Financial Results for FY2025(May 12, 2025)

May 12, 2025

(Amounts less than one million yen have been truncated)

1. Consolidated Financial Performance for the Fiscal Year Ended March 31, 2025

   (April 1, 2024 to March 31, 2025)

   1. Consolidated operating performance (Percentage figures indicate year-on-year change)

      	Net sales		Operating income		Ordinary income		Profit attributable to owners of parent
      	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      Fiscal year ended March 31, 2025	159,235	0.3	7,316	68.1	8,101	51.7	4,250	241.3
      Fiscal year ended March 31, 2024	158,659	6.2	4,350	314.2	5,339	156.3	1,245	-

      Note: Comprehensive income

      Fiscal year ended March 31, 2025: ¥ 5,884 million (56.7%) Fiscal year ended March 31, 2024: ¥ 3,753 million (―%)

      	Net income per share	Diluted net income per share	Return on shareholders' equity	Ordinary income to total assets	Operating income to net sales
      	Yen	Yen	%	%	%
      Fiscal year ended March 31, 2025	653.84	-	9.1	8.1	4.5
      Fiscal year ended March 31, 2024	190.52	-	2.9	5.4	2.7

      Reference: Equity earnings (losses) of affiliates

      Fiscal year ended March 31, 2025: ¥ 492 million

      Fiscal year ended March 31, 2024: ¥ 569 million

   2. Consolidated financial position

      	Total assets	Net assets	Equity ratio	Net assets per share
      	Millions of yen	Millions of yen	%	Yen
      Fiscal year ended March 31, 2025	97,486	48,744	49.9	7,689.22
      Fiscal year ended March 31, 2024	103,087	45,286	43.5	6,860.31

      Reference: Shareholders' equity

      As of March 31, 2025: ¥48,689 million As of March 31, 2024: ¥44,890 million

   3. Consolidated cash flows

   	Cash flows from operating activities	Cash flows from investment activities	Cash flows from financing activities	Cash and cash equivalents at end of period
   	Millions of yen	Millions of yen	Millions of yen	Millions of yen
   Fiscal year ended March 31, 2025	7,563	(6,473)	(6,947)	15,698
   Fiscal year ended March 31, 2024	16,968	(7,075)	(616)	20,204

2. Dividends

   	Dividends per Share					Total Dividends Paid (Annual)	Payout Ratio (Consolidated)	Dividends per Net Assets (Consolidated)
   	1Q	2Q	3Q	Year-End	Total
   	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
   Fiscal year ended March 31, 2024	-	80.00	-	100.00	180.00	1,181	94.5	2.7
   Fiscal year ended March 31, 2025	-	90.00	-	150.00	240.00	1,545	36.7	3.3
   Fiscal year ending March 31, 2026 (Forecast)	-	120.00	-	120.00	240.00		76.0

3. Forecast of Consolidated Financial Performance for the Fiscal Year Ending March 31, 2026

   (April 1, 2025 to March 31, 2026) (Percentage figures indicate changes from the same period of the previous year)

   	Net sales		Operating income		Ordinary income		Profit attributable to owners of parent		Net income per share
   	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
   Fiscal year ending March 31, 2026	140,000	-12.1	3,600	-50.8	4,200	-48.2	2,000	-52.9	315.84

   *In light of the recent major changes in the U.S. customs policy, T.RAD Co., Ltd. (the "Company") has formulated its performance forecast while taking into account the fluctuations in business results observed during past events. However, no specific calculations have been made regarding the amount attributable to the impact of the U.S. customs policy.

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: Yes

   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, 2025: 6,592,411 shares

      As of March 31, 2024: 6,592,411 shares

   2. Number of shares of treasury stock at end of period As of March 31, 2025: 260,170 shares

      As of March 31, 2024: 48,944 shares

   3. Average number of shares outstanding during the period Fiscal year ended March 31, 2025: 6,500,648 shares

Fiscal year ended March 31, 2024: 6,535,679 shares

1. Non-consolidated Financial Performance for Fiscal Year Ended March 31, 2025

   (April 1, 2024 to March 31, 2025)

   1. Non-consolidated operating performance (Percentage figures indicate year-on-year change)

      	Net sales		Operating income		Ordinary income		Net income
      	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      Fiscal year ended March 31, 2025	80,196	5.7	2,795	89.8	8,827	10.5	5,675	280.8
      Fiscal year ended March 31, 2024	75,848	4.2	1,472	29.5	7,988	28.4	1,490	-

