Financial Statements Fiscal Year 2024

(Thousands of yen)

As of March 31, 2024

As of March 31, 2025

Assets

Current assets

Cash and deposits

9,373,250

12,539,970

Electronically recorded monetary claims -

operating

42,026

59,801

Accounts receivable - trade

4,694,229

4,505,976

Securities

75,235

-

Merchandise and finished goods

979,106

765,163

Work in process

611,588

625,661

Raw materials

891,952

1,030,086

Other

1,140,954

750,215

Allowance for doubtful accounts

(12,872)

(8,817)

Total current assets

17,795,470

20,268,057

Non-current assets

Property, plant and equipment

Buildings and structures

4,273,627

4,399,498

Accumulated depreciation

(3,032,994)

(3,099,272)

Buildings and structures, net

1,240,633

1,300,226

Machinery, equipment and vehicles

277,211

323,997

Accumulated depreciation

(235,426)

(265,938)

Machinery, equipment and vehicles, net

41,784

58,058

Land

1,592,577

2,765,916

Leased assets

40,947

54,627

Accumulated depreciation

(10,093)

(15,331)

Leased assets, net

30,853

39,295

Construction in progress

51,353

6,456

Other

3,039,514

3,378,787

Accumulated depreciation

(2,204,679)

(2,458,142)

Other, net

834,834

920,644

Total property, plant and equipment

3,792,036

5,090,597

Intangible assets

Goodwill

742,528

618,982

Other

530,763

355,995

Total intangible assets

1,273,291

974,977

Investments and other assets

Investment securities

2,321,399

2,591,694

Long-term loans receivable

169,175

159,902

Deferred tax assets

402,745

341,703

Other

74,207

100,439

Total investments and other assets

2,967,527

3,193,739

Total non-current assets

8,032,855

9,259,315

Total assets

25,828,326

29,527,373

(Thousands of yen)

As of March 31, 2024

As of March 31, 2025

Liabilities

Current liabilities

Notes and accounts payable - trade

882,196

737,180

Electronically recorded obligations - operating

783,384

731,304

Current portion of long-term borrowings

253,472

497,508

Income taxes payable

1,891,023

1,088,957

Contract liabilities

412,738

393,867

Provision for bonuses

190,066

333,097

Provision for bonuses for directors (and other

officers)

95,427

184,705

Other

1,094,192

1,258,036

Total current liabilities

5,602,501

5,224,656

Non-current liabilities

Long-term borrowings

1,717,610

2,220,102

Deferred tax liabilities

231,019

298,156

Retirement benefit liability

65,506

32,525

Asset retirement obligations

27,949

37,448

Other

447,976

286,273

Total non-current liabilities

2,490,062

2,874,505

Total liabilities

8,092,564

8,099,161

Net assets

Shareholders' equity

Share capital

4,978,566

4,978,566

Capital surplus

1,209,465

1,209,465

Retained earnings

10,574,636

14,231,221

Treasury shares

(97,649)

(97,866)

Total shareholders' equity

16,665,019

20,321,386

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

211,107

477,053

Foreign currency translation adjustment

859,634

629,771

Total accumulated other comprehensive income

1,070,742

1,106,824

Total net assets

17,735,761

21,428,211

Total liabilities and net assets

25,828,326

29,527,373

(Thousands of yen)

Fiscal year ended March 31, 2024

Fiscal year ended March 31, 2025

Net sales

18,867,885

24,026,716

Cost of sales

8,450,464

10,007,088

Gross profit

10,417,421

14,019,627

Selling, general and administrative expenses

4,853,251

6,590,540

Operating profit

5,564,169

7,429,087

Non-operating income

Interest income

175,225

255,032

Dividend income

6,885

10,510

Foreign exchange gains

455,028

125,841

Rental income

54,174

64,787

Gain on valuation of compound financial instruments

39,280

9,484

Other

18,949

51,863

Total non-operating income

749,543

517,521

Non-operating expenses

Interest expenses

3,239

6,605

Expenses of real estate for rent

35,708

49,846

Other

9,667

2,224

Total non-operating expenses

48,615

58,676

Ordinary profit

6,265,098

7,887,932

Extraordinary income

Gain on sale of non-current assets

92

340

Gain on sale of investment securities

141,894

33,722

Gain on redemption of investment securities

14,438

6,707

Total extraordinary income

156,426

40,770

Extraordinary losses

Loss on retirement of non-current assets

309

971

Loss on sale of investment securities

911

530

Loss on valuation of investment securities

485,553

464,275

Loss on revision of retirement benefit plan

6,094

-

Total extraordinary losses

492,869

465,777

Profit before income taxes

5,928,655

7,462,925

Income taxes - current

2,209,084

2,277,540

Income taxes - deferred

(131,921)

