Meidensha : Financial Result for FY2024 Q4

FOR IMMEDIATE RELEASE

Company name : MEIDENSHA CORPORATION

Listing : Tokyo Stock Exchange / Nagoya Stock Exchange Securities code : 6508

URL ：https://www.meidensha.co.jp/

Representative : (Name) Akio Inoue（Title）Representative Director, President and Executive Officer Inquiries ：(Name) Ayako Sasamoto

(Title) General Manager, Corporate Communication & PR Promotion Division

Telephone : +81-3-6420-8100

Scheduled date of annual general meeting of shareholders :June 25,2025 Scheduled date to commence dividend payments :June 26,2025 Scheduled date to file annual securities report :June 24,2025 Preparation of supplementary material on financial results :Yes

Holding of financial results briefing :Yes (for institutional investors and analysts)

1. Operating Results
   1. Analysis of Operating Results

      In the year ended March 31, 2025, although the Japanese economy continued to recover gradually due to improvements in the employment and income environment and strong inbound demand, the outlook remains uncertain due to factors such as the impact of US tariff policy and soaring raw material and energy prices against the backdrop of the weak yen.

      In markets related to the Company, demand for equipment upgrades is expanding in the domestic electric power market, and demand for products not using SF6 gas is increasing, mainly in developed countries overseas, and these have had a positive impact on the Company's business. Furthermore, while the semiconductor market showed signs of a gradual recovery in supply and demand, the momentum of the shift to EVs in the automotive industry weakened, which had no small impact on the performance of the Company's EV business.

      [Consolidated Results]

      Amid such conditions, during the fiscal year under review, which is the final year of Medium-Term Management Plan 2024, we have been working to achieve our targets by actively capturing market demand, focusing on businesses and products contributing to the environment, and strengthening the earnings base in overseas business. At the same time, we have promoted the implementation of various sustainability management measures, such as green strategies and human capital, and have worked to strengthen our value creation foundations.

      Operating results for the year ended March 31, 2025 were as follows.

      (Unit: millions of yen)

      	Fiscal year ended March 31, 2024 Result	Fiscal year ended March 31, 2025 Result	Change	Change (%)
      Net sales	287,880	301,101	13,221	4.6
      Operating income	12,731	21,512	8,781	69.0
      Ordinary income	13,385	21,192	7,806	58.3
      Net income attributable to owners of the parent	11,205	18,487	7,281	65.0

      The results for each business segment are presented below, with sales figures including inter-segment sales. With the absorption-type merger of MEIDEN SHOJI Co., Ltd. in the year ended March 31, 2024, the segment classification of the business conducted by MEIDEN SHOJI was changed from the year ended March 31, 2025. The following comparisons with the same period of the previous year are based on the figures for the same period of the previous year reflecting the change.

      1. Power Infrastructure Business

         Net sales in the segment increased 10.2% year on year to ¥86,437 million, and operating income improved by ¥1,544 million to ¥7,988 million, marking record highs for both net sales and operating income.

         In the Power T&D business mainly operating overseas, sales and income increased due to growth in demand and efforts to improve profitability in Singapore, Germany, India, and other regions. In the Power & Energy business mainly operating in Japan, both sales and income increased on the back of an increase in demand for projects for electric power companies.

      2. Public, Industrial & Commercial Sector Business

         Net sales in the segment increased 10.0% year on year to ¥96,323 million, and operating income improved by ¥3,568 million to ¥3,034 million.

         The Social Infrastructure business and Water Infrastructure business posted an increase in sales and income due to the trend of improvement in the deterioration of profitability caused by soaring material costs, despite some projects being affected by the delayed posting of sales due to process delays. In the Railways business, although a decline was seen in overseas projects, sales decreased but income increased mainly due to an improvement in the cost of large projects that we have been working on in Singapore.

      3. Mobility & Electrical Components Business

         Net sales in the segment decreased 8.5% year on year to ¥72,079 million, while operating income improved by ¥936 million to ¥1,132 million.

