This document is an English translation of the original document in Japanese and has been prepared for reference purposes
only. In the event of any discrepancy between this English translation and the original in Japanese, the original shallprevail.

October 26, 2023

Non-consolidated Financial Results
for the Six Months Ended September 30, 2023
[Under Japanese GAAP]
Company name: KOMATSU WALL INDUSTRY CO., LTD.
Listing: Tokyo Stock Exchange
Securities code: 7949
URL: https://www.komatsuwall.co.jp/
Representative: Shinya Kano, Representative Director, President & CEO
Contact: Yukio Aya, Director and Managing Executive Officer, General Manager of Administration Headquarters
Telephone: +81-761-21-3131
Scheduled date of filing quarterly securities report: November 10, 2023
Scheduled date of commencing dividend payments: November 27, 2023
Availability of supplementary briefing material on quarterly financial results: Available
Schedule of quarterly financial results briefing session: Scheduled (for analysts and institutional investors)(Amounts of less than one million yen are rounded down.)
1. Non-consolidated Financial Results for the Six Months Ended September 30, 2023 (April 1, 2023 to September
30, 2023)(1) Non-consolidated Operating Results(% indicates year-on-year changes.)
Net sales
Six months ended
September 30, 2023
September 30, 2022

Six months ended
September 30, 2023
September 30, 2022

Million yen

19,691
16,074

Operating profit
%

22.5
0.8

Basic earnings
per share

Million yen

Ordinary profit%

1,300 360.2
282 (45.9)

Million yen

Profit%1,373 339.8
312 (44.6)

Diluted earnings
per shareYen

102.1921.20(2) Non-consolidated Financial Position
Total assets
Million yen

Yen––Net assets
Million yen

36,754As of September 30, 2023
44,45636,225
As of March 31, 2023
44,760(Reference) Equity: As of September 30, 2023: ¥36,754 million
As of March 31, 2023: ¥36,225 million

Equity ratio
%

82.7
80.9

Million yen%

950 382.7
196 (42.4)

2. Dividends
1stquarter-end

2ndquarter-end

Yen

Yen

Annual dividends
3rdYear-endquarter-end
Yen

Fiscal year ended March 31, 2023–
40.00
Fiscal year ending March 31, 2024–
55.00
Fiscal year ending March 31, 2024
(Forecast)(Note) Revision to the dividends forecast announced most recently: NoYen

TotalYen–55.00

95.00

–

65.00

120.003. Non-consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024 (April 1, 2023 to March31, 2024)(% indicates year-on-year changes.)
Basic earnings
Net sales
Operating profit
Ordinary profit
Profitper share
Million yen%

Million yen%

Million yen%

Full year
41,5009.9
3,400 47.4
3,470 46.8(Note) Revision to the financial results forecast announced most recently: Yes

Million yen

2,320%

42.5

Yen

249.44* Notes:(1) Adoption of accounting treatment specific to the preparation of quarterly non-consolidated financial statements: No(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to revisions to accounting standards and other regulations: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
As of September 30, 2023: 10,903,240 shares
As of March 31, 2023: 10,903,240 shares2) Total number of treasury shares at the end of the period:
As of September 30, 2023: 1,580,351 shares
As of March 31, 2023: 1,615,689 shares
3) Average number of shares during the period (cumulative from the beginning of the fiscal year):Six months ended September 30, 2023: 9,300,699 shares
Six months ended September 30, 2022: 9,286,476 shares(Note) The total number of treasury shares at the end of the period and the number of treasury shares deducted in
calculating the average number of shares during the period includes the Company’s shares held by Custody
Bank of Japan, Ltd. (Trust E Account) as trust assets related to the Board Benefit Trust (BBT) system(September 30, 2023: 143,000 shares; March 31, 2023: 178,500 shares; September 30, 2022: 178,500shares).
* Quarterly financial results are outside the scope of quarterly review by certified public accountants or audit firms.
* Explanation of the proper use of financial results forecast and other notes
The financial results forecasts and other forward-looking statements herein are based on the information currently
available to the Company and certain assumptions deemed reasonable. Actual results may differ significantly fromthese forecasts due to a wide range of factors. For the conditions underlying the financial results forecast and theprecautions for using the financial results forecast, please refer to page 3 of the attached document, “1. Qualitative
Information on Quarterly Financial Results for the Period under Review, (3) Explanation of Non-consolidated
Financial Results Forecast and Other Forward-looking Information.”Table of Contents - Attachments
1. Qualitative Information on Quarterly Financial Results for the Period under Review .................................. 2(1) Explanation of Operating Results .............................................................................................................. 2(2) Explanation of Financial Position .............................................................................................................. 2(3) Explanation of Non-consolidated Financial Results Forecast and Other Forward-looking Information ... 3
2. Matters Related to Summary Information (Notes) ......................................................................................... 3(1) Adoption of Accounting Treatment Specific to the Preparation of Quarterly Non-consolidated FinancialStatements .................................................................................................................................................. 3(2) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement .............. 33. Important Events Related to Going Concern Assumption .............................................................................. 3
4. Quarterly Non-consolidated Financial Statements and Primary Notes .......................................................... 4(1) Quarterly Non-consolidated Balance Sheets .............................................................................................. 4(2) Quarterly Non-consolidated Statements of Income ................................................................................... 6(3) Quarterly Non-consolidated Statements of Cash Flows ............................................................................. 7(4) Notes to the Quarterly Non-consolidated Financial Statements ................................................................. 8(Notes to Going Concern Assumption) ....................................................................................................... 8(Notes in the Case of Significant Changes in Shareholders’ Equity) .......................................................... 81

