MAX Co., Ltd

MAX Co., Ltd.Financial Results Briefing for FY 2021 (April 1, 2020 to March 31, 2021)

Medium-term Management Plan for the Period FY 2022–FY 2024

ParticipantsMitsuteru Kurosawa, PresidentAkio Kitaya, Executive Officer / General Manager, Finance & Accounting Dept.

Announcement DateApril 28, 2021

Financial Results for Entire Company and Individual Segments in FY 2021

Financial Results for the Entire Company in FY 20211. Financial Results for the Entire Company in FY 20212. Changes in Financial Results for the Entire Company: FY 2017 to FY 20213. Changes in Financial Results for the Entire Company by Quarter4. Factors for Increase/Decrease of Operating Income5. Other Financial Information6. Recognition of External Environment

Financial Results for Individual Segments in FY 20217. Financial Results for Individual Segments in FY 20218. Changes in Segment Results by Quarter9. Industrial Equipment Segment: Financial Results for FY 202110. Industrial Equipment Segment: Changes in Financial Results by Quarter11. Office Equipment Segment: Financial Results for FY 202112. Office Equipment Segment: Changes in Financial Results by Quarter13. HCR Equipment Segment: Financial Results for FY 202114. HCR Equipment Segment: Changes in Financial Results by Quarter15. Changes in Quarterly Net Sales by Overseas Region

Table of ContentsMedium-term Management Plan for the Period FY 2022–FY 2024

16. Basic Strategy and Priority Targets of the Medium-term Management Plan （FY 2022–FY 2024)17. Medium-term Management Plan for the Entire Company (FY 2022–FY 2024)18. Mid-term Management Plan by Segment (FY 2022–FY 2024)19. Changes in External Environment and Impact on the Group20. Industrial Equipment Segment (FY 2022–FY 2024 Plan)21. Office Equipment Segment (FY 2022–FY 2024 Plan)22. HCR Equipment Segment (FY 2022–FY 2024 Plan)23. Growth Strategy for Rebar Tying Tools Business24. Strategic Investment for Mid- to Long-Term Business Growth25. Dividend Policy: Payout Ratio and Dividends to Net Assets Ratio 26. Dividends Policy: Dividends per Share

Financial Results for FY 2021: Reference Materials27. Industrial Equipment Segment: Product Breakdown of the Domestic/Overseas Industrial Equipment Product Operations28. Office Equipment Segment: Product Breakdown of the Domestic/Overseas Office Operations29. Changes in Quarterly Segment Net Sales by Overseas Region (North America)30. Changes in Quarterly Segment Net Sales by Overseas Region (Europe)31. Changes in Quarterly Segment Net Sales by Overseas Region (Asia Excluding Japan)

Financial Results for Entire Company and Individual Segments in FY 2021

Financial Results for the Entire Company in FY 2021

Compared to previous FY Compared to plan*

Results in FY under review

Results in previous FY

% increase/decrease

Full-year plan

Achievement rate

Net sales 64,029 69,671 -8.1 63,500 100.8

Gross profit 27,325 29,127 -6.2 ーー

Corresponding ratio 42.7 41.8 ーー

Operating income 6,685 7,586 -11.9 6,500 102.9 Corresponding ratio 10.4 10.9 10.2

Ordinary income 6,826 7,405 -7.8 6,300 108.4Corresponding ratio 10.7 10.6 9.9

Net income attributable to shareholders of parental company 5,153 5,510 -6.5 4,700 109.6Corresponding ratio 8.0 7.9 7.4

Net income per share (yen) 105.80 112.67 ー 96.10 ー

ROE 6.7 7.4 ー 6.1 ー

■ Exchange rates

FY under review 1 USD = 105.79 JPY / 1 EUR = 123.22 JPY

Previous FY 1 USD = 109.13 JPY / 1 EUR = 121.26 JPY

Planned 1 USD = 105.86 JPY / 1 EUR = 122.59 JPY

Financial Results for the Entire Company in FY 2021

(unit: millions of yen, %)