         The Motor Drive Solutions business saw a decline in sales and income due to a decrease in orders mainly in the transportation field, while the EV business saw a decline in sales and profits due to a drop in sales of vehicle models equipped with our products. Meanwhile, sales and income increased in the Electronics Products business and the Mobility T&S business, where a gradual recovery in demand was seen.

      4. Field Service Engineering Business

         Net sales in the segment increased 17.2% to ¥49,567 million and operating income improved by ¥3,281 million to ¥9,931 million.

         In addition to continued strong demand for maintenance services, an increase in projects to be recognized as sales in the current fiscal year resulted in record high net sales and operating income.

      5. Real Estate Business

         Net sales in the segment increased 0.2% year on year to ¥3,235 million, and operating income improved by ¥10 million to ¥1,443 million.

      6. Other

      In businesses not included in reportable segments, while net sales decreased by 16.3% year on year to

      ¥8,672 million, operating income improved by ¥149 million to ¥477 million.

   2. Analysis of Financial Condition

      Total assets at March 31, 2025 amounted to ¥341,347 million, an increase of ¥6,559 million (2.0%) from the end of the previous fiscal year (March 31, 2024).

      Current assets rose ¥8,613 million (4.1%) from the end of the previous fiscal year to ¥217,116 million due

      to an increase in cash and time deposits, although collection of notes and accounts receivable-trade, and contract assets progressed.

      Fixed assets declined by ¥2,053 million (1.6%) from the end of the previous fiscal year to ¥124,230 million due to a decrease in investment securities caused by sale and a fall in market prices of listed shares held by the Company.

      Total liabilities at March 31, 2025 were ¥199,134 million, a decrease of ¥6,164 million (3.0%) from the end of the previous fiscal year, attributable to redemption of bonds and a decrease in notes and accounts payable-trade.

      Total net assets amounted to ¥142,212 million, an increase of ¥12,724 million (9.8%) from the end of the previous fiscal year, owing to recording of net income attributable to owners of the parent.

      As a result, the equity ratio came to 40.7% as of March 31, 2025, compared with 37.8% at the end of the previous fiscal year.

   3. Cash Flows

      Cash and cash equivalents at March 31, 2025, amounted to ¥29,091 million, an increase of ¥11,867 million from the previous fiscal year-end. The following are the main factors affecting changes in cash flows during the fiscal year under review.

      Cash Flows from Operating Activities

      Net cash provided by operating activities in the fiscal year ended March 31, 2025 amounted to ¥35,454 million, compared with ¥8,968 million provided in the previous fiscal year.

      The major inflows were income before income taxes of ¥23,836 million, depreciation and amortization of

      ¥10,463 million, and a decrease in trade receivables of ¥5,159 million. Major outflows included a decrease in trade payables of ¥4,433 million, and income taxes paid of ¥4,309 million.

      Cash Flows from Investing Activities

      Net cash used in investing activities totaled ¥9,065 million, compared with ¥7,553 million used in the previous fiscal year.

      The major outflows were purchase of property, plant and equipment, and intangible assets of ¥10,547 million, and the major inflows were proceeds from sales of investment securities of ¥1,422 million.

      Cash Flows from Financing Activities

      Net cash used in financing activities amounted to ¥14,536 million, compared with ¥749 million provided in the previous fiscal year.

      The major outflows were redemption of bonds of ¥6,000 million, repayment of short-term borrowings of

      ¥4,623 million, payment of commercial paper of ¥4,000 million, and cash dividends paid of ¥3,851 million, and the major cash inflows were proceeds from long-term debt of ¥5,900 million.

      (Reference) Trends in Cash Flow-Related Indices

      For the years ended March 31	2021	2022	2023	2024	2025
      Equity ratio (%)	34.6	35.1	35.1	37.8	40.7
      Equity ratio on a market capitalization basis (%)	39.1	39.6	28.4	39.8	57.3
      Ratio of interest-bearing debt to cash flow (years)	3.7	4.8	4.1	6.8	1.4
      Interest coverage ratio (times)	30.8	20.1	16.7	9.9	35.9

      Equity ratio: Total equity / Total assets

      Equity ratio on a market capitalization basis: Market capitalization / Total assets

      Ratio of interest-bearing debt to cash flow: Interest-bearing debt / Cash flow Interest coverage ratio: Cash flow / Interests paid

      Note 1. All figures are based on consolidated financial results.

