Consolidated Financial Results for FY2024

RESULTS OF OPERATIONS FOR

THE YEAR ENDED MARCH 31, 2025 (CONSOLIDATED)

(Japanese GAAP)

Listed company name: Torishima Pump Mfg. Co., Ltd. Stock exchange listings: Tokyo

May 14, 2025

Code number: 6363 URL: https://www.torishima.co.jp/en Representative: Kotaro Harada, CEO

Contact person: Ko Kaneko, Deputy General Manager of Administration Division Phone: +81-72-695-0551

Scheduled date of general shareholders' meeting: June 25, 2025 Scheduled date of starting dividend payment: June 5, 2025 Scheduled date of filing financial statements: June 23, 2025 Preparing supplementary material on financial results: Yes

Holding financial results presentation meeting: Yes (for investment analysts and institutional investors)

Note: The amounts are rounded down to the nearest million.

1. Consolidated financial results of Fiscal 2024 (April 1, 2024 to March 31, 2025)

   1. Operating results % of change from previous year

      	Net sales	Operating income	Ordinary income	Net income attributable to owners of parent
      FY 2024 FY 2023	Millions of yen % 86,501 6.7 81,103 25.4	Millions of yen % 5,449 △20.1 6,822 15.1	Millions of yen % 4,540 △27.9 6,297 10.6	Millions of yen % 4,068 △34.6 6,225 41.3

      Note: Comprehensive income FY2024 ¥ 5,415 million (△39.7%) FY2023 ¥ 8,982 million (51.0%)

      	Net income per share - Basic	Net income per share - Diluted	Return on equity	Ordinary income to total assets	Operating income to net sales
      	Yen	Yen	%	%	%
      FY 2024	152.96	152.57	7.5	4.2	6.3
      FY 2023	234.82	234.18	12.8	6.6	8.4

      Reference: Equity in earnings of affiliates FY2024 ¥ 76 million FY2023 ¥ 201million

   2. Financial position

      	Total assets	Net assets	Equity ratio	Net assets per share
      	Millions of yen	Millions of yen	%	Yen
      FY 2024	115,621	56,417	48.4	2,100.97
      FY 2023	101,560	52,632	51.4	1,966.57

      Reference: Shareholders' equity FY2024 ¥ 55,954 million FY2023 ¥ 52,228 million

   3. Cash flows

      	Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents (Year-end)
      	Millions of yen	Millions of yen	Millions of yen	Millions of yen
      FY 2024	△668	△1,557	5,848	17,083
      FY 2023	2,857	424	△3,314	12,831

2. Dividends

   	Dividends per share					Dividends total (Annual)	Dividend payout ratio (Consolidated)	Dividends to net assets (Consolidated)
   	1Q End	2Q End	3Q End	Year-end	Annual
   FY 2023 FY 2024	Yen - -	Yen 28.00 30.00	Yen - -	Yen 30.00 30.00	Yen 58.00 60.00	Millions of Yen 1,551 1,606	% 24.7 39.3	% 3.1 3.0
   FY 2025 (Forecast)	-	31.00	-	31.00	62.00		38.6

3. Forecast for the Fiscal 2025 (April 1, 2025 to March 31, 2026) % of change from same period last year

   	Net sales	Operating income	Ordinary income	Net income attributable to owners of parent	Net income per share
   Annual	Millions of % yen 89,000 2.9	Millions of % yen 6,700 23.0	Millions of % yen 5,800 27.8	Millions of % yen 4,300 5.7	Yen 160.55

   Notes

   1. Significant changes in the scope of consolidation during the period：None Newly included: －, Excluded: －

   2. Changes in accounting policies, changes in accounting estimates, and restatement

      1. Changes in accounting policies due to revisions to accounting standards and other regulations：Yes

      2. Changes in accounting policies due to other reasons ：None

      3. Changes in accounting estimates ：None

      4. Restatement ：None

         Fiscal year

         ended March 26,511,837shares 31, 2024

26,598,314shares

Fiscal year ended March 31, 2025

2,487,507shares

As of March 31, 2024

2,412,759shares

As of March 31, 2025

29,045,679shares

As of March 31, 2024

29,045,679shares

As of March 31, 2025

1. 1. Number of issued shares (common shares)

      ① Number of issued and outstanding shares at the end of fiscal year (including treasury stock)

      ② Number of treasury stock at the

      end of fiscal year

      ③ Average number of shares

      Note: The number of treasury stock at the end of the period includes treasury stock held by the Stock Benefit Trust (ESOP). The number of treasury stock held by the Stock Benefit Trust (ESOP) is March 31, 2025 (149,200 shares) and March 31, 2024 (195,800 shares).

