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Kaoru Itoh, Chairman & CEO

At the outset, I would like to express my heartfelt gratitude for your continued support and understanding of our company.

Our Company closed the 98th (2021) fiscal year on March 31, 2022, and this is the report of our business performance.

In the world economy for the current consolidated fiscal year, although there are differences between each region, generally, moderate recovery has continued thanks to economic measures and COVID-19 prevention measures. The Japanese economy moderately recovered, however, due to the price increase in raw materials and the situation in Ukraine, the outlook is unclear.

As for the automotive industry, which has a close relationship with our Group, the number of automobiles produced in FY2021 in Japan decreased about 4%, because of the shortage in semiconductors and confusion in the supply chain. World automobile production increased only by 3% year-on-year, also due to semiconductor shortages and the effect from COVID-19.

Against this background, our Group's sales increased 12.4% to 78,372 million yen, thanks to demand increase in exports and construction machineries and the positive effect from currency exchange. Although there was an impact from increase in raw materials and logistics costs, operating profit increased to 5,122 million yen (87.8% increase from the previous fiscal year) due to sales increase and rationalization measures such as reduction in labor cost and expenses. Ordinary income was 6,529 million yen (51.0% increase) and net income attributable to shareholders of the parent company increased by 130.2% to 4,329 million yen, as we did not spend on business structural reform expenses this year.

We will pay a year-end dividend of 60 yen per share, comprehensively taking into account our recent performance and dividend payout ratio.

We look forward to the continued, long term support and understanding of our shareholders and other investors.


June 2022
Yasunori Maekawa,
President, CEO & COO