      	Net income per share	Diluted net income per share
      	Yen	Yen
      Fiscal year ended March 31, 2025	873.08	-
      Fiscal year ended March 31, 2024	228.09	-

   2. Non-consolidated Financial Position

   	Total assets	Net assets	Equity ratio	Net assets per share
   	Millions of yen	Millions of yen	%	Yen
   Fiscal year ended March 31, 2025	66,707	33,451	50.1	5,282.66
   Fiscal year ended March 31, 2024	64,150	29,797	46.4	4,553.78

   Reference: Shareholders' equity

   As of March 31, 2025: ¥33,451 million As of March 31, 2024: ¥29,797 million

2. Forecast of Non-Consolidated Financial Performance for the Fiscal Year Ending March 31, 2026

   (April 1, 2025 to March 31, 2026) (Percentage figures indicate changes from the same period of the previous year)

   	Net sales		Operating income		Ordinary income		Net income		Net income per share
   	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
   Fiscal year ending March 31, 2026	72,000	-10.2	400	-85.7	6,000	-32.0	4,200	-26.0	663.27

   • 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. Consolidated Financial Statements

   1. Consolidated balance sheets (Millions of yen)

      	FY2023 As of March 31, 2024	FY2024 As of March 31, 2025
      	Amount	Amount
      (Assets)
      Current assets
      Cash and deposits	20,332	16,926
      Notes receivable-trade	1,080	575
      Electronically recorded monetary claims-operating	3,191	2,151
      Accounts receivable-trade	25,587	24,677
      Short-term investment securities	299	-
      Merchandise and finished goods	3,572	3,563
      Work in process	991	1,090
      Raw materials and supplies	8,985	10,130
      Others	2,703	2,799
      Allowance for doubtful accounts	(127)	(494)
      Total current assets	66,617	61,419
      Noncurrent assets
      Tangible fixed assets
      Buildings and structures	24,058	25,119
      Accumulated depreciation	(17,883)	(18,870)
      Building and structures, net	6,175	6,248
      Machinery, equipment and vehicles	64,059	69,659
      Accumulated depreciation	(51,364)	(57,392)
      Machinery, equipment and vehicles, net	12,694	12,266
      Land	2,509	2,568
      Lease assets	2,258	2,427
      Accumulated depreciation	(836)	(1,129)
      Lease assets, net	1,422	1,297
      Construction in progress	3,650	4,044
      Other tangible fixed assets	34,523	36,473
      Accumulated depreciation	(32,840)	(34,568)
      Other tangible fixed assets, net	1,682	1,905
      Total tangible fixed assets	28,135	28,331
      Intangible assets	3,125	1,883
      Other intangible assets
      Total intangible assets	3,125	1,883
      Investments and other assets
      Investment securities	1,998	2,841
      Net defined benefit asset	2,431	2,300
      Deferred tax assets	226	225
      Others	558	484
      Allowance for doubtful accounts	(5)	-
      Total investments and other assets	5,210	5,851
      Total noncurrent assets	36,470	36,067
      Total assets	103,087	97,486

      (Millions of yen)

      	FY2023 As of March 31, 2024	FY2024 As of March 31, 2025
      	Amount	Amount
      (Liabilities)
      Current liabilities
      Notes and accounts payable-trade	15,685	12,550
      Electronically recorded obligations - operating	5,917	3,623
      Short-term loans payable	7,531	6,040
      Lease obligations	447	477
      Income taxes payable	1,089	849
      Accrued expenses	3,793	3,687
      Provision for bonuses	1,667	1,696
      Provision for directors' bonuses	32	54
      Provision for product warranties	787	1,209
      Provision for loss on order received	228	214
      Electronically recorded obligations - non-operating	482	241
      Others	1,380	1,357
      Total current liabilities	39,043	32,003
      Noncurrent liabilities
      Long-term loans payable	14,340	12,590
      Lease obligations	2,596	2,403
      Deferred tax liabilities	1,315	1,017
      Net defined benefit liability	294	404
      Provision for share awards	44	186
      Asset retirement obligations	93	94
      Others	73	42
      Total noncurrent liabilities	18,758	16,738
      Total liabilities	57,801	48,742
      (Net assets)
      Shareholders' equity
      Capital stock	8,570	8,570
      Capital surplus	6,911	6,877
      Retained earnings	22,510	25,512
      Treasury stock	(114)	(901)
      Total shareholders' equity	37,877	40,059
      Valuation and translation adjustments
      Valuation difference on available-for-sale securities	19	18
      Foreign currency translation adjustment	5,012	6,976
      Remeasurements of defined benefit plans	1,980	1,635
      Total accumulated other comprehensive income	7,012	8,630
      Non-controlling interests	396	54
      Total net assets	45,286	48,744
      Total liabilities and net assets	103,087	97,486

