Ajinomoto Co., Inc.

Consolidated Results
IFRS

First Half Ended September 30, 2023

This document has been translated from the original Japanese as a guide for non-Japanese investors.
It contains forward-looking statements based on a number of assumptions and judgements made by
management considering information currently available. Actual financial results may differ depending
on a number of factors, including changing economic conditions, legislative and regulatory
developments, delay in new product launches, and pricing and product initiatives of competitors.

1
 SUMMARY OF FINANCIAL STATEMENTS [IFRS] (Consolidated)
First half results for the fiscal year ending March 31, 2024

Ajinomoto Co., Inc. November 6, 2023

Stock Code: 2802 Stock exchange listing: Tokyo Stock Exchange
URL: https://www.ajinomoto.co.jp/company/
Representative: Taro Fujie
Representative Executive Officer & President
For inquiries: Itoomi Watanabe Telephone: +81-3-5250-8111
Corporate Executive & General Manager
Global Finance Department
Scheduled date of submission of statutory quarterly financial report: November 9, 2023
Scheduled date of starting payment of dividend: December 4, 2023
Preparation of supplementary materials: Yes
Results briefing: Yes (for analysts)

1. Consolidated Financial Results for First Half Ended September 30, 2023
(1) Consolidated Operating Results
(Millions of yen)
First half ended First half ended
September 30, 2023 September 30, 2022
Change % Change %
Sales ............................................................................ 688,004 4.3 659,853 19.9
Business profit ............................................................. 76,556 3.0 74,316 7.2
Profit before income taxes ........................................... 70,125 2.9 68,169 (14.5)
Profit ............................................................................ 51,261 2.8 49,855 (13.6)
Profit attributable to owners of the parent company ..... 46,457 (1.2) 47,025 (13.2)
Basic earnings per share (yen) ...................................... ¥88.80 — ¥87.66 —
Diluted earnings per share (yen) ................................... ¥88.77 — ¥87.66 —
“Change %” indicates the percentage change compared to the same period of the previous fiscal year.

Note: Upon the adoption of IFRS, the Ajinomoto Group has introduced “business profit” as a new profit level that will better
enable investors, the Board of Directors, and the Management Committee to grasp the core business results and future
outlook of each business while also facilitating continual evaluation of the Group’s business portfolio by the Board of
Directors and the Management Committee. “Business profit” is defined as sales and share of profit of associates and joint
ventures minus cost of sales, selling expenses, research and development expenses, and general and administrative
expenses. Business profit does not include other operating income or other operating expenses.

(2) Consolidated Financial Position

(Millions of yen)
As of As of
September 30, 2023 March 31, 2023
Total assets ..................................................................... 1,644,814 1,511,734
Total equity ...................................................................... 873,158 822,968
Equity attributable to owners of the parent company ....... 812,545 768,676
Ownership ratio attributable to owners of the parent
company (%).................................................................... 49.4% 50.8%

2. Dividends
Fiscal year ending
Fiscal year ended Fiscal year ending
March 31, 2024
March 31, 2023 March 31, 2024
(forecast)
Dividend per share
Interim (yen) ...................................................... ¥31.00 ¥37.00
Year-end (yen) ................................................... ¥37.00 ¥37.00
Annual (yen) ...................................................... ¥68.00 ¥74.00
Note: Revisions from the last forecast released: None

2
3. Forecast for the Fiscal Year Ending March 31, 2024
(Millions of yen)
Fiscal year ending March 31, 2024
Change %
Sales ................................................................................. 1,465,000 7.8
Business profit .................................................................. 150,000 10.8
Profit attributable to owners of the parent company .......... 100,000 6.3
Basic earnings per share (yen) ......................................... ¥191.73 —
“Change %” indicates the percentage change compared to the previous fiscal year.
Note: Revisions from the last forecast released: Yes

3
Notes:
(1) Changes in significant subsidiaries during the period (Changes in specified subsidiaries resulting in a change
in consolidation scope): None

(2) Changes in accounting policies and accounting estimates

1) Changes in accounting policies as required by IFRS: None
2) Other changes in accounting policies: None
3) Changes in accounting estimates: None

(3) Number of shares outstanding (ordinary shares)