      Note 2. Market capitalization is calculated based on the number of outstanding shares excluding treasury stock.

      Note 3. Calculations involving cash flow use cash flows from operating activities.

      Note 4. Interest-bearing debt includes all debt recorded on the consolidated balance sheets for which interest is paid.

   4. Future Outlook

      Amid growing demands for solving social issues and achieving sustained economic and industrial development, innovative technologies such as generative AI are rapidly being put into practical use, and it is anticipated that the environment surrounding companies and the nature of the value they should provide are expected to undergo significant and diverse changes in the future. Under these circumstances, the Group has positioned its Medium-Term Management Plan 2027 as a three-year period in which to achieve both "steady growth meeting needs" and "changes and challenges for the future," with the aim of realizing both sustained growth of existing businesses and non-continuous growth. As a growth strategy, we will develop strategic approaches tailored to each of the three areas of "Products," "Businesses," and "Technologies," and also implement the "deepening of green strategy," "strengthening of human capital," and "acceleration of internal DX" as management foundations to support our growth strategy, thereby creating further value.

      The current management forecast for consolidated financial results for the year ending March 31, 2026 is as follows.

      (Unit: millions of yen)

      	Fiscal Year ended March 31, 2025 Result	Fiscal year ending March 31, 2026 Forecast	Year-on-year change
      Orders	383,590	340,000	(43,590)
      Net sales	301,101	335,000	33,898
      Operating income	21,512	20,000	(1,512)
      Ordinary income	21,192	20,000	(1,192)
      Net income attributable to owners of the parent	18,487	14,000	(4,487)

   5. Basic Policy on Dividend of Surplus and Dividends during the Current Fiscal Year and Next Fiscal Year

   The Company positions appropriate returns to shareholders as an important management issue, and its basic policy is to increase shareholders' equity and enhance return on equity, in addition to paying appropriate dividends according to business performance.

   Dividends of surplus for the fiscal year under review are scheduled to be ¥88 per share for the year-end dividend considering the above basic policy and consolidated performance for the fiscal year. Along with the ¥35 interim dividend, the dividends of surplus per share for the fiscal year under review will be ¥123. Dividends for the next fiscal year are yet to be determined at the present time.

2. Basic Approach to the Selection of Accounting Standards

   The Meiden Group's policy for the time being is to prepare its consolidated financial statements based on the Japanese accounting standards after taking into account the comparability of the consolidated financial statements between terms and with other companies.

   The Group plans to respond appropriately to the application of the International Financial Reporting Standards (IFRS) by considering the situation prevailing in Japan and abroad.

3. Consolidated Financial Statements and Notes (1)Consolidated Balance Sheets

1. Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

   	Year ended March 31, 2024	Year ended March 31, 2025
   	millions of yen	millions of yen
   Net sales	287,880	301,101
   Cost of sales	218,887	219,509
   Gross profit	68,993	81,592
   Selling, general and administrative expenses
   Freightage and packing expenses	1,162	1,068
   Sales commission	1,249	1,246
   Employees' salaries and allowances	16,961	17,458
   Bonuses and accrued bonuses for employees	6,194	7,249
   Provision for employees' severance and retirement benefits	1,726	1,549
   Depreciation and amortization	3,174	3,084
   Rent expenses	1,579	1,546
   Correspondence and transportation expenses	2,245	2,340
   Research expenses	4,108	5,063
   Other	17,858	19,472
   Total selling, general and administrative expenses	56,262	60,080
   Operating income (loss)	12,731	21,512
   Non-operating income
   Interest and dividend income	848	1,100
   Rent income	95	88
   Foreign exchange gains	751	-
   Gain on sale of raw materials	384	460
   Other	453	520
   Total non-operating income	2,533	2,170
   Non-operating expenses
   Interest expenses	908	986
   Loss on foreign exchange	-	201
   Seconded employee expenses	96	83
   Other	874	1,218
   Total non-operating expenses	1,879	2,490
   Ordinary income (loss)	13,385	21,192