1

*Plan announced on January 29, 2021

4,726 4,654 5,064 5,510 5,153

2

(unit: millions of yen, %)9.6

8.9

10.3 10.6 10.7

7.1 6.8 7.27.9 8.0

26,58226,454

27,731 29,127

27,325

66,967 68,138

70,118 69,671

64,029

6,455 6,076

7,253 7,405

6,826

39.7 38.8 39.5

41.8 42.7

9.4 9.0

10.210.9

10.4

Changes in Financial Results for the Entire Company: FY 2017 to FY 2021

Net sales Gross profit Operating income Ordinary income Net income

■ FY 2017 ■ FY 2018 ■ FY 2019■ FY 2020 ■ FY 2021 ― Corresponding ratio

2

6,323 6,139

7,150 7,586

6,685

3

16,856 17,351 18,067 17,843 17,249 17,635 17,488 17,297

14,574 15,466 16,648 17,340

6.51.5 4.1

-0.1 2.3 1.6-3.2 -3.1

-15.5 -12.3-4.8

0.2

-85

-80

-75

-70

-65

-60

-55

-50

-45

-40

-35

-30

-25

-20

-15

-10

-5

0

5

10

15

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

24,000

26,000

28,000

Net sales for the entire company

Rate of change in net sales YOY for the entire company

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY 2019 FY 2020 FY 2021


Changes in Financial Results for the Entire Company by Quarter 3

2Factors for Increase/Decrease of Operating Income

7,586 6,685

216 253

2,718

493 385

902

(unit: millions of yen)

FY 2020 FY 2021

Foreign exchange gain/loss on sales

Foreign exchange gain/loss in cost

Quantitydecrease

Increase in selling

price

Decrease in cost

Decrease in

SG&A expenses

Effect of exchange rates +¥37 million -¥900 million

4

■ Non-operating income/expenses and extraordinary income/loss

■ Facilities investment, depreciation, R&D expenses

5Other Financial Information

(unit: millions of yen)FY 2021 FY 2020 YOY

Non-operating income/expenses 141 -180 +321

Non-operating income (excluding foreign exchange effect)

324 335 -10

Non-operating expenses (excluding foreign exchange effect)

-89 -103 +14

Foreign exchange gain/loss -94 -412 +317

Extraordinary income/loss 205 26 +178

Extraordinary income 256 553 -297Extraordinary loss -50 -526 +476

FY 2021 FY 2020 FY 2021 annual plan Implementation rate

Facilities investment 4,967 2,853 6,193 80.2

Depreciation 2,522 2,466 2,713 93.0

R&D expenses 3,128 3,120 3,136 99.7


*1 *2

*3

5

*1 Refund of customs duties from previous year: ¥226 million*2 Gain on sales of investment securities: ¥315 million, refund of customs duties from previous year: ¥217 million, etc. *3 Loss on abandonment of non-current assets such as the cost of dismantling the former building of the Osaka Branch: ¥212 million yen, loss on valuation of investment securities: -¥289 million, etc.

• Down 9.9% YOY for the period from January to December 2020（Owner-occupied: -9.6%, Rental: -10.4%, Built-for-sale: -10.2%）

→ Negative effect on the industrial equipment product operations (wooden structure related) and residential environmental equipment operations

Number of new housing construction starts

• 1 USD = 105.79 JPY, 1 EUR = 123.22 JPY(Previous FY: 1 USD = 109.13 JPY, 1 EUR = 121.26 JPY）→ Regarding foreign exchange sensitivity for the consolidated financial results, we have achieved a balance of foreign currency sales/procurement, so there is little effect on operating income.

