April 11, 2024

Consolidated Financial Results for the Nine Months Ended February 29, 2024
(Under Japanese GAAP)
Company name:Toyo Denki Seizo K.K.
Listing:
Tokyo Stock Exchange
Securities code:
6505
URL :
https://www.toyodenki.co.jp
Representative:
Akira Watanabe, President, Representative Director
Inquiries:
Jun Nukina, Executive Officer, General Manager, Corporate Planning Division
Telephone:+81-3-5202-8122
Scheduled date to file quarterly securities report:
April 12, 2024
Scheduled date to commence dividend payments:―Preparation of supplementary material on quarterly financial results:
Yes
Holding of quarterly financial results briefing:
Yes(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the nine months ended February 29, 2024 (from June 1,2023 to February 29, 2024)(1) Consolidated operating results (cumulative)(Percentages indicate year-on-year changes.)
Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Nine months endedFebruary 29, 2024

22,231

7.2

159

78.665834.7446

3.2

February 28, 2023

20,744

(4.6)

89-

488

791.7

432

47.5

Note: Comprehensive income

For the nine months ended February 29, 2024:
For the nine months ended February 28, 2023:

Basic earnings per share

Diluted earnings per share

Yen

Yen

Nine months ended
February 29, 2024

47.42

-

February 28, 2023

48.40

-

¥2,047 million [125.4%]¥908 million [-%]

(2) Consolidated financial position
Total assets

Net assets

Equity-to-asset ratio

Millions of yen

Millions of yen%

As ofFebruary 29, 2024

51,397

26,24951.1

May 31, 2023

49,682

24,582

49.5

Reference: Equity

As of February 29, 2024:
As of May 31, 2023:¥26,249 million¥24,582 million

2.

Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

Fiscal year ended
May 31, 2023

-0.00

-

30.00

30.00

Fiscal year ending
May 31, 2024

-0.00

30.00

30.00

Fiscal year ending
May 31, 2024
(Forecast)
Note: Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated financial results forecast for the fiscal year ending May 31, 2024 (from June 1,2023 to May 31, 2024)(Percentages indicate year-on-year changes.)
Net sales

Fiscal year ending
May 31, 2024

Operating profit

Profit attributable toowners of parent

Ordinary profit

Basic earnings pershare

Millionsof yen%

Millions ofyen%Millions ofyen%Millions ofyen%

Yen

34,50011.2600

15.9950

(3.8)

800

(3.0)

84.81

Note: Revisions to the financial results forecast most recently announced: None* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scopeof consolidation):
None
Newly included: - companies (Company name)
Excluded:- companies (Company name)Notes on changes in significant subsidiaries during the period(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
Notes on adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement : NoneNotes on changes in accounting policies(4) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of February 29, 2024
As of May 31, 2023

9,735,000 shares
9,735,000 shares(ii) Number of treasury shares at the end of the period
As of February 29, 2024
As of May 31, 2023396,371 shares
301,843 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Nine months ended February 29, 2024
9,418,504 shares
Nine months ended February 28, 2023
8,940,105 shares
Notes on number of issued shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or anaudit corporation.
* Proper use of earnings forecasts, and other special matters
The above forecasts are based on information available as of the date of publication of this document, and actual results
may differ from the forecasts due to various factors in the future. Please refer to “Explanation of Consolidated Financial
Results Forecast and Other Forward-looking Information” on page 3 of the Attachment for details of the financial
results forecast (available in Japanese only).
* This document has been translated from a part of the Japanese original for reference purposes only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail.

Toyo Denki Seizo K.K. (6505) Financial Results for the Nine Months Ended February 29, 2024

2. Quarterly Consolidated Financial Statements and Significant Notes Thereto(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of May 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets
Electronically recorded monetary claims - operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Advance payments to suppliers
Accounts receivable
Other
Allowance for doubtful accounts

As of February 29, 2024

5,520
13,236
1,116376
3,106
2,836
22162370
(10)

3,502
13,329
1,234
548
3,864
3,079
13
109
292
(10)

26,73825,962

9,952(6,340)9,968(6,546)