      Reference: Unconsolidated financial results of Fiscal 2024 (April 1, 2024 to March 31, 2025)

      1. Non-consolidated operating results % of change from previous year

         	Net sales	Operating income	Ordinary income	Net income
         FY 2024 FY 2023	Millions of yen % 64,226 2.1 62,880 23.0	Millions of yen % 2,427 △43.5 4,293 5.4	Millions of yen % 1,613 △53.8 3,490 △15.8	Millions of yen % 3,103 △16.9 3,735 11.2

         	Net income per share - Basic	Net income per share - Diluted
         	Yen	Yen
         FY 2024	116.66	116.37
         FY 2023	140.88	140.50

      2. Non-consolidated financial position

      	Total assets	Net assets	Equity ratio	Net assets per share
      	Millions of yen	Millions of yen	%	Yen
      FY 2024	87,936	38,215	43.4	1,432.18
      FY 2023	77,363	36,069	46.5	1,355.22

      Reference: Shareholders' equity FY 2024 ¥38,143 million FY 2023 ¥ 35,992 million

      • These financial results are not subject to audit procedures.

      • Explanations for adequate utilization of the forecast, and other note

      Forecast shown above is prepared based on information available as of the issuing date of this report and assumptions that we consider as reasonable, and therefore the actual results may differ from these forecasted figures due to various unknown factors.

2. Consolidated financial statements

   1. Consolidated balance sheets

      (Millions of yen) As of March 31, 2024 As of March 31, 2025

      Assets

      Cash and deposits 13,402 17,115

Current assets

Liabilities

(Millions of yen) As of March 31, 2024 As of March 31, 2025

1. 1. Consolidated statements of (comprehensive) income (Consolidated statements of income)

      Fiscal year ended March 31, 2024

      (Millions of yen)

      Fiscal year ended March 31, 2025

      Net sales 81,103 86,501

      Cost of sales 57,959 62,959

      Gross profit 23,143 23,542

      Selling, general and administrative expenses 16,321 18,093

      Operating profit 6,822 5,449

      Non-operating income

      Interest income 89 127

      Share of profit of entities accounted for using equity method

      201

      76

      Dividend income 479 307

      Rental income 115 114

      Insurance claim income 3 3

      Gain on sale of non-current assets 170 31

      Other 317 483

      Total non-operating income 1,377 1,145 Non-operating expenses

      Interest expenses 135 204

      Foreign exchange losses 1,638 1,711

      Loss on retirement of non-current assets 54 10

      Other 74 128

      Total non-operating expenses 1,901 2,054

      Ordinary profit 6,297 4,540

      Extraordinary income

      Gain on sale of investment securities 2,072 1,331

      Gain on sale of shares of subsidiaries and associates

      - 36

      Gain on step acquisitions 238 －

      Total extraordinary income 2,310 1,367 Extraordinary losses

      Loss on disposal of non-current assets 125 －

      Total extraordinary losses 125 －

      Profit before income taxes 8,482 5,908

      Income taxes - current 1,985 1,515

      Income taxes - deferred 177 239

      Total income taxes 2,162 1,754

      Profit 6,320 4,153

      Profit attributable to non-controlling interests 94 85

      Profit attributable to owners of parent 6,225 4,068

      (Consolidated statements of comprehensive income)

      Fiscal year ended March 31, 2024

      (Millions of yen)

      Fiscal year ended March 31, 2025

      Profit 6,320 4,153

      Other comprehensive income

      Valuation difference on available-for-sale securities	1,485	18
      Deferred gains or losses on hedges	△462	518
      Foreign currency translation adjustment	945	1,090

      Remeasurements of defined benefit plans, net of tax

      692 △365

      Share of other comprehensive income of entities accounted for using equity method

      2

      0

      Comprehensive income 8,982	5,415
      Comprehensive income attributable to
      Comprehensive income attributable to 8,871	5,306
      Comprehensive income attributable to 111	109

