Consolidated Financial Results for the Fiscal Year Ended March 31, 2024(J-GAAP)May 13, 2024
Company name: T.RAD Co., Ltd.
Listing: Tokyo Stock Exchange, Prime Market
Code No.:
7236
URL: http://www.trad.co.jp
Representative: Tomio Miyazaki, President & CEO & COO
Kaoru Kinoshita, Managing Executive Officer,
Contact:
Tel:+81-3-3373-1101
Finance & Accounting Dept.
Scheduled date of the Ordinary General Meeting of Shareholders: June 25, 2024
Scheduled date of filing of securities report:
June 21, 2024
Scheduled date of start of dividend payments:
June 26, 2024
Supplemental materials prepared for consolidated financial results: None
Briefing on consolidated financial results: Yes(Amounts less than one million yen have been truncated)

1. Consolidated Financial Performance for the Fiscal Year Ended March 31, 2024
(April 1, 2023 to March 31, 2024)(1) Consolidated operating performance(Percentage figures indicate year-on-year change)
Net sales

Operating income

Millions of yen% Millions of yen

Ordinary income% Millions of yen

Fiscal year ended
158,659
6.2
4,350 314.2
March 31, 2024
Fiscal year ended
149,41311.9
1,050 -79.2
March 31, 2023
Note: Comprehensive income
Fiscal year ended March 31, 2024: ¥3,753 million (―%)
Fiscal year ended March 31, 2023: ¥ －1,165 million (―%)
Net income per
share

Profit attributable toowners of parent% Millions of yen
%

5,339

156.3

1,245

―

2,083

-65.3

(3,595)―

Diluted net
Ordinary income Operating income
Return on
income per share shareholders’ equity
to total assets
to net sales

Yen

Yen

Fiscal year ended
190.52―
March 31, 2024
Fiscal year ended(550.88)―
March 31, 2023
Reference: Equity earnings (losses) of affiliates
Fiscal year ended March 31, 2024: ¥569 million
Fiscal year ended March 31, 2023: ¥443 million(2) Consolidated financial position
Total assets
Millions of yen

Net assets

%

%

%

2.9

5.4

2.7

-8.3

2.2

0.7

Equity ratio

Net assets per share

Millions of yen%

Yen

45,28643.5

6,860.31

43,85144.9

6,479.13(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvestment activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

16,968(7,075)(616)

20,204

4,376(6,702)(1,058)10,361

Fiscal year ended
103,087
March 31, 2024
Fiscal year ended
94,098March 31, 2023
Reference: Shareholders’ equity
As of March 31, 2024: ¥44,890 million
As of March 31, 2023: ¥42,261 million

Fiscal year ended
March 31, 2024
Fiscal year ended
March 31, 2023

1

2. Dividends
Dividends per Share
Year2Q
3Q
End

1Q

Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025
(Forecast)

Total

Total Dividends
Paid (Annual)(Consolidated)

Payout Ratio

Dividends per
Net Assets(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

―

80.00

―

0.00

80.00

523

―

1.2

―

80.00

―

100.00 180.00

1,181

94.5

2.7

―

90.00

―

90.00 180.00

78.5

3. Forecast of Consolidated Financial Performance for the Fiscal Year Ending March 31, 2025
(April 1, 2024 to March 31, 2025)(Percentage figures indicate changes from the same period of the previous year)
Profit attributable to Net income
Net sales
Operating income
Ordinary income
owners of parent
per share
Millions ofMillions ofMillions ofMillions of
%
%
%
%
Yen
yen
yen
yen
yen
nd
2 Quarter ending
75,000
-6.5
1,400
-34.1
1,700
-35.0
800
-30.5
122.26
September 30, 2024
Fiscal year ending
159,000
0.2
4,000
-8.0
4,500
-15.7
1,500
20.5
229.24
March 31, 2025
4. Other(1) Changes in significant subsidiaries during the period(changes in specific subsidiaries resulting in changes in the scope of consolidation): No(2) Changes in accounting principles, procedures, presentation methods
1) Changes associated with revision of accounting standards: None
2) Changes other than 1): None
3) Changes accounting estimation procedures: None
4) Changes in presentation methods: None
(3) Number of shares issued and outstanding (common stock)1) Number of shares issued and outstanding at end of year (including treasury stock)
As of March 31, 2024: 6,592,411 shares
As of March 31, 2023: 6,712,411 shares
2) Number of shares of treasury stock at end of period
As of March 31, 2024: 48,944 shares
As of March 31, 2023: 189,621 shares
3) Average number of shares outstanding during the period
Fiscal year ended March 31, 2024: 6,535,679 sharesFiscal year ended March 31, 2023: 6,527,520 shares

2

(Reference) Summary of Non-consolidated Financial Performance
1. Non-consolidated Financial Performance for Fiscal Year Ended March 31, 2024
(April 1, 2023 to March 31, 2024)(1) Non-consolidated operating performance(Percentage figures indicate year-on-year change)
Net sales
Operating income
Ordinary income
Net income
Fiscal year ended
March 31, 2024
Fiscal year ended
March 31, 2023

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

75,848

4.2

1,472

29.5

7,988

28.4

1,490

―

72,7836.6

1,136 -22.9

6,220

13.2

(1,731)―

Net income per share
Fiscal year ended
March 31, 2024
Fiscal year ended
March 31, 2023

Diluted net
income per share

Yen

Yen

228.09―(265.23)―(2) Non-consolidated Financial Position
Total assets
Millions of yen

Fiscal year ended
64,150March 31, 2024
Fiscal year ended
56,790March 31, 2023
Reference: Shareholders’ equity
As of March 31, 2024: ¥29,797 million
As of March 31, 2023: ¥28,797 million

Net assets

Equity ratio

Net assets per share

Millions of yen%

Yen

29,79746.4

4,553.78

28,79750.7

4,414.83

2. Forecast of Non-Consolidated Financial Performance for the Fiscal Year Ending March 31, 2025
(April 1, 2024 to March 31, 2025)(Percentage figures indicate changes from the same period of the previous year)
Net income
Net sales
Operating income
Ordinary income
Net income
per share
Millions ofMillions ofMillions ofMillions of
%
%
%
%
Yen
yen
yen
yen
yen
2nd Quarter ending
37,000
-2.1
300
-65.8
2,300
-51.5
900
-55.9
137.54September 30, 2024
Fiscal year ending
78,000
2.8
1,000
-32.1
5,700
-28.6
2,000
34.2
305.65
March 31, 2025
* The consolidated financial results presented herein are not subject to the audit procedures by certified public
accountant or audit firm.
* Explanations for proper use of forecasts and other specific affairs
The forward-looking statement such as forecast of financial performance etc. described in this report based on
information currently available and certain assumptions judged to be reasonable. Actual performance may differ
significantly from these projections due to various factors.

