Consolidated Financial Summary
Cumulative First Quarter of FY2025(April 1, 2024 – June 30, 2024)

This document is an English translation of the Japanese language version of the consolidated
financial summary that TS TECH Co., Ltd. has produced as a reference purpose.
In the event of any discrepancy between this translated document and the Japanese original, theoriginal shall prevail.

Consolidated Financial Summary for the Cumulative First Quarter of FY2025(under IFRS)
Company name:
TS TECH CO., LTD.
Stock exchange listing:Stock code:
7313
URL: https://www.tstech.co.jp
Representative:
Masanari Yasuda, President
Contact: Mahoro Kurata, General Manager, Corporate Communication Department
Scheduled date of commencement of dividend payment:─Preparation of supplementary explanatory material:
None
Quarterly results briefing:
None

August 9, 2024
Tokyo Stock Exchange
Tel. 048-462-1121(Amounts of less than one million yen are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Cumulative First Quarter of FY2025 (April 1, 2024 – June 30, 2024)(1) Consolidated Financial Results (Cumulative Total)(%: year-on-year change)
OperatingincomeRevenue
Million yen

First quarter of FY2025
First quarter of FY2024

Income before
tax%

Million yen%

Million yen%

112,516 20.7
93,190 13.6

2,495
99

–
–

3,810
1,500

153.9
65.0

%

Million yen

3,008 520.8
484
–

2,473
127

% Million yen––

11,215
14,517%(22.7)
8.2

Diluted earnings per
share

Basic earnings per shareFirst quarter of FY2025
First quarter of FY2024

Million yen

Total
comprehensive
incomeIncomeattributable toowners of parent

Net income

Yen

Yen

19.39
1.00

–
–

(2) Consolidated Financial Position
Total assets

First quarter of FY2025
FY2024

Total equity

Equity attributableto owners ofparentRatio of equity
attributable toowners of parent
to total assets

Equity attributableto owners ofparent per share

Million yen

Million yen

Million yen%

Yen449,324446,214350,628
348,703

331,795
326,93273.8
73.3

2,601.72
2,563.58

2. Cash Dividends
Annual cash dividends per share
End of 2Q
End of 3Q
End of year

End of 1Q
Yen

Yen

Yen

AnnualYen

Yen

FY2024
35.00
38.00
－
−
FY2025－
FY2025 (forecast)
40.00
43.00
−
(Note)
Revision from the most recent announcement of cash dividends forecasts: No

73.00
83.00

3. Consolidated Forecasts for FY2025 (April 1, 2024 – March 31, 2025)(%: year-on-year change)
OperatingincomeRevenue
Million yen%

Million yen

Income before
tax%

Million yen%

Income attributable toowners of parent

Net income
Million yen

Basicearnings per
share

%

Million yen%

Yen

First half of FY2025
222,000
9.7
8,000
57.6
9,000
22.8
5,000
22.7
FY2025450,000
1.9 20,000
14.2 22,500
3.5 15,000
11.2(Note)
Revision from the most recent announcement of consolidated financial forecasts: No

3,500
12,000

15.7
17.5

27.44
94.05

* Notes(1) Significant changes in the scope of consolidation during the period:
Yes
Newly included― companies
Excluded
1 company
TECH TOEI CO., LTD.
(Note) Please refer to “2. Condensed Quarterly Consolidated Financial Statements and Significant Notes Thereto(5) Notes Concerning Condensed Quarterly Consolidated Financial Statements, Significant Changes in thescope of consolidation during the period” on page 13 for details.
(2) Changes in accounting policies and accounting estimates
1) Changes in accounting policies required by IFRS:

None2) Changes other than 1):

None3) Changes in accounting estimates:

None(3) Number of shares issued (common stock)1) Number of shares issued at the end
136,000,000
1Q of FY2025
sharesof the term including treasury stock2) Number of treasury stock at the end
8,470,554
1Q of FY2025
sharesof the term3) Average number of shares during
127,529,446
1Q of FY2025
sharesthe term (cumulative)*Review of the Japanese-language originals of the attached consolidated
quarterly financial statements by certified public accountants or an auditing firms:

FY2024136,000,000
shares

FY20248,470,554
shares1Q of FY2024

127,504,480
sharesNone* Explanation regarding the appropriate use of forecasts of financial results and other notes
The consolidated forecasts presented on the previous page are projections made by management at TS TECH Co.,
Ltd. (hereinafter the “Company”) on the basis of information available at the time of preparation. For that reason,
they involve risks and uncertainties.
Accordingly, we request that readers of this document avoid making investment decisions based exclusively on these
forecasts. Please bear in mind the possibility that actual results may differ materially from these forecasts due tovarious important factors. Readers are asked to proceed to “(3) Qualitative Information Concerning Consolidated
Forecasts” on page 4 for assumptions and other information that form the premises for the operating results forecaston the previous page.