• Down 9.3% YOY for the period from October 2019 to September 2020 (Offices: +2.5%, Shops: -21.6%, Factories: -24.0%, Warehouses: +16.0%)• Slight insufficiency in the supply of skilled rebar workers (for construction sites)→ Positive effect on the industrial equipment product operations (concrete related)

Floor area of construction starts of non-residential structures / Supply and demand for skilled construction workers

Recognition of External Environment

Currency exchange rates

• The annualized rate is 1,584,000 units in January 2021, 1,421,000 units in February 2021, and 1,739,000 units in March 2021

（Previous year—January: 1,617,000 units, February: 1,567,000 units, March: 1,269,000 units)

Number of new housing construction starts in the U.S.

■ Reference indices

6

Behavioral restrictions are implemented in various countries/regions in conjunction with the spread of COVID-19. On the other hand, related to the Industrial Equipment segment, operations of construction and civil engineering sites in Europe and the United States are continued in general.

Telework and remote work are increasing in response to the spread of COVID-19. The number of new housing construction starts related to the Industrial Equipment segment remains below the previous year's level.

Overseas

Domestic

Financial Results for Individual Segments in FY 2021

Compared to previous FY Compared to planResults in FY under

reviewResults in

previous FY% increase/decrease Full-year plan Achievement

rate

Industrial Equipment segment Net sales 44,300 45,409 -2.4 43,850 101.0

Segment profit 6,652 5,454 +22.0 6,450 103.1

Segment profit rate 15.0 12.0 14.7

Office Equipment segmentNet sales 17,061 21,515 -20.7 17,000 100.4

Segment profit 2,738 4,895 -44.1 2,770 98.9

Segment profit rate 16.1 22.8 16.3HCR Equipment segment

Net sales 2,667 2,746 -2.9 2,650 100.7

Segment profit 36 -224 － 30 122.2

Segment profit rate 1.4 -8.2 1.1Adjustment amount -2,741 -2,538 － -2,750 －

Total for entire companyNet sales 64,029 69,671 -8.1 63,500 100.8

Operating income 6,685 7,586 -11.9 6,500 102.9

Operating margin 10.4 10.9 10.2

Financial Results for Individual Segments in FY 2021


7

Previously, expenses related to research and development for which commercialization is uncertain were allocated to the Office Equipment segment and the Industrial Equipment segment. Since the first quarter of this fiscal year, as with expenses related to the headquarters management department, these expenses have been recorded as Group-wide expenses in the adjustment to segment profit or loss. For the segment information for the previous consolidated fiscal year, we have listed numbers created in accordance with classifications after the change.

8Changes in Segment Results by Quarter■ Net sales by Industrial Equipment segment ■ Net sales by Office Equipment segment ■ Net sales by HCR Equipment segment

－ Segment profit rate for Industrial Equipment segment ー Segment profit rate for Office Equipment segment ー Segment profit rate for HCR Equipment segment

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY 2019 FY 2020 FY 2021

8


-7.4 -14.8

-9.5 -14.0

-10.3 -8.6 -3.0 -11.1

-3.8

3.4 2.5 2.6

-15

-5

5

10,578 11,135 11,706 11,343 10,984 11,531 11,410 11,482

9,831 11,057 11,486 11,925

5,531 5,556 5,668 5,849 5,570 5,400 5,363 5,180 4,156 3,765

4,443 4,695

746 659 692 650 693 704 714 634 586 642 718 720 0

5,000

10,000

15,000

9.9 10.4 11.8 9.6 12.3 13.5 13.2

9.1

13.7

15.9

15.0 15.3

22.1 22.0 22.2 22.1 24.2

22.3 22.0 22.5

17.6

11.2

17.4 17.3

5

15

Industrial Equipment Segment: Financial Results for FY 2021


20,250 20,127 18,764

13,347 14,380 15,513

11,164 10,901 10,021

FY 2019 FY 2020 FY 2021

■ Domestic industrial equipment product operations

■ Overseas industrial equipment product operations

■ Residential environmental equipment operations

ー Segment profit rate

Domestic industrial equipment product operations ▶

Despite strong sales of consumables for TWINTIER rebar tying tools, sales of tools for wooden structures fell due to factors such as the decrease in the number of new housing construction starts in Japan and the stagnation of sales activities to business partners.

