This document has been translated from the Japanese original for reference purposes only. In the event of any Note: discrepancy between this translated document and the Japanese original, the original shall prevail.
May 2, 2024 TOA Corporation Company name: Listing: Tokyo Stock Exchange Securities code: 6809 URL: https://www.toa-global.com/en Representative: TANIGUCHI Masahiro, President, CEO Inquiries: YOSHIDA Keigo, General Manager of Accounting & Financial Department Telephone: +81-78-303-5620 June 26, 2024 Scheduled date of Ordinary General Shareholders' Meeting: Scheduled date to commence dividend payments: June 27, 2024 Scheduled date to file annual securities report: June 26, 2024 Preparation of supplementary material on financial results: Yes Yes (for institutional investors) Holding of financial results briefing: (Yen amounts are rounded down to millions, unless otherwise noted.)
1.
Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)
For the fiscal year ended March 31, 2023: ¥3,255 million [123.3%]
Share of profit (loss) of entities accounted for using equity method ¥2 million For the fiscal year ended March 31, 2024: For the fiscal year ended March 31, 2023: ¥1 million
Reference: Equity As of March 31, 2024: As of March 31, 2023: ¥46,583 million ¥46,242 million
Breakdown of the dividends for the fiscal year ended March 31, 2024: Stable dividend ¥40 Dividends for the fiscal year ending March 31, 2025 (Forecast) will be determined by taking into account the performances on stable dividend of ¥40, aiming at a consolidated dividend payout ratio of 45%, as stated in "(5) Basic Policy on Distribution of Profits and Dividends for Current and Next Fiscal Year" on page 4
Consolidated financial results forecasts for the fiscal year ending March 31, 2025 (from April 1,
3.
2024 to March 31, 2025)

* Notes
(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None (2) Changes in accounting policies, changes in accounting estimates, and restatement Changes in accounting policies due to revisions to accounting standards and other regulations: (i) None Changes in accounting policies due to other reasons: None (ii) (iii)   Changes in accounting estimates: None (iv)  Restatement: None (3) Number of issued shares (common shares)

[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)
Reference: As of March 31, 2024: As of March 31, 2023: ¥32,632 million ¥33,975 million * Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation. *  Proper use of earnings forecasts, and other special matters • Forecasts presented herein are the current prospects based on information currently available and contain elements of uncertainty. Actual results may therefore differ from the above forecasts due to subsequent changes in the circumstances. • The Company plans to hold a financial results briefing session for institutional investors (through a live video link) on May 24, 2024. The video and the materials distributed at the session are scheduled to be posted on our website promptly after the session.
○ Table of Contents of Attached Materials

