Marubun : FY2023Supplementary Material

Supplementary Financial Information

for the fiscal year ending

March 2024

Contents
Consolidated Statement of Income	・・・・ P.1
Consolidated Sales by Segment	・・・・ P.1
Consolidated Balance Sheets	・・・・ P.2
Consolidated Statements of Cash Flows	・・・・ P.2
Consolidated Statement of Income (Forecast)	・・・・ P.3
Consolidated Sales by Segment (Forecast)	・・・・ P.3
Consolidated Statements of Income (Quarterly）	・・・・ P.4
Consolidated Sales by Segment (Quarterly）	・・・・ P.4
Consolidated Balance Sheets (Quarterly）	・・・・ P.5
Consolidated Statements of Cash Flows (Quarterly）	・・・・P.5

May 10, 2024

www.marubun.co.jp/ir/ (IR Website)

Information on future performance contained within this document material, such as the results forecasts, is based on the data available and assumptions judged to be reasonable as of when the Company prepared this docment material.

Consolidated Statement of Income

	(Millions of Yen)	FY2022	FY2023	Increase
			Results	Results	/Decrease
	Net sales	226,171	236,490	10,319
	Electronic Devices	168,872	179,011	10,139
	Electronic Systems	54,494	54,941	447
	Electronic Solutions	2,805	2,536	(269)
	Cost of Sales	198,907	206,883	7,976
	Gross profit	27,264	29,607	2,343
	Electronic Devices	17,403	19,512	2,109
	Electronic Systems	8,932	9,222	290
	Electronic Solutions	927	871	(56)
	Selling, general and administrative expenses	16,267	16,623	356
	Personal expenses	9,772	10,069	297
	Other	6,494	6,553	59
	Operating profit	10,997	12,984	1,987
	Electronic Devices	8,521	10,510	1,989
	Electronic Systems	2,438	2,507	69
	Electronic Solutions	42	(28)	(71)
	Non-operating income	454	551	97
	Non-operating expenses	3,542	7,908	4,366
	Interest expenses	2,026	3,851	1,825
	Foreign exchange losses	1,043	3,438	2,395
	Ordinary profit	7,909	5,627	(2,282)
	Extraordinary income	1	1	0
	Extraordinary losses	26	6	(20)
	Profit before income taxes	7,884	5,622	(2,262)
	Income taxes	2,177	1,738	(439)
	Profit attributable to non-controlling interests	505	482	(23)
	Profit attributable to owners of parent	5,201	3,401	(1,800)
	Number of Employees	1,117	1,167	50
	Gross Profit Margin	12.1%	12.5%	0.5%
	Electronic Devices		10.3%	10.9%	0.6%
	Electronic Systems		16.4%	16.8%	0.4%
	Electronic Solutions		33.0%	34.3%	1.3%
	Operating Profit Margin	4.9%	5.5%	0.6%
	Electronic Devices		5.0%	5.9%	0.8%
	Electronic Systems		4.5%	4.6%	0.1%
	Electronic Solutions		1.5%	-	-
	Ordinary Profit Margin	3.5%	2.4%	-1.1%
	Net Profit Margin	2.3%	1.4%	-0.9%

Consolidated Sales by Segment

(Millions of Yen)	FY2022	FY2023	Increase
	Results	Results	/Decrease
Total Electronic Devices	168,872	179,011	10,139
Semiconductors	126,562	145,171	18,609
Analog IC	50,890	59,928	9,038
Memory IC	7,341	6,915	(426)
Micro-Processor	7,740	7,073	(667)
Special-Use IC	49,840	55,169	5,329
Custom IC	10,749	16,085	5,336
Electronic Components	42,309	33,840	(8,469)
Total Electronic Systems	54,494	54,941	447
Space & Defense Electronics	5,613	5,114	(499)
Industrial Equipment	21,098	20,565	(533)
Laser Equipment	6,745	6,263	(482)
Medical Equipment	21,035	22,999	1,964
Total Electronic Solutions	2,805	2,536	(269)
ICT Solution	2,642	2,420	(222)
AI & Robotics	163	116	(47)
Total Net Sales	226,171	236,490	10,319