3

Table of Contents
1. Business Results and Qualitative Information for the Fiscal Year Ended March 31, 2024 ························ 5(1) General overview of financial performance ········································································· 5(2) General overview of Consolidated financial position ······························································ 6
2. Basic Concept Behind the Selection of Accounting Standards ························································ 7
3. Consolidated Financial Statements and main notes ······································································ 8(1) Consolidated balance sheets ··························································································· 8(2) Consolidated statements of income and consolidated statement of comprehensive income ················· 10(Consolidated statements of income) ·············································································· 10(Consolidated statement of comprehensive income) ···························································· 12(3) Consolidated statements of changes in net assets ·································································· 13(4) Consolidated statements of cash flows ·············································································· 15(5) Notes concerning consolidated financial statement ······························································· 17(Going concern assumptions) ························································································· 17(Consolidated statements of income) ················································································ 17(Additional information) ······························································································ 18(Segment information) ································································································· 19(Supplementary information) ························································································· 22(Per share information) ································································································ 23(Omitted disclosure) ··································································································· 23(Significant subsequent events) ······················································································ 23
4. Non-Consolidated Financial Statements and main notes······························································· 24(1) Non-consolidated balance sheets ····················································································· 24(2) Non-consolidated statements of income ············································································ 27(3) Non-consolidated statements of changes in net assets ···························································· 29(4) Notes concerning non-consolidated financial statement ·························································· 31(Going concern assumptions) ························································································· 31(Additional information) ······························································································ 31(Significant subsequent events) ······················································································ 31

41. Business Results and Qualitative Information for the Fiscal Year Ended March 31, 2024
(1) General overview of financial performance
General overview
Regarding the economic environment during the consolidated fiscal year, there was a constant need to cope with ongoing
global inflation and rising labor and other costs.
Geopolitical risks such as the ongoing war in the Middle East and the deepening and prolongation of the crisis in Ukraine
continue, and there remains a heightened sense of uncertainty about the future due to concerns about the Chinese economy andtrends in U.S.-China relations.
On the other hand, the economic environment also provided opportunities for improved performance, such as thenormalization of supply chains and rising demand for products for automobile industry, except in some regions.
Under the circumstances, the net sales of the T.RAD Group (on a foreign currency basis) increased from the same period of
the previous year except China. Operating income increased from the same period of the previous year due to the increase of net
sales. Profit attributable to owners of parent increased from the same period of the previous year.
As a result, net sales during the consolidated fiscal year under review increased by 9,245 million yen from the previous
fiscal year, amounting to 158,659 million yen (up 6.2% year on year), operating income increased by 3,300 million yen,amounting to 4,350 million yen (up 314.2% year on year), ordinary income increased by 3,256 million yen, amounting to 5,339
million yen (up 156.3% year on year) and profit attributable to owners of parent improved by 4,841 million yen, amounting to
1,245 million yen.
The segment results are as follows.
The book-closing date for the consolidated subsidiaries for the consolidated fiscal year under review is December 31. In
preparing the consolidated financial statements, the financial statements as of, and for one year period ended on this date wereused. With respect to important transactions conducted during the period between this date and the book-closing date forconsolidated accounting, we have made adjustments as necessary for consolidated accounting. The segments relevant to suchadjustments are the United States, Europe, Asia and China.
Domestic subsidiaries have the same settlement date that coincides with the last day of the consolidated fiscal year. The
corresponding segment is Other.
Net SalesJapan
UnitedStatesEuropeAsia
China
Other(including
elimination)

Operating Income (Loss)

Increase/
Decrease

Percentagechange(on a foreign
currency basis)*

Fiscal year
ended March
31, 2023

Fiscal year
ended March
31, 2024

Increase/
Decrease

Percentagechange(on a foreign
currency basis)*(Millions of yen)

(Millions of yen)(%)

(Millions of yen)

(Millions of yen)

(Millions of yen)(%)

68,784

2,899

4.4

1,184

1,505

320

27.1

37,54042,127

4,586

5.0(3,665)(2,348)

1,316

-

5,487
19,26920,998

5,799
21,247
20,379

312
1,978
-618

3.1
5.7
-10.4

(540)
2,948
1,104

97
3,470
1,551

638
522
447

9.8
34.0

234

321

87

-

20

74

54

276.0

Fiscal year
ended March
31, 2023

Fiscal year
ended March
31, 2024(Millions of yen)

65,885

Total
149,413
158,659
9,245
1,050
4,350
3,300
327.9
*The percentage changes (on a foreign currency basis) in the chart are the percentage changes after correcting for differences
arising from fluctuations in the foreign exchange rates applicable to overseas net sales.

(i) Japan
Net sales of products for construction industrial machines decreased from the same period of the previous fiscal year due todecreases in orders etc. However, net sales of products for automobile industry increased from the same period of the previous
fiscal year due to increases in orders etc., despite the impact of the suspension of orders for some vehicle models. As a result, thenet sales in the Japan segment increased by 2,899 million yen from the same period of the previous year, resulting in 68,784
million yen.
Operating income increased by 320 million yen from the same period last year, reaching 1,505 million yen, due to thesuccessful transfer of increased materials, parts, and energy costs to sales prices.
(ii) United States
Net sales of products for automobile industry increased year on year due to the start of mass production of newly ordered
models and an increase in orders received etc. Net sales of products for construction industrial machines were increased fromthe same period of the previous year due to an increase in orders etc. As a result, the net sales in the United States segment
increased by 4,586 million yen from the same period of the previous year, resulting in 42,127 million yen. On a foreign
currency basis, it increased by increased by 5.0%.
Operating income increased by 1,316 million yen year-on-year, resulting in operating loss of 2,348 million yen due to thedecrease of depreciation and successful transfer of increased materials, parts, and energy costs to sales prices.
5