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Operating Results
During the six months ended September 30, 2023, the Japanese economy suffered from concerns regardingthe impact on the domestic economy of the downturn in overseas economic conditions due to global monetary
tightening. On the other hand, thanks to policy changes in response to COVID-19, steady progress was madetowards the normalization of economic activities, and the economy maintained gradual recovery with an
improvement in employment and income conditions.
Under this situation, the Company pursued three basic policies based on the medium-term management plan,“NEXT VISION 2028,” which started in the current fiscal year: “Growth of existing partition business,”“Creation of new products,” and “Enhancement of production and logistics operations.” To further tap into officedemand, the Company also opened the Nagoya Showroom in Nagoya, Aichi Prefecture and committed itself toPR activities.
Regarding operating results for the six months ended September 30, 2023, the office segment grew steadily,
driven by strong office demand in major urban areas, particularly in the Tokyo metropolitan area. The segmentsof school and sports facilities, welfare and healthcare facilities, and factories also showed favorable progress. Asa result, net sales amounted to ¥19,691 million (up 22.5% year on year). The adjustment of selling prices inresponse to the rise in raw material prices was widely adopted at a high level, which also contributed to theincrease in net sales. By product category, net sales of relocatable partitions were particularly robust due to theincrease in office demand. Orders received totaled ¥22,697 million (up 11.1% year on year), with fixed partitions
showing positive growth in particular. Order backlog totaled ¥19,552 million (up 5.7% year on year), maintaining
the increasing trend.
On the profitability front, the adjustment of selling prices was widely adopted. As a result, the gross profit
margin was 33.3% (a 1.9-point improvement year on year), leading to an operating profit of ¥1,300 million (up360.2% year on year), an ordinary profit of ¥1,373 million (up 339.8% year on year), and a profit of ¥950 million(up 382.7% year on year).
Net sales, orders received, and order backlog by item for the six months ended September 30, 2023 are asfollows.
Net Sales, Orders Received, and Order Backlog by Item(Million yen)Six months ended September 30, 2023 (from April 1, 2023 to September 30, 2023)
Item
Relocatable partitions
Fixed partitions
Toilet booths
Movable partitions
Low partitions
OthersTotal

Net sales
Year-on-year
Amountchange (%)
8,611
125.2
4,109
125.2
3,341
120.5
2,651
114.9
294
114.7
683
118.4
19,691
122.5

Orders received
Year-on-year
Amountchange (%)
8,737
108.9
5,887
153.7
4,380
110.3
2,850
79.5
302
106.6
538
72.4
22,697111.1

Order backlog
Year-on-year
Amountchange (%)
4,323
95.3
6,085
130.5
4,170
113.7
4,593
92.6
9498.2284
50.2
19,552105.7(2) Explanation of Financial Position
Regarding the financial position as of the end of the second quarter of the fiscal year under review, total assets
decreased by ¥304 million from the end of the previous fiscal year, to ¥44,456 million.
In terms of assets, current assets decreased by ¥406 million from the end of the previous fiscal year, to ¥29,593
million. This is mainly due to decreases in notes and accounts receivable – trade, and contract assets of ¥1,228
million and electronically recorded monetary claims - operating of ¥405 million, despite an increase in cash anddeposits of ¥1,268 million. Non-current assets increased by ¥101 million from the end of the previous fiscal year,to ¥14,862 million.
In terms of liabilities, current liabilities decreased by ¥770 million from the end of the previous fiscal year, to¥5,327 million. This is mainly due to decreases in accounts payable - trade of ¥291 million, income taxes payableof ¥229 million, and accounts payable - other included in “Other” under current liabilities of ¥335 million. Noncurrent liabilities decreased by ¥62 million from the end of the previous fiscal year, to ¥2,374 million.
In terms of net assets, the total amount of net assets increased by ¥529 million from the end of the previous
2fiscal year, to ¥36,754 million. As a result, the equity ratio stood at 82.7%.
Regarding cash flows for the six months ended September 30, 2023, the Company allocated funds to working
capital, capital investment, and shareholder returns among other activities, while enhancing internal reserves.
As a result, cash and cash equivalents (hereinafter referred to as “cash”) as of September 30, 2023 stood at¥12,734 million (¥12,603 million as of September 30, 2022). Described below is the state of cash flows for thesix months ended September 30, 2023.