-1-

Consolidated Balance Sheets

	(Millions of Yen)	FY2022	FY2023	Increase
		Results	Results	/Decrease
	Current assets	166,143	162,616	(3,527)
	Cash and deposits	21,253	23,823	2,570
	Notes and accounts receivable-trade	59,415	50,855	(8,560)
	Merchandise and finished goods	54,558	51,316	(3,242)
	Work in process	79	135	56
	Accounts receivable - other	28,914	34,847	5,933
	Other	1,940	1,677	(263)
	Allowance for doubtful accounts	(17)	(38)	(21)
	Noncurrent assets	9,855	11,504	1,649
	Property, plant and equipment	3,203	3,293	90
	Intangible assets	898	1,356	458
	Investments and other assets	5,753	6,854	1,101
	Total assets	175,998	174,120	(1,878)
	Current liabilities	117,089	116,669	(420)
	Notes and accounts payable-trade	28,005	28,243	238
	Short-term borrowings	69,423	59,507	(9,916)
	Current portion of long-term borrowings	25	5,000	4,975
	Accounts payable - other	14,738	19,027	4,289
	Provision for bonuses	1,020	1,040	20
	Other	3,875	3,850	(25)
	Non-current liabilities	5,824	1,018	(4,806)
	Long-term borrowings	5,000	0	(5,000)
	Retirement benefit liability	365	327	(38)
	Provision for retirement benefits of directors(and other officcers)	107	116	9
	Other	351	574	223
	Total liabilities	122,913	117,687	(5,226)
	Shareholders' equity	45,325	46,534	1,209
	Accumulated other comprehensive income	2,422	4,162	1,740
	Non-controlling interests	5,336	5,736	400
	Total net assets	53,084	56,433	3,349
	Total liabilities and net assets	175,998	174,120	(1,878)

Consolidated Statements of Cash Flows

(Millions of Yen)	FY2022	FY2023
	Results	Results
Net cash provided by (used in) operating activities	(18,981)	22,694
Profit (loss) bofore income taxes	7,884	5,622
Depreciation	693	508
Foreign exchange losses (gains)	4,584	6,678
Share of loss (profit) of entities accounted for using equity method	(258)	(233)
Decrease (increase) in trade receivables	(14,189)	9,223
Decrease (increase) in inventories	(23,771)	3,411
Increase (decrease) in trade payables	5,912	(340)
Other, net	2,490	2,977
Subtotal	(16,652)	27,848
Interest and dividends received	760	657
Interest paid	(1,915)	(3,884)
Income taxes paid	(1,185)	(1,937)
Income taxes refund	11	10
Net cash provided by (used in) investing activities	(326)	(1,424)
Net cash provided by (used in) financing activities	14,071	(20,050)
Effect of exchange rate change on cash and cash equivalents	1,202	1,148
Net increase(decrease) in cash and cash equivalents	(4,034)	2,367
Cash and cash equivalents at beginning of period	24,693	20,658
Cash and cash equivalents at end of period	20,658	23,026

-2-

Consolidated Statement of Income（Full Year）

(Millions of Yen)	FY2023	FY2024	Increase
	Results	Forecast	/Decrease
Net sales	236,490	212,000	(24,490)
Electronic Devices	179,011	150,700	(28,311)
Electronic Systems	54,941	58,000	3,059
Electronic Solutions	2,536	3,300	764
Cost of Sales	206,883	185,400	(21,483)
Gross profit	29,607	25,600	(4,007)
Electronic Devices	19,512	14,550	(4,962)
Electronic Systems	9,222	9,750	528
Electronic Solutions	871	1,300	429
Selling, general and administrative expenses	16,623	17,000	377
Operating income	12,984	8,600	(4,384)
Electronic Devices	10,510	5,550	(4,960)
Electronic Systems	2,507	2,900	393
Electronic Solutions	(28)	150	178
Non-operating income	551	300	(251)
Non-operating expenses	7,908	3,900	(4,008)
Ordinary profit	5,627	5,000	(627)
Extraordinary income	1	-	(1)
Extraordinary losses	6	-	(6)
Profit before income taxes	5,622	5,000	(622)
Income taxes	1,738	1,600	(138)
Profit attributable to non-controlling interests	482	400	(82)
Profit attributable to owners of parent	3,401	3,000	(401)
Gross Profit Margin	12.5%	12.1%	-0.4%
Electronic Devices	10.9%	9.7%	-1.2%
Electronic Systems	16.8%	16.8%	0.0%
Electronic Solutions	34.3%	39.4%	5.0%
Operating Profit Margin	5.5%	4.1%	-1.4%
Electronic Devices	5.9%	3.7%	-2.2%
Electronic Systems	4.6%	5.0%	0.4%
Electronic Solutions	-	4.5%	-
Ordinary Profit Margin	2.4%	2.4%	0.0%
Net Profit Margin	1.4%	1.4%	0.0%