1. Overview of Operating Results, Etc.
(1)  Overview of Operating Results for the Fiscal Year Under Review
During the fiscal year ended March 31, 2024, in the environment surrounding TOA Corporation (hereinafter "the Company") and its subsidiaries (collectively, the "Group"), due to various developments in Japan such as the Government changing the category of COVID-19 under the Infectious Diseases Control Act to Category 5, social and economic activities proceeded to go back to normal. In addition, the recovery in inbound demand, an increasing appetite for capital investment and other factors have led to a trend of moderate recovery in the business economy. On the other hand, rising prices of raw materials and increase in the price of goods, geopolitical risk caused by the unstable international situation, as well as rapid fluctuations in foreign exchange markets, slowdown in economic growth of China and other factors mean that the outlook for the global economy still continues to be uncertain. In such an environment, in order to achieve "Smiles for the Public," which is our corporate value, we have set forth our management vision targeting 2030, "Dr. Sound–becoming a professional organization that improves sound in society." We aim to create the value of reassurance, reliability, and emotion as a reliable partner that realizes, along with our customers, a cycle of identifying, solving, and improving social issues through the continuous provision of good experiences through sound that customers choose. During the fiscal year ended March 31, 2024, we promoted the development of our "connected business" that provides value at various points of contact with customers, such as by starting to provide the beta version service of "YUTTE" (won the GOOD DESIGN AWARD 2023), which allows simple- to-use voice generation for broadcast announcements that works by inputting text on a PC, and expanding the lineup of the "IP Audio Series," which is a broadcast system that can be linked to various systems and controlled on a network. Furthermore, we deepened cooperation with local government entities and different industries, and pursued and created new growth areas through demonstration test projects and collaborations using audio and video. The Company also started supporting EXPO2025 Osaka, Kansai in Japan as a Bronze Partner of Expo site operation participation. The Company perceives the World EXPO as a "City of the Future," and has joined with the aim of creating and disseminating new forms of information transmission and communication through this endeavor. We are dedicated to taking on the challenge of implementing these innovations as part of future societies. In these circumstances, net sales during the fiscal year ended March 31, 2024 were ¥48,814 million (up ¥3,690 million, or 8.2%, year on year). In terms of profits, operating profit was ¥3,028 million (up ¥1,315 million, or 76.8%, year on year), ordinary profit was ¥3,710 million (up ¥1,605 million, or 76.3%, year on year), and profit attributable to owners of parent was ¥1,997 million (up ¥231 million, or 13.1%, year on year), partly as a result of the improvement of profitability with the growth of sales in Japan. Performance by segment is as follows.
(Japan)
Net sales amounted to ¥28,449 million (up ¥1,622 million, or 6.0%, year on year), and segment profit (operating profit) was ¥6,348 million (up ¥1,053 million, or 19.9%, year on year). Sales of products for factories, hospitals, and the transport market including airports in Japan grew. Although sales of products for railway cars overseas declined, net sales for the entire segment increased, and segment profit rose.
(Asia & Pacific)
Net sales amounted to ¥9,366 million (up ¥998 million, or 11.9%, year on year), and segment profit (operating profit) was ¥1,731 million (up ¥284 million, or 19.7%, year on year). In the Islamic world, sales to the religious market grew as a result of efforts to capture demand related to Ramadan. In addition, progress was made on deliveries to government agencies and large-scale urban development projects in Vietnam, and to the educational market in Malaysia and Thailand. As a result of that and other factors, net sales for the entire segment increased, and segment profit rose.
(Europe, Middle East & Africa)
Net sales amounted to ¥6,335 million (up ¥867 million, or 15.9%, year on year), and segment profit (operating profit) was ¥742 million (up ¥191 million, or 34.9%, year on year). Progress was made on deliveries to a national library in the UK, to the transport market in Belgium, and to hospitals in Southern Africa. In addition, sales grew in Europe, mainly in Germany, and net sales for the entire segment increased and segment profit rose.
(The Americas)
Net sales amounted to ¥2,615 million (up ¥78 million, or 3.1%, year on year), and segment profit (operating profit) was ¥126 million (up ¥72 million, or 135.1%, year on year). Progress was made on deliveries to government agencies and the educational market in the United States, and to hospitals and the educational market in Canada. Net sales for the entire segment increased and segment profit rose, partly as a result of the impact of currency fluctuations.
(China & East Asia)
Net sales amounted to ¥2,046 million (up ¥124 million, or 6.5%, year on year), and segment profit (operating profit) was ¥157 million (up ¥22 million, or 16.3%, year on year). Sales were solid in China and Hong Kong due to market recovery. Progress was made on deliveries to airports and the educational market in China, and to factories, particularly for semiconductors, in Taiwan. As a result of that and other factors, net sales for the entire segment increased, and segment profit rose.
(2)  Overview of Financial Position for the Fiscal Year Under Review
Total assets at the end of the fiscal year ended March 31, 2024 increased by ¥829 million from the end of the previous fiscal year to ¥64,734 million. Assets increased due mainly to an increase in investment securities. Liabilities and net assets increased due mainly to an increase in foreign currency translation adjustment.
(3)  Overview of Cash Flows for the Fiscal Year Under Review