Table of Contents

1. Qualitative Information Concerning Results ......................................................................................................2(1) Qualitative Information Concerning Consolidated Financial Results ........................................................2(2) Qualitative Information Concerning Consolidated Financial Positions .....................................................4(3) Qualitative Information Concerning Consolidated Forecasts .....................................................................4
2. Condensed Quarterly Consolidated Financial Statements and Significant Notes Thereto .................................5
(1)
(2)
(3)
(4)
(5)

Condensed Quarterly Consolidated Statement of Financial Position .........................................................5
Condensed Quarterly Consolidated Statements of Income and Comprehensive Income ...........................7
Condensed Quarterly Consolidated Statement of Changes in Equity ........................................................9
Condensed Quarterly Consolidated Statement of Cash Flows ................................................................. 11
Notes Concerning Condensed Quarterly Consolidated Financial Statements ..........................................13- 1 -1. Qualitative Information Concerning Results(1) Qualitative Information Concerning Consolidated Financial Results
Revenue for the cumulative First quarter of FY2025 (April 1, 2024 – June 30, 2024) reached 112,516 million yen on aconsolidated basis, an increase of 19,326 million yen (20.7%) from the same period in FY2024, mainly due to the effects offoreign exchange rates and higher production mainly in Americas and Japan.
Looking at profits, operating income stood at 2,495 million yen, an increase of 2,396 million yen (2,417.4%) year on year due
to the effect of higher revenue, offsetting higher expenses. Income attributable to owners of parent increased of 2,345 million
yen (1,834.4%) year on year to 2,473 million yen.

* USD/JPY average exchange rate: 1Q FY2024: ¥137.5 1Q FY2025: ¥155.9* CNY/JPY average exchange rate: 1Q FY2024: ¥19.6 1Q FY2025: ¥21.5
Operating performance by segment is as follows.
(Japan)(Unit: Million yen)

Revenue
Operating income

Cumulative First
quarter of FY2024
17,420
1,462

Cumulative First
quarter of FY2025
24,9002,105

Difference

Change

7,480
643

42.9%
44.0%

Main factors for year-on-year change
Revenue
Revenue increased primarily due to the effects of higher production and improved model mix.
Operating income Operating income increased primarily due to higher revenue, offsetting higher expenses.
(Americas)(Unit: Million yen)

Revenue
Operating income/loss

Cumulative First
Cumulative First
quarter of FY2024 quarter of FY2025
54,24968,769(323)
1,249

Difference

Change14,520
1,572

26.8%
–%

Main factors for year-on-year change
Revenue
Revenue increased primarily due to the effects of foreign exchange rates and higher
production.
Operating income Operating income increased primarily due to higher revenue, offsetting higher expenses suchas labor costs.

(China)(Unit: Million yen)

Revenue
Operating income

Cumulative First
Cumulative First
quarter of FY2024 quarter of FY2025
18,46915,723932
833

Difference(2,746)(99)

Change(14.9%)(10.6%)

Main factors for year-on-year change
Revenue
Revenue decreased primarily due to the impact of lower production, offsetting the effects offoreign exchange rates and improved model mix.
Operating income Operating income decreased primarily due to the impact of lower revenue, offsetting expenses
reduction.

- 2 -(Asia and Europe)(Unit: Million yen)

Revenue
Operating income/loss

Cumulative First
Cumulative First
quarter of FY2024 quarter of FY2025
8,756
9,036
(451)
(65)

Difference

Change
279
386

3.2%
－%

Main factors for year-on-year change
Revenue
Revenue increased slightly due to the effects of foreign exchange rates and higher parts sales,
offsetting the impact of lower production.
Operating income Operating income increased primarily due to higher revenue and other factors such as
expenses reduction.
Sales by business segment are as follows:(Unit: Million yen)Motorcycles
Automobiles(Seats)(Interior products)
Other businesses
Total

Cumulative First
quarter of FY2024
Sales ratio
1,868
2.0 %
86,42792.7 %
78,172
83.9 %
8,254
8.9 %
4,894
5.3 %
93,190100.0 %