   Consolidated Statements of Income

   	Year ended March 31, 2024	Year ended March 31, 2025
   	millions of yen	millions of yen
   Extraordinary income
   Gain on sales of fixed assets	3,236	640
   Gain on sales of investment securities	63	1,274
   Gain on negative goodwill	-	19
   Insurance claim income	687	1,165
   Other	1	-
   Total extraordinary income	3,988	3,100
   Extraordinary loss
   Loss on liquidation of subsidiaries and associates	197	19
   Impairment loss	470	-
   Fire losses	792	-
   Loss on disaster	121	354
   Other	36	83
   Total extraordinary loss	1,617	456
   Income (loss) before income taxes	15,756	23,836
   Income taxes
   Current	5,224	6,448
   Deferred	(813)	(1,486)
   Total income taxes	4,411	4,961
   Net income (loss)	11,344	18,874
   Net income (loss) attributable to the non-controlling interests	138	387
   Net income (loss) attributable to owners of the parent	11,205	18,487

   Consolidated Statements of Comprehensive Income

   Year ended March 31, 2024		Year ended March 31, 2025
   	millions of yen	millions of yen
   Net income (loss)	11,344	18,874
   Other comprehensive income
   Unrealized gains (losses) on available-for-sale securities	6,772	(2,216)
   Deferred gains or losses on hedging derivatives, net of taxes	(5)	-
   Foreign currency translation adjustment	2,534	(150)
   Remeasurements of defined benefit plans	151	129
   Total other comprehensive income	9,451	(2,237)
   Comprehensive income	20,796	16,636
   Comprehensive income attributable to:
   Owners of the parent	20,630	16,231
   Non-controlling interests	166	405

2. Consolidated Statements of Changes in Net Assets Year ended March 31, 2024 (April 1, 2023 to March 31, 2024)

   (millions of yen)

   	Shareholders' equity
   	Common stock	Capital surplus	Retained earnings	Treasury stock	Total shareholders' equity
   Balance at beginning of term	17,070	10,211	69,568	(194)	96,656
   Changes during term
   Cash dividends			(2,132)		(2,132)
   Net income (loss) attributable to owners of the parent			11,205		11,205
   Purchase of treasury stock				(2)	(2)
   Change in ownership interest of parent due to transactions with non-controlling interests		15			15
   Net changes in other than shareholders' equity
   Total changes during term	-	15	9,073	(2)	9,085
   Balance at end of term	17,070	10,226	78,642	(197)	105,741

   	Accumulated other comprehensive income					Non-controlling interests	Total net assets
   	Unrealized gains on available-for-sale securities	Deferred gains or losses on hedging derivatives	Foreign currency translation adjustment	Remeasurements of defined benefit plans	Total accumulated other comprehensive income
   Balance at beginning of term	6,524	5	5,103	(392)	11,241	2,983	110,881
   Changes during term
   Cash dividends							(2,132)
   Net income (loss) attributable to owners of the parent							11,205
   Purchase of treasury stock							(2)
   Change in ownership interest of parent due to transactions with non-controlling interests							15
   Net changes in other than shareholders' equity	6,772	(5)	2,506	151	9,424	97	9,521
   Total changes during term	6,772	(5)	2,506	151	9,424	97	18,607
   Balance at end of term	13,297	-	7,610	(241)	20,665	3,081	129,488

   Year ended March 31, 2025 (April 1, 2024 to March 31, 2025)

   (millions of yen)

   	Shareholders' equity
   	Common stock	Capital surplus	Retained earnings	Treasury stock	Total shareholders' equity
   Balance at beginning of term	17,070	10,226	78,642	(197)	105,741
   Changes during term
   Cash dividends			(3,856)		(3,856)
   Net income (loss) attributable to owners of the parent			18,487		18,487
   Purchase of treasury stock				(5)	(5)
   Change in ownership interest of parent due to transactions with non-controlling interests					-
   Net changes in other than shareholders' equity
   Total changes during term	-	-	14,631	(5)	14,626
   Balance at end of term	17,070	10,226	93,273	(202)	120,367

