〔Delayed〕The original disclosure in Japanese was released on November 10, 2023 at 15:00 (GMT+9)

November 9, 2023

Tsukada Global Holdings Inc.
Consolidated Earnings Report for the Nine Months ended September 30, 2023
(Japanese GAAP)
Stock listing: Tokyo Stock Exchange (Prime Market)
URL: https://www.tsukada-global.holdings/en/
Representative: Masayuki Tsukada, President and CEO
Information contact: Masahiro Yamazaki, Manager, Finance &Accounting Department
Scheduled dates:
Filing of statutory quarterly financial report (shihanki hokokusho):
Dividend payout:
Supplementary materials to quarterly financial results available: No
Quarterly earnings presentation held: NoSecurities code: 2418

Tel: +81-3-5464-0081

November 10, 2023-(Amounts rounded down to the nearest million yen)

1. Consolidated Performance for the Nine Months ended September 30, 2023
(January 1, 2023 – September 30, 2023)(1) Consolidated Operating Results(Percentages indicate year-on-year changes)

Net sales

Operating income

Ordinary income

Profit attributable toowners of the parent
million yen%million yen%million yen%million yen%
Nine months ended39,660
14.51,530
2,569 19.0
2,321
September 30, 2023
Nine months ended
34,62764.0(378)
2,158
287
September 30, 2022
Note: Comprehensive income: Nine months ended September 30, 2023 2,641 million yen (73.6%)
Nine months ended September 30, 2022: 1,521 million yen (- %)Diluted profit
per share
yenProfit
per shareyen
Nine months ended
September 30, 2023
Nine months ended
September 30, 2022

48.66

-6.03

-(2) Consolidated Financial Position

September 30, 2023
December 31, 2022
Reference: Total equity:

Total assets

Net assetsEquity ratio

million yen

million yen%

87,07925,25028.7

87,472
23,086
September 30, 2023: 25,004 million yen
December 31, 2022: 22,866 million yen

26.1

707.7
-2. Dividends
End-Q1yen

End-Q2yen

Dividend per share
End-Q3yen

Year ended
0.00
December 31, 2022
Year ending
5.00
December 31, 2023
Year ending
December 31, 2023
(Forecast)
Note: No revision has been made to the latest dividends forecast.

Year-endyen

Annual totalyen

5.00

5.00

5.00

10.00

3. Earnings Forecast for the Fiscal Year ending December 31, 2023
(January 1, 2023 – December 31, 2023)
Net sales
million yen

Operating income%million yen%

(Percentages indicate year-on-year changes)
Profit attributable
Profitto owners of theOrdinary income
per share
parentmillion yen

Year ending
58,300 12.8
4,738 59.2
December 31, 2023
Note: No revision has been made to the latest earnings forecast.

4,771%

million yen%

yen

0.3

3,950

163.6

82.81

*Notes(1) Changes in significant subsidiaries during the period: None
(Changes in specific subsidiaries accompanying a change in scope of consolidation)
Newly Consolidated: None
Newly Deconsolidated: None
(2) Use of accounting methods specific to the preparation of quarterly consolidated financial
statements: Yes
Note: For details, please refer to “(3) Notes on Quarterly Consolidated Financial Statements(Application of Specific Accounting Methods for the Preparation of QuarterlyConsolidated Financial Statements)” in section “2. Quarterly Consolidated FinancialStatements and Main Notes” on page 8 in the accompanying materials.
(3) Changes in accounting policy, changes in accounting estimates, and retrospective
restatement
1) Changes in accordance with amendments to accounting standards, etc.: Yes
2) Changes other than noted in 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None(4) Shares issued (common stock)1) Number of shares issued at end ofperiod (including treasury stock)2) Number of shares held in treasury atend of period

3) Average number of shares
outstanding during the period

September 30, 2023

December 31, 2022

48,960,000

48,960,000

1,259,834

1,259,834

Nine Months endedSeptember 30, 2023

Nine Months ended
September 30, 2022

47,700,166

47,700,166* Quarterly earnings reports are exempt from quarterly reviews conducted by certified publicaccountants or by audit firms.