      Total other comprehensive income 2,662 1,261

      owners of parent

      non-controlling interests

   2. Consolidated statements of changes in net assets FY 2023 (April 1, 2023 to March 31, 2024)

      (Millions of yen)

      	Shareholders' equity
      	Share capital	Capital surplus	Retained earnings	Treasury shares	Total shareholders' equity
      Balance at beginning of period	1,592	6,703	33,871	△2,000	40,167
      Changes during period
      Dividends of surplus			△1,550		△1,550
      Profit attributable to owners of parent			6,225		6,225
      Purchase of treasury shares				△0	△0
      Disposal of treasury shares		29		89	118
      Cancellation of treasury shares		△49		49	-
      Change in scope of consolidation		△315			△315
      Net changes in items other than shareholders' equity	-	-	-	-	-
      Total changes during period	-	△334	4,674	137	4,477
      Balance at end of period	1,592	6,369	38,546	△1,863	44,644

      	Accumulated other comprehensive income					Share acquisition rights	Non-controlling interests	Total net assets
      	Valuation difference on available-for-sale securities	Deferred gains or losses on hedges	Foreign currency translation adjustment	Remeasure ments of defined benefit plans	Total accumulated other comprehensive income
      Balance at beginning of period	2,857	△536	2,027	591	4,938	77	339	45,523
      Changes during period
      Dividends of surplus					-			△1,550
      Profit attributable to owners of parent					-			6,225
      Purchase of treasury shares					-			△0
      Disposal of treasury shares					-			118
      Cancellation of treasury shares					-			-
      Change in scope of consolidation					-			△315
      Net changes in items other than shareholders' equity	1,487	△462	928	692	2,645	-	△13	2,631
      Total changes during period	1,487	△462	928	692	2,645	-	△13	7,109
      Balance at end of period	4,344	△999	2,955	1,283	7,584	77	326	52,632

      FY 2024 (April 1, 2024 to March 31, 2025)

      (Millions of yen)

      	Shareholders' equity
      	Share capital	Capital surplus	Retained earnings	Treasury shares	Total shareholders' equity
      Balance at beginning of period	1,592	6,369	38,546	△1,863	44,644
      Changes during period
      Dividends of surplus			△1,605		△1,605
      Profit attributable to owners of parent			4,068		4,068
      Purchase of treasury shares				△0	△0
      Disposal of treasury shares		55		61	117
      Cancellation of treasury shares					-
      Change in scope of consolidation			△90		△90
      Net changes in items other than shareholders' equity	-	-	-	-	-
      Total changes during period	-	55	2,371	60	2,488
      Balance at end of period	1,592	6,424	40,917	△1,802	47,132

      	Accumulated other comprehensive income					Share acquisition rights	Non-controlling interests	Total net assets
      	Valuation difference on available-for-sale securities	Deferred gains or losses on hedges	Foreign currency translation adjustment	Remeasure ments of defined benefit plans	Total accumulated other comprehensive income
      Balance at beginning of period	4,344	△999	2,955	1,283	7,584	77	326	52,632
      Changes during period
      Dividends of surplus					-			△1,605
      Profit attributable to owners of parent					-			4,068
      Purchase of treasury shares					-			△0
      Disposal of treasury shares					-			117
      Cancellation of treasury shares					-			-
      Change in scope of consolidation					-			△90
      Net changes in items other than shareholders' equity	18	518	1,066	△365	1,237	△4	63	1,296
      Total changes during period	18	518	1,066	△365	1,237	△4	63	3,785
      Balance at end of period	4,363	△480	4,021	917	8,822	72	390	56,417

   3. Consolidated statements of cash flows

      (Millions of yen)