Buildings and structures, net

3,611

3,421

Machinery, equipment and vehicles
Accumulated depreciation

8,208(7,860)8,234(7,944)

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

Machinery, equipment and vehicles, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Software
Other
Total intangible assets

348

289

1,269
11
5,138(4,678)

1,269
31
5,175(4,681)

459

493

5,701

5,506

63
13

82
3577

118

Investments and other assets
Investment securities
Deferred tax assets
OtherAllowance for doubtful accounts

14,288
108
2,775
(7)

16,693
3,118(2)Total investments and other assets

17,16519,80922,94325,434

49,682

51,397

Total non-current assets
Total assets

Toyo Denki Seizo K.K. (6505) Financial Results for the Nine Months Ended February 29, 2024
(Millions of yen)
As of May 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Accrued expenses
Income taxes payable
Accrued consumption taxes
Contract liabilities
Deposits received
Provision for bonuses for directors (and other officers)
Provision for bonuses
Provision for loss on orders received
Provision for product warranties
Other

As of February 29, 2024

2,060
4,768
885
589
128
94
84
189
39
673
989
70
127

2,250
4,497
1,035
780
48
51
80
177
22
349
759
128
236

10,69910,418

10,288
30
4,075
4

9,822
34736
4,125
12

14,39914,730Total liabilities

25,09925,148

Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares

4,998
3,177
11,347
(486)

4,998
3,177
11,511(585)

19,036

19,101

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans

5,370
202
(26)

6,835
320
(9)

Total accumulated other comprehensive income

5,546

7,147

24,582

26,24949,682

51,397

Total current liabilities
Non-current liabilities
Long-term borrowings
Long-term accounts payable - other
Deferred tax liabilities
Retirement benefit liability
Other
Total non-current liabilities

Total shareholders’ equity

Total net assets
Total liabilities and net assets

Toyo Denki Seizo K.K. (6505) Financial Results for the Nine Months Ended February 29, 2024

(2) Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive
IncomeQuarterly Consolidated Statement of Income
Nine months ended February 29, 2024

Net sales
Cost of sales

Nine months ended
February 28, 2023
(from June 1, 2022 toFebruary 28, 2023)
20,744
15,739(Millions of yen)
Nine months ended
February 29, 2024
(from June 1, 2023 toFebruary 29, 2024)
22,231
16,790Gross profit

5,005

5,440

Selling, general and administrative expenses

4,916

5,281

Operating profit

89

159

Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Foreign exchange gains
Miscellaneous income

0198
156
71
220201
234
8130

449

548

40
935
13

Total non-operating income
Non-operating expenses
Interest expenses
Miscellaneous losses

4949

Ordinary profit

Total non-operating expenses

488

658

Extraordinary income
Gain on sale of investment securities
Gain on sale of non-current assets

480
150

205
-631

205

490

168

490

168

Profit before income taxes

630

696

Income taxes - current
Income taxes - deferred

26
170

49
200

Total income taxes

197

249

Profit432

446

Profit attributable to owners of parent

432

446

Total extraordinary income
Extraordinary loss
Business structural reform expenses
Total extraordinary losses

Toyo Denki Seizo K.K. (6505) Financial Results for the Nine Months Ended February 29, 2024
Quarterly Consolidated Statement of Comprehensive Income
Nine months ended February 29, 2024

432

(Millions of yen)
Nine months endedFebruary 29, 2024
(from June 1, 2023 toFebruary 29, 2024)
446

297
18160

1,465
17118

Nine months ended
February 28, 2023
(from June 1, 2022 toFebruary 28, 2023)
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accountedfor using the equity method

475

1,601

Comprehensive income

Total other comprehensive income

908

2,047

Comprehensive income attributable to:Owners of parent
Non-controlling interests908-2,047-

Toyo Denki Seizo K.K. (6505) Financial Results for the Nine Months Ended February 29, 2024

(3) Notes to Quarterly Consolidated Financial Statements(Notes on Going Concern Assumption)
Not applicable(Notes on Significant Changes in Shareholders’ Equity)
Not applicableToyo Denki Seizo K.K. (6505) Financial Results for the Nine Months Ended February 29, 2024(Segment Information, etc.)[Segment Information]
Nine months ended February 28, 2023 (from June 1, 2022 to February 28, 2023)
Information regarding net sales and profit (loss) by reporting segment
Reporting segments