At the end of the fiscal year ended March 31, 2024, cash and cash equivalents (hereinafter "net cash") decreased by ¥307 million from the end of the previous fiscal year to ¥14,091 million. Net cash provided by operating activities amounted to ¥5,074 million, net cash used in investing activities amounted to ¥928 million, and net cash used in financing activities amounted to ¥5,226 million. The status of cash flows and their contributing factors during the fiscal year under review are as follows. (Cash flows from operating activities) Net cash provided by operating activities amounted to ¥5,074 million. This was mainly attributable to profit before income taxes of ¥3,710 million, depreciation of ¥1,591 million, and a ¥685 million decrease in inventories, despite factors such as ¥1,094 million in income taxes paid. (Cash flows from investing activities) Net cash used in investing activities amounted to ¥928 million. This was mainly attributable to ¥918 million in purchase of non-current assets including an IT infrastructure platform and production facilities and ¥400 million in purchase of shares of subsidiaries and associates, despite ¥420 million of payments into and withdrawal of time deposits. (Cash flows from financing activities) Net cash used in financing activities amounted to ¥5,226 million. This was mainly attributable to ¥2,318 million of purchase of treasury shares, ¥1,285 million of dividends paid, and a ¥965 million decrease in short-term borrowings.
(4)  Future Outlook
The Company has been engaged in activities to realize its management vision targeting 2030, "Dr. Sound–becoming a professional organization that improves sound in society." In addition to the "Sound that can be heard, and sound that is easy to hear" according to the various indoor and outdoor environments and the diversity of people that we have provided up until this point, we worked towards realizing and providing value that can be more easily approached to the creation of the experience of reassurance, reliability, and emotion brought by the sounds of public spaces surrounding us (= the "sounds of society"). By doing so, we aim to realize along with our customers a cycle of identifying, solving, and improving social issues through the continuous provision of "good experiences through sound" that customers will choose. To realize our vision, during Phase 1 of the Medium-term Management Plan from the fiscal year ended March 31, 2022 to the fiscal year ended March 31, 2023, we worked on improving profitability and competitiveness, building a foundation for growth, and pursuing and creating new growth areas. Then during Phase 2 of the Medium-term Management Plan, from the fiscal year ended March 31, 2024, to the fiscal year ending March 31, 2026, which is the final year of the plan, we are making maximum use of the results of the initiatives of Phase 1 to further expand added value and strengthen our revenue base for our accelerating growth through the pursuit and creation of new growth areas. To accelerate such collective efforts, we focus on promoting digital shift and nurturing human resources. In the fiscal year under review, the first year of Phase 2, we began operating a supply chain planning system that links production, sales, and inventory as part of our digital shift promotion. In addition, as part of human resource development, we have been working to visualize the digital skills of our employees and to examine measures to provide further training and encourage utilization based on such insight. In the next fiscal year, the second year of Phase 2, we will continue the following initiatives. In promoting digital shift, we have strengthened ties with customers, stimulated internal communication and developed digital tools that speed up decision-making. We also have captured demand by offering proposals in a timely manner using stored data and have invested in creating new businesses. We will use these introduced infrastructure, create demand through digital marketing, and use digital tools to improve sales activity quality and sales activity efficiency and streamline the entire supply chain using data. Regarding products, we will also enhance ones that expand network-based interactive communication. In nurturing human resources, we have worked on building confidence through active dialogues, allocating human resources and establishing a system to maximize diversity, and creating an environment where employees can work with peace of mind. By developing human resources that can utilize digital technology, we will strive to improve our added value and productivity. Due to the above, at present, our performance forecasts for the fiscal year ending March 31, 2025, are: Net sales of ¥52,000 million, operating profit of ¥3,700 million, ordinary profit of ¥3,900 million, and profit attributable to owners of parent of ¥2,400 million.
(5)  Basic Policy on Distribution of Profits and Dividends for Current and Next Fiscal Year
The Company views an increase in returns of profits to shareholders as an important managerial task. Regarding the distribution of profits, we try to improve stable dividends in compliance with the financial rules while aiming for sustainable growth and investing more in businesses as a basic policy. We plan to maintain an annual dividend of ¥40 per share (interim dividend of ¥20 and year-end dividend of ¥20) and, based on business performance, determine the amount by taking the consolidated dividend payout ratio of 45% as a guide. For the fiscal year ended March 31, 2024, we plan to pay an annual dividend of ¥40 per share (stable annual dividend of ¥40), which includes the interim dividend of ¥20 per share already paid. A dividend per share for the fiscal year ending March 31, 2025 will be determined based on a stable annual dividend of ¥40 per share (interim dividend of ¥20 and year-end dividend of ¥20) while taking into account the performance, aiming at a consolidated dividend payout ratio guide of 45%.
2. Basic Views on the Selection of Accounting Standards
In consideration of the ease of comparison of the consolidated financial statements, in terms of comparison with previous years and comparison with other companies, the Group plans to continue adopting Japanese GAAP in the preparation of its consolidated financial statements. With regard to the adoption of International Financial Reporting Standards (IFRS), in view of the various circumstances within and outside of Japan, the Group will adopt the IFRS appropriately, as necessary.