(iii) Europe
Net sales of products for automobile industry in the Czech Republic were increased from the same period of the previous
year due to the commencement of mass production of models for which orders were newly received etc. As a result, the net
sales in this segment increased by 312 million yen year-on-year to 5,799 million yen. On a foreign currency basis, it increasedby 3.1%.
Operating income increased by 638 million yen year on year to 97 million yen, partly due to the local government’s
electricity cost subsidy policy.
(iv) Asia
Net sales of products for automobile industry decreased in Vietnam due to economic downturns and other factors but haveincreased from the same period last year in Thailand and Indonesia due to an increase in orders. As a result, the net sales in the
Asia segment increased by 1,978 million yen from the same period of the previous year, resulting in 21,247 million yen. On a
foreign currency basis, it increased by 5.7%.
As a result, the net sales in the Asia segment increased by 522 million yen from the same period of the previous year,
resulting in 3,470 million yen. On a foreign currency basis, it increased by 9.8%.
(v) China
Net sales of products for automobile industry and construction industrial machines decreased due to a decline in orders
resulting from a market downturn etc. As a result, the net sales in this segment decreased by 618 million yen from the same
period of the previous year, to 20,379 million yen. On a foreign currency basis, it decreased by 10.4%.
Operating income increased by 447 million yen from the same period of the previous year, resulting in 1,551 million yen,
due to the successful transfer of increased materials and parts costs to sales prices. On a foreign currency basis, it increased by
34.0%.
Outlook for the fiscal year ending March 31, 2025
Our consolidated sales for FY2024 are expected to increase in Japan and the U.S. but decrease in China and Asia, with total
consolidated sales projected to be on par with the previous year. While an increase in profit is anticipated in the U.S. due toimprovements in productivity, a significant decline in sales in China and Asia is expected to adversely affect profits, leading to
a decrease in operating income. The profit attributable to owners of parent is expected to rise, thanks to a recovery from theimpairment losses recorded for U.S. and Chinese subsidiaries in FY2023.
Therefore, we forecasts the following consolidated financial performance for the fiscal year ending March 31, 2025: net
sales of 159,000 million yen (up 0.2% year on year), operating income of 4,000 million yen (down 8.0% year on year),ordinary income of 4,500 million yen (down 15.7% year on year), and profit attributable to owners of parent of 1,500 million
yen (up 20.5% year on year).
As for the profit distribution for the fiscal year, we plan to pay out an interim dividend of 90 yen and a year-end dividend of
90 yen.
(2) General overview of consolidated financial position
1) Assets, liabilities and net assets
Total assets at the end of the consolidated fiscal year under review resulted in 103,087 million yen (up 8,989 million yen
from the end of the previous fiscal year) due to the increase of cash and deposits, accounts receivable-trade and net defined
benefit asset etc.
Liabilities resulted in 57,801 million yen (up 7,554 million yen) due to the increase of accounts payable-trade andelectronically recorded obligations etc.
Net assets resulted in 45,286 million yen (up 1,435 million yen) due to the increase of foreign currency translation
adjustment and net defined benefit liability etc.
2) Cash flows
The increasing and decreasing factors of each cash flow in the consolidated fiscal year under review are as follows.
Net cash provided by operating activities was 16,968 million yen, an increase of 12,592 million yen year on year due to theincrease of profit before income taxes and increase of inventories and notes and accounts payable-trade etc.
Net cash used in investing activities was 7,075 million yen, a decrease of 373 million yen year on year due to the increase ofcapital investment etc.
As a result, free cash flow, the sum of net cash provided by operating activities and net cash used in investing activities, anincrease of 12,218 million yen year-on-year. The result was a cash inflow of 9,892 million yen.
Furthermore, net cash used in financing activities was 616 million yen, an increase of 442 million yen year on year due to theincrease of proceeds from long-term loans payable etc.
As an above result, cash and cash equivalents at the end of the consolidated fiscal year under review totaled 20,204 million
yen, an increase of 9,843 million yen from the end of the previous fiscal year.
62. Basic Concept Behind the Selection of Accounting Standards
In order to ensure comparability between companies and over time, the T.RAD Group, which consists of T.RAD Co., Ltd.
(the “Company”), prepares the Company’s consolidated financial statements based on the “Ordinance on Terminology,
Forms, and Preparation Methods of Consolidated Financial Statements (except Chapters 7 and 8)” (Ordinance of the Ministryof Finance No. 28 of 1976).
Please note that, in view of domestic and overseas circumstances, the Company intends to respond appropriately to theapplication of international accounting standards.

7

3．Consolidated Financial Statements and main notes(1) Consolidated balance sheets(Millions of yen)
FY2023

FY2022As of March 31, 2023

As of March 31, 2024

AmountAmount(Assets)
Current assets
Cash and deposits
Notes receivable-trade

10,225

20,332772

1,080

Electronically recorded monetary claims-operating

2,760

3,191

Accounts receivable-trade25,52725,587

Short-term investment securities

489

299

Merchandise and finished goods

4,356

3,572

Work in process

795

991

Raw materials and supplies

10,718

8,985

Others

2,738

2,703

Allowance for doubtful accounts

(246)

(127)

Total current assets

58,13866,617

Buildings and structures

23,78924,058

Accumulated depreciation(17,127)(17,883)

Building and structures, net

6,662

6,175

Machinery, equipment and vehicles

60,37564,059

Accumulated depreciation(46,592)(51,364)

Machinery, equipment and vehicles, net

13,783

12,694

Land

2,444

2,509

Lease assets

2,233

2,258

Accumulated depreciation

(582)

(836)

Noncurrent assets
Tangible fixed assets

Lease assets, net

1,650

1,422

Construction in progress

2,729

3,650

Other tangible fixed assets

32,71734,523

Accumulated depreciation(30,807)(32,840)

Other tangible fixed assets, net

1,909

1,682

Total tangible fixed assets

29,17928,135

Other intangible assets

2,153

3,125

Total intangible assets

2,153

3,125

Investment securities

2,967

1,998

Net defined benefit asset

895

2,431

Deferred tax assets

203

226

Others565

558

Allowance for doubtful accounts

(5)

(5)

Total investments and other assets

4,626

5,210

Total noncurrent assets

35,95936,47094,098103,087

Intangible assets

Investments and other assets

Total assets

8

(Millions of yen)
FY2023

FY2022As of March 31, 2023

As of March 31, 2024

AmountAmount(Liabilities)
Current liabilities
Notes and accounts payable-trade

13,886

15,685

Electronically recorded obligations - operating

4,613

5,917

Short-term loans payable

11,045

7,531

Lease obligations

410

447

Income taxes payable

544

1,089

Accrued expenses

3,528

3,793

Provision for bonuses

1,355

1,667

Provision for directors’ bonuses

25

32

Provision for product warranties

661

787

Provision for loss on order received

209

228

Electronically recorded obligations - non-operating

715

482

961

1,380

37,95839,043Long-term loans payable

8,159

14,340

Lease obligations

2,831

2,596

Deferred tax liabilities

793

1,315

Net defined benefit liability

292

294

Provision for share awards

29

44

Asset retirement obligations

92

93

OthersTotal current liabilities
Noncurrent liabilities

OthersTotal noncurrent liabilities
Total liabilities

88

73

12,28818,75850,24657,801

8,570

8,570

(Net assets)
Shareholders’ equity
Capital stock
Capital surplus

7,353

6,911

Retained earnings

22,10022,510Treasury stock

(452)

(114)

