Consolidated statement of financial position

(Unit: million yen)

	As of March 31, 2024	As of March 31, 2025
Assets
Current assets
Cash and cash equivalents	47,044	39,592
Trade receivables	73,802	70,530
Inventories	52,651	51,694
Other financial assets	4,775	4,308
Other current assets	9,575	6,665
Total current assets	187,849	172,790
Non-current assets
Property, plant and equipment	49,708	48,374
Goodwill	208,719	206,500
Intangible assets	91,388	80,649
Investments accounted for using equity method	2,188	1,821
Other financial assets	13,987	13,932
Deferred tax assets	7,058	6,120
Other non-current assets	3,426	2,293
Total non-current assets	376,477	359,691
Total assets	564,327	532,482
Liabilities and equity
Liabilities
Current liabilities
Trade and other payables	69,881	65,665
Borrowings	36,922	34,278
Income taxes payable	2,311	4,207
Provisions	6,587	7,725
Other financial liabilities	6,251	5,812
Other current liabilities	25,445	22,865
Total current liabilities	147,400	140,555
Non-current liabilities
Trade and other payables	847	597
Borrowings	248,123	220,982
Retirement benefit liability	5,709	5,544
Provisions	3,431	4,575
Other financial liabilities	9,200	8,358
Deferred tax liabilities	9,109	9,291
Other non-current liabilities	1,340	1,405
Total non-current liabilities	277,763	250,755
Total liabilities	425,163	391,310
Equity
Share capital	48,423	48,623
Capital surplus	41,797	42,039
Retained earnings	(2,773)	2,991
Treasury shares	(568)	(568)
Other components of equity	52,635	48,553
Equity attributable to owners of parent	139,515	141,639
Non-controlling interests	(351)	(468)
Total equity	139,163	141,171
Total liabilities and equity	564,327	532,482

Consolidated statement of profit or loss

(Unit: million yen)

	Fiscal year ended March 31, 2024	Fiscal year ended March 31, 2025
Revenue	353,900	361,593
Cost of sales	195,925	195,369
Gross profit	157,975	166,224
Selling, general and administrative expenses	149,663	144,249
Other income	6,254	1,761
Other expenses	12,828	784
Share of profit (loss) of investments accounted for using equity method	(170)	(371)
Operating profit	1,566	22,580
Finance income	648	1,504
Finance costs	15,464	5,262
Profit (loss) before taxes	(13,249)	18,823
Income tax expense	(391)	8,458
Profit (loss)	(12,857)	10,364
Profit (loss) attributable to
Owners of parent	(12,893)	10,485
Non-controlling interests	35	(120)
Earnings (loss) per share
Basic earnings (loss) per share (Unit: JPY)	(102.48)	83.13
Diluted earnings (loss) per share (Unit: JPY)	(102.48)	82.58

Consolidated statement of comprehensive income

(Unit: million yen)

	Fiscal year ended March 31, 2024	Fiscal year ended March 31, 2025
Profit (loss)	(12,857)	10,364
Other comprehensive income
Items that will not be reclassified to profit or loss
Re-measurements of defined benefit plans	1,853	(228)
Net change in fair value of equity instruments designated as measured at fair value through other comprehensive income	(1,471)	1,102
Items that may be reclassified to profit or loss
Effective portion of cash flow hedges	49	(14)
Exchange differences on translation of foreign operations	24,664	(4,929)
Share of other comprehensive income of investments accounted for using equity method	(297)	(11)
Other comprehensive income, net of taxes	24,798	(4,081)
Comprehensive income	11,940	6,283
Comprehensive income attributable to
Owners of parent	11,878	6,400
Non-controlling interests	61	(116)
Comprehensive income	11,940	6,283

Consolidated statement of changes in equity

(Unit: million yen)

	Equity attributable to owners of parent
	Share capital	Capital surplus	Retained earnings	Treasury shares	Other components of equity
					Remeasurements of defined benefit plans	Net change in fair value of equity instruments designated as measured at fair value through other comprehen sive income	Effective portion of cash flow hedges
As of April 1, 2023	47,946	43,641	17,081	(568)	-	550	(52)
Comprehensive income
Profit (loss)	-	-	(12,893)	-	-	-	-
Other comprehensive income	-	-	-	-	1,853	(1,471)	49
Total comprehensive income	-	-	(12,893)	-	1,853	(1,471)	49
Issuance of new shares	476	(249)	-	-	-	-	-
Dividends to owners of parent	-	-	(9,043)	-	-	-	-
Dividends to non-controlling interests	-	-	-	-	-	-	-
Forfeiture of share acquisition rights and Restricted Stock Unit	-	(34)	34	-	-	-	-
Share-based payment transactions	-	7	-	-	-	-	-
Changes in ownership interest in subsidiaries	-	(1,566)	-	-	-	-	-
Transfer from other components of equity to retained earnings	-	-	2,043	-	(1,853)	(190)	-
Other	-	-	3	-	-	-	-
Transactions with owners	476	(1,843)	(6,961)	-	(1,853)	(190)	-
As of March 31, 2024	48,423	41,797	(2,773)	(568)	-	(1,110)	(3)

(Unit: million yen)