   	Accumulated other comprehensive income					Non-controlling interests	Total net assets
   	Unrealized gains on available-for-sale securities	Deferred gains or losses on hedging derivatives	Foreign currency translation adjustment	Remeasurements of defined benefit plans	Total accumulated other comprehensive income
   Balance at beginning of term	13,297	-	7,610	(241)	20,665	3,081	129,488
   Changes during term
   Cash dividends							(3,856)
   Net income (loss) attributable to owners of the parent							18,487
   Purchase of treasury stock							(5)
   Change in ownership interest of parent due to transactions with non-controlling interests							-
   Net changes in other than shareholders' equity	(2,216)	-	(169)	129	(2,256)	354	(1,901)
   Total changes during term	(2,216)	-	(169)	129	(2,256)	354	12,724
   Balance at end of term	11,081	-	7,441	(112)	18,409	3,435	142,212

3. Consolidated Statements of Cash Flows

   Year ended March 31, 2024		Year ended March 31, 2025
   millions of yen		millions of yen
   Cash flows from operating activities
   Income (loss) before income taxes	15,756	23,836
   Depreciation and amortization	10,296	10,463
   Impairment loss	470	-
   Amortization of goodwill	714	699
   Increase (decrease) in provisions	632	1,832
   Increase (decrease) in net defined benefit liability	1,657	1,322
   Interest and dividend income	(848)	(1,100)
   Interest expenses	908	986
   Loss (gain) on sales of property, plant and equipment	(3,236)	(640)
   Loss (gain) on sales of investment securities	(63)	(1,274)
   Insurance claim income	(687)	(1,165)
   Fire losses	792	-
   Decrease (increase) in trade receivables and contract assets	(4,111)	5,159
   Decrease (increase) in inventories	(6,621)	(777)
   Increase (decrease) in trade payables	(3,378)	(4,433)
   Other	1,828	3,121
   Sub total	14,109	38,029
   Interest and dividends received	836	1,104
   Interest expenses paid	(905)	(988)
   Proceeds from insurance income	207	1,644
   Payments for fire losses	(196)	(25)
   Income taxes paid	(5,084)	(4,309)
   Net cash provided by (used in) operating activities	8,968	35,454
   Cash flows from investing activities
   Proceeds from sale of property, plant and equipment	3,450	947
   Purchase of property, plant and equipment, and intangible assets	(9,343)	(10,547)
   Proceeds from sales of investment securities	67	1,422
   Proceeds from purchase of stocks of subsidiaries resulting in change in scope of consolidation	-	11
   Other	(1,727)	(899)
   Net cash provided by (used in) investing activities	(7,553)	(9,065)
   Cash flows from financing activities
   Net increase (decrease) in short-term borrowings	1,744	(4,623)
   Redemption of bonds	-	(6,000)
   Increase (decrease) in commercial paper	2,000	(4,000)
   Proceeds from long-term debt	8,759	5,900
   Repayment of long-term debt	(9,106)	(1,271)
   Cash dividends paid	(2,131)	(3,851)
   Cash dividends paid to non-controlling interests	(53)	(51)
   Other	(463)	(638)
   Net cash provided by (used in) financing activities	749	(14,536)
   Effect of exchange rate on cash and cash equivalents	943	13
   Net increase (decrease) in cash and cash equivalents	3,107	11,867
   Cash and cash equivalents at beginning of term	14,116	17,224
   Cash and cash equivalents at end of term	17,224	29,091

4. Notes on Consolidated Financial Statements

   (Notes on the Going-concern Assumption)

   Not applicable

   (Significant Matters that Serve as the Basis for Preparation of Consolidated Financial Statements) Significant Changes to Scope of Consolidation

   During the year ended March 31, 2025, KESENNUMA KANKYOKANRI CORPORATION was included in the scope of consolidation due to the acquisition of its shares.

