990

1.387

FY2022 FY2023 FY2024

1.197

0.605

2.887

8.702

1.822

1.093

Full year

Amateur Radio
5.816

1.582

0.871

Sales by Category

6.108

Half-year Billion yen

3.262

28.27713.872

No. of Shares per Unit

R e p o r t

Financial HighlightsShareholder Note

Reference Date

B u s i n e s s

FY2022 FY2023 FY2024

0.347 0.339 0.345

FY2022 FY2023 FY2024

3.116

4.292 4.030

FY2022 FY2023 FY2024

To Our Shareholders

Segment PerformanceGreeting①Japan [Icom Incorporated, Wakayama Icom Inc.,
Icom Information Equipment, Macrotechnos Co. Ltd.]previous year to 6.776 billion yen.
In terms of profit, operating income decreased 7.4% year-on-

the previous year due to an increase in demand for rental

improvement in procuring raw materials such as electronic components, resulting in an increase in sales, respectively.
As a result, net sales were 18.099 billion yen (up 10.7% year-on-year) and gross profit was 7.734 billion yen (up 19.3% year-on-year). Selling, general and administrative expenses increased 501 million yen to 6.132 billion yen due to an increase in personnel
expenses and amortization of goodwill, but operating income increased 88.3% to 1.601 billion yen due to increased sales, andordinary income increased 56.6% to 2.478 billion yen due to a foreign exchange gain of 589 million yen. Net profit attributable toowners of the parent amounted to 1.822 billion yen (up 52.2% year-on-year). Note that net sales reached a record high for the firsthalf of the consolidated fiscal year.
The average exchange rates applied to the U.S. dollar and euro during the period were 138.56 yen and 150.45 yen, respectively,representing a depreciation of 6.7% against the U.S. dollar and 10.0% against the euro compared with the same period last year.

Dividends

With respect to the return of profits to shareholders, we believe it is necessary to maintain stable dividends in accordance with theconsolidated business results for each fiscal year. Specifically, our basic policy is to pay a minimum annual dividend of 50 yen pershare or a consolidated dividend payout ratio of 40%, whichever is higher.
For the current fiscal year, the Company will pay an interim dividend of 25 yen per share. The year-end dividend forecast is 57 yen
per share, for an annual dividend of 82 yen per share.

Climate change initiatives (endorsement of TCFD recommendations)
In June 2023, the Company expressed its support for the TCFD (Task Force on Climate-relatedFinancial Disclosures) recommendations and joined the TCFD Consortium, a forum for discussion
among supporting companies and financial institutions.
Based on these recommendations, we will contribute to the realization of a sustainable society
through our business activities by assessing and managing risks and opportunities related to climate change, promoting appropriate information
disclosure, and promoting measures to address climate change such as GHG (greenhouse gas) reduction.
Note: Refers to the Climate-related Financial Disclosure Task Force established in 2015 by the Financial Stability Board (FSB) at the request of the G20.
It assesses the financial impact of risks and opportunities from climate change on management and recommends disclosure of “Governance,”“Strategy,” “Risk Management,” and “Indicators and Targets.”

Actual CO2 emissions (FY2021)

equipment in line with the recovery in economic activity, overallsales in this market decreased due to the impact of areactionary decline from a large-scale tender project of aviation
radio communication equipment to government agencies in theyear to 316 million yen due to an increase in selling, generaland administrative expenses caused by the weak yen andhigher labor costs.

previous fiscal year.

③Europe［Icom（Europe）
GmbH、Icom Spain, S.L.］《Overseas Market》Sales of land-mobile radio communication

Sales of land-mobile radio communications equipment

equipment and amateur radio communication equipment

increased, supported by firm demand and strong sales ofincreased, supported by strong demand in the European region,

satellite radio transceivers. The yen also depreciated 10.0%

and sales in the Asian region also increased as economic

against the euro from the same period of the previous year,activity picked up and demand recovered in major countries.

and net sales from external customers in this segment
increased 29.0% from the same period of the previous year to

As a result, net sales from external customers in this segment
were 9.300 billion yen (up 8.7% year-on-year), and operating

1.248 billion yen.

income was 1.594 billion yen (up 188.6% year-on-year) due to

In terms of profit, operating income increased 57.2% year-on-

the increase in sales and the effect of the large tender projectyear to 146 million yen due to the increase in sales.

for aviation radio communication equipment for government④Asia, Oceania [Icom（Australia）
Pty., Ltd.、PURECOM CO.,LTD.、ICOM ASIA CO.,LTD.］

agencies in the previous period, which had been a factor inlower profit margins.