Consolidated Sales by Segment (Full Year)

(Millions of Yen)	FY2023	FY2024	Increase
	Results	Forecast	/Decrease
Total Electronic Devices	179,011	150,700	(28,311)
Semiconductors	145,171	115,158	(30,013)
Analog IC	59,928	55,488	(4,440)
Memory IC	6,915	3,149	(3,766)
Micro-Processor	7,073	2,471	(4,602)
Special-Use IC	55,169	32,867	(22,302)
Custom IC	16,085	21,181	5,096
Electronic Components	33,840	35,541	1,701
Total Electronic Systems	54,941	58,000	3,059
Space & Defense Electronics	5,114	7,077	1,963
Industrial Equipment	20,565	20,363	(202)
Laser Equipment	6,263	7,979	1,716
Medical Equipment	22,999	22,580	(419)
Total Electronic Solutions	2,536	3,300	764
ICT Solution	2,420	2,653	233
AI & Robotics	116	647	531
Total Net Sales	236,490	212,000	(24,490)

-3-

Consolidated Statements of Income (Quarterly）

(Millions of Yen)

		FY2022					FY2023
1Q	2Q	3Q	4Q	Full Year	1Q	2Q	3Q	4Q	Full Year

Net Sales	46,156	54,865	62,214	62,935	226,171	60,414	63,314	55,785	56,975	236,490
Electronic Devices	35,409	40,910	49,291	43,261	168,872	49,383	49,969	43,901	35,757	179,011
Electronic Systems	10,425	13,477	12,208	18,382	54,494	10,700	12,837	11,285	20,117	54,941
Electronic Solutions	320	478	715	1,291	2,805	330	507	597	1,100	2,536
Cost of sales	40,439	47,874	54,628	55,965	198,907	53,314	55,161	48,868	49,539	206,883
Gross profit	5,716	6,991	7,586	6,969	27,264	7,100	8,153	6,916	7,436	29,607
Electronic Devices	4,008	4,722	5,178	3,494	17,403	5,151	5,771	4,794	3,795	19,512
Electronic Systems	1,618	2,129	2,186	2,998	8,932	1,840	2,225	1,938	3,218	9,222
Electronic Solutions			220	477	927	108	156	184	422	871
89	140
Selling, general and administrative expenses	3,691	3,748	4,142	4,683	16,267	3,969	3,942	4,072	4,639	16,623
Operating profit	2,024	3,243	3,443	2,285	10,997	3,131	4,211	2,844	2,797	12,984
Electronic Devices	2,012	2,636	2,790	1,081	8,521	3,002	3,592	2,585	1,329	10,510
Electronic Systems	131	664	642	999	2,438	253	667	302	1,285	2,507
Electronic Solutions	(117)	(55)	10	205	42	(122)	(47)	(42)	183	(28)
Non-operating income	54	107	129	163	454	149	168	65	168	551
Non-operating expenses	2,331	1,962	(1,669)	917	3,542	3,378	2,202	(232)	2,560	7,908
Ordinary profit (loss)	(252)	1,388	5,241	1,532	7,909	(97)	2,177	3,141	405	5,627
Extraordinary income	1	0	(0)	0	1	0	1	(0)	0	1
Extraordinary losses	0	2	2	21	26	0	1	0	4	6
Profit (loss) before income taxes	(251)	1,386	5,239	1,511	7,884	(97)	2,177	3,141	401	5,622
Income taxes	(20)	395	1,587	215	2,177	70	562	843	261	1,738
Profit attributable to non-controlling interests	119	169	160	54	505	162	146	129	44	482
Profit (loss) attributable to owners of parent	(350)	820	3,491	1,240	5,201	(330)	1,468	2,167	95	3,401

Gross Profit Margin

Electronic Devices

Electronic Systems

Electronic Solutions

Operating Profit Margin

Electronic Devices

Electronic Systems

Electronic Solutions

Ordinary Profit Margin

Net Profit Margin

12.4%	12.7%	12.2%	11.1%
11.3%	11.5%	10.5%	8.1%
15.5%	15.8%	17.9%	16.3%
27.8%	29.3%	30.8%	36.9%
4.4%	5.9%	5.5%	3.6%
5.7%	6.4%	5.7%	2.5%
1.3%	4.9%	5.3%	5.4%
-	-	1.4%	15.9%
-	2.5%	8.4%	2.4%
-	1.5%	5.6%	2.0%