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

      (Millions of yen)

      	FY2023 (Apr. 1, 2023-Mar. 31, 2024)	FY2024 (Apr. 1, 2024-Mar. 31, 2025
      	Amount	Amount
      Net sales	158,659	159,235
      Cost of sales	143,761	139,108
      Gross profit	14,898	20,127
      Selling, general and administrative expenses
      Packing and delivery expenses	1,554	1,797
      Provision for product warranties	575	965
      Directors' compensations	176	156
      Salaries and allowances	2,421	2,603
      Provision for bonuses	497	555
      Provision for directors' bonuses	32	54
      Provision for directors' retirement benefits	23	(36)
      Retirement benefit expenses	15	50
      Welfare expenses	1,509	1,584
      Depreciation	314	487
      Rent expenses	508	526
      Transportation and communication expenses	486	465
      Research and development expenses	1,199	1,687
      Entertainment expenses	27	32
      Provision of allowance for doubtful accounts	(10)	355
      Commission Fee	289	328
      Miscellaneous expenses	926	1,196
      Total selling, general and administrative expenses	10,547	12,810
      Operating income (loss)	4,350	7,316
      Non-operating income
      Interest income	248	307
      Dividends income	3	3
      Equity in earnings of affiliates	569	492
      Foreign exchange gains	508	6
      Others	310	386
      Total non-operating income	1,639	1,195
      Non-operating expenses
      Interest expenses	642	407
      Others	8	3
      Total non-operating expenses	650	410
      Ordinary income	5,339	8,101

      (Millions of yen)

      	FY2023 (Apr. 1, 2023-Mar. 31, 2024)	FY2024 (Apr. 1, 2024-Mar. 31, 2025
      	Amount	Amount
      Extraordinary income
      Gain on sales of noncurrent assets	87	12
      Gain on sales of investment securities	199	-
      Gain on sale of shares of subsidiaries and associates	218	-
      Total extraordinary income	505	12
      Extraordinary loss
      Loss on retirement of noncurrent assets	92	1,217
      Loss on sales of noncurrent assets	9	11
      Impairment loss	1,623	303
      Total extraordinary loss	1,726	1,531
      Income (loss) before income taxes	4,118	6,582
      Income taxes-current	2,710	2,423
      Income taxes-deferred	72	(102)
      Total income taxes	2,782	2,320
      Profit (loss)	1,336	4,261
      Profit (loss) attributable to non-controlling interests	90	11
      Profit (loss) attributable to owners of parent	1,245	4,250

      (Consolidated statement of comprehensive income)

      	FY2023 (Apr. 1, 2023-Mar. 31, 2024)	FY2024 (Apr. 1, 2024-Mar. 31, 2025
      	Amount	Amount
      Profit (loss)	1,336	4,261
      Other comprehensive income
      Valuation difference on available-for-sale securities	7	(0)
      Foreign currency translation adjustment	1,426	2,020
      Remeasurements of defined benefit plans, net of tax	1,001	(340)
      Share of other comprehensive income of associates accounted for using equity method	(18)	(56)
      Total other comprehensive income	2,417	1,622
      Comprehensive income	3,753	5,884
      (Breakdown)
      Comprehensive income attributable to owners of parent	3,567	5,868
      Comprehensive income attributable to non-controlling interests	185	15

      (Millions of yen）

   3. Consolidated statements of changes in net assets

      Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)

      (Millions of yen)

      	Shareholders' Equity
      	Capital stock	Capital surplus	Retained earnings	Treasury stock	Total shareholders' equity
      As of April 1, 2023	8,570	7,353	22,100	(452)	37,571
      Changes of items during the period
      Dividends from surplus			(525)		(525)
      Profit attributable to owners of parent			1,245		1,245
      Purchase of treasury stock				(2)	(2)
      Disposal of treasury stock		(1)	(21)	51	29
      Retirement of treasury stock			(288)	288	-
      Change in ownership interest of parent due to transactions with non-controlling interests		(441)			(441)
      Net changes of items other than shareholders' equity
      Total changes of items during the period	-	(442)	410	337	305
      As of March 31, 2024	8,570	6,911	22,510	(114)	37,877

