KYB : FLASH REPORT (April 1, 2023 to March 31, 2024)

	FLASH REPORT	May. 10, 2024
Company name	: KYB Corporation	URL https://www.kyb.co.jp/english/
Stock listing	: Tokyo Stock Exchange (Prime Market)
Code number	: 7242
Address of head office	: 4-1,Hamamatsu-cho2-chome,Minato-ku, Tokyo 105-5128, Japan
Telephone	: [phone]

For further information, please contact : Norimichi Fukuda, General Manager,

Public Relations & Investor Relations Sect., Executive Office Dept.

The following statements are an English-translation of the original Japanese-language document for your convenience.

In the case that there is any discrepancy between Japanese and English versions, Japanese version is assumed to be correct. (All amounts are rounded to the nearest million yen, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2024 ( from April 1, 2023 to March 31, 2024 )

(1) Consolidated financial results

(Percentages indicate the year-on-year changes)

	Net sales	Segment profit	Operating profit	Profit before taxes
Year ended	Millions of yen	%	Millions of yen	%	Millions of yen		%	Millions of yen		%
March 31, 2024	442,781	2.7	20,959	(17.8)	22,417		(31.1)	21,361		(32.8)
March 31, 2023	431,205	11.0	25,500	3.2	32,547		8.5	31,770		10.2
	Profit for the year	Profit attributable to	Comprehensive income	Basic earnings
	owners of the parent	for the year		per share
Year ended	Millions of yen	%	Millions of yen	%	Millions of yen		%	Yen
March 31, 2024	17,298	(39.6)	15,818	(41.9)	45,607		28.6	589.59
March 31, 2023	28,660	19.9	27,210	20.7	35,460		(0.4)	1,028.40
	Diluted earnings	Ratio of profit	Ratio of profit	Ratio of operating
	attributable to owners	before income taxes
	per share	profit to sales
	of the parent	to total assets
Year ended	Yen		%		%			%
March 31, 2024	589.50		7.9		4.6			5.1
March 31, 2023	1,028.06		16.2		7.2			7.5
Reference: Share of profit in investments accounted for using the equity method:
Fiscal year ended March 31, 2024:	¥1,538million	Fiscal year ended March 31, 2023:	¥1,145million

*Segment profit is calculated by deducting cost of sales and selling, general and administrative expenses from sales.

(2) Consolidated financial position

			Equity	Ratio of equity	Equity attributable to
	Total assets	Total equity	attributable to	attributable to
	owners of the parent per
	owners	owners of the parent
			share
			of the parent	to total assets
As of	Millions of yen	Millions of yen	Millions of yen	%	Yen
March 31, 2024	476,530	226,408	217,191	45.6	8,165.60
March 31, 2023	446,836	191,036	182,830	40.9	6,658.30

1

(3) Consolidated cash flows

	Cash flows from	Cash flows from	Cash flows from	Cash and
	cash equivalents
	operating activities	investing activities	financing activities
	at the end of year
Year ended	Millions of yen	Millions of yen	Millions of yen	Millions of yen

March 31, 2024	39,861			(23,503)				(15,033)				46,637
March 31, 2023	23,914			(13,517)				(20,180)				43,585
2. Cash dividends
				Annual cash dividends per share
	End of		End of	End of		Year-end		Total
	first quarter		second quarter	third quarter
Year ended	Yen		Yen	Yen			Yen		Yen
													200.00
March 31, 2023	－			70.00			－		130.00
March 31, 2024	－			100.00			－		100.00		200.00
March 31, 2025 (forecast)	－			100.00			－		100.00		200.00
	Total cash		Payout ratio	Ratio of dividends
		to equity attributable to
	dividends
		(Consolidated)	owners of the parent
	(Annual)
					(consolidated)
	Millions of yen			%	%
March 31, 2023	5,110			19.4			3.3
March 31, 2024	5,013			33.9			2.7
March 31, 2025 (forecast)				39.9
*The above table shows	dividends on common	shares. Please	refer to "(Reference) Dividends for Class Shares" for
information regarding dividends on class shares, which are unlisted and have different rights from common shares.
3. Forecasts for the fiscal year ending March 31, 2025 ( April 1, 2024 to March 31, 2025 )
											(Percentages indicate the year-on-year changes)
	Net sales			Segment profit		Operating profit		Profit before taxes
	Millions of yen		%		Millions of yen		%		Millions of yen	%		Millions of yen	%
Full year	448,000		1.2			21,500		2.6		22,500		0.4		20,500	(4.0)
	Profit for the period			Profit			Basic earnings
		attributable to
					per share
					owners of the parent
	Millions of yen		%		Millions of yen		%			Yen
Full year	14,500		(16.2)			13,500		(14.7)		501.67

*Segment profit is calculated by deducting cost of sales and selling, general and administrative expenses from sales.