Cumulative First
quarter of FY2025
Sales ratio
1,943
1.7 %
104,956
93.3 %
95,70885.1 %
9,247
8.2 %
5,616
5.0 %
112,516100.0 %

- 3 -Difference
74
18,52917,536992
722
19,326

Change4.0 %21.4 %
22.4 %
12.0 %
14.8 %
20.7 %

(2) Qualitative Information Concerning Consolidated Financial Positions(Assets)
Assets at the end of the First quarter of FY2025 stood at 449,324 million yen, an increase of 3,109 million yen from the endof the previous consolidated fiscal year. This change was mainly due to an overall increase in assets attributable to the impact offoreign exchange rates and other factors. These factors more than offset declining trade and other receivables due to decreasedorders from major customers.
(Liabilities)
Liabilities at the end of the First quarter of FY2025 amounted to 98,695 million yen, an increase of 1,185 million yen fromthe end of the previous consolidated fiscal year. This change resulted primarily from an overall increase in liabilities attributable
to the impact of foreign exchange rates and other factors.
(Equity)
Equity at the end of the First quarter of FY2025 was 350,628 million yen, an increase of 1,924 million yen from the end of
the previous consolidated fiscal year. This change was primarily the result from an increase in other equity components
attributable to an increase in differences on translation from foreign operations, offsetting a decrease in retained earnings andnon-controlling interests on the payment of cash dividends.

(3) Qualitative Information Concerning Consolidated Forecasts
Taking into account consolidated operating results for the cumulative First quarter of FY2025 as well as the current trend inorders from major customers and foreign exchange rates, the Company is keeping the consolidated forecasts announced on May
10, 2024 unchanged.

- 4 -2. Condensed Quarterly Consolidated Financial Statements and Significant Notes Thereto(1) Condensed Quarterly Consolidated Statement of Financial Position(Unit: Million yen)
FY2024(As of March 31, 2024)
AssetsCurrent assets
Cash and cash equivalents
Trade and other receivables
Other financial assets
Inventories
Income taxes receivables
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments accounted for using the equity method
Other financial assets
Defined benefit assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets- 5 -First quarter of FY2025(As of June 30, 2024)

150,755
66,616
10,29235,332
3,314
6,207
272,518

152,924
60,545
10,435
37,1103,974
6,775
271,765

90,203
11,15718,30739,442
8,322
5,839
423
173,696446,214

93,255
11,507
17,94540,217
8,342
5,878
410
177,558
449,324

(Unit: Million yen)
FY2024(As of March 31, 2024)
Liabilities and equity
Current liabilities
Trade and other payables
Other financial liabilities
Income tax payables
Provisions
Other current liabilities
Total current liabilities
Non-current liabilities
Other financial liabilities
Defined benefit liabilities
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities
EquityCapital stock
Capital surplus
Treasury stock
Retained earnings
Other components of equity
Total equity attributable to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity- 6 -First quarter of FY2025(As of June 30, 2024)

69,453
1,147
4,695
99
6,896
82,29270,518
1,486
4,710
94
7,763
84,574

3,535
2,077
159
8,119
1,326
15,21897,510

3,571
2,160
145
6,847
1,397
14,121
98,6954,700
5,381(12,434)
269,715
59,569326,932
21,771
348,703446,214

4,700
5,395
(12,434)
267,342
66,792331,795
18,832
350,628
449,324

(2) Condensed Quarterly Consolidated Statements of Income and Comprehensive Income
Condensed Quarterly Consolidated Statement of Income
Consolidated Cumulative First Quarter(Unit: Million yen)
Consolidated cumulative
First quarter of FY2024(April 1, 2023–
June 30, 2023)
93,190(83,148)
10,041

Consolidated cumulative
First quarter of FY2025(April 1, 2024–
June 30, 2024)
112,516(98,293)
14,222(10,797)
1,270
(415)
99

(11,918)
363
(171)
2,495

Finance income
Finance costs
Share of profit (loss) of investments accounted forusing the equity method
Income before tax

1,734
(155)

1,580
(503)

(177)

237

1,500

3,810

Income tax expense
Net income(1,015)
484

(801)
3,008

Income attributable to
Owners of parent
Non-controlling interests
Net income

127
356
484

2,473
535
3,008

Earnings per share
Basic earnings per share (yen)Diluted earnings per share (yen)