      	Valuation and translation adjustments				Non-controlling interests	Total net assets
      	Valuation difference on available-for-sale securities	Foreign currency translation adjustment	Remeasurements of defined benefit plans	Total valuation and translation adjustments
      As of April 1, 2023	11	3,700	977	4,690	1,589	43,851
      Changes of items during the period
      Dividends from surplus						(525)
      Profit attributable to owners of parent						1,245
      Purchase of treasury stock						(2)
      Disposal of treasury stock						29
      Retirement of treasury stock						-
      Change in ownership interest of parent due to transactions with non-controlling interests						(441)
      Net changes of items other than shareholders' equity	7	1,312	1,002	2,322	(1,192)	1,129
      Total changes of items during the period	7	1,312	1,002	2,322	(1,192)	1,435
      As of March 31, 2024	19	5,012	1,980	7,012	396	45,286

      Fiscal year ended March 31, 2025 (April 1, 2024 to March 31, 2025)

      (Millions of yen)

      	Shareholders' Equity
      	Capital stock	Capital surplus	Retained earnings	Treasury stock	Total shareholders' equity
      As of April 1, 2024	8,570	6,911	22,510	(114)	37,877
      Changes of items during the period
      Dividends from surplus			(1,248)		(1,248)
      Profit attributable to owners of parent			4,250		4,250
      Purchase of treasury stock				(820)	(820)
      Disposal of treasury stock		13		33	47
      Change in ownership interest of parent due to transactions with non-controlling interests		(47)			(47)
      Net changes of items other than shareholders' equity			0
      Total changes of items during the period	-	(34)	3,001	(786)	2,181
      As of March 31, 2025	8,570	6,877	25,512	(901)	40,059

      	Valuation and translation adjustments				Non-controlling interests	Total net assets
      	Valuation difference on available-for-sale securities	Foreign currency translation adjustment	Remeasurements of defined benefit plans	Total valuation and translation adjustments
      As of April 1, 2024	19	5,012	1,980	7,012	396	45,286
      Changes of items during the period
      Dividends from surplus						(1,248)
      Profit attributable to owners of parent						4,250
      Purchase of treasury stock						(820)
      Disposal of treasury stock						47
      Change in ownership interest of parent due to transactions with non-controlling interests						(47)
      Net changes of items other than shareholders' equity	(0)	1,964	(345)	1,618	(342)	1,276
      Total changes of items during the period	(0)	1,964	(345)	1,618	(342)	3,457
      As of March 31, 2025	18	6,976	1,635	8,630	54	48,744

   4. Consolidated statements of cash flows

   (Millions of yen)

   	FY2023 (Apr. 1, 2023-Mar. 31, 2024)	FY2024 (Apr. 1, 2024-Mar. 31, 2025)
   	Amount	Amount
   Net cash provided by (used in) operating activities
   Income (loss) before income taxes	4,118	6,582
   Depreciation and amortization	6,219	5,655
   Impairment loss	1,623	303
   Retirement benefit expenses	(99)	(308)
   Increase (decrease) in net defined benefit liability	(22)	28
   Increase (decrease) in allowance for doubtful accounts	(132)	350
   Increase (decrease) in provision for bonuses	308	26
   Increase (decrease) in provision for directors' bonuses	7	21
   Increase (decrease) in provision for product warranties	91	378
   Loss on retirement of noncurrent assets	92	1,217
   Loss (gain) on sales of tangible fixed assets	(77)	(1)
   Loss (gain) on sales of investment securities	(418)	-
   Interests and dividends income	(251)	(310)
   Interests expenses	642	407
   Foreign exchange losses (gains)	(190)	(370)
   Equity in (earnings) losses of affiliates	(569)	(492)
   Decrease (increase) in notes and accounts receivable-trade	(8)	3,773
   Decrease (increase) in inventories	3,133	(340)
   Increase (decrease) in notes and accounts payable-trade	2,504	(6,548)
   Decrease (increase) in other current assets	244	(106)
   Increase (decrease) in other current liabilities	532	(289)
   Other, net	65	186
   Subtotal	17,816	10,162
   Interest and dividends income received	1,975	494
   Interest expenses paid	(621)	(421)
   Income taxes paid	(2,202)	(2,672)
   Net cash provided by (used in) operating activities	16,968	7,563

   (Millions of yen)

