April 25, 2024
KOITO MANUFACTURING CO., LTD. Prime Market, Tokyo Stock Exchange Takahito Otake, Senior Managing Corporate Officer (¥ millions are rounded down)

1.
Consolidated Results for Fiscal 2024 (April 1, 2023 to March 31, 2024) Note: A 2-for-1 stock split of common stock was conducted, effective as of October 1, 2022. "Net income per share" and "Net income per share (diluted)" are calculated assuming that the stock split was conducted at the beginning of the fiscal 2023.
Note: A 2-for-1 stock split of common stock was conducted, effective October 1, 2022. "Net assets per share" is calculated assuming that the stock split was conducted at the beginning of the fiscal 2023.
the second quarter of fiscal 2023 are the actual amount before the stock split. 3. Forecast of Consolidated Results for Fiscal 2025 (April 1, 2024 to March 31, 2025)

*Notes
(1) Changes to important subsidiaries during fiscal 2024 (changes in specified subsidiaries resulting in revised scope of consolidation): None (2) Changes in accounting principles, accounting estimates and restatements ①Changes in accounting policies in conjunction with revisions to accounting standards: None ②Other changes : None ③Changes in accounting estimates : None ④Restatements : None (3) Number of shares issued (common stock)
Note: A 2-for-1 stock split of common stock was conducted, effective as of October 1, 2022. Above number of shares are calculated assuming that the stock split was conducted at the beginning of the fiscal 2023.
↑  For Reference Only  ♪ Non-consolidated Earnings Report for Fiscal 2024
Non-consolidated Results for Fiscal 2024 (April 1, 2023 to March 31, 2024)

"Net income per share (diluted)" are calculated assuming that the stock split was conducted at the beginning of the fiscal 2023.
Note: A 2-for-l stock split of common stock was conducted, effective as of October 1, 2022. "Net assets per share" is calculated assuming that the stock split was conducted at the beginning of the fiscal 2023.

2. Forecast of Non-consolidated Results for Fiscal 2025 (April 1, 2024 to March 31, 2025)
*This consolidated earnings report is not subject to the auditing procedures by certified public accountants or auditing firms. *Explanations concerning proper use of business forecasts and other noteworthy matters (Notes on future assumptions) The above forecasts are based on information available, and certain assumptions that are judged to be reasonable, at the time of the release of this report. KOITO is not promising that the Company will achieve these forecasts. Actual results could differ from forecasts due to a variety of factors. The exchange conversion rate based on the business forecast for fiscal 2025, the year ending March 2025 is calculated as 1.00 US$ = ¥145.0 and 1 CNY = ¥20.0. (Supplementary materials for financial results) For supplementary materials, please see our website. (https://www.koito.co.jp/english/ir/)
Table of Contents of Supplementary Materials

