Consolidated Financial Statements for the Year Ended March 31, 2024 and Independent Auditor's Report [PDF 7.

Thousands of

Thousands of

U.S. Dollars

U.S. Dollars

ASSETS

Thousands of Yen

(Note 1)

LIABILITIES AND EQUITY

Thousands of Yen

(Note 1)

2024

2023

2024

2024

2023

2024

CURRENT ASSETS:

CURRENT LIABILITIES:

Cash and cash equivalents (Note 12)

¥ 10,834,411

¥ 14,903,351

$

71,595

Short-term bank loans (Note 5)

―

¥

320,000

―

Short-term investments (Notes 3 and 12)

3,471,321

1,237,955

22,939

Current portion of long-term loans (Note 12)

¥

88,690

―

$

586

Receivables (Notes 9 and 12):

Current portion of long-term lease obligations

265,682

226,228

1,756

Trade notes

1,976,446

1,441,797

13,061

Payables (Notes 9 and 12):

Trade accounts

7,884,329

7,350,164

52,100

Trade notes

706,715

718,963

4,670

Other

657,341

246,945

4,344

Trade accounts

1,801,288

1,932,881

11,903

Allowance for doubtful accounts

(752,051)

(727,878)

(4,970)

Notes and accounts payable

729,157

626,476

4,817

Inventories (Note 4)

6,538,118

6,024,204

43,204

Income taxes payable (Note 12)

680,139

865,024

4,494

Prepaid expenses and other current assets

669,172

464,161

4,422

Accrued expenses

1,127,065

1,149,025

7,448

Provision for loss on liquidation of subsidiaries and

Total current assets

31,279,087

30,940,699

206,695

associates (Notes 2.m and 11)

23,091

―

153

Advances received

18,557

―

123

PROPERTY, PLANT AND EQUIPMENT:

Other current liabilities

2,222,393

2,383,191

14,686

Land

1,667,094

1,860,835

11,016

Total current liabilities

7,662,777

8,221,788

50,636

Buildings and structures

8,777,911

8,726,595

58,005

Machinery and equipment

7,139,960

6,785,842

47,182

Lease assets

2,326,126

2,369,833

15,371

LONG-TERM LIABILITIES:

Construction in progress

267,280

20,058

1,766

Long-term debt (Note 5)

778,119

859,752

5,142

Other

1,788,261

1,720,980

11,817

Liability for retirement benefits (Note 6)

543,254

608,110

3,590

Total

21,966,632

21,484,143

145,157

Deferred tax liabilities (Note 8)

571,396

383,570

3,776

Accumulated depreciation

(13,307,943)

(12,483,831)

(87,940)

Other long-term liabilities

18,555

17,484

122

Net property, plant and equipment

8,658,689

9,000,312

57,217

Total long-term liabilities

1,911,324

1,868,916

12,630

INVESTMENTS AND OTHER ASSETS:

CONTINGENT LIABILITIES (Note 13)

Investment securities (Notes 3 and 12)

1,209,102

766,469

7,990

EQUITY (Notes 7 and 15):

Software

129,461

115,827

856

Software in progress

―

7,077

―

Common stock―authorized, 69,200,000 shares;

Asset for retirement benefits (Note 6)

227,819

168,661

1,505

issued, 18,480,038 shares in 2024 and

Deferred tax assets (Note 8)

348,243

419,077

2,301

18,990,038 shares in 2023

3,143,675

3,143,675

20,774

Other assets

215,422

207,008

1,424

Capital surplus

2,931,466

2,931,466

19,371

Allowance for doubtful accounts

(27,500)

(28,200)

(182)

Retained earnings

24,504,193

24,353,092

161,926

Treasury stock―at cost, 876,889 shares in 2024 and

Total investments and other assets

2,102,547

1,655,919

13,894

871,399 shares in 2023

(1,914,845)

(1,476,256)

(12,653)

Accumulated other comprehensive income:

Unrealized gain on available-for-sale securities

660,976

357,202

4,368

Foreign currency translation adjustments

2,487,999

1,827,048

16,441

Defined retirement benefit plans

37,264

(42,856)

246

Total

31,850,728

31,093,371

210,473

Noncontrolling interests

615,494

412,855

4,067

Total equity

32,466,222

31,506,226

214,540

TOTAL

¥ 42,040,323

¥ 41,596,930

$

277,806

TOTAL

¥

42,040,323

¥

41,596,930

$

277,806

Thousands of

U.S. Dollars

Thousands of Yen

(Note 1)

2024

2023

2024

NET SALES (Note 2.n)

¥ 29,217,874

¥ 28,450,684

$ 193,074

COST OF SALES

16,968,720

16,377,558

112,131

Gross profit

12,249,154

12,073,126

80,943

SELLING, GENERAL AND ADMINISTRATIVE

EXPENSES (Note 10)

7,366,875

7,049,738

48,681

Operating income

4,882,279

5,023,388

32,262

OTHER INCOME (EXPENSES):

Interest and dividend income

178,247

149,147

1,178

Interest expense

(34,061)

(35,045)

(225)

Foreign exchange gain―net

280,645

170,526

1,855

Employment adjustment subsidy

―

8,955

―

Gain on sales of investment securities―net

―

194,188

―

Loss on valuation of investment securities

―

(2,141)

―

Loss on liquidation of subsidiaries and

associates (Notes 2.m and 11)

(570,890)

―

(3,772)

Other―net

135,734

155,478

896

Other (expenses) income―net

(10,325)

641,108

(68)

INCOME BEFORE INCOME TAXES

4,871,954

5,664,496

32,194

INCOME TAXES (Note 8):

Current

1,481,834

1,351,768

9,792

Deferred

113,079

171,828

747

Total income taxes

1,594,913

1,523,596

10,539

NET INCOME

3,277,041

4,140,900

21,655

NET INCOME ATTRIBUTE TO NONCONTROLLING

INTERESTS

151,842

144,244

1,003

NET INCOME ATTRIBUTABLE TO OWNERS OF

THE PARENT

¥ 3,125,199

¥ 3,996,656

$ 20,652

Yen

U.S. Dollars

PER SHARE OF COMMON STOCK (Note 2.r):

Basic net income

¥ 173.81

¥ 214.95

$1.15

Cash dividends applicable to the year

92.00

116.00

0.61

Thousands of

U.S. Dollars

Thousands of Yen

(Note 1)

2024

2023

2024

NET INCOME

¥ 3,277,041

¥ 4,140,900

$ 21,655

OTHER COMPREHENSIVE INCOME (LOSS) (Note 14):

Unrealized gain (loss) on available-for-sale securities

303,773

(62,365)

2,007

Foreign currency translation adjustments

711,749

713,529

4,703

Defined retirement benefit plans

80,120

(39,165)

530

Total other comprehensive income

1,095,642

611,999

7,240

COMPREHENSIVE INCOME

¥ 4,372,683

¥ 4,752,899

$ 28,895

TOTAL COMPREHENSIVE INCOME

ATTRIBUTABLE TO:

Owners of the parent

¥ 4,170,044

¥ 4,612,096

$ 27,556

Noncontrolling interests

202,639

140,803

1,339