1.00
–

19.39
–

Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses
Other income
Other expenses
Operating income- 7 -Condensed Quarterly Consolidated Statement of Comprehensive Income
Consolidated Cumulative First Quarter(Unit: Million yen)
Consolidated cumulative
First quarter of FY2024(April 1, 2023–
June 30, 2023)
Net income
Other comprehensive income
Components that will not be reclassified subsequently to
net profit or loss
Remeasurements of defined benefits plans
Financial assets measured at fair value through othercomprehensive income
Share of other comprehensive income of associates
accounted for using the equity method
Total components that will not be reclassified
subsequently to net profit or loss
Components that may be reclassified subsequently to net
profit or loss
Differences on translation from foreign operations
Share of other comprehensive income of associates
accounted for using the equity method
Total components that may be reclassified subsequently to
net profit or loss
Other comprehensive income, net of tax
Comprehensive income for the period
Comprehensive income for the period attributable to
Owners of parent
Non-controlling interests
Comprehensive income for the period

- 8 -

484

Consolidated cumulative
First quarter of FY2025(April 1, 2024–
June 30, 2024)
3,008

(7)

(15)

2,560

(1,245)

224

(90)

2,777

(1,351)

11,049

9,587

205

(28)

11,255

9,558

14,033
14,517

8,206
11,215

13,588928
14,517

9,695
1,520
11,215

(3) Condensed Quarterly Consolidated Statement of Changes in Equity
Consolidated Cumulative First Quarter of FY2024 (April 1, 2023 – June 30, 2023)(Unit: Million yen)
Equity attributable to owners of parent
Capital stock
Balance at the beginning of the fiscal year
Comprehensive income
Net income
Other comprehensive income
Total comprehensive income
Transactions with owners, etc.
Dividends
Share-based payments
Other
Total transactions with owners, etc.
Balance at the end of the period

Balance at the beginning of the fiscal year
Comprehensive income
Net income
Other comprehensive income
Total comprehensive income
Transactions with owners, etc.
Dividends
Share-based payments
Other
Total transactions with owners, etc.
Balance at the end of the period

4,700

CapitalsurplusTreasury stock

5,392(12,508)

Other
components ofequity268,172
33,035Retainedearnings

127
–

–

–

127

13,461
13,461(4,207)30–
4,700
Total equity
attributable toowners ofparent298,79130
5,422

Noncontrollinginterests(4)(4)(12,513)

Total equity

24,666

323,458

127
13,461
13,588

356
572
928

484
14,033
14,517(4,207)30(4)(4,182)
308,198(6,687)(10,894)30(4)(10,869)
327,107- 9 -(6,687)
18,908(4,207)
264,092––
46,496

Consolidated Cumulative First Quarter of FY2025 (April 1, 2024 – June 30, 2024)(Unit: Million yen)
Equity attributable to owners of parent
Capital stock
Balance at the beginning of the fiscal year
Comprehensive income
Net income
Other comprehensive income
Total comprehensive income
Transactions with owners, etc.
Dividends
Share-based payments
Other
Total transactions with owners, etc.
Balance at the end of the period

Balance at the beginning of the fiscal year
Comprehensive income
Net income
Other comprehensive income
Total comprehensive income
Transactions with owners, etc.
Dividends
Share-based payments
Other
Total transactions with owners, etc.
Balance at the end of the period

4,700

CapitalsurplusTreasury stock

5,381(12,434)

Other
components ofequity269,715
59,569Retainedearnings

2,473
–

–

–

2,473

7,222
7,222

(4,846)13–
4,700
Total equity
attributable toowners ofparent326,932

13
5,395

Noncontrollinginterests–(12,434)

Total equity

21,771

348,703

2,473
7,222
9,695

535
984
1,520

3,008
8,206
11,215(4,846)
13–(4,832)331,795(4,458)(9,304)13–(9,290)350,628- 10 -(4,458)18,832(4,846)
267,342–
66,792

(4) Condensed Quarterly Consolidated Statement of Cash Flows(Unit: Million yen)
Consolidated cumulative
First quarter of FY2024(April 1, 2023–
June 30, 20223)
Cash flows from operating activities
Income before tax
Depreciation and amortization
Loss (gain) on disposal of non-current assets
Finance income and finance costs
Share of loss (profit) of investments accounted
for using the equity method
Decrease (increase) in trade and other receivables
Decrease (increase) in lease receivables
Decrease (increase) in inventories
Increase (decrease) in trade and other payables
Increase or decrease in net defined benefit asset or liability
Increase (decrease) in provisions
Other
SubtotalInterest income received
Dividend income received
Interest expenses paid
Income taxes paid
Cash flows from 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 sales of property, plant and equipment
Purchase of intangible assets
Purchase of equity instruments
Proceeds from sales of equity instruments
Payments of loans receivableCollection of loans receivable
Other
Cash flows from investing activities- 11 -