*Appropriate Use of Earnings Forecast and Other Important Information(Cautionary Statement with Respect to Forward-Looking Statements)
Any forecasts and forward-looking statements given herein are based on information available asof this report’s publication and on certain assumptions that are deemed reasonable. Theseforecasts are not guarantees of future performance, and actual results may differ from forecasts
due to changes in the business environment. For the assumptions underlying the forecasts herein
and other notice on the use of earnings forecasts, please refer to “(3) Earnings Forecast for theFiscal Year ending December 31, 2023” in the section “1. Review of Consolidated Financial Results”
on page 3 in the accompanying materials.

Accompanying Material – Contents
1. Review of Consolidated Financial Results(1) Operating Results(2) Analysis of Financial Condition(3) Earnings Forecast for the Fiscal Year ending December 31, 2023
2. Quarterly Consolidated Financial Statements and Main Notes(1) Consolidated Balance Sheets(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
Consolidated Statements of Comprehensive Income(3) Notes on Quarterly Consolidated Financial Statements(Note on the Going-concern Assumption)(Note on Significant Changes in the Amount of Shareholders’ Equity)(Application of Specific Accounting Methods for the Preparation of Quarterly
Consolidated Financial Statements)(Changes in Accounting Policies)(Segment Information)(Revenue Recognition)
3. Supplementary Information(Weddings Held and Orders Received)

12233446678888891011111. Review of Consolidated Financial Results(1) Operating Results
Operating Results and Analysis of Financial Condition
During the first nine months of the fiscal year ending December 31, 2023, the Japanese economy asa whole was on a moderate recovery path as the effects of various government policies became
apparent, including a pickup in both consumer spending and private-sector capital investment as wellas an improvement in the employment and income environment. However, the outlook remains
uncertain due to supply chain disruptions caused by heightened geopolitical risks and soaring energy
and raw material costs.
Amidst this environment, the Tsukada Global Holdings Group (“the Group”) focused on creating newvalue, developing high-quality and attractive outlets, providing high value-added services in the bridal,
hotel, and wellness and relaxation (W&R) markets, and on accurately responding to diversifying
customer needs, and thereby strived to expand net sales and to improve profitability.
In the Hotel business, the number of domestic travelers rose as a result of the reclassification of
COVID-19 to Class 5. And thanks to the lifting of travel restrictions, the number of foreign visitors toJapan exceeded 2 million (Japan National Tourism Organization, “Number of Foreign Visitors to Japan(September 2023 estimate)”), a recovery to 96.1% of the figure for September 2019. These factors
led to an upturn in the overnight occupancy rate and average charge per night, which remained stable.
In addition, the number of weddings held in the Wedding business and the Hotel business is returning
to normal, as postponements due to COVID-19, which had been frequent until last year, have largelydisappeared. However, the outlook is difficult to predict, as the recovery in the spend per wedding
stalled due to the increase in the number of small weddings.
As a result, in the first nine months of fiscal 2023, the Group posted consolidated net sales of¥39,660 million (up 14.5% year on year) and operating income was ¥1,530 million (compared with aloss of ¥378 million a year earlier). Due to foreign exchange gains of ¥1,081 million recorded in nonoperating income, ordinary income was ¥2,569 million (up 19.0% year on year), and profit attributableto owners of the parent was ¥2,321 million (up 707.7% year on year).
The results for each business segment were as follows.
1) Wedding businessIn the first nine months of fiscal 2023, the number of weddings held fell slightly to 7,345 (down 0.1%year on year), but spend per wedding gradually recovered and thus net sales in the Wedding
business also increased modestly year on year. However, this segment profit decreased year on
year due to a decline in profitability caused by the increase in the number of small weddings despitean uptrend in spend per wedding and an increase in energy and other costs.
As a result, net sales in the Wedding business totaled ¥23,612 million (up 2.7% year on year) andsegment profit was ¥2,100 million (down 29.6%).
2) Hotel business
The number of hotel weddings held climbed slightly to 1,169 (up 1.5%) in the first nine months offiscal 2023. The overnight occupancy rate and average charge per night remained firm due to anincrease in the number of domestic travelers and the number of foreign visitors to Japan. Inboundtourism related-demand, which had declined sharply, is gradually recovering.
As a result, net sales in the Hotel business totaled ¥13,838 million (up 46.8% year on year) andsegment profit was ¥919 million (compared with a loss of ¥2,059 million a year earlier).
3) W&R businessIn the first nine months of fiscal 2023, the Beauty & Relax SPA-HERBS spa complex was selected
as first place nationwide in the “Nifty Onsen Annual Ranking” which drove the number of visitors,
net sales, and segment profit to exceed the levels of the previous fiscal year. However, the segment
2net sales declined slightly mainly due to the difficulty in increasing the number of therapists and theclosure of unprofitable outlets for the British-style Queensway reflexology salons, resulting in asegment loss, although profitability is on an uptrend.
As a result, net sales in the W&R business totaled ¥2,209 million (down 0.2% year on year) andsegment loss was ¥87 million (compared with a loss of ¥263 million a year earlier).
(2) Analysis of Financial Condition
Assets, Liabilities, and Net Assets
Total assets as of September 30, 2023, the end of the first nine months of fiscal 2023, amounted to¥87,079 million, a decrease of ¥392 million from the end of the previous fiscal year (December 31,2022). This was mainly due to an increase of ¥2,854 million in other current assets offset by a ¥2,180
million decrease in cash and deposits due to repayment of interest-bearing debt and tax payments
and by ¥1,048 million decrease in tangible assets due to depreciation.
Total liabilities as of September 30, 2023 came to ¥61,829 million, a decrease of ¥2,557 million fromthe end of the previous fiscal year (December 31, 2022). This was mainly due to a decrease of ¥1,360
million in long-term debt (including the current portion) due to repayment and a decrease of ¥747 million
in bonds payable (including current portion) due to redemption.
Total net assets as of September 30, 2023 amounted to ¥25,250 million, an increase of ¥2,164 million
from the end of the previous fiscal year (December 31, 2022). This was mainly due to an increase of¥1,844 million in retained earnings due to the recording of profit attributable to owners of the parent. Asa result, the equity ratio was 28.7%, an improvement of 2.6 percentage points from the end of theprevious fiscal year (December 31, 2022).
(3) Earnings Forecast for the Fiscal Year Ending December 31, 2023
There is no change to the consolidated earnings forecasts for the full fiscal year ending December 31,
2023 as announced in the Group’s Consolidated Earnings Report for the Six Months ended June 30,2023 released on August 9, 2023.
Note that actual results may differ significantly due to various factors in the future. The Company
will promptly release any revisions to its consolidated results forecasts should this become necessary.