(Reference) Dividends for Class Shares

Dividends per share related to Class Shares with different rights from those of common shares are as follows.

Class A Shares			Annual cash dividends per share
End of first		End of second	End of third	Year-end	Total
	quarter		quarter	quarter
Year ended	Yen		Yen	Yen	Yen	Yen
March 31, 2023		－	3,760,274.00	－	3,739,726.00	7,500,000.00
March 31, 2024		－	3,750,000.00	－	3,750,000.00	7,500,000.00
March 31, 2025 (Forecast)		－	3,760,274.00	－	3,739,726.00	7,500,000.00

• Number of Class A Shares issued are 125 shares. The Class A Shares were issued on 28 June 2021. Dividend whose reference date is attributed during FY2024 is planned to be 937 million yen.

2

Consolidated Statements of Financial Position

KYB Corporation and its Consolidated Subsidiaries

		(Unit: Millions of yen)
	As of March 31, 2023	As of March 31, 2024
Assets
Current assets:
Cash and cash equivalents	43,585	46,637
Trade and other receivables	120,247	123,700
Inventories	70,535	70,020
Other current financial assets	4,166	2,230
Other current assets	13,419	13,357
Total current assets	251,952	255,944
Non-current assets:
Property, plant and equipment	158,360	156,950
Goodwill	268	248
Intangible assets	3,218	3,087
Investments accounted for using the equity method	6,960	10,209
Other non-current financial assets	16,205	20,963
Other non-current assets	7,117	26,081
Deferred tax assets	2,755	3,048
Total non-current assets	194,884	220,586
Total assets	446,836	476,530

3

		(Unit: Millions of yen)
	As of March 31, 2023	As of March 31, 2024
Liabilities and equity
Current liabilities:
Trade and other payables	84,114	85,477
Borrowings	69,053	58,631
Income tax payables	2,545	4,516
Other current financial liabilities	30,360	31,717
Provisions	8,357	7,048
Other current liabilities	2,774	2,338
Total current liabilities	197,204	189,726
Non-current liabilities:
Bonds and borrowings	15,490	30,848
Liabilities for retirement benefits	4,653	2,753
Other non-current financial liabilities	24,859	7,741
Provisions	5,490	5,441
Other non-current liabilities	522	497
Deferred tax liabilities	7,582	13,116
Total non-current liabilities	58,596	60,395
Total liabilities	255,800	250,122
Equity
Equity attributable to owners of the parent:
Share capital	27,648	27,648
Capital surplus	38,371	36,128
Retained earnings	98,492	123,076
Treasury shares	(583)	(842)
Other components of equity	18,903	31,181
Total equity attributable to owners of the parent	182,830	217,191
Non-controlling interests	8,206	9,217
Total equity	191,036	226,408
Total liabilities and equity	446,836	476,530

4

Consolidated Statements of Income

KYB Corporation and its Consolidated Subsidiaries

		(Unit: Millions of yen)
	For the fiscal year	For the fiscal year
	ended March 31, 2023	ended March 31, 2024
	（Apr. 1, 2022 through Mar. 31, 2023)	（Apr. 1, 2023 through Mar. 31, 2024)
Net sales	431,205	442,781
Cost of sales	345,957	361,496
Gross profit	85,248	81,285
Selling, general and administrative expenses	59,748	60,327
Equity in profit of affiliates	1,145	1,538
Other income	3,435	5,777
Other expenses	(2,468)	5,856
Operating profit	32,547	22,417
Finance income	924	1,187
Finance costs	1,701	2,242
Profit before taxes	31,770	21,361
Income tax expenses	3,110	4,063
Profit for the year	28,660	17,298
Profit attributable to:
Owners of the parent	27,210	15,818
Non-controlling interests	1,450	1,479
Profit for the year	28,660	17,298
Earnings per share
Basic earnings per share (in yen)	1,028.40	589.59
Diluted earnings per share (in yen)	1,028.06	589.50