Shares
As of September 30, 2023 As of March 31, 2023
Number of shares outstanding at end of period
521,430,854 529,798,154
(including treasury stock)
Number of shares in treasury stock at end of
1,720,133 495,714
period
April 1, 2023 to September 30, 2023 April 1, 2022 to September 30, 2022
Average number of shares during period 523,171,392 536,438,307
Note: The number of shares in treasury stock at the end of the period includes the Company’s shares held by the
director’s remuneration BIP trust (As of September 30, 2023: 271,200 shares. As of March 31, 2023: 373,400 shares),
which was adopted along with the introduction of stock-based remuneration of executive officers based on the
Company’s medium-term earnings performance for the directors and others. In addition, these Company’s shares are
included in the treasury stock which is deducted from the number of shares outstanding at the end of the period when
calculating the average number of shares during the period.

The summary of quarterly financial statements is not subject to quarterly review by certified public accountants or an audit
firm.

Appropriate use of forecasts and other notes

Disclaimer regarding forward-looking statements and other information
Forward-looking statements, such as business forecasts, included in this document are based on management’s
estimates, assumptions, and projections at the time of release. These statements do not promise nor represent a
commitment by the Company to achieve these forecasts. Actual operating results may differ significantly due to
various factors. For more information regarding earnings forecasts, see page 6, “1. Qualitative Information on the
First Half Consolidated Results, (1) Overview of Operating Results.”

Where to obtain supplementary materials

Supplementary materials will be posted on the Company’s website on Monday, November 6, 2023.

4
Table of contents

1 Qualitative Information on the First Half Consolidated Results ....................................................................... 6

(1) Overview of Operating Results ................................................................................................................ 6
(2) Overview of Financial Position ................................................................................................................ 11
2 Condensed Consolidated Financial Statements and Notes ............................................................................ 12
(1) Condensed Consolidated Statements of Financial Position ................................................................... 12
(2) Condensed Consolidated Statements of Income .................................................................................... 14
For the First Half ................................................................................................................................... 14
(3) Notes to Condensed Consolidated Financial Statements ....................................................................... 15
Going Concern Assumption ..................................................................................................................... 15
Material Accounting Policies .................................................................................................................... 15
Segment Information ............................................................................................................................... 16
Significant Subsequent Events ................................................................................................................ 19

5
1. Qualitative Information on the First Half Consolidated Results
Upon the adoption of IFRS, the Ajinomoto Group has introduced "business profit” as a new profit level that will
better enable investors, the Board of Directors, and the Management Committee to grasp the core business
results and future outlook of each business while also facilitating continual evaluation of the Group’s business
portfolio by the Board of Directors and the Management Committee. “Business profit” is defined as sales and
share of profit of associates and joint ventures minus cost of sales, selling expenses, research and
development expenses, and general and administrative expenses. Business profit does not include other
operating income or other operating expenses.

(1) Overview of Operating Results

In the first half ended September 30, 2023, the Company’s consolidated sales increased 4.3% year-on-year,
or ¥28.1 billion, to ¥688.0 billion. This was due to increases in sales in the Seasonings and Foods segment
and the Frozen Foods segment largely resulting from increases in unit sales prices and the effect of currency
translation, despite a decrease in sales in the Healthcare and Others segment mainly owing to the impact of
lower sales of Functional Materials (electronic materials and others). Business profit increased 3.0% year-on-
year, or ¥2.2 billion, to ¥76.5 billion primarily due to the increases in sales in the Seasonings and Foods
segment and the Frozen Foods segment, despite the impact of lower sales in the Healthcare and Others
segment and other factors. Profit attributable to owners of the parent company totaled ¥46.4 billion, down
1.2% year-on-year, or ¥0.5 billion, primarily as a result of higher profit attributable to non-controlling interests
recorded compared with the same period of the previous fiscal year.
Furthermore, the Company has revised the full-year consolidated performance forecast for the fiscal year
ending March 31, 2024 announced on May 11, 2023 in light of recent trends in business performance and
other factors.
As a result of reviewing the impact of foreign exchange fluctuations, the state of the economy, and other
factors under the current business environment, the forecast for sales is unchanged from the previous
forecast, despite some per-segment adjustments. The progress rate of sales against the performance
forecast is 47.0%. After review under the current business environment, based on the cost situation including
foreign exchange fluctuations and raw materials costs, as well as the impacts of sales increases in the
Seasonings and Foods segment and the Frozen Foods segment, and of the sales decline in the Healthcare
and Others segment, the forecast for business profit is unchanged from the previous forecast, despite some
per-segment adjustments. The progress rate of business profit against the performance forecast is 51.0%.
The forecast for profit attributable to owners of the parent company has been revised upward by ¥5.0 billion
from the previous forecast to ¥100.0 billion, mainly reflecting the impact from the transfer of former factory
land in consolidated subsidiary Ajinomoto (Malaysia) Berhad. The progress rate of quarterly profit attributable
to owners of the parent company against the revised forecast is 46.5%. The forecast is based on an
exchange rate of ¥143 to US$1 (for the second half, a rate of ¥145 to US$1).
Please also refer to Notice of Revision to Full-Year Consolidated Performance Forecast for the Fiscal Year
Ending March 31, 2024 released today (November 6, 2023) for more details about the revision of the
consolidated earnings forecast.