Transportation
Business

ICT Solution
Business

Industry
Business

Other(Note 1)

Total(Millions of yen)Amountrecorded onquarterly
Adjustments consolidated
statement of(Note 2)
income(Note 3)

Net sales
Net sales to externalcustomers
Intersegment sales
and transfers
Total

13,262

6,570

907

3

20,744-

20,744220-

225

248(248)-

13,2856,571

907

22920,993(248)

20,744

Segment profit (loss)
1,731
24284(12)2,027(1,938)89
Notes: 1“Other” is a business segment that is not included in reporting segments, and includes the worker dispatching business.
2Adjustments to segment profit (loss) of ¥(1,938) million are the elimination of intersegment transactions of ¥(0) million
and corporate expenses of ¥(1,938) million that are not attributable to reporting segments. Corporate expenses areprimarily general and administrative expenses as well as research and development expenses that are not attributableto reporting segments.
3
Segment profit (loss) has been adjusted with operating profit recorded on the quarterly consolidated statement ofincome.

Nine months ended February 29, 2024 (from June 1, 2023 to February 29, 2024)
1.

Information regarding net sales and profit (loss) by reporting segment
Reporting segments

Transportation
Business

Industry
Business

ICT Solution
Business

Other(Note 1)

Total(Millions of yen)Amountrecorded onquarterly
Adjustments consolidated
statement of(Note 2)
income(Note 3)

Net sales
Net sales to externalcustomers
Intersegment salesand transfers
Total

14,282

7,161782

4

22,231-

22,231

16

9-

232

258(258)-

14,298

7,171

782

237

22,489(258)22,231

Segment profit (loss)
1,492
523
198(2)
2,212(2,053)
159
Notes: 1“Other” is a business segment that is not included in reporting segments, and includes the worker dispatching business.
2Adjustments to segment profit (loss) of ¥(2,053) million are the elimination of intersegment transactions of ¥(0) million
and corporate expenses of ¥(2,052) million that are not attributable to reporting segments. Corporate expenses areprimarily general and administrative expenses as well as research and development expenses that are not attributableto reporting segments.
3Segment profit (loss) has been adjusted with operating profit recorded on the quarterly consolidated statement ofincome.

Toyo Denki Seizo K.K. (6505) Financial Results for the Nine Months Ended February 29, 2024

3. Other(1) Status of Production, Orders, and Sales(i) Production status

Business segment

Nine months ended February 28, 2023
(from June 1, 2022 to February 28, 2023)

Nine months ended February 29, 2024
(from June 1, 2023 to February 29, 2024)

Amount(Millions of yen)Amount(Millions of yen)

Share(%)

Share(%)

Transportation Business

14,241

67.0

14,41765.8

Industry Business

6,591

31.0

7,083

32.3

ICT Solution Business

434

2.0

418

1.9

Other----

Total

21,268100.0

21,918100.0(Note)

Amounts are based on sales prices.

(ii) Status of orders received

Business segment

Nine months ended February 28, 2023
(from June 1, 2022 to February 28, 2023)

Nine months ended February 29, 2024
(from June 1, 2023 to February 29, 2024)

Orders received(Millions of yen)Orders received(Millions of yen)Order backlog(Millions of yen)Order backlog(Millions of yen)Transportation Business

16,34023,88723,92831,562

Industry Business

7,792

7,422

7,395

7,385

ICT Solution Business

1,147504

1,109755

Other

3-

4-

Total

25,28431,81532,43839,703(Note)

Amounts are based on sales prices.

(iii) Sales status

Business segment

Nine months ended February 28, 2023
(from June 1, 2022 to February 28, 2023)

Nine months ended February 29, 2024
(from June 1, 2023 to February 29, 2024)

Amount(Millions of yen)Amount(Millions of yen)

Share(%)

Share(%)

Transportation Business

13,262

63.9

14,28264.2

Industry Business

6,570

31.7

7,161

32.2

ICT Solution Business

907

4.4

782

3.5

Other

30.0

40.0

Total

20,744100.0

22,231100.0