   	FY2023 (Apr. 1, 2023-Mar. 31, 2024)	FY2024 (Apr. 1, 2024-Mar. 31, 2025)
   	Amount	Amount
   Net cash provided by (used in) investing activities
   Proceeds from withdrawal of time deposits	1,787	1,366
   Payments into time deposits	(1,849)	(2,140)
   Purchase of tangible fixed assets	(6,084)	(5,047)
   Proceeds from sales of tangible fixed assets	135	11
   Purchase of intangible assets	(1,122)	(239)
   Purchase of investment securities	(0)	(580)
   Proceeds from sales of investment securities	203	-
   Other, net	(146)	157
   Net cash provided by (used in) investing activities	(7,075)	(6,473)
   Net cash provided by (used in) financing activities
   Net increase (decrease) in short-term loans payable	(2,219)	(5,464)
   Proceeds from long-term loans payable	6,800	2,180
   Repayment of long-term loans payable	(2,461)	(670)
   Purchase of treasury stock	-	(820)
   Cash dividends paid	(525)	(1,248)
   Cash dividends paid to non-controlling shareholders	(246)	(100)
   Payments from changes in ownership interests in subsidiaries that do not result in change in scope of consolidation	(1,610)	(381)
   Others	(353)	(441)
   Net cash provided by (used in) financing activities	(616)	(6,947)
   Effect of exchange rate change on cash and cash equivalents	566	1,350
   Net increase (decrease) in cash and cash equivalents	9,843	(4,506)
   Cash and cash equivalents at beginning of period	10,361	20,204
   Cash and cash equivalents at end of period	20,204	15,698

4. Non-Consolidated Financial Statements

1. Non-consolidated balance sheets

   (Millions of yen)

   	FY2023 As of March 31, 2024	FY2024 As of March 31, 2025
   	Amount	Amount
   (Assets)
   Current assets
   Cash and deposits	5,272	3,801
   Electronically recorded monetary claims-operating	3,191	2,151
   Accounts receivable-trade	16,909	16,642
   Short-term investment securities	299	-
   Merchandise and finished goods	1,560	1,868
   Work in process	876	600
   Raw materials and supplies	2,144	2,257
   Prepaid expenses	125	106
   Accounts receivable-other	2,111	3,550
   Other current assets	7	16
   Total current assets	32,500	30,996
   Noncurrent assets
   Tangible Fixed Assets
   Buildings	13,790	13,692
   Accumulated depreciation	(10,732)	(10,927)
   Buildings, net	3,057	2,765
   Structures	1,662	1,572
   Accumulated depreciation	(1,388)	(1,337)
   Structures, net	274	235
   Machinery and equipment	28,626	29,060
   Accumulated depreciation	(22,181)	(23,087)
   Machinery and equipment, net	6,445	5,973
   Vehicles	146	176
   Accumulated depreciation	(118)	(119)
   Vehicles, net	27	57
   Tools, furniture and fixtures	26,769	27,231
   Accumulated depreciation	(25,894)	(26,323)
   Tools, furniture and fixtures, net	874	908
   Land	1,782	1,782
   Lease assets	6	6
   Accumulated depreciation	(3)	(5)
   Lease assets, net	2	1
   Construction in progress	1,583	2,601
   Other, net	0	0
   Total Tangible Fixed Assets	14,047	14,325
   Intangible assets
   Software	414	1,128
   Other intangible assets	2,253	476
   Total intangible assets	2,668	1,605

   (Millions of yen)

   	FY2023 As of March 31, 2024	FY2024 As of March 31, 2025
   	Amount	Amount
   Investments and other assets
   Investment securities	40	39
   Stocks of subsidiaries and affiliates	5,868	11,095
   Investments in capital	73	72
   Investments in capital of subsidiaries and affiliates	7,807	8,124
   Long-term prepaid expenses	11	7
   Insurance funds	16	-
   Deferred tax assets	997	1,087
   Others	126	130
   Allowance for doubtful accounts	(5)	-
   Allowance for investment loss	-	(776)
   Total investments and other assets	14,934	19,780
   Total noncurrent assets	31,650	35,710
   Total assets	64,150	66,707
   (Liabilities)
   Current liabilities
   Electronically recorded obligations - operating	5,917	3,623
   Accounts payable-trade	7,624	7,320
   Short-term loans payable	940	4,070
   Lease obligations	1	0
   Accounts payable-other	385	390
   Income taxes payable	515	393
   Accrued consumption taxes	188	300
   Accrued expenses	1,620	1,668
   Advances received	7	219
   Deposits received	124	74
   Provision for bonuses	1,600	1,615
   Provision for directors' bonuses	32	54
   Provision for product warranties	35	392
   Electronically recorded obligations - non-operating	482	241
   Others	7	12
   Total current liabilities	19,483	20,378
   Noncurrent liabilities
   Long-term loans payable	14,340	12,590
   Lease obligations	1	0
   Provision for retirement benefits	391	34
   Provision for share awards	42	176
   Asset retirement obligations	63	63
   Others	30	11
   Total noncurrent liabilities	14,869	12,877
   Total liabilities	34,352	33,256