6
Overview by segment
Sales and business profit by segment are summarized below.

Versus previous year results (Billions of yen)

Sales Business profit
FY2023 FY2023
YoY change % change YoY change % change
H1 H1
Seasonings and
404.7 31.9 8.6 % 57.1 13.1 29.8 %
Foods
Frozen Foods 136.5 7.9 6.2 % 6.6 6.1 —
Healthcare and
139.5 (12.1) (0.8)% 10.9 (17.9) (62.0) %
Others
Other 7.2 0.3 5.7 % 1.7 0.8 92.2 %

Total 688.0 28.1 4.3 % 76.5 2.2 3.0 %

Versus the forecast (Billions of yen)

Sales Business profit
FY2023 Forecast for YTD FY2023 Forecast for YTD
H1 the year progress H1 the year progress
Seasonings and
404.7 852.8 47.5% 57.1 105.7 54.0%
Foods
Frozen Foods 136.5 291.4 46.8% 6.6 10.0 66.5%
Healthcare and
139.5 302.2 46.2% 10.9 35.0 31.3%
Others
Other 7.2 18.5 39.1% 1.7 (0.8) —

Total 688.0 1,465.0 47.0% 76.5 150.0 51.0%

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1) Seasonings and Foods
In the Seasonings and Foods segment, sales increased 8.6% year-on-year, or ¥31.9 billion, to ¥404.7
billion, mainly because of increases in unit sales prices and the effect of currency translation. Segment
business profit increased 29.8% year-on-year, or ¥13.1 billion, to ¥57.1 billion, due primarily to the effect
of increased revenue.

Main factors affecting segment sales

Sauce & Seasonings: Overall increase in revenue.
Japan: Increase in revenue primarily due to increased unit sales
prices.
Overseas: Increase in revenue primarily due to increased sales and
the impact of currency translation.
Quick Nourishment: Overall increase in revenue.
Japan: Increase in revenue primarily due to increased unit sales
prices.
Overseas: Large increase in revenue primarily due to increased unit
sales prices, increased quantity of instant noodles sold, and the
impact of currency translation.
Solution & Ingredients: Increase in revenue primarily due to increased
sales of food service products in Japan.

Main factors affecting segment profits

Sauce & Seasonings: Overall large increase in profit.
Japan: Decrease in profit primarily due to the impact of cost
increases, such as for raw materials, despite increased revenue.
Overseas: Large increase in profit primarily due to the impact of
increased revenue.
Quick Nourishment: Overall decrease in profit.
Japan: Large decrease in profit due to the impact of cost increases,
such as for raw materials, despite increased revenue.
Overseas: Increase in profit primarily due to the impact of increased
revenue.
Solution & Ingredients: Overall increase in profit primarily from food service products and umami
seasonings for processed food manufacturers.

8
2) Frozen Foods
Frozen Foods segment sales increased 6.2% year-on-year, or ¥7.9 billion, to ¥136.5 billion, owing to the
increase of unit sales prices, the effect of currency translation, and other factors. Segment business profit
increased ¥6.1 billion year-on-year, to ¥6.6 billion, because of increased revenue, the effects of structural
reforms, and other factors.

Main factors affecting segment profits

Overall increase in revenue.
Japan: Decrease in revenue due to a decline in sales volume, despite
the effect of increased unit sales prices.
Overseas: Increase in revenue primarily due to increased unit sales
prices and the impact of currency translation.

