Trusco Nakayama Corporation
Financial Statements
Consolidated Balance Sheet
December 31, 2023
Millions of Yen
2023
2022

ASSETS
CURRENT ASSETS:
Cash and cash equivalents
Accounts receivable - trade
Electronically-recorded monetary claims
Merchandise
Other current assets
Allowance for doubtful accounts
Total current assets¥43,284
34,322
2,821
50,848734(1)132,008¥

Thousands ofU.S. Dollars*
2023

39,401
31,5582,759
45,293657(1)$ 305,201
242,011
19,892358,540
5,178(8)

119,667

930,814LIABILITIES AND EQUITYCURRENT LIABILITIES:Accounts payable - trade
Short-term loans borrowings
Current portion of long-term borrowings
Other payables
Income taxes payable
Provision for bonuses
Other current liabilities
Total current liabilities

PROPERTY, PLANT AND EQUIPMENT:Land
Buildings and structures
Machinery, equipment and vehicles
Furniture and fixtures
Construction in progress
Total
Accumulated depreciation

38,74778,00915,438
6,371
10,149148,714(44,144)

38,547
77,865
14,4486,158
412
137,430(39,966)

273,214550,052
108,858
44,922
71,564
1,048,610(311,268)

LONG-TERM LIABILITIES:Long-term loans borrowings
Deposits received for guarantees
Retirement allowances for directors and the Audit andSupervisory board members
Other long-term liabilities
Total long-term liabilities

Net property, plant and equipment
INVESTMENTS AND OTHER ASSETS:
Investment securities
Software and software in progress
Deferred tax assets
Deferred tax assets on land revaluation
Other assets
Allowance for doubtful accounts
Total investments and other assets
TOTAL

104,570

97,464

737,342

2,530
4,558
674
156
519
(137)

3,118
4,373
121
156
318
(9)17,837
32,1414,751
1,099
3,657(956)

8,300

8,077

58,529¥ 244,878¥ 225,208$ 1,726,685

EQUITY :Common stock
Capital surplus
Retained earnings
Unrealized gain on available-for-sale securities
Land revaluation difference
Foreign currency translation adjustment
Treasury stock
Total equity
TOTAL* The translations of Japanese yen amounts into U.S. dollar amounts have been made at the rate of ¥141.82 to $1, the approximate
rate of exchange at December 31, 2023.

-1-Thousands ofU.S. Dollars*
2023

Millions of Yen
2023
2022
¥

20,461
10,000
8,500
3,545
4,249
687
2,294

¥

18,866
10,00010,000
3,090
2,515
12
1,696

$ 144,278
70,51259,93524,99529,958
4,847
16,172

49,736

46,179350,697

31,5002,774
151

25,0002,781
151

222,113
19,560
1,068

2

95

8

34,42728,027

242,749

5,022
4,711
150,298
633
(353)
486
(82)

5,022
4,711
141,096
467
(353)
139
(80)

35,41433,221
1,059,783
4,465(2,492)
3,427
(579)

160,715

151,002

1,133,239¥ 244,878¥ 225,208$ 1,726,685

Trusco Nakayama CorporationFinancial Statements
Consolidated Statement of Income
Year Ended December 31, 2023

2023
NET SALES

Thousands ofU.S. Dollars*
2023

Millions of Yen
2022¥ 268,154¥ 246,454

COST OF GOODS SOLD

210,631

194,293

1,485,203

Gross profit

57,52352,161

405,604

SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES

39,00437,494275,022

Operating income

18,51914,667130,582

77
175

58
166
139
(88)
(42)
(30)

540
1,236

OTHER INCOME (EXPENSES) :Interest and dividend income
Rental income from real estate
Subsidy income
Interest expenses
Rental costs on real estateCompensation expenses
Provision of allowance for doubtful accounts
Gain on sales of non-current assets
Gain on sales of investment securities
Impairment loss
Loss on valuation of investment securities
Compensation Loss on eviction
Other - net

(128)
116
36(45)
(816)
(51)
171

Other income - net

(99)
(47)

$

1,890,807

(699)
(330)

196

(904)
815
257
(320)
(5,756)
(363)
1,218

(611)

593

(4,306)

INCOME BEFORE INCOME TAXES

17,90815,260126,276

INCOME TAXES :Current
Deferred

6,267
(627)

4,519
114

44,187(4,418)5,6404,633

39,769Total income taxes
NET INCOME
NET INCOME ATTRIBUTABLE TO OWNERS OF PARENT¥¥194

12,26812,268¥¥10,627
10,627Yen
PER SHARE OF COMMON STOCK :Basic net income
Cash dividends applicable to the year

¥ 186.05
46.50

$
$

86,50786,507

U.S. Dollars*¥ 161.15
40.00$* The translations of Japanese yen amounts into U.S. dollar amounts have been made at the rate of ¥141.82 to $1, theapproximate rate of exchange at December 31, 2023.