5

Consolidated Statements of Comprehensive Income

KYB Corporation and its Consolidated Subsidiaries

		(Unit: Millions of yen)
	For the fiscal year	For the fiscal year
	ended March 31, 2023	ended March 31, 2024
	（Apr. 1, 2022 through Mar. 31, 2023)	（Apr. 1, 2023 through Mar. 31, 2024)
Profit for the year	28,660	17,298
Other comprehensive income:
Items that will not be reclassified to profit or loss:
Net changes in financial assets measured at fair value through	901	4,984
other comprehensive income
Remeasurements of defined benefit plans	(369)	14,491
Share of other comprehensive income of investments	13	(23)
accounted for using the equity method
Total	545	19,453
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations	5,878	8,370
Share of other comprehensive income of investments	377	487
accounted for using the equity method
Total	6,255	8,857
Total other comprehensive income	6,800	28,310
Comprehensive income for the year	35,460	45,607
Comprehensive income for the year attributable to:
Owners of the parent	33,636	43,628
Non-controlling interests	1,823	1,979
Comprehensive income for the year	35,460	45,607

6

Consolidated Statements of Changes in Equity

KYB Corporation and its Consolidated Subsidiaries

				(Unit: Millions of yen)
	Share capital	Capital surplus	Retained earnings	Treasury shares
Balance at April 1, 2022	27,648	38,351	76,007	(605)
Comprehensive income for the year:
Profit for the year	-	-	27,210	-
Other comprehensive income	-	-	-	-
Total comprehensive income for the year	-	-	27,210	-
Transactions with owners:
Contributions by and distributions to owners
in their capacity as owners:
Acquisition of treasury shares	-	-	-	(2)
Disposal of treasury shares	-	(24)	-	24
Cancellation of treasury shares	-	-	-	-
Share-based payment transactions	-	43	-	-
Dividends of surplus	-	-	(4,259)	-
Transfer to retained earnings	-	-	(467)	-
Total contributions by and distributions to owners
-	19	(4,725)	22
in their capacity as owners
Changes in equity interest of subsidiaries:
Dividends of surplus	-	-	-	-
Total changes in equity interest of subsidiaries	-	-	-	-
Total transactions with owners	-	19	(4,725)	22
Balance at March 31, 2023	27,648	38,371	98,492	(583)
Balance at April 1, 2023	27,648	38,371	98,492	(583)
Comprehensive income for the year:
Profit for the year	-	-	15,818	-
Other comprehensive income	-	-	-	-
Total comprehensive income for the year	-	-	15,818	-
Transactions with owners:
Contributions by and distributions to owners
in their capacity as owners:
Acquisition of treasury shares	-	-	-	(2,519)
Disposal of treasury shares	-	(20)	-	20
Cancellation of treasury shares	-	(2,240)	-	2,240
Share-based payment transactions	-	18	-	-
Dividends of surplus	-	-	(6,766)	-
Transfer to retained earnings	-	-	15,532	-
Total contributions by and distributions to owners
-	(2,242)	8,765	(259)
in their capacity as owners
Dividends of surplus	-	-	-	-
Total changes in equity interest of subsidiaries	-	-	-	-
Total transactions with owners	-	(2,242)	8,765	(259)
Balance at March 31, 2024	27,648	36,128	123,076	(842)

7

						(Unit: Millions of yen)
		Other components of equity
					Comprehensive
	Net changes in		Exchange
			income for the	Non-
	financial assets		Total	Total
	Remeasurements	differences	year attributable	controlling
	measured at fair	other	equity
	of defined	on translation	to owners	interests
	value through	components
	benefit plans	of foreign	of the parent
	other comprehen-	of equity
		operations
	sive income
Balance at April 1, 2022	3,108	-	8,902	12,010	153,411	7,503	160,914
Comprehensive income for the year:
Profit for the year	-	-	-	-	27,210	1,450	28,660
Other comprehensive income	901	(377)	5,902	6,426	6,426	374	6,800
Total comprehensive income for the year	901	(377)	5,902	6,426	33,636	1,823	35,460
Transactions with owners:
Contributions by and distributions to owners
in their capacity as owners:
Acquisition of treasury shares	-	-	-	-	(2)	-	(2)
Disposal of treasury shares	-	-	-	-	-	-	-
Cancellation of treasury shares	-	-	-	-	-	-	-
Share-based payment transactions	-	-	-	-	43	-	43
Dividends of surplus	-	-	-	-	(4,259)	-	(4,259)
Transfer to retained earnings	90	377	-	467	-	-	-
Total contributions by and distributions to owners
90	377	-	467	(4,217)	-	(4,217)
in their capacity as owners
Changes in equity interest of subsidiaries:
Dividends of surplus	-	-	-	-	-	(1,121)	(1,121)
Total changes in equity interest of subsidiaries	-	-	-	-	-	(1,121)	(1,121)
Total transactions with owners	90	377	-	467	(4,217)	(1,121)	(5,338)
Balance at March 31, 2023	4,098	-	14,804	18,903	182,830	8,206	191,036
Balance at April 1, 2023	4,098	-	14,804	18,903	182,830	8,206	191,036
Comprehensive income for the year:
Profit for the year	-	-	-	-	15,818	1,479	17,298
Other comprehensive income	4,984	14,461	8,364	27,810	27,810	500	28,310
Total comprehensive income for the year	4,984	14,461	8,364	27,810	43,628	1,979	45,607
Transactions with owners:
Contributions by and distributions to owners
in their capacity as owners:
Acquisition of treasury shares	-	-	-	-	(2,519)	-	(2,519)
Disposal of treasury shares	-	-	-	-	0	-	0
Cancellation of treasury shares	-	-	-	-	-	-	-
Share-based payment transactions	-	-	-	-	18	-	18
Dividends of surplus	-	-	-	-	(6,766)	-	(6,766)
Transfer to retained earnings	(1,070)	(14,461)	-	(15,532)	-	-	-
Total contributions by and distributions to owners
(1,070)	(14,461)	-	(15,532)	(9,267)	-	(9,267)
in their capacity as owners
Changes in equity interest of subsidiaries:
Dividends of surplus	-	-	-	-	-	(968)	(968)
Total changes in equity interest of subsidiaries	-	-	-	-	-	(968)	(968)
Total transactions with owners	(1,070)	(14,461)	-	(15,532)	(9,267)	(968)	(10,236)
Balance at March 31, 2024	8,012	-	23,168	31,181	217,191	9,217	226,408