Overseas industrial equipment product operations ▶

Although sales activities were subject to restrictions due to the influence of COVID-19, sales of tools for concrete structures increased, especially sales of TWINTIER rebar tying tools. This was caused by continued operations at construction sites using rebar tying tools in Western countries.

Residential environmental equipment operations ▶

Sales of DRYFAN bathroom heaters, ventilators and dehumidifiers, which are the mainstay of the business, increased in housing stock market for renovation and replacement, but decreased in the market for new construction. Sales of heat-exchange ventilation systems decreased due to the effect of customers switching to suppliers other than the Company in the previous fiscal year.

10.5 12.0

15.0

9

44,763 45,409 44,300

TWINTIER rebar tying tools DRYFAN bathroom heaters, ventilators and dehumidifiers

12

4,364 5,097 5,437 5,350 4,534 5,398 5,069 5,124 4,134 4,623 4,993 5,013

3,624 3,428 3,194 3,100 3,745

3,470 3,548 3,615 3,445

3,957 3,794 4,317

2,588 2,609 3,074 2,892 2,704 2,662 2,792 2,742 2,251

2,477 2,698 2,594

11.2 5.2 5.9

1.7 3.8 3.6 -2.5

1.2

-10.5 -4.1

0.7 3.9

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Industrial Equipment Segment: Changes in Financial Results by Quarter


Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY 2019 FY 2020 FY 2021

■ Net sales in the domestic industrial equipment product operations

■ Net sales in the overseas industrial equipment product operations

■ Net sales in the residential environment operations

－ Rate of change in net sales YOY for Industrial Equipment segment

10

３せい


8,300 8,179 7,452

5,137 4,521 3,926

9,168 8,813

5,683

FY 2019 FY 2020 FY 2021

■ Domestic office operations■ Overseas office operations■ Auto-stapler operations ー Segment profit rate

Domestic office operations ▶ Sales decreased for stationery-related products and BEPOP label-making machines.

Overseas office operations▶

Sales of BEPOP label-making machines and related products in the European market increased due to demand for signs. However, there was a decrease in sales of stationery-related products, which are mainly sold in the Southeast Asian market.

Auto-stapler operations ▶ Sales of machinery and consumable products fell due to decreased orders from business partners as the result of more people working at home, etc.

22.1 22.8

16.1

11

22,606 21,515

17,061

Full-metal staplers BEPOP label-making machines

Office Equipment Segment: Financial Results for FY 2021

12

1,957 1,926 2,080 2,335 1,965 2,025 1,927 2,261 1,674 1,679 1,912 2,186

1,283 1,306 1,280 1,266 1,315 1,148 1,043 1,015

831 971 983 1,139

2,290 2,323 2,307 2,248 2,289 2,226 2,393 1,903

1,650 1,115 1,548 1,369

1.4 -2.8

2.9 -0.5 0.7 -2.8

-5.4 -11.4

-25.4 -30.3

-17.2 -9.4

-90.0

-85.0

-80.0

-75.0

-70.0

-65.0

-60.0

-55.0

-50.0

-45.0

-40.0

-35.0

-30.0

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Office Equipment Segment: Changes in Financial Results by Quarter


Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY 2019 FY 2020 FY 2021

■ Net sales in the domestic office operations ■ Net sales in the overseas office operations

■ Net sales in the auto-stapler operations

－ Rate of change in net sales YOY for Office Equipment segment

12

HCR Equipment Segment: Financial Results for FY 2021


2,748 2,746 2,667

FY 2019 FY 2020 FY 2021

■ Net sales by HCR Equipment segmentー Segment profit rate

HCR Equipment segment ▶Sales declined due to restrictions on sales activities in response to the spread of COVID-19. However, segment profit increased due to strong sales of high value-added wheelchairs, as well as to decreased fixed expenses and improved profitability.