   (Millions of yen)

   	FY2023 As of March 31, 2024	FY2024 As of March 31, 2025
   	Amount	Amount
   (Net assets）
   Shareholders' equity
   Capital stock	8,570	8,570
   Capital surplus
   Legal capital surplus	7,331	7,331
   Other capital surplus	-	13
   Total capital surplus	7,331	7,344
   Retained earnings
   Legal retained earnings	1,097	1,097
   Other retained earnings
   Reserve for dividends	500	500
   Reserve for special account for advanced depreciation of noncurrent assets	100	95
   General reserve	8,130	8,130
   Retained earnings brought forward	4,163	8,595
   Total retained earnings	13,991	18,417
   Treasury stock	(114)	(901)
   Total shareholders' equity	29,777	33,432
   Valuation and translation adjustments	19	18
   Valuation difference on available-for-sale securities
   Total valuation and translation adjustments	19	18
   Total net assets	29,797	33,451
   Total liabilities and net assets	64,150	66,707

2. Non-consolidated statements of income

   (Millions of yen)

   	FY2023 (Apr. 1, 2023-Mar. 31, 2024)	FY2024 (Apr. 1, 2024-Mar. 31, 2025)
   	Amount	Amount
   Net sales	75,848	80,196
   Cost of sales
   Beginning finished goods	1,440	1,395
   Cost of products manufactured	61,553	61,975
   Purchase of finished goods	1,400	2,259
   Transfer from other account	4,392	5,098
   Total	68,785	70,728
   Finished goods transfer to other account	235	291
   Ending finished goods	1,395	1,696
   Cost of finished goods sold	67,154	68,741
   Gross profit	8,694	11,455
   Selling, general and administrative expenses
   Packing and delivery expenses	2,586	2,763
   Advertising expenses	22	30
   Provision for product warranties	5	393
   Directors' compensations	153	141
   Salaries and allowances	1,068	1,147
   Provision for bonuses	372	410
   Provision for directors' bonuses	32	54
   Provision for retirement benefits	27	(42)
   Welfare expenses	435	444
   Depreciation	134	338
   Repair expenses	119	142
   Taxes and dues	106	111
   Rent expenses	358	407
   Transportation and communication expenses	327	287
   Provision for share awards	14	43
   Research and development expenses	1,105	1,634
   Insurance expenses	12	10
   Stationery expenses	36	50
   Entertainment expenses	15	18
   Commission Fee	226	191
   Miscellaneous expenses	61	79
   Total selling, general and administrative expense	7,222	8,659
   Operating income (loss)	1,472	2,795
   Non-operating income
   Interest income	41	36
   Interest on securities	0	0
   Dividends income	6,049	5,856
   Foreign exchange gains	322	35
   Others	172	218
   Total non-operating income	6,587	6,147

   (Millions of yen)

   	FY2023 (Apr. 1, 2023-Mar. 31, 2024)	FY2024 (Apr. 1, 2024-Mar. 31, 2025)
   	Amount	Amount
   Non-operating expenses
   Interest expenses	63	102
   Others	8	12
   Total non-operating expenses	71	115
   Ordinary income	7,988	8,827
   Extraordinary income
   Gain on sales of noncurrent assets	73	5
   Gain on sales of investment securities	199	-
   Total extraordinary income	272	5
   Extraordinary Loss
   Loss on sales of noncurrent assets	0	-
   Loss on retirement of noncurrent assets	76	1,325
   Impairment loss	-	0
   Provision of allowance for investment loss	-	776
   Loss on sale of shares of subsidiaries and associates	130	-
   Loss on valuation of shares of subsidiaries and associates	3,877	-
   Loss on valuation of investments in capital of subsidiaries and affiliates	1,405	65
   Total extraordinary loss	5,489	2,168
   Income before income taxes	2,771	6,664
   Income taxes-current	1,327	1,080
   Income taxes-deferred	(47)	(90)
   Total income taxes	1,280	989
   Net income(loss)	1,490	5,675

3. Non-consolidated statements of changes in net assets

Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)

(Millions of yen)

Fiscal year ended March 31, 2025 (April 1, 2024 to March 31, 2025)

(Millions of yen)