(2)  Consolidated statement of income and consolidated statement of comprehensive income

Consolidated statement of comprehensive income
(3) Consolidated statement of changes in net assets

(4) Consolidated statement of cash flows

There is no relevant information.
(Segment information, etc.)
[Segment information] 1. Overview of reportable segments The Company's reportable segments are those units of the Company for which discrete financial information is available and for which the Board of Directors conducts regular reviews for the purpose of making decisions about the allocation of management resources and to assess performance. The Group is mainly engaged in the production and sale of audio equipment and visual equipment. The Company and its domestic subsidiaries are responsible for operations in Japan, while local subsidiaries in regions such as Asia, Europe, and the Americas are responsible for overseas operations. Each local subsidiary overseas is an independent management unit engaging in its own business activities, with each region formulating comprehensive strategies concerning the products handled. The Group therefore comprises five regional segments that form the basis for its sales structure: Japan, Asia & Pacific, Europe, Middle East & Africa, the Americas and China & East Asia. 2. Method used to calculate the amounts of net sales, profit (loss), assets and other items by reportable segment The method used to account for the reporting business segments is generally as reported in "Significant Matters that Form the Basis for the Preparation of the Consolidated Financial Statements." Inter-segment net sales are based on third-party transaction prices. Segment profit represents the operating profit of the reporting segment.
3. Information on net sales, profit (loss), assets and other items by reportable segment For the fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023) transactions of negative ¥108 million and corporate expenses in the amount of negative ¥5,660 million not 2. 3. 4. 5. previously allocated to the reportable segments. The relevant corporate expenses are mainly costs relating to the headquarters divisions which are not attributable to a reportable segment. Segment profit has been adjusted with operating profit in consolidated statements of income. The adjustment for segment assets of ¥10,209 million includes elimination of inter-segment transactions of negative ¥763 million and corporate assets in the amount of ¥10,973 million not previously allocated to the reportable segments. The relevant corporate assets mainly comprise the Company's long-term investment funds (investment securities) and assets related to the headquarters divisions. The adjustment for depreciation of ¥333 million is mainly depreciation related to the headquarters divisions. The adjustment for increase in property, plant and equipment and intangible assets of ¥490 million is mainly investment related to the headquarters divisions.
2. 3. 4. 5. transactions of negative ¥86 million and corporate expenses in the amount of negative ¥5,991 million not previously allocated to the reportable segments. The relevant corporate expenses are mainly costs relating to the headquarters divisions which are not attributable to a reportable segment. Segment profit has been adjusted with operating profit in consolidated statements of income. The adjustment for segment assets of ¥10,199 million includes elimination of inter-segment transactions of negative ¥1,024 million and corporate assets in the amount of ¥11,224 million not previously allocated to the reportable segments. The relevant corporate assets mainly comprise the Company's long-term investment funds (investment securities) and assets related to the headquarters divisions. The adjustment for depreciation of ¥344 million is mainly depreciation related to the headquarters divisions. The adjustment for increase in property, plant and equipment and intangible assets of ¥267 million is mainly investment related to the headquarters divisions.

(Important subsequent events)
There is no relevant information.

(2)  Non-consolidated statement of income