-11.3 -8.2

1.4

13

Multifunctional wheelchairs:Modern Series

Tilting and reclining wheelchairs: Kuruun

12

746659 692 650 693 704 714

634 586642

718 720

-13.4 -16.6 -11.9

-20.6

-7.0

6.8 3.1

-2.4

-15.5 -8.7

0.6

13.5

-90.0

-85.0

-80.0

-75.0

-70.0

-65.0

-60.0

-55.0

-50.0

-45.0

-40.0

-35.0

-30.0

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

0

200

400

600

800

1000

1200

1400

1600

1800

1/4 2/4 3/4 4/4 1/4 2/4 3/4 4/4 1/4 2/4 3/4 4/4


Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY 2019 FY 2020 FY 2021

■ Net sales by HCR Equipment segment － Rate of change in net sales YOY for HCR Equipment segment

14HCR Equipment Segment: Changes in Financial Results by Quarter

12

1,953 1,805 1,975 1,403

2,041 1,961 1,849 2,154 2,240 2,367 2,019 2,097

2,003 1,972 1,768 1,793

2,044 1,909 1,692 2,129 1,646

1,938 2,047

2,505

2,028 2,167 2,075 2,128

2,147 1,968

2,039 1,591

1,324 1,599

1,416 1,603

17.1 7.8 10.3

-0.6 4.1-1.8 -4.1

10.3

-16.41.1 -1.8

5.6

-140.0

-120.0

-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000


Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY 2019 FY 2020 FY 2021

■ Net sales in North America ■ Net sales in Europe ■ Net sales in Asiaー Total overseas net sales (rate of change YOY)

Changes in Quarterly Net Sales by Overseas Region

Note: Includes overseas net sales for auto-stapler operations.

Ratio of overseas net sales

(%)

5,984 5,944 5,8185,324

6,2325,838 5,580 5,874

5,2105,904

5,482

6,205

15

35.5 34.3 32.2 29.8 36.1 33.1 31.9 34.0 35.7 38.2 32.9 35.8

32.9 33.8 35.6

Medium-term Management Plan for the Period FY 2022–FY 2024

Basic Strategy and Priority Targets of the Medium-term Management Plan （FY 2022–FY 2024)

■ Performance indices■ Basic strategy of the new Medium-term Management Plan

Strengthening ManagementInfrastructure• Improve business productivity by utilizing digital technology• Realize a healthy and comfortable workplace at the company• Strengthen ESG and brand power

Growth of Overseas Business• Accelerate the growth of the rebar tying tools

business• Overseas expansion of AF (Agriculture/Food)

business• Active investment in priority regions

Launch of New Businesses

• Medium- to long-term R&D investment• Investment in domestic and overseas

development sales

Business Model Transformation

• Strengthen the infrastructure of highly-profitable businesses

• Promote activities in new markets

Plan for FY 2024

Net sales ¥72.9 billionOperating income ¥9.0 billion

Operating margin 12.3%

ROE 8.0%

The Group will accelerate the growth of our overseas businesses and the transformation of our business model in order to realize our management policy of "continuing to be a company supported by the customers." We will also strive to launch new businesses that will serve as our future core and to strengthen the management infrastructure for supporting those businesses.

16

Plan for next FY Medium-term Management Plan

FY 2021 FY 2022%

increase/decrease

FY 2024

Compound Annual Growth Rate (CAGR)for the period

FY 2021–FY 2024

Net sales 64,029 67,400 5.3 72,900 4.4

Operating income 6,685 7,100 6.2 9,000 10.4

Ordinary income 6,826 7,100 4.0 9,100 10.1

Net income attributable to shareholders of parental company

5,153 5,250 1.9 7,000 10.7

Operating margin 10.4 10.5 12.3 ー

ＲＯＥ 6.7 6.6 8.0 ー

Medium-term Management Plan for the Entire Company (FY 2022–FY 2024)