      Fiscal year ended March 31, 2024

      Fiscal year ended March 31, 2025

      Cash flows from operating activities
      Profit before income taxes	8,482	5,902
      Depreciation	2,081	2,683
      Increase (decrease) in allowance for doubtful accounts	296	△55
      Increase (decrease) in provision for bonuses	130	△97
      Increase (decrease) in provision for product warranties	523	△212
      Increase (decrease) in provision for loss on construction contracts	250	369
      Decrease (increase) in retirement benefit asset	△275	43
      Increase (decrease) in retirement benefit liability	15	△364
      Interest and dividend income Interest expenses	△568 135	△435 204
      Loss (gain) on extinguishment of tie-in shares	△238	-
      Share of loss (profit) of entities accounted for using equity method Loss (gain) on sale of investment securities	△201 △2,072	△76 △1,367
      Loss (gain) on sale and retirement of property, plant and equipment	9	△21
      Decrease (increase) in trade receivables	△2,786	△2,942
      Decrease (increase) in inventories	△1,368	△5,017
      Decrease (increase) in advance payments to suppliers	292	△23
      Increase (decrease) in trade payables	△1,211	2,476
      Increase (decrease) in contract liabilities	296	△81
      Increase (decrease) in accounts payable - other	574	496
      Other, net	△623	△144
      Subtotal	3,739	1,338
      Interest and dividends received	564	438
      Interest paid	△135	△193
      Income taxes paid	△1,329	△2,251

      Cash flows from investing activities
      Payments into time deposits	△649	△484
      Proceeds from withdrawal of time deposits	281	1,054
      Purchase of property, plant and equipment	△3,158	△4,117
      Payments for retirement of property, plant and equipment	△200	△43
      Proceeds from sale of property, plant and equipment	269	46
      Purchase of intangible assets	△149	△472
      Purchase of investment securities	△210	△1
      Proceeds from sale of investment securities	4,631	2,469
      Purchase of shares of subsidiaries resulting in △234 － change in scope of consolidation

      Income taxes refund Net cash provided by (used in) operating activities	18 －
      	2,857 △668

      Other, net △154 △8

      Net cash provided by (used in) investing activities 424 △1,557

      (Millions of yen)

      Fiscal year ended March 31, 2024

      Fiscal year ended March 31, 2025

      Cash flows from financing activities
      Increase (decrease) in short-term borrowings	33	2,935
      Proceeds from long-term borrowings	600	8,000
      Repayments of long-term borrowings	△1,736	△3,060
      Proceeds from sale of treasury shares	120	121
      Purchase of treasury shares	△0	△0
      Dividends paid	△1,547	△1,605
      Repayments of lease liabilities	△412	△473
      Purchase of shares of subsidiaries not resulting in change in scope of consolidation	△317	△23
      Other, net	△53	△46
      Net cash provided by (used in) financing activities	△3,314	5,848
      Effect of exchange rate change on cash and cash equivalents	870	514
      Net increase (decrease) in cash and cash equivalents	837	4,137
      Cash and cash equivalents at beginning of period	11,730	12,831
      Increase in cash and cash equivalents resulting from inclusion of subsidiaries in consolidation	263	115
      Cash and cash equivalents at end of period	12,831	17,083

      Notes to consolidated balance sheets
      
      

      Notes receivable, accounts receivable and contract assets arising from contracts with customers

      (Millions of yen)

      	As of March 31, 2024	As of March 31, 2025
      Note receivable	1,828	1,800
      Accounts receivable	29,738	29,841
      Contract asset	3,853	7,332
      Total	35,421	38,974

      Mortgaged assets and mortgaged liabilities by security rights (Millions of yen)

      	As of March 31, 2024		As of March 31, 2025
      Buildings and structures Leased assets	182 67		179 71
      Total	249		251

      Reduction entry (Millions of yen)

      	As of March 31, 2024		As of March 31, 2025
      Machinery, equipment and vehicles Intangible assets	523 6		523 6
      Total	529		529

      Unconsolidated subsidiaries and affiliated companies (Millions of yen)

      As of March 31, 2024 As of March 31, 2025

      Investment securities (stocks) 2,109 1,128

      	As of March 31, 2024		As of March 31, 2025
      Merchandise and finished goods Work in process	0 865		1 1,161
      Total	865		1,162

      Provision for loss on construction contracts included in inventories related to construction contracts expected to incur losses. (Millions of yen)

      Financial covenant

      As of March 31, 2024

      Of the Company's loans payable, syndicated loan and term loan agreements of 2,500 million yen are subject to financial covenants.

      If the Company violates any of the following covenants, it may lose the benefit of time and pay the principal of and interest on the loans upon the lender's demand.