32. Quarterly Consolidated Financial Statements and Main Notes(1) Consolidated Balance Sheets(millions of yen)

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Merchandise
Raw materials and supplies
Other
Allowance for doubtful receivables
Total current assets
Fixed assets
Buildings and structures, net
LandConstruction in progress
Other, net
Total tangible assets
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Lease and guarantee deposits
OtherAllowance for doubtful receivables
Total investments and other assets
Total fixed assets
Deferred assets
Total assets

4

December 31, 2022
AmountSeptember 30, 2023
Amount21,238
1,479
166
381
1,360
(37)
24,58819,057
1,355
174
348
4,215
(40)
25,10929,083
9,544
1,007
1,496
41,131

28,385
9,641
712
1,343
40,082

1,157
1,020
2,177

933
953
1,886

5,599
7,211
6,703
(121)
19,39262,702
181
87,472

6,206
7,065
6,704
(135)
19,84061,810158
87,079(millions of yen)

Liabilities
Current liabilities
Accounts payable - trade
Current portion of long-term debt
Current portion of bonds
Income taxes payable
Advances received
Allowance for loss on shop closing
Asset retirement obligations
Other
Total current liabilities
Fixed liabilities
Bonds
Long-term debt
Net defined benefit liability
Provision for directors’ retirement benefits
Asset retirement obligations
Other
Total fixed liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Deferred gain (loss) on derivatives underhedge accounting
Foreign currency translation adjustments
Remeasurements of defined benefit plan
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