-2-1.31
0.33

Trusco Nakayama CorporationFinancial Statements
Consolidated Statement of Changes in Equity
Year Ended December 31, 2023
Thousands ofShares
Outstanding
Number ofShares ofCommon Stock
BALANCE, JANUARY 1, 2022
Cumulative effects of changes in accounting
policies
Restated balance
Net income
Cash dividends, ¥32.0 per share
Purchase of treasury stock
Disposal of treasury stock
Net change in the year
BALANCE, DECEMBER 31, 2022
Cumulative effects of changes in accounting
policies
Restated balance
Net income
Cash dividends, ¥46.5 per share
Purchase of treasury stock
Disposal of treasury stock
Net change in the year
BALANCE, DECEMBER 31, 2023

65,943

Shareholders’ Equity
CommonStockCapitalSurplusRetained
Earnings

TreasuryStock¥ 4,711¥

132,580¥ (79)

¥ 679

¥

(353)

¥(133)¥ 142,427¥ 5,022¥ 4,711¥

132,580
10,627(2,111)¥ (79)

¥ 679

¥

(353)

¥(133)

272¥ 142,427
10,627(2,111)
(1)
0
60

(1)
0(1)
00

(212)
65,942¥ 5,022¥ 4,711¥ 141,096

¥

(80)

¥ 467

¥

(353)

¥

139

¥

151,002¥ 5,022¥ 4,711¥ 141,096
12,268(3,066)

¥(80)

¥ 467

¥

(353)

¥139

¥

347

151,00212,268(3,066)
(2)
0513

486

¥ 160,715

(1)
0(2)
00

166
65,941

Cumulative effects of changes in accounting policies
Restated balance
Net income
Cash dividends, $0.33 per share
Purchase of treasury stock
Disposal of treasury stock
Net change in the year
BALANCE, DECEMBER 31, 2023

TotalEquity¥ 5,022¥ 5,022¥ 4,711¥ 150,298

¥

(82)

¥ 633

¥

(353)

¥

Thousands of U.S. Dollars*
Accumulated Other Comprehensive Income
Unrealized Gain onLand
Foreign Currency
Treasury
Available-for-Sale
Revaluation
Translation
StockSecurities
Difference
Adjustment

Shareholders’ Equity

BALANCE, DECEMBER 31, 2022

Millions of Yen
Accumulated Other Comprehensive Income
Unrealized Gain onLand
Foreign Currency
Available-for-Sale
Revaluation
Translation
Securities
Difference
Adjustment

CommonStockCapitalSurplusRetained
Earnings$ 35,414$

33,221$

994,897

$

(562)

$

3,286

$

(2,492)$982$

1,064,746$ 35,414$

33,221$ 994,897
86,507(21,621)

$

(562)

$

3,286

$

(2,492)$982$

1,064,746
86,507(21,621)
(17)
0
3,624

$

1,133,239(17)
001,179$ 35,414$

33,221

TotalEquity$

1,059,783$(579)$* The translations of Japanese yen amounts into U.S. dollar amounts have been made at the rate of ¥141.82 to $1, the approximate rate of exchange at December 31, 2023.

-3-

4,465

2,445
$

(2,492)$3,427

Trusco Nakayama Corporation
Financial Statements
Consolidated Statement of Cash Flows
Year Ended December 31, 2023
Thousands ofU.S. Dollars*
2023

Millions of Yen
2023
2022
OPERATING ACTIVITIES:
Income before income taxes
Adjustments for:
Depreciation and amortization
Impairment loss
Gain on valuation of investment securities
Soil pollution removal cost
Increase(Decrease) in allowance for doubtful accounts
Loss on sales of property, plant and equipment
Changes in assets and liabilities:
Increase in accounts receivable
Increase in merchandise
Increase in accounts payable
Increase(Decrease) in accrued consumption taxes
Other – net
Income taxes paid
Soil pollution removal cost paid¥

17,908¥15,260$126,276

6,229
45
817
51
126
(116)

6,691

(2,814)(5,449)
1,582
303
768
(4,596)(51)(3,398)(2,906)
2,505(1,216)148(4,905)(19,842)(38,424)
11,1582,138
5,405(32,404)(363)

14,803

12,179104,378(11,172)
185(1,945)(78,774)
1,302(13,713)50(232)(3,818)3(1,115)
(500)
236
28

Net cash used in investing activities(13,114)(5,166)(92,469)

FINANCING ACTIVITIES:Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repurchase of treasury stocks
Proceeds from sales of treasury stocks
Dividends paid

15,000(10,000)(2)0(3,065)(0)0(2,111)

105,768(70,512)(17)0(21,610)

Net cash used in financing activities

1,933(9,111)

13,6296349

446

3,685(2,049)

25,98439,401

41,450277,823

39,401$ 303,807

Net cash provided by operating activities
INVESTING ACTIVITIES:
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Other - net

349(1,633)(7,000)

FOREIGN CURRENCY TRANSLATION ADJUSTMENTS
ON CASH AND CASH EQUIVALENTS
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING
OF YEAR
CASH AND CASH EQUIVALENTS, END OF YEAR

(0)43,923320
5,758
363885(815)¥43,086¥* The translations of Japanese yen amounts into U.S. dollar amounts have been made at the rate of ¥141.82 to $1, the approximate rate of exchange at December 31, 2023.

-4-