In Australia, the main market in this region, sales of amateur②North America［Icom America,Inc.、ICOMCANADA HOLDINGS INC.、ICOM DO BRASIL
RADIOCOMUNICACAO LTDA.、ICOM CENTRAL AMERICA,S.DE R.L.DE C.V.］

radio communication equipment and land-mobile radio
communication equipment increased. As a result, sales tooutside customers in this segment amounted to 775 million
yen (up 7.9% year-on-year).

Sales of land-mobile radio communication equipment increased

In terms of profit, operating income increased 10.5% year-on-due to continued strong demand, and the yen depreciatedyear to 65 million yen due to higher sales.

The Group emitted 64,320 tons of CO₂ per year in FY2021, and our specific GHG (greenhouse gas) reduction targets are
to reduce CO₂ emissions from Scope 1 and 2 by 43% (compared to FY2021) by FY2030, and to achieve virtually zero total
emissions from Scope 1 to 3 by FY2050.
・Scope 1 Direct GHG (greenhouse gas) emissions bythe GroupCO2 Emission Reduction Targets and Roadmap

・Scope 2 Indirect emissions from the use of electricity,heat, and steam supplied by other companies（t-CO₂）
3,000
2,500

2,537

2,000

1,546

1,500

・Scope 3 Indirect emissions other than Scope 1 andScope 2 (emissions by other companies
related to the Group's activities)

1,000
500

（Scope1+Scope2）（Scope1+Scope2+Scope3）
ＯｔｈｅｒｓScope124％

0

Scope1
Scope2Category1
15％

2,537t64,320t
Category11Category43％

Scope2・Switching to renewable energy electricity
・Replacement with LEDs and other energy-saving
equipment

Scope3・Research and development of energy-saving products
・Reduction of emissions through collaboration with suppliers (reduction in the number of parts, review ofdesigns based on regulations in each country, etc.)
・Strengthen selection of suppliers (update of green procurement guidelines, etc.)3％

Scope3

FY2050・Consideration of replacement or elimination ofcompany vehicles, etc.

Category569％

FY2030

Scope1Category23％0FY2021

Scope 1+2emissionsreduced by
43%

・Switching to renewable energy
electricity
・Purchase of non-fossil
certiﬁcates, etc.

Net zero emissions

In the period under review, the Group started its“Medium-Term Business Plan 2026”.
During the first half of the current fiscal year, the economy showed a moderate recovery trend as
restrictions on activities due to COVID-19 eased. On the other hand, the outlook remains uncertain
due to heightened geopolitical risks and rising raw material and energy prices.
Although the impact of procurement difficulties for electronic components and other raw materials
Hiroshi Nakaoka
President and CEO
remained, the Group saw a gradual improvement. We continued to focus on strengthening
cooperation with sales channels, promoting sales of alternative products, and diversifying procurement
methods to mitigate the impact of material procurement difficulties, as well as improving the efficiency of production lines.
By product category, sales of land-mobile radio communication equipment increased significantly due to the normalization of
economic activities and an increase in security applications because of heightened crisis management awareness. Amateur radio
communication equipment continued to be supported by strong demand, and marine radio communication equipment also saw an76％this segment increased 10.8% from the same period of thecommunication equipment increased from the same period ofSummary of the six months ended September 30, 2023

Scope2of the previous year. As a result, sales to outside customers in《Domestic Market》Although sales of land-mobile radio

・Introduction of various
carbon credits

We would like to take this opportunity to thank you for your continued support.
As the first half of the fiscal year ending March 31, 2024 ended on September 30, 2023, we would liketo report on the business results for the period.

6.7% against the U.S. dollar compared with the same period