1. Outline of Consolidated Results
(1) Outline of Consolidated Results in Fiscal 2024 The economic situation in fiscal 2024 showed a gradual recovery as economic activity began to normalize following the recovery from the COVID-19, but the outlook remained uncertain due to monetary tightening in response to anti-inflation measures in many countries, the stalling of the Chinese economy, as well as heightened geopolitical risks in Ukraine, the Middle East and elsewhere. As for the global automobile production volume, although sluggish sales of Japanese vehicles in China due to the progress of EVs, the suspension of production and shipments due to the fraud problems of automobile manufacturers in Japan as well as the UAW strike in North America, it increased in all regions compared to the previous year due to the easing of semi-conductor shortages and other factors. Under these circumstances, the consolidated net sales reached ¥ 950.2 billion (increased by 9.9% year-on-year), a record high for the second consecutive year, due to a recovery in vehicle production, new orders mainly in Japan and North America, and the effect of currency translation, despite sales in China decreased due to lower production of Japanese vehicles.
The results by segment are as follows.
[Japan] Despite there was the impact of the suspension of production and shipments caused by fraud problems at automobile manufacturers in the second half of the period, the net sales increased by 12.7% year-on-year to ¥361.7 billion dues to an increase in automobile production as a result of an easing of the semiconductor shortage and a recovery in exports due to the weaken yen. [North America] Despite the impact of the UAW strike and cold wave, the net sales increased by 14.5% year-on-year to ¥286.5 billion dues to a recovery in vehicle production and new orders, as well as the effect of foreign exchange conversion. [China] Although vehicle production increased compared to the previous year due to increased sales by local automakers as a result of the shift to EVs, the net sales decreased by 11.5% year-on-year to ¥82.3 billion as a result of continued sluggish sales of Japanese vehicles. [Asia] Despite there were production cuts in Thailand and Indonesia due to sluggish sales following rising interest rates and other factor, the net sales increased by 5.3% year-on-year to ¥153.3 billion due to factors such as an increase in overall vehicle production and the effect of foreign exchange conversion, as demand increased in India in line with economic growth. [Europel The net sales increased by 19.8% year-on-year to ¥49.8 billion, mainly due to a recovery in vehicle production and the effect of foreign exchange conversion. [Others] The net sales increased by 26.5% year-on-year to ¥ 16.4 billion, due to a recovery in vehicle production, new orders and the effect of foreign exchange conversion. Regarding profits, although we saw impacts of production and shipping stoppages caused by our clients, inflation in various countries and soaring labor costs caused by the tighten employment situations mainly in North America, the operating income increased by 19.5% to ¥55.9 billion, recurring profit increased by 30.4% to ¥63.2 billion and net income attributable to owners of the parent increased by 37.8% to ¥40.8 billion, due to the effect of increased sales in Japan, North America and elsewhere, as well as the promotion of rationalization activities, including group-wide productivity improvements.
(2) Outline of Financial Position in Fiscal 2024
-1. Assets, liabilities and net assets Total assets at the end of fiscal 2024, despite there was a decrease in cash and time deposits due to the repurchase of the Company's treasury stocks, increased by ¥59.6 billion from the end of the previous fiscal year to ¥965.5 billion dues to an increase in investment securities. Total liabilities increased by ¥10.9 billion from the end of the previous fiscal year to ¥246.3 billion dues to an increase of deferred income tax liabilities as higher share prices. Total net assets increased by ¥48.7 billion from the end of the previous fiscal year to ¥719.2 billion  dues to an increase in translation adjustments for the weaken Yen. -2. Cash flows Cash flows from the operating activities provided ¥96.3 billion, mainly reflecting the net income before income taxes of ¥59.4 billion and depreciation of ¥44.0 billion, which secured net cash of ¥96.3billion (the previous fiscal year: ¥59.7 billion) after payment of taxes. Cash flows from investing activities resulted in payments of ¥50.1 billion (the previous fiscal year: payments of ¥71.5 billion) as a result of proceeds from time deposits of ¥145.5 billion, payments into time deposits of ¥139.0 billion, and acquisitions of property and equipment of ¥37.1 billion. Cash flows from financing activities resulted in payments of ¥59.6 billion (the previous fiscal year: payment of ¥13.2 billion), the result of mainly reflecting repurchase of the Company's treasury stock of ¥35.0 and the dividend paid of ¥14.2 billion. As a result, cash and cash equivalents at the end of the fiscal 2024 decreased by ¥11.2 billion from the end of the previous fiscal year to ¥134.5 billion
(3) Forecasts for Fiscal 2025
Although the outlook for global automobile production in the fiscal year ending March 31, 2025 remains uncertain, global automobile production is expected to increase slightly compared to the previous fiscal year, reflecting gradual recovery in Japan. Consolidated sales are expected to increase for the fourth consecutive year due to new orders in Japan and North America, despite the effects of the continuing slump in sales of Japanese vehicles in China and the termination of production of ordered models in Europe. Regarding the profit, despite rising costs caused by continued inflation and labor shortages in various countries, as well as an increase in investments for new orders, R&D investments for the future, operating income, recurring profit, and the net income attributable to the owners of the parent are expected to increase year on year due to the effect of increasing sales, productivity improvements and continuous rationalize operations. (4) Basic Earnings Distribution Policies and Dividend Payments for Fiscal 2023 and Fiscal 2024 KOITO is committed to further increasing its corporate value and enhancing returns to shareholders through business investment for sustainable growth. Regarding dividends, KOITO's policy is to continuously pay stable dividends to shareholders based on the comprehensive evaluation of our present business results, business climate, etc. In the First Medium-Term Management Plan announced on 28 March 2024, KOITO stated that it aims to achieve a consolidated dividend payout ratio of 40% or more and that achieve shareholder returns of 200 billion yen or more total for the five-year period from fiscal 2025 to fiscal 2029. On the basis of the above policies, the year-end dividend is scheduled to be ¥28 per share, an increase of ¥12 per share from the end of the previous fiscal year. The full year dividend for this fiscal year, including the interim dividend, is scheduled to be ¥53 per share (consolidated payout ratio: 40.5% ) which is ¥25 higher than the previous year. Regarding the forecast of dividends of fiscal 2025, the company plans to pay an interim dividend of ¥28 per share and a year-end dividend of ¥28 per share, for a full year dividend of ¥56 per share (consolidated payout ratio: 41.0%), an increase of 3 yen over the previous fiscal year. Looking ahead, KOITO will continue efforts to achieve higher earnings to meet the expectations of all shareholders. The differences between the actual results for fiscal 2024 herein and the previous forecasts (consolidated and non-consolidated) issued in the "Consolidated Earnings Report for the Third Quarter of Fiscal 2024" dated January 30, 2024, are as follows:

2. Basic Approach in Selection of Accounting Standard
KOITO applies generally accepted account principles (GAAP) of Japan as its accounting standard, mainly to ensure its financial statements are comparable with past years.
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(3) Consolidated Statements of Changes in Shareholders' Equity
Fiscal 2023 (April 1, 2022 to March 31, 2023)
Fiscal 2024 (April 1, 2023 to March 31, 2024)
(5) Notes to Consolidated Financial Statements
 None.
(Segment Information)
【Segment Information】
1. Overview of Reporting Segments The KOITO Group produces primarily automotive lighting equipment in Japan and overseas, and supplies products to countries around the world as a global supplier. Each local subsidiary is an independent business entity, and the Group does business by establishing a comprehensive plan for each region. The Company's six reporting segments are therefore geographical segments based on production and sales structures, comprising Japan, North America, China, Asia, Europe and Other regions. Within each of these geographical segments are segments that produce and sell automotive lighting equipment, railroad car control equipment, aircraft components, and seats for railroad cars and aircraft. 2. Calculation for Net Sales, Segment Income or Loss, Assets, Liabilities and Others of Reporting Segments Accounting treatment for reporting segments are same as Consolidated Financial Statements. Income of reporting segments is based on operating income. Inter-segment sales and transfers are based on general market prices. 3. Information Concerning Net Sales and Operating Income or Loss for Each Segment
Notes: 1. Adjustments are as follows: (1) The ¥1,273 million adjustment in segment operating income includes ¥8,065 million in intersegment eliminations and ¥△6,792 million in unallocated expenses. Unallocated expenses comprise expenses related to management divisions such as administrative and accounting divisions of the Head Office of the parent company. (2) The ¥293,069 million adjustment in segment assets includes ¥△1,587 million in intersegment eliminations, ¥184,757 million in surplus operational funds at the parent company (cash and time deposits), ¥103,796 million in long-term investments (investment securities, etc.) and ¥6,103 million in the parent company's Head Office building, etc. (3) The ¥79 million adjustment of depreciation expenses are the fixed assets amortization expenses for the parent company’s Head Office. 2. The breakdown of countries and regions other than Japan and China is as follows: (1) North America: United States and Mexico (2) Asia: Thailand, Indonesia, Taiwan, India and Malaysia (3) Europe: United Kingdom and Czech Republic (4) Other regions: Brazil 3. Segment operating income or loss is adjusted to operating income in the consolidated financial statements.
Notes: 1. Adjustments are as follows: (1) The ¥3,157 million adjustment in segment operating income includes ¥9,675 million in intersegment eliminations and ¥△6,517 million in unallocated expenses. Unallocated expenses comprise expenses related to management divisions such as administrative and accounting divisions of the Head Office of the parent company. (2) The ¥305,218 million adjustment in segment assets includes ¥△1,296 million in intersegment eliminations, ¥146,363 million in surplus operational funds at the parent company (cash and time deposits), ¥154,488 million in long-term investments (investment securities, etc.) and ¥5,663 million in the parent company's Head Office building, etc. (3) The ¥155 million adjustment of depreciation expenses are the fixed assets amortization expenses for the parent company’s Head Office. 2. The breakdown of countries and regions other than Japan and China is as follows: (1) North America: United States and Mexico (2) Asia: Thailand, Indonesia, Taiwan, India and Malaysia (3) Europe: United Kingdom and Czech Republic (4) Other regions: Brazil 3. Segment operating income or loss is adjusted to operating income in the consolidated financial statements.
income per share" and "Profit per share after adjustment for dilution " are calculated assuming that the stock split was conducted at the beginning of the fiscal 2023. (Significant Subsequent Events) None.