May 10, 2023
Company Name: TOPY INDUSTRIES, LIMITED
Representative: Nobuhiko Takamatsu, President and CEO(Code: 7231 Tokyo Stock Exchange; Prime Market,Nagoya Stock Exchange; Premier Market)
Contact: Tetsuya Sakai, Managing Executive Officer andGeneral Manager, General Affairs Department(TEL: +81-3-3493-0777)

Notice of Differences between Non-consolidated Financial Forecasts
and Actual Results and Revision to Dividend Forecast (Dividend Increase)
Topy Industries, Limited hereby gives notice regarding the difference between the actual results announced today
and the non-consolidated financial forecasts for the fiscal year ended March 31, 2023 (April 1, 2022 to March 31,2023) announced on May 11, 2022. In addition, the Company has revised the dividend forecast (increased dividend)
for the fiscal year ended March 31, 2023 announced on September 27, 2022, as shown below.
1. Differences between the Financial Forecasts and Actual Results(1) Differences between the non-consolidated financial forecasts and actual results for the fiscal year ended March31, 2023 (April 1, 2022 – March 31, 2023)
Net sales

OperatingprofitOrdinaryprofit

ProfitProfit per share

Million yen

Million yen

Million yen

Million yen

Yen

Previous Forecast (A)(Announced May 11, 2022)

217,000

1,800

3,700

3,000

130.52

Actual Results (B)204,103

3,896

6,453

6,089

266.35Difference (B-A)(12,896)

2,096

2,753

3,089

－

(5.9%)

116.5%

74.4%

103.0%－167,502(2,973)

142

3,370

144.77

Percentage ofIncrease/Decrease (%)(Ref.) Previous Results(FY ended March 31, 2022)(2) Reasons for Differences
Operating profit, ordinary profit and profit for the fiscal year ended March 31, 2023 on a non-consolidated basis
exceeded the previous forecast because of greater than expected progress in the Company’s efforts to optimize
selling prices in line with rising costs of raw materials, electricity, secondary materials, etc. and because of structuralreforms.

-1-2. Revision to Dividend Forecast (Dividend Increase)(1) Details of revision
Annual dividend (yen)End of second quarter
Previous Forecast(Announced September 27,2022)

Year-end

20.00

Currently Revised Forecast
Actual Results

20.00

Previous Results(FY ended March 31, 2022)

0.00

Total

50.00

70.00

68.00

88.00

20.00

20.00

(2) Reasons for Revision
The Company’s basic policy on profit distribution is to return profits to shareholders in accordance withconsolidated performance and to enhance internal reserves for future business development and strengthening of
the corporate structure. With this in mind, the Company aims to achieve a consolidated dividend payout ratio of
between 30 and 35%.
Based on the above policy and the consolidated results for the fiscal year ended March 31, 2023, the Company
will upwardly revise the year-end dividend forecast to 68 yen per share. As a result, the annual dividend forecast
will be 88 yen per share.
Furthermore, the Board of Directors plans to pass a resolution regarding this dividend of surplus at its meeting tobe held in May 2023.
(Ref.) Differences between the consolidated financial forecasts and actual results for the fiscal year ended March31, 2023 (April 1, 2022 – March 31, 2023)
ProfitOperating
Ordinary
attributable toProfit perNet sales
profitprofitowners ofshareparentMillion yen

Million yen

Million yen

Million yenYen

Previous Forecast (A)(Announced May 11, 2022)

352,000

6,600

7,500

5,000

217.57

Actual Results (B)334,496

7,175

8,043

6,321

276.51

Difference (B-A)(17,503)

575

543

1,321

－

Percentage ofIncrease/Decrease (%)(5.0%)

8.7%

7.2%

26.4%

－(Ref.) Previous Results (FY
ended March 31, 2022)

271,178(1,706)(1,401)

386

16.61

Note: This document has been translated from the original Japanese version for reference purposes only. In theevent of any discrepancy between this translated document and the original Japanese version, the original shallprevail.
The original disclosure in Japanese was released on May 10, 2023 at 13:30 (GMT+9).
The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages
arising from the translation.

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