17

■ Forecasted exchange rates

FY 2021 1 USD = 105.79 JPY / 1 EUR = 123.22 JPY

FY 2022 (plan) 1 USD = 105.00 JPY / 1 EUR = 125.00 JPY

Plan for next FY Medium-term Management Plan

FY 2021 FY 2022%

increase/decrease

FY 2024

Compound Annual Growth Rate

(CAGR)for the period

FY 2021–FY 2024

Industrial Equipment segment Net sales 44,300 45,650 3.0 50,200 4.3

Segment profit 6,652 6,750 1.5 8,450 8.3

Segment profit rate 15.0 14.8 16.8 ー

Office Equipment segmentNet sales 17,061 19,000 11.4 19,500 4.6

Segment profit 2,738 3,400 24.1 3,550 9.0


HCR Equipment segmentNet sales 2,667 2,750 3.1 3,200 6.3

Segment profit 36 50 36.4 200 76.0


Adjustment amount -2,741 -3,100 ー -3,200 ー

Total for entire companyNet sales 64,029 67,400 5.3 72,900 4.4

Operating income 6,685 7,100 6.2 9,000 10.4

Operating margin 10.4 10.5 12.3 ー


18Mid-term Management Plan by Segment (FY 2022–FY 2024)

• Heightened needs for reducing labor load (Health & Safety) and improving efficiency in the construction and civil engineeringmarkets

• Market for the domestic business of the Industrial Equipment segment is shrinking due to the decrease in the number of new housing construction starts in Japan

• Decrease in domestic skilled construction workers

Industrial Equipment segment

Changes in External Environment and Impact on the Group

• The Office Equipment segment is shrinking due to an increase in telecommuting and a transition to paperless office.

Office Equipment segment

• Expansion of domestic nursing care market due to the increase in the elderly population

• Increase in at-home nursing care

HCR Equipment segment

Changes in External Environment and Impact on the Group

19

• Establishment of communication with customers using digital technology instead of face-to-face sales and demonstrations

Changes impact on all segments

18,764 19,550 20,950

15,513 16,400 19,100

10,021 9,700 10,150

FY 2021 FY 2022 FY 2024

15.0 14.816.8

Business growth centered on domestic and overseas rebar tying tools business

Industrial Equipment Segment (FY 2022–FY 2024 Plan)

44,430 45,65050,200

Priority Policies

Overseas industrial equipment product operations • Increase the number of sales staff in the rebar tying tools business

and build a network of concrete material dealers• Establish new sales offices in Europe, the United States, and

Australia

Domestic industrial equipment product operations• Develop the civil engineering market for rebar tying tools business

Domestic/overseas rebar tying tools operations• Continue to expand the lineup and develop next-generation products

Residential environmental equipment operations• Expand the stock business and enhance construction

systems for reform and replacement of bathroom heating, ventilation and dehumidifiers

AF (Agriculture/Food) operations• Develop Western markets for the branch induction binder TAPENER

20

■ Domestic industrial equipment product operations

■ Overseas industrial equipment product operations

■ Residential environmental equipment operations

ー Segment profit rate


7,452 7,950 8,100

3,926 4,350 4,900

5,683 6,700 6,500

FY 2021 FY 2022 FY 2024

16.117.9 18.2

Maintain and improve the profitability of the segment through business growth of labelling and signage products such as BEPOP label-making machines, label printers for food labeling, and LETATWIN tube markers in Japan and overseas

17,06119,000 19,500

Priority Policies

Overseas office operations• Expand sales of labelling and signage products such as BEPOP

and LETATWIN in Europe, the United States, and China

Domestic office operations• Strengthening customer contact points by utilizing ICT• Expand stock business through BEPOP, label printers, and other

labelling and signage products machines

• Introduce new products to markets where demand is expected, such as demand for electric stationery and industrial applications

• Develop next-generation products

21


■ Domestic office operations ■ Overseas office operations

■ Auto-stapler operations ー Segment profit rate

Office Equipment Segment (FY 2022–FY 2024 Plan)