5

December 31, 2022
AmountSeptember 30, 2023
Amount

2,101
7,106
964
839
3,107
62
47
4,300
18,530

1,865
7,134
994
309
3,972
6
34
3,816
18,135

5,703
33,722
407
953
4,535
532
45,85564,386

4,926
32,333
435
994
4,574
429
43,69461,829

472
634
22,140(892)
22,353472
634
23,984(892)
24,198

171
347
(5)

194
619
(6)

513
219
23,08687,472806
245
25,25087,079(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(millions of yen)

Net sales
Cost of sales
Gross profit (loss)
Selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Gain on investments in silent partnership
Gain on investments in capital
Subsidy income
Foreign exchange gains
OtherTotal non-operating income
Non-operating expenses
Interest expenses
Loss on investments in capital
Share of loss of entities accounted for using
equity method
Other
Total non-operating expenses
Ordinary income (loss)
Extraordinary income
Compensation income
Gain on sales of fixed assets
Gain on sales of memberships
Total extraordinary income
Extraordinary loss
Loss on disposal of fixed assets
Shop closing expenses
Loss on sales of investment securities
Other
Total extraordinary loss
Profit (loss) before income taxes
Income taxes
Profit (loss)
Profit (loss) attributable to non-controllinginterests
Profit (loss) attributable to owners of theparent

6

Nine months ended
September 30, 2022
Amount34,627
24,371
10,255
10,634(378)Nine months ended
September 30, 2023
Amount39,66026,037
13,622
12,091
1,530

26
152
1,292
1,794
95
3,361

119
151
51
19
1,081
139
1,562

353
152

380
-

38

88

280
824
2,158

55
524
2,569

0
3
3

700
0700

0
13
98
0
112
2,049
1,759
290

62
44
26
133
3,135
815
2,320

2(1)

287

2,321

Consolidated Statements of Comprehensive Income(millions of yen)

Profit (loss)
Other comprehensive income
Net unrealized gain (loss) on available-for-salesecurities
Deferred gain (loss) on derivatives under hedge
accounting
Foreign currency translation adjustments
Remeasurements of defined benefit plan
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of
the parent
Comprehensive income attributable to noncontrolling interests

7

Nine months ended
September 30, 2022

Nine months ended
September 30, 2023

AmountAmount290

2,320

38-493

22311
(1)

89(0)

389210

1,231
1,521

321
2,641

1,469

2,6145226

(3) Notes on Quarterly Consolidated Financial Statements(Note on the Going-concern Assumption)
Not applicable(Note on Significant Changes in the Amount of Shareholders’ Equity)
Not applicable(Application of Specific Accounting Methods for the Preparation of Quarterly
Consolidated Financial Statements)(Simplified accounting methods)
1) Calculation method for depreciation of fixed assets
Depreciation expenses for assets to which the declining-balance method is applied are
calculated by allocating a quarterly proportion of the amount for the full fiscal year.
2) Calculation method for deferred tax assets and deferred tax liabilities
Regarding judgments on the amount of recoverable deferred tax assets, the Company
has determined that there have been no significant changes in the economic
environment or emergence of temporary differences since the end of the previous fiscal
year, and therefore the calculations are based on future earnings forecasts from theprevious fiscal year and tax planning methods.
(Special accounting treatments)
Calculation of taxes
The Company calculates tax liabilities by producing a reasonable estimate of theeffective tax rate after applying tax-effect accounting to profit (loss) before income taxes
for the fiscal year, which encompasses the third quarter ended September 30, 2023, andthen multiplying profit (loss) before income taxes by this estimated effective tax rate. In
cases where this estimated effective tax rate cannot be used, the statutory effective tax
rate is used.
(Changes in Accounting Policies)(Application of Accounting Standard for Revenue Recognition, etc.)
The “Implementation Guidance on Accounting Standard for Fair Value Measurement”(ASBJ Guidance No. 31, June 17, 2021, hereinafter the “Fair Value MeasurementGuidance”) has been applied from the beginning of the first quarter of the fiscal year
ending December 31, 2023. In accordance with the transitional treatment set forth inParagraph 27-2 of the Fair Value Measurement Guidance, the new accounting policy
prescribed by the Fair Value Measurement Guidance has been applied prospectively.
This application has no impact on the quarterly consolidated financial statements.