Consolidated cumulative
First quarter of FY2025(April 1, 2024–
June 30, 2024)

1,500
2,990
(133)
(909)

3,810
3,405
(75)
(751)

177

(237)

12,40844(1,039)(6,656)14
1(2,994)
5,404
800
394
(154)
(2,721)
3,725

9,000
(51)
(251)
(2,743)
2
(18)
(739)
11,350
701
632
(503)
(2,075)
10,104(1,398)
1,035(3,963)
147
(874)
(31)
–
(141)
38
475
(4,713)(5,559)7,494(2,975)426(908)(4,081)
5
(34)
42
(1)
(5,591)

(Unit: Million yen)
Consolidated cumulative
First quarter of FY2024(April 1, 2023–
June 30, 20223)

Consolidated cumulative
First quarter of FY2025(April 1, 2024–
June 30, 2024)

Cash flows from financial activities
Repayments of lease liabilities

(332)

(319)

Cash dividends paid

(4,214)(4,854)

Cash dividends paid to non-controlling interests(3,199)(2,236)

Cash flows from financial activities(7,746)(7,410)Effect of exchange rate change on cash and cash equivalents

3,633

5,067

Net increase (decrease) in cash and cash equivalents(5,101)

2,169

Cash and cash equivalents at the beginning of the period

132,914150,755

Cash and cash equivalents at the end of the period

127,812

152,924- 12 -

(5) Notes Concerning Condensed Quarterly Consolidated Financial Statements(Notes Concerning Segment Information)
Information about revenue, profits, or losses for reportable segments
Consolidated Cumulative First quarter of FY2024 (April 1, 2023 – June 30, 2023)(Unit: Million yen)Amountsstated in
Adjustments
consolidated
F/S

Reportable segments
Japan
Revenue
External revenue
Inter-segment transfer
Total
Segment profits (losses)
Finance income and finance costs
Share of loss of investments
accounted for using the equity method
Income before tax(Notes)Americas

Asia andEurope

China

Total

12,7194,700
17,4201,462–

54,19850
54,249(323)–

17,980489
18,469
932
–

8,291
465
8,756
(451)
–

93,1905,706
98,896
1,620––(5,706)(5,706)(1,521)–

93,190–93,190
99
1,578

–

–

–

–

–

–

(177)

–

–

–

–

–

–

1,500

1. Adjustments of (1,521) million yen for segment profits include a deduction of 42 million yen for transactions among segments andoperating expenses of (1,563) million yen associated with the administrative division at the parent company headquarters, which
could not be allocated.
2. Segment profits are adjusted to operating income in the condensed quarterly consolidated statements of income.

Consolidated Cumulative First quarter of FY2025 (April 1, 2024 – June 30, 2024)(Unit: Million yen)
Adjustments

Amountsstated inconsolidated
F/S

Reportable segments
Japan
Revenue
External revenue
Inter-segment transfer
Total
Segment profits (losses)
Finance income and finance costs
Share of profit of investments
accounted for using the equity method
Income before tax(Notes)Americas

Asia andEurope

China

Total

20,206
4,693
24,9002,105–

68,535234
68,7691,249–

15,134589
15,723
833
–

8,639
396
9,036
(65)
–

112,516
5,913
118,430
4,123––(5,913)(5,913)(1,627)–

112,516–
112,516
2,495
1,076

–

–

–

–

–

–

237

–

–

–

–

–

–

3,810

1. Adjustments of (1,627) million yen for segment profits include a deduction of (107) million yen for transactions among segments andoperating expenses of (1,520) million yen associated with the administrative division at the parent company headquarters, which
could not be allocated.
2. Segment profits are adjusted to operating income in the condensed quarterly consolidated statements of income.

(Notes Concerning Going Concern Assumption)
Not applicable(Significant changes in the scope of consolidation during the period)
The Group merged its consolidated subsidiary SOWA SANGYO CO., LTD. with TECH TOEI CO., LTD.
during the period. As a result, TECH TOEI CO., LTD. has been excluded from the scope of consolidation
effective this consolidated accounting period. In addition, SOWA SANGYO CO., LTD. has changed its
company name to TS PARTS & SERVICE CO., LTD.
As the merger took place between two wholly-owned subsidiaries, the impact on the consolidated operating
results is minimal.

- 13 -