   (Changes in Accounting Methods)

   (Application of Accounting Standard for Current Income Taxes, etc.)

   The "Accounting Standard for Current Income Taxes" (ASBJ Statement No. 27, October 28, 2022; "2022 Revised Accounting Standard") has been applied from the beginning of the year ended March 31, 2025. With regard to the revisions concerning the accounting classification of income taxes (taxation on other comprehensive income), these are subject to the provisional treatment set forth in the proviso of paragraph 20-3 of the 2022 Revised Accounting Standard and the provisional treatment set forth in the proviso of paragraph 65-2 (2) of the "Guidance on Accounting Standard for Tax Effect Accounting" (ASBJ Guidance No. 28, October 28, 2022; "2022 Revised Guidance"). This change has no impact on the consolidated financial statements.

   In addition, the Company has adopted the 2022 Revised Guidance for the revisions related to the review of the treatment in consolidated financial statements deferring gains or losses on sales of investments in subsidiaries among consolidated companies for tax purposes, effective from the beginning of the year ended March 31, 2025. The change in accounting policy has been applied retrospectively, and the consolidated financial statements of the previous fiscal year have been prepared on a retrospective basis. This change has no impact on the consolidated financial statements of the previous fiscal year.

   (Segment and Other Information) [Segment information]

   1. Overview of reportable segment

      1. Method of determining reportable segments

         The Company's reportable segments are components of the Company for which separate financial information is available. These segments are subject to periodic examinations to enable the Company's Board of Directors to decide how to allocate resources and assess performance.

         The Company has business divisions based on product and service categories and operates under a comprehensive strategy formulated for products and services handled.

         The Company's operations are, therefore, classified based on product and service categories into five reportable segments, namely "Power Infrastructure," "Public, Industrial & Commercial Sector," "Mobility & Electrical Components," "Field Service Engineering," and "Real Estate."

         Reportable segment	Description of businesses
         Power Infrastructure	This business provides heavy electrical equipment and systems for the generation and transmission of electricity to electric power and other companies
         Public, Industrial & Commercial Sector	This business provides heavy electrical equipment and systems to users of electricity such as public agencies, railway operators, and private-sector companies
         Mobility & Electrical Components	This business provides components for the semiconductor, general industrial, and electric vehicle fields, as well as automotive R&D systems
         Field Service Engineering	This business operates the maintenance business.
         Real Estate	This business operates related to the rental of real estates.

      2. Matters concerning changes in reportable segments

         In the previous fiscal year, the Company conducted an absorption-type merger with MEIDEN SHOJI Co., Ltd. Accordingly, MEIDEN SHOJI's business, which was included in "Other" until the previous fiscal year, has been split according to the content of the business and included in "Power Infrastructure," "Public, Industrial & Commercial Sector," and "Mobility & Electrical Components" businesses from the year ended March 31, 2025.

         "Net sales and income/loss by reportable segment" for the year ended March 31, 2024 has been reclassified to reflect the new amounts.

   2. Calculation method for net sales, income/loss, assets, liabilities and other items by reportable segment The accounting methods for reported business segments are generally the same as those stated in "Significant Matters that Serve as the Basis for Preparation of Consolidated Financial Statements." Segment income (loss) is based on operating income (loss).

      Inter-segment sales and transfers are based on market price.

   3. Net sales, income/loss, assets, liabilities, and other items by reportable segment Year ended March 31, 2024 (April 1, 2023 to March 31, 2024)

      (Millions of yen)