Total shareholders’ equity

37,57137,877

11

19

3,700

5,012

Remeasurements of defined benefit plans

977

1,980

Total accumulated other comprehensive income

4,690

7,012

Non-controlling interests

1,589

396

Total net assets

43,85145,286

Total liabilities and net assets

94,098103,087

Valuation and translation adjustments
Valuation difference on available-for-sale securities
Foreign currency translation adjustment

9(2) Consolidated statements of income and consolidated statement of comprehensive income(Consolidated statements of income)(Millions of yen)
FY2023

FY2022(Apr. 1, 2022–Mar. 31, 2023)(Apr. 1, 2023–Mar. 31, 2024)

AmountAmountNet sales

149,413

158,659

Cost of sales

137,558

143,761

Gross profit

11,855

14,898

Packing and delivery expenses

1,614

1,554

Provision for product warranties

709

575

Directors' compensations

207

176

Salaries and allowances

2,302

2,421

Provision for bonuses

429

497

Provision for directors’ bonuses

25

32

Provision for directors’ retirement benefits

44

23

Selling, general and administrative expenses

29

15

Welfare expenses

1,457

1,509

Depreciation

349

314

Rent expenses

479

508

Transportation and communication expenses

396

486

Research and development expenses

Retirement benefit expenses

1,104

1,199

Entertainment expenses

22

27

Provision of allowance for doubtful accounts

59

(10)

Commission Fee

344

289

Miscellaneous expenses

1,229

926

Total selling, general and administrative expenses

10,805

10,547

Operating income (loss)

1,050

4,350

Interest income

165

248

Dividends income

53Equity in earnings of affiliates

443

569

Foreign exchange gains

538

508

Others262

310

Total non-operating income

1,415

1,639

363

642

Non-operating income

Non-operating expenses
Interest expenses
Others18

8

Total non-operating expenses

382

650

Ordinary income

2,083

5,339

10

(Millions of yen)
FY2023

FY2022(Apr. 1, 2022–Mar. 31, 2023)(Apr. 1, 2023–Mar. 31, 2024)

AmountAmountExtraordinary income
Gain on sales of noncurrent assets

1587Gain on sales of investment securities－

199

Gain on sale of shares of subsidiaries and associates－

218

Total extraordinary income

15

505

Loss on retirement of noncurrent assets

140

92

Loss on sales of noncurrent assets

20

9Impairment loss

3,507

1,623

Loss on reversal of foreign currency translation adjustment

401－

Total extraordinary loss

4,069

1,726

Income (loss) before income taxes(1,970)

4,118

Income taxes-current

2,140

2,710

Income taxes-deferred

(102)

72

Total income taxes

2,038

2,782

Profit (loss)(4,009)1,336

Extraordinary loss

Profit (loss) attributable to non-controlling interests

(413)

90

Profit (loss) attributable to owners of parent(3,595)1,245

11

(Consolidated statement of comprehensive income)(Millions of yen）
FY2022

FY2023(Apr. 1, 2022–Mar. 31, 2023)(Apr. 1, 2023–Mar. 31, 2024)

AmountAmount(4,009)Profit (loss)

1,336

Other comprehensive income
Valuation difference on available-for-sale securities

11

7

Foreign currency translation adjustment

2,741

1,426

Remeasurements of defined benefit plans, net of tax

(70)

1,001

161

(18)

Total other comprehensive income

2,844

2,417

Comprehensive income(1,165)

3,753

Comprehensive income attributable to owners of parent

(904)

3,567

Comprehensive income attributable to non-controlling interests

(260)

185

Share of other comprehensive income of associates accounted for using equity method(Breakdown)

12(3) Consolidated statements of changes in net assets
Fiscal year ended March 31, 2023(April 1, 2022 to March 31, 2023)(Millions of yen)
Shareholders’ Equity
Capital stock
As of April 1, 2022

Capital surplus

8,570

Retained earnings

7,352

Total
shareholders’ equity

Treasury stock

27,004(421)

42,505

Changes of items during the period
Dividends from surplus(1,307)(1,307)

Profit(Loss) attributable toowners of parent(3,595)(3,595)Purchase of treasury stock
Disposal of treasury stock

1

(116)

(116)

85

86

Retirement of treasury stock－

Net changes of items other thanshareholders’ equity
Total changes of items during theperiodAs of March 31, 2023－

1

(4,903)(31)(4,933)

8,570

7,353

22,100(452)

37,571

Valuation and translation adjustments

As of April 1, 2022

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Remeasurementsof defined benefit
plans

Total valuationand translation
adjustments

Non-controllinginterests

Total net assets

－

948

1,049

1,998

2,228

46,732

Changes of items during theperiodDividends from surplus(1,307)

Profit(Loss) attributable toowners of parent(3,595)Purchase of treasury stock(116)

Disposal of treasury stock86

Retirement of treasury stock－

Net changes of items other thanshareholders’ equity
Total changes of items during theperiodAs of March 31, 2023

11

2,751

(71)

2,691

(638)

2,052

11

2,751

(71)

2,691

(638)

(2,880)

11

3,700

977

4,690

1,589

43,85113

Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)(Millions of yen)
Shareholders’ Equity
Capital stock
As of April 1, 2023

Capital surplus

8,570

Retained earnings

7,353

Total
shareholders’ equity

Treasury stock

22,100(452)

37,571

Changes of items during the period
Dividends from surplus

(525)

(525)

Profit attributable toowners of parent

1,245

1,245

Purchase of treasury stock
Disposal of treasury stock(1)

Retirement of treasury stock
Change in ownership interestof parent due to transactions with
non-controlling interests
Net changes of items other thanshareholders’ equity
Total changes of items during the period

(2)

(2)

(21)

51

29

(288)

288

－

(441)

As of March 31, 2024

(441)

－

(442)

410

337

305

8,570

6,911

22,510(114)

37,877

Valuation and translation adjustments
Valuationdifference on
available-for-salesecurities
As of April 1, 2023

11

Foreigncurrencytranslation
adjustment

Remeasurementsof defined benefit
plans

Total valuationand translation
adjustments

Non-controllinginterests

Total net assets

977

4,690

1,589

43,851

3,700

Changes of items during theperiodDividends from surplus(525)

Profit attributable toowners of parent

1,245

Purchase of treasury stock(2)

Disposal of treasury stock

29

Retirement of treasury stock－

Change in ownership interestof parent due to transactions
with non-controlling interests
Net changes of items other thanshareholders’ equity
Total changes of items during theperiodAs of March 31, 2024

(441)
7

1,312

1,002

2,322

(1,192)

1,129

7

1,312

1,002

2,322

(1,192)

1,435

19

5,012

1,980

7,012

396

45,28614

(4) Consolidated statements of cash flows(Millions of yen)
FY2023

FY2022(Apr. 1, 2022–Mar. 31, 2023)(Apr. 1, 2023–Mar. 31, 2024)