FY 2021 FY 2022 FY 2024

1.4 1.8

6.3

Increase sales by launching new products and expanding into the China and ASEAN markets, and improve profitability by increasing productivity at the plant in China

2,667 2,750

3,200

Priority Policies

Improve profitability through increased productivity and in-house production at the Chinese plantContinuous introduction of new products for high value-added wheelchairs

22

■ Net sales by HCR Equipment segment ー segment profit rate

HCR Equipment Segment (FY 2022–FY 2024 Plan)


Growth Strategy for Rebar Tying Tools Business

Establish new sales offices

Enhance after-sales support system

Increase production at the consumable products plant Sales of tools for domestic and

overseas concrete structures¥16.5 billion ¥22.0 billion

Strengthen sales capability by establishing new sales offices and building a network of concrete material dealers

Priority Policies

Japan Europe United States Production Development

Civil engineering market Civil engineering market Construction market Continue investment for enhanced production of

consumable products at the plant in

Thailand

Development of next-generation products

Establish new sales offices in Europe and Australia (scheduled)Strengthen after-sales support in Europe and the United States

Expand a network of concrete material dealers by 1.4 times

Improve awareness in upstream business such as general contractorsPromotion of reduced labor load

(results for FY 2021) (plan for FY 2024)Markets Developed in Each Region

23

→ Increase sales staff by 1.6 times

Strategic Investment for Mid- to Long-Term Business Growth

Strategic Investment for Business GrowthTotal Investment Amount Over

3-Year Period(FY 2022 to FY 2024)

Investment to strengthen sales infrastructure such as establishment of new sales offices in Europe, the U.S., and Australia in the Industrial Equipment segment and in the residential environment stock business

¥1.4 billion

Investment in digital technology for sales and operational efficiency ¥0.5 billion

Strategic investment in product development ¥1.0 billion

Brand strategy, etc. ¥0.7 billion

Total ¥3.6 billion

Achieve business growth by expanding priority businesses and actively investing in the launch of new businesses

Priority Policies

24

12Dividend Policy: Payout Ratio and Dividends to Net Assets Ratio

Based on consolidated financial results, seek to “maintain a minimum of 40% payout ratio with a target ratio of dividends to net assets of 3.0%.”

30.7 31.1

31.7

71.8

91.6

38.8

59.9

101.8

37.6

43.9 45.7

40.3 45.3

70.5

161.3

111.1

77.8

72.8

63.3 56.6

54.7

43.8 44.5 42.5 40.8

44.4 45.4

40.2

2.1 2.2 2.2 2.2 2.2 2.2 2.1 2.2 2.1 2.2 2.3 2.7 2.9 2.9 2.9 2.9 3.0 3.0 2.9 2.9 2.8 3.0

3.2 3.0 3.0 3.0 3.0 3.0 3.2

0.01.02.03.04.05.06.07.08.09.010.011.012.013.014.015.016.017.018.019.020.0

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

160

170

FY1995

FY1996

FY1997

FY1998

FY1999

FY2000

FY2001

FY2002

FY2003

FY2004

FY2005

FY2006

FY2007

FY2008

FY2009

FY2010

FY2011

FY2012

FY2013

FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

Maintaining a minimum of 40% payout ratio with a

target ratio of dividends to net assets of 3.0%

― Payout ratio (left axis)

― Dividends to net assets ratio (right axis)

Notes:・Non-consolidated base until FY 2005.・The plan for the payout ratio and the ratio of dividends to net assets from FY 2022 are calculated based on the Medium-term Management Plan.