      1. The amount of net assets in the consolidated balance sheet as of the end of each fiscal year must be maintained at 75% of the larger of the amount of net assets in the consolidated balance sheet as of the end of the fiscal year immediately preceding the fiscal year in question or the fiscal year immediately preceding the fiscal year in which the loan agreement date falls.

      2. Not to report ordinary income/loss on the consolidated statement of income for each fiscal year for two consecutive fiscal years.

      As of March 31, 2025

      Of the Company's loans payable, syndicated loan and term loan agreements of 2,500 million yen are subject to financial covenants.

      If the Company violates any of the following covenants, it may lose the benefit of time and pay the principal of and interest on the loans upon the lender's demand.

      1. The amount of net assets in the consolidated balance sheet as of the end of each fiscal year must be maintained at 75% of the larger of the amount of net assets in the consolidated balance sheet as of the end of the fiscal year immediately preceding the fiscal year in question or the fiscal year immediately preceding the fiscal year in which the loan agreement date falls.

      2. Not to report ordinary income/loss on the consolidated statement of income for each fiscal year for two consecutive fiscal years.

      Notes maturing at the end of the consolidated fiscal year (Millions of yen)

      -

      39

      Notes receivable

      As of March 31, 2025

      As of March 31, 2024

      Notes to consolidated statements of income Revenue from contracts with customers
      
      

      Revenues includes both revenue from contracts with customers and other sources.

      Provision for loss on construction contracts included in cost of sales (Millions of yen)

      Fiscal year ended March 31, 2024	Fiscal year ended March 31, 2025
      250	369

      Total research and development expenses included in general and administrative expenses and current period manufacturing expenses (Millions of yen)

      Fiscal year ended March 31, 2024	Fiscal year ended March 31, 2025
      938	804

      Major items and amounts of selling, general and administrative expenses (Millions of yen)

      	Fiscal year ended March 31, 2024	Fiscal year ended March 31, 2025
      Sales commission	1,489	1,285
      Employees' salaries and allowances	5,857	6,803
      Provision for bonuses	471	432
      Retirement benefit expenses	171	231
      Welfare expenses	762	854
      Provision for retirement benefits for	0	0
      directors (and other officers)
      Travel and transportation expenses	715	847
      Depreciation	912	1,097
      Rent expenses	725	874
      Provision of allowance for doubtful	201	165
      accounts
      Amortization of goodwill	71	52

      Loss on disposal of non-current assets (Millions of yen)

      	Fiscal year ended March 31, 2024	Fiscal year ended March 31, 2025
      Buildings and structures *	125	-

      *Expenses related to demolition work associated with partial reconstruction of the foundry

      Additional information
      
      

      FY2023 (April 1, 2023 to March 31, 2024)

      Sales by area (Millions of yen)

      Japan	Asia	Middle East	Others	Total
      31,065	13,411	10,822	25,803	81,103

      Japan	Asia	Middle East	Others	Total
      13,006	2,152	1,425	1,408	17,993

      Note: Sales is based on the place where products were installed and divided into countrie 年末年始 s or areas. Property, plant and equipment by area (Millions of yen)

      FY2024 (April 1, 2024 to March 31, 2025)

      Sales by area (Millions of yen)

      Japan	Asia	Middle East	Others	Total
      32,641	14,258	15,893	23,708	86,501

      Note: Sales is based on the place where products were installed and divided into countries or areas.

      Property, plant and equipment by area (Millions of yen)

      Japan	Asia	Middle East	Others	Total
      13,473	2,345	2,409	1,800	20,029

      Information on impairment loss on non-current assets by reporting segment
      
      

      FY2023 (April 1, 2023 to March 31, 2024) (Millions of Yen)

      	Pump business	Others
      Impairment loss	125	-

      FY2024 (April 1, 2024 to March 31, 2025) (Millions of Yen)

      	Pump business	Others
      Impairment loss	-	-

      Information on amortization of goodwill and unamortized balance by reporting segment FY2023 (April 1, 2023 to March 31, 2024) (Millions of Yen)
      
      

      	Pump business
      Amortization amount on FY2023	71
      Balance on March 31, 2024	197

      FY2024 (April 1, 2024 to March 31, 2025) (Millions of Yen)

      	Pump business
      Amortization amount on FY2024	52
      Balance on March 31, 2025	144

      Information on net assets per share (Yen)
      
      

      	FY2023 (April 1, 2023 to March 31, 2024)	FY2024 (April 1, 2024 to March 31, 2025)
      Net assets per share	1,966.57	2,100.97
      Net income per share - Basic	234.82	152.96
      Net income per share - Diluted	234.18	152.57

      Note: Net income (loss) per share - basic and diluted are computed by the basis of the following.