AmountAmountNet cash provided by (used in) operating activities
Income (loss) before income taxes(1,970)4,118

Depreciation and amortization

6,349

6,219

Impairment loss

3,507

1,623

Retirement benefit expenses

(118)

1,375

Increase (decrease) in net defined benefit liability

123(1,496)

Increase (decrease) in allowance for doubtful accounts

59

(132)

Increase (decrease) in provision for bonuses

(67)

308

Increase (decrease) in provision for directors' bonuses

(46)

7

Increase (decrease) in provision for product warranties

370

91

Loss on retirement of noncurrent assets

140

92

Loss (gain) on sales of tangible fixed assets

4

(77)

Loss (gain) on sales of investment securities

－

(418)

Interests and dividends income

(171)

(251)

Interests expenses

363

642

Foreign exchange losses (gains)

(57)

(190)

Equity in (earnings) losses of affiliates

(443)

(569)

Decrease (increase) in notes and accounts receivable-trade

1,050

(8)

Decrease (increase) in inventories(2,500)3,133

Increase (decrease) in notes and accounts payable-trade

(570)

2,504

Loss on reversal of foreign currency translation adjustment

401－

Decrease (increase) in other current assets

(152)

244

Increase (decrease) in other current liabilities

772

532

Other, net

32

65

Subtotal

7,077

17,816

Interest and dividends income received

200

1,975

Interest expenses paid

(368)

(621)

Income taxes paid

(2,533)(2,202)

Net cash provided by (used in) operating activities

4,376

16,96815

(Millions of yen)
FY2023

FY2022(Apr. 1, 2022–Mar. 31, 2023)(Apr. 1, 2023–Mar. 31, 2024)

AmountAmountNet cash provided by (used in) investing activities
Proceeds from withdrawal of time deposits

1,550

1,787

Payments into time deposits(1,522)(1,849)Purchase of tangible fixed assets(6,093)(6,084)

98

135

(753)

(1,122)

Purchase of investment securities－(0)

Proceeds from sales of investment securities－

203

Other, net

18

(146)

(6,702)(7,075)

Net increase (decrease) in short-term loans payable

228(2,219)Proceeds from long-term loans payable

3,900

6,800

Repayment of long-term loans payable(3,031)(2,461)

Purchase of treasury stock

(116)

－

Cash dividends paid

(1,307)(525)

Cash dividends paid to non-controlling shareholders

(224)

(246)

－

(1,610)

Others

(506)

(353)

Net cash provided by (used in) financing activities(1,058)

(616)

522

566

Net increase (decrease) in cash and cash equivalents(2,861)

9,843

Cash and cash equivalents at beginning of period

13,404

10,361(180)－

10,361

20,204

Proceeds from sales of tangible fixed assets
Purchase of intangible assets

Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities

Payments from changes in ownership interests in subsidiaries that do not result inchange in scope of consolidation

Effect of exchange rate change on cash and cash equivalents

Decrease in cash and cash equivalents resulting from exclusion of subsidiaries
from consolidation
Cash and cash equivalents at end of period16(5) Notes concerning Consolidated Financial Statements(Going concern assumptions)Not applicable(Consolidated statements of income)#1 Impairment Loss:
Impairment losses were recorded in the following asset groups of the Group:
FY2022 (April 1, 2022–March 31, 2023)
Place

Purpose of use

Type

Impairment loss
(Millions of yen)

Machinery, equipment and vehicles
9
Idle assets
Construction in progress
29
Shibuya-ku, Tokyo, Japan
Subtotal
38
Machinery, equipment and vehicles
3,079
T.RAD North America, Inc.
Tools, furniture and fixtures
308
Manufacture and sales of
Hopkinsville, Kentucky,
heat exchangers
Construction
inprogress
79
U.S.A
Subtotal
3,467
Total
3,507
The asset groups are classified on the base of managerial accounting in consideration of company category and business category.
As a result of accounting for the impairment of assets based on the aforementioned grouping, regarding idle assets with noexpected future use, its book value was written down to recoverable values, and the Company posted this loss as an impairment
loss under extraordinary loss. The amount listed as recoverable value by each asset group have been appraised based on residual
value.
In the U.S. subsidiary, the manufacturing and sales operations for heat exchangers faced a decline in profitability, making it
unlikely to recover the invested amounts in the above tangible fixed assets. Consequently, the carrying amounts of these assets
were reduced to their memorandum values, and the reduction was recorded as an impairment loss under extraordinary losses. The
recoverable amounts of these asset groups were assessed based on their fair values. For the current fiscal year, the fair values ofboth asset groups were determined to be zero, leading to the recognition of an impairment loss for the carrying amounts, excluding
the memorandum values.
In addition, an impairment loss of less than one million yen was recorded for a portion of the Czech subsidiary’s
facilities.
The Company,
Head Quarter etc.

17

FY2023 (April 1, 2023–March 31, 2024)
Place

Purpose of use

Type

Idle assets

T.RAD North America, Inc.
Hopkinsville, Kentucky,
U.S.A

Equipment for Manufactureand sales of aluminum heatexchangers
Equipment which isscheduled forend of production,out of Manufacture and salesof stainless-steel heatexchangers

Impairment loss
(Millions of yen)

Machinery, equipment and vehicles
Subtotal
Machinery, equipment and vehicles
Other
Construction in progress
Subtotal

33
33
69
159
76
305

Machinery, equipment and vehicles

393

Other

22

Subtotal

415

Total

754
185
T.RAD Qingdao CO., LTD.
572
Manufacture and sales of
Qingdao,heat
exchangers
111
Shandong, China
869
Total
1,623
The asset groups are classified on the base of managerial accounting in consideration of company category and business category.
As a result of accounting for the impairment of assets based on the aforementioned grouping, regarding idle assets with noexpected future use in US subsidiary, its book value was written down to recoverable values, and the Company posted this loss as
an impairment loss under extraordinary loss. The amount listed as recoverable value by each asset group have been appraised
based on residual value.
In the U.S. subsidiary, the manufacturing and sales operations for aluminum and stainless-steel heat exchangers faced a decline
in profitability, making it unlikely to recover the invested amounts in the above tangible fixed assets. Consequently, the carrying
amounts of these assets were reduced to their memorandum values, and the reduction was recorded as an impairment loss under
extraordinary losses. The recoverable amounts of these asset groups were assessed based on their fair values. For the current fiscal
year, the fair values of both asset groups were determined to be zero, leading to the recognition of an impairment loss for the
carrying amounts, excluding the memorandum values.
In addition, as to manufacture and sales of heat exchangers in above China subsidiary, regarding aforementioned tangible fixed
assets were no longer expected to recover the investment amount due to the decrease in profitability. Accordingly, their bookvalues were written down to recoverable values, and the Company posted those losses as an impairment loss under extraordinary
loss. The amount listed as recoverable value by each asset group was calculated in accordance with the asset’s value in usage.
Buildings and structures
Machinery, equipment and vehicles
Other
Subtotal(Additional information)(Transfers between retirement benefit plans)
On April 1, 2023, the Company transferred a portion of its defined benefit corporate pension plan to a defined
contribution pension plan. As a result, the Company applied the Accounting for Transfers between Retirement
Benefit Plans (ASBJ Guidance No. 1, December 16, 2016) and the Practical Solution on Accounting for Transfers
between Retirement Benefit Plans (PITF No. 2, February 7, 2007). No gain or loss was recognized as a result of thistransition.