8

Consolidated Statements of Cash Flows

KYB Corporation and its Consolidated Subsidiaries

		(Unit: Millions of yen)
	For the fiscal year	For the fiscal year
	ended March 31, 2023	ended March 31, 2024
	（Apr. 1, 2022 through Mar. 31, 2023)	（Apr. 1, 2023 through Mar. 31, 2024)
Cash flows from operating activities:
Profit before taxes	31,770	21,361
Depreciation and amortization	18,652	18,886
Impairment losses	976	1,030
Reversal gain of impairment losses	(23)	(53)
Gain on sales of fixed asset	(84)	(130)
Increase (decrease) in assets and liabilities for retirement benefits	(412)	(79)
Increase (decrease) in provisions for product warranties	(9,317)	(1,845)
Finance income	(924)	(1,187)
Finance costs	1,701	2,242
Equity in profit of affiliates	(1,145)	(1,538)
(Increase) decrease in trade and other receivables	(7,817)	2,776
(Increase) decrease in inventories	(1,198)	6,017
Increase (decrease) in trade and other payables	611	(2,839)
Other	(900)	(770)
Subtotal	31,890	43,872
Interest received	234	506
Dividends received	1,507	1,240
Interest paid	(1,617)	(2,317)
Income taxes paid	(7,005)	(2,500)
Payments of loss associated with the Anti-Trust law	(1,095)	(941)
Net cash from operating activities	23,914	39,861
Cash flows from investing activities:
Payment into time deposits	(1,386)	(792)
Proceeds from withdrawal of time deposits	-	2,959
Payment for purchases of property, plant and equipment	(11,624)	(24,612)
Proceeds from sales of property, plant and equipment	199	247
Payment for purchases of other financial assets	(688)	(24)
Proceeds from sale of other financial assets	225	1,774
Purchase of investments accounted for using equity method	-	(2,214)
Other	(243)	(841)
Net cash flows from investing activities	(13,517)	(23,503)

9

		(Unit: Millions of yen)
	For the fiscal year	For the fiscal year
	ended March 31, 2023	ended March 31, 2024
	（Apr. 1, 2022 through Mar. 31, 2023)	（Apr. 1, 2023 through Mar. 31, 2024)
Cash flows from financing activities:
Net increase (decrease) in short-term borrowings	1,704	(6,294)
Repayments of lease liabilities	(6,178)	(6,007)
Proceeds from long-term borrowings	1,755	18,800
Repayment of long-term borrowings	(12,080)	(11,279)
Payments for purchase of treasury shares	(2)	(2,519)
Proceeds from sales of treasury shares	-	0
Dividends paid	(4,259)	(6,766)
Dividends paid to non-controlling interests	(1,121)	(968)
Net cash flows from financing activities	(20,180)	(15,033)
Effect of changes in foreign exchange rates	1,250	1,728
Net increase (decrease) in cash and cash equivalents	(8,534)	3,052
Cash and cash equivalents at beginning of year	52,118	43,585
Cash and cash equivalents at end of year	43,585	46,637

10