      	FY2023 (April 1, 2023 to March 31, 2024)	FY2024 (April 1, 2024 to March 31, 2025)
      Net income per share - Basic
      Net income attributable to owners of parent (Millions of Yen)	6,225	4,068
      Amount not belonging to common shareholders	-	-
      Net income (loss) attributable to owners of parent available to common stocks (Millions of Yen)	6,225	4,068
      Average shares of common stocks	26,511,837	26,598,314
      Net income per share - Diluted
      Adjustment of net income attributable to owners of parent (Millions of Yen)	-	-
      Increasing number of common stocks	72,768	67,980
      (Rights to purchase new shares)	(72,768)	(67,980)
      Potential shares excluded from consumption of diluted income per share which don't have a dilutive effect	-

2. Individual financial statements

   1. Balance sheets

      (Millions of yen) As of March 31, 2024 As of March 31, 2025

      Assets

      Current assets

      Cash and deposits 6,566 7,554

      Account receivable - trade, and contract assets

      28,194

      30,030

      Notes receivable - trade 1,540 1,405

      Merchandise and finished goods 180 188

      Work in process 9,650 14,370

      Raw materials and supplies 1,519 2,128

      Advance payments to suppliers 1,174 1,692

      Prepaid expenses 345 421

      Short-term loans receivable 289 44

      Other 867 1,480

      Allowance for doubtful accounts △838 △514

      Total current assets 49,491 58,802 Non-current assets

      Property, plant and equipment

      Buildings 7,548 7,218

      Structures 309 379

      Machinery and equipment 1,839 2,781

      Vehicles 9 33

      Tools, furniture and fixtures 255 335

      Land 2,156 2,141

      Leased assets 221 284

      Construction in progress 480 169

      Total property, plant and equipment 12,820 13,344 Intangible assets

      Software 270 633

      Other 73 13

      Total intangible assets 343 647

      Investments and other assets

      Investment securities 9,416 9,368

      Shares and investments in capital of Subsidiaries and associates

      3,550 3,501

      Long-term loans receivable 1,279 1,361

      Prepaid pension costs 825 1,191

      Other 1,149 1,160

      Allowance for doubtful accounts △1,513 △1,441

      Total investments and other assets 14,707 15,141

      Total non-current assets 27,871 29,134

      Total assets 77,363 87,936

      Liabilities

      (Millions of yen) As of March 31, 2024 As of March 31, 2025

      Current liabilities
      Notes payable - trade	241	185
      Accounts payable - trade	10,886	13,065
      Short-term borrowings	4,860	6,026
      Lease liabilities	84	96
      Accounts payable - other	1,574	899
      Accrued expenses	882	883
      Income taxes payable	1,074	90
      Contract liabilities	5,404	5,301
      Deposits received	65	58
      Provision for bonuses	1,072	960
      Provision for product warranties	1,192	974
      Provision for loss on construction contracts	900	1,269
      Other	1,642	1,003
      Total current liabilities	29,881	30,814
      Non-current liabilities
      Long-term borrowings	9,130	16,204
      Lease liabilities	158	215
      Deferred tax liabilities	1,328	1,722
      Other	795	763
      Total non-current liabilities	11,412	18,906
      Total liabilities	41,293	49,720
      Net assets
      Shareholders' equity
      Share capital	1,592	1,592
      Capital surplus
      Legal capital surplus	4,610	4,610
      Other capital surplus	2,738	2,794
      Total capital surplus	7,348	7,404
      Retained earnings

      Other retained earnings

Legal retained earnings 398 398

Deferred gains or losses on hedges △999 △480

Valuation difference on available-for-sale securities

Total valuation and translation adjustments

4,341 4,359

3,342 3,879

1. 1. Statements of income

      Fiscal year ended March 31, 2024

      (Millions of yen)