Main factors affecting segment profits

Overall large increase in profit.
Japan: Increase in profit primarily due to the impact of increased unit
sales prices and improved costs despite decreased revenue.
Overseas: Large increase in profit primarily due to the impact of
increased revenue and structural reform.

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3) Healthcare and Others
Healthcare and Others segment sales decreased 8.0% year-on-year, or ¥12.1 billion, to ¥139.5 billion,
owing to a decrease in sales of Functional Materials (electronic materials and others), and amino acids for
pharmaceuticals and foods as well as other factors. Segment business profit decreased 62.0% year-on-
year, or ¥17.9 billion, to ¥10.9 billion due to lower profit for both Functional Materials (electronic materials
and others) and Bio-Pharma Services & Ingredients.

Main factors affecting segment sales

Bio-Pharma Services & Ingredients: Overall decrease in revenue due
to decreased sales of amino acids for pharmaceuticals and foods.
Functional Materials (electronic materials and others): Large
decrease in revenue primarily due to decreased sales of electronic
materials.
Others: Overall decrease in revenue.

Main factors affecting segment profits

Bio-Pharma Services & Ingredients: Large decrease in profit for both
amino acids for pharmaceuticals and foods and bio-pharma services
(CDMO services).
Functional Materials (electronic materials and others): Large
decrease in profit accompanying large decrease in revenue.
Others: Overall decrease in profit primarily due to strategic expenses.

4) Other
In the Other segment, sales increased 5.7% year-on-year, or ¥0.3 billion, to ¥7.2 billion. Segment business
profit increased 92.2% year-on-year, or ¥0.8 billion, to ¥1.7 billion.

10
(2) Overview of Financial Position
As of September 30, 2023, the Company’s consolidated total assets stood at ¥1,644.8 billion, an increase of
¥133.0 billion from ¥1,511.7 billion at the end of the previous fiscal year on March 31, 2023. The main reasons
for this were an increase in assets owing to the effect of currency translation and increases in inventories and
cash and cash equivalents.
Total liabilities came to ¥771.6 billion, ¥82.8 billion more than the ¥688.7 billion at the end of the previous
fiscal year, mainly due to an increase in interest-bearing debt. Interest-bearing debt totaled ¥427.7 billion, an
increase of ¥91.2 billion from the end of the previous fiscal year, due to commercial papers, the issuance of
sustainability-linked bonds, and other.
Total equity as of September 30, 2023 was ¥50.1 billion more than at the end of the previous fiscal year,
mainly due to an increase in exchange differences on translation of foreign operations in conjunction with the
depreciation of the yen, despite a decrease in capital surplus associated with the purchase and retirement of
treasury stock. Equity attributable to owners of the parent company, which is total equity minus non-controlling
interests, totaled ¥812.5 billion, and the equity ratio attributable to owners of the parent company was 49.4%.

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 2. Condensed Consolidated Financial Statements and Notes

(1) Condensed Consolidated Statements of Financial Position

(Millions of yen)
As of September 30, 2023 As of March 31, 2023
Assets
Current assets
Cash and cash equivalents 165,584 132,777
Trade and other receivables 175,972 163,714
Other financial assets 15,989 12,312
Inventories 311,052 269,822
Income taxes receivable 16,778 12,674
Others 21,300 24,235
Subtotal 706,678 615,537
Assets of disposal groups classified as held for
— —
sale
Total current assets 706,678 615,537
Non-current assets
Property, plant and equipment 550,649 536,565
Intangible assets 66,189 65,916
Goodwill 99,101 92,114
Investments in associates and joint ventures 124,930 119,825
Long-term financial assets 58,870 53,749
Deferred tax assets 8,860 8,969
Others 29,533 19,056
Total non-current assets 938,136 896,197
Total assets 1,644,814 1,511,734