18

(Segment information)
1. General information of reportable segments
The reportable segments of the Group are components for which discrete financial information is available andwhose operating results are regularly reviewed at management meetings comprising directors and officers, whereby
decisions are made regarding the allocation of resources to the segments and assessments are made concerning thesegments’ performance.
The Group’s business involves the manufacture and sales of heat exchangers for the automobile and otherindustries. The Company covers the business in Japan. Overseas companies cover the business of each region such as
the United States, Europe (the Czech Republic and Germany), Asia (Thailand, Indonesia and Vietnam) and China.
Each of these overseas corporations is an independent business unit whose operations involve the manufacture of
products that are marketed in each respective area.
Therefore, our Group consists of the Company and these overseas corporations which are based on a
manufacturing and sales structure. As such, “Japan,” “the United States,” “Europe,” “Asia” and “China” are our fivereportable segments.
In each reportable segment, heat exchangers for automobiles, construction, industrial machinery, air conditioners
and others are manufactured and sold.
2. Calculation method for net sales, profit (loss), assets, liabilities and other items by reportable segment
The accounting method for the Group’s reportable segments is complied with described in Basis for preparation of
consolidated financial statements.
Net sales for reportable segments are for each production region.
Segment income is based on operating income.
Intersegment income and transfer amount are calculated based on arm's length price.
3. Net sales, profit (loss), assets and other items by reportable segments
Fiscal year ended March 31, 2023(from April 1, 2022 to March 31, 2023)(Millions of yen)
Reportable segment
Other
Total
UnitedJapan
Europe
Asia
China
Total
StatesNet Sales:
Sales to outside customers
65,88537,5405,487
19,26920,998149,180233
149,413Intersegment sales or
6,897
85
128
425
2,137
9,674
2,007
11,682transfers
Total
72,78337,626
5,615
19,694
23,135
158,855
2,241
161,096
Segment income (loss)
1,184(3,665)
(540)
2,948
1,104
1,030
52
1,082
Segment assets
57,19722,288
3,953
11,25017,541
112,230
918
113,149
Other items
Depreciation
2,776
1,653
109
783
914
6,236
62
6,298
Investment amount in
531
531
531
equity-method affiliate
Increase of tangible fixed
assets and intangible
3,489
559
382
540
631
5,604
33
5,638
assetsNote: “Other” comprises business operations that are not categorized as reportable segments and includes the businessactivities of domestic subsidiaries, such as the transportation business.

19

Fiscal year ended March 31, 2024(from April 1, 2023 to March 31, 2024)(Millions of yen)
Reportable segment
Other
Total
UnitesJapan
Europe
Asia
China
Total
StatesNet Sales:
Sales to outside customers
68,784
42,127
5,799
21,247
20,379158,338321
158,659
Intersegment sales or
7,064
57
105
541
1,703
9,473
2,039
11,512transfers
Total
75,84842,184
5,904
21,78922,083
167,8112,360
170,172
Segment income (loss)
1505(2,348)
97
3,470
1,551
4,275
131
4,407
Segment assets
66,133
21,878
4,335
11,91817,817122,082
1,081
123,164
Other items
Depreciation
3,399
965
136
826
883
6,210
53
6,263
Investment amount in
399
399
399
equity-method affiliate
Increase of tangible fixed
assets and intangible
4,735
602
268
725
935
7,267
31
7,298
assetsNote: “Other” comprises business operations that are not categorized as reportable segments and includes the businessactivities of domestic subsidiaries, such as the transportation business.

20

4. Difference amount between the total amount of reportable segments and the posted amounts in the consolidated
financial statements and the main contents of the difference amount (the adjustment of difference)(Millions of yen)
FY2022

Net sales
Total of reportable segments

FY2023
158,855

167,811Net sales of the classification “Others”

2,241

2,360

Elimination of trades among segments(11,682)(11,512)Net sales in the consolidated financial statements

149,413

158,659(Millions of yen)

FY2022

ProfitFY2023

Total of reportable segments

1,030

4,275

Profit of the classification “Others”

52

131

Elimination of trades among segments

(32)

(57)

Operating income in the consolidated financial statements

1,050

4,350
(Millions of yen)

FY2022

AssetsTotal of reportable segments

FY2023112,230

122,082

918

1,081

(19,050)(20,076)

94,098103,087

Assets of the classification “Others”
Elimination of trades among segments
Total assets in the consolidated financial statements(Millions of yen)

Other items

Total of reportablesegments

Other

Adjustments(Note)

Posted amounts in the
consolidated financial
statements

FY2022

FY2023

FY2022

FY2023

FY2022

FY2023

FY2022

FY2023

Depreciation

6,236

6,210

62

53

50

(44)

6,349

6,219

Investment amount toequity-method affiliate

531

399

－

－

2,393

1,558

2,924

1,958

Increase of tangible fixed
5,604
7,267
33
31
6,361
7,206
723
(92)
assets and intangible assets
Note: Adjustments are as follows.
1. The adjustment of depreciation cost derives from the elimination of unrealized losses and gains related to non-current assets.
2. The adjustment of investment amount to the entities accounted for using equity method derives from investment profit on equity
method.
3. The adjustment of increased amounts of tangible fixed assets and intangible assets are as follows.
Elimination of unrealized losses and gains related to non-current assets: (92) million yen

21

(Supplementary information)
Sales states (consolidated)(Millions of yen)

FY2022

FY2023(April 1, 2022 to March 31, 2023) (April 1, 2023 to March 31, 2024)

Amount%Amount%Increase/Decrease
Amount%For Automobile

114,41776.5

124,318

78.4

9,901

8.7

For construction &industrial machine

30,28320.3

29,550

18.6

-732

-2.4

For Air conditioner

2,090

1.4

2,340

1.5

249

11.9

Other

2,622

1.8

2,450

1.5

-172

-6.6

149,413100.0
158,659
Total
Notes: Amounts less than one million yen have been truncated.