      Fiscal year ended March 31, 2025

      Net sales	62,880	64,226
      Cost of sales	48,656	51,327
      Gross profit	14,223	12,899
      Selling, general and administrative expenses	9,930	10,471
      Operating profit	4,293	2,427
      Non-operating income
      Interest income	51	60
      Dividend income	830	582
      Rental income	129	129
      Subsidy income	-	147
      Gain on sale of non-current assets	111	24
      Other	253	230
      Total non-operating income	1,376	1,176
      Non-operating expenses
      Interest expenses	93	138
      Foreign exchange losses	1,819	1,737
      Commission for syndicated loans	2	29
      Loss on retirement of non-current assets	52	5
      Other	212	79
      Total non-operating expenses	2,179	1,990
      Ordinary profit	3,490	1,613
      Extraordinary income
      Gain on sale of investment securities	2,072	1,331

      Gain on sale of shares of subsidiaries and associates

      - 945

      Total extraordinary income 2,072 2,277

      Loss on disposal of non-current assets	125	-
      Total extraordinary losses	125	-
      Profit before income taxes	5,437	3,891
      Income taxes - current	1,629	712
      Income taxes - deferred	72	75
      Total income taxes	1,701	787
      Profit	3,735	3,103

      Extraordinary losses

   2. Statements of changes in net assets

      FY 2023 (April 1, 2023 to March 31, 2024)

      (Millions of yen)

      	Net assets
      	Shareholders' equity
      	Share capital	Capital surplus			Retained earnings
      		Legal capital surplus	Other capital surplus	Total capital surplus	Legal retained earnings	Other retained earnings				Total retained earnings
      						Reserve for tax purpose reduction entry of non-current assets	Reserve for dividend equalization	General reserve	Retained earnings brought forward
      Balance at beginning of period	1,592	4,610	2,757	7,368	398	395	1,400	11,470	9,723	23,387
      Changes during period
      Dividends of surplus				-					△1,550	△1,550
      Profit				-					3,735	3,735
      Purchase of treasury shares				-						-
      Disposal of treasury shares			29	29						-
      Cancellation of treasury shares			△49	△49						-
      Net changes in items other than shareholders' equity				-						-
      Total changes during period	-	-	△19	△19	-	-	-	-	2,184	2,184
      Balance at end of period	1,592	4,610	2,738	7,348	398	395	1,400	11,470	11,908	25,572

      	Net assets
      	Shareholders' equity		Valuation and translation adjustments			Share acquisition rights	Total net assets
      	Treasury shares	Total shareholders' equity	Valuation difference on available-for-sale securities	Deferred gains or losses on hedges	Total valuation and translation adjustments
      Balance at beginning of period	△2,000	30,348	2,855	△536	2,319	77	32,744
      Changes during period
      Dividends of surplus		△1,550			-		△1,550
      Profit		3,735			-		3,735
      Purchase of treasury shares	△0	△0			-		△0
      Disposal of treasury shares	89	118			-		118
      Cancellation of treasury shares	49	-			-		-
      Net changes in items other than shareholders' equity		-	1,485	△462	1,022	-	1,022
      Total changes during period	137	2,302	1,485	△462	1,022	-	3,324
      Balance at end of period	△1,863	32,650	4,341	△999	3,342	77	36,069

      FY 2024 (April 1, 2024 to March 31, 2025)

      (Millions of yen)

      	Net assets
      	Shareholders' equity
      	Share capital	Capital surplus			Retained earnings
      		Legal capital surplus	Other capital surplus	Total capital surplus	Legal retained earnings	Other retained earnings				Total retained earnings
      						Reserve for tax purpose reduction entry of non-current assets	Reserve for dividend equalization	General reserve	Retained earnings brought forward
      Balance at beginning of period	1,592	4,610	2,738	7,348	398	395	1,400	11,470	11,908	25,572
      Changes during period
      Adjustment to reserve due to change in tax rate				-		△5			5	-
      Dividends of surplus				-					△1,605	△1,605
      Profit				-					3,103	3,103
      Purchase of treasury shares				-						-
      Disposal of treasury shares			55	55						-
      Net changes in items other than shareholders' equity				-						-
      Total changes during period	-	-	55	55	-	△5	-	-	1,502	1,497
      Balance at end of period	1,592	4,610	2,794	7,404	398	390	1,400	11,470	13,410	27,069