117,540

Total income taxes

2,077,163

2,395,080

Profit

3,851,491

5,067,844

Profit attributable to owners of parent

3,851,491

5,067,844

(Thousands of yen)

Fiscal year ended March 31, 2024

Fiscal year ended March 31, 2025

Profit

3,851,491

5,067,844

Other comprehensive income

Valuation difference on available-for-sale securities

113,899

265,945

Foreign currency translation adjustment

494,454

(229,863)

Total other comprehensive income

608,353

36,082

Comprehensive income

4,459,845

5,103,927

Comprehensive income attributable to

Comprehensive income attributable to owners of

parent

4,459,845

5,103,927

Comprehensive income attributable to non-controlling

interests

-

-

(Thousands of yen)

Fiscal year ended March 31, 2024

Fiscal year ended March 31, 2025

Cash flows from operating activities

Profit before income taxes

5,928,655

7,462,925

Depreciation

544,340

576,234

Amortization of goodwill

91,733

95,075

Increase (decrease) in retirement benefit liability

(549,163)

(32,859)

Increase (decrease) in provision for bonuses

59,303

146,195

Increase (decrease) in provision for bonuses for

directors (and other officers)

7,527

89,277

Increase (decrease) in allowance for doubtful accounts

12,334

(3,798)

Interest and dividend income

(182,111)

(265,538)

Interest expenses

3,239

6,605

Foreign exchange losses (gains)

(295,096)

(20,462)

Loss (gain) on valuation of compound financial

instruments

(39,280)

(9,484)

Loss (gain) on sale of investment securities

(140,983)

(33,191)

Loss (gain) on redemption of investment securities

(14,438)

(6,707)

Loss (gain) on valuation of investment securities

485,553

464,275

Loss (gain) on sale of non-current assets

-

(340)

Loss on retirement of non-current assets

309

941

Decrease (increase) in trade receivables

(1,448,481)

86,944

Decrease (increase) in inventories

(241,206)

35,670

Increase (decrease) in trade payables

145,084

(156,266)

Decrease (increase) in consumption taxes refund

receivable

(192,787)

141,517

Other, net

544,708

(196,152)

Subtotal

4,719,242

8,380,860

Interest and dividends received

182,664

259,044

Interest paid

(3,239)

(6,605)

Income taxes paid

(1,616,673)

(2,631,620)

Net cash provided by (used in) operating activities

3,281,993

6,001,678

Cash flows from investing activities

Proceeds from withdrawal of time deposits

213,900

-

Purchase of property, plant and equipment

(384,110)

(1,733,589)

Purchase of intangible assets

(28,689)

(9,135)

Purchase of short-term and long-term investment

securities

(1,337,553)

(524,543)

Proceeds from sale and redemption of investment

securities

1,329,534

374,098

Proceeds from collection of loans receivable

13,967

6,050

Other, net

(1,858)

3,233

Net cash provided by (used in) investing activities

(194,810)

(1,883,886)

Cash flows from financing activities

Repayments of lease liabilities

(3,002)

(39,306)

Proceeds from long-term borrowings

1,000,000

1,000,000

Repayments of long-term borrowings

(150,418)

(253,472)

Purchase of treasury shares

-

(217)

Dividends paid

(1,059,922)

(1,407,477)

Net cash provided by (used in) financing activities

(213,343)

(700,473)

Effect of exchange rate change on cash and cash

equivalents

402,523

(142,640)

Net increase (decrease) in cash and cash equivalents

3,276,362

3,274,678

Cash and cash equivalents at beginning of period

6,096,888

9,373,250

Cash and cash equivalents at end of period

9,373,250

12,647,928