100.0

9,245

6.2

22

(Per share information)
FY2022
FY2023(April 1, 2022–March 31, 2023)(April 1, 2023–March 31, 2024)
Net assets per share:¥6,479.13¥6,860.31
Net income(loss) per share:¥(550.88)¥190.52(Note) 1. Diluted net income per share is not listed for the consolidated fiscal year under review, as there are no potential sharesthat have dilutive effects on per-share net income.
2. The number of treasury stock shares at the end of this fiscal year includes the Company’s shares held by
Custody Bank of Japan, Ltd. (Trust Account E), which were set up in the introduction of the Stock Benefit
Trust (J-ESOP) and treated as treasury stock. Therefore, the number of shares is included in the number oftreasury stock shares deducted from the number of shares issued and outstanding at the end of the fiscal year
for the calculation of net assets per share. The number of treasury stock shares is included in the number ofshares deducted from the average number of shares during the period for the calculation of net income pershare. In the previous consolidated fiscal year, the number of shares deducted for the calculation of net assets
per share was 22,100, and the number of shares deducted for the calculation of net loss per share was 18,416.
The number of shares deducted from the calculation of net assets per share in this consolidated fiscal year is
21,900, and the number of shares deducted from the calculation of net income per share is 21,975.
3. Basis for calculation of net income(loss) per share as follows.
FY2022(April 1, 2022–March 31, 2023)
Net income(loss) per share
Profit(Loss) attributable toowners of parent(Millions of yen)Amount that is not attributable toshares of common stock(Millions of yen)
Profit(Loss) attributable to owners ofparent related to shares of common
stock (Millions of yen)
Average number of shares ofcommon stock during the period(Thousands)

FY2023(April 1, 2023–March 31, 2024)(3,595)

1,245

—

—

(3,595)

1,245

6,527

6,535

(Omitted disclosure)
Disclosure of the statement of comprehensive income, lease transactions, information on related parties, financial
products, securities, derivative transactions, retirement benefits, stock options, tax-effect accounting, asset retirement
obligations, and notes related to the rental property are omitted because disclosure of such information is deemed to be
insignificant.
(Significant subsequent events)
Not applicable23

4. Non-Consolidated Financial Statements and main notes(1) Non-consolidated balance sheets(Millions of yen)
FY2023

FY2022As of March 31, 2023

As of March 31, 2024

AmountAmount(Assets)
Current assets
1,779

5,272

37

－

Electronically recorded monetary claims-operating

2,760

3,191

Accounts receivable-trade

Cash and deposits
Notes receivable-trade16,857

16,909

Short-term investment securities

489

299

Merchandise and finished goods

1,570

1,560

Work in process

1,003

876

Raw materials and supplies

1,521

2,144

Prepaid expenses

127

125

Accounts receivable-other

2,438

2,111

Other current assets

8

7

Total current assets

28,59432,500Noncurrent assets
Tangible Fixed Assets
Buildings

13,995

13,790

Accumulated depreciation(10,655)(10,732)

3,339

3,057

Buildings, net
Structures

1,654

1,662

Accumulated depreciation(1,371)(1,388)283

274

Structures, net
Machinery and equipment

27,304

28,626

Accumulated depreciation(21,386)(22,181)

5,918

6,445

Machinery and equipment, net
Vehicles116

146

Accumulated depreciation

(106)

(118)

10

27

Tools, furniture and fixtures

25,806

26,769

Accumulated depreciation(24,833)(25,894)

Vehicles, net

Tools, furniture and fixtures, net

973

874

Land

1,771

1,782

Lease assets

6

6

Accumulated depreciation

(2)

(3)

Lease assets, net

4

2

1,497

1,583

Construction in progress
Other, net
Total Tangible Fixed Assets

0013,79814,047

Intangible assets
Software325

414

Other intangible assets

1,377

2,253

Total intangible assets

1,703

2,668

24

(Millions of yen)
FY2023

FY2022As of March 31, 2023

As of March 31, 2024

AmountAmountInvestments and other assets
Investment securities
Stocks of subsidiaries and affiliates
Investments in capital
Investments in capital of subsidiaries and affiliates

42

40

4,717

5,868

65

73

6,738

7,807

Long-term prepaid expenses

6

11

Insurance funds

49

16

Deferred tax assets

950

997

Others129

126

Allowance for doubtful accounts

(5)

(5)

Total investments and other assets

12,693

14,934

Total noncurrent assets

28,196

31,650Total assets

56,79064,150Electronically recorded obligations – operating

4,613

5,917

Accounts payable-trade

7,567

7,624

Short-term loans payable

2,640

940

1

1

Accounts payable-other

414

385

Income taxes payable

154

515

Accrued consumption taxes－

188

Accrued expenses

1,636

1,620

Advances received

21

7

Deposits received

62

124

(Liabilities)
Current liabilities

Lease obligations

1,292

1,600

Provision for directors’ bonuses

25

32

Provision for product warranties

45

35

Electronically recorded obligations - non-operating

715

482

9

7

19,20019,4838,150

14,3403

1

Provision for retirement benefits

515

391

Provision for share awards

28

42

Asset retirement obligations

63

63

Provision for bonuses

OthersTotal current liabilities
Noncurrent liabilities
Long-term loans payable
Lease obligations

OthersTotal noncurrent liabilities
Total liabilities

25

32

30

8,793

14,86927,99334,352

(Millions of yen)
FY2023

FY2022As of March 31, 2023

As of March 31, 2024

AmountAmount(Net assets）
Shareholders’ equity
8,570

8,570

Legal capital surplus

7,331

7,331

Other capital surplus

1－

Total capital surplus

7,332

7,331

1,097

1,097

Capital stock
Capital surplus

Retained earnings
Legal retained earnings
Other retained earnings
Reserve for dividends

500

500

Reserve for special account for advanced depreciation of noncurrent assets

110

100

General reserve

8,130

8,130

Retained earnings brought forward

3,496

4,163

Total retained earnings

13,334

13,991

Treasury stock

(452)

(114)

Total shareholders’ equity

28,78529,777

Valuation difference on available-for-sale securities

11

19

Total valuation and translation adjustments

11

19

Total net assets

28,797

29,797

Total liabilities and net assets

56,79064,150

Valuation and translation adjustments26

(2) Non-consolidated statements of income(Millions of yen)
FY2023

FY2022

Net sales(Apr. 1, 2022–Mar. 31, 2023)(Apr. 1, 2023–Mar. 31, 2024)