8

(Segment Information)
I. Nine months ended September 30, 2022 (January 1 to September 30, 2022)
1. Net sales and income/loss by reportable segment and information on the disaggregation ofrevenue(millions of yen)

Reportable segment

Amountrecorded on

Weddingbusiness
Net sales
Revenue fromcontracts withcustomersHotelbusiness

W&R
business

consolidated

Total

statements ofAdjustments

income(note 1)

(note 2)

22,907

9,425

2,214

34,547−34,547

80

−

−

80

−

80

22,987

9,425

2,214

34,627−

34,627

1,287

680

24

1,992

(1,992)−

Total

24,275

10,1052,239

36,620(1,992)

34,627

Segment income (loss)

2,983(2,059)

(263)

659

(1,038)(378)

Other revenue
Sales to outside
customers
Inter-segment sales
and transfers

Notes: 1. The minus 1,038 million yen adjustment for the segment income (loss) includes an 67 million
yen elimination of inter-segment sales and minus 1,105 million yen in corporate expenses thatare not allocated to each reportable segment. The main component of these unallocatedcorporate expenses is general and administrative expenses that are not attributable toreportable segments
2. Segment income (loss) is adjusted to correspond with operating income reported on thequarterly consolidated statements of income.

2. Impairment loss on fixed assets or goodwill by reportable segment
Not applicable

9II. Nine months ended September 30, 2023 (January 1 to September 30, 2023)
1. Net sales and income/loss by reportable segment and information on the disaggregation ofrevenue(millions of yen)

Reportable segment

Amountrecorded on

Weddingbusiness
Net sales
Revenue fromcontracts withcustomers
Other revenue

Hotelbusiness

W&R
business

Total

consolidated
Adjustments

statements of(note 1)

income (note 2)

23,587

13,8382,209

39,635−39,635

24−

−

24−

24

23,612

13,8382,209

39,660−39,660

1,383

706

25

2,116

(2,116)−

Total

24,996

14,5452,235

41,776(2,116)

39,660

Segment income(loss)

2,100

919

(87)

2,933

(1,402)

1,530

Sales to outside
customers
Inter-segment sales
and transfers

Notes: 1. The minus 1,402 million yen adjustment for the segment income (loss) includes an 17 million
yen elimination of inter-segment sales and minus 1,420 million yen in corporate expenses
that are not allocated to each reportable segment. The main component of these unallocatedcorporate expenses is general and administrative expenses that are not attributable toreportable segments
2. Segment income (loss) is adjusted to correspond with operating income (loss) reported on
the quarterly consolidated statements of income.

2. Impairment loss on fixed assets or goodwill by reportable segment
Not applicable(Revenue Recognition)
Information on the disaggregation of revenue from contracts with customers is as statedin “Notes on Quarterly Consolidated Financial Statements (Segment Information)”.

10

3. Supplementary Information(Weddings Held and Orders Received)1) Number of weddings held

Segment

Nine Months ended
September 30, 2022

Nine Months ended
September 30, 2023

Year ended
December 31, 2022

Number of weddings
held (cases)

Number of weddings
held (cases)

Number of weddings
held (cases)

Wedding business

7,351

7,345

10,837

Hotel business

1,152

1,169

1,660

8,503

8,514

12,497

Annual total
2) Wedding orders received

Segment

Nine Months ended
September 30, 2022

Nine Months ended
September 30, 2023

Year ended
December 31, 2022

Ordersreceived(cases)

Ordersreceived(cases)

Ordersreceived(cases)

Orderbacklog(cases)Orderbacklog(cases)Orderbacklog(cases)

Wedding business

7,667

7,323

8,820

7,455

9,810

5,980

Hotel business

1,191

1,260

1,703

1,654

1,559

1,120

8,858

8,583

10,5239,109

11,3697,100

Annual total

11