12.1%

10.3%

16.4%

33.0%

4.9%

5.0%

4.5%

1.5%

3.5%

2.3%

11.8%	12.9%	12.4%	13.1%
10.4%	11.5%	10.9%	10.6%
17.2%	17.3%	17.2%	16.0%
32.7%	30.8%	30.8%	38.4%
5.2%	6.7%	5.1%	4.9%
6.1%	7.2%	5.9%	3.7%
2.4%	5.2%	2.7%	6.4%
-	-	-	16.6%
-	3.4%	5.6%	0.7%
-	2.3%	3.9%	0.2%

12.5%

10.9%

16.8%

34.3%

5.5%

5.9%

4.6%

-

2.4%

1.4%

Consolidated Sales by Segment (Quarterly）

(Millions of Yen)			FY2022					FY2023
	1Q	2Q	3Q	4Q	Full Year	1Q	2Q	3Q	4Q	Full Year
Total Electronic Devices	35,409	40,910	49,291	43,261	168,872	49,383	49,969	43,901	35,757	179,011
Semiconductors	25,463	30,122	37,789	33,187	126,562	40,364	41,383	35,720	27,703	145,171
Analog IC	10,673	11,772	13,914	14,530	50,890	15,506	16,793	15,034	12,594	59,928
Memory IC	1,833	1,746	1,755	2,005	7,341	1,875	2,003	1,822	1,214	6,915
Micro-Processor	1,677	2,308	1,991	1,762	7,740	1,855	2,092	2,248	877	7,073
Special-Use IC	8,810	11,483	15,425	14,122	49,840	14,084	17,461	13,982	9,641	55,169
Custom IC	2,469	2,811	4,700	767	10,749	7,042	3,033	2,633	3,375	16,085
Electronic Components	9,945	10,787	11,502	10,073	42,309	9,018	8,585	8,182	8,053	33,840
Total Electronic Systems	10,425	13,477	12,208	18,382	54,494	10,700	12,837	11,285	20,117	54,941
Space & Defense Electronics	1,231	1,065	1,543	1,773	5,613	735	1,470	1,086	1,822	5,114
Industrial Equipment	3,641	4,978	4,845	7,633	21,098	3,899	5,196	4,407	7,061	20,565
Laser Equipment	1,337	1,722	1,890	1,795	6,745	1,670	1,379	1,232	1,980	6,263
Medical Equipment	4,216	5,710	3,928	7,181	21,035	4,395	4,791	4,558	9,253	22,999
Total Electronic Solutions	320	478	715	1,291	2,805	330	507	597	1,100	2,536
ICT Solution	304	456	694	1,185	2,642	309	495	548	1,067	2,420
AI & Robotics	16	21	20	105	163	20	12	49	32	116
Total Net Sales	46,156	54,865	62,214	62,935	226,171	60,414	63,314	55,785	56,975	236,490