AmountAmount72,78375,848

Cost of sales
Beginning finished goods

1,435

1,440

Cost of products manufactured

59,202

61,540Purchase of finished goods

1,394

1,412

Transfer from other account

4,040

4,392

Total

66,072

68,785

189

235

Finished goods transfer to other accountEnding finished goods

1,440

1,395

Cost of finished goods sold

64,44367,154Gross profit

8,339

8,694

Selling, general and administrative expenses
Packing and delivery expenses

2,640

2,586

Advertising expenses

24

22

Provision for product warranties

45

5

Directors' compensations

179

153

Salaries and allowances

1,051

1,068

Provision for bonuses

310

372

Provision for directors’ bonuses

25

32

Provision for retirement benefits

68

27

Welfare expenses

439

435

Depreciation

183

134

Repair expenses

122

119

Taxes and dues

101

106

Rent expenses

340

358

Transportation and communication expenses

249

327

Provision for share awards

28

14

1,008

1,105

Insurance expenses

10

12

Stationery expenses

33

36Entertainment expenses

8

15Commission Fee

216

226

Miscellaneous expenses

113

61

Total selling, general and administrative expense

7,203

7,222

Operating income (loss)

1,136

1,472

Interest income－

41Interest on securities

10

Dividends income

4,641

6,049

Foreign exchange gains

324

322

Others

166

172

Total non-operating income

5,133

6,587

Research and development expenses

Non-operating income27

(Millions of yen)
FY2023

FY2022(Apr. 1, 2022–Mar. 31, 2023)(Apr. 1, 2023–Mar. 31, 2024)

AmountAmountNon-operating expenses
45

Interest expenses

63

Others48

Total non-operating expenses

49

71

6,220

7,988

Ordinary income
Extraordinary income
Gain on sales of noncurrent assets

073

Gain on sales of investment securities－

199

Total extraordinary income

0

272

2

0

Loss on retirement of noncurrent assets

119

76

Impairment loss

38－

Loss on sale of shares of subsidiaries and associates

－

130

6,362

3,877

Loss on valuation of investments in capital of subsidiaries and affiliates

692

1,405

Total extraordinary loss

7,215

5,489

Income before income taxes

(994)

2,771

Income taxes-current

770

1,327

Income taxes-deferred

(33)

(47)

Total income taxes

737

1,280

Net income(loss)(1,731)

1,490

Extraordinary Loss
Loss on sales of noncurrent assets

Loss on valuation of shares of subsidiaries and associates

28

(3) Non-consolidated statements of changes in net assets
Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)(Millions of yen)
Shareholders’ Equity
Capital Surplus

As of April 1, 2022

Capital
stock

Legal
capitalsurplus

OthercapitalsurplusTotal
capitalsurplusLegalretainedearnings

8,570

7,331

－

7,331

1,097

Reservefordividends

Retained Earnings
Other retained earnings
Reserve foradvanced
Generaldepreciation ofreserve
non-current
assets

500

110

8,130

Retainedearnings
brought
forwardTotal
retainedearnings

6,535

16,374

Changes of items during
the period
Provision of reserve foradvanced depreciation of
non-current assets
Reversal of reserve foradvanced depreciation of
non-current assets－－

Dividends from surplus(1,307)(1,307)

Net income(loss)(1,731)(1,731)

Purchase of treasury stock
Disposal of treasury stock

1

1

Retirement of treasury stock
Net changes of items otherthan shareholders’ equity
Total changes of items during
the period
As of March 31, 2023

－

－

1

1

－

－

－

－

(3,039)(3,039)

8,570

7,331

1

7,332

1,097

500

110

8,130

3,496

13,334

Shareholders’ Equity

As of April 1, 2022

Valuation and translation adjustments

Treasury
stock

Total
Shareholders’equityValuation difference on
available-for-sale securities(421)

31,854－

Changes of items during
the period
Provision of reserve foradvanced depreciation of
non-current assets
Reversal of reserve foradvanced depreciation of
non-current assets

Total net assets

Total valuation andtranslation adjustments－

31,854－－－－

Dividends from surplus(1,307)(1,307)

Net income(loss)(1,731)(1,731)

Purchase of treasury stock

(116)

(116)

(116)

Disposal of treasury stock

85

86

86

－

－

Retirement of treasury stock
Net changes of items otherthan shareholders’ equity
Total changes of items during
the period
As of March 31, 2023

11

11

11

(31)

(3,069)11

11(3,057)(452)

28,78511

11

28,79729

Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)(Millions of yen)
Shareholders’ Equity
Capital Surplus

As of April 1, 2023

Capital
stock

Legal
capitalsurplus

OthercapitalsurplusTotal
capitalsurplusLegalretainedearnings

8,570

7,331

1

7,332

1,097

Reservefordividends

Retained Earnings
Other retained earnings
Reserve foradvanced
Generaldepreciation ofreserve
non-current
assets500

Changes of items during
the period
Provision of reserve foradvanced depreciation of
non-current assets
Reversal of reserve foradvanced depreciation of
non-current assets

110

8,130

Retainedearnings
brought
forwardTotal
retainedearnings

3,496

13,334

－
(10)

10

－

Dividends from surplus

(525)

(525)

Net income

1,490

1,490

(21)

(21)

(288)

(288)

Purchase of treasury stock
Disposal of treasury stock

(1)

(1)

Retirement of treasury stock
Net changes of items otherthan shareholders’ equity
Total changes of items during
the period
As of March 31, 2024

－

－

(1)

(1)

－

－

(10)

－

666

656

8,570

7,331

－

7,331

1,097

500

100

8,130

4,163

13,991

Shareholders’ Equity

As of April 1, 2023

Valuation and translation adjustments

Treasury
stock

Total
Shareholders’equityValuation difference on
available-for-sale securities(452)

28,785

11

Changes of items during
the period
Provision of reserve foradvanced depreciation of
non-current assets
Reversal of reserve foradvanced depreciation of
non-current assets

Total net assets

Total valuation andtranslation adjustments
11

28,797－－－－

Dividends from surplus

(525)

(525)

Net income

1,490

1,490

Purchase of treasury stock

(2)

(2)

(2)

Disposal of treasury stock

51

29

29

Retirement of treasury stock

288

－

－

Net changes of items otherthan shareholders’ equity
Total changes of items during
the period
As of March 31, 2024

7

7

7

337

992

7

7

1,000

(114)

29,77719

19

29,79730

(4) Notes concerning non-consolidated financial statement(Going concern assumptions)Not applicable(Additional information)(Transfers between retirement benefit plans)
On April 1, 2023, the Company transferred a portion of its defined benefit corporate pension plan to a defined
contribution pension plan. As a result, the Company applied the Accounting for Transfers between Retirement
Benefit Plans (ASBJ Guidance No. 1, December 16, 2016) and the Practical Solution on Accounting for Transfers
between Retirement Benefit Plans (PITF No. 2, February 7, 2007). No gain or loss was recognized as a result of thistransition.
(Significant subsequent events)
Not applicable31