      	Net assets
      	Shareholders' equity		Valuation and translation adjustments			Share acquisition rights	Total net assets
      	Treasury shares	Total shareholders' equity	Valuation difference on available-for-sale securities	Deferred gains or losses on hedges	Total valuation and translation adjustments
      Balance at beginning of period	△1,863	32,650	4,341	△999	3,342	77	36,069
      Changes during period
      Adjustment to reserve due to change in tax rate		-					-
      Dividends of surplus		△1,605					△1,605
      Profit		3,103					3,103
      Purchase of treasury shares	△0	△0					△0
      Disposal of treasury shares	61	117					117
      Net changes in items other than shareholders' equity		-	18	518	537	△4	532
      Total changes during period	60	1,613	18	518	537	△4	2,146
      Balance at end of period	△1,802	34,264	4,359	△480	3,879	72	38,215

   3. Notes to non-consolidated financial statements

      Notes to balance sheet
      
      

      Receivables from and payables to associated companies (Millions of Yen)

      	As of March 31, 2024	As of March 31, 2025
      Short-term monetary claims	1,626	2,138
      Long-term monetary claims	1,254	1,361
      Short-term monetary liabilities	969	1,556

      Financial covenant

      As of March 31, 2024

      Of the Company's loans payable, syndicated loan and term loan agreements of 2,500 million yen are subject to financial covenants.

      If the Company violates any of the following covenants, it may lose the benefit of time and pay the principal of and interest on the loans upon the lender's demand.

      1. The amount of net assets in the consolidated balance sheet as of the end of each fiscal year must be maintained at 75% of the larger of the amount of net assets in the consolidated balance sheet as of the end of the fiscal year immediately preceding the fiscal year in question or the fiscal year immediately preceding the fiscal year in which the loan agreement date falls.

      2. Not to report ordinary income/loss on the consolidated statement of income for each fiscal year for two consecutive fiscal years.

      As of March 31, 2025

      Of the Company's loans payable, syndicated loan and term loan agreements of 2,500 million yen are subject to financial covenants.

      If the Company violates any of the following covenants, it may lose the benefit of time and pay the principal of and interest on the loans upon the lender's demand.

      1. The amount of net assets in the consolidated balance sheet as of the end of each fiscal year must be maintained at 75% of the larger of the amount of net assets in the consolidated balance sheet as of the end of the fiscal year immediately preceding the fiscal year in question or the fiscal year immediately preceding the fiscal year in which the loan agreement date falls.

      2. Not to report ordinary income/loss on the consolidated statement of income for each fiscal year for two consecutive fiscal years.

      Notes maturing at the end of the fiscal year (Millions of Yen)

      -

      39

      Notes receivable

      As of March 31, 2025

      As of March 31, 2024

      Notes to statements of income
      
      

      Related to transactions with affiliated companies (Millions of Yen)

      	Fiscal year ended March 31, 2024	Fiscal year ended March 31, 2025
      Transaction volume from business transactions
      Net sales	4,147	3,450
      Cost of purchases	4,799	5,101
      Others	623	601
      Non-operating transactions	602	388

      Major items and amounts of selling, general and administrative expenses (Millions of Yen)

      	Fiscal year ended March 31, 2024	Fiscal year ended March 31, 2025
      Sales commission	1,602	1,525
      Employees' salaries and allowances	2,950	3,308
      Provision for bonuses	459	416
      Depreciation	282	319
      Provision of allowance for doubtful accounts	89	4

2. Additional information

   1. Changes in Directorship

      The appointments for candidates of the Board of Directors and Members of the Audit & Supervisory Committee will be resolved at the 144th Annual Shareholders' Meeting scheduled in June 2025.

      New Director

      Name	New (June 2025)
      Yoshinori Hirusawa	Director, Managing Executive Officer, and Chief Divisional Officer of Private-Sector Div.
      Chikako Irie	Director who is a member of the Audit & Supervisory Committee (external)

      Retiring Director

      Name	Current（May 14th, 2025）
      Haruhisa Sumi	Director who is a member of the Audit & Supervisory Committee

   2. Others

Orders received (Millions of yen)

Sales (Millions of yen)

Orders backlog (Millions of yen)