	Equity attributable to owners of parent				Non- controlling interests	Total
	Other components of equity			Total
	Exchange differences on translation of foreign operations	Share of other comprehensive income of investments accounted for using equity method	Total
As of April 1, 2023	28,742	666	29,906	138,008	819	138,827
Comprehensive income
Profit (loss)	-	-	-	(12,893)	35	(12,857)
Other comprehensive income	24,638	(297)	24,772	24,772	25	24,798
Total comprehensive income	24,638	(297)	24,772	11,878	61	11,940
Issuance of new shares	-	-	-	227	-	227
Dividends to owners of parent	-	-	-	(9,043)	-	(9,043)
Dividends to non-controlling interests	-	-	-	-	(187)	(187)
Forfeiture of share acquisition rights and Restricted Stock Unit	-	-	-	(0)	-	(0)
Share-based payment transactions	-	-	-	7	-	7
Changes in ownership interest in subsidiaries	-	-	-	(1,566)	(1,044)	(2,611)
Transfer from other components of equity to retained earnings	-	-	(2,043)	-	-	-
Other	-	-	-	3	-	3
Transactions with owners	-	-	(2,043)	(10,372)	(1,232)	(11,604)
As of March 31, 2024	53,380	369	52,635	139,515	(351)	139,163

(Unit: million yen)

	Equity attributable to owners of parent
	Share capital	Capital surplus	Retained earnings	Treasury shares	Other components of equity
					Remeasurements of defined benefit plans	Net change in fair value of equity instruments designated as measured at fair value through other comprehen sive income	Effective portion of cash flow hedges
As of March 31, 2024	48,423	41,797	(2,773)	(568)	-	(1,110)	(3)
Comprehensive income
Profit (loss)	-	-	10,485	-	-	-	-
Other comprehensive income	-	-	-	-	(228)	1,102	(14)
Total comprehensive income	-	-	10,485	-	(228)	1,102	(14)
Issuance of new shares	200	(154)	-	-	-	-	-
Dividends to owners of parent	-	-	(4,917)	-	-	-	-
Dividends to non-controlling interests	-	-	-	-	-	-	-
Forfeiture of share acquisition rights and Restricted Stock Unit	-	(203)	199	-	-	-	-
Share-based payment transactions	-	600	-	-	-	-	-
Changes in ownership interest in subsidiaries	-	-	-	-	-	-	-
Transfer from other components of equity to retained earnings	-	-	(3)	-	228	(225)	-
Other	-	-	-	-	-	-	-
Transactions with owners	200	242	(4,720)	-	228	(225)	-
As of March 31, 2025	48,623	42,039	2,991	(568)	-	(233)	(17)

(Unit: million yen)

	Equity attributable to owners of parent				Non- controlling interests	Total
	Other components of equity			Total
	Exchange differences on translation of foreign operations	Share of other comprehensive income of investments accounted for using equity method	Total
As of March 31, 2024	53,380	369	52,635	139,515	(351)	139,163
Comprehensive income
Profit (loss)	-	-	-	10,485	(120)	10,364
Other comprehensive income	(4,933)	(11)	(4,085)	(4,085)	3	(4,081)
Total comprehensive income	(4,933)	(11)	(4,085)	6,400	(116)	6,283
Issuance of new shares	-	-	-	45	-	45
Dividends to owners of parent	-	-	-	(4,917)	-	(4,917)
Dividends to non-controlling interests	-	-	-	-	-	-
Forfeiture of share acquisition rights and Restricted Stock Unit	-	-	-	(3)	-	(3)
Share-based payment transactions	-	-	-	600	-	600
Changes in ownership interest in subsidiaries	-	-	-	-	-	-
Transfer from other components of equity to retained earnings	-	-	3	-	-	-
Other	-	-	-	-	-	-
Transactions with owners	-	-	3	(4,275)	-	(4,275)
As of March 31, 2025	48,447	357	48,553	141,639	(468)	141,171

Consolidated statement of cash flows

(Unit: million yen)

	Fiscal year ended March 31, 2024	Fiscal year ended March 31, 2025
Cash flows from operating activities
Profit (loss) before taxes	(13,249)	18,823
Depreciation and amortization	27,933	27,871
Impairment losses (reversal of impairment losses)	16,657	(54)
Interest expenses	8,771	4,929
Decrease (increase) in trade receivables	3,062	3,061
Decrease (increase) in inventories	4,369	(193)
Increase (decrease) in trade payables	(1,476)	(2,602)
Other	647	(1,860)
Subtotal	46,715	49,974
Interest and dividends received	682	354
Interest paid	(5,939)	(6,568)
Income taxes paid	(6,849)	(3,977)
Income taxes refund	6,694	2,160
Net cash provided by operating activities	41,304	41,941
Cash flows from investing activities
Purchase of property, plant and equipment, and intangible assets	(14,630)	(11,610)
Proceeds from sales of property, plant and equipment, and intangible assets	351	902
Payments for acquisition of subsidiaries resulting in change in scope of consolidation	(11,500)	-
Purchase of investments accounted for using equity method	(351)	-
Proceeds from sale of investments accounted for using equity method	3,821	307
Other	1,236	1,927
Net cash used in investing activities	(21,072)	(8,473)
Cash flows from financing activities
Net increase (decrease) in short-term borrowings	5,000	(2,329)
Proceeds from long-term borrowings	62,215	1,962
Repayments of long-term borrowings	(88,241)	(27,003)
Repayments of lease liabilities	(6,180)	(6,814)
Proceeds from issuance of shares	231	46
Payments for acquisition of interests in subsidiaries from non-controlling interests	(2,611)	-
Dividends paid to owners of parent	(9,040)	(4,916)
Other	(511)	(13)
Net cash used in financing activities	(39,139)	(39,068)
Effect of exchange rate changes on cash and cash equivalents	5,017	(1,851)
Net increase (decrease) in cash and cash equivalents	(13,889)	(7,451)
Beginning balance of cash and cash equivalents	60,933	47,044
Ending balance of cash and cash equivalents	47,044	39,592