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 (Millions of yen)
As of September 30, 2023 As of March 31, 2023
Liabilities
Current liabilities
Trade and other payables 190,619 197,981
Short-term borrowings 9,331 12,599
Commercial papers 70,000 —
Current portion of bonds payable 19,994 19,988
Current portion of long-term borrowings 37,344 16,733
Other financial liabilities 13,385 11,084
Short-term employee benefits 42,774 42,141
Provisions 1,539 7,723
Income taxes payable 15,704 15,990
Others 12,487 15,402
Subtotal 413,180 339,644
Liabilities of disposal groups classified as held
— —
for sale
Total current liabilities 413,180 339,644
Non-current liabilities
Corporate bonds 149,597 119,696
Long-term borrowings 93,765 119,548
Other financial liabilities 53,786 54,984
Long-term employee benefits 28,398 26,568
Provisions 3,847 3,499
Deferred tax liabilities 26,000 22,361
Others 3,079 2,461
Total non-current liabilities 358,475 349,120
Total liabilities 771,655 688,765
Equity
Common stock 79,863 79,863
Capital surplus (45,481) —
Treasury stock (8,063) (1,342)
Retained earnings 680,103 652,307
Other components of equity 106,122 37,848
Other components of equity related to
— —
disposal groups classified as held for sale
Equity attributable to owners of the parent
812,545 768,676
company
Non-controlling interests 60,613 54,292
Total equity 873,158 822,968
Total liabilities and equity 1,644,814 1,511,734

13
(2) Condensed Consolidated Statements of Income

For the First Half (Millions of yen)

First half ended First half ended
September 30, 2023 September 30, 2022

Sales 688,004 659,853

Cost of sales (443,431) (426,037)
Gross profit 244,572 233,815
Share of profit of associates and joint ventures 1,286 2,785
Selling expenses (91,325) (89,185)
Research and development expenses (13,816) (12,595)
General and administrative expenses (64,161) (60,504)
Business profit 76,556 74,316
Other operating income 2,664 4,007
Other operating expenses (6,563) (4,718)
Operating profit 72,658 73,605
Financial income 3,775 4,548
Financial expenses (6,308) (9,984)
Profit before income taxes 70,125 68,169
Income taxes (18,863) (18,313)
Profit 51,261 49,855
Attributable to:
Owners of the parent company 46,457 47,025
Non-controlling interests 4,804 2,830
Earnings per share (yen):
Basic ¥88.80 ¥87.66
Diluted ¥88.77 ¥87.66

14
(3) Notes to Condensed Consolidated Financial Statements

Going Concern Assumption

Not applicable

Material Accounting Policies

The material accounting policies used to prepare these condensed consolidated financial statements for the first half
are unchanged from the policies applied to the consolidated financial statements in the previous fiscal year.
Income taxes for this first half are calculated based on an estimation of the effective tax rate for the fiscal year.
In addition, the Company has determined that the Republic of Turkey, where one of its subsidiaries is located, is
in a hyperinflationary economy as defined by IAS 29 Financial Reporting in Hyperinflationary Economies. However,
the standard has not been applied as its effect on the consolidated financial statements is insignificant.

Impact of Applying New Accounting Policies: No material impact

15
Segment Information
(1) Overview of reportable segments
The Group’s reportable segments are categorized primarily by product lines. There are three reportable segments:
Seasonings and Foods, Frozen Foods, and Healthcare and Others.
Each reportable segment is a component of the Group for which separate financial information is available and
evaluated regularly by the Management Committee in determining the allocation of management resources and in
assessing performance.

The product categories belonging to each reportable segment are as follows:

Reportable
Details Main Products
Segments
Seasonings Sauce and Umami seasoning AJI-NO-MOTO®, HON-DASHI®, Cook Do®,
and Foods Seasonings Ajinomoto KK Consommé, Pure Select® Mayonnaise,
Ros Dee® (flavor seasoning), Masako® (flavor seasoning), Aji-
ngon® (flavor seasoning), Sazón® (flavor seasoning),
Sajiku® (menu-specific seasoning), CRISPY FRY® (menu-specific
seasoning), etc.
Quick Nourishment Knorr® Cup Soup, YumYum® (instant noodles), Birdy® (coffee
beverage), Birdy® 3in1 (powdered drink), Blendy® brand products
(CAFÉ LATORY®, stick coffee, etc.), MAXIM® brand products,
Chotto Zeitakuna Kohiten® brand products, various gift sets, office
supplies (coffee vending machines, tea servers), etc.
Solution and Umami seasoning AJI-NO-MOTO® for foodservice and processed
Ingredients food manufacturers in Japan,
Seasonings and processed foods for foodservice,
Seasonings for processed foods (savory seasonings, enzyme
ACTIVA®),
Drinks supplied to restaurants, Ingredients for industrial use,
Delicatessen products, Bakery products, Nucleotides,
Sweeteners (aspartame for industrial use, PAL SWEET® for retail
use, etc.), and others
Frozen Foods Frozen Foods Chinese dumplings (Gyoza, Shoga Gyoza, POT STICKERS, etc.),
Cooked rice (THE CHA-HAN, CHICKEN FRIED RICE, YAKITORI
CHICKEN FRIED RICE, etc.),
Noodles (YAKISOBA, RAMEN, etc.),
Desserts (cakes for restaurant and industrial-use, MACARON,
etc.),
Shumai (THE SHUMAI, etc.),
Processed chicken (Yawaraka Wakadori Kara-Age (fried chicken),
THE KARAAGE, etc.), and others
Healthcare and Amino Acids for
Others Pharmaceuticals and Amino acids, culture media
Foods
Bio-Pharma Services Contract development and manufacturing services of
(CDMO services) pharmaceutical intermediates and active ingredients, aseptic fill
finish services, etc.
Functional Materials Electronic materials (Ajinomoto Build-up Film® (ABF) interlayer
(electronic materials insulating material for semiconductor packages, etc.),
and others) Functional materials (adhesive PLENSET®,
magnetic materials AFTINNOVA® Magnetic Film, etc.),
activated carbon, release paper, etc.