      	Reportable segment						Other (note)	Total	Adjustments	Amounts on consolidated financial statements
      	Power Infrastructure	Public, Industrial & Commercial Sector	Mobility & Electrical Components	Field Service Engineering	Real Estate	Sub-total
      Net sales
      Sales to outside customers	77,793	84,286	76,755	40,659	3,190	282,685	5,195	287,880	-	287,880
      Inter-segment sales and transfers	654	3,308	2,010	1,644	38	7,655	5,168	12,823	(12,823)	-
      Total	78,447	87,595	78,765	42,303	3,228	290,340	10,363	300,704	(12,823)	287,880
      Segment income (loss)	6,444	(534)	196	6,650	1,432	14,188	328	14,517	(1,786)	12,731
      Segment assets	85,707	80,637	64,148	34,402	10,775	275,671	8,847	284,518	50,269	334,787
      Other items
      Depreciation/ amortization	2,828	1,190	2,784	374	580	7,759	259	8,018	2,278	10,296
      Amortization of goodwill	712	1	-	-	-	714	-	714	-	714
      Increase in PP&E and intangible assets	3,546	1,093	1,991	292	96	7,020	320	7,340	2,640	9,981

      Note: "Other" comprises businesses such as sales of other products, employees' welfare services, and provision of chemical products, that are not included in the reportable segments.

      Year ended March 31, 2025 (April 1, 2024 to March 31, 2025)

      (Millions of yen)

      	Reportable segment						Other (note)	Total	Adjustments	Amounts on consolidated financial statements
      	Power Infrastructure	Public, Industrial & Commercial Sector	Mobility & Electrical Components	Field Service Engineering	Real Estate	Sub-total
      Net sales
      Sales to outside customers	85,417	90,617	70,473	47,679	3,197	297,385	3,716	301,101	-	301,101
      Inter-segment sales and transfers	1,020	5,705	1,605	1,887	37	10,256	4,956	15,213	(15,213)	-
      Total	86,437	96,323	72,079	49,567	3,235	307,642	8,672	316,315	(15,213)	301,101
      Segment income (loss)	7,988	3,034	1,132	9,931	1,443	23,530	477	24,008	(2,496)	21,512
      Segment assets	91,675	84,446	58,563	39,541	10,295	284,523	8,745	293,268	48,078	341,347
      Other items
      Depreciation/ amortization	3,042	1,175	2,929	363	551	8,062	232	8,295	2,167	10,463
      Amortization of goodwill	697	2	-	-	-	699	-	699	-	699
      Increase in PP&E and intangible assets	5,394	1,370	1,420	198	75	8,458	223	8,682	3,270	11,953

      Note: "Other" comprises businesses such as sales of other products, employees' welfare services, and provision of chemical products, that are not included in the reportable segments.

   4. Adjustments of differences between the total amounts of reportable segments and amounts on consolidated financial statements

(Millions of yen)

(Millions of yen)

Note: Other adjustments comprise mainly expenses for research and development conducted by the research and development division and other units that are not included in the reportable segments.

(Millions of yen)

Note: Corporate assets consist of surplus funds (cash and time deposits) held by the Company, longterm investment funds, and assets attributable to the research and development division, etc.

(Millions of yen)

Note: Adjustments for increase in PP&E and intangible assets consist mainly of capital investment in information systems for the whole company.

[Related information]

Year ended March 31, 2024 (April 1, 2023 to March 31, 2024)

1. Information by product and service

   Information is omitted because the same information is provided in "Segment information."

2. Information by geographic area

   1. Net sales

      (Millions of yen)

      Japan	Asia	Other region	Total
      207,624	51,407	28,848	287,880

      Note: Net sales are based on the location of customers and classified into country or region.

   2. Property, plant and equipment

   (Millions of yen)

   Japan	Asia	Other region	Total
   58,278	14,847	2,238	75,363

3. Information by major customer

Information is omitted as there are no outside customers whose sales account for 10% or more of total net sales reported on the consolidated statements of income.

Year ended March 31, 2025 (April 1, 2024 to March 31, 2025)

1. Information by product and service

   Information is omitted because the same information is provided in "Segment information."

2. Information by geographic area

   1. Net sales

      (Millions of yen)

      Japan	Asia	Other region	Total
      213,906	61,926	25,268	301,101

      Note: Net sales are based on the location of customers and classified into country or region.