-4-

Consolidated Balance Sheets (Quarterly）

	(Millions of Yen)		FY2022			FY2023
		Jun.30,2022	Sep.30,2022	Dec.31,2022	Mar.31,2023	Jun.30,2023	Sep.30,2023	Dec.31,2023	Mar.31,2024
	Current assets	141,483	151,893	162,170	166,143	165,470	193,183	155,179	162,616
	Cash and deposits	20,750	19,645	16,418	21,253	17,111	21,091	24,522	23,823
	Notes and accounts receivable-trade	45,043	52,106	60,853	59,415	61,914	63,647	51,984	50,855
	Merchandise and finished goods	37,393	44,036	48,711	54,558	54,300	54,179	53,090	51,316
	Work in process	65	277	283	79	175	264	233	135
	Accounts receivable - other	34,630	32,598	33,267	28,914	28,718	51,837	23,318	34,847
	Other	3,605	3,231	2,640	1,940	3,262	2,179	2,040	1,677
	Allowance for doubtful accounts	(6)	(1)	(4)	(17)	(12)	(16)	(10)	(38)
	Non-current assets	10,700	10,714	11,140	9,855	10,205	10,468	10,925	11,504
	Property, plant and equipment	3,141	3,113	3,125	3,203	3,208	3,240	3,246	3,293
	Intangible assets	1,006	920	860	898	864	906	1,283	1,356
	Investments and other assets	6,552	6,680	7,154	5,753	6,133	6,320	6,396	6,854
	Total assets	152,183	162,608	173,310	175,998	175,675	203,651	166,104	174,120
	Current liabilities	98,799	107,014	114,039	117,089	118,039	143,233	103,839	116,669
	Notes and accounts payable-trade	20,824	23,718	20,981	28,005	22,556	26,255	23,446	28,243
	Short-term borrowings	65,506	65,544	63,080	69,423	74,520	81,294	61,732	59,507
	Current portion of long-term borrowings	50	50	37	25	12	0	0	5,000
	Accounts payable - other	8,715	14,264	25,100	14,738	15,238	30,707	14,389	19,027
	Provision for bonuses	537	981	541	1,020	569	1,047	585	1,040
	Other	3,164	2,454	4,298	3,875	5,142	3,929	3,686	3,850
	Non-current liabilities	5,802	5,810	5,856	5,824	5,810	5,793	5,784	1,018
	Long-term borrowings	5,012	5,000	5,000	5,000	5,000	5,000	5,000	0
	Retirement benefit liability	323	329	329	365	367	366	375	327
	Provision for retirement benefits of directors (and other officcers)	96	101	104	107	108	110	113	116
	Other	369	380	422	351	334	315	295	574
	Total liabilities	104,601	112,825	119,895	122,913	123,850	149,026	109,624	117,687
	Shareholders' equity	40,295	41,115	44,084	45,325	43,426	44,924	46,438	46,534
	Accumulated other comprehensive income	2,021	2,727	2,990	2,422	2,864	3,603	3,677	4,162
	Non-controlling interests	5,265	5,939	6,339	5,336	5,534	6,097	6,364	5,736
	Total net assets	47,582	49,782	53,414	53,084	51,825	54,625	56,480	56,433
	Total liabilities and net assets	152,183	162,608	173,310	175,998	175,675	203,651	166,104	174,120

Consolidated Statements of Cash Flows (Quarterly）

(Millions of Yen)		FY2022					FY2023
	1Q	2Q	3Q	4Q		1Q	2Q	3Q	4Q
Net cash provided by (used in) operating activities	(15,076)	(13,529)		(18,653)	(18,981)		(2,888)	(3,995)	17,287	22,694
Profit (loss) bofore income taxes	(251)	1,134		6,373	7,884		(97)	2,079	5,221	5,622
Depreciation	180	361		525	693		159	288	397	508
Foreign exchange losses (gains)	5,957	9,073		4,523	4,584		4,429	6,434	3,761	6,678
Share of loss (profit) of entities accounted for using equity method	6	(60)		(143)	(258)		(77)	(173)	(156)	(233)
Decrease (increase) in trade receivables	(402)	(6,488)		(14,860)	(14,189)		(2,439)	(3,320)	8,597	9,223
Decrease (increase) in inventories	(6,837)	(13,362)		(17,819)	(23,771)		180	495	1,742	3,411
Increase (decrease) in trade payables	(683)	1,463		(1,718)	5,912		(5,515)	(2,561)	(5,616)	(340)
Other, net	(12,294)	(4,519)		6,654	2,490		2,185	(4,313)	7,932	2,977
Subtotal	(14,325)	(12,397)		(16,464)	(16,652)		(1,175)	(1,071)	21,879	27,848
Interest and dividends received	25	37		69	760		46	93	158	657
Interest paid	(173)	(535)		(1,197)	(1,915)		(772)	(1,946)	(3,053)	(3,884)
Income taxes paid	(604)	(645)		(1,073)	(1,185)		(987)	(1,084)	(1,707)	(1,937)
Income taxes refund	1	11		12	11	-		13	10	10
Net cash provided by (used in) investing activities	(164)	(271)		(261)	(326)		(412)	(667)	(1,223)	(1,424)
Net cash provided by (used in) financing activities	10,049	6,669		8,504	14,071		(1,325)	3,078	(13,926)	(20,050)
Effect of exchange rate change on cash and cash equivalents	642	1,386		1,490	1,202		436	1,248	908	1,148
Net increase (decrease) in cash and cash equivalents	(4,549)	(5,744)		(8,919)	(4,034)		(4,190)	(335)	3,046	2,367
Cash and cash equivalents at beginning of period	24,693	24,693		24,693	24,693		20,658	20,658	20,658	20,658
Cash and cash equivalents at end of period	20,144	18,949		15,773	20,658		16,468	20,322	23,705	23,026

-5-