(unit: %)

25



Planned →Scheduled

19 21 22 22 22 22 22 22 22

24 26

31

35 36 36 36 36 36 36 36 37 39

42 42 44

46 48

50

59

0

10

20

30

40

50

60

FY1995

FY1996

FY1997

FY1998

FY1999

FY2000

FY2001

FY2002

FY2003

FY2004

FY2005

FY2006

FY2007

FY2008

FY2009

FY2010

FY2011

FY2012

FY2013

FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

2112Dividends Policy: Dividends per Share

(unit: yen)

Planned →

Note: The dividend plan from the fiscal year ending March 31, 2022 and beyond is calculated based on the current dividend policy and the Medium-term Management Plan.

26

Scheduled

Financial Results for FY 2021: Reference Materials

■ ＡＦ (Agriculture/Food)

■ Tools for concrete

structures

■ Tools for wooden

structures

Industrial Equipment Segment: Product Breakdown of the Domestic/Overseas Industrial Equipment Product Operations 27

20,12718,764

14,380 15,513

Net sales and product breakdown for the domestic industrial

equipment product operations

Net sales and product breakdown for the overseas industrial

equipment product operations

FY 2020 FY 2021 FY 2020 FY 2021


10%

23%

67%70%

21%

9%

4%

77%

19%

3%

79%

18%

Office Equipment Segment: Product Breakdown of the Domestic/Overseas Office Operations 28

8,1797,452

4,521

3,926

FY 2020 FY 2021 FY 2020 FY 2021


■ Other

■ Labelling and

signage products

■ Stationery-related

products

25%

41%

34%

23%

43%

34%56%

43%

1%

46%

52%

2%

Net sales and product breakdown for the

domestic office operations

Net sales and product breakdown for the overseas

office operations

12

1,779 1,650 1,819

1,239

1,899 1,777 1,708 1,993 2,075 2,233

1,942 2,030

174 155

156

164

141 185

141

161 165

144

77 68

31.8 24.136.9

-5.24.5 8.6

-6.4

53.5

9.820.7

9.2-2.6

-230.0

-180.0

-130.0

-80.0

-30.0

20.0

0

500

1,000

1,500

2,000

2,500

3,000


Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY 2019 FY 2020 FY 2021

■ Net sales by Industrial Equipment segment ■ Net sale by Office Equipment segment ー Rate of change in net sales YOY in North America

Changes in Quarterly Segment Net Sales by Overseas Region (North America) 29

12

1,579 1,551 1,383 1,436 1,597 1,494 1,312 1,710

1,262 1,588 1,690

2,104

425 420 384 358

448 414

380

419

383

351 357

401

27.313.1

3.8 -1.4 2.0 -3.1 -6.3

18.7

-19.5

1.5

21.0 17.7

-230.0

-180.0

-130.0

-80.0

-30.0

20.0

0

500

1,000

1,500

2,000

2,500

3,000


Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY 2019 FY 2020 FY 2021

30

■ Net sales by Industrial Equipment segment ■ Net sale by Office Equipment segment

ー Rate of change in net sales YOY in Europe

Changes in Quarterly Segment Net Sales by Overseas Region (Europe)

12

268 226 222 196 249 200 208 233 108 146 163 184

1,733 1,913 1,837 1,908 1,872 1,737 1,801

1,344 1,193

1,423 1,224

1,400

28 27 16 24 26

31 29

15

24

30 28

19

-1.4 -6.4 -0.7 3.4 5.9-9.2 -1.7

-25.2-38.3

-18.8-30.6

0.7

-260.0

-210.0

-160.0

-110.0

-60.0

-10.0

0

500

1,000

1,500

2,000

2,500

3,000(unit: millions of yen, %)

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY 2019 FY 2020 FY 2021

■ Net sales by Industrial Equipment segment ■ Net sale by Office Equipment segment

■ Net sale by HCR Equipment segment ー Rate of change in net sales YOY in Asia

31Changes in Quarterly Segment Net Sales by Overseas Region (Asia Excluding Japan)

The contents listed in this document are based on information currently available to the Company and certain assumptions that are deemed as reasonable. Please be aware that actual future business results, etc., may differ greatly depending on various factors.

Documents

MAX Co., Ltd