(Cash flows from operating activities)
Net cash provided by operating activities amounted to ¥2,424 million (net cash provided of ¥2,110 million
for the same period of the previous fiscal year). This is mainly attributable to a net increase due primarily to therecording of profit before income taxes of ¥1,373 million, a decrease in trade receivables of ¥1,633 million,and depreciation of ¥522 million, as well as a net decrease due primarily to income taxes paid of ¥653 million
and a decrease in trade payables of ¥291 million.
(Cash flows from investing activities)
Net cash used in investing activities amounted to ¥637 million (net cash used of ¥327 million for the same
period of the previous fiscal year). This is mainly attributable to purchase of property, plant and equipment andintangible assets of ¥664 million.
(Cash flows from financing activities)
Net cash used in financing activities amounted to ¥528 million (net cash used of ¥426 million for the same
period of the previous fiscal year). This is mainly attributable to a net decrease due primarily to dividends paidof ¥520 million.
(3) Explanation of Non-consolidated Financial Results Forecast and Other Forward-looking Information
The non-consolidated financial results forecast for the fiscal year ending March 31, 2024 is as announced in“Notice on Difference Between Non-consolidated Financial Results Forecast and Actual Results for the SixMonths Ended September 30, 2023 and Revision to Non-consolidated Financial Results Forecast for the Fiscal
Year Ending March 31, 2024,” released on October 26, 2023.

2. Matters Related to Summary Information (Notes)(1) Adoption of Accounting Treatment Specific to the Preparation of Quarterly Non-consolidated Financial
Statements
There are no applicable matters.
(2) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement
There are no applicable matters.

3. Important Events Related to Going Concern Assumption
There are no applicable matters.

34. Quarterly Non-consolidated Financial Statements and Primary Notes(1) Quarterly Non-consolidated Balance Sheets(Million yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims - operating
Inventories
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Machinery, equipment and vehicles
Land
Other
Accumulated depreciation
Total property, plant and equipment
Intangible assets
Investments and other assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Provision for retirement benefits
Provision for retirement benefits for directors (andother officers)
Provision for share awards for directors (and otherofficers)
Other
Total non-current liabilities
Total liabilities

4

As of September 30, 2023

15,57916,847

10,253

9,025

2,929
1,023
214(0)
29,999

2,524
1,069
127
(0)
29,593

11,396
7,622
4,646
1,621
(13,364)
11,922420

11,651
7,643
4,646
1,777
(13,740)
11,978
400

2,425
(6)
2,418
14,76044,760

2,490
(6)
2,483
14,86244,456

2,345
732
1,250
1,769
6,098

2,054
503
1,260
1,509
5,327

1,810

1,841

86–

209

178

330
2,437
8,535

354
2,374
7,701

(Million yen)
As of March 31, 2023
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

5As of September 30, 2023

3,099
3,035
32,627(2,582)
36,1803,099
3,035
33,056(2,525)36,66645
45
36,22544,76087
87
36,75444,456

(2) Quarterly Non-consolidated Statements of Income(Six Months Ended September 30)(Million yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Insurance claim income
Rental income from buildings
Other
Total non-operating income
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Loss on sale of investment securities
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit

For the six months
ended September 30, 2022
16,074
11,025
5,048
4,766
282

For the six months
ended September 30, 2023
19,691
13,140
6,550
5,250
1,300

06–
13829
312

05
4113
1272
1,373

028
280–
0000340
153(9)
144
196

0–0
1,373
428
(5)
423
950

6(3) Quarterly Non-consolidated Statements of Cash Flows(Million yen)
For the six months
ended September 30, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in provision for retirement benefits
Increase (decrease) in provision for retirement benefits for
directors (and other officers)
Increase (decrease) in provision for share awards for
directors (and other officers)
Other, net
SubtotalInterest and dividends received
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of investment securities
Proceeds from maturity of insurance funds
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of lease liabilities
Purchase of treasury shares
Dividends paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

7

For the six months
ended September 30, 2023

340503
(1)
(7)
1,986
(171)
(217)
66

1,373
522(0)
(5)
1,633
(46)
(291)
31–

(86)

21(31)(206)
2,313
7(210)
2,110

(26)
3,072
5(653)
2,424(4,000)4,000(265)
0(54)
46–
(55)
(327)

(4,000)4,000(611)
3(52)
–
250
(226)
(637)

––
(426)
(426)
1,356
11,246
12,603

(7)
(0)
(520)
(528)
1,258
11,476
12,734

(4) Notes to the Quarterly Non-consolidated Financial Statements(Notes to Going Concern Assumption)
There are no applicable matters.
(Notes in the Case of Significant Changes in Shareholders’ Equity)
There are no applicable matters.

8