16
Others Feed-use amino acids,
Direct marketing (Fundamental Foods (Glyna®, Amino Aile®), etc.),
Sports nutrition (Supplement (amino VITAL®), etc.),
Personal care ingredients (amino acid-based mild surfactants
Amisoft®, Amilite®, amino acid-based alternatives to plastic
microbeads, the Amihope® SB series, etc.),
Medical foods, Crop services, etc.

17
(2) Sales and profits by segment
The Group’s sales and profits by reportable segment are as follows.
Inter-segment sales and transfers are primarily based on transaction prices with third parties.

First half ended September 30, 2023 (April 1, 2023 to September 30, 2023)
(Millions of yen)
As included in
Reportable segment
consolidated
Other1 Total Adjustments2
Seasonings Frozen Healthcare and statements of
and Foods Foods Others income
Sales
Sales to third parties 404,716 136,526 139,517 7,243 688,004 — 688,004
Inter-segment sales and
3,470 25 1,719 11,055 16,271 (16,271) —
transfers
Total sales 408,186 136,552 141,237 18,299 704,275 (16,271) 688,004
Share of profit of associates
(889) — (32) 2,208 1,286 — 1,286
and joint ventures
Segment profit or loss
57,137 6,699 10,966 1,752 76,556 — 76,556
(Business profit or loss)
Other operating income 2,664
Other operating expense (6,563)
Operating profit 72,658
Financial income 3,775
Financial expense (6,308)
Profit before income taxes 70,125
1. Other includes the tie-up and other service-related businesses.
2. Corporate expenses are not attributable to specific reportable segments and are allocated to each reportable segment based on
reasonable criteria. Corporate expenses mainly relate to the parent company’s administrative divisions.

First half ended September 30, 2022 (April 1, 2022 to September 30, 2022)
(Millions of yen)
As included in
Reportable segment
1 2
consolidated
Other Total Adjustments
Seasonings Frozen Healthcare and statements of
and Foods Foods Others income
Sales
Sales to third parties 372,797 128,574 151,627 6,854 659,853 — 659,853
Inter-segment sales and
3,606 65 1,602 11,959 17,234 (17,234) —
transfers
Total sales 376,403 128,640 153,230 18,813 677,087 (17,234) 659,853
Share of profit of associates
1,148 — 7 1,630 2,785 — 2,785
and joint ventures
Segment profit or loss
44,008 516 28,879 911 74,316 — 74,316
(Business profit or loss)
Other operating income 4,007
Other operating expense (4,718)
Operating profit 73,605
Financial income 4,548
Financial expense (9,984)
Profit before income taxes 68,169
1. Other includes the tie-up and other service-related businesses.
2. Corporate expenses are not attributable to specific reportable segments and are allocated to each reportable segment based on
reasonable criteria. Corporate expenses mainly relate to the parent company’s administrative divisions.
Note: In the current fiscal year, the method for allocating shared expenses such as R&D expenses has been changed in order to
better evaluate the business performance of each reportable segment, and the segment profit for the fiscal year ended March 31,
2023 was changed retrospectively.

18
Significant Subsequent Events
Not applicable

19