   2. Property, plant and equipment

   (Millions of yen)

   Japan	Asia	Other region	Total
   59,181	13,567	2,312	75,061

3. Information by major customer

   Information is omitted as there are no outside customers whose sales account for 10% or more of total net sales reported on the consolidated statements of income.

   [Impairment loss of fixed assets by reportable segment]

   Year ended March 31, 2024 (April 1, 2023 to March 31, 2024)

   (Millions of yen)

   	Power Infrastructure	Public, Industrial & Commercial Sector	Mobility & Electrical Components	Field Service Engineering	Real Estate	Other	Corporate/ elimination	Total
   Impairment loss	-	-	-	-	-	97	372	470

   Year ended March 31, 2025 (April 1, 2024 to March 31, 2025)

   Not applicable

   [Amortization and unamortized balance of goodwill by reportable segment]

   Year ended March 31, 2024 (April 1, 2023 to March 31, 2024)

   (Millions of yen)

   	Power Infrastructure	Public, Industrial & Commercial Sector	Mobility & Electrical Components	Field Service Engineering	Real Estate	Other	Corporate/ elimination	Total
   Amortization	712	1	-	-	-	-	-	714
   Unamortized balance	2,157	18	-	-	-	-	-	2,175

   Year ended March 31, 2025 (April 1, 2024 to March 31, 2025)

   (Millions of yen)

   	Power Infrastructure	Public, Industrial & Commercial Sector	Mobility & Electrical Components	Field Service Engineering	Real Estate	Other	Corporate/ elimination	Total
   Amortization	697	2	-	-	-	-	-	699
   Unamortized balance	1,411	17	-	-	-	-	-	1,428

   [Gain on negative goodwill by reportable segment]

   Year ended March 31, 2024 (April 1, 2023 to March 31, 2024) Not applicable

   Year ended March 31, 2025 (April 1, 2024 to March 31, 2025)

   In the Field Service Engineering Business, we recognized a gain on negative goodwill due to the acquisition of KESENNUMA KANKYOKANRI CORPORATION as a consolidated subsidiary. The amount of gain on negative goodwill recorded as a result of this item is ¥19 million. Gain on negative goodwill is not included in segment income because it is included in extraordinary income.

   (Per Share Information)

   	Year ended March 31, 2024 (From April 1, 2023 to March 31, 2024)	Year ended March 31, 2025 (From April 1, 2024 to March 31, 2025)
   Net assets per share	2,786.35	3,059.10
   Net income per share	247.00	407.51

   (Notes) 1. Diluted net income per share is not stated because there are no dilutive shares.

   2. The basis for calculation of net income per share is shown below.

   	Year ended March 31, 2024 (From April 1, 2023 to March 31, 2024)	Year ended March 31, 2025 (From April 1, 2024 to March 31, 2025)
   Net income (loss) attributable to owners of the parent (millions of yen)	11,205	18,487
   Amount not attributable to common shareholders (millions of yen)	-	-
   Net income (loss) attributable to owners of the parent attributable to common shares (millions of yen)	11,205	18,487
   Average number of common shares during the fiscal year (thousands)	45,367	45,365

   (Important Subsequent Events) Not applicable

4. Others

Regarding changes in officers, please refer to the " Notice of Election of Candidates for Director " disclosed on May 13, 2025.

May 13, 2025

＜TSE：6508＞

〈Financial conditions〉

（￥ million）

１．Financial Results and Forecast

２. Segment information

※Due to the absorption-type merger with MEIDEN SHOJI Co., Ltd. in the previous consolidated fiscal year, we have changed the segment classification of the business that the company was handling, and for the fiscal year ended March 2024, we have presented the figures after reclassification. For details, please refer to "1. (2)Matters concerning changes in reportable segments " on page 16 of the Financial Results for the Fiscal Year Ending March 2025.

（Orders）

（Net sales）

（Power Infrastructure）

（￥ million）

（￥ million）

（Public, Industrial & Commercial Sector）

（Mobility & Electrical Components）

（Field Service Engineering）

（Real Estate）

（Other）

３．Overseas ratio of sales

（￥ million）

（￥ million）

（￥ million）